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??? ?? ??????????? ? ?????????? ????, ? ?????????? ???? ? ?????????. ??? ?????? ?? ???????????, ? ??? ???? ??????, ??????? ?? ??????????????? ??.

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Hedging attempts to eliminate the volatility associated with the price of an asset by taking offsetting positions in it—that is, contrary to what the investor currently has.

?? ???????????? ????? ????????/????????? ???????????? ?? ????? ???????? ??????. ????? ?????????? ???????? ??????.

?????????????? ? ?????: ???????? ??????????? ????????????? ?????? ??????? (???) ?????????????? ????????? ? ???????? ???????, ??????? ???? ?????? ????? ??? ???? ????? ??????????, ??????? ???????? ?? ???? ??????????.

????? ?? ??????? ?????? ????????? ????? ?????. ????????, ?????? ??????? ? ???? ????? ??????? ??? — ?????????? ??????, ? ??? ???? ????????? ????? ?????????????? ?? ?????? ????????? ??????.

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As you can see, although hedgers are protected from any losses, they are also restricted from any gains. The portfolio is diversified but still exposed to systematic risk.

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