Maybe you can help me out with this one Lyn…

Rates remain unchanged but we can imagine a cut or two this fall and then a new Fed chair and an election cycle and a series of further cuts.

If money market yields are 4-5% one can imagine less apatite from investors to jump ship to a higher yielding preferred equity given that it’s this “crazy new bitcoin thing” that’s too scary.

But if we’re in an environment where rates are getting cut, yields are coming down, but bitcoin is pumping and the MSTR preferreds are 8-10%, one could imagine there’d be massive demand from yield starved investors.

Thoughts?