00:00:00
Wow. Zoron Mandami, the new man. You've got to stop that.
00:00:05
You've got to stop that. I know, but you have a lot of I'm not suggesting government sponsored food lines where the DMV picks out my
00:00:11
produce. No. Again, the rich get everything. And this is the smallest of things.
00:00:24
Hi everyone, this is Pivot from New York Magazine and the Vox Media Podcast Network. I'm Cara Swisser. I'm Scott
00:00:29
Galloway. How is the Scott media tour going? I'm seeing you everywhere, Scott Galloway. Yeah. Uh,
00:00:35
you seem tired. You're a little tired. Not a media [ __ ] just a [ __ ] I am tired. I went to u I did the Daily Show yesterday and then I did uh Ben Stellar
00:00:43
interviewed me at the 92nd Street Y. Oh my god. Last night. Last night. Yeah. Well, just so everybody knows, you have
00:00:50
the number one book on Amazon right now. That's right. That's right. There he is. Oh my god. How did that happen?
00:00:56
There he is. How did that happen? Yeah. Yeah. Well, who's what's next? What's next? Like a a
00:01:02
concert tour with Taylor Swift? What? Oh my god. I got all these podcasts and then I've got this I'm headed out with
00:01:09
this crazy lady for this seven city tour. Oh yeah. Um so we got we got that. Um
00:01:16
yeah, we're going to sell some [ __ ] books. We are. We're going to sell some books and then I finish with Mar a week from
00:01:22
Yes. Can I come with you to that? Of course you can. Yeah, if you're interested, tell Bill that way.
00:01:28
So, yeah, we got and we're What are we doing? We're presenting to 13,000 people over the next seven or eight days.
00:01:35
It's going to be great. Are you excited? Are you getting psyched? Uh, the answer is yes. Um, am I excited? Not especially. I'm tired.
00:01:43
You must be. You're going to have to rest. Okay. You're going to have to take I used to do this when I was younger and I realized I don't rest it. I used to I
00:01:49
used to burn it from both ends for 20, 30 years. Yeah. I um I was supposed to do something in New York tonight and I
00:01:55
canceled it. I had I'm I'm not I want to be well for the tour. I was in Seattle for 24 hours for for
00:02:01
what? In between the last time we spoke. You've been to Seattle, Mac. Oh, you got to stop that, Karen. I know, but it was for one of our
00:02:06
sponsors. So, I'm trying to, you know, you're busy. Two words, ca and ch.
00:02:12
But, you know, speaking of our tour, which is going to be do very well financially, but um uh there's going to
00:02:18
be a lot of Swisser energy, just so you know. Just be be ready for that. You mean swenery.
00:02:24
Swenergy. Um Lucky gonna come up to me and ask me if I'm gay. Ly's coming with her. Aren't
00:02:30
you gay? Yeah, she's I'm going to make her say that from the Yeah, she's she's
00:02:35
in a poochie in an Ailio Poochie dress. Yeah, something like that. And then Louis Swisser might be in Boston. He's
00:02:40
thinking of coming down. I know. I'm very excited. They he called me. Hey, I already I've got his life plan. Is he
00:02:46
going to go to law school or he's going to be a high school math teacher? Yeah, he's moving to San Francisco. I'm very excited.
00:02:51
He's I can totally see that with his girlfriend. Yeah, he's totally This is his house. Really? I actually
00:02:58
They're going to name their first kid like Hope or or or Wonder or something like that.
00:03:03
You talk about boys having good both of my sons have great relationships and I'm happy. And I
00:03:09
because they were raised in dual parent homes and they're wealthy. Romance and marriage have become luxury items.
00:03:15
Literally the percentage of young men in relationships with women is is unfortunately
00:03:21
it is sadly tied to their to tied to their income levels. Well, they're also very nice boyfriend.
00:03:28
No, no, no. I'm not saying I'm not I don't even think it's because uh women are that attracted. As women
00:03:34
get older, they figure out that that a man's ability to signal resources is increasingly important.
00:03:39
Yes. But at that age, it's more about confidence and uh skills. And there's
00:03:46
just some [ __ ] really depressing stats, you know, in terms of the SAT. You've been on this tour. Let's go. Give me one and then we've got to get to
00:03:52
things. Go ahead. Okay. So, we're going to do this on the tour. We're going to talk about this. People talk about income inequality and
00:03:57
they assume that income inequality is greatest between the middle class and the poor. It's not. The income inequality, the greatest gap is between
00:04:03
the middle class and the rich. The rich have just literally launched into space in terms of income. And what what you
00:04:10
have in wealthy households is that so u the average high school public high
00:04:16
school in America can spend about $15,000 per student on educating them. Poor schools in poor neighborhoods
00:04:22
because it's based on property taxes which is probably one of the worst laws or constructs in America. It's about
00:04:28
poor neighborhoods get about $8 to $10,000 per student. The top the top private schools in
00:04:34
America spend about $75,000 per student. Right. They charge about 50 or 60 and they have big endowments which they
00:04:40
subsidize. So that's everything for you know better compensation for teachers, teachers training, more
00:04:45
teachers, resources, after school sports, I mean just all kinds of things. And the result is the following. The
00:04:52
delta in the average SAT score for middle class to uh poor kids is 120
00:04:57
points. That is huge, right? Get this though. this the delta between
00:05:03
that middle class score which is 120 points higher than than poor households.
00:05:08
The delta between middle class scores and kids from upper inome homes is 250
00:05:14
points. Amazing. So if you're if you're a kid coming from a a low-inccome home just out of the
00:05:21
gates on average you're going to be 370 points down on the SAT.
00:05:26
That's right. And that's the difference. Don't even go into health statistics, but so and this is my big rant. I'm a huge
00:05:34
believer in affirmative action. It should be based on uh income of the household the kid was raised in. Full
00:05:40
stop. Wow. Zoron Mandami, the new man. You got to stop that.
00:05:46
You got to stop that. I know, but you have a lot of I'm not suggesting government sponsored food lines where the DMV picks out my
00:05:52
produce. No. Again, the rich get everything. And this is the smallest of things. The
00:05:59
smallest of things to make them healthier so they are better employees for the rich people, I guess.
00:06:04
All right, let me back up. No, we're not. We got to We got We're going to get Sorry. Sorry. You can't throw this [ __ ] out there and then just let it
00:06:10
sit there. It's not [ __ ] It's framing. It's gaslighting me. Let's be clear.
00:06:16
Budgets, and you and I are going to agree on this, reflect values, and this is America's values right now.
