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These are the richest people on earth and they're so manifestly unhappy. They
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just can't shut the [ __ ] up. And what tiny, petty, angry, unhappy people, they
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all are. Every single one of them. Hi everyone, this is Pivot from New York Magazine and the Vox Media Podcast
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Network. I'm Cara Swisser. >> And I'm Scott Galloway. Ted Turner, the
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media mogul CNN founder who helped create the 24-hour news cycles, died at 87. Turner was also a major
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philanthropist, making a record 1 billion in donation to establish the United Nations Foundation. He was a
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different kind of billionaire, although he was also the it was called the mouth of the south. Um, beyond media and
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philanthropy, Turner pursued countless other passions from his Montana Grill, his eco-con, this is a eco-conscious
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restaurant chain, being named yachtsman of the year multiple times. He was Larry
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Ellison before Larry Ellison. Uh he announced he had Louis body dementia, progressive brain disorder. In 2018,
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Jane Fonda, one of Turner's ex-wives who remained a close friend, remembered him
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saying, "Men like Ted aren't supposed to express need and vulnerability. That was
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Ted's greatest strength, I believe." And he was. And she I recently interviewed
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her and she had told me he was quite ill. Um I I talked to him a little bit for my books, Lenol. He was real mad
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about the sale and everything else. um except that when he sold the company, he had that famous quote where where he
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said um this deal was better than sex. Do you remember that? He was he always had something kooky to say
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>> at any one moment. And I you know a lot of people are like oh he's the reason we
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have terrible cable. His vision of cable was not this what has happened. So I I sort of push back against that because
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his idea was that you can get news to to sort of democratize the news a little more from the big three. And so I
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consider him a real important his legacy very important even though even though it sort of you know morphed into this
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screamfest that it has become. But his was was you know was it was real news and and I was happened to be with
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Cristian Almanpor who got there pretty early not right away at the beginning and she had nothing but great things to
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say about his tenure when he was sort of do real entrepreneurial news news and other things you know and a very a very
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generous and charitable person at the same time and also funny and weird and interesting. Your thoughts?
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Yeah, this guy is, you know, he kind of defined the term that you don't hear
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anymore, a captain of industry. And the term captain, he was the something people don't know about him is, I think
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he may be the only billionaire who was also an elite worldass athlete. He won the America's Cup.
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>> Yeah, he did. >> And there are just aren't very many billionaires who've reached the pinnacle
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of a sport. And um maybe Roger Stalach, is he a billionaire now? Anyways, but he built
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CNN from nothing. It's really interesting how it emerged. So news when we were growing up was a public service
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and that is ABC and CBS sold a [ __ ] ton of ads from Tang and Chevrolet running
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against All in the Family and MASH and the Partridge Family and the Brady Bunch and they felt that it was a public
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service to have 23 minutes of news and 7 minutes of commercial in this money losing thing called the local news. and
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he said he correctly figured out that there was money in a market for 24 by7 news and it was very scrappy. If you
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look go back it wasn't very well produced and he he started the whole thing. Now where it came off the tracks
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was quite frankly with Rubert Murdoch recognizing that the part of the news they made an observation and that is
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KABC news back in the 70s had something called point counterpoint and SNL used to mock it you know Jane ignorance
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>> ignorance law that's our show pretty much but go ahead >> anyways so
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um uh so they recognized something called point counterpoint and it was Bruce Hersen and Jim them tunny and they
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would start yelling at each other and someone did the analysis is and found out that's what people were tuning in
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for. >> Yeah, I know. >> And that was really the key and arguably the most dangerous insight that Rupert
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Murdoch made. >> And of course, no, this isn't about balance. It's enough news to keep to
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give to create a halo of legitimacy. >> And quite frankly, CNN was guilty of it,
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too. Crossfire. >> Yeah. And CNN now has a show like that where they all just start yelling at
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each other. >> That's where Tucker Carlson started. >> Yeah. And
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>> Michael Kinsley, >> remember Tucker and Michael just going at it?
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>> Um and that seemed civil compared to >> it is it actually when you watch it,
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it's actually >> it seems Patrician. It seems >> it's intelligent. It's intelligent.
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>> It is digressed and has become something that is I don't know. It's a longer talk
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show. Let's get back to Ted Turner. He gave away a billion dollars. She actually gave away a billion dollars to
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the UN. I would argue in the UN actually meant something. Uh something also people constantly ask me for male role
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models for kind of a positive or aspirational form of masculinity. I think Ted Turner is a great role model.
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One, let's just go let's just go to the male stuff. >> Very aggressive. Also
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>> politically incorrect. When Time Warner When Time Warner was acquired >> by CNN, Gerald Levvin introduced the
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whole thing and said, "And now I want to introduce my best friend, Ted Turner."
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And Ted stood up and said, "Best friend? I've never been to your [ __ ] house."
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>> Yeah, it was good. >> And then my favorite was when he did an all hands and it was Ash Wednesday and
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there were a bunch of people in the audience with ashes on their forehead. He's like, "Shouldn't you be working at
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Fox?" >> The guy was >> It was funny. I think there's a certain
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charm in a world now where everything is so I don't know >> it's he was a different time period. He
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wasn't malevolent >> but he was he was charitable. He was visionary. He was aggressive. 14
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grandchildren 14 or 12 grandchildren >> married to Jane F. She still loves him.
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She told me she was she >> an environmentalist and also took his seat and his privilege and his wealth as
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an obligation to serve and connect nations with each other. He was very serious about uniting nations in trying
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to promote world peace. >> He saw his wealth and his seat as an obligation that he was he was optimizing
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for service not for attention. >> Yeah. He's a really >> I would I urge people if they're blaming
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what cable is now on him not to. It's not what he that was not his vision. I
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was around for that and it became that and it was not his. He he he may have created the 24 and they did take
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advantage. Remember the thing that really sent them over the top was that the girl down the well. Remember the
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girl down the well story? >> Oh yeah. Wow. >> That's what that's that's what Cristian
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was. She's like, "Oh, that's the thing that really got people watching
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>> that in the Iraq war." >> Yeah. And but you saw moments of that
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where remember the stud Arthur was Arthur Kent like it started to turn it that's when you started to sort of see
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the beginnings of kind of the circus acts of these cable stations and I was thinking that as I was you know I went
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on Sky News and BBC and stuff like that and like the constant haunt and I think it's a very serious I'm worried about
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Honda virus but the the the constant let's go back to the cruise ship let's
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go back to the and I was like This actually we're in a war in Iran. I feel like perhaps we need to head over there
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and take a look at what's had the cruising going on in the straight of her moose. But it he is a he has a great
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legacy. >> Bernard Shaw. >> Bernard Shaw. >> Daniel Shore. >> Oh my dad's favorite for the wrong
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reasons. Bobby Batista. Oh yeah, Bobby. >> Well, that was great. It was great. It
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was >> I grew up on CNN. >> Yeah. and Christine. >> And also, I genuinely believe a decent
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administration would be CNN anchors. >> Dana Bash should be president. She is
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smart. She's elegant. And she could smother you in your sleep. She's got
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that edge to her, which every president needs >> if you crossed her. >> Yeah.
