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all right everybody welcome back to the number one podcast in the world the all in podcast and uh you can subscribe to
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us on YouTube Apple podcast yada yada you know the drill we're going to go to Miami for an epic F1 weekend all in
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podcast live on stage Saturday May 3rd couple special guests go to allin.com events to buy a ticket and we're really
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excited today because For the First Time In All in history we have a comedian we
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have somebody ented on the program ain't that the trth real comedian someone that knows
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how to make good jokes all right true Andrew I feel like that was a dick to me but okay Andrew Schultz is here how we
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do boys thank you for having me Schultz pleasure you just you go a you're on a heater right now you took time to come
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on the all-in Pod thank you for doing that of course your Netflix special yes is crushing it top 10 around the world
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it's called life l i pretty cool it's about your low sperm tell us yeah I I am the face of
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sperm so which that's kind of like crazy because you've got a mustache of a 70s porn star how is I think I'm
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overcompensating you know I think I got to trick people with the stash but in reality yeah yeah the balls you're
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firing blanks dude just pure it's bad yeah it's h this special is so good this special thank you for watching man I
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appreciate it we all watched it we it's hilarious and um you got three old guys here who also have had to deal with some
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of these issues we've all had you guys have IVF you guys do IVF for the babies chamat do you want to be honest here or
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you are you on natural did you hit the three from hefc Court logo shot what happened my first four kids were natural
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my fifth was IVF okay yeah I don't think we're surprised there's like two billion
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of you guys you know it it's it's easy to get the job done bro you know there was a there was a period there was a
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period after the Facebook IPO I swear to God I would look at chicks on Instagram
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and get him pregnant it was really it was brutal are they coming to collect hope not how many settlements you got
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your how many ndas uh all right freeberg like yeah we're off to a hot start here
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freeberg you look like you have a low sperm count but you have a fourth kit on the way but uh apparently what's the
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story are you own natural this is for the first time ever nobody knew this breaking news freeberg own natural with
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your 3.5 babies 100% 100% wow a vegan who's shooting with a sniper rifle I love I don't
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believe it I don't believe it I'll find you guys a great study about veganism and libido is that right yeah very
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impressive what does it do reduce the woman's exactly exactly oh my God I know a place with
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the best roast cauliflower let your winners ride Rainman David and inste we open sourc it to the
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fans and they've just gone crazy with [Music] iten by the way can I just tell you how
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much I hate cauliflower everywhere I go that is the dish I had it for dinner last night main course yeah it's the
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main course La except it's disgusting there's two things they offer you portabello
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mushroom and roasted cauliflower that's what Sean does every time you show up at
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the house are you are you a impossible meat guy no I don't like that stuff it's gross not for me okay okay yeah by the
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way want to hear a quick science corner so you know how we talked about yamanaka
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factors there's a roaring yes wow he's like yeah I don't care Andy this is anyway sure let me let me let me
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hit this real quick because I know we're never goingon to get to it because you guys just [ __ ] around talking about
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politics science talk Shel usit us you know how you can use yanaka factors we talked about these to
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basically turn a cell into a stem cell right of course what goes on the lab Andrew you're familiar with the yamanaka
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everybody knows about the yamanaka factors you've been all over it for a while dude I've seen squid game yeah
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absolutely now there's you think I don't know about the yamanaka factor come we're not gonna get I can tell you we're
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not yamanaka Factor everybody knows you didn't visit the yamanaka factory when you were in Koto I went to the yamanaka
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factory and I swear to God I guy showed up 15 minutes late and he stabbed himself in the stomach right there right
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there he killed himself right there yeah it's called s exactly s Soko in under a
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minute okay never mind we'll come back to theal so the interesting work going on
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right now is you basically can take any cell from a person's body turn it into a
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stem cell and then turn that stem cell ultimately into an egg cell so you no longer need to go Harvest eggs and so
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you don't need to actually go get the eggs from the woman you can make eggs from skin cells for example so in the
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next couple of years there's you know there's a few little technical breakthroughs that are happening right
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now that will enable this where F fertility clinics may end up just taking a little bit of your skin cell creating
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stem cells creating egg cells and that's how we're going to end up doing IVF in the future at any age so you can make
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eggs at any age and you can ultimately produce Offspring at any age you don't need to actually have active healthy
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eggs and this you like that one right fantastic because this is a work around for the people that are trying to uh ban
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IVF because of the abortion protocol they're Bas because they basically light Bel uh begins a conception is part of
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their belief right but and the idea you could take one egg cell you could take one SP make a fered egg yeah but those
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people don't know but like what you do with IVF is you try to harvest as many as you possibly can because not all of
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them are viable and it's a pretty brutal process for the woman to go through but
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if you could just grab something from the skin you'd have almost unlimited when a woman is born she has all her
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eggs in her body and as she ages those eggs get depleted and eventually she doesn't have very good viable eggs left
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over so this gets around that problem of not having viable eggs we can be very selective about the eggs and so there's
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a future here in the next couple of years where fertility becomes a simpler hopefully easier and more widely
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available service than it is today where it's really challenging technically and
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you've got to go do something that's invasive and you know you've got to hope that there's good healthy eggs and
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there's a good number of eggs and so on and so forth so really interesting awesome this is awesome SCH did they sit
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you down and give you like the embryos that that were viable in the grades and the gender and you pick one and what did
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you pick we just pick the best so this is a lot of pressure on that first one like all the other kids afterwards I
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feel like don't have as much yeah come out of the gate strong have a good first quarter and then whatever 100% it's all
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good so I gotta ask you wait you didn't say if you had I was about to I'm about to put it out there I didn't have IVF
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okay but the first time we had the first kid wife says hey we're ovul I'm ovulating I said put me in the game boom
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first shot half court logo pregnant wow bang then she says I want to wait before
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I have the next one you know it's a little traumatic to have a kid and she waits six years then we try for a year
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nothing for one year so now I'm like man we waited too long it's a lot of pressure you you talk about this in the
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special it's like for women this is anxiety producing so she's like you you got to go get checked out and this is
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when the most humiliating day of my life occurred I don't know Andy what what it
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was like when you went but uh they found all these grifters can they can they identify grifters through the microscope
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no no no I walk in and the thing opens and there's three women at the counter at at the reception and they're like hey
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Jason calacanis you're here to give a you know to and I'm like yeah I am and then they walk you to a room oh
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that's the spookiest thing yeah yeah they walk you to a room and then they open it up and it's like some nightmare
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scenario where there's a Motel Eight room and there's a couch that's about three feet three feet wide and there's a
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towel on it and there's a towel on it and that sofa is not cloth for a reason no it needs to be cleanable it needs
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to fact looks very much like the hotel you're in shelsea I don't know what's going on with the Netflix budget why
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think maybe they could put you in the Four Seasons or the peninsula it's so brutal so you did this right you had go
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the grainy television with the porn it's like oh you're lucky you got the TV I had I went to the phone I went to the
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phone I I had no nothing I didn't even have have any service in there which was like another thing that was it was
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annoying so what did you do you roll itex it no spank bank you have to go that's what I'm talking about the
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Rolodex you roll through all the memories think about the memories man of my wife and only my wife nobody else
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that's was all those great moments with your wife all those great moments maybe there was accidentally one or two that
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got left in from when you were on the road it's possible some like absolute would jump into the dreams that I had
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with my wife that might be possible I would never want them to be there but obviously now it's the director's C
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there's nothing I could do but yeah it's it is also funny how like we dramatize our experience we got the easiest thing
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to do in the whole thing we just got to go into a room and jerk off as if that's
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hard for us but we're like the room is destitute and brutalist and the the furniture was
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uncomfortable you speaking of jerk offs uh yeah speaking of jerk offs Kavin new's got a podcast
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this is uh so I think that this is like this is a great idea despite what you think about his politics is he a plastic
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bag in the wind yes but it is a great demonstration of like how Americans admire bravery or courage and we don't
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like [ __ ] and I think that's what the Democrats kind of displayed in the last I don't want to get too political about
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this like no right your opinion one man's opin it's more just like I I respond just culturally I don't give a
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about the tribalism and politics but I'll just be honest with you so having him have like Charlie Kirk right there
