00:00

I like the analogy or the the kind of the awareness that, hey, we have this giant bowl of ice cream that's melting.

I like the analogy or the the kind of the awareness that, hey, we have this giant bowl of ice cream that's melting.

00:06

That's that's your cap pile that's melting, and the heat is basically the money printer

That's that's your cap pile that's melting, and the heat is basically the money printer

00:10

that is, causing acid inflation. I ice cube that's melting. And I ice cube it. We have a five hundred million dollar ice cube, and it's melt thing

that is, causing acid inflation. I ice cube that's melting. And I ice cube it. We have a five hundred million dollar ice cube, and it's melt thing

00:18

twenty percent a year. It'll be gone in full. So you needed to do something with that. You didn't want it to all melt away. So you decided to do this. Now a couple quick questions. One is,

twenty percent a year. It'll be gone in full. So you needed to do something with that. You didn't want it to all melt away. So you decided to do this. Now a couple quick questions. One is,

00:28

this is sort of rapid fire. I've got a couple rapid fire questions for you. In twenty years from now, What do you think has generated more

this is sort of rapid fire. I've got a couple rapid fire questions for you. In twenty years from now, What do you think has generated more

00:36

value, or more income to the company, to microstrategy? Is it the operating income of microstrategy or the investment income of the Bitcoin it holds?

value, or more income to the company, to microstrategy? Is it the operating income of microstrategy or the investment income of the Bitcoin it holds?

00:45

The investment income for sure. Okay. And then you know, to be to be very clear, what happened in March of twenty twenty,

The investment income for sure. Okay. And then you know, to be to be very clear, what happened in March of twenty twenty,

00:52

is when the cost of capital goes to twenty five percent,

is when the cost of capital goes to twenty five percent,

00:56

that means that every investor and all investment income every every investor generated twenty five percent more doing nothing. Right.

that means that every investor and all investment income every every investor generated twenty five percent more doing nothing. Right.

01:05

And every main street company that worked twenty five percent harder got nothing. Right. Right. You literally tilt the playing field so that if you don't own

And every main street company that worked twenty five percent harder got nothing. Right. Right. You literally tilt the playing field so that if you don't own

01:15

if you own assets,

if you own assets,

01:17

you're having the best year of a thirty years. And if you don't own assets, it's impossible to have a good year.

you're having the best year of a thirty years. And if you don't own assets, it's impossible to have a good year.

01:25

Right.

Right.

01:27

And,

And,

01:28

and so so the second question is,

and so so the second question is,

01:31

you,

you,

01:34

as you acquire as you acquire more and more Bitcoin, is micro strategy bet? Like, do you just position the company at this point? Like, it's a Bitcoin ETF?

as you acquire as you acquire more and more Bitcoin, is micro strategy bet? Like, do you just position the company at this point? Like, it's a Bitcoin ETF?

01:42

It's like buy this buy this Bitcoin buying in full companies. Not a Bitcoin ETF. Everybody's you're sloppy with those words. An ETF

It's like buy this buy this Bitcoin buying in full companies. Not a Bitcoin ETF. Everybody's you're sloppy with those words. An ETF

01:50

is of a company that invests in securities,

is of a company that invests in securities,

01:54

and it tries to keep it assets under management equal to the amount of shares of ETF that it sold. It's a financial company.

and it tries to keep it assets under management equal to the amount of shares of ETF that it sold. It's a financial company.

02:03

An ATP

An ATP

02:04

is a similar type of company that invest in commodities.

is a similar type of company that invest in commodities.

02:07

If you create, you know, if you create this Bitcoin entity that, that that equalizes assets under management equal to the shares you sell. You created a Bitcoin ETP.

If you create, you know, if you create this Bitcoin entity that, that that equalizes assets under management equal to the shares you sell. You created a Bitcoin ETP.

02:17

We're neither of those things. We're not a finance company. We're not an ETF. We're not an ETP. We're not we're not buying or selling Bitcoin to equalize assets under management.

