zero1

Finance & Tech | Ex-Big4 | Father, Founder, Investor

[zero1 @zero1co]

@nevmed @aelluswamy @elonmusk @Tesla “No Tesla, I don’t want to turn here to cross a 6 lane road at a stop sign, when there’s a traffic light one block away. Thought you’d remember because I tell you EVERY DAY!”

For such an insanely intelligent and awesome car, the routing is terrible.

[Shukla Ji @Imdavn_]

Hey @grok why millionaire use The F91W-1 watch? 🤔

[Tim Tebow @TimTebow]

Attitude is a choice.
Gratitude is a discipline.
Bitterness is expensive.

Nobody accidentally has a great attitude.
Nobody stumbles into gratitude.
And nobody means to end up bitter, it just quietly moves in when you stop choosing something better.
Guard your peace like it cost you something.
Because it did.

[Saifedean Ammous @saifedean]

The reason so many invest in real estate & price out young people is that inflation makes the dollar & savings accounts useless so everyone needs to use their home as a saving account instead. Monetary policy is the problem, but like all lefties in human history you are programmed by your banker owners to never even notice this, let alone speak about it, and instead go after actually productive people to ensure they remain ground under the heels of your owners.

[zero1 @zero1co]

An uncomfortable perspective for the “Tax the Rich” proponents

[Peter Girnus 🦅 @gothburz]

I am the Chairman and CEO of Vornado Realty Trust. Eighty-four years old. Seven buildings in Midtown Manhattan. I said what I said.

I said "tax the rich" is the equivalent of a racial slur. I said it at REBNY. Into the microphone. Eight hundred people. Median net worth in that room was north of $240 million, I know because our CFO ran the guest list through a Bloomberg terminal as a joke, and then it wasn't a joke. And when I said it, twelve people applauded. The rest nodded. One woman in the third row mouthed, "Finally." I saw her.

Sharon, my communications advisor, Columbia, $430,000 a year, very bright, Sharon wants me to walk it back. She drafted something. "Mr. Roth's comments were intended to highlight the emotional impact of political rhetoric on business communities." I read it. I put it in the trash can on my desk. Not the recycling. The trash. Here's my clarification: I understated it.

"Tax the rich" is worse than a slur. A slur is just a word. It doesn't come with a CBO score. Nobody is introducing a bill called the Racial Slur Implementation Act of 2026. But there are seventeen active proposals in Congress, I had Sharon count them, seventeen proposals designed to take more of my money. My money. Mine. Money I acquired by being better at acquiring Manhattan commercial real estate than anyone alive for four consecutive decades. That is not a crime. That is a record.

I pay property taxes on $18.2 billion in assessed assets. $412 million a year. Say it again: four hundred and twelve million. I carry that number. It's the first thing I think about when I see a protest sign. I think: I pay more in property tax than the entire annual budget of the city of Fort Lauderdale. I looked this up. Fort Lauderdale: $408 million. Steve Roth: $412 million. I am a small city. And the city doesn't get screamed at.

My effective tax rate last year was 11.4 percent. I say this because I believe in transparency and because I'm not ashamed of it. The rate reflects the legal structure of real estate investment trusts, depreciation schedules Congress established in 1986, and carried interest provisions that both parties have voted to preserve for forty years. I did not write these laws. I organized my entire financial existence around them with the help of nine full-time tax professionals who have offices on the 38th floor of 888 Seventh Avenue, which I also own. Their office is in my building. Their work protects my buildings. This is not a loophole. Sharon calls it a loophole. I've told her: a structure maintained by nine attorneys across four decades is not a loophole. A loophole is something you slip through once. This is architecture. This is the foundation. This is the building.

Last Tuesday, same as every Tuesday, I walked past 1290 Sixth Avenue. My building. And there was a man. Same man as last week. Same sign: "Billionaires Pay Your Fair Share." He was standing on my sidewalk. My literal sidewalk — my company owns the ground lease. He was maybe thirty. He was wearing a jacket I would estimate cost $60. My lunch that day was $114. For one. I am telling you this not to boast but because these are facts. He has decided I'm his enemy. Based on a number he saw on a Forbes list. He doesn't know what I pay. He doesn't know what my buildings cost this city in construction jobs and lease revenue and foot traffic. He knows one number. He has made one judgment.

I see him every Tuesday. I've started to notice things. He brings coffee from the cart, not the Starbucks. He has a backpack that looks heavy. He doesn't look unhealthy. He looks like he probably works somewhere, but not on Tuesdays. I've wondered: does he have a job? Does he have a building? Does he have anything that depends on him the way 4,200 employees depend on me? I suspect not. And yet he has opinions about my tax rate.

I gave $22 million to charity last year. The Met. NYU Langone. Mount Sinai. I gave a building to NYU. Not money for a building — a building. The Steven Roth Residence Hall. It houses 400 students. That man with the sign has never housed 400 students. He hasn't housed one. He gives cardboard. I give structures. This is not a comparison I'm making to flatter myself. It's just arithmetic.

