00:00:00
The victimization that he has is so
00:00:02
massive, you know, that he's always
00:00:04
being victimized. Someone's always
00:00:06
[ __ ] him. That's his whole world
00:00:07
view.
00:00:13
Hi everyone, this is Pivot from New York
00:00:15
Magazine and the Vox Media Podcast
00:00:17
Network. I'm Cara Swisser.
00:00:19
>> And I'm Scott Galloway.
00:00:20
>> Scott, you're missing the blizzard. It's
00:00:23
outside. I should pull it back.
00:00:24
>> Is it a bomb cyclone?
00:00:26
>> It's something else. Can you see that or
00:00:28
not? I see a city being snowed on by an
00:00:31
old lady. Um
00:00:35
leisure
00:00:36
>> today. It's nuts. It's It is really
00:00:38
quite a blizzard. It's a blizzard. It's
00:00:40
what's happening here. So, just so you
00:00:42
know, as we tape, over 40 million people
00:00:44
in the US are under a blizzard warning,
00:00:46
by the way, and snow dropping 3 in an
00:00:48
hour in some locations. It really is
00:00:50
still going on here in New York. Um and
00:00:52
it's crazy. It's it's it's there's a lot
00:00:55
of snow happening. We all thought the
00:00:56
snow was over. Maybe I'll go take a a
00:00:58
walk in New York and co walk in the
00:01:00
Central Park and contemplate my life.
00:01:02
>> Do what I would do. Go to Shea Margo and
00:01:04
get [ __ ] up and establish eye contact
00:01:06
with a nice young Russian lady.
00:01:08
>> I'm getting an award tonight in
00:01:09
Brooklyn. I've got to go out there.
00:01:10
>> Of course you are.
00:01:11
>> I am. I'm getting the governor's award.
00:01:13
>> I'm getting an award tonight in
00:01:14
Brooklyn. That is the most Cara Swisser
00:01:16
thing ever said.
00:01:18
>> I'm getting an award in Brooklyn.
00:01:21
>> Yes, I have to go there. Yeah, it's for
00:01:23
the ambies.
00:01:24
>> What do you Okay. All right. Fine. I'll
00:01:25
play along. There's a podcast. What are
00:01:27
you getting an award for?
00:01:28
>> For being old from the governor's award.
00:01:30
>> The Oscars is a podcast. I thought that
00:01:32
was the vibes. What? What are those?
00:01:34
What is it called? The web those. No,
00:01:36
that's the Oh, the
00:01:37
>> the signal awards.
00:01:38
>> No, I don't know. Whatever. They're
00:01:40
trying to make
00:01:42
the mic. That's called That's what
00:01:43
podcast.
00:01:43
>> This is not the BAFTAs or the Oscars.
00:01:45
This is the podcast version. I'm getting
00:01:47
the great contributions to podcasting
00:01:50
award.
00:01:51
>> Really?
00:01:52
>> I guess here's something crazy going on.
00:01:53
Mexican security forces killed the
00:01:55
leader of the Halisco New Generation
00:01:56
Cartel and eight other cartel members in
00:01:58
a Mexican military operation aided by US
00:02:01
intelligence support and then they went
00:02:03
crazy these these cartels and they're
00:02:06
like they're in Porto Viarda like
00:02:08
Captain Stubing that's how I know Porto
00:02:09
Viarda from from Loveboat and they're
00:02:12
like bombing the whole place and all
00:02:13
these Americans have been either
00:02:15
diverted from going there or cannot
00:02:18
leave there not just Americans but lots
00:02:20
of people and they're like attacking
00:02:22
neighborhoods and this footage is really
00:02:24
something. All these burnt cars and it's
00:02:27
really something. I don't know what you
00:02:28
think about it.
00:02:30
>> I don't it the the issue is it's not I
00:02:35
mean it's violence but it feels like
00:02:36
it's more structural governance and an
00:02:39
economic issue that's been evolving for
00:02:41
nearly two decades and that is these
00:02:43
cartels are so inextricably integrated
00:02:46
into the economy and even the
00:02:48
government.
00:02:49
>> That's a really good point. And it it
00:02:51
it's not a traditional drug war in the
00:02:53
old sense. It's sort of fragmentation
00:02:56
and power vacuums. Right? After the
00:02:58
break up of more powerful consolidated
00:03:01
cartels, dozens of regional groups now
00:03:03
compete for territory
00:03:06
and trafficking routes and increasingly
00:03:08
diversified revenue streams. like things
00:03:10
like fuel theft, extortion,
00:03:13
uh human smuggling, elite I mean all
00:03:17
kinds of supposedly they've interrupted
00:03:18
the avocado supply chain and
00:03:22
often times the violence is about local
00:03:25
market control because Mexico is a big
00:03:27
economy rather than exports.
00:03:29
>> I guess that this is the reaction like
00:03:31
to to just show what they can do to
00:03:33
upset economics, right? I guess that's
00:03:35
what they're doing like with these. the
00:03:38
I mean the thing that does so much
00:03:41
damage to this
00:03:42
>> hands down my favorite place to travel
00:03:45
in the world and I'm very fortunate I
00:03:47
get to go to a lot of every year I go
00:03:49
with a group of guys to Tulum I love
00:03:51
Cabo I think San Miguel dea I just think
00:03:55
Mexico I also think it's the best
00:03:57
bargain in the world it's six-star
00:04:00
service and food and culture and vistas
00:04:04
for fourstar prices where in eur whereas
00:04:06
in Europe you get a lot of five star
00:04:07
service for six-star prices. The I
00:04:11
absolutely love the food, the culture,
00:04:13
the people. And what happens is
00:04:15
Americans immediately are like, "Oh, no.
