You would have to do the same thing over time, JW did implement this a hedge even when the IO price was flying (from memory A$230) to the consternation of some at the time.
He is conservative, IMO, It's more about avoiding C&M in these sorts of price periods.
Iron ridge product does demand a premium so in the higher price environment it was offset by this premium price.
Ann: Fenix tops up hedge book, page-24
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