Only reason I don't have a HUD is because my laptop won't handle it. As soon as my desktop is fixed (this weekend hopefully) I'll have a HUD again.
Being without a HUD, I am much more detailed with my note taking vs exploitable fish, to the point I sit out an orbit sometimes so I can make proper notes, rather than just "fish" or something lazy like that.
But it's the guys who sit there quietly, rarely show down... I'm not sure how tight they are, because they're going along largely unnoticed. So I find myself in tough spots vs these types of villains more than when I have my HUD.

HUD is better than no HUD. But no HUD doesn't mean I start losing money.