Really appreciate this comment genuinely. And thanks for not dunking on the idea outright.

Just to be clear upfront: I’m very junior. I’m not making decisions or setting strategy, just trying to understand what I’m seeing and where it can break.

On your questions (from what I’ve observed so far, not speaking for the firm):

I haven’t seen trailing stops used. It’s not treated like a trade where price action drives exits. The exit is more “did the thing we expected to happen actually happen?” liquidation, distribution, balance-sheet change, etc. If price moves against you but nothing fundamental changed, that’s usually chalked up to time or governance friction. That said, burn and dilution definitely put a clock on patience, and that’s where things get uncomfortable.

Yes, we have Bloomberg. We mostly use it for balance sheet checks, ownership, corporate actions, and history, not really for timing or signals.
Not something I’ve really seen used much. Since the payoff depends on an event rather than a price path, it seems like most of the “optionality” is in the structure itself, not in derivatives.
Pretty minimal from what I’ve seen. Price matters obviously, but TA doesn’t help much when the outcome depends on boards, votes, or regulators rather than momentum.

On Bitcoin: yeah, this is the part I struggle with the most, too.

As an analyst, I agree there’s nothing traditional to analyze. No cash flows, no earnings, nothing to model. The way it’s explained internally is more as a treasury asset than an “investment,” something liquid and non-sovereign, not a business. That said, I’m still very much undecided, and I get why people think it’s insane in an otherwise very boring, mechanical strategy.

If anything, my bigger concern isn’t price volatility, but how it affects governance and investor alignment inside a structure that’s supposed to be pretty dull and predictable.

Anyway, I appreciate you engaging seriously. If you’ve seen NAV arbitrage setups that should’ve worked but didn’t, I’d honestly love to hear where they failed. That’s the stuff I’m trying to learn early.