What I am trying to convey is that IF an individual feels strongly that a r/s may happen (say a 1 for 2), then they would be better off buying in now IMO.
WHY ? 1) Two reasons...at $4+ funds/institutions can and will buy in - likely forcing an upward movement in PPS.
2) If it doesn't happen and they wind up doing it organically - you would have bought in at an opportune time.