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so we had a dinner where me and freeberg and J Cal were invited to have dinner with the folks from and their and their
00:00:06
other top podcast off the Record dinner let's talk all about it there was an interesting moment which even Friedberg
00:00:12
had to recognize which was we went around and said hey what what podcast you listening to which ones are your
00:00:16
favorites we went out in the room and I gotta tell you you know what your podcaster favorite podcast is bingo
00:00:23
Allin podcast well the funniest thing is my wife thinks I'm bullshitting all the
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time I say this is a mine too pretty reasonably success F and well she doesn't believe it she thinks we're all
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why do you think I waited to make my world podcast premiere for Allin all the ankle biters called and I said
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no I'm just going to wait I'm wait to the bestie's call can we just say it Nick you got to
00:00:44
it up when podcast called you're like nope can't do it waiting sry I'm waiting for the real deal I don't need
00:00:54
JV let your winners ride Rainman David and instead we open source it to the fans and they've just gone crazy with it
00:01:05
love queen of all right everybody welcome back to the number one business finance
00:01:13
technology science podcast in the world this is the place where we call balls and Strikes where we tell the truth
00:01:21
where there is zero censorship every week we tell you about the truth behind the most important
00:01:29
stories we point out who the heroes are and who the villains are who are the delightful ones and who are the disra
00:01:36
with me again on this week's program the cackling chairman dictator my guy mouth
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poly Hoppa how you doing how was your Victory La how was your Victory really really really fun you look like you were
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in your Afterglow and I have to say that was looking pretty good uh we have some
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pictures don't worry we're going to go through behind the scenes Armani came through for Amore the amort
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collection from Armani coming this fall by the way I mean Armani Couture is like
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firing on all cylinders the the other the other one which you'll see is a great picture of this incredible jacket
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Louisa beia two shout outs Armani and Louisa bear you know I was just thinking that Armani really has been making it
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happen now that we've talked about that we'll talk about my wardrobe when the time comes just get through the rest of
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the interest all right all right and of course here is your Sultan of science David Friedberg Move Along J
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let's go let's go had a wonderful he's very bitter today he's got a lot of anger he is the Barista of bitterness
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today he's serving up bitterness all day long and he had a great time at the um maybe he's a little upset about the Lex
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fredman triangle we're in right now I think that could be part of it and we have a special guest
00:02:55
here Thomas leant is the co-founder of kou management they got a 50 Billy under management uh public private yada yada
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before that he worked at creative artist Agency for seven years after he he went
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to college so he does have the college degree he signed Captain America which is freeberg favorite
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avenger Chris evris Evans Chris EV and um Hasa client by the way yes and you're still in touch with him I am not you're
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not but I watched with Wonder at uh what he's achieved after I left being his agent it's been incredible great career
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now now behind you we see this incredible uh you're missing the one you're missing the one part which is
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that Thomas was one of the highest rated speakers that we had at the all in Summit yeah that's true actually he did
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really great last year really crushed it crushed it crushed it of course and I think I'm I'm in the seventh best de
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position and and hoping potentially after the podcast to at least move up by one okay so there you go let's see what
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happens here now what what's this view behind you this is uh Los Angel definitely put you ahead of jcal Thomas
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so you're wow you're up a spot my God he really is serving up the bitterness today
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yeah so mad he's soad you know why you know why he's mad I'll tell you why because
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okay this is for the audience Jason is complaining all week in the group chat that he has influenza A he's sending
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pictures of him getting IVs and so freeberg the conscientious guy and co-founder of the
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Pod that he is says I will moderate and then he invests his time okay he's got he's got a lot of things going on he's
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got do three kids plus one on he's running a company strawberries he prepares and then you wake up after a
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dose of Tamiflu and decide no I'm ready to moderate of course and you can't just
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do that because it's not nice all right put hey Madame producer can you come on the horn for a second here are we really
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gonna do this yes we are we're gonna do it we're doing it Madam this is so stupid so
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stupidy did I tell you to get freeberg involved no no I did it myself okay you went rogue can I say why you can go
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Rogue I'm fine I said hey Jason how are you feeling you said horrible I have the
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flu I'm getting an IV tomorrow morning to me that was like oh okay there's like a 50% chance he misses the show so I
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reached sh to freeberg I said hey Jason's really sick with the flu maybe you should just prepare yourself to
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moderate tomorrow okay now when did I find out about this when did I I think that was a smart decision but you sir
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are a small bitter man and so what you did was you wanted to just yeah you wanted to blow up free Brook's
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preparation I found out about this this morning I found out about this like an hour ago how are you feeling I feel 80%
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of a normal jcal which is 110% of any other moderator I me get yourself Andrew rorin I'm sorry he's genu flecting at
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Davos to a bunch of mids well we're going to get lexon so we're going to get Lex oh that would be
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great hello I am Lex fredman welcome to the number one podcast in the world today on the program we have Thomas
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lefon investor in such great companies as all right listen enough Shenanigans we had so much fun we tore DC apart
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let's start with actually just Thomas did you watch any of it on TV did you think about going it was really like um
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there was so many tech people in Washington this weekend I saw the live stream I talked to saaks last night to
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get get the download and you know my takeaway just from watching especially the executive orders was you know
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democracy in action democracy self-correct yeah and dictatorships double down and to watch in real time a
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country of our scale and a democracy you know decide to make a change I think that's why we've been great for
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you know 250 plus years and will remain great so it was fun to watch I'm really curious to see what your takeaway was
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okay well let's just we'll just go behind the scenes first of all it's hard to see that this was me dressed up for
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Sax's ball I really brought the Heat this is by the way Luca rubac is the tailor here it's hard to see is blue Co
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so this is what I'm saying I think the picture is very hard to see but it's a very refined green pap gley
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o subtle hard to bring it out now I will say this was the most popular shirt over
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the entire weekend this is just a simple Bion tuxedo shirt it was 200 versions of
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it I felt bad when I saw because normally I don't like to wear things that other people are wearing correct
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yeah what did Michael salor think of this when you saw Michael salor at the um at the you know I met I met Michael
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CFO wonderfully nice guy so this is us at the this is us at the crypto ball I went for white tuxedo on the first night
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I've never had three tuxedos before but David looked David looked really great I
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really love and saaks had this incredible tux which was more crypto themed it sort of looked like the
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opening scene from The Matrix so there was like this cool print you can see my green in there a little bit Thomas in
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this okay yeah yeah got it there's sky and new money Sunny the president of grock suep madra
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x.com here the besties here the besties I was let's be honest guys even in all your
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bitterness freeberg you felt the love at this moment when we were all back together did you not well minutes before
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this when the three of us took a a video a photo it was great yeah yeah okay great so bit let you moderate you can
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moderate if you want if you're that BR you're doing a great job j keep we're 18 minutes into this and we're doing
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fashion still Vin Sky Diego berkin the co-founder of cloud kitchens so handsome that
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this was the crypto ball yeah this was the crypto ball this was like this was Sox's event it was
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incredible it was a large number of people there I was shocked at the number of people at the crypto oh it was it was
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huge hug here's a little poker after behind the scenes with pink TK Travis Clinic the co-founder the
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founder of uber oh look that's on we got to see who who's got the biggest stack look it's the founder of uber next to
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the third investor Uber uh and the founder of cloud kitchens next to the investor in Cloud kit Peter Teal's house
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this is Katie Han and Kyle Sani my wife and's wife amore amore this is at Peter's house Peter had this Peter
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te had this person going around taking pictures this not good lighting for you there better oh this was great also
00:09:53
Peter Teal's house yeah that was great I have to say shth putting aside Jason likes being a republican here's a here's
00:10:01
a here's a dinner that we had there's Lex fredman Julius Janikowski who's the former chairman of the FCC little known
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the uh former uh former roommate of Obama by the way following this dinner all those streets were blocked off and
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there was no way to get around you see it there look you see the it was like 10 degrees Fen so we walk out yes it's
00:10:22
terrible it was like you were going to die after two seconds out there it was C start walking to try get our car and
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after walking for like half a mile we're like dude there's no way out of this downtown area and Vinnie was shaking
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he's like I'm going to die I'm going to die I'm gonna die he turns around he goes running back to the restaurant
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jumps in and basically like huddles down in the restaurant and then after about 10 minutes there's no way out he's like
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you know it's sort of like you're in a military zone he's like I'm gonna go for it he runs out jumps on a scooter and he
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disappeared into the distance and I swore I would never see Vinnie again I'm like that's it I think it's very smart
00:10:57
that Lex wears the same outfit the black suit with the white shirt with the black
00:11:01
tie I really like the the consistency of it actually it looks really he this is it was incredible he was getting stopped
00:11:07
here here's every two minutes it was unbelievable here's the jacket this is Louisa beia and then here's the box from
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Armani thank you unboxing whoa wah wa wewa oh look there's a little side boob there with that I didn't notice
00:11:23
that that's uh this is I'm wearing Tom Ford shout out Tom Ford shout out perfect mail for oh here's a huge shout
00:11:32
out to two guys that I had really wanted to meet in person I finally got the chance to meet this is at zuck's party
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this is Brendan Carr who's the incoming chairman of the FCC actually this picture was taken right after he had
00:11:44
gotten confirmed so this was his first day as the chairman and then this is a guy who I've been following for a couple
00:11:50
of years Jared isman who is now going to run NASA he's the founder and CEO of shift for payments but both of these
00:11:58
guys are pretty epic you should should follow them on Twitter he did a space walk the first civilian Space Walk he
00:12:02
did he's he's he's really really Bron was really nice I met him at Peter's uh event and he told me he's a big fan of
00:12:09
the Pod he listens to show every amazing I mean by the way if you want to see like some really amazing tweets he had
00:12:14
some real bangers he's a very smart guy he's um I've had Brendan on this week St
00:12:21
a couple times he's the guy who fought for Starling that's right over wasting five
00:12:30
$20,000 per home to install Broadband I mean this guy's a hero uh and and he did
00:12:36
that when he was in office under Biden and all that crazy corruption and grift this is a picture of Mike Johnson and
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his wife it this is a crazy story so there was a G7 Summit in Italy and Mike and his wife had was seated beside my
00:12:52
father-in-law Nat's dad at a dinner they got to know each other he as a proud grandpa showed Mike and his wife
00:13:00
pictures of natad and myself and our kids and how we actually met in this moment was his wife was like oh my God I
00:13:07
recognize you you're Sergio's son-in-law you're Sergio's daughter it's amazing and then we had a cool conversation so
00:13:14
that was cool and then this is Bill py who is nominated to run fhfa which for folks that know will be in control of
00:13:22
the conservatorship of Fanny May and Freddy Mack and really great guy also a co-investor with with me in Mr
00:13:30
Beast not oh you're an investor in Mr Beast there you go this is Mr I did the series
00:13:36
a this is the first time I think you've said the here's this thing so this is where jcal is at his Peak go ahead just
00:13:43
play I don't even know what this is go what what is that what did you order all right um I've given it some
00:13:49
thought and I'm going to order the $95 do Soul the $95 D soul your tips included in I
00:14:04
mean we were just having such a great time uh tearing it up I did order the $95 do this is a oh sorry oh that's
00:14:13
that's me and Bobby Kennedy but this is a this is walking into the capital for the inauguration oh wow so you basically
00:14:19
you have to get off all these buses were taking us in because of the security and
00:14:24
then you walk underneath and underground to get into the and this is Bobby and the guy right there c means another
00:14:31
great American make America healthy again all right here's a couple of my picks this is um me with somebody who's
00:14:38
going to be in the administration I'm not big on politics but um telsey gabard is Gab she's so strong she went she came
00:14:45
to our party this is the picture of our party she is incredible well she came up
00:14:49
to me and she you know you can always tell who a real fan is and she up I just want to tell you J C I am a huge fan of
00:14:56
the Pod I love what you do I love the you know balance should bring to the program she really liked new details
00:15:01
about the podcast and so I wanted to get a picture with her so as a joke I said to her do you want to take a selfie I
00:15:09
said I'm okay with the selfie she goes I was going to ask I was like no I'm preemptively asking we took it together
00:15:14
funar she I think she's gonna be great I like her a lot she's such a star oh well
00:15:20
yeah this is hello I am Lex Freedman today with love and peace in my heart I am interviewing dictator ID Amin who has
00:15:29
eaten half of his enemies we will share love kindness and a fatty liver enjoy so yeah that was us just tearing
00:15:38
it up after the YouTube party where we hung out with Sundar and Neil from YouTube they've been very good to us and
00:15:46
then here's one more I guess one more and golfer Bryson dambo oh there's me and the uh Presidente uh Twitter and
00:15:55
yeah this is the podcast crew at the Free Press party okay let's talk about key takeaways Chamas what is your big
00:16:02
takeaway from the weekend I think my biggest takeaway is that if you look in the
00:16:09
past there was a very tight coordination I guess I would say between Private Industry and the private sector and the
00:16:18
public sector meaning the president and then people who were in charge of managing huge vast swats of resources in
00:16:28
America and somewhere along the way that became either unfashionable and uncool particularly under
00:16:37
Democrats and what I saw was a very broad-based Embrace of business people because I
00:16:46
think that the president understands how important it is to make sure that economically America is just firing on
00:16:52
all cylinders the one thing to remember like for example in the inauguration I know that you saw the picture and it was
00:16:58
basically like meta Google Apple Amazon Tesla kind of CEOs Etc Founders Arno was there mukash
00:17:07
Amani was there so it's just business people from the entire world were there and so I think what it says is America's
00:17:15
G to basically turn a totally new page we're not going to ostracize people we're not going to play favorites that's
00:17:21
the other thing you know Elon was there right at the beginning but if you saw all the CEOs of the you know major
00:17:28
companies were there it's not like he excluded Zuck because of his past issues or anything or Sam Alman or Sam Alman
00:17:35
that was the biggest more notable one yeah to exclude yeah that that the president doesn't play favorites that
00:17:42
this is like Team America kind of thing and it was a projection of tremendous power to the rest of the world this is
00:17:48
what America is about I loved every minute of it and I think that this is exactly how the American government
00:17:55
should be working which is hand inand with Private Industry to basically set the pace for the rest of the world Thom
00:18:01
did you have a takeway after the weekend I did I'm curious what you guys thought
00:18:06
but to me what was notable from Scott Besson the new treasury secretary he was asked in one of the exchanges about the
00:18:15
green Energy race with China and he reframed the debate I thought incredibly well where he said we're not in a green
00:18:22
Energy race with China we're in an energy race with China that's right right and he made the point that China
00:18:27
is adding 100 coal plants it's adding nuclear and to me it was kind of just 137 gwatt Hydro facility which is
00:18:37
exactly unbelievable and it was such a good framing of the debate because I think chamath to your point it's about
00:18:43
reframing the right issues right and I think that just that little piece of dialogue to me is exemplified you know
00:18:50
and was a really important takeaway and I think more of what we'll see over the next coming year freeberg did you have a
00:18:55
takeaway coming out of this there was just so much it was so impressive to be there I definitely Echo the sentiment
00:19:01
about seeing the strength of America represented between the entrepreneurial engine that has driven this country for
00:19:09
250 years and the government that's meant to serve the people working together to try and take America forward
00:19:16
it was just really inspiring um the one thing that was the biggest kind of observation for me which was a bit of a
00:19:22
disappointment unfortunately is I feel like Doge and cost cutting is going to be a lot harder to realize
00:19:31
than folks assume uh nearly everyone I met with who works in government or is entering
00:19:38
government had this if not disdain for Doge a concern that it doesn't really align interests with the political
00:19:48
objectives of politicians that they need to get more stuff for their constituents
00:19:53
in order to get reelected and that they're not going to vote programs away they're not going to vote themselves out
00:19:57
of a job which is effectively what they would do if they cut programs in fact I was watching Brook
00:20:03
Roland's secretary a confirmation hearing this morning and Mitchell Connell was given the opportunity to ask
00:20:10
her questions you know what his question was he said in the last farm bill I was
00:20:15
able to get $60 million to build an a research lab at the University Kentucky and it hasn't started being built yet
00:20:21
it's been four years what are you going to do about that this is literally the intention of so many of these
00:20:27
conversations if you sit and watch and then I watched a similar conversation with a senator from Minnesota who you
00:20:33
know I I won't get into all the the statements but every single conversation you hear and we even talked with Ted
00:20:39
Cruz about this is all about great by the way I love Ted Cruz it's all about excellent It's all about what can I get
00:20:46
for my constituents how do I get more jobs and how do I get more money and ultimately that incentive is what gets
00:20:53
people elected and I don't think it's going to change and so that was the biggest kind of shock for me I thought
00:20:59
that there was a moment of the importance of cost cutting the importance of deficit reduction the
00:21:02
importance of debt reduction and I was just a little saddened to kind of see that that there's no stop in the train
00:21:10
so that was my takeaway it's a little bit bitter I hope I'm wrong I really do hope doge is effective and I really do
00:21:15
hope that policy makers start to recognize the importance by the way R Doo has a new book coming out we'll talk
00:21:21
more about his book once it's released publicly but it speaks very clearly to the challenge the United States is now
00:21:27
facing with respect to spending so I know I've talked about this I know we all felt like there was a big reprieve
00:21:31
with this election but for me it was a little bit Bittersweet can I I say a little bit on that first topic that I I
00:21:37
just want to double down on that because one of the things that some folks said and I guess it makes sense now that you
00:21:43
think about it but when you look at the confirmation hearings there are certain folks For Whom the resource allocation
00:21:49
is relatively modest inside of America they tend to just do much better in general and if you saw Marco Rubio's
00:21:56
confirmation process there was you know it was like 99 to zero right and to your
00:22:02
point what what they say is that folks that actually allocate the internal spending in the United States gets a lot
00:22:09
more scrutiny because there's all of this horse trading because they want some of this money to get allocated into
00:22:15
their specific area it is going to be a very complicated thing the the one thing
00:22:20
though that changed I don't know if you saw but Doge was meant to be outside the
00:22:26
offices of the government and it wasn't actually a government department and it'll be interesting to understand when
00:22:34
it's explained but in the 11th Hour the EO that established Doge established it actually as a governmental agency yeah
00:22:41
we're going to get into that uh in just a moment and um you know to build on your point there Dave Senator Sanders uh
00:22:48
had a tweet today Nick I just sent it to you already the discussion of like who should take the brunt of these Cuts is
00:22:54
starting to happen and he's pointing out you know as he should and you know hey what's going to happen with the VA and
00:23:00
you're you're putting a freeze on hiring people we have to make sure our vets are
00:23:04
taken care of we have a shortage of doctors a short of of nurses but we do have people you know responding to him
00:23:10
saying hey how are we going to pay for all this so even if it's going to be hard to do it's going to take courage
00:23:15
because you're going to be faced with situations like this where does anybody want to see va's budget cut and these
00:23:22
veterans who are coming back they should get all the services in the world and these hard discussions are now happening
00:23:28
and it's not taboo so the Overton Windows wide open now to discuss even the budget of the VA and where is the
00:23:34
money going to come from so I think we're actually going to make progress on it the this was like a sacred cow and
00:23:40
now we're we're talking about it uh to the to Bernie Sanders point I don't know if you saw there was a note on there
00:23:45
Nick community notes pointed out that Trump put that none of the cuts should impact vets and so I thought that was um
00:23:54
a good use of community notes there the one comment I'll say about burn Bernie Sanders is when Russ vote who is the
00:24:01
nominee to run om went through his confirmation yesterday Sanders asked a similar
00:24:09
question around Medicare and Medicaid and what was interesting is Russ tried to actually answer the question and give
00:24:16
the details around where they can be waste Fraud and Abuse Sanders really didn't want to hear it he just wanted a
00:24:22
sound bite so I think these confirmation processes are performative they're hugely performative
00:24:32
yes I do think that and this applies I think to both sides Democrats as well when when they are eventually in power I
00:24:39
think that when you're given a very clear mandate as a president I think you should be able to get to pick your
00:24:45
team because it's clear that the American people have voted an agenda it's not like he hid that agenda and so
00:24:51
the people that then want to implement that agenda should be put on the field it seems like the point of these should
00:24:56
be if somebody could get compromised or there was something really gnarly in their background like but otherwise yeah
00:25:03
let people build their team and then they have to own their results tell us about your feelings and takeaways about
00:25:09
the weekend well you know it's obviously mixed I was a never Trumper and uh now I'm rooting for him wholeheartedly to do
00:25:15
great work hon you kind of like him come on you do kind of like anybody who met anybody who interacted with Trump before
00:25:25
you go your diet tribe just say it just say you like him there are aspects I like about the platform I like probably
00:25:30
80% of the platform and I will tell you today that 20% I don't like I'm always gonna call balls and Strikes but you you
00:25:37
kind of like him just say you kind of like him you do like him I like 80% of his platform this time around him him as
00:25:43
a person you know I there's things I really don't like and I'll talk about them today but anyway let's put inside
00:25:49
the the personal thing doesn't matter what matters is what he does for the American people and like you I know you
00:25:54
can't say it yet but they're deep down inside you like Jak to be there you had I have to say I had a lot of
00:26:03
fun Republicans are fun I will say Republicans are fun fashion was off the hook off the hook lot of great fashion
00:26:11
and it was great America beautiful again my gosh I mean listen I no more jogging
00:26:16
pants and and white get rid of it Burn It To The Ground B what I'll say my takeaway was you know as somebody who
00:26:24
had concerns and you know I'm just I'm not going to make the show about me but the
00:26:28
important thing for me is who is Trump going to lead with this time around is it going to be the people from the sort
00:26:36
of 1.0 movement or the 2.0 movement there was not a 1.0 person couldn't be be couldn't be found couldn't be found
00:26:44
and so to like on the margin one or two and and they were not the focus and who you put in the front row speaks volumes
00:26:54
who do you put in the front row Sundar Elon Zuck Lauren Sanchez he's got his priorities straight here Lauren Sanchez
00:27:04
the priorities were very clear as to what's important for this Administration and I'm fully behind all of his
00:27:12
priorities both of those priorities all those priorities seem incredibly important to me you're such troll I mean
00:27:20
I don't want to troll too much but that's the big takeaway for me and if that is you know indicative of where he
00:27:27
wants to go with this which is business first we're proud of our leaders we're proud of innovation I think he's
00:27:33
sticking to it did you see him on at Davos today he did a a I mean this guy's got you know just crazy energy who mle
00:27:41
Trump zoomed into Davos and just dunked on them for 45 minutes he did yes and he
00:27:50
just destroyed everybody at their dying conference in their irrelevance as they genuflected begging him to
00:27:59
come next year did you see the photo of the half empty conference room to yes you know most of the events were were
00:28:07
just empty chairs crazy it's it's irrelevant I mean these people are irrelevant now Thomas you guys remember
00:28:13
when Davos used to be a really big deal is it debt I think it's worse trth I think it's a counter indicator now it is
00:28:20
and there was a good conversation yesterday greme Allison who spoke at our Summit was on this panel and they
00:28:26
basically said we lost they won do like our group here at davo is lost it's over
00:28:31
yeah and they're no longer to your point on the right side of History they said we had a point of view on the future we
00:28:38
believe we were going in the right direction and everyone told us in this last couple months that we were wrong
00:28:44
the gentleman by the way that spoke after Grant was was also very good this is incredible this is the greatest
00:28:50
comeback in political history of a politician and then therefore he thinks he can do anything we need to also
00:28:57
factor in not only who won which is Trump but who's lost which is to say us and then he has a whole the guy has a
