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of the Empire or were we coming back what's awesome is a lot of the recommendations he shared is becoming
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policy it seems for the Trump Administration Elon and bessent and others in the administration have echoed trying to get
00:02:08
government deficit below 3% of GDP that seems to be the economic magical number and if you can do that rates drop I
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think that's resonated it was great to have him publish that a couple of weeks ago talk with us about it it's great
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great bonus content from the team at Allin today we're super excited to have our friend Antonio graas joining the
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show Antonio is the CEO of Valor Equity partners and he's made some he's made some solid
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Investments he was one of the First Investors in Tesla SpaceX Athena uh tons of great or he's a second investor in
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Athena after me uh welcome to the program Antonio he put slightly more in thank you Jason I was also in Uber with
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you too by the way yes yes I did the you did the series a I believe or the bay what did you do right behind you we were
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in the bay behind yes you were in the shervin round okay well welcome to the program Antonio graas and uh we've got a
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full docket today and we might even have a special caller from the White House today no promises but you never know we
00:03:11
are 17 days into the Trump 2.0 presidency and seems like the main character gentleman is Doge the
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department of government efficiency and uh they seem to have found a little known agency us a let's
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unpack it and talk about us Aid and Doge maybe in three acts the first one let me
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just uh educate the audience on what US Aid is and then get y'all's General reaction to it most Americans probably
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haven't heard of us Aid it stands for the United States agency for International Development was
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established by JFK by an executive order back in 1961 Wall Street Journal summed
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up its purpose as quote make friends and influence countries in the American interest according to the US gov website
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the purpose of us Aid is to extend assistance to countries recovering from disaster got a budget of about $45
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billion a year under Biden and uh that's about 150 bucks per American per year they have at least 10,000 employees or
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did and as of 2023 they had programs in 130 countries obviously there's 195 countries in the
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world and uh the budget doubled under Biden from 26 to 45 the budget was between 15 and 20 billion during Trump's
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first term but the White House and uh I guess Elon and the Doge team found out about
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this us aid went in there and found all kinds of interesting spend $2.5 million to fund EV charging station in Vietnam 2
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million for sex changes in lgbtq activism in Guatemala 1.5 million to a Serbian lgbtq group 70k for a Dei
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musical 47k for a trans gender Opera in Columbia uh the Dei musical by the way is in Ireland so if you get if you you
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make it to Galloway you can see that Dei musical this went on and on and it has become quite a
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story Antonio you're our guest here this week you and I and saxs and Elon spent a
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little time at Twitter during the Takeover where I think a lot of these techniques were first put into action
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your thoughts on what's happening with Doge I mean look Jason first want to thank
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you guys for having me um it's great to see everyone you g see the musical I like to
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see music no I booked it we're all going to the what is it called is there actually a name of the
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musical yeah it's Dei comma the musical oh man it's a heartwarming story I apologize getting a job sorry guys
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you're not qualified for I apologize yeah so I I think the I think the Doge uh story Maybe starts with the Twitter
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takeover yeah right so Twitter was spewing the woke mind virus in the world which is why you did it to begin with
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and you know when we got there as you know it was uh basically breaking even and there's there was going to be 12 and
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halfish billion dollars a 10 of the company so a billion half dollar in interest costs that there was no money
00:06:17
to pay um which led to the turnaround I think which was the biggest turnaround like of all time literally the biggest
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turnaround I think ever in history second biggest Tech deal ever done 80% of the people gone that doesn't
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include all the contractors that were there and you know the company's now servicing its debt and they just priced
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yesterday their one of their Bank deals at 97 cents so this is a huge win means the company's doing extremely well other
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people bought the bank debt and that then the bank debt traded up to a little over 98 so 98 and 58 you know a giant
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business success a rousing business success and Jason you were there for part of it you saw it it was a disaster
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U this place was you know it was tampons in the bathrooms and every woke thing you could possibly imagine and no one in
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the office uh that the it was so bad that the pens had gone dry in the conference rooms which is is incredible
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and I think that you know that's how the so you mean the pens had gone dry because they were never being used or
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because they were being used so much they were never been used we got there on the yeah the Halloween weekend and we
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started whiteboarding and you know no next 10 no ink yeah I mean everything it was it's incredible and but but uh
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flowers were impeccable food being made fresh every day for thousands of people and thrown away um three times a day
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toss in the garbage we didn't give it to the homeless it was just it was shockingly bad bureaucracy gone mad bad
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Inc is people don't care so it was both I think this turned into two things one was just stop the W mine virus you know
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the interesting thing is U the the they do external brand safety checks there now and they have 99% rating in brand
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safety U now right so stock the wus going in the world number one number two fix the company and both have happened
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it's been a couple years now right three years now and both have happened um not even three years two and a half
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years really and both have happened and I think you take that that that was sort
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of the warm-up act for what's going on at Doge which is you know the president United States um president Trump wants
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to make America great again and that I think begins with making the government great and you got to fix it it's a
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turnaround this is the biggest turnaround of all time and president Trump has the uh courage to do it and
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he's got a great Ally in Elon to make it happen in Doge and so the numbers are pretty easy right um we're spending uh 6
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and half trillion we bring in 4 and half trillion we got to find $2 trillion somewhere interest cost a trillion doll
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a year the bond markets were going up the the long Bond was going up a lot because people did believe that we
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couldn't stop spending creating inflation you see those trading down now as doge is starting to take effect
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people see it's real the stuff you're talking about it's sort it's sort of extraordinary what's happening and the
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you know El said this public right fraud waste and abuse he think it's kind of 10% of the budget is probably fraud I
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think it might be low actually so you're talking about you know 6 650 billion a trillion in waste I think that's
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probably about right that alone fixes the problem but really serious about it Jason for me and what scared me when I
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when we first started thinking about this look and I'm not there full-time you know I'm uh in and out a little bit
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and and trying to help where I can but I'm not there fulltime um when I thought when this started I thought we had a
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democracy that it turned into bureaucracy okay what I'm afraid of now is we have a
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bureaucracy that is about to turn into a kleptocracy I mean a Latin American style kleptocracy okay the stuff you're
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talking about that is pure fraud and you're make making some jokes out of it the DI musical but if you go into the
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data that's coming out of usid what you find is you know there's a lot of political contributions going on their
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Politico itself being funded by usaid I mean that is pure corruption that's like
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a lad style autocracy and we cannot let it go there I mean I think we I think this happened just in a good time and
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I'm super grateful to all the people there there's you know 80 plus people there all Patriots gone full-time okay
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so chamath you've been watching this you hear from Antonio what's your general take on what we saw in the first I don't
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know 20 days of Doge or no 15 days sorry it's 15 days of Doge so let me try to give you a little
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bit of historical context because I think that that's important I think whenever I hear so many people
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breathlessly saying some version of WTF as if this is totally new it's not new and I'll give you two examples but
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one that I really want to double click on the two examples I'll give you is that in
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1941 The Truman committee was formed because there was a fear that the spending by the defense department was
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completely out of whack and over the next six or seven years and this is really what gave
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Truman The credibility to them become Roosevelt's vice president was they found incredible levels of waste Fraud
00:11:00
and Abuse during the war before the war effort and then after Pearl Harbor during the war process over seven years