We're neither of those things. We're not a finance company. We're not an ETF. We're not an ETP. We're not we're not buying or selling Bitcoin to equalize assets under management.

02:28

We're,

We're,

02:29

an operating company

an operating company

02:30

that owns property.

that owns property.

02:32

Bitcoin is property.

Bitcoin is property.

02:34

And in that way, you should think of it as a company that Like, I I bought a million acres of land in Texas,

And in that way, you should think of it as a company that Like, I I bought a million acres of land in Texas,

02:40

or I bought,

or I bought,

02:41

a million gallons of of fill in the blank, a million bushels of soybean.

a million gallons of of fill in the blank, a million bushels of soybean.

02:47

You can buy any kind of property.

You can buy any kind of property.

02:50

Right? And and you're holding it on your balance sheet.

Right? And and you're holding it on your balance sheet.

02:54

As a company.

As a company.

02:55

Right? That's what we, that's what we are. Now what's your question?

Right? That's what we, that's what we are. Now what's your question?

02:59

You are talking about, like, let's say the the cost of capital

You are talking about, like, let's say the the cost of capital

03:03

being twenty five percent. Right? Because since March, that's what the S and P five hundred is on. But the the stock market goes, you know, it does go up and down in years where

being twenty five percent. Right? Because since March, that's what the S and P five hundred is on. But the the stock market goes, you know, it does go up and down in years where

03:11

you know, the market dips and and goes up, you know, the average of, you know, over time, the geometric mean is whatever seven or eight percent, something like that. So

you know, the market dips and and goes up, you know, the average of, you know, over time, the geometric mean is whatever seven or eight percent, something like that. So

03:20

Some would argue, okay. Yes. This year, assets inflated by that much. That doesn't mean next year, it's gonna remain at twenty five percent a year. And so you have to make some prediction. Right? And so are you

Some would argue, okay. Yes. This year, assets inflated by that much. That doesn't mean next year, it's gonna remain at twenty five percent a year. And so you have to make some prediction. Right? And so are you

03:32

are you basically

are you basically

03:33

forecasting it at twenty five percent, fifteen percent, ten percent, eight percent, and does the decision change at a certain number there.

forecasting it at twenty five percent, fifteen percent, ten percent, eight percent, and does the decision change at a certain number there.

03:41

So so gen first of all, for the decade from two thousand and ten to two thousand and twenty, it was generally about eight percent.

So so gen first of all, for the decade from two thousand and ten to two thousand and twenty, it was generally about eight percent.

03:48

Like, it was it was pretty consistent.

Like, it was it was pretty consistent.

03:50

And the single biggest driver

And the single biggest driver

03:53

of cost to capital

of cost to capital

03:54

is the rate at which the broad money supply expands.

is the rate at which the broad money supply expands.

03:59

And if you look at if you go Google m two money supply fed, you'll get a chart, and you'll see the by the way, the chart's not all over the place. The chart is very consistent seven percent slope for a decade.

And if you look at if you go Google m two money supply fed, you'll get a chart, and you'll see the by the way, the chart's not all over the place. The chart is very consistent seven percent slope for a decade.

04:11

It's not jerking around.

It's not jerking around.

04:13

So it's not that volatile. It was very consistent monetary

So it's not that volatile. It was very consistent monetary

04:17

policy for a decade.

policy for a decade.

04:18

Then that chart goes like this straight up twenty four percent.

Then that chart goes like this straight up twenty four percent.

04:23

So

So

04:24

If you, if you if you're going to make a decision as an investor,

If you, if you if you're going to make a decision as an investor,

04:28

and this is any investor, what it this this has to do this applies to all four hundred trillion dollars worth of investors

and this is any investor, what it this this has to do this applies to all four hundred trillion dollars worth of investors

04:36

and applies to every company on earth. They all have the same exact thing they have to calculate, which is

and applies to every company on earth. They all have the same exact thing they have to calculate, which is

04:42

You have to estimate the rate at which the money supply will expand each year for the next eight years.