00:29:03
whole long monologue on why they lost and what they lost which I think is pretty relevant that that you know kind
00:29:11
of elite if you will has been replaced with a populist vote and a populist leader all right let's get to our docket
00:29:18
today and just want to give a special shout out we did our Inauguration live stream and it was awesome and fun
00:29:26
special thanks to air call Abra and hyms Thomas if you've ever got an issue with
00:29:34
weight or you know other issues that men have you can go to hymns and use the code Allin to get something hs.com Allin
00:29:42
I want you to write that down Thomas okay in case you have have any any issues uh that's what makes you think I
00:29:46
haven't already I well it's anything's possible like I mean maybe we could talk I mean are you on the chws or the pills
00:29:53
which one anyway we'll talk about it offline but that's a full head of hair it is a really incredible head of hair
00:29:59
thank you all natural baby it's great it's great do you put what product do you put in it yeah you put sea salt or
00:30:05
you got pomas what are you doing allinone allinone PR shampoo plus conditioner one bottle easy no but you
00:30:12
don't you don't use any product afterwards none Jesus do you blow yourself or do you have it
00:30:18
blown a question both but in this case it's you know like Cuba Gooding and Jerry Maguire I air dry baby oh air dry
00:30:27
gotta so when you're dry driving to that Santa Monica office you just put the top
00:30:30
down on whatever convertible living that full lifestyle okay yeah this is where I
00:30:35
I do have to admit unfortunately after the after you appeared on the summit I had all these women they were like oh my
00:30:41
God Thomas lefont is so good-looking and I was like no he's not because I'm very
00:30:45
competitive in Zero Sum when other men around me get but you were the Smash Hit and then I figured out it must be the
00:30:52
hair and also the glasses I think the glasses were a huge hit it looked very Clark ksh are they are they real glasses
00:30:57
or you wear the clear ones to get the extra intelligence points only time I've ever been stopped in the street in my
00:31:03
life in the Presidio a very nice lady tapped me in the shoulder and said I loved your
00:31:09
all-in talk that's never happened before so that says more about all-in than me but the reach is
00:31:15
increasing it's a little bit by shout out to Akash Singh who joined us on the um live oh yes Akash was hilarious thank
00:31:22
you AOS filling in our Dei Department we lost Cham and they sent AOS so he did great get him back to gessos absolutely
00:31:32
yeah there's a moderator slot open so he's going to be absolutely if you know anybody who knows science all right in
00:31:39
our first topic president Trump smashed the record for day one executive orders 26 in all beating the prior record of
00:31:47
nine by Uncle Joe Biden and no other president signed more than one EO in day one since the Federal Register started
00:31:56
tracking this in 19 1937 let's go through them if you want to comment on one we'll stop and pause or we can just
00:32:02
run through them gentlemen Doge officially was established and uh people are making note of the Doge SWAT team
00:32:10
Doge will assign an agency head to each Federal agency the agency head will build a four-person team this will
00:32:17
include an engineer an HR specialist and an attorney it was separately announced
00:32:22
that v um was leaving Doge to run for governor of Ohio fascinating interesting I don't know if anybody's got a take
00:32:29
there they suspended the Tik Tock ban for 75 days there's a lot more to get into this so we're going to break that
00:32:37
down a little later TI to yeah okay we'll go right to that in a minute the January 6 pardons they pardon, 1500
00:32:44
January 6 participants including some that savagely beat cops very controversial we'll get back to that in
00:32:51
a moment ending Birthright citizenship this is a controversial one that is being fought legally those born in the
00:32:58
US to illegal immigrants would no longer be considered citizens if this holds up
00:33:02
the birthright citizenship is codified in the 14th Amendment and 22 state attorney generals
00:33:09
have already sued over this executive order so it might be a performative one energy unleashing American Energy we're
00:33:16
going to dump into that one jump into that one for sure and then federal employees a hiring freeze and a full
00:33:23
return to office and the hiring fee doesn't apply to military immigration enforcement or Public Safety and then a
00:33:29
regulatory freeze on regulations gentlemen where do we want to start Jan 6 Tik Tock Doge TI Thomas you're our
00:33:36
guest where do you want to start I'm happy to chat about Tik Tok okay as we mentioned earlier Trump extended Tik
00:33:42
tok's grace period by 75 days Trump said he wants to get a deal done he also said
00:33:47
at a press conference that he'd like the US to own 50% of Tik Tok and that it could be a trillion dollar
00:33:53
asset that's unique and interesting he was also positive about the idea of Elon possibly buying it or maybe Larry
00:34:03
Ellison or anybody so he wants to make a deal what are your thoughts Thomas on what should happen with Tik Tok and what
00:34:12
will happen I don't know what will happen but I do think it'd be interesting um to share you guys we were
00:34:19
in we are investors in Tik Tok okay we invested back it was obviously just a Chinese company and investing in China
00:34:26
was very different back then but what resonated to me when I met the founder and he just had a very simple idea which
00:34:34
is his view was if I have a piece of content and it's a great piece of content how can I have it be shared and
00:34:40
his view was that if you share it on Instagram the only way people see it as if you had you know a lot of followers
00:34:46
and so he just had a really simple idea and he said what if I take every piece of content that's uploaded into the
00:34:52
system and I show it to at least one other user so no matter what that content is at least one person will see
00:34:59
it even if you have no followers and then based on whether that person views it or how long I might show it to
00:35:05
another user and then a third and a fourth and it was such a revolutionary idea and it really resonated with me at
00:35:12
the time and it just goes to show how we're in an idea business and when you have a truly revolutionary idea it can
00:35:18
get really big and so the the whole Genesis of Tik Tok came from that really simple concept of your content will be
00:35:25
shown and if people like it it'll be shown to a lot of people so obviously I mean if you look at Tik Tok in the US we
00:35:32
can just kind of very back of the envelope look at the math right so if we look at daus mother blue or meta as we
00:35:42
love to know the Facebook hat roughly right has about 200 million daus in the active users for folks who
00:35:50
don't know the terminology yeah correct right so if you look at Facebook blit Instagram you'll see it's about 200
00:35:56
million daus and you can look at the time spent what's interesting about Tik tok's time
00:36:02
spent is the daus are about half of combined meta in insta so we get about 100 million daus in the US but the time
00:36:10
spent on the platform is the equivalent of Facebook plus Instagram so obviously um incredible not just scale in terms of
00:36:20
daus but also on time spent so if we think about okay well what what would that mean the business is worth so if we
00:36:27
look at meta today the market cap is roughly 1 and a half trillion I think internet investors
00:36:34
generally assume that roughly half the market cap is us so if we take the one and a half
00:36:40
trillion maybe that's 750 billion right now we know that the time spent is equivalent but the daus are half so
00:36:47
maybe we cut the 750 in half right that would tell you that the max value would po you know if you monetize the way meta
00:36:54
does and ranted the way zck does might be 3 75 billion for the US asset alone I think from that point you know you kind
00:37:03
of start to apply a couple discounts right one is if that's my kind of long-term value what kind of return
00:37:11
would an investor want potentially to get to that 375 you know is it 50% so maybe you cut that by
00:37:17
50% and then I think the devil would be in the details what are exactly are you getting are you just getting users are
00:37:23
you getting the algorithm are you getting data right so maybe you also so want to apply kind of a more kind of
00:37:29
severe discount to that but I think you put it all together you know is 100 billion a reasonable
00:37:37
scenario you know I think the math proves it and then could it be a trillion dollar asset the way Trump has
00:37:44
mentioned I mean in a world where Facebook's one and a half right and the penetration of Tik Tok in the US is 50%
00:37:51
of what meta is I don't think it's unrealistic so let's see what happens I don't have any particular Insight on
00:37:59
what will happen but what I do know is that it's an incredibly valuable franchise so let me ask you the the
00:38:05
obvious question people are looking at this and saying wait you're going to take 50% of your shares and in this case
00:38:14
we actually have somebody here who has shares so are you comfortable with the government seizing 50% of your shares I
00:38:19
guess is one way to frame it well I don't know I mean first of all there's there's kind of no deals so it's
00:38:25
a little bit hard I can tell you that he proposed so if in that scenario would you yeah we never attributed much value
00:38:33
to the you know the Tik Tok us asset in the sense of our our analysis was always
00:38:39
based on the value of the Chinese business specifically because it's just hard to know what the you know the Tik
00:38:46
Tok asset ex China would be worth right is it worth zero because it's so compromised regulatorily is it worth a
00:38:52
lot more it's just very very difficult to know so we always took a very kind of conservative view of really looking at
00:39:00
kind of the Chinese and you know some of the other assets as the core value of B
00:39:04
Dan the holding company ultimately what Tik Tok happens I mean it's the classic when you try and
00:39:11
sell a company what's the value where it depends is there one bidder or five biders right is the government the only
00:39:17
uh bidder for that asset in that case it kind of will indicate a value of x or are there other companies that
00:39:23
potentially could be an acceptable bidder to both sides well the Trump deal though is he's
00:39:29
saying the government the United States government the citizens of America would
00:39:32
get half of the company so that would be the equivalent of you get shares the US
00:39:37
company yeah so what do you think of this proposal because this seems like unique in all the world so if in order
00:39:47
to have it spin out and maintain half your shares would you be willing to give all of us the government the citizens of
00:39:53
the United States half your shares well I mean if you think about it what what what did we
00:39:59
we learn that it might just get shut down and be worth zero right so in one sense anything that's greater than zero
00:40:07
by definition is kind of better right I think ultimately it will kind of come down to
00:40:13
does the government want to be the only bidder for the asset or would the comfortable would the government be
00:40:18
comfortable with either Elon owning it and merging into to X or Microsoft owning it or you know what
00:40:27
let me ask you a question can you just tell the audience a little bit about because you guys have been involved as
00:40:32
investors in China for a long time I would love for you to share behind the scenes what has gone on with respect to
00:40:41
being an investor in China in technology over the last couple of years what has changed and why and what goes on today
00:40:49
you guys made a fantastic investment in by dance which is the parent company of Tik Tok you've made other incredible
00:40:55
investments in China are you still investing in China if not walk us through what happened and why I think if
00:41:02
you look Dave at most of our virtually all of our investments in China were Chinese companies catering to the
00:41:09
Chinese market right right and there was a massive trend of a very significant economy that was adopting technology
00:41:17
right and so we can think about whether that' be smartphones companies like you know
00:41:23
Huawei whether it was companies like Matan that were doing food deliver or 10 cent that were doing gaming and so you
00:41:31
know all our approach was basically based on these companies and by the way a lot of them were public which is what
00:41:37
people don't remember shath you may remember but 10cent at one point was a public company listed in Hong Kong the
00:41:43
market cap was 200 million yeah I do remember so wow what was interesting about it Dave is a lot of that played
00:41:50
out by do was an early IPO right so a lot of that trend of Chinese companies catering to the Chinese market really
00:41:58
kind of played out across public and private markets for over 20 years y I think to me what's significantly changed
00:42:06
over the past five years is technology really became a matter of National Security and I don't
00:42:14
think that when we were early investors in Matan right that we necessarily viewed that as a national security
00:42:21
threat as an example right and I think as you know companies got bigger as AI kind of came to be it became
00:42:29
pretty obvious that there were National Security implications and you know our view as investors is we don't set the
00:42:36
rules of the road we rely on government and Regulators to do so it was pretty clear I think to obvious that the
00:42:41
regulatory regimes were changing in both countries and so for us as investors you
00:42:46
know we were just well we're just going to follow what what the rules are and what the governments are so my only kind
00:42:52
of regret through this whole thing is and I don't know any you know if you guys had kind some exposure to this but
00:42:58
the quality of the entrepreneurs that came out of that era was unbelievable strong cohort yeah
00:43:06
absolutely when you think about the the founder of Matan Wanga and just how brilliant he was and what he's done with
00:43:12
that franchise and not just doing food delivery but also the software operating system for restaurants right is truly
00:43:19
incredible Pony ma from 10cent right it it was such an incredible group of entrepreneurs they were a lot of fun to
00:43:26
be around they were excited and passionate about bringing technology to their country and you know I and is it
00:43:34
over yeah hard to know I mean if you look at the capital markets I mean you can see we've not seen a tremendous
00:43:41
amount of innovation right or or new companies kind of coming out so I think the key question is you know is it a
00:43:47
pendulum and you know does the Chinese regulatory regime kind of move one way and then it kind of moves another way or
00:43:54
is it kind of fixed in this state is it your Reed is it correct to say that the CCP wanted to stop this extraordinary
00:44:04
wealth creation by a subset of individuals in the country that this was kind of becoming too much of a
00:44:11
capitalist enterprising system and challenge some of the foundations of the CCP is that what was going on and why
00:44:17
this all got throttled back I mean is there or is there something something else some other kind of you know
00:44:24
security I don't really know Dave because as an investor it's you know it's not a regulatory regime that you
00:44:29
have any interaction with right you're really talking to the entrepreneurs and you're kind of reflecting off of their
00:44:34
energy and their business ideas right so we would meet businesses and we would meet Founders and if if the idea was
00:44:41
kind of interesting to us we would kind of fund it right so it's a black box in some ways you know in terms of a market
00:44:47
to invest in you only have a limited amount of information and after Jack I mean you
00:44:53
got to think after Jack ma kind of disappeared for a couple years if you're an entrepreneur and you want to like the
00:45:00
message was sent the message was sent message received and then you start thinking about chamama you know what
00:45:06
