MicroStrategy, Inc. was one of the high‐tech “darlings” of Wall Street during the stock market boom of the late 1990s. After its initial public offering (IPO) in 1998, revenue and earnings increased steadily and substantially year after year. By early March 2000, the company's stock price had soared to $333 per share. Nonetheless, there was at least one financial research group that questioned whether MicroStrategy's performance justified its high market valuation. Based on publicly available information at the time, you are asked to identify “red flags” (i.e., warnings) of possible problems with the company.