Speculations

•Download as PPTX, PDF•

0 likes•1,562 views

The document discusses hedging, speculation, and arbitrage using futures contracts. It provides examples of a farmer named George using futures to hedge the price risk of his soybean and corn crops. Specifically, it describes how George can set futures hedges in April before harvest to lock in a price and protect against unfavorable price changes, then lift the hedges in October after harvest. The examples show how futures hedging trades price risk for potential basis risk and can result in offsetting gains and losses under different price scenarios.

Career

VII: Futures
22: Hedging, Speculation, and Arbitrage

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Futures
 Hedge
 use futures to reduce risk on an existing
position
 Speculate
 use futures to take on risk in the hope of
making a profit
 Arbitrage
 Use the difference between spot and futures
prices to generate risk-free profit

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Hedge
 Identify the existing risk
 50,000 bushels of
soybeans growing in
the fields
 The current price of
$4.20/bushel can change
before George can
harvest & sell

Chapter 22: Hedges, Speculation, and Arbitrage
Existing Risk: Long soybeans
$180,000
$190,000
$200,000
$210,000
$220,000
$230,000
$240,000
360 380 400 420 440 460 480
Price (Soybeans Spot)
Income
© Oltheten & Waspi 2012

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Hedge
 An investment that offsets this risk
 Short soybeans
 Short Soybean futures

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Hedge Strategy
 If soybean prices increase
 Long Spot J
 Short Futures L
 If soybean prices decrease
 Long Spot L
 Short Futures J
K
K

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Hedge Strategy
 Use November Futures
November
contracts
deliver
plant
October ?
harvest
Set
Hedge
Spot risk
Lift
Hedge
Offsetting futures risk

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Set the Hedge
 George sets the hedge in April
 Spot price: $4.20/bu
 Futures price: 431
 Basis (spot-futures) = -11¢

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Set the Hedge
 Set the hedge in April
November
contracts
deliver
$4.20
October ?
harvest
431
Lift
Hedge
-11¢

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
George Q. Farmer
Hedge is set
Set the Hedge
Long Position (spot)
Short Position
(futures)

431
-$50,000
$0
$50,000
$100,000
$150,000
$200,000
$250,000
360 380 400 420 440 460 480
Price (Soybeans Spot)
Income
Short Position
Long
Position

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Scenario 1: Textbook Hedge
 George harvests October 1
 Spot price: $4.00/bu
 Futures price: 411
 Basis (spot-futures) = -11¢

Chapter 22: Hedges, Speculation, and Arbitrage
Lift Hedge
November
contracts
deliver
$4.00$4.20
411
-11¢
431
-11¢
© Oltheten & Waspi 2012

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
George Q. Farmer
Hedge is set Sell 10 November futures @ 431
[10*5,000*431 = $215,500]
Margin:
Hedge is
lifted
Buy 10 November futures @ 411
[10*5,000*411 = $205,500]
Margin:
Profit:
Sell 50,000 soybeans spot @$4.00
Net Income:
Lift the Hedge

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Lift the Hedge
 Textbook Hedge
Spot price:
$4.20 $4.00
price: 431 price: 411

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Scenario 2: Not quite a Textbook Hedge
 George harvests October 1
 Spot price: $5.00/bu
 Futures price: 508
 Basis (spot-futures) = -8¢

Chapter 22: Hedges, Speculation, and Arbitrage
Lift the Hedge
November
contracts
deliver
$5.00$4.20
508
-11¢
431
-8¢
© Oltheten & Waspi 2012

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Lift the Hedge
 Not quite a Textbook Hedge
Spot price:
$4.20 $5.00
price: 431 price: 508

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Hedge
 Once the hedge is set George trades his
Price Risk for Basis Risk

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Scenario 3: Not quite a Textbook Hedge
 George harvests October 1
 Spot price: $1.00/bu
 Futures price: 105
 Basis (spot-futures) = -5¢

Chapter 22: Hedges, Speculation, and Arbitrage
Lift Hedge
November
contracts
deliver
$1.00$4.20
105
-11¢
431
-5¢
© Oltheten & Waspi 2012

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Lift the Hedge
 Trade Price Risk for Basis Risk
Spot price:
$4.20 $1.00
price: 431 price: 105

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Hedge
 George also grows corn (10,000 bushels)
 Futures contracts defined as
 5,000 bushels
 Cents per bushel
 Corn futures deliver March, May, July,
September, & December.

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Set the Hedge
 In April
 Spot corn is $2.00/bushel
 December corn futures trade at 195
 Margin requirements at $400 and $300 per
contract

Chapter 22: Hedges, Speculation, and Arbitrage
Set the Hedge
December
contracts
deliver
$2.00
+5¢
195
© Oltheten & Waspi 2012

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
George Q. Farmer
Hedge is set
Set the Hedge

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
Lift the Hedge
 In October
 Spot corn is /bushel
 December corn futures trade at

Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012
George Q. Farmer
Hedge is set Sell 2 December futures @ 195
[2*5,000*195 = $19,500]
Margin:
Hedge is
lifted
Net Income:
Lift the Hedge

Chapter 22: Hedges, Speculation, and Arbitrage
Set the Hedge
November
contracts
deliver
$2.00
+5¢
195
© Oltheten & Waspi 2012

