Michael Saylor

If you right there, yeah, $325 billion of cash. Are any of these guys in communication with you? Have you spoken to Bill Gates or Warren Buffett or Tim Cook, any of them?

I mean, I speak to anybody about this in confidence, but that I never disclose what I say or that I spoke to them. But I do speak to a lot of mega billionaires and public companies about it. And I make a few points on this one. That $320 billion, that is destroying $32 billion a year.

I mean, I speak to anybody about this in confidence, but that I never disclose what I say or that I spoke to them. But I do speak to a lot of mega billionaires and public companies about it. And I make a few points on this one. That $320 billion, that is destroying $32 billion a year.

They are destroying $3 billion a month in capital because they're generating a 3% after-tax yield at best, and the cost of capital is 15%. So take 12% negative real yield on that. That is the cost. Multiply $325 billion times 12%. That's what the shareholders are paying right now for that.

They are destroying $3 billion a month in capital because they're generating a 3% after-tax yield at best, and the cost of capital is 15%. So take 12% negative real yield on that. That is the cost. Multiply $325 billion times 12%. That's what the shareholders are paying right now for that.

The second point I make is if you look at Microsoft, for example, 98.5% of the equity value of Microsoft is based on forward expectations of quarterly earnings. And 1.5% of the value of Microsoft is based upon tangible liquid assets. And another way to say it is Microsoft is 144 times levered to their quarterly earnings.

The second point I make is if you look at Microsoft, for example, 98.5% of the equity value of Microsoft is based on forward expectations of quarterly earnings. And 1.5% of the value of Microsoft is based upon tangible liquid assets. And another way to say it is Microsoft is 144 times levered to their quarterly earnings.

If they earn $3 billion a quarter or X billion, whatever the number is a quarter, more than that, I guess, but you multiply it by 144X, right? And if they miss by a billion... It's $144 billion where you move.

If they earn $3 billion a quarter or X billion, whatever the number is a quarter, more than that, I guess, but you multiply it by 144X, right? And if they miss by a billion... It's $144 billion where you move.

And the reason why operating companies are like that is because the SEC 33 Act and the SEC 40 Act required that operating companies hold no more than 40% of their liquid assets in securities. So normally they'd use treasury bills. And treasury bills, as we just showed on that chart, are toxic. It's toxic capital. It's poison. You might as well just inject poison into your veins, right?

And the reason why operating companies are like that is because the SEC 33 Act and the SEC 40 Act required that operating companies hold no more than 40% of their liquid assets in securities. So normally they'd use treasury bills. And treasury bills, as we just showed on that chart, are toxic. It's toxic capital. It's poison. You might as well just inject poison into your veins, right?

You're bleeding 10% of your capital a year. So they don't keep the capital. And Bitcoin is a major revolution because starting in 2025, you can account for Bitcoin on fair value basis, which means that Bitcoin is just as good as treasury bills. And it's a commodity, so you can have 100% of your balance sheet in Bitcoin.

You're bleeding 10% of your capital a year. So they don't keep the capital. And Bitcoin is a major revolution because starting in 2025, you can account for Bitcoin on fair value basis, which means that Bitcoin is just as good as treasury bills. And it's a commodity, so you can have 100% of your balance sheet in Bitcoin.

And what that means is Microsoft, if they just stopped divoting out their cash flow and stopped buying back their stock and they convert it to a Bitcoin buy, and you crank in like a conservative, like a 21% assumption, like half their cash flow in Bitcoin, you make a trillion dollars over 10 years. You know, you put all your cash into Bitcoin, you make $2 to $4 trillion for the shareholders.

And what that means is Microsoft, if they just stopped divoting out their cash flow and stopped buying back their stock and they convert it to a Bitcoin buy, and you crank in like a conservative, like a 21% assumption, like half their cash flow in Bitcoin, you make a trillion dollars over 10 years. You know, you put all your cash into Bitcoin, you make $2 to $4 trillion for the shareholders.

If Berkshire did that. No, if Microsoft did it. If Berkshire did it, they would make more. If they flipped that, put $300 billion into Bitcoin and grow 21%, you're generating $60 billion a year of investment income.

If Berkshire did that. No, if Microsoft did it. If Berkshire did it, they would make more. If they flipped that, put $300 billion into Bitcoin and grow 21%, you're generating $60 billion a year of investment income.

Michael, how much do you cold call? Meaning, how much do clients call you versus you call them? Are you also prospecting?

Michael, how much do you cold call? Meaning, how much do clients call you versus you call them? Are you also prospecting?

People contact me. Okay. Like I'm not out there trying to get in the doors to pitch this. I just do it as a public service. I mean, my day job is I focus on microstrategy and our capital markets activity. And, you know, we're going to do an equity or a debt raise or something. And then my copious free time, I advocate and educate on Bitcoin.