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>> Uh uh Anderson should be vice president. Any problems with the pope, he just goes
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over there and just talks about grief. Everybody loves him. Competent enough. >> Okay.
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>> Fred Zakaria, Secretary of State. Hands down. Hands down. All right. >> Uh Michael Mirkish. He could be uh
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secretary of commerce or labor. That tell me that tell me that cabinet. >> Will I get anything? I'm a contributor.
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Do I get like an ambassadorship to something? >> Oh, you're ambassador to Guyana. We've
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already decided this here. >> Okay, we're going to we're going to move
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on because you're saving me for myself there. >> I'm saving you from yourself because
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it's interesting. I don't think Ted Turner he didn't like the AOL Time
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Warner deal that I did speak to him about. First he was like it was better than sex. The deal was the best thing I
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ever did. Better than sex. And then afterwards he like totally publicly decrieded it publicly. And one thing
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that um Barry Diller I think told him was like if you sell your house and they wreck they wreck the patio you need to
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shut up. You sold the house. And I I I didn't necessarily agree with him on that but it was he definitely had much
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regrets and he probably wouldn't be thrilled where from the latest numbers from Warner Brothers Discovery the
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company reported a net loss of 2.9 billion in the latest quarter. That's essentially a 2.8 8 billion termination
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fee tied to the Netflix deal. Paramount agreed to cover the cost, but the expense still sits on Warner's books
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until the deal officially closes. For people that don't see why that was that
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big of a loss, nonetheless, the first quarter revenue was down 1% year-over-year, and ad revenue slid 7%.
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Total streaming revenue did rise 9%. Largely by HBO Max went international. Um, Paramount had slightly better news
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to report, beating revenue and earnings expectations in the first quarter. Paramount added uh 700,000 subscribers
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during the quarter, helping streaming revenue grow by 17% year-over-year. The company's film studio did well with
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revenue up 11%. Um, and they said they're making great progress on the Warner Brothers deal with late Q3
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closing still on track. There's still some push back to it. Um, at the same time, I'm going to add one more
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earnings. Disney's under the first new CEO Josh Dearo. The numbers were strong
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with revenue climbing 7% to 25 uh billion. Operating income across Disney's entertainment sports and
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experiences division beat expectations. The company says it expects earnings per
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share to grow 12%. That's solid in the fiscal year and one weak spot. Um a dip
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in attendance at its US theme parks probably due to fewer international proers. They're going to see
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repercussions from gas prices, I'm guessing, and other prices, but it's only down 1%. Maybe the next quarter is
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where you're going to see it over the summer. that will be the real indicator
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there. Um thoughts on on the Warner and everything. They're just sort of bumping
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along these companies. >> So Warner Brothers 117 adjusted gap versus estimates of 9 cents which is
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actually pretty good. They had a 45% beat. Operating margin was down but or mostly flat. The linear networks
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continue to bleed. The revenue fell 8% uh with domestic pay TV subscribers down 10% and free cash flow was 476 million
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in net leverage sits at 3.4x. Uh the paramount deal is expected to close Q3 which will form a company with 69
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billion in proformer revenue. Like if there's a book, if you wrote a book called the worst acquisitions in
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history, you could just call the book Time Warner is every they are at the center of the
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>> I mean three of the five worst acquisitions in history all involve Time
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Warner. It's >> AT&T. >> It's just AOL, >> right? And this one I think will go down
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as in terms of shareholder uh value destruction. Um, Paramount posted a clean beat and streaming turned its
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first real profit. Revenue of 7 uh.35 billion versus 7.28. EPS of 23 cents versus 15 cents expected. I mean,
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companies are just, it's just incredible. Companies are just blowing away their earnings. Their direct to
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consumer revenue was up 11%. Paramount Plus revenue up 17%. I wonder how much of that is landman. They added 700,000
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net subscribers to reach um 79.6 6 million um in total. Direct to consumer IBIDA improved to 251 million. Uh TV
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media revenue fell 6% to 3.7 billion as cord cutting continues. And Paramount is
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nearly doubled its film slate for 2026 versus 2025 since closing the Sky Dance deal last August, which to their credit
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>> has been promising that. >> Yeah. Everyone's been saying, "Oh,
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they're going to gut Hollywood and they're coming out swinging and they're
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doubling their film slate." >> The thing is, is it going to make money,
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right? That's the issue. Let's see what happens. So, let's just wait until they
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>> you can you can spend the money. I mean, that's what rich people do, but let's
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see if they make it. If they have some hits, if they have some hits. >> And so, Josh Dear's first earning
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coliseio reported a a really strong beat. Shares gained roughly 7% after the report. But here's the thing,
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100% of this beat, the credit goes to Bob Iger. you someone doesn't impact earnings two
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weeks after they take the CEO job. This beat was really ringing the bell for for
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Bob Iger. Revenue at 25.2 billion versus 24.8 expected. Earnings at buck 57 versus 149 expected. Streaming operating
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income jumped 88% to 582 uh uh uh million dollars. And Disney's streaming margins broke into the double
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digits. at almost 11%. Their streaming revenue hit 5 a.5 billion up 13% driven by price hikes and Disney's no Disney no
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longer reports subscriber numbers which is a shame but um their experiences that
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you referenced uh was up 7% which must be an increase in prices because as you mentioned um numbers are down
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>> attendance is down >> and they also have raised their buyback target similar to what Apple did last
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week and guided for I think Disney I think Disney is a is a buy and tomorrow is you know he came out of the the parks
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um in which grew nearly 40% in revenue under his watch and he called Disney plus the digital centerpiece of the
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company on Wednesday's earnings he flagged fuel and consumer spending Dana Walden who I know you know named
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president chief creative officer and >> that was an important keep for th that
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company the keeping her because she was a CEO she was the top contender >> not only that they're all I mean quite
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frankly A lot of these people are probably I mean this is the challenge when your
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stock is below where it was 10 years ago. You have to get the most talented people in the room and say I'm going to
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issue new options and please stick around because you got to think a lot of these people are looking at
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>> except what is their option? >> Yeah, because >> producers that's harder now. You can't
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be as good a you can't do those sweet sweet deals anymore. Yeah, but if you're
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a Disney, if you're a talented Disney executive, >> you could absolutely land, you know,
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>> I would stay. See, now I would stay because you have power. >> I agree. And
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>> pieces of that, you know, pieces of wood floating. I don't know. I just would say
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>> Oh, that's interesting. I hadn't thought of that analogy. I like that. Um,
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>> it was from the Devil War product, but go ahead. >> I thought it was from the Titanic, isn't
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it? >> It is, but it was She just said that. She goes, "We just got on the list."