Carnegie Corporate Bond - Viiden tähden yrityslainatuottoja pohjoismaista Nordnet järjesti 27.3.2014 webinaarin Carnegien kanssa. Esityksessä Carnegie Corporate Bond -rahaston hoitajat Stefan Ericson ja Niklas Edman kertovat mm. kuinka kiinnostavia joukkolainamarkkinat ovat, mihin rahaston menestys perustuu sekä miten he löytävät parhaat sijoitukset rahaston optimoimiseksi. Kasvava määrä pohjoismaisia yhtiöitä rahoittaa toimintaansa joukkolainoilla pankkilainojen sijaan. Mutta jatkavatko joukkolainamarkkinat kasvuaan? Minkälaisia tuottoja sijoittaja voi odottaa?

Att+HW+MP2

Tatyana Remayeva

The document is a balance sheet that shows a company's assets, liabilities, and stockholder's equity for 3 periods. Assets include current assets like cash, receivables, and investments. Total assets were over $100 million for each period. Liabilities include current liabilities like accounts payable and debt, as well as long term liabilities. Total liabilities were around $97 million. Stockholder's equity included common stock, retained earnings, and treasury stock, with total equity around $89 million.

Nutritious biscuit : Ragi Biscuits

MD SALMAN ANJUM

The document provides a business plan for a company that produces Ragi biscuits. Some key points: 1) The company was founded in 2017 by alumni from an institute to produce millet biscuits. Ragi biscuits are particularly popular due to their high nutrition and benefits for children and diabetics. 2) Ragi biscuits are gluten-free and high in fiber, making them suitable for diabetes and weight control. They are priced at Rs. 15 for a pack of 12 and Rs. 5 for a pack of 4. 3) The plan is to expand distribution from Karnataka throughout India and position the company as a leading biscuit maker, focusing on health benefits.

Jeevan jyoti : Health Loan MFI Product

MD SALMAN ANJUM

The document proposes a health loan product to address the lack of affordable healthcare for the poor. Key points: - Illness often forces poor households into poverty due to healthcare costs under the "cash-and-carry" model that excludes the poor. - A health loan would allow the poor to access treatment when needed without pre-installments, unlike health insurance. - The loan is meant as a stop-gap, not a long-term solution, but could help pay previous loans and increase awareness of healthcare options over time. - Features would include loans of Rs. 1,000-10,000 for existing customers for emergencies like childbirth or minor surgeries.

Summer Internship Presentation by Salman

MD SALMAN ANJUM

1) The document summarizes a study on potato and chili cultivation practices in Uttar Pradesh, India. It analyzes the package of practices including variety used, soil type, seed rate, irrigation, nutrients, pest and disease management, and yield for potato in Agra and Farrukhabad districts. 2) The major findings are that the most common potato variety grown is 3797 (Kufri Bahar), which has high yield and disease resistance. The predominant soil type is loam soil. Common pests include aphids and diseases include scab and blight. 3) The study found that most farmers use similar cultivation practices and rely heavily on the fungicide Monceren to

Wine - ENOLOGY

MD SALMAN ANJUM

Wine has been produced in India for over 5,000 years. India produces both red and white wines. While wine consumption in India is growing, it is still relatively low compared to major wine producing countries such as France, Italy, Spain, and the US. Most wine consumption in India is confined to major cities like Mumbai, Delhi, Bangalore, and Goa. The document then provides descriptions of different grape varieties used to make popular red, white, sparkling, and dessert wines and notes what types of food they typically pair well with. It concludes by listing two wine recommendations.

Commodity profile of coffee

MD SALMAN ANJUM

India is the 6th largest producer of coffee in the world, producing around 317,000 tonnes annually. Coffee production is concentrated in the states of Karnataka, Kerala, and Tamil Nadu. India produces mild, shade-grown Arabica and Robusta coffee varieties. While coffee production and exports have increased in recent years, the industry faces challenges such as rising production costs, declining coffee quality, pest infestation, and price fluctuations in the global market. Domestic coffee consumption is also growing and estimated at over 1 lakh tonnes annually.

Enology - Wine

MD SALMAN ANJUM

The key steps in wine production are harvesting grapes, destemming and crushing the grapes to extract juice, fermenting the juice into wine using yeast, and aging the wine in oak barrels or stainless steel tanks. Additional steps include bottling the aged wine and mixing batches as needed to achieve the desired taste before bottling and sealing. Equipment used includes rolling mills, mashers, hop-boilers, filters, pre-coolers, fermenters, and facilities for maturation and filtering.

India is the third largest producer and fourth largest consumer of natural rubber in the world. The automotive tire sector accounts for 50% of India's rubber consumption. The document discusses the various stages of rubber production including latex collection, processing, and different marketable forms. The key types discussed are sheet rubber, crepe rubber, block rubber, and technically specified rubber which are used in various industries like tires, footwear, and medical products.

Processed food

MD SALMAN ANJUM

The document discusses various processed food products including canned, frozen, and dehydrated foods. It provides details on the nutritional content and benefits of canned fruits and vegetables as well as canned meat and fish products. It also describes the freezing and dehydration processes used to preserve foods and common frozen products like meat, seafood, and vegetables. Key companies involved in canned, frozen, and dehydrated foods in India are also mentioned.

