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  • How Holding Companies Use Net Operating Losses as Strategic Assets

    How Holding Companies Use Net Operating Losses as Strategic Assets
    2026/06/06
    Episode 34 dives into how holding companies like Berkshire Hathaway and Liberty Mutual use net operating losses (NOLs) to offset future taxable income, creating a hidden asset on the balance sheet. Lucas and Luna explain the mechanics of NOL carryforwards, how they can be monetized via acquisitions or tax planning, and the risks of ownership changes under Section 382. They discuss real examples where NOLs influenced M&A decisions and how portfolio companies can benefit from a parent's NOL shield. A must-listen for anyone interested in corporate tax strategy and capital allocation. #HoldingCompanies #NetOperatingLosses #TaxStrategy #NOLCarryforward #BerkshireHathaway #LibertyMutual #Section382 #CorporateTax #MergersAndAcquisitions #CapitalAllocation #BusinessStrategy #FexingoBusiness #BusinessPodcast #TaxPlanning #FinancialStrategy #PortfolioCompanies #SubsidiaryManagement #DeferredTaxAsset Keep every episode free: buymeacoffee.com/fexingo
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    11 分
  • How Holding Companies Use Treasury Stock to Manage Valuation

    How Holding Companies Use Treasury Stock to Manage Valuation
    2026/06/05
    Episode 33 of The Holding Company with Fexingo dives into treasury stock—the shares a holding company repurchases but does not cancel. Lucas and Luna examine how Berkshire Hathaway has accumulated over $140 billion in treasury stock since 2020, and why that matters for book value per share and earnings per share. They compare Berkshire's approach to Alphabet's $70 billion buyback program, where Alphabet retires shares, and discuss the strategic trade-offs: treasury stock gives a holding company a reservoir of shares for acquisitions, employee compensation, or future reissuance at higher prices. The episode also covers the accounting mechanics—why treasury stock reduces shareholders' equity on the balance sheet—and the tax implications for investors. Listeners learn why Warren Buffett treats treasury stock as a capital allocation tool, not just a way to boost EPS, and why holding companies in Japan and Europe use treasury stock differently from their US counterparts. A concrete case: how Berkshire used treasury stock to fund the Alleghany acquisition without issuing new common shares. #TreasuryStock #BerkshireHathaway #ShareBuybacks #CapitalAllocation #WarrenBuffett #Alphabet #ShareholdersEquity #BookValuePerShare #EarningsPerShare #AlleghanyAcquisition #HoldingCompany #CorporateFinance #BalanceSheet #TaxStrategy #JapaneseHoldingCompanies #EuropeanHoldingCompanies #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • How Holding Companies Use Employee Ownership to Retain Talent

    How Holding Companies Use Employee Ownership to Retain Talent
    2026/06/05
    In this episode of The Holding Company with Fexingo, Lucas and Luna explore how multi-business owners use employee stock ownership plans (ESOPs) as a retention and culture tool. They dive into the case of Publix Super Markets, an employee-owned company with over 250,000 associates and a market cap exceeding $50 billion, examining how ownership stakes create alignment and reduce turnover. The hosts also discuss the structural challenges — including valuation complexity and liquidity constraints — and compare ESOPs to phantom stock and direct equity grants. Finally, they touch on how listener support via buy me a coffee dot com slash fexingo keeps the show ad-free and independent. #HoldingCompany #ESOP #EmployeeOwnership #Publix #RetentionStrategy #CultureBuilding #PrivateCompany #BusinessPodcast #FexingoBusiness #CapitalAllocation #OwnershipStructure #TalentManagement #LongTermIncentives #PhantomStock #LiquidityEvent #BusinessStrategy #MultiBusinessOwner #ValueCreation Keep every episode free: buymeacoffee.com/fexingo
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    10 分
  • How Holding Companies Use Cryptocurrency as a Strategic Asset

    How Holding Companies Use Cryptocurrency as a Strategic Asset
    2026/06/04
    Episode 31 of The Holding Company digs into a surprising trend: a handful of diversified holding companies are allocating balance sheet cash to cryptocurrency, not as a speculative bet but as a strategic treasury reserve. Lucas breaks down how MicroStrategy rewrote the playbook under Michael Saylor, converting a legacy software firm into a bitcoin-backed holding company. Luna questions whether this model works for multi-business operators who need liquidity for acquisitions and operating expenses. The hosts explore the mechanics — how bitcoin-backed loans work, why some holding company CEOs see crypto as a hedge against fiat debasement, and the regulatory risks that keep most diversified operators on the sidelines. Specific examples include MicroStrategy's debt-to-bitcoin conversion, the tax implications of using crypto as acquisition currency, and the early warning signs from 2022's crypto winter that reshaped boardroom attitudes. A grounded, no-hype look at digital assets inside a real holding company structure. #HoldingCompanies #CryptoAsTreasury #MicroStrategy #MichaelSaylor #Bitcoin #CorporateFinance #BalanceSheetStrategy #DigitalAssets #PortfolioCompanies #TreasuryManagement #DiversifiedOperators #Business #Finance #CryptoWinter #BitcoinBackedLoans #FexingoBusiness #BusinessPodcast #TheHoldingCompany Keep every episode free: buymeacoffee.com/fexingo
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    8 分
  • How Holding Companies Use IPO Spinoffs to Unlock Value

