The Dutch Tax That Could Crash Stocks You Don't Even Own

Summary

---

The Mark Moss Show

Episode: The Dutch Tax That Could Crash Stocks You Don't Even Own
Air Date: April 24, 2026
Host: Mark Moss (iHeartPodcasts)

---

Episode Overview

In this episode, Mark Moss explores the profound implications of the Netherlands’ new tax law on unrealized capital gains—specifically a 36% tax—arguing that its impact extends far beyond Dutch borders. Mark breaks down how this “liquidation contagion” not only threatens individual investors but could trigger systemic risk in global markets. The episode’s central warning: don’t just choose investments, choose wisely where (and alongside whom) your assets are held.

---

Key Discussion Points & Insights

1. The Dutch Unrealized Gains Tax: What Happened?

• [02:06] The Netherlands passed a law taxing unrealized gains at 36%.
  • Not just on profits you've taken, but on value still “on paper”
  • Example: If a stock rises but you haven’t sold, you still owe tax on that increase
• Governments historically exploit “domestic capital” as a fiscal solution during crises (citing France’s wealth tax, Cyprus’ deposit seizure).

“The Netherlands, they're not inventing anything new here. They're just applying the same logic to public markets in a way that nobody has really stress tested.”
— Financial Analyst / Market Commentator [03:21]

---

2. Liquidation Contagion: How It Works

• Concept explained through a simplified example:
  • Imagine a stock with 10 Dutch holders; tax day forces all to sell to cover their tax bills.
  • Each sale adds selling pressure, causing the price to fall, but the tax bill is based on the original, higher price.
  • By the time later holders sell, their stocks are worth less than the tax owed, leaving them in debt.
• The risk “contaminates” everyone exposed to the asset—even global holders not subject to Dutch tax.

"He didn't make a bad trade. ... The government taxed him on a number. But the problem is the number disappeared. And now he owes money that he doesn't have."
— Financial Analyst / Market Commentator [07:17]

• Impact: Even foreign investors experience steep losses simply because Dutch holders were forced to liquidate en masse.
  • This is the “liquidation contagion”—the risk is not contained to taxpayers, but spreads through the global shareholder base.

“Now your position just lost 90% of its value, but not because of earnings, not because of anything that the company did, but because someone else's government forced a liquidation cascade.”
— [08:35]

---

3. ASML: The Systemic Threat

• ASML—backbone of the global chip industry and most widely held Dutch stock—is singled out.
  • Sits inside pension funds, index funds, and institutional portfolios worldwide.
  • The law threatens not just individuals but may trigger broader financial fallout.

---

4. Legal Loopholes: Who Escapes the Tax?

• Buried in Dutch tax law:
  • Hold 5%+ of a company (a “substantial interest holder”)—then tax is only on realized gains.
  • Small, minority investors are taxed annually on unrealized gains with no control.
• This means the wealthy and institutional holders can time their sales and relocate assets—ordinary investors are “stuck.”

“The people who control companies, the owners, they're insulated from everything that we just talked about. ... But the people who are just trying to participate in the market, they're fully exposed.”
— [09:33]

• Result: Wealth and ownership become further concentrated at the top; the tax base and entrepreneurial spirit leave the country.

---

5. The System is Built for Owners, Not Consumers

• Distinction between “consumers” (ordinary investors) and “owners” (those with legal, structural control).
  • Consumers: Invest in stocks/indexes, told to “let it compound.” But with annual mark-to-market taxation, compounding becomes impossible—forcing short-term selling discipline.
  • Owners: Control sale timing, asset location, use trusts/holding companies—thus continue compounding, untouched by yearly taxation.

“That gap doesn't shrink over time. It continues to widen over and over and over dramatically. ... Once you really understand how the game is structured, then you can stop playing the wrong game entirely.”
— [15:08]

• Implication: Markets become weaker, more volatile, dominated by short-term actors.
  • Long-term capital formation (“patient money”) evaporates.

