00:00:00
only sacks can lose 20 pounds and look worse sacks you know with with all with all
00:00:05
these gains and all your funds i would really love for you to cash them out and buy a belt ask your wife or your house
00:00:11
manager to help you find slim fit shirts at the uh the local macy's you'd literally look like you're wearing a
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parachute i've never i've never worn scene fit stand up for a second stand up i can't i'm not i'm not wearing pants
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oh my god can somebody call hr are you really not wearing pants i got no i got i got
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shorts on no that's not true are you really wearing shorts yeah i am no he's not he's lying no i'm not put
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your leg up show us that pasty leg no [ __ ] way oh my god oh my god how big are those
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shorts that's him he's like dom de louise and he lost 100. change your wardrobe oh my god those are
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like two toothpicks sticking out of a tent it's like somebody set up a circus tent
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and didn't tie down the ends he's wearing a parachute and a circus tent oh my god
00:01:08
[Music] [Music] hey everybody hey everybody welcome to another episode of the all in podcast
00:01:27
with us today again yes uh with us again today the dictator chamf polly papatia and the queen of
00:01:36
quinoa david friedberg in front of some bad art and from the mausoleum a schvelt
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fighting weight minus 20 pounds the rain man himself david sac you guys gave me the
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motivation i mean this podcast you needled me for months and i'm like okay i'm gonna lose the weight so i've lost
00:02:00
it what was your peak weight in the last 12 months i think i was at in the high 190s and i'm down to about
00:02:07
172 now so it's about 25 pounds wow since since about april or may that's really great bro that's fantastic
00:02:15
i mean honestly your family thanks you i thank you as a friend too no but seriously keep it around longer really
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[ __ ] great i'm really i'm really proud of you exercising too thank you or you just cut
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your diet it's it's uh i i'm doing the same exercise regimen i was doing before which is just running occasionally but
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um but it's all diet it's all diet it's it's frankly severe calorie restriction and your your unique product has been
00:02:40
very helpful but is it really severe calorie restriction thanks for the plus i think so yeah we were talking about
00:02:45
munich for the syndicate on the call-in app the other day hold on i'm allowed to plug i'm allowed
00:02:54
to plug you just need to be unique so you could put a call in plug you know you're violating the rules of the road
00:03:01
that i wrote down it's not a violation of the rules because i'm not a shareholder in unique i don't have any
00:03:05
interest in that but are you negotiating a deal no but no i'm not funding munich
00:03:10
no i haven't but free book can i invest we should actually throw that one in the
00:03:17
syndicate if you guys want uh yeah munich's great i i did it i lost some weight on it sexy poo what's your
00:03:23
uh what's your uh basal calorie burn did you calculate that i'm not what does that mean like
00:03:28
you're a steady state calorie burn on a normal day like if you're not exercising
00:03:32
or whatever like yeah based on your height your bmi your weight all that stuff yeah i did i did look it up and i
00:03:37
think it's around 2000 calories a day but but the thing that's super interesting yeah there's a calculator
00:03:41
online where you can enter your your height weight and age and it'll tell you how many calories that you burn every
00:03:48
day so if you want to lose weight you need to consume fewer calories than that it's that simple everything else that
00:03:53
people do around weight loss that is not that is basically some sort of game you
00:03:58
just have to consume fewer calories than you're burning but the thing that's really interesting about that calculator
00:04:02
is that the number of calories you can burn every year actually changes as you get older it goes down so the reason why
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people gain weight as they get older is because you're in a habit of consuming a
00:04:12
certain number of calories every day but you know as you get older like every year you can consume say 50 fewer
00:04:18
calories a day something like that and that basically becomes fat if you can if you consume at the same level so you
00:04:24
have to cut your consumption down as you get older or you will gain weight and in
00:04:28
addition to your metabolic fitness meaning like you know having your exercise level stay up to increase your
00:04:33
metabolism overall you can also add muscle mass a lot of people lose muscle mass over time
00:04:38
muscle burns more calories per day just to kind of keep functioning so the more muscle mass you have the higher your
00:04:45
basal and you lose like half a pound to a pound a year after 40 is that correct directionally uh free breath i don't
00:04:53
know but that sounds about right yeah yeah that's what i read that is about right and i think it's because this
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dynamic where people are just consuming the same amount but they don't realize that they can't burn it and so it
00:05:03
becomes fat you know so in my case first of all you got to get your caloric intake down to
00:05:09
2000 just to get to steady state and that can be a challenge but if you really want to lose weight
00:05:15
you need to burn you need to basically consume a few hundred calories less than that and if you can consume 500 calories
00:05:21
less than that per day that's considered rapid weight loss and then you can actually see the results which is very
00:05:27
motivating yeah so i like the idea of just going for the like significant the 500 calories where are you you're at
00:05:33
1500 calories a day yeah i mean i think so i mean i haven't like precisely measured it out but i've
00:05:38
been trying to go for and they said did you skip a meal is that how you get to the minus 500 calories yeah i will
00:05:43
either skip breakfast or i'll do a very light breakfast um and then for lunch i'll do like something entirely
00:05:50
plant-based like like suit like a vegetable soup of some kind and then when it comes to dinner it'll
00:05:55
be a more normal dinner but no carbs no two dinners one bottle of wine yeah wow no no you have a good system
00:06:03
yeah vegetables first yes then fish then poultry then red chicken meat so so it's it's not you're not like
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entirely all one thing or another you're not like all vegan which would be hard you're
00:06:17
it's not like you're all uh there's no red meat or something like that you can do a little of everything but you have
00:06:23
to have a weighting and the weighting is based on what foods have are the most calorie dense so
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the mistake that i think people make and i think it's one of these trick diets is
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like with these protein like the south beach type diet or the paleo diet right where they're trying to trick their body
00:06:38
into ketosis and all they do is eat a lot of red meat but those steaks have a lot of calories in them yeah so it only
00:06:44
works if you do it perfectly where you totally trick your body and keeping your body in ketosis forever is just not
00:06:49
sustainable in my view it's hard so i think you're a lot better off just eating less calorie dense food and steak
00:06:56
is very calorie dense so you know again you're trying to speak first then fish i
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i rarely eat beef uh but i get to eat it uh today and i'm having steak night dre's coming over for dinner and in the
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season he whenever i text him and i say hey what do you want for dinner draymond's always like fish fish fish
00:07:14
fish fish and i said bro i i get to eat steak so [ __ ] rarely uh and today we're having steak i can't
00:07:21
wait my mom's gonna get to when you get to it's because you're on some diet basically no no i do i just observe that
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i don't eat meat any more than once a week maximum and right now i'm probably averaging once
00:07:34
every two weeks maybe even once every three weeks and to your point it's much better i i do these uh scans you know
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you can do these kind of body scans to know what your your total water weight your total
00:07:45
muscle weight your total weight your total body fat all of that stuff and your basic metabolic rate and i just
00:07:50
kind of track it like once a quarter just to see where it is um and i i agree with you like i've
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really found that uh i can't eat red meat anymore like it's like it just really [ __ ] me up but it's so good
00:08:01
right it's so good yeah oh my god it's so good the other one other trick is that you should never consume calories
00:08:08
like in liquid form right you should only be drinking water tea coffee things like that that don't have
00:08:14
any calories people go to starbucks in the morning and they they drink 100 calories yeah 400 plus calories then
00:08:20
they have a you know cinnamon roll or whatever or banana at the start yeah i mean that's it i
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mean you're gonna be gaining weight on just from going to starbucks in the morning there's no now if you do an
00:08:31
americano with a splash of almond milk or something that's like 5 10 calories that's fine but um you you
00:08:37
have to stop drinking calories and then the one exception is like last night we did poker we were drinking wine so
00:08:44
that's fine you know i didn't because i thought the wine was [ __ ] yeah the whole game was horrible let me just
00:08:52
tell you all the things that we're doing okay number one i [ __ ] came all the way up the stairs last night normally
00:08:58
hosts sacks over the top number one is over the top in air quotes number one nobody arrived on time because nobody
00:09:07
respects you enough to show up on youtube oh jake j kell and i played heads up for an hour before anyone else
00:09:12
showed up we were there from seven to eight just playing heads up it was fun it was fun i took all the freeberg's
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money i owned three percent of munich you as the host didn't show up till 9 30 and you spent all of the time on the
00:09:25
phone trading outside in the room trading japanese bonds are doing whatever you were doing talking to peter that showed
00:09:31
up at 10 30. you know the game was basically randomly in the muck half the night nobody was
00:09:37
observing any good decorum run it once run it twice there was just nothing going on
00:09:43
you had stale fish okay just sitting there rotting stinking up the whole [ __ ] room
00:09:48
you know you had 2013 colton which is not even a good year just fyi okay 2012 okay 2015. do that i mean
00:09:56
so anyways i thought it was a disaster i stormed and up and i left he did rage quit and it was great
00:10:03
because we're playing plo finally sacks loses all this money may i respond but i did have three bowls of ice cream
00:10:10
which i regretted this morning all right sex in your defense why were you why did you
00:10:17
leave your guests for three hours while you talked about your own home bro it wasn't it wasn't three
00:10:24
hours you guys were being well attended too i made sure that you were well attended too and then i had to duck out
00:10:29
well attended to what are we preschool what do that what are you talking about executed
00:10:34
actually a couple of trades so what were the calls well you know crypto is like a 24 7
