Quotes on Hedging

If the guy out in the woods with the Michigan Militia is a real estate negotiator, instead of some crackpot, and has a normal life, that's unnerving. You don't want to think it's as normal as the guy next door, hedging his lawn. It's easier to demonize or separate them off from 'us.'

Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'?