    How Holding Companies Use IPO Spinoffs to Unlock Value
    2026/06/04
    Episode 30 of The Holding Company with Fexingo explores the strategic use of IPO spinoffs by multi-business operators. Lucas and Luna break down the mechanics using a concrete example: when General Electric spun off GE HealthCare in early 2023, the parent company unlocked roughly $30 billion in market value that had been hidden inside a conglomerate discount. They compare GE's approach to less successful spinoffs like Kraft Heinz's attempt to spin its global snacking business in 2025. The hosts walk through the key metrics—how the stub value of the parent often rises, how subsidiaries gain better capital access, and why the market tends to reward pure-play companies with higher multiples. They also discuss risks: loss of synergies, stranded costs, and timing the market. This episode gives listeners a clear framework for evaluating whether a spinoff is likely to create or destroy value. #HoldingCompany #IPOSpinoff #ConglomerateDiscount #GeneralElectric #GEHealthCare #KraftHeinz #SpinoffStrategy #ValueUnlock #CapitalMarkets #PurePlay #StubValue #SynergyLoss #IPO #CorporateRestructuring #PortfolioCompany #FexingoBusiness #BusinessPodcast #MultiBusinessOwner Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • How Holding Companies Use Tax Strategies to Create Value

    How Holding Companies Use Tax Strategies to Create Value
    2026/06/03
    Lucas and Luna explore how holding companies use tax strategies to create value for shareholders. They focus on Berkshire Hathaway's 2013 sale of Marmon's water treatment subsidiary and the tax-efficient structuring of that deal. Lucas explains how holding companies use tax basis step-ups, like-kind exchanges, and the corporate structure's flexibility to minimize taxes on asset sales and reinvestments, contrasting with the tax burden faced by private equity's carried interest model. They discuss the importance of long-term capital gains rates, the role of state taxes in subsidiary domicile decisions, and how tax strategy shapes acquisition financing. The episode closes on whether tax advantages for holding companies are a feature or a loophole. #HoldingCompanies #TaxStrategy #BerkshireHathaway #Marmon #LucasAndLuna #Business #Finance #BusinessPodcast #FexingoBusiness #TaxOptimization #CapitalGains #LikeKindExchange #TaxBasis #CorporateStructure #ShareholderValue #AcquisitionFinancing #StateTaxes #CarriedInterest Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • How Holding Companies Use Stock as Acquisition Currency

    How Holding Companies Use Stock as Acquisition Currency
    2026/06/03
    Lucas and Luna explore how holding companies like Berkshire Hathaway and Constellation Software use their own shares as acquisition currency instead of cash. They break down the accounting mechanics, the strategic rationale, and the risks—including dilution and market timing. Specific examples include Berkshire's 2021 purchase of Alleghany Corporation and Constellation's 2024 acquisition of GL Trade. The hosts discuss how a high P/E ratio makes stock more valuable in deals, and why some holding companies prefer cash to avoid sending the wrong signal. #HoldingCompany #StockAcquisition #BerkshireHathaway #ConstellationSoftware #AlleghanyCorporation #GLTrade #MergersAndAcquisitions #CapitalAllocation #Dilution #PriceToEarnings #BusinessStrategy #Business #Finance #FexingoBusiness #BusinessPodcast #AcquisitionCurrency #WarrenBuffett #MarkLeonard Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • How Holding Companies Manage ESG Across Subsidiaries

    How Holding Companies Manage ESG Across Subsidiaries
    2026/06/02
    How do multi-business owners handle environmental, social, and governance issues when each subsidiary faces different demands? Lucas and Luna explore the trade-offs of centralized ESG mandates versus subsidiary-level autonomy. They use the example of a hypothetical holding company with three subsidiaries: a heavy manufacturer, a software firm, and a consumer brand. The central tension: when the holding company sets a single carbon target, the manufacturer struggles while the software firm excels — creating internal friction. They discuss how Berkshire Hathaway, Danaher, and others navigate these waters, and why a 'one-size-fits-all' ESG policy often backfires. Concrete insights for operators and investors alike. #ESG #HoldingCompanies #SubsidiaryManagement #CorporateGovernance #Sustainability #BerkshireHathaway #Danaher #CarbonTargets #Decentralization #Greenwashing #Materiality #BusinessStrategy #PortfolioManagement #Regulation #InvestorRelations #Business #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    10 分