Jim Chanos

And it was the biggest.

It was the most liquid.

The premium at two plus was at one point, I think, $50 or $60 billion, just the premium.

It's kind of staggering how big the arbitrage was.

And in my 40 years of experience, when these kinds of things set up,

Maybe their $500 million opportunity, a billion dollars, a couple billion.

You rarely see tens of billions of dollars of premium in these kinds of trades.

It was highly unusual.

It's a good question.

In fact, people that like this concept, and I don't, should be buying the other companies and buying Bitcoin at a discount.

But again, they can't add to their Bitcoin.

So there are some diehards who still believe that MicroStrategy is adding value by being able to sell securities and buy Bitcoin.

The problem is he's doing that at your expense, the new investor.

And so the whole thing just never made sense.

It still doesn't make sense.

It is for them.

So they're still booking hefty gains on their sale of loans.

But look, there's just lots of red flags at Carvana.

It's not new news.

But what really would worry me if I was new to the story is the fact that a Carvana affiliate services the loans, Bridgecrest.