Candle stick for Online Trading

MD SALMAN ANJUM

This document defines and describes various candlestick patterns used in technical analysis of financial markets. Candlestick patterns include formations like doji lines, engulfing patterns, hammers, hanging men, harami, morning and evening stars, piercing patterns, and tweezers. Each formation has a specific structure involving the real body and shadows of one or more candlestick lines that indicate bullish or bearish reversals or continuations of the current trend.

Food parks

MD SALMAN ANJUM

The document discusses food parks and related concepts: 1. Food parks are promoted by the Ministry of Food Processing Industries to encourage corporations to establish common facilities like cold storage and warehouses for small and medium food processing units. 2. They must be a minimum of 30 acres with at least 20 processing units. Grants of 25-33% of the project cost are provided. 20-25% of losses can be minimized through food parks. 3. The concept of backward and forward linkages in food supply chains is introduced.

Food packaging

MD SALMAN ANJUM

India's packaging industry has grown at 25% annually and may reach $5 billion this year. Worldwide, the packaging industry is $417 billion, led by Europe ($129 billion), North America ($116 billion), and Japan ($81 billion). Flexible packaging such as pouches and reclosable bags makes up 21% of the market. Aseptic packaging sterilizes foods and packaging separately then seals them to extend shelf life without refrigeration. Active and intelligent packaging uses oxygen absorbers, moisture absorbers, indicators, and barriers to further extend shelf life while maintaining safety and quality. Nano-packaging has applications in bakery and meat products. Vacuum packing, retort packaging, modified atmosphere packaging, and

Farmers buying behavior towards maize hybrid

MD SALMAN ANJUM

This document discusses farmers' buying behavior towards maize hybrids. It outlines several factors that influence farmers' decisions, including land holding size, education level, soil type, irrigation type, desired seed parameters, and price. It also describes different types of decision making processes farmers may use, including complex, dissonance reducing, habitual, and variety seeking behaviors. Finally, it provides a consumer behavior model and outlines the seed purchase decision making process, concluding with suggestions like improving packaging, maintaining quality, promoting awareness programs, and developing new seed varieties.

Energy management

MD SALMAN ANJUM

The document discusses energy management and conservation in industrial processes. It notes that industrial sectors consume 50% of India's commercial energy and there is an estimated 25-30% potential for energy conservation. Common approaches to energy conservation include conducting energy audits, adopting new efficient technologies, improving capacity utilization, maintenance practices, and housekeeping. Preliminary energy audits focus on major energy supplies and demands, while detailed audits involve formal data collection, analysis, and testing over 1-10 weeks. Specific energy conservation measures for tea factories include reducing air leaks in furnaces and maintaining optimal furnace oil temperatures.

Internship Project Report Part 2

MD SALMAN ANJUM

The document provides background information on a study being conducted by an intern student for Dhanuka Agritech Ltd. The study involves surveying farmers in Uttar Pradesh who grow potato and chili crops. Specifically, the intern will survey farmers in Agra and Farrukhabad districts for potato cultivation and Sonbhadra district for chili cultivation. The objectives are to study cultivation practices, critical stages, fungicide use including the company's products Conika and Lustre. The methodology involves a questionnaire and interviews with 180 farmers and 45 dealers across various villages in the target districts.

Rural market structure

MD SALMAN ANJUM

This document discusses vertical coordination in the Indian food supply chain. It notes that the Indian food market is highly fragmented with many intermediaries, increasing costs for farmers. Consolidation of the chain is suggested to reduce intermediaries and lower the gap between what farmers receive versus consumer prices. The document examines mechanisms for vertical coordination, including open markets, contract production, and vertical integration. It argues that transaction costs are lower through coordination mechanisms like contracts and integration, compared to spot markets. Specifically for India, constraints like land ownership laws limit vertical integration options for most commodities except poultry and dairy. Developing rural markets can help increase coordination in the food chain.

Rural marketing issues, opportunity and challenges

MD SALMAN ANJUM

This document discusses the rural marketing landscape in India. It notes that the rural market has grown significantly, with over 740 million rural residents accounting for more than urban consumers. Key opportunities in rural marketing include low product penetration, growing incomes and expenditure among certain demographic segments. Challenges include reaching remote villages, increasing incomes overall, and making effective use of existing rural infrastructure. New forms of large-scale rural retail are emerging as corporates increase long-term commitments to rural areas through dedicated strategies and partnerships.

Rural livelihoods

MD SALMAN ANJUM

This document discusses the changing nature of rural livelihoods in India. It notes that while India's economy has grown, many rural areas still face poverty and food insecurity. Rural livelihoods increasingly rely on non-farm activities as agriculture alone often cannot support families. The document examines trends in agriculture, including a shift to cash crops over food crops, declining food intake, and threats to small farmers' livelihood security and food security. It argues for understanding rural livelihoods holistically rather than through any single lens.

