Re: MSTR-More Real Options Thoughts.

After reading my original thread, a friend asked me an interesting question that inspired this thread (see previous thread explaining how accounting identity A-L=E creates “real optionality”).

Here is the question: If the bond investor is “short a put” and the equity investor is “long a call," isn’t the company/issuer “long a put” and “short the call"?

Technically, the answer is “Yes,” but practically speaking, the company is 99.9% incentivized the same way as investors.