00:00:00
freeberg had this great story there's a
00:00:01
machine there I've never seen this
00:00:03
machine in my life but he knew the
00:00:04
machine there's a ma Coca-Cola Freestyle
00:00:07
machine there's a machine that's right
00:00:10
by the Navy mess where we had lunch in
00:00:12
The Situation Room which dispenses
00:00:14
literally I've never seen this before
00:00:16
this is how out of touch you are this is
00:00:18
in every
00:00:20
7eleven theater McDonald's every movie
00:00:24
theater everywhere this is everywhere
00:00:26
you have not left I was blown away by
00:00:29
this machine all coca-colas all of the
00:00:34
gatoring let me ask you a question how
00:00:36
much is a dozen eggs $399 how much yeah
00:00:40
$399 he got it $399 that's right no
00:00:44
$3.99 $3.99 pretty CL depends it's
00:00:48
pretty much double that in the Bay Area
00:00:49
where Whole Foods but yeah it's half
00:00:50
that ask me how much milk is how much is
00:00:52
milk $8.99 to $1.99 depending on what
00:00:56
you buy how much is a sweater chamat my
00:00:58
sweater is $4,000
00:01:01
all right now we're back everybody we're
00:01:04
back let your winners
00:01:07
ride Rainman
00:01:11
David and instead we open source it to
00:01:13
the fans and they've just gone crazy
00:01:15
with
00:01:16
[Music]
00:01:19
it all right everybody welcome back to
00:01:22
the number one podcast in the world the
00:01:24
all in podcast with me again chamath
00:01:28
polya David fredberg
00:01:31
and look at this look at this live from
00:01:34
DC our bestie David Sachs is back he's
00:01:37
suited up in the administration and in
00:01:40
the fifth bestie seat for the second
00:01:43
time my longterm bestie cyan Bannister
00:01:47
hot on the trails of her new fund
00:01:49
getting announced congratulations on
00:01:50
that Sayan thank you thank you it's
00:01:53
excited to be back and I'm so EXC I did
00:01:54
not expect to see David so like I'm over
00:01:57
the moon I'm like so excited
00:02:00
well I just popped into reminisce about
00:02:02
this trip that jamath and freeberg just
00:02:06
did absolutely trip of a lifetime trip
00:02:09
of a life we had all the besties at the
00:02:11
White House it was really incredible oh
00:02:12
wait Jak was it
00:02:14
there actually it's interesting you say
00:02:16
that it's interesting I um I checked my
00:02:19
spam filters and my invite got stuck in
00:02:21
the spam filters but okay yeah it was a
00:02:24
little bit of a problem but I you know I
00:02:26
had ski week this week so I wouldn't
00:02:27
have been able to make it anyway but um
00:02:30
yeah you know I noticed there were some
00:02:31
other invites stuck in my um a couple of
00:02:34
other invites got stuck yeah my Jeopardy
00:02:37
invite I see that uh you guys are all
00:02:39
going to be in the next Jeopardy in the
00:02:40
second round my invite to Jeopardy
00:02:42
somehow got lost I have to talk to John
00:02:43
the CEO so that kind of that was kind of
00:02:46
a bummer also I uh also I missed my uh I
00:02:51
missed my invite to the Bridgerton uh
00:02:53
you got a cameo and Bridgerton there I
00:02:55
see Bri yeah guess I'm not going to be
00:02:57
on the Netflix show Bridgton I miss that
00:03:00
I think we're in a bit let's keep
00:03:03
going and uh looks like my white party
00:03:06
invite here with Diddy oh well we cut it
00:03:08
in oh God than God the white part oh
00:03:11
look ep's Island oh no I'm sorry that
00:03:13
was Reed Hoffman's invite that out you
00:03:16
bro H
00:03:18
yeah you're on a roll here keep
00:03:22
going all right all right let's get back
00:03:24
to it let's get back to it it was a
00:03:25
triumphant week for our besties there
00:03:27
were like uh little school girls G
00:03:30
on the group chat oh my God I'm in the
00:03:32
white house oh my god look I'm getting
00:03:33
closer to power what was it like Cham
00:03:37
your dream has come true you came here
00:03:40
to America from Canada you built all
00:03:43
this from nothing and you wound up at
00:03:45
the White House give it to me it was
00:03:47
probably the most intense three days
00:03:51
that we had Nat and I were there to see
00:03:54
the president but obviously we were
00:03:56
there to see saaks as well but there was
00:03:58
a bunch of other things that happened
00:03:59
happened myself freeberg new money Sunny
00:04:03
was
00:04:04
there our bestie Elon Musk obviously we
00:04:06
dropped in with him so to recap on
00:04:09
Sunday we got in it was just like
00:04:11
raining cats of dogs nothing to say
00:04:12
there then on Monday what happened was
00:04:15
we basically had some meetings in the
00:04:17
morning and then David said guys let me
00:04:19
just walk you around and just show you
00:04:21
where I were by the way we camped out in
00:04:23
Sax's office for three days which was
00:04:27
awesome so we we had the passes to be
00:04:30
at the westwing in the Eisenhower
00:04:32
Building that's Sax's office and so we
00:04:34
all kind of worked from there and then
00:04:36
we went and did our meetings from Sax's
00:04:38
office and Sax's incredible Chief of
00:04:41
Staff Tracy escorted us around anytime
00:04:43
we needed to go anywhere so then we we
00:04:46
started to walk through the West Wing we
00:04:47
dropped by look at Sax's office for a
00:04:49
second I love what you've done with the
00:04:51
place were you allowed to put up a piece
00:04:54
of art and look at that desktop rig I
00:04:57
think the most iconic part of the West
00:05:00
is the Portico where you see that those
00:05:02
very famous shots of all these very
00:05:04
important people in this case it's just
00:05:06
the four of us but you can see Nick
00:05:09
there's the shot of all of us well the
00:05:10
Portico connects the West Wing to the
00:05:13
president's residence Tracy Sax's Chief
00:05:16
of Staff escorted us from The West Wing
00:05:18
after we did an amazing tour of the West
00:05:19
Wing over to the residents I don't know
00:05:22
if we were really supposed to do it but
00:05:23
she she has full access so we were able
00:05:25
to kind of go on the walk and then we
00:05:27
took a walk around the residence all the
00:05:30
rooms but this is the entrance to the
00:05:31
West Wing right here so when you come in
00:05:33
for for meetings administrators so we
00:05:35
walk in Pam Bond's on our way out we we
00:05:37
got to meet Pam Bondi I mean it really
00:05:39
is amazing like members of the cabinet
00:05:41
are coming in and out of this door
00:05:43
members at work in the West Wing are
00:05:44
coming or leaders yeah and then we saw
00:05:46
like leaders coming in one of the most
00:05:48
iconic things we were allowed to do was
00:05:50
see The Press Room by the way the people
00:05:53
that work and we'll get to it in a
00:05:54
second because we met some incredible
00:05:56
people that work in the white house but
00:05:57
some of the folks that don't necess
00:05:59
neily get a lot of flowers like folks
00:06:01
that work in like the upper press room
00:06:03
and the lower Press Room some of the
00:06:05
kindest people and what they did was
00:06:07
they're like oh guys why don't you come
00:06:08
and see where they do the presidential
00:06:10
briefings and the one thing about the
00:06:12
White House is everything is just like
00:06:14
in a nook and cranny away so this is
00:06:17
where obviously you see the presidential
00:06:18
seal isn't there because the president
00:06:20
is not there but we were able to do that
00:06:22
we met some really The Press Room here
00:06:24
this is the actual Press Room this is
00:06:26
the way it was just like a little door
00:06:28
it's so small it's a door off the side
00:06:30
this the whole West Wing is like
00:06:32
disarmingly small you can walk for 15
00:06:36
seconds between the Oval Office and
00:06:37
pretty much everywhere else in the west
00:06:39
wing it really is a very tight and
00:06:41
elon's got an office in there that we
00:06:43
got to kind of drop in and say hi the
00:06:45
president obviously chth went over to
00:06:47
the oval then there's the situation room
00:06:50
I mean everything is within a couple of
00:06:51
steps of everything and it really is
00:06:54
you're in these kind of historic moments
00:06:57
as you walk through this you just feel
00:06:59
the of everything that you've heard
00:07:00
about and seen and all the history and
00:07:03
Legacy to every everything and it's just
00:07:05
all right there compact in one space
00:07:08
you're just overwhelmed it really was
00:07:10
overwhelming for me emotionally it was
00:07:11
overwhelming intellectually you just
00:07:13
kind of walk around and you know it's
00:07:16
just you're you're part of it and it was
00:07:18
so I was telling shamat it was so
00:07:20
emotional for me at the end of the day
00:07:21
to just be like man like you come to
00:07:23
this country come to
00:07:25
America you know from wherever you came
00:07:28
from and anyone can find their way into
00:07:31
this historic space that's the beauty of
00:07:33
this country and I it never really hit
00:07:36
me until we were in this moment so let
00:07:39
me show you I kind of really got it me
00:07:40
some really incredible people Nick you
00:07:42
can find a picture of myself and
00:07:44
freeberg and sunny and saaks we're with
00:07:46
Taylor
00:07:47
budt who's David David he's a deputy
00:07:50
chief of staff Deputy Chief of Staff for
00:07:52
communications and the White House his
00:07:54
office is is well placed because through
00:07:56
that window behind us is the gaggle
00:07:59
there's this lawn out on the the White
00:08:02
House called Pebble Beach and all the
00:08:04
networks have tents there and they'll do
00:08:06
recordings with White House officials
00:08:08
and the White House will be in the
00:08:09
background it's not like a green screen
00:08:11
or an LED it's the actual White House
00:08:12
will be in the background that's why
00:08:13
it's all set up there and it's called
00:08:15
Pebble Beach and then there's an area I
00:08:18
think they call it like the sticks which
00:08:19
is basically just like a paved area
00:08:22
where White House officials can go out
00:08:24
there and they get swarmed by all the
00:08:26
media asking him questions that's called
00:08:27
the gagle so he can keep an eye on
00:08:29
everything that's happening with the
00:08:31
media through that window in his office
00:08:33
is that where Marine One lands and you
00:08:35
see everybody yelling at the president
00:08:37
and trying to like talk the cops or
00:08:39
that's on the other side that's on the
00:08:40
other side it's on the other side but a
00:08:42
lot of those reporters will just move
00:08:43
over there when they have theity to do
00:08:45
that but like when you see when you see
00:08:46
Caroline levit who's the White House
00:08:48
Press Secretary or Steven Miller who's
00:08:49
the yeah Deputy Chief of Staff for
00:08:50
policy they'll come out and all of a
00:08:52
sudden they're speaking in a microphone
00:08:53
it'll seem impromptu there'll be a lot
00:08:55
of reporters that's usually the the
00:08:57
sticks or and that's the the White House
00:08:59
Gaggle we saw Elon obviously Nick you
00:09:01
can just show the picture of all of us
00:09:02
with Elon and the incredible thing is
00:09:06
here you
00:09:08
have the most incredible entrepreneur of
00:09:11
our
00:09:12
lifetime dealing with so many
00:09:14
complicated issues and I'll tell you
00:09:16
Elon Works in one of the smallest
00:09:18
offices I've ever seen all he has is a
00:09:21
desk with an enormous screen and his
00:09:23
phone and you can see that there is
00:09:27
nothing that matters except the task
00:09:29
hand and that's really
00:09:31
inspiring like it it just puts everybody
00:09:33
on the same level you feel this energy
00:09:36
that all of these guys are doing
00:09:37
incredible work on behalf of the country
00:09:39
to a one where there's no ego about some
00:09:42
of these things meaning what is the
00:09:44
office size what is this what is that
00:09:45
they're just here to grind and I don't
00:09:48
think I've ever seen a work force more
00:09:50
happy like you get there and the energy
00:09:53
and the intensity it's very much like
00:09:55
the TV show westwing there's just this
00:09:57
constant momentum every day live a whole
00:10:00
lifetime and everyone is just like
00:10:03
energized and you like I was talking to
00:10:06
Sax's chief of staff and she's like
00:10:08
there you just never calm down like you
00:10:10
never you're never like there's never a
00:10:12
dull moment here and that's why everyone
00:10:15
kind of has this grin on their face
00:10:16
they're just so happy to be doing this
00:10:18
work the intensity I'm I'm going to
00:10:20
describe to you a 45 minute or
00:10:26
so experience in the oval so the next
00:10:30
day myself and Nat and Sak go to see pus
00:10:37
in the oval and there's this incredible
00:10:41
meeting room and you're kind of you wait
00:10:44
there right the waiting room it's quite
00:10:46
large it's very beautiful you know
00:10:47
beautiful sofas
00:10:49
Etc and
00:10:51
then they say oh the president's ready
00:10:53
to see you and you get escorted into the
00:10:56
oval and the one thing that strike that
00:10:58
struck me about the oval is it's also
00:11:00
much smaller than what you would think
00:11:02
like it's a very good size and it's a
00:11:03
very natural
00:11:04
size but it's beautiful and it's
00:11:07
inspiring and our experience was Nat was
00:11:10
in the front I'm in the middle and then
00:11:12
David's beside me and as we were walking
00:11:16
through you could hear that there was
00:11:17
this like very important conversation
00:11:19
happening
00:11:20
between and somebody else who I won't
00:11:22
