00:00:00
all right trath apparently the Rainman
00:00:02
David Sachs is now the architect I think
00:00:04
he's been working behind the scenes
00:00:06
according to a bunch of the news stories
00:00:08
I like Puppet Master the Puppet Master
00:00:10
okay well we should call Sak chetto
00:00:13
let's cut we're going live now to the
00:00:14
RNC in Milwaukee and live coverage uh
00:00:18
Sith Lord David sxs are you
00:00:21
there oh he is it's Palatine tell us
00:00:25
about your new
00:00:26
Empire cator Palatine everything has
00:00:30
preceded as I have
00:00:34
foreseen let your winners
00:00:37
ride rman
00:00:41
David and instead we open source it to
00:00:43
the fans and they've just gone crazy
00:00:45
with
00:00:46
[Music]
00:00:49
it obviously sacks Trump makes his own
00:00:52
decisions you're getting a little bit
00:00:53
too much credit uh I think yeah
00:00:55
absolutely no I mean I'm I'm mocking I'm
00:00:58
sterzing the times and Business Insider
00:01:01
and all these Publications are giving me
00:01:02
all this credit listen the president
00:01:04
obviously makes the decision he solicits
00:01:06
feedback from lots of people I was
00:01:08
probably one of a thousand people or at
00:01:10
least hundreds of people who offer my
00:01:11
opinion obviously I'm a big fan of JD
00:01:14
Vance but I think uh it's just giving me
00:01:16
way too much credit in all seriousness
00:01:18
uh Sachs you're there and obviously you
00:01:21
know president Trump how is he doing
00:01:23
how's he feeling in the wake of this
00:01:26
absolute tragedy I think he's doing well
00:01:28
he was in great Spirits I think but
00:01:30
let's maybe we just should get into the
00:01:32
assassination attempt that's really the
00:01:33
thing to talk about here all right
00:01:34
everybody welcome back to episode 188 of
00:01:38
the Allin podcast we have a full docket
00:01:41
to get through today we are here on July
00:01:44
18th on the taping of this and it is
00:01:47
five days after an assassination attempt
00:01:51
on the former president of the United
00:01:53
States and the likely 47th president of
00:01:55
United States obviously president Trump
00:01:58
we're going to start with what we know
00:01:59
it's 5 days later we're a bit in the fog
00:02:02
of War as it is and there are uh all the
00:02:04
breaking news caveats that you can put
00:02:06
on this but I want to recap what we know
00:02:09
now about this assassination attempt and
00:02:11
get everybody's feedback on it last
00:02:13
Saturday at a uh rally in Pennsylvania
00:02:16
20-year-old named Thomas Matthew Crooks
00:02:18
fired eight rounds with an AR-15 at the
00:02:21
former president one bullet nicked
00:02:23
Trump's right ear this was confirmed by
00:02:26
the president on Truth social and uh a
00:02:29
trump supporter tragically in the crowd
00:02:31
Corey comparator was killed while
00:02:34
protecting his family from gunfire two
00:02:36
others were critically injured krooks
00:02:38
was killed by the secret Services
00:02:39
counter sniper team 26 seconds after he
00:02:41
fired the first shot he didn't have a
00:02:43
criminal record he was not known to the
00:02:45
FBI or Secret Service he uh was a
00:02:48
registered Republican but also donated
00:02:50
$15 to a progressive
00:02:52
pack and the motive is not known so
00:02:55
we'll just wait for
00:02:57
that there were some uh leaks from a
00:02:59
Senate briefing I don't know if you
00:03:01
gentlemen have heard those that just
00:03:03
came out and it was reported that Crooks
00:03:06
wrote on July 13th on Steam that's a
00:03:10
gaming platform July 13th will be my
00:03:13
Premiere watch as it
00:03:14
unfolds he had a second phone he had a
00:03:18
uh detonation device in his pocket there
00:03:20
were a bomb or some sort of explosive
00:03:22
device in his car we'll get details with
00:03:23
that I'm sure and now we are in the
00:03:26
phase of how the hell did this happen
00:03:29
here's a picture of the rooftop the
00:03:31
closest rooftop was not secured and it
00:03:34
was a 130 yard away the head of the
00:03:38
Secret Service said they didn't put
00:03:39
anybody on the rooftop because of its
00:03:42
sloped surface obviously this is being
00:03:46
mocked on social media and questioned by
00:03:49
journalists and anybody with any IQ
00:03:52
points the most disturbing part of all
00:03:55
of this aside from somebody wanting to
00:03:57
murder the president is the timeline so
00:03:59
ABC News is reporting the following
00:04:01
timeline gentlemen 5:10 p.m. Crooks was
00:04:04
first identified as a POI Person of
00:04:07
Interest 530 he's spotted with a
00:04:10
rangefinder 552 he's spotted on a roof
00:04:13
by the Secret Service 602 Trump takes
00:04:15
the stage 6:12 p.m. he fires his first
00:04:19
shot we'll get into some clips and
00:04:22
everything but let me just stop here and
00:04:24
get everybody's reaction to this tragedy
00:04:29
jamat you're that's it's absolute
00:04:32
Insanity I actually just I had just
00:04:34
woken up because I was flying back to
00:04:37
the United States for a board
00:04:40
meeting and so as I was boarding and on
00:04:42
the way I was just on my way to the
00:04:44
airport reading it mostly from our group
00:04:48
chat and I was I couldn't I couldn't
00:04:50
believe it to be totally honest with you
00:04:52
I thought this made I thought this was
00:04:54
this is not possible in this day and age
00:04:58
and part of why thought it was not
00:05:00
possible was because I had elevated in
00:05:02
my mind who the Secret Service were and
00:05:07
that the job they did or that they're
00:05:09
supposed to be doing is just so sacran
00:05:12
to the well functioning of America that
00:05:15
you only have the absolute best people
00:05:18
doing that job and that job is to
00:05:22
protect these handful of individuals in
00:05:25
America most importantly being the
00:05:26
United the the president of the United
00:05:28
States who are just critical to the
00:05:30
functioning of the most important
00:05:31
country in the
00:05:34
world and when you see the level of
00:05:38
negligence and
00:05:40
incompetence you know my mind started
00:05:43
racing how is it even possible
00:05:47
and I guess the the the only thing that
00:05:50
I can come up with is that we need to
00:05:54
figure out where incompetence ended and
00:05:57
negligence began in all of this because
00:05:59
I think that's what's going to be the
00:06:01
most
00:06:02
critical and we need to figure out the
00:06:05
totality of what happened and you know
00:06:08
if there were other people that
00:06:09
supported this guy trying to do this and
00:06:12
then the second I'll just say is Trump
00:06:14
is an absolute Legend what a boss okay
00:06:17
freeberg where were you when the news
00:06:19
broke and what are your general thoughts
00:06:21
here five days after this occurred we'll
00:06:23
get into Political ramifications and
00:06:25
everything else but just on the event
00:06:26
that occurred and your takeaways from it
00:06:29
I was with a grou of people drinking
00:06:30
beer outside we were on our fourth
00:06:33
beer and we I thought it was a joke I
00:06:36
think the first thing I thought after I
00:06:38
saw the video and saw that he was okay
00:06:39
and that his ear was bleeding was that's
00:06:41
it it's over trumps W it was probably
00:06:44
one of the most iconic patriotic visuals
00:06:48
I think any of us have
00:06:50
seen um and here's the image Nick's
00:06:52
pulling up what a photo this is the AP
00:06:55
photographer and I think it's really um
00:06:57
it was so striking you see this photo
00:06:59
which um which didn't come out right
00:07:01
away but some of the imagery that came
00:07:03
out right away with him pumping his fist
00:07:04
was like okay that's it Trump's won it's
00:07:06
over second thing I thought was this
00:07:09
could trigger a lot of violent counter
00:07:12
reactions um if it if Trump doesn't lead
00:07:15
well here and I think he prevented that
00:07:17
in his statements and from the other
00:07:19
side third thing I thought is it doesn't
00:07:21
matter if Biden drops out now because
00:07:23
it's over Biden could stay in he could
00:07:25
leave um this just feels like a lot of
00:07:28
momentum and then the fourth thing I
00:07:30
thought was this to chim's point I think
00:07:32
we've all been around Secret Service
00:07:33
people in our lives and in our careers
00:07:35
and in meetings and interactions we've
00:07:37
had it really was amazing that the
00:07:38
Secret Service let this happen and if
00:07:41
you
00:07:42
see you know all the data and the stuff
00:07:45
that's coming out now about how the
00:07:46
Secret Service managed this it seems
00:07:48
pretty scary that this was so botched
00:07:51
certainly now the dust is settled 5 days
00:07:54
later and it seems like they're back
00:07:55
into the conversation about let's remove
00:07:56
Biden and figure out who can run against
00:07:59
Trump although there is conflicting
00:08:01
polling data which I know we're going to
00:08:02
get to let's get sex's reaction sex
00:08:04
where were you and this occurred and
00:08:06
your thoughts on um you know the event
00:08:09
itself and obviously there's tons of
00:08:11
conspiracy theories going around right
00:08:13
now obviously there is some uh
00:08:16
negligence that occurred here I don't
00:08:18
think there's any doubt about that uh
00:08:20
there's a Dei angle there's a ton of
00:08:23
angles here but where were you when you
00:08:25
saw this happen and what was your
00:08:27
immediate thought yeah well let me your
00:08:29
first question first I think this was
00:08:31
one of those events where you'll always
00:08:33
remember where you were and I was just
00:08:35
working in my office in Los Angeles I
00:08:38
was going to fly to the Republican
00:08:39
convention in Milwaukee a few hours
00:08:41
later and so someone texted me the
00:08:43
president's been shot Trump had been
00:08:44
shot and my heart sank I immedately went
00:08:46
online to see the video and I think I
00:08:49
saw in almost real time him go down and
00:08:53
then when he stood back up and faced the
00:08:55
crowd and told the Secret Service wait
00:08:57
wait he didn't wanted to let them kind
00:09:00
of drag him away he turned to face the
00:09:02
crowd and exposed his face who knows if
00:09:05
there had been another shooter who knows
00:09:07
if that Sho was really down but in that
00:09:09
moment he wanted to let the crowd know
00:09:11
that he was fine we were one inch away
00:09:13
from the president of the United States
00:09:14
having his head shot you know he's got
00:09:17
grandkids he's got a wife he's got kids
00:09:20
uh he's got friends how do you feel
00:09:22
about the individual his head was almost
00:09:24
shot on television in front of thousand
00:09:27
hundreds maybe thousands of people on
00:09:28
live
00:09:30
and the gravity of this I think is very
00:09:32
significant and I think we've in this
00:09:34
media saturated environment we've
00:09:35
processed it too Qui which is why on the
00:09:37
docket I wanted to slow down here and
00:09:38
just take in what happened you know one
00:09:41
other uh very important detail for for
00:09:43
me is that you know my father-in-law was
00:09:45
actually at that rally in in Butler at
00:09:47
Butler Farm really yeah he was there and
00:09:50
he saw everything that happened and when
00:09:52
we saw there was a shooting there we
00:09:53
were trying to get a hold of him and the
00:09:54
cell reception had been shut down and we
00:09:56
couldn't get a hold of him for a couple
00:09:57
hours and obviously we we found out
00:09:58
