Michael Saylor

The VIX, which is the S&P volatility, is about 15. The ARR is about 15. Bitcoin is like 60-60. And you can figure it out from the law of large numbers. When Bitcoin is $100 trillion asset class, it's not going to be as volatile. And of course, at some point, companies in the S&P are all going to hold Bitcoin.

The VIX, which is the S&P volatility, is about 15. The ARR is about 15. Bitcoin is like 60-60. And you can figure it out from the law of large numbers. When Bitcoin is $100 trillion asset class, it's not going to be as volatile. And of course, at some point, companies in the S&P are all going to hold Bitcoin.

And so if MicroStrategy gets in the S&P and Tesla owns Bitcoin and other companies, if Microsoft starts buying Bitcoin, pretty soon the performance of Bitcoin is going to goose up, is going to improve the performance of the S&P, and then Bitcoin is going to converge. Bitcoin is always going to be more volatile because it's 24-7, 365.

And so if MicroStrategy gets in the S&P and Tesla owns Bitcoin and other companies, if Microsoft starts buying Bitcoin, pretty soon the performance of Bitcoin is going to goose up, is going to improve the performance of the S&P, and then Bitcoin is going to converge. Bitcoin is always going to be more volatile because it's 24-7, 365.

And it's always going to be higher performance because it doesn't have the risk factors of property or companies and the like.

And it's always going to be higher performance because it doesn't have the risk factors of property or companies and the like.

I think this is what you showed, right? You were showing this. Yeah, that's the chart. Bonds. Gold in the last four years, 6%. Real estate, 10%. S&P 15%.

I think this is what you showed, right? You were showing this. Yeah, that's the chart. Bonds. Gold in the last four years, 6%. Real estate, 10%. S&P 15%.

You know, that's a very useful chart. You can pretty much understand the world if you focus on that, which is if you capitalize on bonds, you're minus 5%. That's why all the banks are struggling, and that's why operating companies can't accumulate capital. Because what that's telling you is that if you're using bonds as capital, it's toxic. It's sucking 5% of your life out of you.

You know, that's a very useful chart. You can pretty much understand the world if you focus on that, which is if you capitalize on bonds, you're minus 5%. That's why all the banks are struggling, and that's why operating companies can't accumulate capital. Because what that's telling you is that if you're using bonds as capital, it's toxic. It's sucking 5% of your life out of you.

And look at the cost of capital, 15%. So here, if you use bonds, you're minus 20% versus the S&P. That means that it's an awful way to build shareholder value. If I asked you, do you want to hold $100 billion of cash in bonds and you're Apple or Microsoft, the answer is no because it's minus 20%. You might as well just give it back to the shareholders. They put it in the S&P index.

And look at the cost of capital, 15%. So here, if you use bonds, you're minus 20% versus the S&P. That means that it's an awful way to build shareholder value. If I asked you, do you want to hold $100 billion of cash in bonds and you're Apple or Microsoft, the answer is no because it's minus 20%. You might as well just give it back to the shareholders. They put it in the S&P index.

But now look at the other side, right? Bitcoin is 4x that. So if I said you could put $100 billion into bonds or $100 billion into the S&P or $100 billion into Bitcoin, which of the three charts do you want? It's pretty obvious. You take the 60%. So what MicroStrategy did is...

But now look at the other side, right? Bitcoin is 4x that. So if I said you could put $100 billion into bonds or $100 billion into the S&P or $100 billion into Bitcoin, which of the three charts do you want? It's pretty obvious. You take the 60%. So what MicroStrategy did is...

We capitalized on Bitcoin, which is 60%, and then we levered it up with cheap convertible debt and equity raises, and we got to 120%. And that's how we ran 30x. That's why we outperformed NVIDIA. We're 2x or 3x NVIDIA over this time period because we're actually capitalized. Now, coming back to the idea of growth,

We capitalized on Bitcoin, which is 60%, and then we levered it up with cheap convertible debt and equity raises, and we got to 120%. And that's how we ran 30x. That's why we outperformed NVIDIA. We're 2x or 3x NVIDIA over this time period because we're actually capitalized. Now, coming back to the idea of growth,

Look, the big idea here is there's $450 trillion of money invested in bonds, invested in real estate, invested in equity by wealthy individuals, families, and institutions, and it's just for a long-term store of value. People that are wealthy just want to stay wealthy. People just want to keep their money. So they're buying these store of value assets from the 20th century

Look, the big idea here is there's $450 trillion of money invested in bonds, invested in real estate, invested in equity by wealthy individuals, families, and institutions, and it's just for a long-term store of value. People that are wealthy just want to stay wealthy. People just want to keep their money. So they're buying these store of value assets from the 20th century

And those store of value assets, they kind of bleed 3% energy because of famine and hurricane and war and inflation and competition and obsolescence and accident and torts and unions. Fill in the blank with all the things that cause your investment not to work. That's 3% of $450 trillion. That's like $10 to $15 trillion of entropy, of chaos every year. So the big idea is Bitcoin is just here.

And those store of value assets, they kind of bleed 3% energy because of famine and hurricane and war and inflation and competition and obsolescence and accident and torts and unions. Fill in the blank with all the things that cause your investment not to work. That's 3% of $450 trillion. That's like $10 to $15 trillion of entropy, of chaos every year. So the big idea is Bitcoin is just here.