Sam @DigitalSamIAm

@RobertMSterling Great news for Vance in 2028. Mamdani will exert a *massive* influence over the Presidential. The odds that a far more extreme, DSA-friendly candidate is the Dem nominee just went way up.

No, they don't. There are plenty of easier moats to deal with than regulation or entrenched bureaucracy. Home builders don't like regulations that hinder development or force projects to drag on for 3-5 years because of a few outspoken critics. Tech companies don't like regulations that force them to hire entire teams to "solve" a politician's pet issue. Most employers categorically loathe dealing with healthcare + health insurance, and (moreover) we know we're paying too much, but actually addressing that takes more time and carries more risk than simply eating the overpayment.

It's easier said than done, but the price of the stock should say nothing about your willingness to hold it. The only relevant questions are (1) whether you believe the thesis that justifies the investment still holds and (2) whether the business itself is exceptional. 40% drawdowns on solid companies are just sales for smart money.

JaguarAnalytics @JaguarAnalytics

a day ago

$RKLB It really takes balls of steel to hold Rocket Lab through volatility. I've held since $16/share. This is 4th drawdown of -40%. Nerve wrecking each time, but patience and conviction paid off every time.

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That's a fair perspective. I agree completely with that conclusion that the Dem establishment doesn't care about the will of the people / is top-down controlled. I couldn't care less about Bernie (and he's technically not even a member of the Democratic Party), but the Kamala coronation was a disaster + Eric Adams in NYC has turned into a nightmare. I also think the Democratic Party has become hostage to the progressive wing of the party, in much the same way that the GOP was hostage to the Tea Party for much of the late 2000s/early 2010s. Being a centrist dem ("Clinton-style") makes you radioactive + hated in the party, which is insane to me. Republicans are far more welcoming to moderates than Dems in my experience.

@Seanfrank @ChrisMurphyCT Bernie sucks too

We don’t have to. Arguably, the most responsible thing to do would be to sunset automatic benefit increases, raise the full retirement age, cap future funding & force the program to live within its means. Simultaneously, we need to examine why the other two legs of the dignified retirement stool - retirement savings accounts like pensions/401(k)/IRAs & individual savings (taxable brokerage, money market, mutual funds) have failed to contribute. My hypothesis is that this is directly traceable to increased public involvement in higher education. We’ve simultaneously removed market-based accountability from higher ed (federal government loans essentially unlimited money for degrees, regardless of projected future earnings) while saddling entire generations with massive debt that leeches away their most productive retirement dollars. A dollar invested in a 401(k) or brokerage at 22 will be $60 at age 65, assuming a ~10% return (the commonly cited long-run S&P500 average). But, when you factor in massive student debt & soaring costs of education, that dollar can’t be rationally allocated to retirement because it’s committed to debt service on a far lower ROI asset. Remove unlimited public funding for higher ed. Force private market price discipline into higher ed - banks won’t lend $500k for a degree that’s likely to produce a $70k annual salary. So, either (a) industry will start paying more for those grads in order to be able to staff, (b) higher ed will cut costs to attract students or (c) those students will pursue other avenues of study with a higher expected return.

@HoraceHogan @S_H_Financial @EricTeetsel Yes, it does. Even a conservative accounting would mean the “trust fund” (which exists on paper only) would be massively more valuable today.

@SayNoToTrading I did want $574.75 but missed that too

@SayNoToTrading $574.25. Missed the intraday bottom but already green

Ro has traded 3x more (~4,800 trades L12 months, next closest ~1,500) than any other member of Congress. He’s worth $200M+ Yet….he never actually puts forward legislation that would require him to be subject to the tax he claims is necessary. If the tax is so worthwhile, and the outcomes so certain to materialize, and his conviction in those two things so absolute, then why not take the lead, @RoKhanna? Voluntarily pay the 5% wealth tax on all your assets. Use the funds to prove it works. Open source all the data, so it can be studied and verified. For once in your life, lead from the front. Put *your* money where your mouth is. Then, once you show that the government is so great once they have enough money, passing the wealth tax will be easy!