later that he was
00:09:59
fine but what he described is that when
00:10:03
the shots rang out the president went
00:10:04
down there was really a feeling of of
00:10:06
bedum and pandemonium in the crowd the
00:10:09
crowd was afraid that the president been
00:10:11
shot and so when he stood back up and
00:10:13
faced the crowd and then you know said
00:10:15
fight fight fight it created this huge
00:10:18
sense of relief it was like palpable
00:10:21
that he was that he was fine and then
00:10:23
the part that I don't think's been well
00:10:25
reported is that the crowd started
00:10:27
chanting USA USA USA
00:10:30
yeah so they responded with this Unity
00:10:32
it's been well reported that you know
00:10:34
that Trump was said fight fight fight
00:10:36
but I don't think it's been well
00:10:37
reported that the crowd started cheering
00:10:38
USA USA USA so I think that the
00:10:42
crowd turned from Fear to Unity and
00:10:48
strength and patriotism reflecting what
00:10:50
they saw from the president yeah it's
00:10:53
well said yeah this is one of these
00:10:54
things that's unbelievable and the whole
00:10:55
world I think has just seen how iconic
00:10:58
it is I saw there's a video online even
00:10:59
in I think kids in Uganda were actually
00:11:02
reenacting the assassination attempt
00:11:04
yeah that's how iconic it was Trump's
00:11:07
like a global legend for that and again
00:11:09
there's just no way to fake what he did
00:11:10
in that moment right where again he I
00:11:14
mean the the bullet missing him was
00:11:17
either luck or you know hand of God or
00:11:19
destiny whatever you want to call it but
00:11:20
him telling the Secret Service to stop
00:11:23
to face the crowd to basically show that
00:11:26
he was unharmed and that he was
00:11:27
determined and was defiant in the face
00:11:30
of an Assassin's bullet that's courage
00:11:32
that nobody can fake and I've seen
00:11:34
people online talk about how um soldiers
00:11:36
Under Fire they've described how when
00:11:39
they've been under Fire obviously they
00:11:40
hit the deck they don't stand back up
00:11:42
you know even soldiers don't don't do
00:11:44
that his composure is incredible yeah he
00:11:47
just Rose to the occasion in just such
00:11:49
an incredible way that I think it's
00:11:51
inspired the whole country and the whole
00:11:53
world there's just no way again to fake
00:11:55
something like that even though some
00:11:57
people like read Hoffman's political
00:12:00
hack was actually claiming that it was
00:12:02
all staged which is just unbelievably
00:12:04
ridiculous but yeah so but I think the
00:12:06
rest of the rest of the world knows that
00:12:08
he just showed unbelievable courage in
00:12:10
that moment and Rose to the occasion and
00:12:11
I think made the entire country proud it
00:12:14
certainly was an amount of bravery and a
00:12:18
and a bold response I do think this the
00:12:21
next phase of this is sort of figuring
00:12:23
out what happened with the Secret
00:12:25
Service as Brave as it was for him to
00:12:26
stand up that was a crazy thing to do
00:12:29
can't believe the Secret Service allowed
00:12:31
him to get back up because there could
00:12:32
have been a second shooter and although
00:12:34
we heard radio chatter that the shooter
00:12:36
was down I mean how do you know in a
00:12:38
situation like this what's actually
00:12:40
happening they could have got a second
00:12:42
shot off on the president maybe they
00:12:43
they they don't miss by an inch that
00:12:45
time and then they hit it so we got a
00:12:47
lot of questions that need to be
00:12:49
answered here thank God he's okay and I
00:12:52
think I guess now it's time to talk
00:12:53
about rhetoric and I think that's
00:12:57
actually from my perspective you know
00:12:59
the next thing that has to happen here
00:13:01
in terms of leadership when something
00:13:02
this tragic happens you know everybody's
00:13:05
looking at the other side's retoric here
00:13:08
whether it's putting Trump on a magazine
00:13:10
cover as Hitler or they're saying you
00:13:12
got to fight like hell or the
00:13:14
oathkeepers and all this January 6
00:13:16
nonsense and beating up cops I think we
00:13:18
have to put both of these things aside
00:13:20
and the the leadership Trump and Biden
00:13:23
should be saying right now that and
00:13:25
Leadership does start at the top this
00:13:27
rhetoric is not
00:13:30
to be done anymore people have to tone
00:13:32
things down you could be passionate
00:13:33
about politics but using violent
00:13:35
language there are sick people in the
00:13:37
world and this kid I think it will
00:13:38
ultimately turn out like all the other
00:13:41
assassins we've seen or or these
00:13:43
celebrity killings that occur John lenon
00:13:45
Etc it's usually a mentally ill person
00:13:47
likely what happened to here we don't
00:13:48
know yet you know they interpret violent
00:13:52
language differently than a normal
00:13:54
person so we could say fight like hell
00:13:56
or Target or you know you got Fight for
00:13:59
Your Country whatever it is and we would
00:14:00
take it a certain way sick people take
00:14:02
it a different way and they need to put
00:14:04
out a joint statement and just say
00:14:05
anybody on our teams who use violence
00:14:07
who uses violent rhetoric is no longer
00:14:09
on our teams and they haven't done that
00:14:11
so I think there's like more work to be
00:14:12
done here in terms of leadership I think
00:14:14
it's more precise than that I think it's
00:14:16
way more precise than this I don't think
00:14:18
that this is like years of Donald Trump
00:14:21
using violent rhetoric I think this is
00:14:23
years of Mis no I don't you cannot both
00:14:26
sides this I think this is years of
00:14:28
course give you examples of it I think
00:14:31
what it is is we have gone through years
00:14:32
and years of literally the words that
00:14:36
the former president has said being
00:14:39
perverted and misconstrued and chopped
00:14:41
up into sound bites that
00:14:43
Advance a mainstream media's agenda to
00:14:47
try to vilify a person and I think that
00:14:50
that's an important thing to take a step
00:14:53
back I think we have to understand that
00:14:56
the mainstream media has really gone out
00:14:59
of their way to amplify violent rhetoric
00:15:04
and to actually associate violent
00:15:06
rhetoric with as a tolerable reaction
00:15:10
and I think that that is the thing that
00:15:12
we need to
00:15:14
now completely get rid of in our society
00:15:17
I saw so many reactions to the former
00:15:22
and probably future president of the
00:15:24
United States getting shot which was
00:15:25
along the lines of basically hoping that
00:15:30
that person hadn't missed and or
00:15:33
justifying that violence on Donald Trump
00:15:35
was somehow Justified that's insane now
00:15:38
that person could only have gotten that
00:15:40
idea because the media fed them that
00:15:42
language and that
00:15:45
idea and I think that that's extremely
00:15:47
scary because I don't think you actually
00:15:50
see Republicans necessarily saying that
00:15:53
about Joe Biden they may think that Joe
00:15:56
Biden is feeble and mentally incompetent
00:16:00
but nobody's calling for the death of Jo
00:16:03
bid so I think that that's a very scary
00:16:06
place where you have one group of people
00:16:09
who are being fed this extremely toxic
00:16:11
narrative and I think that that part of
00:16:13
what you're saying Jason I agree with
00:16:15
but I really disagree with the other
00:16:17
part which is and this is someone again
00:16:19
as as someone who was a former Democrat
00:16:21
I can observe this and be relatively
00:16:24
rational here I don't see that from the
00:16:25
other side okay well you know the media
00:16:28
is reflecting what is said by both
00:16:30
candidates and both sides and they both
00:16:32
use very targeted language I'll put a
00:16:34
couple of links in the show notes of
00:16:35
both sides doing this and you can make
00:16:37
your own decision as the audience but I
00:16:39
do think leadership would be both of
00:16:41
them saying stop this violent language
00:16:45
and both sides do it like to address
00:16:47
that too yeah sure go ahead just days
00:16:50
before the shooting Peter te and Reed
00:16:53
Hoffman had an exchange at Allen and
00:16:55
company that was publicly reported in
00:16:58
which Peter said that Reed had turned
00:16:59
Trump into a martyr by funding lawfare
00:17:03
and Reed responded I wish I had turned
00:17:05
him into an actual martyr okay that's
00:17:07
wishing for someone's death when the
00:17:10
news of the assassination attempt came
00:17:12
online I don't think it was Jack Black
00:17:14
himself but a member of his band said
00:17:16
that is too bad the shot missed there
00:17:19
are other people on the Democrat side
00:17:21
who Express similar sentiments they were
00:17:24
disappointed that the assassination
00:17:25
attempt had failed now I don't think
00:17:28
those people are are mainstream
00:17:29
political leaders so yeah that's that's
00:17:32
that's just the distinction I wanted to
00:17:33
make here like there's yeah no political
00:17:35
leader who said that I'm not going to
00:17:36
try and hang that around Joe Biden
00:17:38
however Biden himself days before the
00:17:40
shooting said that it was time to put
00:17:41
Trump in the bullseye that's what he
00:17:44
said and his defense for that rhetoric
00:17:46
was why didn't say crosshairs well I
00:17:47
think Bullseye means the same thing now
00:17:49
even that I I'm willing to basically
00:17:53
forgive because I don't think Biden
00:17:55
meant it in a literal sense I think he
00:17:57
was speaking rically about say campaign
00:18:00
ads things like that I wouldn't
00:18:01
necessarily say that was violent
00:18:03
rhetoric okay I'm not going to try and
00:18:05
pin that on President Biden but but the
00:18:08
thing I do think was unacceptable by
00:18:11
President Biden and the Democrats is a
00:18:13
level of demonization and the level of
00:18:15
vitriol that they have pursued against
00:18:18
President Trump not as a one-off
00:18:20
statement but as a campaign strategy
00:18:23
again they have said over and over again
00:18:25
this man is Hitler this man is a fascist
00:18:27
this man is a threat to democracy
00:18:29
if he wins it is the end of democracy
00:18:32
they have repeatedly gone there and
00:18:33
repeatedly used they tried to Hitler him
00:18:37
now if you're saying that this man is
00:18:40
Hitler where else is there to go
00:18:42
rhetorically that's the worst thing you
00:18:44
could ever say about somebody and quite
00:18:47
frankly if he is Hitler why would you be
00:18:50
offering him thoughts and prayers after
00:18:52
he gets shot I mean wouldn't it be a
00:18:55
good thing to shoot Hitler and so I do
00:18:57
think that you know if we think about
00:18:59
the contribution of political rhetoric
00:19:01
to what could have happened here I'm not
00:19:02
going to try and blame anybody for these
00:19:04
one-off poor choices of language that
00:19:06
could be interpreted as violent what I
00:19:08
will blame them for is taking the
00:19:11
demonization up to 11 taking the vitri
00:19:13
all up to 11 because that could poison
00:19:18
the mind of someone who's already
00:19:19
mentally Disturbed and say okay well
00:19:21
wait a second if he is Hitler why
00:19:23
wouldn't I be Colonel van Stenberg for
00:19:25
assassinating him wouldn't I be a hero
00:19:28
for trying to eliminate this man and
00:19:31
that's the thing that I think is really
00:19:32
