Investors are willing to pay a premium for Michael Saylor’s gambit.
Forget about earnings per share, or EPS. Maybe companies should be valued on the basis of BPS: bitcoin per share.
BPS might also stand for brilliance per share, if you ask fans of Michael Saylor. He is the executive chairman of MicroStrategy MSTR -3.80%decrease; red down pointing triangle, the software company that has morphed into the world’s largest corporate holder of bitcoin.
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This article was originally published on The Wall Street Journal.
Further reading
Benjamin Graham, The Intelligent Investor
Jason Zweig, The Devil’s Financial Dictionary
Jason Zweig, Your Money and Your Brain
Jason Zweig, The Little Book of Safe Money