People ask us how to hedge a falling dollar. The honest answer is that no single asset does it. Debasement and currency moves aren’t the same problem, and nothing protects you from both at once. So we don’t look for the one hedge. We diversify.
The organising idea is simple: hold things that don’t move together, and tilt the whole thing toward what can’t be printed. Below is how we actually spread our own capital. Treat it as a disclosed interest and a way of thinking, not a recommendation or a model portfolio to copy.
The buckets
Gold and silver, stacked
Physical metal, held outright. It has no counterparty and can’t be printed, which is exactly the point when governments are printing. This is the ballast, the thing that holds real value when currencies lose it. It pays no yield and it can be volatile (gold ran to a record in early 2026 and then gave back roughly a quarter), so it’s a store of value, not a trade.
Real estate
Freehold property in stable jurisdictions, mostly the Gulf, plus other real assets. As a real asset it tends to hold its value through inflation, and it produces income. One honesty note: Gulf income is in dirhams, which are pegged to the dollar, so this protects purchasing power but does not reduce dollar exposure on its own.
Private ventures and startups
Direct stakes in private companies. Illiquid and long-horizon, with a wide range of outcomes, but largely uncorrelated with public markets and where the asymmetric upside lives. Sized as a sleeve you can afford to lock up and be patient with.
Public markets
Selective listed equities, tilted to businesses with real pricing power that can pass higher costs through in an inflationary decade. Liquid, so it doubles as a place to hold value you can move quickly.
Crypto
A small, high-conviction sleeve in scarce digital assets, the other thing that can’t be printed. Genuinely volatile, so it’s sized to matter if it works and not to hurt if it doesn’t.
Forex and cash
Dry powder to act when others are forced to sell, held partly in non-dollar currencies where it makes sense. The honest caveat again: dirham cash is still dollar-linked through the peg, so real currency diversification means holding outside the dollar bloc, and even the euro and sterling carry their own debasement.
How we size it
We don’t publish exact weights, and we’d be sceptical of anyone who dresses up a live allocation as precise to the percent. But the logic is consistent: hard money and real estate are the ballast, ventures and crypto are smaller sleeves sized for asymmetric upside, public markets and cash are the liquid layer that lets us move and buy when others are forced to sell.
Diversification isn’t owning a little of everything. It’s owning things that behave differently, weighted deliberately, and holding each for its structural reason rather than the headline of the week. We rebalance when a bucket runs too far, the way gold did into early 2026.
This analysis is for informational purposes only and is not personal investment advice. Valid as of publication date; conditions evolve. Past returns are not indicative of future results. Pressure-test the framing against your own thesis before acting on it.