About This Episode
In this week’s Hurdle Rate, the crew breaks down the $6 billion Binance hack, Triple C spreads blowing out, and why digital credit spreads may compress against junk debt. They also discuss what Fannie Mae preferreds teach about underwriting dividends, why both the gross and claims-adjusted mNAV metrics break down, and how to value a Bitcoin balance sheet as a stream of future cash flows. The episode closes on the ATM narrative and why ASST trades like perpetual leverage on Bitcoin. Here’s the latest with Matt Cole, Jeff Walton, Ben Werkman, and Tim Kotzman.
In This Episode
- 00:00:52 — The Binance Hack
- 00:02:57 — Triple C Spreads Blow Out
- 00:11:02 — Bitcoin Still Seen As Risk
- 00:14:30 — Digital Credit Spreads Will Compress
- 00:18:41 — The Fannie Mae Preferred Lesson
- 00:23:22 — Rethinking mNAV
- 00:33:00 — Premium Or Discount?
- 00:35:36 — Breaking Both Valuation Models
- 00:42:17 — The ATM Narrative Is Wrong
- 00:46:39 — Perpetual Leverage On Bitcoin