3️⃣ “AI Bubble Wrap” — Our Warren Buffett stock pick. Cali’s Billionaire Tax. Jollibee’s spaghetti IPO. +Unhappy Hour

Summary

Podcast Summary: "AI Bubble Wrap" — Our Warren Buffett Stock Pick. Cali’s Billionaire Tax. Jollibee’s Spaghetti IPO. +Unhappy Hour

The Best One Yet – January 9, 2026
Hosts: Jack Crivici-Kramer & Nick Martell

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Episode Overview

In this engaging Friday edition, Nick and Jack serve up the "top three pop business news stories you need to know today," with their signature blend of wit, context, and market insight. Today's episode covers California’s proposed billionaire wealth tax, the Filipino fast food giant Jollibee’s planned U.S. IPO, and the duo’s Warren Buffett-backed stock pick as "bubble wrap" for your financial portfolio. Sprinkled throughout are commentary on changing work rituals and some fun facts, all in under 30 minutes.

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Key Discussion Points & Insights

1. The Decline of Corporate Happy Hour

[00:26–02:43]

• Main Idea: Post-pandemic work culture has caused a sharp decline in after-work happy hours in the U.S.
  • Quote (Jack, 01:58): “It's too bad for junior employees. I loved corporate happy hour when I was in my 20s.”
• Reasons:
  • More people working from home and less alcohol consumption.
  • Happy hours have shifted to alternatives like Zoom gatherings.
  • In contrast, Europe’s pub culture is thriving.
    • Quote (Nick, 02:13): “The pubs and the pints – they're still core to London's corporate culture.”
• Advice (Jack, 02:28): “Take a risk during happy hour… tell that story. Even if it’s a little risque, your boss is gonna like you more because of it.”

2. California’s Billionaire Wealth Tax Debate

[04:26–10:05]

• Background:

  • California’s 250 billionaires have amassed unprecedented wealth and now face a proposed 5% wealth tax.
  • Proposed by a labor union, the “Billionaire Tax Act” could reach the ballot in November as a one-time tax on residents worth $1 billion or more, paid over five years.
    • Quote (Jack, 06:39): “It's called the Billionaire Tax act and billionaires are freaking out about it.”

• Key Issues:

  • Unprecedented Scope: Would be the first state wealth tax, applied retroactively from start of 2026.
  • Migration Fears: Billionaires like Larry Page are already moving assets and themselves out of California.
    • Quote (Nick, 07:49): “Breaking news … Larry Page actually bought two Miami properties at the end of last year for $175 million bucks.”
  • Deep divide among political leaders:
    • Governor Newsom opposes, fearing an exodus.
    • Rep. Ro Khanna supports, aiming to address inequality.
    • Nvidia CEO Jensen Huang says “he’ll comply.”
      • Quote (Nick, 08:24): “Or as Jensen would say, I don’t give a chip.”

• Takeaway:

  • U.S. billionaires avoid taxes because most of their wealth is in stock, not salary.
    • Quote (Jack, 08:51): “The reason income taxes don’t work for billionaires is that billionaires don’t have income.”
  • Potential Risks: Could backfire if billionaire flight results in lost long-term tax revenue.
  • Hosts’ Perspective: Federal tax approaches (wealth/inheritance) would be more effective than state solutions.
    • Quote (Nick, 09:52): “If you’re trying to use the tax system to solve inequality, a federal wealth tax or a federal inheritance tax … would be more effective.”

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3. Jollibee: The Filipino Fast Food Powerhouse’s US IPO

[10:05–14:21]

