The Hurdle Rate Podcast

Welcome Back To The Hurdle Rate

Episode 80: Debt Crisis Is Accelerating

In this week’s Hurdle Rate, the crew breaks down the $6B Binance hack, Triple C spreads blowing out, and why Digital Credit like $SATA and $SATS may compress against junk. They also discuss what Fannie Mae preferreds teach about underwriting dividends, why both mNAV frameworks break, and why $ASST trades like perpetual leverage on $BTC.

Here’s the latest with @ColeMacro, @PunterJeff, @Werkman, and @TimKotzman.

Timestamps:
00:00 - Intro
00:52 - The Binance Hack
02:57 - Triple C Spreads Blow Out
11:02 - Bitcoin Still Seen As Risk
14:30 - Digital Credit Spreads Will Compress
18:41 - The Fannie Mae Preferred Lesson
23:22 - Rethinking mNAV
33:00 - Premium Or Discount?
35:36 - Breaking Both Valuation Models
42:17 - The ATM Narrative Is Wrong
46:39 - Perpetual Leverage On Bitcoin

Matt Cole uses SpaceX $SPCX to explain the role of TRUST in investing in Strive $ASST ...

"If you're investing in SpaceX, you don't need to understand how to build a rocket." - @ColeMacro

Ben Werkman explains why a Bitcoin treasury requires ACTIVE capital decisions...

"You have to be monitoring the markets constantly to figure out when is the right time to make each move." @Werkman

Matt Cole challenges the assumption that Digital Credit's success means LOWER yields...

"I think the opposite's gonna happen, that yields are gonna move higher" - @ColeMacro

Matt Cole tests Bitcoin yield with a hypothetical preferred carrying a 100% financing cost.

A $1B raise could produce positive $BTC yield today, while the cost would continue into the future.

“It would very likely be a dumb financing decision.” - @ColeMacro