You have to estimate the rate at which the money supply will expand each year for the next eight years.

04:49

And so that's the

And so that's the

04:51

If you wanna figure out the signal or or the single most important thing in the world for everyone,

If you wanna figure out the signal or or the single most important thing in the world for everyone,

04:57

but for everyone, seven point eight billion people for a hundred million companies for everyone with money on Earth or everyone that earns a salary on Earth.

but for everyone, seven point eight billion people for a hundred million companies for everyone with money on Earth or everyone that earns a salary on Earth.

05:06

This is the big idea of the podcast.

This is the big idea of the podcast.

05:08

You have to estimate

You have to estimate

05:10

the rate at which the currency is going to expand.

the rate at which the currency is going to expand.

05:14

And if you believe

And if you believe

05:16

the currency is going to continue to expand

the currency is going to continue to expand

05:20

At fifteen percent a year for the next eight years, you come to one conclusion.

At fifteen percent a year for the next eight years, you come to one conclusion.

05:25

If you plug in ten percent, it's a different conclusion.

If you plug in ten percent, it's a different conclusion.

05:29

If it's twenty five percent, it's a different conclusion.

If it's twenty five percent, it's a different conclusion.

05:32

So,

So,

05:33

what do I think?

what do I think?

05:35

I think that

I think that

05:38

fifteen percent is fifteen percent for the next eight years is reasonable.

fifteen percent is fifteen percent for the next eight years is reasonable.

05:45

If you're a pessimist, you could say twenty. If you're an optimist, you could say ten.

If you're a pessimist, you could say twenty. If you're an optimist, you could say ten.

05:50

But,

But,

05:51

the money supply is expanding

the money supply is expanding

05:53

because

because

05:54

the Federal Reserve and the EU Central Bank are buying a trillion dollars

the Federal Reserve and the EU Central Bank are buying a trillion dollars

05:58

worth of,

worth of,

06:01

bonds every year each

bonds every year each

06:03

And it's also expanded because,

And it's also expanded because,

06:05

the the government of the EU and the US are running a multi trillion dollar deficit.

the the government of the EU and the US are running a multi trillion dollar deficit.

06:12

And it is also expanding because of trillion dollar plus stimulus.

And it is also expanding because of trillion dollar plus stimulus.

06:16

And there's no reason to think that's gonna change in the next four years

And there's no reason to think that's gonna change in the next four years

06:21

And, I don't think in the next eight years. I think I think that at the point that the Democrats took control of the Senate

And, I don't think in the next eight years. I think I think that at the point that the Democrats took control of the Senate

06:27

and the House,

and the House,

06:29

you saw that you have,

you saw that you have,

06:31

If you could've you could've forecasted twelve percent

If you could've you could've forecasted twelve percent

06:35

inflation if it was a if it was a split government, but I think that in a in a in a,

inflation if it was a if it was a split government, but I think that in a in a in a,

06:41

a non split government. There seems to be remarkable consensus that we should run deficits,

a non split government. There seems to be remarkable consensus that we should run deficits,

06:46

continue to keep interest rates low

continue to keep interest rates low

06:49

and continue to stimulate the economy.

and continue to stimulate the economy.

06:52

So what does that mean?

So what does that mean?

06:55

If you plug in a number, fifteen percent, it means that the risk free interest rate or the the risk free return is fifteen percent. It means you have to generate an excess of fifteen percent. On your money every year for the next four years in order to stay ahead of the rate of asset inflation.

If you plug in a number, fifteen percent, it means that the risk free interest rate or the the risk free return is fifteen percent. It means you have to generate an excess of fifteen percent. On your money every year for the next four years in order to stay ahead of the rate of asset inflation.