Trump just did anding just did you put those two things together Trump put all of our top guys Top Dogs on stage here
00:45:14
they are it's the exact opposite of China the message is very clear and it's what Thomas said like technology is a
00:45:21
national security imperative and so we're going to embrace these guys we're not going to play favorites we're not
00:45:27
going to pick one and not the other we're not going to have Summits and have you know the founder of an entire
00:45:32
category not be invited that's just it's honestly it's patently stupid and immature and that's what the Biden
00:45:39
Administration did picked favorites yeah and that is dumb based on the implication and importance of technology
00:45:46
I just want to go back to the Tik Tok thing I want to make three points one is from the past I'll give you my sense of
00:45:53
the Tik Tok thing and I'm going to make a prediction for the future in 1984 the way that lvmh began was through
00:46:02
a deal that Bernard Arno architected there was a business owned by the French cotton King Marcel busac
00:46:12
and inside of that Empire was Christian Dior long story short his Empire was crumbling and Arno did a deal where he
00:46:22
bought that dying business essentially from the French government for one Frank fast forward now 40 Years of very hard
00:46:31
work and tremendous execution that's a $350 billion public company now imagine back then in
00:46:39
1984 if the French government actually had done a deal where they said we'll sell it to you for 50% of whatever you
00:46:45
build take it for a dollar but we're going to own 50% of The Upside and you know they would have an extra $175
00:46:53
billion today I think that that's very important in terms of what is possible today I
00:47:01
like Thomas's math I believe it I do think it's about hundred billion asset but at the end of the day the president
00:47:08
was very clear that it is completely and entirely worthless without his permit and he wants to own 50% of this asset
00:47:16
now if you're a buyer of something you're not going to pay1 billion do if you control whether it can exist or not
00:47:24
you're basically going to pay today's equivalent of Frank which would be $1 now I'm not saying that it is going
00:47:31
to be a dollar but if the United States Treasury wants to hold 50% of an asset that could be worth a 100 billion or 500
00:47:39
billion or you know maybe a trillion it would make sense for the United States Treasury and the United
00:47:45
States people to own that at effectively zero so I think that the incentive is there and I think he has essentially
00:47:52
said that he is going to do the best deal in his interests which is the United States
00:47:58
interests which I suspect means a price that is as low as possible approaching $1 and ultimately won't this be the
00:48:08
Chinese government's decision because they could always say you know what let it die maybe but my my point is it may
00:48:14
not be a dollar maybe it could be 25 billion maybe it could be 10 billion but my point is I find it very hard to see
00:48:20
how it gets to the actual value that it is today so then I think let me just make a prediction for the future future
00:48:27
there's a question that this raises which is does it make sense for the American
00:48:33
government to be a little bit smarter going forward about how it allocates incentives and resources the American
00:48:40
government is still the largest single land owner in America we give concessions to private companies to
00:48:47
drill to build things and it just turns out that if you apply this example more broadly wouldn't
00:48:55
it make sense where when you create incredible economic incentives and upside for private investors and
00:49:01
investment for some portion of that gain to go back to the American people is that a bad thing I don't think so for
00:49:07
example if you said we're going to accelerate permitting for all these data centers we're going to make any form of
00:49:14
energy which was the opposite of what the Biden EO said on his way out the door he had all these conditions but if
00:49:20
the president president Trump's CEO on data centers says any kind of energy but we want to own a 5% Royal
00:49:27
and we allow you to put it on federal lands or 10% or 15% would it really change the
00:49:33
underwriting that Blackstone and all these other companies will do I don't think so would it enrich America I think
00:49:39
so would it make it easier for people to feel like they're participating in all of these incredible gains I also think
00:49:46
so so my prediction is that this becomes more of a template for the future it'll
00:49:52
be less about permitting it'll be more about creating incentives allocating those incentives for a share of The
00:49:59
Upside and I think that there is a really strong economic argument for America to do that you know trath to
00:50:07
build on that people don't remember but Tesla got $465 million from the Department of energy that was called the
00:50:14
atvm program which was the advanced technology Vehicles manufacturing that was a very Visionary program at the time
00:50:21
Visionary but it but it took no equity but it didn't take equity and that was dumb so dumb they should have gotten
00:50:30
some portion of equity some portion of a loan Tesla did so well thanks to Elon and the team hard work they paid it back
00:50:37
early they paid it back early that's how well they did if they had owned 10% of Tesla but 10% yeah I think the president
00:50:45
has has has sniffed this out by the way this but and and you may not think that these are related but when he said that
00:50:51
he's considering eliminating federal income tax and funding this thing from tariffs and he just had a press
00:50:57
conference today where he's inviting every single company to come and make things in the United States because he
00:51:02
will create economic incentives to make it here cheaper but if you make it abroad and bring it in here he's going
00:51:08
to charge money and a tariff all of this are part and parcel of I think this broader economic realization and unlike
00:51:16
20089 and 10 when we were allocating money or 2020 and 21 and 22 where we were just sending money out the door
00:51:25
with frankly no consequence and no accounting this time around I think he's got some incredibly sharp business
00:51:32
people this is by the way the upside of having folks that have actually been successful in the real world working
00:51:38
inside of government is they're going to help them get to this realization and I
00:51:42
think it's a really good one I don't think Tim Tim Walter my only push back to you chamoff on that would be I just
00:51:48
think it's a dangerous game for the government to start picking winners you know I wouldn't for example if it owns
00:51:55
50% of a Tik Tok does does a disadvantage a meta as an example right and I do wonder is the value capturing
00:52:02
mechanism for the government taxes essentially right so the the the way you capture the the right the portion of the
00:52:09
value creation of these companies is through a tax system and I do think we just have to be careful of the
00:52:15
government all of a sudden picking different companies to win you know I do think having a good set of incentives a
00:52:20
Level Playing Field let the competitive dynamics of different companies fight each other and then capture the value
00:52:26
through taxes I think you're right and I think that that part is absolutely fundamental but I think there is a way
00:52:33
to architect this for example you have these rfps that by Design have to be published in the open source and
00:52:41
available for anybody to bid on my only point is just to say that when there is an ultimate winner why not have a small
00:52:48
stake in the upside look at the amount of money that the doe gives in Grants I'll give you an example you know one of
00:52:55
these companies that I helped start a few years ago to make Advanced Battery materials we got a $150 million Grant
00:53:01
I'm very appreciative of that Grant but if they also asked for five or 10% of the equity I would have still said yes
00:53:07
of course you would have yeah it's a great deal and why not give a little upside to the taxpayers I agree with
00:53:11
that by the way a parallel to that would be Spectrum right if you think about Wireless right kind of got built the
00:53:18
government auctioned off spectrum and then allowed public you know private companies to kind of come and bid on it
00:53:23
and you know so there there's a lot of different interesting mechanisms you can bring to that yeah freeberg which would
00:53:29
you like to go to next well I'll just wrap on the Tik Tok sure I do worry a lot about the predent
00:53:39
being set here with respect to foreign government actions on us companies in their in their local countries imagine
00:53:48
the CCP tells Tesla they have to sell their Chinese operations and give 50% of the Chinese operations to
00:53:56
the Chinese government because of their concerns about security where Tesla is now able to track Chinese citizens
00:54:03
driving around and where they are and you can see very quickly how this whole kind of overall I think presentation of
00:54:11
the security risk that we face with Tik Tok and therefore we will shut it down or own it creates I think a counter that
00:54:19
could really hurt American companies you could see this going to Google to Apple
00:54:24
to Tesla even food manufacturing companies that have operations overseas where local governments say hey we need
00:54:30
to for local security purposes we need to take ownership of your business I think one of the things that's really
00:54:36
benefited Americans in global trade is our ability to sell and Export our technology our goods and our services
00:54:43
around the world through open trade and I do think that we've used this kind of Tik Tock
00:54:49
security thing to say this is a rationale for us doing this as a one-off but it also opens up a lot of other
00:54:54
people to say this is a oneoff and so I'm just generally very wary about this whole Tik Tok situation opening up a can
00:55:00
of worms you're 100% right and by the way the ccp's done it already they did it to Apple and if you follow what
00:55:07
happened when they introduced iCloud I don't know if you remember gcbd gcbd is the Chinese
00:55:15
state-owned data company the cloud provider there and they just told Apple we get all the data and they just had to
00:55:23
roll over and all citizens in China who use an iPhone in order to use an iPhone in China your data is owned by the
00:55:29
government period full stop and apple had no choice but to do that so you want to if you want to play in a certain
00:55:35
Market you got to play by the rules the thing the thing to keep in mind here is I hear all of these kind of like
00:55:40
theoretical qualms about how it's unfair but this stuff happens all the time and
00:55:45
it's just that we don't benefit from it so Jason brought up an excellent example
00:55:49
with Tesla the other example just to remind you guys is during the pandemic the Federal Reserve stepped in and
00:55:54
started buying commercial corporate bonds they own a ton of like Ford bonds so that these things wouldn't default
00:56:01
there's all kinds of action all the time where the federal government is involved
00:56:06
in private companies my point is if you're going to be involved have some Legacy ownership on the back end of it
00:56:13
so that in case this stuff really works that it's broadly value creating for more
00:56:19
Americans I think it would create a way to deescalate this Sensation that a people are winning and everybody else is
00:56:28
just kind of staying still we should talk about Stargate and the AI project because I do think it tees off on one of
00:56:35
the Jan 6 though okay but it does tee off of one of the other kind of key things that I heard a lot about in
00:56:42
DC and I know Thomas is passionate about like I am which is energy electricity capacity buildout in the United States
00:56:49
because it's critical and like building AI infrastructure means that we need to build energy infrastructure all right
00:56:55
and so anyway yeah we'll go we'll go right to that after we wrap up these um we wrap up these executive orders and I
00:57:01
too wanted to talk about January 6th uh just to give people the update here JD Vance had said that the people who
00:57:07
committed violence on January 6 quote obviously shouldn't be pardoned and this's a parade of people
00:57:15
who are on the Republican side who are coming out against how president Trump handled this I think you you all know
00:57:22
where I would fall on the side of it what are your thoughts on this where do you where you fall on it you know I come
00:57:27
from a family of cops and I feel like he's betrayed the blue on this one and you know if there are people who I think
00:57:34
he should have taken his time with this it is possible that some people had sentences that were too long uh the
00:57:40
justice system you know is imperfect in our country and the pardon power is there I
00:57:45
think specifically to do a very granular job of looking at each case right and so
00:57:52
I think we have to look at pardon power generally after what we saw the Biden family do and now we see Trump doing
00:57:57
this so I think the the pardon power is not being used as it's intended it's being used politically Now by both
00:58:05
parties so I'm trying to call balls and Strikes here but you know as somebody who's in law enforcement a family that's
00:58:10
in law enforcement and My Chosen career was to be a cop and an FBI agent and you
00:58:16
know just looking at it it's just heartbreaking to see people beat cops and then be Trea as Heroes treated as
00:58:22
Heroes and some of these people are very dark people you know the the the oathkeepers and some of these people are
00:58:26
extremely violent and they're coming out now after this has all been said and saying that they're going to double down
00:58:32
they're going to buy more guns and that they're going to get their retribution and so I think you have to be really
00:58:37
careful with violent people that you give them you know this coronation and that they were Justified because they'll
00:58:44
go do more violent things and so I understand he made this promise to people I think he should have been very
00:58:51
granular in doing this I totally understand there could be people who got sentences that were too long and I would
00:58:57
would have liked to seen him do this thoughtfully this was not done thoughtfully I have a certain amount of
00:59:02
Goodwill towards the new president and this has lowered it I knew that this would be really important to you so I
00:59:08
took a few minutes to try to collect my thoughts I've been kind of walking myself through it since
00:59:16
yesterday this is not an explanation other than to you Jason my friend about how I think we got here okay so I just
00:59:24
wanted to take a few minutes to EXP explain that to you I think that before you can look at January 6 I think you
00:59:30
got to go back to what happened during the covid lockdowns and what we started to see in a bunch of these
00:59:41
liberal cities talking about BLM riots the BLM riots the antifa riots what happened in San Francisco Los Angeles
00:59:50
Seattle Portland the lawlessness that you see in places like New York the decarceration
00:59:57
movement and I think that what started to happen was a sensation that for the same weight there were different
01:00:10
measures so for example if you start to look at some of the deportations that are
01:00:16
happening now it's really quite shocking I sent Nick a clip of them Nick you can
01:00:22
just maybe show the first few seconds but you are talking about some incredibly incredibly violent offenders
01:00:28
that were just walking randomly down the street I'm not going back to Haiti one of those threats is this illegal alien
01:00:34
from Haiti I says he's a gang member with 17 criminal convictions in recent years you feel me yo Biden forever bro
01:00:44
thank Obama for everything that he did for me bro there's more after this but there was like a rapist that they picked
01:00:49
up in Boston there's a person that was charged with assault so there was this sensation
01:00:55
Jason that was building up for a long time that all of a sudden the law was being applied in very odd ways where
01:01:02
depending on what you did you would get adjudicated in totally different ways based on your political affiliation or
01:01:10
your leaning or based on the desire of a district prosecutor to go after one thing or another let me just pause so
