Why Are Millionaires Moving Abroad? + The Biggest Deals in Podcasting | Prof G Markets

[@felixvelo]

Trust me scott, the only reason why I listen to you cuz it's good background noise and it's free. The moment people will have to pay for what you put out I think you might be surprised it's not going to be the number you hope. I listen to Rogan before he went to spotify, and I didn't listen to him once he got on Spotify and my life is just fine.

[@tedtalksrock]

I feel like we already pay for these episodes by having to endure the tasteless jokes and cringe as his poor minion, Ed, is forced to laugh at them in *employment*.

[@anitanyajur2933]

Rogan is still the mostl highly paid podcaster on the planet.. You haven't finished your equation there...

[@ishan1920]

Fortunately or unfortunately, you are not the deciding factor here Felix. Rogan's numbers only went up after moving to Spotify + Scott did highlight the benefits of a paying audience. If you pay, you say you care about this and will be higher intent. It also means you can be cross-sold other benefits or features. It's a time-tested strategy.

[@alexk729]

@@anitanyajur2933because Rogan’s TAM is virtually unlimited while Scott G’s market podcast attracts a certain listener among him being a devout Democrat will turn off many Republican listeners

[@bondi5000]

I’d pay not to listen to Rogan if I had to.

[@Jiggs1972]

Scott, your point about world class universities being one of the prime reasons California is the engine of the tech economy is true but there is another element. California and the Bay Area in particular is a friendly, welcoming environment for the most brilliant minds from countries around the world. Immigration is a huge driver for the tech industry. The brightest minds in every country dream of moving to the US and the silicon Valley in particular. When they finally arrive they find a tech culture that appreciates their contributions, strong expat communities, and far less anti-immigrant sentiment than you will find in States like Florida. This is also a super power for California and helps drive the engine for our national economy.

[@kurtnunn6116]

California is not without issues but employees care about where they live. There’s a lot of different places that can accessed within a day’s drive for people who exist in their income bracket. Besides the universities, There’s also a large array of technical think tanks in the Bay Area (So Cal too) in area. Lawrence, Livermore, lab, Lawrence, Berkeley, lab, NASA, SRI, Sandia labs, SLAC. There’s probably some others that I’m not thinking about. Just like New York would be hard to supplant as the financial capital, California would be difficult to supplant as the country’s innovation center

[@theresa922]

Living in a university area also creates housing issues and high rents since the demand is so high.

[@marcialabrahantes3369]

Anti Immigrant, in MIAMI?! Ever been? English is the second language only there.

[@coinrotator]

Totally agree with the net + vibes in the valley but Miami is one of the most immigrant friendly high growth cities in the planet.

[@JezelJordan]

@@marcialabrahantes3369 Florida is a big state, and the whole state isn't Miami

[@Mr.Eeeeeeeee]

My wife and I recently retired at 49 as multimillionaires. We are moving to Greece on 9/26. We just want to live differently and travel for a few years. We specifically made our move date prior to the next presidential election. Life in the US is becoming less tolerable and we want a fresh start to the rest of our life.

[@RTC1655]

No hockey in Greece, though.

[@Mr.Eeeeeeeee]

@@RTC1655That’s what VPN and recorded games are for.

[@henrychinaski3720]

Klamydia will put everything right, just give her a chance before you go😊

[@dc2778]

How much did you walk with?

[@lunchbox6576]

Humble Bragg?

[@darkerisbetter8699]

Prof G Media looks like the ideal place to work for smart 20 year olds.

[@user-mu7vv7gb9f]

Probably not large enough, a good 2nd or 3rd job.

[@DanielTyson1]

Scott’s humour is so wild 😂😂😂 must be fun to work with him

[@waynelondon9776]

I love streaming my favourite content from different podcasters that I am specifically interested in. Some that are longer format podcasts I pay subscription price to avoid the advertising and on shorter content I live with it. I would pay to spare myself the advertising on Prof G markets. Keep it coming.