Labour and trade

MD SALMAN ANJUM

1) The document discusses the debate around whether labour standards should be included in trade agreements. Supporters argue it prevents a "race to the bottom" in labour conditions, while critics argue it risks reducing developing countries' competitiveness. 2) The key organizations involved in this issue are the WTO, ILO, and labour unions. The WTO focuses on international trade but has faced challenges incorporating labour standards. The ILO is responsible for international labour standards and ensuring core rights are respected globally. Labour unions represent workers' interests within the debate. 3) There is currently no consensus on the extent these organizations should be involved in labour issues or how standards may interact with trade rules. Governments must balance economic and social

Emerging rural marketing

MD SALMAN ANJUM

Rural markets in India are becoming increasingly important as more companies recognize their large potential. Rural consumers now have greater exposure to brands and products through television and are more literate about their options. Several FMCG companies have found success targeting rural consumers through strategies like smaller, affordable packaging and tying up with banks and self-help groups to improve distribution networks in villages. While income levels are lower in rural areas, the population is large and growing middle and high-income households in rural India are expected to double urban India's size, representing a major opportunity for companies able to effectively reach rural consumers.

Competence ,capability & capacity

MD SALMAN ANJUM

This document attempts to differentiate between competence, capability, and capacity as they relate to innovation. It provides definitions for each term: - Competence refers to an individual's knowledge and skills. It relates to the question "Who knows how?". - Capability is a collaborative process through which competences can be applied and exploited to achieve goals. It relates to questions like "How can we get things done?" and "How easily can we access and apply the skills we need?". - Capacity is about having enough resources or volume to accommodate needs. It relates to questions like "Do we have enough?" and "How much is needed?". The document cautions against confusing these terms

Challenges and strategies in Rural Marketing

MD SALMAN ANJUM

The document discusses the challenges and opportunities of marketing in rural India, noting the vast rural population and growing purchasing power but also challenges like poor infrastructure, understanding rural consumers, and effective promotion. It outlines strategies for rural marketing like customizing products, using local distribution methods like village fairs, and folk media for promotion. Capturing the rural market requires treating it as independent from urban areas and understanding unique rural consumption patterns.

Budget 2017-18

MD SALMAN ANJUM

This document provides an introduction and summary of the Union Budget of India for 2017-2018. It discusses the key priorities and reforms of the current government over the past 2.5 years including controlling inflation, replacing sluggish growth with high growth, and launching a war on black money. It summarizes the global and domestic economic outlook and challenges. It highlights two major economic reforms - the passage of GST and the demonetization of high value currency notes. The document argues that these reforms will have an epoch making impact on the Indian economy and lives of citizens by reducing corruption, increasing digitization, and formalizing the economy.

Powerpoint Presentation tips

MD SALMAN ANJUM

This document provides tips for creating effective PowerPoint slides by avoiding common pitfalls. It addresses how to structure slides with outlines and bullet points, use fonts and colors that are easy to read, include graphs and charts to visualize data, check for spelling and grammar errors, and conclude with a clear summary and invitation for questions. Specifically, the tips suggest using 1-2 slides per minute, including 4-5 bullet points per slide, font sizes of 18 points or larger, consistent backgrounds, labeling all graphs, and proofreading for errors.

Human resource management notes

MD SALMAN ANJUM

This document provides an introduction to human resource management, including its objectives, nature, and differences from personnel management. Some key points: - HRM is concerned with acquiring, developing, motivating, and maintaining human resources to achieve organizational goals. It involves functions like recruitment, training, compensation, and more. - HRM is an inherent part of management performed by all managers, not just a personnel department. It is people-centered and aims to develop individuals while meeting organizational needs. - The objectives of HRM are to obtain maximum individual and organizational development, maintain good employee relations, and mold human resources to achieve goals. - HRM differs from traditional personnel management in its strategic focus on human

Developing others

MD SALMAN ANJUM

This document defines developing others as identifying competency gaps in subordinates and developing personal development plans, assessing performance, providing on-the-job training opportunities, and rewarding skills improvement. It lists behaviors for developing others and describes three levels of proficiency from articulating expectations and coaching to mentoring, implementing training strategies, and building an organization's intellectual capital.

Transformational leadership a case study

MD SALMAN ANJUM

- The document describes the transformation of a low-performing division of LIC in Tamil Nadu under the leadership of Senior Divisional Manager BK. When he took over, the division was known for its strong militant unions and low productivity. - BK took firm action against unions that disrupted operations, issuing memos and proceeding against leaders. This established his authority and restored confidence in management. He also empowered branch managers and developed agents and officers. - As a result, the division improved rapidly in key metrics like new business over three years, becoming one of the top performers in the zone. BK's leadership overcame the previous instability and turned the division into a high-growth, disciplined unit

