50% gain in two and bit sessions, page-49

If you hold a position in a security and you take another opposite position in the same security. Is that a hedge? If not why not? One moves up while the other moves down. Now, if both positions are identical is that not a perfect hedge for as long as that position is held. At the point in time of establishing both positions a future outcome is known it cannot vary. That doesn't produce a return itself but it does when one side is released.

Be great to read your version of the above Adrian.