It’s the same as the standard notion in that you’re hedging something. It’s different in that the thing you’re hedging isn’t a security. If you wanted to, you could talk about it in terms of the beta between the hedge and the mission target.
It’s the same as the standard notion in that you’re hedging something. It’s different in that the thing you’re hedging isn’t a security. If you wanted to, you could talk about it in terms of the beta between the hedge and the mission target.