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>> I was wondering how long it was going to be before you mentioned the Devil. It's
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killing it. Still killing it. >> Yeah. No, it's great. Let's go over
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every movie that's actually making money. Um, >> it is making money. >> Yeah, it's it's making a ton. It's it's
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it's going to change the world to see it. >> Lawrence of Arabia meets The Sound of
00:15:45
Music meets the >> Let's move along. >> But Disney stock is down more than 10%
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year to date despite back-to-back earnings beats. I don't know if it's because everyone's giving up on
00:15:57
traditional media or because AI is sucking all the oxygen out of every other company of the other 490 in the
00:16:04
S&P. But I think Disney actually right now is a really good buy and I wouldn't
00:16:09
be surprised if it's put in play in the next 3 to 6 months either by >> you keep saying that by whom to Apple to
00:16:16
because Apple was looking at perplexity allegedly >> uh an activist. Oh, >> an activist comes in and says, "You need
00:16:23
to cut 20% of your staff or you need to put the company up for sale, >> which they did with with Iger." I mean,
00:16:27
I went through that, right? Several times, I think. >> Yeah. But I had so much credibility he
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was able to back this. >> It's weak because this is a new CEO. >> Disney has this unbelievable franchise
00:16:38
or it might be corporate restructuring. Go good bank, bad bank, spin out the parks into its own business. And
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>> they decided not to, as you know, they were going to get rid of ABC at one
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point, then they decided to keep ESPN. And I think that's one of tomorrow's
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>> an activist will argue that their decisions have been really poor because
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this company has probably the greatest collection of IP in the world, a booming parks business, and yet the stock is
00:17:02
trading below where it was in 2016. This is sort of I got to think there's a
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lot of activist, the same old sort of unpleasant Ike per motor. >> If I had to bet on any firm that shows
00:17:13
up forcefully at dignified, it would be Elliot. Um, and by the way, I don't know
00:17:17
anything. I haven't talked to him about this. The But I wouldn't be surprised.
00:17:21
Unfortunately, it'll probably be someone like um Peltz, but he's more consumer. I
00:17:27
wouldn't put it past >> Peltz was in the last one, I think, with Parm Mutter.
00:17:30
>> I don't know. I think if Netflix stock was was I don't I think Netflix and
00:17:35
Disney, this merger the merger between Netflix and Disney could never happen under an
00:17:40
administration that didn't have its that didn't have a FDC or a DOJ that was in a
00:17:44
slumber. So if there was any desire to do that, it would then now would be the time. And if you had
00:17:49
>> No, except Brenda is not He doesn't like Disney. It's in his It's in his sights.
00:17:55
>> Who doesn't like Disney? >> Brendan Carr. Brenda. I call him Brenda.
00:17:59
>> Yeah, but Well, >> he's specifically called out Disney like by name, saying he doesn't like
00:18:04
>> Yeah, but he doesn't get to decide any trust. It goes It's the I mean, I guess
00:18:09
could he lead it? The bottom line is Disney and Netflix right now, Disney is cheap right now. Netflix and Disney in a
00:18:17
windup would be game over. If you took Netflix's IP, including Wednesday, Stranger Things, Bridgetton, and used it
00:18:25
to go vertical and create experiences and parks. I just think it'd be I just
00:18:30
think it'd be incredible. By the way, I it shouldn't happen. It would be too
00:18:34
much concentration of media, >> but from a I would buy shares in that company.
00:18:38
>> Yeah, absolutely. I don't think it'll happen. you probably >> although I don't know why it shouldn't
00:18:42
because they have a lot of companies to go up against these tech companies but I
00:18:46
don't know anyway well interesting to see it was fine it was perfectly fine it
00:18:49
was like okay it's so funny you know when Ted Turner when that deal happened
00:18:54
I mean media that was the top for media wasn't it like when AOL alltime Warner
00:18:59
happened I think it was like they were running the [ __ ] show they were the kings of the road and then they weren't
00:19:05
like it's been a downward downward downward slide for traditional media The fall of traditional media for me is
00:19:13
embodied by when I first moved to New York in 2000 and like all single people in their 30s, we would pile eight people
00:19:22
into a house in Bridgeampton and every weekend was a mad scramble to see who we knew at Condast
00:19:32
who knew what magazine was throwing the most fabulous party in the Hamptons and And whether it was details or Vogue and
00:19:43
the job the masters of the universe were these was the creatives and the business
00:19:48
people working at condonas magazines in the magazine. >> That's true. And in the journalism
00:19:53
business I have to tell you I was like the internet person and they like treated me like [ __ ] Like they were
00:19:59
like oh you're part of the internet >> you know and you're no the no it was
00:20:03
Ponzi scheme. It was Ponzi scheme. Oh, it's not going to it's going to it's all
00:20:06
a bunch of it's going to go away. And the media reporters was such snot bags.
00:20:11
I have to tell you, they just were. And I was like, I don't I think you're in
00:20:15
trouble. I was And they were like, you don't know. They're going to run the
00:20:19
show and media media media. And I was like, I think there's got some vulnerabilities there. But they I I'll
00:20:24
never It was the same thing. It was sort of it was well, too bad. That's what
00:20:28
happened. Anyway, um let's go on a quick break. We come back. Anthropic gets into
00:20:34
bed with Elon and SpaceX. Lock that metaphor. Support for this show comes from Harvey AI. The future of law is
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precision and confidence. Harvey, AI tailored for law. Learn more at harvey.ai. Scott, we're back. Anthropic CEO Daario
00:21:43
Amodi says the company planned for 10x growth this year but is now seeing growth closer to 80x creating a massive
00:21:49
need for more computing power. Enter SpaceX or rather SpaceX AI. SpaceX acquired XAI back in February. But Elon
00:21:56
Musk has just revealed XAI will be dissolved and its AI products will be part of the Space X AI brand of course
00:22:03
because everybody left and he he didn't it didn't get quite the traction that he
00:22:07
had hoped. So he's as I said folding it right in. Everything's going to get
00:22:10
folded. Tesla's next. Under the New Deal, Anthropic will get compute power with uh SpaceX AI data center in
00:22:16
Memphis, the one that's polluting people as it works to keep up with surging
00:22:20
demand. Everybody needs power. A real turnaround for Elon, who earlier called anthropic evil. He's now saying he was
00:22:27
impressed after meeting with senior executives, adding, "No one set off my evil detector."
00:22:33
Again, look in the [ __ ] mirror, dude. Um, so is this the enemy? My enemy is my
00:22:38
friend because of chat GPT. This is an interesting thing. I mean, obviously Lince has not had the success he had
00:22:44
he'd hoped to dominate and it's all about his beef with Sam Alman, but in
00:22:49
this case, he's this is what he's doing. I would I would be careful if I was
00:22:53
Daario in general, but um I I think he's savvy enough to deal with Elon, though.