01:01:17
that's that's sort of like the thing that was sort of building and cascading I do agree with you that I think January
01:01:23
6 is kind of like a stain I I think there's nothing to be proud of there but I think what we found out since January
01:01:30
6th is somewhat important I think the first thing we found out was that there was a bunch of these folks whose
01:01:36
convictions were very speculative I think the Supreme Court already ruled that in June of last year it was like a
01:01:42
63 vote that said at least 350 of these convictions should probably just be thrown out so there was one body that
01:01:49
was that then there was a whole bunch of them where to your point you took a misdemeanor you trumped it up to a
01:01:56
felony you had all kinds of you know things where procedural motions were denied for the defense approved for
01:02:03
prosecution and you had sentences that didn't match the crime and then you have a president who frankly was the subject
01:02:10
of lawfare himself so I think that what would have been better was a more methodical approach to this I agree with
01:02:16
you but I do think that What's Happening Here is essentially a moment where we can close this entire chapter and we can
01:02:24
get back to a focus on observing the law and adjudicating it equally for everybody and I think that that's
01:02:32
probably the best way that we can all deal with this because I think that there was a bunch of Pardons that were
01:02:37
100% obvious and then there was a bunch that were just you know had to be done because the court was perverted in how
01:02:46
they dealt with some of these folks then there was a small number and I don't know the exact number to be fair Jason
01:02:52
where these folks did some really bad stuff now it's also mixed with this thing where there was a bunch of
01:02:57
informants then there was a bunch of folks that were the informance stuff have to wait for that to come out
01:03:03
because that's in conspiracy cor for now my point is I just went and I collected
01:03:07
that as a way to try to explain to you how I appreciate you understanding my passion on it and and want to how we got
01:03:13
here I think it's sort of like I'm well aware of it yeah I think we got to put a
01:03:17
pin in this and say both sides should now have enough experience to say we're going to apply
01:03:24
the law equally to everybody forward from this moment out let's just go forward and not look back I think that's
01:03:29
the best thing that we can all do let's hope I'll just leave you with this the the proud boy leader
01:03:35
Enrique Terio this is his quote on getting out I'm happy the president's focusing not on retribution and focusing
01:03:42
on success but I will tell you that I'm not going to play by those rules they need to pay for what they did these are
01:03:48
some seriously bad ombre the proud boys and the oathkeepers and so don't be surprised if they do something worse I
01:03:55
want to talk about the citizenship thing and I just want to just provide a little
01:04:00
color for people I'm sure that there's a lot of folks that are listening who have
01:04:05
people that work for them that you know maybe the birthright thing if you came here illegally and had a child you get
01:04:12
to be a citizen just to be clear this is going to the Supreme Court and just to put a little bit of color on it in the
01:04:17
14th Amendment there's this very important part that says Birthright citizenship is is applied to people who
01:04:23
are subject to the jurisdiction of America and for a long time that phrase was not
01:04:30
really considered in how the Supreme Court administered the 14th Amendment I think what this EO did and the lawsuits
01:04:38
that happened almost instantaneously as a result will now send this back to the Supreme Court very quickly yeah and
01:04:45
people will opine on what that means so if it means nothing it means that if you
01:04:51
are here however you're here and you have a child they're going to be a citizen of America
01:04:57
if that qualifier is now part of the administration and the interpretation of the 14th Amendment I think what
01:05:05
president Trump has written is what will happen which is if you are here illegally it doesn't apply if you are
01:05:11
here under a Visa that necessarily means you're still subject to the jurisdiction
01:05:16
of somebody else it may not apply but I think the Supreme Court is going to get to decide this in pretty short order
01:05:21
okay a couple more issues I want to get to on the docket sorry let me just make a quick comment on the um oh sure Dave
01:05:27
go ahead the uh January 6 I I'm I just generally don't like this power of Pardon agreed we saw what Biden
01:05:37
did he gave I mean how many thousands Nick you could pull the number up but 000 8,000
01:05:44
Pardons and I feel like the original intention of the power of Pardon which is in the
01:05:51
Constitution was meant to kind of protect the the civility in the Union at times of you know we need to kind of
01:06:00
come back together and realign ourselves and it has been so far abused beyond that original intention it's almost like
01:06:10
feels like an extraordinary Injustice it almost gives the president the ability to rewrite the law that many of the kind
01:06:17
of actions from the executive branch can simply supersede the actions of the judicial branch which is really meant to
01:06:23
protect and execute the law of the nation and I think it's gone too far it feels like there's a necessary amendment
01:06:32
to address this that these presidents can come out and preemptively pardon people for things that might be found in
01:06:37
the future because they're close with them it has nothing to do with the original intention if you go back to the
01:06:44
arguments for the pardon being in the Constitution you can see that Alexander Hamilton wrote deeply about it in
01:06:51
Federalist Paper number 74 and in that paper he talked a lot about and emphasized that the justice system which
01:06:58
is designed to be fair May occasionally result in overly harsh or unjust outcomes and the pardon allows for acts
01:07:05
of Mercy to correct these situations there a lot of these sorts of actions that we saw happen with with Biden do
01:07:12
not fit the bill for that definition I will tell you there's a quote from Federalist Paper 74 from
01:07:18
Hamilton it goes as follows in seasons of insurrection or Rebellion there are often critical moments when a well-timed
01:07:25
offer of Pardon to the insurgents or Rebels May restore the Tranquility of the Commonwealth so to counter my point
01:07:34
Hamilton's argument is that when the nation is divided the act of the pardon may actually help bring the nation back
01:07:41
together as may have been the case with respect to the January 6th but it may not necessarily be about or Justice or
01:07:48
Nixon and it may not necessarily be about justice but is much more about restoring Tranquility of the union and
01:07:53
allowing the nation to move forward even even though it may not seem just it may
01:07:57
be the right thing for the nation so I'm not trying to defend the action or defend the pardon I really don't like
01:08:02
the act of pardoning as a kind of tool that's being used in aund different ways and it certainly seems like it requires
01:08:09
change so yeah and just um programming note here research note 6,500 people of those
01:08:15
8,000 seem to be convicted of marijuana possession uh possession or they were paron then then then the law should have
01:08:24
been changed and the courts should have overturned all of those convictions it does not necessarily need to fall and it
01:08:29
shouldn't fall on the executive branch to take that action the courts need to do their job and the legislators need to
01:08:35
do their job I don't disagree but I think there is some compassion in the Parton concept for how long do they have
01:08:44
to wait for that yeah how long do you have to wait for that you know and then like the people who were you know
01:08:49
convicted of selling dime bags or having an ounce of weed on them were black and
01:08:52
brown and then all my white friends who started weed companies are now taking them
01:08:57
public in Canada so shout out trau all right let's keep moving here I think we we we've we did some good job here on
01:09:03
the reconciliation on the Pod where do we want to go next Stargate project Stargate Stargate starg Stargate
01:09:09
Stargate and energy yeah Stargate energy so here we go and I'm gonna go to to Our Guest here Thomas Thomas anything
01:09:18
on January six are controversial topics like smoking weed but you want to jump in on there no okay great sure L your LP
01:09:25
just breathed hey you're coming on the all-in podcast when is LPs they they're going
01:09:31
to be so happy but then when when they hear the j6 they're just going to be clenched waiting
01:09:36
for to end oh wait hold on my mic went out oh never mind I missed it okay all right it was well said honestly I don't
01:09:44
have anything to add you guys you guys summed it anything on Lauren Sanchez's uh outfit okay let's continue another
01:09:50
big story from week one we are literally not even three or four days into this it's going to be a crazy four years
01:10:00
according to open ai's press release the Stargate project is a new company which
01:10:05
intends to invest 500 billion over the next four years building new AI infrastructure for open AI in the United
01:10:13
States freeberg we got to find out what's going on here with the Stargate movie and TV series if they got IP
01:10:18
permission to do this SoftBank and open AI are the question I mean I'm just thinking out loud and we have to talk
01:10:25
about where this ranks on your list of great sci-fi and top 40 top 40 sci-fi okay right up there with the Star Trek
01:10:35
original series and the Next Generation SoftBank and openi are the lead partners
01:10:39
with Oracle and mjx also participating Oracle Nvidia and openai will build and operate the infrastructure Microsoft is
01:10:46
sort of involved although we'll see about that Mas yoshian was at the announcement he's going to be the
01:10:52
chairman however Gavin Baker and Elon both called cap on X saying they don't actually have the money Gavin did some
01:10:59
back of the envelope math and of course as always Sam and Elon have been spicy in the replies Sam is hurt Elon is
01:11:08
dunking it's it's just their relationship is so fluid Microsoft CEO Satia nadela jumped
01:11:15
into my thread with Elon saying he was good for the 80 Bill and then he was ready to build other products and
01:11:24
services and that was what was important what do you think here Thomas is this uh
01:11:28
are you an investor in open AI I guess let's get that out there or in xai just so we know where you're coming from here
01:11:34
if you're talking your book but uh I am an investor in open Ai and uh okay so there's three points I want to make here
01:11:42
go Point number one going back to the origins of the of this podcast and you know sitting watching both Public Market
01:11:49
investors and Venture investors you know one notable difference is you know I think Venture invest ERS tend to be very
01:11:56
tribal so if you're in One Tribe You Are by definition not in another and you know I think there's a lot of kind of
01:12:03
domain specific reasons for that you know for me as my legacy as a public market investor I'm very comfortable
01:12:09
being both you know Pro open Ai and pro Tesla and Pro X and so I just kind of caveat that kind of you know as a first
01:12:17
point my second point is can we do a slight detour on masa for one minute and I'm curious to get your guys's opinion
01:12:25
but yeah is Mas the goat because when I started in the growth business I met with Yuri Milner and he said Thomas you
01:12:32
get in the Hall of Fame if you can have one deal that gives you a billion dollar
01:12:35
return I.E you know whatever you invest plus what you take out is a billion dollars or more and he actually kept a
01:12:41
Tracker in his mind of who had made those deals and what share he had and Etc so let's go to masa for one minute
01:12:48
Masa is the hundred billion dollar Club yeah okay and not only that he's actually done it twice he did the first
01:12:55
time with SoftBank and Alibaba which at its peak was a $200 billion win and I think he ultimately netted like 80 plus
01:13:02
billion out of it so that's one he did it again with arm that he bought for 30 and now is sitting on a gain of 100 I
01:13:11
think 35 billion and he could have done it a third time with Nvidia if he hadn't
01:13:17
sold I mean guys there's nobody like him there's no incredible you're 100% right
01:13:24
you got to give the man flowers he is so I'll tell you what chath I am never betting against Masa ever because you
01:13:31
got to give the man credit for what he's done and so now let's go to kind of open
01:13:37
AI you guys mentioned we we do own some open AI I am bullish on open AI which I guess is now a uh
01:13:43
counter Against the Grain kind of view but guys my point of view on open eye and the reason I'm so bullish is really
01:13:50
kind of chat GPT and I do think when open a gets you know we do conf it does have different businesses right it's got
01:13:56
the model business it has the API business and then it has the chat GPT business right and if you look at the
01:14:02
downloads maybe Nick bring up the charts but it is really interesting to watch the market share of Chad GPT versus
01:14:09
Google uh Gemini and grock this is both in the US and international it really is
01:14:17
a dominant kind of franchise right it is maintaining 80% plus market share you know J Cal if this was right sharing
01:14:24
right would say wow this this company is the winner right so to me I think the the quality of the chat GPT franchise
01:14:32
right I think they disclosed 300 million weekly actives over a million Enterprise
01:14:38
users it has become a core part of my own workflow you know I have it on my phone
01:14:45
I have it on my desktop I use it all the time I can't even quantify the value that it brings it's so important for
01:14:52
what it does for me so and I do think that it just keeps getting smarter every query that I ask
01:14:59
uh it learns more about me it learns more about our system so I do think the chat GPT franchise inside of open AI is
01:15:07
one of the great most successful fastest growing kind of stories so that's kind of the underpinning of my kind of open
01:15:14
AI thesis you know on Stargate specifically look I think the real question to me isn't whether they have
01:15:22
the 500 billion right because we know that the 500 billion could come from Equity it could come from Masa if you
01:15:28
look at Gavin's tweet by the way he does caveat it right saying that assumes that
01:15:33
Masa doesn't want to sell arm and soft bank right so I'm not sure just Le up and use debt correct so you have debt I
01:15:40
I think to me the real question guys is do we ultimately believe that you can get an Roi on that 500 billion because
01:15:49
if you can there will be people that will want to fund it right you can do data center by data
01:15:56
center you can do it actually at the GPU level right so the financing is there to
01:16:01
me the the 500 billion doesn't scare me from an absolute number I think the question we you know really have to ask
01:16:07
ourselves is do we believe that the market is big enough that the opportunity is big enough that investors
01:16:13
can get a return on the 500 billion I think I think you so to me that's the real question I think you framed it
01:16:19
perfectly and since you bring up ride sharing and the 80% there I you know I really think that's an important thing
01:16:25
to to take a moment to um to settle on because in that case you didn't have Uber being challenged by Google
01:16:36
Microsoft and Elon Musk you know at the same time in a digital product as opposed to a real world product and so
01:16:44
you know when I use gemini or xai and chat GPT and I use them all daily and Claud the difference the difference
01:16:51
between the products right now is really narrow and I think you know if the equivalent would
01:16:58
be somebody who had a 100 million cars on the road already competing against Uber which you know doesn't exist or
01:17:06
didn't exist at the time so that that I think is the the way I look at this as a
01:17:11
slightly different type of race I do believe the chat GPT franchise has some is worth something but I think
01:17:16