00:04:16
I'm not going to travel there." And the
00:04:18
reality is most of this violence is coni
00:04:20
confined to what I'll call Mexican on
00:04:21
Mexican violence,
00:04:23
but it makes you think, should I?
00:04:26
>> These photos of tourists from, you know,
00:04:28
they're all in their hotels near beaches
00:04:30
and they're just showing enormous
00:04:31
amounts of fires. I guess there there
00:04:34
was one guy who was in his hotel room
00:04:35
and this guy these these two cartel
00:04:37
members are on motorcycles set fire to
00:04:40
like a version of a 7-Eleven there like
00:04:42
just in front of him and it was really
00:04:45
it's really interesting to experience it
00:04:47
this way like sort of online like hey I
00:04:50
was down here having a margarita and oh
00:04:53
yeah the drug cartels just bombed a car
00:04:56
in my
00:04:57
>> this does this does sort of signal a
00:04:59
shift because for the last for in recent
00:05:01
years Mexico's federal ederal strategy
00:05:03
and some people call it appeasement has
00:05:05
been more about containment over
00:05:06
confrontation. This is confrontation and
00:05:09
also we don't we don't want to have an
00:05:10
honest conversation. The US plays a role
00:05:12
here. There's a dimension here and that
00:05:14
is a lot of our firearms flow south. You
00:05:18
know what drives a lot of the profits
00:05:20
here is is US drug demand and fentanyl
00:05:23
production and trafficking have reshaped
00:05:26
the the supply chain and the economics
00:05:28
of the trade. lower input costs, much
00:05:30
higher potency, smaller shipping
00:05:32
volumes. So the the synthetic the power
00:05:36
or economic potency of synthetics have
00:05:38
changed the incentive structure. You
00:05:40
don't need large cocoa fields or massive
00:05:42
kind of drug smuggling convoys. You need
00:05:45
kind of like chemical precursors and in
00:05:49
distribution networks and enforcement
00:05:50
muscle. But this is, you know, Yeah. But
00:05:53
I'm let me be clear. I'm still going to
00:05:55
Mexico. I love Mexico.
00:05:57
Anyway, it's a black eye for Claudia
00:05:59
Shine Bomb, I have to say. Even if the
00:06:01
US helped her and stuff like that.
00:06:02
Anyway, we'll we'll move on.
00:06:04
>> Well, is it a black eye or does she show
00:06:05
some some some muscle here like
00:06:08
>> by by doing something about I don't
00:06:09
know. I don't know. We're going to keep
00:06:11
watching it and I hope people there are
00:06:13
safe. How is Resistant Unsubscribe
00:06:15
going? Some of you have been writing in
00:06:17
asking, let's check in on that for
00:06:19
alternatives to big tech that they're
00:06:20
unsubscribing from. I'm going to help
00:06:22
you out here. Uh, Scott, we asked David
00:06:24
Pierce, editor at large of The Verge and
00:06:26
co-host of The Vergecast, to give us
00:06:27
some recommendations. Everyone's going
00:06:29
to help you, Scott. Let's listen to what
00:06:31
David has to say.
00:06:32
>> If I was trying to get rid of big tech
00:06:34
apps in my life, my top three or four
00:06:38
recommendations would definitely start
00:06:39
with Proton. Proton is this company
00:06:42
started by a bunch of CERN scientists in
00:06:44
Switzerland that is very privacy
00:06:46
focused. And over the years, they've
00:06:47
actually built a series of apps that are
00:06:50
basically as good as everything you get
00:06:51
from Google. They have a drive, they
00:06:53
have an email, they have calendar, they
00:06:55
have all this stuff. The next one is
00:06:57
probably Signal, which is the messaging
00:06:58
app I think everyone should switch to.
00:07:01
There are things that are good about
00:07:02
WhatsApp even though it's owned by Meta,
00:07:03
but Signal is is a is an organization
00:07:06
run by the right kind of people who
00:07:07
believe in the right kind of things. And
00:07:08
then the third one is slightly more a
00:07:11
field, but I would say anyone who wants
00:07:12
to do smart home stuff in their life
00:07:14
right now should use Home Assistant. You
00:07:16
can use Alexa, you can use HomeKit, you
00:07:19
can use Google, but Home Assistant is
00:07:23
this very specific, hackable, open
00:07:27
system that you control much more
00:07:30
completely than you control any of those
00:07:31
other systems. Everything from the stuff
00:07:33
on your doorbell that's looking out at
00:07:35
the world and seeing people come up to
00:07:36
your door to like the baby monitors
00:07:39
inside of your house. Who runs that
00:07:40
stuff matters.
00:07:41
>> That was great. That was great. Those
00:07:42
are all three terrific recommendations.
00:07:45
So, what's going on, Scott?
00:07:47
>> Well, first off, it bears repeating. You
00:07:49
have been the biggest supporter of this
00:07:50
and I very much appreciate it. Um,
00:07:52
>> no problem.
00:07:53
>> But as we wind down February, so the two
00:07:56
objectives were what I call signal and
00:07:58
incentives. wanted to send a signal to
00:08:00
the American public that they have this
00:08:01
weapon hiding in plain sight and that
00:08:03
their economic decisions can have an
00:08:05
impact. I think we've I I think we've
00:08:08
hit that
00:08:10
on all levels. We've gotten just a ton
00:08:12
of media exposure, a ton of unsubscribes
00:08:15
people. I do think there's a large
00:08:16
percentage of the populace who now
00:08:17
realizes that economic strength is is
00:08:19
strength. The second objective was
00:08:21
incentives and that is to reconfigure
00:08:23
the incentives among big tech executives
00:08:24
to think twice before they enable or
00:08:26
facilitate. I'm not sure we've
00:08:28
accomplished that quite frankly. I my
00:08:30
friends have said it's a conversation on
00:08:32
product management teams but it's not a
00:08:34
board level conversation yet.
