The ETFs are a step forward for institutional Capital, but micro strategy is already exposed to bitcoin, which is better. It's the largest owner of Bitcoin, more liquid, and has no fees. The CEO owns a billion dollars worth of stock and $750 million worth of bitcoin personally, making it a more attractive option. Additionally, its value being independent of bitcoin's value is very value creative. The market's positive for equity, with both long data government bonds and the stock market up double digits, suggesting inflation is under control. GDP annualizing at 4.5% with the fed looking to cut rates is an enormously positive backdrop for Equity. 📈💰

MicroStrategy is Better than a Bitcoin ETF 📈

Miller Value's Bill Miller IV Shares Opinion

The fourth bill it's great to have you on and and certainly we'll we'll get your take on Legacy Financial assets uh in your portfolio. But as an owner and believer in Bitcoin, what does the uh Advent of the ETFs mean if anything for the fortunes of the asset class?

I think it represents an enormous step forward for institutional Capital accessing the asset class. But I think there's actually something out there that's already exposed to bitcoin which we've owned for quite a while which is actually better than a Bitcoin ETF and that is MicroStrategy.

ReasonExplanation
More LiquidLargest owner of Bitcoin in the world. No fees attached to it. Enormous optionality over the long term. CEO who owns a billion dollars worth of stock who owns $750 million worth of Bitcoin personally. 31 patents to his name.
Added ValueValue may deviate from the underlying Bitcoin value. Can sell more shares to buy Bitcoin. Benefits ongoing shareholders.
Positive Market OutlookThe bond market and stock market both moving up simultaneously suggests inflation is reined in and very much under control. GDP annualizing at 4.5% for the past two quarters.

Evaluating the Markets 📈

Wichtigste Erkenntnisse

I think the backdrop right now is enormously positive for equity. If you look at what's going on at last quarter, one of the things that was really interesting to me is that long data government bonds were up double digits. Historically speaking, when bonds are up double digits, equities are tanking because people are buying safety. But in this case, when you see both of those things move up at the same time, it probably suggests the market believes inflation is reined in and very much under control. This is supported by today's PPI numbers coming in a little light. The bond market and the FED funds Futures Market is predicting roughly an 80% chance of a cut from the fed by the end of the first quarter. This hasn't happened in 40 years, so that's an enormously positive backdrop for Equity. We're really bullish on the environment right now.

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