MicroStrategy Joins the Nasdaq-100 Inventory Index!

Asit Sharma: Nicely, I look over on the S&P 500, Ricky, they usually do have at the least one miner. I feel nonetheless within the index one gold miner. That is a proxy for the worth and worth of gold. For those who use that logic over right here on the NASDAQ facet, perhaps it makes some sense. Now, technically, the NASDAQ 100 is meant to deal with non monetary devices, and MicroStrategy will get a bit of little bit of a cross as a result of it really has a small working enterprise inside it. However that is really including a monetary firm to the NASDAQ 100. It’s a firm, although, that has garnered a whole lot of consideration as that proxy for the worth of Bitcoin. You could possibly say, look, general, that is about know-how, how know-how adjustments. I’ve blended emotions.

Ricky Mulvey: Here is what I do not perceive. You analyze shares for a dwelling, so we’ll lean on that experience right here. In response to Bloomberg, MicroStrategy owns about $45 billion value of Bitcoin. This firm’s market cap is $100 billion. I do know the enterprise software program enterprise isn’t a $55 billion firm. Asit, assist me make sense of that premium. What is going on on there?

Asit Sharma: Nobody has informed some buyers that they will really purchase Bitcoin on regulated exchanges.

Ricky Mulvey: Subsequent query.

Asit Sharma: I do not imply to be so sarcastic right here. Let me provide you with a good shot at that reply.

Ricky Mulvey: Asit, you could be no matter you need, so long as you are Asit. Thanks for being on right this moment’s present.

Asit Sharma: My second grade trainer informed me that, and it was so inspiring. I actually respect you reminding me of that. That is so nice. I will take one other fast shot at this reply.

Ricky Mulvey: Go for it.

Asit Sharma: It is a straightforward approach for some buyers to purchase into Bitcoin. There’s the likelihood that the yield that the corporate talks about, it is Bitcoin yield may very well be a factor sooner or later. Because it builds this enormous base of Bitcoin on its stability sheet and Bitcoin rises in worth, that future yield, lending out its Bitcoin for a return goes to be value one thing large. I feel the flexibility of MicroStrategy sooner or later, maybe to promote a few of its Bitcoin and spend money on different issues that is perhaps crypto associated is engaging to some individuals, however all in all, it is only a guess on the longer term worth of Bitcoin. I would watch out.

Ricky Mulvey: Oh, I do not suppose Michael Saylor has any intention of ever promoting Bitcoin. For those who take heed to him in any dialog, interview, or communication, Mr. Asit, he is an important salesperson, amongst different issues. Perhaps he is an important. That may be a actually good qualifier.

Asit Sharma: You’ve got interest as a CEO at the present time. That, once more, sounds a bit of sarcastic, however it’s not. Let’s play the logic out. For those who’re working an organization that is within the NASDAQ 100 index, try to be a great salesperson on your merchandise and/or companies.

Ricky Mulvey: Perhaps to not the extent of MicroStrategy, which has actually gone all in on Bitcoin. Do you count on to see extra corporations as we see this mainstream acceptance amongst buyers, amongst regulators, even amongst politicians, the incoming administration likes its Bitcoin. Do you count on to see extra corporations placing extra Bitcoin onto their stability sheet within the years forward?

Asit Sharma: I do. MicroStrategy needs to be the corporate referred to as a whole treasury firm for Bitcoin. Which means it reserves, its stability sheet, its liquid belongings as a perform of its treasury. The way it manages its stuff is all in Bitcoin. However different corporations are going to need to hedge the monetary belongings on their stability sheets. It is a technique to have a look at taking part in each new know-how and an instrument that might retailer some worth. We’ll see extra of this, not in enormous measures by smart corporations which have very diversified enterprise fashions, however we’ll see a small pattern on this path.

Ricky Mulvey: Let’s go to this Apple story. The Wall Road Journal reporting that Apple is rethinking the iPhone and getting some particulars into how they’re doing so. Step 1, Apple is planning to introduce a thinner, cheaper cellphone with a simplified digicam system, hoping {that a} cheaper worth goes to attract extra individuals to purchase a brand new iPhone. Then step 2, which is that Apple is planning two foldable units from the Wall Road Journal. “A bigger machine supposed to function a laptop computer would have a display screen that unfolds to be practically the dimensions of some desktop displays at 19 inches and a smaller mannequin would unfold to a show measurement that may be bigger than an iPhone 16 Professional Max, however this might be supposed to function a foldable iPhone.” I do know you are going again. You need telephones to be much less distracting, however are both of those attention-grabbing to you as a purchaser? Would you like a foldable smartphone?

