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E45: Theranos & VC fraud risks, China bans video games, Texas SB8, Apple app store, CA fires, Rogan

September 04, 2021 / 01:24:00

This episode covers topics such as the launch of the Call In app by David Sacks, the ongoing trial of Elizabeth Holmes, and California's wildfire crisis. Guests include Chamath Palihapitiya and David Sacks.

David Sacks discusses the launch of his new social audio app, Call In, which combines podcasting with social audio features. He mentions the app's rapid growth and positive reviews since its debut.

The conversation shifts to the trial of Elizabeth Holmes, founder of Theranos, who faces charges of fraud. The hosts debate her defense strategy and the implications of her case on Silicon Valley's culture of overselling and exaggeration.

California's wildfires are highlighted as a pressing issue, with discussions on the economic impact on real estate and insurance challenges in fire-prone areas. The hosts express concern over the future of living in these regions.

The episode concludes with a discussion on various societal issues, including the media's portrayal of vaccine skepticism and the implications of new laws in Texas regarding abortion rights.

TL;DR

David Sacks launches Call In app, discusses Elizabeth Holmes trial, and addresses California's wildfire crisis and societal issues.

Video

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hold on let's see if we get saxon

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all right guys i guess sax isn't i guess

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sax is blowing it off because he's too

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busy okay

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we'll start with that let's start start

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without sacks okay

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three

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two

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[Music]

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and it says

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[Music]

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hey everybody hey everybody welcome to

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the all in podcast with us today the

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queen of quinoa on fire in california

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which is also happens to be on fire

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sadly uh and the dictator chamoth

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polyhapatia uh david sachs will not be

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joining us today he's too busy with his

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uh call it all in app oh i'm sorry it's

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actually calling he put a c in front of

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it nobody collected the arguments it's

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callan callan callan his calendar

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debuted this week

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um but saks will be uh if you're a sax

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stan i think sax is uh no we've done one

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show without free break now we're doing

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one with outside yeah this will be the

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tax free episode it is a tax-free

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episode all right so we got a lot of

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time

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here i'm here

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all too eager to take credit for call in

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on twitter so don't pretend like you're

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not part of it now yeah

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yeah i can't believe it this guy is

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complaining i'm leveraging the style

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licensing of the term all in to sacks

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and gotten paid like seven million

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dollars in equity for him using our name

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oh my god i gave you guys so many shout

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outs you know during the show

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i know he did because i listened to his

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uh interview with uh emily chang and i

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listened to his thing with um axios with

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dan primack

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he's very david had a very good uh

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uh he was magnanimous presentation and

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then he was really magnanimous and kind

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so thanks sexy poop

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and i i gave so much credit to j-cal i

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said that if it wasn't for jacob i never

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would have done this whole podcasting

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thing because it was too hard i never

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would have figured it out and then you

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gave me a shout out because like of

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organizing it so that we could all be

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friends on uh i like that i appreciate

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it very nice i have i actually haven't

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listened to it but give us a for those

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who don't know david sacks has created a

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podcasting slash casual audio app it's

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called call in it's available for

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download for ios uh just coming out of

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private beta my understanding is uh

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you're at somewhere around ten thousand

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uh folks

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yeah i mean there's a lot of sign ups

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yesterday i haven't got all the latest

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numbers yet but um but yeah no it's it's

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you know it's taking off all the reviews

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of it have been sort of rave reviews

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people are really excited about it

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fantastic but yeah look the concept is

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we're combining social audio

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with podcasting we call it social

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podcasting you've seen these apps where

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people create a room and they have these

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many to many conversations they tend to

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be ephemeral no one really records or

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saves them and the quality

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of the conversation is it's a little bit

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chaotic but we've taken that concept and

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put it in the service of creators who

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can now essentially like record their

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pod in front of a live studio audience

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they can bring up the

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we call them callers they can bring up

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people from the audience one by one to

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ask their questions it's much more

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organized and structured it's not a

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free-for-all to try and grab the mic and

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then once you record the episode you can

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then go into post-production and the app

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can edit the transcript in order to edit

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the episode and then you publish it and

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you can share it so is it like so it's

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basically like only fans but audio

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it's only fans but for people who jump

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off at

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it's my birthday today god damn all

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right happy birthday chamath we're going

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around the horn here everybody's patting

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themselves on the back uh let's all take

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a moment to say what we like about your

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moth okay great let's get back to the

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episode that was quick

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what do you know i was thinking about uh

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you know

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what birthday present do i get for

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chamoth and then i was like gee what do

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you get for the dictator who has

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everything i don't i don't know

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what does kim jungle in need

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exactly

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let's hey guys wait

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there's actually an answer to that

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question apparently madeleine albright

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once got kim jong-un a basketball signed

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by michael jordan for his birthday so

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apparently that is yeah apparently

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that's what you get a dictator access

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you get them access to people they

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wouldn't normally have or a bone saw a

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very very very old uh

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french burgundy

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uh ideally white but the white doesn't

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hold up as well but you know if you go

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back it i mean i wonder if you could

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drink like a yesterday i had the two the

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two fills deutsche and muth

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at my house and we had uh we drank

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1996 salon

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no sorry 1997 salon clothes and then we

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drank a bottle of 1996 paul rogers or

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winston churchill champagne

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fabulous

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only champagne last night let's have us

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we could also get you some planonium uh

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plunonium if you want to uh no guys guys

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i don't want to take out some enemies i

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would like you to come and play poker

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next thursday you [ __ ] and then i was

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just bring a bottle of uh bring a really

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nice bottle of wine or champagne we'll

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drink it that's fine oh my god i got

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cases of terrible wine i'm gonna bring

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them no you [ __ ] did you hear what

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this [ __ ] did oh my god

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shows up

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this piece of [ __ ] showed up last week

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and he's like here are these fantastic

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bottles and i looked at this like

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1985 caymus and i'm like that's not a

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good year

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right in the right of the garbage

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it gets better it gets better he has two

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bottles and so he gives him to joshua

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and joshua looks at them and joshua

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doesn't know what to think and he looks

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like

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i'm like just like you know

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and so josh was like wow david thanks

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freedberg this is incredible i

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appreciate it and then freeburg does the

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[ __ ] most brutal thing open it open

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it

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josh was so appalled he opened it and

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poured it on cherry

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i threw it out he took it right to the

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other garden no he said where did you uh

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find this he goes oh it was in my

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basement in the hot tempered humid

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[ __ ] san francisco weather for 10

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years yeah i had no idea so i moved you

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know i moved like two weeks ago and i

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went to the basement to like get all my

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boxes and i'm like i've got like

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hundreds of bottles of wine that i have

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not seen in years and i started getting

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not temperature controlled right next to

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the furnace they weren't lying flat i'm

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like these things are all like they're

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all corey they're all they're all cool

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and there's like stuff in the 80s from

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the 90s yeah so josh took them and

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poured them over the arugula salad he

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didn't want to see any arugula no he

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didn't really remove the [ __ ]

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vegetables and herbs in the garden he

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basically cleaned him in the drain

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shield do not bring any more wine to my

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house oh my god i'm bringing wine for

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your dog if your dog's coming back with

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nat my dogs are coming back today yeah

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they're flying backwards all i have to

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say about that game is thank god mr

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beast has a hundred million followers oh

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youtube

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wrestling r.i.p mr beast

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all right

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you know by the way i don't want to say

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give a shout out mr beast is [ __ ]

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incredible

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what a great deal what an incredible

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entrepreneur what a great human being

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yeah um

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i mean for 23 years old to be that

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sufficient 23. 23. this guy i thought he

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was guy this guy's clearly on track to

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being an enormous figure in culture oh

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he's going to be a [ __ ]

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multi-multi-billionaire

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determined hard-working smart kind good

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clever ambitious

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great and his ideas he's creative and

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he's just a good human mystery was one

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of the most impressive people i've met

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in a really really really long totally

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agree i mean he and i had been texting

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for a long time on twitter and then and

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then just on text but then to finally

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meet him and we had talked on the phone

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and we had zoomed before i'd never met

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him in prison but what an incredible oh

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why don't we have him as the bestie

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gusty on the path he totally like he

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totally with the group too and he was

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great just funny you know what we should

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do is we should all round everybody up

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we should fly to uh to greenville where

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we should surprise him yeah yeah do a

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little game at his channel

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oh here's an idea what we could do is we

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could tweak phil hellmuth and just re

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have a game and replace phil in the game

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with him as our new bestie oh my god

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that's awesome let's replace the music

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who replaced the

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kind of like a better bestie in many

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ways okay by the way are we skipping

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next week to record at the symposium on

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monday or are we going to do next week

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and then also do monday

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no double down okay i double down yeah

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let's double down all right listen

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to cover good um good notification we're

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doing our first all together

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recording of the all in pod a week from

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monday

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at the tpb symposium no reason the

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production board the production board no

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reason to publicize it but

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i'm excited because it works it's a

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closed event what is the purpose of the

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event

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i just get together a bunch of

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scientists investors entrepreneurs and

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ceos and

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um it's a day of science talks mostly

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and then some business talks on the next

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day but we're having a really fun event

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the night before with poker our friends

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are all coming to play poker and we're

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going to record we're coming for the

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science day i'm there for the full year

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i'm staying for the science day too i

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want to learn

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so

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the poker night is going to have poker

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and we're gonna record the all in pod

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live or together in person for the first

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first time yeah that should be really

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cool um and for those of you wondering

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you know we're going to do

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our own all in summit which will be

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probably like a hundred or two hundred

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iconoclastic people uh and we're going

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to probably do that in the first quarter

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or second quarter of next year uh

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postman we gotta choose a date you know

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my people are going crazy because you

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won't give them a date

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well right now i think we should do it

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in uh here we go in rome okay so

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italy rome stocks wants miami

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i'm telling you guys they're hotels

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sickest hotel in the world and i'll tell

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you why the people you have never seen

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these people

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ever

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people are amazing amazing tremendous

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people

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they are

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great it attracts the hottest people i i

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mean it's [ __ ] right we're not doing

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it based on aesthetics we're doing it on

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ideas chamomile it's not just aesthetics

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but people aren't going to go to rome

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you know miami the good thing about

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miami is we know it'll be open no matter

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what right you know we can't count yeah

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we can host our own super spreader event

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fantastic

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no i mean we're uh host the uh the code

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conference kara swisher's conference is

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at the end of the month and sky and

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brook and i are hosting our poker again

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and i was like is there any way this

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conference is going to occur and if it

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does occur what happens if they're i

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mean obviously everybody's going to be

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vac everybody's going to be mac masked i

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don't know if they're going to do

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testimonials all right

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you think everyone should be mass at the

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conference

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they're going to be unless well they're

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going to be because it's indoors and

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there's a breakout event amongst the

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vaccinated which can happen

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between delta and zetta too you're uh

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you're you're going to be forced what do

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you think sacks well i just think how do

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you effectively have a meeting with

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people whenever indoors when everyone's

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wearing a mask i just think that's and i

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indoors not during the dinner and stuff

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look i mean i think for poker but we are

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testing everyone on entry all three days

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okay that that makes sense to me right

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we do a rapid test at the door and so

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but then once you've done the test and

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someone's negative why would you need a

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mass once you go in i don't know about

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it

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every day the stupidest thing is they do

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stuff like make you wear the mask but

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then take it off for dinner like what

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you you can't get kovu when your mouth

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is full i mean how does that work it

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makes no sense that's the whole that

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makes no sense put your mouth let's do

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risk assessment here and then take it

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off when you sit down three feet away

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it's it's security theater well let's do

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let's do risk assessment none of us

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would go to an indoor event if it wasn't

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fully vaxxed correct

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would anybody attend an indoor event of

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this nature hundreds of people if they

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didn't have a vax requirement i would

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yes

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i don't you would i i well i mean what i

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would care about is i wouldn't attend it

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if people weren't all being tested on

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the entrance okay well i'm trying to do

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just on

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yeah

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to eliminate

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um transmission so for you to go to an

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event you would have to be vac and

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tested that day

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morning of rapid test yeah look i mean i

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think in general everyone's kind of

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standard it's like makes your vac

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because it reduces the likelihood of

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transmission but still like it's not

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stopping transmission clearly

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i'd rather what i care more about is is

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point of um entry testing which is what

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we're doing at our symposium i just want

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everyone to get tested upon entry

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what would you do let's talk about

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something important okay

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all right listen i think the most

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interesting thing going on in our

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industry this week is elizabeth holmes

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trial has begun um jury selection uh

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started this week and it's going to

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cover 12 counts of fraud and conspiracy

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to commit wire fraud over false claims

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she made about the blood test results

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from theranos

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um

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they uh have now selected a jury of 12

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northern california residents consisting

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of seven men and five women it took two

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days to question around 100 potential

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jurors about their answers to a 28-page

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questionnaire

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that included news outlets they read