Ro Khanna @RoKhanna

4 days ago

Katie thinks the scandal is that I want billionaires to pay a little more in taxes. The real scandal is that a handful of billionaires now hold vastly more wealth than millions of working Americans. I believe those who have succeeded through work and entrepreneurship, including

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@KurtHenninger @gildner I think that’s how every tax begins People forget that we fought a war over a 3 pence per pound tax on tea ~250 years ago.

Except it has failed and/or been repealed in virtually every country that’s tried it. The exceptions are places like Switzerland (low tax of 0.1%-1.0%) and Norway (which taxes everyone with a net worth above $160k at 1%). That’s categorically insane. Wealth taxes result in double, sometimes triple taxation, reduce entrepreneurship & small business formation, spur capital flight & ultimately reduce innovation and economic competitiveness. That’s not my opinion, that’s what actual OCED countries like Sweden, France & Germany determined when they ran this experiment. Spain is in the throes of it now- and guess what? It isn’t going well. Wealthy Spaniards are flocking to Portugal, which has extended its tax free period in order to attract more capital leaving Spain. Wealth taxes don’t work. They don’t raise substantial revenue, they’re administratively complex & the target the one segment of the population that’s mobile. This idea, like the rest of soft socialism, needs to go away.

Ryan Grim @ryangrim

4 days ago

There are a lot of billionaires on this app who are obviously quite adept at making money, yet pretend they don't understand finance when it comes to the topic of a wealth tax. It's impossible! It's too complicated! We'd love to do it but it's unworkable! This is silly. Our

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That's exactly what happened in Norway. The wealth tax applies to everyone with over ~$160k in Net Worth, which is a massive slice of their population. If that were enacted in the US, even with an adjustment to something like ~$250k (to account for the differences in US wealth vs. Norway), that tax would hit ~46.8M households. That's categorically insane. Talk about a once-size-fits-all pill for economic destruction.

@LehnEconomics Stock valuations based on (among other things) the past & expected future performance of the company. Build a wildly successful company, or one that unlocks frontier industries & you are rewarded.

Billionaires are - by definition - better allocators of capital than the American people (and exponentially better than congresspeople & senators). That’s…how they became billionaires.

Ro Khanna @RoKhanna

4 days ago

This is just intellectual nonsense @friedberg and wouldn't get a passing grade at a place like University Chicago in a freshman seminar. You know that. I can't believe you are defending without a shred of introspection the unfair and lopsided economy where nearly 80 percent of

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CA doubled per-pupil education spending over the L10 years. Results: Reading Proficiency = no change Math Proficiency = -2% Something seems wrong with spending $20k/student for 63% of all 8th grade students to fail to meet grade-level benchmarks in math and 51% to fail to meet standards in reading.

We can go down the list of the Top-20 wealthiest right now: @elonmusk - self made x3 Sergei Brin - self made Larry Page - self made Jeff Bezos - self made Bill Gates - self made Larry Ellison - self made Mark Zuckerberg - self made Warren Buffett - self made Jensen Huang - self made Michael Dell - self made Steve Balmer - self made Mike Bloomberg - self made Charles Koch - 50/50 David (Julia) Koch - 50/50 Rob Walton - inherited Alice Walton - inherited Jim Walton - inherited Jeff Yass - self made Thomas Peterffy - self made Steven Schwartzmann - self made The Koch’s did inherit a regional oil company. They scaled it 600x-800x, diversified it and turned it into a global conglomerate. The company today looks nothing like the one they inherited.

@LehnEconomics That’s objectively false. Of the current US billionaires, >70% are self-made.

Not yours. CA’s budget has increased by 110% in the last 10 years, while the population has barely increased 1%. Educational outcomes are flat-to-declining (8th grade math proficiency = 2% decline; 8th grade verbal/reading = 28% - completely unchanged from 2015 despite per-pupil spending rising 102%). How much more money is enough, Ro? How much more until the government that couldn’t improve outcomes with 2x finally gets better?