Fundamentals of LPVOs: Cheap vs Expensive

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At SHOT Show this year I took some time to speak with Mike Branson of Gideon Optics (formerly of Primary Arms and Swampfox). Mike’s a friend and a true optics nerd, and I figured he could help give folks an understanding of some of the fundamentals of modern firearms optics. Today, we are talking about Low-Power Variable Optics – LPVOs. In particular, what are the differences between cheap and expensive ones? What can you improve by spending more money, and what is basically limited by physics?