Interesting comparison. Economist Peter Schiff recently shared his views on the investment strategy of MSTR. Data shows that MSTR has fallen 47.5% in 2025. If it were truly included in the S&P 500, its ranking would be in the bottom sixth of the index.

Where is the problem? Michael Saylor has always claimed that the company's optimal choice is to allocate to Bitcoin. MSTR's core strategy indeed follows this approach. But Schiff believes that this aggressive Bitcoin investment strategy, while aligning with their claims, is actually eroding shareholder value—at least based on this year's performance.

Here's an interesting contrast: the poor performance of a Bitcoin believer company—does it indicate a problem with the strategy itself, or is it an issue of execution or market timing? This is worth pondering.