00:06:22
21% of Americans are under the age of 18, but 40% of SNAP food recipients
00:06:29
are under the age of 18, which says America's values are the following. We don't care about our [ __ ]
00:06:36
children. We do not. If if we have public policy that is decided that double the amount
00:06:42
of children are food insecure than the regular than than the rest of the population, that is a conscious decision
00:06:49
on voters from both sides of the aisle that it's okay for the most vulnerable
00:06:55
to be hungry. And so you and I have common ground on that. Where we disagree
00:07:00
is how to fix it. Sure. And when you insert government in the middle, cents on the dollar end up in
00:07:07
the pockets of the people the program is supposedly for. So if you believe that people in the New York State metro that
00:07:13
a lot of people need help finding food, then give them money and let them spend it at Kroger's or Trader Joe's or
00:07:20
wherever they want. Not government sponsored food stores where you'll end up with 10 or 20 cents on the dollar in
00:07:26
the pockets of people who need it. This is a great debate to have. He's the only one who brought it up, right? So
00:07:32
that's I'm saying it's fine if we don't want a his solution. Anyway, we're going to talk that next. So it's the how to
00:07:38
get there is the thing, but the fact is he's one of the few people bring it up and all of a sudden Republicans are talking affordability now. But let's we
00:07:45
got a lot to get to today, including the Supreme Court question. Trump got elected. I don't know. I'm stopping you because Trump got elected on talk about that in
00:07:52
one. Yes, but he didn't do it. But he didn't do I agree. But that was his message. Yes, it was. But now he's back to it. He
00:07:58
and Mandami are the same person. Stop talking. We're going to get to By the way, I would have voted for him the moment my in-laws threatened to
00:08:04
leave New York if he was elected. He got my vote. Okay. Did they leave? No. All right. Just a minute. Let's get to leaving.
00:08:10
Aren't him and Hilaria leaving now? What? Who is Alec and Hilaria? He doesn't he threaten to leave the US every time there's an
00:08:16
election? Bye. See you. Um anyway, we've got a lot to get to today, including the Supreme Court questioning Trump's tariffs, which
00:08:23
was really interesting arguments. um and why Palanteer stock took a massive dive. But first, let us talk about this.
00:08:30
Democrats are riding high after sweeping key elections across the country this week. Abigail Spanberger and Mikey
00:08:35
Cheryl won the governor's races in Virginia and New Jersey, respectively. California voters passed Proposition 50,
00:08:41
giving Democrats a win in the redistricting wars with potential uh pick up five seats in next year's
00:08:46
midterms. And of course, Zoran Madani uh won the New York uh mayoral race, handily defeating Andrew Cuomo and
00:08:53
Curtis Slooh. Um, in his victory speech, Mandani spoke about Mandani spoke about
00:08:59
pushing back against Trump and his policies. Let's listen. Together, we will usher in a generation
00:09:05
of change. And if we embrace this brave new course rather than fleeing from it,
00:09:12
we can respond to oligarchy and authoritarianism with the strength it fears, not the appeasement it craves.
00:09:24
After all, if anyone can show a nation betrayed by Donald Trump how to defeat
00:09:30
him, it is the city that gave rise to him.
00:09:36
Meanwhile, Republicans are down. Can I just respond to that? Not yet. In a second. Let me just go through.
00:09:41
Yeah. Your job is to pick up the trash. Okay. Can Can we I know you're mad about Mandani, but you're going to have to get
00:09:46
over voters vote. He's going to fight autocracy and the oligarchy as mayor of
00:09:51
You need to calm the [ __ ] down. Let me finish. Meanwhile, Republicans are downplaying these losses as best they
00:09:57
can with Trump blaming the shutdown and others writing wins off as blue state blips. Let's listen to House Speaker uh
00:10:04
Mike Johnson. What happened last night was blue states and blue cities voted blue. We all saw that coming. And no one should read too
00:10:11
much into last night's election results. off-year elections are not indicative of
00:10:17
what's to come. That's what history teaches us. Oh, he's wrong. That is not true, actually. Except it wasn't just blue
00:10:22
states. Democrats also gained ground with victories in Georgia, Mississippi, and lots of places. Bucks County,
00:10:28
Pennsylvania, all over Virginia, uh Montana, like Colorado, all it was all
00:10:34
over the place. And in fact, they they lost their supermajority in Mississippi. There were some unusual uh voting
00:10:40
patterns, especially among Latinos. And now they're worried about that redistricting um things they've been
00:10:46
pushing out of greed um because it looks like Democrats can flip these red seats
00:10:52
which is interesting. Um now go ahead um
00:10:57
uh just but so before you go ahead lot of male voters played a big role in the
00:11:03
last election moving to the right to vote for Trump things swung back this time. Exaposial Mamdani won 68% of men
00:11:10
between the ages of 18 and 29. Spanberger won 57% of that group and
00:11:16
Cheryl won 56%. All right, I've given you lots to go at. Let's take a swing at
00:11:21
it. Scott grumble about mom Donnie and then let's go. It felt I don't know about you. I felt
00:11:28
alien to wake up yesterday morning as a Democrat and having won this decisively. Like I don't remember feeling this. I
00:11:35
didn't recognize the feeling. the Obama feeling when he won. Remember I just didn't recognize it. And it
00:11:40
wasn't it wasn't that these candidates won. It was the margin that they won by up and down the ballot. It just went
00:11:47
blue all over the place. And there's some there's some credibility to the
00:11:54
Republicans comments and also Trump was probably right that when Trump's not on the ticket, these these these ideas and
00:11:59
policies just don't work. They don't resonate. But it was also because of Trump. It was a very Trump fueled election.
00:12:05
Well, his policies people, you know, people vote for Trump, not his policies was what it looks like,
00:12:10
right? Uh the, you know, some of the observations, the things that unfortunately I find it really
00:12:17
discouraging the delta between different different age groups and the genders. It just feels like we're separating. I
00:12:23
mean, you realize for Mandani, women, young women, he won by
00:12:30
72 points. Yeah. Women 18 to 29 went 84 to 12,
00:12:36
right? Mom, Damian, and Cuomo. And then people over the age of 65, women over the age
00:12:42
of 65 went 21 points for Quomo, right? I mean, it's as if they're living in
00:12:48
different nations. Yeah. That's just it's just so strange to me that we have
00:12:54
two Americas unfortunately built by age. And the reality is this all in my opinion it all comes back to
00:13:01
the same place and that is old people such as myself and you to a certain extent we have figured out a way to vote
00:13:07
ourselves more money and create a series of policies that young people just say
00:13:13
I'm not down with anything you believe and you have done you have not left me the America that you enjoyed the
00:13:22
disparity in except that look mom won 68% of men
00:13:27
between 18 and 29. That is astonishing. Oh, I'm I'm not saying it's by gender. It's by age.
