Why does everybody want to hedge, AGO left it too late to hedge last year and nearly went under.
They would have been better banking the profits so they had enough money to ride the downturn.
Hedging costs money and therefore you loose when the price goes up.
Surely its better to bank the profits while the going is good and then if IOP goes down you have money to ride it out.
unbelievable value, page-13
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