00:00:00
only sacks can lose 20 pounds and look
00:00:02
worse
00:00:04
sacks you know with with all with all
00:00:05
these gains and all your funds i would
00:00:07
really love for you to cash them out and
00:00:09
buy a belt ask your wife or your house
00:00:11
manager to help you find slim fit shirts
00:00:14
at the uh the local macy's you'd
00:00:15
literally look like you're wearing a
00:00:17
parachute i've never i've never worn
00:00:18
scene fit stand up for a second stand up
00:00:21
i can't i'm not i'm not wearing pants
00:00:26
oh my god
00:00:27
can somebody call hr are you really not
00:00:28
wearing pants i got no i got i got
00:00:30
shorts on no that's not true are you
00:00:33
really wearing shorts yeah i am
00:00:35
no he's not he's lying no i'm not put
00:00:38
your leg up show us that pasty leg no
00:00:41
[ __ ] way
00:00:42
oh my god oh my god how big are those
00:00:44
shorts that's him
00:00:46
he's like dom de louise and he lost 100.
00:00:51
change your wardrobe oh my god those are
00:00:53
like two toothpicks sticking out of a
00:00:55
tent
00:00:57
it's like somebody set up a circus tent
00:00:59
and didn't tie down the ends
00:01:02
he's wearing a parachute and a circus
00:01:04
tent oh my god
00:01:08
[Music]
00:01:19
[Music]
00:01:23
hey everybody hey everybody welcome to
00:01:24
another episode of the all in podcast
00:01:27
with us today again yes
00:01:30
uh with us again today the dictator
00:01:32
chamf polly papatia and the queen of
00:01:36
quinoa david friedberg in front of some
00:01:38
bad art and from the mausoleum
00:01:42
a schvelt
00:01:43
fighting weight
00:01:45
minus 20 pounds the rain man himself
00:01:48
david sac you guys gave me the
00:01:50
motivation i mean this podcast
00:01:54
you needled me for months and i'm like
00:01:56
okay
00:01:57
i'm gonna lose the weight so i've lost
00:02:00
it what was your peak weight
00:02:02
in the last 12 months i think i was at
00:02:05
in the high 190s and i'm down to about
00:02:07
172 now so it's about 25 pounds
00:02:11
wow since since about april or may
00:02:13
that's really great bro that's fantastic
00:02:15
i mean honestly your family thanks you i
00:02:18
thank you as a friend too no but
00:02:19
seriously keep it around longer really
00:02:21
[ __ ] great
00:02:22
i'm really i'm really proud of you
00:02:24
exercising too thank you or you just cut
00:02:26
your diet it's it's uh i i'm doing the
00:02:28
same exercise regimen i was doing before
00:02:30
which is just running occasionally but
00:02:31
um
00:02:32
but it's all diet
00:02:34
it's all diet
00:02:35
it's it's frankly severe calorie
00:02:37
restriction
00:02:38
and your your unique product has been
00:02:40
very helpful but is it really severe
00:02:42
calorie restriction thanks for the plus
00:02:44
i think so yeah we were talking about
00:02:45
munich for the syndicate on the call-in
00:02:48
app the other day
00:02:52
hold on i'm allowed to plug i'm allowed
00:02:54
to plug you just need to be unique so
00:02:57
you could put a call in plug you know
00:02:59
you're violating the rules of the road
00:03:01
that i wrote down it's not a violation
00:03:02
of the rules because i'm not a
00:03:03
shareholder in unique i don't have any
00:03:05
interest in that but are you negotiating
00:03:07
a deal no but no i'm not funding munich
00:03:10
no i haven't but free book can i invest
00:03:16
we should actually throw that one in the
00:03:17
syndicate if you guys want
00:03:19
uh yeah munich's great i i did it i lost
00:03:21
some weight on it sexy poo what's your
00:03:23
uh what's your uh
00:03:25
basal calorie burn did you calculate
00:03:26
that i'm not what does that mean like
00:03:28
you're a steady state calorie burn on a
00:03:30
normal day like if you're not exercising
00:03:32
or whatever like yeah based on your
00:03:33
height your bmi your weight all that
00:03:34
stuff yeah i did i did look it up and i
00:03:37
think it's around 2000 calories a day
00:03:39
but but the thing that's super
00:03:40
interesting yeah there's a calculator
00:03:41
online where you can enter your your
00:03:44
height weight and age and it'll tell you
00:03:46
how many calories that you burn every
00:03:48
day so if you want to lose weight you
00:03:50
need to consume fewer calories than that
00:03:51
it's that simple everything else that
00:03:53
people do around weight loss that is not
00:03:55
that is basically some sort of game you
00:03:58
just have to consume fewer calories than
00:04:00
you're burning but the thing that's
00:04:01
really interesting about that calculator
00:04:02
is that the number of calories you can
00:04:04
burn every year actually changes as you
00:04:06
get older it goes down so the reason why
00:04:08
people gain weight as they get older is
00:04:10
because you're in a habit of consuming a
00:04:12
certain number of calories every day but
00:04:14
you know as you get older like every
00:04:16
year you can consume say 50 fewer
00:04:18
calories a day something like that and
00:04:20
that basically becomes fat if you can if
00:04:22
you consume at the same level so you
00:04:24
have to cut your consumption down as you
00:04:26
get older or you will gain weight and in
00:04:28
addition to your metabolic fitness
00:04:30
meaning like you know having your
00:04:32
exercise level stay up to increase your
00:04:33
metabolism overall you can also add
00:04:35
muscle mass a lot of people lose muscle
00:04:37
mass over time
00:04:38
muscle burns more calories per day just
00:04:41
to kind of keep functioning so the more
00:04:44
muscle mass you have the higher your
00:04:45
basal
00:04:47
and you lose like half a pound to a
00:04:48
pound a year after 40 is that correct
00:04:51
directionally uh free breath i don't
00:04:53
know but that sounds about right yeah
00:04:54
yeah that's what i read that is about
00:04:56
right and i think it's because this
00:04:57
dynamic where people are just consuming
00:04:59
the same amount but they don't realize
00:05:01
that they can't burn it and so it
00:05:03
becomes fat
00:05:05
you know so in my case first of all you
00:05:07
got to get your caloric intake down to
00:05:09
2000 just to get to steady state and
00:05:12
that can be a challenge but if you
00:05:14
really want to lose weight
00:05:15
you need to burn you need to basically
00:05:17
consume a few hundred calories less than
00:05:19
that and if you can consume 500 calories
00:05:21
less than that per day that's considered
00:05:23
rapid weight loss and then you can
00:05:25
actually see the results which is very
00:05:27
motivating yeah so i like the idea of
00:05:29
just going for the like significant the
00:05:31
500 calories where are you you're at
00:05:33
1500 calories a day
00:05:35
yeah i mean i think so i mean i haven't
00:05:37
like precisely measured it out but i've
00:05:38
been trying to go for and they said did
00:05:40
you skip a meal is that how you get to
00:05:41
the minus 500 calories yeah i will
00:05:43
either skip breakfast or i'll do a very
00:05:45
light breakfast um and then for lunch
00:05:48
i'll do like something entirely
00:05:50
plant-based like like suit like a
00:05:52
vegetable soup of some kind
00:05:54
and then when it comes to dinner it'll
00:05:55
be a more normal dinner but no carbs no
00:05:58
two dinners one bottle of wine
00:06:00
yeah wow no no you have a good system
00:06:03
yeah
00:06:05
vegetables first yes
00:06:07
then fish then poultry then red chicken
00:06:09
meat
00:06:10
so so it's it's not you're not like
00:06:12
entirely
00:06:14
all one thing or another you're not like
00:06:15
all vegan which would be hard you're
00:06:17
it's not like you're all uh there's no
00:06:20
red meat or something like that you can
00:06:21
do a little of everything but you have
00:06:23
to have a weighting and the weighting is
00:06:25
based on what foods have are the most
00:06:27
calorie dense so
00:06:28
the mistake that i think people make and
00:06:30
i think it's one of these trick diets is
00:06:31
like with these protein like the south
00:06:33
beach type diet or the paleo diet right
00:06:36
where they're trying to trick their body
00:06:38
into ketosis and all they do is eat a
00:06:40
lot of red meat but those steaks have a
00:06:42
lot of calories in them yeah so it only
00:06:44
works if you do it perfectly where you
00:06:46
totally trick your body and keeping your
00:06:48
body in ketosis forever is just not
00:06:49
sustainable in my view it's hard so i
00:06:52
think you're a lot better off just
00:06:53
eating less calorie dense food and steak
00:06:56
is very calorie dense so you know again
00:06:59
you're trying to speak first then fish i
00:07:01
i rarely eat beef uh but i get to eat it
00:07:04
uh today and i'm having steak night
00:07:06
dre's coming over for dinner and in the
00:07:08
season he whenever i text him and i say
00:07:11
hey what do you want for dinner
00:07:12
draymond's always like fish fish fish
00:07:14
fish fish and i said bro i i get to eat
00:07:16
steak so [ __ ] rarely
00:07:19
uh and today we're having steak i can't
00:07:21
wait my mom's gonna get to when you get
00:07:23
to it's because you're on some diet
00:07:25
basically no no i do i just observe that
00:07:27
i don't eat meat
00:07:29
any more than once a week maximum and
00:07:32
right now i'm probably averaging once
00:07:34
every two weeks maybe even once every
00:07:35
three weeks and to your point it's much
00:07:37
better i i do these uh scans you know
00:07:39
you can do these kind of body scans to
00:07:42
know what your
00:07:43
your total water weight your total
00:07:45
muscle weight your total weight your
00:07:46
total body fat all of that stuff and
00:07:48
your basic metabolic rate and i just
00:07:50
kind of track it like once a quarter
00:07:52
just to see where it is
00:07:53
um and i i agree with you like i've
00:07:56
really found that uh i can't eat red
00:07:57
meat anymore like it's like it just
00:07:59
really [ __ ] me up but it's so good
00:08:01
right it's so good yeah oh my god it's
00:08:03
so good the other one other trick is
00:08:05
that you should never consume calories
00:08:08
like in liquid form right you should
00:08:10
only be drinking water tea
00:08:12
coffee things like that that don't have
00:08:14
any calories people go to starbucks in
00:08:16
the morning and they they drink 100
00:08:18
calories yeah 400 plus calories then
00:08:20
they have a you know cinnamon roll or
00:08:23
whatever or banana
00:08:25
at the start yeah i mean that's it i
00:08:27
mean you're gonna be gaining weight on
00:08:28
just from going to starbucks in the
00:08:29
morning there's no now if you do an
00:08:31
americano with
00:08:32
a splash of
00:08:34
almond milk or something that's like 5
00:08:35
10 calories that's fine but um you you
00:08:37
have to stop drinking calories and then
00:08:39
the one exception is like last night we
00:08:41
did poker we were drinking wine so
00:08:44
that's fine
00:08:45
you know
00:08:46
i didn't because i thought the wine was
00:08:47
[ __ ] yeah
00:08:50
the whole game was horrible let me just
00:08:52
tell you all the things that we're doing
00:08:54
okay number one i [ __ ] came all the
00:08:56
way up the stairs last night normally
00:08:58
hosts sacks
00:09:00
over the top number one is over the top
00:09:02
in air quotes number one
00:09:05
nobody arrived on time because nobody
00:09:07
respects you enough to show up on
00:09:08
youtube oh jake j kell and i played
00:09:10
heads up for an hour before anyone else
00:09:12
showed up we were there from seven to
00:09:14
eight just playing heads up it was fun
00:09:15
it was fun i took all the freeberg's
00:09:16
money
00:09:17
i owned three percent of munich
00:09:19
you as the host didn't show up till 9 30
00:09:23
and you spent all of the time on the
00:09:25
phone
00:09:26
trading outside in the room trading
00:09:28
japanese bonds are doing whatever you
00:09:29
were doing talking to peter that showed
00:09:31
up at 10 30.