00:13:31

what news outlets are at if they knew

00:13:33

any witnesses and had any negative

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medical experiencing

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experiences

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and

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it was complicated um

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to get these because it is impossible to

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not know about it and

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now it seems the uh interesting thing is

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elizabeth holmes uh who worked on this

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company for two dec close to two decades

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and was involved in this fraud from

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start to finish

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is now uh taking the

00:14:00

position that she

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uh was under the control of her business

00:14:05

partner sunny bowani uh and that he

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had been abusing her and

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controlling her

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what are your thoughts on and so he's

00:14:16

being tried separately by the way

00:14:18

they're gonna be tried in sequential

00:14:19

order so whenever this trial ends then

00:14:21

he gets to um get tried what are your

00:14:23

thoughts on uh if she will be convicted

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and her defense strategy

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i i think this is more this is like less

00:14:32

about the specific

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um

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evidence against her

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as much as it's um and it's much more

00:14:39

right now about the

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um

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whole silicon valley fake it before you

00:14:45

make it um approach to entrepreneurship

00:14:48

and you know we all hear this from

00:14:50

um you know all the entrepreneurial kind

00:14:52

of advisors and you know experience

00:14:54

stories of experience and stories of

00:14:56

success that in order to kind of achieve

00:14:59

success as an entrepreneur you really

00:15:00

have to oversell and promise and create

00:15:02

an incredible narrative about where your

00:15:05

business is headed and in many cases

00:15:06

that gets ahead of you now the public

00:15:09

the general public that doesn't operate

00:15:10

within silicon valley with as much

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breadth as we do

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i think they hear the stories of the

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adam newmans and we work and the

00:15:16

collapse and elizabeth holmes and this

00:15:18

this trevor milton guy and nicola

00:15:21

but um there's thousands of these other

00:15:23

sorts of smaller stories where a vc

00:15:25

rolls his eyes where the first board

00:15:27

meeting after raising money is like wait

00:15:28

a second we're actually going to be half

00:15:30

our forecast when we raise money or the

00:15:32

numbers are going to be way below or the

00:15:33

product doesn't actually work as we

00:15:35

presented it sorry i don't think i've

00:15:36

ever funded a company where that hasn't

00:15:38

been the case exactly and so i think

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that's the that's the the the big

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question right off is like does this

