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. 

Tesla

• 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

• Yes Boston Dynamics and many others particularly in China are great, but… 
• Manufacturing, Software, Hardware, ….

XAI

 Will have more AI compute than all others combined in < 5years! From Elon

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.  

SpaceX

SpaceX will be ~99% of all Earth payload mass to orbit

• I think there will be an allocation to Tesla LT shareholders. 
• Could be $1.5T, but could go to $10T.  

Politics

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

Video here. https://x.com/bennyjohnson/status/2014785916083020062

$23m

• $125k Rover seized
• Home in Greece
• Mansion in LA

Balance the Budget State Audit Report here

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 

• Uhaul Growth Index: 

Companies moving out of California

Recommendations:

• Rogan
  • Bradley Cooper
  • Ben Affleck and Matt Damon
  • Ethan Hawke
• Tim Ferris and Bill Gurley