I trust “fresh” like I trust fully hedged.

If someone tells me their food is fresh I run away. (I guess it is a FDA regulation that basically says it has not been frozen to lock in the freshness.)  That aside it does not mean that you aren’t going to get sick.  For the most part, when I eat I assume it was prepared in a manner that will prevent me from getting sick.  If you have to advertise that, it means there was a problem before or that you are trying to get my guards down.

When I hear a firm is fully hedge it scares me.  It means they are taking low-no risk and the most scary part is that their equation is dependent on a constant.  For example, that housing market will continue to rise or that bonds won’t receive a haircut.  There is a reason why past results are not indicative of future returns.  You can only escape risk for so long. Those “guaranteed” returns are paid for by a previous or pending blow up.  Timing is the most critical part of a hedge, but timing is always critical.

Both phrases are used for you to fill in the assumptive blanks and in this environment and gas station food assumptions are dangerous.

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