00:15:44

trail does this trial kind of indict the

00:15:47

way silicon valley operates and the

00:15:49

storytelling models and the narrative

00:15:51

models there are examples of these

00:15:53

people getting a little too far ahead of

00:15:54

their skis and maybe you can argue they

00:15:57

could perceive something to be

00:15:58

non-fraudulent while other people can

00:16:00

you know kind of perceive it to be

00:16:01

fraudulent but don't we see this kind of

00:16:02

broadly in silicon valley and doesn't

00:16:04

this kind of bring up a question on like

00:16:06

are all startups now and is the industry

00:16:08

going to have a shift as a result of

00:16:09

this trial in terms of behavior as

00:16:11

investors and as entrepreneurs and how

00:16:13

you tell stories how you diligence etc

00:16:15

etc this is this is only going to get

00:16:17

meaningfully worse

00:16:19

um i don't know if elizabeth holmes

00:16:21

committed fraud or not i think that you

00:16:23

know these folks will be able to

00:16:27

figure that out in detail but here's

00:16:28

something that i do know pretty

00:16:30

precisely which is

00:16:31

the amount of money that's trying to get

00:16:33

into silicon valley is going

00:16:34

exponentially up yeah and as that

00:16:37

happens you guys now see it every day

00:16:39

where there are firms whose entire

00:16:42

business now is just to literally write

00:16:44

a check

00:16:45

every day

00:16:46

they're closing deals every single day

00:16:49

they're doing zero diligence and so what

00:16:52

that's going to create is an incentive

00:16:55

for founders particularly those whose

00:16:57

backs are against the wall or who's

00:17:00

doing something that's highly

00:17:01

speculative and hard to diligence

00:17:03

to stretch the truth to get the capital

00:17:06

and it's impossible for guys like us to

00:17:08

actually step in and do diligence on a

00:17:10

lot of these companies

00:17:11

even if you actually have time but then

00:17:13

if the competitive dynamic is such that

00:17:15

you don't even have the time because

00:17:16

somebody else beside you is going to rip

00:17:18

in a check with by just meeting somebody

00:17:21

um and you know quote unquote having

00:17:23

done the work on their own which is

00:17:25

impossible because they're not you don't

00:17:26

have access to somebody's you know

00:17:28

financial books this problem is only

00:17:30

going to get worse and so i think we as

00:17:32

an industry just have to realize that

00:17:35

there's going to be

00:17:36

an incentive to lie

00:17:38

there's going to be an incentive to

00:17:40

stretch the truth

00:17:42

and it's because of the amount of money

00:17:44

that's available and yes the lack of

00:17:46

diligence that's happening sax is this

00:17:48

an example uh in the case of elizabeth

00:17:51

holmes

00:17:52

of somebody being delusional as a

00:17:54

strength or somebody committing fraud as

00:17:57

a crime

00:17:59

it's probably both

00:18:00

now look i think you guys are giving a

00:18:02

little bit too much credence to the

00:18:04

media narrative that theranos is a

00:18:07

quote-unquote silicon valley failure the

00:18:10

truth of the matter is there was no

00:18:11

major silicon valley vc firm in fact not

00:18:14

even a minor one that invested in

00:18:16

theranos as far as i know there is no

00:18:19

vc on the board of theranos we've talked

00:18:21

about this before it was a bunch of kind

00:18:23

of grand poobah types and there was no

00:18:25

one who actually had the technical

00:18:27

competence

00:18:28

to do diligence

00:18:30

and so

00:18:31

elizabeth holmes isn't so much an

00:18:33

example of silicon valley as somebody

00:18:34

who was selling

00:18:36

silicon valley she was selling the

00:18:38

promise of silicon valley she was

00:18:39

selling the idea that this was going to

00:18:41

be a deca corn or a centicorn to people

00:18:44

who are too unwitting to know and i see

00:18:46

you know tim draper a lot people are

00:18:48

really hanging their hat on to the fact

00:18:50

that tim draper wrote a seed investment

00:18:53

to elizabeth holmes i you know that that

00:18:55

really is very different you know when

00:18:56

you write a seed investment apparently

00:18:58

elizabeth holmes was like a neighbor of

00:18:59

his she their daughters were friends is

00:19:01

my understanding and she clearly was an

00:19:04

impressive

00:19:05

person you know she came across

00:19:07

impressively in person she obviously

00:19:09

cast a pretty big reality distortion

00:19:11

field to a lot of you know smart people

00:19:14

so

00:19:14

you know

00:19:15

she's the type of person who you would

00:19:18

write potentially a sea check to just

00:19:20

based on you know a talent bet the fact

00:19:22

that she that later chose to engage in

00:19:24

and fraud i don't think that's like tim

00:19:26

draper's fault and it doesn't make this

00:19:28

like a silicon valley fraud again um you

00:19:31

know show us the vc firm that was

00:19:32

hoodwinked by this um but you are seeing

00:19:35

david

00:19:36

this trend of the the firms coming in

00:19:39

and not doing diligence not having audit

00:19:41

rights not having information rights not

00:19:43

doing proper diligence and basically

00:19:45

relying on the previous investors right

00:19:47

how troubling is that and what are you

00:19:48

doing to protect crafts lps yeah so so

00:19:51

look i think there's a big difference

00:19:53

between going into

00:19:55

uh a board meeting and finding out the

00:19:56

projections

00:19:58

were inflated because like frankly we

00:20:00

all take projections with a grain of

00:20:02

salt right but versus the founder lying

00:20:06

about the past right so people are

00:20:08

always going to put the rosiest picture

00:20:10

or they're going to puff up what the

00:20:12

future is going to look like and it's up

00:20:13

to you as the investor to determine if

00:20:15

that's true or not but they cannot lie

00:20:17

about the past they cannot lie about

00:20:19

what their revenue was last year what

00:20:21

contracts they signed before you

00:20:23

invested that is fraud right and that is

00:20:25

what that's where elizabeth holmes

00:20:27

crossed the line she wasn't just

00:20:28

painting a rosy picture

00:20:30

of

00:20:31

you know what the technology would look

00:20:33

like you know years from now she was

00:20:35

lying about their capabilities at the

00:20:36

time people were investing that is the

00:20:38

line you cannot cross um look we conduct

00:20:41

diligence we you know try to look at

00:20:43

wheat financials we try to make sure

00:20:45

that the numbers are all true um

00:20:48

you know frankly we're not investing in

00:20:49

things that involve a tremendous amount

00:20:51

of technical risk a lot of technology

00:20:53

risks so we always use the product

00:20:55

before we invest the idea that the

00:20:57

product would be faked i think it would

00:20:58

be hard to perpetrate that kind of fraud

00:21:01

with the sas company but um so look i

00:21:03

mean that's

00:21:04

interesting you bring that up i just

00:21:06

dropped a link into the uh zoom chat

00:21:09

co-founder and former ceo of palo alto

00:21:11

based startup technology company

00:21:12

headspin charged with securities fraud

00:21:15

and wire fraud

00:21:16

and uh this guy lachwani 45 from santa

00:21:20

clara county basically was lying about

00:21:23

their arr in assassin's company and this

00:21:26

is they raised a bunch of money so

00:21:29

this is an example of something happen

00:21:30

in every company yeah it can happen at

00:21:32

yeah

00:21:33

i think i don't think you're inoculated

00:21:35

just because you invest in sas my point

00:21:36

is if you have a person that's willing

00:21:39

to rip in a check a hundred million

00:21:40

dollars

00:21:41

three hours after meeting you asking for

00:21:44

no diligence at some point david your

00:21:46

back is gonna be against the wall

00:21:48

because you're gonna have to justify to

00:21:49

your lps why you aren't in some of these

00:21:51

theoretically good deals

00:21:53

right and some of them will become

00:21:55

fraudulent they'll just turn out to be

00:21:57

it's just the laws of distribution so

00:21:58

it's a bit of a prisoner's dilemma

00:22:00

you're saying

00:22:02

i mean if you don't do how do you you

00:22:03

have to get deals done

00:22:05

and you're up against people who won't

00:22:06

do diligence no it actually comes down

00:22:08

to something different which is then you

00:22:09

have to differentiate with real brand

00:22:12

meaning

00:22:13

if somebody really wants you on the cap

00:22:16

table they will absolutely slow

00:22:18

everything down to get you correct so

00:22:21

for example like let's let's assume like

00:22:22

it's mike moritz i'll use up

00:22:24

there is nobody in the world i think

00:22:26

who's not a complete buffoon [ __ ] who

00:22:29

wouldn't slow his process or her process

00:22:31

down

00:22:32

to get mike to be on their board

00:22:35

and so if you're willing to basically

00:22:37

just scuttle an entire process

00:22:39

um and just take the fastest money

00:22:42

i think it actually says something that

00:22:44

there is more risk

00:22:46

in backing somebody like you than

00:22:47

somebody that wouldn't slow down so or

00:22:49

right so then you know the problem is

00:22:51

there's fewer there's fewer and fewer

00:22:53

mike morrises in the world you know i

00:22:54

think saks is one of those people i

00:22:56

think peter thiel is another kind of

00:22:58

person you know bill gurley is another

00:23:00

kind of person so there are these people

00:23:02

in our industry where

00:23:03

i think that you will um slow things

00:23:06

down and i do think allow these folks to

00:23:08

do diligence and i think there will be

00:23:09

less fraud in general for that cohort

00:23:12

but if your platform becomes one that's

00:23:14

just about ripping money in and i think

00:23:16

the late stages are roughly this

00:23:18

they're all it's all brand independent

00:23:20

because the money's the same the

00:23:21

valuations are the same

00:23:24

freebird freebird

00:23:25

doesn't it introduce the risk of the

00:23:28

retail investor you know we're seeing

00:23:29

more retail participation

00:23:32

via syndicates

00:23:33

um you know via um you know one-off

00:23:36

investments online kind of marketplaces

00:23:38

and also specs where the retail investor

00:23:41

relies on you know some of these kind of

00:23:44

bigger institutional or perhaps some

00:23:47

name that gets some carried interest in

00:23:48

an investment doing the diligence

00:23:51

and if the activity level is going up

00:23:54

and the dollars are flowing in and the

00:23:56

margin of error is increasing

00:23:58

you know is there not some inevitable

00:24:00

kind of sec backlash and consideration

00:24:02

around how are private companies

00:24:04

ultimately raising money

00:24:06

um and how much they are disclosing and

00:24:08

we kind of face this i can uh yeah

00:24:10

regularly

00:24:11

yeah i can address this as a syndicate

00:24:13

lead you know we only take accredited

00:24:15

investor money at this time and so

00:24:18

anything that happens is with obviously

00:24:19

sophisticated people the top four

00:24:21

percent of americans investing in

00:24:22

companies and

00:24:24

in our diligence now we have seen a

00:24:25

spike in what i'll call

00:24:27

um

00:24:29

uh massaging uh or painting the picture

00:24:32

in a way that i'm not comfortable with

00:24:34

and we have maybe tripled the amount of

00:24:36

time we're putting into diligence now

00:24:38

because i really care about my

00:24:39

reputation and maybe 20 30 percent of

00:24:42

the companies we wind up after initially

00:24:45

wanting to invest maybe giving them an

00:24:46

offer getting an allocation um in recent

00:24:49

history 20 30 percent were winding up

00:24:51

backing out during the diligence process

00:24:53

because

00:24:54

uh their revenue was not software based

00:24:57

there was a hundred thousand in

00:24:58

consulting revenue for me it's like if

00:25:00

you're gonna you know make these kind of

00:25:03

decisions early on in the company i

00:25:04

think it's indicative of future fraud or

00:25:06

future

00:25:07

um

00:25:08

moral ethical issues so we're sitting

00:25:10

out in a lot of cases there are

00:25:13

uh public platforms now republic and

00:25:15

seed invest which i know are also

00:25:17

increasing their

00:25:19

um diligence process because there's so

00:25:21

many newcomers to the space and i think

00:25:22

there's a level i'll be quite frank here

00:25:24

of entitlement amongst founders that is

00:25:26

being um

00:25:29

let's say uh encouraged

00:25:32

unintentionally by the lack of diligence

00:25:34

that's going on people are not taking

00:25:36

the process as seriously as they did 10

00:25:38

years ago or even five years ago

00:25:40

well let me yeah look i i i agree i

00:25:43

think the the diligence you're doing is

