That was the comment of an old friend and collaborator in the financial markets. If there is anyone out there who does not own fixed income with a commodities hedge, please let me know. Every player in the business I know piled into credit when credit was cheap a few months ago, and bought commodities in one form or another as an inflation hedge. The result is that credit is rich (especially high yield) and commodities are rich. I took the commodity hedge off my portfolio in July 2008 and left it off until recently, buying into recent declines (with a very small portion of my portfolio).

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