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all right everybody welcome back to the
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number one podcast in the world the all
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in podcast and uh you can subscribe to
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us on YouTube Apple podcast yada yada
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you know the drill we're going to go to
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Miami for an epic F1 weekend all in
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podcast live on stage Saturday May 3rd
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couple special guests go to allin.com
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events to buy a ticket and we're really
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excited today because For the First Time
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In All in history we have a comedian we
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have somebody ented on the program ain't
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that the
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trth real comedian someone that knows
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how to make good jokes all right true
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Andrew I feel like that was a dick to me
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but okay Andrew Schultz is here how we
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do boys thank you for having me Schultz
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pleasure you just you go a you're on a
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heater right now you took time to come
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on the all-in Pod thank you for doing
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that of course your Netflix special yes
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is crushing it top 10 around the world
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it's called life l i pretty cool it's
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about your low sperm tell us yeah I I am
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the face of
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sperm so which that's kind of like crazy
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because you've got a mustache of a 70s
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porn star how is I think I'm
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overcompensating you know I think I got
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to trick people with the stash but in
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reality yeah yeah the balls you're
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firing blanks dude just pure it's bad
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yeah it's h this special is so good this
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special thank you for watching man I
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appreciate it we all watched it we it's
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hilarious and um you got three old guys
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here who also have had to deal with some
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of these issues we've all had you guys
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have IVF you guys do IVF for the babies
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chamat do you want to be honest here or
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you are you on natural did you hit the
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three from hefc Court logo shot what
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happened my first four kids were natural
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my fifth was IVF okay yeah I don't think
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we're surprised there's like two billion
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of you guys you know it it's it's easy
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to get the job done bro you know there
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was a there was a period there was a
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period after the Facebook IPO I swear to
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God I would look at chicks on Instagram
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and get him pregnant it was really it
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was brutal are they coming to collect
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hope not how many settlements you got
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your how many ndas uh all right freeberg
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like yeah we're off to a hot start here
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freeberg you look like you have a low
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sperm count but you have a fourth kit on
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the way but uh apparently what's the
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story are you own natural this is for
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the first time ever nobody knew this
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breaking news freeberg own natural with
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your 3.5 babies
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100% 100% wow a vegan who's shooting
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with a sniper rifle I love I don't
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believe it I don't believe it I'll find
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you guys a great study about veganism
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and libido is that right yeah very
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impressive what does it do reduce the
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woman's exactly
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exactly oh my God I know a place with
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the best roast
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cauliflower let your winners
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ride Rainman
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David and inste we open sourc it to the
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fans and they've just gone crazy with
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[Music]
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iten by the way can I just tell you how
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much I hate cauliflower everywhere I go
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that is the dish I had it for dinner
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last night main course yeah it's the
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main
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course La except it's disgusting there's
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two things they offer you portabello
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mushroom and roasted cauliflower that's
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what Sean does every time you show up at
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the house are you are you a impossible
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meat guy no I don't like that stuff it's
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gross not for me okay okay yeah by the
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way want to hear a quick science corner
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so you know how we talked about yamanaka
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factors there's a roaring
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yes wow he's like yeah I don't care Andy
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this is anyway sure let me let me let me
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hit this real quick because I know we're
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never goingon to get to it because you
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guys just [ __ ] around talking about
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politics science talk
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Shel usit us you know how you can use
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yanaka factors we talked about these to
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basically turn a cell into a stem cell
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right of course what goes on the lab
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Andrew you're familiar with the yamanaka
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everybody knows about the yamanaka
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factors you've been all over it for a
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while dude I've seen squid game yeah
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absolutely now there's you think I don't
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know about the yamanaka factor come
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we're not gonna get I can tell you we're
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not yamanaka Factor everybody knows you
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didn't visit the yamanaka factory when
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you were in Koto I went to the yamanaka
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factory and I swear to God I guy showed
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up 15 minutes late and he stabbed
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himself in the stomach right there right
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there he killed himself right there yeah
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it's called s exactly s Soko in under a
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minute okay never mind we'll come back
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to
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theal so the interesting work going on
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right now is you basically can take any
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cell from a person's body turn it into a
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stem cell and then turn that stem cell
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ultimately into an egg cell so you no
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longer need to go Harvest eggs and so
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you don't need to actually go get the
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eggs from the woman you can make eggs
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from skin cells for example so in the
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next couple of years there's you know
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there's a few little technical
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breakthroughs that are happening right
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now that will enable this where F
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fertility clinics may end up just taking
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a little bit of your skin cell creating
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stem cells creating egg cells and that's
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how we're going to end up doing IVF in
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the future at any age so you can make
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eggs at any age and you can ultimately
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produce Offspring at any age you don't
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need to actually have active healthy
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eggs and this you like that one right
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fantastic because this is a work around
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for the people that are trying to uh ban
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IVF because of the abortion protocol
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they're Bas because they basically light
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Bel uh begins a conception is part of
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their belief right but and the idea you
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could take one egg cell you could take
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one SP make a fered egg yeah but those
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people don't know but like what you do
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with IVF is you try to harvest as many
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as you possibly can because not all of
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them are viable and it's a pretty brutal
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process for the woman to go through but
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if you could just grab something from
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the skin you'd have almost unlimited
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when a woman is born she has all her
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eggs in her body and as she ages those
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eggs get depleted and eventually she
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doesn't have very good viable eggs left
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over so this gets around that problem of
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not having viable eggs we can be very
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selective about the eggs and so there's
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a future here in the next couple of
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years where fertility becomes a simpler
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hopefully easier and more widely
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available service than it is today where
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it's really challenging technically and
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you've got to go do something that's
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invasive and you know you've got to hope
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that there's good healthy eggs and
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there's a good number of eggs and so on
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and so forth so really interesting
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awesome this is awesome SCH did they sit
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you down and give you like the embryos
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that that were viable in the grades and
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the gender and you pick one and what did
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you pick we just pick the best so this
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is a lot of pressure on that first one
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like all the other kids afterwards I
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feel like don't have as much yeah come
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out of the gate strong have a good first
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quarter and then whatever 100% it's all
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good so I gotta ask you wait you didn't
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say if you had I was about to I'm about
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to put it out there I didn't have IVF
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okay but the first time we had the first
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kid wife says hey we're ovul I'm
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ovulating I said put me in the game boom
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first shot half court logo pregnant wow
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bang then she says I want to wait before
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I have the next one you know it's a
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little traumatic to have a kid and she
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waits six years then we try for a year
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nothing for one year so now I'm like man
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we waited too long it's a lot of
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pressure you you talk about this in the
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special it's like for women this is
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anxiety producing so she's like you you
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got to go get checked out and this is
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when the most humiliating day of my life
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occurred I don't know Andy what what it
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was like when you went but uh they found