00:22:58
Um and he seems to have enough push back. Um any thoughts on this? >> Uh I'd rather talk about me and the
00:23:05
reminisce a little bit longer. Is that okay? just for a second. >> So I started
00:23:10
>> Okay. But I want thoughts on this. >> In 2000, I had said I'm moving to New
00:23:15
York from San Francisco. I had just been abused, roden, ridden hard, and put away
00:23:21
wet by Sequoia Capital. Kicked off the board of the kicked out of the band I started, kicked off of the board of the
00:23:26
company I started. Just like got divor just like I I just wanted I wanted to never go back to San Francisco the rest
00:23:33
of my life. And I moved to New York. >> Can I ask you a question? Did you deserve it? Just a little bit. Did I
00:23:36
deserve >> what happened? What happened with Sequoia? I'm just asking. I'm just
00:23:40
curious. >> Oh, I I I was an obnoxious, aggressive entrepreneur that was arrogant and
00:23:45
reckless, >> but also Mike Morates is a small vindictive man. >> Okay. Got it.
00:23:50
>> Um, so, uh, so yeah, I I don't I think there's enough blame to go around for
00:23:54
everyone. >> Okay. >> And also, the board was a bunch of a bunch of obsequious people getting
00:23:59
Anyways, >> um, >> I'm still not triggered. I'm clearly over it. I'm clearly over it.
00:24:06
All of you are still to this day. >> I'm clearly over it. Anyways, I moved
00:24:10
back to New York and I started an e-commerce incubator backed by Goldman, JP Morgan, Maverron, Howard, How Howard
00:24:18
Schultz's company. And it was near impossible to recruit people to come to work for a technology
00:24:25
incubator. And I would take people out who were working at traditional media who were making5 or $600,000 a year. And
00:24:32
I'd say, "I can only pay you 200, but I'm going to give you 2 million options
00:24:35
on 2 million shares." And I would have to walk them through what options were.
00:24:41
>> That the ecosystem. I couldn't even use a New York-based law firm because they
00:24:46
didn't do venture. People don't realize New York in 2000 was about finance. It
00:24:51
was about media. There was no, you know, what the >> There were a couple There were a couple
00:24:56
little ones. >> Guilt. >> I mean, there was a guilt and there was something.
00:24:59
>> Yeah. Guilt. I forgot about >> there was guilt in that Kevin Ryan's
00:25:02
company and then there was >> the one ad company that got sold to there was no technology
00:25:09
>> there really wasn't whatsoever there was one oh the one that bought was bought by
00:25:13
Yahoo Tumblr Tumblr was in New York >> Tumblr the worst acquisition in history
00:25:19
>> in history >> the worst acquisition in history >> I broke that story nice to meet you but
00:25:24
yeah >> yeah within the same 60 days um uh uh Mark Zuckerberg made the best
00:25:30
acquisition in history for a billion. He bought Instagram. It's now worth I think
00:25:34
probably a half a trillion to a trillion dollars. >> And Marissa Mayor said,
00:25:38
>> "I'm a baller." And she bought Tumblr for a billion dollars, which seven years
00:25:43
later got sold for how much? >> A couple million dollars. It was a collection of It was a collection of
00:25:49
blogs, >> dirty sites, dirty bloss. >> And then when they shut down the porn, I
00:25:53
I got into an online battle with what's the guy with the bad Caesars's haircut?
00:25:57
I forget his name. >> There were two or three. Union Square Ventures. Anyways,
00:26:00
>> they they told Tumblr they were no longer going to fund this bag of [ __ ]
00:26:04
that was making no money, >> but he convinced Marissa Mayor to buy it for $1.1 billion.
00:26:09
>> I know. >> Anyways, uh >> I'll walk down memory lane. >> This has been fun. I've really enjoyed
00:26:15
this. >> Okay. Um, and then I joined and then my my incubator collapsed within like 6
00:26:21
months founding it after the dot implosion and I joined the faculty at NYU where my first year salary was
00:26:27
$12,000. Good times. >> Good times. >> Back to ex. >> Anyways, back to anthropic. What do we
00:26:34
talk? I've said this. I wish I I have never bet on a a predictions market. I I
00:26:39
said this a week ago. Khi had Musk winning at 51 or 52%. Now it's all of a sudden fallen to 38.
00:26:48
>> Winning at what? Winning >> winning the case. >> Oh, the case.
00:26:51
>> The must wins the case. >> Yeah. Yeah. He's got to make some moves.
00:26:54
>> Going from there is no moves. He does not have a legal egg to stand on. You
00:26:59
can go from a nonprofit to a for-profit. You're allowed to do that. This is regret and a messiah complex cosplaying
00:27:06
a legal argument. Judges and courts aren't concerned or aren't moved by anger and indignance and
00:27:14
by and sellers regret. They're moved by evidence and argument. And there's none
00:27:19
here. >> Though I will say this trial, I was thinking, you know, you're watching the
00:27:23
texts go back and forth and Mirror Morati doesn't like Sam really even though she pretended she did. And the
00:27:30
girlfriend uh who was on the board, I'm blanking on her name. I don't really
00:27:33
care cuz Siobhan Zillas. Um >> isn't that his girlfriend? Well, it's
00:27:37
his partner and then they had four children and she didn't manage to tell the open eye people that she had two
00:27:43
children with him and obviously >> that's not a conflict. Cara, >> she's like a spy in there like right
00:27:51
spy like you might give that piece of information if you're in a beef with someone.
00:27:55
>> You're a fiduciary for all shareholders making decisions around someone's
00:27:58
compensation and you're having their children. That's just like she probably
00:28:01
just forgot to mention compensation. Anyway, so the whole thing and they're like going back and forth in this trial
00:28:06
and I thought this is a soap opera but the most boring people, most awful boring people in it. I'm like I could
00:28:14
give a [ __ ] that whether Mir Morotti likes Sam Alman or not. I don't care. I
00:28:18
don't care. Like oh he was manipulative. I don't care. Like what does that have
00:28:23
to do with anything? Like I you know honestly I I force you know you hear that of course about Sam being
00:28:28
manipulative and telling one person one thing and another. And as I'm reading it
00:28:32
in the trial, I'm like, "So, what does this is this illegal? Is he's just a
00:28:38
jerk or you didn't like him or he was deceptive? Did he do anything illegal?"
00:28:41
Because otherwise, your internal corporate hijinks. I don't, you know, care. I do think she should have told
00:28:48
people she had his babies in my opinion. But the whole thing is like a bad soap opera that you want to like turn off
00:28:54
like and it's just bad for AI. It's bad for the companies. And therefore, he's
00:28:58
going to do another deal like this. That's where we That's why we're where
00:29:01
we are. He's trying to glum himself on to a successful >> Ron Wayne was one of the founders of
00:29:07
Apple. >> He owned 10% of it. He sold his 10% for $2,300 >> back to I think Jobs and Wnjak. That is
00:29:17
now worth $400 billion. >> Yeah. He feels bad. >> And guess what? >> Mhm.
