BofA Securities breaks down asset performance for the year and also notes that real rates are at levels more historically associated with panics. In the weekly Flow Show note, Chief Investment Strategist Michael Hartnett and team rank the best and worst places for 2021 returns. Bitcoin (BTC-USD) leads with a 98.8% return, followed by natural gas (NG1:COM) (NYSEARCA:UNG) with a return of 89.7%. Oil (CL1:COM) (NYSEARCA:USO) is third at 61.5%. All-countries equity sectors follow, with the MSCI ACWI Energy Index up 33.9% and the ACWI Banks Index gaining 26%. U.S. stocks (NYSEARCA:SPY) (NASDAQ:QQQ) (NYSEARCA:IWM) round out the top six with a gain of 25.7%. High-yield CCC bonds (NYSEARCA:HYG) returned 10.2% and inflation-protected Treasuries (NYSEARCA:TIP) returned 6%. "Inflation explains commodities (up 46% for best year since '73) & government bonds (down 8% for worst year since '49), as well as outperformance of energy & banks," Hartnett writes. "Excess liquidity helps explains the ascent of
