ojy
0a6e357a78
Earlier §12.7 suggested opening a separate long call alongside the iron fly as a "companion" to capture moonshot upside. That framing was wrong: it doubles capital at risk while buying expensive 80% IV, and is redundant with the §6 conversion plan. The real companion is what the iron fly becomes after the 3-month conversion — a long $160 call at ~$45 net cost basis, financed by realized theta. Same exposure as a $1,870 outright purchase, at 4% of the cost. Updated §12.7 to: - Remove the "add a small companion now" suggestion - Reframe the conversion product as the companion - List the rejected alternatives explicitly so future-me doesn't re-litigate them Co-Authored-By: Claude Sonnet 4.6 <noreply@anthropic.com>