It’s not irrelevant at all. You use your capitalization for margin loans and credit. Naturally you’re hedging so it’s not super important but I wouldn’t call it

It’s not irrelevant at all. You use your capitalization for margin loans and credit. Naturally you’re hedging so it’s not super important but I wouldn’t call it irrelevant in many cases. And gains are great! But tax consequences should be considered if you plan on reentering the position with the same capital.