@iAnonPatriot Ideologically sound argument, however, relocating and establishing manufacturing operations in the U.S. takes years. Additionally, labor costs in the U.S. are substantially higher compared to Asia. Even after accounting for tariffs, it remains more cost-effective to produce goods

Yes, my timeline looks rough and sentiment is weak. #macro #credit #spx But smart money is far too bullish given the backdrop: – US driven systemic execution risk – Tariffs expire end-July – Summer liquidity is thin We may grind for now, but vol should spike well before then.

Unpopular opinion: Western ideology is in disarray because it expends a disproportionate amount of energy trying to please the 1% of the hypersensitive population. #Macro #BRICS #USA #Elections2024 #Politics

$MSTR $BTC The advantage of issuing convertible bonds as a corporate are many. It is not a coincidence the vast majority of new issues are non-investment grade, particularly in the US. Here are some of those advantages: 1. You get to sell your equity at a premium. In MSTRs

Here's the pain trade: 1. Retail sees short interest and chases stock higher not understanding that hedge guys just sell stock to be delta neutral. 2. Premium continues to expand and retail bros think theyre on to something. 3. Premium is so extended that REAL short sellers

Most of MSTRs bonds are In The Money. i.e. the equity price has moved > the strike price. This means that the price of the convertible has a delta of 1.. i.e. it is 100% correlated to the movement in the equity. At least $4-5 B of the perceived equity "short" is actually just

$COIN has issued 2 converts totalling $2.4B with total debt at $4.7B:

$MSTR has issued 4 converts, totalling $3.1 B with total debt of $3.6 B

Much of this so called $11b in equity short interest is attributed to convertible bond holders that are simply hedging the delta on their convertible bonds. As equity price moves higher, so does the convertible bond price - much like a simple call option. This is what the

#BTC A lot of retail bros look at this headline & have began chasing the short squeeze on $MSTR and $COIN, thinking these are the next $GME MSTRs market cap is currently valued at over twice its BTC holdings. Many are calling it a leveraged play. Careful. This could be

In recent yrs, #Bitcoin exhibited a strong correlation with interest rates and risk assets. However, this correlation has decoupled the past few months, particularly vs rates. Typically, an increase in real rates would lead to a decline in Bitcoin, given its lack of

The pain trade is new ATH pre halving… “Cycles” are no longer as relevant. its going to be a hell of a ride. #BTC

ETF investor base doesnt care about random lines drawn by retail CT influencers. Capo and the rest of the so called OG TA astrologists cater to retail plebs desperate for advice… Dont fall prey to their bullshit. Fundamentals are in town. Thanks for playing. #BTC $IBIT

Op-ed: A holistic view of #China 's trajectory in the context of an #EconomicGrowth slump now available: https://t.co/n7rrnkC2Eu #Macro #Beijing #BRICS2023 #XiJinping #investing #Military #PLA #markets

4/ #CEX vs #DEX: They will co-exist. Telling everyone to get out of #CEXs becomes a self-fulfilling prophecy & stems adoption from continuing. Contrary to popular opinion, there are legitimate CEX's, #Coinbase is one of them. Embrace regulation & continue to build.

3/ Too many participants rely on finding the next token to make 10,000% return. This leads to excessive & speculative leverage which never ends well. This is not race, we are still at the 1st inning – allocate what you are comfortable losing, stop chasing magic dragons.

2/ This exercise is cathartic - we need a clean slate To move forward, promote the asset class & it's adoption, we must first flush out those that engage in bad practices. We need to clear the system of wrongdoers in order to provide the space for it to flourish.

1/ The demise of #FTX will force jurisdictions to expedite efforts around a regulatory framework that provides a safer and more transparent approach to investing in this space. Better regulation➡️more transparency➡️more capital ➡️more innovation

Disclaimer: We are institutional investors running Global #Macro & #DigitalAssets strategies. We operate on the assumption 99% of the 12,000+ tokens in existence are worth exactly zero. We consciously avoided: #LUNA #CEL #FTX #FTT #SOL #SRM and the likes. Ok read on...