Michael Saylor

Buffett's in that category. Charlie Munger's in that. They just grew up in that. Sure.

Nothing wrong with that. That's just the way they've been.

Nothing wrong with that. That's just the way they've been.

And there's another set of collectivists or authoritarians that just don't want you to have freedom.

And there's another set of collectivists or authoritarians that just don't want you to have freedom.

Is that a Gary Gensler type?

Is that a Gary Gensler type?

I wouldn't characterize what... I would say probably Gensler falls more in the camp of an enthusiastic traditionalist. Like he has a reverence for the 33 Act and the 40 Act and what Franklin Delano Roosevelt did and the way the capital markets work. Yeah, you know, like it's okay for the stock market to trade 930 to 4, okay? There's another view, which is why can't I actually trade 24-7, 365?

I wouldn't characterize what... I would say probably Gensler falls more in the camp of an enthusiastic traditionalist. Like he has a reverence for the 33 Act and the 40 Act and what Franklin Delano Roosevelt did and the way the capital markets work. Yeah, you know, like it's okay for the stock market to trade 930 to 4, okay? There's another view, which is why can't I actually trade 24-7, 365?

That's a great question. And why can't I trade Apple stock on my iPhone and take self-custody of it and send it to a dude in China on Saturday afternoon, right? Why can't? There's nothing unethical about it. It's the future. But I think there's three dimensions to this.

That's a great question. And why can't I trade Apple stock on my iPhone and take self-custody of it and send it to a dude in China on Saturday afternoon, right? Why can't? There's nothing unethical about it. It's the future. But I think there's three dimensions to this.

Do I want to do business the 20th century way, like where NASDAQ is the only place my stock trades, and it trades 930 to 4, but not on bank or holidays? That's the traditional view. Then you've got the anti-technical view, that no innovation. It's like, I can now issue a token in four hours for $40. Or you can go public on NASDAQ for $40 million in four years.

Do I want to do business the 20th century way, like where NASDAQ is the only place my stock trades, and it trades 930 to 4, but not on bank or holidays? That's the traditional view. Then you've got the anti-technical view, that no innovation. It's like, I can now issue a token in four hours for $40. Or you can go public on NASDAQ for $40 million in four years.

And the Gen Z people are like, well, why can't I just do something a million times faster, cheaper for $4 in four hours? Why do I need $40 million of lawyers in four years? Right? And so that's kind of the innovation. And some people get that technology. They're pro-tech and some aren't. And then I think you've got the authoritarians. You know, you've got the...

And the Gen Z people are like, well, why can't I just do something a million times faster, cheaper for $4 in four hours? Why do I need $40 million of lawyers in four years? Right? And so that's kind of the innovation. And some people get that technology. They're pro-tech and some aren't. And then I think you've got the authoritarians. You know, you've got the...

The Chinese being the example of we want to give you money, but we want to be able to expire the money in 90 days if you're not a good citizen.

The Chinese being the example of we want to give you money, but we want to be able to expire the money in 90 days if you're not a good citizen.

And so I think there are forces that are of control. They don't want freedom. And in the United States, we're like, we go back and forth. We're like, we want you to have freedom, but we don't, we have, you know. Too much. Like, we don't want you to spend, like, I can't carry $20,000 to an airport right now. even though we're the land of the free.

And so I think there are forces that are of control. They don't want freedom. And in the United States, we're like, we go back and forth. We're like, we want you to have freedom, but we don't, we have, you know. Too much. Like, we don't want you to spend, like, I can't carry $20,000 to an airport right now. even though we're the land of the free.

So there's this love-hate relationship with freedom everywhere in the world that goes on. And then there's a love-hate relationship with technology. And then you've got the systems that work, right? Visa and MasterCard and NASDAQ and New York Stock Exchange and DTC and custodians. You've got the systems that work from the 20th century.