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who's like a professional arguer that he is whatever you know how like some people are like autistic for dinosaurs
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he's that for arguing right and to like sit across from him to even address The French
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Laundry I was like okay this is actually the right thing thing to do so as as as
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easy as it is for us to sit here and go okay this guy want just wants to be president like this is a dumb thing like
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blah blah blah it's actually what the Democrats should be doing so I think we need to
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reward I think we need to reward this Behavior we want more conversation we want conversation with people especially
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that like you may disagree with and like the second podcast he put out I thought
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was the most impactful there was one piece that was incredibly impactful he's talking to some guy I don't know who he
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was some guy grew up in like San Francisco he's like you know he was talking about the
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taxes and like he's paying all this money in taxes in California and what does he get from it and then Newsome
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said that like yeah rich people are going to pay more but your actual like functional tax rate if you're middle
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class would be more if you lived in Florida because of the other stuff you get taxed
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on this is the type of information that like you guys might be privy to but the average person doesn't they hop on an
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inter like being human and addressing real issues instead of like culture War issues and just talking like I think
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he's going culture War like that's culture War but he's actually putting out valuable information that defends
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the positions he may have taken in government that the average person doesn't really know like the average
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person like me just goes all right I'm in New York I'm getting clipped at 50% and 5% city tax like I'm getting crushed
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but if I lived in Florida or Texas I'd save 133% and it be a complete wash when there might be someone making 50 Grand a
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year and they move from California to Texas and they lose money and they don't know that because they're just listening
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to Rich guys on podcast talk about how much money they save when they move to Texas well you don't have to take a shot
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at us but yeah okay A little personal I moved to Texas this year it's more of a shot at me and freeberg but go okay uh
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Cham your thoughts on Gavin's new podcast what do you think you you know you were there was famously a little um
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dip of the toe where somebody made a a a podcast I'm sorry a landing page that you were going to run for governor we we
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had a little fun with that what do you think of Gavin what do you think of his podcast I think he's an excellent
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politician it's clear he's starting the 2028 campaign okay I think he's done a really good job so far I think Schulz is
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right he is unwinding all of the kind of like landmines that the Democrats have stepped on I think he's
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learned what Kamala did wrong and now he's taking this very narrow path which is like I'm going to basically disavow
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all the stuff that people don't care about so all the gender woke ideology stuff I don't think you're going to hear
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him talk about he'll try to drive a narrow wedge on these economic issues so I don't know I mean I think it's going
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to create a really Dynamic 2028 campaign if he gets momentum by the way his popularity has gone up which is insane
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which after the fires and all of the ineptitude in California all of the corporations that have run away all of
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the people that have left the chaos in San Francisco after all of that he started a
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podcast and his popularity's gone up it's really incredible coming around the horn freeberg what do you think of Gavin
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Nome look I think the podcast was brilliant I think when I watched it I was hooked because there were two things
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that I think were critical in how he runs it firstly is he is showing the first time I think that I
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have ever seen a Democrat do or a republican in modern politics active listening to the other side it seems so
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crazy that this is some sort of special event and special concept but this active listening moment where you see a
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politician it totally breaks down the Walls where you immediately feel on guard or on offense against that person
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because if someone's actively listening to you you actually feel like you're on the same side somehow and you're trying
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to come to a conclusion together and so what that does is it invites the person on the other side in this case the
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audience The Listener to be with Gavin part of the kind of coming together the second thing I think he did that's
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really brilliant is so much of the modern political by modalism where you're in one camp or the other means
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that everything is a one or a zero you know Andrew talked about this we're all generally I think none of us would
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consider ourselves political party Affiliates we are all generally people that like to to think for ourselves on a
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topic or an issue and we don't care about what party is associated but the way modern politics has evolved is you
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don't debate the topics you debate the one or the zero because of what the party says my party says this is the
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position therefore I'm a one and you're a zero and the other side says I'm the one you're the zero meaning everything
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has to be binary I'm completely right you're completely wrong and I think what Gavin has done is he's shown that these
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are not ones and zeros they're 8020 or 6040 or 5545 and he's willing to acknowledge
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that he's showing that you know what we might be only 45% right and on so many topics the Democratic party has ended up
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slightly wrong they're 4555 it's not that they're a zero or a one they're slightly off on taxes
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they're slightly off on social issues and they're off just enough that they lost the election they're off just
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enough that they lost tax breast tax Andrew 2028 Trump's running for his third term versus Gavin Newsome who do
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you vote for I mean we gotta run it back for a third term for Trump doubt course
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uh no obviously I believe the it wasn't a third term Gavin versus Trump who would you go I it's it's I mean I gota
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see what his like policies are and I gota see where America is I think that like the big misunderstanding with this
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last election is that at least the Democrats who are still trying to like vilify these figures on the right what
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they don't understand is they think that this was like some populist election where like people just fell in love with
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Trump and they just loved it for so much they would just do whatever he says what
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I think is harder for them to Grapple with is the self-reflection of a rejectionist vote
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so I think people rejected the Democratic proposal 100% And they went with what the other alternative was
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which was Trump and exact correct that's a way tougher pill to swallow you have to look back at everything you've done
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and go wow we're off we're not listening to the people this guy listens to the people I mean it seems like I'm fluffing
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Trump here but like I would say that his greatest skill is listening to what people say and I think a lot of times
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there's this IV league pretentiousness in the Democratic party where it's like we know it's better for you yeah and I
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know you say you want these things you don't really want that let us we we we've studied and we've talked about it
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in our little thought experiments in class so we know what you need what you just shut up condescending
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it's condescending exactly so I think that like when people go ah the food is giving me cancer and then he appoints
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the guy who says the food is bad to run the food the American people go well that kind of seems like a good thing I I
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like that you know it it is like an acute understanding and listening to what people are saying and sometimes to
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his disadvantage like he came out against that um they were putting some like tax on people who drive into
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Manhattan or whatever like yeah congestion pricing and ini pricing initially people really rejected it
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right and then uh so he was like we're getting rid of congestion pricing and like two weeks after they put that
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congestion pricing thing everybody I knew with a car was like this is the greatest thing the city has yeah you can
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actually move right you can take a taxi and it's faster than government overreach is good
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bureaucracy nice like yeah you want a car stay in the Burrows exactly so it's you don't get a car in Manhattan explain
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this to people it's a little bit egregious I mean you and I do Jason but Body El have it exactly Our Lives should
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be different you know what I mean absolutely absolutely but mean what's the point of us having nice cars if we
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can't drive them whenever we want yes yes and you know we grew up at a time on the lower e side uh you know you could
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go to Tribeca we could go to Club Limelight you could park outside the Limelight at night you could go to
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Palladium you could park on 14th Street I park right on 14th Street okay I go used to be a church right and then you
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know I sniff pop ecstasy you do a little whatever the morning listen you goofballs between
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your stupid mustache and your OIC turkey neck I am totally turkey go to something useful
00:19:09
are we GNA let Chamas sit there in MacGyver's funeral outfit tell us that we're goofballs this guy's wearing a
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vest with a collar he looks like he's going to a Punjabi wake I can't believe that he would even talk about the way
00:19:24
that you're dressed and how you look this is custom Laura piano boys this is Laur really what does it look like you
00:19:30
got it at Zara all right listen um but more importantly let's stay on track yes yes we got to stay on track can I tell
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you guys something about uh tariffs from a Layman yes please like you guys are cutely aware of maybe how these things
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affect markets and yada yada yada and most people don't have any [ __ ] clue so the the the average person right I
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look at this and I'm like man it kind of sucks that you got to like negotiate your like your bid for a car you're
00:19:58
going to buy publicly right so this is my assumption and maybe I'm like a little bit more optimistic than most
00:20:04
about the administration but if I go to buy a car and the car is let's said 100K
00:20:09
and I go offer the guy 80 right I don't want everybody around me yelling out like how can you insult him
00:20:17
by offering him 80 this is an insult and then I I can't go to them and I go I'm actually trying to settle it 90 I'm just
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saying 80 so he comes down a little bit but the unfortunate thing when you litigate these things in front of the
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entire world is that they look at that first measure there 200% taxes and Trump can't bulk at it he can't go yo I'm just