[@voicification]

Couldn’t agree more with Galloway and his co host. Florida never stood a chance and it was all to save on taxes.

[@G-Man3OH3]

Love this show! Thank you guys so much!!

[@TempaHull]

You mention that more people are willing to endure ads, and that may be true, but not for me, and I subscribe to many podcasts. I grew up in the 80s, and I can't stand commercials. I still remember when we didn't have a remote, and I couldn't even mute them. Subscription streaming is the way to go for me. The only reason why I listen to podcasts is because I can fast forward through the ads. I still can't stand them, and if I couldn't skip through them, I wouldn't listen to nearly as many episodes as I currently do. Eventually, I realize this feature will be taken away from me, so I'm enjoying it now while I can.

[@nlabanok]

Florida, especially South Florida, is a streetwise scammers paradise. The idea that VCs were ever going to cultivate a tech industry there is laughable. They'll get their wallet scalped before they can plant a single investment seed. As Scott mentions, there are slim pickings on recent college grads with extraordinary tech skills and/or potential...truly, most of the younger set are either trust funded do nothings or struggling and work food service type jobs...and, like I noted, outside of healthcare, travel, and realty, everyone else "in business" are working some sort of shady angle on a thousand different and yet totally UNSCALABLE ideas....usually perched right beyond the edge of legality.

[@pkal244]

This is the truth. I've been in tech (Bay area, now NYC) for two decades now and I can't recall any of my colleagues wanting to move to Miami. Outside of a fun bachelor party weekend there's nothing really there, especially things that are enticing for business.

[@ACPeoples]

Seems to complicate, more like an a16z crypto play that went bust.

[@TheMasterpulha]

Well, let me tell you on the other side of the coin regarding Golden Visas in Portugal. Me and wife, both have way above average Portuguese salaries. Since the Golden Visa it's impossible for us to buy a house in my own city. We cant compete with the income of individuals coming from abroad. Golden Visas in a poor country destroy the economic power and the expectation of ever been able to buy a home to the natives of the country. Coming from a person who preaches to be so worried about young people not been able to buy a house, Scot had a terrible take on this.

[@timblagdon103]

I do think there are many other things for the rich to factor in when leaving the UK such as what happens if your stupid kid gets caught with a joint in Dubai or the ease of visiting other European cities from London.

[@chrisnuk]

I had my son in a private school in London. I put him in a state school - partly because of the extra 20% VAT. The best decision I made the school is good, walkable, and I'm getting something for the taxes I pay.

[@patienceisalpha]

27:07 this is still just a tiny tiny tiny tiny amount of naturalization by investment. Most of the people are still becoming citizens by jus soli, naturalized by residence or by descent. Citizenship by investment is still really minor and limited to a handful countries, mainly carribean islands and people don't move there, they just use the passport for mobility.

[@bnwo]

I skip the ads on the Prof G Show every time.

[@neversimon]

Countries, states/provinces, regions, etc really need to realize that most people evaluate where to live based on a variety of factors, and the solutions for which are systemic/gestalt. - education creates bright and creative people - access to capital and markets to sell stuff to let's them try things - healthcare and other social systems reduce risk for 20-40+ year olds to take periods of jobless business building, and the 50+ crowd a great place to retire and spend their money - safety, security, and justice, again lowers risk, eases transactions, etc - geography, weather, attractions, culture, etc makes people want to spend time there and plant deep roots These things work together to create a better and better environment, there are lots of other factors but I think jurisdictions should be look at things holistically and investing in weak spots and, dare I say it, synergies. I would further argue that "low" taxes is a short-term play, longer term value creation (decent deployment of tax dollars) is far far better play.

[@TedNemeth]

Ha. Scott was on fire today. LMFAO.

[@nortonantho]

Hilarious opening 😂

[@espesq]

The Board needs to change the name of US Steel to NA Steel, wait a year and do it again.