• Context & Cultural Significance:
  • Jollibee is “the biggest export from the Philippines” with only 80 U.S. locations, mostly in California.
    • Quote (Jack, 11:01): “Now, there are only 80 locations in the US so far. So you might not know Jollibee yet, but you should.”
  • Not just fried chicken: menu features unique items like “spaghetti with hot dog sauce.”
  • The company is already public in the Philippines, now planning to spin off international business for a U.S. IPO.
• Business Model:
  • “The most diversified foods business in the world,” owning 19 restaurant brands (Smashburger, Coffee Bean & Tea Leaf).
  • Boasts 10,000 global locations and $5 billion in annual revenue – bigger than Burger King.
    • Quote (Jack, 11:57): “Bigger than Burger King.”
  • Unique revenue streams: 45% of revenue from beverages; mascot bookings for events (like “Disney World style”).
    • Quote (Nick, 12:58): “Birthdays, weddings, sweet 16s. You can hire the Jolly Bee on site for your next occasion.”
• Larger Trend:
  • Asian companies are investing in and entering the U.S. market despite geopolitical friction – “the Asian tsunami.”
    • Examples include Luckin Coffee, Korean beauty brands at Sephora, bubble tea brand Michoud’s U.S. push.
    • Quote (Nick, 14:01): “These are not Asian exports, so tariffs don’t impact them at all.”
  • Parallels drawn to the 1980s “Japanese wave” (Honda, Toyota, Sony).

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4. Berkshire Hathaway: Hosts’ Defensive Stock Pick for 2026

[15:26–19:27]

• Context:

  • Warren Buffett, after 60 legendary years, steps down as CEO (but remains Chairman).
    • Quote (Nick, 15:59): “The Dumbledore of the stock market.”
  • New CEO Greg Abel is untested; Wall Street is nervous, and shares have dipped 7% while the S&P is up 22%.
    • Quote (Jack, 16:16): “Berkshire is down 7% since the retirement news… while the S&P 500 is up 22%.”

• What Is Berkshire Hathaway?

  • A conglomerate of “68 companies” (Geico, Duracell, BNSF railroad, Brooks Running) plus a massive stock portfolio (Apple, AmEx, Coke, etc.).
    • $100 invested =
      • $35 entire companies
      • $28 portfolio stocks
      • $10 cash (earning 4%+ interest)
      • Rest: other assets
  • Generates nearly $400B in annual revenue.
    • Quote (Jack, 17:47): “Those 68 businesses made nearly 400 billion bucks in revenue last year, which would make them the sixth largest company by revenue in America.”

• Why It’s a Hedge:

  • Berkshire’s historic outperformance, cash reserves, and diversified holdings make it a buffer (“bubble wrap”) if there’s an AI bubble burst or downturn.
    • Quote (Jack, 19:05): “If AI is a bubble … then Berkshire will be an outperformer, possibly one of the best performers in the event of a market downturn.”

• Takeaway:

  • The big question: Can Greg Abel replicate Buffett’s legacy?
    • Quote (Jack, 19:34): “Warren is an investing God, but did he leave us with disciples?”
    • Quote (Nick, 19:39): “Berkshire Hathaway is up five and a half million percent in the 60 years with Warren as the CEO.”
  • Hosts are confident in the company’s fundamentals and view Berkshire as prudent “downturn insurance” for 2026.

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5. Quick Hits & Fun Facts

[21:02–22:17]

• NFL Ratings: Best year since 1989; average game watched by 19 million people.
  • Quote (Jack, 21:07): “The average NFL regular season game was watched by 19 million people. That's up 10% from last year.”
• Most On-Time Airlines: Only one U.S. carrier (Delta) in top 10; Aeromexico is #1.
• CES Gadgets:
  • AI-powered ice maker, hormone-tracking “egg,” “lollipop” that plays music in your mouth.
• Bobblehead Fact (National Bobblehead Day):
  • First sports bobbleheads: 1960, Mickey Mantle and Willie Mays.
    • Quote (Nick, 23:03): “It was Mickey Mantle and Willie Mays.”

