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Betting on both horses so you can't lose the race, only the glory.
means Reducing risk by taking an offsetting position, so a loss on one side is covered by a gain on the other.
from From the Old English hecg, the dense shrub-fence that marked property lines and kept things contained; by the 1600s, to hedge meant to fence in a bet against loss.
Perfect hedgeEliminates all risk, and all upside, together.
Costs moneyInsurance against loss is never free.
Hedge fundsOften barely hedge anything at all.