Tom Schmidt

And then you hit the Rocky Mountains and it's like, oh, shit, I was not prepared for this.

And the question is, how do you sort of, you know, moderate some of this volatility while you are structurally long term Bitcoin?

I think the plan is, you know, you should have more of a, you know, insurance fund for this kind of thing.

But ultimately, you know, if you're long strategy, probably you're buying stretch, you're also long Bitcoin.

The question is, you know, why this instrument to express that view?

Well, I see you wearing that jersey.

And really the question is, do you want to be Brazil or do you want to be Argentina?

And those are kind of the two paths open to you.

I think one is maybe, you know, short-term painful, long-term the better path.

The other one is you kind of kick the can down the road a little bit more.

I really am not the specialist, not the person to call when it comes to interrogating the psyche of Michael Saylor, which ultimately feels like you kind of have to understand and underwrite if you want to buy any of these assets.

So I don't know.

That's certainly an interesting area to specialize in in terms of the market, but...

I think if anything, again, I think you'd probably find some way to cover some of this short-term debt.

And then, hey, maybe we just give ourselves a little bit more window and hope that Bitcoin goes up in that remaining window.

Maybe he was Fable 5, you know.

Maybe he had early Mythos access and that was what really designed Stretch.

So people are underrating it.

You know, we had an almost ASI level model designing this instrument.

Yeah, I think most of the critiques around Warsh were more, I felt like, aesthetic.