Condor - Page 161 and exhibit 32
I’m not following this graph of the condor. Condor is like a butterfly spread with an elongated body.
They are saying that this is profiting on the short end if it steepens and profits if the long end flattens. I’m not following the logic. From this elongated body (I see this entire elongated body as being short) and then I see the two long wings. A regular butterfly which has 3 points would profit from flattening.
I would think both ends would profit here from flattening.
Completely confused. ANybody. Much appreciated.