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Memorable Quotes & Moments

• On Billionaire Tax:

  • “People whose third homes have second boats.” (Jack, 05:04)

• Jollibee’s Unique Approach:

  • “They did not adapt the menu for American tastes… This is just straight up Filipino fast food.” (Jack, 12:10)

• Buffett’s Legacy:

  • “It's the Costco of wealth advisors.” (Jack, 17:08)
  • “If the stock market drops, [Berkshire] will protect your assets.” (Nick, 15:45)

• On Investment Style:

  • “We're not putting all our eggs in one basket. We're putting a bunch of them into Warren's.” (Nick, 18:59)

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Timestamps for Major Segments

• Happy Hour is Disappearing: 00:26–02:43
• California’s Billionaire Wealth Tax: 04:26–10:05
• Jollibee’s US IPO: 10:05–14:21
• Berkshire Hathaway Pick: 15:26–19:27
• NFL Ratings/On-Time Airlines/CES Gadgets: 21:02–22:17
• Bobblehead Trivia: 22:17–23:12

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Final Takeaways (Recap at 20:24)

• CA billionaires are eyeing Florida, fleeing a proposed wealth tax targeting stock (not income).
• Jollibee’s IPO is part of a new “Asian tsunami” flooding the U.S. market with global brands.
• Berkshire Hathaway is the hosts’ pick for a defensive, diversified portfolio position in 2026.

For Listeners Who Missed the Episode

The hosts expertly blend current events, quirky details, and strategic financial advice. If you’re wondering how AI bubbles, billionaire taxes, and Filipino fast food could possibly connect, or if you want a Warren Buffett-inspired approach to 2026 investing, this digest has you covered—with a few laughs and fun facts along the way.

Listener Challenge: What do you think of the new billionaire tax proposal or the Jollibee IPO? Share your thoughts in the comments—Nick and Jack are eager to hear from you!

Transcript

[Nick]

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.

[Jack]

The top three pop business news stories you need to know today.

[Nick]

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.

[Jack]

Yeah, that's the end of Happy New Year. Greetings.

[Nick]

Yeah. So happy January to you, Jack. Happy January to all those who celebrate.

[Jack]

Well, our three stories today are pretty, pretty, pretty good.

[Nick]

Jack, what are we gonna today's show.

[Jack]

For our first story, it's the biggest tech drama right now. It's the first ever billionaire tax being debated in California.

[Nick]

And besties, the billionaire group chat is blowing up right now. One second. Jack Zuck. Yeah, I know, dude, I know.

[Jack]

I think you just insinuated that you're a billionaire.

[Nick]

I can't talk about it on the podjack.

[Jack]

For our second story, it's Jollibee. The famous Filipino fast food chain announced plans to IPO here in the US.

[Nick]

Trade war, schmade, War. Asia wants to take a bite out of the United States.

[Jack]

And our third and story for the third day in a row, we're doing our portfolio resolutions, our three stock picks.

[Nick]

For the new year, and our third and final stock pick for 2026. It's bubble wrap for your portfolio in case there's an AI bubble, the bubble pops.

[Jack]

This stock will protect you.

[Nick]

You want bubble wrap, you gotta have bubble wrap.

[Jack]

But besties, before we hit that wonderful mix of stories.

[Nick]

What a mix of stories to go into the weekend with. Love the mix, Jack.

[Jack]

Hoarder's Almanac Week 302.

[Nick]

That's right. Things we're running out in this economy. Jack and I are still keeping track.

[Jack]

For you this week. We're running out of happy hour.

[Nick]

Happy hour. The 4pm Beer with your boss. The Cosmo with your co workers.

[Jack]

Yeah, get a little buzzed with Becky from Biz Dev.

[Nick]

Get this. Since the pandemic, the happy hour never been the same.

[Jack]

It's become a casualty of the corporate culture. Reset post pandemic. And the data proves it.

[Nick]

Because more of you are working from.

[Jack]

Home and fewer of you are drinking alcohol.

[Nick]

And if you do pop champagne, it's with your Wednesday night run club.

[Jack]

And it's too bad for junior employees. I loved corporate happy hour when I was in my 20s.

[Nick]

Oh, and you know what the deal is today, Jack? It's the Zoom Happy Hour.

[Jack]

The variety of forced fun. But according to the Wall Street Journal over in Europe Happy hour has never been happier.

[Nick]

That's right, the pubs and the pines possible they're still core to London's corporate culture.

[Jack]

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.

[Nick]

Happy hour. It's how I met your mentor, Mick.

