Morgan Stanley proved in 2009 that P/E drives 46% of a stock's 1-year return and 5% of its 10-year return. Run the same method on MSTR + mNAV and it's an eerily similar story. So I measured what actually moves the stock instead, across every time horizon👇🏼

Morgan Stanley proved in 2009 that P/E drives 46% of a stock's 1-year return and 5% of its 10-year return. Run the same method on MSTR + mNAV and it's an eerily similar story. So I measured what actually moves the stock instead, across every time horizon👇🏼

A reminder that most bitcoiners are genuinely retards that have just found out how money and banking works. They are incapable of second order thinking and live in a delusional fairytale of everyone self custodying with fire proof seed phrases. You’re an idiot. The network will not grow to a powerlaw without enormous new capital flows, the bridges to credit, equity and capital markets must be open. Treasuries are building those rails. Blackrock are building those rails. Banks are building those rails. You, dumb, have probably never worked at an investment bank / equity management house / portfolio management. The world is fiat. The world runs on fiat. Fiat will be the rails until we die. Bitcoin grows because Fiat grows. Capital inflates because Fiat inflates. Own the best capital. Own the best money. own bitcoin. Accept reality.

People love to dismiss M2 until it starts working again. Global M2 is now growing at a 10.6% annualised pace over the past 60 days. Liquidity doesn’t explain every move in Bitcoin. But it explains a lot more than most people think.

People love to dismiss M2 until it starts working again. Global M2 is now growing at a 10.6% annualised pace over the past 60 days. Liquidity doesn’t explain every move in Bitcoin. But it explains a lot more than most people think.