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all right everybody welcome back it is
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our fourth annual bestie Awards yes
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everybody is incredibly excited to hear
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the biggest winners in politics and
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losers in business best science
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breakthrough so many amazing categories
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with me again chairman dictator chamath
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poopaa our billionaire Pac welcome back
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to the program chamath bip bipac that's
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what I said billionaire Pac billionaire
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person of color yes please get it right
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and running the Allin Dei group the
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Rainman himself David Sachs welcome back
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to the program good to be here okay and
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the Sultan of science welcome back to
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the program are you ready with your
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selections gentlemen are we ready to do
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this jel this is the holiday episode you
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got to have a little more cheer this
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isn't all business dude cue the music
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Nick three
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two yes and here we are everybody back
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again for the 2023 bestie Awards this is
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where everybody goes crazy oh my God
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standing ovation hold on who's drinking
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some champagne with me I need some
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champagne popping what are you guys
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drinking these are the awards everybody
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wants to know who's going to be a winner
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you're right I need a drink hold on he
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needs a drink for this I need a drink
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too can you can I go get a drink hang on
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everybody get a drink loosen it up I'm
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at my office I don't have alcohol here
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look at the second
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draw let your winners
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ride Rainman
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David
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and instead we open sourc it to the fans
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and they've just gone crazy with it
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queen
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of all right everybody Welcome to the
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bestie awards for 2023 what are you
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drinking I got a little V Cleo you know
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I love are you actually going to drink
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it you know I people don't know this
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about me but that was um my beverage of
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choice was the old v c Co when I would
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go out in New York what have you got
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there saaks what are you drinking for
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the 2023 besti Awards what are you you
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drinking I'm
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drinking my classes old
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Reposado in uh a glass with a single big
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rock and I broke out my uh patriotic
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Great Seal of the United States class
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this is a tribute to the Border you got
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a little bit of Mexico a little bit of
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the United States and is it flowing
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between the border and you is that it
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it's open border now open at this point
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gotcha okay just flooding in yeah chath
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you're not drinking you're at the office
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free I mean I didn't I didn't plan I
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brought my props to wish everybody happy
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holidays and this festive sweater
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amazing freeberg everybody knows that
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you're a a quiet solo Drinker in Your
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Darkest Hours what are you drinking
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there's no surprises there what are you
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drinking I'm always drinking when I got
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to hang out with you Jal I'm drinking a
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Victoria beer a Victoria beer true
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actually yeah I don't think you hang out
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with Jak C sober do you oh everybody
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there it is wo I cannot yeah we've got
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the V clo unfortunately at my ski house
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I can't find the flute so I'm going to
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put this in a wine glass sorry for the
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sacrilege but cheers here's to another
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amazing year of the Allin podcast and
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the besties hang out cheers you want to
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say a few words J like like to say words
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in memorium of the Year yes working with
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you guys has been delightful miserable
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and everything in between
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congratulations on all of our success
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and uh here's to an amazing
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2024 and hopefully we find a CEO and we
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can keep this thing going for another
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150 or so episodes nobody thought we
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would get here everybody hates us for
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our success and the mids and the haters
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love you
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besties cheers well I would like to make
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a toast here we go here is to three of
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the most
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talented warm friendly
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guys and J yeah he was coming that joke
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format from me I T you that one I T you
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misdirection don't ever forget it
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brother all right well to three of the
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most sincere heartfelt intelligent
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loving individuals and David Sachs
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welcome to the program we've got a big
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huge lineup here for you and let's just
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get to it we're going to give our 2023
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award for the biggest winner in politics
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last year chamath you said that your
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prediction for 2023 now we're going to
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give the actual award for 2023 but in
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our predictions episode last year you
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said you were long Nikki Aly and short
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to santis what a preent call what do you
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have this year that spread trade paid
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off in Spades yeah big spread trade
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looking back I think the biggest
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political winner was Donald Trump okay I
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think that the documents
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case galvanized his leadership in the
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Republican nomination and I think that
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this move by the Colorado Supreme Court
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basically sealed the deal I think he is
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going to run away with the Republican
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nomination and barring some catastrophic
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meltdown has a better chance to get into
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the White House than before this
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Colorado case so he was the biggest
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political winner I think of 2023 it just
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seems to me that if I had to really put
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it in a nutshell I think that the the
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Dem in this weird way actually want
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Trump back in office more than the
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Republicans do because everything
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they've done H has been nearsighted and
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I think has actually galvanized his
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support and increased his popularity and
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his ability to fund raise more than
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anything else fredberg who is your
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biggest political winner of 20 23 who
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did I give it to last year do do you
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remember you gave it to NBS and Saudi
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that they would have the your prediction
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was they would have the most year in the
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M well but in some ways I think they are
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Center Stage that's what I thought so I
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am giving my biggest winner I'm giving
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my biggest political winner award to the
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nation state of Saudi Arabia oh wow like
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they are sitting in the middle of the US
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China Iran Israel Russia they have
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relations with all of those Nations and
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relations where they are trying to be
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productive extraordinary leverage with
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both their Capital their Geographic
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positioning and their energy resourcing
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and painting a very positive future on
