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I am

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A little bit of loneliness, a little bit of disregard

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A handful of complaints but I can't help the fact that everyone can see these scars

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What I want you to want, what I want you to feel

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But it's like no matter what I do, I can't convince you to just believe this is real

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So let go, watching you, turn your back like you always do

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Face away and pretend that I'm not, but I'll be here cause you're all that I got

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I can't stand, so ain't it anymore?

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Don't turn your back on me, I won't be ignored

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I won't stand, let's get into it more

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Don't turn your back on me, I won't be ignored

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Welcome back. Here we go. Episode 26. True North episode 26, the investment grade Bitcoin equity

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podcast. We are back. We are here talking about MSTR. We're going to talk about Bitcoin treasury

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companies, long teeth. We're going to talk about leverage and maybe I'll pop us up on the screen.

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There we go. We are back. Welcome back. Episode 26. We're going to talk about leverage,

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Bitcoin buys, MSTR Bitcoin buys, talk a little bit about true North world, strategy world,

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S&P 500 on the horizon, this Financial Times video, which I think is pretty hilarious. Everybody's

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having a good time with that one. The Bitcoin treasury companies that have hit the scene

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and dive into strike and strife a little bit and what it looks like making a market if we've got a

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little bit time at the end. So without further ado, Tim has a guest in the office and maybe we'll

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pass it over to Tim for not financial advice. Right. I'm Tim Kotzman. The entire thing you're

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going to see in his live stream is only for informational and educational and entertainment

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purposes only. Not financial advice. Back to you, Jeff. Beautiful. Excellent. Thank you,

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Tim Kotzman and LaDosier in the New York office. They've got the pulse of the New York market.

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So yeah, as they mentioned, none of this is financial advice. We appreciate the time.

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For those that are new here, so True North, this podcast is the investment grade Bitcoin equity

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podcast. And the idea with this podcast is that we get together, talk about MSTR, we talk about

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Bitcoin treasury companies, and we talk about what's happening in the market. This is an incredibly

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complicated trade, looking at MSTR and these other companies. And we are at the knife's edge of

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what's happening in the industry. So we are very invested in what's happening with these companies.

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And we have been very invested in these companies for a very long time. And that's why we're here

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to talk about it. This is not a simple trade. This is not a simple thesis, buy GameStop to

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bury the shorts and all the hedge funds. This is a new monetary shift. This is shifting into a

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digital capital era and blazing the trail of this new financial frontier. So we are all incredibly

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invested in what's going on here. There have been some interesting thoughts that have been passed

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around in the community that we are a paid arm of strategy. That is definitely not the case.

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We haven't taken in a single dollar aside from our sponsors that we got this last week at our

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true North world event, which we broke even on, by the way, uh, we have not taken in any money

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strategies, not paying us, nobody's paying us any money. And to emphasize why that is this,

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what you can see on the screen here, this is the price of MSTR since, uh, what is this February

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15th, 2023 through May 14th, 2025. The stock itself has gone up 1,317% in that time horizon.

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And many of us on the stream were on leverage during this time period. So we have returns that

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are greater than the 1,300% that is outlined here. Just to put this in perspective, MSTR in February

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of 2023 was about a $4 billion company. Now it's about a $114 billion company. The reason that we

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are talking about this is because strategy can go from $114 billion company to a $1 trillion company

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and a $5 trillion company. There's going to be a ton of confusion within the market with people,

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as we've seen today with the Financial Times video that they've put out to market.

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There's a bunch of confusion out there and misunderstanding of the asset,

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a misunderstanding of how the Bitcoin market is operating. And we're here to clear that up and

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and provide some perspective because we care a lot and we've been at the front of the street

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for a really long time. Anybody else have anything to add on that?

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No. Yeah. I mean, it's easy. It's easy for people to say like we're paid, whatever.

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And that's not to say we aren't getting paid. I mean, we're doing our best to advance

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strategy and our cause and, and we will accept sponsors for future events like we have in the

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past. But yeah, the truth, the fact of the matter is we are not getting rich off this.

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It's fun. And the purpose of it, the purpose of True North, the whole goal of it, like while I put

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this together was we were going to have these conversations, all of us on the screen and all

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of us that have been in past episodes, we were all having conversations separately on MSTR and what

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was going on in the Bitcoin space. And the goal was, okay, if we're just going to have these calls

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about what's going on, why don't we just do it externally so everybody else can listen in and we

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We can talk about what's going on.

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We can talk about what we care about

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and how the market's moving and what we're seeing.

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One other thing I will share on my screen here.

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This is a slide that I gave in my keynote

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at True North World this last week.

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And this is the formation of True North,

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just to give people that weren't there

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a little bit of background and history

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on the creation of this group.

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And back in October, so October 12th,

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I sent this email to everybody in this crew here.

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This was the call to action, MSTR True North.

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The price of Bitcoin was at 63,000.

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MSTR was at $210.

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And the goal of True North was to be the unwavering, impenetrable beacon of factual information

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because this is the biggest story in all of finance.

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And there was going to be a meteoric rise.

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We all saw that there's going to be a meteoric rise in MSTR and Bitcoin.

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And there's going to be sustained hysteria and bewilderment.

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That's where this bewilderment has really originated.

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And we knew that this was going to change drastically.

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The little screenshot over on the right-hand side, this is October 9th.

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The price of MSTR was $188.

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Bitcoin is $60,000.

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I knew that we were about to get into price discovery.

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So I put on my whiteboard a group of people.

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I gathered the crew, which has evolved to where we are today.

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And I had to put a group together that all has different diversified backgrounds with different perspectives.

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and bringing something different to the environment. So that is how we got here.

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And I think that's helpful context when there are people saying that we're paid shills and

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just a marketing arm of strategy. It's definitely not the case. We're just incredibly interested in

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this stuff. I'm a finance nerd. I worked in finance for 11 years. I quit my job to keep

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following this because it is the most interesting story in all finance. And I think it's going to be

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the most hated rally of all time.

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So that's where we're at.

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Yeah, the notion of being a hired,

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a hired like hand of strategy

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is kind of kind of funny.

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All of us, as you mentioned,

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we're doing this for fun

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and we're just trying to share

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that fun with other people.

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Some people think it's not fun.

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Some people think it is.

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But the accusations

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that I've just come out late,

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they're just kind of weird to me.

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Yeah, they're a bit strange.

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Yeah, the timing seems odd as well.

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but I think a lot of it is because the work we've put in has gotten eyes on us.

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We did True North World and we've now been validated, right?

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And with that validation, I think people are drawing some very, very false correlations with that.

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And also, I think there are a lot of people that are looking for clout

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and they're just trying to latch on to what the community has been doing in a negative way.

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Yeah. And I saw this coming, this same, the same exact thing happened with GameStop.

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There was a bunch of confusion and the market was completely discombobulated. You had one person that

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was that everybody in the entire community in the retail community was following, right?

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Everybody had their eyes on Roy and Kitty and his daily updates and his posts. And we're like,

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oh my God, he's still there. He's up 250 million. And everybody was just following this one guy,

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which is a huge stress and press, a ton of pressure on one single person. So the idea being

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here. This is a sustainable movement with an equity, with adopting digital capital into the

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future. And we all have different backgrounds, different skill sets to provide perspective on

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what this can be and how this can potentially advance into the future. So the goal being,

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we are a team and all of that outside FUD, there's going to be attacks on us. There will be future

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attacks on us regardless. And our goal is to just stay the course, stay at the front and be on top

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of everything that's happening in the industry. We want to be on top of leveraging the market,

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Bitcoin treasury companies, MSTR, evolution of securitization, how the securities are moving,

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who's buying the securities, what does the market evolution look like, all of those things.

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And that's the point. That's why we're here. So a little bit of extra time to spend on that,

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but that's the background. And so that quells some of those concerns. I think we will have

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sponsors at some point in the future. Maybe we'll put something, a marquee sponsor down in the right

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hand corner because we are building a business. And I think there's a lot of opportunity to

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capitalize on here. So go ahead, Tim. Real quick on the positive side, there are additional people

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I've seen pop up over the last couple of days, maybe a week, but really over the last couple of

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days that are doing great analysis on strategy. And that's awesome. Like it's going to take all

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of us in the community. And I mean, it's just awesome. I mean, anyone can put on an orange tie

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and, you know, get a microphone or not and record something from their basement. And I mean,

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it's pretty cool. Right. And if it's something that's interesting, like gladiator, like gladiator,

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Well, or, right.

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But I mean, you know, Ziller retweeted, you know, someone that did some really interesting analysis.

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Right.

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So make your voice heard, whether it's a long post like Ben Workman or it's a video, you know, put yourself out there and really encourage people to do that.

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I think it's awesome.

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Yeah, absolutely.

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I think it was Adam Livingston who's been putting out incredible content.

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Yeah.

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He was just doing long form posts.

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I think he got a microphone and a video camera.

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He's like, all right, I'm going to do it live.

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So maybe we'll get him out here on the pod one of these days.

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and and we'll continue to bring people in uh the goal is to again we're moving this thing forward

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we're staying in front and there's definitely room for for p every we are all true north i saw

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somebody posted that we are all true north cool all right let's jump into the leverage update

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because i think that is important and i will share my screen again boom here we go wait let's go with

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this one there we go okay so leverage update and we do this weekly and i think it's helpful to be on

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top of this so this is mstr financial leverage so as of 514 which is today bitcoin held on balance

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sheet so they've got 568 000 bitcoin held on balance sheet bitcoin price of 103 000 assets

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held about 58.5 billion debt of 8.2 preferred stock of 1.7 so net capital held on balance

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she is $48 billion. $48 billion of clear capital. That would be around the 200th largest company in

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the world, right behind Ross Dress for Less if you were to just put the capital next to all of

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these other companies in the market. Just to put that in perspective.

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Next to clothing.

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Next to clothing. Yeah. Cheap clothing. And the liability asset, so the leverage ratio is about

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14%. This is near an all time low for strategy. So if you're looking at the balance sheet, this is

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their financial strength is stronger than it's ever been. So you're looking at a 14% leverage ratio,

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debt coverage multiple of 7.1. So they have seven times the amount of assets than they do the debt

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on the balance sheet. The Bitcoin price needed for the assets to be less than the liabilities

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around $14,457. And that's before there's any issue. It has to be at that price for an extended

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period of time before there's even any issues. I can say for certain, if the price of Bitcoin is

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down at $14,000, I'm selling literally everything in my house. I'm selling my Pelotons, my weights,

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I'm selling everything to buy as much Bitcoin as humanly possible. So I think many of us would be

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doing the same. I also have this column here. This is a pro forma basis. So about $3.2 billion of the

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current convertible debt is in the money. So what that means is the convertible debt is trading as

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equity. So it can be converted at a future point in time, which means that debt would effectively

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be wiped off of the balance sheet. So it would no longer exist. The reason that works is because

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the convertible bond traders are shorting the stock upfront. They short about 70% of the stock

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and there are being out the stock through the entirety of the holding. And so there's a high

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likelihood that if the debt does convert into equity, all of that debt would just cancel out

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the short interest that they're holding against the stock. And there would be effectively like

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a net neutral impact on the stock. So the pro forma leverage ratio, about $5 billion of debt,

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$1.7 billion of preferred stock. You're looking at a leverage ratio of about 8.6% and a debt

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coverage of 11.7. So again, all time lows here. The MSTR is stronger than it's ever been. Got a

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ton of Bitcoin held on balance sheet. And if you look forward to a future point in time, I just put

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projection in here. If strategy is holding 600,000 Bitcoin unbalanced, let's say the Bitcoin price is

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140,000. If they raised another, what is this? $7 billion of debt from today, and the Bitcoin

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price goes to 140,000, you're looking at still around an 18% leverage ratio, which is below

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the 20 to 30% target that they have for managing their portfolio moving forward.

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Anybody else have anything to add here?

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Number go up.

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Number go up.

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Yeah.

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So there's been a lot of focus here in this recent time period about raising capital,

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raising debt.

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And I want to hit on this real quick before we switch and go into other topics or talk

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about True North World.

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The convertible debt.

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And if you compare, there's multiple types of debt that MSTR can raise.

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They can raise convertible debt, and then they can also raise debt via these preferred instruments, strike and strife.

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And they brought up the word in the last earnings call of torque.

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And I think the word torque is incredibly useful here in comparing these two.

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If you look at the convertible debt when the convertible debt is issued the convertible debt holders short the stock immediately They short about 70 of the stock immediately So that dilution impact of the debt is hit right away There about 70 more shares that are in the market trading in the market

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immediately. So it's nearly just as impactful as the ATM. It's about 30% less impactful than the

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ATM. Now, when you compare that to strike or strife, when MSTR raises capital from strike

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or strife via the ATM or they've got the ATM on strike, but no ATM on strife yet.

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When they raise capital through the preferred instruments, there is no immediate dilution on

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the stock. There is a potential dilution on the horizon if somebody decides to exercise shares or

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what's it called? Convert shares at a future point in time. But I think there's very little

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incentive to convert shares to a future point in time. So when you think about what type of debt

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you want to raise here, it is much more valuable for strategy to go on a crusade and a campaign

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to raise as much preferred stock as humanly possible because it's significantly more accretive

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than any of the convertible bond instruments on the balance sheet. That's because there's no

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dilution right away. There is a debt covenant effectively, right? You've got to pay

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the dividend in perpetuity, but there's no dilution component. So that's why there's torque,

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significant torque, because it's a more accretive leverage to put on your balance sheet.

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And that market is significantly larger, right? I think the convertible bond market is about $3

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trillion. The fixed income market itself is about $300 trillion. And I think the real estate market

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is another $300 trillion. That's like $600 trillion of capital that may be interested

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in those types of instruments. However, you need to build that market and building that market takes

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time. Yeah, it does. And I think the cool thing about the strike and the strife is the direct

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bet strategies making on the compounding annual growth rate of Bitcoin into the future. It's a

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very simple idea, right? If you're selling a preferred share that you're paying out at 10%

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annualized coupon, the bet you're making by porting that into Bitcoin, which they are

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effectively collateralizing it with their Bitcoin, is that Bitcoin will outpace that significantly.

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So I think that's kind of the very base level idea of why it's accretive. Why is it accretive?

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Because they're taking on liabilities, which they pay out at 10% annually, and they're putting an

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asset on their balance sheet that they can then use as collateral and issue more securities against

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that's compounding at, in theory, 30% annually.

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So that's the Bitcoin torque.

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And then obviously the earnings call

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was a great kind of masterclass

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in how that actually looks when you graph it forward.

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Yep.

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Hey, Jeff.

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And the thing about...

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Oh, sorry.

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Real quick, Jeff.

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When you say building a market,

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and I've been guilty of this myself,

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it's almost like, well, okay,

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the shelf is there, the ticker's there.

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Why isn't this going faster?

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Would you be willing to share some of your personal experience with building a market?

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I thought what you shared privately was so cool and helpful for me.

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Yeah, absolutely. So building a market, in my past, I've built a market before in a risk market.

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So my prior life, I was a reinsurance broker. So I sold tranches of risk to insurance companies

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and reinsurance companies across the globe. I was primarily focused on wildfire business. So

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an incredibly volatile peril that is really hard to manage if you've got an insurance portfolio.

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And there was this unique opportunity in the market where these utility companies were being

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deemed liable for these very large wildfire events, particularly in California.

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There, they had lines that would fall over and they were deemed negligent for maintaining the

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lines. And so then they had to pay out, you know, anywhere from four to $8 billion of loss from

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these from these large wildfire events. Now, when those when those utility companies went back to

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the market to get their liability coverage, their liability insurance for the next year,

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the insurance industry, the insurance industry said, we're not going to cover wildfire at all,

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just point blank period. So there was there was a problem. And the problem was these huge utility

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companies needed coverage for this potential liability. So I went to the reinsurance market,

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and I created new tranches of risk that never existed before in the market. And I modeled them

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to get a probabilistic distribution of loss. And I sold little tranches of risk.

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Now, in order to do that, I had to fly to London. I flew to Bermuda. I flew to New York. I set up

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30 to 50 meetings and I got one person to sign up on the deal. I thought it was an incredibly

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lucrative deal. I outlined all the risk. I had a whole presentation and I got one

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person to sign up on the deal and a year went by next year comes up and i got four people to sign

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up on the deal i did the same thing did a huge marketing push flew to london flew to bermuda

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flew to new york and then because i had somebody on the prior deal and that word kind of spread a

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little bit they got a little bit more comfortable with the methodology i kept pounding the table

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and i was the only person in the market that was running that was running this wildfire liability

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market for the entire utility industry in all of the United States. It was me. I was the only person.

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And that market takes time as a risk market that I had to explain what the risk is. I had to walk

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through my methodology. I had to convince somebody to not do Florida hurricane risk and participate

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on wildfire liability risk in New Mexico. And it was a campaign. It was a crusade that I had to go

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on in order to do that and clear the market. So very similar type thing is happening here, right?

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You've got these new instruments that have never existed with Bitcoin backed exposure.

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And they're really unique. And the world hasn't seen anything like these before. And they have to

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talk, they have to talk to people, they have to communicate to people just like we're doing,

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right? Like, Dan and I got on the horn on Friday and walked through some of these instruments,

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because they're unique and they're hitting people at different times. Everybody has this education

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lag. And I think retail here is getting education much faster than institutions and they have the

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ability to consume this information. But this campaign is happening on an institutional level

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as well. And there's fixed income money managers, probably the most boring people on the planet,

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by the way, are just now probably getting these documents across the table and starting to look

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at them and say, oh, Bitcoin, crumpled it up, throw it over their shoulder. And then they start

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to dig a little further, start to dig a little further. And so it will take time for this market

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to build. And I'm not concerned about that at all because the performance will result in success

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and people will follow the success in my opinion. Yeah. Look at the price of Dragon Strike this

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week. I mean, the reason the price is going up is because someone's buying them. So I think-

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Somebody's buying them. That's my expert now. And they look super lucrative, right?

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You compare them to other things in the market, and I've done this in past episodes, but you compare it to the PG&E preferred stock that's paying 650 basis points, and you're looking at Strike paying 850 basis points.

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So you get 200 basis points more for likely significantly less risk, and you get a free call option on MicroStrategy.

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It's a no-brainer.

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It's like, oh my God, this instrument looks so good.

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But let's think back to the Financial Times video today.

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People don't even get Bitcoin, right?

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They don't even grasp Bitcoin.

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They're long teeth, long teeth.

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Yeah, they're long teeth, long, scarce teeth.

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So how can you grasp a preferred stock instrument if you don't even get Bitcoin?

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You don't even understand collateralization.

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You don't understand financial strength.

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You don't know how to read a balance sheet.

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And all of the education that we've built so far across these 26 episodes,

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everybody that's been here hanging out with us, thank you. But this is education and time that

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the rest of the market very clearly isn't consuming. And they're significantly far behind.

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And there's a huge moat between what some of the retail investors know compared to these

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institutions at the moment. It's interesting. Yeah. Anyone with a large pool of capital is

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looking, how can I get 10% with no volatility? And I just watched the Jordy Visser,

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episode today. And it was like, since the peak or since 2021, the S&P has returned 6% annually.

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And there's a lot of people who have kind of a bearish on stocks outlook because of falling

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multiples on large cap tech stocks. And so I think what's kind of interesting is like, well,

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this is kind of the answer to a lot of people's problems. If you just want your 10%

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low volatility return that in theory you were getting in the S&P, well, strife is your friend,

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right and similarly if you want a bitcoin correlated return with a nine percent dividend

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yield as of right now or ten percent almost dividend yield as of right now strike is your

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is your um or your your preferred stock of choice and then couple that with the different hedging

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strategies you can use to hedge out your risk um uh your counterparty mstr risk i mean it's a pretty

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cool product and i don't see why more people aren't like like tumbling over each other to

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to figure out what these are we see a 10 coupon it's like okay what is that thing can i buy it

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yeah yeah 10 coupon is huge right i mean if you had a if you had a million dollar if you had a

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million dollars let's i don't know i'm not 70 but if you had a million dollars and you're 70

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you could just park it in strife and get paid a hundred and ten thousand dollars a year for the

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rest of your life good to go you're good you're good to go perpetual forever uh as long as you

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think that strategy can manage the capital on their balance sheet appropriately. They could

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manage their leverage ratio. They continue to have interest in Bitcoin and Bitcoin just does Bitcoin

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just Bitcoins. Yeah. Yeah. And I don't see why you wouldn't. I think strike is such a cool addition

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to a modern portfolio. Like if you're a fund manager or whatever else, and you're looking

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for that kind of fixed income like payout plus the upside of a Bitcoin related thing. It's like

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like you always said, Jeff, it's like, oh, these convertible notes are a great addition to a

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insurance company's balance sheet, right? They can issue premium against them, whatever.

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Strike is a similar thing on like a traditional asset manager portfolio. It's like, oh, it's this

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random thing over here that's spitting off a 9% coupon. Don't worry about it. And then you've got

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all that hidden upside. And so the client's like, oh, this is great. I'm getting the payout

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and I'm getting the upside. And they don't have to know what it is. Not that they would do that,

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but that's my thing. If you're like an independent money manager and you didn't have to fit within

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the confines of like, I don't know, Merrill or any of these other wealth management companies,

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these instruments are a no brainer to add to clients. Not financial advice, but it seems like

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a no brainer to add to a portfolio to outperform even in small amounts, right? Like you don't even

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need, you don't need to YOLO these instruments. Like you can add them in small amounts and they

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will significantly increase the return and reduce the risk of your entire portfolio. I get that

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that efficient frontier conversation is just a no brainer when you think of these new instruments.

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And what did Saylor say on stage? It was something along the lines of,

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we designed Strike to have 80 to 90% of the upside of Bitcoin because of the way they designed the

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MSTR equity to have about 1.5 to 2x the performance of Bitcoin. So if that's the case, then adding

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strike to a portfolio as opposed to Bitcoin is a really, really interesting concept because you get

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the dampened volatility as a result of the coupon payment, which is in itself advantageous to the

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client. So, I mean, I think that's a pretty cool sell. If I was a money manager, I would be hustling

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that. With reduced downside. Right? Exactly. Because of the coupon payment. It's a floor.

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It's a price floor because if the coupon gets too high, then capital flows in because the coupon is so high.

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Yeah. And you're looking at the guys who's going to be buying it.

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Yeah, exactly. So fascinating instrument. And somebody brought this up here too.

