Far from simple with the three re-rate events to factor in BK. Think of it like 3 different companies at 4 differing intervals - then strip those trends out - then chart those normalised SPs against the WTI - volia you will see it then.
The recent fall was only a [managed] placement exit IMHO.
PE not a good tool to use in this case as MAD is not a mature producer - but hey simple tools for sim... ..lk. whatever works for you BK.
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