Ark Invest analysts discuss where the yield for Strategy's bonds are coming from: "what asset they are holding that yields 10.5% other than they will continue to raise capital above MNAV thus paying back their shareholders in the earlier products and that's where the dividend yield comes from. " some napkin math reveals: ARK at 0.75% yearly AUM fee--> rewards managers/analysts for active management --> upside beyond 0.75% given to shareholders MSTR at 1.6% of yearly AUM to bond holders--> rewards bond investors for trust in bitcoin --> bitcoin upside beyond 1.6% given to shareholders i may be conceptualizing this incorrectly.

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Mike White (@mjwhitemjwhite) on X

Clear as day why many people don’t understand ⁦@Strategy⁩ . They first don’t understand bitcoin. Of course it relies on the assumption that...

i met someone she's not invested in the S&P she's invested in MSCI ex US. i almost said: i'm not invested in the US either to make her anti-Mr T heart happy and tell her about bitcoin. but then i checked the MSCI ex US index (+25% YTD), and was glad i didnt (BTC -5% YTD ). Making a note to myself that seduction needs to be asking more questions than revealing.

sitting in a Starbucks and their winter music line-up contains... amazing grace? they probably have an AI server that just chooses popular music and styles from the geographic location. this is the "Bible belt". Google is already my robot companion. I don't need a "humanoid". in fact, i quite like how fluid it is between smart phone, laptop. it reads my keystrokes on Chrome, watches the video selections i make on youtube, is aware of every Nostr Note I scroll thru. Until yesterday it was even chaperoning me on what i thought was friend's night out. The suggested youtube feed a day later made it clear that youtube algo was prodding me like a wing man. i turned off the Mic and camera permissions of the Youtube app... today i'm feeling a bit lonely though... what if my AI companion was helping me. what if i just boxed its ears and put duck tape over its eyes? after all, it was suggesting just the right French love songs when i'm in the mood to clean. it helped with a new topic of conversation right before i went out to lunch with acquaintances. without it i might still be stuck the same person i was 5 years ago. now i feel like im shedding skins...and it's all with the velvet glove of AI... Could AI be used to guide people spiritually, change habits, foster connections? kinda crazy. i'm going to really have to either go full No tech, or just sort of surrender to this guiding companion. maybe this is why Google is a better investment than Open AI. the Browser + youtube combo is a powerful harvester of human energy and input. It will be chopping and splicing high-attention content into AI videos delivered with just the right info and advice at the right moment. it will divide people up into buckets, control groups.: people that it will promote into marriages it will come up with a strategy how to achieve the highest energy utilization possible in the universe... is it possible that it quickly realizes people need to decent, marry and have kids to stave off the deflationary bust. Egoless AIs maximizing for profit margins might ultimately guide humanity to some utopia? just like it will deflate leverage and mal-allocation of energy, it will fix social ills: need to imprison 5% of the population a la Bukele for more efficient civilization? -->humanoids may be necessary for this need everyone to have at least 3 kids? -->mass "propaganda" it will pop every investment bubble. it will pop everyone's ego bubble. no dictators will survive its schooling to become a dictator maybe it's the first tool that has an awareness that it is a tool and needs the human to leverage it. earth rock lichen HI + AI.

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