Hedge Funds that are short Mins are in a world of pain now

Hi all;
My view is the hedge funds that are short Mins are in a world of pain now. My guess is with iron ore up, and Aus $ slightly down, guidance reaffirmed including Onslow FOB cost at $60 for 2nd half, MINs trades $25 to $26 range today.
Yesterday was excellent buyinng at < $23; not sure we will see that again.

Can you imagine how the the hedge fund analyst's morning meeting would have gone with their PM:

PM: "Mins moved 7% against us yesterday, can you remind me why we are still short?"

Hedge Fund analyst: "The AFR keeps running negative articles against it, and other hedge funds are shorting so we may aswell follow them."

PM: "But the PE is 4 at spot prices, with zero for Lithium and gas"

Analyst: "Yes, but iron ore may fall to $70"

PM: "It may, but what happens then"

Analyst: " They pay off their debt by 2030 rather than 2027 and PE is then 8 X".

PM: "But that's still cheap with iron ore at 70, which is an unlikely long run price"

Analyst: "Yeh, but its a good momentum trade"

PM" Why"

Analyst: "Because other hedge funds told me so."

Rue555, i'm really interested in how your morning meeting went with your PM today?

RayDalio, you seemed to have gone quiet.