07:12

A reasonable person would say the assets are going to inflate at that rate. That's

A reasonable person would say the assets are going to inflate at that rate. That's

07:18

that's pretty much what they do. That means that

that's pretty much what they do. That means that

07:22

If your company is not growing, its cash flows, you know, at a twenty percent rate, then it's not gonna hold value as a stock. It means that if your bond is paying you an interest rate of less than fifteen percent,

If your company is not growing, its cash flows, you know, at a twenty percent rate, then it's not gonna hold value as a stock. It means that if your bond is paying you an interest rate of less than fifteen percent,

07:35

you're destroying value in the bond.

you're destroying value in the bond.

07:37

If your rent yield is less than fifteen percent, your commercial real estate's destroying value.

If your rent yield is less than fifteen percent, your commercial real estate's destroying value.

07:43

And if you're holding cash, you're losing fifteen percent of it a year. That's that's the negative real yield.

And if you're holding cash, you're losing fifteen percent of it a year. That's that's the negative real yield.

07:49

So

So

07:50

once you actually,

once you actually,

07:52

embrace the idea of asset inflation, and asset inflation equals cost the capital equals the rate of the money supply expansion.

embrace the idea of asset inflation, and asset inflation equals cost the capital equals the rate of the money supply expansion.

08:00

Once you have that rate, then you realize that there's a negative real real yield on every thing,

Once you have that rate, then you realize that there's a negative real real yield on every thing,

08:07

except for

except for

08:09

Bitcoin,

Bitcoin,

08:10

for the most part, the negative real yield on gold is three percent. That's the rate at which we mine it or hypoticate it. The negative real yield on sovereign debt is about twelve percent, thirteen percent. The negative real yield on corporate debt is ten percent.

for the most part, the negative real yield on gold is three percent. That's the rate at which we mine it or hypoticate it. The negative real yield on sovereign debt is about twelve percent, thirteen percent. The negative real yield on corporate debt is ten percent.

08:27

Every company that's got a growth rate of less than fifteen percent has got a negative real yield on it. So

Every company that's got a growth rate of less than fifteen percent has got a negative real yield on it. So

08:34

You know, once you do that,

You know, once you do that,

08:36

then you can then what you realize is

then you can then what you realize is

08:40

You can't really have a business strategy as a company

You can't really have a business strategy as a company

08:44

unless

unless

08:45

you find a way to solve the treasury problem.

you find a way to solve the treasury problem.

08:49

So

So

08:50

the big idea here is

the big idea here is

08:52

you wanna fix any company,

you wanna fix any company,

08:55

sweep all the cash flows into Bitcoin,

sweep all the cash flows into Bitcoin,

08:58

convert the treasury into Bitcoin,

convert the treasury into Bitcoin,

09:01

borrow against your future cash flows in dollars, convert that into Bitcoin,

borrow against your future cash flows in dollars, convert that into Bitcoin,

09:07

finance all your fixed assets in dollars convert that into Bitcoin

finance all your fixed assets in dollars convert that into Bitcoin

09:11

and issue equity as much as you can now at the highest valuation you can now in dollars

and issue equity as much as you can now at the highest valuation you can now in dollars

09:17

and invest in Bitcoin.

and invest in Bitcoin.

09:19

Right? And and you might say

Right? And and you might say

09:22

Why Bitcoin?

Why Bitcoin?

09:23

Well, because Bitcoin is the Apex property. It's the most scarce

Well, because Bitcoin is the Apex property. It's the most scarce

09:28

monetary

monetary

09:29

asset in the universe.

asset in the universe.

09:30

You can't make any more of it.

You can't make any more of it.

09:33

It's encrypted money.

It's encrypted money.

09:35

And and what that means is it's least likely to be impaired by

And and what that means is it's least likely to be impaired by

09:40

a property tax, an execution issue,

a property tax, an execution issue,

09:45

money printing,

money printing,

09:47

dilution,

dilution,

09:48

counterparty risk, and corruption.

counterparty risk, and corruption.

09:52

So we have we have engineered

So we have we have engineered

09:54

a superior asset, a thermodynamically

a superior asset, a thermodynamically

09:57

sound technically superior asset.

sound technically superior asset.

