CORNYVERSE

Held every August, the Jackson Hole meeting is where you can glimpse the Fed’s true thinking. This year, Chair Powell mentioned cooling in jobs and growth alongside tariff-driven inflation pressures, stressing that policy is data-dependent , not on a preset course.   🎯 Key Takeaways ✅ Labor slowdown: recent average monthly job gains ≈ 35k; unemployment at 4.2% ✅ Growth cooling: H1 GDP at 1.2–2%, roughly half of last year’s pace ✅ Inflation: core PCE 2.9%; tariff-driven pressures hinted as “possibly one-off” ✅ Policy: rates not on a preset path → cautious, data-dependent adjustments; target is a “clear 2%” ✅ Markets: seen as “less hawkish than feared” → short-term rally in stocks/crypto ✅ Risks: political pressure (Trump factor) puts Fed independence in the spotlight 💎 Core point: With “no signal of fu...

MicroStrategy (MSTR) grew rapidly by acquiring Bitcoin using low-interest convertible bonds. Recently, however, the company has shifted its strategy to **'permanent capital'**—in the form of perpetual preferred stock (STRC)—to reduce structural risks. 🎯 Key Takeaways ✅ MSTR is issuing **STRC perpetual preferred stock** to replace convertible bonds and eliminate **maturity repayment risk**. ✅ STRC is designed to maintain a stable price near **$100** through a **variable monthly dividend**, an **ATM facility**, and **call options**. ✅ The initial dividend yield is approximately **9-10% annually** on an offering price of **$90**, with a monthly payout structure. ✅ The investment thesis: Weighing the benefit of **eliminating maturity risk** against the concerns of **dividend sustainability, dilution**, and **Bitcoin volatility**. 🔥 Topic: From ‘Free Money’ to ‘Permanent Capital’ During the era of ultra-low interest rates, MSTR's c...