Michael Saylor

They're up 100%. So they outperform all the bonds, but they also outperform the Bitcoin. And that's because we've created a public company with a tiered capital structure. And we've got a lot of permanent capital. Then we've got the senior bonds and the capital structure. And then the equity generates a BTC yield. And so a lot of Bitcoin maxis pile into the equity. And that gives us a premium.

And we're able to use... the premium from the equity in order to create very accretive capital markets transactions with the bonds and the rest of the equity.

And we're able to use... the premium from the equity in order to create very accretive capital markets transactions with the bonds and the rest of the equity.

Now, the question is, like, when you went from, you know, 41 to 30 to $20 and the market's reacting to you, Michael Saylor was wrong. He made a mistake. Look what's going to happen to all his investors' money. Biggest mistake. He's going to get a margin call. He's about to lose it all, right? Did you ever get a margin call? Did that ever happen? No. Nothing. Were you ever close to a margin call?

Now, the question is, like, when you went from, you know, 41 to 30 to $20 and the market's reacting to you, Michael Saylor was wrong. He made a mistake. Look what's going to happen to all his investors' money. Biggest mistake. He's going to get a margin call. He's about to lose it all, right? Did you ever get a margin call? Did that ever happen? No. Nothing. Were you ever close to a margin call?

No. Not even close.

No. Not even close.

No.

No.

Why weren't you close to a margin call?

Why weren't you close to a margin call?

Well, we just weren't. I mean, like most of our debt is convertible debt. It's not margin and call. I mean, you can't call it. It's unsecured, no recourse.

Well, we just weren't. I mean, like most of our debt is convertible debt. It's not margin and call. I mean, you can't call it. It's unsecured, no recourse.

I got it.

I got it.

Like, so we borrow a billion dollars for five years for 0% interest. There's no margin call possible.

Like, so we borrow a billion dollars for five years for 0% interest. There's no margin call possible.

Who gives you a billion dollars for five years at 0%? Is that when money was cheaper?

Who gives you a billion dollars for five years at 0%? Is that when money was cheaper?

Actually, they still do. We borrowed a billion dollars two months ago at 82 basis points. And so the way it works is we're selling convertible bonds. And the convertible bonds have a bond component, and then they have an option component, like a call option. And so the convertible arbitrageurs and the options traders, they like the volatility in the stock.