### Comment:
Why would I sell it at a discount instead of waiting a year and getting 5&amp;#37;? 
  
 Why would someone buy it from me for a discount instead of getting the 10&amp;#37;?

### REPLY:
Selling at a discount or holding 5% are equivalent because you can reinvest that sale into a 10% - the cash flows you get should be the same return.  It is called the “no-arbitrage rule”.  Otherwise there is an opportunity to make risk-free money.

### END.