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how they want to reinvest their capital
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and modernize the country and I think
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one of the biggest coups that they
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pulled this year was turning Jal to
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being a big promoter of Saudi after his
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visit to the Middle East and so I think
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they're entering 2024 with great
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strength and leverage so I give them
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credit for riding out many storms this
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year and coming out ahead so it's just
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it's been interesting to watch I'm not
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I'm not close or tied to them in any way
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but I just think from a global leverage
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point of view they seem to be in a very
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strong place so that's my my award I
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can't disagree with you that the place
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has made incredible
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progress personal freedoms economic
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freedoms they their the country is
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evolving and embracing every country on
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the planet right so you have to take
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that as a win I have no business
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interest there but I I am impressed with
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the progress so saak that means it's
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your turn to give us your 2023 biggest
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winner my biggest winner in politics J C
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I think you'll like this one is abortion
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rights abortion rights abortion rights
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after dos abortion rights are winning on
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every battle where they're at issue it's
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one referenda in very red States like
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Kansas Kentucky Montana and Ohio it
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swung legislatures to the Dems in swing
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States like Michigan Pennsylvania and
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Virginia it swung State suprem Court
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races in penssylvania Wisconsin I'd go
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so far as to say it's the Democrats only
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winning issue and they are putting it on
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the ballot everywhere they can
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Ruth Bader Ginsburg pointed out around
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30 years ago that we likely could have
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reached this resolution decades ago if
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the courts hadn't stolen the issue from
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the political process because abortion
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rights were in the process of being
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liberalized everywhere and in my view
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the political process is messy but it's
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how we finally move past the issue as a
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nation which is why I think dos was the
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right decision even if it was a
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difficult one huh interesting so you are
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smoo over Trump's taking away the right
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for women to choose and saying that this
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is a net positive for the country if I'm
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reading it correctly well Trump didn't
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take anything away the Supreme Court
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cour didn't take anything away thee
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Court hold on I just explained it you're
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not listening Supreme Court gave the
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issue back to the Democratic process the
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Democratic process is now voting to
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maintain abortion rights and that is
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going to settle the issue once and for
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all so all of your fears
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that abortion rights would fall by the
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wayside because that's from Court
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decision have actually proven to be null
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and void what we're ending up with is a
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better solution where the country
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doesn't need to fight about this anymore
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because the voters have expressed the
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will of the people fantastic framing
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great save for the Republican party
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there well it won't be unless they learn
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how to talk about the issue yeah I mean
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the way I would frame the same issue is
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that Trump stacked the deck to take away
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women's right to choose in order to get
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elected but are your framing is pretty
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good too and you're a master of framing
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these things so I was torn here for mine
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I had two different choices I was either
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going to go with Nikki Hy because what
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an amazing feat for her to to even be
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getting close to Trump in some of these
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primaries but I think really the biggest
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winners in this year of 2023 were
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non-traditional candidates actually
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becoming somewhat viable and capturing
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the imagination of young people the RFK
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de Phillips being I think the three
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leading candidates so I'm going to go
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with the non-traditional candidates
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being the big winners for
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2023 and for last year I had said that
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my prediction was for 2023 was that
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Trump would get indicted win the
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nomination and then agree to not run
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because he gets a pardon so I think I've
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got two or three of those in the parlay
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in the
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bag let's go on to biggest l The Biggest
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Loser in politics when we did our
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predictions for 2023 chamath you said
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that you were short to santis here we
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are we're giving our actual award for
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the biggest political loser in 2023
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freeberg I'll start with you who is your
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biggest political loser for 2023 my
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biggest political loser is the Dei
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movement ah I heard obviously post
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October 7th the Hamas attacks on
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Israel and then the following support
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for Hamas that came out of what have
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historically been groups that are
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aligned with Dei interests and then the
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Dei driven leaders of the universities
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that went in front of Congress to defend
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their freedom of speech rules around
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anti-semitic protests caused a lot of
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folks that I know who are very liberal
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and very influential to wake up to the
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negative impacts of uh the Dei movement
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and it's linkage potentially
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anti-Semitism which is massed in this
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oppressor oppressed ideology that is the
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basis of a lot of these Dei protocols
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and so I think it really shined a
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negative light on Dei this year in a way
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that hasn't been the case in a broad way
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with very influential people in a very
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long time and so I think that that
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movement is going to take a big hit and
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took a big hit the end of this year and
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will continue to I think be questioned
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by donors and supporters of the
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ideologies of that movement okay SA who
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is your biggest loser in politics for
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2023 my biggest loser in politics for
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this year is Vladimir zalinsky the
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president of Ukraine and you can see
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this pretty clearly by just looking at
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the cover of Time Magazine he began the
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year fresh off of winning Time
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magazine's person of the year and by the
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end of the year the same author at Time
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Magazine was writing a new cover story
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saying that zilinsky had become
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delusional he had become Messianic he
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was ordering his troops on suicide
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missions and his own Inner Circle had
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turned on
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him and of course who could forget that
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other photo from the middle of the year
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at
