 I will tell you about the technical difference between insuring and hedging, both are the ways through which we can manage risk in or by transferring the risk to some other parties. So there is one base basic difference between hedging and insuring in when we go for hedging, we are in order to avoid a certain loss, we do avoid the potential gain as well. But in the case of insurance, we do not lose the potential gain, we pay premium. So that is the difference between hedging and insuring. In the context of hedging, you feel that there is a risk in the particular instrument, there is a risk involved in it, there is a loss in it. You sell that particular instrument through a forward contract, through futures. So you will not get any benefit from that, of course you have sold it. However, when you are going for insuring, in insurance, you do not take it out of that particular asset, you do not sell it, you do not sell it. You keep it with you, you will get its advantage whenever it will get any benefit. You just have to pay an additional premium on it, that is the basic technical difference between the two concepts. I would like to take an example in order to explain the difference between hedging and insuring. So suppose you have planned a visit from Lahore to London, and for that you want to buy an air ticket, so the ticket seller can give you two options, he might give you two options. He is saying that suppose you are buying a ticket in advance for 6 months, so you have booked it, and now you have two options, either you can pay for that ticket right now, whatever its value is, or you can say that you can book it for me right now, reserve it, and when I have to travel for 6 months, I will be able to pay for it. So what you are doing is that if you are paying now, so you are locking the price, that you have just paid, you have not taken the risk, and when you have to travel after 6 months, if you pay for the ticket at that time, then you may have a problem with the risk, that it may be that when you travel, the prices of the air tickets may be expensive, the price may have gone down, so there is a risk involved. So you have two options, either you can pay in advance, and lock it right now, whatever the price is, you can pay for it. So if you are doing it now, or you are hedging yourself against the expoier to this fluctuation in the price of the air ticket, which you are going to use after 6 months, and if you are not taking it right now, if you are going to take it in the future, then it is possible that if you have just made a quote, that travel agent has, suppose, 1 lakh rupees ticket from Lahore to London, then it is possible that at that time, it is of 9000 rupees, so you have just locked it, hedged yourself against the fluctuation in the price of the air ticket, but if you have forego the benefit, that if it is of 9000 rupees, then when you have to go, then you will benefit from 10,000 rupees. So in the hedging context, you lose your potential benefit, to protect yourself from the risk. In the other case, which I told you about the possibility of insuring, that you might go for, there are some people who go for insuring, what is insuring? That if we bring the concept of insurance in this example, then the travel agent might offer you that if you give us 20 dollars right now, then you will have to pay the price in this particular bracket. So he is giving you the buffer that this is the range, you will have to pay in between this, you will get an air ticket from Lahore to London, but suppose he is offering you that between 5,000 and 1,000 rupees, you will have to pay between 1,000 and 1,000 rupees, if you give us 20,000 extra right now. And what does this mean? That you are offering that insurance. So in insurance, you pay on premium, or you will have, you reduce your risk, exposure to risk by paying the premium through buying insurance. On the contrary, we can have another option, which is called hedging, in which you to save your exposure from risk, you also pogo your potential benefit. So these are the basic differences between the two concepts. So in both the contexts, you have to pay a certain amount of money, but a concept altogether different hedging concept altogether different from insuring. However, both are going to protect you against the possible risk to which you are, you might get exposed to.