Michael Saylor

That's what they want.

Everything else in the credit market, people are reaching for yield.

Like the reason I buy a 20-year bond or the reason I buy a convertible bond or the reason I buy a municipal bond or the reason I buy anything is because the money market is so uncompelling.

It's 370 basis points taxable.

You're getting 200 basis points after tax.

And the entire world is trying to figure out how do I get more than 2% after tax?

And I got to go through, jump through these hoops and hold all these other complicated instruments to get there.

We just found a way to create that without all those complications.

This is asset-backed credit.

So let's just think about the theory of asset-backed credit.

And a capital asset that I hold in my portfolio that I expect to have a capital gain with no cash flows.

Here's some examples.

Old master's paintings, gold, raw land in Manhattan.

timber rights, right?

Some asset, it's a capital asset, diamonds, right?

It has no cash flows.

So on one side of the world, you have capital assets.

On the other side of the world, you have cash flowing assets, credit assets.

Some people, they would like to own 20 acres of land in Manhattan and other people would like to get paid $20,000 a month forever.

right?