Because people try to reduce their risk whenever possible, a sane person would do that and like to 'free carry' if possible at any stage if they don't mind dilution. That's everyone's strategy in the emd.
How many of us wouldn't want to sell some of our holdings after the flow tests are positive and and those who've not reached their desired goal at that time will likely wonder why there is a sell order without realising that their risk at the time they bought was greater than our risk now.
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