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let's talk about the sweaters okay let david let's start with you because i love it i love it david i
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love that i decided to up my sweater game for chamoth this is tom ford love it tom ford tom ford the buttons are
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made out of endangered rhino horn we just lost a third of the audience so my sweater
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is a very light italian cashmere made by a company called doriani doryani cashmere
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uh this is this right here this right here is a little uh young calf leather very soft
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very soft and the buttons uh like david's uh are made from sharkton and for those of you at home who would
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like to spend 150 and stay warm may i recommend the marine layer you can find it on union street jacket i
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mean how you can also find that jacket on turk street how tilted is sweater karen listening to
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this sweater karen if you're listening i mean you must never reveal sweaty karen got back to me and she was like oh
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my god he's so tilted i think i know who she is sweater karen can kiss my brown ass oh so i jade comes home last night i
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kid you not she's like i i don't like you in the t-shirts i got you some sweaters and i was you know we're going
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to the mountains for the for the holiday and i was like did you watch the podcast
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about the sweater she's like no i don't listen to your podcast i was like okay fair enough um and i'm like i'm looking
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at these things through all these boxes and she's got this bunch of sweaters i started like what did you spend on this
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she said three thousand dollars i was like i'm not comfortable spending three thousand dollars on a sweater that's
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half a second eight of them i think that's the box the sweater came in was three thousand so i got my three
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quarters and i'm feeling good i'm feeling really good i feel pretty sexy and i'll be honest
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[Music] [Music] hey everybody hey everybody welcome to the holland podcast yes breaking into the top 50 podcasts week
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after week because of you the amazing audience telling your friends it's been two weeks
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so it's week and week all right we that's what i said week after week a week a week
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a week and a week the top 40 podcast episodes in the world thanks to the fans with me of course
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the dictator himself in a uh amazing sweater light light cashmere the consultant of science i found out
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from his mom she much prefers the sultan of science to queen of quinoa so that's what we're
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going with going forward david freeburg who had a great party uh up in um and i really enjoyed going and sacks who
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didn't go to beeps party or to friedberg's party he stayed home and played chess
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on his iphone the rain man himself david sachs welcome to the pod everybody okay you want me
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two new york stores my one true bestie jason calacanis it's true no that's not true i i really wanted to come but
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that's breastfeeding and so i couldn't come the helipad was shut down jamal couldn't land you were getting
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breastfed oh no it was um this great show called afterlife from ricky gervais there's literally a scene in it where a
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woman they work for a local newspaper that's going out of business and they're going
00:03:49
to do local stories and the big story in town is a woman is making pudding uh incredibly delicious pudding
00:03:57
and it's from her breast milk and they go and cover the story anyway i'll just leave
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it at that it's pretty amazing story do you want to know my two new york stories
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or not yeah let's hear it what would you say you had a helicopter story what's that helicopter story helicopter is also
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new york story so uh i uh went to deep dale to play golf with uh a certain well-known individual
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and uh we chopper we chop her back a finance individual uh media well-known political individual
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okay so this is not a rock and roller you do not want to step foot in a helicopter with a rocket
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no though but so here so here's my story which is why i i totally freaked out about helicopters and i can't this was
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eight years ago we played deep dill which is just you know outside new york get in this the
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chopper lands in the middle of thing i was like okay that's fine you know and we're going and i'm already feeling
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kind of skittish i don't like helicopters get to the east side heliport and eastside heliport is basically right by
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the east river and so the helicopter descends and one of the skis doesn't actually
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land on the [ __ ] oops thing and so it does a little tilty poops and then the guy comes back up and then he lands
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you i honestly like i i have never been more scared in my life all right that's it and i was like
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never again any besties it's a bestie band for life we're making a pack here nobody in [ __ ] friends it's crazy so
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that's why i'm on new york city last new york story was i was there two days ago
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or for the last couple days we're staying in the middle of the in the middle of this omicron breakout
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uh by the way had a beautiful dinner uh after the game draymond kevin durant me bunch of friends did you go to the game
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no we went to the private room at carbone it was so brutal though i have to tell
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you i feel so disgusting with myself i had a work dinner and i have sushi at the work dinner
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and then you know dratex after the game he's like hey look we're all having dinner carbon i said okay i'll head
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through i went to the hotel i called nat and i said i'm brushing my teeth and she said
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but you're going out and i said yes but if i brush my teeth i'm not going to eat
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a second center dinner and i thought you know and then but i made a key mistake but i didn't floss so i was unflossed
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but i brushed my teeth okay i show up and [ __ ] i lose it and yes wine and dessert and bread
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vodka it was really brutal and by 3am i stumbled home and i felt so bad because i had to wake
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up at like you know 8 o'clock in the morning no my first meeting was at 7 45. well
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congratulations to stuff hi by the way incredible no shooter of all time he's a virtuoso
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yeah anyways that was my that was my new york story i gained here's my here's mine i gained
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one kilo 2.2 pounds i gained in two days uh here's my car bone story hardest thing to hardest reservation to get in
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new york saks is like jake i'll need to help me a favor what's the best place in
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new york to do a closing dinner i'm like i got you i got my guy get my guy on the
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horn my guy's like okay i got you car bone friday [ __ ] night eight o'clock hardest ticket to new york
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you know what saks does goes dark friday afternoon 1pm he's like yeah we're not gonna make it
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i'm like oh my god my friend is like j cal your guy burned the carbon res that was the bird ipo i
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was going to take the founder out to dinner that night at carbone and then it turned into like the big group dinner
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with like 30 people so it moved over to by the way the the the private room which is like you know not in the
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restaurant but it's like a little bit on the side it only fits like 15 20 people
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so it's not like you can and that's that's then it's really tight how what can i ask your question what was steph's
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uh how did steph feel no steph wasn't there draymond kevin me benny fowler morale but just a bunch of
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us you say kevin kevin durant yeah kevin durant still ah friendly with uh he's honestly he's
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he's such a great guy i love kevin durant he really is really really really aggressive
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super super sensitive cool he's friends again with uh always always he was always i mean i think that
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when they had their blow up it was more like their brothers and it was just a little bit like when
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you started talking like joe pesci did did kevin durant ever start talking with joe pesci
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hey it's time baseball all right uh it was an eventful week on twitter we're only one
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week into the new twitter ceos reign jack is gone and already david sacks has been flagged
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it's a guy it can't be a coincidence that you were talking about them flagging accounts at the end of free
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speech and then pull it up on the screen everybody investors should be spending their time
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finding good investments not endlessly debating interest rates inflation and tax policy but that's the uncertainty
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washington has created it's a great tweet i like that tweet actually and then the
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flag the conversation from sax has been flagged some conversations can get heavy
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don't forget the human behind the screen do you think that this is that's machine
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learned or do you think that that's an editor that goes in there and actually manually flags machine learned right
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there i think that's a great question but what is but what is in there that actually triggers we're debating