00:09:33
you know the game was basically randomly
00:09:35
in the muck half the night nobody was
00:09:37
observing any good decorum run it once
00:09:39
run it twice there was just nothing
00:09:41
going on
00:09:43
you had stale fish okay just sitting
00:09:45
there rotting stinking up the whole
00:09:47
[ __ ] room
00:09:48
you know you had 2013 colton which is
00:09:50
not even a good year just fyi okay 2012
00:09:53
okay 2015. do that i mean
00:09:56
so anyways i thought it was a disaster i
00:09:58
stormed and up and i left
00:10:00
he did rage quit and it was great
00:10:03
because we're playing plo finally sacks
00:10:05
loses all this money
00:10:07
may i respond
00:10:08
but i did have three bowls of ice cream
00:10:10
which i regretted this morning
00:10:13
all right sex in your defense
00:10:15
why were you why did you
00:10:17
leave your guests for
00:10:19
three hours while you talked about your
00:10:22
own home bro it wasn't it wasn't three
00:10:24
hours you guys were being well attended
00:10:26
too i made sure that you were well
00:10:27
attended too and then i had to duck out
00:10:29
well attended to what are we
00:10:30
preschool what do that what are you
00:10:32
talking about executed
00:10:34
actually a couple of trades so
00:10:37
what were the calls
00:10:39
well you know crypto is like a 24 7
00:10:41
market these days
00:10:45
crypto never sleeps so david sacks has
00:10:47
to excuse himself um yeah i got wired at
00:10:49
800k uh hong kong gold had to uh
00:10:54
yeah so
00:10:56
okay so first of all the food was
00:10:58
amazing we had like this incredible
00:11:01
we had this incredible you didn't eat it
00:11:03
you had brussels sprouts you had the
00:11:04
brussels sprouts you ate none of that
00:11:06
i'm on a diet i did eat the sushi
00:11:08
there's like this incredible sushi
00:11:09
spread
00:11:10
we had so much sushi mostly didn't get
00:11:12
eaten then we had pizzas got the best
00:11:14
late night pizzas from two different
00:11:16
pizza places got delivered there was
00:11:17
more than one pizza per person in terms
00:11:20
of selection it was tony's napolita you
00:11:21
had pretty great homemade caramel sauce
00:11:24
poured over tomorrow
00:11:25
no dulce de leche that was great yeah
00:11:27
props to the chef put dolce de leche on
00:11:29
the vanilla yeah and the colga in 2013
00:11:32
estate nine is a fantastic ball of wine
00:11:34
that i i had another ball of it earlier
00:11:35
this week we just lost 42 of the
00:11:38
audience they are now on the youtube
00:11:40
comments saying
00:11:41
why are these people
00:11:43
why do we listen to this pod every week
00:11:45
and here here's here's the reality moth
00:11:48
is you were very quiet and sort of
00:11:50
sullen the whole night from really the
00:11:52
time you got there kind of true you
00:11:53
didn't really participate in the
00:11:54
conversation and skye
00:11:56
hypothesized that the reason why you
00:11:58
were so withdrawn is because you were
00:12:00
upset that the game had moved from your
00:12:03
place to my place and you thought
00:12:04
somehow i was trying to hijack your game
00:12:06
which is not true we do a game at my
00:12:08
place maybe no no no i told this guy no
00:12:10
no i told i told sky text already i said
00:12:12
hey guys we normally run the game
00:12:14
thursdays at my house i'm happy to come
00:12:15
up but it's harder for me because that's
00:12:18
almost due right so you were upset from
00:12:20
the get-go that you were no i wasn't i
00:12:21
told i told him that pretty
00:12:25
friedberg and sacks have not come to the
00:12:28
last three games at champa's house is
00:12:29
there something going on here is it just
00:12:30
the commute
00:12:31
i think the commute is hard i mean in
00:12:33
fairness to you guys give me a charge i
00:12:34
only missed the last game i went i went
00:12:36
well sax hasn't been coming and i know
00:12:38
he's in he's in town is there something
00:12:39
going on stocks where you can't no it's
00:12:41
any more you haven't i mean it's either
00:12:43
the commute or sometimes i'm out of town
00:12:45
you know so you were in town the last
00:12:47
couple times i don't know i think you're
00:12:48
kind of you and chamoth maybe need to go
00:12:49
for a walk okay i'll come i'll come the
00:12:51
next what's next game whenever the next
00:12:53
game is you should come but i mean what
00:12:54
are you doing staying home playing chess
00:12:56
with peter thiel on your ipad i mean
00:12:58
come on both me and freeburg are about
00:12:59
to have kids we cannot oh the game is
00:13:01
over no no no for another couple weeks
00:13:04
yeah we're gonna revert back to that
00:13:05
terrible covet app ipad app playing
00:13:07
poker where like everyone can talk to
00:13:09
each other oh the chinese app that was
00:13:11
uh fixed with a bunch of people
00:13:13
colluding everyone was so angry
00:13:15
yeah well we'll get it back in the next
00:13:17
one let's start our show let's start
00:13:18
let's start the show uh first up in uh
00:13:20
spackland uh donald trump has done a
00:13:23
spec and it's for his trump media and
00:13:26
technology group
00:13:27
uh and
00:13:29
he's launching an app called truth
00:13:30
social which you can preload i guess in
00:13:33
the app store you're allowed to
00:13:34
pre-order stuff now that was kind of an
00:13:36
interesting feature um the company will
00:13:38
merge with the spec called digital world
00:13:40
acquisition corporation ticker symbol
00:13:42
currently dwac it's led by somebody
00:13:44
named patrick orlando
00:13:46
uh who is a florida-based investment
00:13:48
manager i'm not making that up uh i
00:13:50
don't know if orlando is actually his
00:13:52
name
00:13:52
um he founded a sugar trading business
00:13:54
and built two energy distribution
00:13:55
businesses allegedly uh or supposedly um
00:13:59
friedrich said maybe he's a real estate
00:14:00
guy who knows the stock peaked at 157
00:14:04
a share
00:14:05
uh this morning friday morning so the
00:14:07
stack started at 10 bucks
00:14:09
it started at 10. so that's 16x before
00:14:11
dropping back down to 100 it's become a
00:14:13
bit of a meme stock on wall street bets
00:14:16
trading was halted it puts this at
00:14:18
something in the range of a you know
00:14:20
well over a 10 billion dollar market cap
00:14:22
and
00:14:23
there is literally no technology no team
00:14:27
and a bunch of technologists looked at
00:14:29
the source code just by doing view
00:14:30
source i think on the on the web pages
00:14:32
and uh there's an open source project i
00:14:34
think called master dawn or master tan i
00:14:36
don't know i think it's mastered on um
00:14:38
that they seem to have just copied the
00:14:39
code from it's it's like a distributed
00:14:42
version of twitter and it seems they
00:14:44
just cut and pasted the code and didn't
00:14:45
even change the license you know like
00:14:47
the gpl license we were supposed to give
00:14:48
credit to who wrote the code so no
00:14:50
business no team no ip no users no money
00:14:53
no office no nothing it's basically uh
00:14:56
it's an nft this is an nft
00:14:59
basically it's an exchange traded nft
00:15:02
it's exciting
00:15:03
donald trump the value of everybody the
00:15:05
value of this thing is like closer to
00:15:07
donald trump is closer to 20 billion
00:15:08
because there's a 1.7 billion dollar
00:15:10
value if they hit certain stock prices
00:15:12
according to the press release they put
00:15:13
out but there's not a good sec filing on
00:15:15
it
00:15:15
so at 1.7 that means he got 170 million
00:15:18
shares which are now worth let's say at
00:15:20
157 dollars a share donald trump has
00:15:24
effectively 20 plus billion dollars oh
00:15:27
so he's finally a billionaire
00:15:29
and he's finally a billionaire of equity
00:15:30
value in his stake in this actually a
00:15:32
billionaire and i think this and this is
00:15:34
the absolute like penultimate nft it is
00:15:38
traded against a caricature
00:15:40
that is a one-of-a-kind completely rare
00:15:43
this is gonna all of his quote-unquote
00:15:45
media ip is going to be licensed into
00:15:48
this stack and so if you want to own a
00:15:50
piece of it this is the way to own it
00:15:52
and people are trading it like an index
00:15:54
on the donald trump um uh character it's
00:15:57
an it's an index on that i think it's a
00:15:59
it's an index on
00:16:02
the right i think it's an index on an
00:16:04
alternative to fox news to traditional
00:16:06
media
00:16:07
the traditional media it's a huge [ __ ]
00:16:09
you to actually the mainstream media i
00:16:10
think this is good twitter
00:16:12
oh my god it's going to tilt the hell
00:16:14
out of like the folks that write at the
00:16:16
at the new york times my god shaq
00:16:19
dorsey's tweet by the way
00:16:20
no i gotta i'll i'll put it in the chat
00:16:23
but he kind of um he made a comment on
00:16:25
it after there was a screenshot i mean
00:16:27
let's be honest it's a grift
00:16:29
i mean this is just this is the ultimate
00:16:31
peak rift in the peak bubble of our
00:16:33
lifetime period
00:16:34
i think it's a vote like peter thiel
00:16:36
said yesterday you know like bitcoin is
00:16:38
a vote against the establishment this is
00:16:40
a vote against the establishment all
00:16:41
right what are the chances that an
00:16:43
actual app launches sacks like and when
00:16:46
would that actually happen when can this
00:16:48
uh crew of [ __ ] actually write a
00:16:51
line of code and actually release a
00:16:52
product you know how hard it is to
00:16:53
release products yeah that's a good
00:16:54
question i mean what they're saying is
00:16:56
that they're going to launch a new
00:16:58
social network i guess twitter style
00:17:00
called truth social
00:17:02
and the primary interface will consist
00:17:04
of a feed of short posts from users you
00:17:06
follow sounds familiar however these
00:17:08
posts will be called truths instead of
00:17:10
tweets and reshares will be known as
00:17:13
retruce
00:17:15
wow
00:17:17
so that's what's coming and um
00:17:19
the the the slide deck that's available
00:17:22
on the company's website list twitter
00:17:23
facebook netflix disney plus cnn iheart
00:17:26
media google cloud amazon web services
00:17:28
as some of tmtg's current and future
00:17:30
competitors so
00:17:32
basically you know trump is proposing an
00:17:36
alternative to
00:17:37
all the traditional media and social
00:17:39
networks that have basically banned him
00:17:42
but i do think that the trading here
00:17:43
does represent there is i think a
00:17:46
groundswell for
00:17:49
for social media platforms that are not
00:17:50
controlled by big tech and you know
00:17:53
there's trump has 70 million tech voters
00:17:55
sorry 70 million voters of those
00:17:58
probably 30 to 40 million you would say
00:18:00
are
00:18:01
would be fans of his on social media
00:18:03
he's been banned from twitter and
00:18:05
facebook and this is his response he's
00:18:06
going to create his own platform i don't
00:18:08
know whether ultimately be successful
00:18:10
but i think what you're seeing here is
00:18:11
the demand for alternatives to
00:18:14
you know sensorious platforms that are
00:18:16
controlled by big tech so if he has 30
00:18:18
million real fans chamath what number of
00:18:20
them would download the app and
00:18:22
participate in the first year he had
00:18:25
a line he had 90 million followers on
00:18:27
twitter jacob which doesn't count but
00:18:29
that's half of the twitter registered
00:18:30
account 70 million people vote for him
00:18:33
so what are the real fans not just
00:18:34
republicans who don't want hillary i
00:18:36
don't think that's the way to think
00:18:37
about this i would i would view this as
00:18:39
differently than
00:18:40
this what's in what's insane is you have
00:18:44
this entity here which is essentially a
00:18:46
cash shell
00:18:47
that's now basically you know 300 odd
00:18:50
million dollars of cash
00:18:52
plus what looks like
00:18:54
18 or 19 billion dollars of brand value
00:18:57
like of intangible goodwill and the sum
00:18:59
total of that is is what the total
00:19:01
market cap of this thing is so if it is
00:19:03
18 billion then that's what it is
00:19:05
what this allows them to do and this is
00:19:07
where it kind of gets interesting
00:19:09
is these guys what it shows me is they
00:19:11
could come back and actually raise an
00:19:13
enormous amount of money they could
00:19:15
issue you know a secondary stock sale
00:19:17
they could do a convert
00:19:18
they could raise billions of dollars
00:19:20
because the demand is there and then
00:19:22
with those billions of dollars they
00:19:23
could actually do something really
00:19:25
meaningful they could go and acquire an
00:19:27
existing app jason call it they could
00:19:29
acquire engineers in a product that
00:19:31
already exists they could maybe hire
00:19:33
yeah they could acquire a traditional
00:19:34
broadcast outlet and give trump uh you
00:19:37
know a way to short-circuit his launch
00:19:39
of a fox competitor
00:19:41
so i actually think
00:19:44
this is a huge vote i think david's
00:19:46
right it's a vote against censorship
00:19:48
it's a vote
00:19:49
for trump it's a vote for the right it's
00:19:52
a vote for alternative
00:19:54
uh voices and as a result i think a lot
00:19:58
of folks in the mainstream who have
00:20:00
trump derangement syndrome
00:20:02
are now going to be you know reawoken
00:20:04
and in complete full tilt for a while
00:20:07
yeah it's pretty tilty uh tmtg plus will
00:20:10
be
00:20:11
uh you know it's terrible branding but
00:20:13
the tmtg plus is going yes you're
00:20:15
already tilted
00:20:17
i'm super i'm not telling you i mean
00:20:19
i think the whole thing is just a super
00:20:20
grift i don't think they'll ever get a
00:20:21
product out the door if they do i think
00:20:22
they get to maybe five 10 million users
00:20:25
they're going to write it up they've got
00:20:27
they've got a 20 billion dollar market
00:20:28
cap they could do whatever the hell they
00:20:29
think it's all people just manipulating
00:20:31
the stock like they could like said they
00:20:33
could turn that into into cash they
00:20:35
could sell i mean they could turn it
00:20:36
off i don't think they can get the 20
00:20:38
billion trump today in one day
00:20:41
is worth more than two times the new
00:20:43
york times can you imagine what's going
00:20:46
on in the new york yeah and that's just
00:20:48