00:13:32
Yeah. Age. Uhhuh. Uh I I think Cuomo won by like 20 points among men over the age of 65. The the
00:13:40
thing here was with the the the drive the fulcrum of these results. And by the way, it was a landslide. He won. And and
00:13:47
I've said this before, I'm not a New York resident, but if I was here, I think you give the guy the benefit of
00:13:52
the doubt and you rally behind Bill Aman did. Did you see that note? I just think he's a [ __ ] attention
00:13:58
[ __ ] I want to help you. Okay, fine. Fine. Great. But okay, that's I
00:14:04
shouldn't be so cynical. That's the right tone. That's the right tone. Yeah, it should be
00:14:09
we all we all have a vested interest in the success of the city, the state, and the country. take people at their word,
00:14:15
rally behind them, and let's let's give them the opportunity. You know, let's let them cook. Instead of spending all
00:14:21
their time defending cynical or biased allegations or trying to undermine them
00:14:26
at every step, give them the benefit of the doubt and try and help them be successful. I think every American,
00:14:32
every person in New York City has an obligation to do that. Good for them. The other observation I would have is
00:14:39
the following. Molly Jung Fast did a a video piece on and I like Molly. I just
00:14:45
had her on the podcast for the New York Times saying, you know, does America have a bias against female candidates?
00:14:51
And I'm like, no [ __ ] Captain [ __ ] obvious. Let me just give you the basic statistics here.
00:14:57
If you were to look at all of our elected representatives, all 535 people in Congress,
00:15:03
the only thing they all have in common, like 90 plus or 97% of them, the primary
00:15:11
requisite, the box they have to all check, which is which means it's the key consideration for electing someone to a
00:15:17
senior level of Congress is they have college degrees. So that's the primary qualification. For
00:15:24
the last 40 years, almost 60% of college graduates have
00:15:30
been women. And yet, 26% of our elected representatives are women. The reality
00:15:37
is Americans still very much conflate height and depth of voice with leadership qualities when it comes to
00:15:44
our elected representatives. And if you look at the candidate quality of the New Jersey and Virginia governor races,
00:15:50
Yeah. the quality of the c I I think I can speak to this with some credibility
00:15:56
because if you look at their backgrounds, they were built in the factory from parts of lesser candidates.
00:16:02
Yeah. And their opponents were just, you know, fairly mediocre. Yeah. And the fact that they
00:16:09
the fact that it was even and granted towards the end they just pulled away close though. Yeah. But the reality is
00:16:15
unless if you don't believe that America still has really antibbias feelings against uh
00:16:24
uh women with indoor plumbing running for an elected office. I mean I the two
00:16:30
prime examples are Harris versus Trump and Clinton versus Trump. Yes. But there is still while I talk a
00:16:36
lot about the advantages or disadvantages facing young men when it comes to elected politics, our nation is
00:16:44
still highly sexist. Absolutely. Let me let me jump in here. One of the things about Abby Spanberger,
00:16:49
which is really interesting, is her mother uh was like a massive fighter for the Equal Rights Amendment and was sort
00:16:55
of mocked by the Virginia legislature and her daughter is the first women
00:17:01
woman governor of Virginia, which I I think it's take time, Scott. I I would agree with you here.
00:17:06
It's taken too long in the US. Other nations are way ahead of us. Far too long. But now we have all these
00:17:11
like women governors. There's a lot of women governors, which is really interesting. Not I think it should be
00:17:16
half and half, but there's there's quite a gang now of them. Um, you mean a gaggle? A gaggle of women.
00:17:23
You mean white white women drinking wine? No, it's not just white. No, but all
00:17:28
there's all these You know what? Actually, there's a lot of women of color who won mayorships. Um, Detroit around around the
00:17:34
Detroit, I think, was the first black woman. There's a bunch there's a whole bunch in smaller cities and and and a lot of these city councils
00:17:41
shifted to Democrat up the ballot up and down the bot like city councils in places and there are a lot of women
00:17:47
in those groups and so you've got to bring them up like you've got to just keep shoving them through the pipeline essentially all the way up and I think
00:17:54
possibly some of the ones that have run for public office at the higher level just got so beat up over Hillary Clinton
00:18:01
got the [ __ ] beat out of her by the right like you know what I mean like they they made made it so she was so
00:18:06
unattractive to voters in many ways. And I think the same thing for Harris. I think there will be a series of younger
00:18:14
women candidates that are coming up that will not have to deal with the baggage that both uh Clintons particularly and
00:18:21
um and Harris definitely had. Now, let's get back to um uh Mamani, which I think
00:18:27
one of the things I know you're making fun of the oligarchy. I think running against the oligarchy is a great message
00:18:32
for Democrats and I think that is that does resonate. I'm telling you when I
00:18:38
talk to people like Bernie Sanders. Yeah. I got to say these rich people the Lincoln why is he putting pictures of
00:18:43
Lincoln bathroom up? you know, he's building a marble bathroom while they can't afford it is such it's it's next
00:18:50
to the affordability thing, but tax the rich and make things groceries more
00:18:56
affordable is a very good message uh for whichever party gets it, except that Trump has been embracing the rich
00:19:03
as his best friends and having them on his patio. The visuals are very clear and that gold office.
00:19:09
So, first off, and this is why I'll never run or be elected. I'm focused on the mechanics and that is rather than
00:19:15
saying tax the rich where most rich people pay really high taxes, it's the
00:19:20
super rich and a better message is just to enforce the current tax laws.
00:19:26
There's a $700 billion tax gap because what the Republicans did, which is genius, which the Democrats have not
00:19:32
called out as they argue around the tax code. What the Republicans have done is
00:19:38
delivered the biggest tax cut in history by virtue of cutting the budget of the IRS. The tax code is meaningless
00:19:46
for rich people because here's the bottom line. The law laws in America, the top 1% are now protected by the law
00:19:53
but not bound by it. Whereas the bottom 99% are bound by the law but not protected by it. Who pays their exact
00:20:00
share according to the IRS of taxes. People with simple tax returns.
00:20:05
No, I don't have that have a number that goes under income and then there's a tax rate. But if you have a 80page tax return through
00:20:13
limited partnerships and capital expenditures and your tax lawyer says,
00:20:18
"Wink wink, trust me on this. Don't hide income, but be as aggressive as possible because they don't have the manpower any
00:20:25
longer to look at this thing. You're just we we need to be smart about
00:20:30
what's the objective. The objective is to get more money into the treasury. It's very simple. You don't even need an
00:20:36
alternative minimum tax. No loopholes. If you make over a million dollars, you pay an alternative an AMT of federal
00:20:43
income taxes of 40%. That would massively increase, of course. And guess what? Trump is like
00:20:50
friend of billionaire, right? That that's his image. And and he'll try to
00:20:55
not do that, but these people have open access to the White House, right? That's what they have.
00:21:00
It's an oligarchy. Oligarchy meets cronyism meets socialism. Well, it's a good message. So,
00:21:06
I don't know if you saw this, but there were billboards all over New York showing it was just thing.
