If there's some kind of metal ring at the top of the mast that's grounded
by the various shrouds and stays, that's great. A metal cap that can
take a pretty good strike, might also keep a hit from boiling the sap in
the mast, creating a steam explosion and putting you out of the sailing
business. This alone makes a mast top bypass cap a good thing.

Larry

yes, it is just as you describe, but this generates another question
(sorry). I had often thought of putting a pointed copper rod on top
grounded to the stays as per many books and articles on the matter. I
have never done so because I believed that it would act as an
attractant, rather like Benjamin Franklin's key on the kite string.

Also what got hit first during the lightning strike in Malaysia - the
day we went back into the water before setting out across the Indian
Ocean mind you - was the VHF aerial. the question is - does the damned
thing act as a lightning attractor as it is the highest thing there?

cheers
Peter