[Fidelity Investment Manager Profits from Betting on Rising Inflation Before Iran War Breaks Out] Odaily Planet Daily News – Before the outbreak of the Iran war, Fidelity International portfolio manager Mike Riddell was skeptical of the prevailing view that global price pressures were easing. His contrarian bet at the time—that inflation was about to rise—has now yielded substantial returns. A few months ago, he purchased U.S. and U.K. inflation swap contracts, essentially hedging against the risk of inflation exceeding expectations. This was because he believed that, even before the Iran war drove oil prices to soar above $100 per barrel, the bond market (and most of his peers) had severely underestimated inflation risks in their pricing. In an interview, Riddell stated: 'Given the multiple rate cuts anticipated by global investors, the risks of Middle East conflict are absolutely not reflected in interest rates.' Although he has slightly reduced his position, he still holds inflation swap contracts. (Jin10)