00:08:35
>> So the question is as we wind down
00:08:37
February what do we do? And I was
00:08:40
>> I was contacted by um uh the Dutch
00:08:43
historian Ruter Bregman who's been
00:08:45
instrumental in this.
00:08:46
>> Yeah. I'm a huge fan by the way. He's
00:08:48
only 37.
00:08:49
>> He's a lovely guy.
00:08:50
>> Yeah. And super smart. and he reached
00:08:53
out and said,
00:08:53
>> "FYI, for people who don't know, he
00:08:55
confronted the issue of billionaires at
00:08:56
Davos and got a lot of
00:08:58
>> He called him a bunch of tax avoiders."
00:08:59
He basically said, "None of you want to
00:09:01
talk about the real issue on the table,
00:09:02
which was tax avoidance." He's unafraid.
00:09:04
I love the guy. And anyways, I I love
00:09:07
authors and academics who are just sort
00:09:08
of unafraid.
00:09:10
>> And he contacted me and said, "You've
00:09:12
got the brand, the visibility, and the
00:09:14
momentum. We have this group of really
00:09:17
talented young people and some traction
00:09:18
in something called Quit GPT." and his
00:09:21
view is you need to consolidate and
00:09:23
focus on one and try and bring them
00:09:26
down. And so we're trying to figure out
00:09:29
um and I'm going to speak to you about
00:09:30
it and some other people, but I've had a
00:09:32
bunch of organizations,
00:09:34
a bunch of Congress people, elected
00:09:36
representatives all say, how do we
00:09:38
continue this and how do we make it more
00:09:39
effective? and it's gotten I did an I
00:09:43
did an analysis for us to get the number
00:09:45
of visitors unique visitors to our site
00:09:47
if we paid for it and we haven't paid a
00:09:49
dime would cost us somewhere between5
00:09:51
and $9 million.
00:09:53
It just shows the power of social media
00:09:56
um in terms of the platforms we've built
00:09:58
and the content stream we have uh and
00:10:00
how powerful podcasts are driving. But I
00:10:03
need to in the next several days figure
00:10:06
out what we do in March. Is it focusing?
00:10:09
Is it different media outlets? What is
00:10:10
it that that helps maintain this
00:10:12
momentum? Is it consolidating? There are
00:10:14
three or four similar movements around
00:10:16
the world. Do we all consolidate? I was
00:10:19
on a call with recorded ed and I was
00:10:20
like, if the British, the Russians, and
00:10:22
the Americans can come together to
00:10:24
defeat Germany, maybe we should figure
00:10:26
out a way to all consolidate and come
00:10:28
together. But the the two points are
00:10:31
distill down to a smaller number of
00:10:32
targets if you will and also do what you
00:10:34
said devel uh um structure some
00:10:37
full-time resources.
00:10:39
>> Yeah, I think so. So that that that that
00:10:41
you can they just tell you what to do,
00:10:43
right? Essentially there's there's a lot
00:10:44
of people who do that. One of the things
00:10:46
that's you know someone who I'm really
00:10:47
impressed with that maybe well she's a
00:10:49
Democratic uh she wrote a great book
00:10:51
about young people organizing Amanda
00:10:52
Litman who runs Run for Something and
00:10:54
it's to I had her on the podcast. She's
00:10:56
incredibly um you know strategic in
00:10:59
terms of figuring out what people need
00:11:01
to do, especially young people. It seems
00:11:02
like this is something you need to get
00:11:05
people who are actually a little more
00:11:06
you know that that really can focus
00:11:08
energetically. I don't mean
00:11:09
professionally like because there's a
00:11:11
lot of professional organizers that
00:11:13
don't really get stuff done. I think
00:11:14
you've really caught lightning in a
00:11:16
bottle here and you've got to keep doing
00:11:17
it. Anyway, we were we're still working
00:11:20
on an event uh Scott and I are and so
00:11:22
we're going to do that hopefully. Um and
00:11:25
uh and we'll see where it goes from
00:11:27
there. Um but let's uh let's move on to
00:11:29
the stuff we have to cover today. Uh
00:11:30
Donald Trump is increasing his global
00:11:32
tariff uh to 15% from 10% effective
00:11:35
immediately just days after the Supreme
00:11:37
Court struck down most of his global
00:11:39
tariffs. In a 6 to3 decision, the court
00:11:41
ruled that Trump exceeded his authority
00:11:42
when he invoked the Emergency Powers
00:11:44
Act. Trump called the decision
00:11:45
ridiculous and anti-American. He also
00:11:47
insulted the justices personally quite a
00:11:50
bit. Um that was, you know, it was worse
00:11:52
than that. He's just being a giant
00:11:53
[ __ ] baby. His latest workaround uses
00:11:56
a 1974 trade law that allows him to
00:11:58
impose temporary terrorists for 150
00:12:00
days. He just posted on True Social a
00:12:02
little while ago about the court
00:12:03
empowering him to use the terrorists in
00:12:04
a more powerful and obnoxious way. He's
00:12:07
just, you know, he's just the the the
00:12:09
court, let me be clear, was very clear
00:12:12
about what he was doing was illegal
00:12:14
essentially and that the Congress and
00:12:16
and and uh Gorsuch, the judge Gorsuch
00:12:19
had a really eviscerating take on how
00:12:22
Congress has sort of abregated its
00:12:23
responsibility. Uh they also are
00:12:25
questioning one of the other justices
00:12:28
also questioned whether the re who was
00:12:29
against it questions if the if the
00:12:32
refunds could happen. Um Scott Bessant
00:12:35
sort of is trying to hedge that bet
00:12:36
because they've got to give billions in
00:12:38
in many many billions in um I think 175
00:12:42
billion something like that in returns
00:12:45
to US businesses etc. Um what did you
00:12:49
think about this and the reaction? Um I
00:12:52
I I'll just let me let me actually read
00:12:55
through this stuff. We can discuss the
00:12:56
whole thing. The repercussions of this
00:12:58
tariff position. The EU just hit pause
00:13:00
on its US trade deal until it gets more
00:13:02
clarity on what Trump is doing.