say about something that I won't say but
00:11:24
this was really important and we walk
00:11:26
through the oval and we walk through the
00:11:28
back and we go into to his private
00:11:30
dining room and that has all this
00:11:33
incredible memorabilia sticking around
00:11:34
Nick maybe you can show the picture of
00:11:37
meat and the president so we had this
00:11:39
conversation and in the middle of the
00:11:41
conversation we had a chance to watch
00:11:43
some Fox News together because the
00:11:45
Dragon capsule was landing and I texted
00:11:48
Elon I said hey we're in the oval do you
00:11:50
want to come drop in he text back can't
00:11:52
Dragon capsule Landing I'm like yeah I
00:11:53
know we're watching it right now so Nat
00:11:56
myself pus
00:11:59
saaks we're watching this thing kind of
00:12:01
unfold anyways then we we have our
00:12:03
meeting at ends and we walk out into
00:12:07
sort of like this area where Taylor's
00:12:10
office is like where that picture was
00:12:12
and we continue to just randomly sit
00:12:15
there watching and this is what you mean
00:12:16
freeberg Marco Rubio comes by and so now
00:12:19
we're just standing around there's Marco
00:12:21
Rubio you were talking about the the
00:12:23
landing and then out of the left hand
00:12:27
side Shake tanon comes in because he's
00:12:30
there to say hi to the president then he
00:12:31
comes in obviously says hi to Marco
00:12:34
Rubio says hi to me we talk for a few
00:12:35
minutes he leaves so the intensity of
00:12:38
the people just within two steps of each
00:12:41
other you you saw the CIA director walk
00:12:43
in and
00:12:44
out it's just an it's an
00:12:47
incredibly mesmerizing place where
00:12:49
irrespective I think of your political
00:12:51
ideology the minute that you're there I
00:12:54
think it's hard to not be anything but
00:12:55
Team America I think it's impossible
00:12:58
actually and
00:13:00
it's really inspiring and by the way
00:13:03
coming home I feel like I'm crashing
00:13:06
meaning like there's such a level of
00:13:08
adrenaline and dopamine and you know we
00:13:10
are like these observers so I can only
00:13:14
imagine saxs what it feels like for you
00:13:15
when you're not in that environment it's
00:13:18
it's a really intoxicating mesmerizing
00:13:21
place I think that's well said jth and
00:13:23
every day there's something new you know
00:13:24
every day you discover something new one
00:13:27
day it's the the Navy where you didn't
00:13:30
mention that but we got a chance cut
00:13:32
over to that
00:13:33
Nick yeah we had lunch there it was
00:13:35
incredible did you get a photo of the
00:13:36
burgers I did I sent make a a photo of
00:13:39
the burger I got the vegg burger famous
00:13:41
right it's got the seal on the top yeah
00:13:43
it's got the seal they must use some
00:13:44
sort of gr tool
00:13:46
to burn the seal the president of the
00:13:48
United States onto the burgers think a
00:13:51
nice touch by the way you want to know
00:13:53
something they didn't do it on the
00:13:53
veggie
00:13:54
burger what does that sending they're
00:13:57
sending you a message
00:13:59
a message yeah by the way what's
00:14:01
incredible about like the the narrowness
00:14:03
and the smallness there's just a door
00:14:05
that does not look all that assuming
00:14:07
it's very unassuming and there's just a
00:14:09
small sign that says Situation
00:14:13
Room there's a little Corridor off of
00:14:16
the the westwing lobby which by the way
00:14:19
like you said if you're hanging out in
00:14:20
the westwing lobby you're going to run
00:14:21
into all sorts of interesting people but
00:14:23
you go down this little passageway it's
00:14:25
so small the the header of the door is
00:14:27
so small that SRI you know does AI
00:14:29
policy he's 66 he almost concussed
00:14:32
himself once because he hit his head at
00:14:34
the top of the door I think the door
00:14:36
frame is about 6 62 is the clearance
00:14:39
maybe it was made over a hundred years
00:14:41
ago he he literally has to duck his head
00:14:43
every time he walks by but any event if
00:14:45
you walk to the end of that passageway
00:14:47
there's a little kiosk to get a coffee
00:14:50
or you turn the other way and you're in
00:14:51
the situation room I mean be you could
00:14:54
be whacking a terrorist from 4,000 miles
00:14:57
away or you can get a mocha
00:15:00
you could do both why choose Sayan you
00:15:02
have a question what do you you're
00:15:03
taking all this in uh yeah I I want to
00:15:05
know from David what his favorite piece
00:15:07
of art is there and whether or not David
00:15:09
and shth saw the Declaration of
00:15:12
Independence yeah actually yeah well go
00:15:14
ahead we yeah we saw it I mean so this
00:15:18
is the problem say I I feel like I want
00:15:20
to redo that moment I mean David gets to
00:15:23
do it every day but I want to redo it 50
00:15:26
times because we didn't necessarily stop
00:15:28
there he has to open and close the
00:15:29
curtains because they want to keep the
00:15:31
sun off the Declaration of Independence
00:15:33
probably a good idea I didn't think to
00:15:35
like oh sir can we just stop it's just
00:15:37
such a whirlwind that I want to
00:15:40
redo I think you'll get a chance to I
00:15:43
think you
00:15:44
will well when I run and I'm president
00:15:46
because I'm the only one here who can I
00:15:48
will definitely
00:15:50
youan oh wait Sayan you're an American
00:15:52
yeah yeah you're you're way to dial up
00:15:54
the misogyny good good for you yeah well
00:15:56
no I was talking about the the besties
00:15:58
here I forgot for a second um she best
00:16:00
all right listen amazing I was wondering
00:16:01
about the choice of the double breasted
00:16:03
shamat this is a strong strong Choice
00:16:05
here to go double breast it to the White
00:16:07
House take me through the thinking so
00:16:09
first of all big shout out to uh Luca
00:16:12
rubinacci my Taylor I did double breast
00:16:14
it on Monday and Wednesday whoa two in
00:16:17
this you so you quadded it in one week
00:16:20
but then I I went I went single breasted
00:16:23
to see I did notice that yeah it's a
00:16:24
little gratuitous to go triple double
00:16:26
yeah you don't want to triple double no
00:16:27
by the way so we're we're hanging the
00:16:29
White House and we got the random it was
00:16:31
like 1:00 in the afternoon chth on
00:16:33
Monday when they said hey would you guys
00:16:36
like to sit down with Secretary of the
00:16:38
Treasury Scott bessent and so then
00:16:40
special bonus episode they're like at
00:16:42
5:30 today and we had a dinner at 7 7:30
00:16:45
so it was pretty tight but we were like
00:16:47
yes that sounds good so then we got to
00:16:50
go over to treasury later in the
00:16:51
afternoon we had a camera guy com and
00:16:53
set up so yeah here's this this this
00:16:56
beautiful room in treasury I forgot the
00:16:57
name of the room
00:17:00
yes it was like the something chase room
00:17:02
I think we got to find this beautiful
00:17:04
room so we set up the interviews on
00:17:07
YouTube obviously on X and on the Main
00:17:09
feed it's on the Main and on the Main
00:17:10
feed and then we got a call after we did
00:17:15
the best in interview and and it you
00:17:16
know I think folks that were there from
00:17:18
press that that were that was great
00:17:21
Howard lutnick who chth was going to be
00:17:23
doing a meeting with on Wednesday
00:17:25
morning right before we were flying home
00:17:27
said what if I come in early before our
00:17:28
meeting jth and we do a sit down so we
00:17:31
said let do it so then we got to go to
00:17:33
the White House Press Auditorium they
00:17:36
have a special Auditorium just outside
00:17:38
the west wing and you guys will
00:17:39
recognize the stage obviously from many
00:17:41
Biden press interviews here's the the
00:17:44
stage and so then we did this interview
00:17:46
with letnik and my God this is going to
00:17:48
be a barn burner of an interview when it
00:17:49
comes out I ran into him after he had
00:17:51
done this interview and he was he was
00:17:53
excited about it sounds like you guys
00:17:55
were on fire he was on fire sacks I mean
00:17:57
this guy I think it's going there's
00:17:59
going to be so many Clips out of this
00:18:00
interview it was incredible it was like
00:18:02
over an hour and a half wow and he just
00:18:04
kept going and going he yeah after there
00:18:06
afterwards we went to his building by
00:18:07
the way you know that he's a secretary
00:18:09
of Commerce Howard's office is the war
00:18:10
department office the old war department
00:18:12
office so we jumped in his car and we
00:18:15
went to his office it is the most
00:18:17
beautiful I I this is again I didn't
00:18:19
think to stop and take photos I should
00:18:21
have t taken more photos but his office
00:18:24
is outrageously beautiful Sak I don't
00:18:27
know if you've been over there yeah I
00:18:28
have yeah I
00:18:30
let me let me just say one thing I want
00:18:32
to say that politics and policy aside
00:18:36
these individuals from the White House
00:18:38
Deputy Chief of Staff to these members
00:18:41
of the cabinet to all the staff that
00:18:43
work in the West Wing were incredibly
00:18:45
open and transparent there were no press
00:18:46
people intervening or involved it was
00:18:49
very random very ad hoc that we got to
00:18:51
have these sit down conversations and
00:18:52
they were just so open and I just want
00:18:54
to say like that was really refreshing
00:18:56
and really incredible and and I feel
00:18:58
really privileged had the opportunity to
00:18:59
kind of sit through this but you know I
00:19:02
I was not expecting this on this trip at
00:19:03
all I think that when you work in the
00:19:06
White House and and you have been
00:19:07
successful in the private sector like as
00:19:09
Scott Besson or Howard lutnick or myself
00:19:12
or Doug bergham or Doug beram or Elon
00:19:15
especially I would describe it as a
00:19:17
money forp purpose trade you're giving
00:19:20
up money but the sense of purpose you
00:19:21
feel working for the White House for
00:19:24
this President is just incredible and I
00:19:25
think you guys kind of picked up on that
00:19:27
and in my view that's a trade that you
00:19:29
should be happy to make any day of the
00:19:32
week because it is really an honor to to
00:19:34
work at the the White House and for this
00:19:36
President because he actually wants to
00:19:38
get things done on behalf of the
00:19:39
American people the default state of
00:19:41
Washington is just that nothing gets
00:19:43
done right you guys know that the
00:19:45
bureaucracy and the the entropy and the
00:19:48
inertia just basically rule the day and
00:19:50
so it takes a President Who number one
00:19:53
has a mandate for the American people
00:19:55
number two has a tremendous sense of
00:19:56
mission and purpose and number three
00:19:58
bring tremendous energy to the job and
00:20:00
then I think finally assembles the right
00:20:01
team around him and those are the
00:20:03
conditions under which you can actually
00:20:05
make change positive change for the
00:20:06
country and we have that and it's kind
00:20:08
of a once- in a-lifetime Opportunity if
00:20:10
we don't get this done now if we're not
00:20:12
able to cut the deficit and debt now
00:20:16
when are we ever going to do it this is
00:20:18
the you know this is a once in lifetime
00:20:20
opportunity and I think everybody there
00:20:21
feels that I think everyone in the White
00:20:24
House is really proud to be there and
00:20:26
and excited to be there and and it's fun
00:20:28
and you know part of it is that the you
00:20:30
know you can tell that the the president
00:20:32
he makes his job fun because he's having
00:20:35
a great time yeah he was really I think
00:20:37
Born to do this job I mean in so many
00:20:39
ways he just brings so much energy to it
00:20:42
he's IND fatigable there's so many he's
00:20:45
empowering he's like everyone we met
00:20:46
with sack to your point they've all been
00:20:48
successful in another part of life and
00:20:51
in business and whatnot and they're
00:20:52
generally post-economic people but he's
00:20:55
letting everyone run we got to meet with
00:20:57
several other members of the the cabinet
00:20:59
and they were all sharing with us that
00:21:01
they're being given autonomy and
00:21:03
Authority they can just run and I think
00:21:05
that that's really important if you want
00:21:06
to bring in high impact people you need
00:21:08
to let them have an impact and let them
00:21:09
do their thing I I observe that can I
00:21:12
give you one quick anecdote maybe to
00:21:13
wrap this segment up so when we're
00:21:15
sitting in when we're at the private
00:21:16
dining
00:21:17
room Steve witkoff who's another
00:21:19
incredible
00:21:21
entrepreneur was dealing with something
00:21:23
sensitive comes in tells the president
00:21:25
he's like okay great great job then
00:21:28
there was three other issues SX had
00:21:30
something then Sergio had something and
00:21:32
then on top of all of that so there's
00:21:34
this bang bang bang and then he's also
00:21:36
like guys listen for this dinner coming
00:21:39
up I really want to make sure the
00:21:40
Acoustics is right so everybody has an
00:21:41
opportunity it's like the level of
00:21:43
detail from the most important thing all
00:21:46
the way down to literally the Acoustics
00:21:48
in the dining room he is on top of all
00:21:50
of it and I was just like and that was
00:21:52
again just in my small little brief
00:21:54
observation I was like this is crazy to
00:21:57
