Michael Saylor
👤 SpeakerAppearances Over Time
Podcast Appearances
So how do you convert a capital asset into a credit asset?
So let's say I want to do this with gold.
Let's say you believe in gold.
You think, what's the average AR of gold over 100 years?
7% or something?
I don't know, right?
There's a number, right?
Let's pick a number.
You can pick your favorite.
What do you think is the likely long-term annual performance of gold over a decade?
5%.
Okay.
So I take a company public.
I raise $10 billion of equity capital.
I buy $10 billion of gold.
And now if I just stop there, I've got a gold treasury company and you're just holding 10 billion of gold.
So how do you make it interesting?
I create a preferred stock and I offer people maybe 65% of the expected return of gold.
So I'll give you 3.5%.
in a dividend, a gold-backed dividend.