Theatre & Films Productions

Air Mauritius Hedging-Strategy or Aptitude?

Img Src: interview

At the request of the representative of the Faculty of Law & Management, University of Mauritius Mr. Sadek Ruhmaly, Consultant Economist, conducted a two-day seminar at the Lecture Theatre 2. The topic of the talk: Hedging- An aptitude or a Strategy?

It was Mr. Ruhmaly who introduced the system of hedging at Air Mauritius in the late 1980s. This strategy was very successful at that time and he can be considered to be an expert in Hedging and Fuel energy.

The talk was held on two days: Monday 9th March 2009 from 13.00 to 14.00 and Wednesday 11th March 2009 from 12.00 to 13.00 (which actually ended at 15:30!).

Mr. Sadek has been cross-fertilised by great minds (S. Hawking, Lord Denning) and intellectually brilliant Mauritians.

Key terms heard: Poetry, literature, physics, pilot, Air Mauritius, Black Hole, Maths, Hedging, Strategy, freedom

Monday 9 March:

Most of the students from Finance and Law background were anxiously waiting at Lecture Theatre 2 for the opening of the talk. The lecture hall was jam-packed!

Mr. Sadek started with a “Good Morning” with a genuine English accent. Seriousness was seen on his face. He started with a statement: “Mon premier amour c’est la literature française et l’astronomie!” and read a French poem, he himself wrote last year. The poem describes his visionary views on Mauritius.

You come to the university to learn to think

The first issue was that “learning to think” is the most important thing in life. We have to be a Systemic thinker.

Being Fearless

“Those who know me, who have read about me, know that Sadek is not a Yes-Man”. He then told us the annecdote about his refusal (the only vote against) of the decrease of the Interest Rate at Bank of Mauritius.

Refinery Economics

Without the knowledge of refinery economics, it would be rubbish to talk about Oil Energy and Hedging. The below diagram was explained well:

The optimum equilibrium is not a static path.

Doing Nothing is a strategy but doing something when not required is Stupidity!

The choice of parameters in a formula is necessary.

Wednesday 11 March:

Despite being the Holi festival, the Lecture Theatre was full, again! However this time the duration of the talk was longer than expected. In the impressive CV of Sadek, we note that he is a Private Pilot, a Painter -Mystical Art, he likes Poetry and is a Mountaineer! Today he shared his passion with us. He brought some paintings which were displayed in the Lecture Theatre.

I have the crazy idea that if I would die, I would die with the most precious things that I carry in my bag!

Yes, Sadek indeed carries precious books/ documents in his brown bag. We were impressed by the number of book being shown to us, notably:

  • Bhagvad Gita
  • Geetanjali – Rabindranath Tagore
  • Pensees – Blaise Pascal
  • A Brief History of Time – Stephen Hawking
  • A book on Japanese Archery

What is 1 + 1?

Ans: you have to specify your assumptions, what is the model. for eg. in Binary 1 + 1 gives 01!

A PhD is a substantial contribution to knowledge. Pushing the frontier into the unknown.


I want you to be free. On the eve of Independence, I want you to achieve Holistic Independence. Take for eg. the cutting of umbilical cord -> this is a freedom symbol.

The foundation of daring is fearlessness and selflessness. These two are the fundamental core of grace.

The body is a perishable product, but you cannot kill the ideas.

Don’t be in psychic prisons -> Groupthink

Stop just looking, start Noticing.

The most stupid thing is to ignore that has been great minds in the world.

There is a difference between doubt and uncertainty.

President Obama has to understand Black Hole in order to get out of this systemic collapse.

I talk about the world of Abstract. use of senses on Knowledge.

Sarcasm is the highest form of wit.


The first issue in strategy is Acknowledgement.

The most brilliant poetry is one that has mathematical balance.

Grace in Mathematics, Science, Art.


Hedging can be an optimising strategy depending on the core of the business.

For each strategy there is a fallback strategy.

Playing Sudoku -3 at the same time and looking horizontally- need to have a lateral vision. Get your brain to work on 3 mysteries at the same time.

When you do hedging, don’t be caught in a circle of minds.

In Hedging, if you are distracted, you are losing.

You need not to have total control but total consciousness (of hedge funds which have a single agenda i.e. Portfolio maximisation). Control -> discrete ; Consciousness -> continuous

Economic Bubble burst because of Gargantua

Fundamental to Hedging is understanding the data

Hedging is freedom from uncertainty, moving from an unstable point to stable one.

At one point in time, you have to place your bets.

Tactical mistake -> no corporate strategy, no holistic view

Problem: options are mutually exclusive

Onion -> de layering and bringing to the core

Correlation does not infer causality.

Hedging is also an aptitude.

Strategy from the Nature

Hammerhead Shark

Fish Eagle

Microwave Generation

We, youngsters, we are of the Microwave Generation 😀

Papyrus Parchment & Computer Science

Mr. Sadek shown us a parchment. It is the first encryption on Floppy Disk.

Caravanners are the fist Internet system in Human Civilisation

17 responses

  1. Hmmph… I can’t believe I miss that. I read about Mr. Sadek Ruhmaly several times. He seems to be a very charismatic man. Lucky you to have attended his seminar! 😀

    11 March, 2009 at 9:39 pm

  2. 😦 i missed it .. chance u ve blogged upon it 😀

    Sudoku – need to have a lateral vision. lol

    12 March, 2009 at 7:58 am

  3. Hello Morinn and Yusha!
    Welcome to my blog…

    Ya, I was just noting the maximum I can retain in my diary while he was talking on and on and on……

    I will have to start playing Sudoku (3 at the same times) and Chess as well, given next year we have Strategic Management module!

