Huh... do you think the value of an unprotected pick is the same as a protected pick? Because when you acquire the hedge it is unprotected and is absolutely without a doubt more valuable. I am fine disagreeing but this type of risk mitigation is a pretty basic part of life and business.
Uh no, never said that. Of course an unprotected value pick is more valuable. I’m saying the outcomes are not more valuable just because you have the other outcomes.