[Jack]

My advice, Take a risk during happy hour. Don't do something inappropriate but like tell that story. Even if like it's a little risque. Your boss is gonna like you more because of it.

[Nick]

Thank you for sprinkling on that context. Jack. Is this magnum of write off. It isn't Happy hour.

[Jack]

Jack.

[Nick]

Let's hit our three stories.

[Producer or Narrator]

Fifteen years before this song, two boys from the northeast met in the 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.

[Jack]

50%.

[Producer or Narrator]

That's a fat tip. T Boy city on your AT list. If you know, you know. Cause we read to go. We can't wait no more.

[Jack]

So just start the start the show.

[Nick]

First, a quick word from our sponsor.

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[Nick]

For our first story, California's 250 billionaires are the absolute richest people in world history.

[Jack]

But they're fueling up their private jets race because of a proposed Golden State wealth tax. We will explain the drama Yetis As.

[Nick]

Jack and I once saw in a highly emotional Instagram post about Teddy Roosevelt, comparison is the thief of joy. That's the quote.

[Jack]

If that's true, Nick, then the Forbes billionaire list is the thief of the century.

[Nick]

Get this Yetis, in the United States we have over 2,000 billionaires. According to JP Morgan. People, you know whose. How would you describe them, Jack?

[Jack]

People whose third homes have second boats.

[Nick]

Yeah, just put it by the heliport.

[Jack]

Yetis. Get this wild st at the 19 wealthiest families in the United States own nearly as much assets as the bottom half of the American population.

[Nick]

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?

[Jack]

Now the 19 richest families own 2% of America's net worth.

[Nick]

Which brings us to present day, when 250of those billionaires currently live in California, the most of any US state.

[Jack]

There's literally a block in San Francis as billionaire block. Yeah, because like Jensen Huang, the Jobs family, who else lives on this block?

[Nick]

Larry Ellison. I mean, you walk by it, it's Broadway and Line street, the houses, chef's kiss. It's good watching.

[Jack]

They're all tech CEOs with billions and billions of dollars.

[Nick]

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.

[Jack]

November yet is to sprinkle on some context. In California, there's this wild democracy situation.

[Nick]

Just call it crazy. Just call it crazy. I tell my family in New York, they don't even believe this is real.

[Jack]

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% ballot, one time wealth tax on the ballot for the elections this November.

[Nick]

Basically one huge one off payday for the California coffers.

[Jack]

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.

[Nick]

And as Jack and I dove in t boy style, we discover two reasons why this is controversial.

[Jack]

First, it would be the first such wealth tax in states. And second, it would be applied retroactively.

[Nick]

That's the interesting detail here. New taxes typically take effect after they're.

[Jack]

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.

[Nick]

We'Re also checking the real estate listings from the last week.

[Jack]

Check out the Wall Street Journal. They're going nuts about this. Google's founder, Larry Page, and the crypto and AI czar in the White House, David Sacks. 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.

[Nick]

I'm sorry. Breaking news as we were recording this show, a new report that Larry page actually bought two Miami properties at the end of last year for 175 million bucks.

[Jack]

Now, because this wealth tax is so unprecedented, let's sprinkle on a little more context.

[Nick]

That's right, Jack. Besides property taxes on real estate, America pretty much has no wealth tax.

[Jack]

We do income and sales taxes instead of.

[Nick]

And we write traffic tickets.

[Jack]

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.

[Nick]

While on the other hand, the congressman who represents Silicon Valley, Ro Khanna, actually supports this bill.

[Jack]

And Nvidia CEO Jensen Huang, a proud California resident, said this week, if the law passes, he'll comply with it. He doesn't mind.

[Nick]

Or as Jensen would say, I don't give a chip. True.

[Jack]

Now, the big question that everyone's going to be wondering, this wealth tax will raise $100 billion in the short term if passed.

[Nick]

But will the state of California lose tax revenue from billionaires leaving in the long term?

[Jack]

We don't know, because no wealth tax like this has passed in any state.

[Nick]

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?

[Jack]

The reason income taxes don't work for billionaires is that billionaires don't have income.

