In financial risk management, people often explore “What if?” scenarios. Take the MGRM case as an illustration. In 1993, MGRM entered into long-term, fixed-price contracts to supply oil products to end-user customers. To hedge this exposure, the company adopted a dynamic hedging approach known as a rolling hedge (or stack-and-roll strategy). However, spot oil prices dropped sharply in 1993, and the oil futures curve shifted from backwardation to contango, resulting in substantial losses for MGRM. Now consider this hypothetical: What if MGRM had not encountered those problems (i.e., spot prices had not fallen significantly, and the price curve had not moved into contango)? In that case, what would have been MGRM’s primary concern?