Fidelity's guy really dares to bet; just before the geopolitical conflict, he bought inflation swaps, and now that oil prices have skyrocketed, he's winning effortlessly.

Fidelity International Portfolio Manager Mike Riddell was skeptical about a decline in global inflation before the outbreak of the Iran war, contrarily buying US and UK inflation swaps to hedge against higher-than-expected inflation risks, believing that rising oil prices and market underestimation of inflation risk would push inflation higher; despite slightly reducing positions, he still held related contracts and has achieved substantial returns.