00:29:22
>> It sucks to be a grown-up. He signed the legal documents. Private property. The
00:29:26
key to private property is when like Elon Musk and my favorite defense is, oh, he didn't read the fine print. He's
00:29:32
the wealthiest man in the world with the most sophisticated legal team in history, but oh, he didn't ruin the
00:29:37
fine. I would like to I I would just love to see someone show up who sold the guy who sold Tesla to Musk or the rights
00:29:44
to it, I forget his name, show up and say, "Oh, I didn't realize it was going
00:29:47
to be worth this much and I didn't read the fine print." Just to see how that
00:29:50
goes over in court. >> Yeah. Instead, he's like baby daddy. I'm like, come on. Like, stop it people. And
00:29:55
then the smart people, these are the smartest people on our planet. They sound like such idiots.
00:30:00
>> They're trying to make an emotional argument that he's trying to that I
00:30:04
wanted it to be a nonprofit. And what did I do? Go on to found a forprofit AI company that arguably has less guard
00:30:11
rails than any other AI company. >> A a jury of actual people. >> I I think this is a great buy at 38%.
00:30:20
I'll take the other side of this. I don't >> Yeah. Yeah. Nobody likes these people. I
00:30:25
have to say Brockman came off of all these sort of loathome people I'm waiting for the Sam Alman testimony, but
00:30:31
of all the people so far, Greg Brockman comes off the best and I'm not a particular fan of his either like the
00:30:37
one that keeps notes of everything. So some of the highlights of the testimony emails from Zillis showing Mus suggested
00:30:42
opening I become part of Tesla potentially as a BC Corp subsidiary. Mus tried to recruit Sam Alman to join AI
00:30:51
the worldclass AI lab within Tesla even offering him a board saying they didn't
00:30:55
had no interest Sam Alman and Greg Brockman 2 days before the trial started Musk tested Brockman asking if he was
00:31:01
interested in settling the case Musk supposedly wanted full control of Open AI in part to help him raise $80 billion
00:31:08
to colonize Mars and was using OpenAI employees to do secret work for Tesla. OpenI president said the mask lack of
00:31:15
understanding. Mrs. Brockman of AI was a concern for the company. I that was factual. I really when I heard that I'm
00:31:22
like I I get it. And OpenA's former CTO Mera Moradi was a very nice person. She
00:31:27
testified saying she couldn't trust Sam Waltman's words and saying he created
00:31:30
chaos. Mirror I like you but I don't care. Like then leave. Leave. Leave. >> None of this matters.
00:31:37
>> Nothing matters. Like none of it. It's not who's a better person. It's not who
00:31:41
would be a better shepherd of AI. It's contract law. >> I know >> when you sell an asset, it doesn't it
00:31:48
doesn't matter who the bigger [ __ ] is, the seller or the buyer. >> I know
00:31:52
>> he sold he gave up his ownership and governance. >> Baby daddy gave up his ownership.
00:31:57
>> It doesn't and the whole and media is trying to turn this into who would be
00:32:01
better at running it. It doesn't [ __ ] matter. >> Don't follow when you sell an asset,
00:32:07
>> right? It doesn't matter who's the better person or steward of the home you
00:32:10
sold. >> It is instructive to look how sloppy it is. And so that's I keep saying to
00:32:15
people, they're like, "Oh, the Masters of the Universe." I'm like, "They're
00:32:18
kind of sloppy." Like Google, like everybody in the beginning of Google, they were all like [ __ ] each other.
00:32:24
Like it was like and it was a big mess and it was chaos and they all hated each other. They liked each other. I could
00:32:30
care less, right? That's the thing. until professional management got in. Microsoft early on was like this, like
00:32:36
kind of a mess. But who cares? But the fact that it's coming out in court is is
00:32:42
just makes you realize how dumb and dumb dumb dumb this trial is. Like how dumb it is. It's about money. That's all it
00:32:49
is. >> This is This is I sold something that ended up being worth $850 billion.
00:32:54
>> You're right. You're That's exactly right. >> It's I'm the Messiah who's going to put
00:32:58
us on Mars. Who should control autonomous in the US? should control space. And oh, by the way, the the one
00:33:04
part of the technological revolution that I don't control and I can't seem to
00:33:08
catch up in is is AI. And so 6 years after I've decided, oh, I I need I should own it. I need it back or I need
00:33:17
money back or I need to get in the way of their progress so X AI can I mean pretty soon it's going to be I don't
00:33:24
know. I had a conversation with Dario Amade. I should own >> Yeah. You know, he he I should own
00:33:30
anthropic. >> It's ridiculous. These people 80 bill $80 billion to colonize Mars. Guess
00:33:35
what, Elon? You have it. Spend it and have a good time. Have at it. Good luck. Bye. Take your children. Go. We're We're
00:33:42
thrilled for you. We're We're excited. We'll write a a a poem for you like when
00:33:46
on your way out. It's so stupid. Mike Tyson at the peak of his career um fought Marvis Frasier and knocked him
00:33:56
out in the first 30 seconds. I think legally Elon Musk is Marvis Frasier. I just think the guy
00:34:04
>> I don't even know what you're talking about. >> It's a boxing analogy. I don't like
00:34:07
boxing because I don't like to see young men beating each other up like that.
00:34:09
Neither do I. >> But if you want to talk Oh my gosh. Whenever the the the reels come on of
00:34:15
Mike Tyson's 10 greatest knockouts. Jesus Christ. I met him at a restaurant.
00:34:20
>> Did you? >> Yeah. He came up to me. >> Talk to him crossways. I hope.
00:34:23
>> Oh my. I was so scared of the guy. I just thought be nice to him. >> Yeah.
00:34:26
>> That guy one of the most dominant athletes of all time. Anyways, this is this is this should and I
00:34:33
believe will be a first round [ __ ] knockout. And all this drama and all the media say, "Who would be better at open?
00:34:39
What happened? Who's none of them? Who's [ __ ] none of them? Who's [ __ ]
00:34:43
who?" It's like when Iran and Iraq were at war. I used to say, "I hope the
00:34:46
bullets win." >> I I don't both >> We don't care. >> I went on CNN and they asked me,
00:34:54
>> "Who would be a better steward?" I'm like, "It doesn't matter.
00:34:56
>> None of them. >> It doesn't matter. None of them. This shouldn't be."
00:34:58
>> The answer is none. >> The answer is no. And it doesn't matter.
00:35:02
Private capital and private property means it sucks to be a grown-up. And if you sell your house, it ends up being
00:35:07
next to [ __ ] Mark Zuckerberg and could be worth eight or 10 million right now. Okay, it's done. You sold it, boss.
00:35:13
Let me make one final observation about these people. These are the richest people on earth and they're so
00:35:17
manifestly unhappy. They just can't shut the [ __ ] up. They can't stop fighting.