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vilus when all those Euros snobs turned
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the back on zalinsky that was a brutal
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image that went viral on social media
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literally the European Elite turning
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their backs on a frustrated zalinsky
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sadly zalinsky had the opportunity in
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April of 2022 to make peace to sign a a
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peace deal and unfortunately he took
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Boris Johnson and and Joe Biden's advice
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to pressure Putin rather than make peace
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and I think that gamble has turned into
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a disaster for him jth your biggest
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political loser in 2023 I had a
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different choice but I
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think game time change yeah hearing
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David has convinced me I will I will go
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with the death of the acronyms it was it
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was close for me between that and I
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actually think that Joe Biden
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unfortunately had a very
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difficult run of it in 2023 when you
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actually think about it the Ukraine
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thing was a fiasco all of this stuff
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around maybe putting the hand on the
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scale whether it's on Elon or against
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Donald Trump it's all just very messy I
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think for him but I do think that
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freeberg is right this is probably the
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beginning of the end of the acronyms and
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if you look at ESG and Dei together ESG
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is a little bit more measurable but
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sustainable asset ownership and ESG
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ownership across the world shrank by 15%
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which you may say is that a big number
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or not it's $5 trillion and so where the
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money goes typically so goes everything
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else in modern society and so when the
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money starts to Scurry I think that you
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can pretty much expect that people's
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patience and support of these kinds of
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movements are waning I'll go with death
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of the acronyms are the biggest
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political you started you were going to
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say bye but you changed it in real time
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and you went deg acronyms acronyms yeah
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okay death of the acronyms you know I
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had a lot of talks with folks about this
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one people had a lot of
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input some people said Dan santis some
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people said Biden I think the biggest
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2023 loser in politics is the American
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people who are now faced with a Biden
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Trump rematch both of those individuals
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clearly being in different stages of
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decline being over 80 and the GOP just
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can't quit Trump and it seems like the
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Democrats can't quit Biden despite 78%
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of the country not wanting the rematch
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so I'm going to give the American people
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are the biggest political Losers of
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2023 all right here we go biggest
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political surprise this is the biggest
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political surprise of
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2023 Sachs what's your biggest political
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surprise well I think the biggest
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political surprise and it was a very
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negative one was the Hamas attack on
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Israel on the morning of October 7th
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which really seemed to come out of
00:15:32
nowhere only 8 days before Jake Sullivan
00:15:35
who bid's National Security adviser had
00:15:37
declared that the Middle East had been
00:15:38
quieter than it had been in two decades
00:15:41
and those words obviously Pro prove very
00:15:43
ill time but he wasn't alone in thinking
00:15:46
that I think almost everybody was really
00:15:49
surprised by this attack I think until
00:15:52
then the Middle East seemed to be on a
00:15:55
path of progress with the Abraham
00:15:57
Accords being negoti between Israel and
00:16:00
several Gulf monarchies and I think that
00:16:03
October 7th has really changed the
00:16:05
political Paradigm certainly in Israel
00:16:07
in the Middle East and I think even in
00:16:09
American
00:16:10
politics okay freeberg it's a little bit
00:16:13
of a Nuance take on that but I said the
00:16:15
rise of Hamas was the biggest political
00:16:17
surprise you know Hamas is a
00:16:18
self-proclaimed political party that was
00:16:20
thrust to the center of geopolitics and
00:16:24
domestic social issues across the West
00:16:26
after October 7th which was I I think
00:16:28
probably a surprise to many that plann
00:16:32
these attacks as well basically it feels
00:16:34
to me like Hamas is the pawn that
00:16:37
crossed the chess board and became a
00:16:39
queen it's an organization that you know
00:16:42
had resourcing and was influenced by you
00:16:45
know many have shown connections to Iran
00:16:47
and and other wealthy
00:16:49
States and had very low attention levels
00:16:52
prior to October 7th on a global basis
00:16:54
and post October 7th now has recognition
00:16:57
and sympathy and a great deal of
00:16:58
interest in the the root cause of their
00:17:01
party so really incredible surprise I
00:17:03
don't think anyone could have predicted
00:17:05
this at the start of the year that not
00:17:06
just the attacks happened but the
00:17:08
resulting shift in the discourse and
00:17:11
influence that's happened Cham biggest
00:17:14
political surprise of 2023 I'm going to
00:17:16
go with a domestic choice and I think
00:17:19
it's quite obvious but the biggest
00:17:22
political surprises are of Kennedy
00:17:24
Robert of Kennedy
00:17:26
Jr I don't think any body would have
00:17:29
predicted
00:17:31
that he would both drop out of the
00:17:33
democratic party run as an independent
00:17:36
and
00:17:37
essentially collect he is in terms of
00:17:40
favorability in the polls he's the
00:17:42
leading 2024 candidate right now it's
00:17:45
incredible people like him that's for
00:17:47
sure and nobody would have predicted it
00:17:49
that's a really good one what do we
00:17:51
think he will get if he runs as an
00:17:53
independent just percentage wise Ross
00:17:55
perau as a third party C got 19% you
00:17:57
think better than 19% because the the
00:17:59
the country is much more fragmented
00:18:01
today there's a lot more protest votes
00:18:03
today there's just a lot of reasons
00:18:05
where RFK can Garner a lot of support
00:18:07
and build a plurality among centrists
00:18:10
that wasn't possible that when perau was
00:18:11
running because when he ran you have you
00:18:14
have to remember like this the country
00:18:15
was in a very different place
00:18:17
psychologically than it is right now
00:18:18
yeah I too had third party candidates as
00:18:21
being my biggest surprise I didn't give
00:18:23
it to a specific one I was debating
00:18:26
these third party candidates
00:18:29
against the GOP not being able to feel
00:18:31
the better option than Trump but I think
00:18:33
I'm going to go again with third party
00:18:34
candidates but I'll include Dean
00:18:36
Phillips in that breaking ranks I'll
00:18:37
include
00:18:38
vi just a very young very smart
00:18:41
individual capturing people's
00:18:43
imagination third party candidates for
00:18:46
me is the biggest surprise and and I do
00:18:47
think it could have a meaningful impact
00:18:49
if you're right that he gets over 19%
00:18:51
who does that chth in your mind who does
00:18:54
that benefit and who does it hurt if the
00:18:57
candidates are Biden and trump it hurts
00:19:00
Biden the most you believe that okay
00:19:02
what about you sax who do you think it
00:19:03
hurts the
00:19:04
most unclear right now yeah I mean I
00:19:06
think on the issues I can see a lot of
00:19:10
populist voters wanting to go with RFK
00:19:12
but on the other hand maybe he does peel
00:19:14
away some democratic party voters so I'm
00:19:16
not sure to be honest I've heard this
00:19:19
before any thoughts freeberg on that
00:19:21
what's the question if RFK were to get
00:19:23
as jamat thinks more than perau so
00:19:25
that's 20% or more of the popular vote
00:19:28
who is that going to harm and who's it
00:19:30
going to hurt Trump or Biden I saw a
00:19:32
Gallup survey that showed that there's a
00:19:35
real shot at more than 40% of Americans
00:19:38
being interested in a third party and so
00:19:41
I I'm sorry I could be totally wrong on
00:19:43
that but I pretty sure I saw that and it
00:19:45
really kind of resonated with me and I
00:19:47
think our discourse here and you know
00:19:49
obviously conversations with our friend
00:19:51
group Nick might have something on this
00:19:54
support for third us political party up
00:19:55
to 63% this is the Gallup data yeah so I
00:19:58
was right I think that this is one of
00:20:00
the most kind
00:20:02
of profound shifts in American politics
00:20:05
at least in our
00:20:07
lifetimes that the right has gone very
00:20:10
right the left has gone very left and
00:20:11
they've been so rooted in identity
00:20:13
politics that you can't really see any
00:20:15
of these issues kind of finding
00:20:17
compromise and finding a way to lean
00:20:18
across the aisle and get things done and
00:20:20
I think that's where a lot of people are
00:20:21
just fed up so I would love to see a
00:20:24
third political party emerge and if RFK
00:20:26
breaks the dam on this
00:20:28
it would be fantastic it will take as
00:20:30
these things always do a number of years
00:20:33
for a group of Independents to coales
00:20:35
around what that third party looks like
00:20:38
and how it's going to be governed and so
00:20:39
on but this could be a really
00:20:41
interesting shift in the Dynamics of
00:20:42
American politics so pretty pretty cool
00:20:44
I'm not into politics in the US that
00:20:46
much but pretty cool I think opportunity
00:20:48
to reframe you know how do we want to
00:20:50
build America going forward and thinking
00:20:53
about using a new party as a way to do
00:20:55
that and we haven't even heard of uh No
00:20:58
Labels the third party platform they're
00:21:01
probably going to announce Joe Mansion
00:21:03
any day now and so that could change
00:21:05
things as well so that's a very
00:21:06
interesting take the biggest problem
00:21:08
that we have this may sound really dumb
00:21:11
but I think it's true in launching a
00:21:13
third party is a viable
00:21:18
name I think it's the most important
00:21:20
boundary condition to have a sustainable
00:21:22
third party is a is a good name like an
00:21:26
iconic person the chairman
00:21:29
like whatever we call this party the
00:21:31
name of the party not the person they
00:21:32
feel no labels is a terrible name
00:21:34
terrible name party is perfect terrible
00:21:38
green part's terrible the Patriot party
00:21:40
Freedom Party they're all terrible
00:21:41
because they all feel like they're
00:21:42
rooted in some you know either
00:21:45
conservative or liberal cause there
00:21:46
there's got to be some element of like
00:21:48
what's the right decision on each on
00:21:51
each topic not necessarily you know how
00:21:53
do we fight the identity politics I
00:21:55
think that's the key piece that's