your point like the energy and the the
00:22:00
IND fatigability and the desire to get
00:22:02
every little thing right it's pretty
00:22:05
rare it's I I kind of feel like
00:22:07
America's in good hands to be honest you
00:22:09
saw it just in those few minutes when
00:22:11
he's being peppered with so many
00:22:12
decisions so many actions so many
00:22:14
decisions you just realize what a
00:22:15
demanding job it is and you really need
00:22:18
a person who just is special in that way
00:22:21
that they're just somehow cut out for
00:22:23
that that type of job it is yeah very
00:22:25
difficult totally agree I think freeberg
00:22:27
is totally right if we can create a
00:22:29
pattern where people with high executive
00:22:32
let's just say that because that's less
00:22:33
of a loaded word than businessman or
00:22:35
successful
00:22:36
whatever people with high executive
00:22:39
function that have proven it should at
00:22:41
some point in their career step into
00:22:43
government and replace money for purpose
00:22:47
if that is a trend that this
00:22:49
Administration creates I think America
00:22:50
is incredible hands eventually which was
00:22:53
how the founding fathers operated the
00:22:55
government originally there'll be a
00:22:56
moment guys where the rats win right
00:23:00
there'll be a moment when the
00:23:01
Republicans return to power there'll be
00:23:03
a moment when all the ideologies flip
00:23:05
but if in all of that you can find
00:23:08
people who are willing to pause their
00:23:09
private lives have demonstrated
00:23:11
executive function and can make the
00:23:13
trade we're going to just kick ass and
00:23:15
give
00:23:16
back it's great David thank you I really
00:23:19
honestly thank you like you are yeah
00:23:21
thank you DAV awesome you're awesome
00:23:23
thank you for giving us window into that
00:23:26
and shout out to Tracy as well
00:23:31
she's incredible Jal what do you think
00:23:32
of the best in interview did you see it
00:23:35
I did watch the best one yeah I mean
00:23:37
listen I would have loved to ask him a
00:23:39
couple questions obviously I would have
00:23:40
probably done a couple of fast balls
00:23:42
curve balls would have gone a little bit
00:23:43
harder but he is so impressive and you
00:23:46
guys did like an hour with him and I
00:23:48
haven't heard what did we miss that you
00:23:50
would have asked yeah I mean you know
00:23:53
you got to get a little bit into the
00:23:55
chaos being it's a good time for me to
00:23:56
drop off yeah I'll drop off
00:24:00
us a better job he would do
00:24:04
okay we'll see you later you can tell
00:24:06
everyone now what a great job you would
00:24:07
have done love you love
00:24:11
you see in the
00:24:14
commissary what a guy no I thought it
00:24:16
was really good to hear from him long
00:24:18
form I think there's a little bit of
00:24:20
chaos going on with the terrorists and
00:24:21
stuff like that but you know I don't
00:24:22
think the country knows how great he is
00:24:25
this guy is a Powerhouse he has an
00:24:27
incredible track record and by the way
00:24:30
like Trump picking him I'm going to give
00:24:32
Trump a little bit of flowers here
00:24:33
obviously folks know I'm an independent
00:24:34
and an never Trumper who is you know
00:24:36
supporting the administration to do the
00:24:37
best they can what does it mean to be
00:24:39
independent but also have another label
00:24:41
that says you refuse to consider
00:24:42
somebody I don't understand keep options
00:24:44
open well no I mean I I I didn't I had
00:24:46
my own issues with you know what Trump
00:24:48
did on January 6th and we don't need to
00:24:50
get into it overturning roie way we
00:24:51
don't have to get into the things that I
00:24:52
don't agree with what he did putting all
00:24:55
those things aside I think he's done a
00:24:58
great job with the team he's putting
00:24:59
here and this is you know my message to
00:25:01
I think some of the Americans or the
00:25:02
people on the left is I would look at
00:25:04
what he's doing and some of these
00:25:06
individuals these are really high
00:25:08
functioning individuals the last time I
00:25:10
think he had a cast of characters around
00:25:11
him who I think were kind of dark and
00:25:14
and I didn't care for a lot of them with
00:25:16
bessent this guy is like a by I think he
00:25:19
you know was previously a Democrat who
00:25:20
gave to a ton of Democrats and he is a
00:25:23
Powerhouse and I think he really
00:25:25
understands Financial was a big donor to
00:25:28
Hillary and then RFK was a Democrat
00:25:31
tulsy was a Democrat Trump was a
00:25:33
Democrat I mean my point I was a
00:25:37
Democrat you were a Democrat yeah so I
00:25:38
think that's you know bessent is I came
00:25:42
away from it saying This Guy's super
00:25:44
qualified and the chaos that I think
00:25:46
Trump has been creating with like back
00:25:48
and forth with the tariffs and his
00:25:50
communication style it made me feel
00:25:52
better to know that there was somebody
00:25:54
who was Rock Solid like him in there and
00:25:56
who's really thoughtful because right
00:25:58
now when you talk to 50 people who are
00:26:02
knowledgeable about the markets and say
00:26:03
what is the strategy here that Trump has
00:26:06
you get 10 different answers five
00:26:08
different vectors for it people are
00:26:09
trying to figure out exactly what he's
00:26:11
trying to do and there's a lot of
00:26:14
nonconsensus but hearing that he's got
00:26:16
somebody like him there and you talking
00:26:17
to him for an hour I felt much better
00:26:19
about the situation and that maybe there
00:26:22
is
00:26:23
a I think yeah it was it was a solid
00:26:25
interview yeah absolutely and I mean the
00:26:27
access level
00:26:28
you know most of the time he's on
00:26:30
something like Meet the Press or Face
00:26:33
the Nation and it's 11 minutes and the
00:26:35
guy can't breathe totally and for him to
00:26:37
go an hour and you kind of you did a
00:26:40
good job chth of sort of giving his
00:26:41
history with I which I think the context
00:26:44
most Americans don't have so I was very
00:26:45
proud of the job the two of you did I
00:26:47
wish I was there did a great job by the
00:26:49
way because chth T he had a very
00:26:51
incredible Chim by the way I got to give
00:26:52
you flowers for having good intuition on
00:26:55
some of the questions you asked both
00:26:57
letnik and Bess
00:26:58
that I think revealed a little bit more
00:27:00
about their character and who they are
00:27:01
as people which I was not on I'm all
00:27:04
about like what are the hard what are
00:27:05
the questions I want to ask related to
00:27:06
policy and agenda but you did a great
00:27:09
job bringing that out on them and that
00:27:10
actually I think created a lot of
00:27:11
texture for both interviews that I was
00:27:13
not pre I was not thinking about a great
00:27:15
job I'm looking forward to the next one
00:27:17
I don't know when that drops but that
00:27:18
should be really good oh my god dude the
00:27:21
letnick interviews like I
00:27:25
mean he's a hardcore New Yorker and like
00:27:27
he really
00:27:30
you guys talki let me tell you yeah we
00:27:32
did talk about listen the thing the
00:27:34
thing you need to know about Howard
00:27:35
lutnick is he is an incredibly resilient
00:27:39
and resourceful businessman this guy has
00:27:42
built himself up literally from nothing
00:27:45
good human I'm a little biased but he's
00:27:48
a great guy and you're going to hear
00:27:50
some really incredible stories but again
00:27:52
another one who
00:27:54
traded money for purpose look I just
00:27:56
want to say real quick we don't do on
00:27:58
the show but we did have three sponsors
00:28:00
that actually helped fund our DC trip
00:28:02
and set this thing up for us so I really
00:28:04
want to say thank you to hims hims.com
00:28:06
and for hers Gemini and it trust
00:28:09
everyone listening to the show please go
00:28:11
to the description whatever player
00:28:12
you're in check them out these three
00:28:15
sponsors help make this trip happen
00:28:16
we're really appreciative please take a
00:28:19
look at their websites give their
00:28:20
products a shot thank you to him Gemini
00:28:22
and I trust uh you guys are the best we
00:28:24
really appreciate it all right everybody
00:28:26
we got a full docket today lots of
00:28:28
docket and you know just hey welcome
00:28:31
back to the show cyan I just wanted to
00:28:33
start you had a really great
00:28:35
announcement this week long journey
00:28:38
Ventures your Venture Capital firm
00:28:40
announced $180 million fund tell us a
00:28:42
little bit about that well
00:28:43
181 181 181 and
00:28:46
18 18 stands for
00:28:51
life to people who are Jewish and my
00:28:55
partners are Jewish and it was something
00:28:57
that was very animportant uh to them and
00:28:59
to me uh to stand up after October 7th
00:29:03
and you know take a very public stance
00:29:06
and so we announced our funding
00:29:07
announcement on Bloomberg yesterday and
00:29:10
uh and our office is on 18th Street so
00:29:13
oh congrats yeah that's awesome what is
00:29:15
the mission of the Venture fund what
00:29:17
what what stage are you going to do you
00:29:19
and I started as Angel Investors
00:29:20
together 14 years ago yeah so we focus
00:29:23
on early stage seed checks first checkin
00:29:26
and you know this this fund um is our
00:29:29
fourth fund we institutionalized more in
00:29:32
the beginning it was high net worth
00:29:33
individuals and then now we're you know
00:29:36
going to kind of what chth was speaking
00:29:37
about earlier is aligning what we do
00:29:40
with our higher purpose and so now we're
00:29:43
helping you know institutions help
00:29:45
people go to school solving cancer and
00:29:48
things like that so every day that we
00:29:49
get up in the morning you know we're
00:29:51
we're aligning what we do our mission is
00:29:53
to chase the magically weird we're
00:29:55
looking for Alpha in things when every
00:29:58
body is consensus investing and they're
00:30:00
doing the same thing and talking about
00:30:01
the same things we're thinking six to
00:30:02
eight years in the future you know when
00:30:06
our fund three we invested in a company
00:30:08
in the chip space and you know we were
00:30:11
thinking ahead about what's going to
00:30:12
power Ai and crypto and now that
00:30:15
everybody's you know investing in the
00:30:17
application layer we're going into the
00:30:18
next thing which is like what is that
00:30:20
going to enable and what's coming down
00:30:23
the road and looking for Founders that
00:30:24
are thinking differently that most other
00:30:26
of my peers would look at and say that's
00:30:28
crazy I don't want to put any money into
00:30:29
that so that's that's what we focus on
00:30:31
this is such a hard thing for people to
00:30:33
get their heads around the non-consent
00:30:36
is BET and why that's so important I'm
00:30:38
you know I'm training you know new
00:30:39
Associates at our firm and they always
00:30:42
are going to safety so they're looking
00:30:44
at a vertical they're looking at a
00:30:46
startup and saying well this makes the
00:30:47
most sense and then they look at the
00:30:50
ones that don't make sense but that are
00:30:52
like intriguing and they are like yeah I
00:30:55
don't know if I want to place a bet on
00:30:56
that because I have I'm like that's
00:30:58
where the gold is non-consensus bet when
00:31:01
you and I did Uber it was a room of 21
00:31:03
people three people decided to invest 19
00:31:06
didn't yeah that was a magically weird
00:31:08
company at the time if you remember I
00:31:09
sent it around to multiple investors and
00:31:11
they came back with the stupidest
00:31:12
excuses I ever heard but it was their
00:31:14
excuse which is you know not everyone
00:31:17
wants a black car the car doesn't come
00:31:18
to my house yet uh no one wants to get
00:31:21
into a strangers vehicle the list goes
00:31:23
on and on but it takes a vision of
00:31:27
seeing the future and seeing how it
00:31:28
plays out and believing in all the
00:31:29
Miracles that are going to happen and
00:31:31
getting in early is where all the alpha
00:31:33
is you know before the thing is defined
00:31:35
as a category so that's where I like to
00:31:38
play is I don't want it to even have a
00:31:39
market name yet such a great observation
00:31:42
like when when a when an associate or
00:31:45
some research company says oh it's the
00:31:47
on demand economy that's when you know
00:31:49
that opportunity gone you can let that's
00:31:53
where like all of my peers can go lose
00:31:54
all their money in an ocean of dead
00:31:56
bodies because like
00:31:58
I don't want to play there yeah and you
00:32:00
had a price Advantage too right like if
00:32:02
you enter early before it's a defined
00:32:04
category you're taking on a lot of risk
00:32:07
and so you know I'm getting deals
00:32:08
anywhere from like five to 10 posts
00:32:10
while all of my peers are playing in the
00:32:12
20 to 30 range and so obviously it's
00:32:14
literally you and I are the product of
00:32:17
you know our early bets and like what
00:32:19
the lessons we learned and like one of
00:32:20
those lessons was to be in early um it's
00:32:23
literally what I'm doing founder
00:32:24
University now is just trying to do 100
00:32:28
it's just like a pre accelerator if I
00:32:30
find two or three founders who I like I
00:32:32
give them their first 25k check or 125k
00:32:35
check where they can just come you know
00:32:36
do it with me we're starting next Friday
00:32:38
so people want to come founder.
