1.   The deal, like all big mergers, takes a punt on the ability of two corporate cultures to work together.

2.   The relatively small volume of trading in exotics makes them riskier than taking a punt on the British pound.

3.   The upshot is that macro funds are far less keen to take big punts.

4.   Investors sank their money into bond futures because of attractive interest rates and the opportunity to take a punt on an inflation subsidy rate rise.

5.   There will always be people who try to take a punt at this sort of thing.

6.   Or we could have taken a punt.