Asit Sharma: I feel you need to compete for those who’re Apple as an innovator to maintain that mantle of being the Ford machine firm. There’s one argument that even when Apple would not suppose {that a} foldable cellphone is the most effective enterprise proposition, now they nearly have to come back to the market with some. I like thinner myself in type elements, and I do like cheaper. What Apple is doing right here is absolutely increasing on its means to entice prospects to must commerce up, and buying and selling up sooner or later would possibly imply simply buying and selling into one thing that you simply’re extra snug with now that we have seemingly exhausted, all that innovation pleasure. We have seen this really fizzling out with each iPhone launch. I like this technique, and I feel Apple needs to be doing this. I feel they need to be serving up a alternative of type elements and decide on the one which the mass of shoppers who’re going to improve begin to actually undertake and luxuriate in.

Ricky Mulvey: Nicely, there’s some vital engineering challenges right here, and I would not need to guess towards the engineers over at Apple, however there is a matter with a whole lot of the a foldable telephones, which is that the extra that you simply use them, the extra that you’ve a creased display screen within the center on the folding level. For a corporation like Samsung, it is seen its folding telephones decline in gross sales because it’s tried to introduce them. However whenever you’re taking a look at this idea, what do you suppose Apple wants to determine earlier than presenting it to a mass market?

Asit Sharma: It is perhaps engaged on that line. Apple is thought for the readability of its output. They’ve at all times been a frontrunner in that the spectacular colours that we appear to get with subsequent generations of their units. I feel for them, this can be a provide chain drawback, Ricky, and it is one which we used to suppose Apple may remedy in a single day again within the day. I do suppose that the corporate has nonetheless a lot it will probably convey to shoppers by way of innovation. I would be engaged on this drawback, and that may be improbable if they might remedy that. They’d instantly have a bonus over Samsung and rekindle the curiosity on this type issue.

Ricky Mulvey: The opposite approach that it is attempting to rekindle development is with that Imaginative and prescient Professional, however it’s nonetheless attempting to determine a precise path ahead, the Wall Road Journal reporting that it is undecided on determining that precise path ahead. I feel it is an attention-grabbing query as a result of there are some I’d say bears on the Apple Imaginative and prescient Execs saying that this will likely be remembered within the Corridor of failures. This will likely be a giant mistake. However perhaps it will probably work. I feel there are some attention-grabbing use instances. I acquired to strive one on myself. For those who go to an Apple retailer, you possibly can join a demo they usually provide you with a bit of fireworks present. It is fairly cool. However as an instance Tim Cook dinner, CEO has employed you, Asit, is a marketing consultant to determine this path ahead. We have to discover some development, and your division is the Apple Imaginative and prescient Professional. Asit, what goes in your marketing consultant’s PowerPoint for what they will do with the Apple Imaginative and prescient Professional?

Asit Sharma: Tim, you’ve gotten two large issues with the Imaginative and prescient Professional. Whats up Mr. Cook dinner, sir. We’ve got two large alternatives with the Imaginative and prescient Professional. The primary is we have now a weight alternative. The know-how is dazzling, however I acquired drained after a really brief trial and so I feel to convey this to a mass marketplace for shoppers, we have to work on the burden issue. The second alternative is we have now a compute alternative right here. I do not suppose we have now actually saved up with bringing AI to units. This is a chance for us to leverage the AI experience the world has but to see to be aggressive with some fashions that may in all probability be launched by Meta even by Alphabet within the close to future. I feel these two alternatives are ones we are able to capitalize on. Thirdly, I’d say we have to focus a bit of bit extra on the enterprise market. We must always convey down the worth level only a hair as we enhance the technological quotient of the Imaginative and prescient Professional and begin utilizing it for enterprise collaboration. That is been Meta’s plan all alongside, and I feel they are going to be quickly pushing the fuel on this concept throughout the subsequent two years.

