Digital Credit vs Analog Credit: ANALOG: Wells Fargo $WFC-PL Non Cumulative Convertible Perpetual Preferred Par: $1,000 Yield: 7.5% Price: $1,256 Effective yield: 5.9% Duration: 16.9 years Avg 30 day Volume: $6.7 million Notional O/S: $3.9 Billion Volume to Notional (turnover liquidity): 0.17% It would take ~ 582 days to turnover the entire market cap with the avg volume. (Roughly 2.3 years) DIGITAL: Strategy $STRC Cumulative Variable Perpetual Preferred Par: $100 Yield: 11.25% Price: $99.95 Effective yield: 11.255% Duration: 8.8 years Avg 30 day Volume: $95.8 million Notional O/S: $3.4 Billion...