The School · Season Two · Shelf 03 of 8

The Assets. What a digital tycoon owns, and why.

7 courses34 lessons2 open
01

Bitcoin

The reserve asset: the protocol, the halvings, the cycles, the ETFs, the treasury companies, custody.

  1. 1.1What Bitcoin is, in one pageComing
  2. 1.2Twenty-one million: the supply schedule and the halvingsComing
  3. 1.3The four-year cycle, and whether it still existsComing
  4. 1.4ETFs: how Wall Street bought inComing
  5. 1.5The treasury companies: leveraged Bitcoin with a stock tickerComing
  6. 1.6Custody: cold storage, the seed, the one mistake you can't undoComing
  7. 1.7Who Invented Bitcoin, and Why?Read
  8. 1.8How Did BlackRock Go From Mocking Bitcoin to Owning More Than Anyone?Read
02

The Rest of Crypto

Solana, Ethereum, stablecoins, tokenized stocks. The aggressive seat. Most of it goes to zero.

  1. 2.1Bitcoin is not crypto: the difference that mattersComing
  2. 2.2Solana: where the activity isComing
  3. 2.3Stablecoins: the dollar's biggest productComing
  4. 2.4Tokenized stocks and the settlement layerComing
  5. 2.5Sizing the aggressive seatComing
03

Stocks and Traditional Markets

Indexes, sectors, earnings, multiples, and the treasury companies as leveraged BTC.

  1. 3.1What a share of stock is, and what it entitles you toComing
  2. 3.2Indexes: the S&P, the Nasdaq, and why they move togetherComing
  3. 3.3Earnings season: the four weeks that reprice everythingComing
  4. 3.4Multiples: what you pay per dollar of profitComing
  5. 3.5Long-duration names: chips, robots, the treasury companiesComing
04

Your Businesses

MRR, SDE, multiples. The fastest compounding asset most builders will ever own.

  1. 4.1The business as an asset on the boardComing
  2. 4.2MRR, ARR, churn: the heartbeatComing
  3. 4.3SDE: what a buyer actually pays forComing
  4. 4.4Your multiple, your estimate, always labeled that wayComing
  5. 4.5Reinvest or distribute: the deposit that feeds the fundComing
05

Buying Businesses

The Deal Gym: SDE, payback, financing. The marketplace, later.

  1. 5.1Why the family office is what buys companiesComing
  2. 5.2Reading a listing: SDE, add-backs, the seller's storyComing
  3. 5.3Payback: how many years of profit you're payingComing
  4. 5.4Financing a small dealComing
  5. 5.5The paper acquisition memoComing
06

Cash, Bonds, and Gold

The boring seats, and what each one is for.

  1. 6.1Treasury bills: the risk-free rate, and what it costs youComing
  2. 6.2Bonds: price down when yields up, and whyComing
  3. 6.3Gold: the old reserve asset, still on the boardComing
  4. 6.4Cash is a positionComing
07

Real Estate

When it earns its place. Later.

  1. 7.1Leverage, cash flow, and why it built the old tycoonsComing
  2. 7.2Real estate priced in BitcoinComing
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