00:11:09
that committee and this is in$ 1941 they were tasked and budgeted with only 20 or
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$30,000 okay over the next six years they spent less than a million inflation adjusted to 2023 this is where I found
00:11:25
the data was about 65 million they spent you know how much they SA it's estimated they saved somewhere
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between1 to 15 billion in 1941 that's a quarter of a trillion 2023 the second example is we did this
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under President Clinton and that was called the National Partnership for Reinventing government so the first
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thing that I think it's important to acknowledge is this is not new we've done Doge twice before both have been
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successful the Harry Truman one was incredibly important because it really set guardrails for how this can be done
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everything in that committee it was a senate committee was unanimous so it was Republicans and Democrats that found
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waste Fraud and Abuse everywhere they saved an enormous amount of money the second which is interesting is
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these last two versions of Doge were driven and led by democrats the same people today who are basically saying
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hey hold on a second we have congression committees or we have inspector generals and they lack the awareness to
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know that their own party was the driving force for this two times before and I think it's important to just
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acknowledge that those methods are not good anymore right because I think what we're finding early days is the rot is
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super pervasive there's no accountability and so I think you need people to look at it with fresh eyes and
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what is Doge at the end of the day what they are are read only Auditors of the truth and the press secretary in the
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White House made this very clear it's incredible the power that readon access gives you all it allows you to do is
00:13:10
just take the data and present the data they can't manipulate it and what they're able to do is publish all of
00:13:17
this stuff in real time and that's why this is so important because if it went into a congressional committee to be
00:13:22
honest with you it would sit there and stew for six seven eight nine months you would maybe get small little tidbits of
00:13:31
it but now instead you're just getting the full thrust of it and what is the biggest thing that I find concerning I
00:13:39
think it's what Antonio said which is that the media who are supposed to be this
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intermediary layer that's totally objective between the government and the people were not independent at all but
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had all kinds of hidden incentives $8 million to politicos several million dollars to the BBC I think it's
00:14:02
important to ask what's going on and by the way that also has historical context
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this is exactly what happened in the 60s and 70s where it turned out that record
00:14:13
companies were paying DJs to pay songs there was a huge set of lawsuits and trial cases and the result was a change
00:14:21
in the law right and we call that Peola now which is you cannot take this money without disclosing it and so had this
00:14:28
money been absorbed these entities and actually disclosed maybe we'd be okay but Nick I sent you a link
00:14:34
maybe you can throw it on the screen for these guys it's is a very simple manifestation of this cycle we talked
00:14:40
about this guys and we didn't realize how connected it all was but we were asking ourselves during the election
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cycle last year why are all these articles buried why aren't we really getting the truth and it turns out that
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the people who were responsible for telling the truth somewhere along the chain were koled or just told not to
00:15:00
tell the truth influenced by all of this back Channel money that was going back and forth from the government to these
00:15:06
folks okay yeah let me just give some numbers to uh what you were referencing there the US Aid organization has been
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giving money uh as have other agencies to journals databases and subscriptions there's probably some amount of that
00:15:23
that makes sense however when we look at this during Trump 1 spend on political was averaging around 1.3 million a year
00:15:31
but it suddenly ballooned up to 8 million a year under Biden and you can see the quarterly payments here on this
00:15:36
chart so there's some normal amount to spend on Publications or for a library at an organization and so what we're
00:15:44
looking here is all federal agencies and suddenly during Biden there is a very suspicious ramp up in spend to Politico
00:15:53
all of this is breaking a lot of this hasn't been verified yet so we'll we'll put that caveat on it
00:15:59
and then there is a number of 34 million that's been floating around that's all years back to 2008 not just 2024 less
00:16:07
people have that number ju supposed or or or um misattributed when political was
00:16:15
acquired back in 2021 they were doing about 200 million in Revenue so this would be about 4% of their revenue it's
00:16:21
pretty significant the BBC also received 2.7 million in funding from us Aid in 2023 that was 8% of their annual income
00:16:29
that's a little suspicious Thompson Reuters which is the Consulting arm of Reuters they've received 120 million
00:16:37
dollar from the federal government since 2011 that's got to be looked at and double clicked on and uh half of that
00:16:42
came during the Biden Administration New York Times hasn't actually received all that
00:16:48
much 370k from the federal government last year under Biden it went from 100K a year to like 300 so the the New York
00:16:54
Times data has been cleaned up a little bit all of this is to say there's spending going on with the press
00:17:02
that certainly doesn't look good and should be verified and challenged obviously and we are in a breaking news
00:17:09
environment so we'll see how that information shakes out over time which is one of the great things I think about
00:17:16
Doge is they're getting this information out there and citizen journalists are uh
00:17:20
looking at public databases freedberg and uh we're having a conversation about this a conversation two years ago
00:17:26
freedberg when you kept harping on every episode about our debt and uh you know about the interest payments two or three
00:17:33
years ago you were way ahead of the curve and now here we are we didn't think anybody would ever take this cause
00:17:39
up and now it is the cause of the moment what are your thoughts on the first two
00:17:44
weeks of Doge Friedberg magnificent okay magnificent I mean what else is there to
00:17:50
say emoi yeah this is the eggplant Emoji it's what we needed if you zoom out on what doge is doing I think the best way
00:17:57
to describe it is zero BAS budgeting and in organizations that go through zerob based budgeting you do a cycle typically
00:18:03
annually where you take all of your opacs all of your expenses and running a company or running an organization down
00:18:09
to the studs you take it down to zero and you rebuild it up and you say what are we trying to achieve this year from
00:18:13
first principles based on that set of objectives those goals what do we need to do what's the minimal expense we need
00:18:19
to run you don't start with last year's numbers and say what else do we need to do and start to add on top of that you
00:18:24
really do a hard level high degree of scrutiny on every dollar move out and that's what doge is effectively doing
00:18:30
they're doing a zero based budgeting on the federal government they're looking at every line item and they're asking
00:18:35
the fundamental question which I don't think we talk about in the public discourse enough which is what is the
00:18:41
essential role of government and there is a great debate to be had around that point should government be providing
00:18:48
humanitarian Aid in international markets that's a good debate to be had should the government be providing
00:18:54
security to Nations that can't provide security for themselves does the US government have a role in that should
00:18:59
the government be providing loans for people to go to sh universities should the government be providing loans for
00:19:04
people to buy homes that are overpriced etc etc etc and as we start to ask the questions of how we're spending money I
00:19:12
think it ends up leading to the most important questions which is what is the essential role of government which I
00:19:17
think is the debate that needs to be had in order for the Democracy to last so I'm very happy to see the effort of Doge
00:19:23
and I think that it's the beginning of what I hope will be kind of a long-term process of asking the fundamental
00:19:28
questions about essential government and and Antonio zerob based budgeting was the first thing you sort of introduced
00:19:35
when the Twitter takeover happened just what do we need in terms of design what does the sales team need to hit these
00:19:41
sales numbers how many servers do we need and my Lord the waste Fraud and Abuse at that company was shocking they
00:19:50
had buildings that were $100 a square foot if I remember correctly that were used for storage of the furniture from
00:19:58
the previous building that had been upgraded and were storing them in class A office space you reference the
00:20:06
commissary 20 people were having lunch a day but they had never ratcheted down the amount of food they were making so
00:20:13
each meal was about $800 on average when you when you did the math for those 20 meals just in the San Francisco office
00:20:21
maybe you could talk a little bit about how the the shock and awe campaign of just freezing spending and
00:20:29
then seeing hey what actually is necessary to accomplish this task worked out at at Twitter and then how you see
00:20:37
that being executed uh you know inside of our government yeah thanks Jason it was I
00:20:43
was pretty extraordinary actually the um you know the Twitter experience the first thing you do in a turn like that
00:20:48
is try and get the checkbook and just turn payments off and then see what happens because there are lot of people
00:20:53
that shouldn't be getting paid and sometimes they complain and sometimes you find the people that complain the
00:20:57
loudest are the ones who are could in the worst fraud they're the worst frauders in the whole in the whole game
00:21:01
right the worst grifters are the ones who are saying they're crying uh the most Amar of foul and the problem at
00:21:08
least in Twitter there were financial statements like we could actually there was an audit financial statement and
00:21:12
they were basically you know they were't some ways correct I would say uh there were some issues with the with the user
00:21:18
growth Dows Etc the incen plans but the actual like you know the cash FL numbers
00:21:21
were pretty much correct here the problem is much much deeper and it makes this zero based budgeting question much
00:21:28
harder which is the way the government works uh a department just basically asks for money from Treasury and they
00:21:35
send it out we all run businesses there's a Reconciliation process you you have a contract you isue a PO against it
00:21:42
something comes in you check that it came in Services is rendered and then you issue a payable and then you know
00:21:48
some a month later you pay it right that doesn't happen to the US government there is that that process is broken it
00:21:53
used to happen it's broken now and so literally money is Flowing out I used to ask myself question why are the numbers
00:22:00
always revised why are they always wrong how can the government know how much money it's SP just hit the button in the
00:22:03
computer and figure it out problem is that button doesn't exist you know we spent time early on I was uh Mar with
00:22:09
trying to track through like how does the money actually flow we no one could tell us how it actually flows where is
00:22:14
it going out people didn't know and it's totally crazy and it's the reason all go
00:22:19
through treasury Antonio or like can you just explain that to us well so I will try to explain to you I'm not sure I
00:22:25
have full command of it I'm not sure anyone does quite yet it goes to treasury ultimately but it was supposed
00:22:30
to flow through the way it was supposed to work in the it was changed in the 70 in the 70s in 1973 the Nixon
