Yes. And what I tried to point out, albeit not very clearly in retrospect, was that hedging is not only applicable and useful in cases that are plainly speculat

Yes. And what I tried to point out, albeit not very clearly in retrospect, was that hedging is not only applicable and useful in cases that are plainly speculative in nature. E.g. I would like to hedge against the case of Forex fluctuations when doing a large international deal, or delivery delays, or bad harvests, etc.