When I said what I said at REBNY, I was saying what every person in that room believes and none of them will say publicly because they have communications advisors and the communications advisors all went to Columbia and they all say "unhelpful." I'm eighty-four. I'm too old for helpful. I'm too old to perform restraint for people who hate me for something I can't change.

I didn't choose to be rich. I chose to be good at one thing for a very long time, and this is what happened. You don't punish someone for that. You don't legislate against someone for that.

My net worth fluctuates between $3.8 and $4.1 billion depending on the quarter. I fluctuate more in a fiscal week than that man on my sidewalk will earn in his life. Both of these are facts. Only one of them is considered polite to say.

They want me to apologize.

I'll be dead in ten years. Twenty if I'm lucky. And they'll still be renting my buildings.

[zero1 @zero1co]

@PrestonPysh Thanks for all you’ve done. I really enjoyed your content. And kudos for focusing on what really matters.

[zero1 @zero1co]

Artemis! 🚀

[Anish Moonka @anishmoonka]

If you're under 53 years old, you have never once been alive while a human was farther than 250 miles from Earth. Tonight, four astronauts are heading 252,000 miles out. That's a thousand times farther than any person has gone in your lifetime.

The 250-mile ceiling is where the International Space Station floats. Every astronaut since December 1972 has been stuck in that zone. Spacewalks, science experiments, cool photos from orbit, sure. But nobody left the neighborhood.

The last crew to go farther was Apollo 17. December 1972. Nixon was president. The internet didn't exist. Cell phones were 11 years away. The youngest member of that crew is now 90 years old.

The farthest any human has ever been from Earth is 248,655 miles. The Apollo 13 crew set that number in 1970, and they didn't mean to. Their oxygen tank blew up, and the emergency route home took them farther out than anyone before or since. Tonight's crew will break that record on purpose.

And the crew itself. Victor Glover becomes the first Black astronaut to leave Earth's neighborhood. Christina Koch becomes the first woman. Jeremy Hansen, a Canadian fighter pilot, becomes the first non-American to do so. When they come home, they'll slam into the atmosphere at 25,000 mph, faster than any human has ever traveled.

The Moon's south pole has ice. Water ice, sitting in craters so deep that sunlight hasn't hit them in billions of years. A 2024 NASA study found way more of it than anyone expected. You can split water into hydrogen and oxygen, which gives you rocket fuel, breathable air, and drinking water, all made on the Moon instead of hauled up from Earth. George Sowers at Colorado School of Mines calculated that Moon-made fuel could shave $12 billion off a single trip to Mars. The Moon is a gas station on the road to Mars.

NASA Administrator Jared Isaacman announced last week a $20 billion plan to build a permanent base at the South Pole over the next seven years, with landings every six months. China is developing its own lunar lander and spacesuit, aiming for a crewed landing by 2030. The Artemis program has burned through $93 billion so far, and the first actual surface landing is penciled in for 2028. There's a real question of who gets there first this time around.

Harrison Schmitt walked on the Moon in December 1972 as part of Apollo 17. He's 90. Asked about it this week, he sounded pretty relaxed. "Mars is attainable," he said. "We're humans. That's what we've always done."

[zero1 @zero1co]

Stop what you’re doing and read this. All of it.

AI is bigger than you understand.

[Matt Shumer @mattshumer_]

https://t.co/ivXRKXJvQg

[zero1 @zero1co]

Milton Friedman: “Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax.”

“If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or borrowing.”

[Douglas A. Boneparth @dougboneparth]

U.S. Government Economic Solutions Ranked:

1. Debt
2. Debt
3. Debt
4. Debt
5. Debt

[zero1 @zero1co]

@HermesLux Thanks for taking the time to lay this out. Curious if you run this strategy for your entire position, or if you only deploy a set percentage.

[zero1 @zero1co]

@TimKotzman It’s just 100% humble-bragging.

[zero1 @zero1co]

@Rainmaker1973 Debt growth continues…

[zero1 @zero1co]

@elonmusk @RenatoLima_X Fix the money, fix the world.

The solution is right in front of you @elonmusk

Take away the ability to deficit spend, and the deficit spending will stop.

[Jeff Park @dgt10011]

“No generation has a right to contract debts greater than can be paid off during the course of its own existence.”— Thomas Jefferson, 1789

The story of America is the story of sovereign individuals. Happy Independence Day. 🇺🇸

[zero1 @zero1co]

@engineers_feed 126

The sum of the first part of the equation is multiplied by the first number.

[Geiger Capital @Geiger_Capital]

This is happening because every smart person in the country now realizes where we are. The fiscal rubicon has been crossed.

This was the most authentic attempt at cutting government spending in decades…

It failed within 4 months.

[Rothmus 🏴 @Rothmus]

🤣

[zero1 @zero1co]

When the United States ran out of money.

[Ray Dalio @RayDalio]

In 1971, the US ran out of money and defaulted on its debts. Now, they didn’t say it that way. But by moving away from the gold standard, money as we understood it ended.

I expected the stock market to plunge, but it went on to rise nearly 25%. That surprised me. But when I looked into it, I discovered the exact same thing happened in 1933 and it had the exact same effect.

Here’s why.

#principles #raydalio #history #economics