Right but you only have to pay $1 for them so there is a math anomaly, where you lose now, beat X3, then achieve a double, as share price multiplies. That's the point he is getting at.
Put it another way, if you think SGLB going to $100, and you want to make the most money possible, this is what to do. Sell all your shares now, buy warrants with same, sell them all around $6, then buy back the stock, hold to $100.
Then you can quit your day job...