John Leupp

Former High Yield and Loan Portfolio Manager at Ares MGMT (ret), by way of DLJ. Macroeconomics Enthusiast. Avid Sportsman. Prairie Dunes is my favorite course.

[John Leupp @JohnLeupp]

@RandyWKirk1 All the buyers put their extra cash into $SPCX

[John Leupp @JohnLeupp]

@BTCoptioneer when BTC trades over $75k

[John Leupp @JohnLeupp]

@munster_gene Oh, $TSLA deliveries matter now? So, when deliveries are down they don’t matter, and when they are up they do? This seems to be 100% correlated with your X posts.

[John Leupp @JohnLeupp]

@khingoei What will the price of $BTC be when $STRC regains par?

[John Leupp @JohnLeupp]

@StrategyMaxi @jeremystandifor It’s a speculative investment. There is no “money market” equivalent.

[John Leupp @JohnLeupp]

@StrategyMaxi There are no free lunches.

[John Leupp @JohnLeupp]

@JoeConsorti The issue for $MSTR is that BTC does not generate cash flow, so in order to fund dividend payments, they must either sell assets, equity or debt, regardless of market conditions. That’s why he was diluting shareholders with the stock down 85% from ATH to fund dividends.

[John Leupp @JohnLeupp]

@anthony4080ti @RandyWKirk1 Go look at their 2020, 2021, 2022, 2023,204, and 2025 published $TSLA models and see what their 2026 projections look like and you will understand.

[John Leupp @JohnLeupp]

@GrindeOptions i keep getting confused whether $TSLA deliveries matter or not.

[John Leupp @JohnLeupp]

@anthony4080ti @RandyWKirk1 their 2020 model was so far off

[John Leupp @JohnLeupp]

@StrategyMaxi @Strategy @saylor @phongle Don’t buy $STRC anywhere near par.

[John Leupp @JohnLeupp]

@yenoms @StrategyMaxi @Strategy @saylor @phongle i don't know. too busy making money in $STRD

[John Leupp @JohnLeupp]

@StrategyMaxi @Strategy Try to sell it and you are way underwater. You’re trapped in it.

[John Leupp @JohnLeupp]

@StrategyMaxi @Strategy No wonder people are getting smoked in these preferreds. They have no idea how to evaluate them.

[John Leupp @JohnLeupp]

@StrategyMaxi @Strategy No. That’s called an Asset Sale, just like if a company sold one of its businesses or factories. That’s what we use to measure Asset Coverage. $49B of Asset Value divided by $22.2B of Debt+Preferred equals 2.2 x Asset Coverage. That’s a useful metric

[John Leupp @JohnLeupp]

@StrategyMaxi @Strategy It’s, real, just like every other company that issues preferred stock has real assets. Unlike other companies, this asset generates $0 cash flow so you can’t measure cash flow coverage, so you have to make up a statistic to make it look appealing.

[John Leupp @JohnLeupp]

@StrategyMaxi @Strategy It’s not how they look at it. First, they look at cash flow, then, they look at asset coverage. Years of dividend coverage at current bitcoin price is a made up statistic.

[John Leupp @JohnLeupp]

@ChrisMMillas lol sure