00:32:40
University but it's just like what we
00:32:42
used to do in the old days trying to get
00:32:43
in congrats be the first investor and
00:32:45
it's it's really working and it's super
00:32:47
fun Hey listen there is great news I
00:32:51
think for the Venture industry this
00:32:53
Google acquiring whiz I think this is
00:32:56
this could be the starters pistol
00:32:59
yeah it's absolutely fantastic Google
00:33:00
has acquired whz for
00:33:02
32 billion in cash if you don't know
00:33:06
what whiz is just imagine you have cloud
00:33:08
services like Microsoft's Azure Amazon
00:33:11
web services Google's Cloud Oracle Cloud
00:33:14
you need to have security between these
00:33:16
things they help do that it's the
00:33:18
largest deal in Google's history David
00:33:21
was there I think for some of the other
00:33:23
um big Acquisitions there haven't been a
00:33:26
lot of Acquisitions um we know the wrath
00:33:28
of Lena Conan was pretty acute for the
00:33:31
last four years but uh looking back in
00:33:34
history Salesforce buying slack which
00:33:37
our besti shth here was an early
00:33:39
investor in for 27 billion that occurred
00:33:41
in 2020 and then we had a couple of
00:33:43
things get blocked HP and was a juniper
00:33:45
I believe for 14 billion last year got
00:33:48
blocked and so and Adobe figma adobi
00:33:51
figma bled blocked in the UK blocked in
00:33:54
theuk blocked in the UK but they you
00:33:55
know assumed it was going to happen here
00:33:56
and this is actually we talked about
00:33:58
this on episode 189 shath whiz turned
00:34:01
down $23 billion from Google they said
00:34:03
at the time was because they wanted to
00:34:05
IPO but now reporting is saying I mean
00:34:08
it was because of the Anti-Trust stuff
00:34:09
under Biden plus the UK obviously go
00:34:12
ahead Jam you can take it from there I
00:34:13
think this is the Trump premium I mean
00:34:15
the problem when that deal was being
00:34:18
looked at back then was there was still
00:34:20
a chance
00:34:21
that there could be a Democrat
00:34:24
Administration and it was very clear
00:34:25
that they were anti
00:34:28
m&a and anti-tech quite honestly and
00:34:32
when Trump won I think it basically said
00:34:35
okay we can now look at these deals
00:34:37
there's another important part of this
00:34:40
though and this was part of our
00:34:41
interview with Howard lutnick I'd love
00:34:43
to just play this Quick Clip what I'm
00:34:45
doing is I'm saying okay I got to
00:34:46
collect tffs right so I go to one of the
00:34:50
great software companies of the earth
00:34:53
and I say I want you to give
00:34:55
me you're going to build for me for
00:34:57
America you're going to build the
00:34:59
greatest Customs processing ever but
00:35:03
what's incredible is you're convincing
00:35:05
these companies to basically like do
00:35:06
right for America and build a software
00:35:08
for you you think that's going to be a
00:35:09
movement throughout the government or is
00:35:10
that here's the idea I say build it for
00:35:13
me for free yeah I put it in for
00:35:16
free I don't know what other countries
00:35:18
in the world you think going to buy
00:35:20
now right if it works for us well
00:35:22
remember you have to you have to connect
00:35:24
to me yeah so every country
00:35:28
right this is aw what is he really
00:35:29
saying what he's really saying is there
00:35:32
are all kinds of companies that are
00:35:34
doing all kinds of work who Google
00:35:37
famously has this 20% time could you
00:35:39
imagine if some of this 20% time was
00:35:41
allocated to rebuilding the core
00:35:44
infrastructure of America and giving
00:35:46
back to the country that gives you the
00:35:48
ability to have a multi-trillion dollar
00:35:50
company that's but one example so when
00:35:52
you connect the dots the way that I
00:35:54
interpret it is that I think companies
00:35:56
will be much more aggressive on m&a
00:36:00
Jason it's what you've been asking for I
00:36:02
think you're going to get it and I think
00:36:04
the reason why you're going to get it is
00:36:05
you're going to have a very open-minded
00:36:06
Administration that'll let the m&a
00:36:08
happen but also there are ways where you
00:36:10
can build Goodwill by doing the kinds of
00:36:13
things that Howard is talking about I
00:36:14
mean could you imagine if somebody
00:36:16
volunteered let's say paler and said hey
00:36:19
we can build the following software for
00:36:21
the IRS so that we can just completely
00:36:23
automate tax returns and it's okay for
00:36:26
paler there still a 200 billion dollar
00:36:28
company they could allocate a small
00:36:30
amount of time and get that done if
00:36:31
Oracle stepped up and said something so
00:36:34
and all of that Goodwill will then allow
00:36:36
America to just grow faster and then
00:36:39
under that economic umbrella a little
00:36:42
consolidation is not necessarily a bad
00:36:44
thing so I'm really interested in how
00:36:46
all of these pieces move together that's
00:36:48
that's the one thing I get but I'd like
00:36:50
to say something else very narrowly
00:36:52
about whiz which is whis does not do
00:36:56
something that's necessarily unique
00:36:59
meaning there are other products in
00:37:01
Market but they have done one thing
00:37:04
better than everybody else and I think
00:37:06
it's really worth rewarding which is
00:37:08
they have incredible taste so if you use
00:37:12
it and all my
00:37:15
engineers at 8090 live inside of this
00:37:18
regime when I ask them hey we need to
00:37:20
implement something they all picked whiz
00:37:23
and if you ask them why and if you ask
00:37:25
our sis admin why did we implement it
00:37:27
not only is it good but it is the most
00:37:30
beautiful it is the most intuitive it's
00:37:32
the most well integrated and it's just
00:37:34
an incredible lesson where even when
00:37:36
other people do this other thing you can
00:37:39
build $ 32 billion doar of value by just
00:37:43
doing that thing in a more coherent way
00:37:45
I mean design matters right think having
00:37:48
taste and having taste matters having a
00:37:50
perspective Point great that that was
00:37:52
rewarded C what do you think of what
00:37:55
I'll call letnick Lighthouse customer
00:37:58
approach in other words make this piece
00:38:01
of software for the US government will
00:38:03
become your first customer the liouse
00:38:05
that pulls in other customers for free
00:38:08
and for free so we get it for free we
00:38:11
help you set the standard and then you
00:38:13
get to use us as your referen client
00:38:15
let's start with that thoughts on on
00:38:17
that and then we'll get into m&a I I
00:38:19
think that the government has long
00:38:21
relied on Private Industry to solve some
00:38:23
of its biggest problems and that's what
00:38:25
sets us apart from other countries in
00:38:26
the world and so you know you look at
00:38:29
some of the best companies like SpaceX
00:38:32
andal
00:38:33
Etc we need more companies like this if
00:38:36
we're going to compete and so doing this
00:38:38
absolutely makes sense and it's just
00:38:40
going to help the sales cycle to get
00:38:42
that sort of stamp of approval that you
00:38:44
know our government is using that
00:38:46
software freeberg your thoughts on
00:38:48
letnik Lighthouse strategy could it
00:38:52
work yeah I think this is what makes it
00:38:56
good to have you know as we talked about
00:38:58
earlier folks with high executive
00:39:00
function and business experience and
00:39:03
Acumen in key leadership positions in
00:39:05
the government so they know how to drive
00:39:09
kind of better economic outcomes
00:39:11
negotiating the price of a contract down
00:39:14
and saying in this case give it to us
00:39:16
for free one of the things letnick said
00:39:18
in the interview which you didn't see in
00:39:19
this clip is that the government can
00:39:22
actually accept four free contracts
00:39:24
these grus contracts and you don't need
00:39:27
to go get approval to do it so they can
00:39:29
operate in the executive branch oh that
00:39:32
makes total sense right you don't need
00:39:33
an approval if it's grus that makes
00:39:35
total that's right yeah that makes it
00:39:38
that's also a big unlock yeah well then
00:39:40
I guess we can contrast this chth with
00:39:42
Tim
00:39:43
Waltz you know VP potential VP candidate
00:39:47
I have a real problem with this clip
00:39:49
Jason this was the most infuriating
00:39:51
thing I've ever seen from a politician I
00:39:54
mean Tim
00:39:56
Waltz gets on stage pulls out his Stock
00:40:00
app and starts mocking the greatest
00:40:02
American car company ever created and
00:40:05
that its stock is down this is disra
00:40:09
ad.com to me play the clipnet I don't
00:40:12
some you know this on the iPhone they've
00:40:13
got that little Stock app I added Tesla
00:40:15
to it to give me a little boost during
00:40:17
the
00:40:18
day 225 and
00:40:21
Dro
00:40:25
so and
00:40:27
and if you own one if you own one we're
00:40:30
not blaming you you can you can take
00:40:32
dental floss and pull the Tesla thing
00:40:34
off you know and take shath you want to
00:40:36
talk about this communist scumbag and
00:40:38
what he did there no I'm not going to
00:40:40
say anything personal except to say that
00:40:42
I think that it is incredibly low
00:40:46
brow at the end of the day he represents
00:40:50
the American
00:40:51
people he needs to be firmly on Team
00:40:54
America I don't think he understands cuz
00:40:57
he's never actually had a real job but
00:41:00
the Auto industry is a vibrant part of
00:41:03
how many many many Americans earn their
00:41:06
living Tesla employs
00:41:09
125,000 plus
00:41:11
employees there is no reason a
00:41:14
politician should be wishing any
00:41:15
American company to fail period I just
00:41:18
think that should be the price of entry
00:41:20
and so to lack the basic decorum and
00:41:23
understanding and then to whip people up
00:41:25
into wanting any American company fail
00:41:28
there are many American companies sure I
00:41:30
like or dislike whatever it's not the
00:41:32
point they'll some that I'll buy the
00:41:34
stock of they'll some that I would not
00:41:36
that's not the point you cannot openly
00:41:40
and actively be cheering as a politician
00:41:42
at least for these things to fail that I
00:41:45
think is just incredibly low brow I I
00:41:47
think it's the bottoming out of the
00:41:48
democratic party that moment will be
00:41:50
looked at as the bottom Sayan any
00:41:52
thoughts I think it's incredibly low
00:41:53
brow I agree with chth and I think it's
00:41:55
just so distasteful for you know a
00:41:58
public official to do something like
00:42:00
that in especially for an American
00:42:02
company and it you know if you hear the
00:42:04
people cheering in the background it's
00:42:06
obvious that there's a base that
00:42:07
supports this and that frightens me even
00:42:09
more because he's saying these things
00:42:11
because his constitu his constituents
00:42:13
believe it and you know a politician
00:42:16
says these things because they think
00:42:17
it's going to motivate them to vote for
00:42:19
them in the future and that really
00:42:21
frightens me you know that we are riling
00:42:23
people up um to cheer on the ruction of
00:42:27
American company and possibly go out and
00:42:29
burn cars you know I think well that's
00:42:31
the that's a s yeah that because
00:42:35
whenever you incite like this kind of
00:42:38
aggressiveness and by the way both sides
00:42:39
do it you get a contingent who takes it
00:42:42
too far freeberg yeah maybe we wrap up
00:42:44
on this and then we can jump back to
00:42:45
whiz sorry for the diversion I think the
00:42:47
Democratic party um has split into two
00:42:51
parties there's the Democratic party
00:42:53
with beliefs and there's the Democratic
00:42:56
party without beliefs
00:42:57
I think that the Democratic party with
00:42:59
beliefs is the one that's very far left
00:43:02
and their beliefs are fundamentally
00:43:03
rooted in concepts of socialism Marxism
00:43:06
yes and they're very clear about those
00:43:08
beliefs that traditional power
00:43:10
structures need to be dismantled and
00:43:13
assets and influence need to be commonly
00:43:17
redistributed the rest of the democratic
00:43:19
party which people call the moderate
00:43:21
part of the party actually don't really
00:43:23
know what their beliefs are when you
00:43:25
talk to anyone in the Republican party
00:43:26
and a leader ship position you hear very
00:43:28
clearly what their beliefs are we saw it
00:43:30
this week in DC every member of the
00:43:32
cabinet that we met with and there were
00:43:33
quite a number of them had the exact
00:43:35
same message and the exact same set of
00:43:37
beliefs of what this Administration
00:43:38
stands for and what they're trying to do
00:43:40
you may agree with those beliefs or you
00:43:42
may not but they have stated their
00:43:43
beliefs the problem is that because the
00:43:46
moderates in the Democratic party have
00:43:47
not stated a set of beliefs a set of
00:43:50
objectives a vision for the country a
00:43:52
vision for their party the party is
00:43:54
effectively being represented by this
00:43:56
part of the party that does have beliefs
00:43:59
the deeply socialist Marxist beliefs and
00:44:01
they have basically subsumed the message
00:44:03
and as a result this is why people have
00:44:05
lost interest in the Democratic party
00:44:07
because the moderate aspect has not been
00:44:09
really clear on what their beliefs are
00:44:12
there's an opportunity for some of these
00:44:14
moderate leaders in the Democratic party
00:44:16
like Dean Phillips like and people may
00:44:19
not like me saying this but like Gavin
00:44:21
who I don't think is all the way over on
00:44:23
that far left side of the the Spectrum
00:44:25
to be really clear and paint a pet
00:44:27
vision and really State the beliefs of
00:44:30
the party and what the beliefs are that
00:44:32
differentiate them and those beliefs
00:44:34
recently the only thing that underscores