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washington interest rates tax policy washington i'm not sure i'm not sure that you could
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build or maybe it's the ratio i don't i don't know how you would build a function that would weight this in a way
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where this could get flagged of all the things you could say with those words this is so benign well i think it's the
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kind of it seems to me this thing's trying to ward off bullying attacks on sex which i don't think saks needs to be
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too worried about all right because they're telling this to people who would reply you're saying
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it's there to protect me it's to protect you it's one of those things where they're like trying to get people to not
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insult you in the comments they're talking about them do you get a lot of insults and comments
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on your tweets oh undoubtedly but so it could just be a point this this tweets comments section was
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pretty benign oh right it may not be about the tweet it might be about the replies no it might be that this wasn't
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that hot this wasn't that hot i think your mother might be onto something you know michelle chandler got
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the same label around the same day for a tweet that seemed totally innocuous too
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so what i wonder about is you know is this labeled to protect us or is it a way is it sort of a passive aggressive
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way for snowflakes at twitter to like label people they don't like and sort of suggest they're vaguely disreputable
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i don't think it's that i don't think it's right it's a left wing it's a it's the it's the libs going after the the
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sacks you're powering any liberals getting obviously like left-wing people wait a second there
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seems to be a blanket attempt at trying to kind of mute the tone a little bit across the the debating that happens and
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the comments that come across in the replies and i think they're just trying to like get everyone to tone it
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down a bit i mean before you tweet it it'd be really interesting to know whether this was
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algorithmic or was editorial because i think if it's editorial it does actually i don't think it's as
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extreme as what david just said but it skews more in the realm of like people with an axe to grind can flag one thing
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over another or not right but if it's algorithmic i think that that algorithm probably just needs
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a lot of tweaking because it's not well anyway this doesn't it say that there's a person behind the tweet it's like
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trying to get people to not say it's charming the morning is charming it's trying to get you to be nice to
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each other it's ridiculous like your mom inserting herself and being like now remember
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it's it's there to suggest that there might be something wrong with the content that's being posted well you
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know in other words in other words the content is so triggering that you know it needs warning labels do
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you guys think that paternalism has a role on social networks to try and multiply the
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the kind of discourse being too acrimonious like i think we need some some of the
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transparency that jack dorsey repeatedly promised at all the congressional hearings remember when he got hauled up
00:12:10
there he promised that they would give more transparency about the way that their algorithms worked
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where is that and it hasn't been delivered up they promised it now jack dorsey skipped out of town and there's a
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new guy in charge well we need to know how these algorithms work because they are pressing their thumb on the scale
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you know of debate in the marketplace of ideas by suggesting that some ideas are sketchier than others they should
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just put here this was algorithmically done based on they should explain it under there should be a little question
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mark you hope for the question mark based on the words in the thread it feels like things are getting heated
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here we did this with an algorithm or users reported this as a heated thread so we put this here or a human decided
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no we just decided yeah but you want it to be an open marketplace of ideas but the fact is it's twitter's marketplace
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of ideas yeah and facebook's is facebook's marketplace of ideas and at the end of the day i don't think you're
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going to get away from any of these centralized social networks having anything but some degree of
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moderation to play a role in a related thing they didn't just target sacks also chamata you didn't see this but uh they
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flagged one of your tweets uh just this afternoon pull it up as you can see here
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it's a slightly different one it says layers are for players this conversation will drift to five thousand
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dollar sweaters so a big warning for tremont just and for the people replying be careful
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this well that that that must be then that must have been human uh you know that's human energy
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for sure and uh this one came in or prof g another one came in for prof g so and
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in this case i think they're actually trying to think about uh the public good this guy is full of
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[ __ ] you thought jc benny would beat amazon how many how many hours of masterclass
00:13:52
adobe photoshop did you take to to get this little joke i didn't make these my meme team did i'm
00:13:59
convinced that there's two ways to raise your next fund in silicon valley one have one of the top 50 podcasts in the
00:14:05
world or two have a strong meme game and i'm going for both sax now has a warning
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on his and this is how they put it on your profile page exactly this is crazy warning this person has interesting
00:14:15
things to say if you if you're too interesting you get labeled now it's really crazy no i saw
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jake i saw jacob having too much fun with this and i'm like i gotta get in on this act
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you're like i need a meme team yeah if anybody out there i don't care if you're i need a comedian
00:14:31
i'm i'm willing to pay on a pay per meme a pay-per-viral whatever it takes okay uh in a related
00:14:38
story democrats want racial equity audits at tech companies according to the washington free beacon uh which
00:14:45
sacks correct me if i'm wrong that's some sort of wacky right-wing uh publication
00:14:50
uh never heard of it okay washington freebie again if instituted orders would have veto power over every product or
00:14:57
initiative that's not an exaggeration is what the story says one proposal from house democrats would
00:15:02
find companies 20 000 a day for not completing biennial independent racial equity audits a
00:15:09
left-wing non-profit called color of change is pushing for these audits last week their president called for
00:15:14
independent auditors to vet new products from tech companies before they were released in front of congress
00:15:20
2018 color of change successfully pushed facebook into completing an audit they called for more restrictions on trump's
00:15:25
posts clear change itself pushed for trump to be permanently banned from the platform just so you
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know this is exactly the the rough version of what happened to microsoft in their doj settlement their anti-trust
00:15:37
settlement was effectively an oversight where lawyers at the doj were the product managers and had not effectively
00:15:43
veto right but you had to approve product features before you could push them for 10 years
00:15:49
you know this is essentially what caused bombers rain just be so you know inaudib
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to do something and you'd have to go to these random folks who didn't really have the context to make a a decision
00:16:01
one way or the other on future so i mean the idea that they would do this is a pretty it's pretty crazy i need a point
00:16:06
of clarification here i've heard the term uh racial audits or racial equity audits my understanding of those were to
00:16:13
understand the composure of the company uh in terms of you know the diversity in
00:16:18
the company but this is something different this is in the product to make sure the product isn't racist
00:16:25
can products be racist what's an example of a product being racist i don't understand what they would find
00:16:33
let me unpack this for you okay what they are basically saying is that these big companies and for example they've
00:16:39
called on google to conduct one of these audits they want all these big companies
00:16:43
to conduct these audits these so-called auditors are actually political consultants who are members of
00:16:50
the democratic party who are friends of the senators who are pushing for this they're political activists it's a gift
00:16:55
and it's partly a griff but it's more than that because you know when you conduct an audit let's
00:17:00
just take this word audit for a second okay you bring in a big five accounting firm
00:17:04
and they will check your numbers according to generally accepted accounting principles gap and make sure
00:17:09
that the numbers are what you purported them to be that is the purpose of an audit and if the auditor ever says that
00:17:15
you've done anything wrong like you have to fix it there's no choice or you can appeal to some other auditor
00:17:20
and have them redo the work okay according to these generally accepted principles with an equity audit what
00:17:25
exactly are the principles that are being enforced or checked here there is no generally accepted list of equity
00:17:33
principles that must be enforced these companies basically you have to do whatever this political activist tells
00:17:38
you to do i mean it's essentially like bringing in a party commissar to now take over the company or at least
00:17:46
be inside the company telling the executives and officer of the company what to do it's something that frankly
00:17:52
the ccp would do it does feel a little like uh yeah stasi-like didn't we have all of the companies
00:18:02
uh on their own from twitter to google to facebook release their own diversity stats
00:18:07
years ago i think this is not more than diversity it's about equity it's about equity so let's explain the difference
00:18:14
in what that means this is somehow how the companies run like the day-to-day life of the employees there not just the
00:18:19
composure and the breakdown of the employees look equity equity means anything that progressives say it means
00:18:23