00:10:41
market these days crypto never sleeps so david sacks has to excuse himself um yeah i got wired at
00:10:49
800k uh hong kong gold had to uh yeah so okay so first of all the food was amazing we had like this incredible
00:11:01
we had this incredible you didn't eat it you had brussels sprouts you had the brussels sprouts you ate none of that
00:11:06
i'm on a diet i did eat the sushi there's like this incredible sushi spread we had so much sushi mostly didn't get
00:11:12
eaten then we had pizzas got the best late night pizzas from two different pizza places got delivered there was
00:11:17
more than one pizza per person in terms of selection it was tony's napolita you had pretty great homemade caramel sauce
00:11:24
poured over tomorrow no dulce de leche that was great yeah props to the chef put dolce de leche on
00:11:29
the vanilla yeah and the colga in 2013 estate nine is a fantastic ball of wine that i i had another ball of it earlier
00:11:35
this week we just lost 42 of the audience they are now on the youtube comments saying
00:11:41
why are these people why do we listen to this pod every week and here here's here's the reality moth
00:11:48
is you were very quiet and sort of sullen the whole night from really the time you got there kind of true you
00:11:53
didn't really participate in the conversation and skye hypothesized that the reason why you
00:11:58
were so withdrawn is because you were upset that the game had moved from your place to my place and you thought
00:12:04
somehow i was trying to hijack your game which is not true we do a game at my place maybe no no no i told this guy no
00:12:10
no i told i told sky text already i said hey guys we normally run the game thursdays at my house i'm happy to come
00:12:15
up but it's harder for me because that's almost due right so you were upset from
00:12:20
the get-go that you were no i wasn't i told i told him that pretty friedberg and sacks have not come to the
00:12:28
last three games at champa's house is there something going on here is it just the commute
00:12:31
i think the commute is hard i mean in fairness to you guys give me a charge i only missed the last game i went i went
00:12:36
well sax hasn't been coming and i know he's in he's in town is there something going on stocks where you can't no it's
00:12:41
any more you haven't i mean it's either the commute or sometimes i'm out of town
00:12:45
you know so you were in town the last couple times i don't know i think you're kind of you and chamoth maybe need to go
00:12:49
for a walk okay i'll come i'll come the next what's next game whenever the next game is you should come but i mean what
00:12:54
are you doing staying home playing chess with peter thiel on your ipad i mean come on both me and freeburg are about
00:12:59
to have kids we cannot oh the game is over no no no for another couple weeks yeah we're gonna revert back to that
00:13:05
terrible covet app ipad app playing poker where like everyone can talk to each other oh the chinese app that was
00:13:11
uh fixed with a bunch of people colluding everyone was so angry yeah well we'll get it back in the next
00:13:17
one let's start our show let's start let's start the show uh first up in uh spackland uh donald trump has done a
00:13:23
spec and it's for his trump media and technology group uh and he's launching an app called truth
00:13:30
social which you can preload i guess in the app store you're allowed to pre-order stuff now that was kind of an
00:13:36
interesting feature um the company will merge with the spec called digital world
00:13:40
acquisition corporation ticker symbol currently dwac it's led by somebody named patrick orlando
00:13:46
uh who is a florida-based investment manager i'm not making that up uh i don't know if orlando is actually his
00:13:52
name um he founded a sugar trading business and built two energy distribution businesses allegedly uh or supposedly um
00:13:59
friedrich said maybe he's a real estate guy who knows the stock peaked at 157 a share
00:14:05
uh this morning friday morning so the stack started at 10 bucks it started at 10. so that's 16x before
00:14:11
dropping back down to 100 it's become a bit of a meme stock on wall street bets trading was halted it puts this at
00:14:18
something in the range of a you know well over a 10 billion dollar market cap and
00:14:23
there is literally no technology no team and a bunch of technologists looked at the source code just by doing view
00:14:30
source i think on the on the web pages and uh there's an open source project i think called master dawn or master tan i
00:14:36
don't know i think it's mastered on um that they seem to have just copied the code from it's it's like a distributed
00:14:42
version of twitter and it seems they just cut and pasted the code and didn't even change the license you know like
00:14:47
the gpl license we were supposed to give credit to who wrote the code so no business no team no ip no users no money
00:14:53
no office no nothing it's basically uh it's an nft this is an nft basically it's an exchange traded nft
00:15:02
it's exciting donald trump the value of everybody the value of this thing is like closer to
00:15:07
donald trump is closer to 20 billion because there's a 1.7 billion dollar value if they hit certain stock prices
00:15:12
according to the press release they put out but there's not a good sec filing on
00:15:15
it so at 1.7 that means he got 170 million shares which are now worth let's say at
00:15:20
157 dollars a share donald trump has effectively 20 plus billion dollars oh so he's finally a billionaire
00:15:29
and he's finally a billionaire of equity value in his stake in this actually a billionaire and i think this and this is
00:15:34
the absolute like penultimate nft it is traded against a caricature that is a one-of-a-kind completely rare
00:15:43
this is gonna all of his quote-unquote media ip is going to be licensed into this stack and so if you want to own a
00:15:50
piece of it this is the way to own it and people are trading it like an index on the donald trump um uh character it's
00:15:57
an it's an index on that i think it's a it's an index on the right i think it's an index on an
00:16:04
alternative to fox news to traditional media the traditional media it's a huge [ __ ]
00:16:09
you to actually the mainstream media i think this is good twitter oh my god it's going to tilt the hell
00:16:14
out of like the folks that write at the at the new york times my god shaq dorsey's tweet by the way
00:16:20
no i gotta i'll i'll put it in the chat but he kind of um he made a comment on it after there was a screenshot i mean
00:16:27
let's be honest it's a grift i mean this is just this is the ultimate peak rift in the peak bubble of our
00:16:33
lifetime period i think it's a vote like peter thiel said yesterday you know like bitcoin is
00:16:38
a vote against the establishment this is a vote against the establishment all right what are the chances that an
00:16:43
actual app launches sacks like and when would that actually happen when can this
00:16:48
uh crew of [ __ ] actually write a line of code and actually release a product you know how hard it is to
00:16:53
release products yeah that's a good question i mean what they're saying is that they're going to launch a new
00:16:58
social network i guess twitter style called truth social and the primary interface will consist
00:17:04
of a feed of short posts from users you follow sounds familiar however these posts will be called truths instead of
00:17:10
tweets and reshares will be known as retruce wow so that's what's coming and um the the the slide deck that's available
00:17:22
on the company's website list twitter facebook netflix disney plus cnn iheart media google cloud amazon web services
00:17:28
as some of tmtg's current and future competitors so basically you know trump is proposing an
00:17:36
alternative to all the traditional media and social networks that have basically banned him
00:17:42
but i do think that the trading here does represent there is i think a groundswell for
00:17:49
for social media platforms that are not controlled by big tech and you know there's trump has 70 million tech voters
00:17:55
sorry 70 million voters of those probably 30 to 40 million you would say are would be fans of his on social media
00:18:03
he's been banned from twitter and facebook and this is his response he's going to create his own platform i don't
00:18:08
know whether ultimately be successful but i think what you're seeing here is the demand for alternatives to
00:18:14
you know sensorious platforms that are controlled by big tech so if he has 30 million real fans chamath what number of
00:18:20
them would download the app and participate in the first year he had a line he had 90 million followers on
00:18:27
twitter jacob which doesn't count but that's half of the twitter registered account 70 million people vote for him
00:18:33
so what are the real fans not just republicans who don't want hillary i don't think that's the way to think
00:18:37
about this i would i would view this as differently than this what's in what's insane is you have
00:18:44
this entity here which is essentially a cash shell that's now basically you know 300 odd
00:18:50
million dollars of cash plus what looks like 18 or 19 billion dollars of brand value
00:18:57
like of intangible goodwill and the sum total of that is is what the total market cap of this thing is so if it is
00:19:03
18 billion then that's what it is what this allows them to do and this is where it kind of gets interesting
00:19:09
is these guys what it shows me is they could come back and actually raise an enormous amount of money they could
00:19:15
issue you know a secondary stock sale they could do a convert they could raise billions of dollars
00:19:20
because the demand is there and then with those billions of dollars they could actually do something really
00:19:25
meaningful they could go and acquire an existing app jason call it they could acquire engineers in a product that
00:19:31
already exists they could maybe hire yeah they could acquire a traditional broadcast outlet and give trump uh you
00:19:37
know a way to short-circuit his launch of a fox competitor so i actually think this is a huge vote i think david's
00:19:46
right it's a vote against censorship it's a vote for trump it's a vote for the right it's
00:19:52
a vote for alternative uh voices and as a result i think a lot of folks in the mainstream who have
00:20:00
trump derangement syndrome are now going to be you know reawoken and in complete full tilt for a while
00:20:07
yeah it's pretty tilty uh tmtg plus will be uh you know it's terrible branding but
00:20:13
the tmtg plus is going yes you're already tilted i'm super i'm not telling you i mean
00:20:19
i think the whole thing is just a super grift i don't think they'll ever get a product out the door if they do i think
00:20:22
they get to maybe five 10 million users they're going to write it up they've got
00:20:27
they've got a 20 billion dollar market cap they could do whatever the hell they think it's all people just manipulating
00:20:31
the stock like they could like said they could turn that into into cash they could sell i mean they could turn it
00:20:36
off i don't think they can get the 20 billion trump today in one day is worth more than two times the new
00:20:43
york times can you imagine what's going on in the new york yeah and that's just brand well let's see i mean not all
00:20:50
these stacks stay at 150 a share you know so so jacob i i think you're right that people outside the tech industry
00:20:56
really underestimate how hard it is to build technology products that are any good you know that have a good ui
00:21:02
they're delightful to users it does require real talent and if you're not sort of from the industry you don't even
00:21:08
know what kind of talent you need to hire however i think jamaat has a really good point that with this kind of market
00:21:13
cap they could acquire their way to a portfolio of assets like for example okay rumble right now has become the
00:21:21
alternative to youtube among yeah not just conservatives but anyone who's who's been de-platformed there's a
00:21:27
lot of leftists now there's locals.com that you invested in local yes exactly i invested in locals which is dave rubin's
00:21:33
thing so but but just to take rumble for a second because it's kind of the youtube competitor you know they've got