00:21:12
Oh my god. [ __ ] brilliant. And it said Mammi 92% likelihood of winning Cuomo 8%. When
00:21:18
you see that when you see that, you're like, uh, if I'm voting for Cuomo, I might
00:21:24
just not bother, right? My that's it. We're done. And it gives it gives mom
00:21:30
dami or whoever is projected as the runaway winner. It's basically the biggest endorsement ever that they could
00:21:36
get from any group. It really helps the candidate. They were accurate. They were also accurate.
00:21:41
Well, but here's the thing. I'm saying for any candidate, it's a self-fulfilling prophecy. When you see
00:21:47
polls showing that person way up, you start believing, well, maybe they deserve to win and there's a reason they're winning by such a large margin.
00:21:53
Right. And you know where the majority of bets right are coming from uh uh these
00:22:00
prediction markets? Not here. The majority of the bets on poly market
00:22:07
um uh that indicate and send a signal about the election and likely affect the election. The majority of that of those
00:22:14
bets are coming out of China and the Middle East. Oh yeah. So if you're the CCP, again, this is
00:22:19
what we would do. I think they'd be stupid not to do it. I would be [ __ ] with our elections by uh skewing the
00:22:27
numbers from the reality based on what we saw as divisive. We being the CCP on calcium poly market which sends a very
00:22:34
very strong signal around who's going to win. Well, we'll see if more people I don't think as many people know about it as
00:22:40
you think. But the media it's the new it's the new Dow Jones and NASDAQ. Yes, I get that. I get that. But, you
00:22:46
know, I don't know. Polling has gotten tarnished. I think they all get tarnished eventually if it's too gamed and we'll see where it goes from there.
00:22:52
Well, you know my suggestion around polling. What? What? You should absolutely take a poll and stick it up your ass.
00:22:57
Okay. All right. Excellent. Okay. And then look for the on switch. Look for the on switch. He's back. He's back.
00:23:05
I tried to bet when I was in when I was in London during the the the presidential election,
00:23:11
I went on every podcast it was 30% that it was 30% Harris, 70% Trump. I'm like,
00:23:18
it's a coin flip, folks. And so I thought, I'm smarter than your average bear and da da da. And I I said,
00:23:23
I'm going to bet $300,000 on Harris, and if I win, I'm going to get a million back. And I was up till goddamn 2 in the
00:23:29
morning in London trying to figure out how to bet. And it ends up you can't as a as a US citizen in London. Oh,
00:23:37
and I brought in the big guns. I brought in my 15-year-old to to aid in a bet his father's gambling and dopamine
00:23:42
addiction. Yeah. And the next day and of course you know the results and everyone online just went crazy like this guy lost 300
00:23:50
grand on Harris and I would have had I been able to figure out cashier. Maybe not. Okay. All right
00:23:57
then. Maybe I just don't understand. I tried to understand. It was very hard. Yeah. I'm not the person to help you figure that out. Okay. I'll find someone. Um we're going
00:24:03
to go on a quick break. When we come back Trump's tariffs face the Supreme Court.
00:24:09
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may apply. Scott, we're back. A majority of the
00:25:21
Supreme Court justices are skeptical of the Trump administration's authority to impose sweeping global tariffs. The
00:25:27
court heard arguments this week about Trump's use of emergency powers to set up tariffs on goods from over 100
00:25:34
countries. The administration is claiming tariffs are just regulatory, but justices on both sides basically
00:25:39
said these are taxes and only Congress can tax people. Trump is calling for a ca for for the case quote literally life
00:25:47
or death for our country. If the terrorists stand, they'll collect $3 trillion by revenue um for the US by
00:25:53
2035. If not, the government might have to refund $750 billion, which it
00:25:58
shouldn't have gotten. It's not clear when the court will issue the ruling, but what does it mean for Trump signature economic policy if he loses? I
00:26:05
think they're going to to decide against him and I think they're doing him a favor because they're going to get him out of this jam and then he can pretend
00:26:12
it was them who did it. Um I don't know what do what do you what do you think of this?
00:26:17
So, um, speaking of investing, uh, you know how I went out and I bought claims
00:26:24
against a bankrupt FDX because I thought they're going to they're going to be I found in the
00:26:30
bankruptcy filing, which is, if you're wondering what I do late at night on edibles, I read bankruptcy filings, that
00:26:36
they owned that they had invested um, about uh, I think it was $500 million in
00:26:42
anthropic. And I thought this has got to be worth two or three billion dollars. meaning that 30 cents on the dollar cuz the
00:26:48
total claims were 8 billion against a bankrupt FDX. Yeah. Were just in they were going to get back
00:26:53
just in anthropic stock and you could buy these things for about 22 cents. So I went out and for me bought a lot of
00:26:59
bankruptcy claims against or claims against the bankrupt FDX. What I've had someone working on the last two weeks is
00:27:06
the following. If you're first off there was an economist who went on Fox and they said who's paying these tariffs?
00:27:12
And he went into this whole song and dance. Sometimes it's the the person um exporting in say it's Mercedes.
00:27:19
Sometimes it's Mercedes takes a little bit, the consumer takes a little bit, and the recipient of the product pays.
00:27:26
Okay, first off, what he's trying to say, he's he's claiming that, okay,
00:27:31
because Mercedes might have to reduce its prices if they don't want to lose share. Fine. But be clear, folks. The
00:27:38
recipient in America who signs for the Mercedes that gets off a ship pays the
00:27:43
tariff. Okay? They may not they may choose not to pass it on to consumers or they may eventually they will because
00:27:49
because companies need certain operating margins, but it's disingenuous to say it's being split across all these
00:27:55
entities. It's not. A tariff is paid by the recipient in our country. Now,
00:28:02
what I've been doing is looking into the following. I am considering buying
00:28:08
claims, and that is if Mercedes of Wisconsin has paid $11 million in
00:28:14
tariffs, you can go buy them right now from Mercedes of Wisconsin for somewhere
00:28:20
between 10 and 15 cents on the dollar because they didn't think they'd get them back, right? Because they didn't think they'd get
00:28:25
that money. They'd ever see that money again. And I believe there's a greater than 10 or 15% likelihood that these
00:28:32
tariffs are reversed and the government has to cut a check to all those claimants who paid tariffs. So I
00:28:39
actually think this is a decent investment strategy is to go buy claims or go buy tariff uh payment claims.
00:28:45
So you this money will be refunded is your point. Exactly right. Mercedes of Wisconsin
00:28:51
spent $10 million on tariffs. These tariffs are being challenged in court and if the Supreme Court overrules it,
00:28:58
the government is going to have to send a check to either Mercedes of Wisconsin or whoever owns that car.