00:21:56
missing and I like the party like a
00:21:59
party of feels disparaging to a degree
00:22:02
you know yeah branding what would you
00:22:05
call it the third party republicans
00:22:08
People's Republic of I don't know sakan
00:22:12
jamat do you have an idea for a name I'm
00:22:15
not gonna comment on this
00:22:18
issue po Something Brewing J would you
00:22:22
have a name for a third party you like
00:22:24
the rational party the rational party or
00:22:26
something like that where it kind of
00:22:29
evoked you know people who are being
00:22:32
thoughtful and were trying to make
00:22:34
rational decisions in everybody's best
00:22:36
interest right something that was not
00:22:39
about us versus them abortion or you
00:22:42
know Dei or ESG just something focused
00:22:45
more on getting things done the the
00:22:47
getting things done party something like
00:22:49
that getting things done party so on the
00:22:52
nose but better than the derangement
00:22:53
party yeah absolutely all right let's
00:22:56
keep going let's keep going here we go
00:22:58
oh man he's always trying to derell the
00:23:00
show I will not engage with all right
00:23:03
it's time for our biggest business
00:23:05
winner biggest winner in business who
00:23:09
you gotta M who's your biggest winner in
00:23:10
business I mean I don't think this is
00:23:13
even
00:23:13
close but I think it's Elon Musk oh H
00:23:18
three things obviously three different
00:23:20
companies but the rebasing of Twitter
00:23:23
actually had an even more profound
00:23:26
impact I think on and Valley that it
00:23:28
necessarily did on
00:23:30
Twitter second was I think SpaceX has
00:23:33
really turned a corner starlink is
00:23:35
really at scale Starship looks like it's
00:23:38
viable and then the third is Tesla
00:23:40
really
00:23:41
Consolidated its leadership in EVs and
00:23:45
batteries and Battery Technology and FSD
00:23:47
so I think on the merits it was not even
00:23:53
close okay saak who you got who's your
00:23:56
biggest business winner the magnificent
00:23:58
7 these are the seven companies that
00:24:01
accounted for almost all of the stock
00:24:03
market gains this year you can see it in
00:24:04
this chart it's about a 63% gap between
00:24:08
the performance of the top names top
00:24:11
seven names in the S&P 500 and then the
00:24:14
other 493 of
00:24:16
them I think that the S&P 493 had a 12%
00:24:21
gain this year which isn't bad but it
00:24:23
was dwarfed by the munificent 7 which
00:24:26
was almost 80%
00:24:28
incredible all right sack says the M7
00:24:31
freeberg who you got yeah I'm going to
00:24:33
pick one of the seven which is Microsoft
00:24:35
just a shot down the the middle of the
00:24:36
Fairway here despite only seeing I think
00:24:39
roughly 8% Topline growth the business
00:24:42
saw its market cap grow by over trillion
00:24:44
dollars 1.7 to 2.7 trillion this year
00:24:47
just an incredible number I mean can you
00:24:48
imagine if we ever said that 10 years
00:24:50
ago whether anyone would believe it
00:24:52
consumer and Enterprise strength and
00:24:54
strategic strength the fact that they
00:24:55
were able to close the Activision Act
00:24:57
acquisition in this sort of regulatory
00:25:00
environment and then the strength that
00:25:02
Sach showed and the the speed at which
00:25:04
he acted during the open AI weekend
00:25:05
debacle where he set up this whole thing
00:25:07
where he got Sam on board and was going
00:25:09
to retain all this value that he was
00:25:11
extracting from open Ai and
00:25:13
partnership was I I think great
00:25:15
leadership and cemented
00:25:17
his his position and standing as being a
00:25:21
really thoughtful fast acting strategic
00:25:23
leader for a business that's been around
00:25:24
forever but amazingly added a trillion
00:25:26
of market cap in 12 mons so I I just
00:25:29
throw it to Microsoft this year it's
00:25:30
very hard to kind of break that business
00:25:31
apart and say Here's all the things that
00:25:33
are wrong with it it's just you know
00:25:35
it's just moving all right very well
00:25:37
done we got Elon didn't you didn't you
00:25:39
work there for a while one year at at
00:25:41
Twitter or no at Microsoft Microsoft oh
00:25:44
Microsoft one year did I was actually no
00:25:47
I was locked up for two years in the
00:25:48
wake of the emmer deal yeah I was a
00:25:50
corporate vice president of Microsoft
00:25:52
did you like it yeah it was I mean it's
00:25:54
a high quality company for sure I mean I
00:25:56
was like super active for one year
00:25:58
because I was still in charge of I still
00:26:00
had a p&l running Yammer but then after
00:26:03
one year Yammer was sort of assimilated
00:26:06
into the Borg and yeah I didn't have
00:26:07
anything to do I was kind of just like
00:26:09
on call right right all right I am going
00:26:12
to talk my own book on this one and give
00:26:13
it to DAR and the team at Uber they got
00:26:16
into the S&P 500 became profitable
00:26:19
planning stock BuyBacks they resolved
00:26:22
almost all of the regulatory res issues
00:26:25
including getting the taxis in London to
00:26:30
be on the app which was their big
00:26:31
adversary and they were going to get
00:26:32
kicked out of London if you remember is
00:26:34
the company that five years ago the
00:26:36
press and the fake news were saying
00:26:38
could never be profitable and was going
00:26:40
to fail and now it is the most
00:26:42
successful new start up in the last
00:26:44
cycle bigger than
00:26:47
everybody and so congratulations to the
00:26:49
team over there all right Biggest Loser
00:26:52
in business the biggest loser it's
00:26:56
2023 freeberg just so you know last year
00:26:59
your prediction was Capital intensive
00:27:01
series b c's and D's of growth companies
00:27:03
well done on that prediction but give me
00:27:05
freeberg your actual who was Your
00:27:08
Biggest Loser in 2023 oh Sultan of
00:27:11
science it's sort of tied up obviously
00:27:14
there's a tale to the effect but it's
00:27:15
VCS who deployed most of their capital
00:27:17
in 2021 obviously it was the year where
00:27:20
a venture capital deployments
00:27:23
peaked and what I've heard from
00:27:25
institutional LPS this year
00:27:28
is that you know not only will that
00:27:29
vintage underperform but it could
00:27:31
torpedo as many as 50% of firms that are
00:27:34
managing Capital today in Silicon Valley
00:27:37
and it could switch the capital
00:27:40
allocation model that reduces allocation
00:27:43
to Venture as an asset class
00:27:45
significantly because of the torpedo
00:27:47
that the 2021 vintage represents in
00:27:50
performance so that was my biggest loser
00:27:52
for the year good for me and saxs
00:27:54
because we were diligent during that
00:27:55
time all right let's go to you Sachs
00:27:58
Who's Your Biggest Loser in business in
00:28:00
2023 my biggest business loser is Disney
00:28:04
it seems that every aspect of Disney's
00:28:07
business the bed in
00:28:10
2023 I mean all their major theatrical
00:28:12
releases flopped and missed a
00:28:14
conservative backlash against its woke
00:28:16
social stances you may recall that the
00:28:19
actress who played Snow White in the
00:28:21
remake accused Prince Charming of being
00:28:23
a
00:28:24
stalker I mean there's a million
00:28:26
examples even there their Marvel
00:28:28
franchise suddenly had bombs they had to
00:28:29
fire Jonathan major who was doing a
00:28:33
fantastic job playing Kang and an entire
00:28:35
franchise Arc they're going to have to
00:28:37
reset now because of a criminal
00:28:39
conviction involving him Disney plus
00:28:41
subscriptions fell off a cliff even
00:28:42
attendance at its theme parks declined
00:28:44
dramatically because they charged way
00:28:46
too much for families to visit and then
00:28:49
finally Bob Iger picked a fight with
00:28:51
Elon Musk over advertising remember Elon
00:28:54
probably told Iger to gfy could for you
00:28:58
yep and tens of thousands of Disney plus
00:29:00
subscribers cancel their subscriptions
00:29:02
because of that and it all makes you
00:29:04
wonder if Iger now wishes he had stayed
00:29:06
retired I too picked Disney I put Disney
00:29:09
and Warner Brothers uh both of them had
00:29:12
their comic book franchises collaps
00:29:15
simultaneously on the on the Warner
00:29:17
Brother side and the DC side The Flash
00:29:19
and Justice League everything came apart
00:29:22
streaming was too expensive and you
00:29:23
didn't mention these uh horrific strikes
00:29:26
that they had to and it feels like they
00:29:28
had to give a ton of concession so
00:29:29
Disney was my biggest loser as well with
00:29:32
Warner Brothers as their little brother
00:29:34
there chamath we have a consensus there
00:29:37
rare consensus between sax and IA who
00:29:38
did you have for your biggest loser in
00:29:40
business well you you guys partially win
00:29:43
Okay because I'm going to have
00:29:45
to agree with you guys but I think the
00:29:48
biggest loser in business was the go
00:29:51
woke Community who tried
00:29:54
to synthetically and artificially use
00:29:58
all these social movements as a way to
00:29:59
drive revenue and just got totally
00:30:02
burned so Disney Bud
00:30:06
Target and I think the statement from
00:30:09
consumers is look just sell a product
00:30:12
stay in your
00:30:14
lane make a better and better product
00:30:16
for us at lower and lower prices and
00:30:18
otherwise just let the politicians and
00:30:20
the voters decide social issues and I
00:30:22
think that was pretty clear all right
00:30:25
there you have it folks if you're going
00:30:27
to make Bud Light people just want to
00:30:29
drink the damn beer they're not
00:30:30
interested in your politics all right
00:30:32
here we go biggest business surprise of
00:30:35
20123 who do you got saxs who was your
00:30:38
biggest business surprise of
00:30:40
2023 I think it was the fed's bank term
00:30:43
funding program or
00:30:45
btfp in response to the collapse of
00:30:48
Silicon Valley Bank and the regional
00:30:49
banking crisis as you may recall it
00:30:52
wasn't just svb there were several
00:30:54
dominoes in the regional banking system
00:30:56
that fell it was svb signature First
00:30:59
Republic and even in Europe credit s
00:31:02
basically fell apart all because of the
00:31:04
sudden spike in interest rates a lot of
00:31:07
people tried to blame VC's for this jcal
00:31:11
yeah even you and me took took some heat
00:31:13
uh the truth is that if the dominoes had
00:31:15
fallen in a slightly different order no
00:31:17
one would have thought to blame VC's for
00:31:19
this it was obviously the fact that
00:31:21
rates had spiked up and these Banks got
00:31:24
caught off sides because their deposit
00:31:26
base is vol
00:31:27
and they had loaded up on government
00:31:29
bonds at a 1% interest and then the
00:31:33
value of those bonds plummeted the FED
00:31:36
then stepped in to prevent this from
00:31:39
turning into a contagion that was where
00:31:41
the btfp came in and I'm ambivalent
00:31:44
about it because I think that we don't
00:31:46
know the long-term consequences of the
00:31:48
FED basically providing this liquidity
00:31:51
to the banking system however it's very
00:31:53
clear to me that there was a regional
00:31:54
banking crisis underway and the FED
00:31:57
stepping in I think probably saved us
00:31:59
from having a recession this year
00:32:01
amazing so the FED there I picked
00:32:04
Facebook for my biggest surprise this
00:32:06
year they changed the name of the
00:32:08
company two years ago to meta they were
00:32:11
pouring tens of billions of dollars into
00:32:13
VR which nobody wanted to use the CEO
00:32:16
was focused on the wrong thing but they
00:32:19
turned it around the stock dropped to 90
00:32:21
and Zuckerberg I guess didn't want to
00:32:23
lose and so he laid off tens of
00:32:25
thousands of employees said every no
00:32:28
more middle managers everybody's got to
00:32:29
get to work and they double down on
00:32:31
their existing businesses and they've
00:32:33
made some great progress on AI so my
00:32:36
biggest business surprise was the
00:32:38
Resurgence of Zuckerberg and Facebook
00:32:40
chth who did you have for your biggest
00:32:42
business surprise I'll pick J Powell and
00:32:45
the FED
00:32:48
capitulation I think that I've been
00:32:50
saying for a while that rates will be
00:32:51
higher for
00:32:53
longer for quite a while now and I I was
00:32:57
really surprised when J Powell had this
00:33:01
press conference in December in early
00:33:03
December and just basically capitulated
00:33:05
and just said you know what guys we're
00:33:07
going to be cutting probably three times
00:33:08
next year that was effectively the gist
00:33:10
of what he
00:33:11
said and immediately the 10e basically
00:33:15
just completely changed course and it
00:33:17
went from almost at 5% to below 4%
00:33:21
within a matter of two and a half or
00:33:23
three weeks so and then the stock market
00:33:26
has basically done nothing but go
00:33:28
straight up that's a huge surprise to me
00:33:30
because I think now what the setup is
00:33:32
for
00:33:33
2024 is basically we will melt up up
00:33:38
until the first cut and then there'll
00:33:39
probably be some real selling and I I
00:33:43
would not have predicted that the
00:33:44
markets have become a lot more
00:33:45
accommodative as a result I didn't
00:33:48
expect that so J
00:33:52
Powell really I think surprised a lot of
00:33:54
us he could have been more tempered but
00:33:56
but he did essentially decided to give
00:33:59
away the playbook in the last month of
00:34:01
the year here and it's important for
00:34:03
everybody to understand the FED acts
00:34:04
independently of the administration it's
00:34:06