00:25:44

really good and um and here's where i

00:25:46

agree with with chamoth um so we have

00:25:48

seen this trend in our industry of the

00:25:50

private equity money coming in in

00:25:52

greater volumes and greater you know

00:25:55

earlier and earlier and faster and

00:25:57

faster right and it started with

00:25:59

you know you have these um like frankly

00:26:01

like public company investors were

00:26:03

looking at

00:26:04

the uh i the value at ipo relative to

00:26:07

the last private round and they saw wow

00:26:09

there's like 2 3x mark up here for one

00:26:11

year those are phenomenal returns let's

00:26:13

arb that by getting into the last

00:26:15

private round then they look at the

00:26:16

second last private round they're like

00:26:18

wait there's a big return there so they

00:26:20

keep moving earlier and earlier to r

00:26:21

about that return

00:26:23

but to jamaa's point it's just they're

00:26:25

applying a financial model where they're

00:26:27

not in the diligence business they're

00:26:29

just um and and i think they just see

00:26:31

like fraud is a cost of doing business

00:26:32

right something they can that's exactly

00:26:34

model out with the portfolio but

00:26:36

but the only reason they can model it

00:26:38

out that way and have the fraud be an

00:26:40

acceptable and predictable sort of cost

00:26:42

of doing business is because you had

00:26:45

these firms in our industry who actually

00:26:47

did diligence at the seed at the series

00:26:50

a right yes and now and now the private

00:26:53

equity guys they're moving so early

00:26:55

they're actually even now doing the

00:26:56

they're moving all the way to series a

00:26:58

so no one's doing the diligence and so

00:27:01

so so that is that is a risk i think

00:27:03

because it might actually change things

00:27:04

and this is where bringing back to

00:27:06

elizabeth holmes

00:27:08

i think it's important here that there's

00:27:10

a conviction i think she should do time

00:27:13

this was clearly a major fraud big time

00:27:15

fraud and even if she didn't directly

00:27:18

perpetrated on silicon valley vcs i

00:27:20

think the message to the industry would

00:27:22

be absolutely horrible if she gets away

00:27:24

with it and frankly i'm a little

00:27:25

concerned she's going to get away with

00:27:26

it um

00:27:28

you know because she is incredibly

00:27:30

charismatic john kerry was saying on a

00:27:31

cnbc hit that don't underestimate her

00:27:34

charisma and ability to snow people and

00:27:37

this bengali defense and she just had a

00:27:40

baby which you know people don't want to

00:27:41

discuss because it seems like it's

00:27:44

sexist but

00:27:45

she is a svengali herself who will

00:27:48

manipulate people in the i like the way

00:27:50

you say that

00:27:51

she's a strange like uh i think you mean

00:27:54

sven golly but yeah

00:27:56

right now

00:27:58

what do you handicap her likelihood of

00:28:00

conviction

00:28:01

i i think it's probably like a 50 50.

00:28:03

and i think so so here's here's the

00:28:05

thing when she was running this company

00:28:06

she wanted everyone to believe she was

00:28:08

steve jobs she even did the media tour

00:28:10

with the turtleneck she wanted everyone

00:28:12

to know that she was a jobsee and

00:28:13

micromanager who made every decision was

00:28:15

responsible for the success now that

00:28:17

she's on trial she wants us to believe

00:28:19

that she wasn't calling the shots she

00:28:20

wasn't the person 9 voting power in the

00:28:23

company yeah look

00:28:25

yes you know this is sort of the the

00:28:27

romy and michelle's high school reunion

00:28:28

defense where she wants us to suddenly

00:28:30

believe

00:28:31

that she was sort of like you know

00:28:33

this sort of ingenue who didn't know

00:28:35

anything and um you know but she might

00:28:38

get off because she kind of looks like

00:28:39

lisa kudrow you know um

00:28:54

she's gonna go up there and pretend to

00:28:56

be lisa kudrow or something you know

00:28:57

like somebody says

00:28:59

it's super offensive that she wants to

00:29:01

get up there and say that she was this

00:29:04

abused woman i mean for women who

00:29:06

actually are abused for her to get up

00:29:07

there and say she's an abused woman and

00:29:08

she perpetrated 20 years

00:29:13

we don't know whether she was abused or

00:29:14

not and if she was it may or may not

00:29:18

have implicated in what she did which we

00:29:20

don't know whether she did because again

00:29:22

thank god for the laws in america she is

00:29:24

presumed innocent so let's let's all

00:29:26

just like i think i think what david

00:29:28

where i agree with you is the following

00:29:30

which is

00:29:31

we do need to know

00:29:33

that

00:29:34

uh you know investors we all sign up for

00:29:37

expressing the fiduciary

00:29:38

responsibilities on behalf of our lps or

00:29:41

on behalf of our stakeholders okay

00:29:43

there needs to be some equivalent

00:29:45

standard that founders are held to

00:29:49

and there needs to be consequences for

00:29:50

lying particularly about the past

00:29:53

because in the future you say i'm just

00:29:55

projecting but in the past you're right

00:29:57

you have to be able to realize on what's

00:29:59

given to you like look when we do

00:30:00

diligence in a company we are given

00:30:03

everything that they have right we talk

00:30:05

to their lawyers we talk to their

00:30:06

lawyers lawyers in some cases

00:30:08

in the public markets all of this has to

00:30:10

be transparently published so that we

00:30:12

can come to our own conclusion sometimes

00:30:14

those conclusions are right sometimes

00:30:15

they're wrong but we can at least know

00:30:18

that they're not lying to us the minute

00:30:19

that it turns out that they were fudging

00:30:21

the numbers that they gave us

00:30:23

you're making you know the best

00:30:24

decisions you can

00:30:26

you're assuming that it's great data but

00:30:28

if the data is fudged you're [ __ ]

00:30:30

and so to the extent that she did that

00:30:33

then she should be punished because we

00:30:34

needs that standard she this is

00:30:37

this goes beyond money she was switching

00:30:39

people's results she was saying that she

00:30:41

was giving them a blood result on her

00:30:43

incredible varanos machine and she was

00:30:45

running it to the back and and running

00:30:47

it on an average machine yes and she so

00:30:50

she was taking investors putting their

00:30:53

blood into her machine the theranose

00:30:56

machine then taking them for coffee

00:30:58

running it to an abbott machine and

00:30:59

giving their results i mean this was

00:31:01

the definition of a premeditated

00:31:04

deliberate and multi-year fraud i put

00:31:07

her at eighty percent likelihood of

00:31:09

guilty and i put the over under at 32.5

00:31:12

months served

00:31:14

i don't know what the take down 32.5

00:31:21

well i i hope you're right because uh

00:31:23

yeah i mean i'm a little worried that uh

00:31:25

she's gonna figure out a way to pull the

00:31:27

rug over people

00:31:28

what what are our kids gonna get in jail

00:31:30

if we were chinese right now and they

00:31:31

played video games

00:31:34

basically i think you would you would do

00:31:37

harder time uh so moving on

00:31:40

the consequences is to the chinese

00:31:42

internet companies

00:31:43

no what's the consequence to the kids if

00:31:45

they're caught on video games no you're

00:31:46

not you're oh companies have to turn it

00:31:48

off right right right all right here we

00:31:50

go china bans young people from playing

00:31:52

video games this is for kids who are

00:31:54

under the age of 18 they are now

00:31:55

restricted from playing games on

00:31:57

weekdays can only play for three hours

00:32:00

most weekends

00:32:01

and these were set as a response to

00:32:04

china's physical and mental health being

00:32:05

affected by gaming according to reuters

00:32:08

uh it limits um i think they're doing

00:32:11

what all american parents would want our

00:32:13

government to do for our kids

00:32:16

i i don't disagree with that uh gamers

00:32:19

are now penalized if they don't obey and

00:32:21

the gaming companies will be as well

00:32:23

gaming companies will have to prove they

00:32:24

have an identification system in place

00:32:26

like requiring

00:32:32

age range

00:32:33

i am sweating who they're texting who

00:32:36

they're talking to what game they're

00:32:38

playing the new game they want to

00:32:39

download [ __ ] that this is the only

00:32:41

thing i've ever said that would make me

00:32:43

want to move to china this is one rule

00:32:46

this is

00:32:47

the most incredible thing i've ever

00:32:49

heard and i and and they're so smart by

00:32:51

the way what's so beautiful is they they

00:32:53

send fentanyl and tick tock to us so

00:32:55

that we get addicted to that [ __ ]

00:32:57

totally i know what they're saying and

00:32:58

they're like no you guys are going to

00:33:00

learn stem so that you can you know take

00:33:02

over the world it's beautiful it's

00:33:03

brilliant yeah i would say like

00:33:04

everything about china is is a measured

00:33:07

decision right the the the politburo the

00:33:10

decision makers are not sitting there

00:33:12

randomly shooting from the hip based on

00:33:14

intuition and saying hey i think we

00:33:15

should stop video games they seem bad

00:33:17

for kids there is clearly evidence and

00:33:19

data and statistical models that are

00:33:22

driving this decision and their

00:33:23

objective function is improve the health

00:33:26

the longevity and the economic

00:33:28

prosperity of our society as a whole i'm

00:33:31

sorry did you get this statement from

00:33:32

china what are you doing

00:33:34

continue comrade

00:33:36

you got

00:33:39

i'm pointing out these guys are these

00:33:41

guys generally don't make decisions

00:33:42

based on someone's kind of like flippant

00:33:44

intuition they make decisions based on

00:33:46

what they believe to be in the better

00:33:48

interest and i'm not saying it's right

00:33:49

or wrong but in the better interests of

00:33:50

economic prosperity

00:33:54

and i think we all know it intuitively

00:33:56

we can certainly read reports but in the

00:33:57

united states we value individual

00:33:59

liberties above all else and so we don't

00:34:01

find ourselves in the circumstance it

00:34:03

seems foreign and scary and crazy but

00:34:05

again it's another um in my opinion it's

00:34:07

another tool we're going to get to

00:34:09

something else

00:34:10

this century yes that's true but let's

00:34:12

let's be clear we we don't we don't

00:34:14

value

00:34:15

individual liberties that's not true

00:34:16

that's just what we tell people but

00:34:18

that's not totally true and you know

00:34:20

that's a i'm not gonna go there but yeah

00:34:22

well i mean we are literally sitting

00:34:24

here fighting there's a group of

00:34:26

individuals who are fighting to wear

00:34:27

masks uh or not have to wear a mask

00:34:30

rather not have to take the vaccine and

00:34:32

at the same time and i don't know if we

00:34:33

want to go there uh we are denying a

00:34:36

woman's um

00:34:42

david sacks are you in support of

00:34:44

texas's abortion ban no we're let's

00:34:47

no no i think it's a stupid law and i'll

00:34:49

explain why in a second but just on the

00:34:51

the china thing for a second um

00:34:54

this is i'll be a dissenting voice here

00:34:56

this is like if we had given tip or gore

00:34:58

dictatorial powers i mean this is insane

00:35:00

they're gonna they're gonna determine

00:35:03

how many hours a kid can play video

00:35:05

games i mean look i i get

00:35:08

the the potential benefit but this is

00:35:10

incredibly intrusive into the lives of

00:35:13

citizens and

00:35:15

i'm not sure that video game playing is

00:35:18

all together a negative thing you know i

00:35:20

think it's mostly our kids go through a

00:35:21

phase where they play a lot of games and

00:35:23

they grow out of it and you know you

00:35:26

talk to developers computer programmers

00:35:28

they all went through some phase where

00:35:30

they were like hyper addicted to video

00:35:32

games it

00:35:33

you know builds hand-eye coordination it

00:35:35

builds um

00:35:36

sort of uh you know computer uh literacy

00:35:41

so i'm not sure it's like that look

00:35:42

obviously if someone does nothing but

00:35:44

computer games their whole life that's a

00:35:46

problem but as a phase that a kid goes

00:35:48

through

00:35:50

i agree with you because i used to play

00:35:51

three hours of [ __ ] zelda a day when

00:35:53

i came home because i was like no

00:35:54

because i was a latchkey kid because i

00:35:56

was a latchkey kid and i didn't have

00:35:58

anybody to take care of me

00:36:00

uh i don't think david though that

00:36:02

that's what kids are getting when

00:36:03

they're playing four hours of [ __ ]

