Personal CFO Partners

Personal CFO for Founders & Execs | SMB Advisor | Certified Exit & Tax Advisor | Strategic Wealth + Exit Planning | Family Office Insights

[Personal CFO Partners @TaxWolf]

Why Tax Alpha Is the King—and Will Be for the Next Decade 👑 (🧵):
1/
Most investors chase portfolio returns.
But the biggest lever in wealth creation isn’t in the market…
It’s in the tax code.
Here’s why Tax Alpha > Investment Alpha:
2/
💥 Tax Alpha = immediate results
Investment Alpha = maybe… someday
Tax savings show up this year.
3/
📜 Tax Alpha is based on rules.
A 70,000+ page tax code full of opportunities.
Learn the playbook → keep more of what you earn.
4/
🧠 Investment alpha is harder than ever.
Efficient markets. Overcrowded trades. AI-driven data.
Alpha is rare.
5/
🧾 Most CPAs file taxes.
They don’t design strategy.
That’s why billionaires pay less than you.
6/
📉 The market’s last decade was epic.
The next one? Higher rates. Lower multiples.
Expect a return to the mean.
7/
Tax Alpha = Real Alpha
You don’t need 12% annual returns if you’re saving 37% in taxes.
8/
At Personal CFO Partners, we build tax-driven wealth plans for executives and SMB owners.
We don’t sell products. We design wealth.
#TaxAlpha #TaxPlanning #ExecutiveWealth #FamilyOffice #AlternativeInvesting #PersonalCFO

[Personal CFO Partners @TaxWolf]

Great work, Adam, again thank you for all your contributions and clarity of thought...
It's crazy, but it's very easy to make the argument that even at $65/share...the company is very undervalued...the AD TAM is estimated to be $30Billion market...Dupixent sells $17Billion...what is the #2 player worth?

[Adam May @A_May_MD]

The table below is something I built and have been using lately to reaffirm to myself that $NKTR’s current valuation is just absolutely asinine. It shows that $NKTR is ahead of everyone on timeline as the next to market in AtD. It is also the only drug with both a unique MoA and no glaring safety concerns. Its efficacy is clearly superior to Nemluvio, and clearly (so far) superior to Amlitelimab. It now looks poised to have Q12W dosing as well...

Yet, its valuation has just been absolutely in the gutter…orders of magnitude lower than “me-too” AtD drugs like $APGE’s, and even ~4x lower than $CRVS, which has only a couple dozen patients worth of data and an MoA that *will* carry the baggage of potential safety events with it for years to come. (Note the EVs listed in the table are fully diluted and as of close last night).

Today we add on the maintenance AtD data, which look stellar now that I’ve seen the deck. I can write in more detail later, but some highlights:
-The rate of maintaining responses is HIGHER than what Dupixent showed…
-There was major deepening of responses
-Many patients converted from EASI50 to EASI75
-Many patients converted from EASI50/75 to EASI90 or even EASI100 (!!!)
-Q12W DOSING LOOKS GREAT! HUGE DEAL!!
-Note that with major deepening of responses occurring, their induction EASI75 rate could improve in P3 since they’re doing a 24-week induction protocol instead of 16 weeks!...Induction phase efficacy might ultimately end up...better than Dupi...
-Safety looks great with no new safety signals, plus:
-ISRs rates when down considerably, especially factoring in that more doses were given
-Infections were literally higher on placebo than on drug…come on

Recall that CRVS recently hovered around $12-$14 in the premarket after their (much smaller) P1 data, then the stock rallied all day long to gain over 100% more throughout the day, rising into the mid $20s…IMO $NKTR in the $40s premarket is just absurd value and should do something similar, but we will see!

Expect an offering tonight. This is a GOOD thing, as they must raise more $ to fund the P3s. Financing overhang has been the big lock on $NKTR’s stock price. I think the market was worried that the maintenance data wouldn’t be resoundingly positive enough to allow for a big raise on great terms…IMO $NKTR could not possibly have hoped for maintenance data to have gone better than this (better maintenance efficacy than dupi plus continued clean safety??).

$NKTR has been the single most blatantly mispriced stock on my entire radar in the last few months…hopefully that starts to change today, but the mid $40s isn’t even close to correcting that mispricing in my book given the results we are seeing today.

I’ll write substantially more on this topic in the next few days, because the valuation disconnect is just Grand Canyon-like in my eyes. I want to discuss:

1) The maintenance data in greater depth
2) How $SNY still thinks that Amlitelimab is a $3B+/yr drug DESPITE much worse efficacy and now a likely black box warning…while $NKTR is going to potentially have better efficacy, definitely, better safety, and likely the same Q12W dosing optionality
3) How $NKTR’s alopecia areata opportunity was recently completely written off, but IMO is a $1B+ opportunity (yes, I think this could be a 1L AA drug). Maintenance data there are coming soon and could help re-ignite that narrative.

More to come!

[Personal CFO Partners @TaxWolf]

Been around for a few years...sounds like another Ponzi scam to me...