just a coincidence correct Sachs that
00:34:09
their cuts are going to come just in
00:34:11
time for Biden economics and if it
00:34:14
happens to go up in the next nine months
00:34:15
that has nothing to do with the Biden
00:34:18
Administration who might benefit from
00:34:20
that if the econom Jason Jason Nick I
00:34:22
have I have a quote that I sent Nick
00:34:24
this is a this was what Larry Summers
00:34:26
said and I just think it's such an
00:34:29
unbelievable quote that is just worth
00:34:32
internalizing if you just start reading
00:34:34
here so I prefer the vulcar greenpan
00:34:36
approach which is to recognize that the
00:34:38
FED is a little bit like the delic
00:34:40
oracles people regarded them as
00:34:43
omnicient and omnipotent but they were
00:34:44
in fact neither so the oracles kept
00:34:47
their pronouncements vague and oracular
00:34:49
not concrete and specific because it was
00:34:51
impossible to be concrete and specific
00:34:54
without being wrong frequently and
00:34:55
undercutting credibility sure I mean
00:34:57
that is just a perfect General yeah
00:34:59
summary of what probably should have
00:35:01
happened in these pressures and this was
00:35:04
an example where it was the exact
00:35:06
opposite and the market just took it and
00:35:08
said I'm off to the races just to uh
00:35:11
agree with that and butress it it's not
00:35:13
only the fact that they gave this
00:35:14
guidance this year as you remember back
00:35:16
when we started having inflation the FED
00:35:19
still stuck to the story that it would
00:35:20
not be raising rates for some extended
00:35:22
period of time and a lot of these banks
00:35:26
that had problems basically because they
00:35:28
bought too many long-term government
00:35:31
bonds a lot of those Bonds were bought
00:35:33
during that period when the Fed was
00:35:34
assuring him it wasn't going to be
00:35:36
jacking up rates so if the FED hadn't
00:35:38
misled them maybe they would have made
00:35:40
better risk decisions yeah so it works
00:35:43
both ways freeberg got a business
00:35:46
surprise for 2023 for the audience here
00:35:48
at the besti awards the biggest surprise
00:35:49
was Sam alman's aler and return all in a
00:35:52
weekend so that was kind of crazy so I
00:35:54
just give it to that nothing else to be
00:35:55
said okay the flip-flop love it okay
00:35:57
best science breakthrough this is
00:35:59
everybody's favorite also the time when
00:36:01
Sak goes and takes a leak 2023 biggest
00:36:03
science breakthrough I've got one you
00:36:06
got saak you're awake during the second
00:36:08
go ahead what's the biggest science
00:36:09
breakthrough for you sa well according
00:36:11
to NASA there's a new look at
00:36:13
Uranus that's right Jal gotcha that's
00:36:16
right Jal these are never before seen
00:36:20
deep penetrating shots of Uranus how
00:36:24
deep and penetrating are these very deep
00:36:26
very pen training from the James web
00:36:28
Space
00:36:29
Telescope freeberg when your anus gets
00:36:32
probed this deeply what's your takeaway
00:36:35
what what's the feeling you get in this
00:36:38
deep probing of your anus all Wonder
00:36:42
mystery on wonder well it's a space
00:36:45
colonoscopy something gets moved within
00:36:48
absolutely I'm going to save you for
00:36:49
last free broke trth you have one yeah I
00:36:51
think that this unfortunately did not
00:36:53
get nearly the attention it deserves but
00:36:56
I'm going to pick the crisper FDA
00:36:58
approved crisper treatment of CLE Cel
00:37:00
anemia I think that this is just an
00:37:02
incredibly important breakthrough and so
00:37:04
you know CLE cell basically is just a
00:37:06
condition where the shape of your red
00:37:07
blood cells change it causes a lot of
00:37:10
very painful inflammation and
00:37:12
damage disproportionately affects the
00:37:15
black population African-American
00:37:17
population and so now there's an
00:37:19
approved therapy which goes in and makes
00:37:21
the gene edits and fixes these folks so
00:37:23
congratulations to vertex and crisper
00:37:25
and I think it's just incredible there
00:37:29
was uh my big breakthrough was this
00:37:31
brain decoder technology we didn't talk
00:37:33
about it here on the show but this
00:37:35
project was crazy they they did MRI
00:37:37
scans or fmri scans of blood flow to
00:37:40
different areas in the brain they then
00:37:43
had people listen to podcasts like the
00:37:45
moth and they tracked individuals brain
00:37:50
activity with specific words that were
00:37:53
said during the podcast and they had
00:37:55
them repeat words
00:37:57
then they attached it to a language
00:37:59
model gpt1 I believe and narrowed down
00:38:02
what people were thinking then they had
00:38:05
people think thoughts and it started to
00:38:07
use the predictive model of gpt1 and
00:38:10
combined it with what was happening in
00:38:11
their brain chemistry now this is a far
00:38:13
way from being able to read people's
00:38:14
minds but for somebody who couldn't
00:38:15
speak let's say the idea that you could
00:38:18
think and then have your thoughts and
00:38:20
the story you were telling actually come
00:38:22
out of a computer just by thinking would
00:38:24
be miraculous obviously neuralink does
00:38:25
this with a direct
00:38:28
but right now sex still thinking about
00:38:31
Uranus he's he's going deep into Uranus
00:38:33
right now he's reading that paper I can
00:38:34
see it in his eyes you guys know I got a
00:38:37
colonoscopy thank goodness how was it I
00:38:40
I doubted on did they put you under
00:38:41
Tuesday yeah but I got I didn't get the
00:38:44
propa fall I got Demerol I think Demerol
00:38:46
oh you gotta go prop I had like the
00:38:48
Twilight sedation so it's kind of like
00:38:50
you know it was great don't get me wrong
00:38:52
but it was like 15 20 minutes like it
00:38:54
was not but you were a kind of awake and
00:38:57
Lucid while I woke up like halfway
00:38:59
through yeah you woke up halfway through
00:39:01
yeah huh did they give you a drink a
00:39:03
little red wine or anything nothing no
00:39:05
no they didn't talk to me no I I just
00:39:07
saw the I saw the screen I was like what
00:39:09
the he and then I just went back to
00:39:12
sleep let me tell you propop fall it's
00:39:15
drip drip drip and then you wake up four
00:39:17
hours later it's the most restful sleep
00:39:18
you ever had hours no dude I
00:39:21
had minutes it's an hour yeah yeah I I
00:39:24
had like a 20 minute Twilight sedation
00:39:26
that was it I asked them to go back up
00:39:28
in there twice just to make sure
00:39:31
freeberg enough about Uranus what was
00:39:33
your biggest science surprise of 23 I
00:39:35
know it's hard to surprise you I know
00:39:37
you guys want to hear some crazy
00:39:38
specific thing but I I actually just
00:39:40
said that there were too many
00:39:42
breakthroughs with machine learned
00:39:45
models with AI this year to list llms
00:39:48
that can run on small desktop machines
00:39:49
that are open source that outperform all
00:39:52
models that were in existence even a few
00:39:53
months prior it highlights the Leaps and
00:39:56
Bounds of this trajectory of of
00:39:57
development and models and there's other
00:40:00
specific examples like we talked about
00:40:01
deep mind's graph cast model which is a
00:40:03
a graph neural network on the show and
00:40:07
obviously all the generative models in
00:40:08
imagery and movies and music but it's
00:40:11
just such an extraordinary time to see
00:40:13
us leverage our combined capabilities to
00:40:17
drive these extraordinary surpris is the
00:40:19
pace of language model so the pace of AI
00:40:21
development just all these breakthroughs
00:40:23
in aggregate I mean I I I think it's
00:40:25
hard it's hard to pay attention to want
00:40:26
there's a constellation of change
00:40:27
underway it's incredible yeah okay now
00:40:30
it's time for our biggest flash in the
00:40:32
pan who is your biggest flash in the
00:40:35
pantra month oh my gosh this is
00:40:38
um well I'll it could be business it
00:40:41
could be Society it could be pop culture
00:40:43
I wrote down SPF okay I think like from
00:40:48
what looked like a too good to be Wonder
00:40:50
kind frankly just turned out to be an
00:40:53
Aderall addicted grifter bring user
00:40:55
accounts
00:40:58
saak I hope that doesn't hit too close
00:40:59
to home who was yours same ballpark I
00:41:02
said effective altruism the EA movement
00:41:05
took a big hit with SPF I would have
00:41:08
thought that'd be enough to polish it
00:41:10
off but then we had the open AI board as
00:41:15
Sam Alman like we talked about
00:41:17
apparently that was driven by a couple
00:41:20
of their nonprofit board members who
00:41:21
were effective altruists I think the
00:41:23
failure of that whole debacle will put
00:41:26
the nail in the coffin of the EA
00:41:29
movement okay freeberg you got a flash
00:41:31
in the pan for 2023 the obvious
00:41:34
breakthrough in super conducting room
00:41:36
temperature material
00:41:38
lk99 yeah it came and it went everyone
00:41:40
thought it was going to change the world
00:41:42
couple weeks later couldn't be
00:41:43
replicated was disproven ultimately and
00:41:46
for a hot minute there everyone thought
00:41:48
the world was going to change so it was
00:41:49
super exciting to see room temperature
00:41:52
superc conductivity in the search for
00:41:54
room temperature superc conducting
00:41:55
materials get so much attention as I
00:41:58
mentioned it's something I've thought a
00:41:59
lot about since I was 13 years old so
00:42:01
it's super cool but didn't
00:42:03
happen came in it went I went with a
00:42:05
wild card here I said George Santos the
00:42:07
diva drama queen and congressman who
00:42:10
slayed from 2023 to
00:42:13
2023
00:42:15
and used his election campaign funds to
00:42:19
buy clo and get BOTOX so y ask Queen and
00:42:23
Sephora and seph not bad not bad ask
00:42:25
Queen
00:42:27
just making bank over a cameo going to
00:42:29
have him come in he's going to do a uh
00:42:31
he's going to do a quick Cameo here on
00:42:33
Allin podcast all right best CEO your
00:42:36
best CEO best
00:42:38
CEO I'll go first I'll go first I
00:42:41
haven't gone first yet I picked a wild
00:42:43
card here I went Taylor Swift $4 billion
00:42:46
do in revenue from the tour and the
00:42:48
merchandise and the movie and everything
00:42:50
each tour stop generates $90 million for
00:42:53
the city she lands in she's getting 85%
00:42:56
% she went direct to movie theaters with
00:42:58
that concert movie and made a quar
00:43:00
billion dollar she hands down the best
00:43:04
CEO of 2023 for me who you got j s Nella
00:43:08
CEO of
00:43:10
Microsoft I just think the gross tonnage
00:43:14
of market cap dollars he added in 2023
00:43:16
plus figuring out how to close
00:43:19
Activision plus retaining maximum
00:43:22
optionality with open
00:43:24
AI is just the Master Class CL in heads
00:43:28
down management well done saak who do
00:43:31
you got I have Jensen Wang the CEO of
00:43:35
Nvidia and King of the GPU we talked
00:43:38
about the Magnificent 7 but none was
00:43:40
more magnificent than Nvidia whose stock
00:43:43
is up
00:43:44
235% and earnings and forecast keep
00:43:46
blowing doors off Jensen has been
00:43:49
planning this moment for many years
00:43:51
before the whole AI frenzy took hold and
00:43:54
Nvidia is now reaping the the benefit of
00:43:56
that who do he got freedberg I give it
00:43:59
to Sam Alman because I don't think any
00:44:01
individual has generated more attention
00:44:03
on a private company and its effect on
00:44:05
the world and the
00:44:07
future than Sam mman and open Ai and I
00:44:11
think that he's been aggressive in
00:44:13
raising Capital this guy can raise like
00:44:15
he can raise and then he over bets on
00:44:17
people he he finds Talent he gives them
00:44:20
extraordinary comp packages gets them to
00:44:21
come and work on this this extraordinary
00:44:23
effort and then gets them to deliver
00:44:25
results he pushes the limits he pushes
00:44:27
the boundaries even Beyond what's
00:44:29
comfortable for his board
00:44:31
members clearly that you know that comes
00:44:33
with the good and the bad and then even
00:44:34
after he got ousted by his board his
00:44:37
entire employee base threw a coup and
00:44:39
got him back and sure everyone's got
00:44:41
their economic motivations to see that
00:44:43
happen but I still think that the setup
00:44:45
was you know largely his his work so he
00:44:48
does deserve credit for that so all in I
00:44:50
think it's it's an incredible year for
00:44:52
Sam Alman Now we move on to 2023 best in
00:44:55
investor chamat who was your best
00:44:58
investor for 2023 here at the besti
00:45:00
awards it was a continuation of the last
00:45:03
couple of years but it's the Pod shops
00:45:05
and specifically Citadel so I give that
00:45:08
award to Ken
00:45:09
Griffin you know pod shops I think have
00:45:11
really become the hallway bully of the
00:45:14
public Capital markets and Citadel is
00:45:17
the
00:45:19
Kingpin they returned $7 billion to
00:45:22
their investors in 23 I think if you go
00:45:24
back since 2020 they've returned more
00:45:27
than 20 billion they generated you know
00:45:30
15% very steady returns uncorrelated to
00:45:32
the market it's just a machine I mean
00:45:36
it's incred it's an incredible business
00:45:38
that he's built so he is there's nobody
00:45:41
close Sach who do you got I've got Bill
00:45:44
Amman here for timing the bond market
00:45:46
perfectly he shorted bonds for most of
00:45:49
the year making hundreds of millions of
00:45:50
dollars and then on October 23rd he
00:45:53
announced that he was covering his
00:45:54
positions and that it was too risk to
00:45:56
stay short in bonds and he was going
