HedgesHedges are like looking in the rear view window, if the car is low on gas we sometimes do what we have to, so we can get to the next gas station.
I don't like the hedges, however look across the landscape and tell me what hedges that were put in place in 2020 were good hedges.
I posted on the VII generation board to take out of their presentation that 30% of their production was hedged are 45 dollars U.S., VII generations no longer has its own slide highlighting 45 dollar hedges.
So hedging is an art, you need to be able to defend your rational when prices are strong, and your a genius when prices are weak.
I don't like the hedges it move the goal posts a little futher out, but they are still there all the same.
IMHO