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Depends on how short, but in general are a better inflation hedge than most other assets. The best immediate inflation hedge is oil. But oil is also exposed to idiosyncratic risks like cratering demand if the economy is also weakening (and politics!). So a basket that is heavily skewed to oil, some to gold, and some short-term fixed income should be a reasonably good hedge against inflation. Oil is immune to interest rates, but not immune to the economy. Gold/short term bonds are largely immune to the economy, but not real rates. As a basket, they should diversify the idiosyncratic risks of real rates, nominal rates, and the economy while hedging inflation. Future implications of deficit spending? More volatile inflation going forward.

Here are my notes on the 2024 FIH agm that just finished: Something worth keeping in mind -> in 2023 they bought back 2.9M shares, the share price was up 24%; yet, $14.9 is exactly the same price at which they completed a SIB back in 2021. A lot has happened in 3 years... slide 28 is a nice summary of the impact of fees on returns BIAL will see "explosive" growth in the next years huge number of aircraft ordered by indian airlines (1200?) number of operating airports expected to roughly 2x to. 250 (?) Air India established its 2nd HUB in BIAL -> increase in international flights (EU/US) + other flights from other parts of India Watsa said that there are lots of structure that you can set up to raise money for big opportunities; seemed very confident that money will not be a problem for FIH Sold NSE because valuation was too high and they saw downside risk given that NSE makes a lot of profit from options trading IIFL gold loans issues -> founder said there were minor "lapses", IIFL was used to set an example for others. He said they addressed all the issues raised by RBI and hope that RBI audit will confirm this (April 12th start) no fraud, no money laundering Lots of emphasis on the financial sector opportunity -> 7% real growth, 12% nominal, financials should grow at 1.5-2x the nominal = 18% I am not sure I got this correctly but Watsa said something like "we are targeting 20% rate of return, not 10-15%, need to offset some fx risk" Sanmar had a terrible year with PVC prices down 30-60% improved efficiency in Egypt focus on specialty PVC growth ahead -> China has similar population to India and uses 20M tonnes per year vs India's 4M tonnes per year Maxop and Jaynix -> "unlimited growth", their only constraint is capacity and they are expanding, huge demand Anchorage still stuck in regulatory approval, nothing will move before the election (I would expect nothing before 2025) Privatization opportunities will unlock after the election all in all, great enthusiasm as always. focused on integrity. Deepak Parekh (founder of HDFC) is their consultant for everything and this is a HUGE plus in my view. Curious if any of the guys who attended in person were able to gain other insights. G

https://east72.com.au/wp-content/uploads/2024/04/E72DT-Quarterly-Report-March-2024.pdf

Lmao this dude is a clown. Imagine shorting Microsoft or Amazon because its 18% overvalued based on what you think fair value should be. If I was an investor in his fund I'd be pulling capital right now because he obviously doesn't know how to manage money. Probably has a burner on r/WSB