The Best One Yet
3️⃣ “AI Bubble Wrap” — Our Warren Buffett stock pick. Cali’s Billionaire Tax. Jollibee’s spaghetti IPO. +Unhappy Hour
09 Jan 2026
Chapter 1: What is the main topic discussed in this episode?
This is Nick. This is Jack. It's Friday, the real Friday, January 9th. 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 8th? Yeah. That's the end of Happy New Year greetings?
Yeah, so Happy January to you, Jack. Happy January to all those who celebrate. Well, our three stories today are... Yeah, 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?
Dude, I know. I think you just insinuated that you're a billionaire. I can't talk about it on the podcast. For our second story, it's Jollibee. The famous Filipino fast food chain announced plans to IPO here in the U.S. Trade war, schmade 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.
Chapter 2: What is the first billionaires' tax being proposed in California?
In case there's an AI bubble. The bubble pops, this stock will protect you. You 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. Hoarder's Almanac, week 302. That's right, things we're 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 4 p.m. beer with your boss, the Cosmo with your coworkers. Yeah, get a little buzzed with Becky from BizDev. 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 20s.
Chapter 3: How is Jollibee planning to enter the U.S. stock market?
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 non-alcoholic if you prefer.
Chapter 4: What are the key details about Jollibee's IPO plans?
Happy hour. It's how I met your mentor. Nick, my advice? Take a risk during happy hour. Don't do something inappropriate, but tell that story, even if it's a little risque. Your boss is going to like you more because of it. Thank you for sprinkling on that context, Jack. Is this Magnum of Rose a write-off?
It is at happy hour. Jack, let's hit our three stories. 15 years before this song, two boys from the Northeast met in a dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm. Jack Nick, that's it. I don't even think they need to practice. 50%, that's a fat tip.
Chapter 5: Why is Berkshire Hathaway considered a safe investment in 2026?
T-Boy City on your at list. If you know, you know, cause we're ready to go.
Chapter 6: What makes Berkshire Hathaway a unique investment opportunity?
We can't wait no more, so just start the show.
For our first story, California's 250 billionaires are the absolute richest people in world history. But they're fueling up their private jets right now because of a proposed Golden State wealth tax. We will explain the drama. Yetis, as Jack and I once saw in a highly emotional Instagram post about Teddy Roosevelt, comparison is the thief of joy. That's the quote.
If that's true, Nick, then the Forbes billionaire list is the thief of the century. Get this, Yetis. In the United States, we have over 2,000 billionaires, according to J.P. Morgan.
Chapter 7: How does Berkshire Hathaway generate revenue from its investments?
People, you know, who's, uh, how would you describe them, Jack? People whose third homes have second boats. Yeah, just put it by the heliport. Yetis, get this wild stat. The 19 wealthiest families in the United States own nearly as much assets as the bottom half of the American population.
Now, to sprinkle on some context, back in 1982, this group of the uber-wealthy owned 0.1% of the nation's net worth. But where is it now, Jack? Now, the 19 richest families own 2% of America's net worth. Which brings us to present day, when 250 of those billionaires currently live in California, the most of any U.S. state. There's literally a block in San Francisco known as Billionaire Block.
Yeah. Because, like, Jensen Huang, the Jobs family, who else lives on this block? Larry Ellison. I mean, you walk by it, it's Broadway and Lion Street, the houses... Chef's kiss. It's good watching. They're all tech CEOs with billions and billions of dollars. But here's the news.
Because of a new ballot initiative, voters in the Golden State may soon have a yes or no vote on an unprecedented wealth tax targeting those billionaires this November.
Chapter 8: What are the implications of the proposed wealth tax on California's billionaires?
Yet he's to sprinkle on some context. In California, there's this wild democracy situation. Just call it crazy. Just call it crazy. I tell my family in New York, they don't even believe this is real. Because of ballot initiatives, even the most wild ideas, if you collect enough signatures, can end up on the state ballot for all like 50 million Californians to vote on.
One labor union is fighting really hard right now to get a 5% one-time wealth tax on the ballot for the elections this November. basically one huge one-off payday for the California coffers. It's called the Billionaire Tax Act, and billionaires are freaking out about it.
Now, this law, if passed, would require California residents worth $1 million, sorry, $1 billion or more to pay 5% of their net worth as a tax over the course of five years. And as Jack and I dove in T-boy style, we discovered two reasons why this is controversial. First, it would be the first such wealth tax in the United States. And second, it would be applied retroactively.
That's the interesting detail here. New taxes typically take effect after they're actually passed. But this one would impact any resident of California who's a billionaire as of the start of this year, as in last week. Which is why we're also checking the real estate listings from the last week. Check out the Wall Street Journal. They're going nuts about this.
Google's founder, Larry Page, and the crypto and AIs are in the White House, David Sachs. They both moved their money out of the state just before New Year's because their accountants told them about this law that could pass this year. I'm sorry, breaking news as we were recording the show, a new report that Larry Page actually bought two Miami properties at the end of last year for $175 million.
Now, because this wealth tax is so unprecedented, let's sprinkle on a little more context. That's right, Jack. Besides property taxes on real estate, America pretty much has no wealth tax. We do income and sales taxes instead. And we write traffic tickets. Which is why the governor of California, Gavin Newsom, opposes this wealth tax.
He says it would cause billionaires to jump into their private jets and move to Texas or Florida. While on the other hand, the congressman who represents Silicon Valley, Ro Khanna, actually supports this bill. And NVIDIA's CEO, Jensen Huang, a proud California resident, said this week, if the law passes, he'll comply with it. He doesn't mind. Or as Jensen would say, I don't give a chip. True.
Now, the big question that everyone's going to be wondering, this wealth tax will raise $100 billion in the short term if passed, but will the state of California lose tax revenue from billionaires leaving in the long term? We don't know because no wealth tax like this has passed in any state. But that's the big debate you can have at your brunch table this weekend.
So Jack, what's the takeaway for our buddies over in California? The reason income taxes don't work for billionaires is that billionaires don't have income. Yetis, in the middle of the 20th century, America became the envy of the world because of our income tax being deducted from paychecks.
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