A tutorial in all forms of hedging

"Actually," says Rafe, "I was going to do a post on Aggressive Hedging...". But of course, hedging is an incredibly complicated subject that can only be explained by a small number of highly intellectual folks to an even smaller number of other highly intellectual folks, and often requires a ridiculous number of higher degrees with highly difficult letters in order to be performed well.

However, I will undertake a short tutorial on hedging now.

Aggressive hedging.

Recessive hedging.

Progressive hedging.

Very progressive hedging. 

And finally, here is an aggressive hedgehog.

Just so we're clear. Thank you for your time.