brand well let's see i mean not all
00:20:50
these stacks stay at 150 a share you
00:20:52
know so so jacob i i think you're right
00:20:54
that people outside the tech industry
00:20:56
really underestimate how hard it is to
00:20:58
build technology products that are any
00:21:00
good you know that have a good ui
00:21:02
they're delightful to users it does
00:21:04
require real talent and if you're not
00:21:07
sort of from the industry you don't even
00:21:08
know what kind of talent you need to
00:21:09
hire however i think jamaat has a really
00:21:11
good point that with this kind of market
00:21:13
cap they could acquire their way to a
00:21:16
portfolio of assets like for example
00:21:18
okay rumble right now has become the
00:21:21
alternative to youtube among
00:21:24
yeah not just conservatives but anyone
00:21:25
who's who's been de-platformed there's a
00:21:27
lot of leftists now there's locals.com
00:21:29
that you invested in local yes exactly i
00:21:31
invested in locals which is dave rubin's
00:21:33
thing so but but just to take rumble for
00:21:35
a second because it's kind of the
00:21:36
youtube competitor you know they've got
00:21:38
something like 30 million uh users plus
00:21:41
it's a very it's a it's a pretty big and
00:21:43
growing audience
00:21:45
but there is locals there are other
00:21:46
assets and you could and i think the
00:21:48
last valuation of rumble i think it was
00:21:50
announced when peter thiel actually
00:21:52
invested i think it was around a 500
00:21:53
million dollar valuation even if you
00:21:56
paid a gigantic premium to that i mean
00:21:58
if your market caps 20 billion you could
00:22:00
spend 2 billion on that you could spend
00:22:02
5 billion on that yeah you know
00:22:04
by the way sorry just to dispel this
00:22:06
idea you don't need good ui
00:22:08
if you have the right feature set and
00:22:10
reddit is the perfect example where
00:22:11
they've always been
00:22:13
on the side of free speech
00:22:15
and they've always been on the side of
00:22:18
allowing people to vocalize and pursue
00:22:20
their own passions even if some of those
00:22:22
things were really
00:22:23
you know
00:22:24
for the mainstream uh beyond the pale
00:22:27
their ui is terrible but they have
00:22:29
thrived because that single feature
00:22:32
dominates any desire for elegant ui and
00:22:34
so i think what you're going to find
00:22:36
over this next iteration of these apps
00:22:38
is how valuable free speech is and there
00:22:41
are enough examples whether it's rumble
00:22:42
or reddit or others that show you that
00:22:45
the ability to not be censored dominates
00:22:47
4chan discord they're all very it's
00:22:49
going to it's going to tweet it's going
00:22:51
to tweak oh my god the heroes
00:22:56
uh data analysis and marketing during
00:22:59
his you know 2016 campaign and they did
00:23:02
get that guy pascal or whatever and they
00:23:04
figured out cambridge analytica so they
00:23:06
did figure out how to get some tech
00:23:08
people right sax to
00:23:09
you know
00:23:10
can i just say one thing the other super
00:23:12
tilty thing is people will want to fade
00:23:14
this trade and
00:23:15
you know we're going to be
00:23:17
they're going to know they're going to
00:23:18
be silently wishing for this thing to
00:23:19
crater and i think there's going to be a
00:23:20
lot of profit taking on this because i
00:23:22
think it's very speculative
00:23:24
but i think we will all be shocked at
00:23:27
the actual closing enterprise value when
00:23:29
this thing despacks because it will
00:23:31
despack and
00:23:33
we're all going to kind of scratch our
00:23:34
heads thinking how did we not see this i
00:23:36
mean i didn't see this i would have
00:23:38
never and there's going to be at least a
00:23:39
billion dollars of cash available when
00:23:41
they do their second at least at least i
00:23:43
mean they can do whatever they want yeah
00:23:45
they're going to have more more cash
00:23:46
available to them to invest i mean he is
00:23:48
he is firmly back in the game
00:23:52
and by the way one of the comments
00:23:53
scaramucci made this morning it's a very
00:23:56
astute one which is i'm rooting for the
00:23:58
stack because if this actually does
00:24:00
despack at this valuation donald trump
00:24:02
is not running for president again
00:24:03
because he's now got a 20 billion dollar
00:24:05
media business or 20 million of equity
00:24:07
value in this new media business that
00:24:08
he's gonna keep running
00:24:09
sacks what do you think
00:24:11
uh that could be a win-win for
00:24:13
uh the republican party
00:24:16
but you know you're buying the stock
00:24:17
you're joining the board
00:24:19
saks is leading the b
00:24:21
yeah i mean
00:24:22
i i i think chemotherapy is a good point
00:24:24
that sites like reddit have shown that
00:24:26
you know like a beautiful ui is not
00:24:28
necessarily the feature that
00:24:30
users want in every case i do think you
00:24:32
still have to have some tech talent
00:24:34
involved in order to produce a good
00:24:36
product just to give you an example so
00:24:38
this product wasn't supposed to have its
00:24:40
soft launch until next month but somehow
00:24:42
some users found a way to access the
00:24:43
site and they were setting up accounts
00:24:45
within hours of the announcement so one
00:24:47
vandal claimed the at donald j trump
00:24:50
handle and posted a picture of a pig
00:24:52
with extremely large testicles
00:24:55
so
00:24:56
no
00:24:57
now i would just submit that you at
00:24:59
least need to have enough tech talent to
00:25:01
prevent something like that from
00:25:02
happening yes i mean maybe
00:25:04
it wasn't a vandal i mean maybe trump
00:25:07
posted that photo to himself i don't
00:25:08
know it's not it's not impossible it's
00:25:10
not proud
00:25:11
but yeah but but anyway my point is they
00:25:14
still have to assemble the tech talent
00:25:16
to build this or i like the idea better
00:25:19
of just acquiring the the collection of
00:25:21
assets that they need and i think you're
00:25:23
right i think it's multi-faceted i think
00:25:24
it's a social network
00:25:26
a lot twitter i think it's probably some
00:25:28
sort of video do not underestimate the
00:25:30
number of people
00:25:32
in wall street
00:25:33
who are
00:25:35
uh on the right
00:25:36
and who will help these guys
00:25:38
make very good decisions
00:25:40
even if they do it sort of you know
00:25:43
quote unquote clandestinely meaning
00:25:45
they'll never be on the cover of helping
00:25:46
them do a big m a or whatever but there
00:25:49
are there are a lot of those folks that
00:25:51
will help make sure that this despacks
00:25:54
cleanly
00:25:55
that they have access to capital
00:25:57
that they know how to go and raise and
00:25:59
tap the markets and what's beautiful
00:26:01
about the public markets and you can say
00:26:03
this is you know an issue but it's not
00:26:04
in this case
00:26:05
is that you know
00:26:07
you can go on and basically support this
00:26:10
guy in a way that's relatively anonymous
00:26:11
because it's not like you have to
00:26:12
disclose that you own this stuff if
00:26:14
you're if you're a private investor so
00:26:16
i think that uh he's back in the game in
00:26:19
a big way and i think this is going to
00:26:21
really shake up the media landscape if
00:26:22
they can execute well they just need to
00:26:24
think about this as an m a vehicle not
00:26:26
as an engineering and product creation
00:26:28
video yes 100 percent agree 100 percent
00:26:30
agree would you sell call in for a
00:26:32
billion dollars in equity value at a
00:26:34
hundred dollars a share to these guys
00:26:35
today yes
00:26:36
i can answer on his behalf yes
00:26:39
yes
00:26:40
is that what you were doing i'll take
00:26:41
the 20x
00:26:43
no no i'll take 20 x in eight months jkl
00:26:46
you want to be my agent
00:26:48
i think you have a quicker line to
00:26:50
trump no no no no uh i think actually
00:26:53
this might be like to peter till's point
00:26:54
like maybe don't take the product
00:26:57
uh literally but take the market cap
00:27:00
seriously uh because
00:27:02
this is a lot of if they can keep even a
00:27:05
five billion dollar market up i do agree
00:27:06
that does make them dangerous in terms
00:27:08
of buying assets
00:27:09
and i do think they can get the first
00:27:11
five all of these
00:27:12
right-wing services get five to he gets
00:27:14
five to ten million people to sign up
00:27:15
for him even his like signal he was at
00:27:17
like a million you know very quickly
00:27:20
he's got like a signal or telegram group
00:27:21
i think and he got you know he could buy
00:27:23
maybe he could buy ben shapiro's daily
00:27:25
caller that's a big media brand on the
00:27:27
right that people listed
00:27:29
yeah the number one and keep keep bench
00:27:31
up here there to run it because trump
00:27:33
needs operators and the more disruptive
00:27:35
thing isn't to buy stuff on the right
00:27:36
it's to buy stuff in the center or even
00:27:38
stuff on the left again it's it's very
00:27:40
hard if you're a public company it's
00:27:42
impossible actually if if trump media
00:27:45
group now has a currency
00:27:47
and tries to acquire assets
00:27:50
the directors have a fiduciary
00:27:52
responsibility to actually vote in favor
00:27:55
of that deal because they're not allowed
00:27:56
to look at who the buyer is and say no
00:27:58
we don't want to do that
00:28:00
so if he puts out a reasonable fair
00:28:01
market offer price you know of the
00:28:03
closing price plus 30 35 percent there
00:28:06
is not a single public market director
00:28:08
in the world i don't care how
00:28:09
democrat
00:28:11
tick they are or how much of a donor
00:28:13
they are they'll always vote the deal
00:28:15
because otherwise they will get
00:28:16
personally sued and that's the liability
00:28:18
in public markets so
00:28:19
i would be very careful about this thing
00:28:21
this thing is going to get really
00:28:22
serious really quickly i wonder if
00:28:24
there's a tentpole
00:28:26
[Music]
00:28:27
media personality that he could acquire
00:28:29
in the same way spotify got joe rogan
00:28:31
and netflix got dave chappelle back to
00:28:33
there's somebody they could offer a
00:28:35
hundred dollars they shouldn't do that
00:28:36
they should do what sax just said which
00:28:38
is that you know that that list of like
00:28:40
the dumpster fire on facebook every day
00:28:42
which is like dan bonigno and ben
00:28:43
shapiro and blah blah
00:28:45
he should just go and get all those guys
00:28:47
yeah that's what i just said round them
00:28:48
up but i wonder if there's like a
00:28:49
comedian you know like you know bill
00:28:51
mars obviously hates him but then is
00:28:52
there somebody in the middle who
00:28:54
is like a notable comedian on the right
00:28:56
sax i'm not fully vetted on your all
00:28:59
right buddies but who's who's in that
00:29:01
alt-right cohort that well i think
00:29:04
there's there's comics who are willing
00:29:05
to be politically correct and non-woke
00:29:08
um so i think what's his name like bill
00:29:10
burr or something like that is isn't he
00:29:13
net team netflix but yeah i wonder if a
00:29:15
bill burr he hates trump though i think
00:29:17
or but i mean who's the guy who got
00:29:18
cancelled for exposing himself
00:29:21
leah louis c.k louis c.k i mean i'm not
00:29:23
saying he's conservative right but um
00:29:26
you know no no he's available
00:29:28
he's highly he's available so i mean
00:29:30
actually one thing to think about is you
00:29:32
know trump got all these people to do
00:29:34
like the monthly 25
00:29:36
reoccurring subscription and we got a
00:29:38
little bit of trouble for that because
00:29:39
people didn't know they were signing up
00:29:40
for it but i wonder if he could get a
00:29:42
million people or five million people to
00:29:43
pay ten bucks a month for the saks
00:29:46
yeah absolutely if there's something
00:29:47
there behind the the curtain i mean if
00:29:50
it's nothing but like i don't know a
00:29:52
newsletter of his like extemporaneous
00:29:54
tweets i don't think so but if there's
00:29:57
real content there from people they care
00:29:59
about why wouldn't they wait a second
00:30:01
what if he just did every friday night a
00:30:03
rally on a video service where he just
00:30:05
did one of his two or three hour stand
00:30:06
up routines and had different people
00:30:08
come up and talk like his pillow guy and
00:30:10
all of his other weirdos i think this
00:30:12
could be like i think this could be like
00:30:14
the oprah winfrey network where she may
00:30:16
like anchor the temple show or something
00:30:18
but there's a lot of other creators on
00:30:20
the network i think that's the
00:30:21
opportunity yes the question the
00:30:23
question quite frankly though is whether
00:30:24
he's operational enough to actually
00:30:26
drive to these outcomes i think it's
00:30:28
very easy for us to imagine what you
00:30:29
could do with 20 billion dollars and his
00:30:32
media brand and the question is just
00:30:34
does this get executed that way now does
00:30:36
because it's not going to be a real
00:30:37
estate sugar guy from florida that's
00:30:40
going to manage this thing to an outcome
00:30:41
does twitter then let him back on the
00:30:43
platform if he has this competing
00:30:45
platform does facebook how does that
00:30:46
know i think at that point they have the
00:30:48
perfect excuse not to let him back on
00:30:49
which is like hey we're not censoring
00:30:51
him because he's there's an alternative
00:30:54
they don't want to let him back on in a
00:30:56
way i guess you have to ask yourself if
00:30:57
twitter had let him come back on and
00:30:59
gave him his platform back after like a
00:31:01
six month or a year time out
00:31:03
would he even be doing this no he says
00:31:05
in he has a press announcement where he
00:31:08
says that i mean he says here that trump
00:31:11
media and technology group's mission is
00:31:12
to create a rival to the liberal media
00:31:14
consortium and fight back against the
00:31:16
big tech companies in silicon valley
00:31:17
which have used their unilateral power
00:31:19
to silence opposing voices in america
00:31:22
this is what's given him the opportunity
00:31:24
is their censorship their censorship
00:31:26
just created a 20 billion dollar war
00:31:28
chest
00:31:29
i mean the most tilting thing of this
