Two people discuss how wealthy investors often sabotage themselves: taking reckless positions, mixing personal assets with business, and exposing themselves to legal trouble. The real criminal risk isn't unpaid taxes but tax fraud or unfiled returns.
Where do you see big money people mess up in this game?
Try to get too aggressive with positions that they're taking. You buy things that are really personal assets and you put them in your business. You may be able to make the case to me, but could you make it to a judge?
What's worst case scenario though? They lose 100 million or 50 million, what happens?
The worst case is.
They go to jail.
You can go to jail for tax fraud. You can go to jail for not filing a tax return. You will not go to jail for not paying your taxes.
You guys understand that, right?
It's a big difference.