00:44:36
what that party stands for is we're not
00:44:39
the other guys we're not the Republicans
00:44:41
and that's it and so people that don't
00:44:43
like the Republicans are like well I
00:44:45
don't know because then I'm subsumed by
00:44:46
the Socialist Marxist rhetoric so I
00:44:48
don't know if I want to be a part of
00:44:49
that either and that's why I think a lot
00:44:50
of people feel left out and that's why I
00:44:52
think the recent polling data if you
00:44:53
pull it up on the Democrats is like 23%
00:44:57
or something in this country now it was
00:44:58
like 30s or something did you see the
00:45:01
crazy clip that did the racial
00:45:02
demographic split on some key issues
00:45:04
like things like Dei is this the one
00:45:06
that says white college age women are
00:45:09
just are like this weird anyway I think
00:45:11
Tim Waltz like a lot of others because
00:45:13
there's no other beliefs to stand for
00:45:15
you end up being subsumed by the part of
00:45:16
the democratic party that does have
00:45:18
beliefs and you don't have anything else
00:45:19
to say to State and to to show what
00:45:21
you're for I an idea too really good
00:45:25
it's a really good framing I really like
00:45:27
that well and here's another framing
00:45:28
like is it so hard to agree on something
00:45:32
like I think this is one of the
00:45:33
brilliant things that Trump did was he's
00:45:35
like here are some things we can agree
00:45:36
on and he just subsumed those like
00:45:38
fighting for the working class person
00:45:40
saying no tax on tips like these were
00:45:42
Democratic positions I think this just
00:45:44
proves that Meme where it's like all
00:45:47
standing here and and the left just went
00:45:49
too far left let me give you a everybody
00:45:51
yeah let me give you a piece of advice
00:45:54
to the Democratic party leadership that
00:45:56
might be listening the advice I would
00:45:58
give you is basically take away the
00:46:01
opportunity for the distinction that the
00:46:03
Republicans have right now which is a
00:46:04
more efficient government a more you
00:46:06
know Fair government where money isn't
00:46:08
wasted where your taxpayer dollars
00:46:09
aren't being destroyed the Democratic
00:46:11
party has an opportunity to stand up and
00:46:12
say we don't want to have things like
00:46:14
regulatory capture or this pork or
00:46:17
inside stuff going on they have an
00:46:19
opportunity to make that the core set of
00:46:21
beliefs that still aligns with reducing
00:46:24
government and increasing efficiency in
00:46:26
government effic efficiency in
00:46:27
government should not be a party issue
00:46:29
by allowing the Republicans to say we're
00:46:31
for efficient government it implies that
00:46:33
the Democrats now to be opposite of that
00:46:35
are saying we're for inefficient
00:46:36
government and if the Democrats want to
00:46:39
win this they can actually take that
00:46:40
message and say you know what we're for
00:46:42
more efficient government and the way
00:46:43
we're going to do it is get rid of
00:46:45
things like regulatory capture and
00:46:46
inside deals and all the other sort of
00:46:48
stuff it may you know that may not kind
00:46:50
of go but there's an opportunity for the
00:46:52
Democrats I think to really stand up and
00:46:55
take the country in the direction that
00:46:56
we all As Americans need it to go to
00:46:59
which is to have a sustainable federal
00:47:00
government and that's going to require
00:47:02
some degree of fiscal conservatism and
00:47:04
action but they could take a different
00:47:05
point of view on how they do it and they
00:47:06
could have core beliefs around that it's
00:47:08
it's really and and by the way Dean
00:47:10
Phillips were inviting back on the
00:47:11
program Ezra Klein Sam Harris we want to
00:47:14
have some more people on the left come
00:47:15
on here and maybe talk about this very
00:47:16
issue it's really three things they
00:47:18
could work on number one build 10
00:47:20
million homes in this country that are
00:47:22
affordable that's a really key issue
00:47:25
rich people should pay their Fair share
00:47:27
share of taxes and reform the tax code
00:47:29
and then uh third health care for
00:47:31
everyone those three would get this
00:47:34
party back on track we're going to make
00:47:35
a more efficient government you're going
00:47:37
to be able to buy a home you're going to
00:47:38
get health care and rich people are
00:47:40
going to start paying their taxes which
00:47:41
they're not and we're going to stop with
00:47:42
these crazy Trump tax breaks that would
00:47:44
be the perfect positioning and it's not
00:47:46
personal it's just hey we're a rich
00:47:48
enough country that people should get
00:47:50
health care why shouldn't people have
00:47:51
Healthcare in the modern world why can't
00:47:53
these rich people who are donating tens
00:47:55
of millions of dollars to Trump just
00:47:56
just pay some more taxes and and make
00:47:58
sure poor people have basic healthare
00:48:00
Sayan your thoughts and then let's get
00:48:02
back to the docket well I disagree with
00:48:04
all those points obviously but sure they
00:48:06
could run on them uh they have tried
00:48:09
they've they've definitely said we're
00:48:10
going to have you know health care for
00:48:11
all you know selling the American dream
00:48:13
of home ownership I actually think is
00:48:15
flawed in many ways we're putting people
00:48:18
into debt and for things they can't
00:48:21
afford and they get screwed and so I I
00:48:24
just actually think uh they to find a
00:48:27
unifying figure out who their moderates
00:48:29
are and there's also politically
00:48:31
homeless people we didn't include them
00:48:33
you know there's these people who are
00:48:34
just like well I can't vote right and
00:48:36
I'm not left either anymore so we've got
00:48:39
to bridge this divide somehow and
00:48:41
they've got to figure out the messaging
00:48:43
but I don't think going back to what
00:48:44
they used to do is going to work because
00:48:46
they promised universal healthcare and
00:48:48
it hasn't happened and they had plenty
00:48:50
of opportunity to do
00:48:52
so all right let's get back to the whiz
00:48:54
deal and the uh and the docket here
00:48:56
let's see if we there's anything we
00:48:57
didn't uh well we should talk about the
00:49:01
um you know the price they paid and we
00:49:03
should talk about how to do that the
00:49:04
Strategic rationale and how others are
00:49:07
going to respond all right so looking at
00:49:09
this the DL got sweetened massively over
00:49:12
the year between when the first offer
00:49:14
was made for 23 billion and then went up
00:49:17
to 32 billion the revenue roughly
00:49:19
doubled since the time of the first
00:49:22
offer and then there's some really
00:49:24
interesting things in the details there
00:49:25
is a huge breakup fee we saw the breakup
00:49:28
fee with Adobe and figma this one is
00:49:30
tremendous it's 10% of the deal size
00:49:33
$3.2 billion in cash they don't get an
00:49:35
investment if this deal doesn't go
00:49:37
through Google has to give whiz $3.2
00:49:40
billion in cash let that snc in this
00:49:42
company is massively high growth Zer to
00:49:46
100 million in their in 18 months uh
00:49:48
when they started and last year they
00:49:51
passed 500 million in ARR you know that
00:49:53
puts the deal at roughly 60 times
00:49:56
they're
00:49:58
run rate and that is a high price
00:50:00
however they're supposed to hit a
00:50:02
billion in ARR this year which would put
00:50:04
it at 30 times forward looking or 32
00:50:08
times which isn't outrageous because
00:50:09
Google probably has freeberg some
00:50:12
concept or alphabet rather some concept
00:50:14
of how they could increase the velocity
00:50:16
of
00:50:17
that of that Revenue yeah or that it
00:50:20
would be a defensive position one of
00:50:21
those two
00:50:23
yeah yeah I mean just to put it in
00:50:26
context right Google's Cloud revenue is
00:50:28
about 40 billion a year and Microsoft
00:50:32
and Amazon are both kind of plus or
00:50:34
minus a little bit around 100 billion a
00:50:36
year and so Google has kind of been as
00:50:39
we know lagging a little bit in the
00:50:41
cloud
00:50:43
Market the the thing about kind of
00:50:45
Enterprise
00:50:47
sales is there's a common strategy which
00:50:50
is you kind of land with a beach head
00:50:52
and then you kind of expand from there
00:50:54
with additional products and services
00:50:56
this is has been the reason so many
00:50:58
enterprise software companies over time
00:51:00
from Oracle to
00:51:02
Salesforce to Microsoft have been
00:51:05
acquisitive and can make Acquisitions
00:51:07
very synergistic what that means is you
00:51:10
can acquire a new product or a new
00:51:12
service and then sell it into your
00:51:14
install base or acquire the customers
00:51:18
and then cross- sell your existing
00:51:19
products or Services into their install
00:51:21
base and so you can increase the overall
00:51:24
Revenue by putting the two together and
00:51:25
combining sales teams and being able to
00:51:27
offer a combined offering and so the
00:51:29
theory here and I think this is
00:51:31
something I don't understand well enough
00:51:33
is that
00:51:34
security has become such a kind of top
00:51:38
requirement and and product category
00:51:40
that it now effectively enables a beach
00:51:44
head type model to be successful meaning
00:51:46
you can cross sell the security into all
00:51:48
of your existing customers or there's
00:51:50
enough new customers that Google might
00:51:51
be acquiring from The Whiz acquisition
00:51:53
that they can now bring new gcp services
00:51:56
to
00:51:57
and and cross sell into now to figure
00:51:59
out how this actually has to make sense
00:52:01
so Google's roic is about
00:52:04
30% that means that when they make an
00:52:06
investment a capex investment or capital
00:52:08
investment they expect to see about 30%
00:52:11
of incremental profit per year come back
00:52:15
at some point from that capital
00:52:17
investment the capital investment
00:52:18
they're making here again this doesn't
00:52:19
hit their income statement goes on their
00:52:21
balance sheet it gets marked mostly As
00:52:23
Goodwill so Google's going to have a 32
00:52:26
ion move from cash down to Goodwill so
00:52:28
now they've got this asset on their
00:52:30
balance sheet and they've got to make an
00:52:31
incremental $10 billion a year profit so
00:52:34
you kind of got to do the math $10
00:52:35
billion a year of incremental profit
00:52:37
against 40 billion of cloud revenue and
00:52:41
against 1 billion of whiz Revenue
00:52:44
there's a lot to be kind of built here
00:52:46
to make this make Financial sense so
00:52:49
then it becomes okay well that's a
00:52:50
really hard one to kind of think that
00:52:52
they're going to get there very soon but
00:52:54
remember Google's made some Investments
00:52:56
I think it's a very tricky you said it
00:52:59
earlier actually it's a trojan horse
00:53:01
into the other
00:53:02
clouds there you know the reason wiiz
00:53:04
exists and Jason mentioned this up front
00:53:06
is because of the value that it creates
00:53:07
in a multicloud multi-tenant environment
00:53:09
across aure in gcp and and AWS and when
00:53:13
the deal was done one of the things that
00:53:14
whiz said is hey don't worry we're not
00:53:16
going to prefer
00:53:18
gcp and it was interesting because I
00:53:21
thought wait people actually thought
00:53:22
that they would just prefer gcp no it's
00:53:25
the exact opposite of why Google would
00:53:27
want this because now what you have are
00:53:29
your tentacles like think of any other
00:53:32
service that any cloud provider provides
00:53:36
where most of your revenue is coming
00:53:37
from the other clouds can you name one
00:53:40
well it didn't exist until now and so I
00:53:43
think the Strategic rationale is quite
00:53:45
clever which is you start to gain
00:53:47
customer traction and workloads in all
00:53:49
of these other environments and I
00:53:51
suspect that TK is smart enough to try
00:53:53
to pull these workloads back into gcp
00:53:57
so that that's like I think probably
00:53:59
like because they were you're saying jat
00:54:01
they would have the data they would be
00:54:02
able to see from whiz like hey look of
00:54:05
90% of this this type of job is existing
00:54:08
on Oracle or it's over here on AWS or
00:54:10
all three of you would do that if you're
00:54:11
running Google CL Thomas C is smart
00:54:14
enough and they're not gonna pay and
00:54:16
David by the way the other thing that I
00:54:17
would say is I think this is where
00:54:19
bankers get this totally wrong as the
00:54:21
Observer watching a deal like this is
00:54:24
it's never about the rate of change when
00:54:26
you're trying to do a deal it's always
00:54:28
about the rate of change of the rate of
00:54:30
change and the most incredible thing
00:54:32
that whiz had going for itself was that
00:54:34
they were basically doubling in months
00:54:37
so the time to double at that scale you
00:54:40
can do any kind of Fantastical model
00:54:43
with that kind of raw input because when
00:54:45
that boundary condition is true and
00:54:47
you're trying to you know deescalate or
00:54:49
scale down or we down a model you're
00:54:51
still going to get crazy gargantuan
00:54:53
numbers that when you discount them back
00:54:56
gets to this price so I mean congrats to
00:54:58
these guys I don't you know I would love
00:55:00
to find out how does whiz because this
00:55:03
is I mean I'm sure you guys have this
00:55:04
question to how do you build a sales
00:55:07
infrastructure that can scale that
00:55:09
productively that quickly that's an
00:55:11
incredible thing you know yeah I wonder
00:55:13
if a lot of people are I wonder if it's
00:55:15
a lot of self- sered to sign up and use
00:55:17
it it's got to be yeah some percentage
00:55:19
of it I mean I'll tell you our
00:55:21
experiences we had a guy that had to
00:55:22
come in and sell it into us and we had a
