🔊 Reuters journalists walked through Iran's most treasured historic sites and found glass carpeting the floors and plaster and broken tiles crunching underfoot. Michael Pell joins the On Assignment podcast to explain what happened.

U.S. Trade Representative Jamieson Greer announced tariffs on 60 nations over forced labor, and while the White House suggests the revenue could help pay down the $39 trillion national debt, crunching the numbers reveals the revenue will still come up short.

On November 21, 2024, MSTR hit $543 intraday. They had 331,200 Bitcoin at roughly $98k per coin. $543 per share x 230.477m basic shares = $125 billion market cap Yes, a $125 billion market cap with around $32.5 billion of Bitcoin. That was around 3.8x the value of their Bitcoin NAV. With Strategy's current Bitcoin stack of 847,363 coins, a Bitcoin price of $98,000 would lift them back to $83 billion of Bitcoin. The same premium as November 2024 would be a $315.4 billion market cap versus them holding only $83 billion of Bitcoin. This is not going to happen. I would love to be proven incorrect, but there isn't a snowball's chance in hell. I continue to see this same suggestion for Strategy "wait until MSTR hits a 2.5x mNAV before selling shares". Uh, no. This idea that the market is just going to magically reward them a market cap of $207.5 billion when they have $83 billion of Bitcoin is nonsensical at their size. $124.5 billion in premium to MSTR? Not going to happen. 2.5x mNAV guidance would be foolish, this is obvious for anyone crunching the math. Pick a more reasonable premium number and continue to buy Bitcoin when advantageous for the long term.