Michael Saylor

Now, I just hold that for the long period of time.

The S&P is going to have a vol of 15.

The credit will have a vol of one or two.

The credit investors get principal protection, low vol.

They don't get the entire 10% of the S&P.

They get 7% or whatever I give them.

I take the difference.

I buy more S&P stocks.

That's an example of a structured product built on equity capital.

In theory, you can do it with a Monet painting.

You can do it with $10 billion of real estate, right?

So what is the fundamental issue here?

You have to decide what do you think is the long-term performance of the capital asset?

For example-

It wouldn't be good to do this with cotton candy or barrels of oil or soybeans because those aren't good capital assets, right?

In 100 years, it's not obvious they're going to go up in value.

But if you have scarce desirable property, a good capital investment asset, then you just take the capital return, whatever it is, you cut it in half.

And then you pay a dividend equal to half the expected capital return to the credit investor.

And then you have a vehicle which is working for the equity investor and working for the credit investor.

So if we come back to our company, we think Bitcoin's going up about 30% a year.