I’m aware he was referencing value not being given enough attention, but the broader issue is linked to what he was complaining about in relation to an ETF bubble. It throws everything in market out of wack when you have these ETFs absorbing so much of the market and weighted so ridiculously in some cases. Couple that with the tentacles of BlackRock in everything (while also managing many of biggest ETFs along with Vanguard), and you get an unbalanced market. And no, they’re not highly linked, it’s loose because, again, inflation hits different industries differently. The expenses vs revenue ratio for a company that’s in a commodity sector can go either way based on a number of factors. There isn’t a constant static correlation to inflation and commodities. And still, even if the company with said commodities might do well from inflation, manipulation by trading desks removes the certainty that their stock price will grow. Which, again, further strengthens the loose correlation. If you bought the commodities themselves physically though, that be another story.