Management presentation prepared by investment bankers vs. the business in reality

This chart maps what captured public attention throughout 2025, based on search interest

> Thinking about the widespread childcare fraud in Minnesota costing taxpayers billions > knowing the increasingly socialist policies proposed by big city mayors across the country will lead to more fraud & waste > They are doing everything in their power to increase tax rates across the board to fill the leaky bucket > Cognizant your job might be automated away by AI soon Man

“Tech oligarchs” and it’s two VCs “Openly conspiring” and it’s them voicing their political disagreements about a congressman 🤦🏻‍♂️

BREAKING: The US Department of Justice has charged 98 individuals in relation to fraud in Minnesota. More than 60 have pled guilty or been convicted.

uber has no cars airbnb has no property somali daycares have no kids welcome to the new economy

BREAKING: Asset manager Janus Henderson agrees to be acquired by Trian Fund Management and General Catalyst in an all-cash deal valuing the firm at ~$7.4B

Liberating Capital Markets - available soon on all streaming platforms that survive the tariff war

Good morning to everyone except Ro Khanna and Tim Walz

It’s not 1% a year for 5 years. It’s a one time 5% tax on all assets and it will kill entrepreneurship in California. Here is an example: John Doe starts a company. He takes a nominal salary - say $150k for this example - and the rest in equity in the company. Let’s say he owns 20%. He raises VC capital in 2026 from someone that invests $100M into the company and values the company at $6B. This means his 20% is “worth” $1.2B. I put it in quotes because he can’t actually sell. He has a paper value that putatively says he’s a billionaire. But he actually lives on $150k because that is what his income is. Just because someone decides to make a bet on the business does not mean some bank account in your name magically gets created with $1.2B in it. Under the proposed tax, however, John Doe would now owe $60M in cash to California in 2027. How will he pay it? Is there some buyer you know of, that the rest of the market doesn’t, that will do a deal at the max value when there is a distressed seller like John Doe who needs money he doesn’t have to pay taxes on value he also doesn’t have! Now imagine that after the tax is assessed, in early 2027, the company takes a write down to $200M. Now his share is $40M. But he still owes $60M. Again, there are no buyers for his shares per se. He still only makes $150k/yr. What is this person supposed to do? He now has a “worth” of $40M but owes California $60M. Should he declare bankruptcy now because he tried to start a business but was retarded enough to do it in California? So did you really get the billionaires?? No. Because the mega billionaires have already left or are tax structured to minimize the tax or will fight it. You will, however, drag a bunch of young, energetic folks who want to make things and hire people into bankruptcy court. Awesome work, Ro. You should be proud.

You know it’s not good when a Democrat congressman representing California is calling out the $70B in fraud in his state

Yea this one is a no brainer given Elon’s relationship with Michael Grimes (Morgan Stanley tech banker who advised on Tesla’s IPO and arranged the Twitter LBO financing) Dollars currently selling for $0.67 on Polymarket

It’s a Christmas miracle!!!

This idiotic attack, by an inept California politician, on a productive California resident caused him to leave. It should not be lost on anyone that this has already cost California $10’s of billions in lost taxes from Elon and the plethora of well paid employees that followed him out of the state. That number will exceed $200B+ as SpaceX goes public and Tesla grows even more and whatever amazing new companies he starts from now…in Texas. Said differently, had California embraced its innovators and worked with them to find ways to support them, they could count on hundreds of billions in tax revenue. Without him, they’ve gone from surpluses to massive deficits. The will now ask you for the money. What happens if even more entrepreneurs leave? What jobs will be left in California? Who will pay the taxes? I’m glad Elon left and took his tax revenue with him. It has helped expose how fiscally broken California is. If it is not obvious to you, it should be. Yet these politicians refuse to change. Refuse to do audits and spend less. Instead, they now target others down the list and keep asking for more. There is no amount of “more money” that will fix theft, financial profligacy and mismanagement by incompetent elected officials. We need wholesale reforms in California before the state goes bankrupt. We probably have until 2030 at best.

When you ask Santa for gold but he bring you something even better

Christmas hits different in Greenwich, CT

When it’s Christmas morning and you think you’re getting a visit from Santa Claus but it’s just Blackstone ready to acquire all the single family homes in your neighborhood

“Freedom of speech is the foundation of our strong and vibrant European democracy” *Arrests people for memes*

POV: you’re an investment baker trying to take a few hours to spend time with family during Christmas when you should be working on multiple live deals