Ramin Nakisa

I mean, there are various ways you can hedge for that.

And commodities are one way to do that.

You can get commodity exposure, which limits the damage to your portfolio.

So that's another way to do this, is to hedge via commodities.

Not in the core, no.

But I've been experimenting with that, yeah.

Oh, yeah, yeah.

I mean, we're in there now.

I mean, that's why I think this yield curve tool is cool, because you can see that it's a living thing.

It changes day to day.

And if there's a bond sell-off, then yields get higher, right?

And then suddenly, all of those bonds are above the dashed line on my graph for what you earn with a money market fund.

So at that point, you're better off switching into gilts.

So we're kind of there now.

And I am tempted to switch.

I think it could get even higher on the yields.

For example, if there's a political change in the UK, but let's say there was a change in government, well, eventually there's going to be a change and the government is much more spendy.

In other words, they say, oh, you know, this debt to GDP thing, that was just made up anyway, you know, we're just going to carry on to 120%, 150%, it'll be fine.

Well, if that happens, well, the yields then would, you know, they'd go up a lot.

So that could be another point at which to get more exposure.