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The advantage has been a gradual strengthening of its underlying position in many suburbs, especially in the north and west, where the percentages of residents who aren't well off, are of ethnic minority groups or both has risen this century.
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In the 1960s and 70s the obsession was with the overseas trade figures and the balance of payments; nowadays these hardly get a mention, even though the underlying position is much worse than it was then.
The day after DOMA cleared the House, White House press secretary Mike McCurry referred to it as "gay baiting pure and simple," but also said Clinton would sign it if it didn't change radically before it reached his desk because "he believes frankly that the underlying position in the bill is right".
The put options act as a safety net for investors long the underlying shares, or as a potential profitmaking strategy if investors hold no underlying position, should todays rebound prove to be short-lived.
But, the value of the underlying position is partly protected through expiration in January 2011 if its the case that no takeover occurs and shares either stagnate or head south.
But that does not reflect the underlying position.
Preliminary GDP figures in recoveries are often revised upwards, so the underlying position may be a bit better than we think.
The approach also seems to offer a degree of objectivity for politically charged issues, even if the author's underlying position remains evident.
Cash generated from the rundown of the stockpile was always an important element of MG Rover's underlying position and merited specific analysis.
The underlying position is even worse, since the measure includes saving through pension plans, which has been boosted recently by higher employer contributions to cut pension-scheme deficits.
If they use short-term swaps to hedge longer-term bonds (which are more sensitive to interest rates), the notional size of the derivatives position can legitimately exceed that of the underlying position by many times.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com