We live in a time that people are more inclined to obey an unlawful executive order than they are to follow a court order 🤦🏾♀️.
Dictators are created due to cruelty, cowardice, & compliance! IF THEIR ASSES will ignore the Supreme Court, we can definitely IGNORE HIM!
4.24.25 NHL Playoffs Predictions:
I’m going to say something that shouldn’t be controversial but will be. If you are a Christian, you can support border control and immigration being legal vs illegal. You CANNOT celebrate deportations and get off on the cruelty, and be a real Christ follower. Period
You always own your intellectual property, mailing list, and subscriber payments. With full editorial control and no gatekeepers, you can do the work you most believe in.
Of course advance information on US combat operations is classified. Pretending otherwise is an insult to our troops, who all know this.
The Secretary is unfit to lead.
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So the Republican Party has historically blocked:
-Paid sick leave
-Paid family & medical leave
-Universal childcare
-Universal pre-K
-Expanded Child Tax Credit
-Programs to support reproductive health
And they're wondering why more people aren't having children?
You frame the issue well. A lot of ink has been spilled, but here's another way to frame it:
V = B + A
where V = MSTR's value, B = the value of MSTR's BTC, and A = the value that MSTR can extract from counterparties though capital markets arbitrage, including by issuing stock and converts above fair value.
Taking the limit of both sides as t -> the next risk off event, V -> B as A -> 0.
In plain English, capital markets arbitrage is not a sustainable source of value. It's important to let this really sink in before getting too flustered about how and when it ends.
A couple of reasons why MSTR's capital markets arbitrage isn't a sustainable source of value:
1. You can't do capital markets arbitrate when capital markets close; which they do, regularly
2. MSTR doesn't have a monopoly on selling BTC derivatives, including leveraged equity and BTC-linked convertibles/warrants. Capital markets are very competitive, and other participants will compete away the arbitrage; including other publicly traded companies, by issuing stock and converts, as well as prop desks and hedge funds, by manufacturing competing products.
The arbitrage ends if BTC enters a bear market or if MSTR's vol flatlines, but neither is a necessary condition. It wouldn't surprise me if it's already ended, but we'll only know that in retrospect.