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The other really interesting takeaway from strategy, and we'll jump into strategy world

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and true north world after this. But one of the interesting takeaways was they designed those

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products using AI. And so let's think about this for a second. The reason these instruments are a

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bit difficult to grasp is one, they've never existed before, but two, they literally leveraged

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artificial intelligence and they iterated and iterated and iterated and went out to market.

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So they had an original product for Strike. They went out to market. The market said,

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I can't even model this. This is too confusing. AI just went too unique. And then they came back,

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simplified it a little bit. AI iterated, iterated, iterated, went back out to market.

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And that's what we have today. We have strike. And so it's the first financial instrument that's

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created using artificial intelligence, which is absolutely fascinating. And it's a hundred percent.

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It just emphasizes how incredible AI is. And we're going to see this acceleration of information.

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If you're not using AI, you're behind. And these guys are doing it to create instruments that

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they're using and selling in the market today that haven't existed before.

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So, yeah.

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I also think what people need to remember or realize, depending on when they got into

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the equity, is that when strategy started this in August of 2020, it wasn't where it

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was now, right?

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We've had a stock split and we've had a lot of volatility.

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The options market wasn't where it was in the beginning as where it is now.

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So if you fast forward another four years, four or five years, take a look at where strike

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and strife can be i think people really underestimating just how large it can get

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and if you you know coming back to what we were talking about strategy being an economy at true

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north world um strife for me is an ideal bear market hold that's one of the ways i'm looking

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at it i'm also looking at it as an easy way to port over some strategy gains so if we rip up to

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like a hundred like a thousand dollars a share i'll consider taking some off the top but only

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to roll it into strike and um there's just so many different ways you can play it and i think

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people are really underestimating how large you can get and they're just focusing on why is that

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large right now like i've seen all through twitter people are saying it's clear that strike and

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strife aren't working need to try something different i'm just like it's been like five

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seconds like just just give it a second it's gonna it's gonna scale and once it starts scaling and

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they can use the atm on both more more effectively and then on the common there there's so many ways

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they can play this thing they don't make it make it blow up without without dilution without

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dilution because it's it's not like if somebody's if they set up a strife atm which i think is on

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the horizon that's probably the next couple of weeks i would assume i mean it makes perfect

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sense for them to do it i don't see why not if the interest is there and they can raise that

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capital on the strife atm that's capital that's going to smash by bitcoin with zero dilution

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that's why that's why we're talking about this so much that's why dan and i are fired up on

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on these products.

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How do you how does MNAV of how does Bitcoin per share increase really fast How do you increase MNEV and sustain MNEV increasing into the future You get capital in the door without even diluting the shareholders

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at all. And you increase Bitcoin per share at a significantly faster rate just by designing this

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new product and going on a campaign in the market. Yeah, no, completely. And I think a lot of people

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were forced to think about the reality of strike when Josh kind of flamed out and bought

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strike or whatever happened the other day. And I love you, Josh. And the point being is

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it forced me to think about what is Bitcoin per share and what does Bitcoin per share

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mean for preferred equities that are higher in the capital structure. And when you're forced

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to think about that, you realize how many, strike is different because it's a fixed income

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product and doesn't have the ability to convert and you don't get exposure to MSDR. So let's

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leave that aside for a second. But Strike actually has higher Bitcoin per share than MSTR because of

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its senior nature in the capital stack and its liquidation preference. And so that's something

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I've been wrestling with. And it's like, okay, so Strike technically has higher Bitcoin per share

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because of the way in which it's trading relative to its liquidation preference than MSTR Class A.

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In theory, it's actually a more valuable product right now, plus the coupon payment.

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So the fact that Strike isn't trading higher makes no sense to me because I think right now Strike is like fundamentally mispriced relative to just what people are willing to buy MSTR for.

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Yeah, definitely underpriced.

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And then once Strike starts trading like a synthetic MSTR, which it will at some point, once we get high enough past the conversion, the liquidation preference and conversion price, like let's say MSTR is trading at $2,000 a share, Strike will be effectively, because the coupon will be so low, will effectively be a synthetic MSTR.

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but it's senior to MSTR in the capital structure and there's no incentive to convert.

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So at that point, Strike will, in my opinion, I think Strike will trade at a premium to its

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conversion rate to MSTR when we're far enough above. Strike is going to be like an incredibly

408
00:34:01,920 --> 00:34:08,360
valuable equity. Yeah. It's interesting to think about risk profile of these things too.

409
00:34:08,360 --> 00:34:14,400
and what would cause a liquidation or a bankruptcy.

410
00:34:15,580 --> 00:34:18,620
And it's kind of hard to conceptualize a situation

411
00:34:18,620 --> 00:34:21,420
where there is one,

412
00:34:21,820 --> 00:34:23,560
just thinking about the math, right?

413
00:34:23,640 --> 00:34:25,480
Like, I mean, the price of Bitcoin

414
00:34:25,480 --> 00:34:26,680
has got to go down drastically,

415
00:34:26,840 --> 00:34:28,840
down to 14,000 or 15,000

416
00:34:28,840 --> 00:34:30,460
and stay there for an extended period of time.

417
00:34:31,120 --> 00:34:34,500
And that's pretty difficult to conceptualize

418
00:34:34,500 --> 00:34:41,220
without some huge, massive, earth-shattering event. I think Saylor said on the Financial

419
00:34:41,220 --> 00:34:47,340
Times video, it's like aliens landing and causing a cyber blackout or a global EMP,

420
00:34:47,620 --> 00:34:54,100
something where you're probably better off having whiskey and cigarettes and ammunition and guns as

421
00:34:54,100 --> 00:35:01,980
your currency as opposed to anything else in those types of scenarios. It seems a bit binary to me.

422
00:35:01,980 --> 00:35:08,440
like there is no risk or it's a hundred percent loss yeah everything's and everything's a hundred

423
00:35:08,440 --> 00:35:12,220
percent loss and i don't think it's a hundred percent loss and that that probability i've

424
00:35:12,220 --> 00:35:19,860
effectively like wiped out uh from my perspective so it's just it's so hard to conceptualize what

425
00:35:19,860 --> 00:35:26,960
what that risk would be it's a zero-sum trade is what it is yeah is that it's a zero-sum trade

426
00:35:26,960 --> 00:35:29,260
is what it is in my mind.

427
00:35:29,700 --> 00:35:31,560
It's either going to crash and burn

428
00:35:31,560 --> 00:35:33,320
or it's going to explode in the best way possible.

429
00:35:34,580 --> 00:35:34,800
Right.

430
00:35:34,920 --> 00:35:36,460
And the market doesn't price it like that.

431
00:35:36,860 --> 00:35:37,880
The fact that you can buy it.

432
00:35:38,180 --> 00:35:39,780
And again, I know we always come back to this.

433
00:35:39,820 --> 00:35:40,900
It's like you can buy a strike

434
00:35:40,900 --> 00:35:42,140
and hedge it deep out of money puts,

435
00:35:42,240 --> 00:35:42,840
whatever, whatever.

436
00:35:42,840 --> 00:35:45,280
But the point there is like the market

437
00:35:45,280 --> 00:35:47,480
doesn't price the puts in a way

438
00:35:47,480 --> 00:35:49,760
in which the payoff of MSTR is binary.

439
00:35:50,280 --> 00:35:52,760
But we're here realizing the payoff of MSTR

440
00:35:52,760 --> 00:35:53,940
is quite binary.

441
00:35:54,220 --> 00:35:56,220
And that's something you could price

442
00:35:56,220 --> 00:36:02,480
with the long tail, the deep out of the money call options far into the future, or you can price

443
00:36:02,480 --> 00:36:08,580
in terms of the insurance on the downside, which should be priced differently if the payout is

444
00:36:08,580 --> 00:36:12,580
binary. So just cool. It's cool. You can't use the black shoals of prices stuff.

445
00:36:12,800 --> 00:36:17,140
You can't. You can't. Dan, it's funny you bring that up because that comment,

446
00:36:17,540 --> 00:36:21,200
while it seems regular that we're talking about this and we've been talking about it for weeks,

447
00:36:21,560 --> 00:36:23,700
I'm sure there are a lot of people in the comments that are confused.

448
00:36:24,540 --> 00:36:24,940
Okay.

449
00:36:26,220 --> 00:36:53,020
Right. You can effectively, you can buy puts if you have strike exposure, which gives you the upside. It gives you the premium or it gives you the yield. It gives you upside exposure to MSTR. And if you wanted to buy insurance on the product, if you didn't think Bitcoin was going to be around, you can buy puts down out in the tail to basically give you insurance and hedge that position and still get something like a 6% yield or something like that.

450
00:36:53,020 --> 00:36:54,260
Yeah, wicked high yield.

451
00:36:54,260 --> 00:36:56,120
With zero risk.

452
00:36:56,220 --> 00:37:00,940
you've insured the risk out because you're buying puts so far deep out of the money exactly yeah

453
00:37:00,940 --> 00:37:05,740
that's a no-brainer for like if you're a trad fi if you're one of those trad fi guys it's a no-brainer

454
00:37:07,980 --> 00:37:12,300
yeah makes sense all right well let's shift gears with 37 minutes in let's talk about true north

455
00:37:12,300 --> 00:37:17,820
world strategy world uh and your experiences there maybe i'll kick it over to upper left-hand corner

456
00:37:17,820 --> 00:37:23,020
to tim cotsman and ladogia to give us give us your thoughts on strategy world true north world what

457
00:37:23,020 --> 00:37:24,020
What you thought?

458
00:37:24,020 --> 00:37:26,260
Oh, it was amazing.

459
00:37:26,260 --> 00:37:35,220
As an audience, this conference within a conference, within a conference concept was very incredible.

460
00:37:35,220 --> 00:37:42,340
So, True North World was right beside the merch stand, and we just bought merch, and

461
00:37:42,340 --> 00:37:44,900
then we go see some True North talks.

462
00:37:44,900 --> 00:37:46,300
We came out.

463
00:37:46,300 --> 00:37:49,960
I met Andrew Kang, CFO, in a merch shop.

464
00:37:49,960 --> 00:37:59,720
talked about CFO stuff, went back in, saw CEO Feng Li speaking there, came back out, you met some other

465
00:37:59,720 --> 00:38:07,320
interesting people in the MercedTent. That was amazing. And I think this entire first conference

466
00:38:07,320 --> 00:38:15,560
of True North was a huge success. Everyone there was high quality people because most conferences

467
00:38:15,560 --> 00:38:19,560
out there there's a lot of like people who are just there they don't know what they're doing

468
00:38:20,200 --> 00:38:25,720
but in at least in true north world everyone was no like knew what they were doing right there a

469
00:38:25,720 --> 00:38:31,400
lot of them were high net worth individuals very uh there a lot of them were in the wealth management

470
00:38:31,400 --> 00:38:36,440
industry for many years and they all just they just told me like i talked to so many people they um

471
00:38:37,080 --> 00:38:44,600
they just retired right they retired uh using mstr and they're just here it's a social thing for them

472
00:38:44,600 --> 00:38:53,640
I also met a lot of strategy staff, like employees from Europe actually that came there.

473
00:38:53,640 --> 00:38:58,740
And they all approached me and they talked about how they...

474
00:38:58,740 --> 00:39:05,640
They told me that in the internal training sessions, they watch TrueNorth videos.

475
00:39:05,640 --> 00:39:08,600
So that's crazy.

476
00:39:08,600 --> 00:39:12,940
They just like employees, investors.

477
00:39:12,940 --> 00:39:17,980
strategy is a bit like the lines are blurred, right? What's the difference between customers

478
00:39:17,980 --> 00:39:25,100
and employees and investors, like shareholders? Their interests are highly aligned, like most

479
00:39:25,100 --> 00:39:31,020
other companies. In our case, they're all aligned. And the educational content flow through all of

480
00:39:31,020 --> 00:39:36,060
them, flow between all of them. So I've never seen anything like this before. It was amazing. Good

481
00:39:36,060 --> 00:39:43,260
job guys uh doing more uh looking to see you in february yeah that's right that's right

482
00:39:45,020 --> 00:39:51,500
yeah i mean i don't want to repeat myself too much but i mean people traveling from far far

483
00:39:51,500 --> 00:40:01,820
away to just come uh see us and and say hi was awesome obviously just the just meeting everyone

484
00:40:01,820 --> 00:40:09,340
was awesome. And over the last week, the conversations that I've been having,

485
00:40:09,740 --> 00:40:14,560
and the amount of interest that's growing because of the amount of Bitcoin treasury companies,

486
00:40:14,560 --> 00:40:21,980
I know we'll get to that later, that is growing. It's just super cool. I mean, I feel like the best

487
00:40:21,980 --> 00:40:28,220
decision that you could have made was to go to the Bitcoin for Corporations Strategy World,

488
00:40:28,220 --> 00:40:34,940
true north world conference but that's in the past now so what's the next best decision go to vegas

489
00:40:34,940 --> 00:40:42,940
and you can support true north world and see us in vegas all capital letters mstr true north

490
00:40:42,940 --> 00:40:49,180
30 off your ticket oh yeah okay okay i'm done perfect yeah we're gonna be in vegas here in

491
00:40:49,180 --> 00:40:52,860
what is that a couple weeks uh we'll all be there we don't have any specific events or anything

492
00:40:52,860 --> 00:40:59,420
lined up, but I'm sure we'll throw out a happy hour or we'll do something amongst all of the

493
00:40:59,420 --> 00:41:04,220
scheduling. There's just a ton of stuff going on that week, but we are planning to do an event in

494
00:41:04,220 --> 00:41:11,500
Q3 or Q4 potentially that would be a intimate 200 person thing, maybe in middle America,

495
00:41:11,660 --> 00:41:17,200
Colorado or Chicago or something like that. And then there will be a strategy world 2026,

496
00:41:17,200 --> 00:41:21,800
which will be in February in Vegas as well. So keep that on your radar. That will be on the

497
00:41:21,800 --> 00:41:29,480
horizon. I think one of the things you hit on, LaDosier, is Fong came to our true north

498
00:41:29,480 --> 00:41:36,340
world and it was electric. I think Tim announced, and we have Fong Lee, and he got up on stage.

499
00:41:36,340 --> 00:41:42,360
Ladies and gentlemen, please, welcome to the stage, the CEO of strategy, Fong Lee,

500
00:41:42,360 --> 00:41:47,360
and people standing ovation. They're screaming and yelling and so excited.

501
00:41:47,360 --> 00:41:53,760
it erupted the the crowd erupted everybody stood up and was like clapping it was incredible i think

502
00:41:53,760 --> 00:41:58,080
we've got it on camera so hopefully we can see that uh on film here in the future but anyway

503
00:41:58,640 --> 00:42:05,200
adrian over to you oh yeah so with uh true north worlds uh the thing for me was i was kind of taken

504
00:42:05,200 --> 00:42:10,240
aback by how many people wanted to come up and talk to us and be so grateful and thankful of all

505
00:42:10,240 --> 00:42:16,000
the information we've put out um that was something that i found really not only refreshing but um

506
00:42:16,000 --> 00:42:24,640
rewarding in the sense that you're seeing a real tangible reaction from people with all the

507
00:42:24,640 --> 00:42:31,520
information we've been putting out and strategy world itself was great i we had so many different

508
00:42:31,520 --> 00:42:34,880
conversations with so many different people i had so many different conversations with so many

509
00:42:34,880 --> 00:42:40,880
different people uh it was a very very electric event from you know technically from sunday night

510
00:42:40,880 --> 00:42:44,400
because we had a lot of people that showed up sunday night so technically from sunday night

511
00:42:44,400 --> 00:42:50,560
all the way through to thursday it was very electric and um money well spent on travel

512
00:42:50,560 --> 00:42:59,840
time well spent on the effort i it was more um like thinking back to where we started this it

513
00:42:59,840 --> 00:43:06,080
was far it was far more electric than i thought it would be just for us at the beginning and that

514
00:43:06,080 --> 00:43:10,640
the electricity kind of carried through all the way through the event so i'm very very excited to

515
00:43:10,640 --> 00:43:12,580
to see what we come up with for Q4.

516
00:43:12,580 --> 00:43:15,000
And I'm very excited to see what we come up with

517
00:43:15,000 --> 00:43:17,420
for February in Vegas.

518
00:43:17,420 --> 00:43:18,660
If this was any indicator,

519
00:43:18,660 --> 00:43:20,120
Lord knows what we will come up with now

520
00:43:20,120 --> 00:43:21,700
where we can actually plan it out.

521
00:43:21,700 --> 00:43:22,720
And we are just kind of,

522
00:43:22,720 --> 00:43:24,200
and it's just kind of winging it

523
00:43:24,200 --> 00:43:27,060
and going with the seat of our pants there.

524
00:43:27,060 --> 00:43:29,220
So I'm pretty pumped for it.

525
00:43:29,220 --> 00:43:33,000
Yeah, so True North, this group was created seven months ago.

526
00:43:33,000 --> 00:43:35,860
We had 45 days to plan the event and we threw it together.

527
00:43:35,860 --> 00:43:37,600
We got sponsors and people showed up.

528
00:43:37,600 --> 00:43:38,440
And I think we had people

529
00:43:38,440 --> 00:43:40,240
from about 20 different countries there,

530
00:43:40,240 --> 00:43:41,960
which was pretty wild.

531
00:43:41,960 --> 00:43:44,900
And one of the biggest themes and takeaways that I got was

532
00:43:44,900 --> 00:43:49,260
there, everybody was just so happy to talk to other people.

533
00:43:49,260 --> 00:43:51,640
They didn't feel like an outsider anymore, right?

534
00:43:51,640 --> 00:43:53,800
One of the reasons I started talking on Twitter

535
00:43:53,800 --> 00:43:56,680
is because I'd go to parties with my wife and she's like,

536
00:43:56,680 --> 00:43:58,460
hey, Jeff, you can't talk about this stuff anymore.

537
00:43:58,460 --> 00:43:59,720
We're losing friends.

538
00:43:59,720 --> 00:44:02,240
And so I had to go to Twitter

539
00:44:02,240 --> 00:44:05,260
and I started just saying stuff that was on my mind.

540
00:44:05,260 --> 00:44:09,860
And I think a lot of people have a very similar experience.

541
00:44:09,860 --> 00:44:15,620
So it was really people loved to just being able to talk to other people that spoke the same language.

542
00:44:16,420 --> 00:44:25,120
And there were people were just so happy, ecstatic to be there that had been holding MSDR for a long time and just had nobody to talk to about it.

543
00:44:25,340 --> 00:44:28,800
And so that that was just a really cool thing to see.

544
00:44:30,000 --> 00:44:30,980
Maybe over to you, Dan.

545
00:44:32,740 --> 00:44:33,460
Anything else?

546
00:44:34,360 --> 00:44:39,760
Yeah, I mean, the way we were received was I'm just very grateful the way we were received.

547
00:44:39,860 --> 00:44:44,100
It was an awesome event and it was because people showed up and were supportive and constructive.

548
00:44:44,100 --> 00:44:46,980
And the people we meet are like really high caliber.

549
00:44:47,120 --> 00:44:50,020
People look up to us like we're, you know, we know something about anything.

550
00:44:50,240 --> 00:44:56,140
But, you know, I go into the audience, I go to the audience and like listen to the, you know, the business titans that listen to us.

551
00:44:56,360 --> 00:44:57,780
And I learned so much from them.

552
00:44:57,880 --> 00:44:58,920
So I don't know.

553
00:44:58,940 --> 00:45:00,940
I just feel very fortunate to have those interactions.

554
00:45:00,940 --> 00:45:03,920
And again, it's like that idea that we're all true north.

555
00:45:03,920 --> 00:45:10,560
that's kind of um it's kind of corny but the the real idea is that we're all it's valid right we're

556
00:45:10,560 --> 00:45:14,720
all learning from each other like i learned so much from everyone there and these relationships

557
00:45:14,720 --> 00:45:20,000
are invaluable so i'm so super proud to be a part of this group awesome green

558
00:45:22,720 --> 00:45:27,520
oh yeah i'm here give me a second i gotta figure out how to turn the camera on because i never do

559
00:45:27,520 --> 00:45:36,720
this let me figure he's gonna do it he's gonna do it he did it grain is a real person oh oh wow

560
00:45:36,720 --> 00:45:48,240
a real coke oh i mean oh okay there it is so look um i have a whole list of things to go cheers

561
00:45:48,240 --> 00:45:53,760
i have a whole list of things to go through okay walk off your calendars guys

562
00:45:53,760 --> 00:46:02,280
wait let's go 47 minutes um right over there's the helmet so i i have i have lots of helmets

563
00:46:02,280 --> 00:46:07,040
the white one is retired because it's 10 years old and it's been replaced by the black helmet

564
00:46:07,040 --> 00:46:14,000
on that side but it's it's still good to use but anyway with that said uh look there's a lot of

565
00:46:14,000 --> 00:46:18,160
things that happened at this event that was truly awesome that everybody's saying there's a big

566
00:46:18,160 --> 00:46:23,360
difference between going in person and I met LaDosia for the first time and it's awesome and

567
00:46:23,360 --> 00:46:28,480
I've seen his posts the guy's great and when you talk to somebody and you sit there it's really

568
00:46:28,480 --> 00:46:34,960
it's really it's really heartwarming to talk to people so I recommend going in person to go

569
00:46:34,960 --> 00:46:40,180
someplace and hear the information firsthand if you go to an event that Sailor's at and you're

570
00:46:40,180 --> 00:46:44,000
persistent there's a good chance you can meet him take a picture with him and ask him a question

571
00:46:44,000 --> 00:47:12,720
That is definitely possible to do that. So I highly recommend going to an event. We're going to be in Las Vegas. Myself, Jeff, Ben and Richard Byworth. We're going to be on stage on Friday. I forgot the exact time I posted. Thursday. Thursday, 2 p.m. We'll be on the main stage talking about strategy. I'll get there early on Monday. We'll be there at the Venetian. We'd be happy to talk to everybody and we're doing as much as we can to connect with our followers.

572
00:47:14,000 --> 00:47:19,440
So the conference within the conference within the conference within the conference.

573
00:47:19,440 --> 00:47:25,280
We had over 120 people sitting in the audience and listening to us for four hours straight.

574
00:47:25,280 --> 00:47:30,880
It was great. It was really awesome. One of the announcements that I alluded to but I did not post

575
00:47:30,880 --> 00:47:37,440
on X is that we're also we're filming a documentary. A feature-length documentary that will take

576
00:47:37,440 --> 00:47:55,270
footage all the way through from starting there and going all the way through February of next year and then we will release it for the film festivals and for every awards imaginable And so that something that we working on right now If you would like to be in the documentary you have to come to an event and talk to us You have to sign a release also But with that

577
00:47:55,530 --> 00:47:59,090
the documentary will be awesome. That's something that I mentioned, but I didn't post about.