we've seen on this program before how equity has dumped the shark there's now uh there's a provision in the
00:18:28
infrastructure bill for tree equity so i mean really any disparity that occurs that progressives
00:18:36
don't like can now be called a violation of equity and this gives them the authorization to come in there and start
00:18:40
giving orders it's very weird that i don't understand how the product then review gets
00:18:47
stopped meant to throttle you from a leasing product as a punitive let me give you an example so recently
00:18:54
you know i wrote a piece called the the no buy list where i basically you had companies like paypal and some of these
00:19:00
other financial firms were starting to deny service to customers to users based on their political affiliations and not
00:19:08
just like people who are in you know well-known hate groups that like everybody sort of you know issues
00:19:14
and wants to stay away from but these are people with relatively down the middle conservative you know
00:19:19
conservative groups and they were being denied service by you know fintech firms so now i'm not
00:19:25
saying that this is what this means but if this equity auditors tells you well look i don't think it's equitable to
00:19:32
allow these conservative groups to you know be a user of your product well what's the company going to do they're
00:19:37
going to have to listen to that and and that that is a plausible scenario given that it's already
00:19:41
occurred we've all we've we've said this so many times on the pod but i just want
00:19:45
to say it again for because i guess a lot of folks are new and listening whenever you hear equity used by a
00:19:51
politician it usually means there's a power grab involved yeah because if you really want things to be fair you want
00:19:56
things to be um equal meritocracy you want equality but whenever you start throwing the word equity around and say
00:20:04
we want racial equity it's a bunch of you know a small number of people who you know basically have and live by
00:20:13
what i you know what's often called luxury beliefs who want to judge other people who want to be morally absolutist
00:20:19
and then who want to basically like uh you know exercise a power grab and we have to push back on that stuff because
00:20:25
it's just a slippery slippery slope well this also seems like overbearing red tape for companies i mean if the
00:20:33
company has no problems no complaints against it you know releases their diversity numbers like what is the point
00:20:39
of going in and auditing them let's use let's use an example that builds on what
00:20:42
david said let's take square okay one of the one of the most incredible things that square did was in a hackathon
00:20:47
essentially build a cash app yeah and one of the most incredible things that happened in the cash app was that it
00:20:53
really started to blow up in urban communities okay and it starts to normalize banking
00:21:00
opening up bank accounts having more savings understanding you know an on-ramp into crypto you know cash app
00:21:06
has probably done more to get black and brown people into crypto and to save money and to understand
00:21:11
their cash than almost anybody else as as a customer almost explicit strategy and so is somebody supposed to go in
00:21:18
there and just you know arbitrarily judge whether there's too many white people that work at square or not enough
00:21:24
black people and so xyz thing has to change or such and such a feature doesn't actually speak to folks so you
00:21:30
can't do it it's insanity it's like also to se to your point sax is what are the what do these people know
00:21:37
like what is their qualification and what what's the goal right and and to build on jamaa's point
00:21:42
if these senators so i think cory booker was the one who proposed this if these senators want those specific policies
00:21:49
implemented in the fortune 500 let them pass a bill to do it and let all of our elected
00:21:54
representatives vote on that bill and then we can see if it'll really if it's popular enough to pass and whether
00:22:00
it passes constitutional muster they won't do that because these bills if they were directly concretized for
00:22:07
international would be very unpopular so instead what they do is tell you well we're not going
00:22:12
to do this directly we're going to put pressure on these big companies to hire one of our political friends again this
00:22:17
like commissar-like person and empower them to tell these companies what to do so it's it's really kind of insidious
00:22:23
what they're doing and they're kind of covering it all up with these nice sounding names i mean who could be
00:22:28
against a racial equity audit right because yes if you're if you're against it you
00:22:34
must be a racist and you must not believe in auditing companies right right word game you have to you just
00:22:40
it's a word game it's it's using words that are really loaded and mean a lot to a lot of us
00:22:46
right if i hear racism and race you're triggering it's not triggering but my ears perk up
00:22:51
and i have i have a lot of inbuilt opinions on it that have been governed by 45 years as living as a as a brown
00:22:59
man and so okay it stands to reason that i'm going to pay attention but on the surface if you say racial equity audit
00:23:06
it also doesn't seem actually all that bad it seems like reasonably benign and that seems like an okay thing to do it's
00:23:11
just that most of us then stop at that point and move on right but if you actually look at the rules again i would
00:23:17
just say whenever political frameworks use the word we need to create more equity
00:23:22
the outcomes are horrible for example look in healthcare you know if we have used this idea of healthcare equity
00:23:29
health equity and we've misused it to such a degree and all we see is that now the system is so perverted it also
00:23:37
doesn't work for the majority of people that have actually had the health care system work for it right like at the top
00:23:41
of the pecking order has always been white men have always gotten the best care and we've always measured our
00:23:46
health care progress in america based on the longevity of men white men you know 78 79 80 years old and then it
00:23:54
started to degrade and people were curious what was happening and underneath it all was just a bunch of
00:23:59
power grabs under the realm of equity we passed all these crazy laws we basically
00:24:03
didn't do anything to really create more accountability and a cost based system and here we are so at some point
00:24:11
when the citizenry hears that word you're gonna have to put your thinking cap on
00:24:17
and actually take the opposite view which is hold on this is a really nice sounding word
00:24:22
it may not be what i think it is and i got to pay attention because more than if i didn't hear the word at all
00:24:26
anything you have uh on race freidberg representing uh south africans fundamentally i i don't
00:24:34
think this is about race j call i think this is about power power it feels like a power grip also it feels
00:24:39
like a little grip it feels like a little bit of a grift i know i had heard on the back channel that a lot of the
00:24:44
people who are criticizing some big tech companies who were getting you know i'm not going
00:24:48
to say who or under what modern sweaters sweater karen is that okay but there was
00:24:53
a group of people who are like attacking big sur why don't karen if she has an opinion on sweater she must have an
00:24:58
opinion on racial equity come on okay enough leave spread of caring the issue is um they would complain and create
00:25:05
these you know basically you know twitter mobs and then they'd say oh yeah and hire us for twenty thousand dollars
00:25:10
we'll come in and fix the problem for you so they were creating the twitter to then come in and solve the problem
00:25:16
that's so good and i was like oh wow that is that's so brutal that's so dirty no i
00:25:22
mean these hr consultants who've written these books like on the was it uh d'angelo or whatever on white fragility
00:25:28
and you know how how to be an anti-racist i mean they're all making a fortune in corporate fees you know
00:25:34
charging 20 30 000 per per gig i mean it is absolutely a racket i'm not a fan of equality of outcome i'm
00:25:42
more a fan of equality of opportunity and i think um absolutely many many of these sorts of folks i try and identify
00:25:50
methods to drive a quality of outcome and it inhibits the competitive forces that cause the best person the best idea
00:25:58
the best business the best market model to win and you know i think it's easy to conflate
00:26:05
the two when you don't really think through it but it is certainly appropriate and reasonable to make sure
00:26:09
that folks aren't discriminated against when they apply for a job i don't think it's appropriate
00:26:15
to then apply considerations of race and other factors when people are equally in the same job
00:26:22
on who gets to have the chance at the bonus it is the best performer that should have
00:26:27
the chance at the bonus and the same should be true in marketplaces and the same should be true with business um and
00:26:32
i think that what we're really seeing is this fundamental effort to try and generate equality and
00:26:38
outcomes um in lots of different manifestations and we're seeing it more frequently and
00:26:44
more severely than we've seen it historically but it's not uh i don't think it's the right model and it's only
00:26:49
going to lead to demise of marketplace dynamics and the things that cause forces for success and progress
00:26:56
to wimp you know we we mentioned this a couple times i'll just say it again but we are about to have probably the
00:27:03
most significant movement and questioning of equity versus equality um because i think in the next month
00:27:10
maybe in the next two months we're going to sort of see a pretty strict opinion on affirmative
00:27:15
action and if you talk to legal scholars the overwhelming consensus is this is gone
00:27:21
um and you know we're gonna have to figure out how to rebuild you know what was a really important
00:27:27
system that tried to give folks at least you know getting to the starting line in
00:27:31
the same way but it's not gonna it's not really gonna exist in this in the same way
00:27:36
shape or form speaking of karen's uh elizabeth warren uh was bashing elon over taxes
00:27:43
and elon um has a twitter handle um with some followers and he responded uh elizabeth warren says let's change
00:27:51
the rigged tax code so the person of the year will actually pay taxes and stop freeloading off everyone else
00:27:57
unfortunately for uh elizabeth warren uh elon musk is pretty good at twitter he replied and if you opened your eyes for
00:28:05
two seconds you would realize i pay more taxes than any american in history this
00:28:10
year you pay which is i guess true he paid more in taxes now than any american in history as a side note elizabeth
00:28:17
warren has a 12 million net worth and i saw that she paid no taxes on her equity
00:28:22
holdings because she didn't sell anything which is how the tax code works and uh elon then responded
00:28:30
uh don't spend it all at once oh wait you already did and then you know after the warm-up
00:28:36
replies you uh really you know uh got in the zone and uh like steph curry just started draining half
00:28:44
court shots he rationed her everything she heard her with 50 000 rupees yeah you remind me of when i was a kid and my
00:28:50
friends angry mom would just randomly yell at everyone for no reason please don't call
00:28:56
the manager on me senator karen elon also responded to bernie sanders uh tweet today about climate change
00:29:04
bernie sanders said when future generations asked us what did we do to stop the climate crisis how
00:29:09
would we answer and uh elon set and so great tweets uh but to the bigger picture did these
00:29:17
people even know what's going on in the world no they woke up they woke up on the wrong
00:29:23
side of the tilt bed yeah because uh in in like a 24-hour period he was the time
00:29:29
person of the year the ft person of the year and they just went into super mega tilt
00:29:35
mode and the buildback batter act got shelved and um well i mean you know i think we we
00:29:45
talked about this last week but that bill is dead now i mean they pushed it to march to basically avoid a down vote
00:29:50
nothing's going to happen david you're right we said last week wouldn't it be hilarious if elon said kill it and then
00:29:57
it got killed well i don't i don't think that that's why the bill is dying i think the real reason is that
