Pezz,
It's called an option premium!
As a hypothetical WMT returns to lets say 40c in what I think is a reasonable time frame of lets say 6 months. (yes there are some broad assumptions, and may be conservative or aggressive, but this is just for examples sake).
Do you think I would be better off today buying options or whether I should be worried about conversion 4 years from now and buy the heads instead?
I'll let you do the maths.
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terrible finish, page-44
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