Foxhole Optionality as Margin Engine

"‘Foxhole Theory’. A fox will use one hole to go into its lair, but it will always have another way out. It’s about the alternatives in life that allow you to optimise your negotiation and your margin."

"You need to have optionality in your trading book to be successful in procurement. That means having third-party trades."

"Small companies will continue to add value in countries and markets that are too small or too dangerous for the bigger companies to get involved in."