Context
Crypto Briefing covered Peter Schiff's claim that Strategy would have performed better without Bitcoin. Rezo Shmertz was cited on the importance of staggered purchase timing and the methodology used to compare actual and hypothetical returns.
The analytical constraint
A treasury strategy is a sequence of financing and allocation decisions, not a single purchase at one historical price. Any comparison must account for when capital became available, the prices paid over time, dilution or leverage, and whether the benchmark is asset performance, company equity, or capital efficiency.
The argument is therefore less about choosing a convenient start and end price and more about reconstructing the actual decision path.