{"id":36826,"date":"2025-11-10T04:33:56","date_gmt":"2025-11-10T04:33:56","guid":{"rendered":"https:\/\/www.duck9.com\/blog\/?p=36826"},"modified":"2025-11-10T00:34:15","modified_gmt":"2025-11-10T04:34:15","slug":"adam-livingston-vs-retards","status":"publish","type":"post","link":"https:\/\/www.duck9.com\/blog\/adam-livingston-vs-retards\/","title":{"rendered":"Adam Livingston vs Retards"},"content":{"rendered":"
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Adam Livingston’s tweet vehemently defends MicroStrategy (rebranded as Strategy) against Ponzi scheme accusations, explaining that its preferred share dividends classified as Return of Capital (ROC) simply return investors’ principal tax-deferred, not fabricate profits from new inflows.<\/div>\n
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Strategy is not a Ponzi scheme. If you think this, you are simply wrong.<\/div>\n
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Let\u2019s break this down in human terms, because apparently half of Finance Twitter is operating with the economic literacy of a raccoon sorting through an Arby\u2019s dumpster.<\/div>\n
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Return. Of. Capital.<\/div>\n
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It literally means:<\/div>\n
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\u201cYou gave the company money, the company is handing your money back to you, and people are trying to call that a Ponzi.\u201d<\/div>\n
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A Ponzi scheme requires:<\/div>\n
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Promising high returns<\/div>\n
Paying old investors with new investors\u2019 money<\/div>\n
Hiding insolvency<\/div>\n
Creating fake profits<\/div>\n
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Strategy is doing precisely NONE of that.<\/div>\n
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Here\u2019s what Strategy is doing:<\/div>\n
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Issuing preferred shares<\/div>\n
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Using proceeds to buy Bitcoin<\/div>\n
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Paying distributions categorized as Return of Capital, which is literally the least Ponzi-like mechanism imaginable<\/div>\n
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Reporting everything under GAAP and SEC rules<\/div>\n
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Backing the entire operation with actual BTC, not made-up numbers<\/div>\n
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Meanwhile, critics are like:<\/div>\n
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\u201cUhhh\u2026 but the coupon\u2026 and the Bitcoin\u2026 and the price goes up\u2026 and this feels like a Ponzi because I didn\u2019t buy early enough and now I\u2019m coping.\u201d<\/div>\n
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The ROC classification actually proves it\u2019s not a Ponzi.<\/div>\n
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Ponzi schemes pretend their payouts are returns.<\/div>\n
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Strategy literally tells you, in writing:<\/div>\n
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\u201cThis isn\u2019t a return, this is just giving you back part of your investment over time. Please consult your tax professional.\u201d<\/div>\n
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Meanwhile, the balance sheet:<\/div>\n
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Adds BTC<\/div>\n
Increases NAV<\/div>\n
Expands collateral<\/div>\n
Strengthens the position<\/div>\n
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And grows the entire company\u2019s equity base<\/div>\n
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If anything, the preferreds are:<\/div>\n
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A slow-motion Bitcoin acquisition machine disguised as a yield instrument.<\/div>\n
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Nothing is hidden. Nothing is fabricated. Nothing is circular.<\/div>\n
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If someone calls it a Ponzi, what they really mean is:<\/div>\n
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\u201cI don\u2019t understand capital structure and I am upset.\u201d<\/div>\n
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HATERS BE DAMNED.<\/div>\n

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<\/a><\/td>\n<\/td>\n\n\n\n\n\n\n\n\n\n\n
Adam Livingston<\/a><\/b><\/td>\n<\/tr>\n
\u2066\u202a@AdamBLiv\u202c\u2069<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/td>\n<\/tr>\n
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Strategy is not a Ponzi scheme. If you think this, you are simply wrong.<\/p>\n

Let\u2019s break this down in human terms, because apparently half of Finance Twitter is operating with the economic literacy of a raccoon sorting through an Arby\u2019s dumpster.<\/p>\n

Return. Of. Capital.<\/p>\n

It literally pic.x.com\/4Ew4WoVjjC<\/span><\/a><\/td>\n<\/tr>\n

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11\/9\/25, 12:11\u202fPM<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n <\/td>\n<\/tr>\n
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Accompanied by an image of CEO Michael Saylor as a Bitcoin-wielding Jedi, the post highlights Strategy’s transparent GAAP-compliant model: issuing preferred shares (ticker STRC) to acquire Bitcoin, boosting net asset value without insolvency risks inherent in Ponzis.<\/div>\n
– Critics liken ROC payouts to using new investor money for old ones, but evidence from Q3 2025 filings shows Strategy’s $28 billion net income and BTC collateralization refute this, positioning it as a leveraged Bitcoin accumulator rather than a scam. <\/div>\n<\/div>\n


