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No Accountability

Quoth the Raven · QTR’s Fringe Finance · June 26, 2026 at 12:49 · ⏱ 17 min read  | Read on Substack ↗
Summary
Financial media amplifies bullish narratives during market booms but fails to scrutinize them after losses, acting as marketing rather than journalism. This lack of accountability undermines investor trust and may drive demand for independent analysis, as evidenced by the cases of Michael Saylor (Strategy), Tom Lee, and Cathie Wood, whose promoted securities have suffered massive losses.
  • •Strategy (MSTR) is down approximately 78% in the last 12 months.
  • •STRC preferred shares, marketed as a safe yield security, fell from $100 par to about $73, a >20% capital loss.
  • •Peter Schiff warned about Celsius's collapse eight months before it happened, highlighting his contrarian track record.
  • •Combined losses for Michael Saylor, Tom Lee, and Cathie Wood on crypto investments exceed $20 billion.
  • •Tom Lee's BMNR fund is down 58% year-to-date.
  • •Cathie Wood's ARKK has destroyed $14 billion in investor capital per Morningstar and underperformed the NASDAQ by 259% since January 2019.
  • •Saylor, Lee, and Wood have made over 100 combined appearances on CNBC in the last two years.
  • •CNBC extensively covered the launch of STRC but has given little airtime to its subsequent collapse.
Read time 17 min
Length 17,033 chars
Category finance
Ideas
Quoth the Raven Substack author, QTR’s Fringe Finance
The article documents a 78% decline in Strategy shares over 12 months and criticizes the media's failure to scrutinize Saylor's Bitcoin-heavy strategy after losses. This suggests elevated risk and pot
The article documents a 78% decline in Strategy shares over 12 months and criticizes the media's failure to scrutinize Saylor's Bitcoin-heavy strategy after losses. This suggests elevated risk and potential for further downside if Bitcoin weakens or if convertible debt pressures mount. Risk: Further Bitcoin price declines or forced asset sales could exacerbate losses.
MSTR
Quoth the Raven Substack author, QTR’s Fringe Finance
The article notes STRC traded at $73, a >20% loss from its $100 par, and questions whether it will ever recover. The security was marketed as safe income but has severely impaired principal, indicatin
The article notes STRC traded at $73, a >20% loss from its $100 par, and questions whether it will ever recover. The security was marketed as safe income but has severely impaired principal, indicating structural risk in Strategy's preferred product. Risk: Dividend suspension or further price deterioration if Bitcoin stays low; potential lawsuits from retail investors.
STRC
Quoth the Raven Substack author, QTR’s Fringe Finance
The article cites Morningstar estimating $14 billion in wealth destruction by ARK and a 259% underperformance vs. NASDAQ since 2019. The author notes Cathie Wood continues to get extensive media cover
The article cites Morningstar estimating $14 billion in wealth destruction by ARK and a 259% underperformance vs. NASDAQ since 2019. The author notes Cathie Wood continues to get extensive media coverage despite poor results, implying the fund's strategy remains vulnerable to further losses. Risk: Continued outflows, concentration in high-duration growth names, and reliance on Tesla's stock price hitting $2,600 by 2029.
ARKK
Quoth the Raven Substack author, QTR’s Fringe Finance
The article states BMNR (likely Bitwise 10 Crypto Index Fund) is down 58% year-to-date and links it to Tom Lee's promotion. The crypto bear market and investor skepticism toward such products suggest
The article states BMNR (likely Bitwise 10 Crypto Index Fund) is down 58% year-to-date and links it to Tom Lee's promotion. The crypto bear market and investor skepticism toward such products suggest ongoing downside risk. Risk: Continued crypto market weakness and potential redemptions.
BMNR
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This newsletter, published June 26, 2026, features Quoth the Raven discussing MSTR, STRC, ARKK, BMNR. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Quoth the Raven  · Tickers: MSTR, STRC, ARKK, BMNR