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"The Riff" with Byrne Hobart and Erik Torenberg
E44: Founder Mode, Uber’s Self-Driving Strategy, and Big Tech Skepticism
Sep 6, 2024
The discussion dives into taxing unrealized capital gains, revealing the complexities of high net worth individuals' financial struggles. They explore the balance between concentrated and diversified investments while assessing risks, specifically within the tech sector. The conversation touches on Uber's strategy in autonomous vehicles and contrasts the U.S. and Chinese mortgage systems. Lastly, the hosts advocate for an assertive 'founder mode' mindset, highlighting its potential to drive innovation amid startup challenges.
01:02:25
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Quick takeaways
- The taxation of unrealized gains could shift financial behaviors among the ultra-wealthy, encouraging diversification and reducing reliance on volatile assets.
- High-net-worth individuals often favor concentrated portfolios despite risks, reflecting a tension between the desire for control and the principles of risk management.
Deep dives
Taxing Unrealized Gains and Its Implications
The episode explores the complexities surrounding the taxation of unrealized gains, using the example of the Peloton founder who faced significant financial losses after borrowing against his stock. This situation highlights a potentially suboptimal tax system that encourages individuals to defer taxes until death, thereby creating tax avoidance strategies rather than optimal financial behaviors. The discussion emphasizes the impact of such policies on wealth distribution, as the ultra-wealthy often remain less affected by taxes through practices like borrowing against appreciated assets. This raises questions about whether taxing unrealized gains could encourage richer individuals to diversify their portfolios and reduce risks in inherently volatile assets.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode