Fracking, oil cartel, Texas

Commodities are not scare

Governed inflation of equities

Can always issue more stock

They will issue more stock

2021– meme stocks, print more equity

Acreage in Miami Beach –> only so many linear beach in beach front property

1000x in last 100 years–> money expansion rate , but not treasury asset

Creating your own treasury asset?

Tax deferred

.

Fair value accounting

Treasury management

Bitcoin is tax deferred asset appreciation

–> share holders

.

Well capitalized company

Think Scaleable

.

Mental Models?

20 years, 100 public companies failed because of their treasury strategy

Accumulate an endowment ***

Harvard, Yale

Lived a long time because of endowment

Don’t grow your student base

2024 new regime

.

1.5% interest debt to buy Bitcoin

More than 10x

Investment income

Positive capital?

Road to serfdom

Big is bad

Big entertainment?

.

Treasury

.

Think thermodynamic

Scarce, desirable real estate

Levered long property

Hold for long period of time …

Wealth creation & wealth preservation

.

More money vs more risk?

…?

.

1,000 year bond? Hold it forever?

50 year?

I’m not going to live in America forever?

.

ChatGPT sucks