[Nick]

Yetis. In the middle of the 20th century, America became the envy of the world because of our income tax being deducted from paychecks.

[Jack]

People hate writing checks to pay taxes, but there's much less drama if the money is invisibly taken from your pay stub. That was the revelation.

[Nick]

But America's billionaires, they don't have pay stubs. Instead, they own stock.

[Jack]

And their stock is only taxed with the capital gains tax if it's sold. But get this, America's billionaires mostly never sell their stock. They can borrow money off of their wealth instead. That's their core strategy to avoid ever paying an income tax.

[Nick]

Their other strategy if they do sell, they move to Texas or Florida first so they don't have to pay the California tax on the stock gains.

[Jack]

Looking at you, Jeff Bezos.

[Nick]

So one reason America's inequality is so big is because billionaires don't have income. They have stock instead.

[Jack]

This California wealth tax bill tries to address this fundamental issue, but it could actually end up hurting the state in the long run if all the billionaires leave.

[Nick]

Add it all up in our opinion. If you're trying to use the tax system to solve inequality, a federal wealth tax or a federal inheritance tax, that would be more of an effective idea.

[Jack]

We're curious what you think. Leave us a comment right now.

[Nick]

Drop it in the comments for our second story. Jollibee, the viral Filipino fast food chain, plans to IPO in America.

[Jack]

It's another sign that despite the trade war, Asia wants in on the United States.

[Nick]

It's a tsunami. But, Jack, let's start by sprinkling on some context. The Philippines. Fascinating country. Let's give the shout out that's due.

[Jack]

Philippines spelled with a ph, but Filipino.

[Nick]

Spelled with an F. Former Spanish colony, Former US Colony, then became a democracy. Also surprisingly majority Catholic.

[Jack]

And it's also the texting capital of the world.

[Nick]

That's right.

[Jack]

Early adopters to sms.

[Nick]

Yeah. The most text per capita on Earth. The Philippines. They invented karaoke. They invented the yo yo. They invented Christmas in July. If you know, you know.

[Jack]

I don't know. Is that a Jimmy Buffett thing?

[Nick]

I think Jimmy Buffett copied the Philippines, Jack. But the biggest export from the Philippines is actually Jollibee fast food.

[Jack]

Now, There are only 80 locations in the United States so far. So you might not know Jollibee yet, but you should.

[Nick]

By the time this podcast is done, you're going to be craving peach mango pie.

[Jack]

Jollibee is mostly known for their fried chicken, but they also have a dish on the menu that is spaghetti with hot dog sauce.

[Nick]

That's the early American influence from a coup ago.

[Jack]

Jollibee's other American influence is that they're already on the stock market, on the Filipino stock exchange.

[Nick]

And Jollibee just announced plans to split their international business into a separate company and list it on an American stock exchange.

[Jack]

So Nick and I jumped in T boy style to the Filipino financial statements. And this is the most diversified foods business in the world.

[Nick]

This is what we find fascinating. Well, we'll get to what we find fascinating in a second. You see Jollibee's 80 locations in the U.S. they're mostly in California.

[Jack]

The strategy is to Follow the Filipino diaspora.

[Nick]

And while they're doing that, they're making 5 billion bucks in revenue a year, which. Jack, could you sprinkle on some salty context, please?

[Jack]

Bigger than Burger King. The business model, by the way, is basically McDonald's and Starbucks and Disney combined.

[Nick]

Because you come for the food, you stay for the drinks, and then you hire their mascot for your wedding.

[Jack]

Let's start with the food. They did not adapt the menu for American tastes like some fast food chains do internationally. This is just straight up Filipino fast food.

[Nick]

Bold strategy, Cotton. Basically, they optimize the fried chicken for rice so that they're differentiated from Popeyes, KFC and Chick Fil A.

[Jack]

And Jollibee's parent actually owns 19 different restaurant brands, including Smashburger. That's Jollibee.

[Nick]

Oh, and if you're in California, Coffee Bean and Tea Leaf. That's them as well. Jollibee bought the brand five years ago.

