Downside protection, page-17

Hi Oakeyflat, apologies for the late reply.. I wasn't sure you wanted me to reply..

From your last post, it's theoretically correct. In practice, a few other points come into play - liquidity, leverage, cashflow, execution time etc. I find having two instruments provide an additional level of flexibility.

I hope this short term retrace didn't cause too much grief... it can be emotionally draining.

In near term, I've always priced SRX at around $25 for salvage therapies. Fundamentally, the next major price movement should be around May when actual data is released. Good luck!