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At the 2:30 mark he claims that if the stock were to trade below an mNAV of 1, $MSTR could generate “gains” by selling preferred. This truly is magic…”profits” from raising capital, no matter where previous securities sold to generate similar “profits” subsequently trade at! (2) And of course if the stock is trading below its NAV, why wouldn’t you do what Saylor claims he would do, and buy the common instead of the preferred? Bottom Line: Do what Saylor is doing, don’t buy what he is selling. $MSTR