Treasury companies trading at 5x NAV (bought in the pipe at ~2x, trading at 10x) are dangerous because smart money in the pipe profits while math-illiterate retail overpays; but a cleanly structured deal at ~30% premium to NAV (like Adam Back's vehicle) can be justified, just as banks trade at a premium to book because their book (treasuries) yields ~5%.
normativepending
Speaker
ShrubEvidence Quote
“buying something at five times now, bad idea... I actually get why something like Micro Strategy or Adam Back's vehicle could trade at a premium”
Created: 6/18/2026, 2:32:33 PM
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