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Hi David Thanks a lot for the detailed explaination. THis helps a lot :-) Applying the same to the MG case study, in the stack and roll trade, MG was in the position of long speculator with the short term futures and was expecting to make a profit of E(S(t)) - F(0) under normal...

Hi David Regarding Stultz Chapter 2 reading on hedging irrelvance proposition: I do understand the general concept that as the beta increases the expected return from CAPM increases which then means a higher discount rate is applied. But am not able to make a link from this to normal...