00:13:03
Thousands of companies around the world
00:13:04
have already filed lawsuits challenging
00:13:06
the tariffs even before the Supreme
00:13:08
Court's ruling. So there's all a market
00:13:09
in that. Estimates suggest the
00:13:11
government could owe again more than 175
00:13:13
billion in refunds. The Supreme Court is
00:13:16
leaving the refund question in lower
00:13:17
courts. This is just Kavanagh who warned
00:13:19
the process. It's going to be a mess.
00:13:20
And it is. Let's let's listen to
00:13:22
Secretary Bessant uh what he said about
00:13:24
these payoffs. He spoke to Fox News
00:13:26
after the decision. This could take
00:13:28
months. This could take years to to
00:13:30
litigate and to get to the payouts. And
00:13:34
if there is a payout, it looks like it's
00:13:37
just going to be the ultimate corporate
00:13:39
welfare.
00:13:39
>> Oh, please, Scott. You took the money
00:13:41
from them. Give it back. Um, so talk
00:13:43
about what the next move is for
00:13:44
everybody and and and the reaction that
00:13:46
Trump had, which was was was very I
00:13:49
honestly thought it was dangerous given
00:13:51
the political uh heat right now,
00:13:53
especially for the Supreme Court
00:13:54
justices.
00:13:57
Well,
00:13:59
it's weird. Everyone says he's a loser.
00:14:01
There's no doubt it's a check on his
00:14:02
authority and, you know, a rejection or
00:14:06
a gag reflex. The the primary purpose or
00:14:09
power of Congress is the power of the
00:14:11
purse. They're the ones that are
00:14:12
supposed to I mean what you've had on a
00:14:15
metal level and Barry Goldwater back in
00:14:17
the 70s warned of this there's been a
00:14:18
slow abregation of power to the
00:14:22
executive branch and a lot of the power
00:14:24
was checked by norms not by laws and
00:14:27
then someone showed up and said [ __ ] the
00:14:29
norms I'm declaring wars and tariffs on
00:14:32
my own. And one of the reasons you've
00:14:34
seen such uh so many Republican Congress
00:14:37
people decide to retire is they're like
00:14:40
it's one thing to be in the minority and
00:14:41
know that you've been defenistrated or
00:14:43
neutered. It's another thing to be in
00:14:44
the majority and the speaker of the
00:14:46
house is not the speaker of the house.
00:14:47
He's the speaker of the white house.
00:14:48
He's there just to run rough shot over
00:14:50
us and pretend he represents Congress.
00:14:53
He doesn't. He represents the president.
00:14:56
And Republicans are like, "Wait, I
00:14:58
thought we were in charge and had some
00:14:59
say here and we don't." And these
00:15:01
tariffs would not have gone through.
00:15:03
there are enough Republicans against the
00:15:04
tariffs. You know, they're supposed to
00:15:05
be the free marketers. So, this is a
00:15:08
victory for uh co-equal branches of
00:15:11
government in Congress controlling the
00:15:14
purse. I think it's a huge victory for
00:15:16
the Supreme Court who was looking
00:15:18
increasingly like Trump's um you know,
00:15:22
trolls or not trolls, Trump's acolytes,
00:15:24
right? This does look like the
00:15:26
independence of the court. Six to three
00:15:28
is pretty resounding. In a weird way, I
00:15:31
thought this gave Trump an offramp from
00:15:35
what was clearly a failed economic
00:15:36
policy that I thought the economy and
00:15:39
the stock market would actually probably
00:15:42
um go up. What was interesting is the
00:15:44
the reaction was muted. The market was
00:15:46
slightly up, but now it's looking like
00:15:48
he's going to use another provision 122
00:15:50
which only lasts 150 days. But it's more
00:15:53
inconsistency. And we've said this for a
00:15:55
long time. More than more than the
00:15:56
tariffs themselves, the most damaging
00:15:58
thing to American trade policy is
00:16:00
inconsistency. Nobody no small business
00:16:02
knows how to plan their business against
00:16:05
what will be tariffs or not tariffs.
00:16:07
What I've been tracking, I was working
00:16:09
with a hedge fund trying to find tariff
00:16:12
claims. So if you're Mercedes-Benz of
00:16:15
the United States and you paid 20
00:16:16
million tariffs, you could at one point
00:16:18
potentially buy those claims for 10
00:16:21
cents on the dollar. Now, those have
00:16:23
accelerated to 20 to 40 cents on the
00:16:25
dollar, but the reason they're not
00:16:26
trading at 60 or 80 cents on the dollar
00:16:28
is the administration and complexity of
00:16:30
potentially getting the money back. I
00:16:31
think that's a red herring. I just don't
00:16:34
>> I think if if they collected this money
00:16:36
easily, I don't see why they can't
00:16:37
reimburse it easily. It was all done
00:16:39
digitally. So, I don't I don't buy that
00:16:40
argument. But, it's more indecision.
00:16:43
It's more sclerotic decision-m where
00:16:45
people can't plan their business again.