Enterprise folks when I talk to them want the open source product most of all so anyway I think it's still anybody's
01:17:23
um I think it's anybody's game right now and I don't know how you get a return on
01:17:28
500 billion invested in this that that's the other thing and I don't know if that's the real number free BR what do
01:17:33
you think I don't know yeah this is out here in some crazy I think guys the way these
01:17:42
things happen right is you don't you don't fund it all Equity UPF front right I think these things get funded Facility
01:17:48
by facility data center by data center across four years right and to Chamas point it's not just equity it's you know
01:17:55
sight level debt and Etc right it's a complex capital structure to these things but look we live also in a world
01:18:02
right where I was just kind of looking at this chart the kind of cloud capex chart right and we know that in total
01:18:09
2025 capex for the top five players in the US is going to be 312 billion right so that's this year that's in one year
01:18:19
so we can also kind of frame this and saying hey does that number make any sense versus what others are spending um
01:18:25
it's at least kind of in the order of magnitude right when you think about it's over four years by the way another
01:18:31
really interesting kind of coral are on this point is the US internet companies spend 20x what the Chinese companies
01:18:38
spend on capex really interesting as we think about our competitiveness right uh Dave
01:18:44
to your point it's not just power it's also kind of compute I mean pretty powerful that
01:18:50
you're spending 20x what your competitor is on these kind of Advanced Technologies Jam how do you how do you
01:18:55
how do you look at this I think that value and money are correlated in some Industries like real estate or heavy
01:19:03
industry but I don't think that it's very correlated in Tech and I tried to say this in my tweet
01:19:09
I don't know Nick can you find this tweet where I was just talking about the Deep seek model so what did we
01:19:16
see last week we saw a model that got released by the Chinese under by the way a totally you know open source MIT
01:19:23
license that you can run on a laptop and it turned out to be as good as open ai's
01:19:29
01 model so a couple of versions old but the point is that this model cost millions of
01:19:35
dollars and was able to compete with a model that took billions of dollars to train so my take away from that was that
01:19:44
these costs are falling really precipitously so that's sort of my one observation is spending more money
01:19:51
doesn't necessarily get you further along if the goal is progress and I think that that's very true in what
01:19:58
we're learning about AI because we're learning as we go along so then I think it just brings up this question of what
01:20:04
is the point of saying all these grandiose numbers and this is where if you look at a different industry like if
01:20:10
you if an oil company came into the oval and said they were about to spend 500 billion you kind of know that it's real
01:20:20
because you know what these things cost and you know what the entire infrastructure will be and you know
01:20:26
so we know we know what goes on yeah so the deeper the oil is in the ground and the harder the rock is that you got a
01:20:31
break through to get there the more you have to spend so those numbers become very grounded in reality if you were a
01:20:38
rocket company and you wanted to build a rocket and send it to Mars you can also
01:20:42
be very detailed in what the costs are and you can assume some amount of reductions of scale if somebody said
01:20:47
you'd have to spend 500 billion the thing is that when in this world it seems that there are these advances that
01:20:54
are are happening that allow you to do things cheaper and cheaper almost overnight by spending 1 1,000th of what
01:21:00
you spent even 6 months ago I think the spending money part to be honest is more
01:21:04
of a gimmick than it is a technical commitment so I guess if they want to spend the money go ahead but it doesn't
01:21:10
actually tie to whether they're going to be able to make custom vaccines whether
01:21:14
they're going to cure cancer so I kind of thought that these things were just joint and so my takeaway was entirely
01:21:21
different it was not a commentary on mosa or Larry or Sam I think all of those three companies are frankly very
01:21:29
good it was more a comment that you have to be very careful to protect the president's Legacy if I were
01:21:38
them to make sure that the things that get announced are actually further down the technical spectrum and are actually
01:21:44
going to be real because if they achieve these things but it costs you a billion
01:21:50
dollars and you only hire 50 people there's going to be a little bit of gone the face and so that was sort of my own
01:21:56
takeaway I think that the things were decoupled it just seemed more marketing and Sizzle and kind of hastily put
01:22:03
together it was definitely yeah put together mean yeah you got that sense but I think it would be great if if open
01:22:09
AI Builds an another incredible model whatever comes after 03 04 05 but it's not clear that you have to spend 500
01:22:16
billion to do it you know I think people are playing to what Trump likes which is
01:22:21
a big number and which is his influence on growing the number so there was specific details where Masa said you
01:22:28
know you I I told you 100 billion you challenged me to get two I came back with five right and so this is the sort
01:22:36
of trump ethos is hey we're going to swing for the fences in a way you know you could be critical of it and be like
01:22:42
well Trump's a BS artist or whatever or if you're from Silicon Valley you could say Hey listen he's moonshot it he's
01:22:47
going to just shoot for the stars and get the moon so if these guys wind up spending 50 billion or 100 billion and
01:22:54
more competitive more power to the question I had was you know was did Elon have any insight that this was
01:23:02
happening probably not from from the reaction on I bet he did you know I think you're I have no Insight either
01:23:09
but I do think if you were going to be critical of trump that he was putting his thumb on the scale for any one
01:23:16
company or individual this shows that he's not it's an open platform the the Trump Administration is an open platform
01:23:23
highest bidder gets to come to the White House whoever spends the most whoever buys the most military you know buys the
01:23:31
most ammunitions from us you're going to get your time in the white house it's uh
01:23:35
this is a capitalist country this the greatest one in the world equal opportunity anybody one of the obvious
01:23:41
the obvious consequence of this data center and Chip infrastructure effort which is obviously going to happen with
01:23:49
or without government involvement is an increase in electricity demand Thomas I know you've got some slides do you want
01:23:56
to pull those up and and show them because I think they're something I've talked a lot about on the show which is
01:24:03
the difference in uh electricity production capacity in the US versus China historically and then
01:24:10
prospectively going forward ultimately as I've talked about in the past right the us today is paying roughly you know
01:24:18
call it one and a half to 3x the price per kilowatt hour for electricity in the United States over what China's paying
01:24:24
we have I believe half of the electricity production capacity of China they're adding more the cost to add is is on10th
01:24:33
of what our cost to add is call it 1/10th to 1 half our cost to add per new gwatt of production capacity everything
01:24:40
is in the wrong direction and ultimately if Ai and automation are the critical factors for economic growth going
01:24:47
forward and electricity is the critical input to that we are hugely disadvantaged and aren't going to catch
01:24:53
up it seem like you've pulled this analysis together which kind of indicates the same if you think it makes
01:24:58
sense to walk through this now yeah yeah I'd be happy to I mean Dave you're 100%
01:25:03
right if you think of the GPU as the atomic unit of the future right and and the key competitive advantage and and
01:25:11
the key kind of uh ingredient you can't power a GPU without a Data Center and you can't use a data center without
01:25:20
power so I do think at the end of the day it really comes down to the grid and it comes down to power so I think that's
01:25:27
kind of constraint number one I other you know the other thing Dave that I think is really important is in an
01:25:34
inflationary era you do not want to increase or have this industry be perceived to be increasing electricity
01:25:41
prices for the consumer right so somehow we need to add capacity we need to make
01:25:46
it so the consumer kind of doesn't go uh Bonkers by having their bills go higher
01:25:53
and um we can Nick run through a couple of the slides but the data shows exactly
01:25:57
kind of your point Dave right which is we basically did not invest for a very long period of time right in our grid
01:26:05
and China did and if you keep going we can kind of run through these a couple of times but that wasn't always the case
01:26:13
you know during kind of like the postor War II boom era during the information age you know we did invest and we did a
01:26:22
lot of it and then suddenly in 2000 we just kind of stopped and this is globalization you're saying is why we
01:26:28
stopped exactly right we start to of that that we didn't have factories we didn't have factories so we didn't need
01:26:35
as much power what's the reason we didn't invest or we didn't need to I think we just outsourced a lot of our
01:26:41
hardcore manufacturing you know indust the USD industrial correct that's no equals no need for additional
01:26:49
electricity now the new factories are h100 factories we need back or AI factories right and um and by the way
01:26:58
the way to think about it is almost like a subscription business on a net ad basis right yeah so this this makes it
01:27:04
even more Stark right because this is kind of net additions and it just kind of speaks for itself right and just just
01:27:11
read the numbers out so the audience that's listening can can get a sense here yeah I mean you can see I mean
01:27:17
since 1985 right the Delta roughly between China and the US is what's the quick math like it's almost 7x right in
01:27:27
2000 the US and China were both roughly a th000 ter hours today the US is 1600watt hours and China is 9,000 tatt
01:27:35
hours yeah and this is just an extraordinary ramp up relative to correct on AI side the there was a Biden
01:27:45
EO last week I spoke about this on Tucker because it happened the day I went on Tucker but the EO basically said
01:27:52
we will allow the permitting of power plants on federal lands to power these AI data centers
01:28:01
which started off like a very intelligent EO but right in the second paragraph started to talk about Dei and
01:28:07
all this other stuff and how you have to have a certain percentage of it from certain sources but just today it looked
01:28:13
like President Trump overturned it and now it's full steam ahead if you have it permitted then it's all about just get
01:28:19
the power however you need the power which I think is the smart decision back to your earlier Point like we are we are
01:28:24
in a race here in your analysis Thomas can we do this without nuclear no can we catch up without nuclear okay in fact we
01:28:30
can't and uranium I think you can speak to that better one of the really interesting
01:28:37
parts I mean you can see by the way just the the percentage of nuclear it kind of needs
01:28:46
to go higher I don't know if you guys have been following this stock in the public
01:28:50
market guys called Constellation Energy oh yeah it's a really interesting idea what's interesting of what Amazon
01:28:59
and Microsoft is they're actually signing deals directly with these companies right to do what's called back
01:29:06
behindth meter right types of deals so they have Direct Energy access to your point shth on the Biden
01:29:14
administration at the end of last year a deal got announced publicly announced that
01:29:20
federal agencies were also Contracting directly now with ceg to power some of their um facilities and even though the
01:29:29
in total the number was small we took it and I think the market took it as a clear indication right that the
01:29:37
government even under Biden was acknowledging that nuclear is the best path forward so you know we expect and
01:29:46
we think just the trend generally towards nuclear energy is going to continue it's been proven in China it's
01:29:51
been proven in Europe I think it will show to be a key part of the AI kind of arms
01:29:57
RS you know over the next 10 20 years yeah this is to me kind of the story in one slide right which is if you look at
01:30:05
basically the nuclear capacity in the US it's basically been flat for 25 plus years right ridiculous 90s
01:30:15
yeah right and so when Scott Besson was asked are we in a in a you know Green energy arms race with China he was
01:30:24
thinking about chart number on the right right which basically shows how much nuclear China has added right over that
01:30:32
time period and so I think it's it's pretty clear what the answer is I think China is leading the way in that measure
01:30:39
and I think we need to follow yeah well and I think what's really important to note is over that same period of time
01:30:47
Thomas we're in a different era on nuclear than we were when we had Three Mile Island and you know prior to that
01:30:54
Chernobyl we have new uh Gen 4 technologies that are meltdown proof that have a totally different
01:31:03
architecture where there isn't a setup where you have runaway heat and ultimately a collapse of the uh the
01:31:09
reactor and a release of radioactive material which is what happened at Chernobyl these new systems which we
01:31:16
highlighted on the show a couple of months ago like the pebble bed reactor that's been in production making
01:31:21
electricity in China are incredible new te technology architectures and they're here and they're running and China's
01:31:28
rolling out dozens or hundreds of these and the United States is rolling out zero and that needs to change and I
01:31:34
think we only have a couple of months to get the engine stood up that will allow
01:31:40
us to make the material that will allow us to make the production technology needed to actually deploy these stations
01:31:47
to try and have a shot at catching up and if we don't we're going to be hugely disadvantaged on an energy cost basis
01:31:51
we're going to be hugely disadvantaged on an ability to actually deploy AI technology competitively that's Key by
01:31:57
the way you also can look at France right my my home country uh not known as a technology leader but 70% of its
01:32:05
energy of its electricity comes from nuclear but France held the line right when Europe tried to really deprecate
01:32:11
its use of nuclear Germany did but France held the line yeah it's too important jamat you know it's 70% plus
01:32:17
so I I think it's there's examples it's doable and I think now with AI it's a matter of National Security National
01:32:23
Security and that du tail into Fabs right which is obviously another key component which
01:32:32
is a short term for Semiconductor manufacturing facilities right which is another in my opinion
01:32:39
keyst strategic area that we need to to ramp up in the US the thing that I noticed about that chart is the trend
01:32:45
line I mean look at how fast they're building these and this is where you know I don't know what government
01:32:51
incentive we need to create or what tape has to be moved here but if we can't build you know multif family housing in
01:32:59
some states like this nuclear is g to really need to we're going to have to figure out a way to change that trend
01:33:08
line freeberg yeah I mean what what would it take to to build these nuclear power plants at an accelerated rate I
01:33:15
will tell you that there is a lot of capital and I we mentioned this last time a lot of intellectual capital in
01:33:20
the United States that's eager hungry and ready to get moving on buildout the only thing that's challenged and the
01:33:26
only thing that's holding it back is regulatory challenges regulatory roadblocks and if those get removed
01:33:33
through emergency action I I view this to be more of a national security threat frankly than the Border I think we need