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Chapter 1 to Chapter 14\u2019s an \u201cEaster Egg\u201d at <\/span>#ch1 to #ch14. Including #ch2 which\u2019s chapter 2 at my house in Napa California<\/span><\/div>\n

http:\/\/www.youtube.com\/watch?v=ejeIz4EhoJ0<\/span><\/p>\n


<\/span><\/div>\n
On 09-09-39, “What They Will NEVER Teach You at Stanford Business School” debuts at 300 w 44th St at New York Fashion Week’s front row
http:\/\/www.youtube.com\/watch?v=QXIaNZi3mHQ<\/span><\/span><\/div>\n

What A Super Model Can Teach a Harvard MBA About Credit www.slideshare.net\/larrychiang\/what-a-super-model-can-teach-a-harvard-mba-about-credit<\/a><\/span><\/p>\n

American Express hosts me mentoring you about FICO scores at New York Fashion Week
t.co\/inxTmZAj<\/a><\/span><\/p>\n

My video boils down 20,000 hours and moves you to the right on the entrepreneur bell curve 
http:\/\/www.youtube.com\/watch?v=eudADPfTWiE<\/span>
<\/span>***********<\/span><\/div>\n

Steve Jobs Texted me on 650-283-8008 in the same way that Mr Jobs called Bill Hewlett <\/span>https:\/\/x.com\/superSaiyanSkai\/status\/1941392367304761636\/video\/1<\/a><\/span><\/div>\n

<\/p>\n


<\/span><\/div>\n
Larry Chiang<\/span><\/div>\n
Fund of Founders<\/div>\n
Founding Stanford EIR<\/div>\n
@duck9 alum, Deeply Understood Capital Credit Chinese Knowledge 9<\/div>\n
Solo Founder Uber API<\/div>\n
650-566-9600 Office<\/div>\n
650-566-9696 Direct<\/div>\n
Cell: 415-720-8500 <\/div>\n

<\/span><\/p>\n

650-283-8008 (cell)<\/span><\/div>\n

<\/span><\/div>\n
Editor of the widely syndicated “What They Don’t Teach at School”
whattheydontteachyouatstanfordbusinessschool.com\/blog<\/a><\/span><\/p>\n

CNN Video Channel: ireport.cnn.com\/people\/larrychiang<\/a><\/span><\/p>\n

Read my last 10 X posts at www.X.com\/LarryChiang<\/a><\/span><\/p>\n

Author of #WTDTYASBS a NY Times Bestseller released 09-09-09 at #NYFW on a runway under the tents
whattheydontteachyouatstanfordbusinessschool.com\/blog\/?s=Ny+times+bestseller<\/a><\/span><\/p>\n

www.fastcompany.com\/embed\/c0d4562ea2049<\/a><\/span><\/p>\n

52 Cards. Two Jokers. What They DO Teach You at Stanford Engineering
http:\/\/www.youtube.com\/watch?v=vDBY0GkI3-g<\/span><\/p>\n

Emergency swings and cutting deals as an 9 year old
http:\/\/www.youtube.com\/watch?v=OFGY7v9C4G0<\/span><\/p>\n

Hunter Pence shared thoughts before winning WORLD SERIES’ Game #7
http:\/\/www.youtube.com\/watch?v=usu0luYy9pw<\/span><\/span><\/p>\n


<\/span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Adam Livingston’s tweet vehemently defends MicroStrategy (rebranded as Strategy) against Ponzi scheme accusations, explaining that its preferred share dividends classified as Return of Capital (ROC) simply return investors’ principal tax-deferred, not fabricate profits from new inflows. Strategy is not a Ponzi scheme. If you think this, you are simply wrong. Let\u2019s break this down in […]<\/p>\n","protected":false},"author":1,"featured_media":36827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-36826","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/36826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/comments?post=36826"}],"version-history":[{"count":0,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/36826\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media\/36827"}],"wp:attachment":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media?parent=36826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/categories?post=36826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/tags?post=36826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}