00:21:38
something like 30 million uh users plus it's a very it's a it's a pretty big and
00:21:43
growing audience but there is locals there are other assets and you could and i think the
00:21:48
last valuation of rumble i think it was announced when peter thiel actually invested i think it was around a 500
00:21:53
million dollar valuation even if you paid a gigantic premium to that i mean if your market caps 20 billion you could
00:22:00
spend 2 billion on that you could spend 5 billion on that yeah you know by the way sorry just to dispel this
00:22:06
idea you don't need good ui if you have the right feature set and reddit is the perfect example where
00:22:11
they've always been on the side of free speech and they've always been on the side of
00:22:18
allowing people to vocalize and pursue their own passions even if some of those things were really
00:22:23
you know for the mainstream uh beyond the pale their ui is terrible but they have
00:22:29
thrived because that single feature dominates any desire for elegant ui and so i think what you're going to find
00:22:36
over this next iteration of these apps is how valuable free speech is and there are enough examples whether it's rumble
00:22:42
or reddit or others that show you that the ability to not be censored dominates 4chan discord they're all very it's
00:22:49
going to it's going to tweet it's going to tweak oh my god the heroes uh data analysis and marketing during
00:22:59
his you know 2016 campaign and they did get that guy pascal or whatever and they
00:23:04
figured out cambridge analytica so they did figure out how to get some tech people right sax to
00:23:09
you know can i just say one thing the other super tilty thing is people will want to fade
00:23:14
this trade and you know we're going to be they're going to know they're going to
00:23:18
be silently wishing for this thing to crater and i think there's going to be a lot of profit taking on this because i
00:23:22
think it's very speculative but i think we will all be shocked at the actual closing enterprise value when
00:23:29
this thing despacks because it will despack and we're all going to kind of scratch our
00:23:34
heads thinking how did we not see this i mean i didn't see this i would have never and there's going to be at least a
00:23:39
billion dollars of cash available when they do their second at least at least i mean they can do whatever they want yeah
00:23:45
they're going to have more more cash available to them to invest i mean he is he is firmly back in the game
00:23:52
and by the way one of the comments scaramucci made this morning it's a very astute one which is i'm rooting for the
00:23:58
stack because if this actually does despack at this valuation donald trump is not running for president again
00:24:03
because he's now got a 20 billion dollar media business or 20 million of equity value in this new media business that
00:24:08
he's gonna keep running sacks what do you think uh that could be a win-win for uh the republican party
00:24:16
but you know you're buying the stock you're joining the board saks is leading the b
00:24:21
yeah i mean i i i think chemotherapy is a good point that sites like reddit have shown that
00:24:26
you know like a beautiful ui is not necessarily the feature that users want in every case i do think you
00:24:32
still have to have some tech talent involved in order to produce a good product just to give you an example so
00:24:38
this product wasn't supposed to have its soft launch until next month but somehow
00:24:42
some users found a way to access the site and they were setting up accounts within hours of the announcement so one
00:24:47
vandal claimed the at donald j trump handle and posted a picture of a pig with extremely large testicles
00:24:55
so no now i would just submit that you at least need to have enough tech talent to
00:25:01
prevent something like that from happening yes i mean maybe it wasn't a vandal i mean maybe trump
00:25:07
posted that photo to himself i don't know it's not it's not impossible it's not proud
00:25:11
but yeah but but anyway my point is they still have to assemble the tech talent to build this or i like the idea better
00:25:19
of just acquiring the the collection of assets that they need and i think you're
00:25:23
right i think it's multi-faceted i think it's a social network a lot twitter i think it's probably some
00:25:28
sort of video do not underestimate the number of people in wall street who are uh on the right
00:25:36
and who will help these guys make very good decisions even if they do it sort of you know
00:25:43
quote unquote clandestinely meaning they'll never be on the cover of helping them do a big m a or whatever but there
00:25:49
are there are a lot of those folks that will help make sure that this despacks cleanly
00:25:55
that they have access to capital that they know how to go and raise and tap the markets and what's beautiful
00:26:01
about the public markets and you can say this is you know an issue but it's not in this case
00:26:05
is that you know you can go on and basically support this guy in a way that's relatively anonymous
00:26:11
because it's not like you have to disclose that you own this stuff if you're if you're a private investor so
00:26:16
i think that uh he's back in the game in a big way and i think this is going to really shake up the media landscape if
00:26:22
they can execute well they just need to think about this as an m a vehicle not as an engineering and product creation
00:26:28
video yes 100 percent agree 100 percent agree would you sell call in for a billion dollars in equity value at a
00:26:34
hundred dollars a share to these guys today yes i can answer on his behalf yes yes
00:26:40
is that what you were doing i'll take the 20x no no i'll take 20 x in eight months jkl
00:26:46
you want to be my agent i think you have a quicker line to trump no no no no uh i think actually
00:26:53
this might be like to peter till's point like maybe don't take the product uh literally but take the market cap
00:27:00
seriously uh because this is a lot of if they can keep even a five billion dollar market up i do agree
00:27:06
that does make them dangerous in terms of buying assets and i do think they can get the first
00:27:11
five all of these right-wing services get five to he gets five to ten million people to sign up
00:27:15
for him even his like signal he was at like a million you know very quickly he's got like a signal or telegram group
00:27:21
i think and he got you know he could buy maybe he could buy ben shapiro's daily caller that's a big media brand on the
00:27:27
right that people listed yeah the number one and keep keep bench up here there to run it because trump
00:27:33
needs operators and the more disruptive thing isn't to buy stuff on the right it's to buy stuff in the center or even
00:27:38
stuff on the left again it's it's very hard if you're a public company it's impossible actually if if trump media
00:27:45
group now has a currency and tries to acquire assets the directors have a fiduciary
00:27:52
responsibility to actually vote in favor of that deal because they're not allowed
00:27:56
to look at who the buyer is and say no we don't want to do that so if he puts out a reasonable fair
00:28:01
market offer price you know of the closing price plus 30 35 percent there is not a single public market director
00:28:08
in the world i don't care how democrat tick they are or how much of a donor they are they'll always vote the deal
00:28:15
because otherwise they will get personally sued and that's the liability in public markets so
00:28:19
i would be very careful about this thing this thing is going to get really serious really quickly i wonder if
00:28:24
there's a tentpole [Music] media personality that he could acquire in the same way spotify got joe rogan
00:28:31
and netflix got dave chappelle back to there's somebody they could offer a hundred dollars they shouldn't do that
00:28:36
they should do what sax just said which is that you know that that list of like the dumpster fire on facebook every day
00:28:42
which is like dan bonigno and ben shapiro and blah blah he should just go and get all those guys
00:28:47
yeah that's what i just said round them up but i wonder if there's like a comedian you know like you know bill
00:28:51
mars obviously hates him but then is there somebody in the middle who is like a notable comedian on the right
00:28:56
sax i'm not fully vetted on your all right buddies but who's who's in that alt-right cohort that well i think
00:29:04
there's there's comics who are willing to be politically correct and non-woke um so i think what's his name like bill
00:29:10
burr or something like that is isn't he net team netflix but yeah i wonder if a bill burr he hates trump though i think
00:29:17
or but i mean who's the guy who got cancelled for exposing himself leah louis c.k louis c.k i mean i'm not
00:29:23
saying he's conservative right but um you know no no he's available he's highly he's available so i mean
00:29:30
actually one thing to think about is you know trump got all these people to do like the monthly 25
00:29:36
reoccurring subscription and we got a little bit of trouble for that because people didn't know they were signing up
00:29:40
for it but i wonder if he could get a million people or five million people to pay ten bucks a month for the saks
00:29:46
yeah absolutely if there's something there behind the the curtain i mean if it's nothing but like i don't know a
00:29:52
newsletter of his like extemporaneous tweets i don't think so but if there's real content there from people they care
00:29:59
about why wouldn't they wait a second what if he just did every friday night a rally on a video service where he just
00:30:05
did one of his two or three hour stand up routines and had different people come up and talk like his pillow guy and
00:30:10
all of his other weirdos i think this could be like i think this could be like the oprah winfrey network where she may
00:30:16
like anchor the temple show or something but there's a lot of other creators on the network i think that's the
00:30:21
opportunity yes the question the question quite frankly though is whether he's operational enough to actually
00:30:26
drive to these outcomes i think it's very easy for us to imagine what you could do with 20 billion dollars and his
00:30:32
media brand and the question is just does this get executed that way now does because it's not going to be a real
00:30:37
estate sugar guy from florida that's going to manage this thing to an outcome does twitter then let him back on the
00:30:43
platform if he has this competing platform does facebook how does that know i think at that point they have the
00:30:48
perfect excuse not to let him back on which is like hey we're not censoring him because he's there's an alternative
00:30:54
they don't want to let him back on in a way i guess you have to ask yourself if twitter had let him come back on and
00:30:59
gave him his platform back after like a six month or a year time out would he even be doing this no he says
00:31:05
in he has a press announcement where he says that i mean he says here that trump
00:31:11
media and technology group's mission is to create a rival to the liberal media consortium and fight back against the
00:31:16
big tech companies in silicon valley which have used their unilateral power to silence opposing voices in america
00:31:22
this is what's given him the opportunity is their censorship their censorship just created a 20 billion dollar war
00:31:28
chest i mean the most tilting thing of this whole conversation is it's worth twice
00:31:33
as much as the new york times i've been saying on this show for over a year that censorship backfires in ways
00:31:38
you can't expect they never think through the second and third order consequences of their censorship it's
00:31:43
like when angela merkel came out and said hey like wait did did twitter just de-platform a head of state why are we
00:31:49
depending on them i mean there's all these second-order consequences they never think through and now they're
00:31:54
coming back to bite them in the ass yeah i mean forcing people to get vaccines is now leading to whatever
00:32:00
percentage of people just retiring or this you know or not coming back to work and
00:32:04
that's causing a bit of bedlam in the economy as we talked about all these authoritarian tendencies create a
