The Covered Call Podcast Podcast
Jun 5, 2026 · 1 hr 44 min · 21 segments
Friends, Trader Ferg is back. When we first spoke with Ferg over a year ago, he laid out a series of ideas that sounded unconventional at the time: Energy shortages were being underestimated…
Trader FergGuestJasonHostLovisHostSo anyway.
Yeah.
Ferg, another thing I thought you'd be interested in, right? Like, so I would actually like to stay here longer and I, um-
...
I did some research on what it would be like to, to get a, a visa here, start a consulting firm, right?
And then get the visa that way.
And then I looked a bit, a little bit at their tax rules.
And you know, it's crazy, or maybe you tell me if it's crazy or not, but if anyth- any profits for a small enterprise, right? That means anything that's less than 3 million RMB a year is taxed at 5%, right? Which to me it's like s- it's super good.
You know? And then on top of that, whatever's above 3 million, I think then you're at a 20% rate.
And when I look at Singapore, I think they're super competitive globally, right? And they're at 16 or 17, I wanna say.
And um, and then when you think about how cheap everything is, so when I take a train to go to the other side of the, you know, like a 15-minute train ride, a, a, a metro train ride, it's two RMB, right? So things are so-
... cheap that you don't think about the price, you just think about what's more convenient.
So people take the train or the taxi depending on which one's faster, because that same taxi would cost you 10 RMB, which is five times more, but it's still just $1.50 for a 15-minute ride, right?
Well, I, I remember Louis Gave saying, I, I think it was him that said it, was, um, like it's almost a, a rule of thumb for how good a society's doing is the quality of people you see riding, like, the trains.
And it, there's lots of pictures in China of like the, the CEO of BYD being spotted on the train on the way to work.
Like it's, um, ties into what you're saying in that it's efficient, it's cheap, it's safe.
Compare that to like some of the videos coming out of like the New York subway or something.
So yeah, I highly recommend you just come and see it because it's not-- I think it's, you know, it's enjoyable and it's, uh, interesting, but also you come here and then you realize a little bit about how the world's actually working.
So anyway.
Yeah.
Ferg, another thing I thought you'd be interested in, right? Like, so I would actually like to stay here longer and I, um-
...
I did some research on what it would be like to, to get a, a visa here, start a consulting firm, right?
And then get the visa that way.
And then I looked a bit, a little bit at their tax rules.
And you know, it's crazy, or maybe you tell me if it's crazy or not, but if anyth- any profits for a small enterprise, right? That means anything that's less than 3 million RMB a year is taxed at 5%, right? Which to me it's like s- it's super good.
You know? And then on top of that, whatever's above 3 million, I think then you're at a 20% rate.
And when I look at Singapore, I think they're super competitive globally, right? And they're at 16 or 17, I wanna say.
And um, and then when you think about how cheap everything is, so when I take a train to go to the other side of the, you know, like a 15-minute train ride, a, a, a metro train ride, it's two RMB, right? So things are so-
... cheap that you don't think about the price, you just think about what's more convenient.
So people take the train or the taxi depending on which one's faster, because that same taxi would cost you 10 RMB, which is five times more, but it's still just $1.50 for a 15-minute ride, right?
Well, I, I remember Louis Gave saying, I, I think it was him that said it, was, um, like it's almost a, a rule of thumb for how good a society's doing is the quality of people you see riding, like, the trains.
And it, there's lots of pictures in China of like the, the CEO of BYD being spotted on the train on the way to work.
Like it's, um, ties into what you're saying in that it's efficient, it's cheap, it's safe.
Compare that to like some of the videos coming out of like the New York subway or something.
So yeah, I highly recommend you just come and see it because it's not-- I think it's, you know, it's enjoyable and it's, uh, interesting, but also you come here and then you realize a little bit about how the world's actually working.
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