People from a distance can’t tell who is who

Apparently it’s called “Vaulting” and a particular discipline of horse riding

The network is lucky to have you!

Maintenance > Warranty. Warranty is just an insurance policy, you’d need to get internal failure rates from Kohler to know if it’s a good deal or just an upsell.

Yes quite easy to rent in the Midwest lots to choose from, or do yourself with a hut and auger. https://gulllakefishingcharters.com/luxury-ice-shack-rentals/ is example of low effort option, choose your own adventure though

Nice! Just haven’t bought recent enough, thanks

Love your products, maybe consider a re-occurring subscription option? Not sure how hard that is, I bought bulk but when I run out it be great for it to just show up - nice to have don’t need it

Sopranos, Veep

Listen if you think BTC stops growing I concede this a a bad idea. However, their fixed costs (10.5% on $8B) are small relative to their capital stack ($58B btc) so they can bridge any market type short term. Those fixed costs are their product, so in a scenario where their prefs continue to grow rapidly as they are, they keep growing their capital stack faster than just holding BTC - this is easy to imagine if btc does 20-30 CAGR% over medium to long term. However it’s balanced by adding counterparty credit risk to operate, there is no free lunch.

I’m not saying you or anyone should invest or not, but to imply they have a risk of collapse in a growing or short term stagnant BTC market is wrong I think. Their structure makes sense relying on two key factors -> counterparty risk of operating the business + BTC going up. Either of these fail MSTR will fail too.

Thanks for the chat. 🙏

Fair enough that the path to get to and from $85k to next year or even further matters for a derivatives strategy. So let’s assume MSTR is completely flat in perpetuity for next 5 years at $85k, no big rate reductions to lower their dividend payments and in 2028 they need to either issue equity or sell some BTC to fund current $0.9B burn rate (and let’s assume the 5 yrs of steady above market pref returns does not attract new capital). If mNAV is below 1 they sell BTC to do for next 2 years to get to 2030 that’s 3% of holding. So what - they need a 3% rise in BTC $ price after 5 years to stay flat? I only think this matters if you think BTC will not compound 20-30% CAGR over next 10-15 years with up to 5 year periods of sideways action. They can bridge 5-10 years if they have too and they will still have largest corporate stack by an order of magnitude.

That’s not exactly accurate. They have $1.4B in a cash reserve 21 months of dividends to support the preferred equities. They can tap the ATM on the at preset $8B of prefs even if the prefs don’t grow. They can sell covered calls against their BTC to also generate cash if BTC stays at $85k. They have stated if it stays flat they estimate needed to sell by 2065 based on a derivatives play (I have not checked math but I think it’s closer to 2040)