578
00:48:00,750 --> 00:48:06,990
Podcasts and the stage presentations. There's over 25 podcasts. We're having those professionally

579
00:48:06,990 --> 00:48:14,290
edited and getting those out. LogScale Investments, I'm the CEO of that company. It's a VC company,

580
00:48:14,430 --> 00:48:19,990
proprietary trading. And with that, I'm a sponsor of MSTR True North. So you will see the logo.

581
00:48:20,750 --> 00:48:26,650
LogScale Investments is live. It's only one page. With that, I will be a sponsor of this show going

582
00:48:26,650 --> 00:48:32,550
forward. So if we get paid, we're getting paid by the sponsors that were there at that event.

583
00:48:32,550 --> 00:48:38,710
somebody's got to pay for the editing and the film crews to do this this is this is not free um

584
00:48:40,790 --> 00:48:46,230
let's see um i'll also be at bitcoin prog people are going to be in prog i've never been to prog so

585
00:48:46,230 --> 00:48:49,670
if you're there i'll get there tim i believe you'll be in prog correct

586
00:48:50,870 --> 00:48:55,190
the dozier you're going to be in you you got to love those uh emojis the dozier you're going to

587
00:48:55,190 --> 00:49:01,110
be in prog i'll be in vegas prog haven't planned yet okay that's at the end of june you could still

588
00:49:01,110 --> 00:49:10,470
getting you can still get there so uh okay with that uh oh and then tomorrow the swan event uh

589
00:49:10,470 --> 00:49:15,190
ben are you going to be there tomorrow i'm not no i'm staying back in michigan i got a pretty

590
00:49:15,190 --> 00:49:19,910
packed calendar here this week so i'm not making it out to california this time okay bummer with

591
00:49:19,910 --> 00:49:25,990
that but i will stop by there and that's in palo alto california the swan event ben could post a

592
00:49:25,990 --> 00:49:30,870
link to that if there's still availability to go there i'll be there for maybe maybe a half an hour

593
00:49:30,870 --> 00:49:38,230
or 45 minutes i've got to bolt out but look uh um now you can see my real face i hope it's i hope

594
00:49:38,790 --> 00:49:40,470
you know i can meet you people in person

595
00:49:44,070 --> 00:49:51,190
great reveal yeah great reveal fantastic yeah that the there's going to be a future film documentary

596
00:49:51,190 --> 00:49:58,230
and uh i think there's a high likelihood that uh you know we saw this happen with dumb money

597
00:49:58,230 --> 00:50:04,710
and uh the game stopped craze but that documentary came out like 18 months later right and this is

598
00:50:04,710 --> 00:50:08,790
this would be interesting timing if we're able to get something out kind of near uh the end of

599
00:50:08,790 --> 00:50:15,590
the year or early next year uh it'd be pretty cool to have almost real time uh knowing knowing what

600
00:50:15,590 --> 00:50:21,270
was going on yeah i want to say yeah so on the documentary it's behind the scenes it's it's what

601
00:50:21,270 --> 00:50:26,550
we're talking to each other um there is some swearing in it it's a documentary but i swear a

602
00:50:26,550 --> 00:50:35,070
a lot. So there's that. And you can see behind this. And I just want to say thank you to Jeff

603
00:50:35,070 --> 00:50:39,970
and to Ben and for the whole MSDR True North team, getting this set up in a very short period of time,

604
00:50:40,410 --> 00:50:45,270
getting strategy to trust us to put on a professional event in a very short period of

605
00:50:45,270 --> 00:50:49,470
time. I think one of the takeaways besides people coming to me to meet with us, it's like

606
00:50:49,470 --> 00:50:52,970
you scheduled, you did this all in whatever, 45 days?

607
00:50:53,330 --> 00:50:54,690
Yeah, we did.

608
00:50:55,310 --> 00:50:56,710
And I just want to say something.

609
00:50:56,770 --> 00:50:58,310
One of the guys came up to me at the party.

610
00:50:58,630 --> 00:51:01,370
He's like, I was able to order a $40 scotch.

611
00:51:01,450 --> 00:51:03,390
And I'm like, I hope you didn't order.

612
00:51:05,230 --> 00:51:08,070
Shout out to the guy from Finland who broke our bar tab.

613
00:51:08,390 --> 00:51:09,110
Yeah, yeah.

614
00:51:09,190 --> 00:51:10,910
So we blew out the bar tab.

615
00:51:11,230 --> 00:51:12,370
But that's all good.

616
00:51:12,370 --> 00:51:14,190
I want everybody to have a good time and have fun.

617
00:51:14,810 --> 00:51:16,830
And why do we have to charge for the event?

618
00:51:16,910 --> 00:51:18,110
To pay the bar tab.

619
00:51:19,470 --> 00:51:34,470
By the way, the food was pretty good. We had sliders and Wagyu beef jerky. And anyway, we want these events to be fun. If you can come out and go to them, I think you'll get a completely different view of what's going on if you come in person.

620
00:51:34,470 --> 00:51:47,210
And I don't know how else I could say that. But once you come in person and I said this, it'll get posted. When you go to the event there, you're now you're in a you're now normal because everybody wants to talk about this nonstop.

621
00:51:47,210 --> 00:51:49,210
Yeah, you're normal.

622
00:51:49,210 --> 00:51:50,210
Right.

623
00:51:50,210 --> 00:51:54,850
The roughest part of the whole conference is when you know that you're going to the airport

624
00:51:54,850 --> 00:51:55,850
and you're like, oh.

625
00:51:55,850 --> 00:51:56,850
You're like flying back.

626
00:51:56,850 --> 00:51:57,850
Nobody knows who you are anymore.

627
00:51:57,850 --> 00:51:59,850
And you're like, I'm back in the real world.

628
00:51:59,850 --> 00:52:01,850
Do you know who I am?

629
00:52:01,850 --> 00:52:07,850
And they're like, and people look at me like, why is the eight sideways on your hat?

630
00:52:07,850 --> 00:52:08,850
Oh, yeah.

631
00:52:08,850 --> 00:52:09,850
Oh, yeah.

632
00:52:09,850 --> 00:52:10,850
Yeah.

633
00:52:10,850 --> 00:52:14,450
I mean, great feedback, Grain.

634
00:52:14,450 --> 00:52:16,170
I mean, shout out to strategy.

635
00:52:16,170 --> 00:52:17,190
I mean, they took a risk.

636
00:52:17,210 --> 00:52:18,530
and putting us on stage, right?

637
00:52:18,530 --> 00:52:20,930
They put us on stage, they gave us a day, they gave us space.

638
00:52:20,930 --> 00:52:24,770
And I think we rose to the challenge and understood the assignment, right?

639
00:52:24,770 --> 00:52:26,030
This is a very professional event.

640
00:52:26,030 --> 00:52:30,410
We all had very professional backgrounds and, you know, we were able to bring a lot of energy.

641
00:52:30,590 --> 00:52:35,510
One thing that was very clear as well is that the folks that were there for Bitcoin were worthy

642
00:52:35,510 --> 00:52:37,130
electricity for the entire event.

643
00:52:37,370 --> 00:52:43,970
There was a software side of things, but they were they weren't as fired up and jacked as everybody

644
00:52:43,970 --> 00:52:45,150
else was walking in the hallway.

645
00:52:45,150 --> 00:52:51,550
So a lot of orange ties, a lot of orange swag that it, they definitely looked like a hundred billion dollar company.

646
00:52:51,810 --> 00:52:53,070
The marketing was incredible.

647
00:52:53,530 --> 00:52:55,230
They had the merch station was huge.

648
00:52:55,230 --> 00:52:58,050
They had all of the, all of the stuff plastered all over the walls and windows.

649
00:52:58,050 --> 00:53:01,090
It was like, oh wow, this is a, they went over and above for this.

650
00:53:01,090 --> 00:53:06,650
This, it kind of felt like a, an early, you know, Apple like event or something like that.

651
00:53:06,650 --> 00:53:08,890
That was just like totally electric.

652
00:53:08,890 --> 00:53:09,630
They went over the top.

653
00:53:09,990 --> 00:53:11,630
It was probably the air Jordan, what are they called?

654
00:53:11,630 --> 00:53:12,330
The air Jordans?

655
00:53:12,450 --> 00:53:12,910
Dunks.

656
00:53:13,310 --> 00:53:13,910
The dunks.

657
00:53:14,350 --> 00:53:14,570
Right.

658
00:53:14,570 --> 00:53:18,810
then sailor was signing them and then people are like they got it in a box like oh i can't wear it

659
00:53:18,810 --> 00:53:23,370
because sailor signed it i'm like okay yeah they don't have a size 12 i was kind of pissed about

660
00:53:23,370 --> 00:53:28,890
that but besides besides those sneakers were awesome say sailor was laughing he's like i'm

661
00:53:28,890 --> 00:53:37,050
signing shoes now it was so surreal to see this that that um you know signing the shoes and it

662
00:53:37,050 --> 00:53:42,970
was just really really crazy and i don't know it was just just an amazing bet yeah over to you ben

663
00:53:44,570 --> 00:53:48,170
Yeah, I mean, this whole event was kind of mind-blowing for me.

664
00:53:48,510 --> 00:53:52,590
No matter how long we do this, no matter how many people you meet,

665
00:53:52,690 --> 00:53:55,450
it's still weird when you're in person at these events

666
00:53:55,450 --> 00:53:58,470
and there's people coming up to you wanting to talk to you.

667
00:53:58,470 --> 00:54:05,130
And so many people were, they just kept saying things like,

668
00:54:05,370 --> 00:54:08,230
I can't believe you guys will just stop and talk to us.

669
00:54:09,110 --> 00:54:12,090
And just hearing that really weirds me out

670
00:54:12,090 --> 00:54:18,050
because we are just truly normal guys that are just really interested in the stock.

671
00:54:18,850 --> 00:54:20,950
And it's so cool to meet all the people that come in.

672
00:54:21,230 --> 00:54:27,570
I mean, this is the one place where we're incredibly normal is when we're at these types of events.

673
00:54:28,250 --> 00:54:32,070
And, you know, for other people that come in, so my wife came down to this one.

674
00:54:32,170 --> 00:54:38,050
And a lot of you guys will know that my wife's the one that told me to, you know, have fun with my internet friends.

675
00:54:38,050 --> 00:54:44,770
and it blew her mind completely what was going on there. I mean, the energy around there,

676
00:54:44,830 --> 00:54:49,790
all the people talking about Bitcoin and micro strategy and coming up to her and talking about

677
00:54:49,790 --> 00:54:54,010
how they love the group and they love the show we put on and people talking about our conference.

678
00:54:54,450 --> 00:54:59,150
And before I left, she was like, well, are you going to have to talk at your conference and

679
00:54:59,150 --> 00:55:05,730
give a presentation? I'm like, yeah, we got like five hours we got to fill. This is a real event.

680
00:55:05,730 --> 00:55:15,030
So it was really awesome to see strategy bring us in the way they did and then support us throughout the entire event.

681
00:55:16,030 --> 00:55:32,270
And, you know, it was a risk for them because, you know, and I even said it on stage, I had to ask whose idea was it to take the group that talks at midnight on Wednesday every week and put them on your main stage and give them a room for a conference and, you know, help them get everything set up and going.

682
00:55:32,270 --> 00:55:34,070
It was just incredible.

683
00:55:34,070 --> 00:55:39,870
So you are really seeing a transformation in the way that companies are going to interact with their retail investors.

684
00:55:40,630 --> 00:55:49,010
And they're finding out that particularly for these types of conferences, those retail investors bring an entirely different kind of energy to it.

685
00:55:49,350 --> 00:55:57,330
And you could see it even in just the general gathering areas where it was all the people that came in early on Monday.

686
00:55:57,330 --> 00:56:01,890
And Monday for the conference, for the general conference, was kind of a slow day.

687
00:56:01,890 --> 00:56:05,870
there really wasn't a whole lot going on in terms of what strategy was doing.

688
00:56:05,990 --> 00:56:08,970
So a lot of the people that were there on Monday were there for our conference.

689
00:56:09,970 --> 00:56:12,910
And everyone was hanging out really late in the bars,

690
00:56:13,170 --> 00:56:16,610
just having a great time, talking to each other, having a blast.

691
00:56:16,810 --> 00:56:18,910
I mean, I was whooped after that.

692
00:56:19,010 --> 00:56:22,470
This was one of the first conferences where I started feeling my age here.

693
00:56:22,510 --> 00:56:25,490
I don't know that I'm going to qualify for kid analyst for too much longer

694
00:56:25,490 --> 00:56:27,470
because I was smoked, man.

695
00:56:27,470 --> 00:56:31,850
But it was so awesome to meet so many people.

696
00:56:31,890 --> 00:56:36,210
and you recognize the names immediately and for a lot of them you recognize the faces because

697
00:56:36,210 --> 00:56:40,850
they've been interacting with us for so long that when you come out to these conferences particularly

698
00:56:40,850 --> 00:56:47,410
the ones where there's less people and you can have those opportunities to interact pretty regularly

699
00:56:47,410 --> 00:56:52,530
in casual settings just like at the hotel bars every single night after the conference was done

700
00:56:52,530 --> 00:56:57,810
it was just such a cool event to be a part of so i'm really glad that we got to do that i'm looking

701
00:56:57,810 --> 00:57:02,610
forward to whatever the other events are i mean everyone doesn't think that these things take a

702
00:57:02,610 --> 00:57:08,530
lot of work thank goodness we've got an amazing behind the scenes team here that you know some of

703
00:57:08,530 --> 00:57:13,010
you have seen a few times but they all went on stage and and talked to everyone so everyone got

704
00:57:13,010 --> 00:57:16,690
to meet the people that are really making all this stuff happen behind the scenes because you

705
00:57:16,690 --> 00:57:21,410
know it wasn't people like me making this happen for sure yeah right i mean people were people

706
00:57:21,410 --> 00:57:26,770
were working hard you know grain was working his tail off trollstein was working his tail off

707
00:57:26,770 --> 00:57:32,370
Colleen was working her tail off. J64 was working his tail off. I mean, everyone was working hard,

708
00:57:32,370 --> 00:57:36,530
even when we got there, getting everything set up, getting the room ready for everyone to come,

709
00:57:36,530 --> 00:57:41,090
working with all the merchandise that the sponsors brought to give away to the people in the audience.

710
00:57:41,090 --> 00:57:47,090
It was just such a cool event to be a part of. And it blows my mind every day that we've made

711
00:57:47,090 --> 00:57:51,650
the progress that we've made here and that there's so many people that want to interact and engage

712
00:57:52,290 --> 00:57:56,130
about a single equity. But it's the coolest thing in the world that we get to be a part of this.

713
00:57:56,770 --> 00:58:01,330
yeah yeah absolutely this is the digital transformation of investor relations and

714
00:58:01,330 --> 00:58:05,730
somebody put in it yeah phone coming in coming by the bar at 1 30 a.m to take pics and chat with us

715
00:58:05,730 --> 00:58:11,250
was crazy the uh oh that's drillstein and i think they were like ripping shots beforehand or something

716
00:58:12,770 --> 00:58:18,450
which is so funny so we we real quick we got in sunday night and we had this impromptu

717
00:58:19,010 --> 00:58:23,330
and and i just said to people look i i gotta go to sleep we're putting on an event tomorrow morning

718
00:58:23,330 --> 00:58:25,250
We got to get everything up and going.

719
00:58:25,410 --> 00:58:25,950
Like, really?

720
00:58:26,050 --> 00:58:32,810
I'm like, yeah, I just got here and it's one o'clock in the morning and you could stay up as late as you want, but I got to go.

721
00:58:33,290 --> 00:58:37,970
So I think when you come to these events, nobody wants to leave or go to sleep because you could talk.

722
00:58:38,470 --> 00:58:40,030
Everybody has their own perspectives.

723
00:58:40,490 --> 00:58:43,770
Everybody knows about the subject in and out.

724
00:58:43,870 --> 00:58:47,170
And then they go there and there's always a fresh person to talk to.

725
00:58:47,590 --> 00:58:48,750
Oh, that's such and such.

726
00:58:48,850 --> 00:58:49,270
Oh, that's.

727
00:58:49,410 --> 00:58:51,030
And then they tell you who they are.

728
00:58:51,030 --> 00:58:53,610
and you're like, oh, you're this person on X.

729
00:58:54,350 --> 00:58:57,110
And it's just really awesome to go talk to them.

730
00:58:57,130 --> 00:58:58,930
And then eventually, you got to go to sleep.

731
00:58:59,150 --> 00:59:02,210
But I think if you come to the event,

732
00:59:02,270 --> 00:59:03,290
you'll have a much different takeaway.

733
00:59:03,950 --> 00:59:04,530
Yeah, absolutely.

734
00:59:05,010 --> 00:59:07,390
One other thing, go watch the content too.

735
00:59:07,530 --> 00:59:10,230
I mean, the content was also fantastic from Strategy World.

736
00:59:10,690 --> 00:59:12,350
One of my biggest takeaways was

737
00:59:12,350 --> 00:59:16,370
Fong is incredibly impressive.

738
00:59:17,150 --> 00:59:20,030
And I think incredibly underappreciated

739
00:59:20,030 --> 00:59:27,030
in the entire crew. And people that I say key man risk haven't done the research on Fong. They

740
00:59:27,030 --> 00:59:33,290
haven't watched him talk. They haven't watched any of his conversations. Incredibly impressive guy.

741
00:59:34,090 --> 00:59:41,950
And he was previously the CFO and is now the CEO. And so if you think about running a really strong

742
00:59:41,950 --> 00:59:47,790
financial company, having a CFO background is incredibly helpful. So when I think about

743
00:59:47,790 --> 00:59:54,070
you know, the future of strategy. I think they're in very good hands with Fong. He's incredibly

744
00:59:54,070 --> 00:59:59,330
impressive. He also had this session. It was one of his keynotes. I think it was on one of the days

745
00:59:59,330 --> 01:00:05,970
of the Bitcoin for Corporation panel where he walked through some of the KPIs talking about

746
01:00:05,970 --> 01:00:12,710
BTC income, BTC gain, and walked through those specific KPIs and had different slides and spent

747
01:00:12,710 --> 01:00:20,390
time on them. And that presentation is literally a master's in science of finance of Bitcoin.

748
01:00:21,110 --> 01:00:28,190
This is a master's level class, effectively, given in an hour by Fong at a Bitcoin for

749
01:00:28,190 --> 01:00:32,010
corporations for education of how this industry is evolving and how it's going to move into the

750
01:00:32,010 --> 01:00:37,670
future. So go watch it. It's literally free and it's on the internet and it's available.

751
01:00:37,670 --> 01:00:41,190
and that is where this industry is evolving and going towards.

752
01:00:41,790 --> 01:00:43,990
So if you want to stay ahead of the curve

753
01:00:43,990 --> 01:00:46,810
and you want to feel a little bit more comfortable about key man risk,

754
01:00:46,910 --> 01:00:47,810
go check that out.

755
01:00:48,570 --> 01:00:51,550
I don't think Fong's flying as far under the radar as people think anymore.

756
01:00:51,550 --> 01:00:55,090
I mean, when he came in and got up on stage,

757
01:00:55,170 --> 01:00:58,830
he got kind of a sailor level standing ovation, right?

758
01:00:58,850 --> 01:01:01,890
The retail community that's really engaged with this equity

759
01:01:01,890 --> 01:01:06,690
and a lot of this credit probably goes to Tim when they did that interview.

760
01:01:06,690 --> 01:01:12,250
you, I think that was such an eye-opening moment for everybody to figure out that this entire team

761
01:01:12,250 --> 01:01:16,250
is sharp. And that's part of being at these conferences and being able to just stop and

762
01:01:16,250 --> 01:01:20,210
talk to these guys in the halls, because they're very generous, giving everyone their time and

763
01:01:20,210 --> 01:01:26,890
answering any questions. And you really quickly realize that everyone from the executives down

764
01:01:26,890 --> 01:01:33,210
to the entire capital markets team is just absolutely incredible. And you find out that

765
01:01:33,210 --> 01:01:38,730
there's a much bigger team that's steering the ship here beyond just Sailor and the AI tools,

766
01:01:38,850 --> 01:01:44,130
which I thought was amazing. That was how they were creating all these products. It tells you

767
01:01:44,130 --> 01:01:49,550
that if you're not already using AI in your life or for whatever your job is, that you probably

768
01:01:49,550 --> 01:01:54,470
should start because that's the way that they're making all of this happen. And it really helps to

769
01:01:54,470 --> 01:01:58,730
ignite that creativity. But the fact that that team was even open to doing that and pushing

770
01:01:58,730 --> 01:02:03,750
through all the iterations before they even go to the lawyers to hear their objections and then,

771
01:02:03,750 --> 01:02:08,810
you know, push through them was incredible. They've got such a great team and they've got

772
01:02:08,810 --> 01:02:13,090
a team of really young people on the capital markets team that are doing so much of the

773
01:02:13,090 --> 01:02:17,610
behind the scenes work that none of us are ever going to see all the way up to guys like Fong,

774
01:02:17,710 --> 01:02:22,710
who if he was out there and he was the person out in front and Saylor wasn't part of the equation

775
01:02:22,710 --> 01:02:26,990
here, people would absolutely be cheering for Fong because he's super personable. He absolutely

776
01:02:26,990 --> 01:02:31,050
knows what he's talking about and when he gets up in front of a crowd and gets to run through this

777
01:02:31,050 --> 01:02:35,950
stuff the guy's electric so yeah i think people did underestimate him for a little bit but i think

778
01:02:35,950 --> 01:02:39,930
very quickly that's fading to the side and my hunch is you're going to start getting kind of

779
01:02:39,930 --> 01:02:45,330
that one two combination of sailor and fong more often than we have in the past don't do this aren't

780
01:02:45,330 --> 01:02:51,050
don't to disarm too much you're going to be teamed uh you know independent uh or a marketing arm

781
01:02:51,050 --> 01:02:54,050
When do our paychecks come in, guys?

782
01:02:54,050 --> 01:02:55,050
Have you guys gotten them?

783
01:02:55,050 --> 01:02:56,050
I don't remember.

784
01:02:56,050 --> 01:02:59,050
There's no paychecks for everyone listening.

785
01:02:59,050 --> 01:03:00,050
No paychecks.

