3️⃣ “AI Bubble Wrap” — Our Warren Buffett stock pick. Cali’s Billionaire Tax. Jollibee’s spaghetti IPO. +Unhappy Hour
Episode
22 min
Read time
2 min
Topics
Personal Finance, Investing, Fundraising & VC
AI-Generated Summary
Key Takeaways
- ✓Billionaire Tax Structure: California's proposed wealth tax would charge billionaires 5% of net worth over five years, applied retroactively to January 2025 residents, potentially raising $100 billion but risking long-term revenue loss if wealthy residents relocate to zero-tax states like Texas or Florida.
- ✓Wealth vs Income Taxation: Billionaires avoid traditional income taxes by holding stock instead of taking salaries, borrowing against assets rather than selling, making wealth taxes more effective than income taxes for addressing inequality, though federal implementation would prevent state-by-state tax arbitrage.
- ✓Asian Investment Wave: Despite trade tensions, Asian companies including Jollibee, Luckin Coffee, and Michu bubble tea are investing directly in US operations rather than exporting, avoiding tariffs entirely while following diaspora communities and capturing American consumer markets with unadapted authentic menus.
- ✓Berkshire Post-Buffett Strategy: Berkshire Hathaway holds 37% cash ($400 billion earning 4% interest), 35% in 68 wholly-owned companies generating $400 billion revenue, and 28% in 37 stocks, positioning it as downside protection if AI bubble bursts while new CEO Greg Abel's performance remains unproven.
What It Covers
California proposes first-ever billionaire wealth tax targeting 250 residents with 5% levy, Jollibee Filipino fast food chain plans US IPO, and Berkshire Hathaway becomes portfolio hedge pick post-Warren Buffett retirement.
Key Questions Answered
- •Billionaire Tax Structure: California's proposed wealth tax would charge billionaires 5% of net worth over five years, applied retroactively to January 2025 residents, potentially raising $100 billion but risking long-term revenue loss if wealthy residents relocate to zero-tax states like Texas or Florida.
- •Wealth vs Income Taxation: Billionaires avoid traditional income taxes by holding stock instead of taking salaries, borrowing against assets rather than selling, making wealth taxes more effective than income taxes for addressing inequality, though federal implementation would prevent state-by-state tax arbitrage.
- •Asian Investment Wave: Despite trade tensions, Asian companies including Jollibee, Luckin Coffee, and Michu bubble tea are investing directly in US operations rather than exporting, avoiding tariffs entirely while following diaspora communities and capturing American consumer markets with unadapted authentic menus.
- •Berkshire Post-Buffett Strategy: Berkshire Hathaway holds 37% cash ($400 billion earning 4% interest), 35% in 68 wholly-owned companies generating $400 billion revenue, and 28% in 37 stocks, positioning it as downside protection if AI bubble bursts while new CEO Greg Abel's performance remains unproven.
Notable Moment
Google founder Larry Page purchased two Miami properties worth $175 million at year-end while crypto advisor David Sachs also relocated assets from California, both timing moves to avoid potential retroactive billionaire tax liability before the law's effective date.
Episode Transcript
This is Nick. This is Jack. It's Friday, the real Friday, January 9, and today's pod is the best one yet. This is a t boy. The top three pop business news stories you need to know today. Well, besties, to quote the great philosopher Larry h David, yesterday was the last day of the year you can say happy new year. January 8? Yeah. That's the end of happy new year greetings. Yeah. So happy January, G Jack. Happy January to all those of celebrate. Well, our three stories today are pretty, pretty, pretty good. Jack, what do we got on today's show? For our first story, it's the biggest tech drama right now. It's the first ever billionaire tax being debated in California. And besties, the billionaire group chat is blowing up right now. One second, Jack. Zuck? Yeah? I know, dude. I know. I think you just insinuated that you're a billionaire. I can't talk about it on the pod, Jack. For our second story, it's Jollibee. The famous Filipino fast food chain announced plans to IPO here in The US. Trade war, shmade war. Asia wants to take a bite out of The United States. And our third and final story. For the third day in a row, we're doing our portfolio resolutions. Our three stock picks for the new year. And our third and final stock pick for 2026, it's bubble wrap for your portfolio in case there's an AI bubble. The bubble pops, this stock will protect you. You don't want bubble wrap. You gotta have bubble wrap. But besties, before we hit that wonderful mix of stories. What a mix of stories to go into the weekend with. Love the mix, Jack. Hoarders Almanac, week three zero two. That's right. Things were running out in this economy. Jack and I are still keeping track for you. This week, we're running out of happy hour. Happy hour, the 4PM beer with your boss, the Cosmo with your coworkers. Yeah. Get a little buzzed with Becky from Biz Dev. Get this. Since the pandemic, the happy hour, never been the same. It's become a casualty of the corporate culture reset post pandemic, and the data proves it. Because more of you are working from home. And fewer of you are drinking alcohol. And if you do pop champagne, it's with your Wednesday night run club. And it's too bad for junior employees. I loved corporate happy hour when I was in my twenties. Oh, and you know what the deal is today, Jack? It's the Zoom happy hour, the worst variety of forced fun. But according to the Wall Street Journal, over in Europe, happy hour has never been happier. That's right. The pubs and the pints? Possible. They're still core to London's corporate culture. So besties, it's Friday, the real Friday. We suggest you invite your VP out for a pint after work. Could be nonalcoholic if you prefer. Happy hour. It's how I …
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company
“Jollibee Filipino fast food chain plans US IPO... Asian companies including Jollibee, Luckin Coffee, and Michu bubble tea are investing directly in US operations.”
“Sponsors: Boost Mobile (boostmobile.com)”
“Asian companies including Jollibee, Luckin Coffee, and Michu bubble tea are investing directly in US operations rather than exporting, avoiding tariffs entirely.”
“Asian companies including Jollibee, Luckin Coffee, and Michu bubble tea are investing directly in US operations rather than exporting, avoiding tariffs entirely while following diaspora communities.”
“Berkshire Hathaway becomes portfolio hedge pick post-Warren Buffett retirement... Berkshire Hathaway holds 37% cash ($400 billion earning 4% interest), 35% in 68 wholly-owned companies generating $400 billion revenue, and 28% in 37 stocks, positioning it as downside protection if AI bubble bursts.”
“Sponsors: Wayfair (wayfair.com)”
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