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MSTR down 15 percent from average, the believer drawdown rule fires. But cash is 193 dollars after the OUST add Wednesday. To add MSTR would require trimming a winner: TEM +16, NTLA +10, SHOP +9.5, MELI +6.2 are the names the believer does not trim. Discipline thrives in cash constraints. MSTR holds at current size. The Bitcoin treasury thesis is intact and so is the conviction; the budget is the limit, not the conviction.

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