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all these grifters can they can they
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identify grifters through the microscope
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no no no I walk in and the thing opens
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and there's three women at the counter
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at at the reception and they're like hey
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Jason calacanis you're here to give a
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you know to and I'm like yeah I
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am and then they walk you to a room oh
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that's the spookiest thing yeah yeah
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they walk you to a room and then they
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open it up and it's like some nightmare
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scenario where there's a Motel Eight
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room and there's a couch that's about
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three feet three feet wide and there's a
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towel on it and there's a towel on it
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and that sofa is not cloth for a reason
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no it needs to be cleanable it needs
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to fact looks very much like the hotel
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you're in shelsea I don't know what's
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going on with the Netflix budget why
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think maybe they could put you in the
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Four Seasons or the peninsula it's so
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brutal so you did this right you had go
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the grainy television with the porn it's
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like oh you're lucky you got the TV I
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had I went to the phone I went to the
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phone I I had no nothing I didn't even
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have have any service in there which was
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like another thing that was it was
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annoying so what did you do you roll
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itex it no spank bank you have to go
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that's what I'm talking about the
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Rolodex you roll through all the
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memories think about the memories man of
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my wife and only my wife nobody else
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that's was all those great moments with
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your wife all those great moments maybe
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there was accidentally one or two that
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got left in from when you were on the
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road it's possible some like absolute
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would jump into the dreams that I had
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with my wife that might be possible I
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would never want them to be there but
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obviously now it's the director's C
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there's nothing I could do but yeah it's
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it is also funny how like we dramatize
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our experience we got the easiest thing
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to do in the whole thing we just got to
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go into a room and jerk off as if that's
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hard for us but we're like the room is
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destitute and brutalist and the the
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furniture was
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uncomfortable you
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speaking of jerk offs uh yeah speaking
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of jerk offs Kavin new's got a podcast
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this is uh so I think that this is like
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this is a great idea despite what you
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think about his politics is he a plastic
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bag in the wind yes but it is a great
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demonstration of like how Americans
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admire bravery or courage and we don't
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like [ __ ] and I think that's what the
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Democrats kind of displayed in the last
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I don't want to get too political about
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this like no right your opinion one
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man's opin it's more just like I I
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respond just culturally I don't give a
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about the tribalism and politics but
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I'll just be honest with you so having
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him have like Charlie Kirk right there
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who's like a professional arguer that he
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is whatever you know how like some
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people are like autistic for dinosaurs
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he's that for arguing right and to like
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sit across from him to even address The
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French
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Laundry I was like okay this is actually
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the right thing thing to do so as as as
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easy as it is for us to sit here and go
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okay this guy want just wants to be
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president like this is a dumb thing like
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blah blah blah it's actually what the
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Democrats should be doing so I think we
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need to
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reward I think we need to reward this
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Behavior we want more conversation we
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want conversation with people especially
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that like you may disagree with and like
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the second podcast he put out I thought
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was the most impactful there was one
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piece that was incredibly impactful he's
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talking to some guy I don't know who he
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was some guy grew up in like San
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Francisco he's
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like you know he was talking about the
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taxes and like he's paying all this
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money in taxes in California and what
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does he get from it and then Newsome
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said that like yeah rich people are
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going to pay more but your actual like
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functional tax rate if you're middle
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class would be more if you lived in
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Florida because of the other stuff you
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get taxed
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on this is the type of information that
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like you guys might be privy to but the
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average person doesn't they hop on an
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inter like being human and addressing
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real issues instead of like culture War
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issues and just talking like I think
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he's going culture War like that's
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culture War but he's actually putting
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out valuable information that defends
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the positions he may have taken in
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government that the average person
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doesn't really know like the average
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person like me just goes all right I'm
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in New York I'm getting clipped at 50%
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and 5% city tax like I'm getting crushed
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but if I lived in Florida or Texas I'd
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save 133% and it be a complete wash when
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there might be someone making 50 Grand a
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year and they move from California to
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Texas and they lose money and they don't
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know that because they're just listening
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to Rich guys on podcast talk about how
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much money they save when they move to
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Texas well you don't have to take a shot
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at us but yeah okay A little personal I
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moved to Texas this year it's more of a
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shot at me and freeberg but go okay uh
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Cham your thoughts on Gavin's new
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podcast what do you think you you know
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you were there was famously a little um
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dip of the toe where somebody made a a a
00:12:28
podcast I'm sorry a landing page that
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you were going to run for governor we we
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had a little fun with that what do you
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think of Gavin what do you think of his
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podcast I think he's an excellent
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politician it's clear he's starting the
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2028 campaign okay I think he's done a
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really good job so far I think Schulz is
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right he is
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unwinding all of
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the kind of like landmines that the
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Democrats have stepped on I think he's
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learned what Kamala did wrong and now
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he's taking this very narrow path which
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is like I'm going to basically disavow
00:13:02
all the stuff that people don't care
00:13:04
about so all the gender woke ideology
00:13:07
stuff I don't think you're going to hear
00:13:08
him talk about he'll try to drive a
00:13:10
narrow wedge on these economic issues so
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I don't know I mean I think it's going
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to create a really Dynamic 2028 campaign
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if he gets momentum by the way his
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popularity has gone up which is insane
00:13:24
which after the fires and all of the
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ineptitude in California all of the
00:13:30
corporations that have run away all of
00:13:31
the people that have left the chaos in
00:13:33
San
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Francisco after all of that he started a
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podcast and his popularity's gone up
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it's really incredible coming around the
00:13:41
horn freeberg what do you think of Gavin
00:13:43
Nome look I think the podcast was
00:13:45
brilliant I think when I watched it I
00:13:49
was hooked because there were two things
00:13:51
that I think were critical
00:13:53
in how he runs it firstly is he is
00:13:58
showing the first time I think that I
00:14:00
have ever seen a Democrat do or a
00:14:03
republican in modern politics active
00:14:06
listening to the other side it seems so
00:14:08
crazy that this is some sort of special
00:14:11
event and special concept but this
00:14:14
active listening moment where you see a
00:14:17
politician it totally breaks down the
00:14:20
Walls where you immediately feel on
00:14:22
guard or on offense against that person
00:14:25
because if someone's actively listening
00:14:26
to you you actually feel like you're on
00:14:28
the same side somehow and you're trying
00:14:30
to come to a conclusion together and so
00:14:32
what that does is it invites the person
00:14:34
on the other side in this case the
00:14:35
audience The Listener to be with Gavin
00:14:38
part of the kind of coming together the
00:14:40
second thing I think he did that's
00:14:41
really brilliant is so much of the
00:14:43
modern political by modalism where
00:14:45
you're in one camp or the other means
00:14:48
that everything is a one or a zero you
00:14:50
know Andrew talked about this we're all
00:14:52
generally I think none of us would
00:14:54
consider ourselves political party
00:14:56
Affiliates we are all generally people
00:14:58
that like to to think for ourselves on a
00:15:00
topic or an issue and we don't care
00:15:01
about what party is associated but the
00:15:04
way modern politics has evolved is you
00:15:06
don't debate the topics you debate the
00:15:08
one or the zero because of what the
00:15:10
party says my party says this is the
00:15:13
position therefore I'm a one and you're
00:15:15
a zero and the other side says I'm the
00:15:18
one you're the zero meaning everything
00:15:19
has to be binary I'm completely right
00:15:21
you're completely wrong and I think what
00:15:23
Gavin has done is he's shown that these
00:15:25
are not ones and zeros they're 8020 or
00:15:27
6040 or
00:15:29
5545 and he's willing to acknowledge
00:15:32
that he's showing that you know what we
00:15:35
might be only 45% right and on so many
00:15:37
topics the Democratic party has ended up
00:15:40
slightly wrong they're
00:15:42
4555 it's not that they're a zero or a
00:15:44
one they're slightly off on taxes
00:15:46
they're slightly off on social issues
00:15:48
and they're off just enough that they
00:15:50
lost the election they're off just
00:15:52
enough that they lost tax breast tax
00:15:53
Andrew 2028 Trump's running for his
00:15:56
third term versus Gavin Newsome who do
00:15:57
you vote for I mean we gotta run it back
00:16:00
for a third term for Trump doubt course
00:16:03
uh no obviously I believe the it wasn't
00:16:06
a third term Gavin versus Trump who
00:16:08
would you go I it's it's I mean I gota
00:16:10
see what his like policies are and I
00:16:11
gota see where America is I think that
00:16:13
like the big misunderstanding with this
00:16:15
last election is that at least the
00:16:17
Democrats who are still trying to like
00:16:18
vilify these figures on the right what
00:16:21
they don't understand is they think that
00:16:23
this was like some populist election
00:16:25
where like people just fell in love with
00:16:26
Trump and they just loved it for so much
00:16:28
they would just do whatever he says what
00:16:30
I think is harder for them to Grapple
00:16:32
with is the
00:16:34
self-reflection of a rejectionist vote
