Well, yeah, but I am talking about "proper" shielding not the amount of it. Remember, my argument is about "having the drain wire as the only difference between a phono IC and regular line level IC's".
In phono, it is ideal that the outer shield of the two conductors (positive and negative phase, not to be confuse with positive and ground)should be connected on the phono/SUT side only. It is not why it is shielded, it is how it is shielded in some cases. For example, the Mogami 2534. If you follow the markings, the 4 pvc dressed then braided conductors are twisted in a way to use its shield as effective as it is designed for and thus making the cable directional in this application.
I think that a "twist" is not a shield in electrical sense. It is a geometrical arrangement of the current carrying conductors so that the perpendicular lines of force of the voltage and magnetic vectors as current flows in a specific direction to the conductor cancels out and not aid each other resulting to less interference and signal integrity. The arrangement forms a shield, but the twist is by any means not a shield.