What is the criterion for the success of such a hedge? Given that capital is tied up in the assets, it is reasonable to suppose that a return is received even if the capital is successfully insulated from risk. 20 Mr Hamanaka subsequently pleaded guilty to fraud and forgery in the Japanese courts and was sentenced to eight years' imprisonment. Gucci Platform Peep Toe Pumps. Note that the number '10' appears because the futures contract specifies that each point of the index is worth ?10. Gucci Large Hobo Handbag. The portfolio is risk-free: the payoff on the portfolio in every state must be either positive or zero. Gucci Platform Peep Toe Pumps. One is to treat the investor as a consumer whose decisions are ultimately made to optimize the allocation of consumption among different goods and across time. Gucci Outlets Bristol UK. The two need not be incompatible, of course: theories of investor behaviour can serve to give substance to the arbitrage principle, and reinforce its implications. Gucci Platform Peep Toe Pumps. As always with futures contracts, the market price of these bills as of the delivery date is exchanged in return for the bills.