@SteveRoth it’s just not a good frame, to say debt is inflationary but a SWF is protective. it’s more accurate to say going into debt to build an SWF is disinflationary if the investments are “good” (lots to unpack there!), inflationary if the investments are not. the debt per se can’t be evaluated in its inflationariness independent of what’s going on on the asset side, what it is funding. /fin