Community Skills Building Workshop | PMI Silver Spring Chapter | June 12, 2024

Hector Del Castillo, CPM, CPMM

We recently hosted the much-anticipated Community Skill Builders Workshop during our June online meeting. This event was a culmination of six months of listening to your feedback and crafting solutions to better support your PMI journey. Here’s a look back at what happened and the exciting developments that emerged from our collaborative efforts. A Gathering of Minds We were thrilled to see a diverse group of attendees, including local certified PMI trainers and both new and experienced members eager to contribute their perspectives. The workshop was structured into three dynamic discussion sessions, each led by our dedicated membership advocates. Key Takeaways and Future Directions The insights and feedback gathered from these discussions were invaluable. Here are some of the key takeaways and the steps we are taking to address them: • Enhanced Resource Accessibility: We are working on a new, user-friendly resource page that will make it easier for members to access training materials and real-world application guides. • Structured Mentorship Program: Plans are underway to launch a mentorship program that will connect members with experienced professionals for guidance and support. • Increased Networking Opportunities: Expect to see more frequent and varied networking events, both virtual and in-person, to help you build connections and foster a sense of community. Moving Forward We are committed to turning your feedback into actionable solutions that enhance your PMI journey. This workshop was just the beginning. By actively participating and sharing your experiences, you have helped shape the future of our Chapter’s offerings. Thank you to everyone who attended and contributed to the success of the Community Skill Builders Workshop. Your engagement and enthusiasm are what make our Chapter strong and vibrant. Stay tuned for updates on the new initiatives and opportunities to get involved. Together, we are building a community that supports and empowers each other on our PMI journeys. Stay connected, stay engaged, and let’s continue to grow together! About PMI Silver Spring Chapter We are a branch of the Project Management Institute. We offer a platform for project management professionals in Silver Spring, MD, and the DC/Baltimore metro area. Monthly meetings facilitate networking, knowledge sharing, and professional development. For more, visit pmissc.org.

美洲杯体育投注-美洲杯体育投注推荐-美洲杯体育投注|【网址🎉ac10.net🎉】

hanniaarias53

Recently uploaded

Community Skills Building Workshop | PMI Silver Spring Chapter | June 12, 2024

Hector Del Castillo, CPM, CPMM

美洲杯体育投注-美洲杯体育投注推荐-美洲杯体育投注|【网址🎉ac10.net🎉】

hanniaarias53

一比一原版(surrey毕业证书)英国萨里大学毕业证成绩单修改如何办理

gnokue

原版定制【微信:741003700】《(surrey毕业证书)英国萨里大学毕业证学位证成绩单》【微信:741003700】成绩单、雅思、外壳、留信学历认证永久存档查询，采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。【业务选择办理准则】一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份毕业证【Q微信741003700】文凭即可二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【Q微信741003700】即可三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。留信网认证的作用: 1:该专业认证可证明留学生真实身份 2:同时对留学生所学专业登记给予评定 3:国家专业人才认证中心颁发入库证书 4:这个认证书并且可以归档倒地方 5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息 6:个人职称评审加20分 7:个人信誉贷款加10分 8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才【关于价格问题（保证一手价格）】我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子我给客户的都是第一手的代理价格，因为我想坦诚对待大家不想跟大家在价格方面浪费时间对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。

Tara E Browne, DTM - Administrative Manager (Resume)

Tara E. Browne, DTM

I am an accomplished and driven administrative management professional with a proven track record of supporting senior executives and managing administrative teams. I am skilled in strategic planning, project management, and organizational development, and have extensive experience in improving processes, enhancing productivity, and implementing solutions to support business objectives and growth.

美洲杯买球-美洲杯买球下注平台-美洲杯买球投注平台|【网址🎉ac55.net🎉】

ahmedendrise81

5 key differences between Hard skill and Soft skills

RuchiRathor2

𝐓𝐡𝐞 𝐏𝐞𝐫𝐟𝐞𝐜𝐭 𝐁𝐥𝐞𝐧𝐝: 𝐖𝐡𝐲 𝐘𝐨𝐮 𝐍𝐞𝐞𝐝 𝐁𝐨𝐭𝐡 𝐇𝐚𝐫𝐝 & 𝐒𝐨𝐟𝐭 𝐒𝐤𝐢𝐥𝐥𝐬 𝐭𝐨 𝐓𝐡𝐫𝐢𝐯𝐞 💯 In today's dynamic and competitive market, a well-rounded skillset is no longer a luxury - it's a necessity. While technical expertise (hard skills) is crucial for getting your foot in the door, it's the combination of hard and soft skills that propels you towards long-term success and career advancement. ✨ Think of it like this: Imagine a highly skilled carpenter with a masterful understanding of woodworking (hard skills). But if they struggle to communicate effectively with clients, collaborate with builders, or adapt to project changes (soft skills), their true potential remains untapped. 😐 The synergy between hard and soft skills is what creates true value in the workplace. Strong communication allows you to clearly articulate your technical expertise, while problem-solving skills help you navigate complex challenges alongside your team. 💫 By actively developing both sets of skills, you position yourself as a well-rounded professional who can not only perform tasks efficiently but also contribute meaningfully to a collaborative and dynamic work environment. Go through the carousel and let me know your views 🤩

按照学校原版(UofT文凭证书)多伦多大学毕业证快速办理

evnum

快速办理【(UofT毕业证书)多伦多大学毕业证】【176555708微信号】硕士毕业证成绩单、外壳、offer、留信学历认证（永久存档真实可查）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。【我们承诺采用的是学校原版纸张（纸质、底色、纹路），我们拥有全套进口原装设备，特殊工艺都是采用不同机器制作，仿真度基本可以达到100%，所有工艺效果都可提前给客户展示，不满意可以根据客户要求进行调整，直到满意为止！】【业务选择办理准则】一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信176555708】文凭即可二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信176555708】即可三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。留信网认证的作用: 1:该专业认证可证明留学生真实身份 2:同时对留学生所学专业登记给予评定 3:国家专业人才认证中心颁发入库证书 4:这个认证书并且可以归档倒地方 5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息 6:个人职称评审加20分 7:个人信誉贷款加10分 8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才留信网服务项目： 1、留学生专业人才库服务（留信分析） 2、国（境）学习人员提供就业推荐信服务 3、留学人员区块链存储服务 → 【关于价格问题（保证一手价格）】我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子我给客户的都是第一手的代理价格，因为我想坦诚对待大家不想跟大家在价格方面浪费时间对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。选择实体注册公司办理，更放心，更安全！我们的承诺：客户在留信官方认证查询网站查询到认证通过结果后付款，不成功不收费！

