Mark Moss met with Rothschild bankers about overcollateralized debt offering 10% returns and found strong demand. The Rothschilds sold British consols in the 1700s and 1800s, perpetual bonds paying 3-5%. A modern product called Stride replicates that same 200-year-old structure.
When we were in London, I was meeting with some of the bankers there. We were talking to the Rothschilds and they're like, you know, we have this century-long timetable and we don't move really quickly. And preference shares aren't really something that's used a lot in the UK. And I said, forget the preference shares for a minute. Is there an appetite for overcollateralized debt that pays 10%? They're like, well, of course, right? So of course the appetite is there. You just have to get it packaged up properly in front of the right people.
If you read the history of the Rothschilds, they were very famous for selling consols, which were British government sovereign debt issued from like 17— '60 on for 100 years, and they paid 3 to 5%. They were perpetual. They never came due. Par value, £100. So if you think about what that is, that's actually just what Stride is, or Strife. What we did is just copied British sovereign debt from 200 years ago.
