Dear Reader,
Todd Phillips has spent 30 years studying safe-money income.
And he says there’s one question that separates real retirement income from everything pretending to be income:
Can it promise the same income – to the dollar – every year for life?
Dividend stocks can’t.
Any board can cut their company’s payout.
REITs can’t.
Tenants leave. Rates move. Property values change.
Covered calls can’t.
The income depends on the market.
Even CDs can’t.
They mature… reset… and force investors back to the window hoping the next rate isn’t worse.
That’s why Todd came charging into my office three weeks ago.
He had found what we now call the 10.3% War Bond.
Not because it trades on Wall Street.
Not because it rises and falls with the market.
But because it’s designed to do what income investors want most:
A locked-in income stream that stays the same…
Year after year…
For LIFE.
Todd says the current 10.3% income rate for this war bond is in his opinion among the highest available anywhere.
But he does not believe this window will stay open long.
Click here now to see the 10.3% War Bond Blueprint.
To the future,
Roger Michalski
Publisher, Eagle Financial Publications
Up to $2.8 Billion in Forced MSTR Selling May Still Be Ahead
Strategy (MSTR) closed the regular session on Wednesday, November 4, 2026, at about $129. Bitcoin is in the mid-$70,000s. The options market is calm by MSTR’s own standards. And yet the largest single catalyst for structured, involuntary selling in the stock may not have happened yet.
That catalyst arrives in two stages. MSCI is scheduled to announce the results of its November 2026 Index Review on November 11, and any changes are scheduled to be implemented as of the close of November 30, 2026. Between those two dates, index funds that track affected MSCI benchmarks will be working out exactly how many MSTR shares they need to sell before month-end.
The Overhang Is Real and Quantifiable
MSCI adopted new rules that could lead to Strategy being excluded from its indexes following a consultation on the eligibility of non-operating companies. The approach uses a screen for substantial operating assets and, for issuers that fail that screen, an additional test based on five financial ratios. Any resulting changes were proposed for implementation as part of the November 2026 Index Review.
MSCI has also published preliminary lists of potentially impacted securities in connection with this methodology shift, and Strategy has been flagged as a potential deletion for the November review. Strategy itself has acknowledged the exposure, saying funds linked to the relevant indexes hold roughly 13 million MSTR shares, about 3.1% of basic shares outstanding. Separately, JPMorgan analysts have estimated that Strategy’s exclusion from MSCI indexes could generate approximately $2.8 billion in selling pressure.
The potential selling would come from investment funds required to adjust their portfolios to match index composition, rather than from Strategy selling its Bitcoin holdings. That is mechanical, deadline-driven, price-insensitive selling. The kind options traders look for.
Why the Options Market Is Offering Reasonable Pricing Now
MSTR’s implied volatility depends on the exact horizon you measure, but common 30-day style measures in early November have generally been in the mid-to-high double digits, with some data showing an IV rank in the high-20s range. In other words, pricing is not obviously at an extreme, and the November 11 MSCI announcement has not, by itself, forced a single, universal volatility spike across the curve.
Nineteen days separate the November 11 announcement from the November 30 close. That is the window in which passive funds typically rebalance. A bear put spread expiring in mid-to-late December captures both dates, with the premium paid as the total risk and no open-ended exposure if the stock gaps the wrong way.
Technical and Fundamental Alignment
MSTR closed October 30 down 7.84% for the session. The broader trend remains bearish if the stock is trading below key long-term averages, including the 200-day moving average. The stock has also shown bouts of divergence versus Bitcoin at points in this drawdown, which is consistent with index-exclusion risk being priced in separately from spot BTC moves. If the November 11 announcement confirms a deletion, that divergence can persist.
The index-exclusion pressure on Strategy is not the only place where passive Bitcoin exposure creates hidden equity risk. Block’s earnings reveal how Bitcoin-linked revenue can dominate a stock’s narrative while contributing almost nothing to actual profit.
That prospect creates a broader financing challenge for Bitcoin treasury companies, since index membership supports share demand that these firms can rely upon to fund additional cryptocurrency purchases. Strategy’s model depends on issuing equity at a premium to net asset value. Forced passive selling can compress that premium directly.
The Trade Thesis
A bear put spread on MSTR with a December expiration aligns the position with the precise window of risk. Buy the higher-strike put and sell a lower-strike put to cap the premium spent. If the November 11 announcement confirms a deletion, the stock faces selling from funds that have no discretion. If the announcement omits Strategy, the spread can expire worthless and the loss is defined from the moment the trade opens. No surprises, no open-ended exposure.
The thesis invalidators are straightforward: MSCI surprises the market by keeping Strategy in the relevant index set, or Bitcoin surges sharply enough to overwhelm passive selling with fresh buying. Both are possible. Neither changes the asymmetry of a defined-risk spread where you know the max loss before the trade begins.
The Beast Verdict
Wednesday, November 11, is the day that removes the last uncertainty about whether the selling clock has started. Nineteen days separate that announcement from the November 30 cut-off, and in them index funds adjust their holdings. The timeline is known. The magnitude of potential outflows has been estimated. IV is not obviously at an extreme. That combination, a dated catalyst, a quantified overhang, and reasonably priced options, is precisely what this publication looks for. The window to position ahead of the forced sellers is closing as the November 11 announcement approaches.
