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The optimism was hedged with caution.
What happens next is hedged with unknowns.
Yet his argument is hedged with sufficient caveats that the pessimist could still feel vindicated.
Until April Britain's policies on speed cameras had been hedged with restrictions.
In effect, they are operationally hedged, with only profits (or losses) requiring translation into euros.
The announcement was hedged with caveats ("functionally cured" was the exact term used).
But the regulatory risk needs to be hedged with a huge breakup fee.
But it is hedged with restrictions and is expected to raise just £650m a year nationally.
A number of assets were hedged with an entity called Raptor.
As a result, the legislation has been hedged with some cautionary language, but not enough.
North hedged with four diamonds, and the final contract was four spades doubled.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com