Jose makes the case for being hedged right now

"I feel like this is an obvious place to be hedged and not take too much risk. Markets still haven't dipped that much and it feels a bit like Covid when it was a thousand cases and Twitter was insanely loud about it, but outside no one really knew about it. We've never seen this kind of level of supply destruction. To me it seems like a pretty clear spot where being defensive makes sense."

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