"To defend the truth, to articulate it with humility and conviction, and to bear witness to it in life are therefore exacting and indispensable forms of charity."

H. H. Benedict XVI. Caritas in Veritate Encyclical. June 29, 2009

Tuesday, April 9, 2013

An ex-post zero sum game

The utmost feature of a forward commitment (forward, future, swap, etc.) is that ex-post if one party wins, the other party losses, ceteris paribus.

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