Life & Capital

Very little information out there on $CMSG, so I tried to put my thoughts down. @lifeandcapital/note/p-196091069?r=6soi9v&utm_source=notes-share-action&utm_medium=web" target="_blank" rel="nofollow noopener">substack.com/@lifeandcapita…

You need to be #slowmaxxing on a Monday. #universe #awakening open.substack.com/pub/lifeandcap…

@310Value Why hold EROK in addition to $TPL and $LB?

$erok EagleRock Jumps 24% After IPO. Investors Have a New Way to Play the Oil Boom. barrons.com/articles/eagle…

@WWillowResearch feels so obvious to me that TPL, LB and WBI will be the long term winners. Not sure why everyone is still yelling 'chips chips chips'

You can have all the GPUs and all the Memory you want, but if you don't have the Land to build the data center, the cheap energy to supply it 24/7 and the Water to cool it, they are worthless. $TPL $LB $WBI You can scale GPU and Memory production and you can improve these products, but the Land is finite.

Equity Analysis: $CMSG Q1 2026 Update open.substack.com/pub/lifeandcap…

@jackmallers @BitcoinbyHeart open.substack.com/pub/lifeandcap… Its $CMSG. Not at scale but need to mine slowly to get more btc/share over time.

I have nothing but respect for what $MSTR has built. No issue from me. My dad and I laughing that "torque" has become a financial term was just a funny anecdote. I believe a Bitcoin company with operating cash flow, one that can finance itself without dilution or selling BTC, is the dream long term model. Having new and/or different ideas shouldn’t be controversial. We’re all on the same team.

Such a bad look from @jackmallers on the Danny Knowles Podcast... Laughing with his father about BTC-torque and the rest of these new set of metrics? Really?? Saying $MSTR has a good strategy but that doesn't mean, it's the best Bitcoin-company? Size doesn't matter? Honestly, this is hilarous.. You can hear the envy.. It is totally fine: He will never catch up to strategy, obviously not, but still there might be a good way he can deliver value to it's shareholders. That is totally fine - he said that a few times... He has a different strategy (which he explained very good - rhetoricaly Mallers is on point like always, by the way) - that is fine.. But then: when it comes to Strategy or Metaplanet or whatever - why all this arrogant behavior? Grow up, kid..

@Ron284Ron Tough quarter for miners. Will be short lived. I wrote this analysis based on their annual report right before this quarter came out as I thought it was a better view year on year. @lifeandcapital/note/p-196091069?r=6soi9v&utm_source=notes-share-action&utm_medium=web" target="_blank" rel="nofollow noopener">substack.com/@lifeandcapita…

$CMSG 1st quarter eps. otcmarkets.com/file/company/f…

@ragingbullcap @ragingbullcap following up here. At $25 it's silly. Check out my assumptions for a 36x a decade out. Pretty conservative. substack.com/home/post/p-19…

@ragingbullcap Backing up the truck

1/ $CMSG is a quirky and very mispriced OTC stock for small accounts with potentially explosive upside over time - this could double today and still look attractive (NB: very illiquid!). Consensus Mining is another Horizon Kinetics related BTC miner. IPO'd this summer in darkness, stock has found itself completely dislocated as lack of discovery has led to no bid for any legacy holders looking for some liquidity (shares have traded as high as $80, but are now at $40 on no news). Even if you're a Bitcoin skeptic, the numbers are hard to ignore: ROICs have been absurdly good, yet the enterprise value is negative (I.e. it trades at a discount to its cash and BTC holdings) - Market cap is ~$94 at current ask; - vs. book value of ~$101m, comprised mainly of $60m cash, 340 BTC worth $39 at current spot ($115K), $4m of PPE, less $5m DTLs (gains on BTC). No debt. Where should it trade? Clearly at a material premium to book value...because CMSG's model generates sustainable growth in BTC/share - i.e. it accretively creates BTC, giving shareholders upside to both price and quantity. By definition, that should be worth a premium to simply buying BTC. Indeed, sister company $WELX (see QT), running an identical playbook, itself trades at a premium to book despite being smaller, even less liquid, and poorly capitalized...

@DurableCreators @Sempiterno_Inv One of my biggest holdings. Do the deep dive- well worth it

@Sempiterno_Inv Land is definitely an interesting one with $LB (plus the whole $WBI relationship). I've considered taking a deeper look at LB several times just never got around to it.

I probably ask this every few months, but what are your favorite physical asset/infrastructure names? Waste collection? $WM $RSG $WCN Quarries? $VMC $MLM Rails? $UNP $CP Pipelines? $EPD $KMI Industrial gases? $LIN $APD Maybe $AMZN for their e-commerce + DC footprint?

@DissonanceROI Update here: did a deep dive for $CMSG. open.substack.com/pub/lifeandcap…

@DissonanceROI yep. very impressed with what they are doing for $CMSG

sounds like a case for $CMSG

@OTCMarkets $CMSG open.substack.com/pub/lifeandcap…

We are thrilled to welcome Consensus Mining & Seigniorage Corporation (OTCQX: $CMSG), a cryptocurrency mining company, to our #OTCQX Best Market. Congratulations to the Consensus Mining & Seigniorage Corporation team! Visit the company's profile: bit.ly/3F8uZHL

@NickEZerangue Update: just did a write up for $CMSG. A lot of opportunity for the next decade. open.substack.com/pub/lifeandcap…

$CMSG dropped 25% on Friday. Trading significantly below book value.

@NickEZerangue open.substack.com/pub/lifeandcap…

@ragingbullcap Think its a 36x over next decade open.substack.com/pub/lifeandcap…

@ragingbullcap Love this analysis. I’ve been buying since it’s IPOd. Terribly mispriced right now. Thought that 18% quarterly return doesn’t include their hosting costs on that $700k earned . Agree the ROIC is impressive. No debt premium should be at least 2x NAV or book

@WWillowResearch Been super impressive

$MIAX on its way to ATHs, expecting strong Q1 numbers

@CorvidCap RIP. Really hit me hard

RIP Murray $HKHC

@BryanGreenbaum Just following up here. I tried to do a deep dive on $CMSG open.substack.com/pub/lifeandcap…

What kind of fee should we expect $HKHC to receive from $CMSG?

@Bkclaims What are you seeing??

Round of beers on me says Tether tries to buy NYSE: $TPL