01:33:39
to get energy increased in this country in an accelerated way for the United States to even be in a position to be
01:33:46
able to challenge China with respect to manufacturing and AI in the decades ahead and the United States needs to
01:33:53
consider this an emergency emergency declarations may be needed to drop the regulatory road blocks that are keeping
01:33:59
the proliferation of electricity production in the United States at Bay I think it's time for that sort of action
01:34:06
so I think that's the only thing that's getting in the way so we have the tech we have the physics we have the will we
01:34:12
have the talent we have a blocker and the blocker is regulation and that regulatory blocker needs to have
01:34:19
leadership in government to remove it am I summarizing correctly here that's right and look you
01:34:25
have an energy Zar that I think is very aligned with that intention in in Doug beram obviously we have this big AI arms
01:34:32
race that's underway we have an Automation and Manufacturing demand which will massively increase energy
01:34:37
demand in this country and we have I think a deregulatory Administration the the
01:34:43
stars are aligned and I think that this is a moment where this could happen sh or Thomas what's the downside to
01:34:51
removing the regulation and going for it and building this extra capacity can can
01:34:56
we Define any possible downside yeah the downside is the the amount of time it takes to adequately build these things
01:35:04
properly the thing that China has had as it's as Thomas's chart shows is Decades
01:35:09
of practice in building things safely and quickly we can build things but we haven't had the practice to build them
01:35:16
either safely or quickly because we haven't built any so that's a complicated thing to just that's a valid
01:35:22
concern if there is any resistance resistance to this Thomas what would be on the top of
01:35:29
that list just theoretically how could anybody want to block this what would be the
01:35:34
resistance one other element guys I think you know that we are blocking the ability of China to get access to the
01:35:40
latest gpus right and the whole point is we don't want them to use to develop systems that could be used against us
01:35:47
but if China if one day China had 10xr power capacity it won't even matter right because they'll just have so many
01:35:54
more whether they're not quite the same Advanced gpus or not they'll just have so many more of them their industrial AI
01:36:01
capacity will be so much larger that even if we have the best h100s and the latest technology that Jensen and others
01:36:08
can provide it won't matter so in order to make our strategy effective we need to be able to to build this power
01:36:16
base I think it's a very astute Point hey um chth I don't know if you've been watching Netflix but I am a shareholder
01:36:25
and I am delighted I don't know what's going on over there but they seem to getting be getting their subs right and
01:36:30
that disra of a fight seems to have somehow driven the stock price up and there's some strategy that's working
01:36:36
over there maybe you could just um Riff on it for a moment I have the opposite take
01:36:43
okay yeah I mean it's obviously a very good company I think it's been incredibly
01:36:50
performant but I think it has like a little bit of a dark commentary on American society and productivity so
01:36:59
I asked Nick to just put up these three charts I'll show you the first one so this is the Netflix stock price from
01:37:06
2010 to 2020 and it's only gotten up since 20124 okay okay the only reason I did it at 2020
01:37:14
was because the the other data I went to the CDC and I said well show me the percentage of people Americans taking
01:37:20
ssris over that same period for depression depression anxiety Etc and what you see that it's also gone up and
01:37:28
then the last chart I went to the US Bureau of Labor Statistics and I said what has happened to the labor
01:37:33
participation rate over the same period so I'm not blaming Netflix but I think that this is a bit of a commentary
01:37:41
on sort of what's happening in society it's a little bit of a leading indicator where as the company does
01:37:51
better and better the reality is that that company wins by being a sync for people's time it's where you go to
01:37:59
Netflix and chill it's a phrase that that we all understand but the the the dark underbelly of it is that there's
01:38:06
just a lot of people that are a little bit more dejected there's a lot of people that just opt out and and just
01:38:12
don't decide to work I think you could graph the fertility rate and it's gone down ratably as well so it's it's all of
01:38:20
this soup that is about people living in a life that that unfortunately just doesn't
01:38:28
exist so I mean it's a well-run business and I wish them all the best at some level but at some other level I think
01:38:34
it's a commentary that as this company does better and better there are more and more people that are that are living
01:38:40
a shell of what their life could be so cause and correlation uh aside obviously correlated these is not causal you know
01:38:48
yes Netflix is not causing depression but it's just a it's just a thing and there's other things that obviously you
01:38:54
can put on this plate sure but that was my reaction is I I just think that the more time
01:39:02
people are sort of detaching and and plugging out the more that you're going to see
01:39:10
these companies that provide ways of distracting yourself do well I'm not sure that Society benefits what do you
01:39:17
think Thomas opio for the masses or just the golden error of television what I'm curious chath is you
01:39:23
know how much of it is a substitutive effect right away from kind of traditional
01:39:30
media right I mean I've kind of looked at it different ways that at least the way it's measured you know time spent
01:39:37
watching television has not really increased over 20 years to me it's more a reflection of I
01:39:45
could overlay the stock chart of you know Fox and Comcast and you know CBS and just have all of those have imploded
01:39:53
I think people have been kind of substituting right away I I think the the question then that you have to ask
01:40:00
is is there a reason that maybe the Netflix product is fundamentally more unsafe or detrimental to someone's
01:40:05
Health than the prior broadcast well you know the one thing that I would say is and this is not a Netflix commentary but
01:40:13
a general commentary which is online products versus linear products have the power and the benefit of this
01:40:21
algorithmic targeting and personalization and I think that what Netflix has successfully figured out and
01:40:27
a bunch of other products have successfully figured out is that you can hypertune to what people think they
01:40:34
want but what people think they want is not necessarily what they need I think when you had linear television you kind
01:40:41
of had to take what was given you didn't love cheers but you watched cheers you didn't love saying elsewhere but you
01:40:48
watched it now it's that you can go into a place where the thing really feeds you and it gives you a very
01:40:56
visceral feedback loop and you can stay there binge watching something for an entire weekend and what didn't I think
01:41:03
the question is what didn't you do yes necessarily didn't work out necessarily didn't eat well didn't spend time with
01:41:11
friends and by the way I'm not saying that I don't do it I've done it as well like our group chat one of the
01:41:16
interesting things when Jason like he he's very good about television and stuff he says this series is amazing our
01:41:22
other friend Goldberg does the same thing it's hard for me to not start to start it and then not end it it's
01:41:29
addicting yeah but I have to really check myself because then for those two days I'll be tempted to not leave my
01:41:37
bedroom my my kids are like where's my father and so I I I think it's it happens to all of us yeah it's just a
01:41:44
thing that again I'm not trying to pick on Netflix I'm just trying to say societally I think we want people that
01:41:50
are vigorous and engaged in the real world and you know there needs to be a balance
01:41:57
yeah I uh wholeheartedly agree and I think you have to schedule these things you have to make it a permanent part of
01:42:03
your life playing poker on a certain night of the week doing certain things on the weekend with your kids having
01:42:08
certain rituals you know the the the real damage to our kids is not that the screens are damaging them it's that it's
01:42:14
replacing time I think which you you were alluding to there Thomas this this anxious generation as Jonathan hate and
01:42:20
we we had a great interview with him myself and B in the Allin interview series that is what's happening kids are
01:42:27
substituting whether it's Tik Tok or Netflix or YouTube time for time with their friends time doing physical
01:42:34
activities so you really just have to limit the screen time so that those other things in the boredom can emerge
01:42:39
and we will be having a talk in the coming years about dopamine it is something that these
01:42:47
algorithms have gotten really good at doing which is firing your dopamine every time you swipe that Tik Tok every
01:42:53
time you get to the Cliffhanger in a series or you know Mr Beast video not singling anybody out he's just a master
01:42:59
of it as well they're just all really good at giving you that hook that amazing moment uh and music musicians
01:43:06
are doing this now too with the hooks and then the hooks go on Tik Tock the dopamine addiction when you get burnt
01:43:11
out late at night getting those dopamine hits the next day you feel depressed then you go to a doctor and the doctor
01:43:18
said oh you have uh you know depression so here's your Wellbutrin or here's what
01:43:21
whatever the I don't know what the the the the things are of the moment I'll just tell you what I focus on and what I
01:43:28
focus on with my family sleep hygiene diet exercise meditation do these four things and you
01:43:37
will reverse these Trends you don't need it and listen I don't want to tell you what to do medication's hard for kids
01:43:42
but I get the first three you know what try it get the and listen I'm not talking about book here app it has for
01:43:50
kids when I was growing up I grew up bud my father would make us sit there at 9:00 every night and my sisters and I
01:43:59
would have to say this Buddhist prayer and then he would make us close our eyes for 15 minutes and he said meditate and
01:44:05
I was like I don't know what meditation is but I was forced to just keep my eyes
01:44:08
shut and I would just Daydream but I I suspect that there was like some reasonably grounding value in that so I
01:44:15
get what you're saying I just have such a negative connotation from it I've never been able to come back to it
01:44:20
because of that experience but I would just Daydream and by the way what I dreamed of was getting out of that house
01:44:25
I was like I got to be you got a vision Vision came to you I I got to manifest some success here because this sucks Hey
01:44:31
Thomas thanks for coming on the show great first appearance here as zesti would' love to have you back unless the
01:44:37
king returns at some point you're the best you should come back and you should also come back to the all in Summit come
01:44:45
back for both and I know we still have some some great topics like hotan and others that I want to get to someday so
01:44:52
well that's actually when you come back which we will do at some point in the next few months I would love for us to
01:44:56
double click into hwk T so what for folks that are listening wait what we were going back and forth Hawken is the
01:45:02
CEO of broadcom and the reason when he when Thomas brought this up hey guys let's double click into
01:45:09
broadcom and the CEO the reason why I was excited is that it is the only trillion dollar company that nobody
01:45:16
talks about everybody knows Nvidia everybody knows Amazon meta but broadcom is a 1 one two trillion doll business
01:45:25
and it started basically through a whole series of rollups anyways we'll double click into this with you because I think
01:45:31
it's this is not the broadcom we're all thinking of from the Telecom era is it it is yeah Henry Samui yeah
01:45:39
correct I will leave you guys with a with a teaser to tease the next episode when we
01:45:45
talk about it and I'll tell you the story that when Hawk bought broadcom jcal to your point broadcom is the priv
01:45:53
of Orange County founded by Henry Nicholas and Henry Samui kind of Legends and semiconductors a legendary name so
01:45:59
it meant a lot to them that the combined company aago was buying broadcom keep the name broadcom and so Hawk being who
01:46:07
he is you know got a little bit of a price discount to name the company broadcom to him that was a great deal
01:46:12
that's who Hawk is he's a great businessman but what is the ticker of this particular company avgo and so I
01:46:19
said hawk why is the ticker still avgo and you know what he said to me turn to me said Thomas they forgot to negotiate
01:46:26
for the ticker oh never forget the ticker interesting I mean when when he started it was what
01:46:34
was the market capup 3.5 billion chath it was an Not only was it an orphan because it was it was a spin out of HP
01:46:43
it was a spin out of a spin out of HP it was a double orphan 300X look at this yeah is Last 5 Years the market Cap's
01:46:55
grown by 8X nvidia's grown by 20x but you know Intel over the last five years is what down
01:47:03
70% so you know I think there's a big Divergence Thomas do you think this is a function
01:47:09
of well I don't know if it's directionally investing in the right things or is it about like making
01:47:15
long-term Investments and thinking down the road I mean obvious the compounding Advantage he's an m&a Master this this
01:47:21
is less about there was a product that won and more of a portfolio approach and portfolio construction but did he buy
01:47:27
did he buy well ahead of the the curve did he buy Over the Horizon Thomas like that where Intel really missed I think
01:47:34
Intel really missed it's a complete abdication of corporate governance at the board level and the co level hey
01:47:41
guys breaking news story coming across my feet I don't know if you can pull this up Nick but there's a video
01:47:45
trending on the internet apparently an executive order has just gone across the president's desk and it was delivered by
01:47:52
none other than a gentlem David Sachs I now there's a name I haven't heard in a long time EO we're going to be forming a
01:48:00
internal working group to make uh crypto to make America the world capital and crypto under your
01:48:05
leadership which is really going up right absolutely here we go whoa look at this what he's using a Sharpie there to
01:48:18
sign these executive orders oh sax gets to keep the pen there it is an executive
01:48:24
order I love how he holds them up it's so great I wonder if s gets to keep that they might not be excited but we're
01:48:30
going to make a lot of money for the country thank you sir and so is David oh you're reaction
01:48:40
jaman I think this is great so we're going to make crypto great again I'll be a little bit more
01:48:46
specific so I think that there are a handful of ideas that if we can Implement them
01:48:51
correctly are really revolutionary I think that it's good to have a stockpile of crypto I have less
01:48:59
of an opinion on that I think a set of stable coin rails that makes payments instantaneous and
01:49:09
Costless is an enormous acceleration to GDP it would cut fraud and I think that David's going to
01:49:19
go and figure that out and he's you're talking about stable coins specifically stable coins I mean I I talked about
01:49:24
this at the beginning of the year as my sort of one of my predictions but I do think that the United States stable coin
01:49:31
rails will be hugely disruptive and value added he's going to have help from the head of the SEC and the head of
01:49:38
Treasury to do it I just think it's great I think saaks is already off to a a hugely fast start the entire country
01:49:45
knows that we need to win the AI race the the numbers are the numbers you put up a chart like that Thomas
01:49:53
there's only one way for us to win and that's to build more nuclear power plants and so I think he's just got to
01:49:59