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[ __ ] I'm just playing around with that number I actually just getting them to come down 20% or 10 getting to come
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down anything is a win he can't say that because he loses all his leverage so he's got to sit here and then get
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criticized by I don't know if it's half the country I don't know you know who really ends up caring about what these
00:20:50
tariffs do obviously they're repercussions in the market I got a buddy of mine building a hotel out in
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Joshua Tree and he's like I don't even know if I can get brought into the country from Canada so it does affect
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people in real time but it's impossible to do these negotiations with any leverage if you have the people within
00:21:05
your own country questioning your ability to negotiate in real time that is what the Layman would think well I do
00:21:12
think you're right in the sense that in the early days when Trump was talking about tariffs initially everyone was
00:21:18
like oh my God he's going to use tariffs he's unpredictable and then the narrative became he's using it as a
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negotiating tactic the problem is just like in poker once everyone knows that there's this kind of action it's
00:21:31
exploitable and so this is now kind of an exploitable mode of negotiation where everyone now assumes he's just trying to
00:21:37
negotiate so no one actually takes him seriously the question now is the response going to be that he's going to
00:21:42
be serious about it or is he actually exploitable and you saw what China's response was I kind of view China as
00:21:48
like AI like stuff goes into China the AI processes it and it comes back out China is like obviously the way they're
00:21:55
kind of structured you have very little psychosocial bias like you do with other
00:21:59
democratic governments it's very systematic it's systematically processed every piece of data is systematically
00:22:05
processed every action is systematically processed and so I think when you look at how the Chinese Ambassador responded
00:22:10
to Trump on Twitter a few weeks ago where they're like you want war we'll give you War this is a hot war or a cold
00:22:15
war whatever you want we've never seen that from an ambassador to the United States president before done on Twitter
00:22:21
like this let alone the Chinese Ambassador so I think it says a lot about how the Chinese AI is processing
00:22:28
the Trump negotiating tactic or the Trump positioning statements on tariffs which indicates that there may be now I
00:22:34
mean we can talk about what game theory optimal play might be in this kind of poker game What's going to come next but
00:22:39
there's a a real assessment that they've made on how far he is willing to take it
00:22:43
they've got a conclusive statement and they believe that this is the fastest way to kind of win their negotiating
00:22:47
position but it says a lot about where this is all going everyone now understands or views this as an
00:22:52
exploitable moment which unfortunately means that tariffs may not work or they're actually going to have to stick
00:22:57
which can be really yeah it could be painful could be painful for every your thoughts on the
00:23:03
to and Andrew's position what is the I think it's it's like 120 some odd years Nick maybe you can find this tweet that
00:23:10
I had but almost the majority of years as a nation or close to a majority of the years as a
00:23:18
nation we had no income tax and the way that we would fund the programs that we needed was not from insiders but from
00:23:28
Outsiders and that's where the Tariff was born right it's people domestically in America don't pay any taxes on the
00:23:35
things that they do and instead if you'd like to sell into the United States you
00:23:39
pay a reasonable tax so this is the so how many years so it's 126 years from 1776 to
00:23:46
1861 then we paused it for a few years because of the Civil War we restarted again in
00:23:51
1872 and you notice when it stopped when it stopped was right around World War I
00:23:56
where this entire War Machine broke out and and we've never looked back so I don't know I think that one way to think
00:24:03
about this is we're probably going to go back and Explore isn't it better if we have this
00:24:11
incredibly vibrant and rich country of 330 million people with a ton of purchasing power what happens if we put
00:24:18
the burden not on them to fund the American infrastructure and social programs and safety net but if we put
00:24:25
the burden on all the companies in the other seven .7 billion people in the world in the 185 plus countries that
00:24:33
want access to these folks should there be exceptions probably should there be waivers in very specific and narrow
00:24:40
cases absolutely but I think that that's where these guys are going and I think that
00:24:46
you heard this by the way yesterday from Howard lutnick I don't know if you guys
00:24:49
saw this but he said the Trump tax plan is going to cut federal income taxes to zero for anybody making 150k or less saw
00:24:57
that it's crazy what would the vulnerability in that be like putting the burden on
00:25:04
all of these expenses that we would incur on other countries what would that vulnerability for us be there are two
00:25:12
the first we keep the expenses that's that's the key if we keep the tars if we charge them to come into the market we
00:25:19
charge them an extra 25% but it's we we talked about this last week if you cut the budget then it's it can be net
00:25:24
neutral that's part of what they said got it but he's saying what is the Strategic vulnerability I think the
00:25:29
Strategic vulnerability is too the the thing with tariffs is and you're pointing out this let's just say today
00:25:36
you say there's a tariff and then tomorrow you say oh we've found an agreement and we're going to take it off
00:25:40
the table one piece of logic would say wow that's great we're able to change our mind on a dime the problem for
00:25:47
countries and companies is that they can't think in 24-hour blocks of time right they're making decisions in five
00:25:55
and 10 year blocks of time it's like I'm going to go and borrow a billion I'm going to go and build a data center
00:26:00
I'm going to borrow 10 billion I'm going to build tanks once you start that you can't just stop it and then restart it
00:26:08
so that's one strategic problem which is that if you are not careful some of these markets that are really crucial
00:26:15
I'll give you one which we talked about last week right now 95% of all of the energy we generate in America is from
00:26:22
Renewables whether you like it or not that's just what it is the reason why that's possible is
00:26:28
because America has a very sophisticated Market where all these people come from
00:26:34
all corners of the world insurance companies life insurance companies Banks and they fund all of it and the reason
00:26:41
is they can take a tax credit they can lower their effective tax rate they get a higher rate of return it's all super
00:26:46
complicated but the point is these incentives exist if all of a sudden you play around with that market half
00:26:55
that energy would go away electricity prices would rise inflation goes up and then if we have to go and compete
00:27:02
against China for AI and a bunch of other stuff where is the energy going to come from you're going to Brown out
00:27:07
people you're going to just turn their energy off so that you can fund a data center so that the Tik Tock algorithm is
00:27:12
better that's literally what we would have to decide so that's that's one way and then the second way is if you're
00:27:19
providing a critical service or a good to American people for which there is no alternative that becom really
00:27:28
problematic because that person can then pull that product and say I can't afford
00:27:32
to make it the obvious example is if you make pharmaceutical drugs for rare diseases what do you do and again those
00:27:39
are all things that are like multi- deade long decisions yeah you'd love to make them and unchange them at every 24
00:27:47
hours but it's just not possible because like you just make these decisions and you're stuck with them for a long time
00:27:52
that's where the tarff thing becomes problematic if you change them often enough if you implement them and you're
00:27:57
like this is what it's going to be the world can adapt and people can figure it out I mean the other problem is just the
00:28:03
communication of this has been terrible we were on the program last week or two weeks ago Joe lale is like this is about
00:28:08
fentanyl so is it about fenol is it about getting rid of income tax at the federal level is it about supply chain
00:28:14
resiliency these guys get like a D in my grade book for communication it's terrible communication and this idea
00:28:23
that you can't take Trump too seriously about his claims like well he said he was gonna overturn roie Wade he did it
00:28:30
he said he was gonna close the border and send people home he did that you know yeah he said he'd do a Muslim ban
00:28:36
he actually did that so for every time he says something and you're like that's cap no way he's going to do that I
00:28:43
actually think people are starting to realize he's going to do something here with these tariffs they're not just a
00:28:47
negotiating position and the other problem I think a lot of people have with this is it's centralize his power
00:28:53
anybody can go to Trump now and say I want an exception I'm you know a car company I want an exception I'm a Solar
00:28:59
Company I you know I need an exemption and then now you've got everybody going to Mar Lago to Kiss the Ring to give him
00:29:05
a donation to bow down and it centralizes more power with them as opposed to having rules yes and we need
00:29:11
to have rules in this country that apply to everybody not just people who give a
00:29:14
million dollars like Bezos and Tim Cook and everybody and Zuck The Weather Vein gave him we don't want to live in that
00:29:21
world where you're just bribing Trump to get your tariff and that's how people feel that's how the business Community
00:29:27
feels that's the reality right now people are bribing Trump giving him a million dollars to the inauguration to
00:29:32
get close to him to go to Mara Lago and it looks really bad you need to have a a
00:29:37
clear strategy here for what the rules of the game are and he's changing the rules so you have to go to him and he's
00:29:44
he loves that that's actually I think what he's trying to do is get everybody to go through him it's a really clever
00:29:49
hack I think yeah and perception is reality so you have to react to people's perception like we can throw data points
00:29:55
all we want at people and we can throw research and all this other [ __ ] but if
00:29:58
people aren't meeting you there then you're not going to be communicating with them effectively and I think that
00:30:03
uh that's something that like you know especially you guys need to know you guys have pretty information that the
00:30:08
average American probably is not and we can [ __ ] and complain about how they don't read or how they're not looking up
00:30:14
you know what happened in 1913 to change the course of American history and how we started te or we can go okay we need
00:30:20
to find a way to disseminate this information so that they can make these decisions and I guess or feel
00:30:26
comfortable with the results of these decisions do you think America would be okay with this idea of taxing Outsiders
00:30:33
and then relying on it versus income tax paid by its own citizens I think that the second half is really all that would
00:30:42
matter I think that people are fig I think the majority of people are thinking about the next week so if you
00:30:47
say that I don't have to pay taxes like and I think this is what Republicans are
00:30:51
doing way better than Democrats right now is like Democrats don't have build the wall they don't have slogans they
00:30:56
don't have things that immediately tap into like core emotional feeling regardless if you're going to do it or
00:31:01
not we want Greenland okay that's cool Democrats need eggs or a dollar Democrats need things that like Echo
00:31:08
their sentiments and how they want to like take care of people and provide for the disenfranchise but it has to be done
00:31:13
in a way where it's digestible you can chew on it if you want to make housing more affordable then you say yeah we're
00:31:19
seizing public land we're building 10,000 units like you have to tap into what Americans need which is a feeling
00:31:25
of not just Comfort every American thinks they're going to be a millionaire that's what this country drives off of
00:31:32
right it's every poor American that hope that hope yeah and the second they stop
00:31:36
thinking they will be they or they can be or they can be it falls apart and then some healthcare CE gets shot and
00:31:44
people celebrate they're they're celebrating because they no longer feel the hope that they could be in that
00:31:50
position yeah they feel so disenfranchise they they and this is what like I'm telling you like the you
00:31:56
guys of the world need pay close attention to because there's going to be no empathy if anything bad happens oh
00:32:02
the stock market is down no Americans are invested in the stock market like all you I've been saying it no no no
00:32:08
I've been saying this for months country I've been saying it for months nobody cares about the stock market nor should
00:32:13
we and the reason is because we people who own these assets have overly benefited more than we've deserved for
00:32:22
the last 15 years ever since the great financial crisis in the United States people who as Jason said could cozy up
00:32:29
and by the way Jason I think the the the claim that you made which is is is severely true for how from 2007 up until
00:32:40
now has played out because if you look under all the programs if you could have lobbied Obama
00:32:47
in those critical years of the GFC yep oh my God the amount of money that was no because we we took interest rates
00:32:55
literally to zero anybody like us who could have gone and gotten levered up and gone into the stock market was
00:33:00
richly rewarded and the problem is we left everybody else behind and I think the great thing about Trump is he is
00:33:08
going to reset that he is going to take a lot of wealth away from asset holders you're seeing it every day 500 billion
00:33:16
500 billion there is no sympathy I think it's fantastic that's that's great to it's
00:33:23
great to hear you even saying that because I feel like a lot of people that are in maybe your guys position don't
00:33:31
understand that disconnect and that is important to understand there like even what happened in the Palisades like in
00:33:37
LA with like the fire the second people heard it was like rich people's houses there was no empathy for it they didn't