786
01:03:00,050 --> 01:03:02,050
We've made zero dollars from this.

787
01:03:02,050 --> 01:03:03,050
We might be negative.

788
01:03:03,050 --> 01:03:04,050
I'm not sure.

789
01:03:04,050 --> 01:03:08,050
But we're going to start our Bitcoin treasury maybe next week.

790
01:03:08,050 --> 01:03:10,050
So over to Ladoj.

791
01:03:10,050 --> 01:03:12,050
Yeah, I just want to add on top of that.

792
01:03:12,050 --> 01:03:13,050
Right.

793
01:03:13,050 --> 01:03:15,050
So Fong is now on the radar now.

794
01:03:15,050 --> 01:03:21,050
And I think Sharish and Chaitanya, like CJ, they are also going to be there.

795
01:03:21,050 --> 01:03:23,050
They are rising stars.

796
01:03:23,050 --> 01:03:26,050
They're doing a lot of the things behind the scenes.

797
01:03:26,050 --> 01:03:30,050
CJ actually just became a full-time employee.

798
01:03:30,050 --> 01:03:32,050
He's not an intern anymore.

799
01:03:32,050 --> 01:03:34,050
So he just graduated from Harvard MBA,

800
01:03:34,050 --> 01:03:37,050
and he's now full-time doing strategy stuff,

801
01:03:37,050 --> 01:03:41,050
doing the math and Excel, PowerPoint, all that.

802
01:03:41,050 --> 01:03:42,790
And I think he's popular.

803
01:03:42,840 --> 01:03:46,960
People like him and he's the young face of strategy.

804
01:03:47,120 --> 01:03:49,160
So that's going to be incredibly bullish.

805
01:03:49,900 --> 01:03:52,600
Tell us about your experience at the office.

806
01:03:53,340 --> 01:03:54,900
Oh, I mean, I mean, oh, yeah.

807
01:03:55,020 --> 01:03:59,080
So after the conference, I just went to Washington, D.C.

808
01:03:59,420 --> 01:04:01,720
and visited Strategies headquarters.

809
01:04:02,020 --> 01:04:03,420
It's actually in Tyson's.

810
01:04:03,480 --> 01:04:07,560
That's like a few stops away from like Washington, D.C. train station.

811
01:04:07,880 --> 01:04:09,860
It's in Virginia, but it's just across the river.

812
01:04:09,860 --> 01:04:17,900
And so I visited the office three times, like throughout three days, just met a bunch of their employees.

813
01:04:18,080 --> 01:04:19,160
They're very bullish.

814
01:04:19,740 --> 01:04:22,140
A lot of their employees actually, yeah, it's very bullish.

815
01:04:22,220 --> 01:04:23,460
I talk to their employees.

816
01:04:24,460 --> 01:04:25,680
Employees are bullish, yeah.

817
01:04:26,440 --> 01:04:28,000
They're bullish.

818
01:04:28,840 --> 01:04:33,120
A lot of the employees actually speak Mandarin because they're shipped all the way from China.

819
01:04:33,640 --> 01:04:37,840
They just import all the math geniuses from China, some from India.

820
01:04:37,840 --> 01:04:42,600
Actually, most people I spoke to there were either Asian or Indians.

821
01:04:42,920 --> 01:04:44,060
That's very interesting.

822
01:04:44,920 --> 01:04:46,660
I mean, it's normal in tech, I guess.

823
01:04:47,000 --> 01:04:49,800
I also met a bunch of people in a strategy hub.

824
01:04:50,540 --> 01:04:53,860
So they just started a strategy hub.

825
01:04:54,100 --> 01:04:56,640
And so it's just right now it's a co-working space.

826
01:04:56,980 --> 01:04:59,540
But some of them are doing pretty interesting stuff,

827
01:04:59,540 --> 01:05:02,540
like doing sustainable mining,

828
01:05:02,540 --> 01:05:10,300
mining, meaning using mining rigs to end like sheeps and chickens, like do a bio, I don't

829
01:05:10,300 --> 01:05:13,340
know how to call it, but there's some innovative stuff going on there.

830
01:05:14,100 --> 01:05:17,040
More and more people are joining Strategy Hub.

831
01:05:17,220 --> 01:05:23,640
And I think it will evolve into something like a startup incubator, like a Y Combinator

832
01:05:23,640 --> 01:05:25,640
for Bitcoin startups.

833
01:05:25,880 --> 01:05:27,320
That's incredibly bullish.

834
01:05:28,060 --> 01:05:31,020
And so, and yes, and the building is huge.

835
01:05:31,020 --> 01:05:33,180
so there's a lot of room for everyone.

836
01:05:33,180 --> 01:05:38,460
So I think it will just become an ecosystem and more and more people will join.

837
01:05:39,020 --> 01:05:44,300
And yeah, it also has some chats with the executive team.

838
01:05:44,300 --> 01:05:47,420
Also did an interview with Feng Li, which is coming out soon.

839
01:05:47,420 --> 01:05:49,820
So that is also very incredibly bullish.

840
01:05:50,860 --> 01:05:53,660
We talked about Feng Li's personal life.

841
01:05:53,660 --> 01:05:58,780
Right. So Tim is doing more professional content.

842
01:05:58,780 --> 01:06:03,740
and we're we're the entertainment people so we're doing entertainment stuff so if you guys like

843
01:06:03,740 --> 01:06:11,180
entertaining entertainment content that's that's us yeah and uh yeah and yeah so strategy hq

844
01:06:11,180 --> 01:06:18,700
walking distance from the tyson's train station from in dc amazing place um yeah that's what i

845
01:06:18,700 --> 01:06:23,820
have for now yeah we'll probably do a live true north from uh from there here soon which would be

846
01:06:23,820 --> 01:06:31,740
fun you should get a true north office within the strategy hq that might be crossed go that might be

847
01:06:31,740 --> 01:06:38,060
crossing the line that might not go over well the the other thing uh that people don't know is uh

848
01:06:38,060 --> 01:06:44,700
ladogia runs digital sailor and uh digital sailor is going to be a part of true north here in the

849
01:06:44,700 --> 01:06:49,260
near future and you should be able to interact with him i mean he won't be like on this uh on

850
01:06:49,260 --> 01:06:53,820
the screen but uh he will be part of our true new true north crew and we'll help you you're not

851
01:06:53,820 --> 01:06:59,580
supposed to announce that all right yeah well you know anybody that's here still they'll know but

852
01:06:59,580 --> 01:07:05,660
nobody's listening it's okay it's we're like we're an hour and seven in come on okay anybody else have

853
01:07:05,660 --> 01:07:11,020
anything else else to add before we shift yeah i just wanted to ask you know a quick thing so jeff

854
01:07:11,020 --> 01:07:15,100
and i when we went to go talk to sailor and this was all filmed this is the difference between going

855
01:07:15,100 --> 01:07:22,380
in person and what you see on, you know, when a sailor does a presentation and ask questions.

856
01:07:22,380 --> 01:07:27,820
When we were standing next to him, it is known fact that I'm a car guy with the helmets,

857
01:07:28,460 --> 01:07:34,940
model cars up top. I said to him, why did you pick the word torque, BTC torque? And he said,

858
01:07:35,500 --> 01:07:41,180
oh, because legal would not allow the word leverage. I'm like, really? Oh yeah,

859
01:07:41,180 --> 01:07:46,540
we argued over this for six whatever six weeks and he said this in a room with this is not like

860
01:07:46,540 --> 01:07:52,060
a secret he said this in a room jeff you remember we're talking in front of i don't know 300 people

861
01:07:52,060 --> 01:07:56,300
in the room as we're being fit we're being filmed at the time and i was like really the word leverage

862
01:07:56,300 --> 01:07:59,980
he goes oh yeah the lawyers didn't like the word leverage so that's why i picked port torque and

863
01:07:59,980 --> 01:08:04,780
then he said to me he goes and we have all these different financial products obviously the common

864
01:08:04,780 --> 01:08:09,100
stock the preferreds the converts and each convert has a different expiration he goes those are like

865
01:08:09,100 --> 01:08:15,820
gears in the transmission i'm like yes yes that's something that i understand and i didn't do that

866
01:08:15,820 --> 01:08:22,380
i just go yeah michael i agree with you and so but inside i'm like yeah of course it's like

867
01:08:22,380 --> 01:08:26,220
yours as one would expect as one would expect you're driving down the road you gotta pass

868
01:08:26,940 --> 01:08:31,900
you hit the paddles or you downshifted a few gears and you blast pass i'm not giving any driving

869
01:08:31,900 --> 01:08:38,540
advice okay i'm just saying not driving advice not driving advice don't take it but with that said

870
01:08:38,540 --> 01:08:43,100
when he said that i was like awesome and you would never hear that that question would never come up

871
01:08:43,100 --> 01:08:49,020
on a panel and that's that's some things that you hear when you go there and you talk to him directly

872
01:08:49,020 --> 01:08:52,540
if you ask sailor a really good question you'll probably get a really good answer

873
01:08:53,980 --> 01:08:59,820
if you don't ask him a good question yeah he might be prepared just know that just know the guy is

874
01:08:59,820 --> 01:09:05,100
one of the probably one of the smartest guys on the planet and he's just pounding ai all day

875
01:09:05,100 --> 01:09:10,060
right he's just in there like anything he's thinking about boom let's go into ai and it's

876
01:09:10,060 --> 01:09:16,460
like faster faster faster and it's like okay if you think you're um yeah it's good it's uh

877
01:09:18,140 --> 01:09:23,980
he's yeah his intelligence is just like up and to the right you know accelerating higher

878
01:09:23,980 --> 01:09:27,660
so he said this and then we'll go to the next topic what he said was in the keynote when he

879
01:09:27,660 --> 01:09:32,700
was talking about that he used ai to create the perpetu the perpetuals right strike and strife

880
01:09:32,700 --> 01:09:38,140
And what he did was he hits deep research mode. He talks about this. He gets all of the relevant

881
01:09:38,140 --> 01:09:44,060
SEC filings, all the relevant case law, whatever is necessary to do. And then he copies and pastes

882
01:09:44,060 --> 01:09:49,420
it directly in the email, sends it to his lawyers and say, here's all the information, go work on it.

883
01:09:49,420 --> 01:09:54,140
So he cuts off three months of people like, what are we going to do? What are we going to do? He's

884
01:09:54,140 --> 01:09:59,260
like, no, I already asked all the questions to AI. You now need to go execute on it. And when you

885
01:09:59,260 --> 01:10:03,920
you think about it, that always has to come from the top. That cannot come from a lower level person.

886
01:10:04,280 --> 01:10:08,920
But if that person says, hey, I've done all this research, now your value add is you've got to be

887
01:10:08,920 --> 01:10:14,240
better than AI to go figure out how to do the filings, right? So if those lawyers are smart,

888
01:10:14,320 --> 01:10:18,240
they would go use AI to be like, oh crap, he sent this stuff. Let's use AI to see what to do. He

889
01:10:18,240 --> 01:10:22,400
didn't talk about that part. I'm just saying that when your CEO gives you all the case law,

890
01:10:22,400 --> 01:10:28,240
all the filings, telling you what he wants to roll out, and he sends and pops it into a text

891
01:10:28,240 --> 01:10:33,200
message with the prompts in ai i think that changes the dynamics of how something works in

892
01:10:33,200 --> 01:10:41,760
a corporate environment you skip years you skip literal years of work and it happens in like 10

893
01:10:41,760 --> 01:10:47,680
minutes you know can you imagine being the lawyer and receiving an email that's it's kind of like

894
01:10:51,040 --> 01:10:55,920
long post warning everybody's like reading through it they're like oh you need a tldr on the top can

895
01:10:55,920 --> 01:11:01,900
Can you imagine getting that and the guy already knew all the prompts and then you have to go to a meeting with him three days later?

896
01:11:02,240 --> 01:11:04,380
I don't want to be a lawyer working for him.

897
01:11:05,060 --> 01:11:10,360
Well, the nice thing is, is AI removed the barrier to creativity for people, right?

898
01:11:10,380 --> 01:11:16,300
It took away that fear of asking the dumb question because you can continue to prompt your way through it.

899
01:11:16,300 --> 01:11:24,920
And I think that's what you're starting to see is that unlock in human creativity, because now you've got a tool where you can work through all the initial dumb questions.

900
01:11:24,920 --> 01:11:29,500
and figure out what the actual constraints are and get the research done in real time.

901
01:11:29,580 --> 01:11:34,440
So by the time that you have an idea baked that you want to bring and propose to somebody,

902
01:11:34,680 --> 01:11:36,800
you've already gone through all of that legwork.

903
01:11:36,920 --> 01:11:39,900
So you know that it's feasible by the time you get to that point.

904
01:11:40,320 --> 01:11:42,720
And I think that's something that everyone needs to take away.

905
01:11:42,720 --> 01:11:48,360
I've been trying to get a lot better about it because it's just such an accelerator for

906
01:11:48,360 --> 01:11:51,460
any of these intellectual style endeavors, right?

907
01:11:51,480 --> 01:11:53,680
It's great even for equity research.

908
01:11:53,680 --> 01:11:58,060
You can prompt it all the time. If you're hearing things on streams that you don't understand,

909
01:11:58,660 --> 01:12:04,240
just go ask the questions and you'll get really good information. And it just shows that strategy

910
01:12:04,240 --> 01:12:09,080
is really pushing the envelope on that because they not only started using it as a part of their

911
01:12:09,080 --> 01:12:14,820
business, they started creating securities out of it, which is just such a wild thing to do,

912
01:12:14,900 --> 01:12:20,900
but it's so on brand for this group. So you're going to have to get to the point where you

913
01:12:20,900 --> 01:12:27,120
embrace that AI. And it gives you that confidence and that comfort to really get through that

914
01:12:27,120 --> 01:12:31,540
initial learning curve where you're no longer scared to discuss the idea because you think

915
01:12:31,540 --> 01:12:36,500
you don't understand it as well as somebody else. By the time you're done, you might understand it

916
01:12:36,500 --> 01:12:41,560
as well as anybody that's ever going to be in the room with you. So try to use it and try to get

917
01:12:41,560 --> 01:12:44,880
creative with it because I think that's what's really going to push the future forward. And it's

918
01:12:44,880 --> 01:12:50,640
going to be amazing. I want to make a quick point about that. I've been, Dan and I've been working

919
01:12:50,640 --> 01:12:54,640
a lot in trolls time and working a lot on options so i've been running all these options scenarios

920
01:12:54,640 --> 01:13:01,600
through it and i kept on saying is it uh i said i named different strategies is it this strategy is

921
01:13:01,600 --> 01:13:08,560
it this strategy and i kept on saying no no no and i'm like and then i just thought oh why don't i

922
01:13:08,560 --> 01:13:14,480
just ask chat gpt what is it that i'm and i write what is it that i'm doing and it writes back oh

923
01:13:14,480 --> 01:13:19,520
you're doing this this this would you like an overview and detailed analysis i'm like yes and so

924
01:13:20,640 --> 01:13:24,720
yeah i thought that i was right and he's a great answer yeah

925
01:13:27,120 --> 01:13:32,400
the the world's moving super fast uh super super super fast okay all right we got to shift gears

926
01:13:32,400 --> 01:13:37,200
we're hour 13 in let's go let's talk s p 500 because i did a couple posts on this and i'm

927
01:13:37,200 --> 01:13:42,880
going to shift gears throw this on the screen here and we're going to talk about this so

928
01:13:43,680 --> 01:13:48,960
uh i made a couple posts the potential s p 500 passive flows to mstr are likely to surpass the

929
01:13:48,960 --> 01:13:50,720
the scale of the existing ATM in place,

930
01:13:50,720 --> 01:13:53,200
which is about $20 billion remaining.

931
01:13:53,200 --> 01:13:56,640
S&P 500 in scale is 10 times larger than the QQQ.

932
01:13:56,640 --> 01:13:58,520
The relative inclusion ranking may result

933
01:13:58,520 --> 01:14:02,260
in about four times the scale of QQQ inclusion in 2024.

934
01:14:02,260 --> 01:14:03,780
So I did a little bit of math

935
01:14:03,780 --> 01:14:07,780
and I wanted to show this in a dynamic format

936
01:14:07,780 --> 01:14:10,420
so people can see what's going on here.

937
01:14:10,420 --> 01:14:13,680
So the amount of capital that can,

938
01:14:13,680 --> 01:14:15,180
maybe I'll make it a little bit bigger.

939
01:14:16,160 --> 01:14:17,000
Oh, shoot.

940
01:14:17,000 --> 01:14:19,000
There we go.

941
01:14:19,000 --> 01:14:20,000
Okay.

942
01:14:20,000 --> 01:14:24,040
So the amount of capital that's following the S&P 500 is estimated to be about $5 trillion.

943
01:14:24,040 --> 01:14:26,200
That number is probably light.

944
01:14:26,200 --> 01:14:27,200
Ben's going to hop off.

945
01:14:27,200 --> 01:14:29,180
Ben, good to see you.

946
01:14:29,180 --> 01:14:32,500
We'll catch you later.

947
01:14:32,500 --> 01:14:35,940
So the amount of capital following the S&P 500 is estimated to be about $5 trillion.

948
01:14:35,940 --> 01:14:39,640
That is probably a little bit light because there are funds that follow effectively what

949
01:14:39,640 --> 01:14:42,480
the S&P 500 does, but they don't report it.

950
01:14:42,480 --> 01:14:47,100
These are banks and nations, et cetera.

951
01:14:47,100 --> 01:14:51,520
And there's about $500 billion of capital falling in QQQ.

952
01:14:51,520 --> 01:14:58,040
So when strategy was added to QQQ, it is estimated that they were added about a 0.35%

953
01:14:58,040 --> 01:14:59,360
allocation weight.

954
01:14:59,360 --> 01:15:06,420
They were added around 50th ranking from QQQ.

955
01:15:06,420 --> 01:15:15,800
that ranking of about 0.35%, that results in a $1.75 billion capital flow, passive flow for

956
01:15:15,800 --> 01:15:22,020
any fund that's following QQQ. They need to buy strategy and about $1.7 billion worth.

957
01:15:22,560 --> 01:15:30,120
During that time period, so from 1111 to 1216, strategy raised $17 billion of capital and they

958
01:15:30,120 --> 01:15:35,820
purchased some ungodly amount of Bitcoin. It was like, damn near, I think it was nearly 200,000

959
01:15:35,820 --> 01:15:44,900
Bitcoin or something like that. Huge number. So the multiple on that capital raised relative to

960
01:15:44,900 --> 01:15:50,200
the capital that came in the door was around 10X. Basically, the price of the stock rose

961
01:15:50,200 --> 01:15:56,100
and they were able to capture that multiple flowing through. So if you were to take that

962
01:15:56,100 --> 01:16:00,460
same concept here, right? If they're getting added to the S&P 500, the S&P 500 is about 10 times

963
01:16:00,460 --> 01:16:08,960
larger than QQQ and ranked about 80th out of 500 right now would result in around 0.25,

964
01:16:09,060 --> 01:16:14,680
25 basis point allocation. That 25 basis point allocation would result in $12.5 billion

965
01:16:14,680 --> 01:16:19,980
of passive flow that's coming in the door to follow strategy. If you were to take a same

966
01:16:19,980 --> 01:16:26,880
multiple on capital, you're looking at a market cap change of around $125 billion just from that

967
01:16:26,880 --> 01:16:31,760
um capital that's coming in the door now when you consider they've got 20 billion dollars of atm

968
01:16:31,760 --> 01:16:39,040
left what one of the reasons that uh they've got they've got 20 billion dollars of atm left

969
01:16:39,040 --> 01:16:43,440
we saw strategy was able to raise a ton of money really quickly because there was significant

970
01:16:43,440 --> 01:16:47,520
front running of the qqq index and i think something similar could happen here with the

971
01:16:47,520 --> 01:16:54,160
s p 500 once they announce positive earnings for the first time in i don't know four years

972
01:16:54,160 --> 01:16:58,960
or five years and it's some enormous blowout figure that would instantly qualify them for

973
01:16:58,960 --> 01:17:02,400
the S&P 500. It would be the first time that they're technically qualified for it because

974
01:17:02,400 --> 01:17:07,600
of the change in accounting rules, FASB, fair value accounting, et cetera. In my opinion,

975
01:17:07,600 --> 01:17:14,240
this is the biggest story of 2025. MSTR getting included in the S&P 500 is the biggest story of

976
01:17:14,240 --> 01:17:20,400
2025. It's going to be incredibly controversial. When they do have a quarter with positive earnings,

977
01:17:20,400 --> 01:17:24,480
the whole market is going to be fighting about what is a dollar of earnings worth, right? Is a

978
01:17:24,480 --> 01:17:30,240
dollar of earnings worth the same dollar of earnings from Apple, right? How is Bitcoin valued

979
01:17:30,240 --> 01:17:35,360
relative to these other things? And when you start taking into consideration that strategy is making,

980
01:17:35,360 --> 01:17:40,080
you know, if they post a $12 billion gain, that's around $8 million gain per employee,

981
01:17:40,960 --> 01:17:46,800
compared to, I think Apple's somewhere around $800,000 net income gain per employee,

982
01:17:46,800 --> 01:17:54,240
something along the lines of that. So if this holds true with a 25 basis point allocation,

983
01:17:55,200 --> 01:17:59,120
there's a significant amount of capital that needs to come in the door here. And I don't think that

984
01:17:59,120 --> 01:18:04,720
ATM is even big enough to capitalize on all of it. And so that would result in potential

985
01:18:04,720 --> 01:18:14,800
significant common stock appreciation on top of a massive potential ATM capitalization of

986
01:18:14,800 --> 01:18:17,780
of the passive flows that are coming in the door.

987
01:18:17,780 --> 01:18:20,900
And this is just with an allocation of 25 basis points.

988
01:18:20,900 --> 01:18:22,140
As I've put down here,

989
01:18:22,140 --> 01:18:25,080
you could see that's around ranked 80th.

990
01:18:25,080 --> 01:18:27,300
If the market cap goes from here,

991
01:18:27,300 --> 01:18:29,580
let's say 115 to about $200 billion,

992
01:18:29,580 --> 01:18:33,860
you're looking at a 40 basis point allocation.

993
01:18:36,040 --> 01:18:38,160
And the numbers start to get really wonky.

994
01:18:38,160 --> 01:18:40,360
About $20 billion of capital that's gotta come in the door

995
01:18:40,360 --> 01:18:43,380
and buy strategy stock, which could push the market cap

996
01:18:43,380 --> 01:18:45,460
multiple, if you have a 10X multiple,

997
01:18:45,460 --> 01:18:48,420
could push it up about $200 billion.

