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I actually think, although haven’t thought too heavily, about how decent a hedge trade it would be to go long an obnoxious amount of like 20 year treasuries on margin. Right so buying puts is generally a sophisticated white collar guys way of throwing money in the garbage. Shorting as well is largely a fools game. But if I can borrow/margin at 6-7%, while getting paid 4.5%, what’s my upside and what’s my downside? The never relenting “inflation fanatics” who have seen inflation everywhere for much of the last decade or so still see it, and after nearly two years of monthly declines in the data we get an expected hiccup or two…no it doesn’t mean we re heading back to 5-10%…but it’s given us a neat setup as a few of the fringe participants start leaning on the very short term data because gee, if we can’t trade or gamble on every daily or weekly theme…whats the point? So really, if I go long a monstrous amount of the 20 year treasury, maybe I assume 10-15% upside risk if we run back to last years highs which were basically just a well timed Ackman pump? Plus the margin rate minus the interest so call it another 3? But if shit hits the skids….Fed drooling to cut. Could we hit 30-50% upside? Definitely think so. So a heads I’m hedging and not losing much and my longs soar on more good data, tails I have a hero trade on my hands at de minimus cost….