10:00

It's placed on a global digital monitoring network,

It's placed on a global digital monitoring network,

10:03

which is open, an open protocol

which is open, an open protocol

10:06

And the combination

And the combination

10:07

of the the the Apex

of the the the Apex

10:11

asset on the open monetary system makes it the

asset on the open monetary system makes it the

10:16

The most disruptive technology in the world. When you were first starting microstrategy,

The most disruptive technology in the world. When you were first starting microstrategy,

10:21

you were you were in the weeds, you were thinking, I have to make a product that solves a problem, and I I have to make money off of it. Right? Now

you were you were in the weeds, you were thinking, I have to make a product that solves a problem, and I I have to make money off of it. Right? Now

10:31

you've gone way up the hierarchy of Now we can do whatever we want. Now you could do whatever you want. At what point did you notice a shift? Like, oh my gosh. Like, this business is stable. It's working it's working pretty well.

you've gone way up the hierarchy of Now we can do whatever we want. Now you could do whatever you want. At what point did you notice a shift? Like, oh my gosh. Like, this business is stable. It's working it's working pretty well.

10:44

Yep, it's quite predictable.

Yep, it's quite predictable.

10:46

At what point did that shift happen? Because what you're talking about now is quite foreign to what

At what point did that shift happen? Because what you're talking about now is quite foreign to what

10:52

I think we look, we solved our problem when we actually embraced Bitcoin.

I think we look, we solved our problem when we actually embraced Bitcoin.

10:58

I I I I could say to you, oh, yeah. Well, when I had five hundred million in cash in the bank, I could. And then we were focused.

I I I I could say to you, oh, yeah. Well, when I had five hundred million in cash in the bank, I could. And then we were focused.

11:05

But the problem with that is that

But the problem with that is that

11:07

If you have a bunch of cash generating zero interest, the cost capital goes twenty five percent,

If you have a bunch of cash generating zero interest, the cost capital goes twenty five percent,

11:13

then all of the public company investors forsake the company

then all of the public company investors forsake the company

11:17

And if the stock if the if the stock market forsakes the company, then mainstream media forsakes the company,

And if the stock if the if the stock market forsakes the company, then mainstream media forsakes the company,

11:25

Right? Then the employees

Right? Then the employees

11:26

become dejected because eventually you're gonna have Facebook, Amazon, Apple, or Google steal every one of your employees.

become dejected because eventually you're gonna have Facebook, Amazon, Apple, or Google steal every one of your employees.

11:33

If you can't drive the stock up, right?

If you can't drive the stock up, right?

11:37

Nobody wants to invest in a company that makes a lot of money growing at five percent a year. I mean, it's it seems brutal to say that. It

Nobody wants to invest in a company that makes a lot of money growing at five percent a year. I mean, it's it seems brutal to say that. It

11:47

it

it

11:48

but it wouldn't be true

but it wouldn't be true

11:50

if the cost capital was zero.

if the cost capital was zero.

11:53

If we had a sound money policy in this country, then you could hold your head up high and say, I run this great restaurant.

If we had a sound money policy in this country, then you could hold your head up high and say, I run this great restaurant.

12:01

And we made a lot of money last year. We're gonna make a lot of money this year, and our plan is to keep doing what we've been doing. And everybody pat you on the back and say, that's good. That's honorable.

And we made a lot of money last year. We're gonna make a lot of money this year, and our plan is to keep doing what we've been doing. And everybody pat you on the back and say, that's good. That's honorable.

