Implementing portfolio risk management and hedging in practice

In academic literature portfolio risk management and hedging are often versed in the language of stochastic control and Hamilton--Jacobi--Bellman~(HJB) equations in continuous time. In practice the continuous-time framework of stochastic control may be undesirable for various business reasons. In this work we present a straightforward approach for thinking of cross-asset portfolio risk management and hedging, providing some implementation details, while rarely venturing outside the convex optimi...