What Does MBIA And Bitcoin Have In Common? A Concentrated List Of Holders

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About: MBIA Inc. (MBI), Includes: AGO
by: Manal Mehta
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Manal Mehta
Long/short equity, Deep Value, special situations, long-term horizon
Summary

MBIA Inc.'s 45 million shares sold short versus only 92 million shares outstanding.

Company bought back 20% of its outstanding stock last quarter.

There's a $250 million buyback authorization pending vs. a market cap of $750 million. If fully executed, Adjusted Book Value rises to over $40 versus $8 trading price today.

There could be a Porsche/VW type of situation where there simply aren't enough shares to cover a short position - could cause a "rip-your-face-off" rally.

Earlier this week, I read that 1,000 people own 40% of all the bitcoin in the world. Now, even if this is Tulip Mania Part II, that was a singularly strong enough data point to