---

6. Jurisdictional Risk Is the New Market Risk

• Expanded definition of risk:
  • Not just price swings or company fundamentals, but the legal, geographic, and regulatory environment of your assets.
  • Who else owns alongside you, and what their governments might force upon them, can devastate your own position.

"Risk isn't just what happens to the price. Risk is structure. Risk is jurisdiction. Risk is who else is on the cap table with me and what their governments could force them to do."
— [17:09]

• Jurisdictions are splitting: - “Builder magnets” (attracting capital, talent) - “Redistribution regimes” (facing exodus, raising taxes on those who remain) - Western Europe, some US states, and others increasingly fall into the latter camp.

“Today capital is mobile. It moves at the speed of wire transfers. But states are still pretending it's captive, still pretending they can tax it, restrict it... and it'll just sit there and take it.”
— [18:46]

---

7. Actionable Takeaways

• Don't just assess investment risk in terms of asset fundamentals or price.
• Ask:
  • Where do my assets sit?
  • Who else is holding them?
  • How exposed is my wealth to forced liquidation or legal risk?
• Owners evaluate systems, not just stocks. They structure assets in jurisdictions and vehicles that work in their favor.
• The future of wealth creation (and destruction) will be dictated by the gap between mobile capital and slow-moving, overreaching governments.

"Most people... spend all their time trying to pick the right investment, the right stock, the right entry point. But sophisticated investors, they evaluate systems."
— [19:49]

---

Notable Quotes & Memorable Moments

• The tax is a tax on optionality: “A wealth tax, at the end of the day, it's a tax on optionality. And the people who have the most optionality... they just leave.” [09:52]
• Systemic warning for minority investors:
  • “Don’t be a minority holder in a jurisdiction that taxes unrealized gains... if you can leave, then leave early because the longer you wait, the more you’re subsidizing the exit of everyone who moved faster than you.” [12:44]
• The structure of the “game”:
  • “It’s not which stock to buy, it’s which game are you choosing to play.” [15:49]
• The new dimension of risk:
  • “Who else holds this? And, more importantly, where do they live? What happens to my position if their government decides to reach into their portfolio?” [17:09]
• Closing challenge:
  • “So the question that you should be asking yourself right now... isn’t what should I buy? It’s where do my assets sit? Who else is sitting next to me on the cap table? And am I on the right side of this split?” [18:57]

---

Important Timestamps

• 02:06 – Introduction and Explanation of the Dutch Tax on Unrealized Gains
• 03:21 – Governments’ Historic Tactics of Seizing Domestic Capital
• 05:12 – Step-by-Step Illustration of a Liquidation Contagion
• 07:17 – When Tax Bills Outstrip Asset Value
• 08:35 – Global Investors Suffer From Foreign Government Actions
• 09:33 – The Loophole: Why Big Holders Aren’t Affected
• 12:44 – The Impact on Wealth Inequality and Minority Investors
• 15:08 – Owners vs Consumers: The Systemic Divide
• 17:09 – Risk is Structure, Not Just Price
• 18:46 – The Mobility of Capital vs the Stasis of Governments
• 19:49 – Why Smart Investors Evaluate Systems First

---

Summary & Final Thoughts

Mark Moss delivers a sobering analysis of the Dutch unrealized gains tax as a case study in modern systemic risk. The lesson is bigger than any one country: modern investors must treat jurisdiction, legal structure, and the identity of fellow shareholders as integral to risk management—perhaps even more so than the underlying asset itself. The real “game” is no longer just picking the right investments, but positioning yourself in the right system.

Key lesson:
You don’t just choose assets; you choose the rules they live under.

---

If this episode reshaped your thinking, Mark encourages you to share it and to start evaluating your own “Wealth Operating System.”

Transcript

[Podcast Narrator]

This is an I Heart podcast. Guaranteed human. If you walk into a room and can't remember why, it could be nothing or something more. If you confuse a familiar recipe, it could be a slip up or it could be associated with amyloid plaque buildup in the brain. Amyloid is a protein that your body produces naturally, but a buildup in the brain could lead to memory and thinking issues. To see what may be behind your memory and thinking issues, talk to your doctor about getting a full assessment. It's never too early to start the conversation. Visit amyloid.com to learn more.

[Wilmer Valderrama]

This Life check in is brought to you by State Farm. Por quel vien estarde tu familia ta mien Mere protection. When we had our first baby, I had it all planned out, right? Everything. Apps, books, todo. Now that baby number two is here, I'm definitely going more with the flow. Hi, I am Wilmer Valderrama and I've learned that with family it's not about being perfect, it's about showing up every single day. Breathe Respira, change a diaper and I guess repeat like a good neighbor.

[State Farm / Product Disclaimer Voice]

State Farm is there Warning this product contains nicotine. Nicotine is an addictive chemical.

[Velo Guy]

Hey, it's the Velo guy. Listen, if Mona Lisa popped out for a smoke, all we'd have is a landscape painting at the Louvre. So yeah, be like Mona and more in the moment. Get more wherever, whenever Enjoyment with Velo Nicotine Pouches discover [e-mail] underage sale prohibited

[State Farm / Product Disclaimer Voice]

nicotine Pouches V is a synthetic nicotine product Website restricted to age 21 plus nicotine consumers. Copyright 2026 MBI Fill your tank and

[Harley Davidson Narrator]

fill yourself with new experiences, with old friends, new ones, and the next generation ready to ride. Get to living with Harley Davidson Motorcycles. When the work week finally lets up and you've got nothing left on your calendar but open road, you remember why you want to ride. Visit your local Harley Davidson dealer and see what freedom looks like. Click the screen now and start your [e-mail] ride Harley Davidson motorcycles.

[State Farm / Product Disclaimer Voice]

Ride.

[Financial Analyst / Market Commentator]

The Netherlands just passed a bill to tax unrealized wealth gains at 36% not realized gains. Not the money that you made, not the money you took off the table, money that's still sitting in your portfolio. I'm talking about gains on paper. Now, you didn't sell it, but you owe money on it. But there's a lot more to this than just the tax. Now this single stock, the most held stock by Dutch citizens is asml. Now, if you don't know what that name is? You probably should. ASML is the only company on earth that makes the machines that make advanced semiconductors. Now we're talking about the backbone of the entire global chip supply chain. Every major chip maker on the planet depends on, on this one single company. So what happens when an entire country is forced to start liquidating shares of the most important stock in the chip industry? This isn't hypothetical, right? That's the math that we're going to walk through today in this video. Because this isn't really about the Netherlands. It's not about Dutch politics. This is about a concept that almost nobody's talking about right now. And once you see it, you'll never look at your portfolio the same way. It's called liquidation contagion. Now it might be the biggest invisible risk in the markets right now. Now, before we get into the math, I want to zoom out just for a second because this isn't new. When growth slows and debt rises, governments are always going to do the same thing. Every time they turn inward, they look at domestic capital and they say, we need that now. France tried a. Well, tax capital fled, right? They actually lost revenue on this. We saw Cyprus. They seized bank deposits overnight. No warning, they just took the money. This is the pattern, right? The Netherlands, they're, they're not inventing anything new here. They're just applying the same logic to public markets in a way that nobody has really stress tested. But look, forget the politics. Let's take a look at the data here. Because the math is where it gets ugly. And here's what caught me off guard about this. You see, the math shows that the people who get hurt the worst by this might not even live in the Netherlands. They might not even know that they're exposed to this. Okay? So look, imagine a stock, let's say that there's only 10 holders to this stock. Now, each one owns a single share worth, let's call it $1,000. Now the total market cap would then be $10,000. Now let's say that all 10 holders are Dutch. Here we are, tax day hits. And the Netherlands says that you owe 36% on your unrealized gains. So now what happens? Well, every holder now owes $360. They didn't sell anything, but it doesn't matter, right? The bill is due. So what happens? Well, holder number one, they go to the market and they sell their share, right? They get a thousand bucks, they pay the 360 in tax, they keep 640, right? Not ideal, but you know, he's fine, he's out. He made 640. But here's the thing that sell just added selling pressure to the stock. So then the price drops. Holder number two comes in. They sell at 960. They pay the same 360, but they keep 600 a little worse. Still not too bad. But then holder three goes, sells at maybe 900, pays 360, keeps 540. And you can start to see the pattern here, right? Every sell pushes the price down further. But here's the thing. The tax bill doesn't move that number. It was locked in at the top of the market before anybody started selling. So by the time half the cap table has sold the price, it's already in free fall. And I mean, like 60% of the float getting dumped. I mean, that's not just a pullback, right? This is a liquidation event. And this is where the whole thing starts to break. You see by holder number seven, by now the price, it's collapsed down to say, $200 a share. So he sells, gets 200, but the problem is he still owes 360. Now he's $160 in debt on a gain from that doesn't even exist anymore. Think about that. He didn't make a bad trade. He didn't time the market wrong. He didn't panic sell at the bottom. The government taxed him on a number. But the problem is the number disappeared. And now he owes money that he doesn't have now. By the time we get to holder number 8, 9, 10, I mean, they're even worse off. By the time they get to sell, the price might be a hundred dollars, it might be less. So even if they sell everything, it still doesn't even cover the tax bill that they owe. And this isn't a market correction. This is a debt spiral on phantom gains. Now, the tax itself is what created this. But now here's. Here's where this matters to you. No matter where you live. Now, you don't have to be Dutch. You don't have to be Dutch for this to destroy your wealth. So let's go back to the stock, right? 10 holders, all Dutch. But now let's add an 11th holder. Maybe you, an American, maybe you're sitting in Texas, you're sitting in Florida, wherever, right? And you didn't get taxed, you didn't sell a single share. You did absolutely nothing wrong. But those 10 Dutch holders over there, they just dumped their positions in a cascading forced liquidation. And the price, it went from a thousand to 100. So now your position just lost 90% of its value, but not because of earnings, not because of anything that the company did, but because someone else's government forced a liquidation cascade on the same asset that you own. And that is what we call a liquidation contagion. Now, the tax is not contained to the people who pay it. It bleeds out into every single holder on the cap table. And now think back to what I said right at the beginning of this video. The stock most held by Dutch citizens is asml. And that stock is sitting inside retirement accounts, inside index funds, inside institutional portfolios all over the world. So this isn't just a Dutch problem anymore, right? This is a global portfolio problem. And right now, nobody's even looking at this or pricing it in. Okay, so now at this point, you might be thinking, okay, so I mean, this sounds bad, right, for everybody. It's just a bad system across the board. But it's not. And honestly, this is the part that should really bother you, because there's a rule buried inside the Dutch tax code that almost nobody outside the tax law even knows about. Now, if you own 5% or more of a company, you're what's called a substantial interest holder. Now, if you're. If you're a substantial interest holder, a little bit of a tongue tie there. You get taxed on realization, meaning you're not affected by this law, right? You choose when to sell. You're in control of the timing. But if you're a minority holder, though, you're just a, you know, you're a regular investor, someone with a brokerage account, maybe you're buying shares. Well, you get taxed annually. You get taxed on unrealized gains. You have no choice and no control. So think about what that means. The people who control companies, the owners, they're insulated from everything that we just talked about. They pick when they sell. They never get caught in the cascade. But the people who are just trying to participate in the market, they're fully exposed every single year, right? And that's not a bug. That is the design. But here's where it gets even worse. Because a wealth tax, at the end of the day, it's a tax on optionality. And the people who have the most optionality, they don't fight the tax. They don't lobby against it. They don't write angry letters about it. They just leave. And that doesn't require anything complicated. All it requires is a, I don't know, a plane ticket, an accountant, you know, maybe A second passport. The founders, they relocate the family offices, they restructure offshore. The capital quietly re domiciles to a friendlier jurisdiction. And so who's left behind? Well, everyone who couldn't leave. The middle class investor with a brokerage account and no exit plan. Right. The person who's just trying to build some wealth on the side, they're the ones who have to absorb the full weight of this system. Now the people who left, I mean, they didn't just take their money, they took the future tax base with them. They took hiring, they took company formation, institutional energy, all the stuff that actually builds an economy over time. So what are you left with? Well, you end up with ownership concentrating even further at the top.

[Podcast Narrator]

If you walk into a room and can't remember why, it could be nothing or something more. If you confuse a familiar recipe, it could be a slip up. Or it could be associated with amyloid plaque buildup in the brain. Amyloid is a protein that your body produces naturally. But a buildup in the brain could lead to memory and thinking issues. To see what may be behind your memory and thinking issues, talk to your doctor about getting a full assessment. It's never too early to start the conversation. Visit amyloid.com to learn more.

[State Farm / Product Disclaimer Voice]

This product contains nicotine. Nicotine is an addictive chemical.

[Velo Guy]

Hey, it's the Velo guy. Listen, if Mona Lisa popped out for a smoke, all we'd have is a landscape painting at the Louvre. So yeah, be like Mona and more in the moment. Get more wherever whenever Enjoyment with Velo Nicotine Pouches Discover more at Velo Underage

[State Farm / Product Disclaimer Voice]

Sale prohibited nicotine pouches Velo plus is a synthetic nicotine product website restricted to age 21+ nicotine consumers. Copyright 2026 MBI.

[Financial Analyst / Market Commentator]

It's a celebration 250 years in the making.

[Podcast Narrator]

And we want everyone in America, from Maine to Montana, from Alabama to Alaska, to be a part of it.

[Financial Analyst / Market Commentator]

This year marks America's 250th anniversary. And we're coming together from coast to coast at star spangled events, live performances and the largest day of giving in American history.

[Podcast Narrator]

Join the nationwide [e-mail]

[Harley Davidson Narrator]

this stress check, aka friendly reminder that your hobbies matter, is brought to you by State Farm because you deserve to lose yourself in the stuff that brings you joy. Here's mine. Painting my tabletop battle miniatures. Yeah, seriously. After a long day, I grab a brush, pop in some music and just get into it. And there's no wrong way to do it. It helps me clear my head. Slow down and just breathe. But it works. Big stress mini warriors, total reset. No pressure, just paint. Creativity and a little reminder of what makes me happy. Some people bake, some people garden. Me, I paint warriors with interesting tech. And guess what? It works. You don't have to be good at your hobby, you just have to enjoy it. So carve out that time, tune out the noise, and do something that's just for you. Like a good neighbor. State Farm.

[Financial Analyst / Market Commentator]

Is there greater income inequality control, premiums going up, small investors getting forced out of compounding because every year they have to sell a piece of their position just to cover a tax bill on gains they never took. Participation in wealth building assets becomes way harder, structurally harder. Right, for the exact people the system claims to be helping out. And look, this isn't just a Dutch thing, the list of jurisdictions thinking about this, it's growing every single day. And the incentive is pretty clear when you see it. Don't be a minority holder, right? Don't be a minority holder in a jurisdiction that taxes unrealized gains. Of course, if you can leave, then leave early because the longer you wait, the more you're subsidizing the exit of everyone who moved faster than you do. This might sound bleak. And this is the part of the video where probably most channels like this would tell you to panic, right? They tell you to move your money, they tell you buy gold or whatever. But I'm going to tell you something more useful for you because what we just walked through, it's not random, it's not bad luck. It's not even bad policy in isolation. You see, it's the predictable outcome of a system that was never designed for you. And I want to explain what I mean by that. Because in my experience, there's really two types of people operating in financial markets today. There's consumers and there's owners. Now, the system treats them completely differently. A consumer, they invest a little bit on the side, right? Maybe they buy some index funds, they pick a couple stocks, they're participating in the market, which is great, right? We want that. But that's what they've been told to do. They've been told to save, invest, let it compound over time. But under a system like this, that person is now exposed to mark, to market taxation. So every single year the government looks at their portfolio and says, what's it worth today? Great, give me a percentage. Figure it out. I don't know. Sell whatever you have to. And so now that person, they can't compound, they can't hold through you Know any volatility, any drawdowns, they can't wait for the recovery. On the other side, they can't think in 5 or 10 year time horizons because every 12 months the clock resets and they're forced to realize whether they want to or not. And when you do that to one person, it's annoying. But when you do that across the entire investor class, when you shorten everyone's time horizon by force, you actually change how markets function. You have less long term capital, more short term selling pressure, you have thinner participation, you have higher volatility. And over time you, you have slower capital formation. Now this is how markets structurally weaken. You shrink the pool of patient money and the whole system gets more fragile, right? So that's, that's the consumer side. Now let's look at the other side of the table here. The owner. Now an owner operates completely differently. An owner controls when they realize gains. They don't sell because a calendar tells them to. They sell when it makes sense for them to sell. An owner choose the jurisdiction their assets live in. If the rules change in one place, they move calmly, quietly before it becomes a problem. An owner builds legal structure around their holdings. They build trusts, holding companies, tax efficient vehicles not to cheat the system. They design around the system. And most importantly, an owner compounds uninterrupted, right? Year after year, year after year, no for selling, no annual reset, just growth on top of growth on top of growth. Now that gap between the consumer who's getting clipped every 12 months and the owner who's compounding untouched, that gap doesn't shrink over time. It continues to widen over and over and over dramatically. So when I say the system isn't built for participants, it's built for owners. I'm not complaining. I'm not saying it's unfair, right? I'm not saying someone should fix it. I'm just giving you the diagnosis. And again, once you see it, once you really understand how the game is structured, then you can stop playing the wrong game entirely. You can start positioning yourself on the right side of that structure because that's the real choice that you have here. All right? It's not which stock to buy, it's which game are you choosing to play. All right, so let's bring this together here. Before you watch the video, you probably thought about risk the way that most people think about risk, right? Like volatility, the price going up and down. Right. I have red days and green days.

[Zepbound Advertisement Narrator]

Yeah.

[Financial Analyst / Market Commentator]

Maybe there's a bad earnings report or a Fed announcement that moves the Market. And look, that stuff matters, right? I'm not saying it doesn't. But now you understand something that most investors, right, even a lot of professional ones, they never stop to think about. Risk isn't just what happens to the price. Risk is structure. Risk is jurisdiction. Risk is who else is on the cap table with me and what their governments could force them to do with their shares. And that changes everything about how you evaluate a position, right? Because it's not enough just to ask, is this a good company? Is this a good price? Now we have to ask who else holds this? And more importantly, where do they live? What happens to my position if their government decides to reach into their portfolio, Right? That's a question almost nobody's asking right now. But after today, you should. Because the bigger picture here, what we're watching right now in real time, is jurisdiction splitting into two species. On one side, you've got what I'd call builder magnets, right? These are countries and states. States with clear rules, they have a predictable tax treatment. Governments that are actively competing to attract capital, talent and founders, right, they understand that the game has changed. But on the other side, you've got redistribution regimes. We have rising exit rates, shrinking tax bases, governments that are trying to squeeze more out of the people who are still there. Because the people who could leave, they already left. Now, the Netherlands. Look, no, no disrespect to the Netherlands, for the Dutch people, right? I mean, they basically invented modern capitalism. They founded New Amsterdam, which became New York. I mean, my entire father's side of the family is Dutch, right? But the math doesn't care about history. And right now, the math is pushing them toward the wrong side of that line. And they're not alone. This is happening across Western Europe, parts of Canada, blue states in the US In California, right? It's a pattern. And once you see it as a pattern, you can't unsee it, because today capital is mobile. It moves at the speed of wire transfers. But states are still pretending it's captive, still pretending they can tax it, restrict it, penalize it, and it'll just sit there and take it. And it's that gap, that gap between how fast capital can move and how slow governments are to realize it. That's where the next decade of wealth creation and wealth destruction is going to play out. So the question that you should be asking yourself right now after watching this video, isn't what should I buy? It's where do my assets sit? Who else is sitting next to me on the cap table? And am I on the right side of this split, because you don't just choose assets, you choose the rules those assets live under. Now, most people, they spend all their time trying to pick the right investment, the right stock, the right entry point. But sophisticated investors, they evaluate systems. They look at structure first the jurisdiction, the incentive design, and then they build their portfolio inside the system that's working in their favor, not against them. Now that's the difference. And that's what separates people who build wealth from people who just participate and hope for the best. So if you want to understand how owners actually think about this, how they structure around jurisdiction and timing and compounding without interruption, that's exactly what we break down inside the Wealth Operating system. I'll put a link in the description. And if this video made you think differently about your portfolio, do me a favor, share it with someone who needs to hear it. Because this stuff matters and not enough people are talking about it. All right, I'll see you on the next one.

[Zepbound Advertisement Narrator]

Snoring Gasping during sleep? Feeling fatigued? Ask your doctor about Zepbound Tirzepatide, the first and only FDA approved prescription medicine for moderate to severe obstructive sleep apnea in adults with obesity. Zepbound is a prescription medicine used with a reduced calorie diet and increased physical activity to help adults with moderate to severe obstructive sleep apnea and obesity to improve their OSA. Zepbound is approved as a 2.5, 5, 7.5, 10, 12.5 or 15mg injection. Zetbound contains Tirzepatide and should not be used with other Tirzepatide containing products or any GLP1 receptor agonist medicines. It is not known if Zepbound is safe and effective for use in children. Don't share needles or pins or reuse needles. Don't take if allergic to it or if you or someone in your family had medullary thyroid cancer or if you've had multiple endocrine neoplasia syndrome type 2. Tell your doctor if you get a lump or swelling in your neck, stop Zepbound and call your doctor if you have severe stomach pain or a serious allergic reaction. Severe side effects may include inflamed pancreas or gallbladder problems. Tell your doctor if you experience vision changes before scheduled procedures with anesthesia. If you're nursing pregnant, plan to be or taking birth control pills. Taking Zepbound with a sulfonylurea or insulin may cause low blood sugar. Side effects include nausea, diarrhea and vomiting, which can cause dehydration and worsen kidney problems. Talk to your doctor, call 1-800-545-5979 or

[State Farm / Product Disclaimer Voice]

visit zepbound.lilly.com this product contains nicotine. Nicotine is an addictive chemical.

[Velo Guy]

Hey, it's the Velo guy. Listen, if Mona Lisa popped out for a smoke, all we'd have is a landscape painting at the Louvre. So yeah, be like Mona and more in the moment. Get more wherever, whenever Enjoyment with Velo Nicotine Pouches Discover more at v e

[State Farm / Product Disclaimer Voice]

l o.com underage sale prohibited Nicotine Pouches Velo is a synthetic nicotine product website restricted to age 21 plus nicotine consumers. Copyright 2026 MBI It's a celebration 250

[Financial Analyst / Market Commentator]

years in the making, and we want

[Podcast Narrator]

everyone in America, from Maine to Montana, from Alabama to Alaska, to be a part of it.

[Financial Analyst / Market Commentator]

This year marks America's 250th anniversary, and we're coming together from coast to coast at star spangled events, live performances and the largest day of giving in American history.

[Podcast Narrator]

Join the nationwide celebration at america250.org Life's better with American Family Insurance because we know you love working weekends if it means working on your dream home both inside and out. And we're here to help protect those dreams so you can enjoy peace of mind. Save up to 40% when you bundle home and auto American Family Insurance. Get a quote and find an [e-mail]

[State Farm / Product Disclaimer Voice]

Products, pricing and availability vary based on the way you purchase insurance and by state. Some exclusions apply. American Family Mutual Insurance Co. SI and its operating companies, 6000American Parkway, Madison, Wisconsin.