[Marc Cohodes @AlderLaneEggs]

They are going to come for this greasy clown with shovels and pitchforks

[Personal CFO Partners @TaxWolf]

Price discovery? Try BTC/crypto is a fraud...ok...maybe, just maybe BTC might have some value...guess what...they came out with an ETF product to load all the baby boomers and then pulled the rug out from under them...

I call it the "sausage factory syndrome"...Wall Street always gears up and gives the duped, retail client what he wants in the end...

Seen it a bunch of times in my 25+ years on Wall Street...

[Bob Kendall (The Kendall Report) @PortfolioXpert]

So here’s the issue you get influencers like this guy have a quarter million followers and they claim they don’t know why it is declining… it’s because they don’t understand basic mechanics of price discovery.

They don’t understand that the marginal buyers or the float determines price they think the onchain bitcoin is that is the price discovery

Well, it was once upon a time but now..

Once you can synthetically manufacture the supply, the asset is no longer scarce and once scarcity is gone, price becomes a derivatives game, not a supply-and-demand market.

This is exactly what has happened to Bitcoin.

This is the same structural break that occurred in gold, silver, oil, and eventually equities once they became derivatives-dominated.

The original premise that no longer exists

Bitcoin’s entire valuation logic was built on finite supply (21M) and inability to be rehypothecated.

That died the moment:
•Cash-settled futures
•Perpetual swaps
•Options
•ETFs
•Prime broker lending
•Wrapped BTC
•Total return swaps

were layered on top of the chain.

From that moment forward:

Bitcoin supply became theoretically infinite.

Not on-chain in price discovery.

The metric that explains the collapse

Synthetic Float Ratio (SFR)

Once you can synthetically manufacture the supply, the asset is no longer scarce — and once scarcity is gone, price becomes a derivatives game, not a supply-and-demand market.

That is exactly what has happened to Bitcoin.

This is the same structural break that occurred in gold, silver, oil, and eventually equities once they became derivatives-dominated.

Why Wall Street can now “trade against” Bitcoin

They do exactly what they’ve done in every commodity market:
1.Create unlimited paper BTC
2.Short into rallies
3.Force liquidations
4.Cover lower
5.Repeat

They are not “betting” — they are manufacturing inventory.

The same 1 BTC can now support:
•An ETF unit
•A futures contract
•A perpetual swap
•An options delta
•A broker loan
•A structured note

All at once.

That is six claims on one coin.

That is not a market.
That is a fractional reserve price system.

[Personal CFO Partners @TaxWolf]

I was born in Brockton, MA....1978, I was a poor kid—16 years old—working as a short-order cook in a Greek-American diner. Long hours. Hot grill. No shortcuts. Every so often, Marvin Hagler would come in with Pat and Goody. One night they looked at me and said:

“Kid… here’s the next world champion.” They knew.

We knew. The night Hagler fought Thomas Hearns, there was never a doubt in my mind. Ignore the noise about Hearns “hurting him” early. Marvin had been disrespected his entire career by the boxing establishment. He wasn’t losing that fight unless Hearns killed him—literally. Those three rounds are the greatest in boxing history.

Not because of flash.

Because of resolve. Hagler showed what it means to take punishment, stay disciplined, and keep moving forward when quitting would be easier. Later, Sugar Ray Leonard beat him on flash and charisma. That’s life sometimes. The loudest story wins. But the real work—the real warrior mindset—belongs to Marvin. I replay that fight when I need motivation when I need to get up for another round. That mindset carried me from that diner to Wall Street, and later into becoming a serial entrepreneur and advisor to SMB owners.

At PCP, that’s what we do every day:
Fight unfair tax systems
Protect family balance sheets
Build durable, generational wealth
Win through discipline, not ...Hagler was never flashy.
He was prepared.
He was relentless.

He was inevitable. RIP, Champ.

You were truly Marvelous.

[Black Media Hub ✊🏿 @BlackMediaHub]

Hagler vs Hearns, Round 1, 1985. If you’ve seen it before, you’re welcome. If you haven’t, the next 3 minutes may change your life.

[Personal CFO Partners @TaxWolf]

Bonus Depreciation...everything you ever wanted to know...A very powerful "Tax Hack" for S Corp business owners...

https://t.co/dHPp9AZqWb

[Personal CFO Partners @TaxWolf]

What's in a name? Come see what we say and what we do...

https://t.co/fkHTI9Y51H

[Personal CFO Partners @TaxWolf]

Traders die broke...youngsters...trading has a natural disadvantage...short term profits taxed at ordinary rates usually 50%...investors who hold more than a year, profits are taxed at long term capital gains rates...around 20%...so right off the bat, you are at a huge disadvantage...

[Matt Giannino @MarketMovesMatt]

The math nobody wants to hear:

If you're making $60K/year at your job...

You need a $120K trading account at 5% monthly to replace it.

Or a $600K account at 1% monthly (safer).

"But Matt, I only have $5K."

Then you're 2-3 years away from quitting.

That's okay.

Rushing is how you blow up.

Compounding is how you get free.

Start building.