00:16:47
And what you see is just a continued
00:16:50
reconfiguration of the global supply
00:16:52
chain around the US where we have
00:16:54
massively
00:16:56
benefited over you know someone brought
00:16:58
up the notion the very simple notion
00:17:00
actually I think it was Justin Wers that
00:17:01
said we have a trade deficit in the form
00:17:04
of dollars but we have a trade surplus
00:17:07
in the form of stuff. So the example is
00:17:09
I have a trade deficit with my barber
00:17:11
but my barber makes me look just [ __ ]
00:17:14
dreamy for very little money. So it's a
00:17:16
good trade and US trade policy while we
00:17:20
give more paper money to them we get so
00:17:22
much [ __ ] because of the strength of the
00:17:25
dollar is an economic imbeile like he's
00:17:28
just he's seeing things like he learned
00:17:29
economics in fourth grade and that's
00:17:31
where he's stuck right
00:17:33
>> but if you if you if you if you export
00:17:35
$100 with Nvidia chips to Germany in
00:17:38
exchange for $100 of a Mercedes G Wagon
00:17:41
they operate at 10 points operating
00:17:43
margin and get seven times you IBIT
00:17:46
does. So they get $70.
00:17:48
We operate uh Nvidia operates at like 60
00:17:51
points operating margin and trades at
00:17:53
40. We get $2,400.
00:17:56
I mean, if there's any asymmetry here of
00:18:00
who is who has disproportionately
00:18:02
benefited from global trade, it's been
00:18:04
the US. We've been the big winner.
00:18:06
>> So this is stuck in Trump's brain
00:18:08
forever because he's just not honestly
00:18:10
he's not that smart, right? like I know
00:18:12
just in a in a very basic way he has
00:18:14
this has had in this brain and then he
00:18:16
has these facilitators and by the way
00:18:17
Scott Besset knows better of course he
00:18:19
knows exactly what you know and he's I
00:18:22
don't know what his game is I mean it's
00:18:23
he's talk about tarnishing a reputation
00:18:25
that he had that was pretty decent um
00:18:28
but one of the one of the things that's
00:18:30
problematic is that he's operating sort
00:18:32
of economics for dummies or something
00:18:35
like something because he sticks in his
00:18:37
brain that this is the way things go and
00:18:39
I I I think most people don't think
00:18:41
about it in in in a complex way. I think
00:18:44
the two things that I think about again
00:18:46
were these that the Supreme Court did
00:18:48
him a favor here, right? That got him he
00:18:50
got to try out his stupid ideas.
00:18:53
>> He seems to be doubling down.
00:18:54
>> He's doubling down in a really demented
00:18:57
way and the personal stuff that he was
00:18:59
attacking them with. And you know,
00:19:00
apparently
00:19:01
>> families should be ashamed.
00:19:02
>> Families and Barrett, Coney Barrett and
00:19:06
Gorsuch, I think. um just really strange
00:19:10
just really really strange and they were
00:19:12
all they were saying was pointing out
00:19:14
the obvious which was this is something
00:19:16
Congress should do it's something
00:19:17
Congress is job is to do and he just
00:19:20
doesn't feel any restraints on himself
00:19:23
and that's what it is and it's like old
00:19:25
man combined with someone who's already
00:19:27
an egoomaniac and a narcissist combined
00:19:30
with more old man combined with he gets
00:19:32
to do what he wants this term and the
00:19:34
victimization that he has is so massive
00:19:37
you know that he's always being
00:19:38
victimized. Someone's always [ __ ]
00:19:40
him. That's his whole world view that
00:19:42
it's just we're being governed by a guy
00:19:44
who just again didn't is a victim.
00:19:48
Thinks he's a victim. Anyway, uh we'll
00:19:50
see where does it go from here very
00:19:52
briefly.
00:19:53
>> Well, on Cowsi, they're saying it's a
00:19:55
76% chance the court orders a tariff
00:19:58
refund before 2027. So, it does feel
00:20:01
like he's running out of options. This
00:20:03
section 122 has a maximum 150 days. The
00:20:07
Supreme Court does seem pretty resolute
00:20:09
on this 63. I don't think he's going to
00:20:11
lot get a lot of support from even
00:20:12
Republicans who are Congress like, "Oh,
00:20:14
wait. We have meaning again. You mean we
00:20:15
get to actually have input? You actually
00:20:17
have to bring this to us." And and if if
00:20:19
he thinks these tariffs have merit and
00:20:21
they're good for the economy, then take
00:20:23
it to Congress and work out a deal with
00:20:25
them. That's that's what they're there
00:20:27
for.
00:20:27
>> He can't get it passed because he can't
00:20:28
get it passed the way he wants
00:20:29
>> because he can't justify it
00:20:30
intellectually or economically. Right.
00:20:32
Well,
00:20:33
>> this is the the amount of money the
00:20:36
prosperity we have recognized from
00:20:38
global trade. Now, granted
00:20:40
he his some of his instincts are
00:20:42
correct. We had an asymmetric
00:20:44
relationship. We were getting taken
00:20:45
advantage of in my view in terms of our
00:20:47
relationship with China. They you know
00:20:50
they they steal our IP and then sell us
00:20:52
stuff at 60 cents on the dollar. We are
00:20:54
not good at looking after people who are
00:20:56
on the wrong end of global trade. Right.
00:20:58
>> But he's never doing that. He just tells
00:21:00
them he's here for them. But then he
00:21:02
doesn't actually do anything for them.
00:21:05
>> And then if you want to look at the
00:21:06
manufacturing sector that was supposed
00:21:08
to be rejuvenated, that has not
00:21:10
happened. What has happened
00:21:12
>> is that the tourist industry which
00:21:13
employs 12 million people versus the
00:21:16
manufacturing industry which employs 11
00:21:18
million is taking a real hit cuz
00:21:21
Canadians are thinking, "No, I'm not
00:21:23
going to Disneyland or Las Vegas this
00:21:24
year." Did you see that story about that
00:21:26
British woman who was put into ice for 6
00:21:28
weeks for, you know,
00:21:30
>> checking your people have to turn over
00:21:33
their phone and they're being asked for
00:21:34
their password? It's like, [ __ ] that.
