Part III
Part III
Part III
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Good News: Hedging Programs have Generally<br />
Performed as Anticipated<br />
Most well designed hedging programs have to withstand much more<br />
severe scenarios<br />
– September 11 th<br />
– Black Monday<br />
– Japan bubble burst<br />
– Other stress scenarios<br />
The turbulence experienced in the past several months is severe, but<br />
not nearly as extreme as the stress scenarios<br />
Hedging will never be perfect, but they have been generally effective<br />
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