00:55:23
little bit of a bake off and I don't
00:55:25
know maybe we were unique and there's a
00:55:26
simpler lower scale product that's just
00:55:29
more pgo consumption yeah yeah who knows
00:55:33
say looking at this I'm curious your
00:55:36
take on big VC because the uh series a$
00:55:40
hundred million round we don't have the
00:55:41
valuation for it the B was at 1.7
00:55:44
billion a year later so maybe we assume
00:55:45
it was a $500 million valuation for 20%
00:55:48
something like that I would guess maybe
00:55:50
a 600 million post Sequoia Insight index
00:55:53
cyber starts all did that series a when
00:55:55
you look the BC d and e those same
00:55:58
players all participated this is another
00:56:01
example of sometimes your best next
00:56:04
investment as a VC firm is the highest
00:56:07
growth outlier in your existing
00:56:09
portfolio your thoughts on what this
00:56:10
means in terms of venture capital and
00:56:12
maybe the Log Jam that we saw over the
00:56:14
last four years five years of no m&a and
00:56:19
because we you and I came up when like
00:56:22
it was a golden era of m&a and then you
00:56:24
know the IPO Market started open up with
00:56:26
Airbnb coinbase and of course Uber now
00:56:29
we're sitting here what could if this is
00:56:32
the starters pistol what could it look
00:56:33
like for the VC industry which has just
00:56:36
been dead yeah I'm start with you know
00:56:39
my thoughts on Whiz I think this is
00:56:41
really exciting for me because this is a
00:56:44
great example of a contrarian investment
00:56:46
when this investment was initially made
00:56:49
there was not a lot of money going into
00:56:51
security there still isn't it's an
00:56:52
underinvested category and with AI and
00:56:55
the threat of the types of things that
00:56:57
can people can build and Vibe coding and
00:56:59
everything in between you're going to
00:57:01
need better security and so I'm excited
00:57:04
to see that maybe this might become an
00:57:06
investable category I think this is the
00:57:08
largest exit ever in the security space
00:57:11
am I am I wrong I mean I think I I think
00:57:14
you're probably correct got to be I
00:57:16
don't think I've ever heard of anything
00:57:17
this large m&a wise absolutely yeah so
00:57:20
you know how does this impact m&a I mean
00:57:22
it's still pretty slow out there you
00:57:24
know some actions better than no action
00:57:26
but like Niantic was just bought by
00:57:28
scopely we're starting to see you were
00:57:30
an angel investor in that right that was
00:57:32
the Pokémon go folks I remember you
00:57:33
showing me Pokemon go over a decade ago
00:57:36
yeah that's amazing that's a Saudi
00:57:38
company that bought it look like a Saudi
00:57:40
conglomerate that's a Saudi conglomerate
00:57:42
and so that exited for 3.7 billion and
00:57:45
you know I I think we're going to start
00:57:47
seeing some movement especially with the
00:57:49
new Administration when we how long were
00:57:51
you in that uh deal how many years were
00:57:54
you in that deal oh my gosh as soon as
00:57:55
they spun out an alphabet uh formed and
00:57:58
spun them out as their own entity I
00:58:00
there's a funny story for another time
00:58:02
about how I got into the deal uh but I I
00:58:05
realized it was my only opportunity to
00:58:07
get in as early as possible and so I
00:58:09
stalked the founder and sat at his door
00:58:11
and oh tell us the story okay all right
00:58:13
well permission permission granted you
00:58:14
can't say it's a great story a great
00:58:16
story so before Pokemon go they had this
00:58:18
game called Ingress and I started
00:58:21
playing it with my friends and I started
00:58:22
noticing that my friends were doing some
00:58:25
really unusual things they were like
00:58:27
charting helicopters and like traveling
00:58:29
all over the world to cast these
00:58:31
invisible triangles over the Earth
00:58:33
basically it's a game of green versus
00:58:35
blue and who can cast the biggest
00:58:37
triangle I was like why are these people
00:58:39
spending so much time and not only that
00:58:41
but why are they going around taking
00:58:42
pictures of points of interest for
00:58:44
Google like what is Google actually
00:58:46
doing with this asset was my number one
00:58:48
question so I realized that Ingress was
00:58:51
part of a bigger mapping plan mean if
00:58:54
you look at the team you look at hanky
00:58:56
they all come from Keyhole and they're
00:58:58
obviously part of the maps team and help
00:59:00
build Google Earth so this wasn't just a
00:59:02
game Pokémon go was a joke it was
00:59:04
basically an April Fool's joke where the
00:59:07
founder of Pokemon said wouldn't it be
00:59:09
cool if like we put Pokemon on the map
00:59:11
and we just tried to find them and John
00:59:13
Hank's like uh yeah like let's turn this
00:59:16
into an engress likee game I went around
00:59:20
telling everybody like if I had a chance
00:59:21
to invest in anything it would be
00:59:23
Niantic and because they were part of
00:59:25
Google I thought there was no chance and
00:59:27
then I got a call one day and they said
00:59:29
hey my friend of mine was like did you
00:59:31
hear Niantic spun out I was like oh my
00:59:33
gosh I don't know anyone at Google how
00:59:34
do I reach John hanky and I realized I'd
00:59:37
invested in this company called hint
00:59:39
waterer and they were giving out game
00:59:41
codes on the bottle cap and uh I was
00:59:43
setting up her ticketing system one day
00:59:45
and helping her out in her office and I
00:59:46
saw all these tickets coming in with the
00:59:48
subject line that said engrish game code
00:59:50
and I was like what is this all about
00:59:52
and I just connected the dots and she
00:59:53
introduced me to John hanky and then I
00:59:55
went there with two Engineers cuz I
00:59:57
figured I got to show up with some value
00:59:58
here um two badass Engineers who are
01:00:01
players we sat on the front stairs and
01:00:04
basically sat there and said please take
01:00:06
our money he's like I don't need you
01:00:07
I've got Nintendo I've got Google I've
01:00:09
got and we're like no you really need us
01:00:12
uh and he gave one of those Engineers a
01:00:14
job offer pretty much that day he gave
01:00:17
me a key card to the office and so I can
01:00:19
come and go from Niantic as I please
01:00:20
which is pretty awesome aming conations
01:00:23
fun story you know yeah yeah no I mean
01:00:25
this is what ites to get in deals in
01:00:26
Silicon Valley all right the FED held
01:00:29
rate steady on Wednesday markets have
01:00:31
been digesting this uh pretty flat the
01:00:34
second consecutive meeting of course
01:00:36
where the FED held rates steady this is
01:00:40
after the two consecutive Cuts in
01:00:42
September 50 basis points uh in
01:00:45
September and then obviously 25 in
01:00:47
December and we had this high hopes that
01:00:49
there would be you know four or five of
01:00:51
these Cuts this year and there are
01:00:52
apparently none right now Trump posted
01:00:56
truth social that he urged the FED to
01:00:58
cut rates to create a smoother
01:00:59
transition for his tariffs the tariffs
01:01:01
are taking place I believe on April 2nd
01:01:03
is that date that's going to change the
01:01:05
history of the United States
01:01:07
forever and so uh there were some other
01:01:10
interesting takeaways they Lowered
01:01:12
Expectations on Ray Cuts uh they expect
01:01:14
two quarter point cuts for the rest of
01:01:16
2025 this would take us down to about 4%
01:01:19
your thoughts chath let's add some color
01:01:23
from Scott Besson one of the biggest
01:01:25
mistakes that I think Janet Yellen
01:01:27
affected was this continued issuance of
01:01:32
money on the short end of the curve to
01:01:34
finance these deficits which gives you
01:01:38
you inherit an incredibly difficult
01:01:40
challenge I think over the next nine
01:01:42
months I think there's like nine or 10
01:01:43
trillion that has to get refinanced do
01:01:45
you want to talk about that and yeah
01:01:47
look I I I thought that it that when
01:01:50
rates were low you're supposed to turn
01:01:52
out rates exactly and in instead
01:01:56
the the treasury for the past few years
01:01:59
has pulled rates in and I think part of
01:02:02
that was to keep rates
01:02:05
lower that they they change the issuance
01:02:07
schedule when rates move back up towards
01:02:11
5% I I um have maintained that policy
01:02:17
but I'm maintaining it because it's
01:02:19
going back to David's
01:02:22
question of when when are you going when
01:02:25
are we going to see the results from
01:02:27
this the getting the government spending
01:02:30
under control and I don't think the
01:02:32
markets recognize it yet okay translate
01:02:34
for Jamal yeah so he's saying a couple
01:02:37
things he he he has inherited a problem
01:02:40
that he hasn't quite yet changed what is
01:02:43
that problem that problem is that when
01:02:46
rates are low you want to borrow for as
01:02:48
long as possible right you don't want to
01:02:50
borrow for the shortest amount of time
01:02:52
and now that rates are high you're in
01:02:55
this difficult POS position where you
01:02:56
have to refinance all of it at a much
01:02:58
higher rate that's effectively the net
01:03:00
of
01:03:01
it what I took away and you can see more
01:03:04
and understand more when you watch his
01:03:05
old interview with freeberg and I but I
01:03:08
think that there's been a fundamental
01:03:10
disconnect and break from the fed and
01:03:14
the rest of Treasury and the government
01:03:18
and I think that Scott was very clear
01:03:20
like he views that as an independent
01:03:22
organization and it should continue that
01:03:24
way but it was very clear to me that
01:03:26
they are singing from their own hm book
01:03:28
and it just doesn't seem to me that
01:03:31
Powell really understands the gravity of
01:03:33
this situation and I don't think that
01:03:34
he's really willing to play ball so he's
01:03:38
probably on the margins again this is my
01:03:41
total interpretation of
01:03:43
this would rather wait longer than
01:03:46
necessary because I think it's it's
01:03:48
almost like a political Gambit and I
01:03:51
think that that's very dangerous that's
01:03:52
again just my own interpretation I just
01:03:55
do not think that Powell
01:03:57
a has the data to make a very clear
01:04:00
decision and B will act unless it's
01:04:04
totally necessary so I think this
01:04:06
there's an overcorrection here that's
01:04:08
happening which I think is dangerous and
01:04:10
I think it's going to slow down the pace
01:04:12
of cuts which I think will then create a
01:04:16
lot of other pressure in the economy
01:04:20
well Dave uh I'll jump it drop it to you
01:04:22
the fed's Mandate as an independent
01:04:24
organization is full employment and and
01:04:26
that 2% Target which we talked about
01:04:28
before here was just a number that was
01:04:30
picked by an economist in New Zealand of
01:04:33
all places it's it's not like it's some
01:04:35
specific dosage that is perfect but it
01:04:38
is their mandate they're not supposed to
01:04:40
be a political organization so what are
01:04:42
your thoughts on this situation and
01:04:44
these high rates which we have to pay
01:04:48
for our
01:04:50
debt we've never been in a situation
01:04:55
where in a 100 days a federal government
01:04:59
is setting out to cut their spending by
01:05:01
a trillion dollars which has a
01:05:05
significant effect a recessionary effect
01:05:07
on the economy because there's less
01:05:09
federal dollars flowing out which goes
01:05:11
as Revenue into various businesses and
01:05:14
income for a lot of people that are
01:05:15
employed as contractors or directly by
01:05:17
federal government
01:05:19
agencies coupled with for the first time
01:05:23
in 100 years a significant change in the
01:05:26
policy for
01:05:27
tariffs for goods flowing into the
01:05:30
United States and whether that will
01:05:32
reduce spending by consumers or drive up
01:05:35
the cost of products by consumers and we
01:05:37
talked extensively about both of these
01:05:39
issues with bessent and letnik in DC
01:05:42
this week and if I'm the FED I don't
01:05:46
really have a great proxy historically
01:05:49
for saying when this was done in the
01:05:51
past here's what the effect would be on
01:05:54
GDP here's what the effect would be on
01:05:56
inflation here's what the effect is
01:05:58
going to be on uh employment in fact
01:06:02
folks like lutnick are making the case
01:06:06
that the current measure of GDP is
01:06:08
probably not even correct the way we
01:06:10
measure it the way we count it and so
01:06:13
the traditional economist's point of
01:06:15
view on making rate adjustments as a
01:06:18
function
01:06:19
of economic contraction or growth may be
01:06:23
wrong so I think there are quite a lot
01:06:25
of these kind of confounding factors
01:06:27
that the FED is in a very wait and see
01:06:29
mode what I would look to is the bond
01:06:32
market which also seems to be in a kind
01:06:34
of wait and see mode so remember right
01:06:37
before the election the bond market
01:06:40
traded the tenure up so that rates went
01:06:42
down to about
01:06:44
3.65% about a month ago the tenure was
01:06:47
at 4.5% and today it's at
01:06:49
4.22% and so in the last month we've
01:06:52
seen rate on the 10year decline by about
01:06:55
a quarter point or about 30 basis points
01:06:59
and so the bond market is giving some
01:07:01
kind of opening to the FED saying look
01:07:04
we expect that this is going to be
01:07:06
deflationary this is going to be
01:07:09
recessionary we are expecting you to cut
01:07:11
rates to the fed and so that's what the
01:07:14
bond market is saying and now I think
01:07:17
we're going to start to wait for the
01:07:18
reports that are going to start to come
01:07:20
out that are going to show the impact I
01:07:22
don't think we're going to know
01:07:24
immediately so I think the first 100
01:07:26
days of this presidency and this
01:07:28
administration's
01:07:29