00:33:43
a million dollar house you yeah was like and it it is I don't even have a house I
00:33:48
can't find a house you burned your house down and you move you went back you went
00:33:52
to your vacation house now oh I'm sorry you're living at your ski house that's a
00:33:55
tragedy like literally you're right it probably explains why we don't hear anything in the news anymore about
00:34:00
anything that's happening with respect to reconstruction or any of the disrup it's a rich person problem people and
00:34:07
you know I think putting together what you just said schultzy and and uchim off Trump is a master at connecting with
00:34:14
people and listening to them I thought the one of the greatest things he he he he did during this last election is when
00:34:20
he said no tax on tips when he said no tax on tips he was going right for Nevada he was going right for that swing
00:34:26
state you know to get those those folks who live off tips but what he was also doing is saying I know that there's a
00:34:32
bunch y'all that sometimes get cash tips you put in your pocket it's the gray Market I get it you know I run a you
00:34:39
know I I got caddies who get a hyy from you know whatever taking somebody out on
00:34:43
the course we're just going to make it official you don't get tax on tips because we know that you're you know
00:34:47
you're the bottom third of the country in terms of your economic power those kind of statements really do connect
00:34:54
with people Trump has just mastered this this party is Trump is the Democratic party that we grew up with it's kind of
00:35:00
crazy it's kind of crazy right and then the Democrats became this elitist group that seem to be in the pocket of
00:35:06
business interest I don't know what Bizarro World we're living well that I think you tapped into it right there
00:35:10
it's like uh I think that they they could easily win the next election if they made it a class war but they don't
00:35:17
because it feels like they're in the pockets of these billion dollar corporations so they can't really I mean
00:35:24
Bernie did it really effectively right like this random Jew in Maine or something like that is like yo we got to
00:35:30
get some money from these rich people give it back to the poor and all of the sudden all of America turned him into
00:35:35
like our surrogate grandfather so you can and then he got shived by Hillary and the Machine and and I mean what did
00:35:43
they say about his fans like they went very specifically they're like he has a his the Bernie Bros have a sexism and
00:35:51
bigotry problem right they made him radioactive right so now you killed the working class now the working class is
00:35:57
no longer supporting the Democratic party so who do they have left they have the identity politics groups so they
00:36:03
can't piss off the identity politics groups because they're like that's all we got left they did the same [ __ ] with
00:36:08
us during the election right they're like the podcast Bros have a sexism amb bigotry problem they they try to make
00:36:14
people radioactive and it's like that card's been played so many times that people are desens anymore I think
00:36:19
there's one big shoe left to drop I think we've started the process of really really taking a bunch of heat out
00:36:24
of the asset markets like equities so we've taken trillions and trillions of dollars of wealth away I think we're
00:36:30
going to take trillions more but the next big market and this is actually where Andrew to your point we
00:36:35
reestablish some hope I think for a lot of people is we are going to whack the housing market it's just going to happen
00:36:42
and let me just say something about how is that GNA happen J explain it because there's 7 million homes that we still
00:36:47
need to build to to service just current demand how does that actually happen with the supply demand problem in your
00:36:53
mind there are a bunch of mechanisms that have to get cleaned up right now okay so one mechanism is that there are
00:37:02
a whole host of mortgages that are basically being propped up they it was a program that's that really got out of
00:37:09
control under the Biden Administration Nick you can find this article is in the Wall Street Journal we are going to
00:37:14
figure out how to get these two government related agencies Fanny May and Freddy Mack out of what's called
00:37:21
conservatorship and these are the folks that are responsible for essentially wrapping guarantees around
00:37:27
mortg so that the mortgage Market can function the details don't particularly matter that much but the point is that
00:37:34
what we are doing is we are unwittingly propping up with American taxpayer dollars the US housing market why is
00:37:44
that bad it is locking an inordinate number of people from that first critical step that actually makes them
00:37:52
feel like they are winning and they're on their way to achieving their dreams which is can I make a it on a home and
00:37:58
then can I live this out and you have these artificially inflated prices all around the country as a result of this
00:38:06
so I think this next wave is deeply beneficial to the middle class which is there is no reason like you guys see it
00:38:14
when you read The Wall Street Journal I think it is the dumbest [ __ ] in the world when I see an article which is
00:38:20
like this house just is $65 million on4 acres in some Rando place in Miami I was thinking Malibu but yeah but what
00:38:30
is this this makes no sense and so when you rationalize a bunch of equity values and you rationalize the cost of a
00:38:41
home I think what you're going to do is you're going to allow a lot more people to find a more reasonable way to enter
00:38:46
the housing market and I do think that that's a really big step in allowing them to feel like they're part of the
00:38:51
dream so you lower asset prices you can own some stocks maybe you own a 401k or if you've never had a 41k but your
00:38:59
employer offers it for the first time it may actually make Financial sense to put
00:39:03
a small amount of it in there you've never been able to own a home all of a sudden home prices are whacked 30 or 40%
00:39:09
you're able to do that because of how Trump goes after the budget when his rate of borrowing for the US government
00:39:16
goes down your mortgage rate goes down now all of a sudden you can enter in because home prices are less and you can
00:39:21
actually get a mortgage they may all seem very random but they can come together in giving 50 60 million people
00:39:30
a shot that they have been screaming since the great financial crisis they don't have this is so huge because on
00:39:35
like a core emotional level you want as many Americans as possible invested in American success and Excellence totally
00:39:44
and the the greater the Delta between like them and their first home or their first investment at stock the greater
00:39:50
that distance the more disillusioned they become in America in general when they feel like like you said earlier
00:39:56
like the way you guys got into the market when you could basically take out loans for nothing and then you saw these
00:40:01
incredible gains they feel left behind the second they feel like they're in on it they own apartment they own some
00:40:07
shares of Tesla that's why crypto is so popular is because they're feel like it's their only access I got yeah it's
00:40:13
like yeah it's like comedy in some ways like all I need is a microphone or music
00:40:17
like there's a path for me and crypto obviously is a giant [ __ ] scam it's a scam Shore but I can get a piece of this
00:40:23
I can get a piece of this this American dream and I would rather that they were invested in uh you know a Vanguard
00:40:30
account or something like that I would rather they're invested in the entire Market I mean there's this this idea and
00:40:35
I'm sure you poke holes and tons of holes into it and but this idea like every American Born gets a thousand
00:40:41
bucks put into a friend of ours Brad gersner with this of invest America is the concept and regardless if the
00:40:47
concept is good or not the emotional connectivity to the success of American industry is really important when you
00:40:54
know at 22 that you could get this thing that's compounding for 22 years you could pay off some college loans you
00:41:00
could put something down on a house you could pay for trade school whatever it is I think you have a different energy
00:41:05
towards America and its success and then you have a lot less of these kids who are just like America is this horrible
00:41:10
place and capitalism is bad yeah capitalism is bad when you're left behind when you're invested in
00:41:14
capitalism it's the [ __ ] baby absolutely we're on the express train let me give
00:41:19
you guys um I did an analysis I was I wasn't sure if I should put it out but I'll tell you guys the numbers
00:41:27
the US Social Security program is meant to be kind of the retirement program for
00:41:32
folks that don't have access to private retirement accounts okay and this program was set up in the 1930s after
00:41:41
the Great Depression and there's a trust fund the OASDI which is the the fund that they invest to Capital so every
00:41:48
year we all put money in with our social security taxes out of our paychecks goes
00:41:51
in there and it gets invested you know what it gets invested in it gets invested in one thing us
00:41:58
treasuries which have averaged about 4.8% return since the beginning of the program per year meanwhile what if you
00:42:05
put it into the market meanwhile the S&P has been averaging 11% so here's the math if in 1971 which was the year that
00:42:13
we went off the gold standard in the United States if we invested the Social Security trust fund in the S&P the
00:42:19
balance of the Social Security trust fund today would be $15 trillion that would be roughly onethird
00:42:25
of the value of the total S&P 500 which would be jointly owned by all Americans who took their Capital now here's what's
00:42:33
Fed Up what's fed up is that the middle class people who had access to private retirement accounts benefited by buying
00:42:39
the S&P 500 and the wealthy were able to access it so all of the equity value that accured from American Enterprise
00:42:46
and the prosperity of the American system accured to the people that had access to the private accounts meanwhile
00:42:51
the people that only had access to the Public Accounts got stuck owning treasuries today the Social Security
00:42:57
trust fund has $2.7 trillion balance and based on the outflows and inflows it's going to go bankrupt in
00:43:02
2032 that means Social Security is either going to get cut or the fed's goingon to print a ton of money to keep
00:43:07
Social Security benefits retirement age goes up a little bit Yeah there a lot of
00:43:11
levers yeah wow so I did the math if you assume that the S&P 500 continues to grow at 10 and a half% a year on average
00:43:18
there's ups and downs and sure there could be basically draw downs and all these other sorts of things but here's
00:43:23
the important point we could put about $500 billion in the trust fund today and it will not go bankrupt again and it
00:43:29
will continue to grow every year and then all Americans have participation in American Enterprise and importantly this
00:43:35
becomes the world's largest Sovereign wealth fund ever you don't need a separate Sovereign wealth fund we
00:43:40
already have one it's it's called It's called The Social Security trust fund and what we've done is we've totally
00:43:46
mismanaged it and I went back to trying to understand why this is the case why have we only ever bought treasuries
00:43:51
early on the US needed someone to loan money so they basically forced the citizens to loan the government money
00:43:57
the form of treasuries but today the Social Security trust fund owns only less than 10% about 8% of the total
00:44:04
treasury bonds outstanding the rest are owned by the fed and foreign investors and private investors and others that
00:44:08
want to own it so why are we forcing all the American citizens toing up for no reason and and we're we're discouraging
00:44:15
access so basically we've created through the Social Security System we've created the Deep inequity we see in this
00:44:20
country If instead we had allowed the social security system to invest in the S&P 500 to buy American Enterprises to
00:44:28
fund American businesses then every American would be wealthy and that middle class that uniquely participated
00:44:34
by basically arbitraging the market where they forced the treasury bond yields on the poor and they got to take
00:44:40
access to the equity yields would have not happened yeah they had 401ks rightt and they were able to participate
00:44:48
by with brokerage accounts and buying the market what we can do right now is we can fix it and here's the important
00:44:53
Point people will then argue oh what if there's a down year or two down year in a row you know what we're already going
00:44:58
to be printing money to make up the hole in Social Security we're not going to let Social Security go bankrupt we're
00:45:03
not going to let it dry out so we're already going to print money to make the Social Security whole so if that's the
00:45:08
case we can create a a back stop for Social Security we're g to have to do it either way but we might as
00:45:14
well we might as well take on the go yeah no no no chth you were gonna say something the reason why we didn't do it
00:45:21
goes back to what you said before which is we have a bunch of we had a bunch of very quote unquote well-educated ivy
00:45:28
league trained people running these institutions and the feedback I don't even know what it said but I can tell
00:45:34
you what the memo said there's too much risk we've sensitized this model it doesn't make sense this is the safest
00:45:41
thing to do so it goes back to just like we need a little bit more practical thinking like at the end of the day why
00:45:48
the S&P 500 exists is of all the thousands and thousands and thousands of companies in the world you know how many
00:45:54
companies in the world make more than a billion a year more than 20,000 and of that 20,000 the S&P 500 is
00:46:04
just the 500 best it's the best of the best of the best so to your point freeberg it didn't take a PhD from
00:46:11
Harvard to figure out that if you just owned an index of the absolute 500 best things happening at any given point in
00:46:19
it would have gone up so since when do America since when are Americans risk intolerant like there's something baked
00:46:26
in into the DNA of the people that decide to leave their families and move here totally immigrant country and to
00:46:33
your point imagine logging in like like we've all had I'm assuming a 401k account and I remember how exciting it
00:46:39
is to log in and see the account and Schult I want to say something that's really important like you talk about us
00:46:44
people like you know earlier on the commentary which is something I hear a lot my first job was making $425 an hour
00:46:50