Ricky Mulvey: I will provide you with a free one, which is that you simply arrange some Apple kiosks at completely different airports and you then let individuals lease the Imaginative and prescient Professional for various airplane flights, to allow them to watch a film, mess around with it whereas they’re on a flight. That one is free, the following one isn’t. Asit Sharma, this comes from Breakfast Information, which is our free e mail that you may join, we’ll embody a hyperlink within the description. Every day, there is a query to get the individuals speaking. At the moment’s query is about this story, asking what will likely be Apple’s subsequent large income generator and why? Imaginative and prescient Professional, good glasses, which we’ve not gotten to but, the a foldable iPhone, one thing else, or perhaps it would not have one. This can be a mature enterprise.

Asit Sharma: In a smaller staff analysis assembly on the Motley Idiot, I introduced up the concept of Apple dropping but a bit of bit extra of its competitiveness when Jony Ive left the enterprise. I used to be fiercely challenged by a lot of my fellow analysts saying that Apple nonetheless has a whole lot of design energy and a whole lot of innovation energy the market has but to see, so I’ll go together with one thing else as a result of clearly my associates know one thing that I do not in regards to the firm.

Ricky Mulvey: Let’s go on to this characteristic story within the New York Occasions. I feel that is attention-grabbing as a result of it should encourage you, hopefully, as an investor, to consider how may the businesses you personal get disrupted? There is a new trip hailing service that is rolling out in Washington, DC that’s actually attempting to mainly out Uber. The New York Occasions reporting that Empower, sure, the corporate known as Empower now does 100,000 rides per week in Washington, and that’s now greater than town’s taxis. Here is the premise. Drivers pay a flat subscription charge to the corporate every month, which is round 350 bucks. Then they will set their very own charges for rides and take house 100% of the fare. This can be a very completely different mannequin than Uber and Lyft, which likes to take a bit of every fare you pay them. I feel, for me, at the least as a buyer, trip hailing and driving is sort of a commodity sport. If I am a rider, I need the most effective worth, and for those who’re a driver, you need to take advantage of cash. However there’s a whole lot of regulatory challenges right here. Asit, whenever you have been parsing via this story, are you seeing an actual disruptor to Uber and Lyft?

Asit Sharma: I am undecided if it is actual. It’s a disruptor. It’s a challenger, and that is the destiny of all issues which are not distinctive. It’s possible you’ll be onto one thing, Ricky, if this can be a commodity, this is the enterprise mannequin problem to say, show to me this is not a commodity. Now, you’d talked about to me that they’ve racked up $100 million in unpaid fines. I feel simply inside Washington, DC the place they started as a result of they’re pulling an Uber and a Lyft that’s to enter a market, not fear in regards to the laws and construct out the mannequin. However whether or not that is actual, to reply your query, that is dependent upon after they develop up. If they will make sufficient cash at 350 odd bucks per driver to cowl all the prices which are related to a enterprise like this.

They have not needed to develop up but and fear about somebody who had a foul expertise in an empower drive and having to implement various kinds of behaviors with their drivers. The regulatory piece is a giant one. We’ll see. I did not know that they’ve raised a bunch of cash but, a bunch of capital, the capital they would want to actually compete. However what it is attention-grabbing to see how briskly they have been in a position to develop in only one metropolitan space. I perceive that a few of our colleagues have began utilizing this as effectively.

Ricky Mulvey: Dylan is out in DC, and he mainly checked out what a trip from his home to our headquarters in Alexandria was; Lyft, 47 bucks, Uber 26 bucks and Empower 23 bucks. The typical that is talked about within the New York Occasions story was, like, a 20-30% low cost to make use of Empower somewhat than the large two right here. However I am telling you, if I must get to the airport, I am searching for worth fairly instantly, and I feel that if Empower involves Denver, I’d be a fairly completely happy buyer of it. You talked about the regulatory frameworks, Asit and sure, the start-up has racked up $100 million in fines. It’s attempting a authorized protection, which is actually that we aren’t a trip hailing firm.

We’re like a reservation app system as a result of the drivers are those doing that. Principally, that framing is attempting to absolve it from the registration necessities that mainly assure that the drivers have industrial insurance coverage. In DC, there is a taxi trip hailing company that I feel will get 6% of the cash that goes via and Empower would somewhat not pay that, and that is why you are seeing the rack up in fines, additionally a choose ordering the corporate to stop operations, the corporate persevering with on anyway. Now, Asit typically the top of that story is an organization like Uber and Lyft, which did an analogous playbook. We’re rolling in, and we’ll disregard these taxi laws. Typically the corporate finally ends up being like a chicken scooter, the place you see them in all places, after which now you do not see them a lot anymore. Is that this one of the best ways to do a disruptive begin up? Do you suppose it is higher to simply thumb your nostril on the regulatory frameworks and no matter occurs occurs?

