Opening
Reformer Machine Workout at YogaSource in Los Gatos.
Indiana Football. Fernando Mendoza is a truly special.
Markets
1 Year: VGT/QQQ 17%. S&P 500 17%.
2025: 1 yr and 10 yr
QQQ & VOO
QQQ: 20.8% and 19.4% = $100k > 620
VOO 17.8% and 14.8% = $100k > 400
VXUS: 32% and 8.5%
Gold and Silver. Great year. 77% and 200%. That’s 3x.
IBIT and Etha: Down 14% and 10%.
Lots of companies off all-time highs:
Netflix
- Netflix Great earnings call.
- 17.6% YoY revenue growth, better than Q4 2024 of 16%.
- Warner Brothers Acquistion is huge overhang. It will help them:
- IP. Harry Potter, DC Comics, Game of Thrones, Matrix, Sopranos, Succession, Lord of the Rings. Barbie
- HBO!
Lemonade
HIMS
Tesla
- Autonomous. Finally pulling the driver out in Austin.
- No longer able to buy FSD outright. Needs to be subscription
- Lemonade cutting premiums by 50% if you drive a Tesla with FSD. Important implications for all car insurers.
Humanoid Robots
- Yes Boston Dynamics and many others particularly in China are great, but…
- Manufacturing, Software, Hardware, ….
XAI
Will have more AI compute than all others combined in < 5years! From Elon
The Colossus 2 supercomputer for @Grok is now operational.
First Gigawatt training cluster in the world. Upgrades to 1.5GW in April.
I’m using Gemini and Grok. Perfect combo.
SpaceX
SpaceX will be ~99% of all Earth payload mass to orbit
- I think there will be an allocation to Tesla LT shareholders.
- Could be $1.5T, but could go to $10T.
Politics
Wealth Tax
- Wealth Tax. 1 time 5% on Billionairs.
- No limitations on quantity or $ limit.
- Play Ben Horowitz on wealth tax.
- More taxes is not the answer. Eliminate Fraud, waste and abuse!
- Billionaires ~$8T, everyone else $170t.
- The two Google founders per Gemini represented 23 percent of the aggregate billionaire wealth in CA. Throw in Peter Thiel and well over 30 percent is gone
Video here. https://x.com/bennyjohnson/status/2014785916083020062
$23m
- $125k Rover seized
- Home in Greece
- Mansion in LA
Balance the Budget State Audit Report here
Budget Summary
.05% of Californian’s or ~8500 people making over $10m per year pay 25% of the personal income tax liability.
1% of Californian’s pay 49% of Personal Income Tax. $54 billion
Companies moving out of California
Recommendations:
- Rogan
- Bradley Cooper
- Ben Affleck and Matt Damon
- Ethan Hawke
- Tim Ferris and Bill Gurley
