The analogy I give is this - when you fly SF to NY, the pilot does not have exactly the correct amount of fuel to make the trip. That would be foolish. You'd wa

The analogy I give is this - when you fly SF to NY, the pilot does not have exactly the correct amount of fuel to make the trip. That would be foolish. You'd want to have some reserve (say another hour or two of fuel) as insurance. Sure, that costs you equity, but its insurance equity.