cleaning toilets in a pool hall in Upstate New York jamath has similar stories jcal has similar stories like
00:46:56
any of us that that 455 Canadian working at Burger King yeah and I had like and then well the worst part about my job in
00:47:03
the pool hall was that then the manager made me go play poker at his house and he took all the money back which I stole
00:47:08
I stole the chicken fingers at night bring them home my mom would my mom would whip him up but it was so exciting
00:47:14
in my career in my life to be able to like go from that moment to the moment where I had a 401k and I could log in I
00:47:21
could see the businesses that I owned and I understood that and I saw the value go up and I got to participate
00:47:25
that imagine if every American when when you get your Social Security statement today all it tells you is a dollar
00:47:31
amount and how much you're going to get in the future imagine if you logged in and you got to see all the businesses
00:47:35
you own a piece of and you got to participate conect every single day be lighting a Tesla we can fix this and by
00:47:41
the way we can solve both The Sovereign wealth fund question and the Social Security trust fund question every
00:47:46
dollar that's going into these Sovereign wealth fund ideas or if they come to fruition or in my opinion and obviously
00:47:51
I haven't spoken facts about this but the crypto fund and all this other sort of stuff every dollar that should go
00:47:56
into the social Social Security trust fund and that Social Security trust fund should be for the benefit of all
00:48:01
Americans and it should be equities it should be ownership it should be participation in what the American
00:48:07
dream the American dream enabled us all to succeed and it should enable everyone
00:48:11
else to participate in shares and equity in American Enterprise that can come to
00:48:15
Market so it's not about a thousand bucks on your born it's about an ongoing participation putting your money in and
00:48:20
having that money allocated in a way that America that smart and Wealthy Americans get to allocate it which is
00:48:26
into owning and businesses that's it Shelty yeah go no I I think it's great I hopefully you guys don't feel like I'm
00:48:32
Like discrediting You by saying you guys but I'm just trying to give you guys I think a great it's an important framing
00:48:37
because it's like it you're you're 100% right but like I you know we see comments on YouTube like oh you guys and
00:48:43
I'm like dude I remember like it feels like yesterday when I was in fraking debt I graduated college with a bunch of
00:48:50
debt and I went and like found a job and worked my ass off and I was working 20 hour days and never slept and like you
00:48:56
know it wasn't easy I mean I feel like very emotional about this right now sorry hang
00:49:00
on um listen it it wasn't easy bro it wasn't given to you none of us inherited none of us inherited we we we came to
00:49:11
America and to see the joy to to see what we all benefited from I'm getting emotional about this but it's like well
00:49:17
it's because the American dream's broken we got to fix it to have people talk about it as if as
00:49:24
if being successful and and getting there is a crime it a bad person it's a Dream It's a dream schy go I think the
00:49:33
the framing this is very important like my mom is also an immigrant right she came here from Scotland she has no
00:49:38
education I think she stopped going to school at like 14 or something like that comes to America and she's this massive
00:49:44
success here in terms of like where she came from where she got to right and what she was able to buy she was able to
00:49:49
buy a home in the East Village of New York City she able to buy a beach house like just off of like grind and hard
00:49:55
work yeah what she saw here which I'm sure a lot of you guys also saw is opportunity she had ambition and
00:50:02
opportunity and I I think that that's what I think a lot of times that's what immigrants see when they come here
00:50:09
because they probably come from places where they feel absolutely no opportunity so the second they feel like
00:50:14
there's a little of it if they work those 20 hours a week I mean I saw my parents grind totally like my work ethic
00:50:19
just comes from watching them you know what I mean just watching them just kill it every single day so what I think that
00:50:25
you guys are speaking to which is really important and I think it's important that people know your story as well
00:50:29
because it becomes more accessible when they see you guys and they know what you
00:50:32
came from and they know you're working at Burger King and now you guys are worth billions of dollars it's very
00:50:37
important that Americans know that that's possible for them maybe not to hit a billion but maybe to hit a million
00:50:41
maybe hit 300,000 maybe to buy a house that's $100,000 that they're really proud of own it
00:50:49
outright and the fact that this is accessible like what you just said to me is just hope and abundance like that's
00:50:56
the message of what you just said you said something that made it seem very simple to me we put this money here
00:51:00
everybody's now invested in the success of the American economy and now when we see the Stock Market ticker look green
00:51:07
which is all the average person sees green or red we don't really know anything but when we see green we get
00:51:13
excited we go and now we goes up and we start rooting Jam feels that way too yeah but
00:51:20
think he's getting excited right now if you're saying it he's gonna start crying
00:51:23
oh wait it's green today it's been red for a week but think like CEOs right like these people uh have become
00:51:30
villainized right and it's because we're not attached to the success of their companies that's right when if you if
00:51:36
your biggest holding is Tesla please believe you're not upset yeah I think people think that their success now
00:51:42
works against your best interests yes instead of and the system's rigged and the system's rigged and you can't be
00:51:48
part of it and you're being ground down this is a I think really good proposal freeberg and and if you look at housing
00:51:55
that's the other one I I when I if I run for president you know what my position
00:51:58
is going to be Shela what's that I'm going to build five cities with 3 million homes in each and you can only
00:52:04
buy them if you make under x amount per year it's not going to be like the projects or like you know subsidized
00:52:10
housing in New York talking about it's not going to be sty town okay it's gonna be nice house that's pretty good if you
00:52:16
can get it yeah St Town's not bad but not like projects I'm talking about like proper homes like bu we are the most
00:52:23
Innovative country Society ever created created I mean since the Greeks they were pretty
00:52:28
great too but we could build five new cities why the can't we build five new cities with 3 million homes in it let's
00:52:32
do some like Manhattan project for housing and then healthare how the hell do we not have like good healthare for
00:52:38
everybody in this country the richest country in the world greatest economy whatever we should be able to solve
00:52:43
those problems and that's why people don't feel like they're part of this is because basic housing basic health care
00:52:49
and your retirement it's not like it's rigged against you this sounds crazy but for young people I think they would
00:52:56
forgive healthare if they were invested in the market and I think being invested
00:53:02
in the market is just so daunting but the feeling that everybody else is getting rich when you're not is the
00:53:07
reason why I bought crypto not knowing anything about it it's a reason why everybody else bought it it's this
00:53:13
feeling that the train is running away and you're not going to be part of it so how do we get them to feel part of that
00:53:19
success I think really importantly you know today just just to give you guys some other statistics 60% of middle
00:53:26
class households net worth is in their home only 10 10% of their net worth is in owning the S&P 500 in in index funds
00:53:34
or whatever in their retirement accounts and so by creating this American Dream around housing and allowing the federal
00:53:40
government to provide loans on housing we've increased the cost of housing we've created a very like destructive
00:53:45
housing bubble in the sense that it has reduced people's exposure to participation in productive value
00:53:51
creation and that's through the ownership of businesses instead we've stored our net worth in the house and in
00:53:57
order to keep the economy and the social structure stable we've created policies
00:54:03
that allow the continuation of the growth in the value of houses so people feel like their net worth is
00:54:08
incrementing and 100% right and that's unfortunately very making new housing which makes it worse with the
00:54:15
restrictions have you guys heard of Warren Buffett's most public failure no Warren Buffett's most public failure was
00:54:22
when he was brought on as an adviser to Arnold Schwarzenegger when schwarzen was
00:54:26
running for governor and Buffett kind of looked at the laws in California and there's a law in California when you own
00:54:35
a home that when you pass on you can pass it off to your kids and you can basically keep the cost that you paid in
00:54:43
terms of setting the real estate taxes and it's had an enormously negative effect in unlocking turnover of homes
00:54:51
and that's a large driver of why homes are so expensive in California so Buffett looked at this
00:54:57
and there was a lot of fanfare Schwarzenegger is like here's my economic genius and first thing he said
00:55:02
was guys I think we should repeal this law he was gone two days later wow he's not popular and by the way there's a lot
00:55:08
of other policies like this you know two days later he had to resign if you do the if you do the true kind of like
00:55:14
macroanalysis as an investor you should probably have about 20% of your net worth in the US in real estate not 60%
00:55:22
and so we need to give people the ability and we need to think about all the follow on trickle effects of
00:55:27
creating a set of laws a set of policies that basically incentivize almost all of
00:55:32
your net worth to go into a single asset your home and what that then means in the fact that we have to keep pumping up
00:55:37
the value of that home and we have to have a system in order for people to feel like they're getting ahead keep
00:55:42
inflating and eventually people can't afford homes and that's where we are today when did you guys first started
00:55:46
start your education in in the markets like at what age did you feel like you sought out I bought my first stock in
00:55:56
the company I was working for or the parent company the company I was working for in 1989 when I was 18 years old so
00:56:03
18 what about you did I bought $300 in stock um I signed up for an E Trade account in college uh because I saw that
00:56:11
TV show called bull do you remember that TV show was about Investment Banking during the.com bubble it was such a no
00:56:16
one knows that show and I was like man Wall Street is so cool I want to learn about stocks because I was an
00:56:21
astrophysics major I didn't like I didn't know what I was going to do after I was going to go to graduate school or
00:56:25
whatever and then I got caught up in the.com bubble and I started reading the Wall
00:56:29
Street Journal every day I would take it down to the freaking Plaza and I would read the journal at school during lunch
00:56:35
and I tried to learn about tech and business and markets because i' always been a tech guy and I'm like man there's
00:56:39
all these startups and this is how the markets work so I set up an E Trade account I put some money in it and I
00:56:43
started and I bought some stocks and I read the investor business business daily on what stocks to buy they had a
00:56:49
rating and I bought those stocks and they went up and I'm like man this is awesome like I love owning stocks and
00:56:55
that kind of kicked me off and then got an investment banking job after college and it totally changed my career
00:56:59
trajectory I was like I want to go work in the tech industry and work in business what about you and it shifted
00:57:03
up for me you buy your first Equity but by the way that I sorry let me just say one thing what you asked is a really
00:57:08
important question I just realized this Andrew because my um my interest in that
00:57:13
stock market thing at that time actually changed my career trajectory and it really reset what I was going to do with
00:57:18
my life to get involved in business and go work in the tech industry as opposed to work in science as a researcher and
00:57:25
that was a really shift for me so it it gave me that kind of feeling of like oh I got to learn more and then that that
00:57:30
kind of changed my career sorry go ahead Jam I was 14 or 15 years old and there was a this is when Rodney King had the
00:57:39
kicked out of him and almost died all these race riots in LA and nothing had changed actually in America
00:57:46
but where I was growing up in Canada the provincial government created a program
00:57:51
that said if you're a minority and you're on welfare we'll pay for you to get a job
00:57:56
I I was a minority on welfare so I got a job and it was at a startup that was just going parabolic and their stock was
00:58:06
going nuclear and I lived in this shitty part of town and I would see the controller of
00:58:13
that company drive past me every day while I was waiting for the bus and one day he stopped and I went with this guy
00:58:21
Sam leg he drove me that whole summer and he taught me what does the company do why is the founder a
00:58:28
billionaire what the hell does this even mean he unpacked it and so I saw firsthand what it meant to work not for
00:58:35
a salary but to get a stake in the thing that you're working for I bought a couple shares it went up and it was
00:58:44
great but then I really fell in love with this idea that I could understand something and own a piece of it and then
00:58:50
it really accelerated when I graduated from college because I was like freeberg I was in debt and I was like how the do
00:58:56
get out of debt and I traded stocks on behalf of my boss this guy Mike fer who I thank to this day and I made so much
00:59:05
money right before the do crash he gave me the money to pay off my student loans
00:59:10
wow wow and then ever since then I was hooked I was like okay I can learn this and I can deal with the vicissitudes of
00:59:17
this look the markets are brutal there are moments where you just wake up and it looks like everything's working and
00:59:22
then there are moments and this is what everybody needs to understand though if some of these programs work where it
00:59:29
literally looks like the bottom is falling out and I cannot describe to people the pressure you will feel on
00:59:35