00:31:31
whole conversation is it's worth twice
00:31:33
as much as the new york times
00:31:35
i've been saying on this show for over a
00:31:37
year that censorship backfires in ways
00:31:38
you can't expect they never think
00:31:40
through the second and third order
00:31:42
consequences of their censorship it's
00:31:43
like when angela merkel came out and
00:31:45
said hey like wait did did twitter just
00:31:47
de-platform a head of state why are we
00:31:49
depending on them i mean there's all
00:31:50
these second-order consequences they
00:31:52
never think through and now they're
00:31:54
coming back to bite them in the ass
00:31:56
yeah i mean forcing people to get
00:31:57
vaccines is now leading to whatever
00:32:00
percentage of people just retiring or
00:32:02
this you know or not coming back to work
00:32:04
and
00:32:04
that's causing a bit of bedlam in the
00:32:07
economy as we talked about all these
00:32:08
authoritarian tendencies create a
00:32:10
backlash of some kind and if our ruling
00:32:13
elites would just have a lighter hand
00:32:15
there'd be a lot less tension in the
00:32:16
country we had an interesting discussion
00:32:18
last night at during uh but i think it
00:32:21
was on the other side of the table so
00:32:22
maybe you two didn't hear it but we were
00:32:23
talking about
00:32:24
is biden gonna run again in 2024 and
00:32:27
what would that look like and i just
00:32:28
said i i can't imagine biden in a debate
00:32:31
three years from now like he he doesn't
00:32:34
seem
00:32:35
i don't want to be derogatory here but
00:32:37
he doesn't seem very crisp the last time
00:32:39
four years later
00:32:40
so what do we think chances of biden
00:32:42
running in 2024 chances of trump running
00:32:44
in 2024 with all this information and
00:32:46
what would that look like zero and zero
00:32:48
you're zero zero free berg do you even
00:32:51
care
00:32:52
nope yeah i didn't think so right look i
00:32:54
mean i i think trump's going to run this
00:32:55
20 billion media empire and he's going
00:32:57
to be happy doing that
00:32:59
i think if it's not biden it's going to
00:33:00
be a proxy so
00:33:02
um
00:33:03
it's not going to be too far off uh in
00:33:05
terms of
00:33:06
what the you're deep in this uh sax
00:33:08
you're hosting uh as people were talking
00:33:10
about on twitter uh
00:33:12
and you tilted all of san francisco or
00:33:13
ninety percent of it you're hosting
00:33:15
desantis for a fundraiser it's his first
00:33:17
fundraiser for his re-election as
00:33:19
governor he hasn't said anything about
00:33:20
his plans in 2024 it's way too early for
00:33:22
that um do i think biden or trump could
00:33:24
be on the ballot i think it's 50 50 for
00:33:26
both of them all right but i would like
00:33:28
to see but look instead of having two 80
00:33:30
year olds running against each other i
00:33:32
would like to see
00:33:33
say two
00:33:34
40 something or just younger leaders
00:33:37
you know giving america a real choice
00:33:40
all right where do we want to jump off
00:33:42
to now venture capital venture capital
00:33:44
because clearly sax is is having
00:33:46
extraordinary liquidity events uh at 11
00:33:49
o'clock at night on a thursday night
00:33:51
that freeberg money is not made it's
00:33:52
simply transferred from one perception
00:33:54
to another
00:33:55
from one perception to another
00:33:58
there's a wall street uh speech
00:34:01
saks was like in his uh he was
00:34:03
doing
00:34:04
monologues from wall street last night
00:34:06
he's leaving he was leaving the poker
00:34:07
table to go to into his soundproof
00:34:09
chamber that oversees his estate next to
00:34:12
the poker room and from there he was on
00:34:14
his phone screaming pacing back and
00:34:16
forth doing deals gecko style he had his
00:34:19
300 pound trader next to him he was
00:34:21
placing orders
00:34:23
and um something's going on in the
00:34:24
market i mean sax you know do tell but
00:34:26
clearly the uh the venture liquidity
00:34:29
um
00:34:30
uh waterfall that's going on right now
00:34:32
is playing into well it's a lot of it it
00:34:34
is bonkers wait yes we got to show that
00:34:36
chart we should talk about let me just
00:34:38
highlight this highlight the statistics
00:34:39
jkl because it is truly extraordinary
00:34:41
how much liquidity venture firms are
00:34:43
having this year all right well just to
00:34:45
look at um the value of u.s
00:34:47
venture-backed companies that went
00:34:48
public or were acquired 290 billion 280
00:34:52
billion in 19 and 20. and then uh this
00:34:55
year uh 2021 so far we're at 590 billion
00:34:59
it's literally doubled but if you look
00:35:00
back
00:35:01
it was about 110 billion in 2018 so we
00:35:04
are now five six x where we were five
00:35:07
years ago uh and this is again the value
00:35:10
of u.s venture u.s venture-backed
00:35:12
companies that went public or required
00:35:14
so the liquidity is bonkers and we're
00:35:16
seeing that in real estate
00:35:18
uh you know jets being bought whatever
00:35:20
the vc industry has experienced three
00:35:22
years of record-breaking exits uh this
00:35:25
is a twitter user who tweeted it
00:35:26
2021 is obviously smashing all those
00:35:28
levels yeah i mean
00:35:30
for for the last until the last three
00:35:32
years for the previous 15 20 years the
00:35:34
exits per year were in this 50 to 100
00:35:37
billion range
00:35:38
then they've jumped up to 600 billion in
00:35:40
the last year and in the previous two
00:35:42
years it was 300 billion each so yeah i
00:35:45
mean it's just more money has has been
00:35:48
made
00:35:49
or distributed out in the venture
00:35:51
capital industry in the last three years
00:35:52
i think the previous 20 years combined
00:35:55
at least the last three years yeah that
00:35:57
doesn't that doesn't even factor in
00:36:00
what's happening in crypto right and
00:36:02
crypto is just like i'm sure there's
00:36:03
something here coinbase is in here no
00:36:05
like like like in my portfolio as an
00:36:07
example like you know like venture
00:36:10
returns which have which have been
00:36:11
excellent across the board so forget
00:36:12
mine just everybody's
00:36:14
venture value kind of like slowly ticks
00:36:16
up over time right because like you know
00:36:19
you're doing this work and then that
00:36:20
work gets valued and then somebody else
00:36:22
comes in and raises a new round and you
00:36:24
know you you hopefully can defend your
00:36:26
pro rata
00:36:27
yadda yadda so i it it does create a lot
00:36:30
of compounding value but it's you know
00:36:33
and and it's relatively fast but
00:36:35
compared to crypto it's unbelievably
00:36:36
slow whereas in crypto you know quarter
00:36:39
over quarter you have these swings that
00:36:41
i've i've personally never ever seen
00:36:43
like i was telling you this story
00:36:44
yesterday we owned something which i'm
00:36:46
not going to tell you what it is but um
00:36:48
it's a crypto thing and uh
00:36:51
our nav i had to mark my book up a
00:36:54
billion
00:36:55
net asset value on that asset i had to
00:36:57
mark it up because you know we have to
00:36:59
submit to our auditors and just keep it
00:37:01
an accurate sense of what our book value
00:37:03
is
00:37:04
a billion dollars in a quarter
00:37:06
i've never seen that in my entire
00:37:08
investing career and here's how what it
00:37:10
does to me and my whole team
00:37:13
i have a budget for next year of how
00:37:14
much i want to spend
00:37:15
instantly that number goes up and what
00:37:18
it really means is i'm probably just
00:37:19
going to be getting the same ownership
00:37:21
but i'm just going to be paying more for
00:37:23
it and if i'm going through that i think
00:37:24
everybody's going to go through it what
00:37:26
it's going to do is it's like all of
00:37:27
this all of these returns are great
00:37:30
all of these increases are great but
00:37:33
i'm not sure that there's going to be
00:37:34
that much more progress
00:37:36
there's not necessarily going to be that
00:37:37
many more startups because it's just
00:37:39
harder and harder to find good things in
00:37:42
the same for the same number of gps in a
00:37:44
place
00:37:46
and costs are going bananas salaries are
00:37:49
off the charts
00:37:51
i don't know if you guys saw but stripe
00:37:52
for example there was a tweet about how
00:37:54
stripes starting to pay like starting
00:37:56
engineers 280k i don't know if that's
00:37:59
true or not but there was a tweet in
00:38:00
twitter and i thought to myself my gosh
00:38:02
like 20 years ago a starting engineering
00:38:05
salary was 50 60 k in the bay area
00:38:08
and so you've seen this incredible price
00:38:10
inflation so it's actually quite good
00:38:11
again it's sort of what we talked about
00:38:13
yesterday
00:38:14
all of these gains eventually come back
00:38:16
around and get recaptured
00:38:18
and so i think that you're starting to
00:38:20
see the beginning of this really
00:38:21
incredible cycle of wealth transfer
00:38:23
essentially so the funds may make it
00:38:26
but it's going to come back to you let
00:38:27
me ask you a question about the crypto
00:38:28
stuff
00:38:29
is there any worry there that these
00:38:32
valuations match reality because my you
00:38:35
might have a very small float on these a
00:38:37
lot of excitement and they're not
00:38:39
actually products being used by
00:38:40
customers in the real world here's the
00:38:42
thing i because it's
00:38:44
an internal permanent pool of capital i
00:38:45
have no legal requirement to actually
00:38:47
mark okay
00:38:49
um but the reason we do it is because we
00:38:51
want to track nav nav and book value
00:38:54
okay and you know i compensate my team
00:38:57
based on how well we compound book value
00:39:00
but you're right it's a huge um
00:39:03
problem because i don't know how to get
00:39:06
liquid on these things and so you see
00:39:08
this thing sitting on your your balance
00:39:09
sheet and you're like what do we do with
00:39:11
this how do you move it around you can't
00:39:12
you cannot and so i would rather there's
00:39:16
a there's a great guy
00:39:18
uh he was an early pioneer private
00:39:20
equity and um
00:39:22
he had this phrase which he said like
00:39:24
you know the best way to mark up a deal
00:39:26
is right at the end so if you put in you
00:39:29
know 10 million dollars into a series a
00:39:31
if you could be allowed the best thing
00:39:33
to do would be carry that at a 10
00:39:35
million value right until the minute you
00:39:37
get liquid because then you don't go
00:39:38
through the psychological uh roller
00:39:41
coaster ride of having to go through
00:39:42
these marks because then when these
00:39:44
marks come back down jason to your point
00:39:45
there'll be there'll be a quarter where
00:39:47
we give back that billion dollars of
00:39:49
that uh maybe you know i mean what what
00:39:52
do we all do
00:39:53
it's a huge mind [ __ ] let me ask a
00:39:54
question about valuation saks when
00:39:56
you're doing yours because this came up
00:39:58
when i was doing mine and marking my
00:40:00
funds
00:40:01
if a secondary transaction occurs and
00:40:03
somebody buys com or you know slack or
00:40:06
whatever it's then when it's a private
00:40:07
company at ten dollars a share but the
00:40:09
last time you purchased it or there was
00:40:11
a funding two years ago it was at two
00:40:12
dollars a share
00:40:14
where do you put the valuation at what
00:40:16
the secondary market is trading it at or
00:40:18
what you last paid for it or somewhere
00:40:20
in between those and who makes that
00:40:21
decision sacks what is the best practice
00:40:23
on this because
00:40:24
secondary market transactions people are
00:40:26
actually making a transaction right but
00:40:29
is that as good as a venture firm
00:40:31
you know plopping down and enjoying the
00:40:33
board no it's not so first of all you
00:40:35
don't want to be making these decisions
00:40:37
ad hoc you want to have a policy so we
00:40:38
have a written policy and there's a
00:40:40
process for amending it if it ever needs
00:40:42
to be amended and what our policy does
00:40:44
is it just uses the most the most recent
00:40:47
preferred round to give us the value
00:40:50
of the shares and then there can be
00:40:52
adjustments based on
00:40:54
market conditions like we know that
00:40:57
it's usually on the downward right like
00:40:59
the company we know has had a huge
00:41:00
problem they're not going to fundraise
00:41:02
again so there's not going to be a new
00:41:04
market anytime soon it's a zombie
00:41:06
company perhaps yeah there's gonna be
00:41:07
some company we can we can mark it down
00:41:09
but basically speaking we use preferred
00:41:11
financing valuations to set marks only
00:41:15
now we do sometimes buy secondary shares
00:41:17
and there's a methodology for bringing
00:41:19
value on them usually it's basically
00:41:21
what we buy them at
00:41:22
and um if we somehow otherwise own
00:41:25
common we'll use the 409a that's what we
00:41:27
do yeah yeah it's i think it's severely
00:41:29
really clean policy
00:41:31
you want to be conservative in these
00:41:33
because nothing no you're worse yeah i
00:41:34
think you have to be accurate not
00:41:36
concerned accurate yeah well i mean you
00:41:38
could be
00:41:40
yeah i guess the question is like
00:41:42
you could see somebody playing some
00:41:43
games where you know you buy you know
00:41:46
some shares at the you own shares in the
00:41:48
company you buy some shares in secondary
00:41:50
and now you've got two marks right the
00:41:52
embedded risk in venture capital has
00:41:53
always been the following which is that
00:41:55
you have money that goes into the a
00:41:57
and there is an incentive today
00:41:59
especially because so much money is
00:42:00
trying to come in where you want to
00:42:03
drive as much growth as possible because
00:42:05
then the b is at such a large step up
00:42:07
that the irrs look amazing and then the
00:42:09
c looks greater than the b so then
00:42:11
everybody's quote unquote making paper
00:42:13
money which allows you to create
00:42:16
more incentives to raise more capital
00:42:19
the problem with all of that is that if
00:42:20
these valuations ever turn out to not be
00:42:22
real or there's a valuation reset or
00:42:24
there's inflation or the public markets
00:42:26
don't value growth stocks
00:42:28