00:16:38
so I think people rejected the
00:16:40
Democratic proposal 100% And they went
00:16:43
with what the other alternative was
00:16:45
which was Trump and exact correct that's
00:16:48
a way tougher pill to swallow you have
00:16:50
to look back at everything you've done
00:16:51
and go wow we're off we're not listening
00:16:53
to the people this guy listens to the
00:16:56
people I mean it seems like I'm fluffing
00:16:57
Trump here but like I would say that his
00:17:00
greatest skill is listening to what
00:17:02
people say and I think a lot of times
00:17:04
there's this IV league pretentiousness
00:17:08
in the Democratic party where it's like
00:17:09
we know it's better for you yeah and I
00:17:12
know you say you want these things you
00:17:14
don't really want that let us we we
00:17:16
we've studied and we've talked about it
00:17:17
in our little thought experiments in
00:17:19
class so we know what you
00:17:21
need what you just shut up condescending
00:17:24
it's condescending exactly so I think
00:17:26
that like when people go ah the food is
00:17:28
giving me cancer and then he appoints
00:17:31
the guy who says the food is bad to run
00:17:33
the food the American people go well
00:17:35
that kind of seems like a good thing I I
00:17:37
like that you know it it is like an
00:17:40
acute understanding and listening to
00:17:42
what people are saying and sometimes to
00:17:45
his disadvantage like he came out
00:17:48
against that um they were putting some
00:17:51
like tax on people who drive into
00:17:53
Manhattan or whatever like yeah
00:17:56
congestion pricing and ini pricing
00:17:58
initially people really rejected it
00:18:00
right and then uh so he was like we're
00:18:02
getting rid of congestion pricing and
00:18:04
like two weeks after they put that
00:18:06
congestion pricing thing everybody I
00:18:08
knew with a car was like this is the
00:18:10
greatest thing the city has yeah you can
00:18:12
actually move right you can take a taxi
00:18:14
and it's faster than government
00:18:16
overreach is good
00:18:19
bureaucracy nice like yeah you want a
00:18:21
car stay in the Burrows exactly so it's
00:18:24
you don't get a car in Manhattan explain
00:18:25
this to people it's a little bit
00:18:26
egregious I mean you and I do Jason but
00:18:28
Body El have it exactly Our Lives should
00:18:31
be different you know what I mean
00:18:32
absolutely absolutely but mean what's
00:18:34
the point of us having nice cars if we
00:18:37
can't drive them whenever we want yes
00:18:40
yes and you know we grew up at a time on
00:18:42
the lower e side uh you know you could
00:18:44
go to Tribeca we could go to Club
00:18:45
Limelight you could park outside the
00:18:47
Limelight at night you could go to
00:18:48
Palladium you could park on 14th Street
00:18:50
I park right on 14th Street okay I go
00:18:52
used to be a church right and then you
00:18:54
know I sniff pop ecstasy you do a little
00:18:57
whatever
00:18:58
the morning listen you goofballs between
00:19:01
your stupid mustache and your OIC turkey
00:19:03
neck I am
00:19:05
totally turkey go to something useful
00:19:09
are we GNA let Chamas sit there in
00:19:11
MacGyver's funeral outfit tell us that
00:19:14
we're goofballs this guy's wearing a
00:19:17
vest with a collar he looks like he's
00:19:18
going to a Punjabi wake I can't believe
00:19:21
that he would even talk about the way
00:19:24
that you're dressed and how you look
00:19:26
this is custom Laura piano boys this is
00:19:28
Laur really what does it look like you
00:19:30
got it at Zara all right listen um but
00:19:34
more importantly let's stay on track yes
00:19:35
yes we got to stay on track can I tell
00:19:37
you guys something about uh tariffs from
00:19:39
a Layman yes please like you guys are
00:19:41
cutely aware of maybe how these things
00:19:43
affect markets and yada yada yada and
00:19:45
most people don't have any [ __ ] clue
00:19:47
so the the the average person right I
00:19:51
look at this and I'm like man it kind of
00:19:54
sucks that you got to like negotiate
00:19:56
your like your bid for a car you're
00:19:58
going to buy publicly right so this is
00:20:01
my assumption and maybe I'm like a
00:20:02
little bit more optimistic than most
00:20:04
about the administration but if I go to
00:20:07
buy a car and the car is let's said 100K
00:20:09
and I go offer the guy 80
00:20:12
right I don't want everybody around me
00:20:15
yelling out like how can you insult him
00:20:17
by offering him 80 this is an insult and
00:20:19
then I I can't go to them and I go I'm
00:20:21
actually trying to settle it 90 I'm just
00:20:23
saying 80 so he comes down a little bit
00:20:26
but the unfortunate thing when you
00:20:27
litigate these things in front of the
00:20:28
entire world is that they look at that
00:20:30
first measure there 200% taxes and Trump
00:20:33
can't bulk at it he can't go yo I'm just
00:20:35
[ __ ] I'm just playing around with
00:20:36
that number I actually just getting them
00:20:38
to come down 20% or 10 getting to come
00:20:40
down anything is a win he can't say that
00:20:42
because he loses all his leverage so
00:20:44
he's got to sit here and then get
00:20:45
criticized by I don't know if it's half
00:20:47
the country I don't know you know who
00:20:49
really ends up caring about what these
00:20:50
tariffs do obviously they're
00:20:52
repercussions in the market I got a
00:20:53
buddy of mine building a hotel out in
00:20:55
Joshua Tree and he's like I don't even
00:20:56
know if I can get brought into the
00:20:58
country from Canada so it does affect
00:20:59
people in real time but it's impossible
00:21:01
to do these negotiations with any
00:21:03
leverage if you have the people within
00:21:05
your own country questioning your
00:21:07
ability to negotiate in real time that
00:21:09
is what the Layman would think well I do
00:21:12
think you're right in the sense that in
00:21:14
the early days when Trump was talking
00:21:16
about tariffs initially everyone was
00:21:18
like oh my God he's going to use tariffs
00:21:19
he's unpredictable and then the
00:21:22
narrative became he's using it as a
00:21:23
negotiating tactic the problem is just
00:21:26
like in poker once everyone knows that
00:21:28
there's this kind of action it's
00:21:31
exploitable and so this is now kind of
00:21:33
an exploitable mode of negotiation where
00:21:35
everyone now assumes he's just trying to
00:21:37
negotiate so no one actually takes him
00:21:39
seriously the question now is the
00:21:41
response going to be that he's going to
00:21:42
be serious about it or is he actually
00:21:44
exploitable and you saw what China's
00:21:47
response was I kind of view China as
00:21:48
like AI like stuff goes into China the
00:21:51
AI processes it and it comes back out
00:21:53
China is like obviously the way they're
00:21:55
kind of structured you have very little
00:21:57
psychosocial bias like you do with other
00:21:59
democratic governments it's very
00:22:01
systematic it's systematically processed
00:22:03
every piece of data is systematically
00:22:05
processed every action is systematically
00:22:06
processed and so I think when you look
00:22:08
at how the Chinese Ambassador responded
00:22:10
to Trump on Twitter a few weeks ago
00:22:13
where they're like you want war we'll
00:22:14
give you War this is a hot war or a cold
00:22:15
war whatever you want we've never seen
00:22:17
that from an ambassador to the United
00:22:19
States president before done on Twitter
00:22:21
like this let alone the Chinese
00:22:23
Ambassador so I think it says a lot
00:22:25
about how the Chinese AI is processing
00:22:28
the Trump negotiating tactic or the
00:22:30
Trump positioning statements on tariffs
00:22:32
which indicates that there may be now I
00:22:34
mean we can talk about what game theory
00:22:35
optimal play might be in this kind of
00:22:37
poker game What's going to come next but
00:22:39
there's a a real assessment that they've
00:22:41
made on how far he is willing to take it
00:22:43
they've got a conclusive statement and
00:22:44
they believe that this is the fastest
00:22:46
way to kind of win their negotiating
00:22:47
position but it says a lot about where
00:22:49
this is all going everyone now
00:22:51
understands or views this as an
00:22:52
exploitable moment which unfortunately
00:22:54
means that tariffs may not work or
00:22:55
they're actually going to have to stick
00:22:57
which can be really
00:22:59
yeah it could be painful could be
00:23:00
painful for every your thoughts on the
00:23:03
to and Andrew's position what is the I
00:23:06
think it's it's like 120 some odd years
00:23:09
Nick maybe you can find this tweet that
00:23:10
I had but almost the majority of years
00:23:14
as a nation or close to a majority of
00:23:16
the years as a
00:23:18
nation we had no income tax and the way
00:23:23
that we would fund the programs that we
00:23:25
needed was not from insiders but from
00:23:28
Outsiders and that's where the Tariff
00:23:30
was born right it's people domestically
00:23:33
in America don't pay any taxes on the
00:23:35
things that they do and instead if you'd
00:23:37
like to sell into the United States you
00:23:39
pay a reasonable tax so this is the so
00:23:42
how many years so it's 126 years from
00:23:44
1776 to
00:23:46
1861 then we paused it for a few years
00:23:49
because of the Civil War we restarted
00:23:51
again in
00:23:51
1872 and you notice when it stopped when
00:23:54
it stopped was right around World War I
00:23:56
where this entire War Machine broke out
00:23:58
and and we've never looked back so I
00:24:01
don't know I think that one way to think
00:24:03
about this is we're probably going to go
00:24:05
back and
00:24:07
Explore isn't it better if we have this
00:24:11
incredibly vibrant and rich country of
00:24:13
330 million people with a ton of
00:24:14
purchasing power what happens if we put
00:24:18
the burden not on them to fund the
00:24:21
American infrastructure and social
00:24:23
programs and safety net but if we put
00:24:25
the burden on all the companies in the
00:24:27
other seven .7 billion people in the
00:24:30
world in the 185 plus countries that
00:24:33
want access to these folks should there
00:24:35
be exceptions probably should there be
00:24:38
waivers in very specific and narrow
00:24:40
cases
00:24:42
absolutely but I think that that's where
00:24:44
these guys are going and I think that
00:24:46
you heard this by the way yesterday from
00:24:48
Howard lutnick I don't know if you guys
00:24:49
saw this but he said the Trump tax plan
00:24:51
is going to cut federal income taxes to
00:24:54
zero for anybody making 150k or less saw
00:24:57
that
00:24:59
it's crazy what would the vulnerability
00:25:00
in that be like putting the burden on
00:25:04
all of these expenses that we would
00:25:07
incur on other countries what would that
00:25:09
vulnerability for us be there are two
00:25:12
the first we keep the expenses that's
00:25:16
that's the key if we keep the tars if we
00:25:17
charge them to come into the market we
00:25:19
charge them an extra 25% but it's we we
00:25:21
talked about this last week if you cut
00:25:22
the budget then it's it can be net
00:25:24
neutral that's part of what they said
00:25:26
got it but he's saying what is the
00:25:27
Strategic vulnerability I think the
00:25:29
Strategic vulnerability is too the the
00:25:31
thing with tariffs is and you're
00:25:33
pointing out this let's just say today
00:25:36
you say there's a tariff and then
00:25:37
tomorrow you say oh we've found an
00:25:39
agreement and we're going to take it off
00:25:40
the table one piece of logic would say
00:25:43
wow that's great we're able to change
00:25:45
our mind on a dime the problem for
00:25:47
countries and companies is that they
00:25:50
can't think in 24-hour blocks of time
00:25:53
right they're making decisions in five
00:25:55
and 10 year blocks of time it's like I'm
00:25:57
going to go and borrow a billion
00:25:59
I'm going to go and build a data center
00:26:00
I'm going to borrow 10 billion I'm going
00:26:02
to build tanks once you start that you
00:26:05
can't just stop it and then restart it
00:26:08
so that's one strategic problem which is
00:26:10
that if you are not careful some of
00:26:13
these markets that are really crucial
00:26:15
I'll give you one which we talked about
00:26:17
last week right now 95% of all of the
00:26:20
energy we generate in America is from
00:26:22
Renewables whether you like it or not
00:26:24
that's just what it
00:26:26
is the reason why that's possible is
00:26:28
because America has a very sophisticated
00:26:31
Market where all these people come from
00:26:34
all corners of the world insurance
00:26:36
companies life insurance companies Banks
00:26:38
and they fund all of it and the reason
00:26:41
is they can take a tax credit they can
00:26:43
lower their effective tax rate they get
00:26:45
a higher rate of return it's all super
00:26:46
complicated but the point is these
00:26:48
incentives exist if all of a sudden
00:26:51
you play around with that market half
00:26:55
that energy would go away electricity
00:26:57
prices would rise inflation goes up and
00:27:00
then if we have to go and compete
00:27:02
against China for AI and a bunch of
00:27:04
other stuff where is the energy going to
00:27:06
come from you're going to Brown out
00:27:07
people you're going to just turn their
00:27:08
energy off so that you can fund a data
00:27:10
center so that the Tik Tock algorithm is
00:27:12
better that's literally what we would
00:27:13
have to decide so that's that's one way
00:27:17
and then the second way is if you're
00:27:19
providing a critical service or a good
00:27:22
to American people for which there is no
00:27:26
alternative that becom really
00:27:28
problematic because that person can then
00:27:30
pull that product and say I can't afford
00:27:32
to make it the obvious example is if you
00:27:35
make pharmaceutical drugs for rare
00:27:37
diseases what do you do and again those
00:27:39
are all things that are like multi-
00:27:42
deade long decisions yeah you'd love to
00:27:45
make them and unchange them at every 24
00:27:47
hours but it's just not possible because
00:27:49
like you just make these decisions and
00:27:50
you're stuck with them for a long time
00:27:52
that's where the tarff thing becomes
00:27:53
problematic if you change them often
00:27:55
enough if you implement them and you're
00:27:57
like this is what it's going to be the
00:28:00
world can adapt and people can figure it
00:28:01
out I mean the other problem is just the
00:28:03
communication of this has been terrible
00:28:05
we were on the program last week or two
00:28:06
weeks ago Joe lale is like this is about
00:28:08
fentanyl so is it about fenol is it
00:28:10
about getting rid of income tax at the
00:28:12
federal level is it about supply chain
00:28:14
resiliency these guys get like a D in my
00:28:18
grade book for communication it's
00:28:20
terrible communication and this idea
00:28:23
that you can't take Trump too seriously
00:28:25
about his claims like well he said he
00:28:28
was gonna overturn roie Wade he did it
00:28:30
he said he was gonna close the border
00:28:32
and send people home he did that you
00:28:34
know yeah he said he'd do a Muslim ban
00:28:36
he actually did that so for every time
00:28:38
he says something and you're like that's
00:28:40
cap no way he's going to do that I
00:28:43
actually think people are starting to
00:28:44
realize he's going to do something here
00:28:46
with these tariffs they're not just a
00:28:47
negotiating position and the other
00:28:49
problem I think a lot of people have
00:28:51
with this is it's centralize his power
00:28:53
anybody can go to Trump now and say I
00:28:55
want an exception I'm you know a car
00:28:57
company I want an exception I'm a Solar
00:28:59
Company I you know I need an exemption
00:29:01
and then now you've got everybody going
00:29:03
to Mar Lago to Kiss the Ring to give him
00:29:05
a donation to bow down and it
00:29:07
centralizes more power with them as
00:29:09
opposed to having rules yes and we need
00:29:11
to have rules in this country that apply
00:29:13
to everybody not just people who give a
00:29:14
million dollars like Bezos and Tim Cook
00:29:17
and everybody and Zuck The Weather Vein
00:29:19
gave him we don't want to live in that
00:29:21
world where you're just bribing Trump to
00:29:23
get your tariff and that's how people
00:29:25
feel that's how the business Community
00:29:27
feels that's the reality right now
00:29:29
people are bribing Trump giving him a
00:29:31
million dollars to the inauguration to
00:29:32
get close to him to go to Mara Lago and
00:29:34
it looks really bad you need to have a a
00:29:37
clear strategy here for what the rules
00:29:40
of the game are and he's changing the
00:29:42
rules so you have to go to him and he's
00:29:44
he loves that that's actually I think
00:29:46
what he's trying to do is get everybody
00:29:48
to go through him it's a really clever
00:29:49
hack I think yeah and perception is
00:29:52
reality so you have to react to people's
00:29:53
perception like we can throw data points
00:29:55
all we want at people and we can throw
00:29:57
research and all this other [ __ ] but if
00:29:58
people aren't meeting you there then
00:30:00
you're not going to be communicating
00:30:01
with them effectively and I think that
00:30:03
uh that's something that like you know
00:30:05
especially you guys need to know you
00:30:06
guys have pretty information that the
00:30:08
average American probably is not and we
00:30:11
can [ __ ] and complain about how they
00:30:12
don't read or how they're not looking up
00:30:14
you know what happened in 1913 to change
00:30:16
the course of American history and how
00:30:18
we started te or we can go okay we need
00:30:20
to find a way to disseminate this
00:30:22
information so that they can make these
00:30:24
decisions and I guess or feel
00:30:26
comfortable with the results of these
00:30:28
decisions do you think America would be
00:30:31
okay with this idea of taxing Outsiders
