By @PiusSprenger I ran 1,000 random DCA simulations to purchase Bitcoin, starting exactly when Saylor began his Bitcoin reserve strategy. All 1,000 DCA paths are profitable… while Saylor is currently sitting on a loss. How is this possible? Saylor has a negative convex trading position—something every Wall Street trader avoids like the devil avoids holy water. When Strategy’s shares are strong and the premium is wide, the company issues equity to buy Bitcoin—typically when prices are already high. Now, he’s issuing a high-yield credit instrument (STRC) to buy more Bitcoin. Does this improve the convexity profile? I’m not entirely sure.