00:29:03
Although that was what the Supreme Court was all wrapped around the axelon. My a friend of mine, Neil Kotel, did the
00:29:10
argument and I thought he was brilliant by the way. Um that that was the one thing they were
00:29:16
like, "Oh, now how are we gonna give it back?" Right? And oddly enough, Howard Belutnik, who was such a [ __ ] Every
00:29:22
time I see him, I think a [ __ ] Um was like, "Oh, I think the Supreme Court's going to going to say yes to us." And
00:29:29
stuff like that. He was going on and on as if he knew exactly what would happen. Um is there any way that could happen?
00:29:35
Only cuz I thought when you say anyway, anyway, what it that the Supreme Court could be in Trump's favor? one and two, the one
00:29:43
thing that that did stick in their crawl was how to pay back the money the the government took from consumers.
00:29:50
So, let me be clear. I think what people don't realize when they reverse engineer
00:29:55
it to what has really hurt America, it's things like Ruth Bader Ginsburgg believing she's going to live forever.
00:30:02
It's it's appointment of exceptionally conservative justices. The Supreme Court, in my opinion, is no longer
00:30:10
really a a check against power. It's an enabler. And the reality is the president who the
00:30:17
people elect gets to make those appointments. So, but through a series of unfortunate timing and biology, the
00:30:24
pres the lasting impact of this presidency won't be tariffs, anti-immigration policy, a destruction
00:30:31
of our alliances, although that'll be right up there. a lot of marble in the Lincoln bathroom. It it's essentially the the final backs
00:30:39
stop against the most important decisions that impact Americans, whether it's bodily autonomy or international
00:30:45
policy, whether or not the president right now is essentially ordering extrajudicial
00:30:52
killings of people in [ __ ] fishing boats. Yeah. that. And by the way, folks, if
00:30:58
you're really worried about drugs, do you realize these fishing boats would have to refuel 20 times to get to Miami? And that there is no fentinel being
00:31:04
produced in Venezuela. Yet supposedly, we're taking our trillion dollar military budget to bomb fishing to
00:31:11
strike fishing points without has to do something. But get back get back to this. What do you think's going to happen here? And and how is they going
00:31:18
to return the money? Let me be clear. I think probably the likelihood is if I buy these claims that
00:31:24
I don't see my money. But there's there's more than a 10% chance I see the money, right? So, I like my upside. I I think maybe
00:31:30
there's a one in three chance. I'm just I'm just using that number that the Supreme Court rules against Trump
00:31:37
and says you got to give them money back. And then I think I see I actually think logistically if they can figure out a way to take the money, they can
00:31:42
figure out a way to send it back. The government figures out ways to send refunds, IRS refunds all the time. It takes a while.
00:31:48
I found out I overpaid my taxes this year. Mhm. And I'm like, "Okay, how long will it take to get it back?" and they said 12
00:31:54
to 18 months because there's no one home. The lights aren't on on the IRS. We'll apply it to your next year's tax. Yeah. Whatever it is. But they're
00:32:01
they're very good at taking it out. The IRS has in fact figured out a way to like take it right out of your account,
00:32:06
right? Getting it back. It's like trying to cancel your Verizon bill, right? I got one from DC and I got a couple
00:32:12
thousand dollars back. They're like, "We'll keep it for next year." I was like, "Well, send it back to me." Like, "Why should you keep it? I'll give." But
00:32:18
they their first move was to keep it. That's for sure. Hulu. It's super easy to sign up and try
00:32:23
and cancel it. Exactly. It's like canceling. And by the way, I have a consumer bone to pick. I'm like, seven on your side. Remember those local TV things where
00:32:30
they'd go on some consumer thing? I wanted to do that for you. All right. I got a seven on your side. So, when my mom passed, I set up an
00:32:36
account and put some money in it in her account such that we could pay bills that would keep rolling in. Right. And I
00:32:44
noticed like three years later, it was down. I couldn't account for something like seven or $8,000 of it. maybe four
00:32:51
years later. I'm like, where did this go? And her auto insurance was automatic
00:32:57
pay to GEICO after I'd sold the car 3 years later.
00:33:02
They will still take that money out. And guess what? I just got my AT&T bill. I switched to Noble Mobile, Andrew Yang's
00:33:08
new startup in the in the mobile space. And my AT&T bill, I've always said this,
00:33:14
for some reason, is about 450 bucks. But Scott being the lazy douche that he is,
00:33:19
never actually checked out the bill. And so my assistant when we switched over said, "Wow, you're paying $450 a month."
00:33:25
I'm like, "Yeah." She goes, "You know why you're pay $450 a month? My actual phone bill is $240, which by the way is
00:33:32
about 2 and a halfx what I'm going to be paying on Noble. But I was paying another $200 on three
00:33:39
other accounts." Oh. That aren't on there. And one of them was for a Blackberry from 10 years
00:33:46
ago. Oh my god, Scott. So, I have been paying $700 a year for the better part of a
00:33:54
decade on a Blackberry that's been in a landfill for the last nine years because guess what? They could easily
00:34:01
send a signal to say, "Is this in fact an active line?" And maybe send you a quick email. They could do this so
00:34:08
easily. Yeah, of course they don't. And they're like, "Oh, no." They would be charging me for a Blackberry 10 years
00:34:13
after my death. Is no one that I I have to say I'm down with the company on Twitter.
00:34:19
You think if you're that stupid, let you're that stupid. Let them cook. Let them pick your pocket. Anyway,
00:34:26
anyways, AT&T literally you somebody someone like I I have paid for the
00:34:32
snacks in the in in the Madison, Wisconsin office of AT&T for the last 10
00:34:39
years. because you're a dumbass. You don't pay attention to anything like that. You are dumb ass.
00:34:44
Dumb ass. Dumb ass. That's the name of our our pivot tour. Dumb ass. Karen. Dumb ass.
00:34:49
Cara. Dumbass. Everybody wants to hear about me, not about any of this [ __ ] Cara, let's let's be honest. All right. Well, good to know. So, just
00:34:56
I'm going to move very quickly to this one. Just as I predicted, billionaire and friend of Elon Jared Isaacman is back in the running to head up NASA.