00:21:35
I'll go to I'll go to Capri or I'll go
00:21:37
to Buenosar, you know, I'll do something
00:21:40
else. I would think this is a I would
00:21:42
think every tourism board in the world
00:21:44
is like come here. We'll take your
00:21:45
money.
00:21:45
>> Okay, Scott, let's go on a quick break.
00:21:47
When we come back, get ready for Trump's
00:21:49
State of the Union. Support for this
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00:24:20
>> Scott, we're back. As we record, we're
00:24:22
one day away from Trump's State of the
00:24:24
Union speech. This will appear on the
00:24:25
day of it. He's walking in with a 60%
00:24:28
disapproval rating. According to a new
00:24:30
Washington Post ABC Ipsos poll, House
00:24:33
Minority Leader Hakee Jeff is urging
00:24:35
Democrats either attend in silent
00:24:37
defiance or skip the speech. And a
00:24:39
growing number of Democrats plan to
00:24:40
attend a counter rally on the National
00:24:42
Mall called the people's state of the
00:24:43
union. And uh Virginia Governor Abigail
00:24:46
Spanber is delivering the official
00:24:47
Democratic response. It's a good choice.
00:24:49
Um what do you think of this?
00:24:52
>> I I don't think he quite frank I I'm
00:24:54
wondering if that's if and when we bomb
00:24:57
Iran. I don't
00:24:59
>> I don't think he has a lot to I I don't
00:25:01
know.
00:25:02
>> Apparently
00:25:03
it apparently he's going to talk about
00:25:05
how manufacturing is coming back to the
00:25:07
US like tomorrow. He's sort of like an
00:25:08
Elon promise.
00:25:10
>> I think the screenshots here are going
00:25:11
to be really hilarious. The audience
00:25:12
reaction even I think there's even going
00:25:14
to be some Republicans who are kind of
00:25:15
like, "Oh yeah, I clap." Uh yeah, that's
00:25:18
not
00:25:19
>> Yeah,
00:25:20
>> that's not that's not working here. I I
00:25:23
think it's going to be very interesting,
00:25:25
but I feel as if he's, you know, they're
00:25:28
like, "Okay, how do we turn chicken [ __ ]
00:25:29
into chicken salad here?"
00:25:31
>> Yeah. They're going to to Vance
00:25:32
apparently gave an interview where he's
00:25:34
talking about how we're going to
00:25:35
suddenly have factories everywhere. Like
00:25:37
it's all made up. Literally, it feels
00:25:38
like, you know, there was a really
00:25:39
interesting meme online, Elon promising
00:25:41
autonomy for like 10 years, like
00:25:44
tomorrow, next week. They're going to
00:25:46
try to say everything's great with the
00:25:47
economy, which to me, when Biden did
00:25:49
that, was so uneffective when people
00:25:51
know that's not the case. I think this
00:25:53
these these numbers are just astonishing
00:25:56
that he keeps doubling down, right, on
00:25:58
these 60% disapproval is so high. I
00:26:01
don't think you I think it was this
00:26:03
number right after the January 6th
00:26:06
attack on the capital. I mean, I think
00:26:08
that's where we are right now. And um
00:26:10
it'll be interesting. I think there's a
00:26:12
high chance of crazy like that he does
00:26:14
something nuts.
00:26:15
>> Just goes unchained.
00:26:16
>> Unchained like he says something kooky
00:26:18
or he loses his words. I wouldn't get up
00:26:21
there if I were him. You know, of course
00:26:23
he's going to have pancake makeup caked
00:26:26
on his hand. By the way, whoever is
00:26:28
doing that, I can tell you there are
00:26:30
Hollywood people that can make that hand
00:26:31
look better. I keep looking at it. I'm
00:26:33
like, what is his like secretary doing
00:26:35
it or, you know, with a bunch of like
00:26:37
like cheap makeup? It's really weird. I
00:26:40
feel like they could do a better job.
00:26:41
>> It's the same person that came up with
00:26:42
the tariff strategy.
00:26:43
>> Right. Exactly. It's Peter Navaro
00:26:45
slabbering, you know, Mac.
00:26:47
>> Hold your hand out.
00:26:48
>> It's not even
00:26:49
>> My niece works My niece works at
00:26:51
Sephora. This is how you do it.
00:26:53
>> But seriously, I think it is a good
00:26:55
chance of crazy. good can't like a high
00:26:57
chance of crazy like something. Yeah, I
00:26:59
wouldn't do it if I were him. I'd find
00:27:00
some dumb excuse not to do it. But he he
00:27:03
he's now a heat seeeking me missile.
00:27:06
>> Have you noticed how much he's been like
00:27:08
appearing like he keeps appearing
00:27:10
everywhere? I don't know. I just feel
00:27:12
like it's bad. And speaking of which, I
00:27:15
think it's we'll see what happens. But
00:27:17
the at the very least if he doesn't say
00:27:19
something crazy, poop his pants or or
00:27:22
lose his words and it'll be fine, I
00:27:24
guess. and doesn't just lie too much.
00:27:27
Um, I don't know. What should the
00:27:28
Democrats do? Just show up and say
00:27:30
nothing, stare angrily?
00:27:32
>> I think you just I think you just sit
00:27:34
there and kind of look like, "Okay,
00:27:36
>> are you [ __ ] kidding me?
00:27:37
>> This dude has lost his shit." I I don't
00:27:39
know what they should do. I don't think
00:27:40
they
00:27:42
uh
00:27:43
you know, uh, acquaint yourself like the
00:27:46
elected leaders you are and just uh
00:27:49
polite, you not go. The Supreme Court
00:27:52
has to go the all of them, right? Don't
00:27:54
you think? Don't you think all of them
00:27:55
have to go?
00:27:57
>> Yeah. As do our elected representatives.
00:27:59
I I just hate the idea of whoever's
00:28:01
president, half the house doesn't show
00:28:03
up. I I don't know.
