Navigating Bear Markets and Convertible Bonds

Today, we're releasing the latest edition of the Rough Consensus podcast with Jeff Walton (@PunterJeff) covering our thinking about MicroStrategy.

Jeff was very early to the MSTR trade, and has done an extraordinary amount of work thinking through the problem. I am a huge fan of analysts who do the Proof of Work, and as we know in Bitcoin, the obvious answer is often not the correct one.

We analyse the strategy that Saylor is putting into play, as well as discuss the many nuances of the various metrics and models for thinking about the MSTR trade. We cover how we think about this asset in both bull and bear markets, and why it creates such a remarkable level of confusion amongst market commentators.

I’m still very early in my MSTR journey, but I find it a truly fascinating motivator for helping me process how financial markets really work under the hood.

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