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Retail Ry 🏧🟧 retweeted
Our responsibility is to do what we can, learn what we can, improve the solutions, and pass them on.
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Agree.
The bigger point is that it’s important to have the conversation as to which one is better and why.
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Retail Ry 🏧🟧 retweeted
Much has been said here. I agree with Long Phong, the yield is plenty high.
The problem is the volatility in STRC.
The potential solution is daily dividends. So that the ex div is everyday & reduces the competitive edge of SATA.
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Retail Ry 🏧🟧 retweeted
It matters a lot to:
1. Stay in the NQ100. Just a few weeks ago the market cap was 96/101 companies in the index.
2. Try not to get booted from MSCI. It looks bleak. The ~3% of shares they bought is half a Saylor assuming he owns ~6% of the company.
3. Get into the SP500.
There’s a lot of passive capital out there buying the indices on an ongoing basis, that otherwise would not flow into Bitcoin.
The positive sentiment of institutional acceptance and adoption would be extraordinary.
Being in all 3, could and perhaps should improve the credit worthiness of the company, and our credit rating could benefit.
This combo of 3 indices could feed on itself, in either direction.
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“Fix the money, fix the world.”
is something that probably makes people feel good to say, but that’s all it is.
I’m not surprised by the hyperbolic & ideological pithy quotes from bitcoiners, since their identity is interconnected to their asset allocation.
Here’s the reality: There’s an abundance of evidence to suggest that human nature is largely rotten to its core & this would not be changed by using a different money.
Here’s just one example: A little inside baseball on how some protection/police/military dog breeders operate.
Not all Malinois’ and Dutch/German Shepherds have an aggressive bite drive to fight bad guys or even bite the wedge and tug training toys.
What the good breeders do, is lower the price tag of the dog by 50% or more, and market them as a “family companion” dog. Since the dog still has the same physical appearance for deterrence, plus they still want to go outside, explore, run, and enjoy all that comes with living in a home with people. Mutually beneficial for the dog and the human(s) involved!
What the bad breeders do, is they kill the dog. There are no external factors to stop the human that is evil enough to kill an innocent animal that they raised.
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“BTC has zero counterparty risk.”
is wrong. Always has been.
The reality is two fold:
1. The risk doesn’t disappear, it just gets transferred to the user.
2. Coinkite, or any hardware wallet company, or any multi-sig company, introduces counterparty risk.
“Zero counterparty risk” always blissfully overlooks the risk that the investor loses their coins, in their own lifetime or through inheritance.
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Retail Ry 🏧🟧 retweeted
Abraham Lincoln's beloved Fido was the first Presidential dog to be photographed. (1861)
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Retail Ry 🏧🟧 retweeted
Of all the negative things I’ve said about Strive, the thing that’s unsurprising to me is that nobody can engage on the substance. Strive is a company whose entire existence is predicated on another company. Nor the OpEx inefficiency of this pro wrestling retail work.
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This is egregious propaganda.
Strive is a “team” that exists to copy another company.
Strive is nothing more than an OpEx inefficient marketing entity, creating podcasts to talk about field trips to the NYSE.
There is no US precedent of a company having an easier journey than Strive.
There is no human precedent of new industry creation & welcoming competitors. None.
PS: last time I checked, there are zero combat veterans on the Strive team. Let’s not pretend (propagandize) that these are dudes who want to do hard things for the sake of doing hard things. Nothing could be further from the truth. These are opportunist non-founders.
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Retail Ry 🏧🟧 retweeted
Mr. Mandell,
I would expect nothing less from Lieutenant Kennedy.
I would expect nothing more from Matt Cole, and this rushed to market reverse merger of Strive.
Stay Rugged, (36th Engineer Brigade)
SGT McGinnis
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During the treasury bubble of early 2025, many investor slide decks included social media reach in early slides.
Meaning retail influence was the product being sold, and by the way, it still is.
Corporate podcasters are not to be mistaken as friends, they are equity sales people.
The Metaplanet drama is a sobering reminder to Strategy investors that being on Team Bitcoin does not result in equality of outcome for the owners of the respective equities.
Incentives between shareholders and management rarely align perfectly.
Management teams should be questioned on compensation, dilution, capital allocation and governance.
However, management are not necessarily obliged to discuss every decision with investors on X, or answer every question posed.
Proximity within the same community should not be mistaken for friendship.
If an investor wants to avoid management risk entirely, they can own Bitcoin directly.
As our readers will be aware, we have often criticized Strategy's approach to promoting other Treasury Companies.
Last year, Metaplanet was the industry darling.
This year it is Strive.
While we have no opinion on the actions of Metaplanet management, or their compensation arrangements, it has reaffirmed our view that Strategy should remain laser focus on its own business rather than implicitly and/or explicitly endorsing other companies and their management teams.
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There is no getting around the following:
BTC
——
ADSO
The numerator has a relative limit.
The denominator (+time) has no limit.
Said another way, if the business never expands (big positive FCF by any means, in house or acquisition) then everyone’s % ownership of the company & bitcoin per share goes down forever.
Here’s the fun nuance: I’m as bullish as I’ve ever been on the frictionless *growth* value that $STRC can create. Further, the only time it would make sense to raise capital in this fashion would be to buy a once in human history asset.
There will come a time in which:
-we buy companies whole.
-we explore ‘Strategy Venture’.
-we explore ‘Strategy Energy’.
-we buyback the Prefs in perpetuity.
-we buyback $MSTR in perpetuity.
To create the following outcome:
-% ownership of company goes up
-BTC per Share goes up
-(future) Earnings per Share goes up.
-Forever. All 3 of them.
This should all be rigorously debated, of course. The idea itself as well as the timing of everything, and most importantly, the anti-correlation of future cash flows to Bitcoin.
PS: @Strategy’s only comparison is Berkshire Hathaway. An indestructible equity vehicle with anti correlated assets & cash flows.
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