998
01:18:48,420 --> 01:18:50,500
And obviously this gets wonkier

999
01:18:50,500 --> 01:18:54,020
as you get higher up the ladder here.

1000
01:18:54,020 --> 01:18:56,720
So why this is important is this,

1001
01:18:56,720 --> 01:18:59,860
as the market cap rises, everything on this is reflexive.

1002
01:18:59,860 --> 01:19:01,360
I think what did Saylor say

1003
01:19:01,360 --> 01:19:02,480
in this Financial Times interview?

1004
01:19:02,480 --> 01:19:06,900
It was like a quadratic reflexive financial flywheel.

1005
01:19:06,900 --> 01:19:09,440
And that's what this is, right?

1006
01:19:09,440 --> 01:19:11,180
I'm showing it to you right now.

1007
01:19:11,180 --> 01:19:14,840
As the market cap rises, the relative market cap

1008
01:19:14,840 --> 01:19:17,680
and allocation and all of these other passive index funds

1009
01:19:17,680 --> 01:19:19,340
is rising exponentially.

1010
01:19:19,340 --> 01:19:20,560
You can see it here, right?

1011
01:19:20,560 --> 01:19:25,300
Like this isn't a linear curve going from 20 to 55

1012
01:19:25,300 --> 01:19:27,040
to 2.88 to 3.99.

1013
01:19:27,040 --> 01:19:28,360
This is an exponential curve.

1014
01:19:28,360 --> 01:19:30,780
Like as companies get larger in these indices,

1015
01:19:30,780 --> 01:19:32,420
because they're market cap weighted,

1016
01:19:32,420 --> 01:19:46,884
the relative passive funds that are allocated to that stock increase drastically So don get caught getting popcorn while the movie starts right This is a once in a lifetime event right The strategy is not

1017
01:19:46,884 --> 01:19:51,484
going to fall out of the S&P 500. They get added to the S&P 500 one time. I've been in this trade

1018
01:19:51,484 --> 01:19:57,724
since 2022 for this event, which I think may occur within the next six months. And to be very clear,

1019
01:19:57,724 --> 01:20:07,724
strategy actually getting included isn't the pinnacle here. It's strategy qualifying, right?

1020
01:20:07,884 --> 01:20:13,164
Everybody just keep, this is a huge takeaway. Everybody is front running everybody all the time.

1021
01:20:14,484 --> 01:20:19,804
The market largely doesn't understand strategy right now. And if there is a situation where

1022
01:20:19,804 --> 01:20:24,864
they have earnings that qualifies them for the S&P 500, front running will then begin.

1023
01:20:25,744 --> 01:20:29,824
And we've seen that with other stocks in past history. You can go back, you look at Tesla in

1024
01:20:29,824 --> 01:20:37,744
2020. Tesla started to gain front run in the S&P 500 as soon as they had four quarters of positive,

1025
01:20:37,744 --> 01:20:41,824
even three quarters of positive earnings in a row, recognizing that the fourth quarter was

1026
01:20:41,824 --> 01:20:45,904
likely going to be positive, which would qualify them for the index. So you could go look at Tesla

1027
01:20:45,904 --> 01:20:51,264
market cap. It went on just a meteoric rise from around 150 billion to 700 billion in like

1028
01:20:51,264 --> 01:21:00,144
six months, something like that. And that was a result of the inclusion in the S&P 500.

1029
01:21:00,144 --> 01:21:06,384
They were excluded the first go around, but the market knew that there was no way they can exclude

1030
01:21:06,384 --> 01:21:14,624
them for another quarter. So the market just kept pumping it higher. And that was that situation where

1031
01:21:14,624 --> 01:21:19,264
Tesla ended up hitting, I don't know, a price per share of around $4,000 split adjusted.

1032
01:21:19,264 --> 01:21:25,104
And it was a huge ordeal, like that all eyes were on it. And this is a record event for Tesla.

1033
01:21:25,104 --> 01:21:29,104
I think Tesla was included in the S&P 500 somewhere around a $300 billion market cap,

1034
01:21:29,104 --> 01:21:33,824
which is a record high, $300 to $600 billion market cap, which is a record high of a company

1035
01:21:33,824 --> 01:21:39,504
ever getting included in the S&P 500. We have a similar scenario playing out here because strategy

1036
01:21:39,504 --> 01:21:44,864
was already included in QQQ and passive flows that push it higher and higher. There's potential that

1037
01:21:44,864 --> 01:21:48,384
that they get included at a very high valuation,

1038
01:21:48,384 --> 01:21:52,544
which can just thrust them up further into the leaderboard.

1039
01:21:52,544 --> 01:21:54,524
If they're able to capitalize on that new capital

1040
01:21:54,524 --> 01:21:57,144
coming in the door via ATM as well,

1041
01:21:57,144 --> 01:22:00,044
that significantly increases the credit rating

1042
01:22:00,044 --> 01:22:04,164
of all of the debt instruments,

1043
01:22:04,164 --> 01:22:05,864
the preferred stock that they're providing,

1044
01:22:05,864 --> 01:22:08,844
which should bring even more capital in the door

1045
01:22:08,844 --> 01:22:10,224
to buy those preferred instruments

1046
01:22:10,224 --> 01:22:13,004
because they're gonna be significantly de-levered

1047
01:22:13,004 --> 01:22:16,684
as the market cap continues to rise.

1048
01:22:17,544 --> 01:22:18,824
Can we have a quick comment?

1049
01:22:19,124 --> 01:22:19,484
Go ahead.

1050
01:22:19,684 --> 01:22:20,444
I need to bring it up.

1051
01:22:20,444 --> 01:22:20,524
Yeah.

1052
01:22:20,884 --> 01:22:21,164
Yeah.

1053
01:22:21,364 --> 01:22:23,964
So look, everything you said, love it.

1054
01:22:24,044 --> 01:22:24,644
Sounds great.

1055
01:22:25,924 --> 01:22:30,924
One of the persons made a comment, MCS Cavs, Mrs. Cavs made a comment on coin.

1056
01:22:31,064 --> 01:22:31,924
So I looked up coin.

1057
01:22:32,024 --> 01:22:34,084
Coinbase was added to S&P 500.

1058
01:22:34,084 --> 01:22:40,004
The first day that they're in, it gapped up and it was up 23.97%.

1059
01:22:40,004 --> 01:22:42,524
Then the day after, another 2.5%.

1060
01:22:42,524 --> 01:22:45,604
So it's up a solid 25% in two days.

1061
01:22:46,284 --> 01:22:52,044
The reason why this is not financial advice, you're going to tend to hear different narratives.

1062
01:22:52,664 --> 01:22:55,604
And each individual investor has to make their own narratives.

1063
01:22:55,724 --> 01:22:56,544
What are the two narratives?

1064
01:22:57,184 --> 01:22:59,804
There's one narrative is buy the rumor, sell the facts.

1065
01:23:00,664 --> 01:23:02,424
So buy the rumor.

1066
01:23:02,664 --> 01:23:07,384
So Coinbase, it did not appear, if you look at the Coinbase chart, that there was a lot of front running.

1067
01:23:07,384 --> 01:23:11,644
The stock had rebounded and then it shot all the way up when that happened.

1068
01:23:11,644 --> 01:23:18,284
and it did not seem to be front run. On the flip side, you'll hear people say, well, buy the rumor,

1069
01:23:18,384 --> 01:23:22,564
sell the news. And what happened there is it continued to go up. So it was not front run,

1070
01:23:22,604 --> 01:23:27,264
and then it continues to go up. So you're going to hear these competing narratives. I can't predict

1071
01:23:27,264 --> 01:23:31,604
the future. This is why this is not financial advice. And so from that perspective, everyone

1072
01:23:31,604 --> 01:23:36,004
has to make their own decision. There's a couple of things going on in the threads. We're getting

1073
01:23:36,004 --> 01:23:42,104
asked lots of questions about upstarts and new companies. Strategy started their journey

1074
01:23:42,104 --> 01:23:49,204
August of 2020. It's coming up on a half decade, this August. It has a five-year track record.

1075
01:23:50,124 --> 01:23:56,044
And so why it has the liquidity, and we're going to get to the FT, the Financial Times thing,

1076
01:23:56,224 --> 01:24:01,024
or we're done with that. So maybe it's a good segue into that. If you've got Financial Times,

1077
01:24:01,024 --> 01:24:05,504
the million people reading this, and they don't understand what they're talking about,

1078
01:24:05,504 --> 01:24:07,504
even after they've been doing this,

1079
01:24:07,564 --> 01:24:09,024
he's been doing this for five years.

1080
01:24:09,784 --> 01:24:12,004
And Jeff and I talked on the phone about this previously.

1081
01:24:12,464 --> 01:24:16,424
It's like these people are in mass bewilderment.

1082
01:24:16,764 --> 01:24:18,624
I don't know how people can take them seriously.

1083
01:24:19,784 --> 01:24:24,004
And the takeaway for this is that this Coinbase did this.

1084
01:24:24,384 --> 01:24:27,584
And I think that's a tacit approval that crypto,

1085
01:24:28,004 --> 01:24:29,984
in my sense, because their Coinbase is crypto,

1086
01:24:30,644 --> 01:24:34,084
that that is a tacit approval that it can be in the S&P 500.

1087
01:24:34,084 --> 01:24:39,284
So, and Tesla's in the S&P 500 and it does hold Bitcoin.

1088
01:24:39,284 --> 01:24:42,684
So I don't think that there's any reason why it can't happen.

1089
01:24:42,684 --> 01:24:44,644
Do we know if it's going to happen?

1090
01:24:44,644 --> 01:24:46,144
No.

1091
01:24:46,144 --> 01:24:52,104
Just because it's qualifies for the S&P 500 doesn't mean it gets in because that was something

1092
01:24:52,104 --> 01:24:53,104
that happened.

1093
01:24:53,104 --> 01:24:55,404
We're talking about that all in Q1.

1094
01:24:55,404 --> 01:24:57,904
Just because it qualifies, oh, that means automatically gets in?

1095
01:24:57,904 --> 01:24:58,904
No.

1096
01:24:58,904 --> 01:24:59,904
No.

1097
01:24:59,904 --> 01:25:04,064
One thing to keep in mind, strategy was previously in the S&P 600.

1098
01:25:04,064 --> 01:25:08,224
So this is one of the reasons that MNAV was actually really high in 2020, 2021.

1099
01:25:08,424 --> 01:25:10,164
I've done a forensic deep dive on this.

1100
01:25:10,744 --> 01:25:18,244
And I think the S&P 600 made up something like 6% to 10% of strategy stock in 2020, 2021, something like that.

1101
01:25:18,244 --> 01:25:25,384
Which is the reason why strategy didn't have the double peak, which a lot of people have been concerned about.

1102
01:25:26,804 --> 01:25:28,244
So there is that history.

1103
01:25:28,244 --> 01:25:34,324
and because strategy has been a company since 1998 or something like that. The company's been

1104
01:25:34,324 --> 01:25:39,064
around for a really long time. They've been in the small market cap index and assuming they can wrap

1105
01:25:39,064 --> 01:25:49,044
their heads around the Bitcoin component, it's a no brainer. I think, again, I've said this multiple

1106
01:25:49,044 --> 01:26:00,244
times. The S&P 500 needs strategy. Strategy doesn't need the S&P 500. And the reason for this

1107
01:26:00,244 --> 01:26:04,744
is if the market cap continues to rise because of the Bitcoin held on balance sheet, you know who's

1108
01:26:04,744 --> 01:26:09,924
going to be calling the committee to tell them to put strategy in the S&P 500? Larry Fink,

1109
01:26:11,344 --> 01:26:17,524
head of BlackRock, head of Fidelity. All of these companies that manage S&P 500 index funds

1110
01:26:17,524 --> 01:26:23,884
are going to be yelling at the committee, you need to add strategy to the S&P 500.

1111
01:26:24,244 --> 01:26:30,184
I'm missing out on billions and billions of dollars of fees because you guys can't get your

1112
01:26:30,184 --> 01:26:36,144
heads around this thing. And so the incentives are all aligned. And worst case scenario,

1113
01:26:36,144 --> 01:26:40,644
they don't get added. It doesn't matter because they're already added in QQQ and all these other

1114
01:26:40,644 --> 01:26:47,164
passive index funds. And as the price of Bitcoin continues to rise, the reflexivity just continues.

1115
01:26:47,164 --> 01:26:50,404
So it just gets, it compounds and compounds and gets higher and higher.

1116
01:26:53,024 --> 01:26:55,824
Yeah, I think that's a good point, Jeff, about the incentives here.

1117
01:26:56,164 --> 01:27:01,204
And it's easy to be kind of doom and gloom, like, oh, everyone hates Bitcoin.

1118
01:27:01,344 --> 01:27:04,984
Yeah, there's a certain contingent of traditional finance people that hate Bitcoin.

1119
01:27:05,544 --> 01:27:11,324
But the large majority of people making fees off these products have aligned themselves with Bitcoin and strategy.

1120
01:27:11,564 --> 01:27:14,904
I mean, Cantor, you know, it's their single largest equity holding.

1121
01:27:14,904 --> 01:27:22,324
So I think there is a large lobby for SPY inclusion, and hopefully we'll see that.

1122
01:27:22,464 --> 01:27:24,604
And someone mentioned, well, what are the dates for inclusion?

1123
01:27:24,784 --> 01:27:28,524
Well, right now, the soonest they could be included is September 20th.

1124
01:27:28,524 --> 01:27:37,604
That's the date on which they would be included if earnings are positive and wipe out the prior three quarters upon Q2 earnings.

1125
01:27:38,404 --> 01:27:40,624
Or no, it's a Q3, no Q2 earnings.

1126
01:27:40,624 --> 01:27:50,364
And then following that, I think it's the third Friday in December would be the next date for inclusion if they don't get included this time around.

1127
01:27:51,104 --> 01:27:58,224
Ring, ring. Hello, this is Howard Lutnick, Secretary of Commerce. You need to add strategy to the S&P 500, right?

1128
01:27:58,364 --> 01:28:02,684
Like there's the incentives are aligned across the board.

1129
01:28:03,224 --> 01:28:06,824
But again, the dates, like thanks for sharing the dates, Dan.

1130
01:28:06,824 --> 01:28:13,364
And honestly, nobody cares about the dates because the date is when they're qualified,

1131
01:28:13,364 --> 01:28:15,684
when they're qualified.

1132
01:28:15,684 --> 01:28:16,684
Everybody knows all information.

1133
01:28:16,684 --> 01:28:18,444
You got to assume everybody knows all information.

1134
01:28:18,444 --> 01:28:23,844
So if everybody knows all information, the front running happens when they get qualified.

1135
01:28:23,844 --> 01:28:30,524
And right now I think everybody that's following this closely knows that they qualify, right?

1136
01:28:30,524 --> 01:28:36,264
But from an accounting perspective, they actually haven't ever officially qualified.

1137
01:28:36,264 --> 01:28:39,624
So I think there's confusion on that front.

1138
01:28:40,324 --> 01:28:44,144
My bet is that the front running happens as we get closer.

1139
01:28:44,584 --> 01:28:48,664
It's like a function of Bitcoin being above the $97,000 threshold.

1140
01:28:48,784 --> 01:28:49,424
June 30th.

1141
01:28:49,524 --> 01:28:49,684
Yeah.

1142
01:28:50,104 --> 01:28:51,624
And the time getting closer.

1143
01:28:51,684 --> 01:28:52,804
It's like a call option, right?

1144
01:28:52,884 --> 01:28:58,084
As the time starts to decay, the price either moves very rapidly in the direction.

1145
01:28:58,084 --> 01:29:03,504
So as we get closer to that June 30th date, I think the amount of front running will either

1146
01:29:03,504 --> 01:29:09,144
increase or back off based on where Bitcoin's at. Bitcoin's at 120 in the next month or so.

1147
01:29:09,644 --> 01:29:16,284
And I think the front running will be like full steam on ahead. But if we're at 85, I think there

1148
01:29:16,284 --> 01:29:19,744
won't be any front running. So I think people are just going to lay on the gas and lay off the gas

1149
01:29:19,744 --> 01:29:23,264
very aggressively as they try to figure out whether we're going to qualify this quarter or not.

1150
01:29:23,924 --> 01:29:30,524
So let me make a quick point. Two things. First thing is the way that you could tell it's me and

1151
01:29:30,524 --> 01:29:33,024
not a simulation is if they can,

1152
01:29:33,024 --> 01:29:35,684
if you're talking to somebody says they're green

1153
01:29:35,684 --> 01:29:40,684
and they can't pull out a Bell BR1 race helmet for cars,

1154
01:29:41,064 --> 01:29:42,564
then it's not made, okay?

1155
01:29:42,564 --> 01:29:43,944
So that's the most important.

1156
01:29:43,944 --> 01:29:47,244
This is my authentic authenticator.

1157
01:29:47,244 --> 01:29:48,724
So that's the important thing, okay?

1158
01:29:48,724 --> 01:29:50,024
Take off the shelf.

1159
01:29:50,024 --> 01:29:51,284
The other thing is,

1160
01:29:51,284 --> 01:29:53,324
I wanna talk about investing for a second.

1161
01:29:53,324 --> 01:29:54,704
And this is how I would take a point-

1162
01:29:54,704 --> 01:29:55,764
Are you gonna shift gears?

1163
01:29:55,764 --> 01:29:56,864
Because I wanna talk about-

1164
01:29:56,864 --> 01:29:57,704
Okay.

1165
01:29:57,704 --> 01:30:00,404
S&P 500 will take one minute, but hit the timer.

1166
01:30:00,404 --> 01:30:02,004
Go ahead. You're on.

1167
01:30:02,444 --> 01:30:11,364
Okay. If I talk to any financial person, I say, cool, S&P 500, MAG 7 makes up 30.5% of the index.

1168
01:30:11,664 --> 01:30:17,464
That means the other 493 are zombie dead companies. I just say a chat GPT. If it's

1169
01:30:17,464 --> 01:30:24,044
up by 1% or 2%, it doesn't matter. So if the S&P 500 is totally basically run by the MAG 7,

1170
01:30:24,444 --> 01:30:29,004
why would I invest in the rest? Stop right there. That's it. I would say 25. And then whoever

1171
01:30:29,004 --> 01:30:33,404
talks first loses i would just shut up say it to an investor why would i invest anything except for

1172
01:30:33,404 --> 01:30:38,444
the mag seven right and they're like you need to be so wait i need to diversify that means i need

1173
01:30:38,444 --> 01:30:43,804
to sell the winners to buy the losers and they always look at me like well you know you know

1174
01:30:43,804 --> 01:30:51,964
grain you know the stock market could go down and i'm like oh jesus was that under a minute you're

1175
01:30:51,964 --> 01:30:57,004
under a minute you're under a minute yeah what's the next i mean i on a very similar vein is uh

1176
01:30:57,004 --> 01:31:02,204
passive flows, right? Like let's think about this. Why does front running happen? Front running

1177
01:31:02,204 --> 01:31:08,204
happens is because everybody in the market knows what's going on. If you're an active manager and

1178
01:31:09,644 --> 01:31:15,164
you also have a passive fund, you can go buy all the equities that you know that need to go into

1179
01:31:15,164 --> 01:31:21,484
the passive fund. You can front run it and you can sell those assets to your passive index.

1180
01:31:21,484 --> 01:31:26,204
And so in your active fund where you get paid extra basis points, you can have higher returns

1181
01:31:26,204 --> 01:31:31,484
so you can go boost your future returns. And on your passive fund, it just follows the S&P 500,

1182
01:31:31,744 --> 01:31:40,004
which everybody got front run. So everybody that's investing in the S&P 500 is getting front run by

1183
01:31:40,004 --> 01:31:43,624
everybody that's smarter than them in the entire market and is paying attention to all this stuff.

1184
01:31:43,784 --> 01:31:49,844
So I recognize this to myself in 2019. I'm like, oh my God, I'm never investing this stuff ever

1185
01:31:49,844 --> 01:31:56,184
again. I need to figure this thing out. And so that's the dynamic of front running and what's

1186
01:31:56,184 --> 01:31:59,384
happening in the market is that everybody knows that the passive money is coming in the door

1187
01:32:00,584 --> 01:32:04,104
and the passive money is coming in the door whether you like it or not so you can you can

1188
01:32:04,104 --> 01:32:12,744
always make a decision before them hey 30 seconds back in the old days during after the great

1189
01:32:12,744 --> 01:32:19,384
financial crisis um what happened was the bond funds were doing terrible so these were bond funds

1190
01:32:19,384 --> 01:32:24,024
for some reason they bought apple stock you're like what does apple stock have to do with a bond

1191
01:32:24,024 --> 01:32:30,124
fund. The returns were so bad on the bonds that they put Apple in it, but no fund manager would

1192
01:32:30,124 --> 01:32:35,744
ever get on a call with any financial reporter to say why they did this, because that's how bad it

1193
01:32:35,744 --> 01:32:43,064
was. And Apple came out with a product called an iPhone, and they needed it to juice the returns.

