Bavaria Commodity Risk Management - KYOS€¦ · Risk Commodity Market Risk Operational Risk...

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Bavaria

Commodity Risk Management June 2017

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
https://youtu.be/KhG85i4hMjQ
https://youtu.be/KhG85i4hMjQ
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Which Risk is Highest ?

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

< Risk ? > Risk ?

Europeans stop massive cash in old socks

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Game Money

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Enterprise Risk

CommodityMarket Risk

OperationalRisk

Regulatorycompliance

CapitalManagement

Credit Risk

RISK - BAVARIA

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Enterprise Risk

CommodityMarket Risk

OperationalRisk

Regulatorycompliance

CapitalManagement

Credit Risk

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Raw Materials

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Packaging

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Energy

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

How do we manage these

Risks

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Fysical Financial

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

MARKET

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Fear Factor

Supply andDemand

Weather

World Market

FX exchange

Sentiment Suppliers /

Farmers

MARKET

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Technical

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

6 sigma

Volume

Technical

Value

Bandwidth

Period

Technical

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Abdominalfeeling

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

From To

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Automatic ok but always hand control

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

If we are blind

to the past

we are at risk

of being caught

by the future

Be brave and take risks

Nothing can replace

experience

An idea without risk

does not deserve to be

called an idea

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090

Yes or No coverage of a

position,risks are always

taken

http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
http://www.google.nl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4zL-zg5_LAhUiDZoKHViYC8sQjRwIBw&url=http://www.palm.be/&bvm=bv.115339255,d.ZWU&psig=AFQjCNGkyTCvAj_V327tqrNTlSv-6nqXtw&ust=1456905852013090
https://www.youtube.com/watch?v=lrCOIRGpeeM

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