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Yeah. Probably doesn't trade below NAV next bear market. I think a lot of that had to do with the market pricing in him potentially getting liquidated. I could be wrong but I don't think the next bear will be a 70% drawdown so it probably trades around NAV but he likely won't be able to raise capital so freely.
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Saylor strategy only works in a bull market.
In 2022, MSTR was trading at 70 percent discount or premium = 0.3