20% discount is crazy... i couldn't have been happier with Team Phong and Saylor + Shirish J. they have distilled their model to perfection IMO. i loved this explanation from saylor (he did slurr a couple words in the presentation which had me wondering what's going on): "If you look at this chart, what you can see is that the that the native volatility or the natural volatility of Bitcoin is about 45 vol, you know, for a 45 vol asset to draw down 45% shouldn't shock anybody, right? And I I note that Bitcoin looks like it's drawn down about 45% since its all-time high four months ago. So a 45% draw down on a 45 vol asset is is probably to be expected just like an 80% draw down when it was an 80 vol asset. on the other hand, what you can see pretty clearly is that strategy has stripped that volatility off of BTC with $strk which was 32%. $strd 27% $strf 24% and $strc down to 7%. So we are we are stripping the volatility off of Bitcoin and there is conservation of energy and conservation of volatility and so the volatility that we strip off of the credit instruments accrue to the common equity and so that's why MSTR 63. "it's not really complicated piece of engineering. It is just it is very pure financial engineering. there's a group of people that want low vol, you know, principal protected instruments that are credit instruments and there are other people that want high vol, high performance."