Part 13/16:
Turning to macroeconomic policy, the speaker examined the recent Inflation Reduction Act's provision of a 1% excise tax on stock buybacks. For companies with excess cash and undervalued stocks (such as Tesla), buybacks could accelerate ahead of year-end to avoid the new tax. The strategist noted that buybacks are beneficial when economic conditions justify their timing but cautioned against rushing such decisions simply to sidestep taxes.
The Future of Real Estate & Autonomous Vehicles
One of the most forward-looking segments involved the impact of self-driving cars on urban planning and real estate. Remote dinner conversations with a top developer revealed that:
- Parking garages are already being converted into residential or commercial spaces