Michael Mescher, Founder and CIO of Gammon Capital, joins the show to discuss the looming $10 billion 2027 "Put Wall" in corporate debt, building a playbook for sideways and down markets, and how Bitcoin treasuries can attract institutional capital.
Disclaimer: NOT FINANCIAL ADVICE - For entertainment purposes only.
Tim Kotzman on X: https://x.com/TimKotzman
Michael Mescher on LinkedIn: https://www.linkedin.com/in/michaelmescher/
0:00 - Intro
0:40 – Michael’s background in volatility trading and derivatives
3:18 – What a 50% collateral haircut actually means for a corporate balance sheet
11:15 – The looming $10 billion 2027 "Put Wall" in corporate debt
13:21 – Why Bitcoin treasuries are grossly overpaying for loans
15:02 – Derivatives as "balance sheet armor" vs. yield-generation tools
16:55 – Building a playbook for sideways and down markets
19:05 – Financial engineering: What Michael Saylor gets right
22:15 – What separates mid-tier Bitcoin treasury companies from one another
24:42 – Why hasn't a free market solution built a better credit facility?
26:54 – How Bitcoin treasuries can attract institutional capital
29:04 – Managing asset-liability mismatches in corporate reserves
32:38 – Capital-efficient strategies to manage downside volatility
34:46 – How to pitch a hedging strategy to a "long-only" Bitcoin executive
37:17 – What a 90-day engagement with Gammon Capital looks like
38:18 - Where to connect with Michael online
#podcast #bitcoin #microstrategy #investing #mstr #btc #treasury
