In December, I made a couple of trips to Miami to sit down with Michael Saylor and dissect the $MSTR phenomenon: a 60x-plus valuation surge in four years, tens of billions raised through equity and zero-interest bonds, and volatility so high bond traders are apparently feeling like they are in a crypto casino. Plus an army of fans, skeptics and, more importantly, imitators. The bull case: "Volatility is the product." But what does that actually mean? And the counter-argument of "Just buy an ETF"? How does Saylor square all this with a career that once pitted him against Microsoft? Here's the story: forbes.com/sites/ninabambysh… Many thanks to everyone who shared their insights (even if you didn’t make it in), especially to @dgt10011 for helping connect the dots and add depth to this story.