What I'm getting from all this is that we have an armchair expert explaining details about something they're not an expert in, and we have you reviewing the way they present this information, saying their very weak hedge wasn't strongly negative enough. Based on priors about the industry.
Basically, HN doing HN things - having a good deep think about topics outside their realm of expertise, then debating the minutiae. I'd just rather trust someone who has spent their career researching this stuff, thanks (unless that's what you do - in which case please tell us more).