behalf of you and your family when it looks like you're taking a 30 or 40 or 50% negative downturn to your net worth
00:59:44
yeah it inflicts a level of psychological damage that I cannot describe to you and the the bigger the
00:59:51
numbers get by the way I told this story on Tucker there was a period where I would would wake up and I could just
00:59:56
tweet and the markets would go up they were like what's he going to say next and then it all stopped and then there
01:00:02
was a two and a half year period where I gave it all back and then some wow that's frustrating yeah the mest Touch
01:00:09
goes away it's beyond frustrating it shakes you to your core so if we do these programs I think the freedberg
01:00:15
idea is is just beautiful it's lovely what about you sh when did you make but I just to finish if we do it we have to
01:00:23
try to teach people how to deal with the draw Downs because that's where if you don't teach them how to deal with the
01:00:30
the volatility of losing money it's great when everything's green but those red days man how you comport yourself
01:00:38
how you act how you treat other people in the red days are the only days that matter yeah it's a Growing Experience
01:00:45
what about you Shelty when did you buy your first Equity I was probably 35 ohine so my my I mean my parent how old
01:00:55
are you I'm 41 so I maybe even a little bit later now I might have like owned stock without even realizing it type of
01:01:02
thing where like I had like a business manager who set up some retirement fund or something like that but not me
01:01:07
actively choosing a stock and buying it um my w my wife's father-in-law is a very uh successful businessman and uh
01:01:17
he's he's he's I I don't want to say like predicted the markets really well but he has he was in Nvidia like super
01:01:23
early early early early and uh a bunch of others and we were like sitting down and like aspin somewhere and he like
01:01:30
said Hey listen what do you mean you don't own anything he goes hey can you take a you know I don't know if he said
01:01:35
10 grand or 100 Grand or something like that he goes can you just put it in these different stocks I go okay sure I
01:01:39
open up this like E Trade account or whatever the it was but an interesting thing right there is like you guys were
01:01:45
so young was 18 22 14 and to me I think like the education of this is really important like my parents did really
01:01:54
well but they're financially like there was no passing on this like knowledge of like investing when what it
01:02:00
means to invest like they made their money by like working every single day for it not like you guys don't but like
01:02:05
they were teaching dance lessons so it's like this is how much the dance lesson costs and you pay me and maybe I'll have
01:02:10
40 people in the class okay more people are paying and now other teachers can also teach but it was intimidating to
01:02:17
them it was int intimidating to me it still is intimidating to me well this is the I think the upside of crypto in some
01:02:23
ways also the upside of prize picks or the you know gambling poker it's the upside of Robin Hood and and coinbase
01:02:30
and all these things being available this generation generation bet like they love to gamble these young kids this is
01:02:35
my concern they're no but they're learning they're learning how to take the the downdrafts I Lear I think they
01:02:41
are learning so maybe like the barrier of Entry is less but my concern is that they're treating it more like gambling
01:02:46
than investing and I think that we've almost like tricked the American public into thinking that investing is gambling
01:02:54
when the way that you guys are describing is it's not it's like investing in the S&P and then leaving it
01:02:59
there and taking those downturns and waiting for it to come back up yeah but here's the thing you have to learn these
01:03:04
lessons at the poker table you cannot play poker without real money or else you're not going to get the burn you're
01:03:09
not going to stay up at night how do we how do we so that's what these kids are doing they're how do we educate them
01:03:13
it's not every kid right it's the education comes from doing and if you let these kids trade they will figure it
01:03:19
out over time and then what happens is like you they get married they get they get a baby they want to get a house and
01:03:24
then they say you know what I I'm going to I'm going to stop buying meme coins I'm going to start buying Bitcoin I'm
01:03:28
going to stop buying Bitcoin I'm going to buy Nvidia and things with real R they just get addicted to get happen all
01:03:34
the time exactly I agree with I agree with SCH I don't think that I I think you're being super reductive like oh
01:03:39
they'll get on the the all of a sudden understand Dave Swenson's Yale endowment asset allocation model [ __ ] I've
01:03:46
seen they won't I have seen thousands and thousands and thousands of guys over time who deeply steeped in this business
01:03:55
wash out yeah and each to a one the more sophisticated they get they all fall to
01:04:02
the same pressures which is they don't know how to simplify and they don't know how to be patient these are things that
01:04:09
every human being needs to learn and I don't think time in the market actually solves those two traits those are
01:04:16
psychological traits that you have to go and figure out in a different way you look inside yourself and you have to
01:04:22
figure those out okay yeah fair enough but but between the choice of hey we're going to grow up blue collar we have no
01:04:29
access to these markets we have no way to trade in them we have no way to learn and then today I think the system we
01:04:35
have today is better can people go off the you know jump the fence and lose all their money of course they can but they
01:04:42
could go to Vegas and do that prior to that they could work with a bookie they could do football sheets I I think
01:04:46
they're learning and when you use some of these modern apps and you look at the strategies and you see people on Reddit
01:04:52
working on these stocks and their thesis I think it's trending the right there can always be more education but this
01:04:58
is don't bet on the Jets right you said it before I americ doesn't even know what compound interest is I agree with
01:05:05
you in fact I'll tell you I'll tell you a great story work to do I one of the best things that happened when I
01:05:11
invested in the Golden State Warriors I bought 10% of the team in 2011 or something I got to meet all of them and
01:05:18
I got to meet a lot of my heroes and I remember one meeting where I sat with a go like play let's just put it
01:05:26
that we'll bleep it out we'll bleep it out no I don't want to say his name but okay fair
01:05:32
enough and he asked me the most incredible question he's like jat can you explain compound interest and Schulz
01:05:41
I can tell you I still have this spreadsheet I just showed him a compound interest
01:05:48
table and he had no idea how 8% versus 10% is like gargantuan over 50 years over 20 years yeah and to your point it
01:05:59
was Illuminating that you're right unless you unless you go and you jump into it and you live it and Jason I
01:06:06
agree with you like there's nothing like look Stan dram Miller says the same thing invest then investigate like
01:06:12
there's nothing like putting the risk on okay there's nothing like playing a hand
01:06:15
in poker there's nothing like taking a shot at a different strategy in blackjack win or lose you get feedback
01:06:22
but my point is most people don't get better and so that's what you have to solve is like how can you make it
01:06:28
interesting fun how can you talk about the losses like this is a thing that I had immense trouble with I still do
01:06:33
today I think I've gotten better with it is to be able to talk about the losses how do you talk about getting whacked
01:06:38
for $4 billion I can do it now but it's brutal yeah it stung for a while for you
01:06:45
you saw you're a better person since you saw me go through it how ashamed was I for the two years that I had to unwind
01:06:51
that how bad it was hard for you yeah yeah yeah it was hard I mean you're imagine your whole identity is built
01:06:56
into you know you being successful in these markets and you measure it the wrong way like you point to the number
01:07:02
in the bank account not the way your wife treats you not the way your kids treat you not the way your friends treat
01:07:07
you and then you're like okay well I'm 30 40 50 60 70 80% poor so I'm just that much less of a human being yeah but
01:07:16
that's a good reality check to lean into family and those things that matter so my point is like if you can if we can
01:07:21
get people more into the market I think it's an incredible thing but you have to
01:07:25
to wrap it in these guard rils that have nothing to do with the market they everything to do with who you are as a
01:07:30
person and I think like the first step is showing like what is the most simplistic version of the benefit of the
01:07:39
market and I think it's compound interest I I really think that that is if we start there like remove the stock
01:07:44
market don't even talk about it just like what happens if I left it in a savings account that's getting 4% and I
01:07:49
don't touch it right now you know the rule of 72 that was the one that opened my brain up so the rule of 72 is
01:07:55
whatever the percentage you grow uh per month divide it into 72 so let's say you
01:08:01
were growing 7.2% in the market per year divide that it takes 10 years to double
01:08:07
your money so it's a time to double your money okay if you were growing 7% a month you know on whatever your
01:08:13
Investments are let's say you got a great business that's growing like Facebook or something like that that
01:08:17
means you double the number of users or Revenue every 7.2 months once you understand that you can do it quickly
01:08:23
just like in poker you know the number of outs each card represents roughly 2% chance because there's 50 of them right
01:08:29
so they each count for about 2% then you can start doing this stuff in the back of your head I I I had this idea I think
01:08:35
I talked about it here on the program of doing a kids investment club and I bought the domain kids investment Club I
01:08:40
actually need to do this I got to prioritize this and find a CEO for it or do it as a nonprofit or something just
01:08:46
kids need to learn this early Robin Hood or somebody should make an app where they can invest like a shadow but it's
01:08:52
you know like with their parents maybe they can make the trade the par approves it something like that there's something
01:08:58
where we should be learning all this in high school this should be like this what's more important than this remove
01:09:03
the fear remove the fear and and the reason it's important is what we were saying earlier get the American people
01:09:09
invested in American success and you will find so much more patriotism you will not find us nitpicking on all these
01:09:16
little things that a lot of us maybe go why is this such a big deal like the bathroom like most of us aren't
01:09:22
unaffected I cannot begin to explain how quick will forget about the bathrooms when the S&P is up 15% and you're
01:09:30
looking at your portfolio and you're like I you could take a sh wherever you want okay absolutely yes I have you got
01:09:37
something else to focus on absolutely look at this hey fredberg here's your time machine check it out there's your
01:09:43
favorite show I don't want to make you more emotional but there he is your guy Stanley Tucci from bull I think it only
01:09:49
made I think it only made it one season one season but Tucci gang in full effect
01:09:54
I was such a tech ner growing up but I never thought about the business of technology and then the startup boom
01:09:58
happened and you got this bull show on TV and I'm like man this is so much more exciting than sitting in a freaking lab
01:10:04
doing mathematical modeling where I was like pulling my freaking hair out I'm like I want to get after that yeah and
01:10:10
the rest is history you know have you guys watched Stanley Tucci on HBO where he tours Italy and he does his little so
01:10:16
great and on SE seen it and I've seen cook on Tik Tok he's like today is it rolling it's rolling today I'm going to
01:10:24
make you FR it's got but I'm doing it in the capacho base and we're going to put
01:10:31
and I'm like I just can this guy do ASMR or put me to bed at night the best I I got a man crush on Tucci tui's the best
01:10:40
I mean he's I would like to roll with tuchi can you imagine if we went to Italy and just had like a just roll with
01:10:47
Tui through Italy I love that guy any dream is possible J you could pull it I know
01:10:53
we're all dreaming here we're all dreaming here all right we're still dreamers by the
01:10:57
way really important everyone should know that I think like there's no the thing that the thing that a lot of
01:11:02
people assume this is the true about humans in general is there's an end to the rainbow but there isn't you ride the
01:11:08
rainbow till you die that's it and there's always hope there's always dreams there's always more and it
01:11:14
doesn't stop that's what makes it fun are you taking the ketamine in Austin or something what happened you just got all
01:11:19
full I'm a little hung over today I started drinking at 10 a.m. yesterday we went to um we went to the Mothership
01:11:24
last night and we well we hung out with a couple of your boys I think who you hang out with Tony
01:11:32
Tony ton was very nice and um met Shane Gillis was there Shane Shane Gillis was there but he was big time he was big
01:11:39
time there was a mob around and we didn't get to meet him the guy Bert who take I didn't recogniz yeah he had a
01:11:45
shirt on so I didn't recognize he was course yeah I was like but then I saw the body shape and I was like yeah
01:11:50
that's that's probably probably him when did you start in comedy I was uh I think
01:11:55
it's almost been like 18 years or something like that so you started in your early 20s in New York going to the
01:12:00
funny bone or what I have a question actually how did you get into it how do you keep your like how do you pay for
01:12:06
your life before you make it how like what like is it that you have a normal day job I lived I lived with my parents
01:12:13
for like a very long time like my parents lived in the East Village so I was walking distance from like multiple
01:12:18
comedy clubs it was you know incredibly uh I mean I worked like with my parents for a little bit then I managed
01:12:24
restaurants and like just managed them you manag restaurants in Manhattan yeah I did I started in Santa Barbara when I
01:12:29
was going to college that's where I did my first comedy gig and then I manage a restaurant out in Brooklyn and um not
01:12:37
called biscuit barbecue was in Park Slope Brooklyn and then um then I started to make a little money in
01:12:43
standup and it was like enough to like buy a m Moon's Falafel I like had like a five to FF money I had I had A5 to $10 a
