But he said it is a different situation when one approaches asset class as a fundamental investment and add commodities to achieve a certain rate of return or Sharpe ratio.

FORBES: INTERVIEW: Inflation Should Not Be A Problem For U.S., Canada, Gold Prices To Rise -- Dundee's Murenbeeld

In 2007, the rate of inflation acceleration caused a tipping point, and funds began flowing from stocks to commodities.

FORBES: What Did We Miss?

The commodities added to the returns of all five equity styles during periods when the Fed tightens the discount rate.

WSJ: A Buy Signal for Commodities