The History of a Scandal: Metallgesellschaft Revisited with Kevin O’Reilly
The HC Commodities Podcast
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MGRM's Stack and Roll Hedge
MGRM has a sizable substantial physical position in the US market. Hedge they choose is a one-to-one, but stack and roll. The name stack and roll basically comes from the idea that if you say short over 10 years 160 million barrels, you may as well just buy all of those 160 million barrels at the front. So given MG's belief in Arthur's belief in back rotation, two things happen. The 160 million length at the front when rolled in a backward-aided market improves economically rather than where it was purchased. Secondly in a sort of a non volatile, non correlated world would and then if you'd stop your business, the idea is you just sort of
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