Metallgesellschaft affair

This letter will express my appreciation of the high quality of writing and analysis in Ed Krapels' article regarding hedging and the Metallgesellschaft debacle in the Mar. 26, 2001, p. 70 issue.Mr. Krapels took a complex matter, set it forth in language that a nonrocket-scientist petroleum industry executive could follow, and avoided the turgid writing and mathematical formulas behind which many practitioners and consultants hide. Nor did he avoid a conclusion. The article was clear, the strategy and tactics of Metallgesellschaft were laid out neatly; and the lessons to be drawn, as well as those to be avoided, were made available to those with a practical, day-to-day operating need ...

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