Therefore, commodity price volatility and financial leverage are two…

Therefore, commodity price volatility and financial leverage are two risks that we are fixated on actively managing by aggressively hedging commodity prices in the futures markets and using modest financial leverage in the capital structures of the compa-nies we build.

— from The Flight Plan (Purpose/Wisdom/Risk) · Holy Grail of Investing: The World's Greatest Investors Reveal Their Ultimate Strategies f

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