00:22:37
administration at in 71 let me go back they came off the gold standard which allowed deficits in 73 at the nater of
00:22:43
the Nixon presidency Congress took away from the presidency the executive power this thing called the porit which was
00:22:49
the power of the executive to stop spending so Nixon was abusing it by stoping he didn't want and so Congress
00:22:54
took away from him what that means today is the executive as he reaches in it's very hard to just stop payments so
00:23:01
what's happening is the the government is is put in a process where they would just have an an authorized executive
00:23:09
kind of stamp a bill that got paid that broke and I don't know when it broke but
00:23:13
it broke sometime so the money flow now department gets a budget authorized to it uh by Congress it goes to om om
00:23:21
allocates the budget that department then just sends a money request to treasury to pay it is reconciled against
00:23:29
what happened this is one of the reasons and that's it there's no there's no there's no controller there's no
00:23:35
controller function like there is in a normal company 100% there is no control there is no controller there's no
00:23:40
reconciliation the reason they can't pass audits okay there the reason this happens is because you can't audit
00:23:46
something you haven't reconciled you the only audit that I've seen is actually from the Social Security Administration
00:23:52
and when you read it I've got one of pars who have read the thing uh it has it's just riddled material weaknesses
00:23:58
that you think there are individuals that have made like millions or billions of dollars from Mis payments overseas
00:24:04
like is this kind of what's gone on in the missing money in Ukraine do you think like it's kind of found its way to
00:24:10
the wrong places yeah I mean so what I would I don't know what happened Ukraine I don't crazy story yeah it is shocking
00:24:15
about Ukraine I will say that I have business experience trying to work in businesses that had Medicaid and
00:24:21
Medicaid medicare's payments I wanted to make that better right we Weist to make
00:24:24
the world better and we just stopped cuz we sound we found so much fraud I mean I'm I'm certain we literally have a rule
00:24:32
here a government pay or in in those areas if it's more than like a third of the business we don't do it and in the
00:24:37
services space this is this is why we just s we found continuous fraud in the companies we're looking at investing in
00:24:44
yeah just threading these things together you know you the really interesting thing with the Twitter
00:24:50
pausing of payments was you know at some point we were in a meeting you know at 1:00 a.m. on a Saturday and it was like
00:24:56
hey let's turn the credit cards off to see what bounces and uh you know what happens and then of course we start
00:25:04
getting calls and people started routing obviously because they knew saaks was there you were there I was there hey you
00:25:10
know a company who I shared an investor with or you know in another company said
00:25:16
hey you know we're not getting paid for this and it was like some SAS software that nobody was using Etc so you start
00:25:21
figuring out to your point okay is this software even being used there was so much software and services that had been
00:25:28
paid that nobody had ever logged in to set up so it was just being paid as pure graph now you said Antonio correctly the
00:25:37
people who come first like they're probably the ones who are in on the biggest grift because hey you know I I
00:25:42
figured out how to grift this money how us Aid got to the top of the Doge list I
00:25:48
think is one of the most interesting aspects of this story so if you remember on January 21st Trump decided he would
00:25:56
do a bunch of executive orders right and one of them was to pause foreign aid for
00:26:00
90 days okay this seems reasonable we got to take care of our country that was part of his mandate for becoming the
00:26:07
47th president of the United States so couple of days later the White House said hey this us a leadership is trying
00:26:14
to circumvent the executive order they're in other words they're just going to keep paying people even though
00:26:19
the executive order came out that alerted the Doge team so Elon confirmed this on X he said quote all Doge did was
00:26:27
check to see which federal organizations were violating the president's executive
00:26:31
orders the most turned out to be us Aid so that became our focus and according to NBC security officials at USA tried
00:26:40
to prevent Doge from even getting into the building or accessing the systems to your point Antonio the person probably
00:26:47
who's got the most to hide is the one who's going to fight the most over the weekend Doge gained access to us Aid and
00:26:55
then people started tweeting out all of this you know crazy spend and things that any
00:27:01
American who looks at it and says wait a second if we haven't fixed the goddamn water in Flint Michigan why are we
00:27:08
sending money to gallway or in Ireland to do a Dei musical this makes no sense and that's I think the key piece of this
00:27:14
Antonio is can you win the hearts and minds of Americans because some of this stuff I
00:27:21
don't know if it's legal or it's not legal or it's against protocol or it is protocol we're going to find out there's
00:27:27
been tons of of legal um cases and lawsuits that have been filed but to your point this is how Elon found out
00:27:35
about usaid J let me ask you a question where where does that place you in your political philosophy around the
00:27:43
importance of Human Rights abroad great great question you know I've always felt that
00:27:51
uh the West should act in unison and if the United States is the greatest economy or the strongest we should lead
00:27:57
there is something called the Universal Declaration of Human Rights the United States Elanor Roosevelt uh wrote this at
00:28:03
the UN and everybody tries to hit those notes I think it's great that we try to reduce suffering in the world but I
00:28:09
think we should be doing it not unilaterally and not to try to manipulate governments and that's the
00:28:14
piece of this that us Aid is obviously a grift where people are trying to steal money for their pet projects and I don't
00:28:22
think they're acting in unison and above board to look and say okay where's the most suffering in the world how can we
00:28:29
help that you know that that to me seems like a noble thing to do and if the United States has the budget to help
00:28:34
fight AIDS in Africa or you know poverty you there's a chance that some of these
00:28:40
human rights issues were embellished to try to get more money well I do think the you know
00:28:47
I I did this tweet recently so yes is the answer if you look at Amnesty International Amnesty International
00:28:52
where I worked was one of my first jobs they were work working on people who were imprisoned tortured
00:28:58
raped murdered systematic murder of dissidents for freedom of speech freedom of assembly religion Etc and then
00:29:06
somewhere along the line you know the Amnesty International was tweeting about trans rights and that's the big Focus
00:29:12
this is a very small amount of you know people on the planet and I don't think that those human rights violations in
00:29:19
any way relate to the tragedy we're seeing of people being murdered tortured raped and caned and and beheaded in
00:29:26
certain places in the world so there there is a way to look at suffering and say we
00:29:34
should handle this first and yes somebody who you know uh feels they got misgendered maybe that's way down the
00:29:41
priority list compared to systematic rape of women in these you know War zones those will be the high order bits
00:29:48
and so this thing has gotten the other fascinating thing I think about USA which I like to get your thoughts on too
00:29:55
jamath is at what point did this switch from being the the left saying we should
00:30:03
not intervene right the left's position always in the 8S 90s when we were growing up was we shouldn't be doing
00:30:08
these operatives in other countries we should let democracy flow let these countries figure it out for themselves
00:30:14
we shouldn't be doing Empire building we shouldn't be doing imperialism and then
00:30:18
all of a sudden now it's just such a Griff that I think everybody's got their hands in the pie lindsy Grahams on some
00:30:24
nonprofit that gets money from this I don't know if that's above board or not everybody a lot of people who are
00:30:30
formally in government seem to be part of this NGO train so the whole thing just turned out to be a grift and it's a
00:30:36
bipartisan grift obviously I think the INF I think the biggest thing that we will have to
00:30:44
confront is that many of the things that we thought were issues or problems may have actually been somewhat
00:30:55
embellished because of this money cycle sure and I think that that's going to cause a lot of people to feel really
00:31:04
they'll probably feel really foolish about some of the decisions they made all the attempts at cancellation are
00:31:09
going to look really dumb in hindsight yeah all right ni some gra to our friend David saaks here who's coming online
00:31:15
okay here he is David and and the one thing I want to uh point out this goes way back I think
00:31:22
maybe more than a decade ago David tried to explain to me that neocons had taken
00:31:27
over American foreign policy and they were well your question about why did the Democrats change Why did Republicans
00:31:33
change Etc the neocons took over foreign policy in both sides Democrats and Republicans and populated out this very
00:31:39
activist muster stance which is bad for America and I think Jason that answerers
00:31:42
your question as to why the Democrat shifted all right with us is David Sachs how you doing brother are are you
00:31:48
literally in the white house I'm in the uh EOB ah okay there's like a podcast Studio actually in the EOB oh fantastic
00:31:58
and you're wearing a suit every day yeah know you're right I have to wear a suit
00:32:01
and tie every day I was just listening on your your conversation about Doge jakeob I'm surprised that you never
00:32:07
figured out a way to get involved in this USA I mean everybody's on the take except you what's going I had known I
00:32:14
would have started an NGO where's my NGO you had everything except the money laundering you had the grip you had the
00:32:20
virtue signaling you had it all except act money let me uplevel this for a second okay so we knew the US government
00:32:28
runs a $2 trillion deficit every year we're in debt almost $40 trillion and we also knew that anytime anyone tries to
00:32:36
cut anything in Washington the whole city screams bloody murder okay so the question is just Why well now we know
00:32:42
the money is all going to them it's like round tripping to them New York Times getting paid Politico getting paid bill
00:32:50
Crystal perennial warmonger getting paid Ukraine getting paid like 11 out of 12 Publications Ukraine getting paid
00:32:58
incredible Victor Orban who's the Prime Minister of Hungary was saying that he's
00:33:02
very popular in Hungary his political opposition funded by usaid in Poland the leftwing political opposition funded by
00:33:11
usaid and on and on and on it goes BBC BBC you wonder why everyone in the UK so yeah yeah believe the BBC is getting
00:33:19
paid every leftwing organization in the world seems to be getting paid by this slush fund at usaid which disperses
00:33:28
about 50 billion a year that's a billion dollars a week that's actually a lot of
00:33:32
money and so it it just it makes you wonder you know the left in general tries to portray itself as a movement of
00:33:39
the people that it's Grassroots this is the exact opposite this is AstroTurf this is basically money coming from the
00:33:45
top down out of Washington to fund all these groups maybe not even in the United States like all over the world so
00:33:51
it makes you wonder what is the real level of local support for these leftwing policies all over the world
00:33:59
yeah crazy so you did a big announcement this week on crypto and creating a framework finally
00:34:06
I I caught some of it maybe you could just tell us you know from the bottom up what is the Mandate from the president
00:34:13
and what is your advice to him on how to make crypto move out of the Shadows offshore icos craziness to legitimacy
00:34:23
what's the plan here to legitimize and regulate crypto well the the plan was really spelled out by President Trump
00:34:29
and his week one EO on crypto and it's all spelled out in there the principal Administration on crypto the president
00:34:36
said he wants to support the responsible use and growth of digital assets and blockchains across every sector of the
00:34:43
economy so the principles are all there and yesterday I was invited up to Capitol Hill to meet with the the
00:34:51
chairman of the important committees that will be that basically govern crypto and so we had a conference there
00:34:58
to announce the legislative plan you can see there there's chairman Tim Scott who's the chair of the Senate Banking
