Join us as Jeff Walton unpacks MicroStrategy's innovative financial strategies, including leveraging Bitcoin volatility, issuing convertible bonds, and building a balance sheet of permanent capital. We dive into valuations, ETF dynamics, accretive dilution, and what it means to be the "bank of the future."IN THIS EPISODE YOU’LL LEARN:00:00 - Intro01:49 - What "capturing the spread" means in MicroStrategy's strategy.02:32 - The difference between issuing convertible notes and common stock.06:26 - An explanation of accretive dilution and its role in corporate strategy.09:44 - How MicroStrategy's Bitcoin holdings position it as a "bank of the future."20:52 - Insights into constructing a leveraged balance sheet with permanent capital.23:04 - Why MicroStrategy issued two consecutive convertible bonds.28:49 - How Michael Saylor's "Bitcoin nuclear reactor" concept reshapes volatility.39:47 - The impact of entering the NASDAQ and index weighting on stock performance.48:33 - Metrics to consider when starting a position in MicroStrategy or Bitcoin.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES<ul>
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