What is Credit with special guest Adam Livingston

In Episode 41, True North Episode 41 - “What is Credit” w/ special guest @AdamBLiv Agenda: STR update 1. Key discussion points include mstr capital stack, bitcoin treasury growth, corporate liquidity strategy, credit & risk framework, credit structures. Market context: MSTR closed at $330.80 with mNAV at ~1.40.

Market Snapshot

• Date: 10/08/25
• MSTR Open/Close: $335.62 / $330.80
• Volume: 12,996,280 shares
• mNAV: ~1.40
• Market Cap: ~$94.98B
• U.S. Market Cap Rank: 115
• BTC Held: 640,031

Chapters

• 00:00:00 — Cue the music: Intro, Agenda and NFA
• 00:06:00 — MSTR Capital Stack: Leverage, assets, and BTC
• 00:11:20 — Bitcoin Treasury Growth: Asset scale and liquidity
• 00:21:00 — Corporate Liquidity Strategy: BTC vs. traditional cash
• 00:28:58 — Credit & Risk Framework: Trust, money, and collateral
• 00:33:54 — Credit Structures: Short, mid, and long-term credit
• 00:36:32 — Credit Limits & Trust: Personal borrowing capacity explained
• 00:39:12 — Household Debt Trends: Non-housing vs. housing debt
• 00:46:09 — Market Mispricing Risk: BTC collateral still undervalued
• 00:49:46 — Asset-Backed Lending: Underwriting BTC not individuals
• 00:53:01 — Equitized Credit Model: Saylor’s insurance-inspired strategy
• 00:56:51 — MSTR at Gold Parity: Credit quality inflection point
• 00:58:19 — Risk Comparison: BTC vs. equity, bonds, mortgages
• 01:00:00 — Bad Bonds Explained: High-yield debt and rising credit risk
• 01:06:13 — Bond Liquidity Risk: Selling constraints and default probability
• 01:09:18 — Disruption Risk Pricing: Black swan events impact on credit
• 01:14:43 — Technology’s Impact: Disruptions impact on change and pricing risk
• 01:17:06 — Ford’s Bond Profile: Duration risk and yield concerns
• 01:23:05 — Bitcoin vs. Disruption: BTC as strategic hedge asset
• 01:27:27 — Capital Efficiency Metrics: Assets and income per employee
• 01:30:56 — Credit Rotation Thesis: Selling weak debt for BTC credit
• 01:34:42 — Government Credit Risk: Bailouts, money printing, incentives
• 01:37:17 — Retail Credit Headwinds: Target, theft, and online migration
• 01:45:20 — Currency Collapse Signals: Argentina’s USD preference
• 01:53:00 — Debasement Trade Thesis: USD decline and BTC alternative
• 01:56:45 — Debt Spiral Warning: Downgrades, deficits, and inflation
• 02:03:08 — Final thoughts and rants: