The error is called the hedge book. The higher POG goes against their hedges the more the market will punish them for it.
Management could be a vegetable and the market wouldn't care if they were still making more cash than the competition.
I arrived here now because it's close enough to the hedges rolling off that we are not far away from the market rerating the stock notwithstanding they do something silly like using under priced scrip to buy a questionable asset.
The screaming reaching that excrutiating fever pitch by those that got the timing wrong was another factor that caught my ear and drew in. Always a sound marker that the bottom is near.
VAU Price at posting:
41.5¢ Sentiment: Buy Disclosure: Held
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