Michael Saylor

The money is just running from the 20th century to the 21st century. It's moving from physical space to cyberspace. It's moving from the finance space to the digital economy, the analog to the digital. What we're saying is sometimes the most lucrative thing you can do is do nothing. That is to say, I'll give you an example. You have a billion dollars. You're in Africa.

The money is just running from the 20th century to the 21st century. It's moving from physical space to cyberspace. It's moving from the finance space to the digital economy, the analog to the digital. What we're saying is sometimes the most lucrative thing you can do is do nothing. That is to say, I'll give you an example. You have a billion dollars. You're in Africa.

And I tell you, you can go and invest in anything in Africa. You got to hold it for 30 years. I'll give you a thousand guys to analyze everything. Or you can buy a billion dollars of Bitcoin. And you're like, well, the billion dollars of Bitcoin is doing nothing. I'm like, yeah, you're keeping the billion dollars forever and you're doing nothing.

And I tell you, you can go and invest in anything in Africa. You got to hold it for 30 years. I'll give you a thousand guys to analyze everything. Or you can buy a billion dollars of Bitcoin. And you're like, well, the billion dollars of Bitcoin is doing nothing. I'm like, yeah, you're keeping the billion dollars forever and you're doing nothing.

The billion dollars invested in Africa is I'm taking Egyptian risk. I'm taking South Africa. I'm taking Zambia, Central Africa risk. I'm taking Nigeria risk. I'm taking risk on that ranch. So most of the time people have to take risks and then they got to worry about it. Bitcoin is risk stripped away from the capital, right? and inflation stripped away from the capital.

The billion dollars invested in Africa is I'm taking Egyptian risk. I'm taking South Africa. I'm taking Zambia, Central Africa risk. I'm taking Nigeria risk. I'm taking risk on that ranch. So most of the time people have to take risks and then they got to worry about it. Bitcoin is risk stripped away from the capital, right? and inflation stripped away from the capital.

So when I evaluate any investment, my view is, okay, well, is it going to give me a risk-free 29% ARR? By the way, coming back to that, it's like 60% ARR collapsing down to like 20% over 21 years, and the average works out to 29%. And the assumption is the dollar supply keeps growing at 7%, 8%, 9%. And then you get an additional gain because we invent robots and AI and flying cars.

So when I evaluate any investment, my view is, okay, well, is it going to give me a risk-free 29% ARR? By the way, coming back to that, it's like 60% ARR collapsing down to like 20% over 21 years, and the average works out to 29%. And the assumption is the dollar supply keeps growing at 7%, 8%, 9%. And then you get an additional gain because we invent robots and AI and flying cars.

And so the actual S&P index is growing because the U.S. prints more dollars. But it's also growing because we invent obscenely cool, useful things like the iPhone or like electric cars. So the future is good. But at the end of the day, Bitcoin's future is just pure digital capital. And I look at it as, why don't I just keep buying something going up 29%?

And so the actual S&P index is growing because the U.S. prints more dollars. But it's also growing because we invent obscenely cool, useful things like the iPhone or like electric cars. So the future is good. But at the end of the day, Bitcoin's future is just pure digital capital. And I look at it as, why don't I just keep buying something going up 29%?

All I got to do is borrow the money or raise the money at a cost of capital less than 29% over 21 years. And it makes sense for us because we're a pure play, right? People want us to do that. I mean, the people that are short, they want us to be pure play. The people that are long want us to...

All I got to do is borrow the money or raise the money at a cost of capital less than 29% over 21 years. And it makes sense for us because we're a pure play, right? People want us to do that. I mean, the people that are short, they want us to be pure play. The people that are long want us to...

That makes sense. It's a very honest relationship both ways. The guys that want you to fail, they want you to think long term because they want you to fail long term. So you're patient about it. So they're going to make money off you. But the guys that are also pro you, they also want you to be long term, that you're patient with it. And I get that part.

That makes sense. It's a very honest relationship both ways. The guys that want you to fail, they want you to think long term because they want you to fail long term. So you're patient about it. So they're going to make money off you. But the guys that are also pro you, they also want you to be long term, that you're patient with it. And I get that part.

I guess the part that you explained, which was very simple, was... This is something anybody can do. It's duplicatable. I'm not sharing anything with you that's complicated. Rob, can you go to that one slide that he shared about Manhattan, which I think is the best one. If you can go to the one with Manhattan where you're breaking down the different ones that he had. It's right there.

I guess the part that you explained, which was very simple, was... This is something anybody can do. It's duplicatable. I'm not sharing anything with you that's complicated. Rob, can you go to that one slide that he shared about Manhattan, which I think is the best one. If you can go to the one with Manhattan where you're breaking down the different ones that he had. It's right there.

Yeah, this is the one. 1626 Manhattan. Can you zoom in a little bit, Rob, so I can see it? you know, what was it, 60 guilders?

Yeah, this is the one. 1626 Manhattan. Can you zoom in a little bit, Rob, so I can see it? you know, what was it, 60 guilders?

What I'm saying is if you have a chance to buy Manhattan for 60 guilders in 1626, you should buy it. But what I would say, which is deeper, is you could buy Manhattan real estate every decade for 300 years and always pay more than the previous guy paid, and it would still be a good idea. And that's because it's the greatest city in North America.

What I'm saying is if you have a chance to buy Manhattan for 60 guilders in 1626, you should buy it. But what I would say, which is deeper, is you could buy Manhattan real estate every decade for 300 years and always pay more than the previous guy paid, and it would still be a good idea. And that's because it's the greatest city in North America.