Thanks. I should have been able to figure that out for myself by looking at the chart. That said, I think the X post is a little misleading. Column E is just the total exacta pool minus takeout. In parimutuel betting, it is always equal to the amount bet on a combo times the payoff on that combo. "Hedging parity" suggests that the CAWs bet enough to make them indifferent to the outcome. If that is what they were trying to do (which seems unlikely), they did it imperfectly.