1194
01:32:43,584 --> 01:32:48,784
And so old people like me remember when this stuff happens, and that's how bad stuff is. So again,

1195
01:32:48,784 --> 01:32:55,184
the mag seven takes two seconds to fact check this if you can't use facts to talk to your

1196
01:32:55,184 --> 01:33:00,544
financial advisor or somebody else in a cocktail party inside of one minute then you haven't refined

1197
01:33:00,544 --> 01:33:11,424
your pitch that's it that's it what's the next topic financial times are we long teeth we're long

1198
01:33:11,984 --> 01:33:17,184
teeth teeth scarce you just you just drink fluids you don't even need teeth

1199
01:33:18,784 --> 01:33:24,624
oh my god you guys can all try and do a round table on yes so so first off on the on the financial

1200
01:33:24,624 --> 01:33:31,024
times thing i filmed i filmed that on february 13th so here we are may 14th um for that to be

1201
01:33:31,024 --> 01:33:37,264
released so february march march april may yeah so it's taking three months was the stock up at

1202
01:33:37,264 --> 01:33:47,024
that point i don't know stop february i i i was feeling like uh i'm i'm always bullish i mean

1203
01:33:47,024 --> 01:33:51,824
we're going higher right like i'm i'm i'm permabulled but uh i don't know i think it was

1204
01:33:51,824 --> 01:33:58,864
around 300 i mean come off the come off come off the november highs and yeah we're in new york yeah

1205
01:33:59,744 --> 01:34:05,024
around that time so but it's just crazy it took three months to to produce that right and we're

1206
01:34:05,024 --> 01:34:10,784
over here doing two-hour content every night and these they feel bad for us they're scared that

1207
01:34:10,784 --> 01:34:16,224
about us being in the right spot it's like we're doing literal analysis every single day talking

1208
01:34:16,224 --> 01:34:24,304
to people at the front lines of the market and they're worried about us which is uh they're so

1209
01:34:24,304 --> 01:34:29,584
bewildered man the traditional financial markets have no idea what's going on i think it just really

1210
01:34:30,544 --> 01:34:34,944
solidified and confirmed that the bull market hasn't even really started yet because

1211
01:34:35,504 --> 01:34:41,504
everybody's still so behind so can we go can we just go through each point go ahead if you film

1212
01:34:41,504 --> 01:34:47,324
something in February and then you see what happens in the market, why would you ever release

1213
01:34:47,324 --> 01:34:52,524
it? If they, Jeff, if they recorded that and they launched it a week later after they edited it,

1214
01:34:52,764 --> 01:34:58,784
I get it. But after you saw what happened in the market, especially after MSTR True North World

1215
01:34:58,784 --> 01:35:03,544
and Strategy World and what they reported in the last five minutes, it's like,

1216
01:35:04,264 --> 01:35:09,764
I will try and remain professional because I've been coached by people not to use swear words or

1217
01:35:09,764 --> 01:35:11,044
call people names.

1218
01:35:11,584 --> 01:35:12,844
But I don't know how

1219
01:35:12,844 --> 01:35:15,204
you can come out with that.

1220
01:35:15,764 --> 01:35:17,704
The clips that will be taken out of that

1221
01:35:17,704 --> 01:35:19,784
FT video, we will

1222
01:35:19,784 --> 01:35:21,744
use in the documentary as an example

1223
01:35:21,744 --> 01:35:22,784
of what not to do.

1224
01:35:24,004 --> 01:35:24,184
Yeah.

1225
01:35:24,624 --> 01:35:26,284
But you assumed that they were paying attention

1226
01:35:26,284 --> 01:35:27,904
after they recorded it with Jeff.

1227
01:35:27,964 --> 01:35:44,368
I think they probably recorded it then took their eyes off the ball and weren paying attention whatsoever So it was very clear with what they actually put out I mean I did an hour interview with this woman right And there I got what I mean composite like a minute and a half of clips right

1228
01:35:44,368 --> 01:35:48,968
And they even took everything I said out of context too, right?

1229
01:35:48,968 --> 01:35:53,748
Which was incredibly annoying because, you know, I'm explaining what's going on, like,

1230
01:35:53,748 --> 01:35:55,568
you know, slicing the risk.

1231
01:35:55,568 --> 01:35:59,668
simply I had like all of my thoughts that I wanted like here's the points I want to hit

1232
01:35:59,668 --> 01:36:07,768
and hit him him very sharp very clean and they they like pieced pieces together to make it seem

1233
01:36:07,768 --> 01:36:13,868
almost like I was um you know like just incredibly risky and I think there's no risk in this in this

1234
01:36:13,868 --> 01:36:18,488
thing in this trade at all and it was just so strange like that was what they picked like there

1235
01:36:18,488 --> 01:36:22,688
were so many other things that were heavier and juicier that were actually informative

1236
01:36:22,688 --> 01:36:29,528
but they just scrapped all of it and they did the same with sailors piece they had this woman on

1237
01:36:29,528 --> 01:36:33,588
they were saying like the the balance sheet is they have loads and loads of debt on their balance

1238
01:36:33,588 --> 01:36:39,168
sheets like you clearly haven't looked at their balance sheet that like they literally had report

1239
01:36:39,168 --> 01:36:43,148
like people were i don't see how you feel comfortable saying that stuff in front of a

1240
01:36:43,148 --> 01:36:49,168
camera if you actually have no fucking clue what's going on it was crazy they were trying to do a

1241
01:36:49,168 --> 01:36:51,988
soft hit piece is just how I viewed it.

1242
01:36:52,488 --> 01:36:56,128
And turns out to be the biggest marketing piece of the year for Bitcoiners.

1243
01:36:57,408 --> 01:36:59,568
Like, honestly, that's that's how it came.

1244
01:36:59,608 --> 01:37:00,648
That's how it came off.

1245
01:37:00,688 --> 01:37:05,728
And I mean, and to Graine's point, I really don't think that they were paying

1246
01:37:05,728 --> 01:37:08,848
attention to it after they recorded it.

1247
01:37:08,928 --> 01:37:12,888
And because if they were, they probably would have changed things up a little bit,

1248
01:37:13,168 --> 01:37:14,648
especially that point about the teeth.

1249
01:37:14,688 --> 01:37:18,088
I know everyone's been talking about it, but the fact that she said that and they

1250
01:37:18,088 --> 01:37:23,828
kept it in is unbelievably hilarious. And now she's never

1251
01:37:23,828 --> 01:37:26,328
gonna let it live it down. Someone's probably gonna come

1252
01:37:26,328 --> 01:37:28,708
out with a meme coin on Solana about it called teeth and tooth

1253
01:37:28,708 --> 01:37:34,228
or something. So it is just gonna be a whole situation,

1254
01:37:34,228 --> 01:37:36,548
especially as we start to run higher, they're gonna have to

1255
01:37:36,548 --> 01:37:38,668
eat their words and people gonna be clipping that up and

1256
01:37:38,668 --> 01:37:43,048
they're gonna be making it making them look rather foolish

1257
01:37:43,088 --> 01:37:44,188
in hindsight.

1258
01:37:44,968 --> 01:37:47,068
Yeah, a lot of people are saying, you know, never never

1259
01:37:47,068 --> 01:37:50,868
trust someone else's editor or trust journalists. That's the exact reason why we're making a

1260
01:37:50,868 --> 01:37:57,208
documentary. We want to tell the stories ourselves. And we've got a team of Bitcoiners that's filming

1261
01:37:57,208 --> 01:38:01,108
this documentary. And we're going to be able to tell the story the way we want to tell the story

1262
01:38:01,108 --> 01:38:07,408
and not rely on anybody else telling the story. Because clearly, everybody else out there who

1263
01:38:07,408 --> 01:38:11,908
thinks they know what's going on has got it wrong. And they're concerned about us for making 3,000%

1264
01:38:11,908 --> 01:38:17,528
returns. They can't even conceptualize an asset where you can actually store your energy without

1265
01:38:17,528 --> 01:38:23,408
decay. They don't understand technology. They don't understand. What's clear to me, what I think

1266
01:38:23,408 --> 01:38:29,848
is happening is there's this intelligence gap that's happening with people that haven't used

1267
01:38:29,848 --> 01:38:36,748
computers, don't understand AI, are not using the internet and leveraging Google. I grew up and was

1268
01:38:36,748 --> 01:38:41,628
born with Google. So I've Googled everything since I was a little kid. And now I'm using AI. I'm AI-ing

1269
01:38:41,628 --> 01:38:48,748
everything and i i there's there's just a huge knowledge gap between those that have not done

1270
01:38:48,748 --> 01:38:55,388
that and those that have and i feel like they're like bitcoin fits within that knowledge gap well

1271
01:38:55,388 --> 01:39:00,108
there's there's a knowledge gap and there's a humility gap as well she flat out said i don't

1272
01:39:00,108 --> 01:39:08,348
understand this but i'm gonna short it yes and she and jeff she felt bad for your portfolio i i

1273
01:39:08,348 --> 01:39:10,268
She was condescending.

1274
01:39:10,528 --> 01:39:11,908
Let's not use her name.

1275
01:39:12,428 --> 01:39:14,968
Look, look, that's absurd.

1276
01:39:15,448 --> 01:39:18,928
By the way, this will continue to, look, they'll get the S&P 500.

1277
01:39:19,288 --> 01:39:20,928
The stock will do another 10x.

1278
01:39:21,168 --> 01:39:25,328
People that bought two years ago will have a 100x.

1279
01:39:25,688 --> 01:39:26,888
10 times 10 is 100.

1280
01:39:27,088 --> 01:39:28,568
So that's where I get the two 10xs.

1281
01:39:28,728 --> 01:39:33,008
That's why they did the additional shares that they could then float in the future.

1282
01:39:33,128 --> 01:39:34,668
This was all voted on earlier this year.

1283
01:39:34,868 --> 01:39:38,148
I got into an argument with Francis Coppola, the British economist.

1284
01:39:38,348 --> 01:39:44,248
whatever a couple years ago and she blocked me she said bitcoin is not scarce because you can

1285
01:39:44,248 --> 01:39:49,588
divide it into 100 million satoshis she said if i have a slice of pizza i could keep on dividing

1286
01:39:49,588 --> 01:39:56,428
into slices to feed the whole world and i was like you can't divide a slice of one pizza to

1287
01:39:56,428 --> 01:40:02,968
feed the whole world you're just not getting a lot right and she and she blocked me and i'm like

1288
01:40:02,968 --> 01:40:05,228
You might be, I'll just say it.

1289
01:40:05,648 --> 01:40:06,368
You're dumb.

1290
01:40:06,768 --> 01:40:08,628
That's why that movie is called Dumb Money.

1291
01:40:09,148 --> 01:40:09,748
And you know what?

1292
01:40:09,848 --> 01:40:16,468
If you're a credentialed professor of economics and you don't understand Austrian economics

1293
01:40:16,468 --> 01:40:23,428
and monetary debasement, because I asked Grock or Chad GPT, it's not taught in any of the

1294
01:40:23,428 --> 01:40:24,328
Ivy League schools.

1295
01:40:25,028 --> 01:40:28,908
And what Tad Smith said, the brilliant Tad Smith is, I was a professor at NYU.

1296
01:40:28,908 --> 01:40:30,228
I'm not mocking Tad at all.

1297
01:40:30,468 --> 01:40:32,008
I was a professor at NYU.

1298
01:40:32,008 --> 01:40:37,648
Tim, you did the interview. That clip is on the internet, right? You can tell you how old I am.

1299
01:40:37,708 --> 01:40:42,308
I'm saying the internet, the interwebs. And it says, I was a professor of economics,

1300
01:40:42,308 --> 01:40:47,508
and I didn't realize if you take a look at the OECD nations, that it's about 7% monetary

1301
01:40:47,508 --> 01:40:57,108
debasement per year, plus 2% for inflation. So your hurdle rate is 9%. And then if your risk-free

1302
01:40:57,108 --> 01:41:05,008
return is 4%. 9 and 4 is 13. You're gaining no relative wealth. I didn't say this. Tad Smith,

1303
01:41:05,128 --> 01:41:09,648
the brilliant guy said that. And he's like, well, your relative wealth is not growing at all.

1304
01:41:11,128 --> 01:41:17,808
And so we have people that are being condescending to you. I don't like that. I would love to do an

1305
01:41:17,808 --> 01:41:22,968
inter... You know what? I would do a debate. Let me be clear. No, no. I'm going to say it right now.

1306
01:41:22,968 --> 01:41:31,368
the Financial Times, I will donate $10,000 to the charity of their choice if they do a live

1307
01:41:31,368 --> 01:41:37,988
debate with me. I want to be very clear. The Financial Times, I will donate $10,000

1308
01:41:37,988 --> 01:41:44,648
to any charity anywhere in the world and send it. I want to make sure that this is cut and done.

1309
01:41:44,788 --> 01:41:52,568
I'm pulling off the gloves. And if you're too chicken to do it, I'll just donate the $10,000

1310
01:41:52,968 --> 01:41:55,428
and say, oh, I donated this to charity

1311
01:41:55,428 --> 01:41:58,768
because you're too dumb and condescending

1312
01:41:58,768 --> 01:42:01,428
to have a conversation about this.

1313
01:42:02,368 --> 01:42:03,548
The gloves are off.

1314
01:42:03,568 --> 01:42:04,008
Well, hell yeah.

1315
01:42:04,548 --> 01:42:06,228
So that's where I stand.

1316
01:42:06,908 --> 01:42:08,188
I want this to be kind of.

1317
01:42:08,188 --> 01:42:09,748
They could go viral and wild.

1318
01:42:10,528 --> 01:42:11,568
And you know what?

1319
01:42:11,948 --> 01:42:14,448
If they don't do it and they don't respond to this,

1320
01:42:14,728 --> 01:42:17,148
I will make sure that this is a meme to go around.

1321
01:42:18,348 --> 01:42:20,688
We will meet them with the tooth meme

1322
01:42:20,688 --> 01:42:21,568
of the thing like this.

1323
01:42:21,568 --> 01:42:27,328
ooh going around right we all saw that what do they want they want to donate to a charity or

1324
01:42:27,328 --> 01:42:32,368
not and by the way if she's so good at investing because obviously she's the market's columnist

1325
01:42:32,368 --> 01:42:38,368
she came in in fifth from the bottom out of a thousand and thirty i listened to the whole video

1326
01:42:39,008 --> 01:42:45,328
i'll tell you what let's do two to one we'll let the internet prove to see who got it right and

1327
01:42:45,328 --> 01:42:52,128
And we'll go two to one to see if you put up 10 grand and I'll put up 20 grand and I'm calling you out.

1328
01:42:52,568 --> 01:42:54,468
I'm tired of this crap.

1329
01:42:54,468 --> 01:42:57,608
And by the way, Paul Krugman, Mohammed L.

1330
01:42:57,748 --> 01:43:00,808
Aryan, all you clowns, it's the same offer.

1331
01:43:01,208 --> 01:43:02,208
The helmet is off.

1332
01:43:02,468 --> 01:43:03,448
The helmet is off.

1333
01:43:03,448 --> 01:43:04,148
The helmet is off.

1334
01:43:04,308 --> 01:43:05,228
I got a Coke.

1335
01:43:05,648 --> 01:43:06,388
And you know what?

1336
01:43:06,828 --> 01:43:08,248
You guys go do your things.

1337
01:43:08,348 --> 01:43:11,148
MSTR True North to go contact those people.

1338
01:43:11,508 --> 01:43:12,008
Mohammed L.

1339
01:43:12,048 --> 01:43:13,668
Aryan gets on CNBC at Joe Krugman.

1340
01:43:13,788 --> 01:43:15,168
What do you think about Bitcoin?

1341
01:43:15,328 --> 01:43:22,528
Muhammad L. Aaron's like, what? We're making 4% on a sovereign note. And then I just cue the story

1342
01:43:22,528 --> 01:43:27,268
that I just said about Tad Smith. I don't know how you can listen to this, this crap, and people

1343
01:43:27,268 --> 01:43:33,548
aren't animated. Jeff, I said this to you before, and I'll be done in two seconds. Your professionalism

1344
01:43:33,548 --> 01:43:40,568
and your calmness to have these type of conversations, I don't have that skill set.

1345
01:43:40,568 --> 01:43:48,048
I don't. And with that, I will put my money where my mouth is. Anybody can call me anytime. You guys

1346
01:43:48,048 --> 01:43:52,428
know how to get in contact with me, the financial times. I think they're chicken. We had different

1347
01:43:52,428 --> 01:43:57,068
words because I'm Gen X. I can't say those words because they're not socially acceptable now,

1348
01:43:57,108 --> 01:44:02,328
but I think they're chicken. They won't do it. I'm almost done with my rant. I'll drop off.

1349
01:44:02,708 --> 01:44:06,928
And you know what, guys, maybe I should stick to a Diet Coke because there's no sugar in it.

1350
01:44:06,928 --> 01:44:14,128
because that's what you know brandon just said i want to call it yeah great he's got the gloves off

1351
01:44:16,768 --> 01:44:23,328
i feel great i hope you guys feel great and i i think this is good tv we're not even on tv i don't

1352
01:44:23,328 --> 01:44:28,128
even know what even what this restream thing is i can't figure this out we've got we've got 35 000

1353
01:44:28,128 --> 01:44:33,648
people here that just 35 000 people yeah that saw you uh you're doing a ten thousand dollar no i'm

1354
01:44:33,648 --> 01:44:35,148
I'm not even done yet with this rant.

1355
01:44:35,268 --> 01:44:35,488
They got to get,

1356
01:44:35,668 --> 01:44:37,128
so when I was at strategy world,

1357
01:44:37,188 --> 01:44:37,428
they're like,

1358
01:44:37,548 --> 01:44:37,908
they're like,

1359
01:44:37,988 --> 01:44:38,528
they're like,

1360
01:44:38,788 --> 01:44:39,588
what do you guys do?

1361
01:44:39,628 --> 01:44:40,888
I'm part of MSTR true North.

1362
01:44:40,988 --> 01:44:41,388
What's that?

1363
01:44:41,408 --> 01:44:41,628
I'm like,

1364
01:44:41,648 --> 01:44:41,828
oh,

1365
01:44:41,828 --> 01:44:43,628
we have anywhere 10 to 12,000 people,

1366
01:44:43,728 --> 01:44:46,508
sometimes 35,000 people on a Wednesday call.

1367
01:44:46,528 --> 01:44:46,848
And they go,

1368
01:44:47,968 --> 01:44:48,828
what do you talk about?

1369
01:44:49,728 --> 01:44:50,268
I'm like,

1370
01:44:50,348 --> 01:44:52,888
it says MSTR true North.

1371
01:44:53,748 --> 01:44:55,028
That's what we talk about.

1372
01:44:55,148 --> 01:44:55,308
Right.

1373
01:44:56,048 --> 01:44:56,708
We like the stuff.

1374
01:44:57,028 --> 01:44:57,268
And like,

1375
01:44:57,368 --> 01:44:59,448
and you talk about it for how long?

1376
01:44:59,488 --> 01:45:00,288
Like 20 minutes.

1377
01:45:00,348 --> 01:45:00,608
I'm like,

1378
01:45:00,908 --> 01:45:01,208
nah,

1379
01:45:01,408 --> 01:45:02,088
two hours.

1380
01:45:02,088 --> 01:45:04,628
and people stay on for two hours?

1381
01:45:04,788 --> 01:45:05,748
I'm like, yeah.

1382
01:45:06,588 --> 01:45:08,688
So anyway, that's where we're at.

1383
01:45:09,788 --> 01:45:12,128
I'll put them all in my crosshairs right there

1384
01:45:12,128 --> 01:45:15,008
and be like, look, I'll donate money to charity,

1385
01:45:15,468 --> 01:45:18,648
to ASPCA, save the dogs or cats, whatever.

1386
01:45:19,328 --> 01:45:20,508
LaDosia, you in for this?

1387
01:45:20,588 --> 01:45:21,608
I need you to meme this.

1388
01:45:21,908 --> 01:45:23,248
Save the dogs, save the dogs.

1389
01:45:23,728 --> 01:45:25,488
Tim, you're going to be the, I don't want to point.

1390
01:45:25,628 --> 01:45:27,808
Tim, you get to be the panelist.

1391
01:45:28,308 --> 01:45:30,388
I'll fly to New York, we'll do it in person.

1392
01:45:30,388 --> 01:45:36,608
so tim will you be the panelist to do this let's go let's go let's go let's go higher

1393
01:45:36,608 --> 01:45:41,208
i think uh vibes capital would support this too yeah yes

1394
01:45:41,208 --> 01:45:49,148
right we'll do that i don't know a guy that used to wear a helmet what are you scared of

1395
01:45:49,148 --> 01:45:55,108
put it out there somebody clip it up throw it at him at financial times

1396
01:45:55,108 --> 01:46:01,768
so financial times has 1.22 million subscribers so they felt comfortable putting that out which

1397
01:46:01,768 --> 01:46:07,968
is crazy we also haven't tweeted since like 2023 if you take a look at their page oh the youtube

1398
01:46:07,968 --> 01:46:13,908
the youtube has 1.2 million subscribers and they do well yeah but their quarter has millions as

1399
01:46:13,908 --> 01:46:18,908
well yeah yeah and that's why i say it's a humility gap and i don't even know if um they'll they'll

1400
01:46:18,908 --> 01:46:23,948
bite on it when you have someone interviewing you that says not only was did i lose money on my

1401
01:46:23,948 --> 01:46:29,188
trade not only do I not understand it but I'm still gonna exert caution over it that there

1402
01:46:29,188 --> 01:46:34,808
just shows what you're dealing with these individuals are arrogant in their stupidity

1403
01:46:34,808 --> 01:46:41,168
and you just kind of have to let them stay that way and when you know a burrito cost $40 and guac

1404
01:46:41,168 --> 01:46:45,668
costs $5 and they can't afford it they'll look back on these signs and think they should invest

1405
01:46:45,668 --> 01:46:49,028
that that's all that's all that's gonna that's gonna happen with it they're not gonna change

1406
01:46:49,028 --> 01:46:55,208
their minds and if they do change their minds they're not going to admit it not publicly this

1407
01:46:55,208 --> 01:47:01,448
it's just it's so um I'm so baffled that everybody's so bewildered right I I knew this was happening

1408
01:47:01,448 --> 01:47:08,648
but like I just it shows that it just shows so clearly how behind so many people are right these

1409
01:47:08,648 --> 01:47:18,248
are people that literally write articles about markets that are supposedly at the front of like

1410
01:47:18,248 --> 01:47:25,888
what's going on in the markets and and then proceeded at the end of it was i still don't

1411
01:47:25,888 --> 01:47:29,988
get this thing i've been following bitcoin for seven years i still don't get this thing

1412
01:47:29,988 --> 01:47:36,388
had a conversation with sailor had a conversation like an hour conversation with me and continues

1413
01:47:36,388 --> 01:47:41,168
to say they don't get it and it cut like purposely cuts out all the pieces where i talked about the

1414
01:47:41,168 --> 01:47:46,708
things that what's happening so it seems so strange it's like are they are they trying to

1415
01:47:46,708 --> 01:47:51,868
prevent other people from getting it too? Do they actually get it? Is this a PSYOP? You know, like,

1416
01:47:51,868 --> 01:47:57,088
it's like, you start to think, right? This is so crazy. Like, how do you not get it? Like,

1417
01:47:57,108 --> 01:47:59,548
this has got to be like somebody's, this is a PSYOP. It's got to be.

1418
01:47:59,668 --> 01:48:02,488
That's why I've added befuddled and smickeldorfs to the list.

1419
01:48:03,808 --> 01:48:04,388
It's great.

1420
01:48:04,388 --> 01:48:05,828
I don't even know what a smickeldorff is.

1421
01:48:05,828 --> 01:48:07,128
In addition to being befuddled.

