Opening

Reformer Machine Workout at YogaSource in Los Gatos.

Indiana. Fernando Mendoza is a truly special.

Markets

1 Year: VGT/QQQ 17%. S&P 500 17%.

2025: 1 yr and 10 yr

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%.

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.

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

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.

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

$23m

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