FRM: Theory of normal backwardation

Описание к видео FRM: Theory of normal backwardation

This is the classic, but difficult idea, that offers an explanation for why we expect the forward price to be less than the expected future spot price: F less than E[future spot]. The key to the theory is the assumption that hedgers are, on average, taking short positions (e.g., a corn farmer needs to short because he/she plans to sell the commodity in the future). For more financial risk videos, visit our website! http://www.bionicturtle.com

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