00:35:23
They have so much money. None of them are qualified to run be in charge of AGI. None of them. They're This is what
00:35:30
this is showing. What tiny, petty, angry, unhappy people. They all are. Every single one of them. And you're
00:35:37
like, "Y'all, none of you deserve what you've got here." So then none of you
00:35:42
has the dignity or character to to look good. And meanwhile over to the left, Dario Modi is like sucking up all the
00:35:50
attributes of goodness. I don't even trust him and I like him. Like it doesn't even matter these people.
00:35:55
Anyway, >> we shouldn't have to trust these people. We should be able to elect
00:35:58
representatives we can trust to do the right thing and regulate these companies >> and then we can fire them easily.
00:36:03
Anyway, let's go on a quick break. We come back, we'll talk about managing a
00:36:07
stock portfolio via chat GPT. You'll like this one, Scott. >> Support for this show comes from
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00:37:23
Scott, we're back with just one more quick story. Over the past few months, I'd love to know what you think of this.
00:37:27
A Wall Street Journal reporter asked Chad GPT for investment advice to see if AI could really realistically manage a
00:37:32
stock portfolio. It's actually makes sense. There's uh speaking of of of
00:37:37
anthropic, they just did an interesting deal where it would make decks and pitch
00:37:41
decks and things like that working. It's called it's a company, I can't remember
00:37:45
the name, but it's interesting though. Um, CHATPGT uh there's a lot of interesting smaller AI companies being
00:37:52
made that actually sound useful. And so this is what the reporter did. Chat GPT generally identified market risk, but
00:37:58
also made simple math mistakes, suggested questionable market timing strategies and sometimes veered into
00:38:03
overly complex ideas like options trading. The chatbot often told the user what they seem to want to hear,
00:38:10
highlighting a bigger concern that AI could sound confident and persuasive even when its advice may be flawed or
00:38:15
risky. Sounds like a lot of brokers I know. About 30% of everyday investors report using AI for their portfolios. So
00:38:23
apparently not so good yet. Not and in lots of really problematic ways that you I mean with a person you're looking at
00:38:30
you sort of have a sense when they're sort of trying to sell you something you
00:38:33
don't want. Um so it was curious. It's just like with law or medical it's not
00:38:39
there. It's not there. And this personalized investment advice is just the latest wrinkle. I don't mind them
00:38:43
making, you know, decks, pitch decks and things like that, but um huge risk for lawsuits, I would assume, just the same
00:38:50
with legal or medical or anything else. Any thoughts? >> Well, I I think it was tempting to
00:38:56
believe in the '9s you could use Lotus, you know, 123 to beat the market by doing all sorts of
00:39:06
>> analysis and calculations and you might have had an edge for a minute. But what
00:39:12
I would argue is that the the the individual thinking they can use uh Claude and I'm guilty of this. I've been
00:39:19
asking Claude like crazy using co-work to come up with different options and hedging strategies and to identify
00:39:25
stocks. I'm guilty of it. I I love the markets. I like to gamble. It's my means
00:39:29
of gambling. >> That's why I'm asking you this. >> And I find it interesting what it says.
00:39:33
But here's the bottom line or what I think. Ken Griffin will hire 2,000 PhDs
00:39:40
and he will weaponize them with AI and they will outperform the market. But you believing with your $20 a month claude
00:39:48
coowork weapon can compete against these folks, you are showing up with a very elegant squirt gun and they have a
00:39:55
[ __ ] howitzer. So this is what you do. You invest in lowcost ETFs like Vanguard and people who know and
00:40:03
understand technology can use, you know, understand how to use AI. But this will
00:40:09
further this will further diminish or create or widen the delta between individual investors and institutional
00:40:16
because institutional investors will have the capital. The bottom line is every time you you
00:40:21
place a trade, you got to keep in mind on the other side of that trade is likely someone smarter than you that has
00:40:30
broader technology. So what you want to do in my view, unless you I get a lot of
00:40:34
I get a lot of psychic income around playing the market. So 30% of my net worth you like I enjoy it,
00:40:41
>> you know, it it's fun for me. Occasionally I have access to a deal that other people don't have access to.
00:40:46
So fine. But the retail investor would be better off finding lowcost ETFs where the management team there is really
00:40:54
technically competent. >> But the notion that's what I do that's what I do. I just put it in exactly the
00:40:59
right way to do it. >> I'm not interested in it. I know I could do slightly better if I I'm a little
00:41:03
smarter than most people and have a little more. >> You're smarter. You're smarter in an
00:41:07
area that has nothing to do that that's done. Be careful thinking that. No, what
00:41:12
I mean is I have some thoughts on on some things that I pro I'm talking about
00:41:15
the average bear, but I'm I don't think I'm smarter than you understand
00:41:19
technology. >> That's right. So, I could be like I wouldn't bet on this company. I would
00:41:23
bet on this company probably earlier than other people, but I still wouldn't
00:41:27
win still. >> The problem is people have emotions in the market and you can't trust your
00:41:32
emotions in the market. So, when the stock gets cut in half, your emotion is to sell it because you can't take any
00:41:36
more pain and that's probably when you should be buying more. And so and then you and then you have you
00:41:43
literally have Ken Griffin out there looking at all the trades and seeing where emotion is spiking or irrationally
00:41:51
plummeting and then moving in in a millionth of a second and then moving out and and absorbing millions of
00:41:58
different data points. So, you do not you do not want to play in traffic here and believe that just because you you're
00:42:08
going to get up to the mound where a guy's pitching 105 miles an hour because
00:42:12
you got a new aluminum bat that you think is going to that you're going to be able to hit a home run. No, you're
00:42:16
going to get beaned in the face. So, I do think AI is going to be a huge unlock. And also it will compress
00:42:24
margins because what will happen is financial advisors unless they're really
00:42:29
good and can go upstream into tax planning. A mediocre financial planner at your local bank know you could
00:42:36
probably do almost as well using AI or better and save 1% a year. I remember when I my mom passed away and I was
00:42:43
looking at her estate. This guy was charging her one or one and a half% of her assets every year to put her in
00:42:51
eight S&P stocks. And I'm like, "Okay, that's just not that hard. Why are we
00:42:55
paying you 1 and a.5%." >> Right. Yeah. And >> it was 1 and a.5%.
00:42:59
>> So, what I would say is I I think, by the way, I think people should use AI to
00:43:04
try and pick stocks. I just don't think they should buy them. I think it's
00:43:07
fascinating to see the logic to see what it comes back with, to start asking it more questions. I've been trying to
00:43:13
figure out option strategies, a strangle strategy. I just I'm learning a lot.
00:43:17
>> Although sometimes you don't know if it's accurate, right? That's the issue.