00:32:10
backlash of some kind and if our ruling elites would just have a lighter hand there'd be a lot less tension in the
00:32:16
country we had an interesting discussion last night at during uh but i think it was on the other side of the table so
00:32:22
maybe you two didn't hear it but we were talking about is biden gonna run again in 2024 and
00:32:27
what would that look like and i just said i i can't imagine biden in a debate three years from now like he he doesn't
00:32:34
seem i don't want to be derogatory here but he doesn't seem very crisp the last time
00:32:39
four years later so what do we think chances of biden running in 2024 chances of trump running
00:32:44
in 2024 with all this information and what would that look like zero and zero you're zero zero free berg do you even
00:32:51
care nope yeah i didn't think so right look i mean i i think trump's going to run this
00:32:55
20 billion media empire and he's going to be happy doing that i think if it's not biden it's going to
00:33:00
be a proxy so um it's not going to be too far off uh in terms of what the you're deep in this uh sax
00:33:08
you're hosting uh as people were talking about on twitter uh and you tilted all of san francisco or
00:33:13
ninety percent of it you're hosting desantis for a fundraiser it's his first fundraiser for his re-election as
00:33:19
governor he hasn't said anything about his plans in 2024 it's way too early for that um do i think biden or trump could
00:33:24
be on the ballot i think it's 50 50 for both of them all right but i would like to see but look instead of having two 80
00:33:30
year olds running against each other i would like to see say two 40 something or just younger leaders
00:33:37
you know giving america a real choice all right where do we want to jump off to now venture capital venture capital
00:33:44
because clearly sax is is having extraordinary liquidity events uh at 11 o'clock at night on a thursday night
00:33:51
that freeberg money is not made it's simply transferred from one perception to another
00:33:55
from one perception to another there's a wall street uh speech saks was like in his uh he was
00:34:03
doing monologues from wall street last night he's leaving he was leaving the poker
00:34:07
table to go to into his soundproof chamber that oversees his estate next to the poker room and from there he was on
00:34:14
his phone screaming pacing back and forth doing deals gecko style he had his 300 pound trader next to him he was
00:34:21
placing orders and um something's going on in the market i mean sax you know do tell but
00:34:26
clearly the uh the venture liquidity um uh waterfall that's going on right now is playing into well it's a lot of it it
00:34:34
is bonkers wait yes we got to show that chart we should talk about let me just highlight this highlight the statistics
00:34:39
jkl because it is truly extraordinary how much liquidity venture firms are having this year all right well just to
00:34:45
look at um the value of u.s venture-backed companies that went public or were acquired 290 billion 280
00:34:52
billion in 19 and 20. and then uh this year uh 2021 so far we're at 590 billion it's literally doubled but if you look
00:35:00
back it was about 110 billion in 2018 so we are now five six x where we were five
00:35:07
years ago uh and this is again the value of u.s venture u.s venture-backed companies that went public or required
00:35:14
so the liquidity is bonkers and we're seeing that in real estate uh you know jets being bought whatever
00:35:20
the vc industry has experienced three years of record-breaking exits uh this is a twitter user who tweeted it
00:35:26
2021 is obviously smashing all those levels yeah i mean for for the last until the last three
00:35:32
years for the previous 15 20 years the exits per year were in this 50 to 100 billion range
00:35:38
then they've jumped up to 600 billion in the last year and in the previous two years it was 300 billion each so yeah i
00:35:45
mean it's just more money has has been made or distributed out in the venture capital industry in the last three years
00:35:52
i think the previous 20 years combined at least the last three years yeah that doesn't that doesn't even factor in
00:36:00
what's happening in crypto right and crypto is just like i'm sure there's something here coinbase is in here no
00:36:05
like like like in my portfolio as an example like you know like venture returns which have which have been
00:36:11
excellent across the board so forget mine just everybody's venture value kind of like slowly ticks
00:36:16
up over time right because like you know you're doing this work and then that work gets valued and then somebody else
00:36:22
comes in and raises a new round and you know you you hopefully can defend your pro rata
00:36:27
yadda yadda so i it it does create a lot of compounding value but it's you know and and it's relatively fast but
00:36:35
compared to crypto it's unbelievably slow whereas in crypto you know quarter over quarter you have these swings that
00:36:41
i've i've personally never ever seen like i was telling you this story yesterday we owned something which i'm
00:36:46
not going to tell you what it is but um it's a crypto thing and uh our nav i had to mark my book up a
00:36:54
billion net asset value on that asset i had to mark it up because you know we have to
00:36:59
submit to our auditors and just keep it an accurate sense of what our book value
00:37:03
is a billion dollars in a quarter i've never seen that in my entire investing career and here's how what it
00:37:10
does to me and my whole team i have a budget for next year of how much i want to spend
00:37:15
instantly that number goes up and what it really means is i'm probably just going to be getting the same ownership
00:37:21
but i'm just going to be paying more for it and if i'm going through that i think
00:37:24
everybody's going to go through it what it's going to do is it's like all of this all of these returns are great
00:37:30
all of these increases are great but i'm not sure that there's going to be that much more progress
00:37:36
there's not necessarily going to be that many more startups because it's just harder and harder to find good things in
00:37:42
the same for the same number of gps in a place and costs are going bananas salaries are
00:37:49
off the charts i don't know if you guys saw but stripe for example there was a tweet about how
00:37:54
stripes starting to pay like starting engineers 280k i don't know if that's true or not but there was a tweet in
00:38:00
twitter and i thought to myself my gosh like 20 years ago a starting engineering
00:38:05
salary was 50 60 k in the bay area and so you've seen this incredible price inflation so it's actually quite good
00:38:11
again it's sort of what we talked about yesterday all of these gains eventually come back
00:38:16
around and get recaptured and so i think that you're starting to see the beginning of this really
00:38:21
incredible cycle of wealth transfer essentially so the funds may make it but it's going to come back to you let
00:38:27
me ask you a question about the crypto stuff is there any worry there that these
00:38:32
valuations match reality because my you might have a very small float on these a
00:38:37
lot of excitement and they're not actually products being used by customers in the real world here's the
00:38:42
thing i because it's an internal permanent pool of capital i have no legal requirement to actually
00:38:47
mark okay um but the reason we do it is because we want to track nav nav and book value
00:38:54
okay and you know i compensate my team based on how well we compound book value but you're right it's a huge um
00:39:03
problem because i don't know how to get liquid on these things and so you see this thing sitting on your your balance
00:39:09
sheet and you're like what do we do with this how do you move it around you can't
00:39:12
you cannot and so i would rather there's a there's a great guy uh he was an early pioneer private
00:39:20
equity and um he had this phrase which he said like you know the best way to mark up a deal
00:39:26
is right at the end so if you put in you know 10 million dollars into a series a
00:39:31
if you could be allowed the best thing to do would be carry that at a 10 million value right until the minute you
00:39:37
get liquid because then you don't go through the psychological uh roller coaster ride of having to go through
00:39:42
these marks because then when these marks come back down jason to your point there'll be there'll be a quarter where
00:39:47
we give back that billion dollars of that uh maybe you know i mean what what do we all do
00:39:53
it's a huge mind [ __ ] let me ask a question about valuation saks when you're doing yours because this came up
00:39:58
when i was doing mine and marking my funds if a secondary transaction occurs and
00:40:03
somebody buys com or you know slack or whatever it's then when it's a private company at ten dollars a share but the
00:40:09
last time you purchased it or there was a funding two years ago it was at two dollars a share
00:40:14
where do you put the valuation at what the secondary market is trading it at or what you last paid for it or somewhere
00:40:20
in between those and who makes that decision sacks what is the best practice on this because
00:40:24
secondary market transactions people are actually making a transaction right but
00:40:29
is that as good as a venture firm you know plopping down and enjoying the board no it's not so first of all you
00:40:35
don't want to be making these decisions ad hoc you want to have a policy so we have a written policy and there's a
00:40:40
process for amending it if it ever needs to be amended and what our policy does is it just uses the most the most recent
00:40:47
preferred round to give us the value of the shares and then there can be adjustments based on
00:40:54
market conditions like we know that it's usually on the downward right like the company we know has had a huge
00:41:00
problem they're not going to fundraise again so there's not going to be a new market anytime soon it's a zombie
00:41:06
company perhaps yeah there's gonna be some company we can we can mark it down but basically speaking we use preferred
00:41:11
financing valuations to set marks only now we do sometimes buy secondary shares and there's a methodology for bringing
00:41:19
value on them usually it's basically what we buy them at and um if we somehow otherwise own
00:41:25
common we'll use the 409a that's what we do yeah yeah it's i think it's severely
00:41:29
really clean policy you want to be conservative in these because nothing no you're worse yeah i
00:41:34
think you have to be accurate not concerned accurate yeah well i mean you could be
00:41:40
yeah i guess the question is like you could see somebody playing some games where you know you buy you know
00:41:46
some shares at the you own shares in the company you buy some shares in secondary
00:41:50
and now you've got two marks right the embedded risk in venture capital has always been the following which is that
00:41:55
you have money that goes into the a and there is an incentive today especially because so much money is
00:42:00
trying to come in where you want to drive as much growth as possible because then the b is at such a large step up
00:42:07
that the irrs look amazing and then the c looks greater than the b so then everybody's quote unquote making paper
00:42:13
money which allows you to create more incentives to raise more capital the problem with all of that is that if
00:42:20
these valuations ever turn out to not be real or there's a valuation reset or there's inflation or the public markets
00:42:26
don't value growth stocks it takes a long time for it to work its way through the venture ecosystem and
00:42:32
all of this liquidity will probably make it even more you know violent when it does happen
00:42:36
because it'll eventually will happen we'll go through a re-rating like the year 2000 who knows when it is and what
00:42:42
the catalyst is but that's the real uh downside of not of all of this is that it'll eventually
00:42:48
have a valuation reset that's going to be and to make this super real for people u.s venture capital funds have
00:42:54
raised a combined 69.1 billion in 2020 uh edu passed to 2018 um and a couple of these were because of and dressing