欧洲杯投注-欧洲杯投注投注官方网站-欧洲杯投注买球投注官网|【网址🎉ac99.net🎉】

mukeshomran942

【网址🎉ac99.net🎉】在欧洲杯投注，你会发现数之不尽的在线博彩机会，包括世界各地的精彩体育赛事以及绝佳的赔率。此外，欧洲杯投注还会为你提供诸如赌场、宾果和扑克等在线游戏以及各种各样的奖金优惠，包括欧洲杯投注的免费投注。无论你是忠实的足球迷，或者是二十一点的专业玩家，在这里都可以找到你最感兴趣的投注市场或游戏。

欧洲杯外围-欧洲杯外围赛程-欧洲杯外围压注|【网址🎉ac99.net🎉】

karimimorine448

23. Certificate of Appreciation Ramanji.

Manu Mitra

办理阿卡迪亚大学毕业证（uvic毕业证）本科文凭证书原版一模一样

kkkkr4pg

原版一模一样【微信：741003700 】【阿卡迪亚大学毕业证（uvic毕业证）本科文凭证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma 1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700 留信网认证的作用: 1:该专业认证可证明留学生真实身份 2:同时对留学生所学专业登记给予评定 3:国家专业人才认证中心颁发入库证书 4:这个认证书并且可以归档倒地方 5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息 6:个人职称评审加20分 7:个人信誉贷款加10分 8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才

LinkedIn Strategic Guidelines for June 2024

Bruce Bennett

欧洲杯买球-欧洲杯买球买球推荐-欧洲杯买球买球推荐网站|【网址🎉ac10.net🎉】

ahmedendrise81

【网址🎉ac10.net🎉】欧洲杯买球是一家极具特色的欧洲主流博彩公司，对于自己所擅长的赛事往往把赔率值压得很低，掩饰平局是他们一贯的手法。例如，当伟德旗帜鲜明地支持客胜，降低客胜值，提升主胜值，而平局赔率却与欧洲杯买球、欧洲杯买球的态度较吻合时，这场比赛往往以平局收场。

World Productivity increases your efficiency

joenofal1

欧洲杯买球-欧洲杯买球买球推荐-欧洲杯买球买球推荐网站|【网址🎉ac10.net🎉】

concepsionchomo153

按照学校原版(ArtEZ文凭证书)ArtEZ艺术学院毕业证快速办理

evnum

官方原版办理【(ArtEZ毕业证书)ArtEZ艺术学院毕业证】【176555708微信号】海外认证成绩单、外壳、offer、留信学历认证（永久存档真实可查）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。【我们承诺采用的是学校原版纸张（纸质、底色、纹路），我们拥有全套进口原装设备，特殊工艺都是采用不同机器制作，仿真度基本可以达到100%，所有工艺效果都可提前给客户展示，不满意可以根据客户要求进行调整，直到满意为止！】【业务选择办理准则】一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信176555708】文凭即可二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信176555708】即可三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。留信网认证的作用: 1:该专业认证可证明留学生真实身份 2:同时对留学生所学专业登记给予评定 3:国家专业人才认证中心颁发入库证书 4:这个认证书并且可以归档倒地方 5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息 6:个人职称评审加20分 7:个人信誉贷款加10分 8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才留信网服务项目： 1、留学生专业人才库服务（留信分析） 2、国（境）学习人员提供就业推荐信服务 3、留学人员区块链存储服务 → 【关于价格问题（保证一手价格）】我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子我给客户的都是第一手的代理价格，因为我想坦诚对待大家不想跟大家在价格方面浪费时间对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。选择实体注册公司办理，更放心，更安全！我们的承诺：客户在留信官方认证查询网站查询到认证通过结果后付款，不成功不收费！

