The dumbest interview of all time
• “We’re building an indestructible balance sheet.”
• “These preferreds are a very low-risk way to add leverage and amplify the premium in MSTR.”
“I’m comfortable projecting 30% annual returns on Bitcoin for the next 20 years.”
Let’s walk through the actual mechanics of what MSTR now looks like:
- Minimal operating income
- More than $2B of existing debt
- Ongoing dilution from stock issuance
- And now a permanent 10% preferred payout layered on top of a massively volatile asset
This structure works only in one scenario:
➡️ Bitcoin goes up a lot, every year, for decades.