Thoughts on markets, life, and building
If youāve ever watched Bitcoin move 3% in 30 seconds and thought, āThere is absolutely no way this is natural,ā then congratulations: you have felt the presence of PM.
Affirm is not being repriced because its business is broken, but because regulatory fear is being injected into the entire consumer credit sector. Trumpās 10% credit card rate cap proposal introduces valuation risk that could compress AFRM into the $30s before fundamentals change.
MicroStrategy is no longer trading like a company but as a financial instrument engineered around Bitcoin volatility and shareholder dilution. This analysis explains why MSTR lost its premium, how dilution replaced leverage, and why Bitcoin near $48,000 represents a psychological expiration point for the stockās narrative.
A personal thesis on MSTR, leverage, and why I believe the downside risk is structurally underestimated.
I will go deep into the question of whether Iām more of a developer or an investor, and why the answer might actually be both.
This is my trading and investing log: what I trade, what I believed at the time, the risk I took, and what I learned when reality hit.