“Commodities and real assets outperform Commodities, infrastructure, and real estate have generally outperformed traditional equity and fixed income indices in periods on high inflation.”
“Equities over credit and bonds The inflationary environment favors stocks and many DM companies have been able to pass on rising costs and keep margins high. We remain underweight bonds as we see long-term yields climbing further.”
“Investors must be deliberate across asset classes Investors must be deliberate about finding opportunities across and within different asset classes to build portfolio resilience.”
NorCal, I agree with your statement, "No stocks will be recession proof, or contrarian, but i can't help but think that the critical element/REE stocks might be a bit insulated and perform because of the unique criticality of these 'gems?" based on the data that commodities outperform stocks in recessionary periods.
The graph on this website illustrates that "Stocks perform better in late recessions and early expansions while commodities overperform in late expansions and early recessions."
This other website is another great tool to compare commodities to stocks by clicking on the "Compared to" drop down box and selecting either the NASDAQ Composite, NYSE Composite or the S&P 500.