00:36:04

call of duty every night four hours

00:36:06

these kids are playing ten hours

00:36:09

by the way i think there's i think china

00:36:11

has another motivation for for this ban

00:36:14

which is they've got a lot of because of

00:36:17

the one child policy right they've got a

00:36:19

radical

00:36:20

uh misbalance of you know male to female

00:36:22

ratio they've got a lot of young males

00:36:25

without romantic prospects in that

00:36:27

country

00:36:28

basically they have an insult problem

00:36:31

it's a giant insult problem i don't

00:36:33

think we hear much about it um

00:36:35

because they control the media but i

00:36:37

wouldn't be surprised if there's a lot

00:36:38

of just random violence out there and

00:36:41

the last thing they want to do is have

00:36:43

these in-cells playing fortnite and call

00:36:45

of duty shooting people five hours a

00:36:47

night and then getting their brains

00:36:49

wired that way that might be playing

00:36:51

into this decision i don't know well

00:36:52

again you're just validating the mental

00:36:54

health aspect they've studied the mental

00:36:55

health implications of these video games

00:36:57

and they said

00:36:59

i'm not arguing for the ban i'm arguing

00:37:01

for the fact that china has certainly

00:37:03

done something to indicate they have

00:37:05

some data that indicates why they should

00:37:06

make this decision it may be you're

00:37:08

right it may be about kind of you know

00:37:09

growing getting people to be more

00:37:11

romantic and get out of the house and go

00:37:12

get married and have kids and whatnot

00:37:14

but there's certainly a and remember

00:37:16

their objective function is always about

00:37:18

longevity and economic prosperity so you

00:37:20

know there's something that's making

00:37:21

them say that we can increase economic

00:37:23

prosperity increase longevity by doing

00:37:25

this and that outweighs the whatever the

00:37:28

detrimental social and other effects

00:37:30

might be

00:37:30

um and you know i think there's

00:37:32

something to read into it but no matter

00:37:33

what every big decision they make has

00:37:36

some

00:37:37

degree of competitive

00:37:39

advantage for them and you know those

00:37:41

kids if they're not playing video games

00:37:43

they're going to be do some doing

00:37:44

something else like i don't know

00:37:44

programming computers doing

00:37:46

biotechnology in a lab figuring stuff

00:37:49

out on the internet writing the next

00:37:50

cryptocurrency i don't know but there's

00:37:51

going to be some advantage that's going

00:37:53

to arise out of the the time and the and

00:37:56

the productivity that's going to be

00:37:56

generated by this and i think that's the

00:37:58

calculus that they're undertaking here

00:38:01

i'm not saying

00:38:02

no no we all agree they're thoughtful

00:38:03

the question is what is this going to do

00:38:06

for this generation if they don't play

00:38:08

video games are they going to be more

00:38:09

productive are they going to be

00:38:11

you know

00:38:12

they'll be they'll be good drones for

00:38:14

the the collective you know

00:38:18

you're right

00:38:19

exactly

00:38:21

and that's that's the downside here is

00:38:22

even if they get it right in this

00:38:25

particular case how much freedom do you

00:38:27

have to give up how much state

00:38:28

surveillance is there in the enforcement

00:38:30

and how many other insane policies will

00:38:32

they forced on people with this

00:38:34

mentality of you don't get to live your

00:38:36

life individually you got to stay this

00:38:38

is actually i think your best point sex

00:38:40

is that i think what could happen here

00:38:42

is you can overplay a hand and by

00:38:44

squeezing people too tightly you can't

00:38:46

play video games uh you can't run your

00:38:49

own companies you're gonna get replaced

00:38:51

you can't practice your own religion you

00:38:53

you can't say what you want be a

00:38:55

journalist

00:38:56

these things could add up and and they

00:38:58

could you know piss off a young group of

00:39:00

people who do what happened in tiananmen

00:39:03

square or in hong kong and they could be

00:39:05

dealing with uh you know their own

00:39:07

revolution and what if it's video games

00:39:10

revolutions have started over similarly

00:39:13

seemingly

00:39:27

actually i think you know maybe it's a

00:39:28

small chance five percent or ten percent

00:39:30

you know creating a lot of social unrest

00:39:33

do you want to be

00:39:34

all right should we go to texas you guys

00:39:35

want to talk about that i mean i have

00:39:37

social unrest i'm going to lose my mind

00:39:39

here all right here we go sb-8 creates a

00:39:42

private cause of action that enables

00:39:44

texans to sue

00:39:46

those who perform or aid and abet the

00:39:48

performance of abortions after a fetal

00:39:50

heartbeat has been detected the ban

00:39:53

comes two years after abortion

00:39:54

restrictions were proposed in georgia

00:39:56

mississippi kentucky and louisiana the

00:39:58

previous propositions were spoken out

00:40:01

publicly against by progressive tech

00:40:02

companies companies with a female

00:40:04

customer base and women led businesses

00:40:05

that proposed bill never became law

00:40:09

uh sax you want to just uh frame for us

00:40:11

the the legal sort of case here uh yeah

00:40:13

let's go to well do you want to do you

00:40:15

want to go back and actually frame uh

00:40:17

roe v wade and and planned parenthood

00:40:19

versus casey i think those are important

00:40:20

to understand what the hell's going on

00:40:22

here

00:40:23

sure okay well so you know row obviously

00:40:26

gave women the the right to choose um

00:40:28

you know

00:40:30

the reproductive freedom over you know

00:40:32

invalidated abortion laws very very in a

00:40:34

very very sweeping way

00:40:36

casey sort of modified

00:40:38

roe it upheld it but modified it saying

00:40:41

that the state could impose some

00:40:43

restrictions as long as it didn't place

00:40:46

an undue burden that was a key term

00:40:48

undue burden on a woman's right to to

00:40:50

choose and i think what was at issue in

00:40:52

that case was um

00:40:54

i think it was pennsylvania the state of

00:40:56

pennsylvania imposed a waiting period

00:40:58

and some consultation with an advisor

00:41:00

and so it delayed

00:41:02

the abortion but it didn't

00:41:04

restrict or it otherwise eliminate it

00:41:06

right

00:41:07

yeah

00:41:08

so so so casey casey

00:41:10

roe as modified by casey is really the

00:41:12

under is really the law of the land

00:41:14

right now which is the undue burden then

00:41:15

texas comes along and do you want to

00:41:17

explain this law

00:41:19

yeah so this law is regards to what you

00:41:22

think about abortion it's a really um

00:41:26

bizarre law because what it does is it

00:41:28

doesn't just

00:41:30

ban it it doesn't ban abortion outright

00:41:33

what it does is create a private

00:41:35

right of action basically a right to sue

00:41:40

uh in civil court anyone who aids and

00:41:43

abets an abortion after about five or

00:41:45

six weeks so

00:41:46

six weeks basically after a fetal

00:41:48

heartbeat can be detected so which is

00:41:51

about six weeks into the pregnancy and

00:41:52

the way the law works is that

00:41:55

um

00:41:56

okay so point one abortion providers are

00:41:58

prohibited from performing abortion if

00:41:59

they can detect fetal heart tones

00:42:01

um again that's six weeks there's no

00:42:03

exception for rape and incest i think

00:42:04

that's really

00:42:06

explosive politically

00:42:08

um

00:42:09

and horrible do you think it's horrible

00:42:10

as a human yeah i'm curious your

00:42:12

personal position yeah we'll look let's

00:42:14

get that let me just explain the law so

00:42:16

the the law puts the onus of enforcement

00:42:19

on private citizens not government

00:42:21

officials okay they do that to avoid to

00:42:24

make it harder to legally challenge this

00:42:26

under roe and casey okay so what that

00:42:28

what the government has done here what

00:42:30

texas has done is it gives private

00:42:31

citizens the ability to sue abortion

00:42:33

providers or anyone who aids in a bet

00:42:35

someone to to get an abortion so it

00:42:37

could be an uber driver it could be a

00:42:39

friend who simply drives someone to the

00:42:41

abortion clinic it could be a person who

00:42:43

provides financial assistance it could

00:42:44

be a secretary who works at the abortion

00:42:47

clinic they can all be sued now

00:42:49

under aiding and abetting and here's

00:42:50

here's really the the the person who had

00:42:53

the abortion cannot be sued but but

00:42:55

anyone who ate it and about it can be

00:42:56

that's how they're getting around the

00:42:58

the right to choose and here's the

00:42:59

craziest part is

00:43:01

the citizens who choose to sue don't

00:43:04

need to show any connection to the

00:43:05

person they're suing

00:43:07

and uh they don't even have to live in

00:43:09

the state right so there's no connection

00:43:12

to them there's no personal injury to

00:43:14

them but they're basically suing under a

00:43:16

personal injury under a civil right of

00:43:19

action and if they succeed the law

00:43:21

states that they're entitled to at least

00:43:23

ten thousand dollars in damages in

00:43:25

addition to their legal costs so if they

00:43:27

win

00:43:28

their illegal guests got legal costs get

00:43:30

paid but if they lose they don't have to

00:43:32

cover the defendant's legal fee so they

00:43:34

just get a free shot here which is also

00:43:36

i've never seen a loser pay a rule like

00:43:38

this i mean there are loser pay rules

00:43:40

but

00:43:41

they're symmetric so we have an

00:43:43

asymmetric loser pays rule but i don't

00:43:45

think we've ever had a

00:43:47

civil law like this

00:43:49

where um

00:43:51

where somebody can sue where there's no

00:43:54

injury to them there's no standing here

00:43:57

this is the thing that's fundamentally i

00:43:59

think at odds with our entire legal

00:44:00

tradition and i think regardless of what

00:44:02

you think about abortion

00:44:04

this law will eventually be invalidated

00:44:06

by the supreme court or a lower court on

00:44:08

that ground that they're allowing people

00:44:10

to sue without standing um and and it's

00:44:13

a horrible precedent because can you

00:44:14

imagine if with what the what texas is

00:44:17

basically doing is deputizing private

00:44:19

citizens to enforce in civil courts a

00:44:22

prohibition that they cannot or will not

00:44:25

pass directly

00:44:27

is this the best they could come up in

00:44:28

your

00:44:29

hold on let's let's just state a couple

00:44:31

more uh facts like this was an extremely

00:44:35

well thought out

00:44:36

law

00:44:37

um i think that they

00:44:39

the the pro-life faction in texas

00:44:43

clearly had some very smart

00:44:44

constitutional thinkers that were able

00:44:46

to navigate around roe v wade and

00:44:48

planned parenthood versus casey to get

00:44:50

something written that could be passed

00:44:52

in a way where you know samalito just

00:44:54

basically punted and said we're not

00:44:55

going to give a stay and so this is

00:44:57

going to have to meander through the

00:44:59

course there is still a risk that it

00:45:00

could just get kicked down to texas and

00:45:02

it could remain a state issue which

00:45:04

there is a big risk and if that's true

00:45:06

then you know other states could

00:45:07

basically take iran at

00:45:09

copying this this law what i what i

00:45:11

wanted to talk about was if you bring it

00:45:14

all together you know friedberg said

00:45:15

something about like you know we really

00:45:17

value personal freedom and this is where

00:45:18

i was like cynically like actually

00:45:20

that's not true

00:45:21

this is an example in my in my opinion

00:45:24

of where this is just like we are very

00:45:25

hypocritical

00:45:27

where you know if we talk about a

00:45:28

vaccine mandate you know there's just a

00:45:31

an entire fiery you know up in arms

00:45:34

of people usually typically in the same

00:45:36

states that are very anti-abortion that

00:45:38

are like you know you know tread on me

00:45:40

lightly you can't touch my body you know

00:45:42

i have the right to decide but when it

00:45:44

comes to this topic

00:45:46

they abandon all of that and they go to

00:45:48

the extreme opposite side which is the

00:45:50

government mandates and to be able to

00:45:52

say that to 50 of the population that

00:45:55

just because you were born with

00:45:57

reproductive organs that you're treated

00:45:59

different

00:46:00

specifically you know a uterus ovaries

00:46:02

in a vagina you're treated differently

00:46:03

than a man to me just seems absolutely

00:46:06

insane and just like fundamentally just

00:46:08

erodes this idea of equality like at

00:46:10

just a very principled level

00:46:12

and the even worse thing

00:46:15

is that then you know the corporations

00:46:17

that actually used to be on the front

00:46:19

lines of helping to drive social justice

00:46:21

so far have been completely absent right

00:46:24

you have to remember in 2019 when we had

00:46:26

these very repressive abortion laws i

00:46:28

think he was in mississippi or alabama

00:46:30

you had all of these companies come out

00:46:32

and say hey no not here not under our

00:46:35

watch then when you had all these voter

00:46:37

suppression laws in georgia

00:46:39

right you had all these companies come

00:46:41

out and say hey absolutely not not on

00:46:43

our watch we will leave the state if you

00:46:45

implement these things

00:46:46

but so far what you've seen in this law

00:46:49

is complete radio silence in texas and

00:46:52

this is you know you have to remember

00:46:53

texas is the ninth largest economy in

00:46:55

the world

00:46:57

right in the world

00:46:58

so you have every single kind of company

00:47:01

from technology to otherwise who have

00:47:03

chosen to either start or relocate their

00:47:05

businesses in the state and i gotta

00:47:08

think that you know these employees and

00:47:10

these leaders of these businesses should

00:47:12

be saying something and they haven't

00:47:13

said a damn thing

00:47:18

freeberg you have thoughts

00:47:19

and then we'll go to esx

00:47:21

um look i feel like

00:47:25

um everyone has a limit to what they

00:47:27

believe

00:47:29

um

00:47:30

defines

00:47:31

individual liberty

00:47:33

um you know should everyone have

00:47:35

complete freedom to the point that they

00:47:36

can take a gun and go shoot anyone that

00:47:38

they want the answer is no i think even

00:47:40

the most die-hard libertarians would

00:47:42

argue

00:47:43

that there's some degree of what is it

00:47:45

jon stewart mills sex um

00:47:47

you know you should have the ability to

00:47:49

do whatever you want within your sphere

00:47:51

of influence as long as it doesn't

00:47:52

intersect with a sphere of influence of

00:47:53

others

00:47:54

and so the philosophical argument that i

00:47:57

believe the pro-life movement made

00:47:59

which is really a different point of

00:48:01

view on values

00:48:02

is that the sphere of influence of a

00:48:04

fetus exists at some point in time and

00:48:07

therefore shouldn't be invaded by the by

00:48:09

the by the mother now i'm not speaking

00:48:11

obviously my point of view my point of

00:48:12

view is

00:48:14

extremely pro-choice

00:48:16

um

00:48:17

just to be very clear

00:48:18

but the argument is um

00:48:22

is i think one that we we all kind of

00:48:23

blush over and assume that it's it's

00:48:25

about taking away a woman's right

