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