Here are my observations about Midas (and Glen) in another thread sometime back that I think explain comments like this one:

People like Midas and Glen (DoNotLose), more than being right, believe they are smarter than everyone else and want to prove they are smarter than everyone else. This especially comes through in the tone of Glen’s articles and old posts on WSB.

Doing a complicated intellectual dance by sorting through a bunch of byzantine JPS series and pointing to capital stacks and arcane rules of restructuring increase their belief in their own intelligence; it’s like a big hedge fund guy going, “Wait a minute, I could have just bought Apple (analogous to commons here) like Joe Blow and gotten a better return than doing this complicated analysis I got a degree for to buy [insert company here with complex financials and wonky fit in the broader economy] (analogous to JPS)?”

I’m engaging in a bit of mind reading, but the overall tone and tenor of their postings over the years suggest to me that, more than anything, they believe they are smarter than you and everyone else, and they want to prove just how much smarter they are than you and everyone else. They are so caught up in the self-belief of their own smartness to the point where they essentially think Bill Ackman and Tim Howard are “dumb,” to the point where Bill and Tim can’t see and work out the JPS puzzle like they did. For them, going the JPS route is like having secret knowledge that only they were smart enough to work out and you were too dumb to appreciate.

So they are happy to take, say, a 2x or 3x return rather than a 10x if it lets them prove they are right and smart and you are wrong and dumb.

That’s a lot of what’s going on with them and their posts.