[@TheBabel14]

I SKIP all ads on Prof G, def not listening to any ads

[@mrwilliamwonder]

It's only. a little more for as free KZbin. I did it years ago, never going back.

[@JB-tj9mm]

What listener endures podcast ads? I’m skipping every ad with a simple click of the 30 second forward button.

[@ttbalog]

Shhh... don't say it aloud

[@majohns2nc]

Exactly right. This is a signal of the end of "integrated steel," relative to "mini-mills and micro mills" for steel. Market cap for Nucor is $33B. Market cap for Steel Dynamics is $17B. Market cap for US Steel is $7B. That neither Nucor not Steel Dynamics seem to have tried to acquire US Steel should be a market signal. "X" should buy US Steel, just for the rights to the stock ticker.

[@srinics7]

You are right about Doha Airport, by my observation, it’s the best in the world. And the lounges are outstanding!! Probably best in the world as well, other than Singapore.

[@GregoryAristilde]

Hästens Hästens makes beds that will change your life, and alter the way you think about sleep forever. Handmade from ethically-sourced natural materials. 44:58 Mark

[@Jfromes1]

I'm right of center but always find myself defending California to my similar minded friends. The weather, the people and the fact so many top tier technology and entertainment companies call the state home make it incredibly attractive to smart, driven young people.

[@DividendFactory]

42:47 - well played ... well played

[@tr-vh3ec]

I think the US steel deal is also about national defence policy. It's important to keep certain industries in house even if the buyer is a 'close ally'.

[@ZrianFilms]

Love the intro with the team 🤣

[@pkal244]

I loved it. Scott trashes everyone, and I like seeing more female energy on the podcast.

[@scottanderson9656]

One of the reasons why Silicon Valley is what it is is that there is the money there to buy out or fund small companies. Also, the people needed to start companies are in the Bay Area. I believe idea of just cutting taxes will create jobs was properly gutted in "What's wrong with Kansas". Florida seems more interested in culture wars than anything else; the place seems like an anger fest.

[@alexmacgregor]

Agree. Long time Emirates customer. It rocks!

[@edlee9432]

SF is intolerable. Shit is happening all over the sidewalks. As well as opiate crisis and homelessness. Agree there aren’t great options in the US.

[@codrinvechiu2832]

try martha's vineyard

[@Sean-sw8oy]

Great episode

[@jimmychanga38]

There is a G-20 initiative that seems to be looking into international cooperation on taxation to deal with this issue. Not sure how much momentum it's gotten but it at least provides some solace that the problem hasn't gone unnoticed by policymakers.

[@universoulistic]

Question, Can we get Ed a nicer plant? I realize Prof G is a bare bones operation but the wheatgrass/catnip look is bringing Ed’s value down. Gofundme?

[@Ryanrobi]

San Francisco has extremely high network effect that will keep it the home of innovation and startups for a very long time unless it gets extremely bad but even then the network effects are so powerful.

[@hudooguru2]

good am laughs with the staff. gracias.

[@billy3603]

Very interesting conversation.

[@robertetin1156]

In the long term, millionaires leaving is a good thing for a country or state. And the more the better. It may cost the treasury some money, but it will also lower property values and reduce inequality. In a democracy this will make housing more affordable for the less wealthy and elected government more responsive to middle class concerns.

[@edwardkelly345]

Doha is in Qatar, not UAE, but yes that airport is amazing. The free computer lounge is equipped with all top of the line Macs with like 55 inch monitors or something (maybe 43 or 46 or something, I forget, but huge). Qatar's airline is also really great.

[@MichaelLaFrance1]

Florida, mainly through DeSantis, has crippled their university system and chased away top talent. Without creative people and an environment where thinking outside the box is encouraged, tech innovation suffers.

[@phoenix5054]

I doubt this. You have sources for this?

[@pkal244]

​@@phoenix5054 reality. For all the crying about w0!k3 you only attract a certain type of person, and those types aren't the ones leading innovation.