1422
01:48:07,368 --> 01:48:07,648
Yeah.

1423
01:48:07,888 --> 01:48:10,108
And bewildered. Yeah. Smickeldorfs, for sure.

1424
01:48:10,208 --> 01:48:15,448
Look, folks, do not attribute, I think I made this term up. Maybe I didn't.

1425
01:48:15,448 --> 01:48:21,108
Do not attribute to a conspiracy, which is most likely due to stupidity.

1426
01:48:21,368 --> 01:48:24,608
And I hate using that word or incompetence.

1427
01:48:24,608 --> 01:48:31,248
Do not attribute a conspiracy to something that is most likely mediocre thinking.

1428
01:48:31,948 --> 01:48:33,308
And that's what I would say to them.

1429
01:48:33,428 --> 01:48:38,008
If I would not be any more successful than FT, if I followed their advice.

1430
01:48:38,208 --> 01:48:40,808
And that's the reason why I have multiple helmets.

1431
01:48:41,188 --> 01:48:44,468
I'm trying to make spit that out as I'm talking.

1432
01:48:44,468 --> 01:48:53,028
but so here's here's a crazy part here's a crazy stat markets financial times was bought for 1.5

1433
01:48:53,028 --> 01:48:58,708
billion in 2015 so they're now owned by the nikki i think and uh they're they're a private company

1434
01:48:58,708 --> 01:49:02,628
but i think they're probably valued at i don't know three billion or something like that just

1435
01:49:02,628 --> 01:49:09,108
taking you know monetary supply they're valued it it's just a crazy it's just crazy that that

1436
01:49:09,108 --> 01:49:14,708
company is is worth that much and this is their viewpoint on things i haven't looked at any of

1437
01:49:14,708 --> 01:49:19,988
their other stuff and it just like i can't look at any of their stuff anymore it was like credibility

1438
01:49:19,988 --> 01:49:25,988
evaporated like financial times is completely roasted on x like if anything comes up on

1439
01:49:25,988 --> 01:49:33,828
financial times from from here on out roasted like brand ruining anybody on twitter that was

1440
01:49:33,828 --> 01:49:39,188
that was alive today looking at twitter x feed will never look at financial times ever again

1441
01:49:41,108 --> 01:49:48,148
like no no credibility like you got you just like totally nuked a whole potential cohort of people

1442
01:49:48,148 --> 01:49:52,388
that could pay for your product i don't know this whole thing so you know what though but

1443
01:49:52,388 --> 01:49:57,348
you know somebody i love reading the comments as they're going by somebody said you know aliens

1444
01:49:59,268 --> 01:50:02,948
when we go to when we were at strategy was it just aliens i missed that one

1445
01:50:03,828 --> 01:50:12,508
I don't think I'm an alien, but maybe I am an alien. I wouldn't know. But it's not because it's aliens.

1446
01:50:13,508 --> 01:50:24,048
So look, if you go to Strategy World and MSTR True North there at the conference within a conference within a conference, you go there and all of a sudden, wow, we're the normal people.

1447
01:50:24,608 --> 01:50:31,688
Everybody is happy, smiling, because they know if you cannot retire now, you will be able to retire at some point in the future.

1448
01:50:31,688 --> 01:50:52,648
You'll be able to pay for your kid's college. You'll be able, you know that there's a hope that if you don't have a high paying job, but you do what's necessary, that you will be able to retire. Okay. So with that, when you go to a conference, it's different than any other event. And you'll see that also at the Bitcoin conference, that people are happy and having fun and want to talk to people.

1449
01:50:52,648 --> 01:51:08,328
But then when you go back to the real world, which you're surrounded by regular people that don't get anything that I just ranted about, you're like, and they're saying, oh, we can't even buy eggs because they're sold out and they're $12 a dozen.

1450
01:51:08,868 --> 01:51:10,148
You're like, what?

1451
01:51:10,808 --> 01:51:13,828
And so then you come back and you're like, well, maybe there's a better way.

1452
01:51:13,888 --> 01:51:15,848
And like, I don't think there is a better way.

1453
01:51:16,128 --> 01:51:17,688
I'm like, you're just not paying attention.

1454
01:51:17,768 --> 01:51:18,908
I feel bad for those people.

1455
01:51:18,948 --> 01:51:19,668
I truly do.

1456
01:51:20,028 --> 01:51:21,368
Because they just don't know.

1457
01:51:21,368 --> 01:51:23,888
And Saylor has 4 million followers.

1458
01:51:24,328 --> 01:51:36,912
And I like really You making that comment to a guy that has 4 million followers and they concede everything Accretive dilution Best performing stock in five years

1459
01:51:37,392 --> 01:51:38,892
They roll through all the stats.

1460
01:51:39,012 --> 01:51:40,512
I'm like, oh, yeah, we don't get it.

1461
01:51:40,592 --> 01:51:42,032
I'm like, what don't you get?

1462
01:51:43,112 --> 01:51:44,052
I bet you money.

1463
01:51:44,272 --> 01:51:46,292
She does not know a lot about Michael Saylor.

1464
01:51:47,072 --> 01:51:49,472
She did just enough to get through that interview.

1465
01:51:49,472 --> 01:51:54,992
she did not do a deep dive on sailor whatsoever which is why she's bewildered

1466
01:51:54,992 --> 01:52:02,712
the photo that's Michael dork like what she said made no sense the teeth example

1467
01:52:02,712 --> 01:52:07,112
the fact that she said that she shorted and she was wrong that she doesn't get

1468
01:52:07,112 --> 01:52:11,112
it she didn't know she did not understand who Michael sailor was she

1469
01:52:11,112 --> 01:52:15,072
did not understand what he was doing and she did not understand Bitcoin she did

1470
01:52:15,072 --> 01:52:21,472
understand strategy she was completely in over her head and was trying to sound smart that that's

1471
01:52:21,472 --> 01:52:27,312
that's how it comes off but adrian let's just assume everything you're saying is correct

1472
01:52:28,352 --> 01:52:33,712
i i don't know how you post a video like this three months after you record it you would have

1473
01:52:33,712 --> 01:52:38,112
to look and be like oh let me check to make sure i don't even know what what makes you think that

1474
01:52:38,112 --> 01:52:44,192
people are that self-aware have you seen what's online these days like like like people people

1475
01:52:44,192 --> 01:52:49,552
are not that self-aware and institutionally the financial times will not be that internally aware

1476
01:52:49,552 --> 01:52:54,752
they're they're interested in getting clicks and they're in their calculus at that time when jeff

1477
01:52:54,752 --> 01:52:59,872
recorded the the interview was the stock is down it's not doing well this is the perfect time for

1478
01:52:59,872 --> 01:53:05,792
us to release this video and it probably got lost in translation they didn't do any follow-up and

1479
01:53:05,792 --> 01:53:10,832
they released it anyway she talked about her teeth yeah like let's just let's just simplify

1480
01:53:10,832 --> 01:53:15,952
she talked about her teeth i know i i think i think one of one of the things that i think i'm

1481
01:53:15,952 --> 01:53:23,792
struggling to grasp here with with these reporters is that um they failed to recognize brilliance

1482
01:53:24,592 --> 01:53:30,032
right i feel like true brilliance is recognizing brilliance like when you can see it and when i

1483
01:53:30,032 --> 01:53:36,352
first saw sailor speak i was like oh my god that guy's that guy's brilliant i need to listen to more

1484
01:53:36,352 --> 01:53:44,432
And then you follow it, right? And you keep following it. And I don't know how you can

1485
01:53:44,432 --> 01:53:49,872
have a conversation with that guy. I'm presuming it's an hour conversation where he drops these

1486
01:53:49,872 --> 01:53:59,152
knowledge bombs about quadratic financial flywheel or whatever it was. I'm assuming 90% of the

1487
01:53:59,152 --> 01:54:05,312
conversation got cut out. And how can you not finish that conversation and not be like, whoa,

1488
01:54:06,112 --> 01:54:13,872
i need to i need to do a lot more here well it was it was in there she she was like surprised

1489
01:54:13,872 --> 01:54:18,912
yeah well she was like okay i need to take a walk around the block yeah but that was as far as it

1490
01:54:18,912 --> 01:54:23,792
went but then then proceeded to have the soliloquy at the end of like i don't get this thing teeth

1491
01:54:23,792 --> 01:54:29,952
are more scarce than big you know it's like hold on yeah you stopped there and like you you didn't

1492
01:54:29,952 --> 01:54:36,832
go any further brilliance may recognize brilliance but stupid is a stupid does

1493
01:54:37,712 --> 01:54:44,272
but that's just the way we got to think about it okay look adrian you you can now be my best friend

1494
01:54:44,272 --> 01:54:50,672
with that forrest gump quote okay that's from that is awesome stupid is a stupid does and and and

1495
01:54:50,672 --> 01:54:57,632
sometimes people are serve as as an example of what not to do the other thing that i could tell

1496
01:54:57,632 --> 01:55:02,752
you that people are really bewildered about and where I'm different from a lot of people. This is

1497
01:55:02,752 --> 01:55:08,752
not financial advice but I think that when you make life-changing money, take off 20% off the top,

1498
01:55:08,752 --> 01:55:13,312
pay your taxes and go live an awesome life. And I've received lots of financial advice.

1499
01:55:13,312 --> 01:55:19,392
If you never sell it, you never have to pay the taxes. And I'm like, well how do I get a new

1500
01:55:19,392 --> 01:55:23,632
helmet because the white one's 10 years. They're like, no, no, no, you don't get a new helmet.

1501
01:55:23,632 --> 01:55:29,012
When you die, you give all the money to your kids and then they get to buy whatever they want.

1502
01:55:29,152 --> 01:55:38,112
And I'm like, and so if I ever talked to a Financial Times person like, wait, you actually sold some of the stuff that, you know, Bitcoin backed treasuries and derivatives and options.

1503
01:55:38,292 --> 01:55:42,152
I'm like, yes, but then you have to pay taxes.

1504
01:55:42,312 --> 01:55:44,812
I'm like, yes, I can't get out of pay.

1505
01:55:45,012 --> 01:55:46,512
Yes, I have to pay taxes.

1506
01:55:46,772 --> 01:55:48,972
And they're like, how would you ever do that?

1507
01:55:49,032 --> 01:55:50,032
You're not supposed to sell it.

1508
01:55:50,032 --> 01:55:54,352
I'm like, well, I don't want to live in a tent as a homeless person.

1509
01:55:54,352 --> 01:55:56,732
So I have to spend money.

1510
01:55:57,292 --> 01:55:58,812
And so we became good.

1511
01:55:58,932 --> 01:56:03,552
When you're in this for eight years, like me, what I do is I sell 20% when it's life

1512
01:56:03,552 --> 01:56:03,912
changing.

1513
01:56:04,112 --> 01:56:06,652
So I don't, I don't think they get anything.

1514
01:56:07,112 --> 01:56:08,352
I don't.

1515
01:56:09,112 --> 01:56:09,592
Yeah.

1516
01:56:11,852 --> 01:56:12,332
Weird.

1517
01:56:12,472 --> 01:56:12,932
It's weird.

1518
01:56:13,032 --> 01:56:14,492
Anyway, whole thing's weird.

1519
01:56:14,712 --> 01:56:16,152
I'm yeah.

1520
01:56:16,152 --> 01:56:18,832
The vibes capital management acquired some teeth today.

1521
01:56:18,832 --> 01:56:24,592
so they're long teeth uh i think they're offering a preferred enamel product and uh i think it pays

1522
01:56:24,592 --> 01:56:28,432
eight percent apy so keep an eye out for that vibes capital management they're doing it they're

1523
01:56:28,432 --> 01:56:35,072
doing a big uh okay let's let's let's hit the last one my bitcoin grill i'm still gonna do that the

1524
01:56:35,072 --> 01:56:40,272
bitcoin grill i think i think you should and remember to pay your taxes and then get the

1525
01:56:40,272 --> 01:56:45,792
bitcoin grill and per grains advice i think we got a hit on bitcoin treasury companies because

1526
01:56:45,792 --> 01:56:52,992
there has been an explosion, right? We have seen there's a movement has begun as Tim Kotzman would

1527
01:56:52,992 --> 01:56:57,712
say on the Herdlerite podcast. And we are off to the races and we're going to see a lot more of

1528
01:56:57,712 --> 01:57:03,072
these hitting the scenes. So I want to get people's thoughts and perspectives. We've seen some really

1529
01:57:03,072 --> 01:57:08,192
boom and kind of bust movement in the equity market for some of these companies. A lot of

1530
01:57:08,192 --> 01:57:14,592
excitement. We saw this with 21. We've now seen it with Nakamoto and Asset. So yeah, just want to

1531
01:57:14,592 --> 01:57:20,792
to get some some thoughts um what you guys are seeing what you guys are thinking i could chime

1532
01:57:20,792 --> 01:57:28,552
in hit it look strategy's got almost a five-year track record it's got michael sailor they've made

1533
01:57:28,552 --> 01:57:33,832
all the gears in the transmissions they have all these different products they have an event we

1534
01:57:33,832 --> 01:57:39,112
have a conference within a conference within a conference you've got la dozier in here right

1535
01:57:39,112 --> 01:57:45,432
can i say where you're from yeah i'm from taiwan yeah but that's not where you actually live

1536
01:57:46,072 --> 01:57:51,832
oh i live in bangkok right so this guy flies all these and you're in new york right now right yeah

1537
01:57:51,832 --> 01:57:56,472
i'm i'm with him so i'm in new york are you wait how do we know it's you and not an alien

1538
01:57:58,072 --> 01:58:03,592
an ai agent he might be an alien but it's really he's really here yeah i'm sure it's really right

1539
01:58:03,592 --> 01:58:08,952
so we we have people that fly in from 20 different countries and by the way i did not know there was

1540
01:58:08,952 --> 01:58:14,952
a flight from Reykjavik directly to Orlando and I'm like, hey, why does that exist? And a really

1541
01:58:14,952 --> 01:58:20,792
smart person says to me, really, really, Grain, you're that dumb? And I'm like, what? Why is there

1542
01:58:20,792 --> 01:58:24,952
a direct flight from Reykjavik to Orlando? I don't get it. You ever think of Disney World? I'm like,

1543
01:58:24,952 --> 01:58:30,152
oh, people in Iceland want to go to Disney World. I didn't know that. I mean, I should know that,

1544
01:58:30,152 --> 01:58:33,912
but I don't know that. I mean, that's not my area of expertise, flights around the world.

1545
01:58:33,912 --> 01:58:39,032
wait what was i talking about btc treasury companies are we gonna bring it back right

1546
01:58:39,032 --> 01:58:42,872
we're gonna bring it back i might be a little bit on the spectrum but i don't think i am i

1547
01:58:42,872 --> 01:58:45,672
think i'm completely normal that's what somebody on the spectrum would say

1548
01:58:48,552 --> 01:58:54,712
it's the sugar in the coke we're all on the spectrum okay look if i want to deploy money

1549
01:58:54,712 --> 01:58:59,752
i want to see a proven track record over time of and especially the company that builds the

1550
01:58:59,752 --> 01:59:06,392
metrics and halves the metrics and calculates these things. It's a proven depth in the executive

1551
01:59:06,392 --> 01:59:12,152
team that's done it before, that understands software, that uses AI, all the Michael Saylor

1552
01:59:12,152 --> 01:59:17,512
qualities, all the Fong Li, all the executive staff getting things done with the SEC. Oh, by the

1553
01:59:17,512 --> 01:59:22,312
way, they petitioned FASB to change the accounting rules because none of the accountants would ever

1554
01:59:22,312 --> 01:59:27,352
do that because the accountants are mediocre. And if somebody says, oh, you're being harsh on

1555
01:59:27,352 --> 01:59:32,052
accountants, well, why didn't you change the fair value accounting if you're so brilliant? No,

1556
01:59:32,112 --> 01:59:38,552
you're not. You're mediocre. So my point about this is that if somebody is capable of having a

1557
01:59:38,552 --> 01:59:44,272
company that changes the way you look at everything, I think that there's a premium for that just on

1558
01:59:44,272 --> 01:59:49,292
that stock because of that great. And every other company wants to emulate it. I think the fast

1559
01:59:49,292 --> 01:59:53,652
followers are great. I think that there are great companies that the ones have a longer track record,

1560
01:59:53,652 --> 02:00:00,272
Those are more investable. The other ones are more speculative. So anyway, with that said,

1561
02:00:00,672 --> 02:00:06,572
if you just look at, I want the other ones to be successful, but they don't have a proven track

1562
02:00:06,572 --> 02:00:13,412
record if they've been doing it for three weeks. Yeah, 100%. What I think has happened here is

1563
02:00:13,412 --> 02:00:19,072
that there's, maybe I'll go this way, basically strategies coming into the market and they've

1564
02:00:19,072 --> 02:00:25,932
plowed their way into the market, right? And they've set the stage and they're very transparent

1565
02:00:25,932 --> 02:00:31,212
in what they're doing. They're looking to get $3 trillion of the fixed income market into Bitcoin.

1566
02:00:31,372 --> 02:00:34,972
They're securitizing Bitcoin. And that's what they're doing. They're incredibly transparent.

1567
02:00:35,172 --> 02:00:39,572
They're not going to go play around in the sandbox somewhere else and go waste some time.

1568
02:00:40,072 --> 02:00:43,452
They're not going to go waste time or human energy to go do anything else. They're focused.

1569
02:00:43,452 --> 02:00:47,952
They're laser focused on what they're doing. And in order to bring that much capital into the market,

1570
02:00:47,952 --> 02:00:52,292
you have to be that trustworthy source that is laser focused in the market and doing that,

1571
02:00:52,552 --> 02:01:00,092
doing that thing. And that's the only thing that you do. Now that provides significant headroom

1572
02:01:00,092 --> 02:01:04,592
and capacity for all of these other Bitcoin treasury companies to come to the scene,

1573
02:01:04,692 --> 02:01:11,812
to go tap fringe pools of capital and use a slightly different strategy in accumulating

1574
02:01:11,812 --> 02:01:17,292
Bitcoin. So you've got all these companies that are going to go a slightly different route. Maybe

1575
02:01:17,292 --> 02:01:22,272
Maybe they've got a cash flowing business in the healthcare realm and they've got cash

1576
02:01:22,272 --> 02:01:25,832
coming in the door and they just capitalize that and throw it into Bitcoin.

1577
02:01:25,832 --> 02:01:30,052
And maybe they start, you know, maybe tapping insurance pools or, you know, reinsurance

1578
02:01:30,052 --> 02:01:36,892
pools or there's different areas of capital that can come in the door and securitize Bitcoin

1579
02:01:36,892 --> 02:01:38,252
in a different way.

1580
02:01:38,252 --> 02:01:41,232
So I think there's capacity for those.

1581
02:01:41,232 --> 02:01:46,772
That being said, there's significantly different risk return profile on those on those equities

1582
02:01:46,772 --> 02:01:50,772
than strategy, somebody that's been doing it for five years and has a proven track record.

1583
02:01:52,132 --> 02:01:54,692
MetaPlanet, different risk return metric as well.

1584
02:01:54,972 --> 02:01:57,372
I mean, somebody I was asking here about MetaPlanet and

1585
02:01:59,732 --> 02:02:00,692
moving strike warrants.

1586
02:02:00,972 --> 02:02:03,612
That's a that's a phenomenon that happens in the Japanese market.

1587
02:02:03,612 --> 02:02:04,812
It's different than the US market.

1588
02:02:04,812 --> 02:02:09,212
So there are what we've seen and what we saw at Strategy World as well.

1589
02:02:10,452 --> 02:02:16,652
There is going to be a MSTR in every single international jurisdiction

1590
02:02:16,772 --> 02:02:23,972
in the world. And I think we saw 10 different countries represented that are running businesses

1591
02:02:23,972 --> 02:02:29,172
in each one of those different jurisdictions to run the strategy playbook in those different

1592
02:02:29,172 --> 02:02:33,172
jurisdictions. So those people that live in those different places have access to Bitcoin exposure

1593
02:02:33,892 --> 02:02:39,412
because they don't have access to buy Bitcoin or they can't buy the ETF or anything like that. So

1594
02:02:39,412 --> 02:02:41,992
so they can buy an equity in their local jurisdiction.

1595
02:02:43,572 --> 02:02:45,112
So there's huge,

1596
02:02:46,072 --> 02:02:48,912
there's going to be just a different risk return profile.

1597
02:02:49,112 --> 02:02:51,592
There will be losers in this market as well.

1598
02:02:51,732 --> 02:02:52,952
I think there are going to be companies

1599
02:02:52,952 --> 02:02:55,632
that kind of get buried under their MNAV

1600
02:02:55,632 --> 02:02:59,572
and have liquidations at some point in the future.

1601
02:02:59,692 --> 02:03:01,232
I used to think that there wasn't going to be

1602
02:03:01,232 --> 02:03:02,772
a bear market in the future.

1603
02:03:03,092 --> 02:03:06,612
And my perspective on that has significantly changed

1604
02:03:06,612 --> 02:03:09,232
understanding how some of the businesses

1605
02:03:09,232 --> 02:03:14,032
are structured and thinking about what that may look like in the future. So there are people there,

1606
02:03:14,032 --> 02:03:20,512
there are going to be companies that take more risk, right? Strategy is the grade A investment

1607
02:03:20,512 --> 02:03:26,352
grade over collateralized, you know, 500 pound gorilla. And then there are other companies that

1608
02:03:26,352 --> 02:03:31,152
may take different risk profiles in order to stack stats as fast as possible.

1609
02:03:33,952 --> 02:03:35,712
May I add one thing on top of that?

1610
02:03:36,992 --> 02:03:37,552
Yeah, go ahead.

1611
02:03:37,552 --> 02:03:44,392
Yeah, so about strategy, right? So there's one thing that strategy has that all these other companies don't have.

1612
02:03:44,392 --> 02:03:47,312
Strategy is orange peeling their own employees.

1613
02:03:47,312 --> 02:03:54,872
Some of them are watching this live stream right now. I saw some employees in the chat, actually.

1614
02:03:54,872 --> 02:04:04,792
So yeah, so, you know, 1700 employees, strategy flies them from all the way from China, from

1615
02:04:04,792 --> 02:04:09,032
India, from Poland, all the way to headquarters to get trained.

1616
02:04:09,032 --> 02:04:10,632
They're building a community.

1617
02:04:10,632 --> 02:04:14,872
They're building a Bitcoin community inside their company.

1618
02:04:14,872 --> 02:04:18,312
This is something that no one else can do and no one else is doing right now.

