Dutchess is a perfectly hedged. In a rising market, they buy an appreciating stock at a discount from market prices. In a down market, such as we have witnessed for the last fifteen months, they short the stock. If the stock doesn't decline, they cover at a discount. If the stock does decline further, they make even more money.
In a rising market, Virtra could actually benefit from Dutchess's conversions as they create volume, which in itself becomes a part of the formula for how much they can convert in a future period.
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