unacceptable and I do think the
00:19:33
Democrats should be blamed for that
00:19:35
because again they made it a campaign
00:19:37
strategy their entire argument against
00:19:39
Donald Trump is not about issues it's
00:19:42
about this man being Hitler and I think
00:19:44
it's ridiculous it's inflated it's h
00:19:46
hyperbole to be sure and I think that we
00:19:50
don't know yet about the mind of this
00:19:52
shooter this Crooks but if anything
00:19:55
contributed to the shooting it was that
00:19:57
JD Vance referred to him as Hitler as
00:20:00
well other people inside the Republican
00:20:01
Party have referred to him as Hitler and
00:20:02
a threat to democracy so there's plenty
00:20:05
of blame to go around to correct sex
00:20:06
that happened over eight years ago as
00:20:08
like part of a text message exchange it
00:20:10
wasn't public rhetoric as a campaign
00:20:13
strategy I'm talking about a systematic
00:20:16
strategy that gets Amplified look at the
00:20:18
cover of the new Republic they literally
00:20:20
turned Donald Trump's face into the face
00:20:23
of mashup of him and Adolf Hitler and
00:20:26
it's been Amplified and repeated over
00:20:29
and over and over again on MSNBC on CNN
00:20:32
on all these liberal channels okay this
00:20:35
is coordinated political rhetoric as a
00:20:37
campaign strategy it's not a one-off I'm
00:20:39
not going to blame anybody for a one-off
00:20:41
that could be misinterpreted but when
00:20:43
you do this as a
00:20:45
systematic campaign strategy and in fact
00:20:47
you base your entire campaign around the
00:20:50
idea this man is a threat to democracy
00:20:51
and a fascist this is the language they
00:20:53
used like I said there's nowhere else to
00:20:55
go after that where else do you go
00:20:57
threat threat democracy I think is a
00:21:00
valid criticism of trump calling him
00:21:03
Hitler yeah probably insightful so yeah
00:21:06
I think reasonable people can parse this
00:21:09
and it is something that has occurred on
00:21:11
both sides it's well documented and both
00:21:14
parties can do better I think like one
00:21:16
thing that when the investigation
00:21:19
happens into what happened here and we
00:21:22
really figure out what happened in the
00:21:23
Secret Service how many examples do we
00:21:26
need of institutions where we put in our
00:21:29
trust just like letting us down and they
00:21:32
just seem to be piling up and it's
00:21:34
independent of administration and at
00:21:37
some point I think we have to like
00:21:38
really check ourselves and say what has
00:21:41
happened here like how do we objectively
00:21:43
measure the quality of the people that
00:21:44
are supposed to be working in these
00:21:46
organizations and and how do we make
00:21:47
sure that they are actually confident
00:21:49
doing their job ke this is the key point
00:21:51
trth is uh the outcome you know how do
00:21:54
we judge people outcomes and if you look
00:21:56
at the outcome how the secrets service
00:21:59
director hasn't resigned now I mean I I
00:22:01
know she's had a storied career and and
00:22:03
she's probably a good person who's done
00:22:05
plenty of great things in her career I
00:22:06
don't know the details of it but if the
00:22:08
outcome of what you've done results in
00:22:11
something this tragic and that could
00:22:12
have been avoided the proper thing is
00:22:15
ownership and resignation and or the
00:22:17
people who run this organization or they
00:22:19
answer to being fired and so this
00:22:22
absolute acceptance of mediocrity is
00:22:24
something that has to change is it an
00:22:26
acceptance of mediocrity or is it that
00:22:28
they just got completely distracted
00:22:31
on things that are not gerain to doing
00:22:34
your job so you know if if it was we
00:22:38
need a diverse Secret Service or we need
00:22:42
to have
00:22:43
inclusion all of those things have
00:22:45
nothing to do in my mind about
00:22:46
protecting somebody there are
00:22:48
characteristics and I suspect that there
00:22:49
are women that embody these
00:22:50
characteristics as much as men that
00:22:52
embody these characteristics but why
00:22:54
isn't there a psychographic way of
00:22:55
determining who the best people are that
00:22:58
have the protective instinct to protect
00:23:00
the most important people that run our
00:23:01
country there's a very simple test here
00:23:04
the job of the Secret Service is to jump
00:23:05
in front of a bullet as we witnessed in
00:23:07
order to jump in front of a bullet you
00:23:08
have to be bigger than the Target right
00:23:10
you have to be so a 6 foot2 woman who's
00:23:13
four feet wide just as qualified as a
00:23:15
man who 6'2 four feet wide for that job
00:23:17
description you have to be brave enough
00:23:18
to jump in front of a bullet I don't
00:23:20
know if you guys saw but there was like
00:23:21
a thing where and and I feel bad for
00:23:23
this woman who's being derided as being
00:23:26
totally incompetent the one in the field
00:23:28
but was a David Attenborough voice over
00:23:30
of her trying to put her gun back in the
00:23:32
holster yeah I mean apparently I think
00:23:35
Eric Trump said she's incred the the Dei
00:23:37
Another Day memes yeah this is just I
00:23:40
mean it's a very unfortunate say that
00:23:43
she's like the best person ever I think
00:23:45
he was trying to support her at she may
00:23:47
have just had a bad moment who knows I
00:23:48
mean I it did look pretty bad that she
00:23:50
was having trouble holstering her weapon
00:23:51
I mean you know not that I'm a gun
00:23:54
adrenaline running at that moment in
00:23:55
time but I mean look it's what's known
00:23:57
as an outside the waistband holster
00:23:59
which is the easiest type of holster to
00:24:00
use cuz it's you don't have to tuck it
00:24:02
into your pants or anything like that
00:24:05
and I yeah I got to say it it does look
00:24:09
pretty bad that she was having so much
00:24:10
trouble just trying to holster her
00:24:11
weapon but look I think this is only one
00:24:14
of a number of questions that I think
00:24:17
have been legitimately raised about the
00:24:19
Secret Service performance and we need a
00:24:22
full investigation to figure out what
00:24:24
happened and let me just you know let me
00:24:27
just run off a list of questions that I
00:24:28
would like to see answered so number one
00:24:31
is how do they fail to cover that roof
00:24:32
it was the most obvious shooting spot in
00:24:35
that entire Butler Farm area and it was
00:24:37
not properly covered and then the Secret
00:24:40
Service releases this statement that
00:24:42
they didn't cover it because it was a
00:24:43
slope roof which is the most ridiculous
00:24:45
cover story ever because they did have
00:24:48
snipers on another roof that was more
00:24:49
sloped and five times more slop that
00:24:53
sounds like a lie right so once you put
00:24:56
out that that cover story which is
00:24:58
basically a lie you only make the
00:25:00
situation worse and it only makes the
00:25:02
question even more poignant of how do
00:25:04
you fail to cover that roof okay did you
00:25:06
see the picture of Secret Service on top
00:25:08
of the White House roof which is
00:25:09
extremely sloped even more sloped than
00:25:12
the I mean it's just ridiculous and the
00:25:14
Secret Service director cheel said that
00:25:16
on ABC okay so right there she should be
00:25:19
fired because she's lying to us at a
00:25:20
moment where she should be cooperating
00:25:22
and doing a full investigation okay so
00:25:24
and isn't it true that they were inside
00:25:26
the the the the structure wased inside
00:25:29
the building and outside it was proba
00:25:31
okay but that's just question number one
00:25:33
okay question number two is like you
00:25:35
said he was a person of interest an hour
00:25:37
before the shooting and no one went to
00:25:40
go resolve that situation moreover they
00:25:43
see him with a range finder okay what
00:25:45
the hell do you use a rangefinder for I
00:25:47
mean he's scoping out the target with a
00:25:50
rangefinder and they they let the
00:25:52
president go out there okay while they
00:25:54
still have a person of interest out
00:25:55
there this guy has a rangefinder he has
00:25:57
a ladder has a backpack and he was never
00:26:00
intercepted he was never stopped even
00:26:02
though they had identified him and they
00:26:03
let the president go out there so
00:26:05
clearly there was a huge failure of
00:26:06
communication between the Secret Service
00:26:08
and the Trump campaign how did that
00:26:09
happen how was there no agent stationed
00:26:11
at the fence such that they had to Ram
00:26:14
it with a SUV for the Secret Service to
00:26:16
get through I don't know if you guys
00:26:17
knew about that part of it okay no no
00:26:19
say that say that say that again there
00:26:20
was no agents stationed at the fence
00:26:23
okay so in order to get there they
00:26:25
rammed the fence with an SUV so the
00:26:27
Secret Service quick get through oh my
00:26:29
gosh okay that's insane and what harm
00:26:32
would have come from just taking a half
00:26:35
hour and have Trump have a cup of coffee
00:26:37
and then go make sure that this person
00:26:39
is not danger like exactly I'm just
00:26:42
thinking judgment wise listen I
00:26:43
understand they're in the field I
00:26:44
understand they have I understand if
00:26:46
like they were concerned maybe that's
00:26:47
one of our snipers on the roof like
00:26:50
maybe there was a moment like a 30
00:26:52
second moment like I'm trying to give
00:26:53
them the benefit of Doubt here but it's
00:26:55
hard to the secrets are a sniper who did
00:26:57
an incredible job taking out the the
00:27:00
shooter in one shot okay he had that
00:27:02
person lined up so again you know why
00:27:05
haven't they released that the um the
00:27:07
audio there must be an audio recording
00:27:09
of all the chatter on their earpieces
00:27:11
their communication 100% that sniper
00:27:13
must have identified you know Crooks as
00:27:15
a potential Target and had him lined up
00:27:18
which is how he was able to take him out
00:27:19
very quickly but what was the chain of
00:27:23
command there in terms of him seeking
00:27:24
authorization hey who is this person why
00:27:27
wasn't everything stopped while they go
00:27:28
to figure out what this person is doing
00:27:30
on the roof there okay and then once
00:27:33
once the the shots rang out and and
00:27:35
Trump gets shot why did it take him so
00:27:37
long to get him in the car to get the
00:27:39
Convoy off to a hospital there was a
00:27:41
long delay in terms of just getting him
00:27:42
out of there so they clearly weren't
00:27:44
prepared for that the whole thing it
00:27:47
just you know reeks of of incompetence
00:27:50
yeah and they don't have a great track
00:27:51
record of being honest about what's
00:27:53
going on they you remember not to bring
00:27:55
up January 6 again but they deleted all
00:27:57
their Texs from January 6 like they do
00:28:00
not they circle the wagons they do not
00:28:01
want people criticizing I I doubt we're
00:28:04
even going to get that audio I wonder if
00:28:06
that audio is going to come out but they
00:28:08
they don't have the right in a democracy
00:28:10
to basically investigate themselves and
00:28:11
say oh we're good no that's not how it
00:28:14
works the the people of this country
00:28:16
need
00:28:17
accountability I mean the the once and
00:28:19
likely future president came within
00:28:22
millimeters centimeters of being
00:28:24
