Fidelity International portfolio manager Mike Riddell had been skeptical about the easing of global price pressures even before the outbreak of the Iran war. According to Jin10, Riddell's contrarian bet on rising inflation has now yielded significant returns. A few months ago, he purchased inflation swap contracts in the U.S. and the UK, essentially hedging against the risk of inflation exceeding expectations. He believed that the bond market, along with most of his peers, had severely underestimated inflation risks even before the Iran war pushed oil prices above $100 per barrel. In an interview, Riddell stated, "The risk of Middle East conflict is absolutely not priced into rates, considering the multiple rate cuts expected by global investors." Although he has slightly reduced his position, Riddell continues to hold inflation swap contracts.