[@iamjustguy]

Can’t tell if I listened to a hastens ad read or not

[@augustoliver2779]

Miami is trashy. Florida has Florida man.

[@kkots]

Agreed. Spend time in MIA when they get heavy rains...the whole place floods. Can not insure boats, hurricane alley and full of fake "look at me" new wealth. No thanks.

[@ACPeoples]

@@AudiTTQuattro2003 it was an a16z crypto play that went bust.

[@aconsideredmoment]

US Steel's timing seems miscalculated. Between election and inauguration, end of Biden's last term, would have been higher probability. How did they get the timing so wrong?

[@monsternotgangster6984]

Every politician in Washington, according to CNBC, is against it. Approving it would be political suicide in the most important state in the election for democrats.😊

[@wettbdwe]

0% taxes in Dubai is not accurate but aside from that great podcast episode as always

[@tedtalksrock]

I feel like we already pay for these episodes by having to endure the tasteless jokes and cringe as his poor minion, Ed, is forced to laugh at them in *employment*.

[@sidharthpattabhiram]

Ed, u definitely need to go to Dubai! It's a great place for upper middle class and bordering rich also.

[@stephenharwood4345]

u gotta get that lift...

[@valetudo1569]

"US taxes will follow you all your life" in terms of where you live... I've heard this so many times, including from my finance professor in college. It only applies to those making over 100k USD... I live in China and I've filed every year and paid zero US taxes. I understand why Scott and others would say this though as they are high income earners

[@alanklipp9305]

The U.S. stopped making steel because we stopped using steel. What I read on line. Makes sense.

[@gingafinga]

Too carbon intensive, until Bill Gates sorts it out.

[@kkots]

Americans still have to report income to the IRS no matter where they live in the world. Expat income is taxed differently but it still happens. Unlike other citizens of other countries who generally get to keep what they earn outside their home country and do not owe taxes to home country.

[@Lawrence818]

That’s funny that we hit an AD at the 43: mark lol 😢

[@AEKerr]

Now that's definitely a solution concerning drinking advice from anyone..!!!🥳🎉🎊🍾

[@marcialabrahantes3369]

All countries should implement the lifetime citizenship tax policies as the US, so long as there's generous double taxation limits (I believe it's 120k if a US Citizen gets an European job). Your citizenship is basically rent, no way around it. Maybe then stateless-ness would be viewed more favorably.

[@briancase6180]

It is pretty amazing to hear how "everybody is fleeing San Francisco, it's s hell hole" and then slowly they move back. I've been here a while--40 years, and the city just keeps going. San Francisco has problems, for sure. The political situation needs improvement, and it will improve. And then San Francisco will have all the beauty and aesthetics along with a forward-thinking culture. Maga will want to vacation here, like the old days

[@adamthekiwione]

How come all the top money guys managed to move away from California and avoid the state tax, but the rank and file were all forced to pony up? (The expensive advice I've always gotten was there was no way to avoid CA RSU taxes)

[@spatty2589]

I plan on moving out of the states after retirement but keep a home base here. My kids are still in the US.

[@Masterdebater-q5c]

The people who moved from California to Florida is hilarious, I’ve seen so many of those rage families “things are unbearable here!” Moves to Florida “what the f**k??!!” People need to remember everything bad that happens to the US ALWAYS starts in Florida

[@blackscrum]

If you don’t love the prof’s humour, you can’t be helped 😂

[@slamslidestyle]

Hahahahahaha I fucking love this show. Need more check ins with Claire and the producer…especially Claire.

[@chhitijpahari1011]

She won't sleep with you

[@ACPeoples]

Inflection was going to zero. Thank you for the pushback, look at their usage numbers.

[@BodyByBenSLC]

43:00 I unsubscribed from "your mom's house" pod cast because I felt it was to ad heavy.