assassinated and this whole country
00:28:26
could have been plunged into a whole
00:28:27
different type of situation we need
00:28:29
answers to these questions and this
00:28:31
director cheel is obviously in the way
00:28:35
and putting out nonsense putting out
00:28:36
spin at a time we need a proper
00:28:40
investigation that needs to happen
00:28:41
immediately cheel should resign we need
00:28:44
to have agents okay Secret Service
00:28:46
agents need to be offered up to testify
00:28:48
on Capitol Hill with no fear of reprisal
00:28:51
from the binden administration okay snip
00:28:54
be sniper the first person that needs
00:28:57
the first person that needs to that
00:28:59
needs to speak in a congressional
00:29:01
hearing is the sniper himself did you
00:29:03
guys see there was coverage yesterday
00:29:04
that showed there's actually two snipers
00:29:06
and the current the Cent well no sorry
00:29:09
there's two sets of snipers there's four
00:29:10
snipers the one set of snipers that you
00:29:12
see the video of where he does that
00:29:14
there's a tree blocking their ability to
00:29:16
see Crooks the other set of snipers are
00:29:20
the ones that apparently took the Fatal
00:29:22
shot and they had a line of sight but
00:29:24
they're not on camera so you don't
00:29:26
actually see what's going on with them
00:29:27
that's the current
00:29:29
rep I've seen on it so I don't want to
00:29:31
like J to conclusions given that there's
00:29:33
now seeming there's no excuse here
00:29:35
because let me just say if they saw the
00:29:37
guy on the roof and they let the
00:29:39
president on the stage someone effed up
00:29:41
that doesn't seem why not have a delay
00:29:43
like not the end of the world if we can
00:29:45
put that um that bird's eye view of
00:29:47
Butler Farm on the screen I don't know
00:29:49
Nick if you have that Nick pull it up
00:29:51
where it shows the line of sight with
00:29:52
the tree as well so you can see it all
00:29:54
yeah there is but look at the shooter's
00:29:55
position and look at at Trump's position
00:29:57
okay
00:29:58
and and I've seen broader Birds Eye
00:30:01
views of of Butler Farm without knowing
00:30:03
anything about Marksmanship it's just
00:30:05
obvious that that roof is the most if
00:30:08
you could set yourself up anywhere as a
00:30:10
sniper assassinate the president it's
00:30:12
number one most obvious location
00:30:14
furthermore let me just say that when
00:30:16
schoth and I hosted that um dinner for
00:30:18
president Trump we worked with the
00:30:20
Secret Service you know Advance team and
00:30:22
they were excellent they were really
00:30:24
great and I saw just a little bit of
00:30:26
their process and they went through the
00:30:28
house they mapped out the entire house
00:30:30
the entire property then they asked well
00:30:32
where's the president going to be
00:30:33
sitting at dinner they wanted to know
00:30:34
who's to his right who's to his left
00:30:36
they looked at the window coverage of
00:30:38
that room and they said okay whose house
00:30:40
is that that neighbor's house and they
00:30:42
went to go check it out every single
00:30:44
Movement by the president was mapped out
00:30:47
every angle on the president was
00:30:50
basically mapped out and explored what
00:30:51
happened here then like that's the crazy
00:30:53
part it was actually amazing to watch I
00:30:55
thought they did a great job it was
00:30:56
really amazing so this is why how could
00:30:58
this ever have happened where the most
00:31:00
obvious shooting angle on the president
00:31:03
was not properly covered it just makes
00:31:05
no sense you could put two Blues up
00:31:06
there just two beat officers on there
00:31:09
would have solved the whole problem if
00:31:10
you don't have enough Secret Service
00:31:12
agents I I was at a Clinton benefit one
00:31:15
time and I got detained by the Secret
00:31:18
Service and went into secondary
00:31:19
screening the reason given I had two
00:31:21
cell phones on me they thought it was
00:31:22
peculiar that I had two cell phones they
00:31:24
kept me for 15 20 minutes in a side room
00:31:27
and they literally took my phone apart
00:31:28
in front of me took all the batteries
00:31:30
out went through every bag they Fred me
00:31:33
I mean wanded me like three guys around
00:31:35
me they take this incredibly seriously
00:31:37
yeah normally they're they're very
00:31:38
thorough and they're very serious I mean
00:31:40
look even at the dinner that we hosted
00:31:41
they wanted to know what kind of steak
00:31:42
knives we were using you know they like
00:31:44
literally they wanted to make sure that
00:31:47
that was safe and this is why they were
00:31:49
so interested in knowing who is to the
00:31:52
president's right and to his left
00:31:53
because they want to think through every
00:31:56
possible angle of attack on the presid
00:31:58
it there was some breakdown here and in
00:31:59
this case it something very strange
00:32:02
happened and of course as I was just
00:32:05
sort of alluding too early if this
00:32:07
person looked like a SWAT member which
00:32:10
apparently he did fatigues you know rang
00:32:12
finder all that stuff I'm guessing that
00:32:15
maybe those snipers from the Secret
00:32:17
Service thought those were friendlies
00:32:19
that's the only possible explanation of
00:32:21
why they paused yeah but he wasn't
00:32:22
dressed that way he wasn't he wasn't
00:32:24
wearing uh he wasn't wearing a costume
00:32:26
or he wasn't
00:32:28
but even person laying
00:32:31
there t-shirt the great fear you have as
00:32:34
a police officer is shooting another
00:32:36
police officer so I think that dude he
00:32:38
was not in a
00:32:39
uniform from whatever number feet away
00:32:42
can I ask a technical question yeah are
00:32:44
you telling me in
00:32:46
2024 that when you show up at an event
00:32:49
to protect a vvvip like the president of
00:32:53
the United States yeah that SWAT and
00:32:56
other people aren't given some kind of
00:32:59
like little pin that has an NFC chip or
00:33:03
something where everybody knows who
00:33:05
everybody is so that it's very clear
00:33:07
very quickly when somebody in a position
00:33:10
of risk is not on the home team they do
00:33:14
have ways of doing that right there is a
00:33:17
when you're under are you telling me for
00:33:18
example like President Trump's pin or
00:33:20
Barack Obama's pin or Joe Biden's pin
00:33:23
doesn't actually have something in it
00:33:26
I'm I would be shocked if answers it's
00:33:28
just a pin well this is what they're
00:33:30
this is a report that they're
00:33:31
investigating that the delay in shooting
00:33:33
the the sniper might have been that they
00:33:36
thought it was friendly so this theory
00:33:37
is out there now and it's part of the
00:33:39
investigation it is a potential one you
00:33:42
know I can tell you that that would be
00:33:43
the nightmare scenario for the Secret
00:33:45
Service is to shoot the local cop
00:33:47
honestly guys I hate to be the one to
00:33:49
say this but we've just our institutions
00:33:52
are incompetent there's a lot of
00:33:54
incompetent absolutely just like
00:33:56
Afghanistan withdrawal remember that
00:33:57
heads rolled there was no proper
00:33:59
investigation of why so many people died
00:34:01
unnecessarily in that Afghanistan
00:34:03
withdrawal nobody's fired for anything
00:34:04
anymore it's just ridiculous like and
00:34:07
there's no resigning obviously nobody
00:34:08
resigns nobody gets fired why would
00:34:11
anybody so if this was a company this
00:34:13
would be a failing company why would you
00:34:16
not strip it down from top to bottom and
00:34:18
rebuild it well exactly and I tweeted
00:34:20
this counterfactual which is imagine if
00:34:22
Elon had bought Twitter but he wasn't
00:34:25
allowed to fire anybody do you think
00:34:27
would have been able to restore Free
00:34:28
Speech do you think he'd be able to
00:34:29
restore innovation no if you're running
00:34:32
an institution you have to be able to
00:34:34
fire people when they don't perform but
00:34:37
we have lost that ability of our federal
00:34:40
government so there's something that's
00:34:43
very very broken here when people fail
00:34:45
they have to be held accountable or you
00:34:46
don't get good performance right when
00:34:49
institutions fail there needs to be a
00:34:51
question on why are we funding those
00:34:52
institutions nobody geted why would you
00:34:55
give more money to a failing company
00:34:57
You' never do
00:34:58
this is the comment I put in the letter
00:34:59
that I sent to that senior Democrat back
00:35:01
in October I don't see any
00:35:03
accountability with respect to the
00:35:05
programs that you pass bills to fund you
00:35:08
pass bills to fund these programs you
00:35:09
stand up new institutions and then there
00:35:11
is never a retrospective postmortem or
00:35:14
review on the performance of those
00:35:15
institutions or the objective of those
00:35:17
programs and yet we keep funding them
00:35:19
and asking for more money and eventually
00:35:21
you end up with a decaying Empire like
00:35:23
we've seen in history we need to have a
00:35:25
series of actions that drive
00:35:27
accountability in federal programs and
00:35:30
then a review on the intention of those
00:35:31
programs and make sure that they still
00:35:33
hold and then we can move forward with
00:35:35
new programs saaks is really right like
00:35:37
you cannot have the Secret Service
00:35:39
investigate themselves on this one of
00:35:40
course not and they deleted all their
00:35:42
text message and did a major cover up
00:35:43
the last time around so you cannot trust
00:35:45
them to investigate themselves no did
00:35:47
you see all those Senators chasing them
00:35:48
up the stairs yesterday you see that I
00:35:50
did see that it didn't say which
00:35:52
Senators it was I don't know if that was
00:35:53
confirmed it was Blackburn what happened
00:35:56
so a bunch of the senator
00:35:58
confronted the head of the Secret
00:35:59
Service cheet is her name right yeah and
00:36:03
they confronted her and there's a
00:36:04
someone video the whole thing on their
00:36:05
iPhone of them saying we need answers
00:36:08
why did you let this happen here's the
00:36:09
video Nick can show it here just watch
00:36:13
itation attempt you ow
00:36:16
the you owe president
00:36:21
Trump my gosh that's a bad video because
00:36:24
what it does not show is the start and
00:36:26
the end at the start were all standing
00:36:28
around her having a conversation and
00:36:30
then they started to press her and she
00:36:31
said now's not the time this isn't the
00:36:33
Forum then she took off they followed
00:36:35
her and then she went into the Secret
00:36:37
Service secure room upstairs and blocked
00:36:40
all the senators from coming into the
00:36:41
room her Secret Service staff blocked
00:36:43
them so all the the guards said no you
00:36:45
can't come in so they all got blocked
00:36:47
out so the senators were pushing her for
00:36:49
some feedback for conversation for
00:36:50
dialogue and she wouldn't engage yeah oh
00:36:53
my gosh I've seen enough resign now get
00:36:56
out of the way proper investigation can
00:36:58
be done total total total absolutely
00:37:01
okay let's talk about the RNC a friend
00:37:04
of ours gave a talk and the VP was
00:37:08
selected uh you did a great job bestie
00:37:10
thank you what was it like to get on
00:37:13
that stage and I I have a bunch of
00:37:16
questions about because it seemed like
00:37:18
people are not sitting in in chairs
