Stage 02 asked what MSTR is. Stage 03 asks what it does to a portfolio. Maximum drawdown of 82.6 percent against a 25 percent hard cap, never recovered after 646 days. Volatility 76.5 percent, daily 99 percent expected shortfall -12.26 percent, beta to bitcoin 1.295 but ranging 0.68 to 1.83. MSTR underperformed its own beta by 26.2 points in a year. Nine sizing methods span 2.0 to 13.1 percent of book; the tail-based ones converge on 1.0 to 2.5 percent. Disposition ADVANCE WI

Strategy trades 65.1 percent below its 52 week high with the premium to book compressed to 1.044x. Every Manhattan Crypto Capital acquisition zone sits below book value: DCA1 $107.79 at 0.884x, DCA2 $79.88 at 0.655x, DCA3 $50.80 at 0.416x. The June low stopped 2.42 percent above DCA2 and reversed. Scenario returns to the $870.53 desk target run plus 708 percent in the worst case to plus 939 percent if all three zones fill. MCC score 51 of 100, Cautious. Classification CANDIDA