Jack Fellingham, DBA, CFA

@Convertbond @jimcramer @TheJudgeCNBC I have three working papers on this. I have to get my you know what gear and get at least one of them published.

The bigger passive investing becomes the FAR more game-able the outcome. $SPY ETF Size - S&P 500 2026: $81T 2016: $27T 2006: $19T cc @jimcramer @TheJudgeCNBC

@ChrisMMillas I think you had a typo with that extra zero

$MSTR is on its way to $400.

@ChrisMMillas Just thinking of the Math and probability I would say that it is probably less than 5 percent which is not very high - my logic is based purely on the probability that what you said will happen, will not, which is very high.

There is a very high probability that $MSTR does a 20x quicker than $SPCX does a 10x from here.

@thepowerfulHRV All signs?

All signs point to Bitcoin being near its bottom, if not already. Which means $MSTR is likely near its bottom, if not already.

@ChrisMMillas Business model?

For some reason, $MSTR bears think selling Bitcoin is a sign of weakness. This is backwards. The more capital allocation levers Strategy has, the stronger the business model becomes. It gives Strategy the flexibility to respond to market conditions and take whichever action creates the most value at any moment in time.

@JoeConsorti Patience

What happened to Saylor getting liquidated? What happened to the death spiral? What happened to $30k? What happened? I was told Bitcoin was dead, and it's not.

@ChrisMMillas Won't be around in 2 years so that's a ridiculous statement

The next 5-10 years will define the next 50-100 years for $MSTR.

@RobinSeyr Awesome

Let me explain to you what $MSTR just did with simple numbers: ⇒ They raised 10 BTC in the beginning of the year ⇒ They had to sell 1 BTC to cover Payments now ⇒ They have net accumulated 9 BTC The machine is working better than ever:

@ChrisMMillas Genuinely disturbing / that is too funny

The level of misunderstanding around the $MSTR business model is genuinely disturbing. Even more so when you see highly intelligent people get it completely wrong. Many still misunderstand the mechanics of how the model actually works, how value is created and where the real risks actually sit.

@OffshoreHODL @saylor 15 minutes hmmm

I hope the $MSTR and Digital Credit $STRC bears enjoyed their 15 minutes of fame the last few weeks. They’re gonna find out they’re on the wrong side of history. They took a lot of cheap shots at @saylor.

@shaguncrypto They will both be zero well before that - my guess is by 2028

It’s 2036: • $MSTR at $1,000 • Bitcoin is trading above $1M People will be asking, why didn’t I buy at $85. Agree?

@piovincenzo_ I am a bear and I am not going to get destroyed because I have no position. I'm just watching it go to zero like a lot of other people.

$MSTR bears are about to get destroyed Here's a quick breakdown: - USD reserve now at $2.55B - $STRC rate raised to 12% - $1B buyback program - Authorized to sell $1.25B of Bitcoin - $3.8B in liquidity to pay dividends for almost 26 months All things you should have expected

@TheOtherParker_ Bears don't need to keep bitcoin below 20, reality will as it will be zero in 3 years

Strategy bears continue to greatly underestimate the ability of Strategy to raise capital. Now with 18 months of dividends and interest set aside, bears would need to keep BTC below $20k through the end of 2027 for Strategy to have to sell any BTC. What's the date going to be after next week, mid 2028?

Ok $mstr shareholders - your leader just made some BS announcements to pump up the stock 7%. You should be very grateful and use the opportunity to sell as that is likely what he and other insiders will do

@RobinSeyr I have studied it as well as other asset classes, manias and bubbles. My findings are that it is useless, which has been demonstrated over the course of the past 12 months. Just because you do not like my conclusion does not imply a lack of understanding

@jackfellingham To get why it’s useful, you have to study it and understand it. It appears to me, you haven’t studied it for too long.

Strategy ($MSTR) just hit a 851-Day Low. ⇒ At this time they only had 193,000 BTC...now they have 847,363. That's 4.3X more for the same share price. Even if you hate the stock, you must admit that this is tremendous value. (I bought some more today!)

@ChrisMMillas If that makes you feel good, then go with that

Salute to all the $MSTR bulls who refuse to get emotional and start pointing fingers and instead take responsibility for their own decisions. It’s time like these, when sentiment is at its lowest, that reveal people’s true character. Still long.

@GrindeOptions Nope

I have to be honest, $86 for $MSTR is getting dirt cheap.

@RobinSeyr I mean to be honest the comment or the suggestion to understand bitcoin to me means very little because it's not necessarily about understanding, bitcoin it's about believing in it usefulness and potential place in the financial system of which I contend is little or no value, a

@jackfellingham The same is true for everyone. I wasn't targeting you. I have no clue if you understand BTC obv.

@thepowerfulHRV Nope

$MSTR is only down because Bitcoin is down. Strategy’s strategy will make a lot more sense once BTC recovers. Bitcoin per share will continue to rise over time.

@ChrisMMillas They never earn their money - the steal from investors to fuel their wealth