12:10

But if if I tell you, I'm gonna devalue the the cash by twenty five percent a year or twenty percent a year. At some point,

But if if I tell you, I'm gonna devalue the the cash by twenty five percent a year or twenty percent a year. At some point,

12:19

you're driven into this

you're driven into this

12:21

cycle where I have to either do a big acquisition to keep my revenues growing I I have to take extreme risk and do dilutive acquisitions

cycle where I have to either do a big acquisition to keep my revenues growing I I have to take extreme risk and do dilutive acquisitions

12:30

or I have to go borrow billions of dollars to buy the stock back to leverage up the cash flow per share. And if I don't do either of those things, the investors dump the stock and they dump the stock, the employees start feeling like, you know, why don't they go work someplace, cool and hot, and you're gonna get all your engineers stripped away by Facebook or or Amazon or something? So the truth is

or I have to go borrow billions of dollars to buy the stock back to leverage up the cash flow per share. And if I don't do either of those things, the investors dump the stock and they dump the stock, the employees start feeling like, you know, why don't they go work someplace, cool and hot, and you're gonna get all your engineers stripped away by Facebook or or Amazon or something? So the truth is

12:55

when we actually fix the balance sheet, we fix the stock.

when we actually fix the balance sheet, we fix the stock.

13:00

And we fix the, you know, at this point,

And we fix the, you know, at this point,

13:03

the company has five billion dollars, more than five billion dollars in assets,

the company has five billion dollars, more than five billion dollars in assets,

13:08

If the if the cost of capital remains it, let let's say it goes up twenty percent. If if we print twenty percent more money next year, I can reasonably expect to generate a billion dollars of investment income,

If the if the cost of capital remains it, let let's say it goes up twenty percent. If if we print twenty percent more money next year, I can reasonably expect to generate a billion dollars of investment income,

13:20

which would be a, you know, twenty percent increase in Bitcoin. Right? But the truth is I can reasonably expect better than that.

which would be a, you know, twenty percent increase in Bitcoin. Right? But the truth is I can reasonably expect better than that.

13:28

If, the cost of capital is ten, I can reasonably expect five hundred million investment income.

If, the cost of capital is ten, I can reasonably expect five hundred million investment income.

13:33

Well,

Well,

13:35

all two thousand people doing a hundred thousand things right perfectly for the entire year, competing against Microsoft that has more money than god,

all two thousand people doing a hundred thousand things right perfectly for the entire year, competing against Microsoft that has more money than god,

13:45

they can generate seventy five million a year.

they can generate seventy five million a year.

13:48

Okay? So

Okay? So

13:49

so the truth is the company

so the truth is the company

13:52

its future became secure

its future became secure

13:54

when we actually converted the balance sheet to Bitcoin.

when we actually converted the balance sheet to Bitcoin.

13:59

Because

Because

14:00

now

now

14:01

we don't have to struggle.

we don't have to struggle.

14:03

Let me say it a different way. I don't think any company could be successful without a financial strategy in the year twenty twenty one.

Let me say it a different way. I don't think any company could be successful without a financial strategy in the year twenty twenty one.

14:11

Like, I wouldn't have said it

Like, I wouldn't have said it

14:13

three, four years ago.

three, four years ago.

14:15

If you have a sound money macroeconomic

If you have a sound money macroeconomic

14:18

environment where the money supply is expanding at two or three percent a year, you can go out and make things and create things and market things and sell things and service things

environment where the money supply is expanding at two or three percent a year, you can go out and make things and create things and market things and sell things and service things

14:28

and generate cash with that. And then,

and generate cash with that. And then,

14:31

and and that makes sense.

and and that makes sense.

14:33

But if the money supply is expanding at twenty percent a year,

But if the money supply is expanding at twenty percent a year,

14:37

you need to own assets

you need to own assets

14:40

because

because

14:41

because what's happening is

because what's happening is

14:44

no one's going to invest in any project that doesn't generate more than the twenty percent hurdle rate.

no one's going to invest in any project that doesn't generate more than the twenty percent hurdle rate.

14:50

And so what who can generate consistently

And so what who can generate consistently

14:53

risk free twenty percent returns?

risk free twenty percent returns?

14:56

You have to be a monopoly.

You have to be a monopoly.

