Saylor is doing what DOES makes sense in a world that DOESN’T make sense (at times).
Valuations (equity and bond) are based on future cash flows (not balance sheet strength). This is kinda asinine, BTW.
Same in real life. If I go to a bank and ask for a mortgage they qualify me based on my income (future cash flows) and credit score. The banker does not give a crap about my assets (balance sheet). I know, because I’ve asked. I could have $2 million in stocks and a $25k income and I’d not qualify for a $400k mortgage because my income is too low. Even though I could pay off the loan 5 times with assets I own.
If my income was higher and I had zero in stocks they’d make the loan. What?!?
It is literally the dumbest model on earth. It makes no sense in the real world. I’d much rather loan money to someone that I know has enormous assets than someone who doesn’t. Who wouldn’t!?!? Evidently banks. 😂
I could get a loan another way but that is convoluted and not the way the housing market works. Why is this market so dumb?
Stock and bond valuations work the same way. Companies get no real credit for a solid balance sheet. It is all based on earnings/cash flow.
Saylor is building a balance sheet. He is getting no credit for it (by the Wall Street Bros). Issue financial asset, use proceeds to buy Bitcoin, increase balance sheet power, rinse repeat.
Wall Street Bros just call it a Ponzi scheme or say he is increasing risks by “leveraging” his balance sheet (even though he isn’t) and cite his operating cash flows as unable to service the debt.
Never mind he can cover his debt service for many, many years from assets he has on his balance sheet (which have real value in the real world...and are likely going to appreciate).
Common sense would say this makes much more sense than trying to figure out how much money he might have come in at some point. He has the assets NOW…ALREADY.
What he is doing makes sense in the real world. It doesn’t make sense in their world.
I guess we’ll see how it plays out. I know what I think. 🤔
Long $MSTR
Long Bitcoin
Long Saylor
Big Bend National Park - Chisos Basin and Lost Mine Trail
It was hike day in Big Bend National Park for us. For various reasons, we didn't do the South Rim Trail (sad face emoji) as I planned. We wound up doing the Lost Mine Trail. It could not have been too much worse. It was the perfect hike. It also saved us about 10 miles of hiking. Regardless, the Chisos Basin is a very pretty mountain system. Sometimes, less is more!
Big Bend National Park - Ross Maxwell Scenic Drive & Santa Elena Canyon
This was one of my favorite days at Big Bend National Park. The Ross Maxwell Scenic Drive was beautiful. It had lots of stops for exploring/hiking. I was so busy taking in the sights that I even did a full face plant on one hike. Emmaline and Emily throughly enjoyed that! We ended the day at Santa Elena Canyon for a very interesting hike along the Rio Grande. What a beautiful, scenic day! Hmm, maybe that is why it is called the Ross Maxwell Scenic Drive?!? Deano = Smart!
Getting To Big Bend NP - Terlingua, TX
We were heading down to Big Bend National Park, and it was a haul! I'd never been to West Texas. There is A LOT of open space...OPEN...A LOT. Emmaline was going on the trip with us, and I'd tried every way possible to talk her out of coming. I was worried about the "remoteness" not being her cup of tea (or Emily's either, for that matter). When we finally made it to our destination in Terlingua, TX, I was surprised by how much fun we had. From leaving the house at 2AM, to staying in a yurt in the middle of the desert, long waits for food, and long waits for gas...it was A LOT. But it was the perfect home base for our visit. Sometimes getting there is half the fun!
Got a little 'light landscaping' planned for the 4th of July holiday weekend. #hot #johndeere
Finally...Window Treatments - This Old Dean House
The window treatments that were in the house when we moved in had seen better days. It was the first thing I wanted to update (because it had crack house vibes). Also, I don't want to be walking around half-naked with people looking in at me. Emily said we had to wait until almost everything else was done. She was right to wait. I've never been so excited for a window to be covered in all my days!
Biking Carriage Trails @ Acadia National Park
So. Much. Fun! I was somewhat skeptical of the e-bike. "I don't NEED an e-bike!" Well...I didn't NEED it, but I WANTED it! I quickly got used to the electric assist on the bikes we rented. We covered 30+ miles on the Carriage Trails around Acadia National Park. It was fall, the leaves were beautiful, and there was a nip in the air. It made for a very enjoyable day of exploring all around the park.
