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Full Description
WAYNE PENELLO AND ANDREW FURMAN have spent the better part of forty years investigating traditional hedging practices and innovating a better solution. And that innovation put them on a path to invent a groundbreaking approach to hedging.
Risk Is an Asset tells the story of that invention, and it will transform the way you think about hedging strategies. What you will learn by reading this book is that effective hedging is not a decision, it is a process they call "Process Risk Management," or PRM. It is guided by risk metrics expressed in the same budgetary terms used to measure the success of your business. PRM helps each firm maintain focus on its own budgetary success and avoid the trap of trying to outguess the market.
Why is measuring risk in budgetary terms important? Because if you measure the wrong things, you are unlikely to get the results you want.
Contents
Learning to Manage Uncertainty Identifying and Managing Risk Facing the Facts Hedging Risk to Achieve Success Organizing the Problem and Data Quantifying Risk PRM Using Success Metrics Tactical Hedging Consumer Hedging Producer Hedging Midstream Hedging One Process Turning Risk into an Asset and Uncertainty into a Strategic Advantage EPILOGUE
