Because asset returns may be correlated with one another and these correlations must be taken into account. Some, such as for US treasury bills, can be settled with the delivery of the relevant security. Gucci Joy Boston Original. Conversely, an investor may seek to have the security of buying an asset at t' in the future for a price that is determined today, t < t'. Gucci Wristlet With Zip-top Closure. Nothing of substance is lost, or gained, by focusing on infinitely lived assets as in (10.10) from now on. Gucci Joy Boston Original. If futures contracts are treated as financial instruments, it may seem odd to analyse the investors' decisions about holding them from the perspective of separate motives (speculation, hedging and arbitrage). Gucci Flat Red. The absence of arbitrage opportunities in the context of a factor model implies a set of restrictions on observable asset prices (or, equivalently, on expected rates of return). Gucci Joy Boston Original. The principles outlined below - distinguished by motive - are not inconsistent with Working's classification.