Andy Constan: Equity, preferred, and convertible structure for $60 billion SPX 500 portfolio

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1 hour ago

Andy Constan: Equity, preferred, and convertible structure for $60 billion SPX 500 portfolio — SPX 500 portfolio funding breakdown

Andy Constan, founder / strategist at Damped Spring Macro, poses a financial scenario involving a $60 billion investment in SPX 500 stocks funded by a combination of equity, preferred shares, and convertible debt.

Constan questions how the allocation—66% equity, 18% preferred, and 16% convertible debt—should affect the total value of liabilities and shareholders' equity, and asks why the combined value may differ from the $60 billion portfolio amount.

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Constan has previously raised concerns about corporate share structures, noting that debates over Google's equity raises often overlook its longstanding practice of issuing shares to employees for years, as detailed here. He has also commented on investor difficulties during sharp market downturns, highlighting losses for those long BTC and MSTR and questioning the adequacy of risk metrics in these trades, according to his earlier analysis. These observations add context to his recent scenario on capital structure and valuation.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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