00:37:20
right they're just mulling about tell us
00:37:22
give us the behind the scenes and what
00:37:24
was it what was it like getting prepped
00:37:26
and doing all the kind of
00:37:28
you have to review your speech like tell
00:37:29
us all the details well let's see I mean
00:37:31
I started working on this about I don't
00:37:32
know a week before the convention and
00:37:35
they they sent me some ideas for remarks
00:37:37
and then I completely rewrote it with my
00:37:40
research assistant/ writer and then sent
00:37:42
it to them and there was some back and
00:37:43
force but by and large they let me do
00:37:45
what I wanted to do do they give you a a
00:37:48
time like yeah the one thing the one
00:37:50
thing that was kind of set was the time
00:37:53
and they correlated the time with a
00:37:56
number of words so they said you got 6
00:37:58
minutes which is 600 words and so that's
00:38:01
what we work towards and then the big
00:38:03
thing I had to learn was just how to use
00:38:05
the teleprompter so they had these rooms
00:38:08
set up where there were teleprompters
00:38:10
and I could do some training on how to
00:38:13
you know read a speech using a
00:38:15
teleprompter what is that like like it's
00:38:18
like it's just a matter of knowing where
00:38:21
to look and trying to stay natural but
00:38:23
also using the prompter as a as a
00:38:25
nemonic device and does the prompter
00:38:27
stop when you stop or how does that work
00:38:30
there was actually somebody in the room
00:38:31
who is physically advancing the words as
00:38:33
you're speaking okay and so there's
00:38:35
someone who's actually working the
00:38:37
prompter and they will go get big
00:38:38
Applause they'll pause it for you and
00:38:40
you don't have to try to keep up exactly
00:38:43
exactly so that was probably the biggest
00:38:46
thing to learn and then the other thing
00:38:47
about it is that you're speaking to a
00:38:49
huge convention hall and so you feel
00:38:52
like you really want to project in order
00:38:54
to kind of Reach people but at the same
00:38:56
time you're really speaking on TV as you
00:38:59
guys know you'll come across as being
00:39:01
kind of insane if you start like yelling
00:39:04
into a TV set so finding the right
00:39:06
balance between speaking to people in
00:39:08
the auditorium and speaking to people
00:39:10
watching from home that's kind of tricky
00:39:12
and I'm reasonably happy with it and the
00:39:15
most important thing is I got to say the
00:39:16
substance of what I said not universally
00:39:18
popular right I mean you you basically
00:39:20
called for an end to the conflict in
00:39:23
Ukraine and to stop funding Ukraine's
00:39:26
defense against Russia and that's not a
00:39:29
popular opinion in the Republican party
00:39:31
is that right well I went further than
00:39:33
that I said that this was not an
00:39:34
unprovoked War it was a provoked war I
00:39:36
said the Biden Administration provoked
00:39:38
the war with with talk of NATO expansion
00:39:40
you can just agree with that if you want
00:39:41
I think there's plenty of evidence for
00:39:43
it that's what I believe I feel like you
00:39:44
went out on a limb more than most other
00:39:46
speakers who kind of had a lot of good
00:39:48
latory comments and you know promoted
00:39:52
Trump yeah you could have pandered yeah
00:39:54
you actually went out with a strongly
00:39:55
held opinion that is you know fairly
00:39:59
contrarian right well I think that most
00:40:02
of the people in the Republican party
00:40:03
and including most people on the floor
00:40:05
actually agreed with me I think it took
00:40:06
them a second to process what I had said
00:40:10
and so you know what I saw when I was up
00:40:12
there is I said that you know Biden
00:40:15
provoked yes provoked the war and I
00:40:17
think it was such a shocking statement
00:40:19
to a lot of people because we've heard
00:40:20
the whole unprovoked Invasion narrative
00:40:22
so many times that there were like
00:40:24
murmurs and then people got it and they
00:40:26
started applauding I never actually
00:40:28
intended it to even be an appause line I
00:40:29
just thought it was an important thing
00:40:30
to State the truth as I see it on the
00:40:33
record at the Republican convention and
00:40:35
that line did actually get Applause now
00:40:38
a bunch of Ukraine stands were
00:40:40
predictably outraged by what I said and
00:40:42
they were trying to claim online that
00:40:43
somehow i' had been booed or something
00:40:44
like that there were absolutely no booze
00:40:46
there were actually people applauding
00:40:48
and then you know as I got deeper and
00:40:49
deeper into the speech people applauded
00:40:51
it more and more it was very much a
00:40:52
speech that attacked the forever Wars it
00:40:55
attacked the warmongers and and
00:40:57
complimented president Trump for keeping
00:40:59
us out of wars and complimented him for
00:41:02
being strong but also having the
00:41:04
savviness and the ability to negotiate
00:41:07
with our adversaries to keep us out of
00:41:09
wars and I think that's now a position
00:41:11
that's very popular within the
00:41:12
Republican party but it's a process it's
00:41:15
it's evolving this is a perfect segue
00:41:17
because there were reports that friend
00:41:19
of the Pod Tucker Carson had a big
00:41:21
impact on talking to Trump about his
00:41:24
selection of JD Vance and said don't
00:41:25
pick a neocon
00:41:27
that'll get you assassinated that was
00:41:29
one report that was advice that came
00:41:31
before the assassination attempt
00:41:32
obviously so conspiracy theorists are
00:41:34
kind of losing their minds over this but
00:41:36
let's talk about the selection of JD
00:41:38
Vance because that is a big surprise I
00:41:42
think in many
00:41:43
quarters tell us about JD Vance you're
00:41:46
friends yeah I mean I'm I'm friends with
00:41:48
him and I very much supported his
00:41:51
selection for for VP why is he the best
00:41:53
pick in your mind well there's a couple
00:41:55
of things so JD Vance repres presents a
00:41:57
couple of very interesting
00:41:59
characteristics on the one hand he's
00:42:01
from this poor region of Appalachia that
00:42:04
really represents the Forgotten man or
00:42:08
the Forgotten cities and towns in
00:42:10
America you could call it the the Maga
00:42:12
Heartland and so Maga really likes him
00:42:15
at the same time he's worked in Tech he
00:42:17
was a venture capitalist he understands
00:42:19
the future and he's popular in Tech so
00:42:21
it's very unusual to get somebody who
00:42:23
has magga plus Tech on their side
00:42:26
together so that's one almost
00:42:29
contradiction you could say that JD
00:42:30
represents here's another one JD Vance
00:42:33
was in high school when the Twin Towers
00:42:36
came down and then we invaded Iraq and
00:42:39
he was gung-ho to serve and to go exact
00:42:43
retribution and Justice on America's
00:42:45
enemies and he enlisted in the Marine
00:42:47
Corps and he went off to serve in the
00:42:50
Iraq War subsequently he realized that
00:42:53
we had all been lied to about the Iraq
00:42:54
War and that it was a gigantic mistake
00:42:56
and moreover the forever wars were a
00:42:58
huge mistake and to me this is something
00:43:01
that I really appreciate about him and
00:43:04
this is a quality that I really want at
00:43:06
president Trump's side which is he's an
00:43:08
American Patriot he had the courage to
00:43:10
serve to go serve in America's Wars but
00:43:13
he has the wisdom and the judgment to
00:43:16
want to avoid those Wars when we don't
00:43:17
need to fight them and there's way too
00:43:19
many of like you said Jason these
00:43:21
neocons these warmongers in the party
00:43:23
who've never ever acknowledged their
00:43:25
mistake in the Iraq war and all the
00:43:28
forever Wars and they seem on virtually
00:43:30
a daily basis to want to plunge us into
00:43:32
the next Forever War so this is I think
00:43:35
a quality that's of Paramount importance
00:43:38
to have in our commander-in-chief and in
00:43:40
the person who would be next in line to
00:43:42
be commander-in-chief so for these
00:43:45
reasons I very much support JD all right
00:43:47
so let me get some feedback from the
00:43:49
rest of the panel and just give you a
00:43:50
couple of bullet points about him for
00:43:51
those of you who don't know JD Vance
00:43:53
yeah he worked at Peter Tal's mythal
00:43:55
capital and Steve cas's revolu tion and
00:43:58
so he worked for a Republican and a
00:44:00
Democrat and Steve case started his own
00:44:03
fir called naria capital and he went to
00:44:07
Ohio State graduated y was uh actually
00:44:09
classmates with v they talked about that
00:44:11
he's only 39 years old so he's half the
00:44:13
age of trump as you mentioned combat
00:44:15
correspondent for six months in Iraq in
00:44:16
2005 39 years old and teal backed him
00:44:21
with I think the largest Senate race
00:44:23
donation in history 15 million and so
00:44:25
this is quite a
00:44:27
Ascension shth from Aventure capitalist
00:44:31
to potentially vice president and
00:44:34
obviously potentially president he's in
00:44:36
the in the second spot so were you a
00:44:39
proponent of the JD Vance as well super
00:44:42
the Press says you Lobby Trump as well
00:44:44
is that true he's superb I cannot say
00:44:48
enough good things about this guy he's
00:44:50
superb is superb he is
00:44:55
a he's a bit of an enigma I think as
00:44:57
saak said because he his views
00:45:00
are so unique and he comes from a
00:45:04
background that is very similar to mine
00:45:07
so I have tremendous loyalty for the
00:45:09
path that he had to navigate to get out
00:45:13
just to get out and I think that that
00:45:16
you know I really care for people like
00:45:19
that and then he's done really good
00:45:22
things with the resources that he's been
00:45:25
given and the relationships that he's
00:45:28
built and I really respect that too we
00:45:30
all read hillbilly elig I don't know if
00:45:32
we talked about on this pod years ago
00:45:34
but you and I certainly talked about it
00:45:35
a bunch
00:45:36
to and you know he he came from nothing
00:45:41
less than nothing less than nothing
00:45:43
addicts and his and um he talks a lot in
00:45:46
his book I don't know if you remember
00:45:47
this about social capital and the fact
00:45:49
that he didn't understand the name of
00:45:52
firm is social capital people don't know
00:45:53
the reference that he just didn't have
00:45:54
the social capital to even understand
00:45:56
that a lawyer went to law school totally
00:45:58
and you know he he is an enigma his
00:46:02
positions don't align with trumps in
00:46:04
every case but they have quickly become
00:46:06
aligned with trumps he's an incredible
00:46:08
pick yeah yeah I thought he was an
00:46:10
incredible pick before his speech last
00:46:12
night and he even exceeded my
00:46:14
expectations in that speech I just
00:46:16
thought it was truly an incredible
00:46:18
speech first of all the the introduction
00:46:20
by his wife Usha was really you know
00:46:22
incredible I thought she did a fantastic
00:46:24
job and then he got up there and I a
00:46:27
friend texts me who's not really that
00:46:29
into politics he's just like this guy
00:46:30
seems so normal he's happy he's normal
00:46:33
he seems competent there was one
00:46:36
commentator I think on one of the cable
00:46:38
shows who I think meant this as an
00:46:39
insult but it actually was positive he
00:46:41
said that when you're at like a fast