actions are going to be pretty telling
01:07:31
on what's going to happen going forward
01:07:33
in terms of the effect on employment on
01:07:36
inflation and on GDP contraction or
01:07:39
growth and then I think the market will
01:07:42
know how to handicap those numbers in
01:07:45
the future based on actions by the
01:07:47
administration right now we're still in
01:07:49
a like I don't know how when you put all
01:07:50
these things together what it does and
01:07:52
it's a lot happening real fast and so
01:07:54
wait and see
01:07:57
yeah Sayan I'm not sure if the fed and
01:08:01
you know the people in the
01:08:01
administration can't communicate the
01:08:03
strategy perfectly well and the FED
01:08:05
can't interpret it I don't know that
01:08:07
we're going to solve it here but any any
01:08:09
thoughts on this well I don't know if
01:08:10
they're not communicating it well
01:08:11
bessent did that it's the effect that it
01:08:13
will have ultimately on the economy and
01:08:14
over what time scale that's what's
01:08:16
uncertain right now sorry specifically
01:08:18
the tariffs I mean you know if they're
01:08:20
on they're off to what extent you know I
01:08:23
don't it doesn't feel like the ire
01:08:25
Administration is on the same page
01:08:27
that's just you know based on everybody
01:08:29
I've talked the FED is not part of the
01:08:30
administration of course not yes they're
01:08:32
independent quote today in the Wall
01:08:34
Street Journal Nick you can look for it
01:08:35
is Powell's statement basically blamed
01:08:38
Rising inflation in this short-term
01:08:40
period on exogenous factors he said our
01:08:42
job was getting the job done and now
01:08:44
there's exogenous inflation and I think
01:08:46
what he's pointing to are these
01:08:48
potential tariffs or something so I
01:08:49
think it's it's less that they're not
01:08:51
coordinated I think that they are on
01:08:53
very different pages and I don't think
01:08:55
the Fed wants to play ball sorry s and
01:08:56
then I have the story at the end just
01:08:58
quickly you know one of the things that
01:08:59
really concerns me is how we've been so
01:09:01
high on cheap supply for so long like if
01:09:04
you look at Shen and teimo before this
01:09:06
uh podcast I wouldn't looked up that
01:09:08
their prices are up by 27% or something
01:09:10
like that and so when you used to be
01:09:12
able to get a garment for $18 you're now
01:09:14
paying $37 and Zara is like 75 for an
01:09:17
equivalent and I think people really
01:09:20
liked getting packages in the mail and
01:09:21
feeling like their dollar went further
01:09:23
and it's not going far and so when you
01:09:25
have a bunch of people who can't buy
01:09:27
anything and consumerism is a big part
01:09:29
of our unfortunately in some ways our
01:09:31
culture you know what does that do to
01:09:36
our country you know if if you're
01:09:38
looking around there's Urban blight
01:09:39
everywhere in retail and you know we
01:09:42
can't fill our malls we don't have brick
01:09:44
and mortar stores they're shutting down
01:09:46
Forever 21 just shut down you know the
01:09:48
these are the types of things that you
01:09:50
know people really care about is whether
01:09:52
especially in a time where you know you
01:09:55
do have a recession uh people want to
01:09:57
buy a tube of lipstick or or a dress to
01:10:00
feel better about their life and right
01:10:03
now they can't even do that and so
01:10:05
that's that's what concerns me is
01:10:06
thinking about the retail future and
01:10:08
then you know the consumer landscape of
01:10:10
how this all affects
01:10:12
everybody yeah and consumer confidence
01:10:14
is not good right now people are feeling
01:10:15
like a little bit concerned about it and
01:10:18
this immigration plays into this we're
01:10:20
supposed to be deporting 20 million
01:10:22
people maybe it's only going to be a
01:10:23
million who knows about that ISS issue
01:10:25
who's going to actually work in these
01:10:27
factories are people getting laid off or
01:10:29
are they not getting laid off like
01:10:30
there's just a soup of issues here that
01:10:32
makes the fed's job extremely difficult
01:10:35
so in an extremely difficult confusing
01:10:37
storm what is the best thing to do when
01:10:39
you're driving the storm is just maybe
01:10:41
try to keep the car going straight not
01:10:43
hit the brakes or not hit the gas and
01:10:45
that's what they're doing they're taking
01:10:46
a wait and see and let's see if the
01:10:48
administration can be a little bit
01:10:49
crisper I think in their delivery of
01:10:52
what their plan is because it does seem
01:10:53
chaotic to me
01:10:55
and people here might disagree Jam you
01:10:57
said you had an anecdote well I I kind
01:11:00
of disagree with you in one way I I just
01:11:02
think the FED has totally lost a script
01:11:03
and I don't think they're I don't think
01:11:05
they're doing what they're supposed to
01:11:06
be doing what should they be doing what
01:11:09
they should be doing is actually
01:11:10
observing the fact that there's some
01:11:12
very complicated money flows the front
01:11:14
end of the curve makes no sense the back
01:11:16
end of the curve hasn't gone down long
01:11:18
enough they sat around and they allowed
01:11:20
treasury to basically pump trillions of
01:11:23
short-term paper so they were complicit
01:11:26
in what Yellen did and it it's
01:11:29
inconceivable that they didn't
01:11:30
understand that strategy and so it's
01:11:32
inconceivable so what's the future yeah
01:11:34
so what do you do when you have a is
01:11:37
recalcitrant the right word you know
01:11:38
like let's let's just say you just have
01:11:40
an organization that refuses to play
01:11:42
ball again there was a really
01:11:44
interesting anecdote where bessent
01:11:46
talked this is in the interview about
01:11:49
how he really wants to deregulate and
01:11:52
loosen up Bank lending standards
01:11:54
particular particularly at the community
01:11:56
level and I think that this is one very
01:11:59
interesting thing that is a workaround
01:12:01
to the FED why because if you think
01:12:04
about where money gets transacted on a
01:12:07
10 to 20 to 30e duration those are the
01:12:10
big boys they're making big Capital
01:12:11
plays right guys but where is like the
01:12:14
where's where do you play for the two
01:12:17
Monon to twoyear kind of thing it's
01:12:19
smaller stuff it's the stuff that's
01:12:21
required to get small businesses off the
01:12:22
ground it's the community lending
01:12:24
standards that actually allow
01:12:26
communities to thrive and so I think
01:12:28
Scott realizes that if the fed's not
01:12:31
going to really play ball how do you
01:12:33
loosen credit how do you make sure that
01:12:35
that money is available Jason to make
01:12:37
sure that you can fight off a recession
01:12:39
you have to give it to these smaller
01:12:41
Banks and he was pretty clear about that
01:12:43
so I think that that's it's it's almost
01:12:45
as if the FED is just going to get
01:12:47
relegated to this like random
01:12:49
organization like yeah they'll control
01:12:51
reverse repo but they just won't have
01:12:52
any credibility and maybe that's not a
01:12:55
bad thing actually in the end freeberg
01:12:57
it's your chance to shine we have not
01:13:00
one but we have two amazing space
01:13:04
stories in science Corner first up
01:13:06
SpaceX successfully rescued two
01:13:08
astronauts and when they landed there
01:13:10
were Dolphins breaching around the
01:13:13
capsule was absolutely magical to see
01:13:16
congratulations to the SpaceX team on
01:13:18
that and then Firefly Aerospace
01:13:20
completed its moon mission after
01:13:22
achieving the first commercial soft
01:13:24
mooner Landing take it whichever way you
01:13:27
want freeberg which one of these do you
01:13:28
want to start with and and then uh maybe
01:13:31
we'll we'll open the discussion up to a
01:13:32
little bit broader discussion about the
01:13:34
moon itself SpaceX was able to rescue
01:13:38
the the two astronauts that were
01:13:41
stranded by the Boeing Starliner debacle
01:13:43
nine months ago we talked about it on
01:13:44
the show you can go back
01:13:47
and 192 192 in August episode 192 yeah
01:13:51
and so having spent far more on the
01:13:54
Starliner program then on the crew
01:13:58
Dragon program the Starliner program is
01:14:00
gone now it's basically done and the
01:14:02
crew Dragon program has now done 16
01:14:05
crude flights to space 11 for NASA four
01:14:10
private commercial
01:14:12
flights and continues to perform so
01:14:15
congratulations to the SpaceX team on
01:14:17
making it to ISS and bringing the
01:14:19
astronauts home another successful
01:14:21
mission for SpaceX you know there's a
01:14:24
lot of hand ringing oh my God you know
01:14:26
conflict of interest Elon with SpaceX
01:14:28
and Doge and being close to the um
01:14:32
Administration when we look at what
01:14:35
SpaceX has accomplished I'm not a
01:14:36
shareholder but I know you are chamath
01:14:38
I'm not sure the other folks in the
01:14:39
panel you are as well saying I am as
01:14:41
well okay congratulations everybody but
01:14:44
putting aside the our personal
01:14:46
Investments when you look at how much
01:14:48
they've redu the cost is anybody even
01:14:51
close to matching their cost to getting
01:14:53
to space great because this kind of like
01:14:56
takes out the whole the the whole hand
01:15:00
ringing around the conflict of interest
01:15:01
with SpaceX both on Starling and on this
01:15:05
seems ridiculous because the price is so
01:15:07
cheap it it makes no sense to even
01:15:09
complain about we should just be giving
01:15:11
Elon a high five and saying thanks for
01:15:12
charging us such a low rate it's a great
01:15:16
question uh s you want to take it well
01:15:19
you know obviously Boeing is the big
01:15:21
loser here you probably gota you know
01:15:23
it's interesting to me how bad they just
01:15:26
fumbled this and then there's the
01:15:27
political element I don't know if we
01:15:28
want to get into it about how we weren't
01:15:31
able to save these astronauts and they
01:15:33
were stuck up there you know we we were
01:15:35
seeing it Landing in the water but what
01:15:36
you're not seeing is they couldn't walk
01:15:37
when they got out and they were only
01:15:38
supposed to be there for what like 10
01:15:40
days yeah and eight days and it ended up
01:15:43
eight months or something yeah eight
01:15:44
months which is horrendous because one
01:15:47
of the things that I believe that
01:15:49
America stands for is we don't leave
01:15:50
people like that and it's an American
01:15:52
issue not a political one
01:15:55
and so there's no reason why we
01:15:57
shouldn't have engaged SpaceX sooner it
01:15:59
was offered and they turned it into a
01:16:01
completely political issue and Boeing
01:16:02
fumbled the ball really well so you know
01:16:05
I I think hopefully this is a message
01:16:08
that's loud and clear and one of the
01:16:09
things I'm so excited about is little
01:16:11
kids watching this and seeing this and
01:16:14
what it means for the future of our
01:16:15
country because they're looking up to
01:16:17
people like Elon and they're going to be
01:16:18
the next political class in the future
01:16:21
and that will matter you know this is
01:16:23
the equivalent of moonlanding
01:16:25
and to see somebody in private
01:16:27
Enterprise do what Elon has done is just
01:16:29
outstanding so that's basically my
01:16:31
comment on it any thoughts on the cost
01:16:33
versus conflict of interest I guess hand
01:16:36
ringing look there's there's a couple of
01:16:38
startup Alternatives I'll put
01:16:40
Alternatives in quotes because they're
01:16:41
not really GA they're not generally
01:16:44
available they're not really launching
01:16:46
they're still in this early
01:16:47
experimentation phase one is blue origin
01:16:49
and the second is relativity space the
01:16:52
problem
01:16:53
with both of those two approaches well
01:16:55
the the feature of both of those two
01:16:57
approaches is theoretically that there's
01:16:59
a different economic model there but the
01:17:02
reality is that SpaceX is the only
01:17:04
company that has consistently been able
01:17:06
to take these costs and just crunch them
01:17:09
down to like more than one launch a
01:17:13
day this year I think like it's just an
01:17:15
incredible scale and pace so no there is
01:17:18
no economic alternative they are the
01:17:20
absolute cheapest in the market I mean
01:17:23
I'll tell you a very quick story I was
01:17:24
also an investor in relativity I think I
01:17:27
owned about 10% of the company and I
01:17:30
just got recapped out of that business
01:17:32
because they needed a lot more money
01:17:34
than folks were willing to give it and
01:17:35
then Eric Schmidt just stepped up and
01:17:37
offered I think3 billion to the business
01:17:40
and I kind of said no I'm I'm done I'm
01:17:42
out of here so you know Recaps are
01:17:44
painful you put all that money in I
01:17:46
think I took like a $380 million loss it
01:17:48
was not it was not a good week two weeks
01:17:50
ago but anyways that's not the point the
01:17:51
point is SpaceX is the best there is
01:17:54
nobody even close the next closest
01:17:57
alternative is years and years away
01:17:59
would we benefit from more capacity sure
01:18:02
but the reality is they are the only
01:18:05
solution and they're safe and they're
01:18:07
reliable and what cyan said is so true
01:18:10
when the hell does America just abandon
01:18:12
people why why do you why do you do that
01:18:16
especially in space of all places all
01:18:20
places I mean that that is really think
01:18:23
this be a mark Watney story like the
01:18:25
Martian like he would look WNBA you have
01:18:28
WNBA players that get put in Russian
01:18:30
jail we're willing to swap them for arms
01:18:32
dealers in the last Administration
01:18:35
pretty good yeah yeah fine so we didn't
01:18:38
abandon her but then we let these two
01:18:41
people
01:18:42
flounder I just think it's really