Khushi Saini, An Intern from The Sparks Foundation

khushisaini0924

一比一原版(EUR毕业证)鹿特丹伊拉斯姆斯大学毕业证如何办理

nguqayx

原件一模一样【微信：95270640】【鹿特丹伊拉斯姆斯大学毕业证EUR学位证成绩单】【微信：95270640】（留信学历认证永久存档查询）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。【业务选择办理准则】一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：95270640】文凭即可二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：95270640】即可三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。留信网认证的作用: 1:该专业认证可证明留学生真实身份【微信：95270640】 2:同时对留学生所学专业登记给予评定 3:国家专业人才认证中心颁发入库证书 4:这个认证书并且可以归档倒地方 5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息 6:个人职称评审加20分 7:个人信誉贷款加10分 8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才 → 【关于价格问题（保证一手价格）我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子我给客户的都是第一手的代理价格，因为我想坦诚对待大家不想跟大家在价格方面浪费时间对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！办理鹿特丹伊拉斯姆斯大学毕业证毕业证offerEUR学位证【微信：95270640 】外观非常精致，由特殊纸质材料制成，上面印有校徽、校名、毕业生姓名、专业等信息。办理鹿特丹伊拉斯姆斯大学毕业证EUR学位证毕业证offer【微信：95270640 】格式相对统一，各专业都有相应的模板。通常包括以下部分：校徽：象征着学校的荣誉和传承。校名:学校英文全称授予学位：本部分将注明获得的具体学位名称。毕业生姓名：这是最重要的信息之一，标志着该证书是由特定人员获得的。颁发日期：这是毕业正式生效的时间，也代表着毕业生学业的结束。其他信息：根据不同的专业和学位，可能会有一些特定的信息或章节。办理鹿特丹伊拉斯姆斯大学毕业证毕业证offerEUR学位证【微信：95270640 】价值很高，需要妥善保管。一般来说，应放置在安全、干燥、防潮的地方，避免长时间暴露在阳光下。如需使用，最好使用复印件而不是原件，以免丢失。综上所述，办理鹿特丹伊拉斯姆斯大学毕业证毕业证offerEUR学位证【微信：95270640 】是证明身份和学历的高价值文件。外观简单庄重，格式统一，包括重要的个人信息和发布日期。对持有人来说，妥善保管是非常重要的。

Learnings from Successful Jobs Searchers

Bruce Bennett

一比一原版坎特伯雷大学毕业证(UC毕业证书)学历如何办理

cenaws

制做办理【微信号:176555708】【制做办理(UC毕业证书)】【微信号:176555708】《成绩单、外壳、offer、真实留信官方学历认证（永久存档/真实可查）》采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。【我们承诺采用的是学校原版纸张（纸质、底色、纹路）我们拥有全套进口原装设备，特殊工艺都是采用不同机器制作，仿真度基本可以达到100%，所有工艺效果都可提前给客户展示，不满意可以根据客户要求进行调整，直到满意为止！】【业务选择办理准则】一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信号:176555708】文凭即可二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信号:176555708】即可三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。留信网认证的作用: 1:该专业认证可证明留学生真实身份 2:同时对留学生所学专业登记给予评定 3:国家专业人才认证中心颁发入库证书 4:这个认证书并且可以归档倒地方 5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息 6:个人职称评审加20分 7:个人信誉贷款加10分 8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才留信网服务项目： 1、留学生专业人才库服务（留信分析） 2、国（境）学习人员提供就业推荐信服务 3、留学人员区块链存储服务【关于价格问题（保证一手价格）】我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子我给客户的都是第一手的代理价格，因为我想坦诚对待大家不想跟大家在价格方面浪费时间对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。选择实体注册公司办理，更放心，更安全！我们的承诺：客户在留信官方认证查询网站查询到认证通过结果后付款，不成功不收费！

Recently uploaded (20)

Community Skills Building Workshop | PMI Silver Spring Chapter | June 12, 2024

美洲杯体育投注-美洲杯体育投注推荐-美洲杯体育投注|【网址🎉ac10.net🎉】

一比一原版(surrey毕业证书)英国萨里大学毕业证成绩单修改如何办理

Tara E Browne, DTM - Administrative Manager (Resume)

美洲杯买球-美洲杯买球下注平台-美洲杯买球投注平台|【网址🎉ac55.net🎉】

5 key differences between Hard skill and Soft skills

按照学校原版(UofT文凭证书)多伦多大学毕业证快速办理

欧洲杯投注-欧洲杯投注投注官方网站-欧洲杯投注买球投注官网|【网址🎉ac99.net🎉】

欧洲杯外围-欧洲杯外围赛程-欧洲杯外围压注|【网址🎉ac99.net🎉】

23. Certificate of Appreciation Ramanji.

办理阿卡迪亚大学毕业证（uvic毕业证）本科文凭证书原版一模一样

LinkedIn Strategic Guidelines for June 2024

欧洲杯买球-欧洲杯买球买球推荐-欧洲杯买球买球推荐网站|【网址🎉ac10.net🎉】

World Productivity increases your efficiency

欧洲杯买球-欧洲杯买球买球推荐-欧洲杯买球买球推荐网站|【网址🎉ac10.net🎉】

按照学校原版(ArtEZ文凭证书)ArtEZ艺术学院毕业证快速办理

Khushi Saini, An Intern from The Sparks Foundation

一比一原版(EUR毕业证)鹿特丹伊拉斯姆斯大学毕业证如何办理

Learnings from Successful Jobs Searchers

一比一原版坎特伯雷大学毕业证(UC毕业证书)学历如何办理

Speculations

1. VII: Futures 22: Hedging, Speculation, and Arbitrage

2. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Futures  Hedge  use futures to reduce risk on an existing position  Speculate  use futures to take on risk in the hope of making a profit  Arbitrage  Use the difference between spot and futures prices to generate risk-free profit

3. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Hedge  Identify the existing risk  50,000 bushels of soybeans growing in the fields  The current price of $4.20/bushel can change before George can harvest & sell