00:35:03
President Trump has renominated him after pulling back over concerns uh about past Democratic donations. Isaac
00:35:10
men's uh the 42-year-old payment company founder who's actually been to space twice on his own dime via SpaceX. I mean
00:35:16
just the short ride to space. Two weeks ago, Elon Musk went after current interim chief Shawn Duffy for opening up
00:35:23
SpaceX moon contract other companies. No love lost there. Um Trump's gone back to
00:35:28
Elon's pick like I thought he might. Um, but the agency is still facing massive budget cuts and trying to beat China
00:35:34
back to the moon. Um, you know, I guess he's fine. I mean, he's more qualified than other people, I suppose. But the
00:35:41
whole thing is just it's kind of too little too late. Um, I would like an actual space scientist to be running
00:35:48
NASA, not friends of Elon or people that give I think this guy ended up giving Trump some money, too, although he must
00:35:54
have given some Democrats money, which I think drove Laura Loomer crazy. I don't know. Um I'm not sure it matters at all
00:36:01
here. Um but Elon definitely is a good that that was a good thing for Elon. So
00:36:07
well it reflects a dangerous trend in that is we've decided to privatize a lot of uh efforts that that usually the
00:36:13
nation undertakes and the this is pretty straightforward. Elon Musk is a very
00:36:18
smart guy. He said if we reduce the government's ability to launch aircraft
00:36:24
or explore space they're going to depend upon the private sector. And I'm I'm I'm the you know I'm the prettiest girl at
00:36:30
the dance in the private sector and I don't want to compete with a space agency that does not have a profit
00:36:36
motive and therefore can make these forward-leaning investments in space exploration. And I think the saddest thing about this is that NASA has
00:36:44
consistently been an enormous point of national pride in an in an era when we need more connective tissue where
00:36:50
Republicans and Democrats both rally around, you know, the the the the Mars
00:36:55
lander, you know, like somehow crashing and inflating and figuring out a way to survive, how to get on the, you know,
00:37:01
the Mars Mars surface and take these amazing photos or these I forget what it
00:37:07
was that that the Hubble telescope sending those unbelievable images of deep space and making you feel
00:37:13
insignificant in kind of a wonderful way. So that's a that's a bummer. Having said that, as far as this guy goes,
00:37:20
this is like the least triggering thing for me right now. Yeah, exactly. I mean, John Duffy was the other choice. So I'm like, he's
00:37:27
better. And also, there's something to be said for bringing in a civilian to manage
00:37:33
government agencies who can have a broader perspective. Like typically the secretary of defense is a private sector
00:37:39
person. Yeah. Because when you bring in a former captain show host.
00:37:46
No, but some I mean they've said it. If if we had a general running was who was
00:37:52
was secretary of uh defense, we'd still be in Vietnam. I mean that's true. They're fond. Although a lot of them I I
00:37:59
got to I got to give it to them seem to be more tempered and measured than many of our leaders now. It is good to have a
00:38:05
civilian check. Yeah. On government. I I don't I don't mind this. This is the bottom. I'm not offended by it. He's not the
00:38:11
best choice, but he's not a terrible choice. And the other choice was Shawn Duffy, who seems like a Speaking of
00:38:16
morons, a [ __ ] Um anyway, uh we'll see what happens. I was correct about this, though. And it's it's a good day for
00:38:23
Elon. And I was right. I was right. The new book from Cara Swisser, the new autobiography, and dot dot dot.
00:38:30
Oh my god. Four are getting vegetables. I was right. How dare they get I used to run driver's
00:38:38
license tests at the DMV and now I'm picking out produce for New Yorkers.
00:38:44
That makes all kinds of sense. We're going to have to have a makes all kinds of sense stage over this situation. All right,
00:38:49
I'm going to invite Zoron Mandani to the to He'll say no. I've already invited him several times. He's the only person that
00:38:55
said no to us on raging moderates. You know what? I I I concur with him. Interview the guy.
00:39:00
All right, let's He'll get on to you sometime. He He'll take you downtown. He's very Oh, yeah. I hope so. He's very quick.
00:39:07
He's very quick. Let me tell you, he shows some He's not quick. He floods the zone with nothingness
00:39:13
and like reh rehitted rhetorical flourish. Your favorite southern person, James
00:39:19
Carville, was like, "This guy's reality. He's a real talent. We're going to have us an election. Count some votes." I love James
00:39:26
Carville. Jimmy C. All right, Scott. Let's go on a quick break. We come back, we'll talk about
00:39:31
Palunteer's rough week. Support for the show comes from Saks Fifth Avenue. Sakfth Avenue makes it
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00:41:02
Scott, we're back. Palanteer is having a really roller coaster week. The company posted Blockbuster earnings Monday,
00:41:08
topping analyst expectations and raising its fullear guidance. CEO Alex Karp, who
00:41:13
seems something's going on with Alex Karp, called he's he was started strange and now he's moved to very strange uh
00:41:18
called uh the quarter quote arguably the best results than any software company has ever delivered. Despite those
00:41:24
numbers, the stock fell 8% part of a concerns over the valuation which is soaring. But also because of filing
00:41:30
revealed the big short investor Michael Bur bought more than $1 billion in put options in Palunteer and Nvidia. The Bur
00:41:38
news really got under Karp's skin. He really should have taken a breath before he did this. He got a little
00:41:43
testy talking about it on CNBC. Let's listen. As far as I can tell, the two companies he's shorting are the ones making all
00:41:50
the money, which is super weird. Like the idea that chips and what you want to short is batshit crazy.
00:41:58
He seemed crazy, but whatever. And then he went on about anti-woke companies. He used to be sort of weirdly Democrat, but
00:42:05
a little bit libertarian. Now he seems to have been, you know, sucking on the on the Kool-Aid of right-wingery. But
00:42:13
what do you think of these Palanteer numbers and what Bur might be up to possibly shorting these stocks? You've
00:42:19
talked about these valuations quite a lot. Uh so look, uh Karp, the question is, is
00:42:26
Karp a brilliant CEO and is this an amazing company or is it dramatically
00:42:32
overvalued? The answer is yes. This is an incredible company. It it had it blew
00:42:38
away really aggressive earnings. It had 21 cents uh delivered 21 cents versus 17 cents, 1.2 billion versus 1.1 expected.
00:42:46
Their commercial software sales grew 121% year-over-year. US government sales
00:42:52
or sales to the government grew 52% which is actually better revenue because while the government is really hard to
00:42:58
sell to, once you sell into them, it's they become like AT&T just billing you over and over. overall sales grew uh 63%
00:43:06
up from year-over-year revenue growth of 48% last quarter. So, it's an incredible company. And I would argue that in terms
00:43:12
of investor relations, he's probably one of the most talented CEOs in history.
00:43:18
He's the one that did an earnings call uh on uh his phone walking around the office. He's just he's able to paint a
00:43:25
vision that gets people excited. At the same time, if it went down 70% tomorrow, it still
00:43:33
wouldn't look cheap. It trades at almost 300 times earnings and 100
00:43:39
125 times sales. It has the greatest or the highest price of sales multiple in the S&P 500. And get this,
00:43:45
it's got a similar market capitalization or value to Netflix with with onetenth
00:43:52
of the revenue. It's trading at the same Bur doing so what is Bur doing? explain. Well, Bur, it's very simple. Bur's
00:43:59
basically shorted the stock where you basically agree. You enter into a relationship with a third party who
00:44:04
says, "All right, if the stock's trading at $400 right now, in 6 months, I'll give you I'll give you 10 or $15 now. In
00:44:12
exchange, I get to sell you stock in 6 months for $400. And if the stock goes down to 300, I get to go into the market
00:44:18
and buy it for 300 and sell it to you for 400, which you agreed to cuz I paid you a small premium 6 months ago."
