Gavin Baker

Yeah. I mean, look at FTX. I mean,

Yeah. I mean, look at FTX. I mean,

Not that anyone did any diligence at FTX. Yeah. Which is an important part of this.

Not that anyone did any diligence at FTX. Yeah. Which is an important part of this.

Well, I do think it is a little... That's why I talked about private equity. These are extremely sophisticated institutions who are always investing alongside their clients. And they're buying established businesses. They're putting leverage on them. But I think private equity is kind of a middle ground on a pooled basis.

Well, I do think it is a little... That's why I talked about private equity. These are extremely sophisticated institutions who are always investing alongside their clients. And they're buying established businesses. They're putting leverage on them. But I think private equity is kind of a middle ground on a pooled basis.

I think you could argue, and maybe those funds would need to change their reporting and their disclosures to deal with kind of the average American. And by that, I mean strengthen it. But I think private equity... His comments were well taken. That's what I would say.

I think you could argue, and maybe those funds would need to change their reporting and their disclosures to deal with kind of the average American. And by that, I mean strengthen it. But I think private equity... His comments were well taken. That's what I would say.

you know, be able to do this.

you know, be able to do this.

At some point, this does get too big. For a while, when it was smaller, you could support the debt.

At some point, this does get too big. For a while, when it was smaller, you could support the debt.

Yeah. So what he is doing is issuing debt and buying Bitcoin with the premise that Bitcoin is always going to go up. And he has made eloquent arguments why that is the case. No trees grow to the sky. And I think the interest expense on his convertible notes is, is 75 million off the top of my head. And by the way, I am, I could care less about micro strategy. Like I'm not close to it.

Yeah. So what he is doing is issuing debt and buying Bitcoin with the premise that Bitcoin is always going to go up. And he has made eloquent arguments why that is the case. No trees grow to the sky. And I think the interest expense on his convertible notes is, is 75 million off the top of my head. And by the way, I am, I could care less about micro strategy. Like I'm not close to it.

I'm not involved. Yeah. I don't know any hedge funds who own it. No horse in the race. Yeah. Yeah. I, I think a lot of hedge funds are short micro strategy, but I have no horse in the race, but the, but he's the underlying business that, you know, pays the interest expense on the debt and, only does $400 million a year in revenue and it's, you know, high gross margin revenue.

I'm not involved. Yeah. I don't know any hedge funds who own it. No horse in the race. Yeah. Yeah. I, I think a lot of hedge funds are short micro strategy, but I have no horse in the race, but the, but he's the underlying business that, you know, pays the interest expense on the debt and, only does $400 million a year in revenue and it's, you know, high gross margin revenue.

But I just, unless debt investors have absolute confidence in Bitcoin has collateral. And I don't think that's where fixed income markets are yet. it will get to a point where it is too big for the size of his company. And then, yeah, maybe he can over collateralize it and, you know, have $10 in Bitcoin for every dollar of debt.

But I just, unless debt investors have absolute confidence in Bitcoin has collateral. And I don't think that's where fixed income markets are yet. it will get to a point where it is too big for the size of his company. And then, yeah, maybe he can over collateralize it and, you know, have $10 in Bitcoin for every dollar of debt.

But then like the magic money creation machine that, you know, I see discussed on X breaks down because that's like, you know, that's very, very different than what is being discussed today.

But then like the magic money creation machine that, you know, I see discussed on X breaks down because that's like, you know, that's very, very different than what is being discussed today.