00:35:05
Committee to my left and then to my right is french hill who's the chairman of the house Financial Services
00:35:11
committee and then to his right is John Boseman who's the chair of the Senate agriculture committee and then to the
00:35:20
left of Tim Scott is um GT Thompson who's the chair of the house agriculture committee he's out of frame right now
00:35:27
now but those are the four committees that govern crypto and you may ask why is the agriculture Committee involved in
00:35:32
crypto and the reason is because the ad committee supervises the cftc the Commodities Futures Trading Commission
00:35:40
because Commodities all came out of Agriculture so it's interesting you need four committees across the House and
00:35:47
Senate to get legislation done on crypto it's not just House and Senate it's actually two committees in each of the
00:35:53
House and Senate and so this is the first time where we've had had four chairman of the four key committees all
00:36:00
come together and say that they're ready to support crypto legislation there were
00:36:04
a lot of people on a who felt like this wasn't you know a mind-blowing announcement they wanted something that
00:36:09
they could trade on right away that's not what this was this was basically a statement of commitment from the chairs
00:36:16
of the four committees that we're going to get legislation done this year maybe in the next six months I mean that's
00:36:21
really the goal and we've never had that before so that is pretty Monumental I used to work in this because when I
00:36:28
first launched climate Court back in the day we actually were selling commodity contracts online so we we set ourselves
00:36:33
up as an exempt commodity trading platform and I so I I remember all this old legislation there
00:36:41
was the commodity Futures modernization act if I remember when they deregulated the energy Market but one of the
00:36:48
features of the commodity features modernization Act was that they created this concept of an exempt commodity
00:36:54
contract which was where you're not delivering a physical good and that's basically what weather
00:36:59
derivatives were and energy derivatives and other kind of indices were created that didn't have a tangible physical
00:37:06
Supply and it was still kind of shoveled in the uh in the Commodities world that's why the legacy of all this stuff
00:37:11
kind of sitting with agriculture is that the way this is likely going to move forward is it's going to look like a new
00:37:16
extension of exempt Commodities and kind of treated like that versus being Securities the question you're
00:37:22
describing is called Market structure you know what are the definitions going to be because digital assets can be many
00:37:28
things you can have some digital assets are cryptocurrencies they're actually currencies then there's things that are
00:37:35
crypto Securities then there's things that are Commodities Bitcoin actually is regulated as a commodity right now and
00:37:41
then you've got things that aren't Securities or Commodities they're like Collectibles you know like nfts things
00:37:46
like that so there's all these different categories and one of the things that the market needs is just Clarity around
00:37:52
the definition so that Founders know what the rules of Road are and they can actually just comply with that
00:37:58
so giving them those definitions and describing how a crypto project could start for example as a security and
00:38:07
eventually the protocol could become decentralized enough or maybe it becomes a commodity that whole idea that's
00:38:15
called Market structure and there was a bill in the last Congress by french hill
00:38:19
who is the chair of the house Financial Services committee now that passed the house with 71 Democratic um votes so was
00:38:27
fairly bipartisan but then it went nowhere in the Senate because frankly the bank committee at that time was run
00:38:34
by shered Brown who was anti- crypto so it got stopped in the Senate right away now we have Republican control of the
00:38:41
Senate and Tim Scott's the new chair of the Senate Banking Committee and he's expressed support so I think now we
00:38:46
could get a bill on Market structure like fit21 again which was fren shills Bill last Congress I think we could do a
00:38:53
revised and updated version this Congress and that was one of the things they all that the chairman expressed
00:38:58
support for so I think there's a pretty good chance we could get this done in the next six months what's the
00:39:02
opposition sax I guess it feels to me like with the market structure question being addressed and answered you would
00:39:09
have also more protection for consumers because now businesses know the rules of
00:39:12
the road they follow them the structure that protects consumers etc etc why would people be opposed to moving this
00:39:18
forward moving the legislation forward getting this all behind us well I think this is an area where there's a really
00:39:24
good chance of having bipartison support we did in the last Congress like I mentioned that the house bill got over
00:39:32
70 Democratic votes I think in the Senate we're going to need seven votes seven Democrat votes to get to 60 right
00:39:39
which is the number you need if you don't go through the reconciliation process and I think there's a good
00:39:44
chance this passes with significant Democratic support as well as Republican it's not going to be unanimous or
00:39:50
anything like that because there are still forces that are hostile to crypto in Washington and do you think it's
00:39:58
going to be a discret bill or do you I I mean it seems like you're going to have to get a
00:40:04
border security and energy and budget bill passed so it seems like everything's looking towards
00:40:12
reconciliation in which case would this be an ad junk like a like an add-on the the question is what you can get through
00:40:19
reconciliation so in order for a bill to go through the reconciliation process where you only need basically 50 votes
00:40:25
it has to have a budgetary impact or predominantly a budgetary impact I think it's called the bird Rule and that rule
00:40:34
was definitely pushed pretty hard in the last Administration you remember that the bid Administration got the inflation
00:40:40
reduction Act passed through reconciliation and all those subsidies for clean energy or whatever so they've
00:40:47
opened the window pretty wide on what can go through reconciliation but that's the question there's one other bill that
00:40:54
I think is going to move pretty quickly here too so I just mentioned the market structure Bill the other area is stable
00:40:59
coins and Senator Hagerty he's on the Banking Committee he just released a stable coin bill there's counterparts in
00:41:06
the house and what the four chairman indicated is actually they're going to take up stable coins first and then
00:41:12
Market structure will follow very quickly so I think we could see a stable coin bill pass Congress in the next several
00:41:20
months sax I guess the question is the SEC was and Gary Gensler were the blocker
00:41:28
previously with crypto and they just said Hey listen there's an existing set of rules here just follow those rules
00:41:33
obviously those rules don't exactly apply to the Innovation happening in crypto so the question I think after
00:41:40
stable coins which feels like a layup and and a great place to start that'll be a great early win and it just makes
00:41:45
people I guess that would just reinforce the dollar Supremacy right if it's tied
00:41:49
to the dollar so that's good for America but maybe you could talk to protecting consumers because we all saw
00:41:56
in the first couple of generations of crypto all kinds of griffs and icos and things that were never delivered so how
00:42:03
do you balance those two things protecting consumers who may get really enthusiastic about this versus you know
00:42:11
people who might try to Prey Upon them well the first thing you want to do if you're going to protect consumers is you
00:42:16
want to bring the activity on Shore okay because obviously when all the activity
00:42:21
gets driven offshore then it's hard for Regulators to supervise it and moreover it's hard for the market to know who's a
00:42:29
good actor who's a bad actor what's a good project what's a bad project so the first thing you want to do is have the
00:42:34
Innovation happen onshore in the United States by the way it's probably not a coincidence that the biggest fraud in
00:42:39
the history of crypto which was FTX was based in the Bahamas yeah probably little bit of a tell a little bit of a
00:42:45
tell and it'll be an even stronger tell when the good projects feel like they can come back into the United States and
00:42:51
then you've got the Shady ones in the Bahamas or in other countries that they're going to stick out like a sore
00:42:55
thumb everyone's going to be able to understand that oh those guys are too shady to operate in the United States so
00:43:01
the number one thing we need to do is just bring the Innovation on Shore in terms of the framework I think the
00:43:07
market structure bill is going to Define here's a security here's a commodity here's what you have to do here are the
00:43:12
disclosure requirements around creating a crypto project so all of that will be in the bill and then in the meantime the
00:43:20
SEC has created a new task force under Hester Pur who's a sec commissioner and she is already starting to do work in
00:43:29
that regard to define a better regime at the SEC for crypto projects you mentioned that gendler said
00:43:37
that the sec's doors were open to crypto companies and they should come in and talk to us and work with us that was
00:43:44
very disingenuous crypto companies would tell me they would go see the SEC the SEC
00:43:49
would tell them nothing about what the rules were but they would have enforcement people in those meetings
00:43:53
just writing down everything they would say and the next day they would get sent
00:43:56
a well notice so the truth is the SEC was not cooperating they were not providing any Clarity they were just
00:44:02
honeypotting Founders basically to come in and then they would immediately investigate them I mean it was really
00:44:08
terrible look we expect Founders to play by the rules and abide by the law and be
00:44:13
compliant but when you won't tell them what the rules are and then you prosecute them there's no fair way for
00:44:18
them to comply so the most important thing is to give them a framework I think the SEC now is doing that they're
00:44:24
starting to do that already and then legislatively we're going to have a bill that does that uh moving through
00:44:30
Congress over the next few months this is absolutely awesome we're super encouraged that you're doing this and uh
00:44:36
we really appreciate you coming on the Pod uh wish you could participate in the other three or four crazy discussions
00:44:41
we're about to have but we understand you've got to stay focused on the mission uh anything on the AI front that
00:44:47
we can look forward to in the coming weeks that you're working on I know that's the other part of your
00:44:52
mission well the big thing is like I talked about last time the president rescinded the Biden EO which was this
00:44:58
100 page monstrosity of burn some regulation on our AI companies I think that decision's been proven even more
00:45:05
right in the wake of deep seek because we know that China has basically caught up or they're very very close to
00:45:10
catching up it felt like that Biden EO is written in a vacuum in which the US was the only player in Ai and that if we
00:45:17
imposed a bunch of burns some rules on our companies that somehow that wouldn't allow China to catch up right and I
00:45:23
think it's pretty clear that China is very very competitive if we R AI companies is going to run down to
00:45:29
China's benefits so I think that was a very good decision and what the president said in his EO is that we
00:45:36
should devise a new AI action plan to replace that by Neo and we're working on that right now all right d any fun
00:45:43
anecdotes from Doge you want to share I'll give you one anecdote which is I've been working late here a number of
00:45:48
nights at the EOB and I won't tell you where the Doge guys are based but you know I know where their office is so I
00:45:54
just went by there to say hi the whole room was full of young coders I think they were
00:46:00
engineers but they're wearing like suits and ties so that's a little different but they were all working really late I
00:46:05
mean they're working there late up Friday night and the facilities people don't know what to do because they've
00:46:12
never had people like asked to stay late on before so they've had to create new uh new facilities access for for these
00:46:19
guys they're like you're coming to the office and doing work we don't have a protocol for that what how does that
00:46:25
work we gonna need to get you a he you're a badge to come to the building yeah uh well it's absolutely awesome to
00:46:31
see the progress you're making in the first two weeks and continued success we're so proud of the