01:18:44
inexcusable that makes no sense there
01:18:46
definitely needs to be an investigation
01:18:47
into what happened there a lot of
01:18:50
speculation it doesn't look good I'm
01:18:52
gonna take elon's word that he offered I
01:18:54
mean I don't see any reason why he would
01:18:56
the astronauts even confirmed that he
01:18:58
offered oh they did okay yeah I mean I
01:19:00
know that people were saying like
01:19:01
unconfirmed if the Biden administ
01:19:03
confirmed they were like that's their
01:19:05
way of saying come get me yeah please
01:19:08
come get me they're like I'm literally
01:19:09
withering away in space please come get
01:19:11
me they put their thumbs up okay come
01:19:13
pick us up freeberg tell take us to the
01:19:16
next story and then we get we get a wrap
01:19:19
here this is basically what I think is
01:19:21
going to end up being the story over the
01:19:22
next couple of years is the space race
01:19:25
between effectively spacex's platform
01:19:28
and technology versus China which has
01:19:31
effectively ripped off SpaceX as this is
01:19:34
kind of being described here in this
01:19:35
article so you can kind of take a look
01:19:37
at the Long March 9 rocket is what they
01:19:41
call it fully reusable first stage
01:19:43
powered by 30 of their particular
01:19:46
engines which is comparable to spacex's
01:19:49
First Stage being powered by 33 Raptor
01:19:52
engines also fueled with methane and
01:19:54
liquid oxygen each with a Thrust of
01:19:56
about 280 tons compared to the Chinese
01:19:58
at 200 tons this is kind of a very kind
01:20:01
of equivalent design or here's a look at
01:20:04
it yeah there's the model of the
01:20:06
reusable yeah so this is the Long March
01:20:08
N9 this is their super heavy lift rocket
01:20:11
that they kind of first started talking
01:20:13
about call it a decade ago the rocket
01:20:15
has three stages solid Motors they've
01:20:18
recalibrated the design and it
01:20:19
effectively has now kind of become a
01:20:21
clone of Starship
01:20:24
and so this whole system is going to be
01:20:26
the big race and as we know the way the
01:20:28
Chinese operate when it comes to kind of
01:20:30
industrialization is they can move fast
01:20:32
they can move big they can move heavy
01:20:34
they can dedicate resources they can
01:20:36
dedicate an entirely vertically
01:20:37
integrated supply chain to achieving an
01:20:40
objective so this will end up being kind
01:20:42
of I think the big race over the next
01:20:43
couple of years slave
01:20:45
labor they've got a lot of resources at
01:20:47
their fingertips you can kind of say
01:20:49
that but I I don't know you know a lot
01:20:50
of people use slave labor in China as
01:20:53
kind of a handwavy way of describing
01:20:55
their competitive Advantage but I I
01:20:58
think this is really important China has
01:21:00
actually much more of an advantage in
01:21:02
Automation and so if you look at many
01:21:04
Chinese factories that everyone assumes
01:21:06
are cheap because they have cheap slave
01:21:08
labor which is kind of the western
01:21:10
General kind of media perception of what
01:21:12
goes on over there there's actually a
01:21:15
lot of Automation and Engineering that's
01:21:16
gone into building these systems that
01:21:19
allow them to have much higher
01:21:20
throughput at much lower cost um and I
01:21:22
think that this is a really kind of key
01:21:24
point that the Chinese kind of
01:21:26
industrial base and their manufacturing
01:21:28
base is so superior to the United States
01:21:31
in this moment in time that the US has
01:21:33
to figure out a way to build its
01:21:35
manufacturing base up to be competitive
01:21:37
in an age of automation not on a kind of
01:21:39
Labor to labor system but on a system of
01:21:42
production a system of production basis
01:21:45
and so this is really where we are
01:21:46
lagging deeply as a country and it as
01:21:49
part of you saw JD Vance's speech this
01:21:51
week on revitalizing kind of
01:21:53
manufacturing in the United States
01:21:55
but it has to be Advanced manufacturing
01:21:56
it's not just about opening a warehouse
01:21:58
and putting which means robots not
01:22:00
humans in it because it means both it
01:22:02
means both but it's about smarter
01:22:04
systems it's about designs on how you do
01:22:06
um
01:22:07
manufacturing it's about using new
01:22:09
things like 3D printing like automation
01:22:12
coupled with great Labor coupled with
01:22:14
great people working but it's about
01:22:17
designing entirely new ways of doing
01:22:18
manufacturing and we've stalled out over
01:22:20
the last three decades in the United
01:22:21
States as we globalized and we handed
01:22:23
off all man manufacturing to the East
01:22:26
and the United States basically just
01:22:28
imported manufactured goods while they
01:22:29
invested in all of the infrastructure to
01:22:31
to deliver Advanced manufacturing at
01:22:33
scale um and so we've got a lot of
01:22:35
catching up to do otherwise China will
01:22:38
get ahead of us in any product faster
01:22:40
than we will ever be able to kind of
01:22:42
stay ahead of the game on and I think
01:22:43
we're seeing that in the Space Race now
01:22:45
and it's definitely worth taking note
01:22:46
that this is kind of One Core example of
01:22:49
this advantage that they've developed
01:22:50
for themselves I'm concerned about the
01:22:52
cultural stuff of this like America so
01:22:54
ill equipped especially with this wave
01:22:56
of the last eight years of Dei and and
01:23:00
how it's infiltrated all of our
01:23:01
institutions and how we raise our
01:23:03
children in this country like we taught
01:23:05
them that math is racist while China is
01:23:09
you know their kids are the leaders in
01:23:11
AI you know deep seek should show us
01:23:13
that you know we have underestimated
01:23:15
China every step of the way and and I
01:23:18
think it's just a
01:23:19
tragedy you know I'm working on a a book
01:23:22
that's coming out called the war on
01:23:23
science which will actually
01:23:25
expose a friend of mine wrote it it's a
01:23:28
collection of essays exposes just how
01:23:30
entrenched this became in every
01:23:31
institution from Medical Science Etc
01:23:34
like how do we recover from that is how
01:23:37
we can compete with China because
01:23:39
otherwise we can't you know I really
01:23:41
honestly don't understand how we're
01:23:42
going to do it if we don't and part of
01:23:44
it is seeing these space launches you
01:23:45
know obviously the next generation of
01:23:47
children will be inspired by that but we
01:23:49
have a gap of about 8 to 10 years where
01:23:51
we lost that Advantage I mean it's San
01:23:54
Francisco we saw it up close and
01:23:55
personal right they banned AP math I
01:23:58
mean what
01:23:59
lunatics could ever I mean I guess the
01:24:02
lunatics in San Francisco could
01:24:04
literally justify that it was you know
01:24:08
some massive inequality that the smart
01:24:10
kids got to take harder courses Flash
01:24:13
the thing P from NBC Nick we know who
01:24:15
was responsible for it are you blaming
01:24:17
white women college educated white women
01:24:20
I'm just saying look at the data okay
01:24:22
what what what is going on here
01:24:24
like for those of you not watching it's
01:24:27
uh voter's opinion white men no degree
01:24:30
white men college degree white women no
01:24:32
degree white women college degree and
01:24:35
yeah
01:24:37
Dei plus 53 plus 31 by the way for white
01:24:41
women in college yeah NBC News poll yeah
01:24:43
this is not from uh yeah like a right
01:24:47
organization here just to build on what
01:24:48
you were saying yeah it's math that was
01:24:52
told was racist in one of the best
01:24:55
private schools here in in Silicon
01:24:57
Valley they taught the girls these are
01:24:58
girls in the best all girls private
01:25:00
school in Silicon Valley that reading
01:25:03
was racist could you imagine there was a
01:25:07
spreadsheet that these kids had to
01:25:09
memorize every day that had every other
01:25:11
kid's
01:25:12
pronoun and if you didn't get it right
01:25:14
you'd get in trouble oh yeah well not
01:25:16
only that but they are taught that
01:25:18
you're either an oppressor or you're
01:25:20
oppressed and there's no other option
01:25:22
and so like if you go to one of these
01:25:23
private night schools then you're
01:25:25
automatically an oppressor so think
01:25:27
about that if you're a kid and you're
01:25:29
you're born bad inherently Bad Evil from
01:25:33
birth what does that do what does that
01:25:35
do what does that do to your self worth
01:25:37
yeah your desire to actually do anything
01:25:40
in societ we have to fix that I actually
01:25:42
think it's one of the number one issues
01:25:43
in our country is to get
01:25:45
kids excited about being Americans again
01:25:48
you know we were talking about the
01:25:49
Democrat Party uh They Don't Love
01:25:53
America on the far left they hate
01:25:55
America and they're very loud and vocal
01:25:57
about it and so I'm glad that their you
01:26:00
know their base is shrinking but it
01:26:01
needs to shrink further and we need to
01:26:04
have more unifying messages and I think
01:26:05
SpaceX could be one of those unifying
01:26:07
messages yeah where we bring people
01:26:09
together and we encourage kids to think
01:26:12
bigger about the future I'll tell you
01:26:14
one anecdote I have been hanging out at
01:26:16
UT a little bit the University of
01:26:19
Texas and go long horns and uh I've had
01:26:24
three or four people of means I'll say
01:26:27
you know people who could afford to go
01:26:28
to any college ask me do you have any
01:26:31
hookups at UT I want to take a tour I
01:26:33
want to check this out and I'm like oh
01:26:35
and they're like yeah I just don't want
01:26:36
to send my kids to you know these as
01:26:39
chamat has called them previously on the
01:26:41
program W madra says I want to send them
01:26:44
to the South to be educated in Texas or
01:26:48
somewhere you know where they're not
01:26:50
going to learn to be part of Hamas or
01:26:53
you know Al-Qaeda so there you have it
01:26:56
folks send your kids uh yeah yeah send
01:26:59
them to a place that values Free Speech
01:27:01
look there first look at the fire rating
01:27:03
and then that should tell you everything
01:27:04
you need to know it's it's a it's a huge
01:27:07
Trend it's a huge Trend that people want
01:27:09
to go to these schools getting back on
01:27:11
track I'll just give a quick shout out
01:27:13
as well to Firefly the blue Ghost lunar
01:27:16
lander landed on March 2nd lasted on the
01:27:19
lunar surface for 14 days launched on
01:27:21
January 15th they are launching two
01:27:23
additional misss mission 2 and Mission 3
01:27:26
mission 2 is going to launch in 2026
01:27:28
back to the moon 28 for Mission 3 all of
01:27:32
which are doing kind of geologic
01:27:34
surveying of the lunar surface obviously
01:27:37
the long-term goal here is can we
01:27:39
establish a
01:27:43
bason mission five is going directly to
01:27:46
your
01:27:48
dingleberries they're going to go to get
01:27:51
those dingleberries those vegan
01:27:53
dingleberries
01:27:55
you shouldn't have heard that we just
01:27:56
say fine I don't care it's our tradition
01:27:58
to talk about an I have a 13-year-old
01:28:01
boy since of humor I it's fine you do
01:28:04
you always have actually would would you
01:28:06
guys be willing to go to the moon for a
01:28:09
week would that be something you guys
01:28:11
would be interested in going I talk to
01:28:13
my guy you got a guy I'm going I'm got a
01:28:17
guy I talk to my guy he said I could go
01:28:18
out with him so do you guys have an
01:28:20
interest in that like is that something
01:28:21
that you'd be motivated to% 100% 100%
01:28:25
going to do it when I'm 7 sure it's a
01:28:26
great question about a week a week seems
01:28:28
like a very wow I would go for a month
01:28:31
what about a day like just a lunar day
01:28:33
like you go there like a lunar picnic
01:28:35
yes yes a little picnic and then you
01:28:36
come back yeah what would you bring what
01:28:38
are you gonna bring you bring a little
01:28:39
chardonay what are you thinking would be
01:28:40
would pair well with the Dark Side of
01:28:42
the Moon there jth what are you gonna
01:28:43
bring I'd bring like a what what should
01:28:47
Sean make us when we go 2020 Leon I'd
01:28:49
bring like a white burgundy got it Nick
01:28:52
can you make an image of Chim on the
01:28:54
drinking wine can you figure out a way
01:28:55
to do that please thank you and what
01:28:57
what should we serve on the moon what
01:28:59
would be would you think we should go
01:29:00
with fish a little syrup and tur maybe
01:29:02
surf and turf would be good you know
01:29:04
people don't realize that white burgundy
01:29:06
tastes great with meat I know that
01:29:09
people think you should always drink a
01:29:10
very heavy red but it's not true I just
01:29:13
want everybody to know the more you know
01:29:15
the more you know thanks for tuning in
01:29:17
to the all in podcast she's cyan
01:29:19
banister I'm Jake Hal he's cha and of
01:29:23
course your soul of
01:29:25
science David fredberg and of course
01:29:28
thanks to CEO John and producer Nick
01:29:32
everybody who put so much effort into it
01:29:34
and thanks to our partners for uh yeah
01:29:37
supporting the show we'll see you all
01:29:39
next time love
01:29:41
youcast
01:29:42
[Applause]
01:29:43
byebye let your winners
01:29:46
ride Rainman
01:29:50
David and instead we open source it to
01:29:53
the fans and they've just gone crazy
01:29:54
with it love you queen of
01:29:57
[Music]
01:30:03
K besties
01:30:06
are that's my dog taking
01:30:09
[Music]
01:30:11
driveway oh man
01:30:13
myit we should all just get a room and
01:30:15
just have one big huge orgy cuz they're
01:30:17
all usess it's like this like sexual
01:30:19
tension that they just need to release
01:30:21
somehow what
01:30:26
[Music]
01:30:28
we need to get merch
01:30:32
[Music]
01:30:36
our I'm going all in
