Hi all, Do you add an overlay of hedges on top of your systematic portfolio? I am a bit clueless about how to do hedging... Granted, if you achieve perfect hedges, you end up having no return... When Jim Rogers said that he's long commodities and he's hedging via shorting Nasdaq and EM stocks, he's probably putting on the hedges based on experiences and intuition. Is there a way to quantify the hedges? There must be a trade-off or optimal point about hedging... and about adding hedges to your portfolio. Any thoughts? Thanks!