00:43:02
horowitz doing a pair of mega funds with 4.5 billion in commitments recently and so
00:43:09
uh it's been just a tremendous amount of funds being made and then to give you an
00:43:12
example clubhouse went from 100 million to a billion to 4 billion in under 18 months in valuation led i think each
00:43:19
time by andreessen horowitz so what you're saying in an example like this or in your hypothetical example and i'll
00:43:25
just make it a real world one if they take those and by the way these are 20 20 oh one 20 20 sets i don't know what
00:43:32
the 2021 stats are so those are old stats there's probably many more i think actually i have the updated stats
00:43:37
funds have raised 96 billion uh for 2021 that's the most update in fairness to all of the venture capitalists i think
00:43:44
that they're doing exactly what they should be doing and in fairness to all the crossover funds right now is the
00:43:50
time to be putting maximum money to work as fast as possible not necessarily intelligently
00:43:58
not necessarily in a concentrated way but the real game if you want to play it at the institutional level is to just
00:44:04
put all the chips on the table and then go back to the store and get some more chips as quickly as possible
00:44:10
put them all on the table come back and get more so that when it all you know is
00:44:15
said and done you have as many dollars working and the worst case is you will return the average return of
00:44:23
the market and if that happens to be good you look good if it happens to be crappy you'll be no worse better worse
00:44:29
off than anybody else but meanwhile you will have collected enormous fees and so that's the point in the cycle
00:44:35
we're at and i think that anybody who's doing it makes a ton of sense i think it's it's a
00:44:39
really logical thing to be doing the ones that have had big liquidity events are also retiring i mean we're seeing
00:44:44
across the board gps of these ultra successful funds that have returned 5x plus taking their ki yeah and they got their
00:44:50
carried interest and they share their 20 25 share in that and they walk away but if
00:44:57
if you look at the value of all global public equities it's about um it's about a hundred
00:45:04
trillion dollars and so if you're seeing let's say that we're raising a hundred billion dollars
00:45:09
a year of venture capital in these funds and then you're making a two and a half
00:45:14
x average market return which is not normal right let's assume that's the normal cycle we're in right now
00:45:19
um that's 250 billion dollars of liquidity realized in a year out of a hundred trillion dollars of global public
00:45:27
equities that's only a quarter of a percent of the disruption of public equities and
00:45:33
think about it technology is set up to disrupt all of these old-school businesses that are public and mature
00:45:39
and scaled and that's what the 100 trillion dollars represents so it's actually you know kind of looking at it
00:45:44
statistically it's not that unfounded that we're only seeing a quarter percent market cap disruption of public equities
00:45:49
each year because those public companies aren't disrupting each other generally maybe to some extent they are they're
00:45:54
getting disrupted by new companies that are emerging um new startups and so i don't think that this is like
00:46:00
necessarily the you know the peak it may kind of be the beginning of a continuing disruption
00:46:06
cycle that we're going to see kind of persist for the next decade or two especially as more of the old school
00:46:10
industrial businesses which make up a bulk of that market cap start to get disrupted not just by software but also
00:46:16
by automation by esg angle investing by um life sciences and all these other kind
00:46:22
of technologies that and these interests these market interests that are going to
00:46:25
disrupt those old industries i think we could even see an acceleration from here
00:46:29
so um you know i don't i don't think that this is necessarily peak frenzy bubble low interest rate fueled outcomes
00:46:35
i think this may be kind of part of a longer term trend that is statistically probably not that big a deal sacks are
00:46:41
you concerned about this peak bubbly market or do you think you know like chamot said push all your
00:46:47
chips in and raise as big of fun as you can and you know if the game is going to be
00:46:52
played at these high stakes you want to be at the table well i i like what freeberg said i think
00:46:57
it's a super interesting point that this could just be the beginning look we we live in an age of accelerating
00:47:02
technological progress so why wouldn't the returns from that accelerating technological progress also
00:47:08
be accelerating you know we we had this thesis 20 years ago when the internet first started that
00:47:14
you the new economy would replace the old economy it took a few years longer than people thought but we are fully
00:47:19
there and the number of new companies being created now is just exploding there a lot of this the this liquidity
00:47:26
that's being generated is being now pumped into the next set of funds which will go to founders they'll be able to
00:47:32
create more companies they'll be able to keep more of those companies um because there'll be less dilution and
00:47:38
then a lot of this wealth is trickling a lot of the vc money is trickling down into the competition for salaries so
00:47:44
anybody really anywhere in the world who can learn how to uh write code can now you know make a six figure plus salary
00:47:51
because of remote work so all the salaries all over the world are equilibrating so i mean this is an
00:47:57
incredible pathway to prosperity for i mean certainly the united states but really the whole world
00:48:03
for humanity for humanity it's really positive assuming it keeps going assuming it's not just totally liquidity
00:48:09
driven and you know i don't know exactly you know how all those macro forces will
00:48:14
play out but um but i mean this seems very positive overall the other the other thing it'll lead to just quickly is a
00:48:22
change in who has political power because you know ultimately you know money is the mother's milk of politics
00:48:27
and and the people who are making all these returns will eventually fund politicians and uh and you know
00:48:35
yeah well yeah i'm one of them yeah but look i think there's two kinds of like i'd say prototypes politi uh
00:48:42
politically speaking for people in the technology world you've kind of got the the sort of standard woke progressives
00:48:48
who are funding a lot of this crazy stuff like the incarceration cities whatever we talked about that before but
00:48:54
i also think there's another prototype that's less loud and they feel that they're they kind of keep their views
00:49:00
more to themselves which is i call them liberalitarians who are sort of liberal on social values but libertarian on
00:49:07
economic policy they don't like government regulations certainly if they're in the crypto world they don't
00:49:12
like government regulations they can see how they create you know friction to progress
00:49:17
and they believe in markets and um and they i think they're going to want to fund politicians who support that those
00:49:24
types of things so you know i could be very positive uh politically in that respect what's
00:49:29
interesting i just want to build on what you built on what friedberg said which is i think the best point you made was
00:49:35
look on a global basis of the opportunity for an individual somebody who is you know graduating high school
00:49:40
college they're 18 19 20 years old because of remote work anybody can work from anywhere technology companies have
00:49:46
unlimited resources and they need an un a never-ending supply of developers or even a sales person a marketer you know
00:49:55
back office etc and they can work from anywhere on the globe and make a six-figure salary you know whatever 50
00:50:01
60 70 80k for one of these entry-level jobs in sales and all the information on how to get
00:50:06
those jobs is available for free from startups that have put open courseware online or very free courses
00:50:13
yet we're looking at this massive technological change and the new york times's position is that technology is
00:50:19
destroying humanity and polarization of wealth is destroying humanity what we're
00:50:23
actually uncovering here is all of this money being invested in these companies is giving an opportunity for people
00:50:28
around the world to get high paying jobs totally and actually can i can i can i mention a really interesting item in
00:50:35
that was just in politico today which is about um al sharpton was lobbying in congress against changing the carried
00:50:44
interest treatment so remember you know all of us in vc make our compensation in the form of uh
00:50:50
carried interest explain what it is well it's basically you know if a fund is in profits that you know the vc will
00:50:58
get the vcs firm will get say 25 of the upside after they pay back all their lps
00:51:03
that's called the carried interest because of the way that these partnerships are set up that is treated
00:51:09
as a capital gains as opposed to ordinary income assuming it meets the holding periods of the underlying assets
00:51:14
so there's a big debate about whether you know vcs and private equity people should be paying ordinary income or
00:51:21
long-term cap gains on those returns al sharpton was lobbying against changing it because in this
00:51:27
political politico article he was saying that it would impede the efforts of black entrepreneurs to
00:51:33
build lasting wealth if you jacked up the tax rates because there's a lot of fund managers and you know who
00:51:40
who are black who are making a lot of money now and they don't want to be subject to this change in treatment so
00:51:46
that was super interesting you know this tech boom is not it's not exclusive i mean the the tech
00:51:53
industry gets this rap as if it's this highly exclusionary place it's not i mean three of the people on this pod
00:51:59
right now are immigrants so you know the wealth that's been created is not going
00:52:03
to traditional centers traditional it's not going to the errors of you know northeastern
00:52:11
you know families or something who've been sending their kids to harvard and princeton for generations it's going to
00:52:16
entirely new people who haven't had this kind of wealth before anyway that's interesting another positive externality
00:52:22
of this wealth all these massive gains that uh folks who have invested in venture capital have gotten has caused
00:52:31
one really interesting positive change so amherst which is a really exclusive liberal arts college in the
00:52:38
uh northeast made so much money their endowment is so flush with cash they basically eliminated
00:52:45
legacy admittances which means if your parents got in you were 70 percent likely to get into
00:52:52
amherst an equivalent kid whose parents didn't go to amherst had a less than six
00:52:58
percent admit rate right so a huge disparity basically said if you're a legacy kid that exists you know we all
00:53:04
know this it exists at harvard it gets it at all these ivy league schools but amherst is now so has made so much money
00:53:10
through vc investments as an example they're like we've canceled admittances so there's there are there are some
00:53:16
really positive things that are happening with all this money that's being made al sharpton's rationale aside
00:53:22
um anyone's going to get wealthier if they're paying less taxes so i think you know you're broadly yeah
00:53:28
you're going to see a bit of a focus on that point obviously which is why freeburg california was massively in the
00:53:34
bonus in terms of budget surplus and cash because of this issue and they were spending money like trunk
00:53:40
and sellers yeah i mean i i just think you're going to hear a lot of positioning
00:53:46
for you know the case and by the way i think that you know building individual wealth creates this is obviously a
00:53:53
philosophical point but you know it creates a greater path to prosperity for more people
00:53:58
uh through the spending that they'll underdo in growing the economy than you know than not so i i don't know i
00:54:04
