MSTR thoughts for those who Strategy: The common ATM absolutely dampens price action in the short term. Through an increase in supply, as well as harming short-term investor psychology. Investors will enthusiastically cheer ATM usage as long as MSTR continues to outperform IBIT. But when MSTR underperforms IBIT, that's when people get restless and more reluctant to buy the common. Saylor knows this. He knows MSTR must outperform BTC by at least 1.5x in the medium term to entice people to fund his "accretive dilution" of the common equity. So he is fully incentivized to periodically allow the stock to run to the extent that he can. HOWEVER, he also understands that you want to buy as much BTC as you can, as quickly as possible. When BTC goes to $230K, you will get half as much BTC for your dollar and you will wish that you had done everything in your power to stack more at $115K. But you as an individual are limited by your income or small amounts of debt you can raise. You want to buy more BTC now before we head to $200K+, but you can't. That's why you might want to buy MSTR. You're buying a piece of a company that can use all kinds of creative methods to buy as much BTC as possible today. And you do this because you realize how impossible it's going to be to buy 20K BTC in a week just a few years from now. Just as you might choose to go into debt, cut back on expenditures, or otherwise sacrifice today to end up with more BTC tomorrow - Strategy is sacrificing some of its potential short term price action in favor of long-term price action. As always, pure Bitcoin is the simpler and cleaner play. Every BTC treasury company is channeling their economic energy into Bitcoin. So if you just hold BTC, you're going to win. But it's not hard to see that Strategy is building perhaps the only durable monopoly of the future. AI and robotics will threaten many business models. Many tech monopolies of today could be under threat 10 years from now. But no company will have more BTC than Strategy. They are cornering the market for digital capital. This is a much bigger play than many people realize. If you're crying over short term price action in the common equity, you're missing the bigger picture.

The president of the United States bought $2 BILLION worth of Bitcoin. Saylor is constructing canals to channel billions worth of stranded capital into BTC. BTC Treasury companies with 9 figure war chests are popping up around the globe to create Bitcoin black holes. And we are still climbing in an orderly fashion, with systematic pullbacks to wipe out all froth. This is masterful. Larry Fink is going to get his multi-year climb to $700K isn't he?

Time allocation is now more important than capital allocation. Capital allocation is a solved problem. Just buy Bitcoin and hold it until you reach escape velocity. The left and right sides of the bell curve understand this. But time allocation? This is an evolving field of study. Personally I'm baking some unique assumptions into my time allocation decisions. Assumptions no one in human history has ever had to navigate. Namely, that AI will completely upend the world as we know it inside of 10 years. There will soon be an abundance of tireless intelligence that exceeds the capacity of the smartest humans on earth. They will be solving humanity's biggest challenges around the clock. That seems entirely reasonable to me. And 10 years is probably a conservative timeline. Even if you completely discount the emergence of a recursively self-improving superintelligence, you should at least consider the possibility that >90% of all paid mental work will disappear. There will be vast societal and economic consequences. Life 10 years from now could be far better or far worse. The optimist in me chooses to believe it will be far better as fewer people will be wasting time on menial work, and the price of things will fall dramatically when priced in BTC. But how should you act if you believe the world will change in an extreme way within the next 10 years? Everyone is in different situations. Personally I'd do everything I could to get as close to 1 Bitcoin as possible within the next 3 years. But if you're already in a solid financial situation, you should probably add a much larger premium to your time than you already do. That's what I'm doing. We are living in a golden age that we will look back on with extreme nostalgia. Similar to how many people look at the time before the Internet as a special time... But x100 - No mass reliance on UBI. - Opportunities for upward mobility still exist with hard work and ingenuity. - No autonomous face-scanning police roaming the streets. - Most places are still safe and pleasant to visit. Are you soaking it in? Are you experiencing this time fully instead of living for the future? As I consider how I want to educate my children, it's obvious that the current system isn't setup for the world that's coming. 20th century jobs as we know them will disappear. Worker drones will be useless. So instead of inculcating the habit of daily mental work and prioritizing the next grade, the next milestone, etc... (as I was trained to do) I will raise kids who know how to enjoy the present. I will encourage their natural ability to live with energy and joy today. I will teach them to value mental, physical, and spiritual discipline. They will dance, laugh, explore, and love. They will do strenuous physical activities, meditate, and spend lots of time in nature with friends and family. They will play sports and make art. And rather than prioritize more financial wealth, I will do these things with them along the way. Because I now view this as the best way to allocate time to prepare for the likely future. And if I'm wrong? The beauty is I'll never regret these things no matter what happens. Study time allocation. Consider the future we're headed towards. And adjust course accordingly 🫡

Have kids and you'll never need to worry about AI making you obsolete.

Saylor can only continue to milk MSTR as long as he allows it to periodically outperform IBIT. That outperformance is what attracts new capital willing to be milked. He knows this. MSTR is flat vs. IBIT for the past 9 months. We're due for a run.

You have no idea how much time you have left. Do not let your days pass by in a blur. Work can give you capital to invest. But don't get stuck as an employee. Capital allocation can give you freedom. But don't get stuck staring at charts. Once you have freedom, you must use it wisely. Recognize that your time is scarcer than capital. And study the art of time allocation.

I don't see nearly enough people talking about the critical importance of fresh air maxxing. Every european understands this: You need to be opening every window in your house. You need to be living inside of a wind tunnel. Blood oxygen levels screaming, outdoors even when you're indoors. @bryan_johnson could shave 3 more years off his age if he studied this.

How to live well: Find the people, things, and activities that give you clean energy with no hangover/downside. And flag anything that does the opposite. Ruthlessly prioritize the former. And eliminate the latter. Know thyself, and unapologetically forge your path.

A single Bitcoin will be worth $10 million+ in 20 years. "But how much will a hamburger cost" No. $10 million in today's dollars. Do you know how much better humanity is going to get at making "stuff" in the next 20 years? Intelligence, energy, and kinetic labor will be abundant. The human mind cannot fathom how scarce a single Bitcoin will be relative to the vast amount of stuff that will exist. Go for a hike and really think on this idea. Think about how much more abundant everything is going to be. Consider the rate of technological progress. Think about how much Bitcoin will be gone forever. Lost or locked up for eternity. At a certain point it will click: Being "rich" won't be rare. It will be commonplace. But being truly wealthy will remain scarce. Why? Because wealth is so much more than the ability to buy "stuff." Saving Bitcoin for the future is important. But don't neglect other wealth-building activities in the pursuit of more zeros. Get fit. Build a family. Cultivate peace of mind. Find work that motivates you. Like Bitcoin, these things will remain scarce because they require proof of work. A machine will never do these things for you. Which is why they will forever remain the most valuable things in life.

Summer reading arrived just in time for the next leg up. If you're wondering what's going on with Bitcoin right now - The Big Print is the place to start. Thanks for the signed copy, @LawrenceLepard !!