Put Michael Saylor's rule through your numbers

One rule JMM has located in a dated source, rebuilt as a working calculator, and taken a position on.

Sources located: MicroStrategy Incorporated (Form 8-K, Exhibit 99.1, via SEC EDGAR), MicroStrategy Incorporated (Form 8-K, via SEC EDGAR)
Source years: 2020
JMM verdicts: contested

Bitcoin treasury model

What does a bitcoin treasury do to company cash?

contested A treasury is where a company keeps the money it cannot afford to lose. This puts it in the most volatile major asset there is. MicroStrategy Incorporated (Form 8-K, Exhibit 99.1, via SEC EDGAR), 2020Open model

Not every rule here survives its own arithmetic

JMM does not grade this rule as a set. The verdict on bitcoin treasury model is where the position turns critical: A treasury is where a company keeps the money it cannot afford to lose. This puts it in the most volatile major asset there is.

Each page separates three things people usually run together: what the source states, what JMM's model adds to make it computable, and where the rule itself breaks. The last one is not the calculator's limitations list. It is the failure of the idea, which is the part the person who published the rule has no reason to write down.