Ready.
Prof. Tufano presented Enron, as if financial-engineering was a key element, to achieve. It is vice versa, though. The case is elementary, without financial-engineering.
To selem, is to buy (pay) ahead of time, when the product is not produced, yet - although it is (almost) certain to get produced, as with fruit@tree, or gas@well.
An a-bond (or, atomic-bond) is a generic name for a fruit-bond, gas-bond, oil-bond, etc. The atomicity here, is to refer to the fine-level of investor-action with a firmaze firm'ing vs. complex/compound/concealed corporate-operations with fi-eng. That a-bond is to materialize, at the (selem) time it is dated for - as fruit, gas, or oil, etc.
It is the investment-101. The investor has money, and may invest it. The difference here, is that, the investment is not in some corporation-stock. The investor has bought the gas, and he/she/they may sell it to those buyers who want to buy the gas, later.
Tu96 flagged predictable-prices as a feat of Enron - and fi-eng. Why buy Enron stock? A firm may buy an a-bond, for a favor-RRRR - the consumer-attraction of RRRR.
There are mainly four (price) cases. To foster a relation-longevity with the buyer
In a firmaze, a firmer may found a firm, for an amount of (pooled) money. At the end of the period, the money is shared (moo-duh-ruh-buh).
In most cases (except if litigable, or if deflation is expected): As the money is paid monthly by the customer, the payment probably would not even wait the period to end. i.e: While the invested amount is not earned, yet, only the investors get the money. After the profit-range is earned, the firmer is paid, too - at the moo-duh-ruh-buh percentage.
Roam around in a firmaze, informed - about firmaze-people, and what they offer.
An owner of gas may also research, to improve the profit. For example,
In a free-market, a race is the norm - other than the, fierce&friendly, risk-reduction.
For example, some opportunity may present to import N-tons of natural-gas from the planet Mars. If it is worth it, a firmer (or, a few), may rush.
For another example, is the probable production of gas from alternative sources, e.g: as with the plant-extracted gasohol to fuel a vehicle.
If the bought gas is not immediately transferred to the buyer, it is with storage costs. A firm may specialize at such after-purchase logistics. It is an independent task, as with a freezer for potatoes. A farm-owner need not own a freezer, if there are people who render that service, already.
A firmer-firm, within firmaze, is a miniature of firmaze, itself. Therefore, the example here, a free-market-to-contain-gas, is realizable within a firmer-firm, too. If we refer to it (with a generic name, here), it is aGA (a Gas Architecture),
That was known, already. Well, almost. e.g: Johnson&Johnson, with independent-project-teams. The difference of firmaze, if any, is the fine-level of independence, for every firm. i.e: If a company is really with independent-project-teams, people may ask "Why is that a single corporation, then?" If everything is optimal in that corporation, if that democracy-or-independence is functional, then it probably does correspond to a role of fund-management at the investor view-angle, and it is for a relational-risk-reducer, at the producer view-angle. A firmaze is preferrable. e.g: Think about a free-market vs. a hospital.
Keep in mind that, with moo-duh-ruh-buh, the project-team will not get the least of a payment (except the expenses) unless profit is made. Hence, the project proposals have some intrinsic urge for success. Not to mention being labeled an unsuccesful projects-executor in the within-company, and in the public records. Hence, no jokes.
If with an urgent need, people buy. In case of a good-price, they may also buy early. The storage-cost is not necessarily an "extra" cost, as for example, even aGA, if the gas is not always received just-in-time, would need to store the excess gas somewhere and reflect that in the prices. It is the case of an explicit vs. implicit cost of storage.
It is no different than candy makers, as well as regular households, who may buy whatever they need (starch, sugar, etc.), at wholesale, when opportunities present. Next, keep it, until needed.
Even when to buy a book, we may find it at various prices, at different internet-retailers. When to buy (B2B, etc.), people may wait until the last moment and buy just-in-time, at the finest offer (price, & extra-service), or alternatively, ahead of time, may buy the needed/planned product, when there is a really good opportunity. And, people may even think of new things to do, if there is cheap input.
In a firmaze (free-market) any person, or his/her rep, may buy, or invest-in gas. It is not vaporware. No need to trust in unseeable shifts-and-shuffles of complex financial-scenarios by "fi-eng experts" - who had committed bankruptcies in several huge cases.
In a free-market, as a firmaze is, there are many people. Any firmer, is free to prefer,
Enron Capital and Trade Resources, was quite noticeable,