To be fair burble, Ryanair actually got their hedging (or lack of) strategy almost completely right compared to most other carriers. Now, whether this was down to pure dumb luck or design is a point of discussion but they got burned for only 3 months of the year up to Jan. After that time they have a massive cost advantage over virtually all their competitiors who hedged at what are now suicidally high rates.
Luck of the Irish, maybe?