Importance of Strategic Decision-making over Hedging

Strategic decision-making is emphasized over hedging in the example of Burlington Northern's diesel fuel hedging. It is suggested that excessive hedging may result in incurring unnecessary costs unless one is consistently smarter than the market. The notion of avoiding hedging to focus on core operations is highlighted, with a caution against turning to speculation if an edge in the market is perceived. The success of Burlington Northern under the leadership of Matt Rose and the management team is acknowledged.