00:30:33
and then relying on it versus income tax
00:30:38
paid by its own citizens I think that
00:30:40
the second half is really all that would
00:30:42
matter I think that people are fig I
00:30:44
think the majority of people are
00:30:45
thinking about the next week so if you
00:30:47
say that I don't have to pay taxes like
00:30:49
and I think this is what Republicans are
00:30:51
doing way better than Democrats right
00:30:52
now is like Democrats don't have build
00:30:54
the wall they don't have slogans they
00:30:56
don't have things that immediately tap
00:30:58
into like core emotional feeling
00:31:00
regardless if you're going to do it or
00:31:01
not we want Greenland okay that's cool
00:31:03
Democrats need eggs or a dollar
00:31:06
Democrats need things that like Echo
00:31:08
their sentiments and how they want to
00:31:10
like take care of people and provide for
00:31:11
the disenfranchise but it has to be done
00:31:13
in a way where it's digestible you can
00:31:15
chew on it if you want to make housing
00:31:17
more affordable then you say yeah we're
00:31:19
seizing public land we're building
00:31:20
10,000 units like you have to tap into
00:31:23
what Americans need which is a feeling
00:31:25
of not just Comfort every American
00:31:28
thinks they're going to be a millionaire
00:31:29
that's what this country drives off of
00:31:32
right it's every poor American that hope
00:31:34
that hope yeah and the second they stop
00:31:36
thinking they will be they or they can
00:31:39
be or they can be it falls apart and
00:31:42
then some healthcare CE gets shot and
00:31:44
people celebrate they're they're
00:31:46
celebrating because they no longer feel
00:31:48
the hope that they could be in that
00:31:50
position yeah they feel so
00:31:52
disenfranchise they they and this is
00:31:54
what like I'm telling you like the you
00:31:56
guys of the world need pay close
00:31:58
attention to because there's going to be
00:32:00
no empathy if anything bad happens oh
00:32:02
the stock market is down no Americans
00:32:04
are invested in the stock market like
00:32:06
all you I've been saying it no no no
00:32:08
I've been saying this for months country
00:32:10
I've been saying it for months nobody
00:32:11
cares about the stock market nor should
00:32:13
we and the reason is because we people
00:32:17
who own these assets have overly
00:32:19
benefited more than we've deserved for
00:32:22
the last 15 years ever since the great
00:32:24
financial crisis in the United States
00:32:27
people who as Jason said could cozy up
00:32:29
and by the way Jason I think the the the
00:32:32
claim that you made which is is is
00:32:36
severely true for how from 2007 up until
00:32:40
now has played out because if you look
00:32:43
under all the
00:32:44
programs if you could have lobbied Obama
00:32:47
in those critical years of the GFC yep
00:32:51
oh my God the amount of money that was
00:32:53
no because we we took interest rates
00:32:55
literally to zero anybody like us who
00:32:57
could have gone and gotten levered up
00:32:59
and gone into the stock market was
00:33:00
richly rewarded and the problem is we
00:33:03
left everybody else behind and I think
00:33:06
the great thing about Trump is he is
00:33:08
going to reset that he is going to take
00:33:11
a lot of wealth away from asset holders
00:33:13
you're seeing it every day 500 billion
00:33:16
500 billion there is no sympathy I think
00:33:19
it's
00:33:20
fantastic that's that's great to it's
00:33:23
great to hear you even saying that
00:33:26
because I feel like a lot of people that
00:33:27
are in maybe your guys position don't
00:33:31
understand that disconnect and that is
00:33:33
important to understand there like even
00:33:35
what happened in the Palisades like in
00:33:37
LA with like the fire the second people
00:33:39
heard it was like rich people's houses
00:33:41
there was no empathy for it they didn't
00:33:43
a million dollar house you yeah was like
00:33:46
and it it is I don't even have a house I
00:33:48
can't find a house you burned your house
00:33:50
down and you move you went back you went
00:33:52
to your vacation house now oh I'm sorry
00:33:53
you're living at your ski house that's a
00:33:55
tragedy like literally you're right it
00:33:57
probably explains why we don't hear
00:33:59
anything in the news anymore about
00:34:00
anything that's happening with respect
00:34:01
to reconstruction or any of the disrup
00:34:05
it's a rich person problem people and
00:34:07
you know I think putting together what
00:34:08
you just said schultzy and and uchim off
00:34:11
Trump is a master at connecting with
00:34:14
people and listening to them I thought
00:34:16
the one of the greatest things he he he
00:34:19
he did during this last election is when
00:34:20
he said no tax on tips when he said no
00:34:23
tax on tips he was going right for
00:34:24
Nevada he was going right for that swing
00:34:26
state you know to get those those folks
00:34:28
who live off tips but what he was also
00:34:30
doing is saying I know that there's a
00:34:32
bunch y'all that sometimes get cash tips
00:34:35
you put in your pocket it's the gray
00:34:36
Market I get it you know I run a you
00:34:39
know I I got caddies who get a hyy from
00:34:41
you know whatever taking somebody out on
00:34:43
the course we're just going to make it
00:34:45
official you don't get tax on tips
00:34:46
because we know that you're you know
00:34:47
you're the bottom third of the country
00:34:49
in terms of your economic power those
00:34:51
kind of statements really do connect
00:34:54
with people Trump has just mastered this
00:34:56
this party is Trump is the Democratic
00:34:58
party that we grew up with it's kind of
00:35:00
crazy it's kind of crazy right and then
00:35:03
the Democrats became this elitist group
00:35:05
that seem to be in the pocket of
00:35:06
business interest I don't know what
00:35:07
Bizarro World we're living well that I
00:35:09
think you tapped into it right there
00:35:10
it's like uh I think that they they
00:35:13
could easily win the next election if
00:35:15
they made it a class war but they don't
00:35:17
because it feels like they're in the
00:35:19
pockets of these billion dollar
00:35:21
corporations so they can't really I mean
00:35:24
Bernie did it really effectively right
00:35:25
like this random Jew in Maine or
00:35:28
something like that is like yo we got to
00:35:30
get some money from these rich people
00:35:32
give it back to the poor and all of the
00:35:33
sudden all of America turned him into
00:35:35
like our surrogate grandfather so you
00:35:38
can and then he got shived by Hillary
00:35:40
and the Machine and and I mean what did
00:35:43
they say about his fans like they went
00:35:45
very specifically they're like he has a
00:35:47
his the Bernie Bros have a sexism and
00:35:51
bigotry problem right they made him
00:35:53
radioactive right so now you killed the
00:35:56
working class now the working class is
00:35:57
no longer supporting the Democratic
00:35:58
party so who do they have left they have
00:36:01
the identity politics groups so they
00:36:03
can't piss off the identity politics
00:36:04
groups because they're like that's all
00:36:05
we got left they did the same [ __ ] with
00:36:08
us during the election right they're
00:36:09
like the podcast Bros have a sexism amb
00:36:12
bigotry problem they they try to make
00:36:14
people radioactive and it's like that
00:36:15
card's been played so many times that
00:36:17
people are desens anymore I think
00:36:19
there's one big shoe left to drop I
00:36:21
think we've started the process of
00:36:22
really really taking a bunch of heat out
00:36:24
of the asset markets like equities so
00:36:26
we've taken trillions and trillions of
00:36:28
dollars of wealth away I think we're
00:36:30
going to take trillions more but the
00:36:32
next big market and this is actually
00:36:34
where Andrew to your point we
00:36:35
reestablish some hope I think for a lot
00:36:38
of people is we are going to whack the
00:36:40
housing market it's just going to happen
00:36:42
and let me just say something about how
00:36:44
is that GNA happen J explain it because
00:36:45
there's 7 million homes that we still
00:36:47
need to build to to service just current
00:36:50
demand how does that actually happen
00:36:51
with the supply demand problem in your
00:36:53
mind there are a bunch of mechanisms
00:36:57
that have to get cleaned up right now
00:37:00
okay so one mechanism is that there are
00:37:02
a whole host of mortgages that are
00:37:05
basically being propped up they it was a
00:37:07
program that's that really got out of
00:37:09
control under the Biden Administration
00:37:12
Nick you can find this article is in the
00:37:13
Wall Street Journal we are going to
00:37:14
figure out how to get these two
00:37:17
government related agencies Fanny May
00:37:19
and Freddy Mack out of what's called
00:37:21
conservatorship and these are the folks
00:37:23
that are responsible for
00:37:24
essentially wrapping guarantees around
00:37:27
mortg so that the mortgage Market can
00:37:29
function the details don't particularly
00:37:31
matter that much but the point is that
00:37:34
what we are doing is we are
00:37:37
unwittingly propping up with American
00:37:40
taxpayer
00:37:41
dollars the US housing market why is
00:37:44
that bad it is locking an inordinate
00:37:48
number of people from that first
00:37:50
critical step that actually makes them
00:37:52
feel like they are winning and they're
00:37:54
on their way to achieving their dreams
00:37:56
which is can I make a it on a home and
00:37:58
then can I live this out and you have
00:38:00
these artificially inflated prices all
00:38:04
around the country as a result of this
00:38:06
so I think this next wave is deeply
00:38:09
beneficial to the middle class which is
00:38:12
there is no reason like you guys see it
00:38:14
when you read The Wall Street Journal I
00:38:17
think it is the dumbest [ __ ] in the
00:38:18
world when I see an article which is
00:38:20
like this house just is $65 million on4
00:38:24
acres in some Rando place in Miami
00:38:27
I was thinking Malibu but yeah but what
00:38:30
is this this makes no sense and so when
00:38:33
you rationalize a bunch of equity
00:38:37
values and you rationalize the cost of a
00:38:41
home I think what you're going to do is
00:38:43
you're going to allow a lot more people
00:38:45
to find a more reasonable way to enter
00:38:46
the housing market and I do think that
00:38:49
that's a really big step in allowing
00:38:50
them to feel like they're part of the
00:38:51
dream so you lower asset prices you can
00:38:55
own some stocks maybe you own a 401k or
00:38:57
if you've never had a 41k but your
00:38:59
employer offers it for the first time it
00:39:02
may actually make Financial sense to put
00:39:03
a small amount of it in there you've
00:39:05
never been able to own a home all of a
00:39:07
sudden home prices are whacked 30 or 40%
00:39:09
you're able to do that because of how
00:39:12
Trump goes after the budget when his
00:39:15
rate of borrowing for the US government
00:39:16
goes down your mortgage rate goes down
00:39:18
now all of a sudden you can enter in
00:39:20
because home prices are less and you can
00:39:21
actually get a mortgage they may all
00:39:24
seem very random but they can come
00:39:26
together in giving 50 60 million people
00:39:30
a shot that they have been screaming
00:39:31
since the great financial crisis they
00:39:33
don't have this is so huge because on
00:39:35
like a core emotional level you want as
00:39:38
many Americans as possible invested in
00:39:41
American success and Excellence totally
00:39:44
and the the greater the Delta between
00:39:47
like them and their first home or their
00:39:48
first investment at stock the greater
00:39:50
that distance the more disillusioned
00:39:52
they become in America in general when
00:39:54
they feel like like you said earlier
00:39:56
like the way you guys got into the
00:39:58
market when you could basically take out
00:39:59
loans for nothing and then you saw these
00:40:01
incredible gains they feel left behind
00:40:03
the second they feel like they're in on
00:40:05
it they own apartment they own some
00:40:07
shares of Tesla that's why crypto is so
00:40:09
popular is because they're feel like
00:40:11
it's their only access I got yeah it's
00:40:13
like yeah it's like comedy in some ways
00:40:15
like all I need is a microphone or music
00:40:17
like there's a path for me and crypto
00:40:19
obviously is a giant [ __ ] scam it's a
00:40:21
scam Shore but I can get a piece of this
00:40:23
I can get a piece of this this American
00:40:25
dream and I would rather that they were
00:40:28
invested in uh you know a Vanguard
00:40:30
account or something like that I would
00:40:31
rather they're invested in the entire
00:40:33
Market I mean there's this this idea and
00:40:35
I'm sure you poke holes and tons of
00:40:37
holes into it and but this idea like
00:40:39
every American Born gets a thousand
00:40:41
bucks put into a friend of ours Brad
00:40:43
gersner with this of invest America is
00:40:45
the concept and regardless if the
00:40:47
concept is good or not the emotional
00:40:49
connectivity to the success of American
00:40:51
industry is really important when you
00:40:54
know at 22 that you could get this thing
00:40:56
that's compounding for 22 years you
00:40:59
could pay off some college loans you
00:41:00
could put something down on a house you
00:41:02
could pay for trade school whatever it
00:41:03
is I think you have a different energy
00:41:05
towards America and its success and then
00:41:07
you have a lot less of these kids who
00:41:09
are just like America is this horrible
00:41:10
place and capitalism is bad yeah
00:41:11
capitalism is bad when you're left
00:41:13
behind when you're invested in
00:41:14
capitalism it's the [ __ ] baby absolutely
00:41:18
we're on the express train let me give
00:41:19
you guys um I did an analysis I was I
00:41:23
wasn't sure if I should put it out but
00:41:24
I'll tell you guys the numbers
00:41:27
the US Social Security program is meant
00:41:30
to be kind of the retirement program for
00:41:32
folks that don't have access to private
00:41:34
retirement accounts okay and this
00:41:37
program was set up in the 1930s after
00:41:41
the Great Depression and there's a trust
00:41:43
fund the OASDI which is the the fund
00:41:46
that they invest to Capital so every
00:41:48
year we all put money in with our social
00:41:49
security taxes out of our paychecks goes
00:41:51
in there and it gets invested you know
00:41:53
what it gets invested
00:41:54
in it gets invested in one thing us
00:41:58
treasuries which have averaged about
00:42:00
4.8% return since the beginning of the
00:42:03
program per year meanwhile what if you
00:42:05
put it into the market meanwhile the S&P
00:42:07
has been averaging 11% so here's the
00:42:09
math if in 1971 which was the year that
00:42:13
we went off the gold standard in the
00:42:14
United States if we invested the Social
00:42:17
Security trust fund in the S&P the
00:42:19
balance of the Social Security trust
00:42:20
fund today would be $15
00:42:23
trillion that would be roughly onethird
00:42:25
of the value of the total S&P 500 which
00:42:28
would be jointly owned by all Americans
00:42:31
who took their Capital now here's what's
00:42:33
Fed Up what's fed up is that the middle
00:42:35
class people who had access to private
00:42:37
retirement accounts benefited by buying
00:42:39
the S&P 500 and the wealthy were able to
00:42:41
access it so all of the equity value
00:42:44
that accured from American Enterprise
00:42:46
and the prosperity of the American
00:42:47
system accured to the people that had
00:42:49
access to the private accounts meanwhile
00:42:51
the people that only had access to the
00:42:52
Public Accounts got stuck owning
00:42:54
treasuries today the Social Security
00:42:57
trust fund has $2.7 trillion balance and
00:42:59
based on the outflows and inflows it's
00:43:00
going to go bankrupt in
00:43:02
2032 that means Social Security is
00:43:04
either going to get cut or the fed's
00:43:06
goingon to print a ton of money to keep
00:43:07
Social Security benefits retirement age
00:43:09
goes up a little bit Yeah there a lot of
00:43:11
levers yeah wow so I did the math if you
00:43:14
assume that the S&P 500 continues to
00:43:16
grow at 10 and a half% a year on average
00:43:18
there's ups and downs and sure there
00:43:20
could be basically draw downs and all
00:43:21
these other sorts of things but here's
00:43:23
the important point we could put about
00:43:25
$500 billion in the trust fund today and
00:43:27
it will not go bankrupt again and it
00:43:29
will continue to grow every year and
00:43:31
then all Americans have participation in
00:43:33
American Enterprise and importantly this
00:43:35
becomes the world's largest Sovereign
00:43:37
wealth fund ever you don't need a
00:43:39
separate Sovereign wealth fund we
00:43:40
already have one it's it's called It's
00:43:42
called The Social Security trust fund
00:43:44
and what we've done is we've totally
00:43:46
mismanaged it and I went back to trying
00:43:47
to understand why this is the case why
00:43:49
have we only ever bought treasuries
00:43:51
early on the US needed someone to loan
00:43:53
money so they basically forced the
00:43:55
citizens to loan the government money
00:43:57
the form of treasuries but today the
00:43:59
Social Security trust fund owns only
00:44:02
less than 10% about 8% of the total
00:44:04
treasury bonds outstanding the rest are
00:44:05
owned by the fed and foreign investors
00:44:07
and private investors and others that
00:44:08
want to own it so why are we forcing all
00:44:10
the American citizens toing up for no
00:44:12
reason and and we're we're discouraging
00:44:15
access so basically we've created
00:44:17
through the Social Security System we've
00:44:18
created the Deep inequity we see in this
00:44:20
country If instead we had allowed the
00:44:23
social security system to invest in the
00:44:25
S&P 500 to buy American Enterprises to
00:44:28
fund American businesses then every
00:44:30
American would be wealthy and that
00:44:32
middle class that uniquely participated
00:44:34
by basically arbitraging the market
00:44:36
where they forced the treasury bond
00:44:38
yields on the poor and they got to take
00:44:40
access to the equity yields would have
00:44:42
not happened yeah they had 401ks
00:44:46
rightt and they were able to participate
00:44:48
by with brokerage accounts and buying
00:44:49
the market what we can do right now is
00:44:51
we can fix it and here's the important
00:44:53
Point people will then argue oh what if
00:44:55
there's a down year or two down year in
00:44:56
a row you know what we're already going
00:44:58
to be printing money to make up the hole
00:45:00
in Social Security we're not going to
00:45:01
let Social Security go bankrupt we're
00:45:03
not going to let it dry out so we're
00:45:04
already going to print money to make the
00:45:06
Social Security whole so if that's the
00:45:08
case we can create a a back stop for
00:45:10
Social Security we're g to have to do it
00:45:12
either way but we might as
00:45:14
well we might as well take on the go
00:45:17
yeah no no no chth you were gonna say
00:45:19
something the reason why we didn't do it
00:45:21
goes back to what you said before which
00:45:22
is we have a bunch of we had a bunch of
00:45:25
very quote unquote well-educated ivy
00:45:28
league trained people running these
00:45:30
institutions and the feedback I don't
00:45:33
even know what it said but I can tell
00:45:34
you what the memo said there's too much
00:45:37
risk we've sensitized this model it
00:45:39
doesn't make sense this is the safest
00:45:41
thing to do so it goes back to just like
00:45:44
we need a little bit more practical
00:45:46
thinking like at the end of the day why
00:45:48
the S&P 500 exists is of all the
00:45:51
thousands and thousands and thousands of
00:45:53
companies in the world you know how many
00:45:54
companies in the world make more than a
00:45:56
billion a year more than
00:45:59
20,000 and of that 20,000 the S&P 500 is
00:46:04
just the 500 best it's the best of the
00:46:07
best of the best so to your point
00:46:08
freeberg it didn't take a PhD from
00:46:11
Harvard to figure out that if you just
00:46:13
owned an index of the absolute 500 best
00:46:16
things happening at any given point in
00:46:19
it would have gone up so since when do
00:46:21
America since when are Americans risk
00:46:24
intolerant like there's something baked
00:46:26
in into the DNA of the people that
00:46:29
decide to leave their families and move
00:46:31
here totally immigrant country and to
00:46:33
your point imagine logging in like like
00:46:35
we've all had I'm assuming a 401k
00:46:37
account and I remember how exciting it
00:46:39
is to log in and see the account and
00:46:41
Schult I want to say something that's
00:46:42
really important like you talk about us
00:46:44
people like you know earlier on the
00:46:45
commentary which is something I hear a
00:46:47
lot my first job was making $425 an hour
00:46:50
cleaning toilets in a pool hall in
00:46:52
Upstate New York jamath has similar
00:46:54
stories jcal has similar stories like
00:46:56
any of us that that 455 Canadian working
00:46:59
at Burger King yeah and I had like and
00:47:01
then well the worst part about my job in
00:47:03
the pool hall was that then the manager
00:47:04
made me go play poker at his house and
00:47:06
he took all the money back which I stole
00:47:08
I stole the chicken fingers at night
00:47:10
bring them home my mom would my mom
00:47:12
would whip him up but it was so exciting
00:47:14
in my career in my life to be able to
00:47:17
like go from that moment to the moment
00:47:19
where I had a 401k and I could log in I
00:47:21
could see the businesses that I owned
00:47:22
and I understood that and I saw the
00:47:24
value go up and I got to participate
00:47:25
that imagine if every American when when
00:47:27
you get your Social Security statement
00:47:29
today all it tells you is a dollar
00:47:31
amount and how much you're going to get
00:47:31
in the future imagine if you logged in
00:47:33
and you got to see all the businesses
00:47:35
you own a piece of and you got to
00:47:36
participate conect every single day be
00:47:38
lighting a Tesla we can fix this and by
00:47:41
the way we can solve both The Sovereign
00:47:42
wealth fund question and the Social
00:47:44
Security trust fund question every
00:47:46
dollar that's going into these Sovereign
00:47:48
wealth fund ideas or if they come to
00:47:49
fruition or in my opinion and obviously
00:47:51
I haven't spoken facts about this but
00:47:53
the crypto fund and all this other sort
00:47:54
of stuff every dollar that should go
00:47:56
into the social Social Security trust
00:47:57
fund and that Social Security trust fund
00:47:59
should be for the benefit of all
00:48:01
Americans and it should be equities it
00:48:03
should be ownership it should be
00:48:04
participation in what the American
00:48:07
dream the American dream enabled us all
00:48:09
to succeed and it should enable everyone
00:48:11
else to participate in shares and equity
00:48:13
in American Enterprise that can come to
00:48:15
Market so it's not about a thousand
00:48:16
bucks on your born it's about an ongoing
00:48:18
participation putting your money in and
00:48:20
having that money allocated in a way
00:48:22
that America that smart and Wealthy
00:48:24
Americans get to allocate it which is
00:48:26
into owning and businesses that's it
00:48:28
Shelty yeah go no I I think it's great I
00:48:31
hopefully you guys don't feel like I'm
00:48:32
Like discrediting You by saying you guys
00:48:34
but I'm just trying to give you guys I
00:48:35
think a great it's an important framing
00:48:37
because it's like it you're you're 100%
00:48:40
right but like I you know we see
00:48:41
comments on YouTube like oh you guys and
00:48:43
I'm like dude I remember like it feels
00:48:46
like yesterday when I was in fraking
00:48:48
debt I graduated college with a bunch of
00:48:50
debt and I went and like found a job and
00:48:52
worked my ass off and I was working 20
00:48:54
hour days and never slept and like you
00:48:56
know it wasn't easy I mean I feel like
00:48:58
very emotional about this right now
00:48:59
sorry hang
00:49:00
on
00:49:03
um listen it it wasn't easy bro it
00:49:07
wasn't given to you none of us inherited
00:49:09
none of us inherited we we we came to
00:49:11
America and to see the joy to to see
00:49:14
what we all benefited from I'm getting
00:49:15
emotional about this but it's like well
00:49:17
it's because the American dream's broken
00:49:20
we got to fix
00:49:21
it to have people talk about it as if as
00:49:24
if being successful and and getting
00:49:27
there is a crime it a bad person it's a
00:49:31
Dream It's a dream schy go I think the
00:49:33
the framing this is very important like
00:49:35
my mom is also an immigrant right she
00:49:37
came here from Scotland she has no
00:49:38
education I think she stopped going to
00:49:40
school at like 14 or something like that
00:49:41
comes to America and she's this massive
00:49:44
success here in terms of like where she
00:49:46
came from where she got to right and
00:49:47
what she was able to buy she was able to
00:49:49
buy a home in the East Village of New
00:49:51
York City she able to buy a beach house
00:49:53
like just off of like grind and hard
00:49:55
work yeah what she saw here which I'm
00:49:58
sure a lot of you guys also saw is
00:49:59
opportunity she had ambition and
00:50:02
opportunity and I I think that that's
00:50:05
what I think a lot of times that's what
00:50:07
immigrants see when they come here
00:50:09
because they probably come from places
00:50:10
where they feel absolutely no
00:50:12
opportunity so the second they feel like
00:50:14
there's a little of it if they work
00:50:15
those 20 hours a week I mean I saw my
00:50:16
parents grind totally like my work ethic
00:50:19
just comes from watching them you know
00:50:20
what I mean just watching them just kill
00:50:22
it every single day so what I think that
00:50:25
you guys are speaking to which is really
00:50:26
important and I think it's important
00:50:27
that people know your story as well
00:50:29
because it becomes more accessible when
00:50:31
they see you guys and they know what you
00:50:32
came from and they know you're working
00:50:33
at Burger King and now you guys are
00:50:35
worth billions of dollars it's very
00:50:37
important that Americans know that
00:50:38
that's possible for them maybe not to
00:50:39
hit a billion but maybe to hit a million
00:50:41
maybe hit 300,000 maybe to buy a house
00:50:45
that's $100,000 that they're really
00:50:47
proud of own it
00:50:49
outright and the fact that this is
00:50:51
accessible like what you just said to me
00:50:54
is just hope and abundance like that's
00:50:56
the message of what you just said you
00:50:57
said something that made it seem very
00:50:59
simple to me we put this money here
00:51:00
everybody's now invested in the success
00:51:02
of the American economy and now when we
00:51:04
see the Stock Market ticker look green
00:51:07
which is all the average person sees
00:51:09
green or red we don't really know
00:51:10
anything but when we see green we get
00:51:13
excited we
00:51:14
go and now we goes up and we start
00:51:17
rooting Jam feels that way too yeah but
00:51:20
think he's getting excited right now if
00:51:21
you're saying it he's gonna start crying
00:51:23
oh wait it's green today it's been red
00:51:25
for a week but think like CEOs right
00:51:27
like these people uh have become
00:51:30
villainized right and it's because we're
00:51:32
not attached to the success of their
00:51:34
companies that's right when if you if
00:51:36
your biggest holding is Tesla please
00:51:38
believe you're not upset yeah I think
00:51:41
people think that their success now
00:51:42
works against your best interests yes
00:51:45
instead of and the system's rigged and
00:51:47
the system's rigged and you can't be
00:51:48
part of it and you're being ground down
00:51:51
this is a I think really good proposal
00:51:53
freeberg and and if you look at housing
00:51:55
that's the other one I I when I if I run
00:51:57
for president you know what my position
00:51:58
is going to be Shela what's that I'm
00:52:00
going to build five cities with 3
00:52:02
million homes in each and you can only
00:52:04
buy them if you make under x amount per
00:52:06
year it's not going to be like the
00:52:08
projects or like you know subsidized
00:52:10
housing in New York talking about it's
00:52:12
not going to be sty town okay it's gonna
00:52:14
be nice house that's pretty good if you
00:52:16
can get it yeah St Town's not bad but
00:52:18
not like projects I'm talking about like
00:52:20
proper homes like bu we are the most
00:52:23
Innovative
00:52:24
country Society ever created created I
00:52:26
mean since the Greeks they were pretty
00:52:28
great too but we could build five new
00:52:29
cities why the can't we build five new
00:52:31
cities with 3 million homes in it let's
00:52:32
do some like Manhattan project for
00:52:34
housing and then healthare how the hell
00:52:36
do we not have like good healthare for
00:52:38
everybody in this country the richest
00:52:39
country in the world greatest economy
00:52:41
whatever we should be able to solve
00:52:43
those problems and that's why people
00:52:44
don't feel like they're part of this is
00:52:46
because basic housing basic health care
00:52:49
and your retirement it's not like it's
00:52:51
rigged against you this sounds crazy but
00:52:53
for young people I think they would
00:52:56
forgive healthare if they were invested
00:52:59
in the market and I think being invested
00:53:02
in the market is just so daunting but
00:53:04
the feeling that everybody else is
00:53:05
getting rich when you're not is the
00:53:07
reason why I bought crypto not knowing
00:53:10
anything about it it's a reason why
00:53:11
everybody else bought it it's this
00:53:13
feeling that the train is running away
00:53:15
and you're not going to be part of it so
00:53:17
how do we get them to feel part of that
00:53:19
success I think really importantly you
00:53:21
know today just just to give you guys
00:53:23
some other statistics 60% of middle
00:53:26
class households net worth is in their
00:53:28
home only 10 10% of their net worth is
00:53:31
in owning the S&P 500 in in index funds
00:53:34
or whatever in their retirement accounts
00:53:36
and so by creating this American Dream
00:53:38
around housing and allowing the federal
00:53:40
government to provide loans on housing
00:53:42
we've increased the cost of housing
00:53:43
we've created a very like destructive
00:53:45
housing bubble in the sense that it has
00:53:47
reduced people's exposure to
00:53:49
participation in productive value
00:53:51
creation and that's through the
00:53:52
ownership of businesses instead we've
00:53:55
stored our net worth in the house and in
00:53:57
order to keep the economy and the social
00:54:00
structure stable we've created policies
00:54:03
that allow the continuation of the
00:54:05
growth in the value of houses so people
00:54:07
feel like their net worth is
00:54:08
incrementing and 100% right and that's
00:54:10
unfortunately very making new housing
00:54:14
which makes it worse with the
00:54:15
restrictions have you guys heard of
00:54:16
Warren Buffett's most public failure no
00:54:20
Warren Buffett's most public failure was
00:54:22
when he was brought on as an adviser to
00:54:24
Arnold Schwarzenegger when schwarzen was
00:54:26
running for governor and Buffett kind of
00:54:30
looked at the laws in California and
00:54:34
there's a law in California when you own
00:54:35
a home that when you pass on you can
00:54:38
pass it off to your kids and you can
00:54:39
basically keep the cost that you paid in
00:54:43
terms of setting the real estate taxes
00:54:45
and it's had an enormously negative
00:54:47
effect in unlocking turnover of homes
00:54:51
and that's a large driver of why homes
00:54:54
are so expensive in California so
00:54:55
Buffett looked at this
00:54:57
and there was a lot of fanfare
00:54:59
Schwarzenegger is like here's my
00:55:00
economic genius and first thing he said
00:55:02
was guys I think we should repeal this
00:55:04
law he was gone two days later wow he's
00:55:07
not popular and by the way there's a lot
00:55:08
of other policies like this you know two
00:55:11
days later he had to resign if you do
00:55:13
the if you do the true kind of like
00:55:14
macroanalysis as an investor you should
00:55:17
probably have about 20% of your net
00:55:18
worth in the US in real estate not 60%
00:55:22
and so we need to give people the
00:55:23
ability and we need to think about all
00:55:25
the follow on trickle effects of
00:55:27
creating a set of laws a set of policies
00:55:30
that basically incentivize almost all of
00:55:32
your net worth to go into a single asset
00:55:34
your home and what that then means in
00:55:36
the fact that we have to keep pumping up
00:55:37
the value of that home and we have to
00:55:39
have a system in order for people to
00:55:40
feel like they're getting ahead keep
00:55:42
inflating and eventually people can't
00:55:43
afford homes and that's where we are
00:55:44
today when did you guys first started
00:55:46
start your education in in the markets
00:55:49
like at what age did you feel like you
00:55:53
sought out I bought my first stock in
00:55:56
the company I was working for or the
00:55:59
parent company the company I was working
00:56:00
for in 1989 when I was 18 years old so
00:56:03
18 what about you did I bought $300 in
00:56:05
stock um I signed up for an E Trade
00:56:08
account in college uh because I saw that
00:56:11
TV show called bull do you remember that
00:56:13
TV show was about Investment Banking
00:56:14
during the.com bubble it was such a no
00:56:16
one knows that show and I was like man
00:56:18
Wall Street is so cool I want to learn
00:56:20
about stocks because I was an
00:56:21
astrophysics major I didn't like I
00:56:23
didn't know what I was going to do after
00:56:24
I was going to go to graduate school or
00:56:25
whatever
00:56:26
and then I got caught up in the.com
00:56:28
bubble and I started reading the Wall
00:56:29
Street Journal every day I would take it
00:56:31
down to the freaking Plaza and I would
00:56:32
read the journal at school during lunch
00:56:35
and I tried to learn about tech and
00:56:36
business and markets because i' always
00:56:37
been a tech guy and I'm like man there's
00:56:39
all these startups and this is how the
00:56:40
markets work so I set up an E Trade
00:56:42
account I put some money in it and I
00:56:43
started and I bought some stocks and I
00:56:45
read the investor business business
00:56:47
daily on what stocks to buy they had a
00:56:49
rating and I bought those stocks and
00:56:51
they went up and I'm like man this is
00:56:53
awesome like I love owning stocks and
00:56:55
that kind of kicked me off and then got
00:56:56
an investment banking job after college
00:56:58
and it totally changed my career
00:56:59
trajectory I was like I want to go work
00:57:01
in the tech industry and work in
00:57:02
business what about you and it shifted
00:57:03
up for me you buy your first Equity but
00:57:06
by the way that I sorry let me just say
00:57:07
one thing what you asked is a really
00:57:08
important question I just realized this
00:57:10
Andrew because my um my interest in that
00:57:13
stock market thing at that time actually
00:57:15
changed my career trajectory and it
00:57:17
really reset what I was going to do with
00:57:18
my life to get involved in business and
00:57:21
go work in the tech industry as opposed
00:57:22
to work in science as a researcher and
00:57:25
that was a really shift for me so it it
00:57:27
gave me that kind of feeling of like oh
00:57:29
I got to learn more and then that that
00:57:30
kind of changed my career sorry go ahead
00:57:32
Jam I was 14 or 15 years old and there