00:46:43
food restaurant something and need to
00:46:45
ask for the manager JD Vance is the
00:46:47
person you hope is the manager you know
00:46:50
he comes out he's friendly he's
00:46:52
competent he's reasonable he knows how
00:46:54
to get stuff done I'm not sure if that
00:46:56
was is an insult or a compliment insult
00:46:58
I can tell you that's insult yeah but I
00:47:00
think it's a compliment right and he's
00:47:03
just so normal he's going to be very
00:47:04
hard to demonize obviously they're
00:47:05
trying to do it on cable news they're
00:47:07
try somehow trying to portray him as an
00:47:10
extremist or a racist even though he has
00:47:12
a mixed race family the tent of the
00:47:14
Republican party at this RNC Sachs is
00:47:17
the most wideopen tent I've ever seen in
00:47:20
politics they had Amber Rose and people
00:47:21
were criticizing Amber Rose she was
00:47:23
excellent she was excent she was
00:47:24
fantastic I thought her was excellent
00:47:26
she knocked ball out of the park and
00:47:28
she's absolutely radi beautiful and she
00:47:31
crushed it I thought speech was
00:47:34
effective I thought it was authentic and
00:47:35
it described her red pilling basically
00:47:38
she s it described her Evolution and her
00:47:40
journey from someone who believed the
00:47:41
media's lies about Trump thinking that
00:47:43
he was a racist to actually meeting the
00:47:45
man herself realizing that the way they
00:47:49
had portrayed him was basically a a
00:47:51
slander and how she became friends with
00:47:54
President Trump I thought it was an
00:47:55
incredibly effective speech but look
00:47:56
look there was very few people who
00:47:58
didn't like it there was this one post
00:48:00
by you know Matt Walsh online and he was
00:48:03
roundly denounced for what he said I
00:48:05
mean he kind of engaged in this Pearl
00:48:07
clutching that they had allowed Amber
00:48:09
Rose to speak because of her background
00:48:10
value judging and it's like who who's it
00:48:13
felt like it felt like a part of the
00:48:16
Republican party that's on its way out
00:48:18
you know this Pearl clutching social
00:48:19
conservatism yeah in any event it was it
00:48:22
was really an opportunity I think for
00:48:23
people to disavow his criticism and
00:48:26
support her yeah and point here is what
00:48:30
you know they've done a really great job
00:48:31
of and the did a wonderful job in his
00:48:34
talk I want to give him a shout out of
00:48:36
just saying Hey listen everybody can be
00:48:37
part of this party I think there's a lot
00:48:38
of notes the Democrats could take from
00:48:41
what they saw at the Republican National
00:48:42
Convention these are people who would
00:48:44
have been at the DNC but you know one
00:48:47
election cycle ago but because of this
00:48:49
purity test you can't even you know win
00:48:51
with them let's take the obvious we're
00:48:53
trending into a direction right now
00:48:56
where based on Donald Trump's pick for
00:48:58
the vice president and some of the other
00:49:01
surrogates like VI if Donald Trump were
00:49:04
to win what you're going to see is a
00:49:07
very youthful cabinet of a lot of 30s
00:49:12
somethings and 4oms and I think that
00:49:14
that's a really important thing to
00:49:16
consider versus a bunch of 60 70 and 80y
00:49:20
old career politicians correct
00:49:22
absolutely Youth and vigor and again
00:49:24
this new Direction you know a lot of
00:49:25
people were commenting about JD's speech
00:49:27
that large parts of it could have been
00:49:29
given by Bernie Sanders or you know it's
00:49:32
it it's this populist message that well
00:49:35
let me ask you that yes sax is he he's
00:49:38
he's had a position of breaking up big
00:49:40
Tech and being
00:49:43
pro-union what how do you reconcile all
00:49:45
that and and this new Republican party
00:49:47
yeah address those two because that
00:49:49
seems to be a big discussion two two
00:49:51
discussion topics yeah I think that it's
00:49:53
definitely a new emergent republ repan
00:49:57
party where this is I think this is
00:49:59
Donald Trump's Republican party this is
00:50:01
the Maga Wing the America First wing of
00:50:03
the Republican Party we're moving from a
00:50:06
party of basically the Chamber of
00:50:08
Commerce you know Business Roundtable a
00:50:10
bunch of oligarchic fat cats to being a
00:50:13
populist party that actually represents
00:50:15
the people and I think it's I think and
00:50:18
they had the the teamsters up there yeah
00:50:20
and I I think it's I think it's a very
00:50:21
welcome change and the part of JD's
00:50:23
speech that I like the best is when he
00:50:25
described that hey I went off and many
00:50:28
other people went off to fight in these
00:50:29
forever Wars risking our lives or giving
00:50:32
our lives we come back to our home
00:50:33
communities and what do we find we find
00:50:36
them hollowed out the jobs have all been
00:50:38
exported the factories have shut down
00:50:40
and instead the town has been poisoned
00:50:42
by fentol that is a message that you
00:50:44
have not heard in the Republican Party
00:50:46
except for Donald Trump and that new
00:50:48
part of the party and I think that
00:50:50
Donald Trump choosing JD Vance was so
00:50:52
important to cement this new vision of
00:50:55
the Republican party it was a legacy
00:50:57
pick because it means that this America
00:50:59
First Maga message is going to continue
00:51:02
into the future many years into the
00:51:04
future and let me just tell you as I
00:51:05
listened to that
00:51:07
speech I uh hearkened back to another
00:51:11
speech at a republic convention I heard
00:51:12
32 years ago I'm sorry to say I'm old
00:51:15
enough to actually remember these things
00:51:17
and I remember Pat Buchanan speech in
00:51:19
1992 and after he Pat described the
00:51:23
factory workers who lost their jobs I
00:51:26
just wanted to read what he said and I
00:51:27
want you to think about what what JD
00:51:29
said so what Buchanan said was my
00:51:32
friends these people are our people they
00:51:34
don't read Adam Smith or Edmund Burke
00:51:37
but they come from the same schoolyards
00:51:39
and the same playgrounds and towns as we
00:51:41
come from they share our beliefs and
00:51:43
convictions our hopes and dreams they
00:51:44
are the conservatives of the heart they
00:51:46
are our people and we need to reconnect
00:51:48
with them we need to let them know we
00:51:50
know how bad they're hurting they don't
00:51:52
expect miracles of us but they need to
00:51:54
know we care and I think that for two
00:51:56
long Republican leaders ignored that
00:51:59
advice they didn't connect with everyday
00:52:01
Americans they were foolishly willing to
00:52:04
cut programs like Social Security or
00:52:06
Medicare saying that we had to uh cut
00:52:08
the the deficit while at the same time
00:52:10
funding forever Wars so they're totally
00:52:13
not credible and the party was basically
00:52:16
led by warmongers like Dick Cheney or
00:52:18
Mitch McConnell or soulless Bean
00:52:21
counters like Mitt Romney and Paul Ryan
00:52:23
and I think Vance really broke with all
00:52:27
of that and I think he represents the
00:52:30
the future of the party he trashed the
00:52:32
Iraq War he promised no more foreign
00:52:34
interventions he railed against policies
00:52:37
that benefit multinational corporations
00:52:39
at the expense of workers and I think
00:52:41
it's no wonder that the neocons lobbied
00:52:44
so hard against his selection yeah but I
00:52:47
think freeberg let's get you I think
00:52:49
those days are over and I think that
00:52:51
just me to say this end with this that I
00:52:53
think that Donald Trump and JD Vance
00:52:55
represent a conservatism of the
00:52:58
heart that we haven't seen before and I
00:53:01
think this is the future of the
00:53:02
Republican Party freeberg does JD Vance
00:53:04
being selected tip your vote towards
00:53:07
Trump Vance ticket I think he's gonna do
00:53:10
well for Trump
00:53:12
uh I think if he what were who were his
00:53:15
other options Nikki
00:53:18
Aly I mean there were pressure for him
00:53:20
to go after a lot of the neocons right
00:53:22
saxs and get the never Trumper
00:53:25
contingent wasn't that like a lot of the
00:53:26
pressure absolutely I mean I think there
00:53:28
was there was Doug beram who
00:53:31
was that that was your favorite no
00:53:33
freeberg not my favorite I met him
00:53:35
seemed like a really thoughtful guy he's
00:53:38
done an incredible job managing the
00:53:40
state of North Dakota but he's got some
00:53:43
social policy issues that I think are
00:53:45
going to rub people the wrong way and I
00:53:47
think to Sax's point he's more in the
00:53:50
camp of supporting Ukraine which it
00:53:54
seems like some part of the the party
00:53:56
are starting to come around and say no
00:53:58
so it seems like he was in a great fit
00:53:59
ultimately yeah by the way I I I met um
00:54:02
Doug bergham the other night and he's a
00:54:04
very nice man who I think can play a
00:54:06
very important role very nice guy who I
00:54:08
think can play a major major role in the
00:54:10
part incredible business sold it to
00:54:12
Microsoft yeah there's nobody who
00:54:14
understands I think energy better and
00:54:15
all the regulations that have gotten in
00:54:17
the way of making America energy
00:54:19
independent and tapping our vast energy
00:54:21
reserves so I found him very very
00:54:23
impressive on that but at the end of the
00:54:26
day you know it's it's just not the the
00:54:28
the kind of pick that JD is I remain a
00:54:31
moderate undecided voter I love JD Vance
00:54:33
I think it's an inspired choice I know
00:54:36
saaks where you're voting I'll take some
00:54:37
guesses on youth but freeberg where are
00:54:40
you stand right now I'm very happy that
00:54:43
RFK Jr was not selected as the VP why to
00:54:47
be on the the ticket I think RFK uh
00:54:50
would have been a challenging partner
00:54:52
for Trump and it would have led to a lot
00:54:54
of disagreements and I think that RF K
00:54:57
has some policy perspectives that I
00:54:59
don't agree with particularly as it
00:55:01
relates to Health Energy
00:55:06
Agriculture and so there are some
00:55:07
disagreements I have with respect to his
00:55:09
view of the
00:55:11
world I will say JD seems like a
00:55:14
pragmatist he seems highly intelligent
00:55:16
he seems highly competent and I I know
00:55:19
that he has not been in a governing
00:55:22
position before right so this is really
00:55:24
critical to to note this is a train job
00:55:26
for him in a large way he's been a
00:55:29
senator and he's been an investor and
00:55:32
he's been an individual contributor as
00:55:33
an investor he's built his own firm but
00:55:36
it's not a scaled firm so this is going
00:55:39
to be a a really interesting kind
00:55:42
of process to watch unfold but I think
00:55:44
from a policy and a strategy perspective
00:55:47
he can have a really positive impact on
00:55:49
the direction of the things that we
00:55:51
talked about earlier which is
00:55:52
accountability in government programs
00:55:54
having a clear set of objectives
00:55:56
making sure that we focus on those
00:55:58
objectives and don't spend time and
00:56:00
resources on things that are fluff and
00:56:04
perhaps aren't really meeting the
00:56:06
objectives and I think that he'll have
00:56:08
the thing I do have concern about I
00:56:10
think that the Nationalist agenda the
00:56:12
the nationalism and the isolationism
00:56:14
