Financial Strategy & Risk Management - MicroStrategy's primary treasury reserve asset is Bitcoin, complemented by a U S dollar reserve for short-term obligations like dividend payments [2][3] - The company aims to maintain a cash reserve equivalent to 2-3 years of dividend payments, which will grow with the issuance of more preferred shares [12] - MicroStrategy considers selling Bitcoin as a last resort, prioritizing dividend payments [7] - The company clarifies its leverage is 12%, or 27% including preferred shares, significantly lower than typical public companies in the US [8] - MicroStrategy issued $1.44 billion of equity in eight and a half days, enough to cover 21 months of dividends [9] Dividend Policy - MicroStrategy is committed to paying dividends in perpetuity, though the board retains the right to suspend them [6] - Suspending dividends could create fear, uncertainty, and doubt among preferred shareholders, impacting convertible and equity shareholders [5] Company Identity & Market Perception - MicroStrategy emphasizes it is an operating company, not a closed-ended fund or ETF, and should be valued at a premium for its ability to grow its treasury and operating income [15][16] - The company is engaging with MSCI to educate them on its identity as an operating company, countering the perception that it is an investment fund [18][19] Bitcoin Strategy & Future Opportunities - MicroStrategy's core business is buying and holding Bitcoin [22] - The company is excited about traditional finance entering the Bitcoin space, with banks offering custody, lending, and staking services [22][23] - MicroStrategy is open to partnering with US-based banks with strong balance sheets for Bitcoin services like custody and lending [25]

Inflation & Economy - Inflation has been stopped in its tracks, with further reduction expected to reach a near-perfect level [1] - Some states are selling gasoline at less than $2.75 [2] - Thanksgiving turkey costs are down 33% compared to the previous administration [2] - Egg prices have decreased significantly, down by 86% [2] Federal Reserve (The Fed) - The current chairman of the Fed is perceived as incompetent and should reduce rates [3] - A new chairman of the Fed will likely be announced early next year [4]

And on the topic of security guarantees, we have concrete details from the US, concrete details from Europe. I'd say these are the three main topics tracks, but also triggers. We need to be very careful here.I think our negotiation teams, the plan looks better. Let's now bring in Bloomberg scholar Muskie reporter. Are we any closer to actually seeing a deal.What's the latest. Hi, Francine. So indeed.So as you pointed out, President Zelensky yesterday said that the new plan or the latest version of it looks ...

Geopolitical Stance on Ukraine - Ukrainian sovereignty is of utmost importance, with considerations for its prosperity post-ceasefire [1] - Canada strongly advocates for Ukraine's inclusion in peace negotiations and NATO discussions, opposing any negotiation that compromises Ukrainian interests, especially regarding Luhansk, Donetsk and Crimea [2][3][7] - Canada welcomes Ukraine's potential accession to NATO, contingent on Ukraine meeting the necessary requirements [4] NATO's Role and Peace Plan - The peace plan involves considerations for NATO, including potential limitations on accepting new members [4] - Some aspects of the peace plan require the involvement of other organizations, including NATO [5] - Discussions regarding a ceasefire and peace plan are actively underway, highlighting the need for solutions that respect Ukraine's geographical boundaries [6][7] Canadian Support for Ukraine - Canada was among the first to contribute to the Pearl program, demonstrating a strong commitment to Ukraine [9] - Canada's defense budget for 2025 includes an $80 billion commitment, aiming to reach 2% of GDP this year and 5% of GDP by 2035, underscoring the importance of Ukraine and NATO in its foreign policy [10] - Canada intends to double non-U S trade in the next ten years, necessitating diversification of supply chains and trading routes [11]

Let's start with the look ahead for next year, which is everything is awesome. And what we're hearing from every single person who comes on the show is that next year is going to be double digit gains in the S&P 500 at the same time that you continue to get grind out better returns from the debt space. Is there a contradiction here.Well, I would just say that the the confidence sitting here in December about next year that anybody puts forth has to be taken with a little bit of of skepticism because of the ...

Michael and Susan Dell are donating six and a quarter billion dollars to fund the Trump accounts program for children. The president praised the move, writing on social quote, two great people i love dell. Bloomberg senior editor mike shepard joins us now in washington.Jeff, this is just an insane amount of money to be donating. It is an insane amount of money to donate, and the idea is to give additional and additional group of children access to this program known informally as the Trump accounts, but for ...

Auto Industry Trends - US economy strength is driving stronger than expected auto sales [2] - Pandemic resulted in a deficit of approximately 6 to 7 million vehicles not purchased [2] - Original Equipment Manufacturers (OEMs) are using pricing to offset some tariffs [4] - There's a shift back to hybrid vehicles and trucks, away from electric vehicles [5] - Pickups and larger SUVs are currently the strongest segment in the US auto industry [6] Market Forecast - Initial forecasts of a 15 million vehicle Seasonally Adjusted Annual Rate (SAAR) for 2025 are now expected to be 16 to 163 million [3] - US auto market is expected to be constructive, supported by low unemployment and potential rate cuts [4][5] Tesla Analysis - Analyst maintains an outperform rating on Tesla, not primarily due to its auto business [6][7] - Tesla's potential in robotaxi and humanoid markets is a significant opportunity, with an assumption of only 5% penetration in the humanoid market [8] - Humanoid market opportunity is large and not fully appreciated by investors [9] - Analyst believes it's too early to definitively say Tesla is overvalued, citing a lack of real-life data to disprove Tesla's potential in humanoids and robotaxis [12][13]

What is your call for next year. So our story for next year is a continuation of what this year has been essentially, which is that we essentially got a kitchen sink in the first quarter. We made a significant bare market low in April.That was the end of an economic cycle we built. I believe that there's a now a rolling recovery of all the policy changes that we've seen really effect a much stronger 2026 from an economic standpoint. And a lot of it has to do around this investment cycle.So our target, 7800, ...

There are so many different metrics that come at us. Is there a metric that catches your attention more than most, or is it that you rely just on kind of the work you guys do. I rely on what we do, but I also look at all the metrics to tell a story. And frankly, what you're seeing the metrics tell the story of.Essentially it was solidly optimistic for this upcoming holiday season. There are good metrics. A lot of the metrics surpass their expectations.The other thing when you look at online versus in-store, ...

The repression has intensified. The fact is the executions reflect the degree of violence and cruelty the Islamic Republic has unleashed against the Iranian people. Arrests have become far more widespread and have now reached layers of society that although always under threat hadn't been directly targeted like this before.I see the repression now as extremely serious. The establishment's violence against its own people is a naked one, and I know people are deeply angry. ...