True North

@TNorth

True North is a team of investors and analysts exploring the outer edges of Bitcoin, digital credit, finance and macro economics.

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Joined October 2024

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True North
@TNorth
2h
The Income Show | Ep. 15 ft. @FormerDrJeff Our host @IIICapital sits down with Jeff to discuss his transition from radiologist to macro fund manager, why gold has recently outperformed $BTC, the 10y outlook for hard assets, whether Bitcoin's four year cycle is still alive,
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True North
@TNorth
13m
Water is ice at low temperatures. Liquid in the middle. Steam at high temperatures. Convertible bonds work the same way. Far below the conversion price they behave like pure debt. As the stock price rises toward the conversion price they start behaving more like equity. Hit
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True North
@TNorth
27m
September 9 came up twice tonight, from two different directions. It is when Treasury's enlarged long end buybacks begin, $4B+ per operation in the 10 to 30 year, running through November 4. It is also the date named on tape as when buying starts, which is the point being made:
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True North
@TNorth
13h
$15 billion raised, converted to Bitcoin, and held on balance sheets as permanent capital. Traditional capital markets still do not treat any of it as collateral. Two reasons named on tape. The first: "the rating agencies give it 0% capital credit" The second is a 1,250% risk
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True North
@TNorth
15h
Treasury just doubled its long end buybacks, $2B to $4B+ per operation. Buying back the 10 to 30 year. Funding it by issuing short term T bills. "QE without directly being QE" Gold ripped. Bitcoin ripped. The 10yr fell 5.7bp. $BTC $ASST $MSTR
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