agenda is counter to global trade which
00:56:18
can be deeply inflationary and that is
00:56:21
one concern I do have which is the
00:56:23
ability for the US to export and import
00:56:27
with other trade Partners around the
00:56:29
world I think is critical for us to
00:56:31
continue to grow our economy and keep
00:56:33
inflation down so if we take policy
00:56:36
action that limits our ability to import
00:56:39
because we impose tariffs on other
00:56:41
Count's goods and services it can be
00:56:43
inflationary makes things more expensive
00:56:45
for Americans everyday Americans to buy
00:56:47
when everyday Americans go into Walmart
00:56:50
and they buy products a lot of those
00:56:52
products are shipped from China so if
00:56:54
there's a tariff on those products and
00:56:55
the price of those products now goes up
00:56:57
by 30
00:56:58
40% that can be a real burden that
00:57:00
drives inflation that's the point about
00:57:02
the nationalism on manufacturing and
00:57:05
inputs so freeberg you're pretty
00:57:07
convinced at this point that a
00:57:08
reciprocal trade
00:57:10
agreement would cause inflation
00:57:14
hyperinflation no no I think I think
00:57:16
that the idea the general statement
00:57:18
which I don't think is necessarily how
00:57:19
this is being executed I just want to
00:57:20
make sure that we're all cognizant of
00:57:21
the point that if you introduce and if
00:57:25
you introduce tariffs on reports it will
00:57:27
drive prices up now that may be the
00:57:30
right thing to do from a policy
00:57:31
perspective as we heard from from
00:57:33
president Trump when we interviewed him
00:57:35
his belief is that this is an important
00:57:38
security stick that we use it to drive
00:57:41
reciprocity and we use it to hold China
00:57:43
in check and so that may be a more
00:57:45
important strategic priority over the
00:57:47
increase in the price of certain Goods
00:57:49
the problem that will arise and this is
00:57:51
this happened during the last Trump
00:57:53
Administration if China then responds
00:57:55
with tariffs on the export of us
00:57:58
agricultural products so our biggest
00:58:00
buyer of agricultural products today is
00:58:02
China and then China put tariffs on our
00:58:04
export or they stopped buying from the
00:58:07
US and they started buying from Brazil
00:58:09
instead the farmers are hurt and when
00:58:12
the farmers are hurt the Trump
00:58:13
administration had to spend money to
00:58:15
support Farmers tens of billions of
00:58:17
dollars yeah they subsidized it they
00:58:20
subsidized they paid farmers in a in a
00:58:22
way and so the federal government then
00:58:24
has to step in to meet the gap that
00:58:26
arises from what will end up becoming an
00:58:29
escalating tariff problem or an
00:58:31
escalating purchasing problem so global
00:58:33
trade allows the economy to grow gives
00:58:35
everyone a market you can start to trade
00:58:37
but there's also these security issues I
00:58:40
do think it's important that we onshore
00:58:41
a lot of manufacturing I think it's
00:58:43
important but there's going to be a
00:58:44
period of pain there's going to be an
00:58:46
investment needed and it's not going to
00:58:48
be simple and easy and we may face quite
00:58:50
a bit of inflation on the path to doing
00:58:52
that give us an update here at the end
00:58:53
of the show freeberg on scholarships
00:58:55
people been asking for the all Summit so
00:58:58
this week we are opening up scholarship
00:59:00
applications you can go to summit. Allin
00:59:05
podcast.co and uh we have a very very
00:59:08
very limited number of scholarship
00:59:09
tickets that we hold for the summit like
00:59:11
we did the last two years the
00:59:13
applications are open now please get
00:59:15
your application in right away because
00:59:17
we expect it will be completely
00:59:19
overbooked almost immediately and some
00:59:21
of those scholarships are going to be
00:59:22
sponsored by athletic Brewing Company so
00:59:24
thank you to athletic Brewing Company
00:59:26
we're paying for a lot of our
00:59:27
scholarship recipients to go to the all
00:59:28
Summit this year really exciting
00:59:29
programming coming together we have more
00:59:31
details to share in the next couple
00:59:33
weeks and we do uh we we do have one
00:59:35
more last block of GA tickets that we're
00:59:38
going to release get your application in
00:59:41
on the website summit. Allin podcast.co
00:59:43
for a ga ticket for the last block thank
00:59:46
you all right let's just do one quick
00:59:47
business story here since we spent the
00:59:49
bul of the episode talking about
00:59:51
politics and current events exits
00:59:54
creeping back stoy is doing a secondary
00:59:57
sale of their stripe investment one of
00:59:59
the greatest Investments of the last
01:00:01
decade and Google is in talks to acquire
01:00:04
whiz and this is absolutely amazing news
01:00:10
for the industry which has been
01:00:12
suffering from a lack of distributions
01:00:14
as you can see in this chart chth after
01:00:16
2021 exit values just
01:00:19
plummeted and there are some signs of
01:00:22
life now let's start with Sequoia buying
01:00:26
back some stripee shares from its own
01:00:28
LPS sequa Capital has invested 517
01:00:30
million in stripe that's currently worth
01:00:33
about 10 billion 20x Michael Moritz uh
01:00:36
led the seed in series a skoa offered to
01:00:39
buy back 860 million in stripe shares
01:00:42
from LPS and its Legacy funds those are
01:00:45
the funds between 2009 and 2012 sooa is
01:00:49
using capital from their newer funds
01:00:51
like it's Evergreen fund that was formed
01:00:53
in 2021 the Heritage fund that's their
01:00:55
wealth management team
01:00:56
to give the Legacy fund some liquidity
01:00:58
it's not normal that a company stay
01:01:01
private this long it is the exception to
01:01:04
the rule but it has happened actually
01:01:06
happened with Uber to a certain extent
01:01:08
so Legacy fund LPS have the choice Sachs
01:01:12
to hold sell some or sell all of their
01:01:15
shrip shares here's the quote from the
01:01:17
note seoa personnel and Associated
01:01:19
persons will not be offered the option
01:01:20
to sell stripe shares previously
01:01:22
received as carried interest
01:01:23
distributions from the Legacy funds and
01:01:25
they are are offering 2750 a share which
01:01:27
is pretty generous $70 billion valuation
01:01:30
as you may know stripe has hit as high
01:01:33
as 100 billion in market cap in the
01:01:37
private markets so this will be a from
01:01:41
the seed which was a 20 million post a
01:01:44
3500x for those
01:01:46
LPS and for the series a it is a100
01:01:50
million post which is 700x for those
01:01:53
people who don't know I think it was Sam
01:01:55
mman who did that investment as a sequa
01:01:57
scout in the same fund that I did the
01:02:00
Uber investment so still the number one
01:02:02
and two Investments there your thoughts
01:02:03
jth on this unique
01:02:05
opportunity and device to sell early
01:02:08
shares from the same Venture fund I have
01:02:11
two thoughts the first is that it's
01:02:13
interesting to see that
01:02:15
they Mark the valuation up to 70
01:02:19
billion so that's a good sign for stripe
01:02:23
but the second thing is I was a little
01:02:25
kind of puzzled by this whole thing it's
01:02:28
a very complicated thing when you're
01:02:31
buying old Stakes into a new fund and
01:02:33
Crossing funds it's sort of like
01:02:35
actually one of those things that are
01:02:36
supposed to be verboten and when you're
01:02:39
trying to build a good fund with great
01:02:41
governance this is actually at the top
01:02:44
of the list of the things that you're
01:02:45
never supposed to do which is to provide
01:02:48
liquidity to a group of
01:02:51
LPS via another fund that you control
01:02:54
but I think the this actually shows what
01:02:56
may be going on behind the scenes so I
01:02:58
don't want to be conspiratorial or
01:03:01
anything
01:03:02
but it would be a great way for the GPS
01:03:05
to get liquid to meet their Capital
01:03:07
calls here without having to pay capital
01:03:09
gains tax and that makes a lot of sense
01:03:11
for the GPS themselves and so I suspect
01:03:14
that that probably well they did say
01:03:16
that the the GPS aren't going to get to
01:03:18
liquidate anything so they did put that
01:03:21
note in there so they've anti you
01:03:23
provide you can provide no meaning but
01:03:25
that what that means is you can provide
01:03:26
liquidity you don't get to pull the
01:03:27
money out that's fine but then now you
01:03:29
can use it to fund Capital calls but I
01:03:31
don't like it I don't like these kinds
01:03:33
of like things where One Fund is
01:03:35
basically scratching the back of another
01:03:36
fund it's it always tends to be the case
01:03:39
that this stuff on the surface looks a
01:03:41
little
01:03:43
smelly and can be a little
01:03:45
unseemly and this is why you're not
01:03:47
supposed to do it you're supposed to go
01:03:48
and get some other random fund to buy
01:03:52
these things and I think it's generally
01:03:53
a much cleaner thing to do and the
01:03:57
hygiene of it is clearly what we see
01:03:59
Sachs in that documentation giving
01:04:00
people choices you can make your own
01:04:02
choice we're not taking carry we're not
01:04:04
selling our shares but we're and we're
01:04:06
only selling 10% so they they did go to
01:04:09
Extreme Measures I guess to outline that
01:04:11
but your thoughts on this uh type of
01:04:13
sale it happens in private Equity all
01:04:15
the time I understand but we don't see
01:04:17
it in Venture all that often what what
01:04:18
are your thoughts on this providing
01:04:20
liquidity to the 14year old funds well
01:04:23
first of all there's a Kid Rock concert
01:04:24
going on behind me
01:04:26
distracting for no no it's been uh it's
01:04:28
going to be lit that's all I can say if
01:04:30
he's introducing president Trump it's
01:04:32
going to be pretty baller tonight uh
01:04:34
we're taping on on Thursday obviously uh
01:04:36
this episode will probably come out
01:04:38
tomorrow but in any event with respect
01:04:40
to the Sequoia thing look I think there
01:04:42
there's this this overarching issue of
01:04:45
the fact that VC funds are classically
01:04:48
designed to be 10-year funds the money
01:04:51
is called over time usually over the
01:04:53
first few years it's invested and then
01:04:56
you don't get liquidity I mean it's not
01:04:58
like a mutual fund where you can take
01:04:59
your money out you get liquidity if and
01:05:01
when the fund gets liquidity and these
01:05:04
funds are meant to be long-term IL
01:05:06
liquid Vehicles so like I said 10 years
01:05:08
and typically you can get two one-year
01:05:10
extensions to the funds so then the
01:05:12
question is what do you do at year 12 if
01:05:14
you still got positions in those funds
01:05:16
well I think a pretty good solution is
01:05:19
what I think sequ is doing here and what
01:05:20
I've heard other people do which is if
01:05:22
you have a security that's not public
01:05:24
yet but is semi liquid because it's a
01:05:26
very late stage private company then
01:05:29
what you can do is spin those shares
01:05:31
into an SPV or to some other vehicle and
01:05:35
you let new investors come in and buy
01:05:39
those shares at some price and then you
01:05:41
give the option to your old investors do
01:05:44
you want to sell or do you want to roll
01:05:46
into the new vehicle so nobody is forced
01:05:49
to give up their ownership position but
