From Gonzalo Lira:
So recently, the New York Observer
ran one of its snooty, fawning pieces about hedgies in New York.
Hedgies – hedge fund drones, essentially used car salesmen dolled up in Paul Stewart suits – are morons, for the most part; though they do display a certain rat-like cunning of the low-IQ variety.
That sharp-toothed rodent cunning was on display in the Observer
story: These hedgies were boasting about buying farmland left and right as a hedge against inflation.
So: Is farmland worth buying as a hedge against inflation?
This is a reasonable question.
Bottom line, the answer is: No.
The reason, however, is worth examining in some...
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