---
title: (Un)Calculated Risk | by Peter Orr of Intuitive Analytics | hedging | Intuitive Analytics
description: hedging | by Peter Orr of Intuitive Analytics
---

# (Un)Calculated Risk | by Peter Orr of Intuitive Analytics

## [Refundings Show Finance Profs How to Colossally Screw-Up Finance](https://www.intuitive-analytics.com/blog/bid/71485/Refundings-Show-Finance-Profs-How-to-Colossally-Screw-Up-Finance)

 Posted by Peter Orr on Oct 09, 2013

[![](https://www.intuitive-analytics.com/hs-fs/file-341979760-png/images/mistake_here_it_is-resized-600.png) ](https://www.intuitive-analytics.com/blog/bid/71485/Refundings-Show-Finance-Profs-How-to-Colossally-Screw-Up-Finance)

"To confuse the model with the world is to embrace a future disaster driven by the belief that humans obey mathematical rules."  - *[The Financial Modeler's Manifesto](http://www.wilmott.com/blogs/eman/index.cfm/2009/1/8/The-Financial-Modelers-Manifesto)*, Emanual Derman and Paul Wilmott

[Read More](https://www.intuitive-analytics.com/blog/bid/71485/Refundings-Show-Finance-Profs-How-to-Colossally-Screw-Up-Finance)

 Topics: [Financial Models](https://www.intuitive-analytics.com/blog/topic/financial-models), [refunding](https://www.intuitive-analytics.com/blog/topic/refunding), [advance refunding](https://www.intuitive-analytics.com/blog/topic/advance-refunding), [refunding efficiency](https://www.intuitive-analytics.com/blog/topic/refunding-efficiency), [hedging](https://www.intuitive-analytics.com/blog/topic/hedging)

## [My beef with the NYTimes and Morgenson on Municipal Swaps, pt1](https://www.intuitive-analytics.com/blog/bid/23032/My-beef-with-the-NYTimes-and-Morgenson-on-Municipal-Swaps-pt1)

 Posted by Peter Orr on May 08, 2010

One of the (few) benefits of leaving a perfectly functional Street job is that I'm now free to have a free dialogue with the free press using my now free(er) speech.  To that end, I decided to engage the NYT a few weeks back regarding Gretchen Morgenson's[The Swaps That Swallowed Your Town](http://www.nytimes.com/2010/03/07/business/07gret.html) article.  This is the first of 3 posts recounting the transcript as surprisingly, they did engage.   

[Read More](https://www.intuitive-analytics.com/blog/bid/23032/My-beef-with-the-NYTimes-and-Morgenson-on-Municipal-Swaps-pt1)

 Topics: [swaps](https://www.intuitive-analytics.com/blog/topic/swaps), [libor](https://www.intuitive-analytics.com/blog/topic/libor), [municipal swaps](https://www.intuitive-analytics.com/blog/topic/municipal-swaps), [hedging](https://www.intuitive-analytics.com/blog/topic/hedging)

## [Are munis over-hedged with swaps? Pt3](https://www.intuitive-analytics.com/blog/bid/13642/Are-munis-over-hedged-with-swaps-Pt3)

 Posted by Peter Orr on Oct 25, 2009

[![](https://www.intuitive-analytics.com/hs-fs/file-15737649-png/images/annual_cashflow_benefit_from_58_percent_libor_plus_52bps_vs_68_percent_libor_swap.png) ](https://www.intuitive-analytics.com/blog/bid/13642/Are-munis-over-hedged-with-swaps-Pt3)

"It is better to understand a little, than to misunderstand a lot."

[Read More](https://www.intuitive-analytics.com/blog/bid/13642/Are-munis-over-hedged-with-swaps-Pt3)

 Topics: [SIFMA](https://www.intuitive-analytics.com/blog/topic/sifma), [swaps](https://www.intuitive-analytics.com/blog/topic/swaps), [libor](https://www.intuitive-analytics.com/blog/topic/libor), [muni](https://www.intuitive-analytics.com/blog/topic/muni), [hedging](https://www.intuitive-analytics.com/blog/topic/hedging)

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