Inflation hedging property of alternative assets:
Summary
Instrument Return Rota Comment
Correlation
Equities -30% Negative Correlated with
growth not
inflation
Commodities 54% Unstable Good correlation
but hedge ratios
not stable
Short Fl 54% Stable Stable hedge
Property 35% Relatively Stable Partial hedge at
best
Source: .0ecasche Sam:
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 106563
CONFIDENTIAL SDNY_GM_00252747
EFTA01450737