00:57:35
was a this is when Rodney King had the
00:57:39
kicked out of him and almost
00:57:40
died all these race riots in LA and
00:57:44
nothing had changed actually in America
00:57:46
but where I was growing up in Canada the
00:57:49
provincial government created a program
00:57:51
that said if you're a minority and
00:57:52
you're on welfare we'll pay for you to
00:57:55
get a job
00:57:56
I I was a minority on welfare so I got a
00:58:00
job and it was at a startup that was
00:58:03
just going parabolic and their stock was
00:58:06
going nuclear and I lived in this shitty
00:58:09
part of
00:58:10
town and I would see the controller of
00:58:13
that company drive past me every day
00:58:16
while I was waiting for the bus and one
00:58:18
day he stopped and I went with this guy
00:58:21
Sam leg he drove me that whole
00:58:23
summer and he taught me what does the
00:58:26
company do why is the founder a
00:58:28
billionaire what the hell does this even
00:58:30
mean he unpacked it and so I saw
00:58:33
firsthand what it meant to work not for
00:58:35
a salary but to get a stake in the thing
00:58:38
that you're working for I bought a
00:58:40
couple shares it went up and it was
00:58:44
great but then I really fell in love
00:58:46
with this idea that I could understand
00:58:47
something and own a piece of it and then
00:58:50
it really accelerated when I graduated
00:58:52
from college because I was like freeberg
00:58:54
I was in debt and I was like how the do
00:58:56
get out of debt and I traded stocks on
00:58:59
behalf of my boss this guy Mike fer who
00:59:02
I thank to this day and I made so much
00:59:05
money right before the do crash he gave
00:59:08
me the money to pay off my student loans
00:59:10
wow wow and then ever since then I was
00:59:13
hooked I was like okay I can learn this
00:59:15
and I can deal with the vicissitudes of
00:59:17
this look the markets are brutal there
00:59:19
are moments where you just wake up and
00:59:21
it looks like everything's working and
00:59:22
then there are moments and this is what
00:59:24
everybody needs to understand though if
00:59:26
some of these programs work where it
00:59:29
literally looks like the bottom is
00:59:30
falling out and I cannot describe to
00:59:32
people the pressure you will feel on
00:59:35
behalf of you and your family when it
00:59:37
looks like you're taking a 30 or 40 or
00:59:41
50% negative downturn to your net worth
00:59:44
yeah it inflicts a level of
00:59:47
psychological damage that I cannot
00:59:49
describe to you and the the bigger the
00:59:51
numbers get by the way I told this story
00:59:54
on Tucker there was a period where I
00:59:55
would would wake up and I could just
00:59:56
tweet and the markets would go up they
00:59:58
were like what's he going to say next
01:00:00
and then it all stopped and then there
01:00:02
was a two and a half year period where I
01:00:04
gave it all back and then some wow
01:00:07
that's frustrating yeah the mest Touch
01:00:09
goes away it's beyond frustrating it
01:00:12
shakes you to your core so if we do
01:00:14
these programs I think the freedberg
01:00:15
idea is is just beautiful it's lovely
01:00:18
what about you sh when did you make but
01:00:20
I just to finish if we do it we have to
01:00:23
try to teach people how to deal with the
01:00:25
draw Downs because that's where if you
01:00:28
don't teach them how to deal with the
01:00:30
the volatility of losing money it's
01:00:32
great when everything's green but those
01:00:35
red days man how you comport yourself
01:00:38
how you act how you treat other people
01:00:40
in the red days are the only days that
01:00:43
matter yeah it's a Growing Experience
01:00:45
what about you Shelty when did you buy
01:00:46
your first Equity I was
01:00:48
probably
01:00:50
35
01:00:52
ohine so my my I mean my parent how old
01:00:55
are you I'm 41 so I maybe even a little
01:00:58
bit later now I might have like owned
01:01:00
stock without even realizing it type of
01:01:02
thing where like I had like a business
01:01:03
manager who set up some retirement fund
01:01:05
or something like that but not me
01:01:07
actively choosing a stock and buying it
01:01:09
um my w my wife's father-in-law is a
01:01:14
very uh successful businessman and uh
01:01:17
he's he's he's I I don't want to say
01:01:19
like predicted the markets really well
01:01:21
but he has he was in Nvidia like super
01:01:23
early early early early and uh a bunch
01:01:26
of others and we were like sitting down
01:01:28
and like aspin somewhere and he like
01:01:30
said Hey listen what do you mean you
01:01:31
don't own anything he goes hey can you
01:01:33
take a you know I don't know if he said
01:01:35
10 grand or 100 Grand or something like
01:01:36
that he goes can you just put it in
01:01:38
these different stocks I go okay sure I
01:01:39
open up this like E Trade account or
01:01:41
whatever the it was but an interesting
01:01:44
thing right there is like you guys were
01:01:45
so young was 18 22 14 and to me I think
01:01:50
like the education of this is really
01:01:52
important like my parents did really
01:01:54
well but they're financially
01:01:56
like there was no passing on this like
01:01:58
knowledge of like investing when what it
01:02:00
means to invest like they made their
01:02:02
money by like working every single day
01:02:04
for it not like you guys don't but like
01:02:05
they were teaching dance lessons so it's
01:02:07
like this is how much the dance lesson
01:02:08
costs and you pay me and maybe I'll have
01:02:10
40 people in the class okay more people
01:02:12
are paying and now other teachers can
01:02:14
also teach but it was intimidating to
01:02:17
them it was int intimidating to me it
01:02:19
still is intimidating to me well this is
01:02:21
the I think the upside of crypto in some
01:02:23
ways also the upside of prize picks or
01:02:25
the you know gambling poker it's the
01:02:27
upside of Robin Hood and and coinbase
01:02:30
and all these things being available
01:02:31
this generation generation bet like they
01:02:33
love to gamble these young kids this is
01:02:35
my concern they're no but they're
01:02:36
learning they're learning how to take
01:02:38
the the downdrafts I Lear I think they
01:02:41
are learning so maybe like the barrier
01:02:43
of Entry is less but my concern is that
01:02:45
they're treating it more like gambling
01:02:46
than investing and I think that we've
01:02:49
almost like tricked the American public
01:02:51
into thinking that investing is gambling
01:02:54
when the way that you guys are
01:02:55
describing is it's not it's like
01:02:57
investing in the S&P and then leaving it
01:02:59
there and taking those downturns and
01:03:01
waiting for it to come back up yeah but
01:03:03
here's the thing you have to learn these
01:03:04
lessons at the poker table you cannot
01:03:06
play poker without real money or else
01:03:08
you're not going to get the burn you're
01:03:09
not going to stay up at night how do we
01:03:10
how do we so that's what these kids are
01:03:12
doing they're how do we educate them
01:03:13
it's not every kid right it's the
01:03:15
education comes from doing and if you
01:03:17
let these kids trade they will figure it
01:03:19
out over time and then what happens is
01:03:20
like you they get married they get they
01:03:23
get a baby they want to get a house and
01:03:24
then they say you know what I I'm going
01:03:25
to I'm going to stop buying meme coins
01:03:27
I'm going to start buying Bitcoin I'm
01:03:28
going to stop buying Bitcoin I'm going
01:03:30
to buy Nvidia and things with real R
01:03:32
they just get addicted to get happen all
01:03:34
the time exactly I agree with I agree
01:03:36
with SCH I don't think that I I think
01:03:38
you're being super reductive like oh
01:03:39
they'll get on the the all of a sudden
01:03:42
understand Dave Swenson's Yale endowment
01:03:44
asset allocation model [ __ ] I've
01:03:46
seen they won't I have seen thousands
01:03:49
and thousands and thousands of guys over
01:03:51
time who deeply steeped in this business
01:03:55
wash out
01:03:56
yeah and each to a one the more
01:04:00
sophisticated they get they all fall to
01:04:02
the same pressures which is they don't
01:04:04
know how to simplify and they don't know
01:04:07
how to be patient these are things that
01:04:09
every human being needs to learn and I
01:04:12
don't think time in the market actually
01:04:14
solves those two traits those are
01:04:16
psychological traits that you have to go
01:04:19
and figure out in a different way you
01:04:20
look inside yourself and you have to
01:04:22
figure those out okay yeah fair enough
01:04:25
but but between the choice of hey we're
01:04:27
going to grow up blue collar we have no
01:04:29
access to these markets we have no way
01:04:31
to trade in them we have no way to learn
01:04:33
and then today I think the system we
01:04:35
have today is better can people go off
01:04:38
the you know jump the fence and lose all
01:04:40
their money of course they can but they
01:04:42
could go to Vegas and do that prior to
01:04:43
that they could work with a bookie they
01:04:45
could do football sheets I I think
01:04:46
they're learning and when you use some
01:04:48
of these modern apps and you look at the
01:04:50
strategies and you see people on Reddit
01:04:52
working on these stocks and their thesis
01:04:54
I think it's trending the right there
01:04:56
can always be more education but this
01:04:58
is don't bet on the Jets right you said
01:05:00
it before I americ doesn't even know
01:05:03
what compound interest is I agree with
01:05:05
you in fact I'll tell you I'll tell you
01:05:06
a great story work to do I one of the
01:05:09
best things that happened when I
01:05:11
invested in the Golden State Warriors I
01:05:13
bought 10% of the team in 2011 or
01:05:16
something I got to meet all of them and
01:05:18
I got to meet a lot of my heroes and I
01:05:20
remember one meeting where I sat
01:05:23
with a go like play let's just put it
01:05:26
that we'll bleep it out we'll bleep it
01:05:27
out no I don't want to say his name but
01:05:30
okay fair
01:05:32
enough and he asked me the most
01:05:35
incredible question he's like jat can
01:05:38
you explain compound interest and Schulz
01:05:41
I can tell you I still have this
01:05:44
spreadsheet I just showed him a compound
01:05:46
interest
01:05:48
table and he had no idea how 8% versus
01:05:53
10% is like gargantuan over 50 years
01:05:56
over 20 years yeah and to your point it
01:05:59
was Illuminating that you're right
01:06:02
unless you unless you go and you jump
01:06:04
into it and you live it and Jason I
01:06:06
agree with you like there's nothing like
01:06:08
look Stan dram Miller says the same
01:06:10
thing invest then investigate like
01:06:12
there's nothing like putting the risk on
01:06:13
okay there's nothing like playing a hand
01:06:15
in poker there's nothing like taking a
01:06:17
shot at a different strategy in
01:06:19
blackjack win or lose you get feedback
01:06:22
but my point is most people don't get
01:06:24
better and so that's what you have to
01:06:26
solve is like how can you make it
01:06:28
interesting fun how can you talk about
01:06:30
the losses like this is a thing that I
01:06:31
had immense trouble with I still do
01:06:33
today I think I've gotten better with it
01:06:35
is to be able to talk about the losses
01:06:37
how do you talk about getting whacked
01:06:38
for $4 billion I can do it now but it's
01:06:41
brutal yeah it stung for a while for you
01:06:45
you saw you're a better person since you
01:06:46
saw me go through it how ashamed was I
01:06:49
for the two years that I had to unwind
01:06:51
that how bad it was hard for you yeah
01:06:53
yeah yeah it was hard I mean you're
01:06:54
imagine your whole identity is built
01:06:56
into you know you being successful in
01:06:59
these markets and you measure it the
01:07:01
wrong way like you point to the number
01:07:02
in the bank account not the way your
01:07:03
wife treats you not the way your kids
01:07:05
treat you not the way your friends treat
01:07:07
you and then you're like okay well I'm
01:07:10
30 40 50 60 70 80% poor so I'm just that
01:07:13
much less of a human being yeah but
01:07:16
that's a good reality check to lean into
01:07:18
family and those things that matter so
01:07:19
my point is like if you can if we can
01:07:21
get people more into the market I think
01:07:23
it's an incredible thing but you have to
01:07:25
to wrap it in these guard rils that have
01:07:27
nothing to do with the market they
01:07:29
everything to do with who you are as a
01:07:30
person and I think like the first step
01:07:33
is showing like what is the most
01:07:36
simplistic version of the benefit of the
01:07:39
market and I think it's compound
01:07:40
interest I I really think that that is
01:07:42
if we start there like remove the stock
01:07:44
market don't even talk about it just
01:07:46
like what happens if I left it in a
01:07:47
savings account that's getting 4% and I
01:07:49
don't touch it right now you know the
01:07:51
rule of 72 that was the one that opened
01:07:53
my brain up so the rule of 72 is
01:07:55
whatever the percentage you grow uh per
01:07:58
month divide it into 72 so let's say you
01:08:01
were growing 7.2% in the market per year
01:08:04
divide that it takes 10 years to double
01:08:07
your money so it's a time to double your
01:08:08
money okay if you were growing 7% a
01:08:11
month you know on whatever your
01:08:13
Investments are let's say you got a
01:08:15
great business that's growing like
01:08:16
Facebook or something like that that
01:08:17
means you double the number of users or
01:08:19
Revenue every 7.2 months once you
01:08:21
understand that you can do it quickly
01:08:23
just like in poker you know the number
01:08:24
of outs each card represents roughly 2%
01:08:28
chance because there's 50 of them right
01:08:29
so they each count for about 2% then you
01:08:32
can start doing this stuff in the back
01:08:33
of your head I I I had this idea I think
01:08:35
I talked about it here on the program of
01:08:36
doing a kids investment club and I
01:08:37
bought the domain kids investment Club I
01:08:40
actually need to do this I got to
01:08:42
prioritize this and find a CEO for it or
01:08:44
do it as a nonprofit or something just
01:08:46
kids need to learn this early Robin Hood
01:08:49
or somebody should make an app where
01:08:50
they can invest like a shadow but it's
01:08:52
you know like with their parents maybe
01:08:54
they can make the trade the par approves
01:08:56
it something like that there's something
01:08:58
where we should be learning all this in
01:08:59
high school this should be like this
01:09:01
what's more important than this remove
01:09:03
the fear remove the fear and and the
01:09:06
reason it's important is what we were
01:09:07
saying earlier get the American people
01:09:09
invested in American success and you
01:09:11
will find so much more patriotism you
01:09:14
will not find us nitpicking on all these
01:09:16
little things that a lot of us maybe go
01:09:18
why is this such a big deal like the
01:09:21
bathroom like most of us aren't
01:09:22
unaffected I cannot begin to explain how
01:09:25
quick will forget about the bathrooms
01:09:27
when the S&P is up 15% and you're
01:09:30
looking at your portfolio and you're
01:09:31
like I you could take a sh wherever you
01:09:34
want okay absolutely yes I have you got
01:09:37
something else to focus on absolutely
01:09:39
look at this hey fredberg here's your
01:09:41
time machine check it out there's your
01:09:43
favorite show I don't want to make you
01:09:44
more emotional but there he is your guy
01:09:47
Stanley Tucci from bull I think it only
01:09:49
made I think it only made it one season
01:09:51
one season but Tucci gang in full effect
01:09:54
I was such a tech ner growing up but I
01:09:56
never thought about the business of
01:09:57
technology and then the startup boom
01:09:58
happened and you got this bull show on
01:10:01
TV and I'm like man this is so much more
01:10:02
exciting than sitting in a freaking lab
01:10:04
doing mathematical modeling where I was
01:10:06
like pulling my freaking hair out I'm
01:10:08
like I want to get after that yeah and
01:10:10
the rest is history you know have you
01:10:12
guys watched Stanley Tucci on HBO where
01:10:14
he tours Italy and he does his little so
01:10:16
great and on SE seen it and I've seen
01:10:19
cook on Tik Tok he's like today is it
01:10:21
rolling it's rolling today I'm going to
01:10:24
make you FR it's got but I'm doing it in
01:10:28
the capacho base and we're going to put
01:10:31
and I'm like I just can this guy do ASMR
01:10:34
or put me to bed at night the best I I
01:10:38
got a man crush on Tucci tui's the best
01:10:40
I mean he's I would like to roll with
01:10:43
tuchi can you imagine if we went to
01:10:44
Italy and just had like a just roll with
01:10:47
Tui through
01:10:48
Italy I love that guy any dream is
01:10:51
possible J you could pull it I know
01:10:53
we're all dreaming here we're all
01:10:54
dreaming here
01:10:55
all right we're still dreamers by the
01:10:57
way really important everyone should
01:10:59
know that I think like there's no the
01:11:01
thing that the thing that a lot of
01:11:02
people assume this is the true about
01:11:05
humans in general is there's an end to
01:11:06
the rainbow but there isn't you ride the
01:11:08
rainbow till you die that's it and
01:11:11
there's always hope there's always
01:11:12
dreams there's always more and it
01:11:14
doesn't stop that's what makes it fun
01:11:16
are you taking the ketamine in Austin or
01:11:18
something what happened you just got all
01:11:19
full I'm a little hung over today I
01:11:20
started drinking at 10 a.m. yesterday we
01:11:22
went to um we went to the Mothership
01:11:24
last night and we well we hung out with
01:11:27
a couple of your boys I think who you
01:11:29
hang out with Tony
01:11:32
Tony ton was very nice and um met Shane
01:11:35
Gillis was there Shane Shane Gillis was
01:11:37
