Episode 41 – What is Credit with special guest Adam Livingston

True North Episode 41 – What is Credit w/ special guest Adam Livingston

02:15:28 | October 8, 2025

🧭 MSTR True North episode 41: the crew does a deep dive into credit markets, bond risk, and capital structure—covering Strategy, Ford, disruption risk, mNAV, liquidity, and why BTC is emerging as the prime collateral asset.

🎛️ As of this recording, 10/08/25, Strategy’s (MSTR) performance:
Open: $335.62
Close: $330.80
Volume: 12,996,280 shares
mNAV: 1.40
Market Cap: $94.98B
U.S. Market Cap Ranking: 115
BTC: 640,031

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 – Cue the music: Intro, Agenda and NFA
• 00:05:26 – Special guest: Welcome the Bitcoin Wizard
  Bitcoin & Energy: Market moving in dog years
• 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

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.