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