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The Importance of Natural Hedging in Inflationary Markets
The NFL doesn't really do a lot of hedging, but you know, what about hedging? They're all imperfect. I mean, a bond is a put if you have a real yield. But obviously, right now, the 10 year, you're four and a half some odd percent of negative real yields. Other things people have looked at is doing like a CPI swap or a 10 to steepener where you bet on basically the 10 year rising relative to the two year bond yield. So anyway, all those areas of kind of conventional hedges, if you will, have huge detriments. The biggest problem is they're all a binary bet. Either you're right or you