Key Issue: What trade makes money right now ?
1) Rhodium $95,000,000 , $4,500 average price per troy ounce
2) Loan 2 percent cash metal secured, 70 percent, $66,500,000
3) Bonds IBM ‘39 1.25 basis points over treasuries 6.5 percent , $66,500,000
4) Pair loan and bonds $66,500,000 15 years
5) Cash flow accumulates and is invested in NVIDIA, IBM, Google, Microsoft as core technology companies in a hub and spoke strategy over the 15 year holding period. 25% of distributions invested and 75 percent retained for investment when the S&P adjusts 20 percent or more as a buying release trigger. When such adjustments occur for a period of 1 year from the 20 percent level of adjustment the manager can elect to make a purchase of the agreed core holdings.
5) Core holdings: IBM, Google, Microsoft, Oracle, NVIDIA
6) Spoke Holdings: OpenAI (offering $55 billion valuation, offering $85 billion vaulation offerings), Anthropic ($15 billion valuation)
OpenAI: 30
Total: 30 million
or
Anthropic: 30
Total: 30 million
IBM Bonds 2039
Total: $65,000,000 2039 IBM bonds
Rhodium
Total: $95,000,000 Rhodium at $4,500 per troy ounce