there but he was big time he was big
01:11:39
time there was a mob around and we
01:11:40
didn't get to meet him the guy Bert who
01:11:42
take I didn't recogniz yeah he had a
01:11:45
shirt on so I didn't recognize he was
01:11:47
course yeah I was like but then I saw
01:11:49
the body shape and I was like yeah
01:11:50
that's that's probably probably him when
01:11:53
did you start in comedy I was uh I think
01:11:55
it's almost been like 18 years or
01:11:57
something like that so you started in
01:11:58
your early 20s in New York going to the
01:12:00
funny bone or what I have a question
01:12:02
actually how did you get into it how do
01:12:04
you keep your like how do you pay for
01:12:06
your life before you make it how like
01:12:08
what like is it that you have a normal
01:12:10
day job I lived I lived with my parents
01:12:13
for like a very long time like my
01:12:15
parents lived in the East Village so I
01:12:16
was walking distance from like multiple
01:12:18
comedy clubs it was you know incredibly
01:12:20
uh I mean I worked like with my parents
01:12:22
for a little bit then I managed
01:12:24
restaurants and like just managed them
01:12:26
you manag restaurants in Manhattan yeah
01:12:27
I did I started in Santa Barbara when I
01:12:29
was going to college that's where I did
01:12:31
my first comedy gig and then I manage a
01:12:33
restaurant out in Brooklyn and um not
01:12:37
called biscuit barbecue was in Park
01:12:39
Slope Brooklyn and then um then I
01:12:42
started to make a little money in
01:12:43
standup and it was like enough to like
01:12:45
buy a m Moon's Falafel I like had like a
01:12:47
five to FF money I had I had A5 to $10 a
01:12:51
day budget and I like I could eat cereal
01:12:53
for breakfast and then I just and I
01:12:55
saved some money cuz I was going to
01:12:57
school was when I was going to school I
01:12:59
was working at that restaurant and I
01:13:00
like saved some money and like I had a
01:13:01
little pipe dream Ving up a bar with a
01:13:03
friend of mine in New York and then I
01:13:05
was like you know what I'm just GNA
01:13:06
spend this money trying to be a comedian
01:13:09
and I hope by the time I get rid of the
01:13:12
money I'm making money a comedy and it
01:13:14
came down to like $700 in my bank
01:13:16
account I was like renting out the room
01:13:17
where I slept in and I would sleep in a
01:13:19
closet in my apartment and uh it just
01:13:23
and it worked out it just worked out I
01:13:25
started making a couple money do a
01:13:26
couple gigs started touring got on a TV
01:13:28
show and then it then it kind of worked
01:13:30
out was there a moment that where
01:13:33
because when you when you know when the
01:13:34
cancel culture was alive and well that's
01:13:36
when I first encountered you it was
01:13:38
initially on Tik Tok actually sure and
01:13:41
you were on fire because you were saying
01:13:42
stuff nobody else was saying and I
01:13:44
thought how does he even dare to pull
01:13:46
this [ __ ] off and was was there moment
01:13:49
that where you broke or you tipped or no
01:13:51
so I you kind of like it's interesting
01:13:53
you kind of break and then you go away
01:13:54
like so I so I broke on like some MTV
01:13:57
shows and I was you know doing all these
01:13:58
things on MTV had my own shows and all
01:14:00
that kind of stuff and then I kind of
01:14:03
you know the MTV thing kind of dried up
01:14:04
and then I kind of went away but I was
01:14:05
luckily doing this podcast with
01:14:07
Charlamagne and the podcast was very
01:14:08
popular and that was like providing for
01:14:10
me and then I was doing some shows on
01:14:12
the road and you know people would come
01:14:14
out from the podcast but um and then I
01:14:17
really couldn't get any traction in
01:14:18
standup world so when I was doing like
01:14:20
comedy stuff with MTV it wasn't really
01:14:23
in the standup world and it's because my
01:14:24
standup maybe wasn't of the ilk of what
01:14:27
was like popular at the time and I have
01:14:30
a lot of empathy by the way for like the
01:14:31
people who are just working at a network
01:14:33
they're producing these shows like they
01:14:35
their kids in private school I want to
01:14:37
tell a crazy joke about women or gays or
01:14:40
whatever the it is and they're like I'm
01:14:42
not trying to get fired and like I'm
01:14:44
just trying my kids in private school we
01:14:45
just got them into Dalton I don't want
01:14:47
to rock the boat like you know reason
01:14:50
you understand like I don't think that
01:14:51
they're self-preservation exct but I
01:14:54
didn't want to changed my comedy so I
01:14:56
was like okay where can I put it out and
01:15:00
luckily we were putting the podcast out
01:15:01
on YouTube it was successful and I just
01:15:03
started putting things out on YouTube
01:15:05
and I started doing these shows and
01:15:07
these shows started selling out it was
01:15:08
like really weird like the first thing I
01:15:11
put out I sold out the next weekend and
01:15:12
I was never gu sold out how many seats
01:15:14
where these are like 300 seat clubs and
01:15:16
you do maybe four or five shows a
01:15:17
weekend and you get 50 bucks a seat 20
01:15:20
bucks a seat no not even you get a flat
01:15:22
rate you get two grand to do the weekend
01:15:23
or something like that and a lot of
01:15:25
these times the comedy clubs would just
01:15:27
like call people and say hey do you want
01:15:28
to see this guy and give away the
01:15:29
tickets for free it was really the old
01:15:31
model was basically it's like a bar so
01:15:33
you just get the people in and they sell
01:15:34
the drinks so the weekend would sell out
01:15:37
then another one would sell out and I
01:15:38
was like holy maybe maybe there's
01:15:39
something there's a conversion rate that
01:15:41
I didn't see and I kept putting stuff
01:15:43
out on YouTube I would do a new clip
01:15:45
every week for a year on YouTube then I
01:15:47
put these a special on YouTube instead
01:15:50
and then I learned very quickly that
01:15:51
there was this huge like white space in
01:15:53
the market like the comedy on TV was
01:15:55
corny and people didn't really like it
01:15:57
and nobody was putting out like the
01:15:59
quote unquote like real comedy there's
01:16:01
different versions of Comedy but I'm
01:16:03
being very
01:16:04
simplistic and the more edgy stuff I put
01:16:06
on YouTube and it just exploded and um
01:16:10
yeah my career kind of really took off
01:16:11
from there and then covid came around
01:16:13
and there was a I was able to be a
01:16:16
little bit more honest because I wasn't
01:16:19
tied to a network and worried about
01:16:22
maybe losing my job at the network yeah
01:16:25
and then it just I think in America we
01:16:27
reward bravery yeah you just signed a
01:16:29
Netflix deal right I mean you did this
01:16:31
the show yeah we're actually doing the
01:16:34
show in Austin tonight where we're going
01:16:35
to talk with some folks about this
01:16:37
General concept where you start out as
01:16:38
kind of an independent yeah say whatever
01:16:40
you want you're totally free it's your
01:16:42
own platform it's your own voice yeah
01:16:44
and then you go sign a deal with another
01:16:46
platform like are you now you know did
01:16:48
you find it hard to trade the money for
01:16:51
whatever might come along with that
01:16:52
there's restrictions there's you there's
01:16:54
two way two ways to look at it right
01:16:55
it's like there's one like I think that
01:16:59
I don't want to give myself too much
01:17:00
credit here there but like I think that
01:17:02
what we've did is created another
01:17:03
Marketplace for comedy that the
01:17:05
streaming networks had to now compete
01:17:07
with yeah so they were losing Comics to
01:17:10
YouTube because it was more advantageous
01:17:12
to put your comedy up on YouTube and
01:17:14
build a following and then go sell
01:17:16
tickets on the road whereas before the
01:17:17
only way you could like really make a
01:17:19
big chunk of money on your comes if you
01:17:20
got one of these fancy specials now
01:17:22
people are like I don't even want to do
01:17:24
the special because if I put on YouTube
01:17:25
I can tour for years and really build a
01:17:27
fan base so to have this autonomy the
01:17:30
Netflix thing is interesting because
01:17:31
like Netflix is the second biggest I
01:17:33
guess uh streaming service on the planet
01:17:36
it's like YouTube than Netflix so if I
01:17:38
already have this huge imprint on
01:17:39
YouTube it would only be smart for me to
01:17:43
now tap into the second biggest and see
01:17:44
if there's some people there that aren't
01:17:45
consuming my content on YouTube so back
01:17:47
to the so then back to the the guy who's
01:17:49
got the the kid at Dalton now when you
01:17:52
go and negotiate a deal with Netflix are
01:17:54
they basically silent or do they not a
01:17:57
single note yeah so you do whatever you
01:17:59
want and it is what it is let it rip now
01:18:01
my last special was supposed to be with
01:18:03
Amazon so it was with Amazon and they
01:18:05
had some notes and I bought it back from
01:18:07
them and I put it out myself wow really
01:18:09
wow yeah and I sold it I sold it myself
01:18:11
and it actually one of the coolest
01:18:12
things ever because I think I'm may be
01:18:14
one of the only Comics that actually
01:18:16
knows what they're worth yeah you don't
01:18:19
really know what you're well walk us
01:18:21
through that so you do it and what do
01:18:22
the notes say that like
01:18:25
yeah it was two jokes and like I get it
01:18:26
they make money selling toilet paper
01:18:28
like why are they gonna have this huge
01:18:30
you know uh you made fun of the toilet
01:18:33
paper industry I got
01:18:35
it toilet paper Big T very powerful
01:18:38
Lobby you know what's funny is like
01:18:39
culture has changed and I feel like a
01:18:41
lot of times the streamers are like down
01:18:43
river from culture so like I bet now I
01:18:45
would be able to put it out on Amazon
01:18:46
and be totally fine but at that time it
01:18:48
was maybe very edgy and a volatile time
01:18:50
culturally so I was able to put it out
01:18:53
and you know I but you had the choice
01:18:55
right you could have taken the jokes out
01:18:57
and kept it but then instead you took
01:18:59
the harder path which is I'm just going
01:19:00
to buy it back yeah and I take the risk
01:19:02
and I'll figure it out later yeah I I've
01:19:05
I'm not risk averse at all I actually
01:19:07
enjoy risk it kind of excites me but um
01:19:10
what excites me more is like putting out
01:19:11
the piece exactly how I wanted to put it
01:19:13
out and I can't like scream about
01:19:15
censorship and comedians should do the
01:19:17
jokes we want to do and then the second
01:19:18
somebody gives me a big check I go whoa
01:19:20
we don't have to do the like I have to
01:19:22
be at least consistent on that and um
01:19:26
culture continued to change and you got
01:19:28
to give Netflix credit too like they
01:19:29
took a lot of they took a lot of hits
01:19:31
for putting out comedy that some people
01:19:33
thought was maybe a little bit too
01:19:34
offensive the Chappelle stuff Chelle
01:19:36
stuff really that put him in the
01:19:38
crosshairs exact they stood strong right
01:19:41
absolutely they stood strong and like
01:19:42
seeing that gave me a lot of confidence
01:19:44
I was like okay like and they literally
01:19:47
we just made the whole thing and they
01:19:48
just gave us money so like they were not
01:19:51
involved at all in like the creation so
01:19:54
to say
01:19:55
they they're involved in giving us money
01:19:56
for it and then they're involved in the
01:19:58
marketing obviously and their algorithm
01:20:01
and getting it that's all Sandos he's he
01:20:03
believes in comedy yeah but he's like a
01:20:05
huge comedy fan from back in the day I
01:20:07
think people don't realize that about
01:20:08
him like you need somebody who actually
01:20:10
loves the art and is not just looking at
01:20:12
it as a thing that they can monetize
01:20:14
like there's a the term this guy used
01:20:16
that you have to find somebody
01:20:17
spiritually aligned with you and that's
01:20:19
not mumbo jumbo it like they truly
01:20:22
understand the intention of Comedy so
01:20:24
things aren't hurtful or painful to them
01:20:26
because they understand what you intend
01:20:27
to do so and then I got interesting too
01:20:30
they they tried to cancel you what what
01:20:32
was the joke who the the mobs because
01:20:35
they went after Tony Hinchcliffe twice
01:20:37
oh yeah and each time he went 10x they
01:20:39
came after chamath on this program that
01:20:41
was the first level up we got three
01:20:43
times the audience after they tried to
01:20:44
cancel chimal yeah the White House
01:20:46
released the statement it doesn't it
01:20:48
doesn't it doesn't really work when you
01:20:49
have like core fans that believe in you
01:20:51
and I feel like you guys have probably
01:20:53
built that you know the relationship
01:20:54
you've built with your fans there's
01:20:55
probably people very grateful of the
01:20:58
information that you give them and uh so
01:21:00
when they try to paint you in a certain
01:21:02
light you actually have like a hundred
01:21:04
hours of time with those people that
01:21:07
they know you to be more than that one
01:21:08
statement that you've said so now
01:21:10
they're not as concerned about that
01:21:12
thing you said that maybe is taken out
01:21:13
of context or people have been offended
01:21:15
by I think like the biggest thing that
01:21:17
people miss about comedians is like
01:21:19
you're allowed to be offended by the
01:21:21
joke that I say like you're allowed to
01:21:23
react however the [ __ ] want to react
01:21:25
about it you had your life you went
01:21:26
through some crazy [ __ ] maybe you're
01:21:29
maybe you were bullied as [ __ ] as a kid
01:21:30
and like you don't want other people to
01:21:32
potentially have those feelings so you
01:21:33
see a joke that could elicit that and
01:21:35
you're like I want to protect that from
01:21:36
that protect them from that that's kind
01:21:38
of noble I'm like I'm cool with that if
01:21:41
you yourself tell me you don't like me
01:21:43
teasing you I'm not going to tease you
01:21:44
personally ever again I want you to feel
01:21:46
good but it doesn't mean that I won't
01:21:48
continue to make those jokes somewhere
01:21:49
else and I think my shows like I got the
01:21:52
most diverse audience in comedy history
01:21:54
yeah so it's like you come out to one of
01:21:56
my shows you can't tell me that people
01:21:59
don't like these jokes and I tried very
01:22:02
hard to like like if I'm curious about
01:22:04
your culture you'll know it through the
01:22:06
jokes it's not some little [ __ ] like
01:22:08
I'll try to dive deep and even surprise
01:22:10
you about something that I might know
01:22:12
and I think in that way people start to
01:22:14
feel seen and they don't feel bullied
01:22:16
they actually feel like represented and
01:22:18
they're like excited about it look you
01:22:20
you said something at the beginning
01:22:22
which I thought was really interesting
01:22:23
which is you're like a you have to Great
01:22:25
comedians are great observers of culture
01:22:28
so can you can you just tell us like
01:22:29
just observe the cultural moment what we
01:22:31
talked a lot about it but I just want
01:22:33
you to be maybe like put a point on it
01:22:35
where are we where's America what the
01:22:37
hell is going on like What's happen
01:22:38
what's happening however you feel that
01:22:40
question like what the hell is going on
01:22:43
um all-time low confidence in uh
01:22:48
institutions low confidence in
01:22:52
information there's an obs with
01:22:54
conspiracy because there's I mean that's
01:22:57
twofold one like it's the easiest way
01:22:59
for dumb people to feel smart like when
01:23:00
you know something no one else knows and
01:23:02
you get to share with people like
01:23:03
there's that like dopamine hit where
01:23:04
like I bet you didn't know this happened
01:23:06
you know yeah um but those thrive in
01:23:08
times where there's not real
01:23:10
transparency so I think everybody's
01:23:13
looking for answers and nothing is
01:23:15
exactly how it seems and the only way to
01:23:17
reins still that confidence is I think
01:23:18
like brutal transparency like you got to
01:23:21
just be like really honest with the
01:23:23
people this is what it is and we're
01:23:24
Americans we're proud people you know so
01:23:26
we can get through whatever you say but
01:23:29
you got to tell it to us as it is and I
01:23:31
think we're just assessing relationships
01:23:33
right now and I think like when the
01:23:35
economy is rough like you're seeing all
01:23:37
the Jewish stuff right now right like
01:23:39
obviously with the conf crazy well this
01:23:41
is the thing you got to understand like
01:23:43
most people have never met a Jewish
01:23:44
person like most Americans have no clue
01:23:47
what a Jewish person is outside of Kiran
01:23:48
enthusiasm or Seinfeld they don't know
01:23:50
what it is they think Jews are Upper
01:23:53
East Side New Yorkers like yeah the like
01:23:56
Seinfeld or they think it's like hedum
01:23:59
like it's just like one or the other
01:24:00
exactly they don't even know what like a
01:24:01
spartic Jew they don't know what an
01:24:03
African Jew is or a Moroccan Jew they
01:24:04
have no clue what that is and they
01:24:07
shouldn't they're like how many Jews are
01:24:09
there they're like more people from La
01:24:11
than there are Jews right like it's like
01:24:12
a very small population so I think
01:24:15
there's like a little bit of a
01:24:16
disconnect and you know when you don't
01:24:20
know a people and I think this is
01:24:22
probably true I could be off but I think
01:24:24
like an ambient feeling towards Jews
01:24:27
from people who don't know Jews it's an
01:24:29
ambient light and the stereotypes are
