Hedging not Gambling
Hedging strategy is meant to minimize the risk of adverse movements in the future cost of consumables that are essential for production.
Cathay once made incredible profits by hedging their fuel.
Unfortunately, the Directors became addicted to those windfall profits and lusted after even more by taking greater gambles.
Cathay made hedging fuel a Profit Center instead of a long term Revenue Neutral Center, as is what hedging designed to do.
Not the first SNAFU for the greedy Directors.