Jim Chanos

Oh, the irony…

“Will” https://t.co/rtpsNX3jfv

Trump Company Cuts Stake In Crypto Venture https://t.co/Uiubhs8HAu

Good thing no one needs taxis during “inclement weather”. https://t.co/ShHAhINXHQ

There is of course recourse to Strategy if the convertible debt has not converted to equity, when due. How does he not know this?

Wait, what…?!

The Fundamental Bitcoin Treasury Company Question: Does the business model of raising capital to simply buy Bitcoin create the mNAV premium, or does the existence of an mNAV premium create/allow the business model?

@BleacherReport @ShamsCharania (2) But that $67M also included the Kings and real estate, so unless they had to substantially fund the teams over time, the 11% figure is too low.

@ForgeRiver On $662M in LTM EBITDA (ex-gain on loan sales). $CVNA

@CedarReseach They are using technicalities to avoid the Enron-era accounting reforms on consolidation. $ERIE does no business with anyone but the Erie Exchange, and the Erie Exchange has no employees of its own.

Honda Conducts Successful Launch and Landing Test of Experimental Reusable Rocket https://t.co/UAv2ixQa3q

@CliffordAsness @77cyko Yes, the volatility is a feature, not a bug. For the promoters, that is. (Unless there is some unpleasantness to the downside)

@ThoreauHenry1 @funwithnumberz @munster_gene @CathieDWood These “most expensive” cities rapid transit systems still work out to only $3-4 per ride. Not $20.

More Bitcoin Treasury Silliness: According to the term sheet, these six-month(!) “bonds” may be redeemed earlier, upon the bond holder’s request. Then what’s the point here? The press release itself? $MTPLF

@CliffordAsness @BitcoinPierre I never thought I would see again a group of “investors” as ignorant AND arrogant as the $AMC Apes…but the Bitcoin Treasury Bros are giving them a run for their money. https://t.co/DAjOk4zgC1

Like these…?! $MSTR https://t.co/QmMSuptDn5

Lol, that’s because he’s a SELLER of this ridiculous concept(mNAV), not a buyer. $MSTR

@BitcoinPierre (2) Simple Rule For Relatively Efficient Markets: Don’t buy highly liquid assets for 2-5x their market prices, and REALLY don’t buy the equities of companies violating that rule, at in effect 4-25x the underlying NAV. No matter how a quant tries to justify it.

The inevitable mNAV-squared strategy.

Company with $1M in annual revenues and $24M on common equity.

Whatever happened to the Downtown Miami tunnel they were in “talks” to build?

So let’s see: $CVNA short interest has collapsed to multi-year lows, insider selling has exploded higher, and now they might miss 2Q numbers…?!

Yet another huge ($170M) $CVNA equity share sale filing yesterday by ESG II. https://t.co/XRBOisQ5yx

Wait until he hears from the restaurant, construction, ride-sharing, food delivery and landscaping industries.

Sure, why not?

But of course…

When extraordinary returns might just not be enough. (2) And despite the HODL narrative, crypto investors are traders, turning over their entire crypto portfolios every 6-7 weeks, if Coinbase’s 1Q data is representative ($400B of transaction volume on $200B of AUC). That’s similar to $MSTR and $TSLA share turnover(not a surprise).

@CedarReseach @hadov_bear @HindenburgRes Remember that DriveTime was formerly Ugly Duckling, ESG II’s first subprime auto finance company in the late-90’s. It blew-up when the first subprime lending bubble burst in 1998(LTCM), narrowly avoiding bankruptcy. One of the culprits? Gain-on-sale accounting on loan sales.

Had a lot of fun with the Bitcoiniacs and $MSTRians today, who show all the zeal of the newly converted. Doubt is not part of their lexicon. But it is starting to remind me of our epic visits to Simian Island in 2021, to get feces thrown at us by the $AMC Apes! Good times.

@TreasuryReport @Eric_BIGfund Lol, I love you guys. I’m literally putting on the same trade Saylor is. So has he found the “worst trade”, too…?!