SUMO, page-201

Good one - pls let us know.

But why exercise now - lets say heads go to $5 sometime before exercise date (not unreasonable for SUM to do 10 bag from here if Sandro's 'Painted Garden' peg and others are the real deal - after all WA1 did 140 bags) then heads are worth $5 - up 5.00/0.460 = x10.9 but oppies are worth $4.75 - up 4.75/0.170 = x27.9.
So keep the oppies for a 28 bag win, instead of an 11 bager on heads. Thats the effect of leverage the oppies give you.

And here is another deal which is easier to play with oppies. Wait till they show good appreciation and sell enough to cover your initial investment - they are then free carried. Now their value on your screen is your profit, it can never become a loss. Very reassuring.

I don't give advice.