00:28:04
>> I think there's a certain decorum. It's
00:28:06
the State of the Union. Show up. You
00:28:08
don't have to smile. You don't have to
00:28:09
applaud. But yeah, I think you show up.
00:28:10
And of course,
00:28:12
>> they're aliens. Maybe that's what he's
00:28:13
going to do. I don't know. Something.
00:28:14
He's going to have to have any jazz
00:28:15
hands and he shouldn't use his hands too
00:28:18
much. Let's just say
00:28:18
>> I'm just praying that the teleprompter
00:28:20
goes down and he goes full apeshit
00:28:22
crazy. I hope that it's
00:28:24
>> I hope it's too gin and tonics for drunk
00:28:26
uncle.
00:28:26
>> No, but he doesn't drink. Remember, he
00:28:28
doesn't drink. Remember his brother died
00:28:30
of alcoholism.
00:28:31
>> But other than that, Cara, how is his
00:28:33
brother doing?
00:28:34
>> What?
00:28:36
>> Dead. All right. Um
00:28:37
>> that's like, do you ever run into a
00:28:39
friend and you ask how their dad is and
00:28:40
you didn't know? Like, oh, my dad passed
00:28:42
a year ago. Oh, but wait, other than
00:28:43
that, how's it going?
00:28:45
>> That's always my response.
00:28:46
>> You never do that.
00:28:47
>> I totally do that. What are you supposed
00:28:48
to say? People, what I find is people
00:28:50
don't go, oh, I'm sorry. All right. It's
00:28:51
like, well, dude, he died a year ago.
00:28:53
I'm fine. I think you make a joke out of
00:28:54
it.
00:28:55
>> Still okay. All right. Well, my mom's
00:28:57
still living. Just remember that. So,
00:28:59
all right.
00:29:00
>> Lucky.
00:29:00
>> Lucky. She's good. I got her a lazy boy.
00:29:03
>> I got her.
00:29:05
>> Still good.
00:29:06
>> That's the greatest innovation in
00:29:07
Hollywood. It's not AI. It's lazy boys
00:29:09
in theater.
00:29:10
>> It stands up now. It's so good. I took
00:29:11
her to lunch. I I lifted her right out
00:29:14
of that chair. Stuck her in. Anyway, she
00:29:16
loves her lazy boy. She loves her.
00:29:18
>> Yeah.
00:29:18
>> I'm just saying I'm getting you one.
00:29:20
They're very nice now. Anyway, um
00:29:22
>> I want one with wheels where I can just
00:29:23
fly down the avenue.
00:29:25
>> No, we're going to keep you in a room
00:29:26
and that's going to be the end of it.
00:29:28
So, this is one I've been really excited
00:29:30
to talk to you about. President Trump
00:29:31
has called on Netflix to fire board
00:29:33
member Susan Rice or quote the
00:29:35
consequences after Rice said Democrats
00:29:37
would push for corporate accountability.
00:29:40
The DOJ is investigating Netflix
00:29:42
proposed takeover of Warner Brothers and
00:29:43
whether the deal may quote substantially
00:29:46
lessen competition. and Paramount saying
00:29:48
there's quote no statutory impediment to
00:29:51
closing its deal for Warner Brothers
00:29:52
after clearing a US antitrust waiting
00:29:54
period. This is not true. Uh regulators
00:29:57
could still stop to sue it. Of course,
00:29:58
there's the EU and other uh other ways.
00:30:01
This is not This was a press release.
00:30:03
Meanwhile, a group of Democratic
00:30:05
senators is threatening to investigate
00:30:07
Paramount, seeking information on the
00:30:08
company's contacts with the Trump
00:30:10
administration. as we tape the seven-day
00:30:12
window for Warner Brothers to talk with
00:30:14
Paramount is nearing an end at 11:59 PM
00:30:18
on Monday. So, talk about this this
00:30:21
Trump thing. I mean, Susan Rice, like
00:30:23
what I mean, maybe it'll have an
00:30:25
implication. I don't know. It's just
00:30:26
weird. You can't make like he had tried
00:30:28
to get Lisa Monaco from stopping working
00:30:30
at Microsoft. Microsoft just ignored him
00:30:32
essentially and she's still working
00:30:33
there. Um, do you think it's important?
00:30:36
What do what do what do you think here?
00:30:38
Yeah, it's it's incredibly socialist.
00:30:41
Capital markets function on the
00:30:42
assumption that boards are accountable
00:30:44
to shareholders, that regulatory
00:30:46
authority is exercised through formal
00:30:48
channels, and that political powers and
00:30:50
uses leverage and private corporate
00:30:51
disputes.
00:30:53
And you know, when those lines erode,
00:30:56
you introduce political risk and into
00:30:58
ordinary governance decisions.
00:31:01
Capitalism is supposed to be regulated
00:31:03
competition. and you a guy who just has
00:31:07
a history of bankrupting casinos and
00:31:10
leaving a stream of unpaid
00:31:11
subcontractors
00:31:14
uh you know who got rich through a grift
00:31:16
monetizing the White House is not the
00:31:18
person to be telling companies it's just
00:31:21
it's totally anathema to the way America
00:31:23
has built its economy
00:31:25
you know when political actors treat
00:31:28
corporate boards as cultural back uh
00:31:30
battlegrounds you shift you shift from
00:31:34
kind of rules-based capitalism to
00:31:36
personalitydriven capitalism. Investors
00:31:40
investors can price regulation, but they
00:31:42
struggle to price discretionary
00:31:43
political targeting. So, does this mean
00:31:46
every time the administration changes,
00:31:48
we invest in companies that are have
00:31:50
Democratic board members versus
00:31:52
Republican
00:31:53
>> board members? And practically, if
00:31:56
presidents start leaning on boards, it
00:31:58
invites Congress, regulators, and state
00:32:00
officials to do the same. And that's not
00:32:01
market discipline.
