It’s easy. Say you started with $1B worth of concentrated stock positions in 2021. You feel so rich. You bought a $25M estate in Atherton. You decided you don’t want to pay the astronomical amount of capital taxes. Instead, you bought the property with a margin loan against your $1B stock at a 0.75% interest rate. Property taxes, utilities, cleaning, maintenance and upgrades will run about $1M a year but it’s nbd. As a billionaire, in addition to the Atherton estate, you have to get a beach house in a fancy place like Malibu for
wow! this sounds a little *too* real to just be made up... cough it up, who's your "friend" ?
It's made up I promise. A lot of us can relate to it though. hehe
our own Chamath?