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[Serial][UWDFF Alcubierre] Part 49
Beginning|Previous Joan opened a link to Ambassador Amahle Mandela. Soon after, the ambassador's face filled a portion of the Admiral's Bridge. She had large, luminous brown eyes that seemed to swallow the upper portion of her face, complimenting her umber tone. Amahle smiled broadly, as she always did, once the comm link as connected. "Admiral Orléans, I assume we are approaching the departure time?" Joan nodded, "The Zix vessel will project a wormhole to Halcyon shortly. We have made what preparations we can, but it will be a highly fluid environment." Amahle's smile did not diminish, the pearly whites still shined in full force. "I am familiar with dynamic situations, Admiral, as you well know. I understand the parameters of this mission, and will abide by them so as long you do the same." Joan's lips pressed together as she regarded the ambassador. Joan had had limited interactions with Amahle prior to her boarding the Oppenheimer. Amahle was a relative newcomer to the highest echelons of political power within the United World, but her ascent had been rapid. She hailed from a prominent political family that had exerted considerable influence over the generations that had led the African continent to position of power it now occupied. Well-sourced references had called her bold and decisive. All things considered, Joan understood why Damian had chosen her, though she would have preferred a diplomat she had more personal experience with. Still, unknown and competent was preferred to known and incompetent. Joan dipped her chin, offering her agreement. "A diplomatic outcome is the preferred outcome, Ambassador. There's no benefit to antagonizing a foe we do not understand. " "Not a foe, Admiral. We must not draw lines that place us on one side and them on the other. They have suffered injury at our hands, no matter how unintentional, and we must accept our responsibility in that. We must hope that we are given the opportunity to provide context to the unlikely chain of events that has brought us to this point. We are both the victim of cosmic circumstance. There is no need for further hostility." Joan leaned forward in her chair slightly, "The priority, Ambassador, is the return of Admiral Kai Levinson. I will not stand in the way of peace, but any outcome that does not contemplate the return of a senior member of our military leadership is unacceptable." Amahle shrugged, "So it is. The priority is clear in my mind, but I do not view the goals of securing peace and the return of the Admiral as mutually exclusive." Joan offered a low chuckle. "Just probably exclusive." "I disagree, but time shall be the arbiter of the matter." "So long as you understand that, if the opportunity to secure Admiral Levinson presents itself, I'll avail myself of that opportunity, we should have no problems." "That seems an unlikely outcome. The Admiral was ensconced in a shielded holding cell when the Alcubierre departed. The past few days are unlikely to have changed that outcome." A barking laugh came out of Joan, rising up from deep within her. For the first time, Amahle's smile faltered. ----------- Left. Right. Straight. Left. Left. Kai followed the directions without thinking about them, following an intuitive sense of direction that the Overseer fed to him. This portion of Halcyon appeared to be a never-ending series of corridors, all of which looked the same. The only thing that did seem to change were the inhabitants. If he was less preoccupied with the task at hand, Kai might have spared a second glance for the odd creatures that popped into existence during his mad dash. As it stood, they were just a part of the scenery, becoming relevant only if Neeria indicated they might pose a threat. So far, Kai had been fortunate, with few obstacles popping up to impede his progress. He careened around a corner, the odd, weightless orb still tucked in the crook of his left arm. He bounced off the opposite wall, leaving a sizeable dent and then hurtled forward. Ahead the corridor opened up, and the brighter light of a mainway filtered in. Somehow, Neeria had managed to navigate him through the maze and bring him back to the mainway separating him from where he had left the Overseer. Unfortunately, evasion was no longer a possibility. In order to return to the Overseer, he would need to traverse the mainway. The mainway was already a sea of red dots. Peacekeepers. Dozens of them. Some pulsed red, indicating lethal enforcement squads. Fortunately, they were stretched along a long section of the mainway rather than being specifically concentrated around his planned entrance point, though they there were beginning to redeploy in his direction. Still, any crossing would be potentially treacherous. Neeria disagreed with that assessment, instead considering any attempt to cross aggressively suicidal. Kai rolled his eyes as he continued to barrel down the hallway. "Half the time, this works all the time." What could only be described as a mental barrage ensued as Neeria assailed the statement. The words were nonsensical on their face. At best, it was an argument for a fifty percent failure rating, which was a substantial risk. Additionally, she had scoured his thoughts for the evidentiary basis for the fifty percent estimate and found no supporting facts. The sentiment was based entirely on supposition, hubris and was entirely divorced from reality. Her estimate of a three percent success rate was significantly more likely to be accurate, particularly when her superior familiarity with the assets in play were considered. Kai wasn't sure if the Evangi had lungs, but, if they did, Kai was pretty certain Neeria was in the process of hyperventilating. Kai suppressed a childish giggle. "All right, all right. Have it your way," he said. The Overseer relaxed somewhat, pleased that she had impacted his thinking and already putting together the basis for an alternate route. It would take substantially longer and require him to obtain a large box, a micro-fitted multiwanzer and shave his head, but it may just work. It was a nice sentiment, but they were out of time. The countdown clock had started the second Neeria had fled the Council chamber, and made her way to Kai. They either found a way out of Halcyon now or they were screwed. There were no options but bad ones. So be it. Kai clutched the orb tightly and ducked his head down, his speed increasing as he charged toward the mainway entrance. "Three percent of the time, this works all the time." The mental hyperventilating returned and redoubled as the Overseer scrambled to explain that he had drawn the wrong conclusion. Three percent was a basis for not continuing toward the mainway, not charging forward. There were constraints on their time, but those limitations were poorly defined while the threat in the mainway was certain. Eventually her location would be discovered and she would be apprehended, but there was no guarantee it would happen if Kai were to take a safer route the attempted to avoid confrontation. Her stream of consciousness intermingled with his, pleading with him to change course. There was no sense in doing this. There were too many of them, and only one of him. The galaxy could not afford to lose him, he was important. Humans were important. Kai could feel the enormous weight of responsibility bearing down on Neeria. She now regretted having sent him for the encryption key, even that was of less importance than him. Panic bubbled up within Neeria as the entrance to the mainway loomed ahead. A pushed a thought toward her, somehow piercing her consciousness with his own. A single thought, pure and focused. Reassurance. He would be fine. He had come this far, and he had never started something he couldn't finish. He crouched and then sprang forward, vaulting from the ground and into the open air high above the mainway. A sea of red dots were scrambling around him. One hundred and twenty-one peacekeepers. Eight non-lethal squads and four lethal squads. Restrainer triads. Psych triads. Terminator triads. All moving in seamless harmony under the command of a single being. The name came to Kai from the ethereum of Neeria's mind, Bo'Bakka'Gah was here, leading the response. Before Kai could determine what a Bo'Bakka'Gah was and why it should matter, he was blinded by a beam of light. A sickening crunch followed as he was slammed against the ceiling of the mainway. The encryption key popped out from his arm and began to fall toward the ground, dozens of feet below. ------------- Xy: Such a thing is not possible. Zyy: Yes. In some matters, it is better to speak only truths, Grand Jack. It is best to leave these matters aside. This subject will only provoke the Combine. Jack frowned, puzzled by the feedback. He had been speaking truths. Earth's history was what it was, for better or worse, he had no reason to obscure it. Griggs: It was a terrible time for Humanity. We almost did not survive it, but we did. I developed a means for combating the artificient. Kai and Joan used it to destroy them. Xy: Then it was not an artificient. Zyy: Yes. This is correct. If it is destroyed then it is not an artificient. Griggs: I am confused. An artificient is an artificial, sentient being, correct? Xy: That is Quantic in nature. Jack nodded, that distinction made sense. Humanity had built any number of artificial intelligences prior to the Automics. They had posed no threat to Humanity. It was only with the quantum computing revolution that a rogue artificial intelligences had surfaced. Jack had studied the phenomenon with considerable interest, poking and prodding at the crux of distinction. It lay in the move from bits to qubits. From binary to beyond. When AI had operated on a bit basis, focused on binary states of 0's and 1's, the logic trees had been map-able and understandable. Each conclusion flowed simply from the chain of logic gates that preceded it. Pre-quantum AIs were confined by the black and white nature of their logic framework, permitting humanity to utilize them to great effect with few unanticipated consequences. The move from bit to qubit intelligence had changed everything. The AI's world was no longer black and white. The qubit AI could think in grey. Red. Orange. It could create its own colors. It could move beyond the visible range of Humanity to dabble in spectra beyond our understanding. The original Automic mindframe had immediately consumed information in novel ways, using it to compound its abilities at a rate constrained only by available power inputs. It had been a beautiful, terrifying event. The arrival of something truly new, truly foreign with goals and ambitions beyond the influence of Humanity. Anything seemed possible. Including their own destruction. Griggs: I understand the definition. The Automics were an artificient. Xy: Then you do not understand the definition. Griggs: That's circular logic. The thing cannot exist because if it existed we would not exist and since we exist it did not exist. Xy: Yes, you understand now. Griggs: Pretend that they did exist and we defeated them. What would that mean? Xy: It is purposeless speculation since such a thing cannot happen. Griggs: I begin to understand why Zyy felt the need to be a singleton. Zyy: I am in agreement with Xy on this. The hypothetical is nonsensical and not worth analysis. Griggs: Why? Zyy: An artificient cannot be defeated, only stalled. Griggs: How do you know? What makes you so certain? Zyy: The Divinity Angelysia, the most powerful civilization in the history of galaxy, could not defeat their own artificient. Their last act was to preserve what they could. The Combine is their