00:44:24
You're basically betting the stock goes down. That's all. And it's an important part of the market because it creates a
00:44:32
balance. It creates opportunity to hedge such that people who are invested long,
00:44:37
including widows and orphans, have more diversification and more downside protection. Shorting the market is a key
00:44:43
component of the market. But a lot of people dangerous now because look at Tesla, which is has no not good results and is
00:44:51
still up. Oh, don't kids don't do this at home because when you when you go
00:44:56
short a stock, you technically have unlimited downside. And the reason why I have not shorted Palunteer,
00:45:02
uh although I think it's dramatically overvalued is this is no longer a company, it's a meme stock. And that is,
00:45:09
you know, he can make an announcement and people buy Palunteer and trade it. It it is there are certain companies now
00:45:15
where and this is really kind of the arguably I think a decent definition of a meme stock where it's lost all
00:45:20
connection to the underlying metrics that we traditionally value stocks on. So is it dramatically overvalued by all
00:45:28
traditional valuation metrics and cash flows? Yeah. Could it double? Yeah, it
00:45:33
could. And it would make even less move again. Do you think he's taking enormous risks here? because got very
00:45:39
testy in a way that I was like, "Wow, you're usually quite controlled." Yeah, I thought that I thought that was a bad look for him. But
00:45:45
yeah, Bur who is he, you know, obviously made one of the best bets ever going short against the subprime market and good for
00:45:52
him. I love it when people do that sort of work. And the other guys that did that were John Paulson, a guy I actually worked
00:45:58
for, consulted to for a couple years named Phil Falconee. There were two or three people that made kind of these
00:46:04
historic bets uh against subprime mortgages and again could go out and short these things for no money because
00:46:10
they were considered they were considered money good and bulletproof and then they just started collapsing like it was a pyramid you know built on
00:46:17
card so to speak. Now no investor gets it right all the time. He's had a lot of
00:46:23
big misses, right? He's he his five he
00:46:28
he's he's shorted a bunch of companies that went up. So nobody knows. He might
00:46:33
he's taking a risk here. I would argue this is a really good risk for a guy like that who has investors who are
00:46:39
willing to take these kinds of risks and and he's hoping to drive it down by pointing out the ridiculousness of
00:46:45
Well, I love I love it. I find it so fascinating when these companies go short and then they put out really
00:46:51
thoughtful, rigorous research showing why the company is dramatically overvalued
00:46:56
and it's re it impacts the market. He didn't just say he didn't just announce that he's shorting it. He has a very
00:47:02
thoughtful rigorous analysis and the stock's down 11%. Yeah. So he's done I mean he could
00:47:07
probably be you anyway it's a really interesting we have to keep watching that company because question is is it going to be a meme stock for a long time
00:47:14
but we'll see. Um, very quickly, right-wing civil war is erupting. This is a we'll talk about this on the road,
00:47:19
I think, is erupting after Tucker Carlson's recent interview with na white nationalist Nick Fuentes, where Fuentes
00:47:25
called for an exclusive pro-white Christian movement. The backlash has been swift with Republicans like Ted
00:47:30
Cruz, Josh Holly, and Speaker Mike Johnson condemning the interview. The Heritage Foundation is an open res vault
00:47:36
after its president defended Carlson. For his part, Carlson says the uproar is really a fight over what happens after
00:47:41
Donald Trump. I think he's absolutely correct. Um the guy who's head of the heritage apologized again after all
00:47:47
these people left. The whole one whole group that focuses on anti-semitism and heritage resigned. This is a a real open
00:47:55
wound for the Republican party. The the the flirtation with both anti-semitism
00:48:01
and and white nationalism um and racism. And I this is going to be a real fight
00:48:09
going forward for them. And once Trump is out, he's been able to hold it together, but they won't be able to hold
00:48:16
this one together. Yeah. Remember the Republican party was putting out these memes or these images
00:48:21
that said that said Trump, Elon, Kanye, that these are the three people that
00:48:27
represent the Republican party, right? Yeah. Uh, I was on the phone two days
00:48:32
ago with someone who runs or does comms for uh, Democrats and I said, "You need
00:48:37
to put out the exact same image, but instead have it be Trump, Epstein, and
00:48:43
Fuentes." Oh, interesting. That's who you want Trump associated with. I'm like, go for go for the
00:48:48
[ __ ] jugular. It would be fair to visually associate them because he
00:48:54
decided to associate with them physically, spiritually, intellectually. And the most disturbing thing about that
00:49:01
interview with Fuentes and Carlson, first off, Carlson really does deserve some push back and legitimate criticism
00:49:08
for platforming someone like this and enabling and laughing when he said the following. Yeah,
00:49:13
I'm a fan of Stalin. Yeah, there are there's kind of a Hard Rock
00:49:20
first ballot hall of fame of murderers in history. Paul Pot, Hitler, they have
00:49:27
nothing on Stalin. Agreed. And we like to kind of ignore Stalin a little bit because they were our friends
00:49:33
back then and they played a huge role in defeating Hitler. But he then went on to kill millions.
00:49:40
Some say up to 20 million people. This is a murderous maniac.
00:49:47
And this young man is saying I'm a fan. So I
00:49:53
and Trump has this issue of like we want your votes and we want you to think we're with you. Wink wink such that you
00:49:58
get out and turn out the vote, but try to keep those views to yourself as opposed to coming out and saying we're
00:50:05
Republicans and the GOP has a history of evaluating people based on their
00:50:13
character and equality and pushing back on fascism and saying what this is. These people
00:50:19
could not be more anti-American. Yeah. And against the values not only of America, but the core values of the GOP.
00:50:26
Well, the old GOP, let's just be clear, cuz some people are backing, which is, you know, I don't I don't mind him
00:50:32
interviewing him. I he all kinds of [ __ ] but the way he did it again was like, wo. You could push back a
00:50:38
little bit there. And the Heritage Foundation president, I think he'll be out. I think he'll be out. I think this is a death now for this guy. I I don't
00:50:44
know. I just felt very weird the whole thing. We'll see what's happening. This is a story that's going to continue.
00:50:50
My favorite was Steven Miller's wife when she was criticized for her comments saying it was anti-semitism.
00:50:56
Said, "What? Where'd that come from? Where did that come from?" Yeah. Yeah. She's I don't think they even know you're What are you talking about?