00:45:58
long and that very day was the high
00:46:00
point of the 10year bond yield the
00:46:02
market made a bottom October 27th since
00:46:05
then yields have plummeted which means
00:46:06
that the value bonds is soared and the
00:46:09
best part of it is that Amman is using
00:46:11
his new Fu money to take on IV Le
00:46:14
University presidents for their woke Dei
00:46:16
double standards grifting and plagiarism
00:46:19
well done all right free Brook who you
00:46:21
got I also said Amman for his timing on
00:46:23
the the treasury trade I was right there
00:46:25
with you guys except I wanted to go with
00:46:27
the wild card I am astounded by the
00:46:29
growth of Tik Tok but I just work
00:46:32
backwards Arthur danek who I've never
00:46:34
met from SES Guana International Group
00:46:37
referred to as Sig in the industry still
00:46:39
owns according to sources 15% of this
00:46:43
company which could be worth three four
00:46:44
500 billion dollar when it goes out and
00:46:47
despite all the saber rattling the CCP
00:46:51
has not divested from it even though
00:46:52
Trump and Biden both said they were
00:46:54
going to try to do that and bite dance
00:46:57
was caught spying on American
00:46:59
journalists using their Tik Tok data so
00:47:01
the fact that that investment is still
00:47:02
in place to me is extraordinary so
00:47:04
congratulations to them but i' Sol it
00:47:06
quick all right now we move on we're
00:47:08
moving quickly here 2023 best turnaround
00:47:12
who's your best turnaround jaman this
00:47:13
was like three years in the making but
00:47:15
I'll give it to Nova Nordisk I think the
00:47:17
amount of attention that Novo has gotten
00:47:20
for zic wovi and rybelsus in 2023 was
00:47:24
incredible but you have to go back to
00:47:27
the last decade where the first five
00:47:30
years there was just not much activity
00:47:33
and they had to maintain their
00:47:35
investment stay strong stay focused and
00:47:38
then starting in about 2019 the stock
00:47:41
has been about a four or 5x in the last
00:47:43
four or five years and I think these
00:47:45
semi glutide gp1s are here to stay
00:47:48
they're transformational on
00:47:50
society so that was an enormous task of
00:47:55
corporate Focus so I'll give the
00:47:57
turnaround a word to Nova Nordisk saak
00:47:59
who you got in light of what's happening
00:48:02
right now in the crypto markets I'm
00:48:03
going to go with salana
00:48:06
oh
00:48:08
wow wow it began the year at about $9 a
00:48:11
token it's now at 92 as of this moment
00:48:14
obviously it's very volatile but it's up
00:48:15
roughly 10x this year to date and in
00:48:19
light of the fact that various
00:48:21
unscrupulous actors on the internet
00:48:24
accuse some of us of of buying salon at
00:48:27
a discount and dumping it on
00:48:29
retail without any evidence and that
00:48:31
wasn't true let's just say that those of
00:48:34
us who are still holding bags of Salon
00:48:36
are very happy campers right now bag
00:48:39
holder bag holder for the
00:48:41
win fids freeberg who do you got biggest
00:48:46
business turn around I give it to DAR
00:48:48
and Uber when he took over that business
00:48:51
I think it was a 8 to9 billion do net
00:48:53
loss in
00:48:54
2019 5 b billion doll ebit run rate
00:48:56
right now incredible forecasting
00:48:59
incredible skill in forecasting the
00:49:01
sensitivities in that business by the
00:49:02
way say more same more and you know
00:49:04
obviously seen the market cap just this
00:49:06
year grow from 50 billion to 126 billion
00:49:09
as of today so give it to DAR for the
00:49:12
big turnaround product sucks though I
00:49:14
will say it's gotten expensive hard to
00:49:15
get an Uber sit around and wait forever
00:49:17
so Dar please fix that otherwise good
00:49:21
job well done I went with a one that you
00:49:26
guys gave Awards to on all the previous
00:49:27
Awards Sam wman is all over this year's
00:49:29
besties I I thought going from being
00:49:33
fired for Mal Fein to becoming a martyr
00:49:37
and then I'm the captain now you can
00:49:38
throw in the I'm the captain now meme
00:49:40
right here Nick for the pod in about 10
00:49:43
days he captured three full new Cycles
00:49:45
was named CEO of the year and the palace
00:49:48
Intrigue raising money for an Nvidia
00:49:51
killer in the Middle East I mean this
00:49:52
guy is like James Bond plus a CEO so
00:49:57
what a great turnaround from fired to
00:49:59
desired Sam hman all right let's go to
00:50:02
our next one here
00:50:03
2023 the worst company of the Year this
00:50:07
is the company that is lome and
00:50:10
horrible in our opinions and it's that's
00:50:13
all it is folks it's just four dude's
00:50:15
opinions saxs in your opinion what was
00:50:18
the worst company of 2023 I'm going to
00:50:21
go with fizer just last week the Wall
00:50:23
Street Journal had an expose on the
00:50:25
turmoil at fizer as its market cap has
00:50:28
lost $140 billion in valuation in 2023
00:50:32
by the way that headline is ridiculous
00:50:34
fizer did not save the world the reason
00:50:38
why they are off so much is because of a
00:50:43
massive drop in demand for PA slavid and
00:50:46
for covid boosters apparently people do
00:50:50
not see the value in those products they
00:50:53
finally figured it out I would say that
00:50:56
the company is also suffering from a
00:50:57
credibility crisis by not leveling with
00:51:00
the public about the efficacy and safety
00:51:02
of their vaccines the CEO Albert Bera
00:51:05
was confronted in Davos by citizen
00:51:07
journalists for this lack of
00:51:09
transparency back in January of this
00:51:10
year and what's interesting is that if
00:51:12
you read The Wall Street Journal piece
00:51:14
even his own employees are questioning
00:51:16
bur's cander when he announced on a
00:51:20
companywide virtual Town Hall that the
00:51:21
company was embarking on a cost cutting
00:51:23
effort the chat room erupted in snark
00:51:27
quote future is bright but you might get
00:51:29
fired is how one employee characterized
00:51:31
burus spin this led another employee to
00:51:34
apply quote dumpster fires are always
00:51:37
bright all right fredberg worst company
00:51:40
of 2023 for you you have a worst company
00:51:42
mus loome I do I'm gonna get through
00:51:44
this without getting interrupted the
00:51:46
worst company of 2023 is muan food stuff
00:51:49
this company is pure evil it's got
00:51:52
137,000 employees it's based in China
00:51:54
it's the world's largest slaughterer of
00:51:57
pigs Slaughters 2.1 million pigs per
00:52:00
year with the world's largest pig farm
00:52:02
near nyang where they basically take
00:52:05
pigs from birth and breed them all the
00:52:07
way through to slaughter during their
00:52:09
entire lives these pigs never get to
00:52:11
move more than a few inches they live in
00:52:13
these multistory housing units that they
00:52:15
never get to see Sun or the light from
00:52:17
the outside through their whole lives
00:52:19
they're kept separate from their
00:52:20
families pigs are as smart as most dogs
00:52:23
and even young children and at the end
00:52:25
of their very painful awful existences
00:52:28
they're slaughtered and fed to a growing
00:52:30
population China consumes over a billion
00:52:33
pigs a year it's a horrific situation
00:52:39
so that's the most loome company of 2023
00:52:43
sounds
00:52:45
delicious I'm sorry dude you went off
00:52:50
camera you you you were went off camera
00:52:53
you Jacob you started laughing it's not
00:52:56
I saw you laughing that's why I started
00:52:58
laughing I mean I had 15 jokes but I'm
00:53:00
not going to make any of them uh yeah
00:53:02
when none of us are for factory farming
00:53:03
it's it's horrible who was your worst
00:53:05
company jamad come on chamad get in the
00:53:08
game here who was your worst company
00:53:10
it's a tie between FTX and Silicon
00:53:12
Valley Bank One stole customer accounts
00:53:15
and the other one just was run
00:53:18
by a CEO and a risk management
00:53:21
infrastructure that really imperiled and
00:53:23
almost imperiled an entire industry
00:53:24
there you go for me it was Fox News they
00:53:26
deceived their loyal customers by
00:53:28
knowingly spreading fake news about
00:53:30
voting machines they wound up firing
00:53:32
their most loved host in our fifth
00:53:35
bestie Tucker Carlson and they paid
00:53:38
record setting fines for misleading the
00:53:40
public and creating massive division in
00:53:41
our country and they're facing an even
00:53:45
bigger lawsuit a $2.7 billion lawsuit
00:53:48
with another election technology company
00:53:51
that will happen in
00:53:53
2025 Pension funds are now uing this
00:53:55
lome company because they lost so much
00:53:58
money for them so my worst company of
00:54:01
the year is Fox
00:54:04
News all right Sak you had something to
00:54:07
say I'm sorry so you're going for the
00:54:08
microphone there I'm not going to defend
00:54:09
Fox after they fire Tucker exactly
00:54:12
exactly that's why I put in there for
00:54:13
you I do think the judgments are the
00:54:15
magnitude of the judgments are
00:54:16
ridiculous H okay now it's time we're
00:54:20
going to have a little bit of fun here
00:54:21
best meme your best meme fun stuff I'll
00:54:26
start it off this year I loves the
00:54:28
Boston cop on a slide I don't know if
00:54:30
you guys have seen this one but it went
00:54:32
super viral they've made millions of
00:54:34
versions of it this is the cop in Boston
00:54:37
going down a
00:54:42
slide and the backstory here bunch of
00:54:45
cops were told there's a slide that's
00:54:46
too dangerous in Boston one of them
00:54:49
tried to do their Duty and confirm that
00:54:51
it was in fact dangerous and he got
00:54:52
injured coming down the slide and now
00:54:54
anytime
00:54:56
is going off the track whether it's a
00:54:59
market or a company you play that
00:55:02
clip saxs you're a master of memes what
00:55:05
do he got for us this year in the 2023
00:55:07
bestie Awards well I I think the meme of
00:55:09
the year had to be the gfy elon's answer
00:55:13
to Bob iger's attempt to blackmail him
00:55:16
Nick can but we need to see this in the
00:55:17
gift version the way the hand motions
00:55:19
are it's this then this and then it
00:55:23
comes back in good
00:55:25
it's like a conductor of an orchestra
00:55:27
just a standard good for you jam did you
00:55:29
have a did you have a favorite jamath a
00:55:32
favorite meme of 20123 yeah Nick if you
00:55:34
want to just throw it up
00:55:37
there I'm a journalist and it's the H
00:55:42
kid I'm a journalism I'm a journalist
00:55:45
what what is this talking about I think
00:55:47
it's it's what we all know and I think
00:55:49
it was further exposed this year just
00:55:51
the the Brazen naked ambition and
00:55:55
corrupt nature of the mainstream
00:55:57
media Jason you said it really well and
00:56:00
I and it really made an impact on me so
00:56:01
I want to give you credit we are all
00:56:03
citizen journalists investigative
00:56:04
journalists now and I think that that's
00:56:07
true I think we all have a
00:56:08
responsibility
00:56:10
to pick the information source and to
00:56:14
vet it yeah and never been more true
00:56:17
than this year you got to have multiple
00:56:19
sources triangulate the truth for
00:56:21
yourself yeah I wouldn't trust the
00:56:23
mainstream media at this point you know
00:56:26
as but one of many sources freeberg got
00:56:28
a favorite meme got a favorite meme no I
00:56:32
didn't put anything on this okay you
00:56:34
gave us six minutes on pigs being killed
00:56:36
but you can't come up with one meme
00:56:38
okay can't come up with a meme come on
00:56:41
man I think it's kind of funny actually
00:56:43
it's kind of funny he has no meme he's
00:56:46
memess wait we need to play the
00:56:51
music all right best new Tac best new
00:56:54
Tac we got a keep things moving last
00:56:55
year it was uh fusion and GPT across the
00:56:58
board this year I'll just get a mine out
00:57:00
of the way real quick I'm going to go
00:57:01
with something more specific chat gpt's
00:57:03
app has been extraordinary it now has
00:57:05
4.0 in it it has Dolly in it I've been
00:57:08
making incredible images to go with my
00:57:10
my substack on my blog posts that I
00:57:12
would have paid thousands of dollars you
00:57:14
know for each one of those when I was
00:57:17
doing magazines and they have voice chat
00:57:19
if you haven't connected chat gpt's
00:57:22
voice app to the new action button on
00:57:24
the phone 15 there's a button above your
00:57:26
volume called action you can map it to a
00:57:29
specific feature inside of any app I
00:57:32
mapped it to voice chat on chat gbt when
00:57:35
I'm driving with my kids they have a
00:57:37
question we put it in and we just start
00:57:38
asking questions about history science
00:57:40
whatever it happens to be pop culture
00:57:42
music to chat jb4 and it is an
00:57:45
extraordinary breakthrough app and it's
00:57:48
you know been downloaded I think
00:57:50
hundreds of millions of times now or
00:57:52
over 100 million incredible incredible
00:57:54
progress there chth you got a best
00:57:57
tech best new tech I don't think there
00:57:59
was anything meaningful in 2023 I think
00:58:02
there was a lot of improvements to
00:58:04
things that were founded and started in
00:58:06
2020 or 2021 or 2022 nothing new that
00:58:09
caught my eye this year sax I have
00:58:12
Starling for jet Suite x uh I of course
00:58:15
I've never used it but I heard it's
00:58:19
great but if you do fly with other
00:58:21
humans who you don't
00:58:23
know Starling for private Aviation as
00:58:26
well but I've heard it's a real game
00:58:28
Cher on commercial flights and every
00:58:31
kind of flight freeburn best new