00:30:03
we now see a fed posture which is actually pretty reasonable which actually says oh wait there's way too
00:30:09
much money in the system as it is yeah you know the fed two days ago basically said we're going to see up to three rate
00:30:15
hikes next year probably 50 basis points each so you know it's basically acknowledging
00:30:21
that these these last you know several years we have printed way too much money and they're trying to fix the problem
00:30:28
that they created so that's i think the real reason and then the cbo comes out and basically
00:30:33
says the congressional budget office and says this thing is a white albatross that's going to cost way more than you
00:30:38
guys think it will and so it puts biden in this very awkward situation which is you know on the one hand he supports
00:30:44
powell um and you know he supports institutions or has historically like the cbo
00:30:50
but he effectively then has to push back on both of them all in one false to try
00:30:54
to ram this bill down people's throats and the support is i think it's crumbling and so you know
00:30:59
to save face they basically said well we'll put a pin on this and we'll revisit it in march but you guys know
00:31:04
what's going to happen in the next three months there's going to be some other crisis
00:31:08
most folks will forget and it may just allow them to move on without having to actually deal with the potential of this
00:31:15
thing getting defeated which would just be i think cataclysmically bad for exact
00:31:19
for democrats you were on cnbc today i thought you said something really important where you said hey listen
00:31:26
maybe if we just calm things down for a year we can you know get through i'm not sure
00:31:32
what the exact quote was but maybe you could unpack that sentiment you had on cnbc today because i thought that was
00:31:37
pretty important yeah well i mean i agree with what jamal said this um i mean this this bbb bill
00:31:44
was particularly anachronistic once the 6.8 percent you know inflation print came out in other words we're in a
00:31:50
hyperinflationary environment and here comes this bill that the cbo says if you know over 10 years would cost
00:31:58
five trillion dollars that's the last thing we need is more money printing when you know we've got this
00:32:03
inflationary fire out of control so i think that is why the the bill is being shelved probably not to return
00:32:09
um i think that the larger problem that we have in the markets is that this there's a tremendous amount of
00:32:14
uncertainty being created right now by washington we've had tremendous uncertainty over spending
00:32:20
over taxes over interest rates and the conversations that i'm having with friends who are investors in really
00:32:28
every asset class real estate vc crypto the conversations are all the same what's interest rates going to do what's
00:32:34
the macro picture going to be i've never seen investors who should be focused on hey
00:32:39
do i miss this company or buy this building or whatever those aren't the conversations it's all everyone's a
00:32:43
macro economist now and so we're also distracted by this and so now the fed a couple of days ago
00:32:49
finally gave us clarity i mean what they basically said is they're gonna accelerate the taper they'll end
00:32:55
quantitative easing at the end of q1 and then we're basically gonna get explain what that means to people who don't know
00:33:01
what they've been purchasing and why yeah i mean quantitative easing is kind of a weird term what it means is the fed
00:33:07
has been going into the bond market and buying bonds um i think basically mortgage-backed securities and
00:33:13
treasuries and they've been buying i think about 90 billion a month they're going to cut that back to 60 billion a
00:33:19
month and that'll continue just to explain it a little bit more when you do that what
00:33:25
you're doing is you're giving somebody that owns those bonds money okay so the fed prints money
00:33:32
the government prints a hundred dollars takes that hundred dollars steps into the market and takes something from you
00:33:39
in this case it's a bond and gives you that freshly printed hundred dollars what are you going to do well you're
00:33:45
probably going to go and spend that you're going to buy other things and that's the cycle of inflation that
00:33:50
quantitative easing basically creates and so when you call when you talk about tapering what that means is slowing down
00:33:58
the money printing machine and slowing down you stepping in the market and buying
00:34:02
assets with money that you've created out of thin air and it's up to other people to buy those assets if other
00:34:07
people see value in them you you then are forced to find the real market clearing price yeah those those bonds
00:34:13
are now on the fed's balance sheet and so there's a very interesting chart showing assets that are owned by the fed
00:34:20
and it went up by something like three trillion during covid so that is the sort of monetary stimulus that's been
00:34:27
pumped into the market over the last couple of years separately we've had something like six or seven trillion of
00:34:32
dispending by the government so you know tremendously so that three trillion is not thrown away so we're
00:34:37
clear we're going to get interest on that and people some number will default some of them will get paid back it's a
00:34:42
way of stimulating the economy but we now know after this uh stemi checks and all the stimulus we did during the
00:34:49
pandemic we don't need to put more fire or oxygen or kerosene on what we got going in this economy correct david yeah
00:34:56
i mean we we should show that chart about how much the fed's balance sheet has grown over
00:35:01
the last couple of years but you know the the argument i think would be the reason why they do they buy these assets
00:35:07
is if they're buying bonds it basically means that it keeps the yield down right because if they weren't
00:35:14
the ones buying them someone else would have to buy these bonds to keep the government funded and they might demand
00:35:19
a higher interest rate a higher yield on the bonds so this by having the fed come in and
00:35:25
increase the demand for the government's debt it means that the government can sell
00:35:30
its debt more cheaply so when they stop doing that um i think you can expect that
00:35:36
you know interest rates are going to need to rise in order to make our debt attractive to you know to bond buyers
00:35:43
the other thing the other thing by the way that the fed did when they did that was it wasn't
00:35:47
just government bonds that they were buying they decided completely arbitrarily at one point to start buying certain
00:35:56
corporate debt so they own like four debt gm debt commercial that's called yeah no no no
00:36:03
well not i mean commercial papers sort of more very fast turn short term duration but like how do you make a
00:36:09
decision to start buying corporate bonds it's like buying corporate equities do you buy google versus facebook do you
00:36:14
have who's the capital allocator making that decision so more importantly who's who's setting the price who's setting
00:36:19
the price so you know these guys have been off the reservation for a long time i think it's fair to say that they were
00:36:25
forced into action without a playbook in the middle of a once in a you know lifetime once a century pandemic fair
00:36:31
enough and i think they actually did a pretty reasonable job but we just kept the tap
00:36:37
on for so long yeah and now we're like dealing with this stuff trying to figure out how do we
00:36:42
actually compensate so the idea that we would add knowing all of this so it's one thing i think if biden passed the
00:36:49
bill five months ago six months ago because we didn't know any of this stuff but to do it now knowing that i think
00:36:57
that it's really hard and i bet you that it's not just mansion on the democrats that are having a little bit of
00:37:03
heartburn and second thoughts it's probably more because i suspect that they could have forced his hand really
00:37:09
if it was just up to him but i suspect there are other democrats who are now teetering on the fence thinking i don't
00:37:14
want my legacy to be tied to this when we're printing six seven eight percent inflation for me to basically keep the
00:37:20
money printing machine on because it's it's insane this is like the sopranos episode where he gave him like
00:37:26
he fronted the guy like 45 boxes of ziti and like you wake up and this guy can't
00:37:30
pay the bill in the poker game like where can we even afford to pay this back at some point yeah look i think
00:37:34
when when march comes around and this bill is supposedly going to be brought back off the table we're going to be
00:37:39
into the election season in 2022 and i don't know that democrats are going to want to defend this
00:37:43
i think there is a view on the democratic side that if they deliver enough goodies to their base then that
00:37:49
will help them win elections but i think what helps you win elections more than delivering goodies to your special
00:37:56
interests is for the economy to be healthy yeah and if they are sort of pressurizing this inflation situation
00:38:03
that is i think ultimately that could backfire i think that's going to be worse for the economy frankly i think
00:38:08
manchester is doing biden a favor because if the economy does grow by four percent next year as the fed is
00:38:14
predicting it is and if inflation comes down because you stop printing money the way
00:38:19
they're doing then you know i think the democrats will do better in the election if the economy
00:38:24
is good i mean one of the reasons why they did so poorly you know in the off-year election
00:38:29
uh a month ago is that there's tremendous economic anxiety out there people are seeing the inflation at the
00:38:34
gas tank when they go to buy food and um you know if that continues i think they're going to do very poorly
00:38:40
next year i wanted to like bring up this chart from fred on total assets on the fed balance sheet
00:38:46
i think it is really interesting to look at this thing because so the fed had about a trillion
00:38:51
of assets until 2008 okay then we had the financial crisis and they doubled it that's when the quantitative easing
00:38:56
began i went to 2 trillion but then from roughly 2009 to about 2020 before covid
00:39:06
somehow the balance sheet grew from 2 trillion to 4 trillion so and it had gone to four and a half
00:39:12
and they were starting to shed assets so they were starting to get off drugs but
00:39:16
it was still from two to four trillion between this like 2009 and 2020 period when supposedly we weren't in a crisis
00:39:23
so you know they've continued this quantitative easing then covet hits and the amount grows from four to seven
00:39:29
trillion just in 2020 and since then it's gone from seven to a little under nine trillion uh just
00:39:37
in the last you know well they they they've been three trees i mean these are 20-year-olds they got
00:39:43
to sell them well either they're going to have to sell the assets or they kind of do
00:39:47
well well well it's not like that they basically are the are the fed is the one who
00:39:52
bought the government debt so they're buying to call it a 10-year treasury so yeah i guess they could just wait till
00:39:58
the the bond gets paid off but um but i guess they could do that but but now that fed has an incentive not to let
00:40:05
the assets get toxic right so if you know the assets would get toxic if you know if interest rates go up too
00:40:13
high that drives bond prices down and now all the assets on their books are worth a
00:40:17
lot less yeah this is this is like the point where we have to just call it and say
00:40:22
okay you know what let's move on meaning in the sense that like we have to go to
00:40:26
these root causes because the money is more money is not going to fix what we're dealing
00:40:32
with so i just put something in the group chat and i just want to get your guys's reaction to it because when i saw
00:40:37
it it blew my mind there was a study okay that was just published a few days ago and it said the following thing
00:40:44
children born during the pandemic have experienced a catastrophic drop in cognitive development
00:40:52
of 22 iq points 22 yeah and when you look at it the people that were the most affected
00:41:00
were male children and children of lower socioeconomic families but everybody was affected
00:41:07
yet you see the amount of money that we're spending already so adding more money