14:58

Yeah. You have to have a digital monopoly or some kind of monopoly. So it becomes exponentially

Yeah. You have to have a digital monopoly or some kind of monopoly. So it becomes exponentially

15:04

harder to grow and what and so what happens next? All these other companies could get squeezed out of the ecosystem.

harder to grow and what and so what happens next? All these other companies could get squeezed out of the ecosystem.

15:11

Right? They're get they get decalized

Right? They're get they get decalized

15:13

and rendered insolvent

and rendered insolvent

15:15

by by the monetary policy.

by by the monetary policy.

15:17

So I I would say that,

So I I would say that,

15:20

you know, if I can get my my stock was a hundred and twenty dollars a share. What is it right now? Like,

you know, if I can get my my stock was a hundred and twenty dollars a share. What is it right now? Like,

15:29

I haven't checked in the market. Seven sixty eight.

I haven't checked in the market. Seven sixty eight.

15:33

Okay.

Okay.

15:34

So

So

15:36

if I if I get my stock

if I if I get my stock

15:39

up, then I can make my shareholders happy. I can change the narrative. I can recruit.

up, then I can make my shareholders happy. I can change the narrative. I can recruit.

15:45

I can retain talent.

I can retain talent.

15:47

I can get the, you know, I can inspire the confidence of my customers.

I can get the, you know, I can inspire the confidence of my customers.

15:52

I can I can drive

I can I can drive

15:54

momentum?

momentum?

15:56

And then we can do what we wanna do.

And then we can do what we wanna do.

15:59

I guess it's it's similar to if you're a university

I guess it's it's similar to if you're a university

16:02

and you had no endowment,

and you had no endowment,

16:05

you know, and

you know, and

16:07

or university that has a billion dollar endowment or university that has a hundred billion dollar endowment,

or university that has a billion dollar endowment or university that has a hundred billion dollar endowment,

16:12

you know, if you're a professor, which university do you wanna work for? If you're a student where you wanna go, you know, do you have do you have a shiny building coming or not? Right? At at the end of the day, right,

you know, if you're a professor, which university do you wanna work for? If you're a student where you wanna go, you know, do you have do you have a shiny building coming or not? Right? At at the end of the day, right,

16:23

money is a measure of energy.

money is a measure of energy.

16:25

And so if you have monetary assets, you have energy. And if you have high energy, you can pursue your vision

And so if you have monetary assets, you have energy. And if you have high energy, you can pursue your vision

16:31

you know, with integrity.

you know, with integrity.

16:33

And what percentage of your time now are you spending on this on investing the income

And what percentage of your time now are you spending on this on investing the income

16:40

versus

versus

16:41

on the day to day of micro strategy of just the the

on the day to day of micro strategy of just the the

16:45

business as usual, making the products that making business intelligence products versus investing the the income?

business as usual, making the products that making business intelligence products versus investing the the income?

16:53

I'm I'm the CEO, but we have a president, and the president and the company Fongli, and he actually has day to day operational

I'm I'm the CEO, but we have a president, and the president and the company Fongli, and he actually has day to day operational

17:01

responsibility

responsibility

17:02

for sales, marketing, and even technology development at this point. So I'm the chairman and the CEO.

for sales, marketing, and even technology development at this point. So I'm the chairman and the CEO.

17:08

I I oversee the company's strategy,

I I oversee the company's strategy,

17:10

and I oversee the

and I oversee the

17:13

I I oversee financial strategies. I oversee long term direction, and I and I oversee technology

I I oversee financial strategies. I oversee long term direction, and I and I oversee technology

17:20

strategy, but I'm not I'm not in the weeds in the day to day running the business. That's really left for the operating executive team.

strategy, but I'm not I'm not in the weeds in the day to day running the business. That's really left for the operating executive team.

17:34

I feel like I could rule the world. I know I could be what I want to

I feel like I could rule the world. I know I could be what I want to

17:39

I put my all in it like a day's all going to road. Let's travel never looking back.

I put my all in it like a day's all going to road. Let's travel never looking back.

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