00:58:34
tech my best new tech of this year I
00:58:38
think is really
00:58:40
important as we race to keep the promise
00:58:44
of AI alive in the face of increasing
00:58:47
government regulation which is open-
00:58:49
Source locally run llms so you can take
00:58:53
an llm and you can run it on your
00:58:55
machine you don't have to be connected
00:58:56
to the internet you don't have to have a
00:58:57
third party service provider making an
00:58:59
llm available to you and so this allows
00:59:03
the continued development and pursuit of
00:59:07
productivity gains and new capabilities
00:59:09
that emerge from these llms by making
00:59:12
them local offline disconnected from the
00:59:14
internet and and away from the
00:59:17
scrutability of agencies that want to
00:59:19
check your model and make sure it's okay
00:59:21
so this is really important to me I do
00:59:22
think like my broader Trend right now is
00:59:24
I think that there's this really scary
00:59:27
big shift of you're either going to end
00:59:30
up in a new Enlightenment or you're
00:59:31
going to end up in a new Dark Ages and I
00:59:33
think we're seeing this play out in all
00:59:34
these conflicts around the world and all
00:59:36
of this regulation and all of the the
00:59:38
technology that's being deemed either a
00:59:41
threat or an
00:59:42
opportunity and so I I think any
00:59:44
technology capability that allows us to
00:59:46
pursue the enlightenment is a winner for
00:59:49
me so anyway this was a big shift that
00:59:51
happened this year and there's multiple
00:59:53
models that are publicly available that
00:59:54
are free open source that you can run
00:59:57
okay 2023 best trend shamat what was the
01:00:00
best trend of 2023 for
01:00:02
you I actually uh didn't really couldn't
01:00:05
figure one out okay Sachs you got a best
01:00:08
trend for 2023 something that happened
01:00:10
often it became a trend my best trend is
01:00:13
the return of color blindness as the
01:00:15
standard and the push back on Dei we
01:00:18
already talked about the university
01:00:20
presidents and what bill akman is doing
01:00:22
I would add to that that the Supreme
01:00:24
Court banned race based affirmative
01:00:26
action and University admissions in June
01:00:28
and red State Governors like Greg Abbott
01:00:30
and Ronda santis took that as a green
01:00:32
light to shut down Dei programs in their
01:00:34
public colleges and
01:00:36
universities I think that this is a good
01:00:39
Trend and hopefully it continues next
01:00:40
year because America should be a
01:00:42
colorblind meritocracy fredberg what was
01:00:46
your best trend of
01:00:48
2023 the profitability focus at Young
01:00:51
companies particularly in an age of AI
01:00:53
co-pilot tools for software development
01:00:56
from what I've seen it's pretty
01:00:57
incredible in single
01:00:59
person efforts can yield what
01:01:02
historically has required 6 12 or more
01:01:04
people to do using co-pilot Tools in AI
01:01:07
so software development is accelerated
01:01:10
new products and entire companies can be
01:01:12
built by single individual at very low
01:01:14
cost building totally customized
01:01:16
software so from what I've seen it's not
01:01:18
widely adopted these these capabilities
01:01:20
as you guys probably have seen as well
01:01:22
it's starting to be but just imagine
01:01:24
once the majority of people are using
01:01:27
these co-piloting tools to write
01:01:28
software and start to learn how to use
01:01:31
these tools it's really going to
01:01:33
increase productivity globally as it
01:01:35
finds its way into every business and
01:01:36
everyone can become an entrepreneur and
01:01:38
so on so it's it's it's incredible to
01:01:39
see I too Sachs was looking at the issue
01:01:43
of Dei and I framed mine as Dei dying
01:01:46
and meritocracy thriving that was the
01:01:48
best trend for me so we are once again
01:01:50
sympatico you and I Dei dying and
01:01:53
meritocracy thriving nicely done you
01:01:55
really are proving you're a centrus yeah
01:01:57
yeah I
01:01:58
mean or I just listened to MLK's speech
01:02:01
and I thought that seems like the most
01:02:03
logical thing to do yeah you're right
01:02:05
absolutely 100% 100% we figured this out
01:02:08
some time ago yeah I don't know why we
01:02:10
have to rehash it okay 2023 worst Trend
01:02:14
I'll lead it off I had three here of
01:02:16
worst Trends number one anti-Semitism
01:02:18
absolutely disgusting and horrible two
01:02:20
Trump's Rehabilitation we'll just leave
01:02:22
it at that and then three people of L
01:02:24
moral character using the freedom of
01:02:26
speech movement to whitewash their
01:02:29
horrible personal Behavior yes I'm
01:02:31
talking about Alex Jones to all the mids
01:02:33
in the comments sax what was the worst
01:02:35
trend for you you had to have three
01:02:37
didn't you well I'm going to go with
01:02:39
anti-Semitism those are my two run two
01:02:41
Runners all right fair enough yeah I
01:02:42
think you guys are like my worst Trend
01:02:44
it is the metastasizing national debt
01:02:47
this chart really makes it clear you can
01:02:49
see here the national debt as a function
01:02:53
of deficit and revenues and it's a
01:02:56
upside down hockey stick Jesus if a
01:02:59
company could produce user growth that
01:03:00
looked like this I would invest all day
01:03:02
long however this is not growth this is
01:03:06
basically how much we owe and it is a
01:03:08
bipartisan problem it's been going on
01:03:11
for really 20 plus years but it is
01:03:14
getting worse and worse under Biden yeah
01:03:18
8 trillion added to the deficit under
01:03:19
Trump and looks like five to six
01:03:21
trillion under Biden well you know we
01:03:24
did have a CO we did have meltdown where
01:03:27
the economy was down 30% year-over year
01:03:30
so the tax yeah both parties supported
01:03:33
that bailout and in hindsight it was
01:03:35
excessive yeah Biden's quote unquote
01:03:38
stimulus was passed on straight party
01:03:39
lines after Co was already over yeah so
01:03:42
I think we should just make sure to a
01:03:44
portion the blame correctly but like I
01:03:46
said bipartisan problem yeah I agree bip
01:03:48
Parson and Trump did a very ill-timed
01:03:51
tax cut before Co so it was a double hit
01:03:53
if you want to compare it in eight
01:03:55
years Obama added eight trillion so it
01:03:59
was 1 trillion a year these new guys
01:04:02
getting close to two trillion per year
01:04:04
so they doubled the velocity of spending
01:04:07
just completely disastrous Jamal what's
01:04:09
the worst trend for you I just think
01:04:11
it's the the General State of Affairs
01:04:14
amongst our young people our 20 year
01:04:16
olds and our 30 year olds I think are
01:04:18
really
01:04:20
struggling and it's gotten worse I'll
01:04:23
give you two examples here you see on
01:04:27
your screen this year 158,000 more
01:04:31
Americans died than expected which is
01:04:33
more than all the wars combined in
01:04:35
Vietnam and when you look at where those
01:04:37
death rates are those death rates were
01:04:39
coming from 35 to 44 year olds which was
01:04:42
up 26% and 25 to 34 year olds which was
01:04:45
up 20% about pre-co levels and all we
01:04:49
can point to from the government
01:04:51
establishment is that it's smoking in a
01:04:53
bad diet which doesn't really hang
01:04:55
together and then the second trend is
01:04:57
when you look at just general marriage
01:04:59
rates amongst these same cohort of
01:05:01
people it's meaningfully worse than
01:05:04
every cohort above it so just societally
01:05:07
these folks are not tracking in whatever
01:05:11
Dimension you want to measure sort of
01:05:13
like happiness fillment stability safety
01:05:16
something is meaningfully wrong in these
01:05:18
cohorts of people and we owe it to them
01:05:20
to figure it out the one thing you
01:05:22
missed there chath in the western world
01:05:24
Le 36% increase in suicide over the past
01:05:27
two decades so a lot of another one it's
01:05:29
another one so that might be the main
01:05:30
one I think in this is the the mental
01:05:32
health issues are acute Okay we have
01:05:35
freedberg your left for the worst Trend
01:05:38
the besti award for worst trend of 20123
01:05:40
what do you got I don't know I had one
01:05:41
I'm going to change it on the Fly I'm
01:05:43
going to go with the normalization of
01:05:45
spending I think it's probably the worst
01:05:47
Trend like it's you know it used to be a
01:05:49
big deal remember when the tar program
01:05:51
happened in '08 and it was an incredible
01:05:55
single line item of $800 billion to
01:05:58
support the troubled asset relief effort
01:06:01
to try and keep the economy stable by
01:06:04
buying up all of this failing debt and
01:06:06
supporting all of these equities and
01:06:08
keeping these businesses going and now
01:06:11
it's like hundred billion dollar for
01:06:13
this a trillion for that it's like we've
01:06:16
normalized spending and Co just made it
01:06:18
worse it's your guys's Point earlier
01:06:20
about the acceleration of spending once
01:06:22
you spend a dollar you think it's okay
01:06:24
to spend a dollar and then next time you
01:06:25
spend two it's not that bad it's only a
01:06:27
dollar more and then next time you spend
01:06:28
five it's only three bucks more and
01:06:29
suddenly it becomes normal and this
01:06:32
normalization catches up to us I've
01:06:33
harped on this enough so I won't go into
01:06:35
it too much but I think that's the worst
01:06:36
Trend who did you change from what was
01:06:38
your what was your original my original
01:06:39
was the merging of
01:06:42
the oppressor oppressed ideologies that
01:06:45
are in diametric opposition to each
01:06:47
other I just found this more ironic than
01:06:50
the worst Trend I think which is like
01:06:53
lgbtq few groups that were Pro Hamas
01:06:56
that were marching and supporting Hamas
01:06:59
which is
01:07:01
anti-lgbtq it was just so mind-blowing
01:07:03
to me to see some of the behavior over
01:07:05
the last couple of months that made
01:07:07
absolutely no sense and it shows how
01:07:09
little first principle thinking people
01:07:11
are actually doing about the things that
01:07:15
they're standing up for standing up for
01:07:17
a free Palestine is
01:07:19
one kind of point but being pro Hamas
01:07:24
Hamas would have a responsibility of
01:07:27
eradicating people like you is just is
01:07:29
just nuts to me so I there's just some
01:07:31
of the stuff that I've seen where the
01:07:33
oppressor oppressed ideology is is
01:07:35
trained to fit everything even if it
01:07:38
makes absolutely no sense so it's just
01:07:40
really frustrating to see okay now we go
01:07:43
on to a little casual the besti awards
01:07:46
for 20203 favorite media favorite media
01:07:50
new things that came out in the media
01:07:51
could be a video game book music or a TV
01:07:55
show I'll lead us off here just get it
01:07:57
out of the way real quick for me the
01:07:59
secession finale extraordinary one of
01:08:01
the best pieces of Television ever made
01:08:04
and my sleeper was the bear season 2
01:08:07
very neat show on FX I think I turned a
01:08:09
lot of you on to it and season two had
01:08:12
an episode episode five which is the
01:08:14
forks episode in which Cammy sends
01:08:17
Richie to intern at a very elite
01:08:19
restaurant and he's charged with
01:08:21
polishing silverware and Garett him get
01:08:24
into it why am I doing all this stupid
01:08:25
stuff and he just tells him listen every
01:08:27
day here's a freaking Super Bowl and uh
01:08:30
it's just a great
01:08:31
great amazing episode of television with
01:08:34
extraordinary performances and writing
01:08:36
chth did you have any uh favorite media
01:08:39
this year anything that Taylor Swift did
01:08:42
this year was whiteart you're a Swifty
01:08:45
she is a tour to
01:08:47
force she's incredible and she's a
01:08:51
genius what can you say nothing
01:08:54
I'm going to use my spot to draw
01:08:56
attention to some podcasts that you may
01:08:58
not have heard
01:09:00
of some geopolitics and world affairs
01:09:03
podcast
01:09:04
so probably my number one is the Duran
01:09:07
with Alexander murus and Alex
01:09:09
christoforo I'd also give honorable
01:09:11
mention to judge
01:09:13
napalitano podcast and Colonel Daniel
01:09:15
Davis I have found these three podcasts
01:09:18
to be quite useful in understanding
01:09:20
what's happening in the rest of the
01:09:22
world and I found their reporting an
01:09:24
analysis to be more accurate than
01:09:27
anything you're going to get in the
01:09:28
mainstream media freeberg any favorite
01:09:30
media for you as we get close to rapping
01:09:32
here I recently read a book that I liked
01:09:35
I don't know if I talked about it called
01:09:36
the idea Factory on the history of bell
01:09:38
labs and the great age of American
01:09:40
innovation strongly recommend it I had
01:09:42
no
01:09:43
idea how much this Bell Labs institution
01:09:46
touched Modern Life from radar to the
01:09:50
transistor to the nuclear bomb to
01:09:53
computing
01:09:54
even information theory was developed
01:09:56
inside of bell Labs it was an incredible
01:09:58
organization that took its roots in an
01:10:01
institutionalized Monopoly which then
01:10:03
enabled them to have one customer that
01:10:05
was always a built-in customer but gave
01:10:07
them the freedom and the resourcing to
01:10:08
build all of these great things and for
01:10:11
anyone that wants to say that monopolies
01:10:13
stifle Innovation I encourage you to
01:10:14
read this book because it really says
01:10:17
the opposite may be true that a monopoly
01:10:19
enables investment in long-term thinking
01:10:22
and long-term ideas that you never YC so