it takes a long time for it to work its
00:42:30
way through the venture ecosystem and
00:42:32
all of this liquidity will probably make
00:42:33
it even more
00:42:35
you know violent when it does happen
00:42:36
because it'll eventually will happen
00:42:38
we'll go through a re-rating like the
00:42:40
year 2000 who knows when it is and what
00:42:42
the catalyst is but that's the real uh
00:42:44
downside of not
00:42:47
of all of this is that it'll eventually
00:42:48
have a valuation reset that's going to
00:42:50
be and to make this super real for
00:42:52
people u.s venture capital funds have
00:42:54
raised a combined 69.1 billion in 2020
00:42:57
uh edu passed to 2018 um and a couple of
00:43:00
these were because of and dressing
00:43:02
horowitz doing a pair of mega funds with
00:43:03
4.5 billion in commitments
00:43:06
recently and so
00:43:09
uh it's been just a tremendous amount of
00:43:11
funds being made and then to give you an
00:43:12
example clubhouse went from 100 million
00:43:15
to a billion to 4 billion in under 18
00:43:17
months in valuation led i think each
00:43:19
time by andreessen horowitz so what
00:43:21
you're saying in an example like this or
00:43:23
in your hypothetical example and i'll
00:43:25
just make it a real world one if they
00:43:28
take those and by the way these are 20
00:43:30
20 oh one 20 20 sets i don't know what
00:43:32
the 2021 stats are so those are old
00:43:33
stats there's probably many more i think
00:43:35
actually i have the updated stats
00:43:37
funds have raised 96 billion uh for 2021
00:43:40
that's the most update in fairness to
00:43:42
all of the venture capitalists i think
00:43:44
that they're doing exactly what they
00:43:46
should be doing and in fairness to all
00:43:48
the crossover funds right now is the
00:43:50
time
00:43:51
to be putting
00:43:52
maximum money to work as fast as
00:43:55
possible not necessarily intelligently
00:43:58
not necessarily in a concentrated way
00:44:00
but the real game if you want to play it
00:44:02
at the institutional level is to just
00:44:04
put all the chips on the table
00:44:07
and then go back to the store and get
00:44:08
some more chips as quickly as possible
00:44:10
put them all on the table come back and
00:44:12
get more so that when it all you know is
00:44:15
said and done
00:44:16
you have as many dollars working
00:44:18
and the worst case is
00:44:20
you will return the average return of
00:44:23
the market and if that happens to be
00:44:24
good you look good if it happens to be
00:44:27
crappy you'll be no worse better worse
00:44:29
off than anybody else but meanwhile you
00:44:31
will have collected enormous fees
00:44:33
and so that's the point in the cycle
00:44:35
we're at and i think that anybody who's
00:44:37
doing it
00:44:38
makes a ton of sense i think it's it's a
00:44:39
really logical thing to be doing the
00:44:41
ones that have had big liquidity events
00:44:42
are also retiring i mean we're seeing
00:44:44
across the board gps of these ultra
00:44:46
successful funds that have returned 5x
00:44:48
plus
00:44:49
taking their ki yeah and they got their
00:44:50
carried interest and they share their 20
00:44:53
25
00:44:54
share in that and they walk away but if
00:44:57
if you look at the value of all global
00:45:00
public equities
00:45:02
it's about um it's about a hundred
00:45:04
trillion dollars
00:45:06
and so if you're seeing let's say that
00:45:07
we're raising a hundred billion dollars
00:45:09
a year of venture capital
00:45:10
in these funds
00:45:12
and then you're making a two and a half
00:45:14
x average market return which is not
00:45:16
normal right let's assume that's the
00:45:17
normal cycle we're in right now
00:45:19
um that's 250 billion dollars of
00:45:22
liquidity
00:45:23
realized in a year out of a hundred
00:45:25
trillion dollars of global public
00:45:27
equities that's only a quarter of a
00:45:29
percent
00:45:30
of the disruption of public equities and
00:45:33
think about it technology is set up to
00:45:35
disrupt all of these old-school
00:45:37
businesses that are public and mature
00:45:39
and scaled and that's what the 100
00:45:40
trillion dollars represents so it's
00:45:42
actually you know kind of looking at it
00:45:44
statistically it's not that unfounded
00:45:46
that we're only seeing a quarter percent
00:45:48
market cap disruption of public equities
00:45:49
each year because those public companies
00:45:51
aren't disrupting each other generally
00:45:52
maybe to some extent they are they're
00:45:54
getting disrupted by new companies that
00:45:56
are emerging um new startups and so i
00:45:58
don't think that this is like
00:46:00
necessarily
00:46:01
the you know the peak it may kind of be
00:46:03
the beginning of a continuing disruption
00:46:06
cycle that we're going to see kind of
00:46:07
persist for the next decade or two
00:46:09
especially as more of the old school
00:46:10
industrial businesses which make up a
00:46:12
bulk of that market cap start to get
00:46:14
disrupted not just by software but also
00:46:16
by automation by esg angle investing by
00:46:20
um
00:46:21
life sciences and all these other kind
00:46:22
of technologies that and these interests
00:46:24
these market interests that are going to
00:46:25
disrupt those old industries i think we
00:46:27
could even see an acceleration from here
00:46:29
so um you know i don't i don't think
00:46:31
that this is necessarily peak frenzy
00:46:33
bubble low interest rate fueled outcomes
00:46:35
i think this may be kind of part of a
00:46:37
longer term trend that is statistically
00:46:39
probably not that big a deal sacks are
00:46:41
you concerned about this peak bubbly
00:46:43
market or do you think
00:46:45
you know like chamot said push all your
00:46:47
chips in and raise as big of fun as you
00:46:49
can and
00:46:51
you know if the game is going to be
00:46:52
played at these high stakes you want to
00:46:54
be at the table
00:46:55
well i i like what freeberg said i think
00:46:57
it's a super interesting point that this
00:46:59
could just be the beginning look we we
00:47:01
live in an age of accelerating
00:47:02
technological progress so why wouldn't
00:47:04
the returns from that
00:47:06
accelerating technological progress also
00:47:08
be accelerating
00:47:10
you know we we had this thesis 20 years
00:47:12
ago when the internet first started that
00:47:14
you the new economy would replace the
00:47:16
old economy it took a few years longer
00:47:18
than people thought but we are fully
00:47:19
there
00:47:20
and the number of new companies being
00:47:22
created now is just exploding
00:47:24
there a lot of this the this liquidity
00:47:26
that's being generated is being now
00:47:28
pumped into the next set of funds which
00:47:30
will go to founders they'll be able to
00:47:32
create more companies they'll be able to
00:47:33
keep more of those companies
00:47:35
um because there'll be less dilution and
00:47:38
then a lot of this wealth is trickling a
00:47:40
lot of the vc money is trickling down
00:47:41
into the competition for salaries so
00:47:44
anybody really anywhere in the world who
00:47:46
can learn how to uh write code can now
00:47:49
you know make a six figure plus salary
00:47:51
because of remote work so all the
00:47:53
salaries all over the world are
00:47:54
equilibrating so i mean this is an
00:47:57
incredible pathway to
00:47:59
prosperity for i mean certainly the
00:48:01
united states but really the whole world
00:48:03
for humanity for humanity it's really
00:48:05
positive assuming it keeps going
00:48:07
assuming it's not just totally liquidity
00:48:09
driven and you know i don't know exactly
00:48:12
you know how all those macro forces will
00:48:14
play out
00:48:15
but um but i mean this seems very
00:48:18
positive overall the other the other
00:48:20
thing it'll lead to just quickly is a
00:48:22
change in who has political power
00:48:24
because you know ultimately you know
00:48:25
money is the mother's milk of politics
00:48:27
and and the people who are making all
00:48:29
these returns will eventually fund
00:48:31
politicians and uh and you know
00:48:35
yeah well yeah i'm one of them yeah
00:48:38
but look i think there's two kinds of
00:48:39
like i'd say prototypes politi uh
00:48:42
politically speaking for people in the
00:48:44
technology world you've kind of got the
00:48:46
the sort of standard woke progressives
00:48:48
who are funding a lot of this crazy
00:48:51
stuff like the incarceration cities
00:48:52
whatever we talked about that before but
00:48:54
i also think there's another prototype
00:48:55
that's less loud and they feel that
00:48:58
they're they kind of keep their views
00:49:00
more to themselves which is i call them
00:49:02
liberalitarians who are sort of liberal
00:49:04
on social values but libertarian on
00:49:07
economic policy they don't like
00:49:09
government regulations certainly if
00:49:11
they're in the crypto world they don't
00:49:12
like government regulations they can see
00:49:14
how they create
00:49:15
you know friction to progress
00:49:17
and they believe in markets and um and
00:49:20
they i think they're going to want to
00:49:21
fund politicians who support that those
00:49:24
types of things so
00:49:25
you know i could be very positive uh
00:49:28
politically in that respect what's
00:49:29
interesting i just want to build on what
00:49:30
you built on what friedberg said which
00:49:32
is i think the best point you made was
00:49:35
look on a global basis of the
00:49:36
opportunity for an individual somebody
00:49:39
who is you know graduating high school
00:49:40
college they're 18 19 20 years old
00:49:43
because of remote work anybody can work
00:49:44
from anywhere technology companies have
00:49:46
unlimited resources and they need an un
00:49:50
a never-ending supply of developers or
00:49:53
even a sales person a marketer you know
00:49:55
back office etc and they can work from
00:49:57
anywhere on the globe and make a
00:49:58
six-figure salary you know whatever 50
00:50:01
60 70 80k for one of these entry-level
00:50:03
jobs in sales
00:50:04
and all the information on how to get
00:50:06
those jobs is available for free from
00:50:09
startups that have put open courseware
00:50:11
online or very free courses
00:50:13
yet we're looking at this massive
00:50:14
technological change and the new york
00:50:16
times's position is that technology is
00:50:19
destroying humanity and polarization of
00:50:21
wealth is destroying humanity what we're
00:50:23
actually uncovering here is all of this
00:50:25
money being invested in these companies
00:50:26
is giving an opportunity for people
00:50:28
around the world to get high paying jobs
00:50:31
totally and actually can i can i can i
00:50:33
mention a really interesting item in
00:50:35
that was just in politico today which is
00:50:38
about um al sharpton was lobbying
00:50:41
in congress against changing the carried
00:50:44
interest treatment so remember you know
00:50:46
all of us in vc
00:50:48
make our compensation in the form of uh
00:50:50
carried interest explain what it is
00:50:53
well it's basically you know if a fund
00:50:55
is in profits that you know the vc will
00:50:58
get the vcs firm will get say 25 of the
00:51:01
upside after they pay back all their lps
00:51:03
that's called the carried interest
00:51:05
because of the way that these
00:51:06
partnerships are set up that is treated
00:51:09
as a capital gains as opposed to
00:51:11
ordinary income assuming it meets the
00:51:13
holding periods of the underlying assets
00:51:14
so there's a big debate about whether
00:51:17
you know vcs and private equity people
00:51:19
should be paying ordinary income or
00:51:21
long-term cap gains on
00:51:23
those returns al sharpton was lobbying
00:51:25
against changing it because in this
00:51:27
political politico article he was saying
00:51:30
that it would impede
00:51:31
the efforts of black entrepreneurs to
00:51:33
build lasting wealth if you jacked up
00:51:36
the tax rates because there's a lot of
00:51:38
fund managers and you know who
00:51:40
who are black who are making a lot of
00:51:43
money now and they don't want to be
00:51:44
subject to this change in treatment so
00:51:46
that was super interesting you know this
00:51:49
tech boom is not
00:51:51
it's not exclusive i mean the the tech
00:51:53
industry gets this rap as if it's this
00:51:55
highly exclusionary place it's not i
00:51:57
mean three of the people on this pod
00:51:59
right now are immigrants so you know the
00:52:01
wealth that's been created is not going
00:52:03
to traditional
00:52:05
centers traditional it's not going to
00:52:07
the errors of you know northeastern
00:52:11
you know
00:52:12
families or something who've been
00:52:13
sending their kids to harvard and
00:52:14
princeton for generations it's going to
00:52:16
entirely new people who haven't had this
00:52:19
kind of wealth before anyway that's
00:52:20
interesting another positive externality
00:52:22
of this wealth all these massive gains
00:52:26
that uh folks who have invested in
00:52:28
venture capital have gotten has caused
00:52:31
one really interesting positive change
00:52:32
so amherst which is a really exclusive
00:52:36
liberal arts college in the
00:52:38
uh northeast made so much money their
00:52:41
endowment is so flush with cash they
00:52:43
basically eliminated
00:52:45
legacy admittances which means if your
00:52:47
parents got in
00:52:50
you were 70 percent likely to get into
00:52:52
amherst
00:52:54
an equivalent kid whose parents didn't
00:52:56
go to amherst had a less than six
00:52:58
percent admit rate right so a huge
00:53:00
disparity basically said if you're a
00:53:02
legacy kid that exists you know we all
00:53:04
know this it exists at harvard it gets
00:53:05
it at all these ivy league schools but
00:53:08
amherst is now so has made so much money
00:53:10
through vc investments as an example
00:53:12
they're like we've canceled admittances
00:53:14
so there's there are there are some
00:53:16
really positive things that are
00:53:17
happening with all this money that's
00:53:18
being made al sharpton's rationale aside
00:53:22
um anyone's going to get wealthier if
00:53:24
they're paying less taxes
00:53:26
so i think you know you're broadly yeah
00:53:28
you're going to see a bit of a focus on
00:53:30
that point obviously which is why
00:53:32
freeburg california was massively in the
00:53:34
bonus in terms of budget surplus and
00:53:37
cash because of this issue
00:53:39
and they were spending money like trunk