mean i feel like the al sharpton point is a good one to kind of make but it's it's a broader one than that well i
00:54:08
think so to in my view the broader point about the sharpton thing is that it shows that we talk about this group
00:54:14
of rich people the the wealthy the millionaires and billionaires as if it's a static class of people at least this
00:54:19
is the progressive attack it's not i mean what sharpton points to is that this group is constantly changing
00:54:25
there's new people getting rich so when we talk about the rich if it's new people getting rich what we're really
00:54:29
talking about is success and if you really want to ban people getting rich i mean you're talking about
00:54:35
banning success our country can't be successful that way we're not going to be able to outcompete china if we're
00:54:40
preventing success and by the way we can't fund all these progressive uh programs if we are you know hamstringing
00:54:47
success so um you know i think this what we've created here with this highly entrepreneurial free enterprise system
00:54:54
that's funded by venture capital this is the golden goose of the american economy
00:54:59
and the most important thing is that we don't break it saks it might just be we may have underestimated its power is
00:55:05
what we're sort of realizing collectively here today is that we've always thought that this thing is
00:55:09
hitting all-time highs this might be the beginning right like it feels like this is getting
00:55:14
bigger and you know and going at a velocity that is different than even when we came into
00:55:20
the industry if you know the amount of exits the amount the scale of these companies the coin bases the robin hoods
00:55:25
the ubers the slacks i mean these are giant companies making huge international impacts
00:55:30
i think it's either that or this whole thing is a liquidity driven bubble so it's one of the two
00:55:35
it's it's both it's both well i also think the the sharpton thing is a very interesting point that we can go back to
00:55:41
maybe episode 25 or 20 when we started this podcast which was trump got massive support from the black
00:55:48
and hispanic community because of this entrepreneurial freedom uh upward mobility pitch the republicans
00:55:55
were making that's the perfect pitch for the republicans not this divisive divisive you know
00:56:01
shut the border down but more hey we want everybody to support it and i thought how crazy is this michael che did you
00:56:07
want to just edit on this and i'll give it to you michael che was on the breakfast club
00:56:11
when our friend was hosting snl and he said i don't know i think white people just don't like their billionaires for
00:56:18
some reason uh it's weird because we love our billionaires if oprah or tyler perry was
00:56:22
coming we'd be excited about it and i met michael che there and michael j was really excited he's a fan
00:56:28
of elon's and like it was a really great conversation they have so true it's so true like why are we hating people who
00:56:35
are changing the world and helping right because it's not we it's it's frankly it's white woke progressives
00:56:42
they're crazy they're the crazy bonkers we have to get purple i think conservatives and what you call
00:56:48
woke progressives um are the same i don't think it's about a political affinity i think it's about
00:56:54
people feeling like they don't have the opportunity that others clearly were able to realize
00:56:58
and it is amplified and magnified by a social media that that basically shines a light on the success that
00:57:06
people have had in a way that we've never had in history before and it creates a great deal of feeling
00:57:11
like i'm missing out and i'm being left out and that's what's driving a lot of the discontent on both the left and 100
00:57:18
it's not it's not a political point of view i think it's a social point of view and the great progress we've had and the
00:57:23
great success we've had as a society over the past couple of decades is now being realized through this media in a
00:57:28
way that's kind of driving emotional conditions for people that haven't had the same level of success maybe if they
00:57:33
stop tweeting and complaining and just learn some skills like uh if you're still complaining on twitter as the only
00:57:40
colored person on this pod what i'll tell you is i i it's very rare that i meet a colored person that hates a
00:57:45
successful other colored person just doesn't exist guys tell us more it's just one of these things where you
00:57:51
know we were we are all grinding we all know how hard it is to be on the outside
00:57:55
looking in if any one of us makes it there's a lot of support i mean we see that yeah that's just what
00:58:01
that's just i'll just tell you that's what i felt like south african jews don't feel that way
00:58:07
no i mean we see that in the incoming emails and tweets to you chamos you you are inspiring people in india pakistan
00:58:13
sri lanka we see it constantly they come up to you at events and they're like hey
00:58:17
if chamath can figure this out i can do i'm about to do this thing in africa and
00:58:21
i'm going there in december i can't wait and you know we're thinking of just doing a couple of like
00:58:25
lectures and talks and stuff do it lectures and talks and these this these places are going to get rammed with
00:58:31
people and it's like it's beautiful to see like yeah i just think that minorities like don't hate on other
00:58:36
people that are successful it's just not you're going to africa in december yeah
00:58:41
why don't we do all in africa what are we doing like where are you going i got some stuff
00:58:47
i'm getting email constantly by people who are starting startups in africa i want to go i've never been i really want
00:58:52
to go you can come with me in early december if you want i'm in i'm a hundred percent i haven't got anything
00:58:56
to do here's the thing that i wanted to talk about before what is crazy and this
00:58:59
is jason to build on your trump comment we may be facing a situation i'd love to
00:59:04
get your guys's reaction where donald trump in his first two years of his presidency may actually
00:59:09
have gotten more done than biden will get done in his first two years and i just want your guys's reaction and
00:59:14
thoughts on uh how that possibly could be because we have a democratic president we have a
00:59:20
democratic congress and we may not get anything done i i can speak to that here's your okay
00:59:29
sex with the wind up i i can't believe that the way the progressives have done this reconciliation bill it's been crazy
00:59:36
okay look from the beginning they've been saying abide in the administration the democrats have been saying we want
00:59:41
to do the biggest package of tax suspense it's a great society okay but here here's the thing
00:59:48
if you want to do lbj type things you got to have lbj type majorities they've got a 50-50 senate and a three-seat
00:59:54
margin in the house lbj when he passed the great society he had like 69 senators he had a filibuster super
01:00:00
majority filibuster proof super majority in the senate he had something like 150
01:00:04
more seat margin in the house that is the kind of margins you need to pass great cellulite programs so instead
01:00:10
of having i'd say ambitions that were reasonable the administration coxes with the
01:00:16
progressives they come together with this for over four and a half billion of spending three and a half in the social
01:00:21
welfare 1.2 trillion of infrastructure and they wanted even more okay and then they've been trying to jam this thing
01:00:27
and they never went to the center of the party to cinema to mansion and said hey
01:00:32
what are you guys willing to do and so somehow i think they thought they could just jam this thing through over the
01:00:37
objections of these votes that they absolutely need and i think there's really this mentality on the part of the
01:00:42
progressive left that i think they're so used to jamming people with speech codes
01:00:47
and cancellation and censorship and covet mandates that are not passed by legislatures but have been imposed by
01:00:53
edict i think they're just used to jamming people and they think they're going to shame people on twitter like
01:00:58
these senators like manchin like cinema into voting their way guess what it doesn't work that way twitter is not the
01:01:04
real world eric adams showed that in new york you won that election exactly dave chappelle is dave chappelle
01:01:10
has a 95 approval rating okay the critics hate him the whole progressives hate him guess what you know how many
01:01:15
people were actually at that dave chappelle protest like three dozen okay the progressives don't have the votes
01:01:22
what they should have done and by the way their their conduct through the whole thing has been insane aoc has
01:01:26
basically been saying if you don't give us everything we want we're not voting for your one another
01:01:31
these guys have like ace jack off and they're sh they're putting a shot their head saying hey unless you give us three
01:01:37
and a half billion we're not gonna vote for one billion really you're gonna do that how does that make sense we know
01:01:42
call their bluff we know progressives will vote for every penny they can what the what biden should have done if we
01:01:46
had a more hands-on president who actually wants to get things done he and he knows this from his time in the
01:01:51
senate he should have gone to those swing senators as a group and said hey what can we get done here not to aoc and
01:01:58
pelosi they can't deliver the promise of biden i'll say you know as somebody who voted for biden i'm a
01:02:04
little disappointed was he was supposed to be moderate and he was supposed to bring people to the center and it
01:02:09
doesn't feel like he's actually to your point job you asked us what we think i have i'm not regretting because i trump
01:02:15
had to go it was too much chaos there was just too much risk having him in there so i am glad i voted for biden but
01:02:21
i am unhappy that he cannot build consensus down the middle and get the far left to just
01:02:27
you know pump the brakes i i understand they have passion for certain projects but just get something done moderately
01:02:34
and in a phased approach why does this have to be so huge and confusing do you know what taxes are things three times
01:02:40
saks is exposing what we may not know which is that progressives are very loud but they may
01:02:47
not actually represent a plurality of people so for example in the netflix protest i saw a video and there was
01:02:54
about two dozen people you know and one person actually had tweeted hey i never even showed up to the office yet but
01:03:00
i've been showing up to walk out of the office but then what happened was there were
01:03:04
some other people that showed up and in the middle of the protest they had a sign
01:03:08
that said you know jokes are funny i like jokes and then everybody started chanting that then a black woman got up
01:03:16
and she started to say black lives matter and then everybody got confused and started to chant black lives matter
01:03:21
and then they were all looking around each other trying to find direction in this protest and it became somewhat
01:03:26
directionless and i think this is what you know we're we're now realizing is that you know remember what like as
01:03:33
managers and corporations we've all heard this term the squeaky wheel gets the grease
01:03:37
but it may actually be the case that the squeaky wheel shouldn't get the grease because it's a head fake and we're to
01:03:43
get lost in misdirection another example of this there's a guy dorian abbott and
01:03:48
i wanted to talk about this as well this is a guy who's an acclaimed climate professor
01:03:53
okay let me just give you the whole story i'm just going to read to you because i think it's interesting the
01:03:58
first couple paragraphs of the story from the new york times mit invites geophysicist dorian abbott
01:04:03
to give a prestigious public lecture this autumn he seemed a natural choice he's a
01:04:08
scientific star who studies climate change and whether planets in distant solar systems might harbor atmospheres
01:04:13
conducive to life then a swell of angry resistance arose some faculty members and grad students
