Chapter 8. Proactive Profiting from Oil Price Spikes, Interest Rate Hikes, and Exchange Rate Risks
“Union Special [was a] small, Chicago-based manufacturer of sewing machines. Its sales were in the $100 million per year range and until the late 1980s it had no explicit foreign exchange rate risk strategy. But … by doing nothing it actually did have a strategy; i.e., it bet the entire company on the changes in the floating exchange rate. … The result was major losses and … the company was taken over by Japanese buyers. [emphasis added]
—Professor Thayer Watkins1
Manufacturing companies like General Motors, Eastman Kodak, and General Mills are heavily ...
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