    12 March, 2009 at 8:25 am

  4. Hi. Nice blog. I missed the seminar due to lack of time.
    Interesting read.

    15 March, 2009 at 10:50 am

    • Hi Tushal. Welcome to my blog.

      The talk was interesting, I’ve tried my best to capture the messages sent to us during the 2-day talk and share it to the community via blog.

      15 March, 2009 at 11:05 am

  5. Atish Doorgakant

    In fact,I’m very happy that you enjoyed the 2-seminar by Mr. Ruhmaly and that this initiative was not in vain. He made us travel through the world and history to make us discover the beauty of nature, how everything come from nature and we should be noticing things instead of just looking. He share a lot of this knowledge with us am I am sure this will be very useful to us.

    Thanks to all those who were present on both days and making this seminar a success. It was very motivating to see that the Lecture Theatre was full despite Holi and Mega Show on that day.

    Faculty Representative,
    Law and Management.

    15 March, 2009 at 6:32 pm

    • Hello Atish, welcome to my blog!

      This was a very good initiative, very nicely organised. Maybe you could think of booking the auditorium next time for such type of interesting events.

      I had the opportunity to attend the talk of reputed Economists from the USA like:
      1. Professor Paul Romer
      2. Professor Jeffrey Frankel

      But seeing a Mauritian talking at the same level of these brilliant economists…….waow, its really inspiring 😀

      16 March, 2009 at 7:31 pm

  6. Val

    Bonjour la generation montante…il est grave que des personnes qui possedent de telles competances que Monsieur Sadek, ait ete obligée de s’exporter….on parle de fuite des cerveaux, Sadek va-t-il devoir de nouveau quitter son pays pour faire valoir ses competences ? Alors que les autorités concernées devraient lui derouler un tapis rouge , elles preferent encore la politique de copinage à celle de la capacité, de l’efficacité et de la compétence ….
    Maurice en sel Nation ….unité …fraternité … et imbecibilité…voila la fin de mon petit message et de mon intrusion dans ce blog…(Tres joli d’ailleurs ….!!!

    En vous souhaitant a tous de réussir….


    17 March, 2009 at 10:41 am

  7. merci de laisser une commentaire Val.

    Yeps, we have the problem of “Brain Drain” in Mauritius. Mr. Sadek mentioned about the very bright Economist Ali Mansoor who was at the World Bank. Now he is back Mauritius to serve the country.

    What about all the best brains that the country has produced but they are abroad and sadly do not wish to come back to Mauritius? the concept maybe starting from HSC Laureates going into the best universities abroad and opting not to return after the studies.

    17 March, 2009 at 3:50 pm

  8. SADEK

    ok guys… am i reading my own obituary…or wat? lol….
    ps note the vision n movement towards target of hammer shark n fish eagle…… its sudoku 3x [triple lateral approach]…. their grip [eagle claws n shark jaws] are not monitored by their eye trajectory but by their inner senses n instincts….. that is what i meant by hedging aptitude…… u r born with it….. not trained @ uni or read in textbooks…. chess masters write chess strategy books..they never read or get trained by them….
    ok guys, mayB you shud fwd this blog to UOM mail list…n get faculty ghosts to come alive …reborn…reincarnation process…. duty to serve n selflessness…bhagavadgita…
    MOBILE 422-1960

    18 March, 2009 at 9:42 am

    • Oups a very nice pleasant surprise. Its a great honour to have your comments on my small littoul blog Sir. The other Economists also, I requested them to have a look at the post on their talk at the UoM; they send a reply “Thank you”.

      You rightly told us that we cannot only just by reading a book on Chess and then beat Gary Kasparov!

      It would be a request if you could deliver another talk to all the “fans of yours” at the UoM to talk on “Maurice Ile Durable”. Something which you mentioned in your agenda, but could not talk about it due to time constraint.

      18 March, 2009 at 10:00 pm

  9. SADEK

    yep… im always available to share ideas n disseminate knowledge to univ students interested to broaden their minds n enlighten their Souls… & SEARCH THEIR HEARTS FOR A DEEPER MEANING OF LIFE OTHER THAN POWER, POSITION, WEALTH N INTROVERTED PRIDE…
    Hope a wider set of people get to participate in yr blog… it may get them alive… n positiver sur la Vie….

    19 March, 2009 at 6:01 am

  10. Dada Ji

    You may wish to read this interesting article on strategy:

    Developing Metacognition by Elaine Blake, Sheila Spence .


    20 March, 2009 at 8:54 pm

  11. SADEK

    please excuse this intrusion…. but i just wanted you to extend to all those who met me n came to the Seminars on Hedging, the very best for their exams… I will always wish all of them all that the Universe can offer in terms of emotions and challenges… of course I remain votre Serviteur et votre Ami…let it be known!
    I will fwd to Ashesh a soft copy of an interview i gave to Reza Issack in THE STAR hier Dimanche 05 Avril09….
    si Nuvin emprisonne mwa…zot kapav amene dipain frire ek gato moutailee…ek goyav2chine com dessert pou mwa dans prison!!

    6 April, 2009 at 11:49 am

    • Hello Sir!
      Its a great pleasure to hear from you again. Thank you for your best wishes for our Class Tests and coming exams in the month of May.

      It is very encouraging to know that a Professional Economist like you is here to support the student community as Ami. We would definitely need your guidance. In Philosophy, I’ve read that libraries contain many books which sometimes are in form of a labyrinth. You can get lost if you don’t have a proper Guidance. Definitely you inspire us to have a successful career and charismatic personality as yours.

      6 April, 2009 at 8:17 pm

  12. Pingback: Saturday 12 Sept « :: Ashesh Ramjeeawon – Blog ::

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