Michael Saylor

And I take that public.

And if people want 3.5% with principal protection and low vol, they buy the gold credit.

And then I take the money.

I sell a billion of that.

It's 10x over collateralized.

Now I go buy a billion dollars of gold.

Now I've got $11 billion of gold, but I've only got $10 billion of common equity outstanding.

I created 10% amplification on the common equity.

The equity holders are going to outperform gold because maybe 5% is not that compelling.

Maybe they'll get to 6%.

And the credit investors, they're going to get the 3.5% in a dividend.

And if I just hold the gold, where's the dividend coming from?

Over time, you're going to either sell the capital asset or you're going to sell a derivative of the capital asset.

So in a world where the market values my company at a premium to the underlying assets, I just sell the equity and I remit the cash flow to the credit investors.

In a world where the market doesn't value the equity at a premium to gold, I sell some of the gold and I remit the cash flow to the credit investors.

So now let's do it with an S&P portfolio.

You think the S&P is going up 10% a year.

I buy $10 billion of S&P stocks.

I sell a billion dollars of S&P credit, structured credit.

I offer you 7% or 5%.