Hedging Is Not Just For Wall Street

The New Zealand Rugby Union "dodged a financial bullet in 2007" by hedging against movements between the New Zealand dollar and the U.S. dollar. The hedge was put in place as the New Zealand dollar briefly dropped to 68 cents against the U.S. greenback. The Union hedged more than $24 million U.S, and ended up saving $6 million as the New Zealand dollar rose to 77 cents against the U.S. dollar. No word exactly what they were hedging against (possibly salaries for U.S. players?). Maybe speculating, and not hedging, might be a better description of their position, but who really know.