Acadia NP - Hiking (Climbing) Beehive
Utterly Terrifying! LOL We've done plenty of hiking in our days. I use the word 'hiking' VERY loosely. This 'hike' would barely classify as such. There was definitely some climbing on this one. Some very disturbing climbing. But as with many things...we are glad we did it! Probably won't do it again...but glad we DID (past tense) it!
Acadia National Park - Ocean Path & Cadillac Mountain
We started off our visit at Acadia National Park by driving around the park loop road. We explored the Ocean Path. We timed the tide coming into Thunder Hole perfectly. The same tide almost got us at Sand Beach. We had a date (and time) to get up Cadillac Mountain, so we headed up from sea level and took in the panoramic views. Then we headed back down to the Ocean Path and explored Otter Point. We wrapped up at the very pretty Jordan Pond to preview some of the trip's later activities. From seashore to mountaintops, all in one day.
Visiting Maine's Lighthouses
We hit 5 lighthouses while wandering around Maine. My favorite visit was a sunset lighthouse visit at Bass Harbor Head (near Acadia NP). Ironically, this was also my least favorite parking lot of all the lighthouses! Many had the same idea we had. My favorite lighthouse in the whole state was Portland Head. All were worth the visit, however.
Traveling Maine's Highway 1 (Bar Harbor, Portland, Kennebunkport, Ogunquit)
We hit Maine to visit Acadia NP, but visited several towns along the coast (along Highway 1) while we were there. We saw lots of cool towns, hiked many beautiful coastlines, and visited tons of lighthouses. We saw Portland on the way in and out, stayed in Bar Harbor for a few days, and hit Ogunquit while staying one night in Kennebunkport.
Restoring Historic Trim - This Old Dean House
Someone ripped out the original trim in several rooms of our old house. They installed off-the-shelf stuff and made no attempt to match the original home. We put it back, but it was 'a process'. We had to get it custom-made because nobody had trim from 130 years ago in stock. Imagine the audacity! LOL It turned out great!
First Time Mowing The Yard In 7 Years - This Old Dean House
I snapped and sold the family home back in 2018. That decision came after I'd pressure-washed the patio/deck all weekend (after working and chasing kids all week). I was DONE with homeownership. We moved into a condo and I did no yard work for many years. But now, mowing my yard (er...weeds) is my newest hobby!
Refinishing Oak Hardwood Floors - This Old Dean House
After wrapping up the original 130-year-old floors, we moved to the next job. The downstairs oak floors were a big job, but much easier. Joseph (the floor refinisher) Emily, and I did a dance of "move every piece of furniture in your house around while I chase you" for about a week. By the end of a two and a half weeks of refinishing the floors in the entire house we were living like savages, barely surviving! Do not recommend! LOL It was worth it, however. Everything turned out great.
Restoring 130 Year Old Hardwood Floors - This Old Dean House
When we ripped up the carpet, it revealed the original 130-year-old wood floors throughout most of the upstairs (and in our bedroom). The floors were in various stages of disrepair. Some were painted, some were kinda painted, some had holes, some were fine. We decided to try to keep them and get them restored. We found a gentleman who wanted to tackle the project. It was a big one! Lots of furniture moving, dust, noise, and smells. But when we finished, we had the original floors restored in our old house.
Cutting Down The Old Dead Tree (DeanoFarms: Week 129)
I called in reinforcements for the big, old, dead tree in our pasture. #deanofarms
It's Raining In Our Bathroom - This Old Dean House
I knew we had a leak when we bought the house. We didn't have a leak. We had a waterfall! One night, when it was raining really hard, I decided to do a little demo to figure out where the leak was. The answer: The entire roof! [much water in my face later] We got it buttoned back up before the next storm rolled in!
Tours, Tours, Tours in Savannah GA
We toured A LOT while in Savannah, GA. Riverwalk tour, ghost tour, historic house tour, historic parks tour, historic street tour, trolley tour, cancelled haunted house tour, walking in the rain tour, famous cemetery tour, and eating tour(s). Eating is not really a tour, but you gotta keep the energy up [lame fat person excuse to eat a ton].
My 130-Year-Old Sill Is Rotten - This Old Dean House
When we moved the electrical panel inside the house (from the exterior wall) we found water damage. Water had been dripping into the corner of the wall ever since they installed the electrical panel 50+ years ago (maybe longer). The corner of the house was rotted down into the 130-year-old sill. To fix it, I joined Gaspar's foundation repair crew for a few days to help him get it repaired. I'm pretty sure he wants to hire me now. Might mess around and join a foundation repair crew. Bye Felicia!
