Michael Saylor

It's good to have non-crypto friends.

They think differently, you know?

And they go, you know, why can't you just pay us monthly?

instead of quarterly.

And then another one said, I really like the fact that it pays 10 or 11%, but I don't like the fact that these things trade down to 95 from par 100 or trade up to 105.

If it trades to 110 and then trades down to 105, you've just lost one year's worth of dividends.

So what they wanted was just the pure yield.

I don't want the duration.

I don't want to wait a decade.

I don't want, by the way, duration is a benefit to a professional credit investor.

Like, for example, if you thought that SOFR was going to go from 370 to 170, then you would want to get out the yield curve and be holding a 10 or 20 duration instrument because it'll trade up 20%.

Like something with a 20 duration trades up theoretically 40% when SOFR falls 200 basis points.

So if you're that kind of fixed income investor, you like duration, but most people don't.

Right.

Out of 100 investors, maybe one or two of them is a long duration credit investor.

So they don't want duration.

They don't want delta.

Like, well, you know, like if the stock triples, then this bond is better.

They don't want that correlation to the equity markets.

Well, don't you want something that will go up by a factor of three of Bitcoin rallies?