00:43:20
some of it they the sycopanticness is is still a problem because it's not going
00:43:25
to challen it's not if you it's I think someone was I think the article says
00:43:29
it's no more than having a smart assistant right like they're no smarter
00:43:33
than anything else and and there's an assistant part which doesn't want to
00:43:38
displease you and then it's just a smart person but you're never going to have an
00:43:42
edge with AI >> but you you can you can normalize for that there's a a a co-work fe feature in
00:43:49
anthropic where you ask this council of people. One's a cynic, one's an optimist, one is
00:43:56
one is grounded in historical context, the other is like an analytical unemotional person. And all of these
00:44:03
quote unquote agents look at your question and then they distill their answers up to a quote unquote chairman
00:44:08
who distills it and gives you an answer back. You can also I I I lead a lot of prompts with give me the brutal truth
00:44:16
because I don't like, you know, I don't like it. I hate it when it says to me.
00:44:19
Great question. The other thing you should do is is and I can't do this because I unsubscribed from chat GPT.
00:44:25
You can beta test the same do the exact same prompt somewhere else. >> Yeah, I did that before I quit and I was
00:44:31
on other things like show me a book title, get show me a book cover. I got to say Claude was hands down the best.
00:44:38
It just was. It just was so clearly better. You know when you taste test things you're like oh that tastes like
00:44:43
[ __ ] and that's good, right? Or the coffee or something like that. But yeah,
00:44:47
you're right. But anyway, it's very interesting. I mean, you should all try
00:44:49
it out to see what happens and do one of those tests. But this was a great article in the journal and I think it
00:44:55
showed that it just doesn't it's not as ready for prime time as they say.
00:44:59
>> And about 30% a third of retail investors are already using AI for their
00:45:03
portfolios. And so >> everyone's looking for a shortcut, Scott. >> But this one of the greatest grips I
00:45:10
believe legal grips in corporate history was the financial adviser >> or or institutional investors. And by
00:45:17
the way, the majority of the grift has happened amongst the richest. Rich people like
00:45:22
>> they always have the handholders. Yeah. >> Rich people like to believe that they
00:45:25
deserve something better. So they want to get into these really high-profile, well marketed hedge funds who they
00:45:31
believe, oh, I have access to Alson or I have access to this, you know, DEA or whatever. Okay, fine. Guess what? If you
00:45:40
added up all alternative investments and hedge fund returns for the last 50 years, they have underperformed the S&P
00:45:47
by the amount of their fees. It's a a and some outperform. Berkshire Hathway
00:45:52
has outperformed. My buddy at Anchorage Capital has outperformed. You know, I have another buddy at Mudra Capital
00:45:58
who's outperformed. But generally speaking, over the long medium and long term, they all underperform the market
00:46:05
by their fees. And every piece of data analysis, if you go to the finance department at a world-class university
00:46:13
and ask them where they invest, they're like, "Vanguard." >> Mhm. Me, too.
00:46:17
>> And they don't pick stocks. They don't pick stocks. >> I put I don't know. Someone's like, "How
00:46:22
are your stocks doing?" I'm like, "I have no idea." And I I'm not going to
00:46:24
look until I need and I don't really need the money. So, I just I'm like, "I
00:46:28
just put it there and then it goes away." It's like it's like a bank at
00:46:31
Gringots. I don't care. Like I I the I the more I think about it, the more upset I get, right? Like what am I
00:46:38
missing? What did I get wrong? Did I buy gold? Should I do this? And then I'm
00:46:41
like, why am I that [ __ ] person? >> It's a great point because >> in addition to the capital
00:46:47
you're investing, you want to talk about the emotion you're investing. >> And that is I do get psychic income, but
00:46:54
>> you like it. You like it. >> I I started buying stocks when I was 13.
00:46:57
I worked at Morgan Stanley. I I find it fascinating. I really do enjoy markets and it's served me well. Having said
00:47:04
that, it also takes a real emotional toll staring at your [ __ ] phone and then when you buy a stock and you're
00:47:09
convinced you're a genius and it gets cut by 40% in 2 weeks after you buy it,
00:47:14
you're really going to beat yourself up. >> The only thing I wish you wouldn't do is
00:47:17
put so much of your your your medical information into these people cuz they don't it's they don't they're not bound
00:47:22
by HIPPA. Same thing with legal. I'm like, please don't. I mean, unless you
00:47:27
find one of these ones that is bound by the same law as everybody else is, I just worry about that over time.
00:47:33
>> What's that? Wait, who's taking >> No, I'm just saying when you whenever
00:47:35
you put a lot of your per you always like, oh, I loaded up you sometimes you don't even realize you're saying this to
00:47:39
me. I put away all my medical thing into this and I was like really not sure I trust these people to have all
00:47:45
>> I'm very promiscuous with my information. >> You are. I makes me worried. I'll be
00:47:49
honest with you. I think oh dear, no, don't do that. >> Cuz you think at some point they're
00:47:53
going to get all of it and weaponize it against us. They're They're not I I They
00:47:56
could because they're not bound by HIPPA. They're not bound by legal things
00:48:00
anyway. >> I wonder if I should just send out >> a preemptive apology to Angie Dickinson
00:48:06
and Emily Ratikowski right now. >> Why? >> Well, just all the things I've asked Ali
00:48:10
about. >> Oh, no. Okay, we're moving on. We got to go. All right, one more quick break.
00:48:15
We'll be back for predictions. Okay, Scott, let's hear a prediction. Do you
00:48:19
have a prediction for us? >> There was a really interesting story this week that I think
00:48:24
kind of indicates or pretends portends what might be in store for us around um potential acquisitions. And I made a
00:48:32
similar prediction a few years ago, but it didn't pan out. And that is a 32-year-old Tik Tocker just crowdfunded
00:48:39
132 million in non-binding pledges to buy a bankrupt uh Spirit Airlines. Did you see this?
00:48:45
>> No, I didn't see. >> He said he said, "Look, Spirit helps
00:48:47
keep airline prices down. Let's do what we did with the Green Bay Packers and
00:48:51
let's neutralize it." and he's very talented and Spirit said it was gonna
00:48:57
shut down at 2 am on Saturday and this guy Hunter Peterson had a TikTok up the same day a website
00:49:04
by the next and 6 million views within days and more than a get this car more than 133,000 people have pledged on
00:49:10
average about a,000 bucks each totaling uh $132 million and essentially what he's saying is that
00:49:19
okay 20% of American adults paying the average spirit fair of $30 to $40 equals enough to buy an airline. and they say
00:49:27
it's unl okay listen it's unlikely to close but the idea with in an era of AI
00:49:33
and compliance AI where you could spin up the legal documents and have people sign them and with PayPal I think you're
00:49:40
going to see in the next 12 to 36 months someone pulled this off where they say hey who
00:49:49
wants to buy Estee Lauder or who wants to buy you know it'll start with a small stock it
00:49:56
wouldn't Estee Lauder because that's too big a company. But it'll start with a
00:49:59
small company that goes out of business. They'll say, "Okay, Dick Sporting,
00:50:02
whatever it is, and someone talented who's very charismatic, who will weaponize social media and AI to collect
00:50:09
legal pledges for funds and will buy something. I think crowdfunding I think crowdfunding is going to
00:50:17
um is going to is going to happen." and and also retail participation in US
00:50:22
equities has risen by nearly 20% of average daily trading volume which by the way is usually a sell signal um up
00:50:28
from low single digits before co and >> so it's like when everybody got in one
00:50:32
of those accounts >> that's right >> trade accounts >> and rather than fading retail flows hit
00:50:36
fresh records in 2025 >> it's cuz the stock market's up >> that's right and everyone thinks we're a
00:50:40
genius now everyone's like oh I'm I'm >> all right okay I like that why don't you
00:50:43
do it why don't we buy >> well that's what I used to do for a living between 2000 and 2008
00:50:48
>> buy all kinds of sense What could we buy? What would we buy? >> All kinds of stunts.
