That's my play. Global stagflation. Short anything that relies on raw inputs to maintain margin. Long the inputs and the technology firms trying to improve efficiency and discover new inputs. Simply put, there is more demand than capacity for additional output. Money supply growth is simply an outcome.... No earth shattering analysis here. It's the onus of the trader/investor to best capitalize on this phenomenon. In any case, those with a global macro mandate will do better than any other strategy in the hedge fund universe, IMO.