01:05:50
if they want to get liquidity and
01:05:52
there's sufficient Demand on the buy
01:05:54
side that you can get get them that
01:05:56
liquidity it's a really elegant solution
01:05:58
I can't say I know exactly all the
01:05:59
details of what SEO is doing because
01:06:01
they've got this two-tier fund structure
01:06:03
that makes it a little different but I
01:06:04
have seen in other cases people have
01:06:07
distributed shares into an SPV and then
01:06:09
new buyers can come in participate and
01:06:12
then the old investors get to decide
01:06:14
whether they roll or sell so it's a
01:06:18
pretty good way of handling valuation
01:06:21
just to uh sorry I didn't clarify this
01:06:22
valuation is based on the four last 49a
01:06:24
so that's the one thing about SEO that's
01:06:26
a little different is remember it's
01:06:28
their kind of like Global Mega fund
01:06:30
that's buying the shares as opposed to
01:06:31
an SPV normally what would happen in
01:06:34
terms of figuring out the price is you'd
01:06:36
want to use some sort of validated
01:06:38
secondary price but obviously it' be
01:06:41
have to be a market clearing price where
01:06:42
new money wants to come in at that price
01:06:45
and this is a little bit different
01:06:47
because it's their pre-existing fund
01:06:50
that's buying at that price and so how
01:06:53
do you sanity check the valuation
01:06:56
and I guess I would just want to make
01:06:58
sure that yeah that that valuation is a
01:07:02
secondary yeah it's like the secondary
01:07:04
that's what it's trading at in secondary
01:07:05
markets and that's what the 49a is so I
01:07:07
guess that would be the hygiene there
01:07:09
but it's certainly unique and uh I guess
01:07:12
great for those
01:07:13
lless well I mean we uh we had a similar
01:07:17
thing happen with Uber where they did
01:07:19
the secondary and um you know they they
01:07:22
had masi yoshian masi yoshian come in
01:07:24
and do an
01:07:26
that's entirely different yeah you had
01:07:28
you had new money coming into your point
01:07:29
so here is the Second Story related to
01:07:33
DPI and uh VC's getting to cash out
01:07:36
Google's in advanced stocks acquire whiz
01:07:37
for 23 billion according to the Wall
01:07:39
Street Journal it's an Israeli American
01:07:41
cyber security startup that was founded
01:07:43
only in 2020 backed by sequa index
01:07:46
insight and Tron and others one of the
01:07:48
fastest growing startups ever reaching
01:07:50
500 million in AR in 4.5 years Google
01:07:53
would be paying 46x forward Revenue they
01:07:58
think they'll have a billion in ARR
01:08:00
sometime next
01:08:01
year and um what are our thoughts this
01:08:06
in terms of m&a you saw it on this AT&T
01:08:09
hack of
01:08:12
snowflake but Cloud security is a really
01:08:15
big deal the more cloud services you
01:08:16
have the the more difficult it is to
01:08:19
lock these things down and so whether
01:08:21
it's Google or Amazon they have a or
01:08:23
aour they each have a really big problem
01:08:26
on their hands which is that if all
01:08:28
these customers are convinced to move
01:08:29
these workloads into the cloud but then
01:08:31
you can't secure it and you get hacked
01:08:34
that ends the business so whiz is an
01:08:36
incredible Testament to I guess
01:08:38
engineering prowess I don't exactly know
01:08:40
to be honest with you the quality of the
01:08:42
product obviously I don't interact with
01:08:44
those kind of products every day but the
01:08:45
fact that they're willing to pay such a
01:08:47
premium means a the product is good but
01:08:49
more importantly B in the absence of
01:08:52
cloud security these Cloud vendors are
01:08:55
going to
01:08:56
be constrained in in how fast they can
01:08:59
grow so what an incredible Market what
01:09:02
an incredible incredible Market I have
01:09:04
to say these two things have really
01:09:06
helped the climate in the lp Community
01:09:09
um this past week a lot of chatter about
01:09:12
IPOs that are getting filed and that we
01:09:16
could be ending the drought and people
01:09:18
were feeling very very
01:09:21
um pessimistic about Venture as a
01:09:23
category and I think these two things
01:09:25
have
01:09:26
changed a lot of people's feelings on
01:09:28
that so good work there and I think it
01:09:31
also signals maybe some regime change
01:09:35
expectation sacks yeah Lena Khan maybe
01:09:37
getting booted uh when this regime
01:09:40
change occurs and next year and then
01:09:43
maybe more m&a would occur what what's
01:09:45
Trump's and JD Vance's position in your
01:09:47
mind on m&a and Lena Khan saxs if you
01:09:52
had to interpret it well something
01:09:54
that's very interesting is that JD Vance
01:09:57
has been relatively positive towards
01:09:59
lenina khon he's yeah that's the weird
01:10:01
he's one of Lena con's few Republican
01:10:04
fans and the reason for that is because
01:10:06
Lena Khan for all of her faults and
01:10:08
we've described them here has been
01:10:09
willing to take on big Tech the fact of
01:10:11
the matter is that the top handful of
01:10:13
tech companies the microsofts the the
01:10:16
Googles Amazon these are Big Tech
01:10:19
monopolies there's just no way around
01:10:21
that fact and they do need to be closely
01:10:24
watched and supervised
01:10:26
and regulated with respect to their
01:10:27
Market power and I do think they use
01:10:29
their Market power in inappropriate ways
01:10:31
if we've discussed on this podcast I
01:10:33
sometimes think that lenina Con in her
01:10:35
approach has been a little bit more of a
01:10:37
Cleaver when she needed to use a scalpel
01:10:39
I don't think that she should stop some
01:10:41
of these what I would call R&D
01:10:42
Acquisitions from taking place where
01:10:45
there's no accretion of market share but
01:10:48
rather Stars being bought because they
01:10:50
contribute a useful piece of technology
01:10:52
I don't think you want to shut down that
01:10:54
part of the market Lord knows we don't
01:10:55
have enough exits as it is like we were
01:10:57
just talking about so I think you know
01:11:00
it would be great if we could kind of
01:11:01
massage Lena Khan's approach a little
01:11:04
bit but I think that it is a good thing
01:11:06
that she's not willing to just roll over
01:11:08
and let the big tech companies do
01:11:09
whatever they want and I think JD Vance
01:11:11
appreciates that about her so look I
01:11:13
don't think that L Khan's going to be
01:11:16
running that agency in a second Trump
01:11:19
Administration but I think how much the
01:11:22
problem with Republicans so saxs is the
01:11:25
freedom of speech issue and Republicans
01:11:27
being banned on the social
01:11:30
platforms including it up to Trump I
01:11:32
mean if that issue wasn't there I think
01:11:34
you would probably see maybe a different
01:11:36
approach yeah well I think it's a huge
01:11:38
issue because the fact of the matter is
01:11:40
you've got these Tech monopolies who are
01:11:42
using their monopolistic Market power to
01:11:46
put their thumb on the scale of our
01:11:47
political discourse in favor of one side
01:11:49
versus the other so obviously if you're
01:11:52
on that side of the aisle you're going
01:11:53
to be up in arms about that you're not
01:11:54
going to be happy about that and I do
01:11:56
think that given their Market power they
01:11:59
have an obligation not to distort our
01:12:02
democracy by artificially suppressing
01:12:05
one side of the debate yeah so I think
01:12:07
that yes Republicans should be up in
01:12:09
arms about that and they should be
01:12:11
resisting censorship and JD evance
01:12:13
specifically mentioned censorship in his
01:12:16
speech that seems to be his main issue I
01:12:18
think we'll see under Trump a lot more
01:12:21
mid-market m&a if I were to you know
01:12:23
let's call it under 100 billion dollar
01:12:26
hundred billion do acquisition would be
01:12:27
fine with me under 100 well I I really
01:12:29
like the part of his speech where he
01:12:31
said that in a healthy democracy we we
01:12:33
debate ideas and that's good we even
01:12:34
have debates in the Republican party and
01:12:36
that's good the last thing you want to
01:12:37
do is censor the marketplace of ideas
01:12:40
gosh I mean are we going to hear
01:12:41
anything like that from the Democrats
01:12:43
when they do their convention well in
01:12:44
breaking news as we wrap up this program
01:12:46
the hot swap summer will continue
01:12:48
apparently Biden is predicted to resign
01:12:52
this weekend we'll see if it happens
01:12:54
speedrun primary
01:12:56
noas is predicting it happens with nois
01:13:01
Sor nois will keep his position the hot
01:13:05
swap is coming well Jal at this point I
01:13:07
think you're you were right about uh
01:13:08
Biden stepping aside I thought he was
01:13:11
out of the woods he did that press
01:13:13
conference that NATO press conference
01:13:15
where he did make that one mistake that
01:13:17
senior moment where VP yeah oops but
01:13:22
that was the kind of thing where he got
01:13:23
his name mixed up but yeah other wise he
01:13:25
sort of seem to be finding his footing
01:13:27
in terms of talking about policy and the
01:13:30
brush
01:13:31
fire was sort of put out right but then
01:13:34
for some unknown reason he goes on and
01:13:37
does that ler hold interview I don't
01:13:39
know why they were still letting him do
01:13:40
interviews he should only be reading
01:13:41
from a teleprompter and he mixes up he's
01:13:44
he forgets the name of his secretary of
01:13:46
defense Lloyd Austin and he just refers
01:13:48
to him as the black man the the BET yeah
01:13:51
it was a BET interview so he did the
01:13:53
Lester hole interview which was not good
01:13:54
and then he did the BET interview which
01:13:56
the money up right chth so once the
01:13:58
money goes it's over well yeah and he he
01:14:01
also did a a horrible one with 360 with
01:14:03
speedy speedy Mormon and that was a
01:14:06
train wreck there was a couple moments
01:14:07
there that are just total
01:14:09
gaffs they they say Pelosi and uh
01:14:11
Schumer told him it's over and I guess
01:14:14
that mean and kenberg you're right Jason
01:14:16
when the big money is gone and they make
01:14:18
the call you know yeah it's done it's
01:14:21
done isn't that amazing what we've
01:14:23
learned about the Democratic party you
01:14:24
know know like the the coup deoss was
01:14:27
basically kenberg going in there say
01:14:29
yeah I can't raise any money for you and
01:14:31
then boom he's out I am shocked that any
01:14:34
political party would be swayed in any
01:14:36
way by political donations enjoy the uh
01:14:39
enjoy the RC sacks I love you guys I
01:14:42
gotta go dinner love you guys talk to
01:14:43
you soon for the chairman dictator the
01:14:47
architect David sack and your sulan of
01:14:49
science who ducked out a little bit
01:14:50
early I am the world's greatest moderate
01:14:53
moderator we'll see see you next time
01:14:55
bye love you
01:14:56
[Applause]
01:14:58
byee let your winners
01:15:05
ride and instead we open source it to
01:15:07
the fans and they've just gone crazy
01:15:09
with it love you
01:15:12
[Music]
01:15:18
Queen besties
01:15:20
are that's my dog taking your driveways
01:15:25
yeah oh man my meet we should all just
01:15:29
get a room and just have one big huge
01:15:31
orgy cuz they're all just useless it's
01:15:33
like this like sexual tension that they
01:15:35
just need to release
01:15:41
somehow we need to get merch
01:15:47
[Music]
01:15:51
our I'm going all in