00:46:37
effort all right thanks guys all right do you guys think the Democrats are going to lose people over their
00:46:46
opposition to Doge like is Doge really viewed as oppositional to Democrat party interests this is for the average person
00:46:54
it's a war Shack TK I think the thing is that there was a coalition that the Democrats had and there was a coalition
00:47:01
that the Republicans had the Republicans did a better job of reforming that Coalition and now I think what you're
00:47:08
going to see is a shrinking I actually got this totally wrong I don't know if you remember a couple years ago but my
00:47:14
thought at the time was if the Republicans don't figure out how to fix themselves they were going to go and
00:47:22
lose for the next 10 or 15 years and the reason I said that was they would walk into every M term and they would just
00:47:27
get their ass handed to them but I think they figured it out that this is sort of
00:47:32
this thing that I've been thinking about a lot is there's a fight in Western societies and it's a pendulum between
00:47:39
labor and capital and it used to be the thought the conventional wisdom was that
00:47:44
the Republicans were Pro capital and Democrats were pro- labor and the Brilliance of trump is he took over the
00:47:53
Republican party and made it totally populist which is to say Pro labor and the crazy thing about the
00:48:00
Democrats is that they are the most sophisticated Liars because if you look at what
00:48:08
happened under Biden you had record high stock markets so it was purely in favor of asset
00:48:15
owners record high deficits record high illegal immigration record high wage suppression all of these things are
00:48:23
massively Pro Capital but they tried to present themselves as Pro labor that entire ruse is now being undone and
00:48:31
all of this data what that does is it'll it'll consolidate the Democrats to a shell of their former self it'll take a
00:48:37
year or 18 months but I think unless they figure out how to totally hard reset they're going to be in a really
00:48:44
difficult struggle to find a cohort of people Beyond 15 or 20% of the population for a long time well and it's
00:48:51
so dumb to come out against waste Fraud and Abuse so the best argument that Democrats had it seems was that oh my
00:49:00
God people's Social Security numbers or people's privacy was being violated because they went in and looked at the
00:49:08
data and how the money was raed wasted this is the like height of not getting the point and not reading the room 100%
00:49:16
of Americans don't want their tax payments stolen they don't care if you looked at their social security number
00:49:22
this isn't a privacy issue that doge is looking at some database and that's that's what AOC and Schumer were doing
00:49:29
oh my God these people are looking at your social security number they have access to your records who cares what
00:49:35
matters is how much money is being stolen from the American public and anyone at any point in time could have
00:49:42
picked up this issue this has been going on I think you pointed out the last time
00:49:46
somebody really addressed this in Earnest was Clinton so this has been going on Obama Trump 1.0 Biden everybody
00:49:55
has been raising the debt all of this grift has been going on and it's only this time around that somebody picked up
00:50:00
the free money and said here's an issue now we uh we see what happens when somebody picks up the issue of stop
00:50:09
wasting money it is a popular issue this is only going to make Trump more popular
00:50:13
so Jason I I um G add what you and Jamal said I think you're both right I'm give
00:50:18
you a very concrete example Ram Emanuel is now back from Japan okay he was Chief
00:50:22
of Staff in both the Democratic white houses post uh Rose um Clinton and Obama and he wrote an
00:50:29
oped this weekend this past weekend um that basically said the Democrats have lost their way because they have
00:50:35
forgotten what he calls kitchen table issues the things people regular people care about and jamat you're right I mean
00:50:42
the the reality is um they forgot about inflation they forgot that inflation is terrible for the average person it's
00:50:48
terrible for middle class America it's okay for people that own productive assets because they just go up in value
00:50:54
but it's terrible for people that are wage earners and that have any savings it's terrible for older people that are
00:50:58
living off savings terrible you know Rob makes this point that if the Democrats are going have to are going to
00:51:03
reconformation [Music] because of all of these other issues so they have no home there is no base from
00:51:31
which to build from right now unless they go through a great reset and part of it is that they have to understand
00:51:37
that they are actually not pro labor they are have been Pro Capital but that requires such a Schism from the deepest
00:51:46
Believers of the democratic party who thought you know Eat the Rich you wear it on your dress it's so important to
00:51:52
you in fact actually you were feeding the rich you just and the that you didn't even know that is just pathetic
00:51:59
yeah what's funny is that you know Marg thater famous has said that the problem of socialism you eventually run out of
00:52:04
other people's money and you run deficits right and you destroy the country this happened in Venezuela this
00:52:08
is always the end of socialism it's how it it's how it finishes it's how the movie ends we've seen it around the
00:52:12
world just look look South into South America we were heading that direction that's what I said earlier we I was I'm
00:52:19
afraid we might become a kleptocracy if this doesn't stop and I'm so grateful to
00:52:23
all the great Patriots of Doge and the government the president for making it happen cuz we were heading that
00:52:27
direction so the Democratic party is lost they'll continue to be lost interesting thing came up this week on
00:52:34
Monday president Trump signed an executive order laying out a plan to establish the first Sovereign wealth
00:52:40
fund for the United States for those of you who don't know a sovereign wealth fund is essentially an investment fund
00:52:46
for a country it's almost universally based on natural resources so Norway Saudi UAE they all have uh Australia
00:52:55
sovereign weal funds based upon minerals or typically oil the United States is not known for having the oil reserves of
00:53:03
the Saudis or UAE or Norway this public investment fund would be apparently anchored by
00:53:15
potentially The Tick Tock shares that Trump said he wanted to get half of by giving a
00:53:23
license a lot of that is uh unclear what this license would be it's never existed
00:53:30
but this is the concept the treasury secretary and Commerce Secretary have been tasked with developing a plan over
00:53:37
the next 90 days and uh the plan should include quote recommendations for funding mechanisms investment Strategies
00:53:44
Fund structure and a governance model chamath you were tweeting about this what is the point of having a sovereign
00:53:53
wealth Fund in the United States if we're 36 trillion in debt shouldn't we just pay
00:53:59
down I I think it's not where this money going to come from yeah well it's not an
00:54:04
either or thing and I think the point is that if there are assets that are minted
00:54:08
effectively overnight which I think the 50% share of Tik Tok would be so call it1 $150 billion doar the question is
00:54:16
what should you do with it and who should govern it and I think this idea that if you had a group of five Elder
00:54:22
Statesmen so I'm just going to throw some names out there David terer Stan ruen Miller Ken Griffin John dor or Mike
00:54:29
morritz Bill gross or some other Bond guy my point is what you get are five people that are very sophisticated
00:54:36
across all Market categories one of them could be the rotating CEO for some number of years
00:54:42
people should rotate in and rotate out these are unpaid jobs because everybody that has these slots should be Mega
00:54:49
billionaires so they shouldn't be doing it for their own personal advancement and they should deploy that Capital so
00:54:54
as you sell down the Tik Tok shares maybe as you sell Federal lands and you generate more oil Revenue take it all
00:55:01
and invest it on behalf of America into American companies I think that's a great incredible idea Antonio you think
00:55:09
the government should be in this business so I have I I think it I think it should but and I agree with shth uh
00:55:16
that the governance is very very important I think he's got a good idea there I think it for a different reason
00:55:22
is that we don't have an industrial policy in America uh many of our competitors around the world in
00:55:27
particular China have a long-term industrial policy and they put enormous amounts of capital behind the industrial
00:55:34
policy uh a sovereign wealth fund I think would be a stealthy way to create industrial policy in America so rather
00:55:40
mean industrial policy in this context so example in China they want to they want to build chip Fabs and they want to
00:55:47
catch up to to uh tsmc so what do they do they take the dollars of Trade Surplus they get from
00:55:54
US every year and they pour back into making that stuff inside their country and for decades part of the problem
00:56:00
we've had with China is that capital is free because the banking system just pushes money out to manufacturers and
00:56:05
they move the manufacturing because the WTO from the US to China that's the industrial policy people say the Chinese
00:56:10
have a long-term 100-year Vision the way it's it manifests is this industrial policy we don't have that here at all
00:56:16
and we try to do it we do like the chips act and it goes through Commerce we have
00:56:20
government bureaucrats deciding how to spend $200 billion to modernize Intel which needs to happen I mean I'd much
00:56:27
rather have Ken Griffin Bill gross any of the guys choth mentioned deciding okay we have five Industries in America
00:56:34
we want to invest in let's make great Investments right I mean let's make great Investments for America they got
00:56:38
to be economic they got they got to make money for us but they got to be good for
00:56:41
the country I think that's what most these Sovereign wealth funds do some of them make portfolio Investments but many
00:56:45
of them like the The Sovereign wealth Fund in Saudi Arabia the piff they're making enormous Investments domestically
00:56:50
to remake the economy you know toward tourism example and I think this is a great idea they're literally building CI
00:56:56
in neom they've got you know a dozen cities being constructed and trying to take an oil
00:57:02
economy and shift it to a tourism economy a technology economy a private Equity economy Antonio is totally right
00:57:09
like Scott bessent part of his Congressional testimony you guys probably saw this was he laid out this
00:57:16
thing that he has that's called the 333 plan right in the 333 plan says we want to see GDP growth of 3% we want to see
00:57:24
deficits that are no greater than 3% and we want to have 3 million Bears of oil right produced domestically in the
00:57:30
United States but if you double click on that if you look at the total energy reserves in the United States they're
00:57:37
three times greater than the total energy reserves of Saudi Arabia three times across all forms so not just oil
00:57:44
if you oil not gas plus coal if we actually go as Antonio said towards an industrial policy that's
00:57:51
pro-energy where the incremental cost of energy is effectively zero where we want
00:57:56
just a gross abundance of electrons flowing in America for all the great ideas that could pop up it is by
00:58:04
definition going to generate an enormous amount of revenue for the federal government and so I think having the
00:58:10
Sovereign wealth fund be the rainy day fund if you will right that can Bank a percentage of all of that I think starts
00:58:17
to do a lot of really good for the long-term strategic guidance of the US freberg what do you think here is this
00:58:24
something where we're making the government too big and now we've got the government competing with black rock and
00:58:29
seoa and Andre and harowitz and they're going to be on the board of technology companies and energy companies and
00:58:35
investing in it and then what happens when you know Obama Biden Trump Bush you get different people running these
00:58:42
things and then they want to do their pet projects it seems to me like this could be get awfully conflicted awfully
00:58:47
quick what do you think should this be a business or government's in I think one
00:58:51
of the things the government sucks at is capitalism so I wouldn't make capitalis
00:58:56
the Mandate of a sovereign wealth fund certainly not when we have $4 trillion of federal debt it doesn't make economic
00:59:02
sense our cost of capital is 5% that's how much the interest is on this 10 to 30e debt right now so it's very hard to
00:59:11
actually make real risk adjusted returns when our cost of capital is so high so I