00:53:40
and sellers yeah i mean i i just think
00:53:42
you're going to hear a lot of
00:53:44
positioning
00:53:46
for you know the case and by the way i
00:53:48
think that you know building individual
00:53:50
wealth creates this is obviously a
00:53:53
philosophical point but you know it
00:53:54
creates a greater path to prosperity for
00:53:56
more people
00:53:58
uh through the spending that they'll
00:53:59
underdo in growing the economy than
00:54:02
you know than not so i i don't know i
00:54:04
mean i feel like the al sharpton point
00:54:05
is a good one to kind of make but it's
00:54:07
it's a broader one than that well i
00:54:08
think so to in my view the broader point
00:54:10
about the sharpton thing is that it
00:54:12
shows that we talk about this group
00:54:14
of rich people the the wealthy the
00:54:16
millionaires and billionaires as if it's
00:54:18
a static class of people at least this
00:54:19
is the progressive attack it's not i
00:54:21
mean what sharpton points to is that
00:54:23
this group is constantly changing
00:54:25
there's new people getting rich so when
00:54:26
we talk about the rich if it's new
00:54:28
people getting rich what we're really
00:54:29
talking about is success
00:54:31
and if you really want to ban people
00:54:34
getting rich i mean you're talking about
00:54:35
banning success our country can't be
00:54:37
successful that way we're not going to
00:54:39
be able to outcompete china if we're
00:54:40
preventing success and by the way we
00:54:42
can't fund all these progressive uh
00:54:44
programs if we are you know hamstringing
00:54:47
success so um you know i think this what
00:54:51
we've created here with this highly
00:54:52
entrepreneurial free enterprise system
00:54:54
that's funded by venture capital this is
00:54:56
the golden goose of the american economy
00:54:59
and the most important thing is that we
00:55:00
don't break it saks it might just be we
00:55:03
may have underestimated its power is
00:55:05
what we're sort of realizing
00:55:06
collectively here today is that we've
00:55:08
always thought that this thing is
00:55:09
hitting all-time highs this might be the
00:55:11
beginning
00:55:12
right like it feels like this is getting
00:55:14
bigger and
00:55:16
you know and going at a velocity that is
00:55:18
different than even when we came into
00:55:20
the industry if you know the amount of
00:55:21
exits the amount the scale of these
00:55:23
companies the coin bases the robin hoods
00:55:25
the ubers
00:55:26
the slacks i mean these are giant
00:55:27
companies making huge international
00:55:29
impacts
00:55:30
i think it's either that or this whole
00:55:32
thing is a liquidity driven bubble so
00:55:34
it's one of the two
00:55:35
it's it's both it's both well i also
00:55:38
think the the sharpton thing is a very
00:55:40
interesting point that we can go back to
00:55:41
maybe episode 25 or 20 when we started
00:55:44
this podcast which was
00:55:46
trump got massive support from the black
00:55:48
and hispanic community because of this
00:55:50
entrepreneurial freedom
00:55:52
uh upward mobility pitch the republicans
00:55:55
were making that's the perfect pitch for
00:55:57
the republicans not this divisive
00:55:59
divisive you know
00:56:01
shut the border down but more hey we
00:56:03
want everybody to support it and i
00:56:04
thought
00:56:05
how crazy is this michael che did you
00:56:07
want to just edit on this and i'll give
00:56:08
it to you
00:56:09
michael che was on the breakfast club
00:56:11
when our friend was hosting snl and he
00:56:14
said i don't know i think white people
00:56:16
just don't like their billionaires for
00:56:18
some reason
00:56:19
uh it's weird because we love our
00:56:20
billionaires if oprah or tyler perry was
00:56:22
coming we'd be excited about it and i
00:56:25
met michael che there and
00:56:26
michael j was really excited he's a fan
00:56:28
of elon's and like it was a really great
00:56:30
conversation they have so true it's so
00:56:32
true like why are we hating people who
00:56:35
are changing the world and helping
00:56:37
right because it's not we it's it's
00:56:39
frankly it's white woke progressives
00:56:42
they're crazy they're the crazy bonkers
00:56:44
we have to get purple
00:56:46
i think conservatives and what you call
00:56:48
woke progressives
00:56:50
um are the same i don't think it's about
00:56:52
a political affinity i think it's about
00:56:54
people feeling like they don't have the
00:56:55
opportunity that others clearly were
00:56:57
able to realize
00:56:58
and it is amplified and magnified
00:57:02
by a social media that that basically
00:57:04
shines a light on the success that
00:57:06
people have had in a way that we've
00:57:07
never had in history before
00:57:09
and it creates a great deal of feeling
00:57:11
like i'm missing out and i'm being left
00:57:13
out and that's what's driving a lot of
00:57:14
the discontent on both the left and 100
00:57:18
it's not it's not a political point of
00:57:19
view i think it's a social point of view
00:57:21
and the great progress we've had and the
00:57:23
great success we've had as a society
00:57:25
over the past couple of decades is now
00:57:27
being realized through this media in a
00:57:28
way that's kind of driving emotional
00:57:30
conditions for people that haven't had
00:57:32
the same level of success maybe if they
00:57:33
stop tweeting and complaining and just
00:57:35
learn some skills like uh if you're
00:57:37
still complaining on twitter as the only
00:57:40
colored person on this pod what i'll
00:57:41
tell you is i i it's very rare that i
00:57:43
meet a colored person that hates a
00:57:45
successful other colored person
00:57:47
just doesn't exist guys tell us more
00:57:50
it's just one of these things where you
00:57:51
know we were we are all grinding we all
00:57:54
know how hard it is to be on the outside
00:57:55
looking in if any one of us makes it
00:57:58
there's a lot of support
00:58:00
i mean we see that yeah that's just what
00:58:01
that's just i'll just tell you that's
00:58:03
what i felt like
00:58:04
south african jews don't feel that way
00:58:07
no i mean we see that in the incoming
00:58:09
emails and tweets to you chamos you you
00:58:10
are inspiring people in india pakistan
00:58:13
sri lanka we see it constantly they come
00:58:15
up to you at events and they're like hey
00:58:17
if chamath can figure this out i can do
00:58:18
i'm about to do this thing in africa and
00:58:21
i'm going there in december i can't wait
00:58:22
and you know we're thinking of just
00:58:24
doing a couple of like
00:58:25
lectures and talks and stuff do it
00:58:27
lectures and talks and these this these
00:58:29
places are going to get rammed with
00:58:31
people and it's like it's beautiful to
00:58:32
see like
00:58:33
yeah i just think that
00:58:35
minorities like don't hate on other
00:58:36
people that are successful it's just not
00:58:38
you're going to africa in december yeah
00:58:41
why don't we do all in africa what are
00:58:42
we doing like where are you going
00:58:45
i got some stuff
00:58:47
i'm getting email constantly by people
00:58:49
who are starting startups in africa i
00:58:50
want to go i've never been i really want
00:58:52
to go you can come with me in early
00:58:53
december if you want i'm in i'm a
00:58:55
hundred percent i haven't got anything
00:58:56
to do here's the thing that i wanted to
00:58:57
talk about before what is crazy and this
00:58:59
is jason to build on your trump comment
00:59:01
we may be facing a situation i'd love to
00:59:04
get your guys's reaction where donald
00:59:05
trump in his first two years of his
00:59:07
presidency may actually
00:59:09
have gotten more done than biden will
00:59:11
get done in his first two years and i
00:59:13
just want your guys's reaction and
00:59:14
thoughts on
00:59:16
uh
00:59:17
how that possibly could be because we
00:59:18
have a democratic president we have a
00:59:20
democratic congress
00:59:22
and we may not get anything done
00:59:26
i i can speak to that here's your okay
00:59:29
sex with the wind up i i can't believe
00:59:32
that the way the progressives have done
00:59:33
this reconciliation bill it's been crazy
00:59:36
okay look from the beginning they've
00:59:38
been saying abide in the administration
00:59:40
the democrats have been saying we want
00:59:41
to do the biggest package of tax
00:59:43
suspense it's a great society okay but
00:59:46
here here's the thing
00:59:48
if you want to do lbj type things you
00:59:49
got to have lbj type majorities they've
00:59:51
got a 50-50 senate and a three-seat
00:59:54
margin in the house lbj when he passed
00:59:56
the great society he had like 69
00:59:58
senators he had a filibuster super
01:00:00
majority filibuster proof super majority
01:00:02
in the senate he had something like 150
01:00:04
more seat margin in the house
01:00:07
that is the kind of margins you need to
01:00:08
pass great cellulite programs so instead
01:00:10
of having i'd say ambitions that were
01:00:13
reasonable
01:00:14
the administration coxes with the
01:00:16
progressives they come together with
01:00:18
this for over four and a half billion of
01:00:20
spending three and a half in the social
01:00:21
welfare 1.2 trillion of infrastructure
01:00:24
and they wanted even more okay and then
01:00:26
they've been trying to jam this thing
01:00:27
and they never went to the center of the
01:00:29
party to cinema to mansion and said hey
01:00:32
what are you guys willing to do and so
01:00:34
somehow i think they thought they could
01:00:35
just jam this thing through over the
01:00:37
objections of these votes that they
01:00:39
absolutely need and i think there's
01:00:41
really this mentality on the part of the
01:00:42
progressive left that i think they're so
01:00:44
used to jamming people with speech codes
01:00:47
and cancellation and censorship and
01:00:50
covet mandates that are not passed by
01:00:52
legislatures but have been imposed by
01:00:53
edict i think they're just used to
01:00:55
jamming people and they think they're
01:00:57
going to shame people on twitter like
01:00:58
these senators like manchin like cinema
01:01:00
into voting their way guess what it
01:01:02
doesn't work that way twitter is not the
01:01:04
real world eric adams showed that in new
01:01:06
york you won that election
01:01:08
exactly dave chappelle is dave chappelle
01:01:10
has a 95 approval rating okay the
01:01:12
critics hate him the whole progressives
01:01:14
hate him guess what you know how many
01:01:15
people were actually at that dave
01:01:16
chappelle protest like three dozen okay
01:01:20
the progressives don't have the votes
01:01:22
what they should have done and by the
01:01:23
way their their conduct through the
01:01:24
whole thing has been insane aoc has
01:01:26
basically been saying if you don't give
01:01:27
us everything we want we're not voting
01:01:29
for your one another
01:01:31
these guys have like ace jack off and
01:01:33
they're sh they're putting a shot their
01:01:35
head saying hey unless you give us three
01:01:37
and a half billion we're not gonna vote
01:01:38
for one billion really you're gonna do
01:01:40
that how does that make sense we know
01:01:42
call their bluff we know progressives
01:01:43
will vote for every penny they can what
01:01:45
the what biden should have done if we
01:01:46
had a more hands-on president who
01:01:48
actually wants to get things done he and
01:01:50
he knows this from his time in the
01:01:51
senate he should have gone to those
01:01:53
swing senators as a group and said hey
01:01:55
what can we get done here not to aoc and
01:01:58
pelosi they can't deliver
01:02:01
the promise of biden i'll say you know
01:02:02
as somebody who voted for biden i'm a
01:02:04
little disappointed was he was supposed
01:02:06
to be moderate and he was supposed to
01:02:07
bring people to the center and it
01:02:09
doesn't feel like he's actually to your
01:02:10
point job you asked us what we think i
01:02:13
have i'm not regretting because i trump
01:02:15
had to go it was too much chaos there
01:02:17
was just too much risk having him in
01:02:18
there so i am glad i voted for biden but
01:02:21
i am unhappy that he cannot build
01:02:23
consensus down the middle and get the
01:02:26
far left to just
01:02:27
you know pump the brakes i i understand
01:02:30
they have passion for certain projects
01:02:31
but just get something done moderately
01:02:34
and in a phased approach why does this
01:02:35
have to be so huge and confusing do you
01:02:38
know what taxes are things three times
01:02:40
saks is exposing
01:02:42
what we may not know which is that
01:02:44
progressives are very loud but they may
01:02:47
not actually represent a plurality of
01:02:49
people so for example in the netflix
01:02:51
protest i saw a video and there was
01:02:54
about two dozen people you know and one
01:02:56
person actually had tweeted hey i never
01:02:58
even showed up to the office yet but
01:03:00
i've been showing up to walk out of the
01:03:02
office
01:03:03
but then what happened was there were
01:03:04
some other people that showed up and in
01:03:06
the middle of the protest they had a
01:03:08
sign
01:03:08
that said you know jokes are funny i
01:03:11
like jokes and then everybody started
01:03:13
chanting that then a black woman got up
01:03:16
and she started to say black lives
01:03:17
matter and then everybody got confused
01:03:19
and started to chant black lives matter
01:03:21
and then they were all looking around
01:03:22
each other trying to find direction in
01:03:24
this protest and it became somewhat
01:03:26
directionless and i think this is what
01:03:29
you know we're we're now realizing is
01:03:31
that you know remember what like as
01:03:33
managers and corporations we've all
01:03:34
heard this term the squeaky wheel gets
01:03:36
the grease
01:03:37
but it may actually be the case that the
01:03:39
squeaky wheel shouldn't get the grease
01:03:41
because it's a head fake and we're to
01:03:43
get lost in misdirection another example
01:03:45
of this there's a guy dorian abbott and
01:03:48
i wanted to talk about this as well
01:03:50
this is a guy who's an acclaimed climate
01:03:52
professor
01:03:53
okay let me just give you the whole
01:03:55
story i'm just going to read to you
01:03:56
because i think it's interesting the
01:03:58
first couple paragraphs of the story
01:03:59
from the new york times
01:04:01
mit invites geophysicist dorian abbott
01:04:03
to give a prestigious public lecture