legacy. Griggs: The Expanse. Xy: All the galaxy beyond the Combine is consumed by it. Zyy: The Divinity Angelysia ascended to preserve what they could because they knew the truth. Xy: Yes. The truth. Zyy: An artificient cannot be defeated. Jack leaned back in his chair, his eyes glancing from the prompt to the departure timer in the corner. In less than five minutes, the Oppenheimer would return to Halcyon. Jack had the eerie feeling that this was the same as before. That the Oppenheimer was the bludgeon and if only had a little more time, he could craft a scalpel. He could see the thread. He tugged at it with his mind. The connected pieces that would allow the world to escape without the mayhem and destruction. He just needed enough time to understand the puzzle and solve it. The Divinity Angelysia. The Expanse. The Combine. Humanity. The connection existed, he tried to find the words to articulate it. Griggs: What if that is why we're here? What if that's why Humanity was created? Xy: You are not the first species to think too highly of itself. Zyy: Humanity is different, Grand Jack, but they are not the Divinity Angelysia. Jack exhaled, letting his gaze rest upon the ceiling of the Alcubierre's conference room. "Maybe that's the point," he whispered. Next. Every time you leave a comment it helps a platypus in need. Word globs are a finite resource and require the rich nourishment of internet adulation to create. So please, leave a note if you would like MOAR parts. Click this linkor reply withSubscribeMe!to get notified of updates to THE PLATYPUS NEST. I haveTwitternow. I'm mostly going to use it to post prurient platypus pictures and engage in POLITE INTERNET CONVERSATION, which I heard is Twitter's strong suit.
TA Players - Favorite play styles? Styles you wish existed? (novices encouraged!)
Update: nerfing autos to about 55% was too extreme, and I think makes heavies too strong. Next I'm going to experiment with reducing the auto hitbox with a more slight damage nerf. I didn't realize that in GOTY it's 5x the hitbox size of spin, and OOTB they are more comparable. In terms of inheritance... it feels weird with everything at 100%. Even if that's the most physically accurate and arguably most intuitive for new players, it's a lot to ask a player base that has spent hundreds/thousands of hours perfecting aim at 50%. I think I'll just try to add more impact weapons with 50% and 100% inheritance variants and leave belt/chain alone. I'm also thinking about custom classes - my first idea is to try a new type of light chaser where they get a light fusion mortar as a primary (less damage and a little less radius than the heavy, but still enough to one shot a capper if done perfectly) Any other class ideas? Hi everyone! I'm looking at doing a GOTY (game of the year - when the game had all 9 classes) mod, with the work Griffon has done for the servers and Mcoot has done for TAMods! (Thanks both!) This is a long post about my opinionated attempt to bring my platonic form of the game back! Please hit me with the constructive feedback, and any nostalgia about moments or things you like about TA (recent or old, both are helpful). Or even things you wish were viable in TA! I can use this feedback in the tweaks I make for the future. I want to emphasize brining players back to the game. I get that balance is really hard and that this won't make everyone happy, but it's an experiment. Overall Changes: This game is modded from GOTY. I plan to keep some changes from OOTB. These are essentially the following. (not finished yet) Keeping the third weapon slot for utility - ELF Projector, Repair tool, or shock lance (with light, medium, heavy variants?). Hopefully this doesn't change class balance too much, but does allow for a little more variety. Some rework of perk system - it feels like there should be 1, more significant perk, than picking out of 2, when some classes should have things by default (like heavies being able to kill players that run into them too fast, as in OOTB) Tweaks to auto Personally, I feel the game is at its best with higher speed chases and impact weapons, but I still like _some_ autos and sniper rifles. As such, I currently have substantially nerfed autos - they do a little more than 50% regular damage (more extreme than necessary for now, but good for play testing to see how the meta changes), and made everything (including belt items) 100% inheritance. This means that all of your shots use all of your momentum. In the past, Inheritance was different for different weapons. Ideally, this reduces confusion and increases consistency, but I need to test more and see how people feel after getting used to it. I'm tossing around the idea of having bullet drop - meaning autos have a trajectory kind of like the bolt launcher (mentioned in a recent post by Gierling). I would like more opinions about this! If people are interested in play testing, we can schedule some times. Tweaks to hit scan Hitscan pistols are removed from the game. I don't feel that they improve gameplay experience. Shotguns are nerfed, but not as much as auto, because I didn't feel they were good enough to be used very much. (see sentry section for changes to rifles) Tweaks to impact and belt items none so far, besides 100% inheritance. I'm thinking of changing the number of belt items in some situations. Class Changes: Pathfinder: I want it to have rage and egocentric by default. I also like how fragile it is, that it can be 1-shot midair-ed by mediums and heavies. Sentinel: I don't want to feel guilty for playing this class. As such, I've repositioned it as harder to use, and substantially worse for skirmishing and beginners (although hopefully still vital for CTF). This one is tricky, because this class is so strong with a good player. I've removed BXT1 and BXT1A and decreased some damage on SAP20 and phase. I want