Asit Sharma: I feel when you have a direct line to Masayoshi Son in Japan, who loves only a loopy, nutty thought a punch you within the face, loopy thought. This isn’t a foul approach. If you do not have that, although the issue is getting different buyers to come back in after that first wave of capital. If I am a enterprise capitalist and also you’re pitching me this concept and you have a contingent legal responsibility in your books for $100 million, and there is a complete of 19 or $20 million invested within the enterprise to date with an unsure consequence. If I strive that can assist you develop, I am not that , so I do not suppose it is one of the best ways for most individuals, however for those who’ve acquired associates with deep pockets who will trip with you there, why not?

Ricky Mulvey: Asit, who would not have baggage. Everybody has acquired some issues, and also you simply set to work via it. I feel that is a great place to finish it. I respect you being right here. Thanks on your time and your perception.

Asit Sharma: Thanks a lot. This was an important enjoyable Ricky.

Ricky Mulvey: Up subsequent, my colleague Mary Lengthy continues her dialog collection about delivery corporations. This time catching up with Motley Idiot Senior Analyst Anthony Schiavone about UPS, which has a serious competitor and its largest buyer.

Mary Lengthy: The vacations have gotten me considering much more about delivery and the way items that I would order on-line get from level A to level B. I talked to Lou Whiteman about FedEx a few days in the past, and now you are right here to shine a light-weight on a competitor of FedEx, UPS, United Parcel Service. Perhaps let’s begin there on this competitors piece. It is tempting, particularly from a client facet, to lump all of those logistics corporations right into a single bucket and say. Hey all of them do the identical factor. Are there differentiators right here, however does UPS, we’ll deal with them first, have they got a moat? If that’s the case, what’s it?

Anthony Schiavone: Yeah, so I feel UPS undoubtedly has a moat round its enterprise. We will argue about whether or not that moat is rising or shrinking, however this enterprise undoubtedly has some aggressive benefits. I feel the large one is boundaries to entry on this enterprise. Take into consideration what number of billions of {dollars} would have to be spent simply to duplicate their community of vans, planes, warehouses, even their labor drive. We’re speaking, like, lots of of billions of {dollars}, and that does not even embody the model fairness that UPS has actually constructed all through its 100 plus 12 months historical past. I do know we’ll discuss Amazon in a bit, however Amazon spent greater than $100 billion constructing out their supply community over the past name it 15 plus years. They’re nonetheless considered one of UPS’s largest prospects.

I do not suppose there’s many corporations with $100 billion simply ready round, ready to be invested. That barrier to entry could be very actual. Then for those who take a look at the aggressive panorama right this moment, it is primarily UPS, FedEx and Amazon US, after which you’ve gotten DHL in Europe, so these are all actually sturdy opponents. They’re all sort of in the identical enterprise. I like UPS, although, as a result of they’ve their built-in floor and categorical community. You’ve got the identical driver delivering each categorical and floor deliveries, whereas FedEx remains to be a bit of bit their networks do not essentially speak to one another as a lot anymore. I feel I listened to your podcast with Lou and he talked about how they’re combining that over the previous 12 months. That is doubtlessly a aggressive risk to observe shifting ahead. However, I feel this market is large, and I feel all these corporations have some type of moat.

Mary Lengthy: For many who perhaps have heard these phrases however do not totally know what they imply in follow, what’s the distinction between categorical and floor?

Anthony Schiavone: Floor is actually like your normal delivery. It will arrive in 3-5 enterprise days, that type of factor. It is being delivered on a truck, from warehouse to a truck. Specific is extra like I would like that bundle the following day, so it is flying on a aircraft, after which to your own home. Specific how that sounds, is a faster type of that supply.

Mary Lengthy: For those who’re a enterprise that is seeking to strike a cope with any of those logistics corporations, are there any elements that you are looking at, other than velocity and worth, or is it actually that easy?

