The Hurdle Rate Podcast(@HurdleRatePod):"We have never seen a bull market with a perpetual preferred equity model in place" - @PunterJeff Past cycles ran on convertible debt. That's a one-time injection with a lid on it, since the convertible market is only so big. Preferred shares that never mature are a steady stream instead, and it can keep going into perpetuity. The volume is showing up: • $ASST traded about $1.5 billion the week ending September 4 • 3 weeks earlier, week ending August 14, it was $161 million • That's a 9.7x increase • Strategy $MSTR traded $6.5 billion in one day, its largest since April, and $18.2 billion for the week, top 15 to 20 of all publicly traded equities Convertible debt had a ceiling. This model doesn't. $STRC $SATA

2026.09.09 13:00

"We have never seen a bull market with a perpetual preferred equity model in place" - @PunterJeff Past cycles ran on convertible debt. That's a one-time injection with a lid on it, since the convertible market is only so big. Preferred shares that never mature are a steady stream instead, and it can keep going into perpetuity. The volume is showing up: • $ASST traded about $1.5 billion the week ending September 4 • 3 weeks earlier, week ending August 14, it was $161 million • That's a 9.7x increase • Strategy $MSTR traded $6.5 billion in one day, its largest since April, and $18.2 billion for the week, top 15 to 20 of all publicly traded equities Convertible debt had a ceiling. This model doesn't. $STRC $SATA