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Wealth
The Big Take

An Obscure Corner of Wall Street Is Making Billions Trading Inflation

Small teams have been making the most of global price shocks with trades that can be just as volatile

Nikhil Choraria's team is based in the Goldman Sachs London office.

Nikhil Choraria's team is based in the Goldman Sachs London office.

Photographer: Chris J. Ratcliffe/Bloomberg

Most of the world hates inflation. For Nikhil Choraria and a small band of traders, it’s an opportunity. 

The Goldman Sachs Group Inc. partner is a leading practitioner of the obscure art of inflation trading, a niche business that’s exploded -- very lucratively -- for some of the world’s major banks and hedge funds.