01:12:51
day budget and I like I could eat cereal for breakfast and then I just and I saved some money cuz I was going to
01:12:57
school was when I was going to school I was working at that restaurant and I like saved some money and like I had a
01:13:01
little pipe dream Ving up a bar with a friend of mine in New York and then I was like you know what I'm just GNA
01:13:06
spend this money trying to be a comedian and I hope by the time I get rid of the
01:13:12
money I'm making money a comedy and it came down to like $700 in my bank account I was like renting out the room
01:13:17
where I slept in and I would sleep in a closet in my apartment and uh it just and it worked out it just worked out I
01:13:25
started making a couple money do a couple gigs started touring got on a TV show and then it then it kind of worked
01:13:30
out was there a moment that where because when you when you know when the cancel culture was alive and well that's
01:13:36
when I first encountered you it was initially on Tik Tok actually sure and you were on fire because you were saying
01:13:42
stuff nobody else was saying and I thought how does he even dare to pull this [ __ ] off and was was there moment
01:13:49
that where you broke or you tipped or no so I you kind of like it's interesting you kind of break and then you go away
01:13:54
like so I so I broke on like some MTV shows and I was you know doing all these things on MTV had my own shows and all
01:14:00
that kind of stuff and then I kind of you know the MTV thing kind of dried up and then I kind of went away but I was
01:14:05
luckily doing this podcast with Charlamagne and the podcast was very popular and that was like providing for
01:14:10
me and then I was doing some shows on the road and you know people would come out from the podcast but um and then I
01:14:17
really couldn't get any traction in standup world so when I was doing like comedy stuff with MTV it wasn't really
01:14:23
in the standup world and it's because my standup maybe wasn't of the ilk of what
01:14:27
was like popular at the time and I have a lot of empathy by the way for like the
01:14:31
people who are just working at a network they're producing these shows like they
01:14:35
their kids in private school I want to tell a crazy joke about women or gays or whatever the it is and they're like I'm
01:14:42
not trying to get fired and like I'm just trying my kids in private school we just got them into Dalton I don't want
01:14:47
to rock the boat like you know reason you understand like I don't think that they're self-preservation exct but I
01:14:54
didn't want to changed my comedy so I was like okay where can I put it out and luckily we were putting the podcast out
01:15:01
on YouTube it was successful and I just started putting things out on YouTube and I started doing these shows and
01:15:07
these shows started selling out it was like really weird like the first thing I put out I sold out the next weekend and
01:15:12
I was never gu sold out how many seats where these are like 300 seat clubs and you do maybe four or five shows a
01:15:17
weekend and you get 50 bucks a seat 20 bucks a seat no not even you get a flat rate you get two grand to do the weekend
01:15:23
or something like that and a lot of these times the comedy clubs would just like call people and say hey do you want
01:15:28
to see this guy and give away the tickets for free it was really the old model was basically it's like a bar so
01:15:33
you just get the people in and they sell the drinks so the weekend would sell out
01:15:37
then another one would sell out and I was like holy maybe maybe there's something there's a conversion rate that
01:15:41
I didn't see and I kept putting stuff out on YouTube I would do a new clip every week for a year on YouTube then I
01:15:47
put these a special on YouTube instead and then I learned very quickly that there was this huge like white space in
01:15:53
the market like the comedy on TV was corny and people didn't really like it and nobody was putting out like the
01:15:59
quote unquote like real comedy there's different versions of Comedy but I'm being very
01:16:04
simplistic and the more edgy stuff I put on YouTube and it just exploded and um yeah my career kind of really took off
01:16:11
from there and then covid came around and there was a I was able to be a little bit more honest because I wasn't
01:16:19
tied to a network and worried about maybe losing my job at the network yeah and then it just I think in America we
01:16:27
reward bravery yeah you just signed a Netflix deal right I mean you did this the show yeah we're actually doing the
01:16:34
show in Austin tonight where we're going to talk with some folks about this General concept where you start out as
01:16:38
kind of an independent yeah say whatever you want you're totally free it's your own platform it's your own voice yeah
01:16:44
and then you go sign a deal with another platform like are you now you know did you find it hard to trade the money for
01:16:51
whatever might come along with that there's restrictions there's you there's two way two ways to look at it right
01:16:55
it's like there's one like I think that I don't want to give myself too much credit here there but like I think that
01:17:02
what we've did is created another Marketplace for comedy that the streaming networks had to now compete
01:17:07
with yeah so they were losing Comics to YouTube because it was more advantageous
01:17:12
to put your comedy up on YouTube and build a following and then go sell tickets on the road whereas before the
01:17:17
only way you could like really make a big chunk of money on your comes if you got one of these fancy specials now
01:17:22
people are like I don't even want to do the special because if I put on YouTube I can tour for years and really build a
01:17:27
fan base so to have this autonomy the Netflix thing is interesting because like Netflix is the second biggest I
01:17:33
guess uh streaming service on the planet it's like YouTube than Netflix so if I already have this huge imprint on
01:17:39
YouTube it would only be smart for me to now tap into the second biggest and see
01:17:44
if there's some people there that aren't consuming my content on YouTube so back
01:17:47
to the so then back to the the guy who's got the the kid at Dalton now when you go and negotiate a deal with Netflix are
01:17:54
they basically silent or do they not a single note yeah so you do whatever you want and it is what it is let it rip now
01:18:01
my last special was supposed to be with Amazon so it was with Amazon and they had some notes and I bought it back from
01:18:07
them and I put it out myself wow really wow yeah and I sold it I sold it myself and it actually one of the coolest
01:18:12
things ever because I think I'm may be one of the only Comics that actually knows what they're worth yeah you don't
01:18:19
really know what you're well walk us through that so you do it and what do the notes say that like
01:18:25
yeah it was two jokes and like I get it they make money selling toilet paper like why are they gonna have this huge
01:18:30
you know uh you made fun of the toilet paper industry I got it toilet paper Big T very powerful
01:18:38
Lobby you know what's funny is like culture has changed and I feel like a lot of times the streamers are like down
01:18:43
river from culture so like I bet now I would be able to put it out on Amazon and be totally fine but at that time it
01:18:48
was maybe very edgy and a volatile time culturally so I was able to put it out and you know I but you had the choice
01:18:55
right you could have taken the jokes out and kept it but then instead you took the harder path which is I'm just going
01:19:00
to buy it back yeah and I take the risk and I'll figure it out later yeah I I've
01:19:05
I'm not risk averse at all I actually enjoy risk it kind of excites me but um what excites me more is like putting out
01:19:11
the piece exactly how I wanted to put it out and I can't like scream about censorship and comedians should do the
01:19:17
jokes we want to do and then the second somebody gives me a big check I go whoa we don't have to do the like I have to
01:19:22
be at least consistent on that and um culture continued to change and you got to give Netflix credit too like they
01:19:29
took a lot of they took a lot of hits for putting out comedy that some people thought was maybe a little bit too
01:19:34
offensive the Chappelle stuff Chelle stuff really that put him in the crosshairs exact they stood strong right
01:19:41
absolutely they stood strong and like seeing that gave me a lot of confidence I was like okay like and they literally
01:19:47
we just made the whole thing and they just gave us money so like they were not involved at all in like the creation so
01:19:54
to say they they're involved in giving us money for it and then they're involved in the
01:19:58
marketing obviously and their algorithm and getting it that's all Sandos he's he
01:20:03
believes in comedy yeah but he's like a huge comedy fan from back in the day I think people don't realize that about
01:20:08
him like you need somebody who actually loves the art and is not just looking at
01:20:12
it as a thing that they can monetize like there's a the term this guy used that you have to find somebody
01:20:17
spiritually aligned with you and that's not mumbo jumbo it like they truly understand the intention of Comedy so
01:20:24
things aren't hurtful or painful to them because they understand what you intend
01:20:27
to do so and then I got interesting too they they tried to cancel you what what was the joke who the the mobs because
01:20:35
they went after Tony Hinchcliffe twice oh yeah and each time he went 10x they came after chamath on this program that
01:20:41
was the first level up we got three times the audience after they tried to cancel chimal yeah the White House
01:20:46
released the statement it doesn't it doesn't it doesn't really work when you have like core fans that believe in you
01:20:51
and I feel like you guys have probably built that you know the relationship you've built with your fans there's
01:20:55
probably people very grateful of the information that you give them and uh so when they try to paint you in a certain
01:21:02
light you actually have like a hundred hours of time with those people that they know you to be more than that one
01:21:08
statement that you've said so now they're not as concerned about that thing you said that maybe is taken out
01:21:13
of context or people have been offended by I think like the biggest thing that people miss about comedians is like
01:21:19
you're allowed to be offended by the joke that I say like you're allowed to react however the [ __ ] want to react
01:21:25
about it you had your life you went through some crazy [ __ ] maybe you're maybe you were bullied as [ __ ] as a kid
01:21:30
and like you don't want other people to potentially have those feelings so you see a joke that could elicit that and
01:21:35
you're like I want to protect that from that protect them from that that's kind of noble I'm like I'm cool with that if
01:21:41
you yourself tell me you don't like me teasing you I'm not going to tease you personally ever again I want you to feel
01:21:46
good but it doesn't mean that I won't continue to make those jokes somewhere else and I think my shows like I got the
01:21:52
most diverse audience in comedy history yeah so it's like you come out to one of
01:21:56
my shows you can't tell me that people don't like these jokes and I tried very hard to like like if I'm curious about
01:22:04
your culture you'll know it through the jokes it's not some little [ __ ] like I'll try to dive deep and even surprise
01:22:10
you about something that I might know and I think in that way people start to feel seen and they don't feel bullied
01:22:16
they actually feel like represented and they're like excited about it look you you said something at the beginning
01:22:22
which I thought was really interesting which is you're like a you have to Great comedians are great observers of culture
01:22:28
so can you can you just tell us like just observe the cultural moment what we talked a lot about it but I just want
01:22:33
you to be maybe like put a point on it where are we where's America what the hell is going on like What's happen
01:22:38
what's happening however you feel that question like what the hell is going on um all-time low confidence in uh
01:22:48
institutions low confidence in information there's an obs with conspiracy because there's I mean that's
01:22:57
twofold one like it's the easiest way for dumb people to feel smart like when you know something no one else knows and
01:23:02
you get to share with people like there's that like dopamine hit where like I bet you didn't know this happened
01:23:06
you know yeah um but those thrive in times where there's not real transparency so I think everybody's
01:23:13
looking for answers and nothing is exactly how it seems and the only way to reins still that confidence is I think
01:23:18
like brutal transparency like you got to just be like really honest with the people this is what it is and we're
01:23:24
Americans we're proud people you know so we can get through whatever you say but
01:23:29
you got to tell it to us as it is and I think we're just assessing relationships
01:23:33
right now and I think like when the economy is rough like you're seeing all the Jewish stuff right now right like
01:23:39
obviously with the conf crazy well this is the thing you got to understand like most people have never met a Jewish
01:23:44
person like most Americans have no clue what a Jewish person is outside of Kiran
01:23:48
enthusiasm or Seinfeld they don't know what it is they think Jews are Upper East Side New Yorkers like yeah the like
01:23:56
Seinfeld or they think it's like hedum like it's just like one or the other exactly they don't even know what like a
01:24:01
spartic Jew they don't know what an African Jew is or a Moroccan Jew they have no clue what that is and they
01:24:07
shouldn't they're like how many Jews are there they're like more people from La than there are Jews right like it's like
01:24:12
a very small population so I think there's like a little bit of a disconnect and you know when you don't
01:24:20
know a people and I think this is probably true I could be off but I think like an ambient feeling towards Jews
01:24:27
from people who don't know Jews it's an ambient light and the stereotypes are probably not like the best they're not
01:24:35
exactly negative as long as the economy is good right they're like oh they they're successful they kind of stick
01:24:42
together they they own businesses they whatever and as long as the econom is good everybody's cool and then eggs get
01:24:48
expensive and you're Buy on your rent and you don't feel hope and you don't and then you start going why do they got
01:24:53
all that what the what are they about why are they why are they separatists you know like I'm here prizz and I'm
01:25:00
trying to get everybody to go to heaven and they just got their own thing what and it's very easy for them to become