00:41:13
to something is not going to make it better if what we're spending today is basically just getting flushed on the
00:41:17
toilet and these are the kinds of things that really matter how do you allow an entire generation of kids to
00:41:25
to see to suffer by the way what does that show that means that teachers actually are
00:41:30
unbelievably important so number one they should get paid a lot more okay let's just put it down there should be
00:41:34
more of them and smaller class sizes exactly but if you if you have you know these completely screwed up incentives
00:41:40
between you know the organizations the unions that represent these teachers and then the parents who have completely
00:41:45
different incentives and they basically fight to never be in classroom and to not really teach this
00:41:51
is the measurable outcome yeah the iq of our children i mean we have crucial ability their executive function their
00:41:58
scores are going down how do they recover from that be a lot of tutoring it's gonna be a
00:42:04
large summer school yeah i mean zoom's not gonna do it i don't think more fortnite in roblox fixes this problem no
00:42:10
definitely not and and i feel terrible because like you know as a parent that's that was my
00:42:15
solution right i was struggling with the zooms like every other parent and then in the evenings i was just so burnt and
00:42:21
just feeling so beside myself in the middle of the pandemic whereas i had a no ipad rule for my kids
00:42:27
that i broke down yep you know everybody did i mean it's like everybody you're home with your kids all day long it's
00:42:33
not how it's supposed to work and but so the point is like this is where the government should step in and actually
00:42:37
say okay here let me take leadership on this topic right and talk to the unions fix
00:42:43
whatever needs to be fixed amp up the the money into charter schools do whatever you need to do
00:42:48
but please fix the problem but randomly spending money to try to buy votes i think people see through
00:42:54
that it just doesn't work and related to that omnicron is spreading like crazy uh
00:42:59
new york city hasn't i'm rick omnicron omicron there is no n omicron omicron omicron yes i'll i'll
00:43:09
learn how to pronounce it when it's gone omicron is spreading like crazy in new york city and in the uk amongst
00:43:18
other places the nba and the nfl are seeing surges i've had a ton of people i know test positive this week you guys
00:43:24
had that family friends crazy it's insane how many people are i know so many people in new york city
00:43:32
related yeah and a lot of people that don't have um any symptoms so here's the chart of cases uh case of spiking but
00:43:38
hospitalizations and deaths are flat or going down um in places where these outbreaks are occurring the uk uh charts
00:43:45
are even starker there's a lot of anecdotal evidence everybody on tick tock and instagram and twitter young
00:43:50
people in new york who went to cena con are saying they all got it but if you look at this
00:43:55
what is santa con santa con is the worst holiday of the year it's a time when a bunch of young people dress as santa
00:44:03
claus and get drunk and you have [Applause] that's what goes on everyone wears their
00:44:17
little santa outfit and they go bar crawling so it's not sexy santa well actually i
00:44:22
have a story about that i was san francisco you were sexy santa no i literally took my daughters out for
00:44:30
pizza uh tony's uh in uh north beach and you know i've got my three daughters and
00:44:37
there's all these people walking around like look dad it's santa claus like a lot of them and so there's a thousand
00:44:42
santa claus descend on north beach and i turn around and i kid you not there are two old guys
00:44:49
i'm talking 70 years old and they're wearing a baseball a santa hat santa boots and nothing in between
00:44:59
literally [ __ ] naked in on the street so yeah bro you're you're so you're so demented
00:45:08
okay you're like this like like unkey perv like every time i get those text messages i don't know what to think
00:45:14
did you guys click on the twitter link when jason was like guys search for the folsom street fair on twitter no i can't
00:45:20
i can't unsee what i saw i was like why is this awesome street trending i was like i thought there was
00:45:26
a terrorist attack bro that was so brutal you you should you can't send that [ __ ] around like it's so brutal i
00:45:32
don't click off i was like don't click on false i was like oh this is a twitter link what is it about web 3.0
00:45:38
not exactly uh the folsom street fair i'm gonna go ahead and say don't search for that um
00:45:43
if you have kids around it's a little bit intense but anyway the santa calm was on saturday december 11th and so
00:45:50
here we are five days late you know four or five days later and the stuff uh hitting if that's true it almost
00:45:55
perfectly mirrors the original outbreak after saint patty's day in march 2020. and if you look on social media all the
00:46:02
city md lines uh where people get tested are around the block and 30 nba players have entered the covid
00:46:09
protocol in the last two weeks about seven percent of the league and uh we had a big question mark of would this be
00:46:15
less more contagious it obviously is check less deadly it apparently some studies show as much as 40 times more
00:46:22
infectious than delta um highly contagious extreme very much airborne it's going everywhere
00:46:30
like i said last time if it does end up having low severity and low um hospitalization rate and low death rate
00:46:37
for vaccinated or vaccinated plus boosted populations this could end up being a massive
00:46:43
immunizing event meaning like a lot of people will develop new antibodies and resistance and
00:46:48
you know that could be a net good thing but it's certainly the case that this is
00:46:51
not a one strain one shot and done pandemic this is an endemic kind of circumstance
00:46:57
we're going to be in this for a while and um you know the circumstances are one that may kind of require you know an
00:47:03
adaptation in terms of how we live and operate and especially as it relates to things that are so important like
00:47:08
keeping businesses open in schools um you know i think we're going to use recent memory to guide future decision
00:47:14
making or at least politicians and you know kind of lawmakers will and they'll say
00:47:21
hey this is what we did last time this happened and we just saw this in california where they're like last time
00:47:24
like we told everyone going to lock down or wear masks indoors again and we're seeing that behavior again
00:47:31
certainly it may have an impact in terms of the spread but this is highly contagious and it's going to spread
00:47:36
everywhere and i think there's just some adaptation that maybe is going to be needed here over the long
00:47:43
run there's no end there's no end inside there's no end in sight but uh it is less deadly and so could be mass
00:47:49
immunizing and that has led people to think of this herd immunity potentially if there's not another variant
00:47:55
um sacs if the nba and the nfl are learning to live with kovid and obviously when we were in miami there's
00:48:02
no covet in austin there's no covid is everybody now just go because it seems like the politicians now whether
00:48:08
it's in europe we're seeing the protests uh and i think we'll see them here in the united states if this keeps up
00:48:13
australia obviously having protests as well the public has decided i think we're willing to have a thousand people
00:48:19
die a day or a certain number of people die today to get back to normal so what what do you think the end game here is
00:48:25
going into 22. i'll make a prediction for 2022. okay i will predict that even the blue areas of the country are going
00:48:32
to have fatigue with all these coveted restrictions and so even the blue state governors who are addicted to their
00:48:39
state of emergencies and their restrictions and lockdowns and closures and mass mandates even they are going to
00:48:46
have to give them up in 2022 because the country is sick and tired of this peter
00:48:51
pham had a really good tweet uh just the other day maybe you guys can dig it up where he had a friend visit him from
00:48:56
texas and they've been living normally there since like july of 2020 roughly kids in
00:49:02
school occasionally someone gets sick but they've been living normally okay it's a
00:49:06
manageable problem and he couldn't believe peter's friend could not believe how they're living in l.a where still
00:49:13
everyone's living in fear they've we now have a new one month indoor mass mandate
00:49:18
thanks to you know governor newsom who still is ruling the state under a state of
00:49:23
emergency what good is that going to do so i think you know but but but i think that some of these blue areas people are
00:49:30
so petrified still of the virus and i think it's just because of they're the ones who have been ingesting
00:49:38
all this fear porn coming from the media and but but i think it's gonna break i think the the finally this hysteria and
00:49:44
panic will break it'll crest over the blue parts of the country in 2022 they're already back to normal in the
00:49:51
red parts and especially omicron you can't stop this okay i think that's the the salient
00:49:57
point here nothing spreading you're all going to get it look the little the little stupid vax card
00:50:03
that you have to show everywhere to get like popcorn at a movie theater like you
00:50:06
know in san francisco it doesn't do anything because vaccinated people can spread it too
00:50:10
so that doesn't do anything and the mass main date doesn't do anything um you know and so none of this stuff does
00:50:17
anything except getting a vaccine reduces the severity of the illness and losing weight and we can't have that
00:50:24
conversations those consequences are mainly on the person who decides to do it what we have to say is we just have
00:50:30
to tell everybody you know listen lose weight get in shape eat healthy get vaccinated get back to life that's it
00:50:37
that's the best you can do i'm i believe everybody's going to get it we're starting to see like a real
00:50:42
divergence in american life where and i think omicron's if we have lockdowns under omicron and really the big issue
00:50:49
is school closures if we go back to school closures and blue states and have more of the learning loss that jamal was
00:50:55
talking about and i bet we do whereas in red states they're still out there learning normally and they're
00:51:00
dealing with it just like they deal with the outbreak of a flu season or cold season but they you know they're just
00:51:06
managing it we're gonna there's gonna be we're gonna be living in two different americas
00:51:11
but i but i don't believe this is sustainable i think eventually these governors who are holding on to their
00:51:16
power and their restrictions are gonna lose in 2022 the ones who haven't given it up are
00:51:22
gonna are gonna basically uh fall to a red wave in november 22. i think noosa might be the only one left school's
00:51:30
closed i see everybody's cancelling their christmas parties jp morgan canceled that we're close we're close
00:51:36
every christmas party's been getting cancelled um and i wonder if schools i mean teachers unions i think they got to
00:51:42
be having a meeting right now they don't even the teachers don't even acknowledge
00:51:46
that learning loss exists i mean decided to homeschool for the year of the pandemic and i kept my homeschool
00:51:53
teacher for you know a couple of hours a day and uh my kids have done wonderfully
00:51:57
and it's great to have the ability to afford to be able to do that but not everybody can have an after-school tutor
00:52:02
let me upload this for a second okay so i'm spilling the beans on one of my predictions i'll make at the predictions
00:52:07
episode we do but first we had covet okay then we had the overreaction to covid both politically and economically
00:52:15
economically we pumped 10 trillion plus of spending and monetary and qe and all this sort of
00:52:21
stuff politically we had these restrictions school closures lockdowns mandates okay i think we're about to
00:52:29
enter a new phase which is the correction to the overreaction and i think we're already in the correction so
00:52:35
the market's been correcting growth stock's been correcting for the last five or six weeks i now think that
00:52:42
there was a bit of a political correction with young kid winning in virginia remember that state swung 10