00:48:26

without recognizing the voice on the

00:48:28

other side which says that there is a

00:48:30

a right to to life

00:48:32

by a fetus at a certain point in time

00:48:34

and so to me there's almost like this

00:48:36

principle debate that arises and it

00:48:38

probably certainly falls more along

00:48:39

religious lines than it does along on a

00:48:42

religious spectrum than it does on a um

00:48:44

a kind of a libertarian spectrum or a

00:48:46

spectrum of liberties um that that kind

00:48:49

of defines that crossover point for

00:48:51

people but clearly texas is a really

00:48:53

interestingly confused state right

00:48:55

there's this argument about individual

00:48:57

freedom but now what comes across is a

00:48:59

highly kind of conservative point of

00:49:01

view with respect to

00:49:03

the freedom of a pregnant woman

00:49:06

um and so you know i don't know if there

00:49:08

really is an easy answer it certainly

00:49:10

seems to me nowadays that the pro-choice

00:49:12

movement is the majority the the

00:49:14

pro-life movement is the minority and

00:49:15

maybe i'm off on that side you probably

00:49:17

know better

00:49:18

um but you know i'm not sure this truly

00:49:20

does set a precedent that becomes kind

00:49:22

of a widespread recognition of a new way

00:49:24

of addressing kind of the pro-life

00:49:26

movement or giving the pro-life movement

00:49:27

some additional movement i still think

00:49:28

that the pro-life movement remains

00:49:30

a minority and um and over time that

00:49:34

that will you know there'll be

00:49:36

perturbations but there'll certainly be

00:49:37

some resolution over time

00:49:39

in favor where are all the politically

00:49:41

correct people where are they where are

00:49:42

they right now where are all the

00:49:43

politically i mean like i guess they are

00:49:45

they were happy to get mike richards or

00:49:47

whatever the guy's name was fired from

00:49:49

jeopardy last week but where are they

00:49:50

now when we really need them

00:49:53

but

00:49:54

are you really saying there's not enough

00:49:55

outrage about this i mean i'm seeing a

00:49:56

ton of outrage on social media yeah i

00:49:58

see everything i see nothing i see i see

00:50:00

a lot of useless virtue signaling i

00:50:02

don't see anything that's actually i

00:50:03

think what we're talking about here is

00:50:04

the leadership of companies and leaders

00:50:06

in my big companies

00:50:08

there's gonna be a million person march

00:50:10

within 45 days okay well let me

00:50:13

let me go back to chamas point about

00:50:14

whether

00:50:15

you know he called this this um this

00:50:17

bill smart in the sense that it was

00:50:19

really thought through i agree that it's

00:50:21

a deliberate attempt to circumvent

00:50:24

roe v wade and heart make it harder to

00:50:26

sustain a legal challenge

00:50:28

against it but i don't think this is

00:50:29

smart i think it's stupid

00:50:31

philosophically politically and legally

00:50:34

for

00:50:35

the even for the pro-life movement so

00:50:37

philosophically

00:50:38

i think the problem here is they're

00:50:40

creating unlimited

00:50:42

standing

00:50:43

to sue across state boundaries by

00:50:45

somebody who hasn't even experienced

00:50:47

harm i mean this is so far from what

00:50:50

conservative

00:50:51

jurists and legal scholars have always

00:50:53

professed to believe i mean i remember

00:50:55

20 years ago tort reform and ending

00:50:57

frivolous lawsuits was the absolute

00:51:00

bedrock plank on the you know of the

00:51:02

republican party so they're just

00:51:04

throwing that out the window here with

00:51:06

unknown consequences for hold on a

00:51:08

second for example

00:51:09

why wouldn't this be used to circumvent

00:51:11

people's second amendment rights why

00:51:13

wouldn't you just create a private right

00:51:14

of action to sue anyone who couldn't you

00:51:16

know ate and abetted

00:51:18

um a gun crime you know so i i i think

00:51:21

this is going to boomerang on

00:51:22

conservatives second here's what i wait

00:51:24

okay but let me get to the um political

00:51:27

stupidity of it and then henry belcaster

00:51:29

wanted this as one piece so he didn't

00:51:30

have to do so much editing no look

00:51:32

finish no luck

00:51:34

the wall street journal has a great

00:51:36

editorial today okay this is the wall

00:51:38

street journal editorial page is a great

00:51:39

piece this is from

00:51:42

uh

00:51:42

and they basically say look they said

00:51:44

sometimes we wonder if texas is a

00:51:45

journey attorney general kent accident

00:51:48

is a progressive plant that's the guy

00:51:49

behind this his ill-conceived legal

00:51:51

attack against obamacare backfired

00:51:53

republicans in last year's election and

00:51:55

lost at the supreme court now

00:51:57

he is leading with his chin on abortion

00:51:59

how about thinking first so they're

00:52:01

pretty clear this is going to get

00:52:03

overturned and frankly then politically

00:52:06

this is just handed this is you know

00:52:08

democrats already having a field day

00:52:09

with this so biden said this law is so

00:52:12

extreme it doesn't even allow for

00:52:13

exceptions in the case of rape and

00:52:14

incest i mean look he's right about that

00:52:16

and gavin newsom the polling for him is

00:52:19

now going through the roof because all

00:52:21

he has to do for the next uh 10 days is

00:52:24

talk about right to choose in this texas

00:52:26

bill and he's going to cruise

00:52:28

towards defeating the recall because

00:52:29

it's basically

00:52:30

you're talking about something

00:52:31

differently than i was what i what i'm

00:52:33

saying is something very specific if you

00:52:34

go back to roe v wade

00:52:36

it was written by a man first of all

00:52:38

which you know we can debate whether

00:52:40

that makes any [ __ ] sense um but

00:52:42

harry blackman went to the mayo clinic

00:52:44

and lived there for like six or eight

00:52:46

weeks reading medical textbooks and came

00:52:48

up with this trimester framework

00:52:50

and again i'm just gonna go out on a

00:52:52

limb and say i don't have a [ __ ] clue

00:52:53

what's going on in a woman's body and i

00:52:55

don't think harry blackman did even

00:52:56

though he was much smarter than i and

00:52:58

was on the supreme court okay

00:53:01

and then casey tried to clean this up by

00:53:03

going to this fetal viability thing so

00:53:05

we we have this law that was really kind

00:53:07

of ill-conceived but was kind of going

00:53:09

in the right direction but it was really

00:53:11

a very first form of judicial activism

00:53:13

we tried to clean it up in the early 90s

00:53:16

but it's always been an issue where

00:53:17

eventually what's really been happening

00:53:19

is we've been pushing

00:53:20

this to the state's right issue

00:53:23

and i think that the cleverness of this

00:53:26

bill and it's dangerous but it was very

00:53:28

well thought out this was not a random

00:53:30

thing where two haphazard [ __ ] got

00:53:33

together and wrote this bill david i

00:53:34

think that this was methodically planned

00:53:36

out for years

00:53:38

and they are [ __ ] though it's

00:53:40

totally gonna backfire on them it's not

00:53:42

going to it's going to let for example

00:53:44

we now have an activist supreme court

00:53:48

who may actually not opine on this on

00:53:50

the validity of the issue but say this

00:53:52

is a states right issue if this stays in

00:53:54

texas and doesn't get outside of texas

00:53:57

you will have this specific thing hold

00:53:59

and stand and i think that that's a very

00:54:02

bad precedent to have set i think that

00:54:04

these folks planned this out and i don't

00:54:07

think they thought that it was an easy

00:54:08

way to overturn it and i think that's

00:54:10

why

00:54:11

when everybody was waiting with baited

00:54:13

breath for alito to basically stay this

00:54:15

he didn't

00:54:17

listen i think there there's a lot of

00:54:18

hysteria and hyperbole on social media

00:54:20

right now saying that roe v wade's been

00:54:22

overturned the supreme court is

00:54:23

overturned i'm not saying that yeah i i

00:54:25

guess who don't know anything yeah i i i

00:54:28

i but but they're saying that because

00:54:30

the supreme court ruled on very narrow

00:54:32

procedural grounds that it wasn't ready

00:54:33

to hear about the texas law because a

00:54:36

harm hasn't been committed yet but they

00:54:38

haven't said they won't look at it in

00:54:40

the future i believe they will i believe

00:54:42

that this

00:54:43

law will be found unconstitutional

00:54:46

not necessarily do you think that

00:54:47

companies not not necessarily because of

00:54:49

abortion but just because no i don't

00:54:51

think they're changing the legal

00:54:53

definition of standing in a way that

00:54:55

flies against

00:54:57

everything we know about how the court

00:54:58

system works i just

00:55:00

i i think ultimately this is too clever

00:55:02

by half by the

00:55:04

by the state attorney general

00:55:06

i think it was i don't think

00:55:08

i think he's a st he's a he's a tool all

00:55:10

right do we want to move on and talk

00:55:11

about

00:55:12

uh apple allowing people to uh link to

00:55:15

their own websites the the apple thing

00:55:17

is really big news because it kind of

00:55:18

goes to show you that

00:55:20

you had you had a pretty progressive

00:55:23

legislative framework in south korea i

00:55:25

don't think it's particularly a huge

00:55:26

market for apple because the most of the

00:55:28

most of the um

00:55:31

app activity i think is android more

00:55:33

than it is apple um but they basically

00:55:35

just seeded the market and by deciding

00:55:37

to basically conform to this law then

00:55:40

they started with these reader apps and

00:55:42

allowing uh payments um

00:55:45

it's the beginning of the beginning for

00:55:47

you know the app stores to be

00:55:48

deconstructed and opened this uh just so

00:55:50

people understand um apple said it would

00:55:53

uh allow media apps to create in-app

00:55:55

links to sign up pages on those

00:55:57

companies websites allowing the likes of

00:55:59

spotify netflix to bypass the iphone

00:56:01

maker's cut of subscriptions now of

00:56:03

course you can use spotify and netflix

00:56:05

on your phone but you may have probably

00:56:07

people haven't experienced this because

00:56:08

they've already become members of it and

00:56:10

did it on their site but you can't

00:56:11

actually pay through

00:56:13

your phone and

00:56:15

you can't sign up through the app

00:56:17

they're not they were technically not

00:56:18

allowed to link to it so this is a small

00:56:20

small concession only to media folks so

00:56:24

what do you think saks

00:56:26

um well i think trumath has kind of said

00:56:28

this is the beginning of the end um i

00:56:30

think there's some truth to that um look

00:56:33

i think the the the root of this is the

00:56:35

fact that apple has this 30

00:56:38

rake uh on any in-app purchases

00:56:41

and like bill gurley said it's a rake

00:56:44

too far right just because you can

00:56:46

charge 30 percent doesn't mean you

00:56:48

should charge 30

00:56:49

ultimately this is why the whole

00:56:51

ecosystem has been up in arms they

00:56:52

formed an industry coalition

00:56:54

to challenge apple that resulted in a

00:56:56

lot of legal

00:56:58

challenges

00:56:59

lawsuits and

00:57:01

a lot of these companies like spotify

00:57:03

and tile they testified against apple

00:57:06

uh in hearings um so i think this 30

00:57:09

rake has ultimately backfired on apple

00:57:11

it's created a huge backlash and now

00:57:13

they're paying the price they've already

00:57:14

had to roll it back for these so-called

00:57:16

reader apps

00:57:18

so you know if what you're doing is

00:57:20

buying a subscription to say netflix

00:57:22

netflix will now be able to redirect you

00:57:24

to their website you can buy it there

00:57:26

and then consume the content

00:57:28

you know on your ios app without uh

00:57:30

apple getting a sp you know part of

00:57:32

the split

00:57:34

but

00:57:35

this now opens the door for uh this type

00:57:38

of thing to apply to uh to games as well

00:57:41

where there's a lot more in-app

00:57:42

purchases like like fortnight right

00:57:44

so um i i just think this is a case

00:57:46

where you know what's the old line that

00:57:48

pigs get fat and hogs get slaughtered uh

00:57:51

apple has been a hog and now it's

00:57:52

getting slaughtered

00:57:54

yeah

00:57:55

by the way i want to point out like this

00:57:56

is a really interesting experience of

00:58:00

the free market you know clearly

00:58:02

consumers and the

00:58:04

developers on the apps in the app store

00:58:06

ecosystem were vocal and angry enough

00:58:09

that that um

00:58:10

that this behavioral change from apple

00:58:12

the structural change kind of came to

00:58:14

bear it didn't require regulatory

00:58:16

intervention

00:58:17

i just want to point out how

00:58:19

important and relevant that is that

00:58:20

you're the market is functional the

00:58:23

market is functional and having the

00:58:24

government and regulators come in and

00:58:26

you know people complaining to the

00:58:28

senate about google and apple

00:58:29

monopolizing them out of their

00:58:31

businesses

00:58:32

ultimately gets resolved when enough

00:58:35

there's enough kind of collective mass

00:58:37

from the consumer slash partner that

00:58:38

says to the

00:58:39

the the big incumbent player we're not

00:58:41

going to play by these games anymore by

00:58:43

these rules anymore i gotta think lena

00:58:45

khan being appointed

00:58:47

did make apple think

00:58:55

modest concession that yeah if you're a

00:58:58

spotify or a netflix or

00:59:01

audible we're going to let you buy

00:59:02

through the ass i mean do you want a

00:59:04

little regulation and

00:59:06

police and anti-trust

00:59:09

don't you think this is a nice win for

00:59:10

the free market

00:59:12

yeah i do well look i i don't think

00:59:15

monopolies are i i don't think letting

00:59:18

monopolies do whatever they want is free

00:59:19

market okay i mean

00:59:21

a monopolies end competition

00:59:24

they will squash innovation they will

00:59:26

you know

00:59:27

they will basically

00:59:29

uh get in the way of permissionless

00:59:30

innovation so

00:59:32

i you know i'm in favor of writing in

00:59:34

these monopolies and the two big issues

00:59:36

i think with apple and google well apple

00:59:38

especially is number one side loading of

00:59:41

apps so the idea that they have total

00:59:43

control over what app what apps get

00:59:45

loaded onto your ios device people want

00:59:47

the ability

00:59:49

uh to create alternative app stores that

00:59:51

already exists for android right so i

00:59:53

think that is coming for apple

00:59:55

apple claims is a security issue but

00:59:57

it is i mean what they should do is if

01:00:00

you click on lo side load apps it should

01:00:02

just give you a warning you are no

01:00:04

longer protected by us you know you're

01:00:06

you're subjecting yourself to phishing

01:00:08

scams your information and buyer beware

01:00:11

and then people can make their own

01:00:12

decision i've always thought that would

01:00:14

be the best decision for what i like

01:00:15

about this is i think this gives apple

01:00:17

the ability to now just compete against

01:00:20

uh everybody in the app store uh without

01:00:23

having to have this um you know well

01:00:25

we're partners with you they are not

01:00:28

partners with people in the app store

01:00:29

they watch the app store and when

01:00:31

