MSTR earnings came out May 1. My morning media stops last Thursday (here and here) asked for a preview. We don't talk about stocks, so I planned to zoom out and hit themes. While preparing, I had to suppress the eye-roll reflexes that MSTR triggers.

MSTR, of course, is the ticker symbol for MicroStrategy, or Strategy, as the company is now known. Strategy, fronted by Michael Saylor, pioneered the “bitcoin treasury” model that’s now been copied by Metaplanet and dozens of other companies. Strategy plans to raise $84 billion, according to its most recent announcement, across equity and fixed income instruments.

Here are three questions:

1. Earnings?
MSTR "earnings" and "price targets" are... Well, they don't really mean the same thing, especially once the effect of

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