00:52:47
points relative to a year ago and i think you'll see a further correction both political and economic in
00:52:53
2022 so we may not be completely passed kova but i think we are going to be past this
00:53:00
sort of overreaction to covet what do you guys think about succession oh no i haven't seen it
00:53:07
don't say anything jeremy strong jeremy strong let's talk about the journey jeremy strong okay jeremy strong is a
00:53:13
weirdo uh according to a new yorker profile and there's been a huge response to it uh this profile handle kendall roy
00:53:21
on success chandler roy who is woke and dumb and ineffective as an executive and obviously the show is
00:53:30
modeled after rupert murdoch and fox and the kids there who are not dopey actually in the article it hinted that
00:53:36
most of secession's co-workers dislike him due to his intensity and nothing acted and method acting rituals
00:53:43
he won't rehearse with anybody he's in character all the time like daniel day lewis he won't get makeup whenever
00:53:49
everybody else does because he doesn't want to reduce the energy and the buildup uh the article notes there is a
00:53:54
fine line that strong walks between being a legendary method actor and just a complete
00:54:01
uh the awesome networker wait can i tell you why this story was interesting to me
00:54:05
and why isn't this you guys yeah okay so here's a guy who in many ways is a virtuoso and
00:54:14
the reason you mean he's a he's a really good actor because i despise kendall roy
00:54:18
on that show uh and i was wondering like is this guy just a terrible actor or is
00:54:22
he such a good actor that i hate them yes i hate him and that's why i was attracted to this article and in it or
00:54:28
after it so basically what happens is he's a virtuoso just i'll come back to in a second
00:54:34
these people at the new yorker who i guess are just jealous or want to write click bait
00:54:39
try to destroy this guy but what they didn't factor is that when they published this article
00:54:45
all these other actors would come to his defense and do it really publicly yes anne hathaway jessica
00:54:53
and aaron sorkin wrote a letter exactly that jessica chastain published to twitter because aaron aaron sorkin
00:54:59
doesn't have access to social media by design and in all of it they said this is the
00:55:05
most incredible person we've seen aaron sorkin says this guy is as good as dustin hoffman which is like this is as
00:55:11
good as it gets so why was it interesting to me it's you have these people who are grinding
00:55:18
and trying to perfect their craft be a virtuoso you talked about steph curry grinding try to perfect his craft just a
00:55:23
little steph curry story as a tangent he he brought in this team where they basically started to map out all of the
00:55:31
uh circumferences of the ring of the of the net and he practiced this summer literally trying to get it perfectly in
00:55:38
to create this very specific kind of swish and he just kept shooting and shooting
00:55:43
and shooting and shooting not you know all the time but every day for some number of shots trying to get the ball
00:55:48
perfectly into the basket that is a level of perfectionism and if that's being a virtuoso that none
00:55:54
of us can really appreciate but you see the output and we all love it he's already the goat and he's trying to
00:56:00
outdo himself here's a different guy in a completely different theater in this case acting
00:56:05
trying to also be really legendary and putting himself through all kinds of stuff
00:56:10
and still not lose himself in it okay so much so that all of these other people will really appreciate how amazing he is
00:56:17
and to me what i don't like is that then these critics who don't do anything who've never
00:56:22
accomplished anything at all in their lives judgments feel so triggered that they
00:56:28
have to judge him it's one thing to not have that skill i'll never be as good of
00:56:32
an actor as jeremy strong i'll never be as good of a basketball player as death but i don't hate these people for that
00:56:38
i'm so happy that people like this exist but there's a strain of people that exist
00:56:44
and then you also have a and then who also have a platform yeah i was about to connect the dots for
00:56:49
you is like look at yeah look at how the politicians feel the same way about private markets politicians social
00:56:55
decide to try to destroy people yeah so instead what these people do is they take a shortcut they're the critics
00:57:01
they're not in the arena okay the folks in the arena are booking wins and losses
00:57:06
constantly but you have this you have this strain of impotent critic that doesn't actually know how to do for
00:57:14
themselves and they somehow have a platform and then what they end up doing is cutting
00:57:20
corners and then some subset of those start to cheat cue david well yeah it's a story that the congress back in 2012
00:57:28
passed a bill called the stock act to prohibit members of congress from trading on
00:57:34
their insider knowledge based on you know based on legislative actions they're about to take and it's been widely
00:57:41
flouted by dozens of you know representatives and senators and the problem is there's no punishment
00:57:48
it's something like a 200 fine or something like that that gets waived in most of these cases so it's
00:57:54
completely hypocritical because these are the these politicians like senator karen they're constantly demonizing and
00:58:00
attacking other people to make themselves look better and then here they are they've got dirty hands um and
00:58:06
they asked pelosi they said to pelosi well don't you think that members of congress should be prohibited from
00:58:12
trading stocks right because their actions have such a huge consequence on them and pelosi said no it's a it's a
00:58:17
free market it's a free market we should be free to to do that it's like huh you
00:58:22
know i don't remember that being a defense every time you've wanted to regulate some you know industry that uh
00:58:30
doesn't the president have to divest when they take the presidential office it's not a thing
00:58:37
yeah so they're blind so why why would senators congress totally people be any different
00:58:43
it's absurd that elected officials should be able to engage in insider trading it makes no sense the fed uh
00:58:48
actually had this issue as well two um two folks on the federal reserve board resigned and then powell issued uh a
00:58:56
whole bunch of i think new laws tried or regulations inside the fed to try to fix
00:59:00
it and the same issue occurs with federal judges and there are federal judges that are
00:59:05
consistently trading in the equities of the companies that are in front of them and so how can
00:59:11
you how can you adjudicate a case there was one judge that had 130 plus conflicts trading conflicts
00:59:19
130 plus and he is the one that's there where at t or facebook or google has an issue
00:59:26
i mean how can you actually assume that these folks are being impartial if that's the case and there are no
00:59:32
consequences for this and yet you know if you're again going back to where we started
00:59:37
somebody in the arena trying to do something you just got to think to yourself like
00:59:41
you have critics that are bashing you you have folks that are basically flouting the law because they can and
00:59:47
then you put these two together and it's like this is so it's kind of depressing to be honest
00:59:51
with you you you start to lose a little bit of faith i mean this these politicians are
00:59:56
grifters that's it and full stop i mean they're just grifting and i mean except for apparently except for
01:00:03
bernie sanders and elizabeth warren they should just buy the companies they hate
01:00:06
why aren't they buying amazon and tesla they would be total proponents of jeff bezos and elon musk if they did yeah in
01:00:12
fairness to warren i've seen her tweet that she supports the banning of the insider trading by congress
01:00:16
representatives but i don't exactly see her fighting for it uh you know as hard as she's denouncing people like elon so
01:00:22
um look i mean it's it's characteristic of elected officials that they um what is it they see the the splinter
01:00:31
you know in somebody you know in somebody else's eye but not the the log in their own or something like that
01:00:36
isn't that the expression but you know who's taking advantage of this issue is blake masters who's
01:00:41
running for senate in arizona just tweeted about that this would be the first thing he would fix if he gets
01:00:47
elected which is to ban insider trading by elected officials and i i think it's remarkable that
01:00:53
you know politicians as shrewd as nancy pelosi are deceiting this issue to republicans i mean i don't know why
01:00:59
republicans wouldn't make this a major plank of their platform for 2022. nancy pelosi is i think the third or fourth
01:01:07
richest person in congress her husband is a very sophisticated private equity investor
01:01:12
there are these meme stocks that follow nancy pelosi's stock trading account or pretend to that were you know
01:01:19
recently by the way banned by twitter right yeah that was yeah protecting her protecting
01:01:25
her effectively so you know she has an incentive to not her seat of power is not necessarily the salary that she
01:01:32
earns by being house leader but it's by translating that in a bunch of different
01:01:36
ways and one way apparently it turns out is being an active equity investor in the market it's unbelievable that's
01:01:42
allowed i don't know how this isn't just like an a plus fantastic issue for republicans they should make it an
01:01:49
absolute plank of their platform here we go florida republican brian mast was late in disclosure disclosing purchase
01:01:55
of up to a hundred thousand in stock at an aerospace company which had just testified before a
01:02:00
committee he sets kentucky republican rand paul was 16 months late disclosing that he bought his wife bought stock in
01:02:07
a pharma company that manufactures an anti-viral coven 19 treatment right nevada democrat susie lee failed to
01:02:13
probably dispose more than 200 trades yeah just as much as 3 million i mean this is yeah just to be clear the
01:02:19
violations have been on both sides of the aisle i'm not at all trying to say that republicans are better on this than
01:02:25
democrats this is good bipartisan cooperation yeah yeah exactly i mean it's ridiculous this is the
01:02:31
political class in washington engaging in bad behavior but but but the difference is this which is
01:02:37
that pelosi the only leader of a party i've heard defend this is pelosi and i think this is a fantastic issue for
01:02:44
outsider candidates really on both sides to run on well this is also something that biden can take because biden has
01:02:50
never tried to do this stuff you know oh my god biden's got so many shady dealings and comments
01:02:56
selling paintings to china there's a lot of rich spiders out there apparently he's got a rich brother he's got our you
01:03:01
know paid a lot of money maybe that's true but joe biden has been really down in the middle come on be
01:03:07
fair hunter is brilliant i mean he's selling paintings yeah but why are they buying hunter buying paints for 500 000
01:03:14
well i mean he's a great artist i mean a lot of people buy i don't know if you saw melania's coming out with nfts today
01:03:21
so she's okay everybody's securing the bag now i mean if and by the way the presidential grift
01:03:28
is always the best just as a case in point trump's spec is worth over 2 billion and buzzfeed which makes 360 million a
01:03:37
year and i think has 102 million million cash issues he's not in office that's misstated
01:03:42
jason trump's back his shares that he's going to be receiving are worth close to
01:03:46
20 billion 20 billion but he's not in office anymore so i'm not sure the shares he's
01:03:52
going to receive oh yeah what you're counting is the market cap of the cash and trust the value of the
01:03:59
shares that are already republican right the trump the value of the trump entity is going to be closer to 20
01:04:04
billion oh is that right wow that's even yeah crazier with no revenue there's more media right yeah
01:04:09
well the sec apparently the doj sent a bunch of inquiries on this asking uh for background on the transaction
01:04:15
because there's no business there's no contracts there's no employees it's just the whole but by the way ideas just to
01:04:22
