If you yourself can invest in VARA, then for sure you’d prefer to get the money earlier rather than later. Then the question would instead turn into a question about why your discount rate is so low, since you should be able to grow it faster than that. Though sounds like you think that’s explained by risk-aversion + heavy correlations with your other funding streams, which isn’t crazy; I haven’t run any numbers.
If you yourself can invest in VARA, then for sure you’d prefer to get the money earlier rather than later. Then the question would instead turn into a question about why your discount rate is so low, since you should be able to grow it faster than that. Though sounds like you think that’s explained by risk-aversion + heavy correlations with your other funding streams, which isn’t crazy; I haven’t run any numbers.
Yep, indeed, basically those two things.