01:10:25
I give it to that I also had a softer
01:10:27
one have you guys ever watched Bobby
01:10:29
Al's podcast I found this so funny this
01:10:32
year you guys ever seen it her interview
01:10:33
with Drake is hilarious it's so funny so
01:10:35
she interviewed Drake she's interviewed
01:10:37
Cuban inter I know talking about the the
01:10:40
dead Pand yeah yeah the dead pan so
01:10:42
she's got this like wholly disinterested
01:10:44
Persona and it totally encapsulates like
01:10:46
a gen Z like personality in a way that
01:10:50
you don't get in any other media it's
01:10:51
really and she's hilarious when she does
01:10:53
these interviews and she's very unique
01:10:55
like Andy Kaufman or Jim Carrey like in
01:10:57
that sense like unique in how she does
01:10:59
this I just think like we'll see if the
01:11:01
stick laughs like she may end up kind of
01:11:03
being tired soon and see if she has a
01:11:05
second act the Drake interview was
01:11:06
really good the one with Cuban I had two
01:11:09
problems with it one they sat on the
01:11:10
ground and then two Cuban's feet were
01:11:12
really dirty did you see the one with
01:11:14
Shaq and so I was like bro like yeah
01:11:17
just keep the shoes on and just you know
01:11:18
the Shaq one was hilarious but anyway
01:11:20
she's she's got great content it's it's
01:11:22
Hit or Miss by the way I'll also say
01:11:23
it's not consistent Hit or Miss but I
01:11:26
don't know I just found her to be a
01:11:27
little bit of a a unique standout in um
01:11:31
in content this year everyone's kind of
01:11:33
me too me too looks the same she she
01:11:34
stood out a bit for me in that vein have
01:11:37
you seen zway Z
01:11:39
iwe she is a woman who interviews people
01:11:42
and then she asks people very
01:11:44
uncomfortable questions about race like
01:11:47
how many black friends you have name
01:11:48
them and it is hilarious it is like the
01:11:52
greatest bit ever
01:11:54
Z shout out to zway Z since we went
01:11:56
there on on who who's seen it you saw it
01:11:58
jaman yeah yeah yeah I mean if you're on
01:12:01
Tik Tok you'll see it because she just
01:12:02
had like yeah she just has anybody in
01:12:05
pop she had the George Santos on she had
01:12:07
Geor s interview yeah wow and it was
01:12:11
just so incred
01:12:13
crazy on the uh podcasting front shout
01:12:16
out to our friend Gwen the palro if you
01:12:18
don't listen to The Goo podcast she does
01:12:20
like interviews every other time really
01:12:22
good Red Scare another great alternative
01:12:25
podcast I like to listen to from the
01:12:27
dirt bag left as they call it and Shout
01:12:30
Out PR Bar's Cafe Insider cafe.com all
01:12:34
right I think is this the end producer
01:12:36
Nick are we here did we make it last one
01:12:39
last one we have a special award here
01:12:42
the self imulation award this has been
01:12:45
named after Rudy Giuliani so Rudy
01:12:47
juliani self imulation award and this is
01:12:50
a tough one to give this year Sachs
01:12:55
who do you have because this could be
01:12:58
quite self-referential here go I am
01:13:01
going to name Liz McGill the now former
01:13:03
president of the University of
01:13:05
Pennsylvania ah who had been vomiting on
01:13:08
herself for two months in the aftermath
01:13:10
of October 7th before she even appeared
01:13:13
at that Congressional hearing with the
01:13:14
presidence of Harvard MIT she answered
01:13:17
what was clearly a moral question with a
01:13:20
toned deaf legalistic answer saying that
01:13:23
vacy of genocide against Jews depends on
01:13:26
context falls into question whether one
01:13:28
is smart enough to be University
01:13:29
president it's not a job that demands
01:13:32
that much intelligence but it does
01:13:33
require an instinct for knowing when and
01:13:35
how to cover your own ass when she was
01:13:38
finally forced to step down it felt like
01:13:39
a mercy killing yeah was she the one
01:13:42
smirking too she she had the awkward SM
01:13:45
that was what I found the most appalling
01:13:47
was the awkward smirks yep chth Who lit
01:13:50
them on fire most of all this year who
01:13:53
who poured gasoline over their heads and
01:13:56
just lit up a stoy I think it's the
01:13:59
brand and reputation of the ivies I
01:14:01
think that there was irreparable harm
01:14:03
done well done yes we've had Generations
01:14:05
now that have been taught that that is
01:14:07
where we send our best and brightest
01:14:10
kids but it turns out that they're
01:14:12
getting indoctrinated into some very
01:14:15
kind of extreme rhetoric that then
01:14:17
produces these incapable first
01:14:19
principles thinkers that will be the
01:14:22
destruction of our societ if we don't
01:14:24
fix it so I think Harvard applications
01:14:27
were down 17%
01:14:29
already I expect that Trend across the
01:14:32
IVs to go way up I
01:14:36
expect contributions to go down I expect
01:14:40
governments to ratchet down their
01:14:43
spending in those schools and I expect
01:14:46
some folks to try to take away their
01:14:47
nonprofit status so I think that we are
01:14:50
going to
01:14:52
reallocate the brand Equity of the IVs
01:14:56
to good
01:14:58
schools and we will know what the good
01:15:00
schools are based on their
01:15:02
independence their ability to churn out
01:15:04
first principles thinkers and their
01:15:06
respect for freedom of speech without
01:15:10
being moral idiots fredberg what do you
01:15:14
got well well said Jamal iy League
01:15:16
presidents okay well done no no need to
01:15:19
add too much more there I guess you know
01:15:21
I was torn here between the namesake of
01:15:25
this very award if you missed it Rudy
01:15:28
John Giuliani had a $150 million
01:15:30
judgment against him maybe two weeks ago
01:15:32
for slandering two poor innocent people
01:15:35
in his electoral scam that he ran with
01:15:38
Trump and he I think is going to get
01:15:41
indicted next year for these fake
01:15:43
electorates so follow the fake
01:15:44
electorates one but that was a close one
01:15:46
for me because Kanye West also lit
01:15:48
himself on fire the past year with the
01:15:50
Adidas contract and his anti-Semitism
01:15:52
getting k kicked off Twitter X but I
01:15:54
feel like that was mental illness and I
01:15:56
think Rudy J Giuliani is just stupid so
01:15:59
I give it to Rudy Giuliani the namesake
01:16:02
of this award and I hope the only I'll
01:16:04
say about that jcal is I'm not going to
01:16:08
defend him or his actions at all however
01:16:12
I do think I do think that judgment was
01:16:14
excessive and it's part of a pattern of
01:16:17
ridiculous judgments that we see when
01:16:19
you have for example a DC jury pool
01:16:23
judging a conservative or a republican
01:16:25
whose politics they disagree
01:16:26
with the plaintiffs only asked for $48
01:16:29
million the jury awarded three times
01:16:32
that it's an excessive award I think a
01:16:34
few million dollars as a penalty would
01:16:36
have been a perfectly nice award I think
01:16:39
to bankrupt the man which is what you're
01:16:40
talking about is becoming a bit of a
01:16:42
pylon and I'm all in favor of Rudy being
01:16:46
the butt of jokes until the point where
01:16:48
really you're talking about destroying
01:16:50
his life I think it's gone way too far
01:16:53
yeah these awards are curious and how
01:16:56
large they are they all get appealed
01:16:57
though and they all come down so I'm
01:16:59
sure that'll come down by some massive
01:17:01
percentage in the near future this has
01:17:03
been the yearend episode can you believe
01:17:06
it we made it another year guys here we
01:17:08
are at the end of 2023 we'll do our
01:17:10
predictions next week so you'll get our
01:17:12
amazing predictions for 2024 in the next
01:17:14
episode any closing thoughts on the year
01:17:17
we just had freeberg how you feeling
01:17:20
here at the end of the year are you
01:17:22
hopeful are you cheery are you sad are
01:17:25
you excited I've been up since 5 am and
01:17:28
I just drank beers so I'm pretty tired
01:17:30
okay but uh with respect that's kind of
01:17:32
how the whole year feels actually feel
01:17:35
like I exhausted yeah I just got up
01:17:36
early cranked through the day had some
01:17:39
beer and I'm ready for a
01:17:40
nap but I'm I'm probably more optimistic
01:17:44
going into 2024 than I was going into
01:17:47
2023 cuz that's on a personal basis and
01:17:51
I think yeah there's just a lot going on
01:17:53
today in the world yeah it's complex
01:17:55
isn't it I do think as long as we
01:17:57
embrace the Enlightenment and don't
01:17:59
embrace the Dark Ages we we stand a shot
01:18:02
at keeping progress alive and I think
01:18:04
that's the the the the defining
01:18:06
characteristics of human civilization is
01:18:09
progress and that's I think ultimately
01:18:11
resolves all the conflicts and other
01:18:13
things we just got to keep it alive well
01:18:15
said Jam how are you feeling here as we
01:18:16
wrap up 2023 and looking into 2024 I
01:18:19
think 2022 and 2023 have been
01:18:23
looking back the most important two
01:18:26
years of my professional
01:18:28
career I think I benefited like we all I
01:18:31
think I think all four of us could say
01:18:32
this of just an incredible set of
01:18:35
Tailwinds and 22 and 23 were the first
01:18:38
time where I was in a position of
01:18:40
influence and capital and power where I
01:18:43
had to confront that those Tailwinds can
01:18:45
quickly become headwinds and that we are
01:18:48
not impervious to them
01:18:50
so I like freedberg and looking look
01:18:53
forward to 24 where I can try to put all
01:18:55
these learnings to good use so it's been
01:18:58
generally good and 23 was the most
01:19:00
important year of my life in the sense
01:19:02
that I got remarried so that's been a
01:19:03
huge personal highlight yes beautiful
01:19:06
love that you guys all came to that as
01:19:07
well was a highlight for us too
01:19:09
absolutely beautiful but yeah I'm ready
01:19:10
to I'm ready to turn the page on this
01:19:12
year and start 24 sax any closing
01:19:14
thoughts
01:19:15
here well I think one of the biggest
01:19:17
surprises of 2023 is that we didn't have
01:19:20
a recession I mean I think most people
01:19:22
were betting on on a recession in 23
01:19:24
they thought that a soft Landing would
01:19:26
be almost impossible and in fact the
01:19:28
data is that soft Landing is almost
01:19:31
never occur remember what Larry Summers
01:19:32
said to us at our all-in Summit this
01:19:35
year which is soft Landings are like
01:19:37
second marriages it's the Triumph of
01:19:40
Hope over experience meaning they almost
01:19:42
never happened and so the fact that we
01:19:44
didn't get that I think that was
01:19:46
basically a pretty important bullet
01:19:48
Dodge now that being said I do think
01:19:50
that the whole B2B software industry
01:19:52
definitely went through through a
01:19:53
recession but fortunately I think we
01:19:56
bottomed out and starting to see green
01:19:57
shoots now so things are returning to
01:19:59
normal on the global
01:20:02
stage things are still okay in the sense
01:20:05
that the US is not directly in a war but
01:20:08
man it is pretty scary we could be
01:20:11
pulled into pretty Dynamic pretty
01:20:12
Dynamic very Dynamic we could be pulled
01:20:13
into a war in the Middle East any time
01:20:14
we still have a proxy war going in
01:20:16
Ukraine so there are a lot of risks
01:20:19
still on the horizon I'll just say for
01:20:20
the gentlemen and for the audience it
01:20:22
has been one Wonder F to have all of you
01:20:25
the audience the fans of the show and
01:20:27
you besties in my life over two really
01:20:30
tough years it was also very proud of
01:20:33
myself going into them I knew I was
01:20:35
Built For War and uh it was a war the
01:20:37
last few years it was difficult it was
01:20:38
hard but we all I think learned a lot
01:20:41
and came out stronger because of it and
01:20:42
I just want to give a particular shout
01:20:44
out to all of you guys for making this
01:20:47
brand extraordinary and taking it to new
01:20:49
heights almost all the times I've I've
01:20:51
built things brand
01:20:53
F Gadget silicon IR reporter Allin
01:20:57
whatever it is it was a solo effort and
01:20:58
it's just been really rewarding to be
01:21:00
part of a team and I want to just give a
01:21:02
particular note to uh freeberg who I
01:21:04
think all of us owe a real Deb of
01:21:06
gratitude towards he took the all-in
01:21:08
summit which was a very strong start in
01:21:11
2022 and he leveled it up in 2023
01:21:15
amazingly and I'm just so excited to to
01:21:17
see what we do in
01:21:18
2024 with this amazing brand
01:21:21
memberships Tequilas another 5050
01:21:24
episode and a great Allin Summit next
01:21:27
year I hope so shout out to my guy
01:21:29
freeberg four the dictator the sultant
01:21:32
of science chairman dictator sorry
01:21:34
apologize for getting that incorrect
01:21:35
there we'll get it right chairman
01:21:37
dictator and the Rainman David saaks I
01:21:39
am the world's greatest moderator and we
01:21:41
will see you in
01:21:44
2024 byebye Happy New Year love you guys
01:21:47
Happy New Year byebye love you
01:21:50
besties let your winners ride
01:21:54
Rainman
01:21:57
David and instead we open source it to
01:21:59
the fans and they've just gone crazy
01:22:01
with it love you queen
01:22:04
[Music]
01:22:10
of Besties
01:22:12
are that's my dog taking
01:22:18
driveway oh
01:22:20
man we should all just get a and just
01:22:23
have one big huge orgy cuz they're all
01:22:24
this useless it's like this like sexual
01:22:26
tension that they just need to release
01:22:28
[Music]
01:22:34
somehow we need to get merch
01:22:39
[Music]
01:22:43
our I'm going all
01:22:46
[Music]
01:22:48
in
