atention warrant guru,s hdrxoa, page-7

Don't always assume Maccas lose just because a warrant goes in the money. It depends on whether they are 100% hedged or not. At some point they may well have hedged 100% and now at worst only lose carrying cost of FPO and can buy back warrants on dips to ease the capital cost of HDR on they're books.

They'll probably issue another series at some point and then get their pound of flest as you roll.

Yes they aren't as lucrative on the surface but never assume they or any other oppies or warrant writer hasn't got some form of hedge in and is generally covering a quite large proportion of writes in this sort of market.

Keep an eye on the open interest and check how many maccas house holds to see if they are buying them back

Good luck