This does not constitute advice, but my own estimate is that before February 20, as institutions start building positions + some investors recognize what management is doing, it is highly likely to reach above 30; under these circumstances, using the underlying stock + long calls with more than three months as the core, and some lottery tickets as satellites, is a relatively balanced state of risk and return.

As for some bridge friends saying that it doesn't seem to rise with oil, this is because neutral-to-positive news was interpreted as negative. When the market understands this, it will catch up, so the elasticity will start to expand; after this, it will simultaneously have the safe-haven attributes of resource stocks, oil, and natural gas. At the same time, it will also have the imagination space of an independent power producer. After laying out the ecosystem of power generation, energy storage, and the grid, combined with the network of the personnel minister, overseas development will be a new energy giant worth hundreds or even thousands of billions of dollars in the long run.

As for the funding issue that the younger brother has been worried about, with the $700 million 5-year zero-coupon convertible loan and the bank's increase to a $750 million revolving credit line, the probability of success has already reached over 80-90%. And the multiple of the underlying stock after success could be 10 times in 3 years, not to mention options. So this is my betting point—it's a convex bet, but there is volatility involved, so I don't recommend bridge friends who don't fully understand it to do value investing. Investing is hard to understand; many people are trading or speculating, but they claim to be value investing. In fact, most people's concepts are confused.

$Liberty Energy(LBRT.US)