Matt DaCosta retweetledi
Matt DaCosta
3.5K posts

Matt DaCosta
@thBookOfMatthew
Member of Coinbase Institutional. Manage the firms largest VC relationships. Views my own.
San Diego, CA Katılım Şubat 2012
1.6K Takip Edilen602 Takipçiler
Matt DaCosta retweetledi
Matt DaCosta retweetledi

@rationalyankee This, to my great dismay, is very, very true.
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Hal Steinbrenner is never selling the Yankees. Hate to break it to everyone. It makes zero financial sense for him to do so.
George Steinbrenner paid $8.8M for the Yankees in 1973. The franchise is worth roughly $11B today.. That is one of the greatest capital appreciation trades in American financial history and Hal is doing everything in his power to never cash it in.
A sale today generates a $9.4B taxable gain and a $3.5B tax bill at blended federal and New York rates. Hal isn’t writing a $3.5B check to Uncle Sam. So he’s not selling. The Steinbrenner family will borrow against the franchise instead. Loan proceeds aren’t taxed as income income. The interest is deductible. The asset keeps compounding. You’ve unlocked liquidity from the appreciation without triggering a taxable event that would cost you $3.5B.
The Yankees did $705M in revenue last year and reported $7M in EBITDA. A business generating $705M and barely breaking even is not mismanaged. It is managed precisely. Every depreciation schedule, every interest payment, every deductible expense is sheltering income that would otherwise get taxed. The accounting losses are a feature.
Hal will pass the franchise to his kids at a stepped-up basis and they will run the exact same play.
Think of it this way: Hal is sitting on an asset worth $11B that he effectively inherited for free. If he sells, he hands $3.5B to the government. If he never sells, he borrows against it, lives off the proceeds, deducts the interest, and eventually passes it to his children at full value without anyone ever paying the tax.
The Yankees payroll debate is a distraction. Hal isn’t running a baseball team. He owns a generational wealth vehicle that just happens to play baseball.
Rob 🇺🇸 🗽🦮🐕🦺@rmny1976
@rationalyankee Hal need to sell, he’s make 10-12B
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@DearS_o_n Of all the things I was blessed with, having great parents is far and away the most impactful. My father was a great and principled man. I hope I get to see him again in the next one.
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Matt DaCosta retweetledi

Bitcoin ETFs are a critical bridge between crypto-native primitives and traditional finance, creating familiar on-ramps for global investors.
Coinbase Institutional has been named as a custodian for the @MorganStanley Bitcoin Trust, one of the first major U.S. investment banks to lean into crypto spot ETPs, highlighting our role as the premier partner for institutional asset safeguarding.
The future of institutional crypto is here. Let’s scale.

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Matt DaCosta retweetledi

I have a great deal of respect for the men that we compete against in the arena…We battled. They won. 👊🏻
Matt Norlander@MattNorlander
Really good moment: Dan Hurley and the entire UConn team waited for the Michigan players to come back after their immediate celebration to shake their heads and congratulate them on winning the national title.
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Matt DaCosta retweetledi
Matt DaCosta retweetledi
Matt DaCosta retweetledi
Matt DaCosta retweetledi

That obviously is not a complete overview of performance. Underperformance is a relative assessment all you gave were results. Here is some important context for you. These are all their seeds for those results.
A dufus would not understand relativity. Well I admit, I typically am one, you shouldn't throw stones if you live in a glass house....

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@thBookOfMatthew @Coach_Hickey5 Two great passes. Bray went to the spot. Both players processed info fast and made smart decisions. Strong fundamentals increase ones odds. They don't all go in. But that one did!

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Matt DaCosta retweetledi

@Djoko_UTD This is amazing.
Reminds me of the Maddux/Bonds video.
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Here’s the thing: if California had even somewhat competent leadership, every smart, high agency person in America would live here within 12 months.
Mitt@MittCPA
the california propaganda will continue
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