1619
02:04:18,312 --> 02:04:25,352
So I think this is also highly bullish and unique and hard to replicate.

1620
02:04:26,472 --> 02:04:27,972
Just my opinions here.

1621
02:04:28,632 --> 02:04:28,792
Yeah.

1622
02:04:29,512 --> 02:04:33,772
It is hard to replicate, but if you have a cash flowing business, I think this is where the critical component.

1623
02:04:33,772 --> 02:04:43,012
If you have a cash flowing business and a diversified cash flow, those companies should exist into perpetuity because they should manage their business.

1624
02:04:43,352 --> 02:04:45,972
I think one of the critical components here is risk management.

1625
02:04:45,972 --> 02:04:50,772
If you're running a balance sheet company, very similar to an insurance company again,

1626
02:04:51,172 --> 02:04:55,212
if you're running a balance sheet company, you need to manage your risk. What is your risk? Your

1627
02:04:55,212 --> 02:05:03,292
risk is volatility risk. It's debt and covenant risk. It's duration risk. It's market risk,

1628
02:05:03,612 --> 02:05:08,332
correlation risk. And it's just a completely different risk profile than a traditional

1629
02:05:08,332 --> 02:05:13,072
company may be used to. So there's so many things you could be doing on that front. Monte Carlo

1630
02:05:13,072 --> 02:05:18,432
simulations, running downside situations, having an understanding of the legal dynamics of what you

1631
02:05:18,432 --> 02:05:25,232
can do and what you can't do in certain markets. Like for example, Bitcoin's tradable 24, 7, 365,

1632
02:05:26,272 --> 02:05:32,432
but you can't, if you wanted to buy back shares or stock, it's not, you can't do that 24, 7, 365.

1633
02:05:33,152 --> 02:05:39,952
There are rules and regulations around it and they're pretty strict. So there's this concept.

1634
02:05:39,952 --> 02:05:47,392
Yeah. So, you know, risk management is just incredibly important for any of these companies running this and keeping an eye on that.

1635
02:05:47,452 --> 02:05:53,912
And I think that's something that True North will be able to help do here in the future is keep an eye on leverage in the market.

1636
02:05:54,112 --> 02:05:59,552
Right. In past cycles, leverage has occurred on Bitcoin exchanges, like on crypto exchanges.

1637
02:05:59,872 --> 02:06:02,272
Now leverage is occurring in the equity markets.

1638
02:06:02,912 --> 02:06:07,572
And that's something we can keep an eye on and track as we as we move into into the future.

1639
02:06:09,952 --> 02:06:17,992
anybody else we're almost yeah two hours yeah go ahead so look there are these really fancy terms

1640
02:06:17,992 --> 02:06:22,792
that we use in silicon valley and and so i'm going to start off with them there's four of them when

1641
02:06:22,792 --> 02:06:28,332
you do a tech company you start off with guinea pigging somebody's got to be the test case then

1642
02:06:28,332 --> 02:06:33,652
you go to dog fooding you use your own product to see if it actually works then you migrate to first

1643
02:06:33,652 --> 02:06:40,732
mover advantage. And then after that, you have the 800 pound gorilla. And what happens in each phase,

1644
02:06:40,892 --> 02:06:45,572
you have the detractors and the people that don't know what they're talking about that prevent the

1645
02:06:45,572 --> 02:06:51,032
brilliance from happening. And so what happens is you can't bypass these steps. So now what's

1646
02:06:51,032 --> 02:06:58,112
happened is in each country, you will have a company that's trying to do it, that guinea pigs

1647
02:06:58,112 --> 02:07:03,572
it to be a fast follower. They guinea pig it, it works. Then they have to make sure, oh, we need to

1648
02:07:03,572 --> 02:07:06,172
do more of it and more of it to see if it works over time.

1649
02:07:06,172 --> 02:07:08,172
And then they have first mover advantage.

1650
02:07:08,172 --> 02:07:11,272
Anybody that comes in second place, if they do it right,

1651
02:07:11,272 --> 02:07:13,712
they lose to the 800 pound gorilla.

1652
02:07:13,712 --> 02:07:17,352
This is known in V, this is nothing new in Silicon Valley.

1653
02:07:17,352 --> 02:07:18,992
And if I tell this to the brilliant people,

1654
02:07:18,992 --> 02:07:21,752
they're like, well, how do you know that's gonna happen?

1655
02:07:21,752 --> 02:07:23,432
Well, even when it happens

1656
02:07:23,432 --> 02:07:25,612
and you talk to the 800 pound gorilla,

1657
02:07:25,656 --> 02:07:27,156
They're still in bewilderment.

1658
02:07:27,396 --> 02:07:28,356
And I look at them.

1659
02:07:28,356 --> 02:07:30,996
It's like, have you ever gone to Silicon Valley?

1660
02:07:30,996 --> 02:07:32,596
Do you know what a VC does?

1661
02:07:32,596 --> 02:07:37,536
And I know that I sound I'm on a rant, but after a while, it's like you're mediocre.

1662
02:07:40,236 --> 02:07:43,276
Yeah, I mean, some of these equities will move faster than strategy.

1663
02:07:43,316 --> 02:07:43,976
Absolutely.

1664
02:07:43,976 --> 02:07:48,236
Like they've got a different BTC yield they're acquiring at a different pace.

1665
02:07:48,636 --> 02:07:50,016
I mean, MetaPlanet, we've seen it right.

1666
02:07:50,176 --> 02:07:52,916
MetaPlanet is moving as a rocket.

1667
02:07:52,916 --> 02:07:55,556
But if it's moving one way faster, it also moves the other way faster.

1668
02:07:55,676 --> 02:07:56,556
Just something to keep in mind.

1669
02:07:56,616 --> 02:07:58,176
It's got a different liquidity profile.

1670
02:07:59,356 --> 02:08:04,236
If you needed to turn around and get money out, it might be more difficult in those type of equities.

1671
02:08:04,236 --> 02:08:09,456
So you got to think about the risk return profile of a smaller company is higher, right?

1672
02:08:10,036 --> 02:08:11,316
Higher risk, higher reward.

1673
02:08:11,916 --> 02:08:14,336
And I think it's going to be the same for many of these.

1674
02:08:14,456 --> 02:08:16,336
So a lot of due diligence is necessary.

1675
02:08:16,676 --> 02:08:19,996
And a lot of people probably just take flyers on some of these things.

1676
02:08:19,996 --> 02:08:26,236
and there's a lot of opportunity to continue to fill the pockets of education and research

1677
02:08:26,236 --> 02:08:30,696
on all of these other equities. We're in the golden age of Bitcoin treasury companies.

1678
02:08:31,196 --> 02:08:37,076
This is like year one. Imagine what this looks like 10 years from now.

1679
02:08:38,216 --> 02:08:45,956
It's going to be, I don't know, 25,000, maybe not 25,000, but 1,000 Bitcoin treasury companies

1680
02:08:45,956 --> 02:08:48,876
that people are going to have to keep an eye on. Everybody's going to be talking,

1681
02:08:48,876 --> 02:08:52,496
what's the next one, right? What's the next one? Strategy is going to be a $10 trillion company.

1682
02:08:53,076 --> 02:08:56,616
And we're going to be talking about what the next Bitcoin treasury company is.

1683
02:08:58,916 --> 02:09:03,076
So anyway, we're at two hours and 10 minutes. We should probably wrap it. Let's go around the

1684
02:09:03,076 --> 02:09:09,376
board. Final thoughts. Adrian, we'll start with you. Yeah. So I'll just give some quick thoughts

1685
02:09:09,376 --> 02:09:13,656
on the treasury companies. I think that people that are talking about it being a bubble are being

1686
02:09:13,656 --> 02:09:19,856
a little bit premature. I think that what we're seeing is a new trend. And for some people,

1687
02:09:19,856 --> 02:09:23,716
this trend is going to be a trade. So there's going to be winners and losers. Like you said,

1688
02:09:23,796 --> 02:09:27,536
that's the law of averages. It's just going to happen. And the way these companies are going to

1689
02:09:27,536 --> 02:09:32,896
handle things, there's going to be more leverage and less leverage than others. But I do think

1690
02:09:32,896 --> 02:09:37,996
this is going to be an emergent trend. And it's not a bubble as much as it's a change in a paradigm

1691
02:09:37,996 --> 02:09:42,216
that we're going to see really scale up. So while there will be winners and losers,

1692
02:09:42,216 --> 02:09:45,176
I don't want people to think about finding the next micro strategy.

1693
02:09:45,336 --> 02:09:51,016
They have to find a differentiator besides what can be the next micro strategy.

1694
02:09:51,136 --> 02:09:54,996
So don't just go throwing your money into things and keep your eye on the ball.

1695
02:09:55,296 --> 02:09:58,596
Bitcoin is the ball and don't take your eye off the ball is what I would say.

1696
02:10:00,356 --> 02:10:02,896
Somebody asked first mag seven to adopt Bitcoin strategy.

1697
02:10:03,176 --> 02:10:04,176
And I think it's strategy.

1698
02:10:06,216 --> 02:10:09,356
Over to Tim and Ladozier in New York.

1699
02:10:10,356 --> 02:10:10,876
Go ahead.

1700
02:10:10,876 --> 02:10:15,616
I'm just so happy to be here. Thanks for having me here, guys.

1701
02:10:15,616 --> 02:10:17,716
And we'll see you in Vegas.

1702
02:10:17,716 --> 02:10:20,916
Yeah, you guys are doing amazing work. I love this.

1703
02:10:20,916 --> 02:10:23,536
Yeah, thanks for the support.

1704
02:10:23,536 --> 02:10:38,280
Thanks LaDozier Thank you LaDozier in the house I think in in the future you gonna see lots of new things but i outlined three of them over the last couple of days i think you gonna

1705
02:10:38,280 --> 02:10:43,880
see what i like to call a bitcoin treasury strategist at every bitcoin treasury company

1706
02:10:43,880 --> 02:10:49,960
it's basically just someone to do investor relations community engagement but in my mind i

1707
02:10:49,960 --> 02:10:59,480
feel like a strategist at every company can also be the next group of leaders i mean we're so early

1708
02:11:00,040 --> 02:11:07,160
we're so nascent with all of this that like at a certain point it's just you're gonna need the next

1709
02:11:07,160 --> 02:11:12,440
level the next group of leaders and i think that can be the strategist the bitcoin treasury

1710
02:11:12,440 --> 02:11:17,640
strategist then above that maybe you have like a director of bitcoin uh strategy right like a

1711
02:11:17,640 --> 02:11:23,640
dylan leclair and then above that right you have an executive like a fong lee like a sailor that's

1712
02:11:23,640 --> 02:11:30,600
just beating the table pounding the table on bitcoin and that's you know at least the start

1713
02:11:30,600 --> 02:11:39,320
of like your bitcoin treasury team so yeah um i was i was just totally blown away uh with one of

1714
02:11:39,320 --> 02:11:43,800
my posts when i'm like hey who would be open to working for a bitcoin treasury company and there's

1715
02:11:43,800 --> 02:11:50,760
like over a hundred comments of people like me me me and my one takeaway from that is when i click

1716
02:11:50,760 --> 02:11:55,560
on people's profiles and like we're all just people on a journey the thing that came to my

1717
02:11:55,560 --> 02:12:01,880
mind first was i started looking to see if they had any videos because that's like the the the

1718
02:12:02,440 --> 02:12:09,400
the best way to get to grasp like who is this person so you know i would just encourage someone

1719
02:12:09,400 --> 02:12:15,120
whether it's long form like Ben Workman or whether it's a video to just get involved.

1720
02:12:15,280 --> 02:12:20,440
And it really, this reminds me of the early days of the shale revolution, right?

1721
02:12:20,500 --> 02:12:22,220
My background's in oil and gas.

1722
02:12:22,760 --> 02:12:27,660
And I went and lived in an Airbnb in West Texas for six weeks to set up an office.

1723
02:12:28,300 --> 02:12:32,340
And so many people, I mean, I'm from a very small town in Pennsylvania.

1724
02:12:32,700 --> 02:12:34,860
So many people are like, well, there's no opportunity in my town.

1725
02:12:34,860 --> 02:12:38,980
Well, go to where the opportunity is.

1726
02:12:39,720 --> 02:12:51,000
It's like the answer to the ultimate question of life, the universe, and everything in regard to Bitcoin treasury companies is that you have like 42 days.

1727
02:12:51,820 --> 02:12:52,380
42.

1728
02:12:53,140 --> 02:12:54,980
You have 42 days to make this happen.

1729
02:12:55,140 --> 02:13:01,360
Like make it to Vegas, make it to Prague, or reach out and, you know.

1730
02:13:01,480 --> 02:13:02,500
Make it to New York.

1731
02:13:02,500 --> 02:13:07,840
make it to new york whatever whatever you need to do but like the answer is like hitchhike if you

1732
02:13:07,840 --> 02:13:14,540
need to to where the opportunity is and it was in west texas now it's in cyberspace so i think you

1733
02:13:14,540 --> 02:13:20,520
know there's just so much opportunity for so many people and uh super exciting mstr over shale

1734
02:13:20,520 --> 02:13:27,040
definitely yeah and your your x profile is your resume these days and like the content that you

1735
02:13:27,040 --> 02:13:30,160
provide and that you create is that that's your that's your resume.

1736
02:13:30,720 --> 02:13:41,864
You don need a you don need a traditional resume anymore but you totally right All of these companies that are adopting a Bitcoin treasure strategy are going to need a conduit to the market

1737
02:13:42,424 --> 02:13:44,064
And just like Dylan Leclerc is, right?

1738
02:13:44,064 --> 02:13:46,064
Dylan Leclerc is a conduit to the market.

1739
02:13:46,064 --> 02:13:47,904
He's communicating within the market.

1740
02:13:48,664 --> 02:13:49,584
The people love him.

1741
02:13:49,584 --> 02:13:50,984
He's going on podcasts.

1742
02:13:50,984 --> 02:13:55,744
He's showing up at MIT and Bitcoin investor things.

1743
02:13:55,744 --> 02:13:59,304
Right. And yeah, that's what all of those companies are going to need.

1744
02:13:59,304 --> 02:14:01,304
Yeah. Over to Dan.

1745
02:14:03,304 --> 02:14:12,304
Yeah, I think there's an interesting distinction with all these Bitcoin treasury companies popping up is like the most companies hold US Treasuries on our balance sheet, but most companies aren't banks.

1746
02:14:12,304 --> 02:14:18,304
And so I think moving forward, there's going to be a lot of companies who adopt a Bitcoin treasury strategy to sweep their cash flows into Bitcoin.

1747
02:14:18,304 --> 02:14:24,864
cash flows into bitcoin that would be hugely successful and it's going to uh the best and

1748
02:14:24,864 --> 02:14:29,344
the best analysts of those companies with those are those who can analyze the actual operating

1749
02:14:29,344 --> 02:14:34,544
businesses successfully and then you've also got these financial providers these financial

1750
02:14:34,544 --> 02:14:38,224
institutions that are creating derivative products on top of bitcoin like strategy

1751
02:14:38,224 --> 02:14:41,904
and i still believe that's a winner take most business a lot of people are going to be copycats

1752
02:14:41,904 --> 02:14:46,224
and try to try to do that but who's going to buy the preferred shares of a company with less

1753
02:14:46,224 --> 02:14:50,624
collateral? Who's going to buy the convertible note that's not over collateralized? Who's going

1754
02:14:50,624 --> 02:14:54,544
to buy the options on the less liquid stock? This is that and the next thing with the stock they

1755
02:14:54,544 --> 02:14:59,664
can't trust. So I think strategy is very much so like a bank. I think Bitcoin treasury companies,

1756
02:14:59,664 --> 02:15:05,344
there's going to be a lot of them. Some will be successful in offering financial products.

1757
02:15:05,344 --> 02:15:09,424
Many won't, but the strong companies sweeping their cash flows into Bitcoin,

1758
02:15:09,424 --> 02:15:12,944
I think is a trend that's here to stay. And then strategy is its own beast.

1759
02:15:12,944 --> 02:15:19,344
great points all really great points i think you're right i i might disagree with on the

1760
02:15:19,344 --> 02:15:22,264
preferred stock because it's all going to have different like the market's going to determine

1761
02:15:22,264 --> 02:15:28,724
what the risk is but that'll be exciting that'll be exciting to see you i i look forward to doing

1762
02:15:28,724 --> 02:15:34,464
uh overviews of all those preferred stocks with you dan okay over over to you grain yeah

1763
02:15:34,464 --> 02:15:40,564
look it's very liberating for me not to wear the helmet so i appreciate not wearing it

1764
02:15:40,564 --> 02:15:45,564
There's some reasons. When the podcast come out, it'll explain why I wore the helmet and what went on.

1765
02:15:46,064 --> 02:15:55,804
Some of the people ask how I meet these influential people, or now I'll be on the stage in next week or two weeks in Las Vegas or in Prague.

1766
02:15:56,244 --> 02:16:02,704
Once you put yourself out there, get a blue checkmark, say things that maybe only appeal to a very small percentage of the market.

1767
02:16:03,184 --> 02:16:07,304
The very successful people will be attracted to you based upon your confidence.

1768
02:16:07,844 --> 02:16:09,464
Brian Tracy has this great video.

1769
02:16:10,144 --> 02:16:13,864
I didn't want to post it, but Tim posted it, and then I retweeted it.

1770
02:16:13,864 --> 02:16:20,824
So my takeaway with this is I have the ability now, okay, and I will show my face.

1771
02:16:20,984 --> 02:16:22,664
If they want to know my name, sure.

1772
02:16:22,744 --> 02:16:24,304
You guys will find my name in two minutes.

1773
02:16:24,724 --> 02:16:31,504
And with that said, I will debate anybody at any given time, and the better their credentials are,

1774
02:16:32,124 --> 02:16:45,808
the more likely I post more money to donate to a charity if they do it And I don think I have any takers I think I have none of them that will take that I want to be very clear about this If they do that great

1775
02:16:46,248 --> 02:16:48,168
But they better come with their A game.

1776
02:16:48,488 --> 02:16:52,368
And if they want to bring three against one or four against one, I'm fine.

1777
02:16:52,548 --> 02:16:55,808
If I get to bring my team with me, they will never take the deal.

1778
02:16:55,808 --> 02:16:59,848
So the takeaway for this is my face is revealed.

1779
02:17:00,748 --> 02:17:03,468
I will fly anywhere in the world.

1780
02:17:03,468 --> 02:17:09,128
I will have Tim be the moderator, right?

1781
02:17:09,268 --> 02:17:11,568
And I'll bring my crew if they bring their crew.

1782
02:17:11,768 --> 02:17:13,068
And we will all go there.

1783
02:17:13,668 --> 02:17:16,948
I will pick a stadium to do this if necessary.

1784
02:17:18,468 --> 02:17:21,708
And the gauntlet is thrown down.

1785
02:17:22,448 --> 02:17:23,148
That is it.

1786
02:17:23,528 --> 02:17:25,088
Are they willing to accept it?

1787
02:17:25,148 --> 02:17:27,788
And if they're not, then they're mediocre.

1788
02:17:28,128 --> 02:17:30,608
And I would not waste any of my time on that.

1789
02:17:30,608 --> 02:17:31,728
We'll put it on Polymark.

1790
02:17:32,308 --> 02:17:33,388
Yeah, put it on Polymark.

1791
02:17:33,468 --> 02:17:34,468
You know, we're going to bet.

1792
02:17:34,468 --> 02:17:34,508
Right.

1793
02:17:34,508 --> 02:17:35,788
Congrain out debate.

1794
02:17:36,488 --> 02:17:41,088
Whichever Nobel Prize winning laureate in economics, pick them.

1795
02:17:41,328 --> 02:17:41,728
By the way.

1796
02:17:41,888 --> 02:17:42,808
Sponsored by Coke.

1797
02:17:43,908 --> 02:17:45,928
Let's just run through it.

1798
02:17:46,168 --> 02:18:00,208
Financial Times, anybody at the Forbes Clowns, Wall Street Journal, Muhammad L. Arian, Paul Krugman, Francis Coppola, whatever person you want to pick.

1799
02:18:00,768 --> 02:18:02,928
Nicholas Tlaib, you know, Black Swan.

1800
02:18:02,928 --> 02:18:09,408
i'm like sure but i you know whatever else you want to put me on the joe rogan show i'll do that

1801
02:18:09,408 --> 02:18:15,088
you want joe rogan to interview me with somebody else i'll do it we got to get sailor on joe rogan

1802
02:18:15,088 --> 02:18:22,288
before you get it sorry okay guys make it happen me make it happen we're good you gotta meme it

1803
02:18:22,288 --> 02:18:27,328
you just gotta meme it to reality yeah yeah and by the way sailor said that he looks so much better

1804
02:18:27,328 --> 02:18:34,448
in ai than he does in my life you got to appreciate yeah love it awesome thanks thanks grain yeah we'll

1805
02:18:34,448 --> 02:18:39,088
get you on a debate stage i hope somebody takes you up on that plus the charity that would be nice

1806
02:18:39,728 --> 02:18:46,128
um okay my final comments are we've got a bunch of exciting things on the horizon and you know

1807
02:18:46,128 --> 02:18:51,568
there are a lot of shiny new uh things to get distracted by in the market but like the next

1808
02:18:51,568 --> 02:18:57,808
six months are why I entered this trade two years ago. And this is one of the primary things I've

1809
02:18:57,808 --> 02:19:02,768
been waiting for and sitting in this stock for an entire, for a very long time. I think this is a,

1810
02:19:02,768 --> 02:19:08,048
this is a once in a lifetime moment of strategy, potentially getting SMP inclusion and the front

1811
02:19:08,048 --> 02:19:15,568
running of what that trade might be. And I think there's a lot of excitement for the next couple

1812
02:19:15,568 --> 02:19:19,248
of quarters, especially you've got all these companies out now that are buying Bitcoin

1813
02:19:19,248 --> 02:19:25,168
progressively just getting stronger stronger and growing faster and faster so the flywheel

1814
02:19:25,168 --> 02:19:32,448
has started it's getting faster it's like this wildfire has been ignited and it's spreading

1815
02:19:32,448 --> 02:19:38,208
really quickly it's like a virus so really excited for the future i think we're going higher there's

1816
02:19:38,208 --> 02:19:43,008
so many so many things to be happy about and excited for so that's all i've got thank you

1817
02:19:43,008 --> 02:19:45,708
everybody for the time episode 26 i'm