01:04:19
argue with that dr abbott who's a prophet university of chicago had created harm by speaking out against
01:04:25
aspects of affirmative action and diversity because in videos and opinion pieces he
01:04:30
wants people and members of groups rather than as individuals he basically favors a diverse pool of
01:04:38
applicants selected on merit so but he said his planned lecture at mit was about climate science and to
01:04:44
help people understand climate change and would make no mention of his views on affirmative action but his opponents
01:04:51
uh argued that he was infuriating inappropriate and oppressive and so they canceled the lecture
01:04:59
now here's the question i have here that's another example of all of this stuff are we better off
01:05:06
with let's just say there's a hundred grad students a hundred brilliant minds at mit
01:05:12
being pushed to think even more specifically about climate change by an expert who can do that
01:05:20
or are we better off finding some more middle-of-the-road person who maybe not be as intellectually
01:05:26
ambitious around climate change but has a whole bunch of other views not related
01:05:30
to climate change that are more palatable and what does that do for all of us including probably all
01:05:36
these people who probably want a solution to climate change but who have now held back the ability to teach these
01:05:41
kids what do we do what do we think about that kind of stuff and this is where again the squeaky wheel in this
01:05:47
case did get the grease but are we actually better off in this example friedenberg diversity of thought
01:05:53
drives successful outcomes all right thanks for coming in for the all-in podcast we're telling you [ __ ]
01:06:06
you already know i mean like what are we talking about for yourself people listen
01:06:10
to a bunch of opinions and if somebody says something you don't like or challenges you know that's an
01:06:15
opportunity for you to learn or grow or for you to make a blog post or do your own stand-up special or give your own
01:06:21
talk that challenges their debate like we do here every week right but the same thing happened with that what's
01:06:27
that ultra conservative young guy sax who went to berkeley a few years ago and they blocked him from joining the campus
01:06:33
no no the um greek name greek name indianapolis milo yiannopoulos he's the right-wing guy the gay provider
01:06:41
here we're talking about an expert in climate change giving a lecture about climate change
01:06:46
to grad students who who could then go and solve climate change for the call of the world i mean this is mit and you you
01:06:52
chicago which are probably two of the smartest institutions of people in the world right he's not saying anything
01:06:57
politically offensive it's just that his unrelated views uh they view they think are anathema and
01:07:03
therefore they're gonna protest and block him and of course you know they always use the language of safetyism
01:07:08
which is oh well if you allow this person on campus it threatens my safety really this person's a physical threat
01:07:14
to you no he threatens my self-conception really he said something that you know he's going to talk about
01:07:20
something that defends you know it's just that uh you know he said things that that that threatened my view of the
01:07:25
world so my safety is jeopardized i mean this is this is literally the language that's being used now um i mean
01:07:32
friedrich's reaction to it is yeah this is so obvious that we don't even need to
01:07:35
discuss it but it's not so obvious that it's not taking place it's happening it's happening it's
01:07:40
happening you know what i find the most disappointing about the whole netflix situation is i thought dave chappelle
01:07:46
you know even though maybe the special wasn't as funny as other ones i thought it it made you think in such a just
01:07:52
incredible way and i always actually read that i looked up the transcript and i read the transcript so i could think
01:07:56
more about it and try to form an opinion about this turf issue and trans people and
01:08:02
you know people punching up punching down and comedy it made me think and then the entire discussion
01:08:08
about this is just people walking out and no discussion about what he actually said and that to me is just a little bit
01:08:15
of a tell like if you are so upset about what he said well where is the transcript of what he said
01:08:21
break it down sentence by sentence and tell us exactly what he got wrong and why so that we can continue the
01:08:27
discussion the netflix walkout and how this thing has unfolded the reason it's so
01:08:32
unproductive is because they're not moving the discussion forward they're not actually listening to what chappelle
01:08:37
said and spoiler alert if you haven't seen it yet i'm going to talk a little bit about the what was in it
01:08:43
he talked about his friendship with a trans person who was a comedian and how he and she had these incredible
01:08:49
discussions and learned a lot from each other and how she was dragged on twitter
01:08:54
and a lot of tragic outcomes and i'll leave it at that but there's no discussion about his relationship with
01:08:59
that woman who had a tragic fate and the substance of what he said did you notice that chamoth that there's no
01:09:05
discussion about the actual words and points that dave chappelle made that shows you that this is a
01:09:11
disingenuous or a broken discussion yeah i just i just think that um the problems that we have as a society are
01:09:18
really big freeberg talked about it we have inequality problems we have climate change problems
01:09:23
you know we have problems of sort of like systemic health issues these are all fixable
01:09:30
and i think that this other stuff is getting in the way of people getting organized
01:09:35
to solve those issues 100 and i think that that frustrates me i would have really i'm not sure i agree with this
01:09:42
guy's views on affirmative action let me just be clear i'm kind of i think on the margins
01:09:47
affirmative actions actually it levels the playing field and so i support it um but i also start with the fact that if
01:09:54
this guy is a brilliant geophysicist and he's already proven that i would want my kids to be taught
01:10:00
climate science from him sure i don't i don't think he's out there to try to like peddle his affirmative action views
01:10:07
you know to a bunch of other physicists i don't think that's what he's doing no that's not what he's celebrating not his
01:10:12
life's work and so i don't care i would want all of those really brilliant kids at mit to have to be one
01:10:19
step closer to proposing a solution to climate change i think that's a pervasive global
01:10:25
issue and i mean we don't have the ability to prioritize these things and and that's what's just so sad
01:10:34
we're not gonna have an honest conversation about climate change because we can't have that expert give
01:10:38
us talk and i don't think we're to jason's point i don't think we're having an honest conversation about the
01:10:42
chappelle special i don't think any of us believe that chappelle hates lgbtq people or i don't think anyone in the
01:10:48
audience thinks that and i think you have to deliberately misinterpret what chappelle is thinking and or saying in
01:10:55
order to believe that his message is hate i don't think it is now what i think the chappelle special represents a
01:11:01
threat to is perhaps this idea of intersectionality that all of these oppressed groups have to be on the same
01:11:08
team what he seems to be saying is there's a group of what he's kind of making fun of is
01:11:12
that there's this group of sort of pampered rich white uh lgbtq people who have made enormous
01:11:21
progress i mean doesn't he say at one point in the special that you know i wish i wish my community
01:11:26
you know black people could have made as much progress in 40 years in terms of acceptance as this group has and yet
01:11:32
this group now wants us to immediately adopt all of their language and sensibilities and and punches down talks
01:11:40
down to us if we don't i mean that's kind of the point he's making is he's kind of revealing a little bit of a rift
01:11:45
between these between these two groups that are supposed to by the way if you saw the if you saw the clip of the
01:11:51
protest that rift was actually in display because everybody got confused about what they were supposed to support
01:11:56
because you had one set of chants and then you had jokes or funny chants and then you had blm
01:12:03
chants from completely different cohorts of people and it just became a chaos well i mean everybody's opinion must be
01:12:09
put through the lens of how many oppressed groups they're from you know obesity i'm black i'm gay i'm trans i'm
01:12:17
short whatever i mean like how do we have how do you even navigate a discussion intelligently if i have to
01:12:23
say okay you're sri lankan but you're rich chamath and friedberg's got asperger's but he's really smart on my
01:12:29
side what do we mean he's like just make your point and let's have a honest discussion about it and why are we so
01:12:34
upset about this special when in china you know we've got a million people uh uyghurs being sterilized and tortured
01:12:41
and then i don't know if you saw this week xi jinping is saying like he wants to get rid of the [ __ ] people a [ __ ]
01:12:48
man in is the term he's using in china right they literally thought they were media rules against effeminate men yeah
01:12:55
i mean why are we not protesting that well we saw this in the middle east as well the
01:13:00
real threat to lgbtq people is or these authoritarian governments that really want to oppress you know they want them
01:13:07
people and murder gay people yeah i mean chappelle is not the the threat i i think i think chappelle had
01:13:14
to be silenced because what he's saying is actually very heretical to the work progressive left which is that not all
01:13:21
of these groups on the same page and they again they believe in this idea of intersectionality that all of these
01:13:27
groups have to basically be on the same page and actually the more oppressed groups that you're part of the more
01:13:33
elevated you are and so this idea that there could be a schism actually is something they want to silence
01:13:39
yeah i mean chappelle's quote i don't disagree with the trans movement i just agree with the way they're going about
01:13:44
it was his kind of point and he said i mean again let me speak on as a as a as a colored person who grew up in a
01:13:52
minority family you know i would love to tell you that my parents were super super open-minded but that would be a
01:13:58
lie um and you know i love them to death and i think they tried their best but you know
01:14:03
they came with a ton of [ __ ] baggage and a ton of stereotypes and you know i don't think that my parents would have
01:14:09
been the most supportive of other minorities whether it's color or sexual orientation
01:14:16
ever and it was a it was a lot of like very complicated conversations to explain to them how to see the world
01:14:21
differently and you know that's what happened when you pluck them out of a third world country and drop them into
01:14:25
canada and you know i think that my parents came far a very long way i remember you know when when i first
01:14:32
started you know dating my ex-wife it's like it was a very complicated thing for
01:14:36
them to see me dating uh an asian woman very complicated they didn't understand uh and then it was like well do you want
01:14:42
me to marry uh or date sri lankan and they were like yes but as long as she's not muslim
01:14:48
and it's like what the hell are you like what are you saying this is and and so i'm just trying to tell you that this
01:14:53
idea of intersectionality it does play out in a lot of our lives because we all come from families especially our aging
01:14:58
parents oh my god yeah our um my grandparents there were some my i mean like i love
01:15:03
myself i'll be honest with you they're you know they try their best but man the thing
01:15:09
that's got me particularly saddened or tilted or just you know um the thing that just sort of
01:15:15
hits me is we've made so much progress in so many ways as a society yet we don't celebrate that and we seem
