TIMESTAMPS: 0:00:00 - Introduction 0:00:45 - LA Fire Insurance 0:04:11 - From GME to MSTR 0:11:07 - Valuing Equities 0:15:39 - Ad Break 0:16:55 - MSTR Framework 0:21:03 - FASB Rules Change 0:22:52 - ATM Equity Issuance 0:25:29 - 21/21 Plan 0:29:43 - Who is Buying the Convertible Debt 0:33:50 - The Risk of Leverage 0:35:40 - Ad Break 0:36:49 - MSTR in a Bear Market 0:39:05 - Preferred Stock Issuance 0:42:31 - MSTR Premium to NAV 0:44:46 - How High Can the Premium Go? 0:49:38 - What Happens When MSTR is Added to the S&P500 0:53:14 - Will MSTR Sell Bitcoin? 0:55:36 - What is MicroStrategy? 0:59:40 - MSTR Valuation 1:05:46 - Companies Copying the MSTR Playbook