make sure that everybody understands this is this is a bipartisan thing as well the the ultimate
01:04:28
bag secures the obamas got i think 50 million plus each for their book deals and they got supposedly high eight
01:04:37
figures like 50 60 70 80 million dollars from now sorry hold on a second hold on
01:04:40
a second when you said when you call them bag secures i was really triggered there for a second so am i supposed to
01:04:45
take that offensively that you're saying michelle obama and barack obama secured
01:04:48
the bag secured the bag is a term for getting the money the we're not against everybody not being able to make money
01:05:02
uh the issue is trading on your office in a way that uh where you are trading on your insider
01:05:10
information that your office is giving sure but i mean here or if you're selling influence if you sell a book
01:05:16
hold on a second if you sell a book when you're out of office is that really a problem is that on the
01:05:20
bus i wanted to point out that netflix won what was netflix's existential crisis for the eight years obama was in
01:05:26
office anybody remember nobody remembers net neutral cares could they get would they have to pay
01:05:33
verizon what was uh the obama's position on net neutrality they were for net neutrality
01:05:40
netflix stock went up 40 50 x under obama it could all be a coincidence i'm just saying what the [ __ ] so you're
01:05:46
saying it's like you're saying that this guy is lobbying payment to obama i think
01:05:50
it's like are you serious i think it's like i mean listen the clintons were doing
01:05:56
speaking gifts for goldman sachs at half a million dollars this is kind of my cue
01:06:00
to go to dinner now okay so here's the mri you know the main way that winston churchill supported
01:06:05
himself was writing books i think it's okay for politicians to write books and if because ultimately the public buys
01:06:11
them and that's how they make money what about when the book is 50 million in the
01:06:14
normal price for b10 that's the problem well i mean if i i guess you might have a point if the advance was so in excess
01:06:20
of the expected sales that it raises a question of what the real motive is for the payment but i don't but is that is
01:06:26
that what happened nobody gets paid a 50 million dollar event nobody gets an eight-figure dollar who's never made a
01:06:30
documentary before no i mean if this book sold five million copies it still wouldn't be worth it uh
01:06:37
let's move on to mrna so we keep our freed uh free burn factor i'm like so i'm so ready to go to dinner
01:06:43
rick thompson gave me a wonderful bottle of wine by the way i'm going to go drink
01:06:46
it tonight i'm so super tilted that you're you you you like it's like i mean what did i criticize the obamas yeah i
01:06:53
can't deal with you there's a no-fly zone for you i'm super tilted i mean this is worse than sweater
01:06:59
karen what what about the clintons can i can i uh go after their 500k speaking gigs from goldman sachs yeah that's okay
01:07:07
yeah okay fine just don't trust the obamas but i mean jason are you are you doing exactly what
01:07:13
senator karen did to elon which is by virtue of the fact that they're making money that you are now computing evil
01:07:19
motors to it no it's just a disproportionate to what they should get by your assessment their assessment's
01:07:24
the same about elon i pay a lot of money for michelle obama to do much of any i think she's a bigger deal for somebody
01:07:30
who's never made a film on for netflix i don't think that makes sense you you said the same thing about rivian i don't
01:07:35
know man you're projecting a little bit i i totally agree this is on the second floor i jump out
01:07:39
the window right now yeah let winners be winners i think we should differentiate between
01:07:45
insider trading sure bad and should not be allowed influence peddling badge should not be allowed and somebody out
01:07:52
of office making money they're influenced oh no no not monetizing their influence
01:07:56
and if they did that that's the problem getting paid for services is not getting
01:08:00
paid to sell tickets or books that's if that's what it is that's fine it's disproportionate to the reality
01:08:05
let's put it in yeah no no no jason say you like the obamas or i don't know i would vote obama for a third term okay
01:08:16
didn't you get paid a fifty thousand dollar speaking fee recently to speak at a yes conference he did overpaid
01:08:22
overpaid overpaid who are you trying to influence who are they paying you to influence jacal i
01:08:34
mean honestly jacob jason jason jason you're like like 30 less than a high-end escort okay no offense
01:08:42
oh yeah that's 600 bucks there's uh what's 30 more than 50 you're saying it's like 80 grand right
01:08:53
i don't know 60 70 grand i didn't realize that um all right talk to us about the mrna news
01:08:59
for cancer freeber that came out this past week so i think the article that you guys
01:09:04
sent around was one related to an oncology treatment that uses mrna tech but i think it's what i wanted to
01:09:10
kind of what i thought would be interesting to talk about for a second is just zooming out on mrna technology
01:09:15
as a whole um which you know has been theorized for you know the the potential of it's been
01:09:21
talked about for 50 years um if we talk about real quick what what rna is remember your dna your genetic
01:09:29
code uh you know defines um the uh the printing of proteins in your cells and so every three letters of dna is as
01:09:39
an amino acid a bunch of amino acids in it in a row form a protein and that protein
01:09:44
has some function in your body the way that the dna gets translated into protein is through these mrna snippets
01:09:50
so a little snippet of rna is a copy of dna which floats over from the dna strand
01:09:57
and it floats into what's called the ribosome and the ribosomes the protein printer in the cell and there's lots of
01:10:02
ribosomes and there's lots of rna floating around all the time and it's being copied over so some chemical
01:10:07
triggers the expression of that gene of that sequence of dna into rna that then turns into protein and so a
01:10:14
chemical induces the protein then the protein does something interesting and the protein has a function in your body
01:10:20
and some of those proteins in human body can you know do bad things and some of them can do good things and so the idea
01:10:26
has always been that we can actually use proteins as a way to modulate our health
01:10:30
and modulate disease for example creating a protein that can attach to cancer cells and signal immune cells to
01:10:37
come and kill those cancer cells as an example and some people have genetic problems where their dna prints the
01:10:43
wrong protein and then that protein is malformed or causes some harm to your health and so the idea for rna
01:10:50
technology has always been that instead of having dna be the source of truth for the
01:10:55
proteins that get expressed in your body can we stick rna directly into cells and
01:11:01
use that rna to trigger the production of proteins that can do specific things in your body and remember the biggest
01:11:07
segment of the pharma market or a huge segment of the farmer market is what's called biologic drugs which are largely
01:11:12
antibodies which are a type of protein that have some specific function but very many of these proteins are hard to
01:11:18
get into the body and get them into the right place and get them to do the things we want to do so it would be a
01:11:23
lot easier if we could get rna into the right cells to get those cells to make the right protein to do that thing that
01:11:29
we want them to do so everything from cancer treatment to genetic diseases and there's rna interference and there's
01:11:37
rna or what are called oligonucleotides that can be used to block specific bad proteins from being produced in your
01:11:44
cells or is kind of another kind of course of treatment so making proteins that we
01:11:49
think are therapeutic and blocking the production of bad proteins are kind of the mainstay of this idea behind rna
01:11:55
technology and moderna was started to pursue this effort out of flagship pioneering which is an incubation shop
01:12:00
in in boston um and they really kind of struggled for years to find the right footing of
01:12:05
what's the right business model and the right product and the and the fda kind of struggled with improving this stuff
01:12:10
and then boom covet hit and when covet hit it was like holy crap let's accelerate this rna technology use it
01:12:16
for vaccines which had been in development for years and the protein that's being produced is the same
01:12:20
protein you find on the the sars cov2 virus which triggers an immune response and builds up your immunity to that
01:12:25
virus and now the floodgates are open and this is incredible because the frontiers in rna over the next decade
01:12:32
could change the course of how we treat disease and change the course of um of outcomes for many diseases from genetic
01:12:41
diseases all the way through to cancers and so we're starting to see those floodgates open i think there's now a
01:12:46
few a handful of these uh you know uh rna interference um products that have been approved by the
01:12:52
fda and we're now starting to see many more of these cancer and immunotherapy drugs start to get approved
01:12:58
as rna therapies but it really i think was lit by um uh by the breakthrough with covid
01:13:04
and everyone kind of seeing the benefit of this and the lack of side effects and
01:13:08
we've now got i think a validation in the market and acceptance for consumers and this
01:13:12
technology could transform the industry in the same way that genentech transformed the pharma industry with
01:13:18
biologic drugs in the um 80s and 90s so it's super exciting and you know we can do updates regularly
01:13:25
on our show if you guys want to talk about more of the cool stuff that's coming out but man this is going to
01:13:29
transform how medicine is delivered and the potential of things that we can kind
01:13:33
of treat let me ask you a question would the if we looked at the total number of
01:13:38
deaths from covid and then the potential debt you know debts avoided or early debts or more life days added however
01:13:44
you want to do it from mrna and the impact on cancer over the next say 30 or 40 years in other words
01:13:51
the impact it would have on the people living today who lived through covid do you think net net uh will see
01:13:57
that the prevention of cancers through this new technology could actually make you know uh
01:14:04
basically the silver lining to what happened during covenant it's a good question um
01:14:10
let me give you the counterpoint in the late 90s there was a a gene editing clinical trial that took place
01:14:17
and they tried to uh and a patient and they and they delivered the gene editing technology via virus and so the virus
01:14:23
goes in it spreads around and it has this this molecule that would edit the gene and and it was for genetic disease
01:14:30
and a patient that they gave it to a young guy got this uh this virus and he actually
01:14:34
died from it and they shut down all clinical trials for years and it was like boom that's the end
01:14:40
so um there are a lot of scientists a lot of doctors have argued for years that that particular case
01:14:46
caused so many lives to be lost because we lost years of progress in being able to run clinical trials during that time
01:14:52
and get drugs to market that could treat people and you're right maybe the opposite has happened here that while
01:14:58
these clinical trials may have taken years and years and years to get through in a normal setting perhaps the pandemic
01:15:04
was the accelerant we needed to get more of these to market faster and millions of people whose lives would have been
01:15:09
lost or would be lost otherwise to cancer and other genetic diseases and so on over the
01:15:14
years to come will be safe because these therapies will get to market faster and so yeah it's it's it's a it's a
01:15:20
great point and maybe i don't know what the calculus is between the lives lost and the pandemic versus the lives gained
01:15:26
via these treatments coming to market faster but it's certainly a good way to think about it the the way to look at it
01:15:30
we look at the days of life lost right and if we actually could actually predict how long somebody's gonna live
01:15:36
and that you know extension of life i think we could come out of this ahead uh finally on our docket london breed calls
01:15:41
