159: Greg Newman – Bringing Stoicism to Trading—and Market Making in Oil Derivatives
Chat With Traders
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Is BP a Speculator or a Producer?
When you talk about trading with other people, is that an actual trader or is that sometimes a producer of the physical as well? Yeah, it's a good question. You can never really know, I mean, how do you define what speculation is? If you have a lot of inherent exposure from all the physical oil you're buying and selling, then when you choose to hedge it there's always a form of speculation in that. But these guys have got such big physical exposure that it's a completely different game and speculation means something different.
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