something great comes and emerges they

01:00:34

will copy it they just do it slower than

01:00:36

facebook so apple music

01:00:38

studied spotify and they created their

01:00:40

own apple product apple tv plus now with

01:00:43

ted lasso is competing against netflix

01:00:45

they watch netflix and i signed up for

01:00:48

apple arcade for my daughters because i

01:00:50

didn't want them to be

01:00:51

paying for um like you know in-app

01:00:54

purchases i'd rather just have the games

01:00:56

be

01:00:57

stop upselling them and that's been

01:00:58

wonderful for five or ten bucks a month

01:01:00

to have that and i pay for the news

01:01:02

product so now they can just compete

01:01:04

against everybody directly i think all

01:01:06

of these media companies are going to be

01:01:07

video games

01:01:09

podcasts tv shows and music so i don't

01:01:12

know if you said netflix is going to be

01:01:13

doing podcasts about their shows and

01:01:15

video games

01:01:16

i think amazon will be video games

01:01:18

content it's all going to be one thing

01:01:19

and disney plus will have games built

01:01:21

into disney plus i bet in that

01:01:22

subscription price so the consumer's

01:01:24

going to win ultimately

01:01:26

you know i i think monopolies

01:01:29

are good

01:01:30

because monopolies are just like lazy

01:01:32

and it's easier to innovate and compete

01:01:34

against a monopoly to be honest than it

01:01:35

is to compete against cronyism when

01:01:38

there's kind of embedded kind of

01:01:40

government regulation that prevents

01:01:43

emerging competitors from competing

01:01:45

effectively

01:01:47

it's a lot harder to win

01:01:49

than against some slow

01:01:51

big uninnovative monopoly

01:01:54

um and well

01:01:56

yeah go ahead well here's here's the the

01:01:58

counter argument so i agree with you

01:02:00

that big slow lumbering monopolies can

01:02:02

be great to compete against but here's

01:02:04

the problem when they control access to

01:02:06

an ecosystem when they're gatekeepers

01:02:08

that's the problem because now you have

01:02:10

to go to them and they're going to be

01:02:11

slow lumbering and stupid in terms of of

01:02:14

allowing you to innovate and when they

01:02:16

see you becoming a threat they'll squat

01:02:17

you that's the problem if these guys

01:02:19

didn't control platforms that would be

01:02:22

one thing but they control the most

01:02:23

important platform there is which is the

01:02:24

operating system so i i just think that

01:02:27

you know this is microsoft and windows

01:02:29

all over again except there's two of

01:02:31

them right there's ios and android and

01:02:33

in microsoft's example you could load

01:02:35

whatever software you wanted they were

01:02:36

just bundling they weren't saying you

01:02:38

couldn't load net uh netscape they're

01:02:41

just saying we're gonna give you

01:02:42

internet explorer with the operating

01:02:44

system so this is even worse i mean

01:02:46

right

01:02:49

yeah microsoft was actually pretty open

01:02:50

by comparison but but there is like a

01:02:52

version of bundling here what spotify

01:02:54

said is look when we have to pay 30

01:02:57

and apple music doesn't have to pay

01:02:58

anything we can't compete with that you

01:03:01

know and they have a point there

01:03:04

yeah it's it's a completely valid point

01:03:06

uh california's on fire this is what the

01:03:08

third or fourth year in a row uh this

01:03:10

has gotten acute for the bay area people

01:03:13

are now making plans as freiburg

01:03:15

mentioned on the last spot i think that

01:03:17

there's or two pods ago there's like two

01:03:19

or three weeks of the year maybe even a

01:03:22

month where you just can't really be

01:03:24

outside and do stuff northern california

01:03:26

you can't you can't be outside have you

01:03:28

ever this

01:03:29

yeah three or three of our friends have

01:03:31

been evacuated because you know they

01:03:33

moved up there in the middle of the

01:03:34

pandemic they had to come down they said

01:03:36

it was raining ash

01:03:38

you know one of our friends homes is is

01:03:40

literally threatened

01:03:42

um it's it's it's just like and then the

01:03:45

fire season

01:03:46

is moving up earlier and earlier in the

01:03:48

year

01:03:49

you know my kids were in camp in tahoe

01:03:50

this this july and they had to be

01:03:52

evacuated and fortunately for us you

01:03:54

know we had a really good friend of ours

01:03:56

a neighbor here whose kids were also

01:03:58

they can't be able to drive up in the

01:04:00

um but my god like that was um

01:04:04

you know there's there's about what's

01:04:05

going on there's about eight trillion

01:04:07

dollars of real estate value

01:04:10

um in california and you know if you

01:04:12

assume

01:04:13

a tenth of that is exposed in the middle

01:04:16

of this kind of dense fire um uh these

01:04:18

dense fire regions let's say it's let's

01:04:20

say it's a trillion dollars there's a

01:04:22

trillion dollar the real estate value

01:04:23

that you cannot insure anymore so i had

01:04:26

an idea about this freeberg i i was

01:04:29

looking two or three years ago when

01:04:30

these fires started maybe it was four or

01:04:31

five years ago now for a blanket that

01:04:34

could go over a home could be installed

01:04:36

or dropped over a home with helicopters

01:04:39

i know this sounds crazy but is there a

01:04:41

material that's light enough that you

01:04:43

could put it on a helicopter and drop it

01:04:44

over one of these

01:04:47

yeah well why doesn't the startup exist

01:04:49

i mean this would be amazing imagine if

01:04:50

these homes had on the roof some sort of

01:04:52

a system that when fire or heat got

01:04:54

there it just deployed the blanket and

01:04:56

protected the home like i don't know if

01:04:58

you guys know this but right now in

01:04:59

marin county in california it's nearly

01:05:01

impossible to get fire insurance

01:05:03

and um this is becoming kind of a

01:05:04

predominant factor in california

01:05:06

particularly in all the areas with lots

01:05:08

of forest land there's 100 million acres

01:05:10

of forest land in california so if a

01:05:11

trillion dollars of real estate is

01:05:13

actually exposed to fires

01:05:15

and you can't get fire insurance

01:05:18

ask yourselves the question

01:05:20

what's going to happen

01:05:21

when hundreds of billions of dollars of

01:05:23

real estate literally goes up in smoke

01:05:25

or um or gets sold off

01:05:28

who ultimately bears the cost where does

01:05:30

that cost have its economic flow and

01:05:32

that's just the tip of the iceberg of

01:05:34

the effect that may arise as these

01:05:35

things start to take hold you know we

01:05:37

had this huge upswing in real estate in

01:05:39

tahoe as everyone moved out of

01:05:40

california and went to tahoe during the

01:05:41

pandemic now we're seeing tahoe real

01:05:43

estate sell off like crazy this happened

01:05:45

in wine country in sonoma and napa

01:05:47

county last year after the big fires

01:05:49

they had there and so there are counties

01:05:50

where you start to have these massive

01:05:52

fires causing this massive real estate

01:05:54

sell-off and or the real estate burns

01:05:56

and it's uninsured and guess what

01:05:58

happens fema steps in right the federal

01:05:59

government steps in and ultimately the

01:06:00

federal government's going to have these

01:06:02

like katrina events four or five times a

01:06:04

year that we're going to be underwriting

01:06:05

losses for people's real estate that's

01:06:07

valued in a way that doesn't account for

01:06:09

the effects of climate change you know i

01:06:11

started a massive shift in economic

01:06:13

value that we're gonna someone's gonna

01:06:14

have to pay for

01:06:15

over the next decade and this is just

01:06:17

the the beginning of it all of my is my

01:06:19

strong belief i i tweeted this out about

01:06:22

maybe six or seven months ago but with

01:06:24

uh another with this fabulous

01:06:25

entrepreneur named david soloff i

01:06:27

co-founded an insurance company

01:06:29

called ott risk and you know we've been

01:06:32

trying to

01:06:33

build models and price

01:06:35

um

01:06:37

this kind of insurance climate insurance

01:06:40

you know social media kinds of like

01:06:42

disruptions

01:06:44

civil unrest insurance things that are

01:06:46

very typical uh atypical sorry

01:06:49

and uh to your point freeburg

01:06:51

it is really really hard to try to

01:06:53

forecast what's going on in a way where

01:06:54

you can actually ensure these things

01:06:56

with the margin of safety and so just as

01:06:58

the as a person who would be the

01:07:00

provider of this kind of insurance what

01:07:01

i'm telling you know what i'm learning

01:07:03

is man these and we're negotiating

01:07:06

multi-hundred million dollar policies

01:07:08

with these big corporates

01:07:10

um

01:07:11

and you know for example like you know

01:07:12

they want uh pandemic insurance if

01:07:14

there's the next delta variant or

01:07:15

whatever and i have to shut down my

01:07:17

facility and here's my economic loss i

01:07:19

want to you know you to ensure that and

01:07:22

okay uh it's impossible and so i can

01:07:24

only imagine what it's like then and the

01:07:26

ground floor somebody to just buy some

01:07:28

insurance that says if my house burns

01:07:29

down yeah it's uh it's very hard so

01:07:32

this kind of parametric insurance

01:07:34

doesn't exist which means that if you

01:07:36

live in any of these areas like i

01:07:38

basically i think what it means is that

01:07:40

climate change is going to ravage

01:07:42

um

01:07:43

uh suburbs and it's going to ravage

01:07:45

these sort of like far-flung communities

01:07:47

because um nobody's going to want to

01:07:49

step in there and ensure the parametric

01:07:51

risk that allows people to live their

01:07:53

cities

01:07:54

my last company right climate corp we

01:07:56

were what we started out in 2006 we

01:07:58

offered parametric weather insurance

01:07:59

online and so it was all about our

01:08:01

mission was to manage and adapt to

01:08:03

climate change

01:08:04

and so you could buy weather insurance

01:08:05

online and you underwrite the risk and

01:08:06

the way you underwrite risk like this

01:08:08

and and auto insurance and any kind of

01:08:10

insurance you look at past data you

01:08:11

build a statistical model that's

01:08:13

represented by the past data and the

01:08:14

frequency of certain things happening

01:08:16

and that's how you price the insurance

01:08:17

the problem now is the past data has

01:08:20

absolutely no bearing on what's going on

01:08:22

and so you have to basically create more

01:08:24

fundamental deterministic models of

01:08:27

fires which is something no one's really

01:08:29

good at no one has any ability to do

01:08:31

because we've never seen this kind of

01:08:33

environment before we've never seen hot

01:08:35

year after hot year dry year after drier

01:08:37

and so there's no historical data to

01:08:39

draw from to build the model so all the

01:08:41

insurers throw their hands in the air

01:08:43

and they say we can't take on that risk

01:08:45

we don't know how to price it and when

01:08:46

they don't do that i'm telling you the

01:08:48

government's gonna end up having to step

01:08:49

in and pay people money for the lost

01:08:51

home or the government's gonna have to

01:08:52

say

01:08:54

the reality here is that we can't afford

01:08:55

to do this and you can't build homes

01:08:57

there and

01:08:58

what's talk about functioning markets i

01:09:00

think what we're realizing is

01:09:02

the market now is so convinced that

01:09:05

global warming is real and you can't

01:09:07

deny it that

01:09:09

we just can't insure for it therefore

01:09:12

we're going to have to make serious

01:09:13

societal changes and that's part of this

01:09:15

process insurance being denied for

01:09:18

hurricane zones and insurance being

01:09:20

denied for fire zones is part of the

01:09:23

process of people accepting the reality

01:09:26

that we're not doing enough yeah jacob

01:09:28

the problem is not that it's going to be

01:09:29

denied it's that you're not going to be

01:09:31

able to get it and if you are you're not

01:09:32

going to be able to afford it um and so

01:09:35

so it's not even that people are really

01:09:36

open to writing the kind of cover that

01:09:38

allows you to go and safely live in lake

01:09:40

tahoe 10 or 15 years from now and that

01:09:43

that's the shame of it so we have these

01:09:44

beautiful places that i think are just

01:09:46

going to be under duress and under

01:09:48

pressure and it's going to force

01:09:49

everybody to live more and more in the

01:09:51

major metropolitan areas which is you

01:09:53

know i'm not sure that that's what

01:09:55

everybody wants it's going to change

01:09:56

building i mean

01:09:57

we saw now in florida and other places

01:10:00

you know louisiana other places that are

01:10:01

flood zones nobody builds on the ground

01:10:03

floor anymore everybody builds you know

01:10:06

on stilts and they put a a car garage

01:10:08

underneath it because it's getting

01:10:10

flooded i have friends in new york this

01:10:11

week and i'm here and i had to change my

01:10:14

flight to come to new york for the

01:10:15

wedding that i'm going to i had to

01:10:17

change my flight because last night

01:10:19

we're going to be flying into this

01:10:20

craziness here they got three inches of

01:10:22

rain in one hour

01:10:24

uh 15 people my understanding has died

01:10:26

in basement apartments because they

01:10:27

couldn't or they didn't get out in time

01:10:29

it's kind of hard to understand but i

01:10:30

guess people stayed in their apartments

01:10:33

while they were filling up with water

01:10:34

and then did you see the did you see the

01:10:36

video of like the the flood waters

01:10:38

ripping into the new york subway yeah

01:10:40

it's crazy oh my god

01:10:42

new york is not built for this so now

01:10:44

new york's gonna just basically have to

01:10:45

say you know what all the basement

01:10:47

apartments all the basements that exist

01:10:49

they're not livable you can't live in a

01:10:50

basement anymore and when we build new

01:10:52

structures the first floor is going to

01:10:54

be built like they build them in miami

01:10:55

which is for water to flow straight

01:10:56

through them and the garages underneath

01:10:58

are designed to accept

01:11:00

massive flood waters i've been spending

01:11:02

a lot of time on water recently and the

01:11:04

the thing that i learned this week which

01:11:06

i

01:11:06

not the thing that i learned but a great

01:11:08

way to summarize this for folks

01:11:09

listening if they don't understand

01:11:10

climate change changes

01:11:11

the areas that are hotter get hotter the

01:11:14

areas that are drier get drier and the

01:11:16

areas that get wetter get much more wet

01:11:18

and so when you have a period of

01:11:21

dryness or heat it's going to be extreme

01:11:24

and when it rains it's going to be so

01:11:26

extreme and we're just going to get

01:11:27

buffeted back and forth between these

01:11:29

two extremes and this is only going to

01:11:31

escalate over the next 20 years or 30

01:11:33

years because we have so much embedded

01:11:35

pollution that we have to work our way

01:11:36

through forget all the new stuff but all

01:11:38

this embedded pollution has a cost and

01:11:40

we're just starting to begin processing

01:11:43

that pollution

01:11:44

well welcome to

01:11:46

the all in depressed episode i mean

01:11:49

[ __ ] depressive wait this is my

01:11:51

goddamn birthday guys what the [ __ ]

