In Episode 50, True North Episode 50 - New Year, The bottom’s in Agenda: Welcome to 2026 Macro landscape Status of the preferred equity Pension funds & Insurance Companies 2026 and the horizon. Key discussion points include roundtable updates, balance sheet snapshot, net capital growth, perpetual preferred equity, balance sheet resilience. Market context: MSTR closed at $161.83 with mNAV at ~1.06.
Market Snapshot
- MSTR Open/Close: $163.45 / $161.83
- Volume: 28,334,600 Shares
- mNAV: ~1.06
- Market Cap: ~$50.62B
- U.S. Market Cap Rank: 212
- BTC Held: 673,783
Chapters
- 00:00:00 — Intro: NFA, agenda and True North overview
- 00:05:11 — Roundtable updates: Latest projects the crew is working on
- 00:13:58 — Balance Sheet Snapshot: Assets, Bitcoin, reserves
- 00:15:12 — Net Capital Growth: Leverage compression and dividends
- 00:17:25 — Perpetual Preferred Equity: Permanent capital effects
- 00:18:27 — Balance Sheet Resilience: Drawdowns, leverage, amplification
- 00:23:27 — Liquidity and Dividends: Trading volume supports payouts
- 00:26:27 — Price Drivers Explained: Options flow, ATM, rates, volatility
- 00:34:35 — ATM Issuance and Liquidity: Supply debates and market structure
- 00:40:37 — Volatility and Liquidity Mechanics: Preferreds versus common stock
- 00:46:11 — Short MSTR Risk: mNAV drift and asymmetrical downside
- 00:50:04 — Preferred Credit Demand: Yield, pricing, dividend behavior
- 00:53:55 — Yield Product Mechanics: Pricing, dividends, distribution flow
- 01:05:34 — Capital Control Framework: Liquidity management and excess coverage
- 01:09:07 — Capital Reallocation Shock: AI disruption and Bitcoin treasury edge
- 01:15:30 — Institutional Positioning: Sentiment shifts, capital signaling and MSCI decision
- 01:23:07 — Policy Risk and Bitcoin: Leverage, regulation, and asset selection
- 01:28:40 — Capital Structure Engineering: Yield creation and durability
- 01:34:33 — Credit System Stress: AI shock, failure, recovery mechanics
- 01:46:49 — Institutional Delay Risk: Pensions, governance, missed adoption
- 01:58:47 — Final Thoughts: Conviction, positioning, long-term framework
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