Inflation Replicator

I prefer the asymmetry of asking and sometimes not getting filled vs getting propositioned and knowing I’ll be filled. You will make mistakes sometimes of course, but despite a market-maker background, in real life I prefer to lift not be a resting bid or bet and not call if you like poker analogies.

One of the things I do around the edge of the portfolio is mess with the energy weight. Some of this is old habits — most of my option trading career was being active in oil and gas. But I also see energy as fundamental to the concept of inflation and inflation is the largest tax on investment returns. I actually see the core of our portfolio not a... See more