01:15:22
incredibly focused on marginal issues to your point jamal that are not global warming that are not education that are
01:15:29
that are not um you know uh international um relations and geo politics you know like
01:15:37
there's economic empowerment there's so many things that we could be focused on that would actually make change than
01:15:42
arguing about cancer and it would unite kevin hart on the office but it would unite people that's
01:15:49
what i think so that's what i think is such a great opportunity if we all collectively came together and focused
01:15:54
on a bigger enemy right climate change climate change i think you'd find people to be much
01:16:00
more accepting of each other because we would have a common shared goal and then
01:16:03
we would find commonality in achieving it yeah so j cal bill maher invented a word
01:16:09
to describe what you're what you're saying which is progressive phobia which is it's the reluctance to admit any
01:16:14
progress because of the fear that if you do admit progress then that means that you don't you will lack a justification
01:16:20
for all these you know progressive programs that people want and so they have to make the situations always seem
01:16:26
as dire as possible in order to scare people into a certain agenda um but yeah there's a you know unwillingness to
01:16:32
admit how much progress we've made in so many areas the time they tried to cancel me was
01:16:37
because i said on twitter isn't it amazing that every single skill you want to learn right now and including the
01:16:43
high-paying jobs is now available for free on mit courseware and anybody can learn the stuff for free and you used to
01:16:49
have to pay 50 000 a year and get accepted into these you know ivy league programs but now all that information is
01:16:55
free and all we need to do is expose people to it and give them the motivation the time to do and they were
01:16:59
like how could you say that you know people are not able to do it and i was like and then a bunch of people replied
01:17:05
who were people of color or people who were poor and said i actually learned to code on the mit website i learned
01:17:10
artificial intelligence i learned i got my degree in uh you know social media marketing or whatever at this website
01:17:16
udemy that website other treehouse and all these people are saying yeah i learned all these skills and i went from
01:17:21
making working at walmart to making 60k a year 70k a year and then there was this big fight like are you going to
01:17:26
cancel me for saying there's more opportunity now than ever i i hold that position there is more opportunity now
01:17:33
for you to learn a skill and get a high-paying job than in the history of humanity the system is more fair now
01:17:38
than ever yeah i was going to say argue with that in the in the world of in the world of
01:17:44
uh progress there are some amazing innovations every day this week and i put this in the chat and nick you can
01:17:49
post the article there was a gentleman in at the nyc ny nyu langone center of medicine
01:17:57
who transplanted a pig kidney into a human and had that human kidney or basically had that pig kidney
01:18:07
not get rejected now this was a person that was brain dead and i guess you know the family you know god bless them
01:18:14
donated this person's body to science effectively they were kept alive but then they were able to transplant a
01:18:20
kidney in and they were able to see the urine production and creatinine production and all of a sudden now
01:18:26
there is a chance that we could actually use pigs genetically engineered pigs as a basis for us to basically get
01:18:34
kidneys hearts lungs that is incredible freeberg so so to your point saks that is happening still
01:18:42
every day and we don't talk up enough about it because we're up in arms about dave chappelle freiburg tell us you know
01:18:47
if that in 10 years what that looks like and the impact it has in society if we take that pig transplant and we just 10x
01:18:55
it from now put a couple billion dollars behind it what does it look like in a decade well i think there's other
01:19:00
techniques that are being developed that you could actually generate actual human
01:19:04
organs using um you know basis of induced um these induced pluripotent stem cells
01:19:12
and i regardless of the path i do think like availability of organ transplants um uh it's gonna
01:19:20
go up like crazy the big infrastructure and technical challenge we still face is uh we've got
01:19:27
to build these these uh gmp facilities uh to make all of these uh cell-based therapies not just kind of organs but
01:19:34
also other cell-based therapies that are becoming kind of the mainstay of the future of medicine
01:19:39
personalized medicine for humans and so there's also this kind of tremendous infrastructure opportunity
01:19:46
we've talked a lot about we've talked a lot about infrastructure in biomanufacturing broadly and other
01:19:52
life sciences opportunities but there's a tremendous infrastructure opportunity to build out facilities that can produce
01:19:57
these you know these these therapies and the therapy can be an organ or a cell-based
01:20:02
therapy that can target cancer in your body or or what have you um and so you can kind of think about
01:20:08
look we've resolved the science now we've also resolved the engineering the next step is to build it right
01:20:15
and so this is like you know the build decade or the build decades globally for where the intersection of software and
01:20:22
biology has enabled these incredible breakthroughs in human health and manufacturing and food
01:20:28
and now the infrastructure needs are there i've said this before i do think this is where we are have the biggest
01:20:34
gap in terms of infrastructure needs and the biggest opportunity to kind of fill
01:20:37
those needs and if we if i were to kind of be in congress or be president i would say this is the number one
01:20:42
priority for an infrastructure bill because once you get this going it's going to change lives and it's going to
01:20:48
change the economy so high speed rail costing us 50 billion 100 billion versus this
01:20:54
yeah yeah we could build it down to gms facilities or a bunch of biomanufacturing facilities a lot of
01:20:58
stuff that we could build that would um you know pay back within years and have a huge outcome uh private
01:21:05
markets maybe we'll meet this demand but i think you gotta you gotta kickstart this stuff uh the
01:21:10
economics are gonna be unfeasible for a while if you wanna get um a car t therapy
01:21:14
which is a type of therapy that's person you know personalized car t therapies today
01:21:19
your cost is about 450 000 you know a local university here i was speaking with one of their um their lead
01:21:27
doctors the other day they've built their own gmp facility at a cost of 50 million dollars and they
01:21:33
can now get the therapies down to 40 000 per patient but they can only serve 250
01:21:37
patients a year using that kind of 90 cost reduction so you can kind of see like as you build
01:21:44
these systems and this is built locally by a university right it's not built for
01:21:48
industrial scale these guys aren't commercial operators of these facilities so if you start to build these
01:21:52
facilities from a commercial point of view and you can bootstrap some of these things in this infrastructure cost um
01:21:58
very quickly the cost becomes so low that you see these technologies proliferate and i think we should see
01:22:04
that both you know this organ transplant one is a great case study um cell-based
01:22:09
therapies biomanufacturing all sorts of uh opportunity you keep saying gmp facility sorry good manufacturing
01:22:16
yeah it's you know if you're gonna make cells that are gonna go in your body there's incredibly stringent
01:22:22
requirements on the safety and the cleanliness and the practices that go on in that facility so these quote-unquote
01:22:27
gmp facilities have a very specific criteria of how you how you build and how you operate them they're just highly
01:22:34
they're high quality facilities is what you're saying yeah think about like a clean room to make semiconductors except
01:22:38
in this case you're making cells that you're putting in your body so you gotta be really careful
01:22:42
um all right everybody it's been 70 minutes 75 minutes 80 minutes uh anybody have any last minute plugs for
01:22:49
products that they want to disguise as a compliment to another bestie i still think we should launch bestie
01:22:55
coin the all-in coin and monitize the online podcast we were talking about this at poker live no monetization no no
01:23:00
more nfts can we mft ourselves no bestie coin would be incredible i think i want to tell you about this guy lee
01:23:08
jackie who's known as the lipstick king in china um he did a 12-hour live stream on
01:23:14
wednesday on taobao 250 million people tuned in he sold 1.7 billion dollars of product so
01:23:22
basically the equivalent of the entire adult population in america watched this isn't that incredible
01:23:28
that is amazing that is just incredible so that's qvc and as if in two and a half times the
01:23:34
people who watch the super bowl it's two and a half super bowls chiaki the lipstick king the lipstick king guys we
01:23:40
haven't had monty on the show in a while let me bring him up oh monty get him to
01:23:44
the mic oh monty yeah uh for those of you asking about the all in uh summit we are looking at locations
01:23:52
in miami and we will have news shortly if you want to uh sign up for the email when are we doing this thing
01:24:00
uh we're gonna look at march april may but we're gonna do a we're gonna do an la show in january we're
01:24:07
gonna do a live all-in podcast at the upfront summit uh mark sisters event in l.a uh but that's like a closed event
01:24:15
and then the all in summit you can go sign up for email updates summit dot all in podcast dot co summit
01:24:22
dot all in podcast dot co we're not looking for volunteers we're not looking for event planners we have all the
01:24:26
spaces in miami we could possibly know every single person's emails thanks to the fans for giving us every piece of
01:24:31
information right now it's just about date states dates we gotta find a two-day date
01:24:35
and then whatever place we use like feyena the new world uh the jackie gleason theater there's so many great facilities
01:24:43
there that have reached out to us once we pick the facility we'll know what the facility capacity is some of
01:24:49
them can fit 2000 people some can fit 250 when we figure that out then we'll figure out ticketing and and get people
01:24:55
there this time next week both friedberg and i may have kids ah that's muscle so
01:25:00
are we are we skipping next week no no i'm actually not giving birth i don't know about you but okay
01:25:07
no we gotta get pictures and yeah it's gonna be incredible well congratulations guys and if this africa trip is coming i
01:25:14
guess this african trip is happening i can't wait do you what countries are you thinking of tagging along of course
01:25:21
listen this is about my life i have my own what's the point of having my own schedule i get a couple of friends who
01:25:26
are traveling the world doing interesting [ __ ] i'm i'm the ultimate wingman your motto is private jet will
01:25:31
travel i'm a wingman a professional wingman as a service kenya nigeria ghana and there may be a couple of other
01:25:38
places wingman has a service that's if you need to somebody fun with you for a couple of you know touchdowns takeoffs
01:25:45
wingman has a service he's leaving with something i'll bring sunny as my body double
01:26:02
you go to the actual events i can't wait actually i'm super excited i would that's going to be fun yeah ah man get
01:26:08
your passport let's get the cut deck of cards oh actually you know that would be
01:26:12
great you can we can do a couple fireside chats big fireside chats with 100 we'll take it on the road yeah for
01:26:18
sure all right everybody bye boys i love you uh good luck bro good luck to allison
01:26:24
and for the queen of quinoa rain man david sacks ride to the fans and they've just gone crazy
01:26:45
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