Ramin Nakisa

No, I mean, I bought some linkers for this very reason.

But what's weird about linkers is they bake in an expected rate of inflation.

It's called a break-even.

So let's say you're going to be investing money for five years.

You think inflation is going to be 3%.

OK, well, if that's the case, then what's the break-even rate for the linker?

If it's 4%, then inflation in your belief system is not going to be high enough to pay inflation.

for the inflation linker.

So that's the problem.

Five in the breakeven.

Well, it's just based on market dynamics.

It could just be that people don't want to buy linkers, or a big part of the linker market has stepped back, like insurance companies.

Exactly.

But it is, I mean, people say that it's the market expectation about inflation.

Whether that's true or not is kind of irrelevant.

It's just based on what you believe, right?

Anyway, my belief was wrong for my linker.

I thought I was going to earn about 7%.

When I actually bought it, it was just on the kind of tail end of the very high inflation period.

I thought it would be stickier than it was.