Podcast series by Dean Curnutt, Alpha Exchange

Alpha Exchange

Podcast series by Dean Curnutt

The Alpha Exchange is a podcast series launched by Dean Curnutt to explore topics in financial markets, risk management and capital allocation in the alternatives industry. Our in depth discussions with highly established industry professionals seek to uncover the nuanced and complex interactions between economic, monetary, financial, regulatory and geopolitical sources of risk. We aim to learn from the perspective our guests can bring with respect to the history of financial and business cycles, promoting a better understanding among listeners as to how prior periods provide important context to present day dynamics. The “price of risk” is an important topic. Here we engage experts in their assessment of risk premium levels in the context of uncertainty. Is the level of compensation attractive? Because Central Banks have played so important a role in markets post crisis, our discussions sometimes aim to better understand the evolution of monetary policy and the degree to which the real and financial economy will be impacted. An especially important area of focus is on derivative products and how they interact with risk taking and carry dynamics. Our conversations seek to enlighten listeners, for example, as to the factors that promoted the February melt-down of the VIX complex. We do NOT ask our guests for their political opinions. We seek a better understanding of the market impact of regulatory change, election outcomes and events of geopolitical consequence. Our discussions cover markets from a macro perspective with an assessment of risk and opportunity across asset classes. Within equity markets, we may explore the relative attractiveness of sectors but will NOT discuss single stocks.

Technical Analysis

<ul><li>Mike Green explains how leveraged products on MSTR resemble a short straddle in their rebalancing requirements</li><li>The two times leveraged long products, MSTU and MSTX, are unique due to their large size and underlying asset volatility, creating potential volume amplifying feedback loops</li><li>The leveraged complex has contributed to the large premium of MSTR to the value of its bitcoin holdings, impacting ETFs forced to use options market due to limited leverage from swap providers</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Mike Green explains how leveraged products on MSTR resemble a short straddle in their rebalancing requirementsThe two times leveraged long products, MSTU and MSTX, are unique due to their large size and underlying asset volatility, creating potential volume amplifying feedback loopsThe leveraged complex has contributed to the large premium of MSTR to the value of its bitcoin holdings, impacting ETFs forced to use options market due to limited leverage from swap providersThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Michael Green, CFA, Portfolio Manager, Chief Strategist, Simplify Asset Management

Research from Value Investing, Value Investing

Value Investing

Research from Value Investing

I am a value investor. "Value", as defined in Value Investing, is simply the act of buying something for less than its worth. I treat my equity investment as a loan to the business - where the priority is to get back my principal in full, rather than achieving maximum yield. I consider my equity investment as a slightly higher risk loan extended to the business with slightly more accommodative loan covenants - hence justifying a slightly higher yield. While I identify as a value investor and cover all stocks and macro topics indiscriminately, most of my research will have an ASEAN bent as that’s where I’m geographically located.

Equity Bottom-Up

<ul><li>Buffett has famously called Bitcoin a “mirage” and “rat poison squared”.</li><li>If so, then the corporate wrapper masquerading as intelligent leverage of Bitcoin known as MSTR equals that squared — and is perhaps the epitome of late-stage capital cycles expressed</li><li>Before I start, let me just say that I completely get the bull thesis behind Bitcoin. </li></ul>

Buffett has famously called Bitcoin a “mirage” and “rat poison squared”.If so, then the corporate wrapper masquerading as intelligent leverage of Bitcoin known as MSTR equals that squared — and is perhaps the epitome of late-stage capital cycles expressedBefore I start, let me just say that I completely get the bull thesis behind Bitcoin. 