00:59:15
don't think the Mandate should be hey let's put a bunch of capital in a pool go and invest it and try and make money
00:59:20
for the United States that seems silly but my point about the government being really bad at capital is is that the
00:59:26
United States government owns and has access to and will acquire through other means significant assets and resources
00:59:35
that should be monetized in a smarter way and so I would kind of think about the Sovereign wealth fund as being more
00:59:40
of a strategic vehicle for monetization of high value government assets so for example if Trump does actually negotiate
00:59:48
a 50% Equity position in Tik Tock us that needs to sit somewhere it should not sit in the department of whatever it
00:59:55
should sit with a capitalist manager that then ultimately makes the decision on when and how to monetize that asset
01:00:02
return that cash to the treasury and pay down the debt similarly the US has large
01:00:06
amounts of land has access to other large assets that get transferred in seizures etc etc so you know I don't
01:00:14
know if you guys remember all this but there was like bit Bitcoin seizures that have happened over the years is the
01:00:19
government has cracked down on criminal Enterprises then the government owns this Bitcoin do you think the smartest
01:00:24
people are making the decisions on where and how to sell down that Bitcoin I guarantee you not I would much rather
01:00:28
have a capitalist making that decision so I would view the you know the The Sovereign wealth fund being less about
01:00:34
raise capital from other means in the government which effectively means borrowing money through treasuries
01:00:38
because of the the debt level we have and trying to invest it and much more being about okay what strategic assets
01:00:45
can the US government monetize and use this as the mechanism for doing that and then ultimately I think the objective
01:00:51
should be to return that capital I I do think there's also an opportunity for managing
01:00:56
Social Security in a smarter way so Social Security's functionally going to be bankrupt in eight years the way the
01:01:03
trust is set up the cash that's there the assets that are there and the demand on Social Security given the Aging
01:01:09
population and the rising payouts every year so one of the other ways to think about this is what are the long-term
01:01:17
debt obligations which is ultimately the point of these Sovereign wealth funds and can they be invest in a smarter way
01:01:21
why is the Social Security entities ultimately owning you know 3% yielding bonds when they could be owning interest
01:01:28
in in equities so I would kind of think about that strategic pool of capital being managed by this as well and less
01:01:35
about the Mandate of go be a capitalist investor for the United States raise money and make money I think leave that
01:01:41
to the markets but when it comes to strategic assets I think this could be a good vehicle for when the got shut down
01:01:48
yeah we seized 144,000 Bitcoin and that's sitting somewhere in some Department of Justice off yeah they sold
01:01:56
I I think they sold sold it yeah no I think we still have it I think that was like the idea was that was going to
01:02:01
become the Bitcoin Str Reserve I mean you could also come up with the doj the doj sells these so like who do you think
01:02:08
of the doj is making the Bitcoin Market decisions and is that the right person to be monetizing these assets I mean d
01:02:14
made an interesting point security I I just want to follow up on which is when when you think about social
01:02:21
security it's six uh $6 trli of our 36 TR debt and it's actually a fake treasury bill so just to one of the
01:02:29
things we figured out in early days before the inauguration I is like that 6 trillion dollar sits on The Ledger it's
01:02:35
just a paper Ledger over so actually if it gets paid out it's also be very inflationary it's just a fake treasury
01:02:39
got ledged over at that pays a very low rate and here at valer with my partners John shulin has been reading to try to
01:02:47
help the the only the only thing we find that's audit in the government the the Social Security Administration actually
01:02:52
has an audit it has an audit and when you go through the audit it's crazy the material weaknesses going by to Doge
01:02:58
that you find yeah it' be way better to have that invested in a way that was economic for people with real money by
01:03:05
way as for this guys as we're speaking the federal judge just put a temporary restraining order on Doge and has barred
01:03:13
Elon and his team from accessing US Treasury payments data all right so now we're gonna
01:03:20
have a real grudge match between the public the Federal which judge was it federal judge federal judge yeah would
01:03:28
you know why jamat do it say why no but Elizabeth Warren is doing a Victory lap so I'm sure that you
01:03:36
know she's part of it so the government agency set up by the president can't look at
01:03:41
the database of the treasury so just to be u double click here doge is not a new agency it's the
01:03:50
renaming of existing agency I can't remember the name of it we def find it Elon tweeted about this uh some weeks
01:03:54
ago that was set up under Obama actually to do this to accredit an audit function to
01:04:02
the government what's crazy about this ruling to me is uh Congress basically is the Constitution delegates to to the
01:04:09
executive the um the ability to spend the money and they go through Congress it gets actually appropriate in Congress
01:04:14
and the executive spends it how can you spend money if you don't know where it went I how can you be responsible right
01:04:21
you have the authority to spend it but not the and how can you responsibly spend it if you actually can't go look
01:04:25
and see where it goes guys this is flying Fast and Furious president Trump just unveiled his framework for his tax
01:04:33
plan no tax on tips no tax on senior social security no tax on overtime pay renew the middle class tax cuts adjust
01:04:42
the salt cap so again very Pro as I said Pro labor Pro populist eliminate all special tax breaks for billionaire
01:04:48
sports team owners oh all right I'm no longer I already sold a team I already sold my fees I already sold my fees
01:04:57
oops oops close the carried interest close the carried interest tax deduction loophole which allowed you to claim
01:05:04
carried interest as sorry Antonio I better run oh no I'll be back in a few hours it's sell some
01:05:15
things isn't that incredible I mean he is really going for the jugular wow amazing I support this 100% the Suk
01:05:23
deductions coming back is that right marginally though I don't think he's going to give it the way that it was
01:05:28
before but isn't this incredible I mean how who's going to stand up and lay on the railroad tracks for being able to
01:05:37
amortise a multi-billion dollar sports team purchase or that when you make a fund investment you should get long-term
01:05:44
kept gains treatment who is going to be that person in this ad nobody's going to
01:05:48
stand up for these things I think we should just stop doing Ventra and just start NOS we just start a whole Rats
01:05:54
nness of NOS to ship money around you could have an incubator yeah absolutely incubator incubator come if you've got a
01:06:02
great idea for an NGO why why didn't you launch launch in every single random developing country in the world I mean
01:06:10
if I had known you would have had 8 billion of AUM because of a USA ID just launch one in Vietnam and we could have
01:06:18
yeah I could launch go launch I love it we we could have had a yeah a launch accelerator in Vietnam for transgender
01:06:26
yeah the Jason calanis launch fun of Equatorial Guinea it is so crazy though to come out
01:06:35
and you know watching the Democrats just the self-own of coming out and being like we have to stop people from
01:06:44
stopping wasteful spend like they just don't seem to understand how unpopular these are kitchen table issues like Rah
01:06:51
said I mean everyone cares about that and if you don't care about that if you care about these Fring isues and not the
01:06:56
things people care about on the kitchen table well and if you think about the transgender Sports issue biological
01:07:04
males playing in female sports leagues that issue that Trump just did an EO yesterday for was such an obvious issue
01:07:13
of fairness and just has nothing to do with transgender it just has to do with like biology if a if a biological male
01:07:21
plays basketball on a on a a biological female team some somebody's going to get
01:07:26
hurt and that person's going to score 100 points it's just obvious and the fact that the Democrats couldn't see
01:07:32
that issue being 100% for or 95% makes no sense like it's just such an obvious litus test of logic I mean
01:07:44
look man the Constitution is is a is a document about fairness the people that found this country the Patriots found
01:07:50
this country they they did it cuz they treated unfilly at home all of us here um are one generation away right or two
01:07:56
generations away from immigration and the reality is that's why people come here man it's it's unamerican it's un
01:08:01
amican deg we got two people here who are immigrants yes I'm reading the TR and it looks like this TR means
01:08:07
temporary restraining order and it and it's actually Narrows who from Doge yeah can get read access down to two people
01:08:15
Tom kuss and Marco elz oh okay so they don't want to have the whole team be able to see what's at
01:08:24
treasury they just to have a process and some sign off okay that sounds not unreasonable I just want to point out
01:08:31
two people to to look at no matter how good they are I'm she we're at 24/7 look at all the payments in the US government
01:08:37
is not a lot yeah it does seem like it needs to be more than two but it doesn't seem like they're saying you can't look
01:08:42
at it they just want to have some controls in place I mean feels to me like that's an
01:08:47
administrative block that's like the narrowest thing you could do two okay yeah you can come in but you can just
01:08:52
send two people and just these two people so if they get sick or something happens no one else comes in that seems
01:08:58
to me to be truly dis mystery block to slow it down yeah H well we're interpreting this
01:09:04
in real time the facts will come out over time let's wrap up on uh Google Google dropped 7% after reporting
01:09:11
earnings on Tuesday chath Revenue up 12% year-over-year to 96.5 billion wow Cloud
01:09:18
revenue is up 30% year-over-year 12 billion YouTube ads surging 14% to 10.5 billion net profit was around 26.5
01:09:28
billion up 28% year-over-year so they are really focusing on profitability obviously full year numbers this is just
01:09:36
extraordinary total revenue 350 billion with a 100 billion in net profit cloud and YouTube finished 2024 with a
01:09:44
combined run rate of $110 Billion YouTube is basically Netflix inside of uh inside of Google and their Google
01:09:52
cloud is essentially AWS inside of Google the thing that made investors get concerned shth is that Google said it
01:10:00
would invest 75 billion in capex in 2025 42% jump over 2024 29% more than analysts expect obviously this has to do
01:10:11
with data center servers and the AI buildout what do you think about that number 75 billion obviously in relation
01:10:20
to what we saw with deep seek doing it with maybe a little bit less maybe they're lying is this just an
01:10:30
absolute waste of money or gargantuan number or is it something they can easily with that amount of profitability
01:10:36
and cash they have absorb and use in the future I think I should stipulate that Google's models are probably the best of
01:10:42
all the models across a broad base of capabilities if you test for them and so let's start there which is whatever
01:10:51
they're doing is working the thing that they need to do is be able to translate those models now into better
01:10:58
products and I think that that will happen slowly like for example if you look at Deep
01:11:03
research most of the people online that are evaluating deep research would now say that open AI is both faster and just
01:11:11
better on the margins all of these things can be improved I don't think that's a comment on the base model I
01:11:16
think it's a comment on post trining and how they're attempting to productize these things
01:11:22
so the other thing that Google has is a money machine that directly benefits from these Aid driven optimizations on
01:11:30
ad targeting the only other company that has anywhere close to the same credibility as meta so I think what both
01:11:37
of these two companies need to do is do a better job of explaining how that 75 billion gets segregated how much of that
01:11:45
goes to these AI enabled models that actually do better ads optimization there was a there was a really
01:11:51
interesting discussion by a former meta machine learning engineer on X about how
01:11:54
they did it it's pretty amazing it's staggering but if they could say half the money goes to that and the other
