Michael Saylor
speaker
2,284 appearances
6 recordings
5 series
first heard Nov 2024
last heard 14 Jun
Michael Saylor’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 1.
Appearances
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%.
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.
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