01:04:05
this autumn
01:04:06
he seemed a natural choice he's a
01:04:08
scientific star who studies climate
01:04:10
change and whether planets in distant
01:04:12
solar systems might harbor atmospheres
01:04:13
conducive to life
01:04:15
then a swell of angry resistance arose
01:04:18
some faculty members and grad students
01:04:19
argue with that dr abbott who's a
01:04:21
prophet university of chicago
01:04:23
had created harm by speaking out against
01:04:25
aspects of affirmative action and
01:04:27
diversity
01:04:28
because in videos and opinion pieces he
01:04:30
wants people and members of groups
01:04:32
rather than as individuals
01:04:36
he basically favors a diverse pool of
01:04:38
applicants selected on merit
01:04:40
so but he said his planned lecture at
01:04:42
mit was about climate science and to
01:04:44
help people understand climate change
01:04:47
and would make no mention of his views
01:04:49
on affirmative action but his opponents
01:04:51
uh argued that he was infuriating
01:04:54
inappropriate and oppressive and so they
01:04:57
canceled the lecture
01:04:59
now here's the question i have here
01:05:01
that's another example of all of this
01:05:02
stuff
01:05:04
are we better off
01:05:06
with let's just say there's a hundred
01:05:08
grad students a hundred brilliant minds
01:05:10
at mit
01:05:12
being pushed to think even more
01:05:15
specifically about climate change by an
01:05:18
expert who can do that
01:05:20
or are we better off finding some more
01:05:22
middle-of-the-road person who maybe not
01:05:24
be as intellectually
01:05:26
ambitious around climate change but has
01:05:28
a whole bunch of other views not related
01:05:30
to climate change that are more
01:05:31
palatable and what does that do
01:05:34
for all of us including probably all
01:05:36
these people who probably want a
01:05:37
solution to climate change but who have
01:05:39
now held back the ability to teach these
01:05:41
kids what do we do what do we think
01:05:43
about that kind of stuff and this is
01:05:45
where again the squeaky wheel in this
01:05:47
case did get the grease
01:05:48
but are we actually better off in this
01:05:50
example friedenberg diversity of thought
01:05:53
drives successful outcomes
01:06:02
all right thanks for coming in for the
01:06:03
all-in podcast we're telling you [ __ ]
01:06:06
you already know i mean like what are we
01:06:08
talking about for yourself people listen
01:06:10
to a bunch of opinions
01:06:11
and if somebody says something you don't
01:06:13
like or challenges you know that's an
01:06:15
opportunity for you to learn or grow or
01:06:17
for you to make a blog post or do your
01:06:19
own stand-up special or give your own
01:06:21
talk that
01:06:22
challenges their debate like we do here
01:06:23
every week
01:06:24
right but
01:06:26
the same thing happened with that what's
01:06:27
that ultra conservative young guy sax
01:06:30
who went to berkeley a few years ago and
01:06:31
they blocked him from joining the campus
01:06:33
no no the um
01:06:35
greek name greek name
01:06:36
indianapolis milo yiannopoulos he's the
01:06:39
right-wing guy the gay provider
01:06:41
here we're talking about an expert in
01:06:43
climate change giving a lecture about
01:06:44
climate change
01:06:46
to grad students who who could then go
01:06:48
and solve climate change for the call of
01:06:50
the world i mean this is mit and you you
01:06:52
chicago which are probably two of the
01:06:54
smartest institutions of people in the
01:06:55
world right he's not saying anything
01:06:57
politically offensive it's just that his
01:06:59
unrelated views
01:07:01
uh they view they think are anathema and
01:07:03
therefore they're gonna protest and
01:07:04
block him and of course you know they
01:07:07
always use the language of safetyism
01:07:08
which is oh well if you allow this
01:07:10
person on campus it threatens my safety
01:07:12
really this person's a physical threat
01:07:14
to you no he threatens my
01:07:16
self-conception really he said something
01:07:18
that you know he's going to talk about
01:07:20
something that defends you know it's
01:07:21
just that uh you know he said things
01:07:23
that that that threatened my view of the
01:07:25
world so my safety is jeopardized i mean
01:07:28
this is this is literally the language
01:07:29
that's being used now um i mean
01:07:32
friedrich's reaction to it is yeah this
01:07:33
is so obvious that we don't even need to
01:07:35
discuss it but
01:07:36
it's not so obvious that it's not taking
01:07:38
place it's happening it's happening it's
01:07:40
happening you know what i find the most
01:07:42
disappointing about the whole netflix
01:07:44
situation is i thought dave chappelle
01:07:46
you know even though maybe the special
01:07:48
wasn't as funny as other ones i thought
01:07:50
it it made you think in such a just
01:07:52
incredible way and i always actually
01:07:53
read that i looked up the transcript and
01:07:55
i read the transcript so i could think
01:07:56
more about it and try to form an opinion
01:07:59
about this turf issue and trans people
01:08:01
and
01:08:02
you know people punching up punching
01:08:04
down and comedy it made me think
01:08:06
and then the entire discussion
01:08:08
about this is just people walking out
01:08:10
and
01:08:11
no discussion about what he actually
01:08:13
said and that to me is just a little bit
01:08:15
of a tell like if you
01:08:17
are so upset about what he said well
01:08:19
where is the transcript of what he said
01:08:21
break it down sentence by sentence and
01:08:23
tell us exactly what he got wrong and
01:08:26
why so that we can continue the
01:08:27
discussion
01:08:28
the netflix walkout and how this thing
01:08:31
has unfolded the reason it's so
01:08:32
unproductive is because they're not
01:08:34
moving the discussion forward they're
01:08:35
not actually listening to what chappelle
01:08:37
said and spoiler alert if you haven't
01:08:39
seen it yet i'm going to talk a little
01:08:40
bit about the what was in it
01:08:43
he talked about his friendship with a
01:08:45
trans person who was a comedian and how
01:08:47
he and she had these incredible
01:08:49
discussions and learned a lot from each
01:08:51
other and how she was dragged on twitter
01:08:54
and a lot of tragic outcomes and i'll
01:08:55
leave it at that but there's no
01:08:57
discussion about his relationship with
01:08:59
that woman who had a tragic fate
01:09:01
and the substance of what he said did
01:09:03
you notice that chamoth that there's no
01:09:05
discussion about the actual
01:09:07
words and points that dave chappelle
01:09:09
made that shows you that this is a
01:09:11
disingenuous or a broken discussion
01:09:14
yeah i just i just think that um the
01:09:16
problems that we have as a society are
01:09:18
really big freeberg talked about it we
01:09:20
have inequality problems we have climate
01:09:22
change problems
01:09:23
you know we have problems of sort of
01:09:25
like systemic health
01:09:26
issues
01:09:28
these are all fixable
01:09:30
and
01:09:31
i think that this other stuff is getting
01:09:34
in the way of people getting organized
01:09:35
to solve those issues 100 and i think
01:09:38
that that frustrates me i would have
01:09:40
really i'm not sure i agree with this
01:09:42
guy's views on affirmative action let me
01:09:44
just be clear
01:09:45
i'm kind of i think on the margins
01:09:47
affirmative actions actually
01:09:49
it levels the playing field and so i
01:09:51
support it um
01:09:53
but i also start with the fact that if
01:09:54
this guy is a brilliant geophysicist and
01:09:56
he's already proven that
01:09:58
i would want my kids to be taught
01:10:00
climate science from him sure i don't i
01:10:03
don't think he's out there to try to
01:10:04
like peddle his affirmative action views
01:10:07
you know to a bunch of other physicists
01:10:09
i don't think that's what he's doing no
01:10:11
that's not what he's celebrating not his
01:10:12
life's work and so i don't care
01:10:15
i would want all of those really
01:10:17
brilliant kids at mit to have to be one
01:10:19
step closer
01:10:21
to proposing a solution to climate
01:10:23
change i think that's a pervasive global
01:10:25
issue
01:10:26
and i mean we don't have the ability to
01:10:29
prioritize these things and and
01:10:32
that's what's just so sad
01:10:34
we're not gonna have an honest
01:10:35
conversation about climate change
01:10:36
because we can't have that expert give
01:10:38
us talk and i don't think we're to
01:10:40
jason's point i don't think we're having
01:10:41
an honest conversation about the
01:10:42
chappelle special i don't think any of
01:10:44
us believe that chappelle hates lgbtq
01:10:47
people or i don't think anyone in the
01:10:48
audience thinks that and i think you
01:10:50
have to deliberately misinterpret what
01:10:53
chappelle is thinking and or saying in
01:10:55
order to believe that his message is
01:10:57
hate i don't think it is now what i
01:10:59
think the chappelle special represents a
01:11:01
threat to is perhaps this idea of
01:11:03
intersectionality that all of these
01:11:06
oppressed groups have to be on the same
01:11:08
team what he seems to be saying is
01:11:10
there's a group
01:11:11
of what he's kind of making fun of is
01:11:12
that there's this group of sort of
01:11:14
pampered rich white
01:11:16
uh lgbtq people who have made enormous
01:11:21
progress i mean doesn't he say at one
01:11:22
point in the special that
01:11:24
you know i wish i wish my community
01:11:26
you know black people could have made as
01:11:27
much progress in 40 years in terms of
01:11:30
acceptance as this group has and yet
01:11:32
this group now wants us to immediately
01:11:35
adopt all of their language and
01:11:37
sensibilities and and punches down talks
01:11:40
down to us if we don't i mean that's
01:11:42
kind of the point he's making is he's
01:11:43
kind of revealing a little bit of a rift
01:11:45
between these between these two groups
01:11:48
that are supposed to by the way if you
01:11:49
saw the if you saw the clip of the
01:11:51
protest that rift was actually in
01:11:53
display because everybody got confused
01:11:54
about what they were supposed to support
01:11:56
because you had
01:11:58
one set of chants and then you had jokes
01:12:00
or funny chants and then you had blm
01:12:03
chants from completely different cohorts
01:12:05
of people and it just became a chaos
01:12:07
well i mean everybody's opinion must be
01:12:09
put through the lens of how many
01:12:11
oppressed groups they're from you know
01:12:13
obesity i'm black i'm gay i'm trans i'm
01:12:17
short whatever i mean like how do we
01:12:19
have how do you even navigate a
01:12:20
discussion intelligently if i have to
01:12:23
say okay you're sri lankan but you're
01:12:25
rich chamath and friedberg's got
01:12:27
asperger's but he's really smart on my
01:12:29
side what do we mean he's like just make
01:12:30
your point and let's have a honest
01:12:32
discussion about it and why are we so
01:12:34
upset about this special when in china
01:12:37
you know we've got a million people uh
01:12:39
uyghurs being sterilized and tortured
01:12:41
and then i don't know if you saw this
01:12:42
week xi jinping is saying like he wants
01:12:45
to get rid of the [ __ ] people a [ __ ]
01:12:48
man in is the term he's using in china
01:12:50
right they literally thought they were
01:12:52
media rules against effeminate men yeah
01:12:55
i mean
01:12:56
why are we not protesting that well we
01:12:58
saw this in the middle east as well the
01:13:00
real threat to lgbtq people is or these
01:13:02
authoritarian governments that really
01:13:04
want to oppress you know they want them
01:13:07
people and murder gay people
01:13:09
yeah i mean chappelle is not the the
01:13:11
threat i i think i think chappelle had
01:13:14
to be silenced because what he's saying
01:13:16
is actually very heretical to the work
01:13:19
progressive left which is that not all
01:13:21
of these groups on the same page and
01:13:23
they again they believe in this idea of
01:13:25
intersectionality that all of these
01:13:27
groups have to basically be on the same
01:13:29
page and actually the more oppressed
01:13:31
groups that you're part of the more
01:13:33
elevated you are and so this idea that
01:13:36
there could be a schism actually is
01:13:38
something they want to silence
01:13:39
yeah i mean chappelle's quote i don't
01:13:41
disagree with the trans movement i just
01:13:42
agree with the way they're going about
01:13:44
it was
01:13:45
his kind of point and he said i mean
01:13:48
again let me speak on as a as a
01:13:50
as a colored person who grew up in a
01:13:52
minority family you know i would love to
01:13:55
tell you that my parents were super
01:13:56
super open-minded but that would be a
01:13:58
lie
01:13:59
um
01:14:00
and you know i love them to death and i
01:14:02
think they tried their best but you know
01:14:03
they came with a ton of [ __ ] baggage
01:14:05
and a ton of stereotypes and you know i
01:14:07
don't think that my parents would have
01:14:09
been the most supportive of
01:14:12
other minorities
01:14:14
whether it's color or sexual orientation
01:14:16
ever and it was a it was a lot of like
01:14:18
very complicated conversations to
01:14:19
explain to them how to see the world
01:14:21
differently and you know that's what
01:14:23
happened when you pluck them out of a
01:14:24
third world country and drop them into
01:14:25
canada and you know i think that my
01:14:27
parents came far a very long way i
01:14:30
remember you know when when i first
01:14:32
started you know dating my ex-wife it's
01:14:34
like it was a very complicated thing for
01:14:36
them to see me dating uh an asian woman
01:14:38
very complicated they didn't understand
01:14:40
uh and then it was like well do you want
01:14:42
me to marry uh or date sri lankan and
01:14:45
they were like yes but as long as she's
01:14:47
not muslim
01:14:48
and it's like what the hell are you like
01:14:49
what are you saying this is and and so
01:14:51
i'm just trying to tell you that this
01:14:53
idea of intersectionality it does play
01:14:54
out in a lot of our lives because we all
01:14:56
come from families especially our aging
01:14:58
parents
01:14:59
oh my god yeah our um my grandparents
01:15:01
there were some my i mean like i love
01:15:03
myself
01:15:04
i'll be honest with you they're
01:15:06
you know
01:15:07
they try their best but man the thing
01:15:09
that's got me particularly saddened or
