Working argued that there could be hedgers on both sides of the market and that hedging was essentially not a risk reduction technique, but "speculation in the basis" which allows informed traders and commodity dealers to profit from their knowledge of future changes in the difference between futures and spot prices.
Working's perspective suggests that hedging isn't about minimizing risk but rather exploiting the potential for profit from market price discrepancies between futures and spot markets. This view emphasizes the role of informed traders and commodity dealers who can capitalize on their knowledge of future price movements.