01:25:06
this like other group and then you extrapolate that with what's happening like Palestine and and Israel and you
01:25:13
get people to start like assessing like the relationship between America and another country like you saw America
01:25:19
become very uninterested in Ukraine quickly like we we we the second the economy goes down we start going well
01:25:28
what do they do for us what why are we giving them like and they're starting to ask similar questions about Israel and
01:25:37
there's a lot of anti-semites that are jumping on on it and they're muddying the whole thing they're going ah this is
01:25:41
what did they control the government they do this all the every conspiracy is time by the way you're you're speaking a
01:25:48
profound secret that many administrations in government have known for long time and I think this is where
01:25:55
some of the mistrust comes from I talked about this like maybe it was like a couple months ago but the most
01:26:01
incredible stock market was actually under Biden the most amount of money printed was under Biden the most
01:26:08
cumulative total budget deficits was under Biden the most amount of short-term refinancing of debt was under
01:26:15
Biden and part of what you can explain is that if you keep the signals that everything is healthy or up you're
01:26:23
allowed to prop all of these other things that would get very quickly recapitulated and when you take the gas
01:26:31
out of the market and you take the gas out of all these other markets and all of a sudden the price of energy is up
01:26:36
and the price of this is up and the price of that is up then you start to question hold on a second why are all of
01:26:40
these things as important you know the above the line below the line conversation that we have tried to have
01:26:46
several times on this pot Jason yeah and you have to like meet people you have to
01:26:51
meet people where they feel in order to communicate with them right right like they could like when people right now
01:26:56
are like assessing like America's relationship with Israel like it's it's and and they you hear these like sound
01:27:01
bites like that's our closest Ally and then they go what does that mean it's like well let's explain to them what
01:27:06
that means like let's explain the importance of that relationship and how it's beneficial to Americans because if
01:27:10
you don't explain it and you just go oh just be quiet whatever then they start to look at these lunatics on Twitter and
01:27:17
start to go wait a minut is that is that true yeah and then they're down the conspiracy Hall like you have to explain
01:27:24
like I don't know what the mineral deal was about but I know for with with Ukraine but I know for a second there
01:27:30
are some Americans who go oh we're going to get some minerals out of that all right minerals sound good like they're
01:27:34
gonna pay us back it's that it's that simplistic right so it's like I think I think that kind of communication is
01:27:40
important and it will actually help understand these relationships which I imagine are very important I'm not privy
01:27:48
to all the geopolitical decisions that are going on there who knows intelligence from Israel could have
01:27:52
thwarted 20 more 911s yeah maybe you can't say that because you expose the intelligence operatives you have in the
01:27:58
field but it it would I think be helpful to understand the value of that for the
01:28:03
everyday American so that when you see something crazy on Twitter you can go okay you're just a anti-semite and
01:28:09
you're looking for a justification for your hate I mean this is your point about Trump sometimes he has these take
01:28:15
we'll see you later bro take care David this is like I think the point there's going to be conspiracy theory about that
01:28:20
right now I just want to let you know talked about Israel and he's like the one Jewish guy left way to go way to go
01:28:26
Shela this is how it starts David David this is how it starts you drove thanks a
01:28:32
lot you drove them out right chy when you said um you know Trump's a masterful kind of Communicator here Biden gave all
01:28:39
these weapons to to Ukraine under the aices of what's called a lone lease they have to pay them back but Biden never
01:28:47
communicated that well tell us and then Trump comes out he's like you know what we gave them 180 million 180 billion
01:28:54
they're going to give us 500 billion back we're making a 40 he he basically described a 42% compounded return sounds
01:29:00
good to me yeah better than anything that's ever happened I mean he he's out there in terms of his ability to
01:29:06
communicate at chath as we wrap here any final thoughts what do you think about Trump and what he's how he's doing and
01:29:14
what he's doing so far and what do you think about Elon and Doge oh here we go okay so uh Trump and what he's doing how
01:29:22
he's doing so far like I I I don't know like in other words like I don't I don't
01:29:26
know if I can like assess it right away maybe I'm giving him a little bit longer
01:29:31
uh like landing strip or whatever than other people because I have a little bit more hope or optimism I get if you don't
01:29:36
like the guy you're going see how horrible this is immediately but I'm going to give him a little bit more
01:29:40
leeway to see if it doesn't work out and it's really horrible I'll be the first person to call it out like I I've he's
01:29:47
in power we should definitely check the people in power but I'm hoping that these actions in the short term are
01:29:53
beneficial in the long term is everyone going to work out no um do is like I'm so depressed about not depressed stupid
01:30:01
but like I'm bummed about because I don't think there's any American that is pro waste inefficiency and bloat this
01:30:08
should be a bipartisan issue like all Americans should be coming together going oh my God the DMV is gonna get
01:30:14
better this sounds awesome and I think you know I have a lot of respect for Elon but I think sometimes on Twitter
01:30:22
he's like twisting knife a little bit and it's like you don't need to twist the knife like we all want this this is
01:30:29
something we can come together with as a country in support this sounds great don't twist it just kind of let it be
01:30:38
show your wins when you do something wrong we can acknowledge the things that we did are wrong and we'll respect that
01:30:44
it bums me that this has become so partisan and I do understand there are a lot of people on the left that are
01:30:49
making this partisan as well they're weaponizing there was there was crazy clip between Rogan and Elon where Rogan
01:30:57
was like how does all this go down actually and he's like well I can't really speak about the corruption
01:31:02
because I'm afraid it would get me assassinated he's like actually if I tell you what I know it was the weirdest
01:31:07
like two-minute clip and then they just kind of left it and moved on and my brain was like what are they talking
01:31:13
about what what must be going on there I mean there's a lot of money going out the door yeah but who's killing Eli like
01:31:20
if we are going to have World War III don't you want the guy that has the Rockets to go to Mars on your side yeah
01:31:26
yeah you kind of want the Super Genius on your side for sure another thing that's like really interesting to me is
01:31:31
like people keep going people keep doing these things like what is elon's play like what is he doing here like is he
01:31:37
actually G to take over and it's like Elon has been dealing with like local government for so long trying to push
01:31:43
through like he is not an American citizen he cannot be president he is at the highest position he will ever be in
01:31:50
his lifetime in America you can't get higher than being the right-hand of the president since you're not from America
01:31:56
you can be president so I think he's going to behave really well because now he's in the most powerful position he
01:32:03
will ever be in if you want to talk about like power plays you gotta watch out for JD that guy's a that guy's High
01:32:11
emotional intelligence like that that's somebody that I would be keeping my eyes
01:32:16
on if I'm Trump but Elon he's GNA be a good he's gonna be your best friend because it's only downhill if he pisses
01:32:23
Trump off interesting interesting little Manchurian Candidate for JD I no no no I'm not saying that he's gonna do
01:32:30
anything bad but he is like right don't TR don't treat him light like we got this don't sleep on JD New Yorkers we do
01:32:37
this all the time we hear someone with like a Southern accent we think they're a goofball and it's like right that guy
01:32:41
went from like a broken home to Yale Appalachia to Yale and then the VP and he's 40 he's your age he's like 40 he
01:32:49
called Trump Hitler or something and he ended up as his he said I'm a never Trump guy he he's so to say that he's
01:32:55
not emotionally intelligent does to say he doesn't know how to manage up or whatever that term is he's sappy I hey
01:33:02
keep an eye on him keep an eye on him for sure all right listen Andrew Schultz is playing at the Funny Bone on April
01:33:08
16th and 17th he'll be that Chuckles on the 20th drink minimum two drink minimum
01:33:14
uh by the V you know where to find them incredible incredible Netflix special who do you
01:33:20
think who do you B last question who do you think is the funniest if you had to take a wild stab at who the funniest
01:33:26
person no me me Jason or free oh oh of us between the three of you um okay so you can say me Jason so Jason is the
01:33:36
most like naturally inclined to be funny he's probably just the most funny being
01:33:40
around uh choth will probably get the biggest laughs when he says something funny because he's like he's not asking
01:33:47
for much like he'll just say something that's like a dart and it will kind of like hit you and you'll be like oh and
01:33:53
then I think David will like structure something really funny and you'll be like oh that was a clever I see how you
01:34:00
did that right there I um I was actually when I was an astrophysicist shelsea I am funny myself I did Summer Stock that
01:34:08
would be my take like I think if we're off the Pod I think chamat says some like wild sh that everybody goes what
01:34:13
the I think you say that the most that's what I would say there you go all right
01:34:17
Andy Schultz picks me they have it Mom I would like to clip that and uh yeah all
01:34:23
right continued success come back anytime I like the way Schultz pronounces but I may go to chamath I
01:34:28
like that Cham ch ch yeah chamath is too it's too used actually we should go to a
01:34:32
different pronunciation I love chamoth chth is just so it's tough with the it's tough with the I know you forong but
01:34:39
it's tough with the names from over there like my podcast co-host Akash right Akash everybody calls him Akash
01:34:45
now I his name is spelled with two A's A's a after so it's like a you if it's got two A's next to each other after you
01:34:54
go there but it's aash it is tricky but he said like his parents specifically picked a name he
01:35:01
thought that Americans would be able to pronounce they calculated that and like they wereing him I think that's like a I
01:35:08
think that's a really beautiful thing for a kid like you you go you know like how much could called they could have
01:35:13
named him John Steve if they wanted it pron had to keep it real though they still had keep it real they would keep
01:35:19
eight when I could when I could read and write English well eight okay cuz it was
01:35:23
my second language and when I saw my name written out I was like what the fu did they do to me here what is this my
01:35:30
middle name m name is like 15 other letters name a name that has math in it like they knew what they wanted you know
01:35:39
yes they were like if you can if you can pronounce this you can solve the Pagan theor true this is this is harder than
01:35:46
thean be an engineer oh I'm so proud of him he's going to figure it out get us two month he's going to get us ask a
01:35:56
question Andrew is it racist if I do an Indian impersonation because I know I can do Italian and Irish but can I do no
01:36:02
it's funny bro I don't think so but I think it's like is it the intent I'm just I don't even think it's the intent
01:36:07
I think if you like if you say certain things like if you say B right like if if you say that like
01:36:16
that's like my love like you know if you say little things that are more than just the sound but if you tap into the C
01:36:23
like to let them know hey I didn't learn this from The Simpsons like I learned it
01:36:27
from my buddy's family then I think you'll see people who are like Indian Sri Lanka they'll be like oh he oh he
01:36:34
got he's got friends he got he knows he knows I'm I'm gonna I'm gonna go ahead and until I make my move to commedian
01:36:41
I'm not gonna do it I'm gonna save it to when I get my uh Tony uh kill Tony set yeah what's your what's your Korean act
01:36:47
can you do that like can we go through I can go Korean cuz my wife's Korean and her dad
01:36:54
I'll tell you my I can cuz my dad my my father-in-law I I went to China he's an industrialist he's there and I said Hey
01:37:02
listen I'd like to marry your daughter and he said okay two two conditions and I said okay and
01:37:10
he said do it fast and he poked me Andrew so hard like a reinforced poke with his finger yeah yeah yeah on my
01:37:18
shoulder got a bruise I'm like oh yeah and then he goes and I said what's the second thing he says no funds he says it
01:37:24
just like that and I was like okay okay I don't marry a daughter no refunds do it fast and I literally had
01:37:33
to marry her within a year because he knew he was like listen I got he had four daughters and he's like I got to
01:37:38
move inventory I love it and I was the first I married the oldest daughter n none of the other daughters could get
01:37:43
married until I married my wife which was the greatest thing I ever did three beautiful kids you know how it is and uh
01:37:49
listen good luck you going to have a second and third Shel I know you got some I hope so man God three is the
01:37:53
right number if you want to go if you want to do a half Elon you can go with chamat plan he's on six or seven I'm on
01:38:00
five bro I'm on five five well I mean anything's possible and then free BG's on four I'm on three I think three is
01:38:05
the right number I'm going to catch up boys I'm going to catch up all right listen continue success thanks for doing
01:38:10
thank you so much for guys Che let your winners ride Rainman David and instead we open source it to
01:38:22
the fans and they just gone crazy with it love you queen of [Music] K besties are that's my dog taking your
01:38:40
driveways oh man myit will meet me we should all just get a room and just have one big huge orgy cuz they're allus it's
01:38:48
like this like sexual tension that they just need to release somehow what be we need to get mer
01:39:02
[Music] our I'm goinging all in