23. Donald Singleton is an investment banker for a regional firm. One of his clients, Dolby Manufacturing, Inc., is a private company that will be making an initial public offering of 20 million shares of common stock. Mr. Singleton's firm will buy the issue at $10 per share. He suggested to the managing director of the firm, John Wilson, that the firm should hedge the position using stock index futures contracts. What should Mr. Wil- son's response be? A T