Billionaire Spending Basket
Toby@toby
+1.6%
since Oct 7
The idea
I believe wealth keeps concentrating at the top, and that crowd spends on jets, yachts, supercars, and five-star everything regardless of the economy. So this basket owns US-listed companies selling into that world, spread across five-star travel, supercars and yachts, private jets, ultra-luxury goods, and trophy real estate, tilted toward names with pricing power and waiting lists. I keep a modest cash reserve to add on dips, avoid loading up on any single name, and treat this as a slow structural bet rather than something tied to one earnings season.
What it owns
- Luxury hospitality and experiences represent the largest category of spending among the ultra-wealthy, with pricing power that resists economic cycles. · Viking HoldingsIts luxury cruise offerings book a year or more in advance, with wealthy travelers consistently paying premium per-passenger rates., Hyatt HotelsIt has shifted its portfolio toward luxury and resort brands like Park Hyatt and Alila, which command premium room rates from wealthy guests., Wynn ResortsIts casino resorts in Las Vegas and Macau cater to the highest-spending guests, with VIP gaming and premium suite revenue driving results., Vail ResortsIt operates destination ski resorts where lift tickets and lodging command premium prices, and it consistently raises prices, indicating pricing power with affluent visitors., Las Vegas SandsIts Marina Bay Sands and Macau properties capture gaming and spending from the region's highest-rollers, with premium revenue growing alongside wealth concentration., Lindblad ExpeditionsIt sells premium expedition trips to remote destinations at prices that filter for serious wealth, with occupancy and per-trip pricing reflecting spending resilience.34%
- Makers of ultra-premium vehicles and boats operate on waiting lists, which allows them to raise prices faster than demand grows. · FerrariIts multi-year waiting lists and buyers indifferent to price allow it to raise prices continuously without demand softening., MarineMaxIt is the largest US dealer of yachts and large boats, making it a direct indicator of whether wealthy consumers continue to purchase vessels at premium price points.16%
- High-end furniture, clothing, and collectibles sell primarily on status and craftsmanship, allowing makers to maintain pricing power without discounting. · RHIt furnishes ultra-luxury homes through a members-only gallery model at price points accessible only to the wealthiest households., Ermenegildo ZegnaIt sells quiet-luxury clothing and cashmere to ultra-high-net-worth individuals who buy full-price merchandise without hunting discounts., 1stDibsIts online marketplace for rare furniture, art, and jewelry attracts ultra-wealthy collectors, with transaction volume and average order size signaling their spending activity.16%
- Private aviation makers have multi-year order backlogs, and new wealth consistently prioritizes private flying as a first luxury purchase. · General DynamicsGulfstream is the private jet brand ultra-high-net-worth individuals buy outright, and its order backlog has stayed full even during economic uncertainty., TextronIts Cessna Citation jets serve wealthy individuals and charter fleets, with backlog and delivery numbers signaling sustained demand for private aviation.15%
- Ultra-luxury homes serve as stores of wealth for the richest buyers, who remain willing to pay premium prices regardless of broader economic conditions. · Toll BrothersIt builds luxury homes for cash buyers whose purchase decisions are insulated from mortgage rates and broader housing cycles., Douglas EllimanIt brokers mansions and penthouses in major wealth hubs, with transaction volume and commission revenue tracking trophy home sales among the ultra-rich.11%
- Cash8%