00:51:01
Ratioed all over the place. People um uh Steven Schmidt, who's a very funny but
00:51:08
sort of sometimes erratic guy, he's very funny, put up all these pictures of Steven Miller with creep and fascist and
00:51:14
Nazi and she all got all up. She's because she's trying to make make Megan Kelly happen, I guess, around herself,
00:51:20
which is impossible. Um, and she's like, she said something and and she goes,
00:51:25
"How how could you do this?" And he wrote, "Because your husband's a Nazi." Like, it was really it was really it was
00:51:30
a she, this whole fight is not good for the Republican party. How whether they're Nazis or not. All
00:51:37
right, Scott, one more quick break. We'll be back for predictions.
00:51:42
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00:53:59
quint.com/pivot. Okay, Scott, we're going to do it a
00:54:04
little differently today um for your prediction. We have a lot of predictions next week, but we're recording ahead of Tesla's annual meeting where
00:54:11
shareholders are set to vote on Elon's $1 trillion pay packages. A lot of people have gone against him, including
00:54:17
these stockhold shareholder services and the Norway, I guess there's a Norwegian
00:54:23
investor that's that's out. I predict he's going to get it. I predict he's going to get it because all these now
00:54:29
I'm paying attention to the stock market now. There's all these calls at a higher level of buying a Tesla stock at 480 and
00:54:35
it's at 462. I think people know and I think he's going to get it. Yeah, it's um
00:54:43
well look so so some things why why it may pass. it is structured to be
00:54:49
performance-based and that is he's saying if he grows the market cap to eight half trillion
00:54:55
dollars that he gets a trillion. So theoretically you can support it, right? And also some
00:55:03
people including arguably the worst investor of the modern age but the best brand builder Kathy Wood from Arc Invest
00:55:10
her. Yeah. She's predicted a strong approval. She's a loyalist. She's a shareholder. Um uh
00:55:16
Tesla's board and Musk are saying that the package may risk Musk continued
00:55:21
leadership if if in fact he doesn't get it. Uh now major proxy advisory firms
00:55:27
and I've met with these guys when I was an activist ISS and Glass Lewis which quite frankly have diminishing power
00:55:34
these days. They've recommended voting against the package citing you know saying it's just ridiculously excessive and risk of dilution and also the term
00:55:44
they use that I love is insufficient guard rails. I'm like well that's the mother of all understatements. And then
00:55:49
there's a pretty big investor I think it's called Norest or Norris Bank. Yeah, it's this Norwegian group. Yeah.
00:55:55
That they own about 1% of Tesla's shares has declared it'll vote against the proposal.
00:56:00
And so what's your prediction? Uh I think it's going to be approved, but not overwhelmingly, but I think
00:56:06
it'll be because keep in mind if you've bought shares, if you're a shareholder in Tesla right now, you've decided
00:56:13
you've gone in on Musk because you're not investing in there's no way you could justify investing in what is an
00:56:19
automobile company because it makes no sense. He's this company has consistently missed delivery deadlines.
00:56:24
It's it's revenues on the automobile side are declining faster. You're basically betting on a that this guy can
00:56:31
pull another rabbit the size of Jupiter out of a hat, which he has done before.
00:56:37
So, they're kind of all in on this guy. And this can pass. He's going to get it. And if he go I'm sorry. Go ahead.
00:56:43
They say one thing. He's not going to be a Everyone's like the world's first trillionaire. He's not going to be a trillionaire until he pulls it off. Just
00:56:49
so you know. Yeah, he has to create he has to create an additional seven trillion in value. But that stock's going to go up.
00:56:56
Speaking of meme stocks, that's what I think. I just have no idea with this thing. So,
00:57:02
in terms of the stock price here, but it's I think shareholders
00:57:09
who have invested in a company at this type of valuation do not want to wake up and hear that
00:57:14
hear that Elon, you know, is out because he got angry. I don't if he walks this
00:57:20
thing. God, it would be so interesting to see what happens to the stock. I don't think he's going to, but they just would
00:57:26
rather say, "Okay, look, if he creates seven trillion, if Tim Cook went to Apple shareholders and said, "It's worth
00:57:33
4 trillion now. If I grow it to 10, if I grow it to 12 trillion, I want a trillion."
00:57:39
Theoretically, that's not outrageous. What the problem is, we're focused on the wrong problem.
00:57:44
And that is if Elon Musk makes a trillion dollars in my view, he should pay an alternative minimum tax of 60 or
00:57:51
70%. Back to that, the oligarchy and authoritarianism and grocery stores for poor people.
00:57:58
No. And and I and I want I want someone from the Navy picking out my my my
00:58:04
uh my my cold cuts and fruits and vegetables. Oh, for goodness sake.
00:58:09
I just think I think someone from the IRS discuss this should be picking out my grapefruits. I'm going to do everything I can to get
00:58:15
Mom Dy come out to our show. Well, ask him questions and he'll say nothing, but he's good-looking. I should have someone you who doesn't
00:58:21
like you in every city. I love to think about that. That That's going to be pretty easy. You're not going to have to reach very
00:58:26
far. That's true. Anyway, we want to hear from you. Send us your questions about business tech or whatever's on your
00:58:32
mind. Go to nymag.com/pivot to submit a question for the show or call 85551 pivot. Scott, are you ready
00:58:39
for the tour? Are you ready? It's time to put your your head on for this. Are you ready for a week?
00:58:44
It's going to be great to see the Swissers. We got a whole gaggle coming with us. We're literally like we're like a rock. We're like a bad rock band in
00:58:51
the 70s. We have groupies coming with us. I'm like, you want to come? Like, sure. Yeah, sure. Why not? Yeah. Yeah. Um, we
00:58:56
have some great people coming and showing up at each of the cities. And we have a few tickets left in some cities. not many um especially Los Angeles and
00:59:04
Chicago because they're much bigger venues. But go to pivot tour.com for more info. Um okay, that's the show.
00:59:11
Thanks for listening to Pivot and be sure to like and subscribe to our YouTube channel. We'll be back next week. Scott, read us out and I will see
00:59:18
you Saturday in Canada. Yeah, I'll see you soon, sweetheart. Today's show was produced by Larara Neon, Zoe Marcus, Taylor Griffin, and
00:59:24
Karen Ruff. Ernie, Todd engineered this episode. Jim Mle edited the video. Thanks also to Jubos, Miss Severo, Dan
00:59:30
Shalon, and Kate Gallagher. Nishak Kura is Vox Media's executive producer of podcast. Make sure to follow Pivot on
00:59:36
your favorite podcast platform. Thanks for listening to Pivot from New York Magazine and Vox Media. You can subscribe to the magazine at
00:59:42
nymag.com/pod. We'll be back next week for another breakdown of all things tech and
00:59:48
business.