01:12:00
half goes to more speculative you know pre-training and post training I think the market would have eaten it up so
01:12:07
it's probably more of a disclosure issue for Google because I would say right now
01:12:10
their model quality is the best you have thoughts on this buildout Antonio obviously I think you've been
01:12:17
involved with xai uh and obviously involved with Twitter and X previously and colossus's colossal buildout that
01:12:24
was EX to watch a period of time do you have concerns that like some people do that this build out is too expensive and
01:12:32
would be too hard to monetize all that expense or is it uh maybe a little bit of hand ringing and the opportunity in
01:12:40
AI is so obviously huge that you just got to take the leap of faith and and and if you build it the revenue will
01:12:48
come yeah I think chath has the right framework here which is return invest of capital and what he's saying by you know
01:12:53
if Google had said hey half the money is for ad and half the money is for much bued post training the market would have
01:12:59
seen that half the money has a higher return of capital and goog's return of capital is actually going up uh after
01:13:04
the impation of of AI models into their into their company and I I think that sort of abstracts the entire Market
01:13:10
which is people are waking up that return invested capital in data s will matter that the models are basic
01:13:16
Commodities and super competitive in the best case it's kind of a a land worn Asia it's a melee in in a worst case
01:13:23
just total Commodities what does matter is the return on Capital data center which is influenced by how good the data
01:13:29
centers are so you mention the X data center it's 100,000 GP cluster it's the most dense coherent cluster in the world
01:13:36
and it will just train faster and better than other clusters and it's also built
01:13:40
for the most cheaply and the fastest so XI will have the highest train on Capital and I also think the best train
01:13:46
data and therefore will win I think Google will also win because they have U their tensor flow chips they make their
01:13:52
own some of their own chips they do focus on RC and they have a great Monopoly to kind of fund it all so I
01:13:59
don't think it's over blown I think that I think this is going to be as you guys
01:14:01
have said before in the podcast you know bigger than Industrial Revolution but uh
01:14:05
it's also true that you need to have a good roic and if you don't you're not transparent about it you can see what
01:14:12
happens I I would argue Google's probably been the most frugal thoughtful and well-managed Computing
01:14:19
infrastructure investor of all time you know the 98 to 2005 era Google it was all about just cheap throwaway racks
01:14:27
that that was the big Advantage they had is they weren't using the expensive Oracle servers and they had a two to
01:14:33
three-year kind of depreciation timeline on those but they were super cheap and so the the roic was quite good then they
01:14:40
got into Energy Efficiency which they realized was a big driving cost they started to build systems that that were
01:14:46
more energy efficient as a result they lasted longer and then their their depreciation
01:14:51
schedule moved up to 3 to four years meaning they could kind of write down the value of the servers over 3 to four
01:14:56
years and then from 2010 to 2015 era their Hardware system for cloud allowed them to kind of extend through
01:15:06
repurposing the utilization and they increased their depreciation from to four to five years and then in 2021 I
01:15:12
don't know if you guys remember this they made this kind of big change to their depreciation schedule on data
01:15:18
center infrastructure to six years so when they invest capex in a data center they would write down the servers over a
01:15:25
six-year cycle because of AI optimization on maintenance so they he started using AI just for internal
01:15:31
management of the infrastructure so I would view the $75 billion capex actually as a very positive signal for
01:15:39
the company I think that it means that they have a really strong line of sight on how they're going to have full
01:15:45
utilization and great return on this if you do the math Ric math on this $75 billion assume a 20% roic you've got to
01:15:55
generating call it roughly an incremental $15 billion of profit a year plus the amortization of the 75 billion
01:16:02
so take the 75 billion divided by six that's 12 billion plus 15 billion so what they're so basically they would
01:16:08
need to make an incremental 27 billion of operating profit a year on the 75 billion for this to meet their roic
01:16:15
performance that doesn't seem crazy because that's just under 20% of their in of their annual operating profit this
01:16:21
is a very kind of I think important point which is Google doesn't just do this to to build out AI in the future
01:16:27
they have a really strong line of sight on how this can kind of increment and you don't have a huge hurdle for them
01:16:32
for this to pay back so I don't know I would kind of take Antonio's point I'd view this as a positive I think if you
01:16:37
use their historical ability to manage infrastructure and make predictions on Investments as an indicator of the
01:16:43
future this is a strong and positive indicator and I do think that for all the naysayers out there that think that
01:16:48
search is going to evolve to chat you could look at this as being a really important proof point that Google has
01:16:53
the confidence that they're going to be able to move from search to chat and as jamat points out they've got great
01:16:58
performative models and I would view this more of as a positive than a negative if they were under investing I
01:17:03
would be worried that they didn't know where to invest but to see them make this degree of investment highlights the
01:17:07
confidence in the strategy and turny I don't know if you've been watching the agent space or deep research that came
01:17:13
out from Google and then closed AI I mean open AI launched their copycat version of this product sorry I don't
01:17:22
short feelings on it I'm curious your thoughts on on job displacement we're looking at self-driving obviously wh's
01:17:29
got cars on the road obviously uh Tesla which you were previously on the board of and I know you were the First
01:17:35
Institutional Investor in Tesla self- driving is pretty good I only get like one or two disengagements per hour and
01:17:42
they tend to be the ones where I just want to take the turn a little sharper kind of thing so that's getting pretty
01:17:46
close byd is very close you got a A lot of job displacement that aocc millions and millions of drivers in 10 years
01:17:55
could lose their jobs researchers working at Gartner Group whatever Boston Consultant Group like it feels like
01:18:02
there could be massive job displacement do you have concerns about that in the American economy and globally there's a
01:18:09
lot of hand ring about this and it's real in Prior moments of LW disruption that there have been uh job
01:18:16
displacements because there's you know generous people get retrained for something else you can't retrain so you
01:18:20
know I think uh there were studies mon fre did of the steel industry in Pittsburgh in the '70s that the cost of
01:18:27
each steel worker job loss was about a million dollars to the economy because these people couldn't be retrained and
01:18:32
that might happen here but I'm going I have a more benign Outlook personally what I think is going to happen is that
01:18:38
you will have job loss uh but the amount of productivity that will be released in
01:18:42
the US economy is going to be extraordinary right so so GDP growth is a function of the numberal people
01:18:48
working times productivity it's very simple economists want to make it more complex than that but it's the number of
01:18:53
people working times productivity if you go if prty goes up to 5 6 7 8% you get a massive boost in GDP growth
01:19:02
and then what happens well people can get retrained they can get different jobs different Services happen people
01:19:08
start companies the application layer of LMS is just starting the the barrier to
01:19:13
start a company is quite low things like launch probably explode because there's
01:19:17
all these people who have don't have jobs anywh that were accountants and want to start something it's hard to
01:19:21
know what happens you know I believe in American agility I believe in in this country I believe that we will figure
01:19:26
out figure out a way that make this all work and if there's enough productivity and money in the economy that's flowing
01:19:32
people will find new jobs they will find new business to start they will find new
01:19:36
things to do we have to get out of the way take regulation down and let Americans be creative and unleash the
01:19:42
American productivity machine Let's make that happen yeah that's I think really strong thoughts and I mean that's the
01:19:49
game we're seeing on the field how many companies are we seeing hit a million dollars in Revenue with five employees
01:19:54
where that used to take yeah 25 so the efficiency is there trath your your outlook on this issue since it seems to
01:20:01
be coming up again specifically with truck drivers and Uber drivers and all kinds of other research jobs that seem
01:20:09
to be be doing pretty well um or can be done pretty well by AI where where do you stand on this issue today I think
01:20:15
it's a process Buffett wrote about this in an annual letter and what he described was the changing nature of
01:20:23
jobs during The Agrarian Revolution and what you saw was a large cohort of people who supported
01:20:31
themselves through farming and then the total Quantum of those jobs shrank by 90% when you had
01:20:38
industrialized farming and tractors and whatnot but the economy to Antonio's Point grew around that business and
01:20:45
added other kinds of businesses that didn't make sense in that moment and I think what you see is that when
01:20:52
economies get more and more evolved you see the growth of services businesses that sort of are these things that can
01:20:59
only happen when you have excess right the person that you pay for closet organizing would not have had a job in
01:21:06
the turn of the agrarian Revolution or the Industrial Revolution but they can they can exist in 202 something and
01:21:13
frankly they can make a good job the life coach there are all these jobs that just kind of come out of nowhere
01:21:17
podcaster influencer all of that Venture venture capitalist vure Capital allocator absolutely
01:21:25
mutant strawberry Creator yeah so I think that I think that you're cut that waiting for this next turn of creativity
01:21:33
like the big problem that we all have maybe I'll take the more glass half empty version of what Antonio said is we
01:21:40
really haven't been unlocking people's creativity over the last 15 years we've been trundling around except safe of a
01:21:48
few companies which we all know and we can just repeat them endlessly but we know which ones they are that are truly
01:21:54
innovating and at the edge everybody else is kind of diddling around Naval casing so the real problem is that we
01:22:02
have not had a lot of reps in being creative I'll give you just a very simple example Nick can you find this
01:22:08
even extremely state industries did you see the byd clip of the car that and I thought myself Park yes with a little
01:22:16
swipe it's how tragic is it that you look at this and you're blown away yeah and you're blown blown away for two
01:22:25
reasons one is a I didn't think that that was possible and B why doesn't it exist in America but the reality
01:22:33
underneath the hood is extremely benign how this is implemented and so I think that the
01:22:39
problem is we spent so much time losing the script I think Antonio is right when you
01:22:47
unshackle people to not focus on the mental load of getting the pronouns right or the this or the that
01:22:55
you won't be so overwhelmed by things like this because you will have already been pushing the boundaries of human
01:23:00
creativity we need to get back to that we need to let these creative people cook and I hope I hope that that happens
01:23:07
and I think that that will happen freeberg can you do a science corner on the FDA approval for the nonopioid
01:23:14
painkiller right not today no no I know but could you do it like in a couple weeks
01:23:20
yeah by the one I wanted to do is that new macro study on gp1s which I think is super interesting oh tell us you guys
01:23:29
remember I talked a while ago about how they were able to mine VA data so the VA
01:23:34
right they they take care of veterans and they have all the medical records and on an anonymized basis they can make
01:23:41
that data available to researchers and so if you guys remember this this is how they identified that the Epstein bar
01:23:47
virus or the virus that causes mono as being statistically certain to be the trigger for multiple sclerosis in the
01:23:53
cohort of hundreds of thousands of patients that were in this this data set no one got Ms that didn't get Epstein bar
