asymmetric reflexive squeeze optionalityTransocean Ltd.BATS:RIGmpi888i0xq0Meaning: under normal conditions, the stock may grind slowly and frustrate bulls. BUT: if several variables align simultaneously, the upside can become: nonlinear and violent. That’s the essence of the setup. What creates the squeeze? Usually NOT: one oil spike alone. The real squeeze happens if market starts believing: “Offshore capex cycle is actually returning.” That changes everything psychologically. Why offshore squeezes can become extreme Because offshore drillers historically behave: like deep cyclical call options on oil. They often: massively underperform for years, then: suddenly explode upward during cycle reversals. Very nonlinear behavior. Another important thing RIG sometimes frontruns oil. That’s actually meaningful. Because markets may begin pricing: future offshore scarcity, before: spot oil fully reflects it. RIG’s upside is NOT: steady compounding quality. It is: convex re-rating optionality.