Bessent copies Saylor debt arbitrage playbook
Bessent and Saylor are running versions of the same playbook. A 30-year Treasury issued in 2022 now trades at a meaningful discount to par. The basic trade is obvious: issue short-term debt and use the proceeds to repurchase long-duration bonds below par. It is straightforward balance-sheet management, not rocket science. Saylor and MicroStrategy apply the … Read more