01:24:03
virus if you did not get Epstein bar virus you did not get Ms I don't know if you guys remember I did the science
01:24:08
Corner a while ago anyway so the data set that you can mine at the VA is incredible so they pulled all the data
01:24:13
from everyone that's been on the gp1 agonists and they identified all of the health effects across multiple
01:24:18
indications the statistical difference between the cohorts okay so this research team out of St Louis pulled all
01:24:25
the data from the VA database and basically they looked at you know 1.2 million people with diabetes that didn't
01:24:32
take anything compared to 215,000 that took the glp1 receptor agonists and another 600,000 people that took other
01:24:41
drugs for diabetes so basically this cohort segmentation allows them to isolate the
01:24:49
effect of the glp1 drugs um and as you can see here this shows across hundreds of thousands of patients the effect of
01:24:57
the glp1 on a hazard ratio which means like How likely are you to have the following health condition versus the
01:25:04
population that's not taking the glp ones and then uh on the right if you scroll to the right Nick are the
01:25:11
increase in risk and on the left are the things that go down so the increase the
01:25:15
only thing that increased is like you know 8% or 10% increase in nausea and vomiting y confirm uh musculoskeletal
01:25:22
complications grd which is you know gastric reflux from sleep indigestion yeah and sleep disturbances related to
01:25:31
indigestion so it's all abdominal stuff now if you go over here to the benefit side so the benefit side is what
01:25:38
conditions did you see a decrease in so you have a decrease in shock a decrease in uh he hepatic failure so liver
01:25:45
failure respiratory failure cardiac arrest in fact on cardiac arrest you see a 30% decrease in the probability of
01:25:52
having cardiac arrest from the cohort that's on the glp1 Bia wow schizophrenia so so this
01:26:01
goes to the point if you guys remember the interview I did a couple months ago with the CEO of Eli Lily that they have
01:26:07
all these clinical trials going on right now for different indications for the glp1 receptor agonists that they're
01:26:13
seeing that there's health benefits Beyond just the weight loss in reducing things like kidney disease obviously
01:26:19
liver problems mental problems and so on do we know why and and if we don't know
01:26:25
why do you think it's because this is suppressing the food and it's the the lack of food or the change
01:26:32
in the food consumption that's creating this do you know what I'm asking like do
01:26:35
you think the drug is actually yeah y so um you should watch the interview I did
01:26:40
with RS in fact this is a good moment to call it out if you Haven seen it yeah I
01:26:43
think he highlights that this class of drugs there are you know genes get turned on and off so there's a you know
01:26:50
what's called a gene expression Cascade that occurs with certain compounds so we
01:26:55
know that the gp1 receptor Agonist means that it binds to these gp1 sites and there's a cascading effect of genes that
01:27:03
then get expressed and what that seems to do is turn off things like inflammatory markers it turns on things
01:27:09
like C two genes which can actually increase cellular repair so there seem to be other benefits from these drugs
01:27:15
Beyond just the appetite control and it's not the appetite control itself but there seems to be other effects let me
01:27:21
ask you a question from these these receptors being activated you put your kids on this no okay would you put your
01:27:29
wife on this I would consider it and I would consider it for myself too just for the anti-inflammatory effects how
01:27:36
will you make that decision well for me personally and the thing that I weigh against is the muscle loss and uh the
01:27:43
the bone density loss so I think that if you look at the the biggest kind of effect on these on a on the downside
01:27:48
basis is you should increase your protein in your diet you have to do weightlifting there's things that you
01:27:54
would do and frankly if you do those things anyway if you increase protein in your diet and do more weightlifting
01:27:59
you're actually going to see very good health benefits from just doing those things that may actually outweigh the
01:28:04
benefits you get the I have a question you Dave which is and this is the question is when when you look at that
01:28:08
data and you talk to the cosos how much you think really longterm when the longterm sies are out is going
01:28:14
to be that it was the drug or just that being obese is very bad for you and so when you take your body fat down
01:28:21
dramatically all these other Gene Expressions happen anyway right so you think which one will it well this is
01:28:26
this is what they're starting to isolate and I will say Antonio they are starting
01:28:29
to see that there are other Expressions that are not related to the Obesity and people that don't have obesity that
01:28:36
they're using that are using these drugs so they're they're seeing that cohort data now a clinical studies uh phase two
01:28:41
were published and I think we're going to see phase three and some of these indications soon but it is looking very
01:28:47
positive that it's not just the loss of obesity now to your point being obese not exercising eating poorly destroys
01:28:54
your health you stop that right right everything gets better um if you lift weights freeberg can you tell us when
01:29:00
you decide to do this I will yeah if I if I do do a glp1 um receptor Agonist I will let you guys know right now I'm I I
01:29:08
actually feel like I want to go through a process of increasing uh my weightlifting routine
01:29:13
more I I you know I've been trying to create a more kind of rigorous my schedule just sucks so that's been the
01:29:19
hardest thing for me but I actually want to go through that first before making that decision
01:29:24
cool David oh I'm sorry no I was just curious why why that order I don't understand I want to measure the effects
01:29:29
because I do think that if you actually get into a a regular weightlifting routine and you increase protein in your
01:29:35
diet which is another thing I've been making a a concerted measured effort to do which is hard as a vegetarian by the
01:29:42
way you see pretty significant uh health effects and so I'm trying to get through
01:29:47
the process of increasing muscle composition before I'll make the decision on whether or not to add G one
01:29:52
I don't want to kind of confound the two factors you know what I did that made it
01:29:55
super easy for me um is I got uh egg whites in a carton and I have and I have this incredible uh
01:30:04
crunchy spicy garlic thing that everybody muku and everybody makes and everybody's crazy about just in the
01:30:10
mornings I'll eat whatever it is 10 ounces 12 ounces of egg whites with that spicy stuff it's delicious it's awesome
01:30:18
and I just try to you know get that whatever 30 40 grams of protein first thing in the morning and then doing the
01:30:25
rocking well this is is easy like you just wear a 35 pound weight vest freeberg and you walk a mile or two and
01:30:32
you will get like my problem Jason with all of this is that every time I see something so I saw Gary Brea on the Sha
01:30:39
Ryan podcast recently and Sean Ryan asks him like what are a handful of things that you recommend for everybody right
01:30:47
and he recommends mineral salt and then he recommends a methylated vitamin he recommends amino acids whatever there's
01:30:53
a protocol then if you happen to catch a clip on X of Andrew huberman he'll have a protocol
01:30:58
and then Brian Johnson has a protocol and the problem is all these Protocols are slightly the same but they're just
01:31:05
different enough where it creates a huge cognitive load in a normal person like myself to your point freeberg Who's busy
01:31:11
who's got a job who's got kids how do you decide and so I would really love something to be sort of like I don't
01:31:20
want to say gold standard because you can't say that but that is like what's the real bank for your buck what Antonio
01:31:27
said you know are you just better off just losing the 50 pounds and then this is why these products are successful and
01:31:33
I think will be continue to grow pretty dramatically Antonio is because it is pop a pill and it solves all those
01:31:39
problems it doesn't require a cognitive load it will be in a pill format soon right I mean the pills are almost here
01:31:46
it would be very cool actually DAV if you do this U to jamar's point about you know people being confused if you did
01:31:52
the every the every person's um kind of story around this journey and you documented itally you know like you you
01:31:59
did like this is my weight I did weightlifting first and I did the gop1 and you actually did like a weekly thing
01:32:04
where you checked in and even it was 10 minutes up on X or something where you just gave people the journey um in a way
01:32:11
that wasn't so complicated because I think people are confused Jam right mean I have I have very good doctors you guys
01:32:15
are good doctors but if you don't you don't know what to do by the way that the problem for me just to give you a
01:32:20
sense of it I had a doctor in LA I had a doctor in San Francisco I would have them do their own versions of things
01:32:27
then I would have somebody else help me compare it cost me way too much money and all that complexity did was make the
01:32:34
quality of my healthare actually go down yeah and instead what I really wanted was just a very simple protocol that
01:32:41
said take the metformin because it's good for you take the vitamin D take the omega-3 fatty acids otherwise just eat
01:32:47
this meal plan and it would help me a lot more than than I've had to Cobble it together myself because by the way when
01:32:53
you see something like you know Gary Brea is very very articulate very smart but when I see him on the Sha Ryan
01:32:59
podcast the first thing I do is I go and populate an Amazon cart with all the things that he said because my instinct
01:33:06
is well I should do the right thing for myself this is a couple hundred bucks it's worth the investment but then the
01:33:11
day after somebody else say something else you know so I'll be really you have a little OCD though Jamal I've known you
01:33:17
for a long time you get very obsessive with my father died because of poor health my best friend died of Po health
01:33:24
I feel like you you should at least do the things that are preventable have you guys seen that that post jat did with
01:33:31
you he was like half naked in the mirror he looks great what are you talking about he looks great if if you you could
01:33:36
look like that you you'd do it too no no no I'm talking about like when you had the glucose monitor I'm sitting with him
01:33:42
at the poker table he's got the glucose monitor and he's taking a sip of wine he's checking the glucose he's Tak he's
01:33:48
having like a piece of BJ then he's checking the glucose monitor it's just like literally becomes upset
01:33:57
me come on thisi so funny about this picture all these clown all these clowns on the
01:34:05
internet are like they don't understand that when you're 6'2 these are big legs when you're those are not
01:34:13
big when you're a short King when you're a short King when you're like my chck I
01:34:19
lost my chti when you're 57 58 I get I get it while you cuz you guys are all stubby and short I don't get it this is
01:34:26
the problem with generative AI you can tell it's a fake photo you can tell that that was generative AI because nobody
01:34:31
has legs that th how could you have biceps and then legs that th doesn't make sense
01:34:38
blushing unbelievable what a thirst trap now you guys are going to find photos of
01:34:42
Antonio and I we're gon to throw themar four pieces of advice for people number one get good sleep number two
01:34:51
exercise number three diet number four for meditation and if you want to do that it's very simple you get you get
01:34:57
the calm meditation app you get the eight sleep sleep you get the fitbot for fitness and then you get Nutri
01:35:08
forut your diet those are the four things you focus on make sure you have a good Athena you
01:35:15
get a good Athena assistant all this is brought to you by my NGO which is Allin NGO USA gave us$1 18 million last year
01:35:23
guys I forgot to tell you about it but don't worry it's in an offshore account for all of us when we get back to
01:35:29
Ethiopia Vietnam we have an all-in castle built there okay we built uh with our NGO we'll see everybody next week
01:35:37
love you boys we love you good see you guys man great job Antonio let your winners
01:35:46
ride Rain Man David and in said we open source it to the hands and they've just gone crazy
01:35:55
with it love queen [Music] of [Music] Besties my dog taking [Music] driveway oh man we should all just get a room and
01:36:16
just have one big huge ory cuz they're all this useless it's like this like sexual tension that they just need to
01:36:21
release somehow what [Music] we need to get [Music] merch I'm going all in