No, I am not sure. I always had this assumption based on overall inflation being greater than portion that goes to HP. That's why I thought as time goes by vests distributed to non-HP events would decrease the share of HP compared to total of vests.

You have a great point! I have not considered the impact of the hbd stabilizer. Numbers regrading this would be interesting. I wouldn't know where to start. @dalz some numbers please?