[@henrysamazingadventures6046]

Ed, your perception of Dubai is a little array. You dont need to be wealthy to have a good life in Dubai/middle east. Rather, be well educated, have specific skills in the corporate world or have a strong entreprenual spirit willing to make your mark/chance in UAE is about the sum of it. You can have a very good life and financially get ahead...AND dont fall into the glitzy, bling consumer lifestyle in the process!! 😊

[@hayestoph]

Using AI for your next deal estimate. Won't the your potential bidders do the same thing? Could be a quick negotiation.

[@matt-warren]

Prof G needs a beverage sponsor - lets chat Psychedelic Water.

[@bondi5000]

Let’s! Does it exist as a product anywhere?

[@VWGTO1]

The example of Bezos owing Washington for providing the environment for him to grow his wealth somewhat parallels my problem with NE public sector retirees taking their lucrative pensions to Florida.

[@nonexistent5030]

So you're telling me raising taxes on capital drives capital to other sovereign jurisdictions? Crazy. Makes it sound like competition exists even at the federal level.... nahhhh no wayyyy.

[@kevdaag2523]

Scott: we have aircraft carriers off their Coast to defend Japan. Me: Maybe that threat is a reason to keep steel production here at home? If there is xenophobia here, maybe it's xenophobia about China and not xenophobia about Japan. I guess I'm saying maybe it's similar to the chips act, which was basically a recognition that a critical industry is very much under direct threat of Chinese hegemony

[@JayDee28]

Is Dubai still tax-free? I thought they planned to introduce an income tax.

[@natalie8NB]

AI is a NATO scale business issue not Main or Wall St.

[@philopapos]

I don't think too many podcasts would survive moving behind a paywall. I listen to quite a few, some 30 hrs per month but for all of them together would not pay more than 20 €. And that's if they all were to become payable. If some good ones will be keot free, I will not pay a dime.

[@Ubun2_]

The descendants of the founders of US Steel should pump more money into that company. 💀

[@AV-fh8rd]

Boys - please - get the money.

[@dragoaus]

Did the just say that people are going to Dubai because they want human rights? Has he ever been in Dubai?

[@bvanderford]

There is no presumption of innocence. Nor do they cringe at some light torture.

[@SRQRay]

Miami it too hot for me (heatwise).

[@trinimusa4069]

A well to do European is complaining about the ability to move from one country to another freely. He is also upset that people who live in a country, pays rent, buys food, supports the local economy but earns their revenue outside of the UK doesn't pay taxes. I'm confused

[@Alex-v4h9z]

So allowing to talk on Twitter publicly is the same as illegal drugs trafficking?

[@kangamagic1206]

Why the hate for Maine? It's like if something isn't filled with money and scantily clad women and alcohol, Scott thinks that it's pedestrian and ugly. I don't understand how a professor can have such a lack of respect and desire for goods that don't directly satiate bodily desires.

[@pkal244]

When does he trash Maine? Not that I disagree but I'm curious what he says 😄

[@jorgecorsi3015]

This thing with MSFT basically is a old practice .. if you guys remember there's a Thae Simpsons episode where Bil Gates comes in and buy a Company only to destroy it

[@bvanderford]

How would you compare the experience of being a man versus being a woman in the Middle East?

[@brianmccullough4578]

Well that’s do the math, an ounce of coke is like $1250 for good shit. But like the more you buy, the more you save so it gets cheaper and cheaper by the gram, how big of a swimming pool are we talking about?

[@brianmccullough4578]

I know a guy, lmk

[@user-ls2dh5sm9u]

Does ed have his own podcast? This kid is great!

[@tyc00n]

did you use Pi? it would just call you "ist"s like ists I never even heard of before

[@MarcioSouza1]

All joking aside, Scott should run for president. His TED talk would crush as campaign message and resonate strongly with A LOT of people. I’d vote for him over Harris and Trump in a heartbeat.