for better policing in san francisco after this insane surge in crime here's the video
01:15:47
it is time that the reign of criminals who are destroying our city it is time for it to
01:15:54
come to an end and it comes to an end when we take the steps to be more aggressive
01:16:02
with law enforcement more aggressive with the changes in our policies and less tolerant of all the [ __ ]
01:16:10
that has destroyed our city we are going to turn this around this is a city that
01:16:15
has a population of less than 1 million people an over 12 billion dollar budget the
01:16:22
residents of the city have been extremely generous in providing us with the resources we need to make a
01:16:29
difference and now the priorities we need to make must be to protect them must be to turn things around in their
01:16:37
neighborhoods when you are in a room full of people i would say probably anywhere between 90
01:16:42
and 95 percent of folks could raise their hand and say that either their car has been broken into broken into or
01:16:50
they've been a victim in some capacity or another that is not okay that is not acceptable sacks i thought
01:16:57
crime was down and that everything was great and that we were going to defund the
01:17:01
police what is happening here what's the big turnaround well it's it's exactly what i was saying that first of all i
01:17:06
loved it i love what she said it's exactly what i've been saying for the last year and it's really great to hear
01:17:12
her say the same types of things i started this this campaign back in january after new year's eve you
01:17:19
had those two women uh get killed by a repeat offender who was released by chase abu dean and then as i dug into it
01:17:26
i saw that he was doing this all the time as part of his agenda of decarceration
01:17:30
so and you know a year later like we've talked about throughout this this whole time and the city is totally
01:17:35
degenerated into some sort of dystopian gotham-like city uh this did feel like the beginning of a batman movie i mean
01:17:42
it was a strong statement i thought it was great this is just the beginning of what needs to be done i predict that
01:17:49
london breed is going to eventually butt heads with chase abu dean there is no way that he will support this agenda
01:17:57
fixing the city she wants to increase the police presence so like you said she is going to refund the police not defund
01:18:04
the police chase abu deen is i mean the only people he's passionate about prosecuting are police officers yeah so
01:18:12
we have a huge problem that the police department is actually we have too few of them we're understaffed we take that
01:18:18
job it's not just because the budget it's also because they're demoralized and they've got you know
01:18:23
they've got this prosecutor by the way there was a case just recently where um a repeat offender
01:18:31
bashed a vodka ball over the head of a cop and chase just announced that he's getting
01:18:37
sent to mental health diversion instead of being prosecuted i want to what post this yeah a cop
01:18:43
and not go to jail in the city of san francisco yes this is why the cops are demoralized so in order
01:18:49
for london brie to fix the problem she is going and i think she's on the right track here he's got to go so here's my
01:18:54
prediction on february 15th they are having the recall election for the education board
01:19:02
and i predict that that board at least two of the three are going to be recalled the parents and tired are sick
01:19:07
and tired of it they are going to be out i think that's going to embolden london
01:19:11
breed to then support the recall of chase abu dean in the june election and and i think because he gets to pick
01:19:19
his replacement yes exactly so that's what she's doing she basically flipped she was quiet up until this point
01:19:25
uh and progressive left are slowly eating themselves yeah i mean i think this is self-preservation right chamoth
01:19:32
i mean if she didn't make a change here she's going to be out of office too she'll get recalled it's not
01:19:35
self-preservation they're realizing that these policies don't work moral absolutism didn't work on the left
01:19:43
or the right these guys have tried in a small scale to do what a certain fraction of the
01:19:49
democratic party has been trying to do at a national level it doesn't work overspending under policing under
01:19:56
educating it doesn't do anything there i think there is going to be a schism i think it started after the young victory
01:20:04
in virginia and i think it's going to accelerate throughout for the next year and especially after the red wave in
01:20:09
november 2022 there's going to be a schism between liberal pragmatists and these extreme radical progressives i
01:20:16
think um london breed represents she's obviously very liberal but i think she's pragmatic i think she wants to find
01:20:22
solutions that work whereas chase boudin is a radical idiologue who will never change
01:20:28
no matter how much evidence is presented to him those policies don't work i think um there's a simple formula the
01:20:35
person who gets you into the mess is likely not the right person to get you out of the mess
01:20:39
and um well said you know she she talks about san francisco having a 12 billion a year budget can you guys imagine if
01:20:47
she was the ceo of a tech company that had 12 billion dollars a year in opex and she ran the business into the ground
01:20:54
would the board say go ahead turn it around absolutely not the board would step in
01:21:00
and in this case the board is the citizens of san francisco and they would say let's find the right person to turn
01:21:05
this thing around and while she stood up and said the right things and maybe it would echo and i think you know even if
01:21:11
it echoes within david sax's heart i'm sure it's echoing in a lot of parts of more liberal san franciscans um but i
01:21:18
think that the apathy being asleep at the wheel and allowing the um disorganization
01:21:25
across the departments within that city is ultimately her responsibility and i don't think that any amount of you
01:21:34
know verbiage or action she might take at this point justifies the damage she has caused
01:21:40
while being the leader of that city and i think that you'll and by the way i think you'll see to sax's point earlier
01:21:46
i think you'll see the same response across the nation where folks feel like the leaders that
01:21:52
got them into the mess that they're in locally in cities and elsewhere around this country
01:21:58
are going to vote those folks out of office because they want to change and it's the
01:22:02
same reason we saw folks vote trump into office and the same reason we saw folks
01:22:06
vote trump out of office the more you want to see a change the more you're going to make a change with your
01:22:11
political right freedberg is so so right there is a phenomenal twitter account his name is rob henderson
01:22:18
and he's like a phd student right now i think he's in europe on scholarship you know is this this this this guy has has
01:22:24
an incredible background which you can talk about later but rob henderson has this thing which i love which is that
01:22:30
you know a lot of this stuff is born out of what he calls luxury beliefs right like
01:22:35
defunding the police is a luxury belief if you're like this rich middle-class cloistered person that can sit behind a
01:22:41
gate have armed security yada yada because you're not living in the ghetto where the byproducts of
01:22:48
the byproduct of defunding the police are born out or decarceration are borne out or you know if you send your kid to
01:22:55
a private school you can completely be for all these crazy radical ideas like defunding you know advanced placement
01:23:01
defunding the gifted program because if your kid's smart you'll just pay for a tutor and you can do whatever you want
01:23:07
those luxury beliefs exist more in the progressive left in such a small cohort of people than in
01:23:14
any other political class that we have in america and when they get a hold of power
01:23:19
they've now had the right to show whether those luxury beliefs can actually work
01:23:26
the data says it doesn't okay with competence i mean how about that like just keep people safe and make the education
01:23:34
luxury beliefs belong in sociology sociology textbooks in anthropological articles they they're they're better off
01:23:43
and like we're beatnik smoke pot and talk about it over a glass of wine let me clean up something just so look i
01:23:48
have no special desire to defend london breed i'm sure there are many yeah i knew that i don't know
01:23:56
i'm sure there are many better people wearing a london breed brand sweater is that yeah
01:24:07
look i i'm sure there are better mayors but um just i i think i think we have to
01:24:12
sort of temper what you said based on the realities of politics in san francisco which are which are this we
01:24:17
actually have a weak mayor the mayor can't do anything yeah we're supervisors without the boat the board of
01:24:22
supervisors right and the soups are controlled right now by a bunch of crazies basically allies dean preston and matty
01:24:30
hillary who are who are allies of chase abu dean okay so london breed i think wants to do
01:24:38
some good things i think that she is more pragmatic than these idiologs i think that she could have been more
01:24:46
aggressive and more outspoken about standing up to them however earlier okay but i think she is now
01:24:52
doing the right thing in terms of the speech she just gave basically calling for refunding the police and we're sick
01:24:57
of the [ __ ] and we're going to take action those are the right things to be saying right now she did the right thing
01:25:01
in terms of supporting the recall of this school board and what i'm saying is let's give her a chance to see if she
01:25:07
does come out of his favor of the recall of chase abu dean because i think that's where it's headed and if
01:25:12
she gets on board with that and she shows she's pragmatic she may actually survive what are you saying
01:25:18
if she gets out it's happening all around the country right we saw bill de blasio who was the first real
01:25:24
progressive leftist elected to a major city he completely ran new york city into the ground now eric adams is going
01:25:30
to go clean it up right we had glenn younkin who basically ran a centrist campaign take over virginia
01:25:36
it's over it's over let's call it it's over centrism pragmatism enough of these extreme polar opposites okay right let
01:25:47
let antifa and the proud boys go and make love to each other in some deserted island it's over it's done
01:25:55
like proud boys and um what's the other group oath keepers or something they this uh
01:26:01
woman who's gay said she's like oh you know it was rachel maddow she's like i think these are like gay activist
01:26:09
groups aren't they like proud boys it sounds like a gay activist group i think we're seeing the
01:26:16
the correction of the overreaction the pandemic cause what neil ferguson calls pandemic politics that we that the
01:26:22
pandemic bred a strain of radical politics that we saw all over the country and i think on both sides
01:26:29
and i think the country is going to come out of that did you see these idiots go
01:26:32
to cheesecake factory and do a sit-in without their masks on and that that's their form of protest
01:26:39
it's like we're going to go into the cheesecake factory it was a cheesecake factory protest
01:26:45
and now it's going national with people who are anti-mass anti-vaxx they're don't want to have to show their cards
01:26:51
or wear a mask when they walk through their seats so they're literally doing sit-ins at cheesecake factory and i was
01:26:55
like i would protest going to a cheesecake factory i'm not going to protest any cheesecake factories well
01:27:01
some people aren't on a diet like you jkl and they enjoy cheesecake ah well where are you at what's the number zach
01:27:07
just give us the number what's your weight around 170. i'm 174. so i'm right i'm coming right up behind you you hear
01:27:12
the steps you hear the sex sexy i'm going to tell you bro i love your sweater i'm going to drive to the city
01:27:17
come to the mausoleum and make love to you with that sweater on oh my god all right everybody we'll see you next week
01:27:23
on the lovely boys and podcasts love you besties love you sucks back at you let your winners ride
01:27:32
rain man david sack and it said we open source it to the fans and they've just gone crazy
01:27:46
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