Anthony Schiavone: I feel these are two large ones. I additionally suppose that one factor a enterprise seems to be at is the reliability of the service supplier. I used to be at Costco final week, and I promise I will tie this in and reply your query. However there was an worker holding up an indication promoting gold bars. I did a bit of little bit of analysis, and it seems that you may purchase these gold bars in retailer or you should purchase them on-line. For those who purchase them on-line, guess who delivery the gold bars. It is UPS. They’re the trusted logistics companion to maneuver excessive worth items like gold bars. The truth that Costco, which is an organization that at all times places its members first, chooses UPS to ship that product. I feel that is a fairly good signal that they are the trusted companion on this area. That is a status, a model fairness that, once more, has been constructed for 100 plus years. I’d say reliability, together with worth and velocity is certainly what companies are searching for.

Mary Lengthy: Amazon is clearly a giant participant on this logistics sport and has carved that area out for themselves over the previous a number of years. Amazon is UPS’s largest buyer. They’re accountable for about 12% of UPS’s income. Is {that a} optimistic? Is {that a} power for UPS, or does that current a possible existential threat for the corporate?

Anthony Schiavone: Is it a threat? Sure, it is undoubtedly a threat. Is it existential? I do not imagine so. Like we talked about earlier, Amazon spent out greater than $100 billion to construct their supply community, but they’re nonetheless UPS’s largest buyer. Whereas they’re undoubtedly opponents, they’re nonetheless companions one good instance of that’s Amazon’s success facilities. They’re probably not designed to course of returns. They depend on UPS, and I feel FedEx is getting concerned with this as effectively, however they depend on these corporations for returns. I feel that is one instance. Then like Lou stated within the podcast, this market is so large for all of those opponents. I feel that is spot on. Amazon is greatest in school for final mile supply, however there’s different types of supply, like chilly modified logistics, returns, like we simply talked about, excessive worth items, just like the gold bars from Costco. I feel Amazon has perhaps much less experience in these areas and its provide chain is not essentially outfitted to deal with issues like that. Amazon has undoubtedly a threat, however I do not suppose it is essentially existential, at the least at this level.

Mary Lengthy: UPS acquired a brand new CEO in 2020, Carol Tome, and he or she’s acquired fairly a powerful observe report within the enterprise group. She labeled her technique upon arrival at UPS higher not larger. What does higher, not larger seem like in follow?

Anthony Schiavone: One factor she talked lots about is that not all packages are created equal. You concentrate on UPS over the previous. Success was at all times predicated on growing bundle volumes as a result of for those who generate extra gross sales and you’ve got the identical mounted value construction, you generate additional cash. You’d suppose, just like the fast development in e-commerce over the past 15 years can be an enormous tailwind for this enterprise, however that hasn’t essentially been the case as a result of a whole lot of that e-commerce development has been bundle quantity development from final mile supply, small bundle supply. Consider like your typical Amazon buy.

That is a really low margin supply for UPS, as a result of the driving force must drive down every driveway. They should stroll to every doorstep, ship every bundle. Then on prime of that, you might want to construct extra warehouses and rent extra workers to deal with the upper bundle volumes. Over that point, UPS acquired larger, however their profitability did not essentially improve. It really declined. When Carol Tome took over, she refocused the corporate on larger high quality income or larger margin bundle volumes. That is issues like rising healthcare supply volumes, rising bundle volumes to small and medium sized companies, consolidating warehouses, divesting underperforming companies, all that stuff geared toward growing profitability, not essentially growing income or quantity development. The large thought was get extra environment friendly and generate additional cash movement.

Mary Lengthy: Tome has referred to as the UPS dividend a trademark of the corporate’s monetary power. What’s her method to capital allocation and returning worth to shareholders? Does that symbolize a change in path from earlier management?

Anthony Schiavone: Yeah, so I feel constructing off the higher or not larger thought, I feel Tome thinks about capital allocation the identical approach. Earlier than she grew to become CEO of UPS, she was the CFO at Dwelling Depot for about 20 years. For those who take a look at Dwelling Depot’s historical past within the early 2000s, they have been an organization that was primarily targeted on retailer development. However round that point, she and the staff there, they stunning a lot stopped new retailer openings, they usually actually began cranking up the money technology machine that we all know in Dwelling Depot right this moment.