[@pkal244]

The reason why the brightest and most successful people don't become world leaders is because it is a thankless job. Unless you're a complete narcissist it doesn't make sense to quit managing multi-million dollar companies and enjoying yacht life to have your family followed around by cameras and public scrutiny 24/7. At any point half the populace will hate you and something as simple as getting a coffee becomes an ordeal.

[@JaneDoe-rn4tm]

can we get an episode of Scott shitting on Trudeau and the absolute tragedy the Canadian economy and housing market is

[@talldave7799]

WHO is TRENT Kittle this dude is talking about?!!?!?

[@xuover]

1m08s Who are these others?!?!?

[@IV9000]

If the UK (esp. London) sees an outflow of millionaires, maybe the housing market will see less upward pressures on nicer houses that will then filter down to working families? Less foreigner millionaires competing for a limited number of housing units in nice areas? It might make it more affordable for British people.

[@Voltaire80]

Tech and tech bros are exactly like the GOP.: On the one hand, capable of making a mountain out of a molehill, while also and in the end, just empty noise and hyperbole. Why today Tech is such a huge donor and supporter of the GOP is a natural consequence we continue to feel its suprising. I mean... . Irony is wasted on the .....

[@thomas6502]

...says an ex-pat from London...? (so much kettle.)

[@stevemana1749]

In retirement we took a golden visa in S America, cost of living among the reasons. But we get so much more, culture, language, and affordable medical care. Also, We were in Miami South Beach recently, the summer days are swampy unbearably HOT and humid... love the place for visits and the culture rocks, but a full summer living in it, no thanks. Not to mention books being dangerous in FL😮. And of course, don't forget the hurricane season 😜

[@TrendyStone]

I think California will always swing back towards success...despite being terribly managed by one-party-rule. It just has too much going for it (best ports, best weather, VC culture, fantastic universities, scale, etc. etc.).

[@Mr.Eeeeeeeee]

@@TrendyStone California funds a lot of red states. It is one of the biggest economies in the world. Awesome place to live.

[@TrendyStone]

@@Mr.Eeeeeeeee Actually, on average, red states balance their budgets and the federal government bails out blue states so I’m not sure you’ll want go down that road. Fiscal responsibility isn’t a California strength.

[@TrendyStone]

@@AudiTTQuattro2003 Better party? 🤔 What’s the metric? Crime? Budget deficits? Homelessness? Potholes? Poor public transportation? Give me the metric and let’s chat.

[@Mr.Eeeeeeeee]

@@TrendyStone you are seriously confused

[@Mr.Eeeeeeeee]

@@TrendyStone absolutely no one wants to live in red states.

[@JaredFarrer]

It’s not millennial to go to a national park lmao. Some people just don’t go outside? It’s just not a good look on people especially those with kids!

[@JaredFarrer]

Our national park system is actually before ww2 Rosevelt helped initiate it. And is perfect model for other countries. They are timeless. So it’s not just a millennial thing. It’s all generations! Please don’t live In the basements and bathroom stalls of the world. Not quality info anymore

[@Mike-fb9mg]

Re - tax havens Ed, you dont get it, when you (and you will - I believe in you) have a massive tax bill, you will consider moving.

[@yamuiemata]

Why the hell 4k people pay 100$ for Sam Harris podcast🤦

[@ttbalog]

Ed likes to live in a free world but with a dictatorial mindset. Why can't countries compete for the rich?

[@DohertyT2319]

Bro talks about men’s problems (hires all women)

[@ShakthiDhasan-e8h]

Trump cuffed first, next musk

[@andrewhart6200]

Why don't you talk more about the entire "national security" issue with Nippon Steal or Microsoft....you hint at it but perhaps your partially perspective bypasses it accidentally...? On purpose...? ;) Politics and national security are two different things :) when Trump isn't around...

[@bojanpetkovsek4871]

First😂

[@gsmarin1]

I went to Florida once, it was flat, full of bugs, and tons of creepy Right Wing Assholes. So I'm thriving in San Francisco ,. so come to town this winter, we can surf in the morning, snowboard in the afternoon..