"This year’s light snowfall throughout the nation may enrich a number of Wall St. firms who essentially have bet against a good ski season. Hedge funds sell derivatives in which you can bet on the put or take side of snowfall amounts. Because most people based this year’s bet on last year’s snow-rich season, the Wall St. firms picked up the opposite bet (it’s just like shorting a stock, where you bet that the stock price will fall).
We might as well start calling poker chips “derivatives” and turn casinos over to Wall St. firms."
from ivn.us...
No comments:
Post a Comment