01:11:53

happy birthday yeah really happy

01:11:55

birthday women's rights are being

01:11:57

uh taken away

01:11:58

the planet is on fire new york is

01:12:00

underwater uh covet is not ending nobody

01:12:03

can sure insure anything and uh yeah

01:12:06

i don't know man the market's ripping

01:12:08

there's lots of money coming into

01:12:09

climate change investors and

01:12:11

entrepreneurs are more optimistic than

01:12:13

they've ever been

01:12:14

you know there's a backdrop of challenge

01:12:16

but with challenges opportunity and i

01:12:18

think people are pursuing it like nuts

01:12:19

right now and it's pretty exciting i

01:12:21

like the way you say entrepreneurs

01:12:23

because i say it entrepreneurs but you

01:12:24

say it entrepreneurs

01:12:26

you've got an e and a you tomorrow i

01:12:28

mean entrepreneur yeah but very it's a

01:12:30

very literal pronunciation of it

01:12:34

yeah look i i think sharon you're a real

01:12:36

shren galley of the word uh

01:12:39

gully

01:12:41

are you gonna monetize something now

01:12:42

sucks

01:12:44

monetize your new app monetize colin

01:12:46

yeah leverage the uh

01:12:48

yeah that's that's the good news here

01:12:49

colin is doing really well

01:12:53

who's on fire the great the jewel of

01:12:55

california

01:12:57

i'm calling that ten thousand downloads

01:13:00

i um

01:13:01

look i think

01:13:03

i think that uh

01:13:05

in terms of processing all the the bad

01:13:07

news i i do think we have a tendency to

01:13:09

underestimate how much political

01:13:11

partisans

01:13:12

sort of whip things up in any event

01:13:15

should we should we end with this rogan

01:13:16

thing i actually think it's a pretty

01:13:17

good issue to talk about

01:13:18

joe rogan got coveted um he was

01:13:22

i think they mis-framed what he said i

01:13:24

actually saw the original quote where he

01:13:25

said should a young person

01:13:27

uh take the vaccine this was in the very

01:13:29

early days of the vaccine or should they

01:13:31

wait a little bit and see if it's safe

01:13:34

i think was his position not one i agree

01:13:36

with but i don't think what he said was

01:13:38

absolutely crazy his quote was if

01:13:39

someone has an ideological physiological

01:13:42

reason for not getting vaccinated i

01:13:43

don't want to force him to get

01:13:44

vaccinated

01:13:46

so

01:13:46

and then he got it

01:13:48

and he had to cancel some shows i think

01:13:50

there's something kind of funny here but

01:13:52

also kind of serious here about the way

01:13:53

the media covers news like this first of

01:13:55

all the media is positively gleeful

01:13:58

whenever they can report that somebody

01:14:00

who expressed any vaccine has sincere

01:14:02

skepticism gets covered right it's

01:14:04

almost

01:14:05

ghoulish i think um

01:14:07

look i i'm vaccinated i'm really happy i

01:14:08

got the vaccine i think it gave me it

01:14:11

helped me

01:14:12

have a much much milder case of cover

01:14:14

than either was would have had so i'm

01:14:16

pro-vaxxed or whatever but but here

01:14:18

here's what the media does and the

01:14:20

craziest headline i saw about rogan was

01:14:22

that rogan is taking a horse dewormer

01:14:27

referring to ivermectin right

01:14:29

now look i i don't know whether

01:14:31

ivormectin is a helpful treatment or not

01:14:33

i think you got to do a double-blind

01:14:34

study to figure that out but i also

01:14:37

think that it's very dishonest to be

01:14:39

describing

01:14:40

ivormectin is a horsty worm i mean the

01:14:42

the person who invented ivermectin

01:14:44

intended as a treatment for humans

01:14:46

humans do take it as a treatment against

01:14:48

certain parasites it also happens to

01:14:50

have a benefit in deworming horses but

01:14:54

this is one of its applications so to

01:14:56

describe this drug as a horse dewormer

01:14:58

as if it was the only thing

01:15:00

it does

01:15:02

the purpose of that is to make anyone

01:15:03

who

01:15:04

thinks that ivermectin is a possible

01:15:06

treatment to make them look ridiculous

01:15:07

right

01:15:08

and you know so why why is the press

01:15:10

doing that well

01:15:12

the agenda is the press decided that

01:15:14

vaccines are good okay i agree with them

01:15:16

about that but they but this is where it

01:15:18

goes off the rails they decide that

01:15:20

anybody

01:15:22

in in pursuing that agenda they have to

01:15:25

make any alternative vaccine which would

01:15:27

be any therapeutic treatment and anyone

01:15:29

who would take that therapeutic

01:15:30

treatment look ridiculous and this is

01:15:32

where i think the media has crossed over

01:15:34

into total dishonesty they're doing the

01:15:35

same thing with monoclonal antibodies

01:15:38

which actually i think are treatment

01:15:40

that works but anyone who is expressing

01:15:42

support for this all goes back to the

01:15:44

polarization with trump right he what

01:15:46

was the um drug that he was so was a big

01:15:48

proponent of that didn't actually work

01:15:50

hydroxychloroquine so i think it's back

01:15:52

to that uh what do you think friedberg

01:15:54

um are you

01:15:55

have any opinion on joe rogan getting

01:15:58

dunked on

01:15:59

another anecdotal story

01:16:02

it's interesting to observe how much

01:16:03

we've kind of as as with a lot of things

01:16:06

when i say we i mean like

01:16:08

society each of us reading social media

01:16:11

the internet media itself

01:16:13

uh kind of orient things along a

01:16:16

spectrum

01:16:17

right and wrong black and white left and

01:16:18

right uh i feel like

01:16:21

vaccination and vaccines have similarly

01:16:24

become you're either vaccinated and

01:16:26

you're good or you're not vaccinated or

01:16:28

you're bad or the opposite is true

01:16:31

and it's pretty clear there's tons of

01:16:33

evidence that

01:16:35

vaccination

01:16:37

while it may reduce kind of the um the

01:16:39

severity of covid

01:16:42

you know there seems to be

01:16:44

a much less

01:16:46

protective effect with respect to

01:16:48

transmission particularly with this

01:16:49

delta variant now and that's just a fact

01:16:52

you know you can say oh my gosh i'm

01:16:53

vaccinated therefore i'm safe it's like

01:16:55

no you're also exposed to delta

01:16:58

as someone who's unvaccinated in terms

01:17:00

of catching it and transmitting it to

01:17:01

other people

01:17:03

there may be less severity and there

01:17:04

will be less transmission one

01:17:05

interesting fact by the way is that

01:17:06

there's much much much less time when

01:17:08

you're vaccinated

01:17:10

um

01:17:11

you get affected with delta when you're

01:17:13

actually infectious yeah incredibly

01:17:15

um incredibly reduced amount of time

01:17:17

from like 10 days to like one to two

01:17:18

days um but still that is a very

01:17:21

infectious kind of variant and so it's

01:17:22

spreading but it's almost like we're

01:17:24

blaming people that aren't vaccinated

01:17:26

for delta spreading delta's spreading

01:17:27

because it's a really effective virus at

01:17:30

spreading it's like a story

01:17:32

and uh this orientation around like

01:17:34

you're you're the reason that delta is

01:17:36

spreading is completely false and

01:17:38

everyone tries to then fit the story

01:17:39

into that narrative you know the joke

01:17:41

yeah right

01:17:42

don't you think there's like such a

01:17:43

strong agenda the guy got infected it

01:17:45

sucks like it has nothing to do with it

01:17:47

was he vaccinated or not he was

01:17:49

vaccinated i don't know who cares like

01:17:50

the point is it's not about i mean he

01:17:53

didn't do anything wrong in the sense

01:17:54

and he's not to blame

01:17:56

this delta variant is infecting people

01:17:58

saks got infected with delta he's he's

01:18:00

back no i mean i i think you're i think

01:18:02

the point people are trying to make here

01:18:03

friedberg is that he's been

01:18:05

kind of

01:18:07

people believe that with his platform he

01:18:09

should be more pro-vax

01:18:10

because vaccines there's no downside but

01:18:13

but j cal look don't you agree there's

01:18:15

such a media agenda here like once they

01:18:17

decide what the agenda is going to be in

01:18:20

this case it's provacs and i'm not

01:18:21

saying that's wrong okay i'm just saying

01:18:24

that the way the media works is first

01:18:25

they decide what the agenda is going to

01:18:27

be then they distort everything to fit

01:18:29

what their agenda is so for example

01:18:32

ivermectin's called a horse dewormer and

01:18:34

and the logic here is completely

01:18:35

tortured they just don't want there to

01:18:36

be any therapeutic alternative to

01:18:38

vaccinations they don't want to give a

01:18:40

process

01:18:42

they don't want to give credit to

01:18:43

potentially and the same thing's true

01:18:44

now look i'm not saying ivermectin is an

01:18:46

effective treatment i have no idea but

01:18:49

there's no need to distort and demonize

01:18:50

it before we even know what the truth is

01:18:51

by the way i wouldn't

01:18:53

i wouldn't um

01:18:55

use the term agenda i know that that's a

01:18:58

commonly used term that the media has an

01:18:59

agenda i would argue that the media has

01:19:01

a narrative and i would secondly argue

01:19:03

that that narrative isn't necessarily

01:19:05

defined by the media or by some set of

01:19:07

people in control but that that

01:19:09

narrative is in effect defined by the

01:19:11

consumers that consume the media and

01:19:13

then whatever they click on

01:19:14

they vote with their views and so the

01:19:16

more views the more clicks the more

01:19:18

dollars you spend on certain media

01:19:20

outlets and certain writers the more

01:19:22

those writers get more stories to write

01:19:24

and the more the consumption happens and

01:19:26

so my point of view is that the consumer

01:19:29

ends up ultimately being the writer of

01:19:30

the narrative and the definer of the

01:19:32

narrative and the storyline starts to

01:19:34

fit that narrative versus feeling like

01:19:36

we maybe felt years ago that oh my gosh

01:19:38

there's a few people this cabal that's

01:19:39

in control of the media and they're

01:19:41

running everything and they're telling

01:19:42

us what to believe and see i think we

01:19:44

vote i think consumers vote with their

01:19:45

dollars they vote with their views and

01:19:47

as a result that that is the narrative

01:19:49

that gets written yeah they were not

01:19:50

supposed to be tribal they were supposed

01:19:52

to be objective that was the concept of

01:19:54

reporting is to just report the facts

01:19:57

and let the not when it became a

01:19:58

consumer product well now it's well it's

01:20:00

always been a consumer product but now

01:20:02

it's just become so hard to run those

01:20:03

businesses right yeah the more you sell

01:20:05

the more the more money you make and

01:20:07

it's got you know what it was supposed

01:20:08

to be subscriptions were supposed to

01:20:10

inoculate the reader the writers from

01:20:12

this that oh we're getting paid for

01:20:14

subscribers therefore we don't have to

01:20:15

worry about clicks anymore now

01:20:18

because you will lose your paid

01:20:20

subscribers if you don't give them what

01:20:22

they want yeah i'm going to predict

01:20:23

right now our down votes on youtube are

01:20:25

going to be in the six to ten percent

01:20:26

rate has happened so we've covered we

01:20:28

have covered you're not paying coven

01:20:34

like this is going to be our worst rated

01:20:36

evidence but it was a good discussion

01:20:38

between the the four of us all right

01:20:40

everybody for the rain man david sacks

01:20:42

please download the all in app uh just

01:20:44

put a c in front of all in and you'll

01:20:46

find it in the app store

01:20:48

congratulations to the

01:20:50

uh folks who got into the syndicate and

01:20:52

thank you to saks for allowing uh thanks

01:20:55

all in syndicate

01:20:56

to uh participate and lead the series b

01:20:59

we're going to be leading the series b

01:21:01

sachs gave us

01:21:02

uh the ability to lead the series b 45

01:21:04

[ __ ] turned 45

01:21:07

45 never felt 45 you look good

01:21:11

by the way we have a show called all in

01:21:12

after party on call-in where we you know

01:21:15

we've done a couple episodes including

01:21:17

we introduced our wack pack um you know

01:21:19

so sort of in between so like actually

01:21:20

what we should do is all the fans of the

01:21:22

show if you like all in and you want a

01:21:24

little more bestie

01:21:25

go to the after show go to the go and

01:21:27

sign up for all in after party we have

01:21:29

400 subscribers already after one day on

01:21:31

the app that's pretty good yeah that's

01:21:33

good i mean

01:21:34

be great for those especially if the

01:21:36

wack pack gets in there i i talked to

01:21:38

our guy who does the uh merch the bestie

01:21:40

merch guy he said he's made like five or

01:21:42

six grand on merch in the last quarter

01:21:44

he's paying his way through school on it

01:21:46

that's so great yeah i'm happy for him

01:21:48

all right uh freeburg we'll see you at

01:21:49

the uh

01:21:50

production board closed event nobody can

01:21:53

get in sorry if you want a ticket it's

01:21:55

not available chamoth happy birthday

01:21:58

happy birthday steve thanks guys all

01:22:00

right we'll see you david wait saks this

01:22:02

is where you say happy birthday you

01:22:03

[ __ ] yeah happy birthday i love you

01:22:05

besties

01:22:14

uh an emoji i don't think sax has ever

01:22:16

used an emoji i mean i i i have i have

01:22:19

10 years of text messages with this [ __ ]

01:22:20

he's never used a single emoji once no

01:22:22

that's

01:22:32

all right and congratulations to

01:22:34

producer nick who is getting married

01:22:37

yeah a great [ __ ] decision

01:22:41

see on the other side you [ __ ] dumb

01:22:43

ass

01:22:44

congratulations nick and rachel and

01:22:47

rachel congratulations guys rachel

01:22:48

you're going to get half of the call in

01:22:50

stock that nick has yeah congratulations

01:22:53

you got half of his

01:22:55

advisor shares to to call in all right

01:22:58

we'll see you all next time bye bye

01:23:01

we'll let your winners ride

01:23:04

rain

01:23:05

[Music]

01:23:11

and they've just gone crazy

01:23:15

[Music]

01:23:32

we should all just get a room and just

01:23:33

have one big huge orgy because they're

01:23:35

all just just like this like sexual

01:23:37

tension but they just need to release

01:23:39

[Music]

01:23:43

your feet

01:23:43

[Music]

01:23:45

waiting to get murky

01:23:50

[Music]

Badges

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Episode Highlights

Chamath's Birthday Celebration
The podcast hosts celebrate Chamath's birthday with humor and camaraderie.
“It's my birthday today, god damn!”
@ 03m 58s
September 04, 2021
Mr. Beast's Cultural Impact
The hosts discuss Mr. Beast's impressive entrepreneurial journey and potential future success.
“This guy is clearly on track to being an enormous figure in culture.”
@ 07m 41s
September 04, 2021
Elizabeth Holmes Trial Insights
The hosts analyze the implications of the Elizabeth Holmes trial on Silicon Valley's culture.
“There's going to be an incentive to lie.”
@ 17m 36s
September 04, 2021
Elizabeth Holmes' Fraud Case
The discussion centers on the implications of Holmes' actions and the need for accountability.
“This was clearly a major fraud big time.”
@ 27m 15s
September 04, 2021
China's Video Game Ban
China restricts gaming for minors to combat health issues, sparking debate on individual liberties.
“This is the most incredible thing I've ever heard.”
@ 32m 49s
September 04, 2021
Texas Abortion Law Controversy
Texas law allows private citizens to sue anyone who aids in an abortion after a fetal heartbeat is detected, raising significant legal and ethical questions.
“This law will eventually be invalidated by the supreme court.”
@ 44m 06s
September 04, 2021
The Hypocrisy of Freedom
The discussion highlights the contradiction in advocating for personal freedom while imposing restrictions on reproductive rights.
“This is an example of where we are very hypocritical.”
@ 45m 24s
September 04, 2021
Apple's App Store Concessions
Apple allows media apps to link to their websites for subscriptions, marking a significant shift.
“This is the beginning of the end.”
@ 56m 28s
September 04, 2021
The Impact of Climate Change on Real Estate
Concerns arise as real estate values in fire-prone areas become uninsurable.
“What's going to happen when hundreds of billions of dollars of real estate literally goes up in smoke?”
@ 01h 05m 20s
September 04, 2021
The Dual Nature of Climate Change
Climate change leads to extremes: hotter areas get hotter, and wetter areas get wetter.
“The areas that are hotter get hotter, the areas that are drier get drier.”
@ 01h 11m 11s
September 04, 2021
Joe Rogan's Vaccine Skepticism
Joe Rogan questioned the vaccine's safety for young people, sparking media backlash.
“I don't think what he said was absolutely crazy.”
@ 01h 13m 36s
September 04, 2021
Consumer Influence on Media Narratives
The narrative in media is shaped by consumer clicks and views, not just by the media itself.
“Consumers vote with their dollars and views, defining the narrative.”
@ 01h 19m 11s
September 04, 2021

Episode Quotes

Key Moments

Birthday Celebration03:58
Mr. Beast Discussion07:41
Holmes Trial Analysis17:36
Holmes Conviction Debate27:10
Economic Prosperity37:28
Apple's Concessions56:28
Consumer Narratives1:19:11
Happy Birthday1:21:58

Words per Minute Over Time

Vibes Breakdown

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01:10:01

E39: West coast super drought & climate crisis, Nuclear virtue signaling, chaos in SF & more

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October 25, 2024

01:36:43

Markets turn Trump, Long rates spike, Election home stretch, Influencer mania, Saving Starbucks

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01:28:07

E137: Inflation cools, market rips, Ripple/MSFT beat regulators, NATO summit, cocktails of youth

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August 28, 2021

01:36:06

E44: USA's Afghanistan embarrassment, China's new algo laws, future of robots + Italy recap!

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September 18, 2021

01:35:30

E47: Facebook's week from hell, Ellen Pao on sexism in Elizabeth Holmes coverage, Newsom wins & more

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August 16, 2024

01:46:02

Break up Google, Starbucks CEO out, Kamala’s price controls, Boeing disaster, Kursk offensive

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November 12, 2022

01:25:18

E104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more

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January 08, 2022

01:06:39

E62: Elizabeth Holmes verdict, fraud origins & takeaways, navigating "The Great Markdown" & more

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01:17:47

E139: Recapping Chamath's wedding, VC surplus, unions vs Hollywood, room-temp superconductors & more

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October 29, 2022

01:36:01

E102: Elon closes Twitter deal, $META uncertainty, Zuck's historic bet, big tech decline & more

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November 03, 2023

01:28:38

E152: Real estate chaos, WeWork bankruptcy, Biden regulates AI, Ukraine's “Cronkite Moment” & more

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01:30:43

White House BTS, Google buys Wiz, Treasury vs Fed, Space Rescue