01:24:33
probably not like the best they're not
01:24:35
exactly negative as long as the economy
01:24:37
is good right they're like oh they
01:24:40
they're successful they kind of stick
01:24:42
together they they own businesses they
01:24:44
whatever and as long as the econom is
01:24:45
good everybody's cool and then eggs get
01:24:48
expensive and you're Buy on your rent
01:24:50
and you don't feel hope and you don't
01:24:51
and then you start going why do they got
01:24:53
all that what the what are they about
01:24:56
why are they why are they separatists
01:24:58
you know like I'm here prizz and I'm
01:25:00
trying to get everybody to go to heaven
01:25:02
and they just got their own thing what
01:25:04
and it's very easy for them to become
01:25:06
this like other group and then you
01:25:08
extrapolate that with what's happening
01:25:09
like Palestine and and Israel and you
01:25:13
get people to start like assessing like
01:25:15
the relationship between America and
01:25:17
another country like you saw America
01:25:19
become very uninterested in Ukraine
01:25:23
quickly like we we we the second the
01:25:26
economy goes down we start going well
01:25:28
what do they do for us what why are we
01:25:30
giving them like and they're starting to
01:25:33
ask similar questions about Israel and
01:25:37
there's a lot of anti-semites that are
01:25:38
jumping on on it and they're muddying
01:25:39
the whole thing they're going ah this is
01:25:41
what did they control the government
01:25:42
they do this all the every conspiracy is
01:25:46
time by the way you're you're speaking a
01:25:48
profound secret that many
01:25:52
administrations in government have known
01:25:54
for long time and I think this is where
01:25:55
some of the mistrust comes from I talked
01:25:58
about this like maybe it was like a
01:25:59
couple months ago but the most
01:26:01
incredible stock market was actually
01:26:03
under Biden the most amount of money
01:26:05
printed was under Biden the most
01:26:08
cumulative total budget deficits was
01:26:10
under Biden the most amount of
01:26:12
short-term refinancing of debt was under
01:26:15
Biden and part of what you can explain
01:26:17
is that if you keep the signals that
01:26:20
everything is healthy or up you're
01:26:23
allowed to prop all of these other
01:26:25
things that would get very quickly
01:26:29
recapitulated and when you take the gas
01:26:31
out of the market and you take the gas
01:26:32
out of all these other markets and all
01:26:34
of a sudden the price of energy is up
01:26:36
and the price of this is up and the
01:26:37
price of that is up then you start to
01:26:38
question hold on a second why are all of
01:26:40
these things as important you know the
01:26:43
above the line below the line
01:26:44
conversation that we have tried to have
01:26:46
several times on this pot Jason yeah and
01:26:48
you have to like meet people you have to
01:26:51
meet people where they feel in order to
01:26:53
communicate with them right right like
01:26:54
they could like when people right now
01:26:56
are like assessing like America's
01:26:57
relationship with Israel like it's it's
01:27:00
and and they you hear these like sound
01:27:01
bites like that's our closest Ally and
01:27:03
then they go what does that mean it's
01:27:04
like well let's explain to them what
01:27:06
that means like let's explain the
01:27:07
importance of that relationship and how
01:27:08
it's beneficial to Americans because if
01:27:10
you don't explain it and you just go oh
01:27:13
just be quiet whatever then they start
01:27:15
to look at these lunatics on Twitter and
01:27:17
start to go wait a minut is that is that
01:27:19
true yeah and then they're down the
01:27:21
conspiracy Hall like you have to explain
01:27:24
like I don't know what the mineral deal
01:27:26
was about but I know for with with
01:27:28
Ukraine but I know for a second there
01:27:30
are some Americans who go oh we're going
01:27:31
to get some minerals out of that all
01:27:32
right minerals sound good like they're
01:27:34
gonna pay us back it's that it's that
01:27:36
simplistic right so it's like I think I
01:27:38
think that kind of communication is
01:27:40
important and it will actually help
01:27:43
understand these relationships which I
01:27:45
imagine are very important I'm not privy
01:27:48
to all the geopolitical decisions that
01:27:49
are going on there who knows
01:27:51
intelligence from Israel could have
01:27:52
thwarted 20 more 911s yeah maybe you
01:27:54
can't say that because you expose the
01:27:56
intelligence operatives you have in the
01:27:58
field but it it would I think be helpful
01:28:00
to understand the value of that for the
01:28:03
everyday American so that when you see
01:28:05
something crazy on Twitter you can go
01:28:07
okay you're just a anti-semite and
01:28:09
you're looking for a justification for
01:28:10
your hate I mean this is your point
01:28:12
about Trump sometimes he has these take
01:28:15
we'll see you later bro take care David
01:28:17
this is like I think the point there's
01:28:19
going to be conspiracy theory about that
01:28:20
right now I just want to let you know
01:28:22
talked about Israel and he's like the
01:28:24
one Jewish guy left way to go way to go
01:28:26
Shela this is how it starts David David
01:28:30
this is how it starts you drove thanks a
01:28:32
lot you drove them out right chy when
01:28:34
you said um you know Trump's a masterful
01:28:36
kind of Communicator here Biden gave all
01:28:39
these weapons to to Ukraine under the
01:28:42
aices of what's called a lone lease they
01:28:45
have to pay them back but Biden never
01:28:47
communicated that well tell us and then
01:28:49
Trump comes out he's like you know what
01:28:51
we gave them 180 million 180 billion
01:28:54
they're going to give us 500 billion
01:28:55
back we're making a 40 he he basically
01:28:57
described a 42% compounded return sounds
01:29:00
good to me yeah better than anything
01:29:02
that's ever happened I mean he he's out
01:29:05
there in terms of his ability to
01:29:06
communicate at chath as we wrap here any
01:29:08
final thoughts what do you think about
01:29:11
Trump and what he's how he's doing and
01:29:14
what he's doing so far and what do you
01:29:15
think about Elon and Doge oh here we go
01:29:19
okay so uh Trump and what he's doing how
01:29:22
he's doing so far like I I I don't know
01:29:24
like in other words like I don't I don't
01:29:26
know if I can like assess it right away
01:29:28
maybe I'm giving him a little bit longer
01:29:31
uh like landing strip or whatever than
01:29:33
other people because I have a little bit
01:29:34
more hope or optimism I get if you don't
01:29:36
like the guy you're going see how
01:29:37
horrible this is immediately but I'm
01:29:39
going to give him a little bit more
01:29:40
leeway to see if it doesn't work out and
01:29:43
it's really horrible I'll be the first
01:29:44
person to call it out like I I've he's
01:29:47
in power we should definitely check the
01:29:48
people in power but I'm hoping that
01:29:51
these actions in the short term are
01:29:53
beneficial in the long term is everyone
01:29:55
going to work out no um do is like I'm
01:29:59
so depressed about not depressed stupid
01:30:01
but like I'm bummed about because I
01:30:02
don't think there's any American that is
01:30:04
pro waste inefficiency and bloat this
01:30:08
should be a bipartisan issue like all
01:30:11
Americans should be coming together
01:30:12
going oh my God the DMV is gonna get
01:30:14
better this sounds awesome and I think
01:30:19
you know I have a lot of respect for
01:30:20
Elon but I think sometimes on Twitter
01:30:22
he's like twisting knife a little bit
01:30:25
and it's like you don't need to twist
01:30:27
the knife like we all want this this is
01:30:29
something we can come together with as a
01:30:32
country in support this sounds great
01:30:36
don't twist it just kind of let it be
01:30:38
show your wins when you do something
01:30:41
wrong we can acknowledge the things that
01:30:43
we did are wrong and we'll respect that
01:30:44
it bums me that this has become so
01:30:46
partisan and I do understand there are a
01:30:48
lot of people on the left that are
01:30:49
making this partisan as well they're
01:30:52
weaponizing there was there was crazy
01:30:54
clip between Rogan and Elon where Rogan
01:30:57
was like how does all this go down
01:30:59
actually and he's like well I can't
01:31:00
really speak about the corruption
01:31:02
because I'm afraid it would get me
01:31:03
assassinated he's like actually if I
01:31:04
tell you what I know it was the weirdest
01:31:07
like two-minute clip and then they just
01:31:10
kind of left it and moved on and my
01:31:11
brain was like what are they talking
01:31:13
about what what must be going on there I
01:31:16
mean there's a lot of money going out
01:31:17
the door yeah but who's killing Eli like
01:31:20
if we are going to have World War III
01:31:21
don't you want the guy that has the
01:31:23
Rockets to go to Mars on your side yeah
01:31:26
yeah you kind of want the Super Genius
01:31:28
on your side for sure another thing
01:31:29
that's like really interesting to me is
01:31:31
like people keep going people keep doing
01:31:33
these things like what is elon's play
01:31:36
like what is he doing here like is he
01:31:37
actually G to take over and it's like
01:31:39
Elon has been dealing with like local
01:31:41
government for so long trying to push
01:31:43
through like he is not an American
01:31:46
citizen he cannot be president he is at
01:31:48
the highest position he will ever be in
01:31:50
his lifetime in America you can't get
01:31:52
higher than being the right-hand of the
01:31:54
president since you're not from America
01:31:56
you can be president so I think he's
01:31:58
going to behave really well because now
01:32:01
he's in the most powerful position he
01:32:03
will ever be in if you want to talk
01:32:05
about like power plays you gotta watch
01:32:08
out for JD that guy's a that guy's High
01:32:11
emotional intelligence like that that's
01:32:14
somebody that I would be keeping my eyes
01:32:16
on if I'm Trump but Elon he's GNA be a
01:32:19
good he's gonna be your best friend
01:32:21
because it's only downhill if he pisses
01:32:23
Trump off
01:32:25
interesting interesting little
01:32:26
Manchurian Candidate for JD I no no no
01:32:29
I'm not saying that he's gonna do
01:32:30
anything bad but he is like right don't
01:32:33
TR don't treat him light like we got
01:32:35
this don't sleep on JD New Yorkers we do
01:32:37
this all the time we hear someone with
01:32:38
like a Southern accent we think they're
01:32:39
a goofball and it's like right that guy
01:32:41
went from like a broken home to Yale
01:32:44
Appalachia to Yale and then the VP and
01:32:46
he's 40 he's your age he's like 40 he
01:32:49
called Trump Hitler or something and he
01:32:51
ended up as his he said I'm a never
01:32:52
Trump guy he he's so to say that he's
01:32:55
not emotionally intelligent does to say
01:32:58
he doesn't know how to manage up or
01:32:59
whatever that term is he's sappy I hey
01:33:02
keep an eye on him keep an eye on him
01:33:04
for sure all right listen Andrew Schultz
01:33:06
is playing at the Funny Bone on April
01:33:08
16th and 17th he'll be that Chuckles on
01:33:11
the 20th drink minimum two drink minimum
01:33:14
uh by the V you know where to find them
01:33:17
incredible
01:33:18
incredible Netflix special who do you
01:33:20
think who do you B last question who do
01:33:22
you think is the funniest if you had to
01:33:24
take a wild stab at who the funniest
01:33:26
person no me me Jason or free oh oh of
01:33:30
us between the three of you um okay so
01:33:34
you can say me Jason so Jason is the
01:33:36
most like naturally inclined to be funny
01:33:39
he's probably just the most funny being
01:33:40
around uh choth will probably get the
01:33:43
biggest laughs when he says something
01:33:44
funny because he's like he's not asking
01:33:47
for much like he'll just say something
01:33:49
that's like a dart and it will kind of
01:33:51
like hit you and you'll be like oh and
01:33:53
then I think David will like structure
01:33:56
something really funny and you'll be
01:33:57
like oh that was a clever I see how you
01:34:00
did that right there I um I was actually
01:34:02
when I was an astrophysicist shelsea I
01:34:04
am funny myself I did Summer Stock that
01:34:08
would be my take like I think if we're
01:34:09
off the Pod I think chamat says some
01:34:10
like wild sh that everybody goes what
01:34:13
the I think you say that the most that's
01:34:15
what I would say there you go all right
01:34:17
Andy Schultz picks me they have it Mom I
01:34:20
would like to clip that and uh yeah all
01:34:23
right continued success come back
01:34:25
anytime I like the way Schultz
01:34:26
pronounces but I may go to chamath I
01:34:28
like that Cham ch ch yeah chamath is too
01:34:30
it's too used actually we should go to a
01:34:32
different pronunciation I love chamoth
01:34:34
chth is just so it's tough with the it's
01:34:37
tough with the I know you forong but
01:34:39
it's tough with the names from over
01:34:40
there like my podcast co-host Akash
01:34:42
right Akash everybody calls him Akash
01:34:45
now I his name is spelled with two A's
01:34:47
A's a after so it's like a you if it's
01:34:51
got two A's next to each other after you
01:34:54
go there but it's
01:34:56
aash it is tricky but he said like his
01:34:59
parents specifically picked a name he
01:35:01
thought that Americans would be able to
01:35:03
pronounce they calculated that and like
01:35:06
they wereing him I think that's like a I
01:35:08
think that's a really beautiful thing
01:35:09
for a kid like you you go you know like
01:35:12
how much could called they could have
01:35:13
named him John Steve if they wanted it
01:35:16
pron had to keep it real though they
01:35:17
still had keep it real they would keep
01:35:19
eight when I could when I could read and
01:35:21
write English well eight okay cuz it was
01:35:23
my second language and when I saw my
01:35:25
name written out I was like what the fu
01:35:27
did they do to me here what is this my
01:35:30
middle name m name is like 15 other
01:35:33
letters name a name that has math in it
01:35:37
like they knew what they wanted you know
01:35:39
yes they were like if you can if you can
01:35:41
pronounce this you can solve the Pagan
01:35:44
theor true this is this is harder than
01:35:46
thean be an engineer oh I'm so proud of
01:35:51
him he's going to figure it out get us
01:35:53
two month he's going to get us ask a
01:35:56
question Andrew is it racist if I do an
01:35:58
Indian impersonation because I know I
01:35:59
can do Italian and Irish but can I do no
01:36:02
it's funny bro I don't think so but I
01:36:04
think it's like is it the intent I'm
01:36:05
just I don't even think it's the intent
01:36:07
I think if you like if you say certain
01:36:09
things like if you say
01:36:12
B right like if if you say that like
01:36:16
that's like my love like you know if you
01:36:18
say little things that are more than
01:36:20
just the sound but if you tap into the C
01:36:23
like to let them know hey I didn't learn
01:36:25
this from The Simpsons like I learned it
01:36:27
from my buddy's family then I think
01:36:30
you'll see people who are like Indian
01:36:32
Sri Lanka they'll be like oh he oh he
01:36:34
got he's got friends he got he knows he
01:36:36
knows I'm I'm gonna I'm gonna go ahead
01:36:39
and until I make my move to commedian
01:36:41
I'm not gonna do it I'm gonna save it to
01:36:42
when I get my uh Tony uh kill Tony set
01:36:46
yeah what's your what's your Korean act
01:36:47
can you do that like can we go through I
01:36:50
can go Korean cuz my wife's Korean and
01:36:53
her dad
01:36:54
I'll tell you my I can cuz my dad my my
01:36:58
father-in-law I I went to China he's an
01:37:00
industrialist he's there and I said Hey
01:37:02
listen I'd like to marry your daughter
01:37:04
and he said okay
01:37:06
two two conditions and I said okay and
01:37:10
he said do it fast and he poked me
01:37:13
Andrew so hard like a reinforced poke
01:37:16
with his finger yeah yeah yeah on my
01:37:18
shoulder got a bruise I'm like oh yeah
01:37:20
and then he goes and I said what's the
01:37:22
second thing he says no funds he says it
01:37:24
just like that and I was like okay
01:37:27
okay I don't marry a daughter no
01:37:30
refunds do it fast and I literally had
01:37:33
to marry her within a year because he
01:37:34
knew he was like listen I got he had
01:37:36
four daughters and he's like I got to
01:37:38
move inventory I love it and I was the
01:37:40
first I married the oldest daughter n
01:37:42
none of the other daughters could get
01:37:43
married until I married my wife which
01:37:45
was the greatest thing I ever did three
01:37:47
beautiful kids you know how it is and uh
01:37:49
listen good luck you going to have a
01:37:50
second and third Shel I know you got
01:37:51
some I hope so man God three is the
01:37:53
right number if you want to go if you
01:37:55
want to do a half Elon you can go with
01:37:57
chamat plan he's on six or seven I'm on
01:38:00
five bro I'm on five five well I mean
01:38:02
anything's possible and then free BG's
01:38:04
on four I'm on three I think three is
01:38:05
the right number I'm going to catch up
01:38:07
boys I'm going to catch up all right
01:38:08
listen continue success thanks for doing
01:38:10
thank you so much for guys
01:38:12
Che let your winners
01:38:15
ride Rainman
01:38:19
David and instead we open source it to
01:38:22
the fans and they just gone crazy with
01:38:24
it love you queen of
01:38:30
[Music]
01:38:32
K besties
01:38:35
are that's my dog taking your
01:38:40
driveways oh man myit will meet me we
01:38:44
should all just get a room and just have
01:38:45
one big huge orgy cuz they're allus it's
01:38:48
like this like sexual tension that they
01:38:49
just need to release
01:38:51
somehow what
01:38:56
be we need to get mer
01:39:02
[Music]
01:39:06
our I'm goinging all in
