It doesn't need to hit peak. It just needs to be a good bit above where it was issued. Zuckerberg, e.g., could run this strategy indefinitely, even if meta drop

It doesn't need to hit peak. It just needs to be a good bit above where it was issued. Zuckerberg, e.g., could run this strategy indefinitely, even if meta dropped by 50%. He'll still defer the cap gains until his grave.