They began returning a whole lot of capital shareholders via dividends and buybacks and so I feel she’s following the identical playbook right here at UPS. They don’t seem to be seeking to develop bundle quantity at any value. They pay out an enormous dividend now, which Tome and the board elevated fairly considerably proper after she took over. I feel they elevated it by 50% throughout the first 12 months after she took over. They’re repurchasing some shares right here and there. I am undecided the capital allocation method has modified an excessive amount of from her predecessors, however actually the large change is the deal with high quality development, high quality income development, high quality quantity development. I feel that is actually the large change right here.

Mary Lengthy: For those who take a look at a inventory chart of UPS and examine it to the returns of the S&P 500, the 2 observe one another over the long run till you get to 2023 final 12 months, they usually sharply diverge. Up to now 10 years, the S&P 500 has returned over 250%. UPS has returned 62%. Once more, a whole lot of that divergence occurred throughout the previous 12 months. What is the reasoning behind that hole?

Anthony Schiavone: I feel it has been an ideal storm for UPS’s enterprise and inventory over the past 2-3 years, name it. You’ve got had the pandemic period. You had a bundle surge, quantity surge in the course of the pandemic when all people was house shopping for packages. Now that is flipped and UPS is now delivering fewer packages per day than they did a number of years in the past. You’ve got additionally had the brand new labor settlement that UPS signed with the Teamsters final fall, in order that’s elevated their prices fairly considerably. You’ve got had larger rates of interest, which impacts a capital intensive enterprise like UPS. Plus the 5% dividend yield would not look as engaging to revenue buyers because it did when rates of interest have been nearer to zero.

I feel that is performed in impact. However I feel actually over the past 12 months, 12 months and a half, two years, I feel the large factor from a inventory efficiency perspective, and also you talked about 2023, that is when AI got here on the scene, and a whole lot of buyers capital left mature dividend paying corporations and located a house in large tech AI shares. I feel that is perhaps a part of the divergence there. Unsure if it is the driving drive. But it surely’s undoubtedly been a difficult interval for UPS’s enterprise, however I feel there’s a whole lot of negativity already baked into the inventory worth proper now.

Mary Lengthy: Earlier this 12 months, UPS bought Coyote Logistics, a 3rd social gathering logistics supplier. They bought it to RXO. What precisely is third social gathering logistics, and why did UPS need to get out of that enterprise?

Anthony Schiavone: Third social gathering logistics, it is primarily refers to a enterprise that outsources logistics companies to a different firm. That was Coyote Logistics. It is a cyclical, capital intensive, decrease margin enterprise, and that is finally why UPS determined to get out of that enterprise. It is a part of their bigger, higher, not larger technique. That was part of that. I acquired to say, so far as capital allocation goes, if there’s one factor I’d take a look at, I really like dividends as a dividend investor, but when there’s one factor I actually need to take a look at, it is corporations that divest underperforming companies. I feel that’s one thing that creates a whole lot of worth that basically would not get a whole lot of consideration, however is essential to long run worth creation.

Mary Lengthy: Anthony Schiavone thanks as at all times for becoming a member of us on Motley Idiot Cash. I actually respect the time and the take a look at UPS.

Anthony Schiavone: Thanks for having me.

Ricky Mulvey: As at all times, individuals on this system might have pursuits within the shares they discuss, and the Motley Idiot might have formal suggestions for or towards, so do not buy or promote something based mostly solely on what you hear. All private finance content material follows Motley Idiot editorial requirements and are usually not accepted by advertisers. The Motley Idiot solely picks merchandise that I’d personally suggest to associates such as you. I am Ricky Mulvey. Thanks for listening. We’ll be again tomorrow.

John Mackey, former CEO of Entire Meals Market, an Amazon subsidiary, is a member of The Motley Idiot’s board of administrators. Suzanne Frey, an govt at Alphabet, is a member of The Motley Idiot’s board of administrators. Anthony Schiavone has no place in any of the shares talked about. Asit Sharma has positions in Amazon and Costco Wholesale. Mary Lengthy has no place in any of the shares talked about. Ricky Mulvey has positions in Dwelling Depot. The Motley Idiot has positions in and recommends Alphabet, Amazon, Apple, Bitcoin, Costco Wholesale, FedEx, Dwelling Depot, and Uber Applied sciences. The Motley Idiot recommends RXO and United Parcel Service. The Motley Idiot has a disclosure coverage.

MicroStrategy Joins the Nasdaq-100 Inventory Index! was initially printed by The Motley Idiot