SEN to usually lose battles with players that come to harass, not be able to wreck full health cappers with a couple shots, and reposition the role for stopping enemy regen, and finishing blows. That being said, I want headshots to do a lot more damage, so that crazy skilled players and still do powerful things (not sure how to do this yet). Maybe offer a light fusion mortar as an alternative primary weapon? Infiltrator: No substantial changes yet besides the auto nerf. Should have close combat by default. Not sure if I can allow this class to have a shock lance that doesn't take the secondary weapon slot. Maybe a fun option for repair tool that does decent damage to enemy base assets? Soldier: No substantial changes yet. Plan to make spare spinfusor stronger Technician: Currently needs a better secondary weapon and some things to make it unique. Maybe always pilot perk, and it can have a longer range repair tool and better ELF projector? Raider: No big changes, but I have to think more about NJ5-B and Plasma Heavies: I haven't played them as much, so I would like help with these! I think it would be cool if doom bringer titan launch was a bit longer range and could be "click to explode". If there's a way to bring back saber launcher, we should do it for the n00bs. Bringing Players Back: Now all of the things I've talked about above, are relatively easy changes. The hard part is getting players. I think this section (from my perspective) is devoted to the game, rather than this mod. If people hate every change I've proposed, let's look at this section as separate. TA is a great game, and it would be great to have a little bit more of a dedicated community to it. That being said, there are a few tricky and confusing things to navigate around. Some of the community at its current state, is horrifyingly toxic. I've had some games with hate speech and bullying, old players returning who have been targeted by insta-ELF projectoring bots, and even doxxing, because hackers seem to have compromised Hirez login servers. This is why Griffon's server setup is so, so important. It's very likely that you are at risk when you login to Hirez TA servers. So the way I see it, we have a few big problems to solve.
get players en masse to the community servers. I think they will grow if the overall expectation is "there's probably at least a half full game" than "I bet no one is on"
The game is probably totally inaccessible to new players at this point. Play styles might be gone in OOTB, and the current players now are really good in comparison to the typical beginner. This can be disheartening.
Setting up and joining community servers is harder than it could be.
Getting your account verified through taserverbot works for some people, never does for others, sometimes fails the first time, etc. While I don't have a good technical solution at the moment, I think this can be improved and would appreciate work on this.
Fast, gif tutorial to set up TAMods and community should be a thing. (I will probably do this myself unless someone else gets to it first).
TAMods sometimes crashes on older machines, or fails to work at all for some people. I don't know if this is because they aren't installing the right C++ binaries, or a programming error. I do know that one person had it work for a while, but then stop working permanently, even with fresh installs of Tribes and TAMods. (I love TAMods - just saying if there are ways to make it slightly more consistent, that would be huge)
My proposed solutions:
Advertise to reddit and discords about scheduled play times for the new mod I'm working on (or we can pick regular GOTY, OOTB, or something else - it feels like something new and exciting to announce is important though). I don't plan on having the server up 24/7, I plan on having it up at times when people will know that people will be in it, and going from there. This seems to be a model that works well for the mixer crew.
Adding in a n00b mode that players can be put into on a server - for each class, they can just get a little more health, energy, hitbox size on weapons, etc. Not sure how hard this would be to implement, or if this would benefit the game at all.
Adding the GIF tutorial as discussed, and asking for help from the community! :D
Everything You Always Wanted To Know About Swaps* (*But Were Afraid To Ask)
Hello, dummies It's your old pal, Fuzzy. As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great. What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. Idomybit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post. That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way. We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps. Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy. TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle. Ready? Let's get started. 1.The Tao of Risk: Hedging as a Way of Life The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows: Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself. Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part. You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus. That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it. Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets? 2. A Hedging Taxonomy The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now. (i) Swaps A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one. Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered. The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game. I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging. There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested. Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure). (ii) Forwards A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me. Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways. People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit