Reformer Machine Workout at YogaSource in Los Gatos.

Indiana. Fernando Mendoza is a truly special.

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

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

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 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.

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

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

Holidays! . Cats and Dogs and Family. Happy Holidays. New Cat named Timmy. Pure trouble and pure JOY!

Coinbase Fraud. Called with automated message asking if I attempted to change my “email contact”. If “no” they said press #1 or otherwise hangup. So I press 1. Some dude is on the line. Says he needs my first and last name to help. I ask him, “how do I even know if you’re real…How do I know you’re Coinbase?”. He hangs up!!! OMG!

Startup Investing

• Rule #1: Be comfortable losing all the money. Might sting, but should not cause you to lose sleep!

Investments for our kids!
Brad Gerstner and Michael Dell at White House.

Fed Regulation of AI. To prevent a 50 state patchwork, onerous system.

Bernie Sanders and other Dems calling for a “halt” on AI and Datacenters!!

Markets S&P 500

Apple

Apple head of AI retiring.

Apple could partner with Gemini. Also, tech is getting so good that Apple will offer privacy!

Netflix

Netflix back in pole-position. I think this is “Good”

• Turnkey studio and ICONIC space.
• IP. Harry Potter, DC Comics, Game of Thrones, Matrix, Sopranos, Succession, Lord of the Rings. Barbie
• HBO!

Tesla AI Chips

Tesla AI Chip and Advanced Engineering from Elon.

Elon tweeing/xing tried and trying to help legacy automakers, but they want a pilot program that starts in like 5 years!

This video of Optimus jogging is insane. Should double the market cap!

TSLZ

When Starship is launching several times a day in a few years, SpaceX will be ~99% of all Earth payload mass to orbit, even if the others triple their current launch rate. https://x.com/elonmusk/status/1994518037614268565?s=51&t=YUkdoBz4yNifBaQlQUp3-g

Drug Trade

https://open.spotify.com/episode/65oG0YARECbXnFCbv2PTZp

David Sacks is a highly successful business person that is serving our government well and we should all be thankful.

From Chamath on the Topic.

Tim Waltz Fraud.

• String on X and
• And another one

California Budget Crisis - Wealth Tax

200 billionaires are on Zillow right now!

• Molly’s Game (interview on All-In).
• Movie: The Spy Who Dumped Me.
• Bill Gurley on ferris
• Sean RYan Show with Tobi Ludke and Jocko
• Ethan Hawk

Grok and AI

Golf

• Click Stick
• Full Swing Golf Monitor
• Fairway ~60%, 8ft putt 50%, green in Regulation: 175-200yds = 50%. 150-175yds = 63%

Trump

• Big Dinner with Trump and moguls. Ronaldo. Elon. Crown Prince Mohammed bin Salman of Saudi Arabia
• Trump with Mamdani
• “Shared purpose of serving New Yorkers and how to help with affordability”
• Fascist?
• INSPIRING

Political Absurdity

My Post on X. Politicians and Investing

"They’ve got the WORST policies. But I don’t talk about them. Because if I talk about it, they might change."

Larry Summers - Secretary of Treasury.

• Summers resigned his seat on the OpenAI board.
• Then Harvard announced it would take a fresh look at his and other faculty members’ ties to Epstein.
• The immediate cause of Summers’s undoing was the release of a passel of messages in which he asked advice from his friend Epstein on “getting horizontal” with a woman he was pursuing.
• “She’s already beginning to sound needy :) nice,” Epstein noted

Bought:

• Tesla Down 20%
• Meta Down 26%
• VOO Down ~5%

Bitcoin

• $125,000 in October
• $87,000 today
• Down $38k or 30%

My Financial Acronyms

FATMAANN. Up 160% (85% without Nvidia), compared to S&P 57%

Facebook, Amazon, Tesla, Microsoft, Alphabet, Apple, Netflix, Nvidia

TAMPAN

Born: Nov 6, 2025

Tesla, Amazon, Meta, Palantir, Apple, Nvidia

NVIDIA Earnings Q3 2025

• Record revenue for the third quarter ended October 26, 2025, of $57.0 billion, up 22% from the previous quarter and up 62% from a year ago.

US Saudi Investment Forum. Full interview here. Elon and Jensen Huang.

Play at 7.37Work will be optional. Elon Musk says if current AI and robotics trends continue "money will stop being relevant in the future." Then to Jensen. Hahaha

Play at 14.50. Elon and Jenson announcing 500 mw or gw? Gazillion $’s. HaHaHa

Play at 18.35. AI in Space.

• Per WSJ Bids for Warner Brothers.
  • At the same time, Warner Discovery continues to move forward with plans to separate its assets into two companies: one to house its studios and streaming business, and the other comprising its cable networks
• Stock Split. 10:1

• Get a hobby
• Restrung my guitar
• Writing a rhythm, lead and lyrics to a song