Money Stuff: The Podcast Smack-ish: MSTR, PE, MFT
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Jun 13, 2025 Matt and Katie dive into the heated debate between Michael Saylor and Jim Chanos, exploring the intricacies of Bitcoin investment versus traditional stocks. They analyze the absurdities of recruitment in law and private equity and discuss how early hiring pressures affect the search for talent. The podcast also introduces mid-frequency trading strategies, balancing proprietary and external investments. With insights into the competitive dynamics of trading and healthcare innovations, this conversation is both engaging and enlightening.
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MicroStrategy’s Bitcoin Stock Arbitrage
- MicroStrategy buys Bitcoin by selling its own stock at a premium to Bitcoin's market value.
- This model creates a leverage-like arbitrage, but from a shareholder’s perspective, it’s actually a discount, not leverage.
Saylor’s Strategy vs. Critics
- Michael Saylor criticizes short sellers but uses similar strategies himself.
- The value proposition of MicroStrategy's preferred shares competes with ETFs tracking preferred shares.
The PE Recruiting Time Crunch
- Private equity recruiting has crept earlier and earlier due to competition for top candidates.
- Jamie Dimon’s intervention sought to reset hiring timelines, but long-term enforcement is uncertain.