Michael from Montana

Capitalist / Entrepreneur / Father / Former flyfishing guide in my home state of Montana

[Michael from Montana @WellspringGP]

Yellowstone River Paradise Valley, Montana

[Michael from Montana @WellspringGP]

@Vivek4real_ Bitcoin drops 70% but the common would lose 100% while senior prefs stay largely whole.

Congratulations you’ve learned how leverage works!

[Michael from Montana @WellspringGP]

@BTCoptioneer You’ve discovered how leverage works!

Even if it’s not called debt it still bleeds the common equity dry in downside scenarios.

[Michael from Montana @WellspringGP]

@LCTRfan So focus on policy not birthright.

He moved here to run U of M in Missoula consistent with its own progressive values unique in the state.

[Michael from Montana @WellspringGP]

@DThomasStealth Maybe he’ll pivot and raise a bunch of 12% capital to buy freely available AI stocks.

Innovation like his DAT “strategy”

[Michael from Montana @WellspringGP]

@ScottC20012 @rockraider3 @theSOURCE406 BZN is an airport not a place. And Gallatin County is not nearly as liberal as Missoula.

Tranel only beat Zinke by 6.

And Forstag is a worse fit here than Tranel.

[Michael from Montana @WellspringGP]

@ZynxBTC + $44 billion increase in market cap while taking a $9 billion loss on the DAT strategy

If you think real hard you’ll figure out where the $53 billion came from and why it’s a specious comparisonto other S&P stocks

[Michael from Montana @WellspringGP]

@BigpictureBTC @Quantumjumper12 @CaitlinLong_ A zombie slow destruction of equity capital would be the end game if bitcoin stagnates to that extent. But not a forced big bang liquidation or bailout

[Michael from Montana @WellspringGP]

@Quantumjumper12 @CaitlinLong_ @BigpictureBTC There is no forcing function for bankruptcy other than repayment of the next convert due or inability to make payroll. Bitcoin would have to be close zero for this to be the case. And the board has a fiduciary duty to sell BTC at orderly market long before a fire sale liquidation

[Michael from Montana @WellspringGP]

@Greencandleit With what?

Cash reserve for dividends on fumes

STRC trading below $95

MSTR below 1.22 mNAV so using this is dilutive to BTC / share

[Michael from Montana @WellspringGP]

@halstonvalencia 3% of the base selling at 5% discount to par for a variable rate preferred isn’t a flex. It’s a bug not a feature.

[Michael from Montana @WellspringGP]

@CamEdwards Next election we need a multiple times loser bracket between Busse, Neill and Tranel. Maybe Dem Governor primary?

[Michael from Montana @WellspringGP]

@KFILE @mkhammer The bar for “credible” set by Democrats for the Kavanaugh confirmation is incredibly low

[Michael from Montana @WellspringGP]

@ZynxBTC Offering higher and higher yields to purchase a freely traded asset isn’t a Strategy.

It’s a race to the bottom like 7 minute Abs

[Michael from Montana @WellspringGP]

@marc02200 @benjamincowen Just like the money flowed from gold and silver after that run ended?

[Michael from Montana @WellspringGP]

@RyansMethod The other stocks increased in value.

MSTR lost $10 billion on BTC buys and the entire share price increase is losses transferred from dupes who bought at $200+ to prior holders.

[Michael from Montana @WellspringGP]

@phongle 😂 ATMs have existed since the early 80s, popularized by the oh so innovative regulated utilities industry. And preferreds financed the intercontinental railroad almost 2 centuries ago.

Focus on shareholder value not your BS AI marketing scams and made up vanity metrics.

[Michael from Montana @WellspringGP]

@OnChainMind Or put another way, the highs are illiquid and illusory

[Michael from Montana @WellspringGP]

@HalaCaraXXes_ @notgaetti Smith .666 career OPS / 87 OPS+

Vizquel .688 / 82. Barely more productive on an absolute basis even though he played in the inflated WAR era with SS a heavier hitting position: Jeter, Arod, Garciaparra, Ripken etc