Perpetual dilution of equity is where the yield comes from. And the fact that it results in a positive yield is because of the delta between the performance of assets and the cost of liabilities. It's...
Great explanation. The breakeven is bitcoin roi 12%. Do you think bitcoin will do like the sp500.
The money supply goes up 10% a year
You are bearish
The money supply goes up 10% a year
You are bearish