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>MicroStrategy, a company often described as the corporate Bitcoin (BTC) whale, has been making waves again in the financial markets.</li><li>Over the past week, the company’s stock surged nearly 25%, reflecting renewed investor enthusiasm for its aggressive Bitcoin acquisition strategy and a recent 0% convertible debt offering.</li><li>This latest rally has caught the attention of Reddit forums and cryptocurrency enthusiasts, further cementing MicroStrategy's position as a pivotal player in the digital asset space.</li></ul>

MicroStrategy, a company often described as the corporate Bitcoin (BTC) whale, has been making waves again in the financial markets.Over the past week, the company’s stock surged nearly 25%, reflecting renewed investor enthusiasm for its aggressive Bitcoin acquisition strategy and a recent 0% convertible debt offering.This latest rally has caught the attention of Reddit forums and cryptocurrency enthusiasts, further cementing MicroStrategy's position as a pivotal player in the digital asset space.

MicroStrategy: Visionary Bitcoin Bet or a Bubble on the Brink?

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul>
<li>It has been a relatively quiet week.</li>
<li>Bitcoin has outperformed much of the market, resulting in an increase in its dominance, as highlighted in Thursday’s Crypto Moves #52.</li>
<li>This was most likely driven by the intense buying pressure from MicroStrategy over the past week.</li>
</ul>


It has been a relatively quiet week.
Bitcoin has outperformed much of the market, resulting in an increase in its dominance, as highlighted in Thursday’s Crypto Moves #52.
This was most likely driven by the intense buying pressure from MicroStrategy over the past week.


Crypto Crisp: MicroStrategy Continues Its Buying Spree

<ul><li>MicroStrategy's third quarter of 2024 earnings presentation highlighted both substantial achievements and challenges, reflecting its unique position as both a major player in enterprise analytics software and a leader in cryptocurrency investment, specifically in Bitcoin.</li><li>Starting with its cryptocurrency endeavors, MicroStrategy has solidified its stance as the world's largest corporate holder of Bitcoin, holding 252,220 bitcoins valued at approximately $18 billion.</li><li>Throughout the third quarter, the company added 25,889 bitcoins at an average price of $60,839 per unit.</li></ul>

MicroStrategy's third quarter of 2024 earnings presentation highlighted both substantial achievements and challenges, reflecting its unique position as both a major player in enterprise analytics software and a leader in cryptocurrency investment, specifically in Bitcoin.Starting with its cryptocurrency endeavors, MicroStrategy has solidified its stance as the world's largest corporate holder of Bitcoin, holding 252,220 bitcoins valued at approximately $18 billion.Throughout the third quarter, the company added 25,889 bitcoins at an average price of $60,839 per unit.

MicroStrategy Incorporated: Expansion of Financial Instruments & Enhancements in Capital Raising and Preservation Driving Our Bullishness! - Major Drivers

United States

Strategy Inc operates a bitcoin treasury company. The Company offers an equity and fixed income instruments to provide investors varying degrees of economic exposure to bitcoin, as well as develops enterprise analytics software to explore improvement in bitcoin applications. Strategy serves customers worldwide.

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Strategy (MSTR US)

Michael Green, CFA, Portfolio Manager, Chief Strategist, Simplify Asset Management

Mike Green discusses leveraged products on MSTR, highlighting the potential for volume amplifying feedback loops and comparing rebalancing...

Alpha Exchange

MSTR = Bitcoin (Garbage) Squared

If so, then the corporate wrapper masquerading as intelligent leverage of Bitcoin known as MSTR equals that squared — and is perhaps the epitome of...

Value Investing

MicroStrategy: Visionary Bitcoin Bet or a Bubble on the Brink?

MicroStrategy, a company often described as the corporate Bitcoin (BTC) whale, has been making waves again in the financial markets. Over the past...

Baptista Research

Crypto Crisp: MicroStrategy Continues Its Buying Spree

It has been a relatively quiet week. Bitcoin has outperformed much of the market, resulting in an increase in its dominance, as highlighted in...

Steno Research

MicroStrategy Incorporated: Expansion of Financial Instruments & Enhancements in Capital Raising and Preservation Driving Our Bullishness! - Major Drivers

MicroStrategy's third quarter of 2024 earnings presentation highlighted both substantial achievements and challenges, reflecting its unique...

Baptista Research

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