Masters in Business At The Money: Buying into the Ownership Society
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Aug 27, 2025 
Joey Fishman, an equity compensation expert at Ritholtz Wealth Management, delves into the dynamic world of equity-based compensation. He discusses how shifting from cash to equity can transform personal wealth and highlights the nuances of tax implications associated with this move. The conversation covers Qualified Small Business Stock, potential tax-free gains, and the importance of proper planning in navigating the ownership society. Fishman emphasizes how understanding these strategies can lead to significant financial opportunities and stability.
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Equity Moves Employees Into Ownership
- Equity compensation moves employees from labor to capital and aligns incentives across a firm.
- If structured correctly, it offers potentially large upside beyond cash pay.
Equity Aligns Incentives Cost-Effectively
- Employers use equity to align incentives and push the firm forward without paying all in cash.
- Equity sets the tone from the beginning and rewards long-term company success.
Equity Type Varies By Industry
- Different industries prefer different equity instruments like ISOs, RSAs, or RSUs based on cash flows and volatility.
- Tech favored ISOs for coders, banking used RSAs, and oil and gas leaned toward RSUs.