Inflation advisory & investment management — est. 2008
The only firm that treats inflation as a specialty, not a chapter.
Enduring Investments provides inflation-focused investment management, portfolio advice, and structured solutions to institutions, family offices, and individuals who understand that inflation risk is not optional — it is the default.
Forty years of dormant inflation created a generation of portfolios built for a world that no longer exists.
From 1982 to 2020, inflation was low enough that ignoring it was a defensible strategy. That era is over. Demographic reversal, deglobalization, and structural fiscal pressures mean inflation will be more persistent and more volatile than the models most allocators rely on were built to handle.
Most investment managers treat inflation as a secondary concern — a factor in a factor model, a line in a risk report. We have spent our careers thinking about nothing else.
"Investors consciously decide to take equity or interest rate risk. But they are born with inflation risk. It requires an active effort to avoid it."
Who we serve
Three types of clients. One area of expertise.
Institutions
Pension funds with liability-driven inflation exposure
Insurance companies with long-tail CPI linkages
Endowments reassessing real return assumptions
Corporate treasuries with commodity or wage exposure
Multigenerational portfolios with real purchasing-power goals
Income beneficiary / remainderman conflict resolution
Outside expert for investment committee
Bespoke inflation education for family stakeholders
Separate account management or co-investment structures
Individuals
Comprehensive wealth management with inflation as the organizing principle
Liability-matching approach borrowed from institutional practice
Systematic inflation-resistant strategies as portfolio components
Full transparency; no lock-ins on separate accounts
Fee-conscious implementation
Our approach
Education. Advice. Management. In whatever combination you need.
01
Education
We deliver training to investment committees, boards, and family stakeholders — from introductory inflation literacy to technical deep-dives on inflation derivatives and TIPS mechanics. We serve as an expert resource for the clients of our clients.
02
Advice
One-off, periodic, or ongoing. We evaluate existing strategies for inflation-sensitivity, advise on portfolio construction in inflationary regimes, and sit on investment committees as an outside inflation specialist. Engagements can be scoped as projects or structured as retainers.
03
Management
Separate accounts, commingled vehicles, and 40 Act subadvisory. We manage systematic inflation-resistant strategies and can develop bespoke mandates. White-label licensing is available. Full position transparency at all times.
04
Innovation
We have engineered solutions for exposures most managers cannot diagnose: Dutch wage inflation, Québécois retiree inflation, synthetic CPI option-like payoffs. If your exposure is unusual, we can decompose it into its inflation-space components and build accordingly.
MA
Michael Ashton, CFA
Founder & Managing Principal — The Inflation Guy™
Michael Ashton founded Enduring Investments in 2008 after a career spent at the center of inflation markets. He traded the first interbank U.S. inflation swaps and served as the sole market maker for the CPI futures contract — making him one of the few practitioners alive who built these markets from scratch.
He is the author of What's Wrong with Money? and Maestro, My Ass!, a frequent presence on television and radio, and the host of the Inflation Guy podcast. His research and commentary are followed by institutional allocators, central bank economists, and individual investors worldwide.
CFA CharterholderFirst interbank U.S. inflation swapCPI futures market makerBloomberg contributorAuthor · 2 books
Media & publications
Widely cited. Frequently consulted.
Michael Ashton's analysis has appeared across financial media and in policy discussions at the highest levels. If you have seen or heard him, you already know what his clients know.
Tell us briefly about your situation — the nature of your exposure, the type of engagement you have in mind, or simply that you'd like to learn more. We respond to every inquiry personally.
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Except as otherwise agreed in writing or as required by law, the Firm will keep confidential all information concerning Client's identity, financial affairs and/or investments. The Firm does not sell or rent Client information. The Firm will use certain confidential Client information to conduct business with Client; to develop or enhance its products and services; to understand the financial needs of Client so that the Firm can provide Client with quality products and superior service; and to protect and administer Client's records, accounts and funds. The Firm does not disclose nonpublic personal information about Client to nonaffiliated third parties or to affiliated entities, except as permitted or required by law. For example, the Firm may share nonpublic personal information in the following situations:
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The Firm may make changes to its privacy policy in the future. The Firm will not make any change affecting you without first sending you a revised privacy policy describing the change.
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