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

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.

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.”

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).

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.

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.”

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)

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

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!