“The information you have is not the information you want.
The information you want is not the information you need.
The information you need is not the information you can obtain.
The information you can obtain costs more than you want to pay.”
Peter Bernstein ‘Against the Gods’
@IliaBouchouev Thanks Ilia, love your insights!
Some questions:
What's the typical footprint of large producer hedging? How far out the curve do they hedge? Why should this affect the front month?