[Personal CFO Partners @TaxWolf]

What’s in a Name?
Names set expectations.
They signal standards.
They tell you how a firm shows up—before the first conversation.
Personal CFO Partners wasn’t chosen for branding.
It was chosen for meaning.
Personal — because we serve families, not institutions.
CFO — because real wealth demands coordination, not silos.
Partners — because outcomes improve when decisions are collaborative.
This isn’t transactional advice.
It’s strategic partnership.
👉 Read the full piece to understand why the name matters—and why it changes everything.

https://t.co/cyyCzA0MnH

[Personal CFO Partners @TaxWolf]

It's that time of year again...Benefit Selection... https://t.co/sALKZJc5WF

[Valery Norton @issmr57415588]

$AQST I've been in this for 5 years and I'm not a small player. DON'T sell to soon people.

[Personal CFO Partners @TaxWolf]

Yes...big fan of Mike Green and he hits the nail on the head with this well understood analysis on the costs of living in the US and why the bottom of the K economy is suffering so much...
The FED has created so much income inequality since we went off the gold standard in 1971 that it needs to be reformed...they are the Evil!

[Swingtrader @Swingtrader]

Brilliant article by @profplum99 - I don’t think this could have been articulated anyway possibly better.

https://t.co/UpG6MwvmiM

[Personal CFO Partners @TaxWolf]

We don't let this happen at PCP...but happens all the time...you can get 3.80% on a treasury only money market fund...the Big Banks love when you let large balances sit in the cash account earning 1%...they then loan your money out a 8% to a business...7% risk free spread...and you wonder why the Big Banks make so much $$$.

[The Money Cruncher, CPA @money_cruncher]

l often post about how your savings/emergency funds should be getting ~4% right now.

Then I see a screenshot of $105k sitting in a WF account earning 0.01%..

That's ~$4,000/yr in extra interest for just 5 minutes of work. Wild.

[Personal CFO Partners @TaxWolf]

The Window Is Closing — And Most People Miss It

We’re entering the most important six weeks of the financial calendar.

This is when proactive families and business owners lock in the moves that cut taxes, optimize cash flow, and stack lifetime wealth gains—while everyone else waits until January and pays for it later.

At Personal CFO Partners, we call this The Final 6-Week Sprint.
Small moves.
High impact.
Lifetime benefits.
Don’t let 2025 close without taking advantage of the strategies designed to lower your lifetime tax bill.

https://t.co/dU3PlNmUj0

[Personal CFO Partners @TaxWolf]

And $SPRY down 11% yesterday and 3% today...bleeding out...DOA...epinephrine in your cell phone case and faster effective time trumps nasal spray...BTW, did I mention Sherry running the playbook against her former company, Epi Pen?

[Texas Woodpecker @TexasWoodpecker]

@BIOTECHSCANNER $AQST up nicely yesterday on above average volume and a big down day in the market. That move not getting nearly enough attention!!

[Personal CFO Partners @TaxWolf]

Forever DNA...agreed...I don't have a child that has this issue...but called my college roommate...he has a 20yr old son, has been in the emergency room 10 times in a crisis situation since he's been 4...my friend doesn.t buy individual stocks..he.s an ETF guy...by the end of our conversation, he bought the stock...
Phone, carry it all the time...powerful!

[Forever DNA @Forever_DNA]

That carry ability will be a HUGE difference-maker for $AQST. I have 2 girls, mid-20s w/ nut & sesame allergies (sesame is a very tricky one), who may not have their EpiPens handy but ALWAYS have phones w them. As soon as approval hits, we're signing up & getting them scripts.

[Personal CFO Partners @TaxWolf]

Tell me that Elon is wrong...our current tax system is designed to enslave Americans...
That is why we focus on...
Paying the minimum in a person's lifetime tax obligation in a legal and responsible manner.

[Jim Ferguson @JimFergusonUK]

🔥 Elon Musk just summed up modern slavery in one sentence:

“You work. You get taxed. You buy something. You get taxed. You own something. You get taxed again.”

It’s the loop of quiet control — a system designed to keep you compliant while the government spends your money on causes you never consented to.

Every paycheck, every purchase, every property — siphoned through layers of bureaucracy.

And what’s left? A fraction of what you earned, traded for a false sense of freedom.

Musk’s point cuts deep:
The problem isn’t just taxation — it’s how it’s weaponized.

To fund endless wars.
To bankroll wasteful projects.
To grow a government that lives off your labor while pretending to “serve” you.

It’s not public service anymore.
It’s public extraction.

Time to break the loop.

[Personal CFO Partners @TaxWolf]

Trump’s New Tax Law Just Made This Wealth-Building Tool Permanent

Bonus depreciation used to be on a countdown clock.
Now — thanks to the One Big Beautiful Bill — 100% first-year expensing is permanent for qualifying assets.
That means:
Immediate, full write-offs in the year you buy
Bigger deductions in your highest-income years

More cash flow to reinvest in your business or build wealth
In my latest post, I explain:

What qualifies under the new law (including manufacturing facilities)

How bonus depreciation stacks with other tax strategies

The trade-offs and planning considerations you can’t ignore

Why timing purchases still matters — even with permanency

Read the full article:

https://t.co/Sp9sHKfmWb