[Jack]

All in all, Jollibee owns 10,000 restaurant locations globally. But 45% of the revenues are actually beverages.

[Nick]

Those Filipino Frappuccinos. Total profit puppies.

[Jack]

All right, so that's the McDonald's meets Starbucks. But here's the Disney part one revenue stream unlike any American fast food. You can book the mascot Disney World style.

[Nick]

Birthdays, weddings, sweet 16s. You can hire the Jolly BB on site for your next occasion. Jack. Early March. You better have your door unlocked. We're coming, baby.

[Jack]

I looked at the mascot. Very much Ronald McDonald, but make it.

[Nick]

A bumblebee so Ronald won't show up to your birthday. So, Jack, what's the takeaway for our buddies over at Jollibee?

[Jack]

Despite the trade war, a tsunami of Asian companies are headed to the US Yetis.

[Nick]

Last year, China's Luckin Coffee entered America. They even sponsored an NBA basketball team.

[Jack]

Korean beauty brands are the top sellers at Sephora right now.

[Nick]

Michoud, the bubble tea that IPO'd in Hong Kong last year, they just opened their first store in California.

[Jack]

In fact, a record number of Chinese brands applied to go public in America last year. I guess they were undeterred by Trump's.

[Nick]

Politics Jack and I were talking about. It reminds us of the Japanese wave of investment that came to America in the 1980s before we were born.

[Jack]

Back then it was Honda, Toyota, Sony. Today, it's the brands we just mentioned.

[Nick]

Interestingly, these are not Asian exports, so tariffs don't impact them at all.

[Jack]

No, they're not exports. They're investments in the US By Asian companies, which is a more obvious win, win.

[Nick]

So, Basties, we will Cover Jollibee's American IPO if it happens. The next wave in the Asian stock tsunami. Now a quick word from our sponsor.

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[Nick]

For our third and final story. It's our third and final stock pick of 2026 Berkshire Hathaway. Because everyone needs a stock market hedge.

[Jack]

We call it AI bubble bubble wrap. But for your net worth, if the stock market drops, this will protect your assets.

[Nick]

Jack, by the way, did you end up grabbing any cupcakes from that retirement party down in Omaha?

[Jack]

I wish I had gone.

[Nick]

I wish I had gone too. We didn't get the invite because 10 days ago was the final day of Warren Buffett's 60 year tenure as the CEO of Berkshire Hathaway.

[Jack]

Warren Buffett, who's 94, is now chairman of the board, not CEO.

[Nick]

The Dumbledore of the stock market.

[Jack]

He's the boss of the new boss.

[Nick]

Greg Abel, now besties Wall Street. Kind of unconvinced with the new guy running things, which is why the stock of Berkshire Hathaway is actually down since that announcement.

[Jack]

Berkshire is down 7% since the retirement news was announced in May, while the.

[Nick]

Rest of the stock market, the S&P.

[Jack]

500, is up 22%.

[Nick]

Ouch.

[Jack]

But we think now is the time to buy the Warren Dip. Call it a post Buffet discount.

[Nick]

Now, yetis, if you dive in t boy style and look at Berkshire Hathaway stock right now, you'll notice it's a laughably high dollar price.

[Jack]

$750,000 per share.

[Nick]

But, Jack, and I want to remind you that with fractional investing and the class B shares that are available, you could buy any price of this stock.

[Jack]

The price of the stock is irrelevant.

[Nick]

You could buy a $10 or $750,000 of the stock.

[Jack]

Now, the truth is, Berkshire HA is comprised of entire companies, a whole bunch of stocks, and cash with benefits.

[Nick]

It's basically a financial advisor without the fee.

[Jack]

It's the Costco of wealth advisors.

[Nick]

Exactly. So, Jack, let's say we invested $100 in Berkshire Hathaway stock. How would that $100 be broken down by its investments?

[Jack]

35 bucks of that 100 bucks would be buying entire companies that Berkshire Hathaway owns.

[Nick]

Exactly. Because Berkshire owns and operates Geico, Duracell, Brooks Running, and an entire railroad called BNSF.

[Jack]

Altogether, 68 companies Berkshire owns, handpicked by Warren Buffett and his team, each with a CEO handpicked by Warren and his team.

[Nick]

And altogether, those 68 businesses made nearly 400 billion bucks in revenue last year, which would make them the sixth largest company by revenue in America.

[Jack]

But it's not just companies Berkshire owns. They also have a big stock portfolio. You'd be getting a piece of.

[Nick]

So from that $100 you spent on Berkshire stock, $28 of it is a basket of other stocks that Warren Buffett loved.

[Jack]

You'd be buying a piece of Apple, American Express, Coca Cola, bank of America.

[Nick]

Chevron, even the Atlanta Braves are partially owned by Berkshire Hathaway.

[Jack]

So if you buy Berkshire, you're getting a piece of 37 stocks, 68 entire companies. So owning Berkshire is really like owning a piece of 105 different companies, all of them Warren Buffett loves.

[Nick]

Okay, but, Jack, pause the pot. The final piece of that $100 you may invest in Berkshire Hathaway. Where's that going?

[Jack]

37 do. 10 bucks of it is cash.

[Nick]

You see, besties, Berkshire Hathaway won't reinvest profits into stocks or acquisitions unless they think it's for a good price.

[Jack]

And for years now, they haven't thought that the stock market is a good price. So they've been waiting for, like, a recession or a dip in the stock market before spending their record $400 billion mountain of cash.

[Nick]

Okay, but Jack, we should also point out that is not just cash, right? Like this is cash with benefits.

[Jack]

While they're waiting for the dip. Berkshire generates at least 4% interest on the cash that they hold.

[Nick]

Add it all up, yetis, and in 2026, we're not putting all our eggs in one basket. We're putting a bunch of them into warrants.

[Jack]

And here's one more big reason why. If AI is a bubble, it turns out, and the stock market falls this year, then Berkshire will be an outperformer, possibly one of the best performers in the event of a market downturn.

[Nick]

So besties Berkshire in 2026. It's downturn insurance.

[Jack]

It's AI bubble pop, bubble wrap. But for your portfolio, if the stock market drops, it won't break because you got Berkshire.

[Nick]

Trey, do we have a bubble wrap sound we could throw in?

[Jack]

Lovely.

[Nick]

So, Jack, what's the takeaway for our buddies over at Berkshire?

[Jack]

Warren is an investing God, but did he leave us with disciples?

[Nick]

Yetis, Berkshire Hathaway is up five and a half million percent in the 60 years. With Warren as the CEO, that's an average gain of 20% a year.

[Jack]

And that's twice as good as the S&P 500. In those 60 years, he is the best stock and company picker of all time.

[Nick]

Now, for four years, we've known Warren's successor would be Greg Abel. But is he a disciple?

[Jack]

In other words, does he have Warren's judgment, his instinct, and his stock picking prowess?

[Nick]

Well, Basties, only time will tell on that. But we think the one trillion dollar of assets Warren leaves behind has a long Runway of profits.

[Jack]

Either way, we think Warren's investment legacy will last longer than his employment.

[Nick]

Jack, could you whip up the takeaways for us for the new Friday?

[Jack]

California billionaires are scrolling Zillow listings in Florida because of a proposed wealth tax.

[Nick]

The reason? Income taxes don't work on billionaires. Billionaires don't have income. They have stock.

[Jack]

For our second story, Jollibee is the fast food phenom of the Philippines. And they announced a US IPO is coming.

[Nick]

It's part of a new trend we call the Asian tsunami, coming for our economy and our stock exchanges.

[Jack]

And our third and final story was our third and stock pick of 2026, Berkshire Hathaway. Because everyone needs a stock market hedge.

[Nick]

Think of it like a bubble wrap for your 401k. You want to protect that thing.

[Jack]

But, besties, this pod's not over yet. Here's what else you need to know today. First.

[Nick]

Hut. Hut. The NFL just had its best year for ratings since 1989.

[Jack]

The average NFL regular season game was watched by 19 million people. That's up 10% from last year.

