Owning commodities and banks in an inflationary environment?

I have not heard Hamish’s comments on the topic, however it depends how inflationary things become and what the monetary policy response is. Super high inflation will have large economic consequences and banks are exposed to these broad economic trends. If that caused a large contraction in global growth then commodities will suffer, however this is at the extreme. Some inflation prompting interest rates to rise gradually without the economic Armageddon that Hamish may be talking about is a positive for bank’s and resources as we often suggest.