The Importance of Hedging

I was called into Mercedes that had lost a billion dollars because they hedged thinking the panel go down. They didn't even have a financial team at all. And you have these people without experience in a lot of these small banks, just believing whatever they read in a newspaper. I mean, no matter some of the biggest companies that I've gotten called into that unsophisticated. That's the banking system. All right, when you artificially took rates so low, the banks got addicted to this like it was heroin or something with the money was free. So, buying long term and one and a half 2% max is a windfall for them. Now it's coming back to