[Nick]

Get this, four of the top five most watched games this regular season. The Chiefs. Ironic though, because they missed the playoffs. Awkward. You know, it's wild.

[Jack]

In the incredibly splintered media landscape. Everyone has their own feed, everyone has their own YouTube. Up next, video. The NFL gets 19 million people per game.

[Nick]

And second, we just got the final list of the most on time airlines in the world. Who we got, Jack?

[Jack]

Well, we only got one American airline. The other nine were abroad.

[Nick]

Aeromexico is the number one most on time airline on time 90% of the time. Saudi Arabia is number two and Scandinavian Air is number three.

[Jack]

Delta's the only American airline in the top 10 because 81% of the time it's on time every time. Sky Masloyle.

[Nick]

And finally, the CES Consumer Electronics Show. It just ended. But a couple of other wild inventions we should mention other than that smart.

[Jack]

Lego brick, an ice maker that uses artificial intelligence to reduce noise when the ice gets dumped from the tray.

[Nick]

There was a hormone tracking device that is shaped like an egg and a.

[Jack]

Lollipop that plays music into your head from your mouth.

[Nick]

But now time for the best fact yet. This one whipped up by Rachel Hauer, our legendary yeti.

[Jack]

Because it's National Bobblehead Day and the.

[Nick]

National Bobblehead hall of Fame and Museum. It's actually real and it's in Milwaukee, Wisconsin.

[Jack]

Funny story how it started. Two buddies realized they had way too many bobblehead dolls in their collection and not enough space to hold any more of them.

[Nick]

So it's actually a very clever business trick. They turned that problem into a revenue generating solution. A bobblehead museum.

[Jack]

They turned their hoarding issue into a side hustle by launching a museum.

[Nick]

But here's the trivia. Who got the first ever bobblehead doll ever sold at an American sports game?

[Jack]

It was in 1960. It was a center fielder for the New York Yankees and another center fielder for the New York Giants.

[Nick]

It was Mickey Mantle and Willie Mays. Yetis, you look fantastic. To end the first week of the year, Jack glowing over there.

[Jack]

To kick things off, Yetis, Nick and I tried out this whole stock pick of the year thing. We were excited to share it with you. We're curious if you want more of that kind of thing from us.

[Nick]

Our portfolio resolutions let us know what you think. Drop them in the comments. In the meantime though, we'll pause the pod so you can get to your happy hour. Jack, I'll see you in a sec.

[Jack]

We'll see you Monday.

[Nick]

Can't wait. And before there we go, well, congratulations to Daniel Day and Kira Langland, who just got engaged in Phoenix, Arizona, with the best ring yet.

[Jack]

And a shout out to Daniel's mom, Juliana, who's listening up in Canada.

[Nick]

And a happy birthday to YETI ken Shubsda, turning 34 years old in Brooklyn, New York. This helicopter pilot and aspiring jazz pianist is getting married to Britney this year.

[Jack]

And a big happy birthday to Miles, who's turning 10 years old in Ontario, Canada.

[Nick]

Welcome to the double digits. Miles and Kai Curling in Ulaanbaatar, Mongolia, is celebrating the best birthday yet. Thanks for joining us all the way from Mongolia, Kai.

[Jack]

Happy birthday to Silvio Olivi in Miami, Florida, who introduced the show to his daughter. Silvio, thanks for sharing the show.

[Nick]

And Sergio Salazar is turning 28 years old in Los Angeles, California. Sergio, let us know if you get that famous tuna for your big day.

[Jack]

And happy birthday to Stepan culani, who's turning 32 in Atlanta. This phenomenal father is doing what dads do, DIY projects with his kids today.

[Nick]

And a happy birthday to Karat Agrawal, turning 13 years old in Dublin, Ohio. Have a blast with a big day. Karat and Brennan Thaney, thank you for gifting your partner tickets to our live IPO tour show in Austin, Texas with a Survivor style puzzle. Good reveal.

[Jack]

This is Jack. I own stock of Berkshire Hathaway and Disney. Nick owns stock of Luck and Coffee. And we both own stock of Apple as well as ETFs of the S&P 500.

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