hammer this through and let's see who tries to stop it I don't know if AOC or Elizabeth Warren Pocahontas Bernie
01:50:05
Sanders who wants to jump in front of this Trump train right now but I think you get slaughtered if only there was
01:50:11
somebody who could comment on this executive order that's what I need you know chamath if I had the bat phone if I
01:50:17
could call somebody who call phone a friend who would you call I don't know you know I had my Saxy poo was always on
01:50:24
speed dial we used to hang in between we'd have these great battles here on the Pod then we go play chess together
01:50:30
we go have some drinks at the battery but you know that was a different era and you know I don't got my boy anymore
01:50:37
he's busy oh do we got right everybody thanks for tuning in to the Allin podcast I'm your host Jason calanis we
01:50:44
will see you next time bye sorry what there he is there he is he's back back to reclaim his seat it's yours home we
01:50:55
miss you buddy you look so handsome going to cry 61 days not my bestie we miss you were you just in the Oval
01:51:03
Office I was just in the Oval Office first time in the Oval Office let me ask you a
01:51:09
question was that your first time in the oval well technically it was my second but how was it sucks how's it been so
01:51:17
far it's pretty incredible yeah it's really been pretty incredible well tell us what are The Vibes and what's it like
01:51:24
to go in to the Oval Office and to have that executive order sign TI us tell us what the moment was like and then tell
01:51:33
us what's in the executive order well we actually we did three executive orders today so we did one on crypto one on AI
01:51:40
and then one on pcast which is the president's Council of advisers for Science and Technology the one on crypto
01:51:46
I guess we can start there the main thing it does is it forms an internal working group with the goal of making
01:51:53
the US the world leader in crypto so it's not one specific action it's basically authorizing and creating a
01:52:00
working group with the goal of achieving that objective right and the members of
01:52:06
this working group are going to be there's me there's the head of the SEC the Secretary of the Treasury and all
01:52:12
the agencies and departments that have an interest in crypto so we formed this working group I'm actually chairing it
01:52:18
or I will be and again the goal here is to to identify and make recommendations that the Departments
01:52:28
would then take back and they could execute and just again with the goal of making America the world capital of
01:52:34
cryptos the president of set of Davos today and then the other two sex yeah so that's crypto next one's AI so the the
01:52:41
number one thing that that EO does is resend the the Biden EO which we talked about on this podcast I don't know how
01:52:47
many episodes ago but remember it was this 100 page monstrosity of burns some regulation and the president had
01:52:55
promised on the campaign Trail to repeal that and he did so it got rescinded actually there was a master EO on Monday
01:53:03
that contained dozens of Biden era EOS that got M rescinded this one provided a little B more detail on it basically
01:53:10
said that that EO was UN necessarily burdensome it said that we want to be the world leader in AI in fact it uses
01:53:18
the word dominate you want we want to basically have Global dominance in AI and similar to what we're doing on the
01:53:24
crypto side it directs the creation of a AI action plan and that study will be led by three people the National
01:53:32
Security adviser who is Mike Waltz the director of the office of Science and Technology policy who will be Michael
01:53:40
ctios as soon as he Senate confirmed and then the third person is me so the three
01:53:43
of us are going to work together on this AI action plan and the idea is to figure
01:53:47
out what is it that the industry actually needs to make us number one globally in AI
01:53:52
so it's putting a little bit more substance behind like what this what this R ro means and the last one is to
01:53:59
build a science Council I don't know if everybody's familiar with that so maybe you could just describe what that is
01:54:04
generally for the audience well pcast has been around for a long time I mean I think it's you know been around for
01:54:10
decades and the the goal of pcast is to assemble a group of top Science and Technology Minds to provide the
01:54:16
president with advice so this was already announced but basically me and Michael ctios who I
01:54:23
mentioned before is g to be the director of ostp we're going to be co-chairing that and this is an EO that provides the
01:54:29
authorizing language to set that up and then it provides some direction around what pcast is going to do I think some
01:54:35
of the language that freeberg may like is just it talks about the the need to return to kind of truth-telling in
01:54:43
science and kind of getting away from from woke science the AI order discusses this as well we don't want AI models to
01:54:50
be ideologically biased an agenda I don't know if it uses the word woke AI but that's basically what it's talking
01:54:56
about we want AI models to be as politically unbiased as possible well if you need a recommendation for somebody
01:55:01
for the council I know somebody who is extremely well versed on science he's got a broad array of science knowledge
01:55:08
here here yeah I have an idea then we could have two besties in the in and around the White House hey well you know
01:55:15
thanks for including us in in so many aspects of the weekend and the audience really wants to know what are the chance
01:55:22
an we we get uh Sachs back on the Pod now and again in 2025 um and we do appreciate the sacrifice you're making
01:55:31
we're doing it right now but the audience uh is you know not going to just accept this little drop in here
01:55:36
they want to know what's the long-term plan for David Sachs in the Pod and what's happened like with media overall
01:55:42
in the administration now that confirmation hearings are underway Sachs and closing out does that mean folks are
01:55:47
going to be able to get back on social and things that they were kind of restricted by over the last couple of
01:55:53
weeks sure but I I think that you know if you're working for the White House there kind of needs to be a reason for
01:55:59
you to be out there because you don't want to be making news that you're not supposed to so in the case here today
01:56:05
the president signed these executive orders on crypto and Ai and they want me explaining them so
01:56:12
it makes sense for me to go out there I've got a appearance on Fox Business in about an hour to talk about the EOS as
01:56:19
well so that might come out before this pod comes out but you guys are the first
01:56:23
ones I'm actually talking to but so there's a reason for me to come out and do it and I think that there probably
01:56:30
will need to be a good reason for me to come on the Pod but I'm going to try and
01:56:33
come on the Pod every chance I get all right well this is our appeal to djt to let you come on and just chew the fat
01:56:41
and and and maybe there's some upside to it for him do you miss being on the Pod
01:56:44
sex oh yeah sure of course we miss you so much look I'll be back back don't worry
01:56:53
some point are you a little emotional right now SX what are your favorite memories from the inauguration weekend
01:57:02
well the inauguration ceremony itself was really pretty spectacular you were there in the capital jamat yeah it's
01:57:09
funny Jack and I kind of took our seats and there were aunda like kind of in the
01:57:12
back in the peanut gallery and I thought that's where I was going to be sitting and then somebody comes up to me and
01:57:17
says uh Mr saxs we have a seat for you up up front and so they put me on the you were with the big boys yeah it was
01:57:24
like the Secretary of State the Secretary of Treasury and then me you know and then we were just we were
01:57:29
behind the the Trump family you may not have seen me because those Trump kids are pretty tall but um that whole family
01:57:36
is very tall so I kind of disappeared a little bit but in any event they put me on the deas which was really pretty
01:57:42
crazy I wasn't wow I didn't realize that yeah it was a huge honor there was a shot where David and Jacqueline were in
01:57:49
the front they looked amazing and they were kind of looking around H for where to sit and I was like this can't be
01:57:56
right because there he must have had like a name so it's good that it all got sorted out but what was the vantage
01:58:01
point from your side basically you're looking out yeah I mean I was looking out and you know I could see the faces
01:58:08
of the Democrats as the president came out you know President Biden and KLA Harris they didn't look too happy no I I
01:58:16
wish they had a fixed camera on them the whole time I wanted to see their reaction shot side I've seen some of the
01:58:21
reaction shots you know hey just just I mean that was really unique to have uh I
01:58:27
I mean I thought that that speech was really incredible because well first of all it was completely consistent with
01:58:33
everything the president had said during the campaign and so you really felt like he
01:58:40
he has a mandate here because this is everything he said during the campaign it remind me a lot of there's that
01:58:45
famous quote by by Abraham Lincoln that public sentiment is everything with it you can accomplish anything without it
01:58:51
you do anything and it really felt like that inauguration speech was full of substance but it was substance that the
01:58:58
president had delivered on the campaign Trail and so when he won this Victory where he only won the presidency he won
01:59:06
the popular vote he won seven out of seven swing states he won the house he won the Senate it really feels like he
01:59:12
has a mandate and I think he reiterated that mandate in his speech and then of course just the the cherry on top is
01:59:19
just that you know the losers just to sit there and and listen to it well kudos to them for coming out and keeping
01:59:26
the tradition yeah well yeah and when he's talking about the corrupt establishment that tried to put him in
01:59:32
prison through this law fair I mean he's talking about some of those people who were sitting behind him I just thought
01:59:37
it was remarkable a remarkable moment that was a crazy visual do you want to take us back sacks on how you because
01:59:42
you haven't talked about this publicly but how did you end up I guess getting the offer for the role deciding to take
01:59:48
the role anything you want to share anecdotally on on the the path to get here I don't know that there's that much
01:59:53
to report you know I was helping with the transition I got offered the the role and decided to do it so I mean look
02:00:00
it's not something I was expecting or planning as you guys know I didn't even know there was going to be such a role
02:00:05
but when they they decided to create it and they offered it to me and so I decided to do it you know just one thing
02:00:11
I should clarify just to make clear is there's still some things I can't do yet in the role because there's a whole
02:00:16
government ethics process that you have to go through and I'm in I'm in the midst of that process so we've signed
02:00:21
these it's given me certain responsibilities and authorized me to do certain things and
02:00:27
that process is going to begin as soon as I complete this um I guess you call it onboarding so just to be clear about
02:00:34
that there's things I can do there's things I can't do I can kind of be in listing mode I can't be necessarily
02:00:40
shaping policy yet so that's all going to be worked through over the next couple weeks all right sax I got to ask
02:00:46
first time in the oval what's going through your mind yeah great question my was on a swivel you
02:00:53
know one of those moments you're like you can't really believe that you're you're there it does feel a little bit
02:00:58
like you're on a movie set I mean it's so famous obviously to be in that it bigger in person or is it smaller in
02:01:03
person how what is it I thought it seemed about the right size I know that's that one of the things people say
02:01:08
about it is that it's smaller than you expect I didn't feel like it was smaller but it also didn't feel bigger it felt
02:01:13
felt like you know the Oval Office that you've always seen the other people who are in there who've been in there the
02:01:17
staffers who've been in there a 100 or a thousand times it's obviously it wears off and it's like just where they do
02:01:23
their work but yeah I've got to admit the first time you go in there you're pretty pretty a struck there was a post
02:01:29
that JD Vance now the vice president had where he actually do you guys see this Mike Johnson I saw the video Mike John
02:01:36
pretty crazy walking in and he's in shock because he had never been in there I guess you know I guess he became a
02:01:41
senator a few years ago and uh we've had a Democrat president so he never had and he said that he was honored and
02:01:49
humbled to be there I mean that's the way I felt as well those comments by the Vice President resonated with me I think
02:01:57
probably every American would feel this way the first time you're in the Oval Office it is pretty incredible you want
02:02:02
me to repeat the words that the president said about you there's nobody like this guy they said how did you get
02:02:09
David saaks how did you do that he's doing it for the country more than anything else we appreciate it David
02:02:15
thank you very much he's been he's been really nice to me it's really incredible
02:02:18
he's been just incredible to me and he he gave me the the pen from the from the signing uh which is pretty cool can we
02:02:26
see the pen can we see the pen the brand of the pen well it's not brand it basically it says the White House on one
02:02:31
side and it's got his signature on another and so look I wasn't expecting trophy Cas is it like a Sharpie what is
02:02:39
it is it a Sharpie it is it is a Sharpie you you you've seen him s sign right yeah so it's what you know I assume it's
02:02:46
what what he likes but so he gave me the pen which is pretty incredible have you
02:02:50
guys seen that there's all these ASMR vide videos of the president's signing where you can just hear
02:02:56
theen the pen on the paper it makes exactly there's like all these ASMR of that well freeberg wants to know
02:03:04
if you could assign his new Tesla he wants you to sign it with that pen he wants you to
02:03:09
autograph it so when you get back to the valley you can you can start doing autographs with that all around all
02:03:15
around no I think uh I think only the presents allowed to use this pen only the presents allowed to use okay well
02:03:20
put it in put it put it we're safe okay don't lose the pen you got to put it in a glass box or something and uh sax
02:03:26
there's thousands of commenters who are just begging for you to come back do you
02:03:30
have a message to your Legions of commenters well I I thank them and I'm back right now I know maybe it's not
02:03:39
enough but soak it in it would help if you guys could just do a better job on the Pod so they weren't complaining all
02:03:44
the time we do the best we can without you all right get back to work get back to work go come on this taxpayer you're
02:03:51
on the tax clock here go go back to work here and save America make America great
02:03:56
again listen we wish you great success we miss you greatly and uh we thank you for the service to the country we wish
02:04:03
you uh all all all the best as you go um handle two of the most important issues
02:04:09
for our country Ai and help advise our president on cryptocurrency as well love you suxy and
02:04:16
pcast yes of course NP as well boys love you very very much David love you hopefully see you on Tuesday yes Thomas
02:04:24
thanks for coming in and for the opp Thomas thank you very much you great podast you Thomas love you
02:04:33
boys let your winners ride Rainman and instead we open sourced it to the fans and they've just gone crazy
02:04:44
with it love you queen of [Music] besties are that's my dog taking driveway oh man
02:05:03
myit we should all just get a room and just have one big huge orgy cuz they're all useless it's like this like sexual
02:05:09
tension that they just need to release [Music] somehow be we need to get merch our
02:05:22
[Music] I'm going all in