Pinned
True North
@TNorth
True North is a team of investors and analysts exploring the outer edges of Bitcoin, digital credit, finance and macro economics.
- 25 years of the same trick, and the argument on tape is that it now runs the AI trade. The story comes from the hardware business. A customer sits two product cycles back, 80% depreciated. You call, offer a trade in, discount the new gear. The old equipment never comes back to
- You get allocation for a Porsche 911 GT3. Porsche sells it at list price. But the market immediately trades it at 20% above list. Because supply is fixed. Demand is not. The economic value stays stable precisely because there is a limited supply. Wow. I wish there was an
- mNAV at 2.0 is where the old short trade gets interesting again. The setup as described on tape: at the end of the last bear market the short case was that ATM issuance made long IBIT against short MSTR close to a free trade. It worked, because Bitcoin fell. The counter raised
