The best replacement for hedging is speculation.

The best alternatives to hedging are rated as following:
★★★★★  speculation
★★  insurance
★★  diversification
★  speculating
★  not hedging
★  forward contract
★  stop loss
★  arbitrage
★  fencing
  options
  derivatives
  forward contracts
  fair value hedging
  non hedging
  leveraging
  immunization
  financial hedging

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Google Trends

Scale is based on the average worldwide traffic of hedging in all years. Click on graph for more.
hedging
speculation
insurance