Owen Gregorian

And I don't think they're going to be able to recover from that.

And I see California playing out the same way.

They haven't actually passed this wealth tax.

And it is a horrible idea.

And it's a new kind of tax.

They're basically saying they're going to tax these wealthy people on...

you know, assets that are not unrealized gains, right?

Like they're assets that are tied up, whether they're in stock or even farmland or real estate where it's not necessarily liquid.

You know, if you have a private company, you might own a bunch of stock and in theory it might be worth a lot, but you can't really sell it very easily if it's a private company.

And so there's a lot of impacts to that that just make it completely unrealistic to have that kind of tack.

But Newsom is pushing it anyway.

And it seems like they're barreling forward with this idea.

And I think they've just gone way too far.

And the billionaires are the ones with the most flexibility.

They don't have to live in California.

They don't even have to live in the United States.

They can go to the Bahamas or Panama or anywhere and put their assets wherever they feel like it.

And they can operate from anywhere in the world now, especially with all the remote work that you can do now.

So I think they made a huge mistake in California.

Yeah.