4. Chapter 22: Hedges, Speculation, and Arbitrage Existing Risk: Long soybeans $180,000 $190,000 $200,000 $210,000 $220,000 $230,000 $240,000 360 380 400 420 440 460 480 Price (Soybeans Spot) Income © Oltheten & Waspi 2012

5. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Hedge  An investment that offsets this risk  Short soybeans  Short Soybean futures

6. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Hedge Strategy  If soybean prices increase  Long Spot J  Short Futures L  If soybean prices decrease  Long Spot L  Short Futures J K K

7. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Hedge Strategy  Use November Futures November contracts deliver plant October ? harvest Set Hedge Spot risk Lift Hedge Offsetting futures risk

8. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Set the Hedge  George sets the hedge in April  Spot price: $4.20/bu  Futures price: 431  Basis (spot-futures) = -11¢

9. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Set the Hedge  Set the hedge in April November contracts deliver $4.20 October ? harvest 431 Lift Hedge -11¢

10. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 George Q. Farmer Hedge is set Set the Hedge Long Position (spot) Short Position (futures)

11. 431 -$50,000 $0 $50,000 $100,000 $150,000 $200,000 $250,000 360 380 400 420 440 460 480 Price (Soybeans Spot) Income Short Position Long Position

12. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Scenario 1: Textbook Hedge  George harvests October 1  Spot price: $4.00/bu  Futures price: 411  Basis (spot-futures) = -11¢

13. Chapter 22: Hedges, Speculation, and Arbitrage Lift Hedge November contracts deliver $4.00$4.20 411 -11¢ 431 -11¢ © Oltheten & Waspi 2012

14. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 George Q. Farmer Hedge is set Sell 10 November futures @ 431 [10*5,000*431 = $215,500] Margin: Hedge is lifted Buy 10 November futures @ 411 [10*5,000*411 = $205,500] Margin: Profit: Sell 50,000 soybeans spot @$4.00 Net Income: Lift the Hedge

15. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Lift the Hedge  Textbook Hedge Spot price: $4.20 $4.00 price: 431 price: 411

16. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Scenario 2: Not quite a Textbook Hedge  George harvests October 1  Spot price: $5.00/bu  Futures price: 508  Basis (spot-futures) = -8¢

17. Chapter 22: Hedges, Speculation, and Arbitrage Lift the Hedge November contracts deliver $5.00$4.20 508 -11¢ 431 -8¢ © Oltheten & Waspi 2012

18. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 George Q. Farmer Hedge is set Sell 10 November futures @ 431 [10*5,000*431 = $215,500] Margin: Hedge is lifted Buy 10 November futures @ 508 [10*5,000*508 = $254,000] Margin: Profit: Sell 50,000 soybeans spot @$5.00 Net Income: Lift the Hedge

19. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Lift the Hedge  Not quite a Textbook Hedge Spot price: $4.20 $5.00 price: 431 price: 508

20. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Hedge  Once the hedge is set George trades his Price Risk for Basis Risk

21. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Scenario 3: Not quite a Textbook Hedge  George harvests October 1  Spot price: $1.00/bu  Futures price: 105  Basis (spot-futures) = -5¢

22. Chapter 22: Hedges, Speculation, and Arbitrage Lift Hedge November contracts deliver $1.00$4.20 105 -11¢ 431 -5¢ © Oltheten & Waspi 2012

23. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 George Q. Farmer Hedge is set Sell 10 November futures @ 431 [10*5,000*431 = $215,500] Margin: Hedge is lifted Buy 10 November futures @ 105 [10*5,000*105 = $52,500] Margin: Profit: Sell 50,000 soybeans spot @$1.00 Net Income: Lift the Hedge

24. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Lift the Hedge  Trade Price Risk for Basis Risk Spot price: $4.20 $1.00 price: 431 price: 105

25. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Hedge  George also grows corn (10,000 bushels)  Futures contracts defined as  5,000 bushels  Cents per bushel  Corn futures deliver March, May, July, September, & December.

26. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Set the Hedge  In April  Spot corn is $2.00/bushel  December corn futures trade at 195  Margin requirements at $400 and $300 per contract

27. Chapter 22: Hedges, Speculation, and Arbitrage Set the Hedge December contracts deliver $2.00 +5¢ 195 © Oltheten & Waspi 2012

29. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 Lift the Hedge  In October  Spot corn is /bushel  December corn futures trade at

30. Chapter 22: Hedges, Speculation, and Arbitrage Set the Hedge December contracts deliver $2.00 +5¢ 195 © Oltheten & Waspi 2012

31. Chapter 22: Hedges, Speculation, and Arbitrage © Oltheten & Waspi 2012 George Q. Farmer Hedge is set Sell 2 December futures @ 195 [2*5,000*195 = $19,500] Margin: Hedge is lifted Net Income: Lift the Hedge

32. Chapter 22: Hedges, Speculation, and Arbitrage Set the Hedge November contracts deliver $2.00 +5¢ 195 © Oltheten & Waspi 2012

33. Futures II

Speculations

Recommended

Recommended

More Related Content

More from MD SALMAN ANJUM

More from MD SALMAN ANJUM (20)

Recently uploaded

Recently uploaded (20)

Speculations