00:50:53
>> Like Chipotle or something? >> Chipotle's expensive. >> Chipotle is expensive.
00:50:58
>> I don't want to buy, >> you know, they send me I used to tell I
00:51:00
was in the original. >> Isn't that the plot? >> They sent me a card.
00:51:03
>> This is the most impressive. My sons have ever been with me. I got a card for
00:51:07
free lifetime Chipotle and I sold it or I didn't sell it. I've lost it. But I
00:51:12
love Chipotle. >> Oh, you want one again? That's what this was about. Little
00:51:15
>> I didn't get paid. They sent me a card. No, if they do it again, I want I want
00:51:18
serious cabbage. >> Yeah. >> Yeah. >> Yeah. It's uh >> All right.
00:51:22
>> Yeah. >> I like that prediction. By the way, I predict the government is going to lose
00:51:26
that idiotic case against the New York Times about the hiring the DEI and then attacking the woman who did
00:51:31
redistricting. These people make Chowescu look kind. It's ridiculous. They're going after all
00:51:38
their enemies with the FBI and they're attacking Here's what I predict. It's
00:51:41
going to end in tears for those people. They attack the New York Times for DEI in a lawsuit. Then they're going to use
00:51:49
the Justice Department to try to get uh Eugene Carol's money that Trump owes
00:51:53
her, the 83 million, which is insane. And then they attack the woman in the 82-year-old woman. They in they they
00:52:01
raided her office um to try to find corruption who did the who was so this this badass lady in Virginia who did all
00:52:07
the redistricting that kicked their ass. And then they are investigating the reporter for the Atlantic who, you know,
00:52:16
No [ __ ] Sherlock did the story about Cash Patel being a drunk. Um, and of course she immediately answered it by
00:52:22
showing off a bottle she bought on auction where Cash Patel gives out whiskey to people with his name on it,
00:52:28
like some Woodford wi reserve whiskey. So, no one's having any of this nonsense
00:52:33
that they're doing. It's just so like clawish and thuggish. So, none of it's
00:52:37
going to work. That's my prediction. I >> I I can't help it. I agree with you.
00:52:41
Private companies get to do what they want. Whether do that's none of the government's business in my view. Unless
00:52:46
it's they're claiming reverse racism. I I think that >> I will say
00:52:52
>> let the guy sue her sue the New York Times. I don't care. >> Um look, a search warrant is not proof
00:52:59
of guilt, but it is a serious threshold and federal judges do not casually approve raids on senior state
00:53:04
legislators. >> Come on. >> So, well, >> why her? Why her? >> Because well, okay, you could argue that
00:53:11
the investigation, the fact it was even launched is politicized, but a federal a
00:53:16
sitting federal uh judge, they do not issue >> I don't know. >> This is this is in my opinion, we'll see
00:53:23
what the evidence says. >> That's correct. We'll see what the evidence says.
00:53:26
>> You know, because at the same time, a high-profile corruption probe, >> they often look strongest at the raid
00:53:32
stage and weaker later once the evidence is scrutinized. Leticia James. >> But to be fair to the other side, a
00:53:38
search warrant is a, you know, it has to pass a serious threshold that a federal
00:53:42
judge does not casually approve on senior state legis. >> I understand that, but there's a reason
00:53:47
they didn't pick 20 other Republican ones. This is what they do all the time.
00:53:51
They just This is it's a it's a weaponization of the power and they they
00:53:56
complained about it happening to them and then they're doing it. So, stop it.
00:54:01
Just cut it out. Anyway, we want to hear from you. to send us your questions about business, tech, or whatever is on
00:54:05
your mind. Go to nymag.com/pivot to submit a question for the show or call 85551 pivot. Elsewhere in the Karen
00:54:12
Scott universe this week, Scott uh ProfG Markets is going on tour this month. Uh
00:54:16
tell us a little bit about it. Tell us a tiny thing. It's kicking off May 27th.
00:54:22
It's going to San Francisco, LA, Miami, Chicago, and New York. You go to profarketsour.com
00:54:28
for tickets. Tell us a tiny bit about this and why people should go. >> Uh well, thanks Cara. It's similar to
00:54:33
what we did with Pivot. It's a live tour. We have a bunch of great guests across different cities. It was
00:54:39
interesting. It's interesting what sells out the quickest. New York and San Francisco. We were worried that San
00:54:45
Francisco wouldn't like us because we're constantly ship hosting tech people, but
00:54:49
New York and San Francisco are going to sell out in the next 24 hours. And um anyways, but yeah, it's just a live tour
00:54:56
with me and Eden. >> We sold out San Francisco first on Pivot. So, it looks like Toronto. Was it
00:55:02
Toronto and >> Oh, Toronto and Boston. Wait, did Boston. >> We sold out Boston fast. We sold them
00:55:07
all out fast. I'll be on the LA was happen to be a huge theater. So, it took
00:55:10
a little longer, but >> yeah. But it's it's u and it'll be after
00:55:14
the show. It'll be a bunch of people coming up to me and asking me if Edson is single because their daughter is
00:55:19
looking for a nice husband. Um but yeah, so it's it's my um Propy Markets live
00:55:25
tour. Go to property markets tour. >> Propy Markets Tour uh.com. Yeah, thanks for that.
00:55:31
>> Good. >> But yeah, it's starting at the end of May and first week of June.
00:55:36
>> Great. That's fantastic. And also, we're going to be doing Pivot in the fall.
00:55:39
Another Pivot tour in the Nepal. We're just You're going to be on the road,
00:55:41
Scott Gallow. >> We're doing another tour. >> Yes. You know that. What do you do? You
00:55:46
know that? We are. >> I didn't know that, but I'm excited about it.
00:55:49
>> You did know. We literally had a call about it. What happened? >> We didn't have a call about another
00:55:53
tour. >> We literally discussed it. We're having a tour in the fall. You were on the
00:55:58
call. You weren't listening, >> but you were there. >> I know. >> You were.
00:56:02
>> I don't remember. Where am I? >> Well, we're having one. Anyway, that's
00:56:05
the show. Thanks for listening to Pivot and be sure to like and subscribe to our
00:56:09
YouTube channel. We'll be back next week.