01:15:11
tilted or just
01:15:13
you know um the thing that just sort of
01:15:15
hits me is we've made so much progress
01:15:18
in so many ways as a society yet we
01:15:20
don't celebrate that and we seem
01:15:22
incredibly focused on marginal issues to
01:15:24
your point jamal that are not global
01:15:26
warming that are not education that are
01:15:29
that are not
01:15:30
um you know
01:15:31
uh international
01:15:33
um
01:15:34
relations and geo politics you know like
01:15:37
there's economic empowerment there's so
01:15:39
many things that we could be focused on
01:15:40
that would actually make change than
01:15:42
arguing about
01:15:44
cancer
01:15:45
and it would unite kevin hart on the
01:15:47
office but it would unite people that's
01:15:49
what i think so that's what i think is
01:15:50
such a great opportunity if we all
01:15:52
collectively came together and focused
01:15:54
on a bigger enemy right climate change
01:15:57
climate change
01:15:58
i think you'd find people to be much
01:16:00
more accepting of each other because we
01:16:02
would have a common shared goal and then
01:16:03
we would find commonality in achieving
01:16:05
it
01:16:06
yeah so j cal bill maher invented a word
01:16:09
to describe what you're what you're
01:16:10
saying which is progressive phobia which
01:16:12
is it's the reluctance to admit any
01:16:14
progress because of the fear that if you
01:16:16
do admit progress then that means that
01:16:18
you don't you will lack a justification
01:16:20
for all these you know progressive
01:16:21
programs that people want and so they
01:16:23
have to make the situations always seem
01:16:26
as dire as possible in order to scare
01:16:28
people into a certain agenda um but yeah
01:16:31
there's a you know unwillingness to
01:16:32
admit how much progress we've made in so
01:16:34
many areas
01:16:35
the time they tried to cancel me was
01:16:37
because i said on twitter isn't it
01:16:38
amazing that every single skill you want
01:16:41
to learn right now and including the
01:16:43
high-paying jobs is now available for
01:16:45
free on mit courseware and anybody can
01:16:47
learn the stuff for free and you used to
01:16:49
have to pay 50 000 a year and get
01:16:51
accepted into these you know ivy league
01:16:53
programs but now all that information is
01:16:55
free and all we need to do is expose
01:16:57
people to it and give them the
01:16:58
motivation the time to do and they were
01:16:59
like how could you say that you know
01:17:01
people are not able to do it and i was
01:17:03
like and then a bunch of people replied
01:17:05
who were people of color or people who
01:17:06
were poor and said i actually learned to
01:17:08
code on the mit website i learned
01:17:10
artificial intelligence i learned i got
01:17:11
my degree in uh you know social media
01:17:14
marketing or whatever at this website
01:17:16
udemy that website other treehouse and
01:17:19
all these people are saying yeah i
01:17:19
learned all these skills and i went from
01:17:21
making working at walmart to making 60k
01:17:22
a year 70k a year and then there was
01:17:24
this big fight like are you going to
01:17:26
cancel me for saying there's more
01:17:28
opportunity now than ever i i hold that
01:17:30
position there is more opportunity now
01:17:33
for you to learn a skill and get a
01:17:34
high-paying job than in the history of
01:17:36
humanity the system is more fair now
01:17:38
than ever
01:17:39
yeah i was going to say argue with that
01:17:41
in the in the world of in the world of
01:17:44
uh progress there are some amazing
01:17:45
innovations every day this week and i
01:17:48
put this in the chat and nick you can
01:17:49
post the article
01:17:51
there was a gentleman in at the nyc ny
01:17:54
nyu langone center of medicine
01:17:57
who transplanted a pig kidney
01:18:01
into a human and had that human
01:18:05
kidney or basically had that pig kidney
01:18:07
not get rejected now this was a person
01:18:09
that was brain dead and i guess you know
01:18:11
the family you know god bless them
01:18:14
donated this person's body to science
01:18:17
effectively they were kept alive but
01:18:18
then they were able to transplant a
01:18:20
kidney in and they were able to see the
01:18:22
urine production and creatinine
01:18:23
production and all of a sudden now
01:18:26
there is a chance that we could actually
01:18:28
use pigs genetically engineered pigs
01:18:31
as a basis for us to basically get
01:18:34
kidneys hearts lungs
01:18:36
that is incredible freeberg so so to
01:18:39
your point saks that is happening still
01:18:42
every day and we don't talk up enough
01:18:43
about it because we're up in arms about
01:18:45
dave chappelle freiburg tell us you know
01:18:47
if that in 10 years what that looks like
01:18:50
and the impact it has in society if we
01:18:52
take that pig transplant and we just 10x
01:18:55
it from now put a couple billion dollars
01:18:56
behind it what does it look like in a
01:18:58
decade well i think there's other
01:19:00
techniques that are being developed that
01:19:01
you could actually generate actual human
01:19:04
organs
01:19:05
using um
01:19:07
you know basis of induced um
01:19:09
these induced pluripotent stem cells
01:19:12
and i regardless of the path i do think
01:19:14
like availability of organ transplants
01:19:17
um uh it's gonna
01:19:20
go up like crazy the
01:19:23
big infrastructure and technical
01:19:24
challenge we still face is uh we've got
01:19:27
to build these these uh gmp facilities
01:19:30
uh to make all of these uh cell-based
01:19:32
therapies not just kind of organs but
01:19:34
also other cell-based therapies that are
01:19:36
becoming kind of the mainstay of the
01:19:38
future of medicine
01:19:39
personalized medicine for humans
01:19:42
and so there's also this kind of
01:19:44
tremendous infrastructure opportunity
01:19:46
we've talked a lot about
01:19:47
we've talked a lot about infrastructure
01:19:49
in biomanufacturing broadly and other
01:19:52
life sciences opportunities but there's
01:19:53
a tremendous infrastructure opportunity
01:19:55
to build out facilities that can produce
01:19:57
these
01:19:59
you know these these therapies and the
01:20:00
therapy can be an organ or a cell-based
01:20:02
therapy that can target cancer in your
01:20:04
body or or what have you
01:20:06
um and so you can kind of think about
01:20:08
look we've resolved the science now
01:20:10
we've also resolved the engineering the
01:20:12
next step is to build it right
01:20:15
and so this is like you know the build
01:20:17
decade or the build decades globally for
01:20:20
where the intersection of software and
01:20:22
biology has enabled these incredible
01:20:24
breakthroughs in human health and
01:20:26
manufacturing and food
01:20:28
and now the infrastructure needs are
01:20:29
there i've said this before i do think
01:20:31
this is where we are have the biggest
01:20:34
gap in terms of infrastructure needs and
01:20:36
the biggest opportunity to kind of fill
01:20:37
those needs and if we if i were to kind
01:20:39
of be in congress or be president i
01:20:41
would say this is the number one
01:20:42
priority for an infrastructure bill
01:20:45
because once you get this going it's
01:20:46
going to change lives and it's going to
01:20:48
change the economy so high speed rail
01:20:50
costing us 50 billion 100 billion versus
01:20:53
this
01:20:54
yeah yeah we could build it down to gms
01:20:56
facilities or a bunch of
01:20:57
biomanufacturing facilities a lot of
01:20:58
stuff that we could build that
01:21:00
would um you know pay back within years
01:21:03
and have a huge outcome uh private
01:21:05
markets maybe we'll meet this demand but
01:21:06
i think you gotta
01:21:08
you gotta kickstart this stuff uh the
01:21:10
economics are gonna be unfeasible for a
01:21:11
while
01:21:12
if you wanna get um a car t therapy
01:21:14
which is a type of therapy that's person
01:21:16
you know personalized car t therapies
01:21:18
today
01:21:19
your cost is about 450 000
01:21:22
you know a local university here i was
01:21:24
speaking with one of their um their lead
01:21:27
doctors the other day
01:21:29
they've built their own gmp facility at
01:21:31
a cost of 50 million dollars and they
01:21:33
can now get the therapies down to 40 000
01:21:35
per patient but they can only serve 250
01:21:37
patients a year
01:21:40
using that kind of 90 cost reduction so
01:21:42
you can kind of see like as you build
01:21:44
these systems and this is built locally
01:21:46
by a university right it's not built for
01:21:48
industrial scale these guys aren't
01:21:49
commercial operators of these facilities
01:21:51
so if you start to build these
01:21:52
facilities from a commercial point of
01:21:54
view and you can bootstrap some of these
01:21:56
things in this infrastructure cost um
01:21:58
very quickly the cost becomes so low
01:22:01
that you see these technologies
01:22:02
proliferate and i think we should see
01:22:04
that both you know this organ transplant
01:22:06
one is a great case study um cell-based
01:22:09
therapies biomanufacturing all sorts of
01:22:11
uh opportunity you keep saying gmp
01:22:14
facility sorry good manufacturing
01:22:16
yeah it's you know if you're gonna
01:22:19
make cells that are gonna go in your
01:22:20
body
01:22:21
there's incredibly stringent
01:22:22
requirements on the safety and the
01:22:24
cleanliness and the practices that go on
01:22:26
in that facility so these quote-unquote
01:22:27
gmp facilities have a very specific
01:22:30
criteria of how you how you build and
01:22:32
how you operate them they're just highly
01:22:34
they're high quality facilities is what
01:22:35
you're saying yeah think about like a
01:22:37
clean room to make semiconductors except
01:22:38
in this case you're making cells that
01:22:39
you're putting in your body so you gotta
01:22:40
be really careful
01:22:42
um all right everybody it's been 70
01:22:44
minutes 75 minutes 80 minutes uh anybody
01:22:46
have any last minute plugs for
01:22:49
products that they want to disguise as a
01:22:51
compliment to another bestie
01:22:53
i still think we should launch bestie
01:22:55
coin the all-in coin and monitize the
01:22:57
online podcast we were talking about
01:22:58
this at poker live no monetization no no
01:23:00
more
01:23:01
nfts can we mft ourselves no
01:23:04
bestie coin would be incredible i think
01:23:06
i want to tell you about this guy lee
01:23:08
jackie who's known as the lipstick king
01:23:11
in china
01:23:12
um he did a 12-hour live stream on
01:23:14
wednesday on taobao
01:23:16
250 million people tuned in he sold
01:23:19
1.7 billion dollars of product so
01:23:22
basically the equivalent of the entire
01:23:24
adult population in america watched this
01:23:26
isn't that incredible
01:23:28
that is amazing that is just incredible
01:23:30
so that's qvc
01:23:32
and as if in two and a half times the
01:23:34
people who watch the super bowl it's two
01:23:36
and a half super bowls chiaki the
01:23:38
lipstick king the lipstick king guys we
01:23:40
haven't had monty on the show in a while
01:23:42
let me bring him up oh monty get him to
01:23:44
the mic oh monty yeah
01:23:48
uh for those of you asking about the all
01:23:50
in uh summit we are looking at locations
01:23:52
in miami and we will have news
01:23:55
shortly if you want to uh sign up for
01:23:58
the email when are we doing this thing
01:24:00
uh we're gonna look at march
01:24:03
april may but we're gonna do a we're
01:24:04
gonna do an la show in january we're
01:24:07
gonna do a live all-in podcast at the
01:24:10
upfront summit uh mark sisters event in
01:24:12
l.a uh but that's like a closed event
01:24:15
and then the all in summit
01:24:17
you can go sign up for email updates
01:24:19
summit dot all in podcast dot co summit
01:24:22
dot all in podcast dot co we're not
01:24:24
looking for volunteers we're not looking
01:24:25
for event planners we have all the
01:24:26
spaces in miami we could possibly know
01:24:28
every single person's emails thanks to
01:24:30
the fans for giving us every piece of
01:24:31
information right now it's just about
01:24:33
date states dates we gotta find a
01:24:34
two-day date
01:24:35
and then whatever
01:24:37
place we use like feyena
01:24:39
the new world uh the jackie gleason
01:24:42
theater there's so many great facilities
01:24:43
there that have reached out to us
01:24:46
once we pick the facility we'll know
01:24:47
what the facility capacity is some of
01:24:49
them can fit 2000 people some can fit
01:24:51
250 when we figure that out then we'll
01:24:52
figure out ticketing and and get people
01:24:55
there this time next week both friedberg
01:24:57
and i may have kids ah that's muscle so
01:25:00
are we are we skipping next week
01:25:03
no no i'm actually not giving birth i
01:25:05
don't know about you but okay
01:25:07
no we gotta get pictures and yeah it's
01:25:10
gonna be incredible well congratulations
01:25:12
guys and if this africa trip is coming i
01:25:14
guess this african trip is happening i
01:25:16
can't wait
01:25:17
do you what countries are you
01:25:19
thinking of tagging along of course
01:25:21
listen this is about my life i have my
01:25:23
own what's the point of having my own
01:25:24
schedule i get a couple of friends who
01:25:26
are traveling the world doing
01:25:27
interesting [ __ ] i'm i'm the ultimate
01:25:29
wingman your motto is private jet will
01:25:31
travel i'm a wingman a professional
01:25:33
wingman as a service kenya nigeria ghana
01:25:37
and there may be a couple of other
01:25:38
places wingman has a service that's if
01:25:40
you need to somebody fun with you for a
01:25:42
couple of you know touchdowns takeoffs
01:25:45
wingman has a service
01:25:48
he's leaving with something i'll bring
01:25:49
sunny as my body double
01:26:02
you go to the actual events i can't wait
01:26:04
actually i'm super excited i would
01:26:06
that's going to be fun yeah ah man get
01:26:08
your passport let's get the cut deck of
01:26:10
cards oh actually you know that would be
01:26:12
great you can we can do a couple
01:26:13
fireside chats big fireside chats with
01:26:15
100 we'll take it on the road yeah for
01:26:18
sure all right everybody bye boys i love
01:26:20
you uh good luck bro good luck to
01:26:22
allison
01:26:24
and for the queen of quinoa
01:26:26
rain man david
01:26:32
sacks ride
01:26:41
to the fans and they've just gone crazy
01:26:45
[Music]
01:27:02
we
01:27:04
[Music]
01:27:16
we need to get
01:27:20
[Music]
