Re: MSTR-A Real Options Analysis.

Since I like viewing the world from an options lens, let’s reframe the GOAT/ 🐐 debate in terms of real options.

Some definitions first. In this debate, I differentiate REAL options from FINANCIAL options in this way: capital structure confers real optionality on a firm’s enterprise value, whereas financial options are the equity derivatives we all know and love.

The simple accounting identity A – L = E gives you an idea of the real optionality in a company’s capit…