00:32:03
That's
00:32:03
>> we won't give you this unless you get
00:32:05
rid of this person. I mean, so far
00:32:08
>> again, it didn't work with Lisa Monaco
00:32:10
at Microsoft. They just basically
00:32:12
ignored the request.
00:32:14
>> And I think so I was with some Netflix
00:32:15
people. I went to the BAFTA awards last
00:32:17
night and I was
00:32:19
>> you went to BAFTA. Hello. Where are the
00:32:22
lead? What did you wear?
00:32:24
>> Oh, I I I did know BAFTA was a big deal
00:32:26
and I showed up just with a blazer and
00:32:28
then Ted Sandos came up to me in a tux.
00:32:30
I'm like, "Oh god, I [ __ ] up."
00:32:31
>> Yeah. Okay.
00:32:32
>> Um,
00:32:32
>> yeah, he was there.
00:32:34
>> Yeah. Uh, but everyone, yeah, it was
00:32:36
really, really fancy. I didn't a friend
00:32:38
of mine took me to dinner and said, "Do
00:32:39
you want to go to the BAFA Awards?" I
00:32:40
said, "Yeah."
00:32:41
>> Wow.
00:32:41
>> And anyways, but
00:32:45
they will I I have no inside information
00:32:47
here, but I know what smart class act
00:32:51
management is. I am sure if they haven't
00:32:53
already, they'll put out a statement of
00:32:54
support for Susan Rice. And this is
00:32:59
this has become so obviously he's now
00:33:02
supporting um Paramount, but I talked to
00:33:06
some Netflix. I think that at this point
00:33:09
these so much testosterone has gotten
00:33:11
involved in this. If you had asked
00:33:13
either the Ellison's or Ted Sando 6
00:33:16
months ago, are you willing you ever pay
00:33:18
$82 billion for Warner? They'd say, no
00:33:20
[ __ ] way. It's not worth that in any
00:33:22
world. But because Zazlav, to his
00:33:24
credit, is not a great operator, but
00:33:26
he's an outstanding investment banker,
00:33:28
he has played them off each other and
00:33:30
convinced both of them to overpay. If
00:33:33
the Ellison's end up getting this, and
00:33:35
Netflix doesn't, my prediction is that
00:33:37
Netflix stock is up 10 to 20%. Because
00:33:40
with $80 billion, Netflix can create
00:33:42
just a [ __ ] ton of content, new
00:33:44
verticals, new markets, new subscription
00:33:45
plans. They'll be able to at this point
00:33:48
I think it would almost be better for
00:33:50
them if they lost and they just sue the
00:33:52
[ __ ] out of Paramount and the government
00:33:55
and basically create keep Hollywood in a
00:33:58
state of flux because
00:33:59
>> this non non
00:34:01
>> and they're the winner. They they'll
00:34:02
keep on humming. I mean that company's
00:34:04
firing on all 12,000 cylinders with
00:34:07
>> content production all over the world
00:34:09
and just you know they're sort of the
00:34:11
default, right? You have to even in the
00:34:13
resist and unsubscribe people would say
00:34:15
I'm going down to one streaming media
00:34:18
platform and if you go down to one who
00:34:19
do you choose
00:34:20
>> absolutely
00:34:21
>> you choose Netflix right it's
00:34:22
>> Netflix yeah
00:34:23
>> everyone else is heated seats and car
00:34:25
stereoss they're they're the engine in
00:34:27
the car itself they're the chassis so to
00:34:30
speak
00:34:30
>> or Disney right because it's
00:34:32
>> you have young kids and you don't watch
00:34:34
TV maybe well I guess
00:34:35
>> I watch a lot of TV you're wrong you're
00:34:37
wrong I watch it at night
00:34:39
>> but but yeah it it's
00:34:42
What you're going to see here, I think,
00:34:44
is that even if the Ellison's get it, if
00:34:48
Netflix could block the closing of the
00:34:52
acquisition until the next
00:34:54
administration, they might be able to
00:34:55
overturn it because
00:34:56
>> that's right.
00:34:57
>> The whole point of capitalism is it's
00:34:59
pretty basic in in M&A. Whoever shows up
00:35:02
with more money gets approved by
00:35:04
shareholders and then it has to survive
00:35:06
regulatory review. The president has no
00:35:08
role in any of that. That's not as what
00:35:10
he that's not what he's there for. He's
00:35:12
the whole point of government is we let
00:35:14
our thoroughbreds run. We have
00:35:17
antitrust. We have regulatory concerns.
00:35:19
We have cifhious security concerns. But
00:35:21
you're supposed guess what the American
00:35:24
corporation is the second best
00:35:28
performing organizations in history only
00:35:30
behind the US military. We create these
00:35:33
these out of control full body contact
00:35:36
violence, not a ton of regulation, low
00:35:38
regulation rules, regulated competition
00:35:41
produces unprecedented profits,
00:35:43
prosperity, and innovation. And all of a
00:35:46
sudden, you have a a failed rich kid
00:35:49
deciding who should own what.
00:35:51
>> Yeah. Exactly. So, one of the things
00:35:53
that I has is really struck me. Look,
00:35:55
Netflix will be fine without this. I
00:35:57
think they really want it now. You know
00:35:58
what I mean? I think they are
00:36:00
>> ego's involved now.
00:36:01
Not just ego, but it's actually could be
00:36:03
good for them, too. Right. This gives
00:36:05
>> I don't agree. I think with that money,
00:36:06
they could build a bigger business on
00:36:07
their own
00:36:08
>> possibly. Right. You're right. You're
00:36:09
absolutely right. So, they'll be fine.
00:36:11
Whatever. And in slowing everything
00:36:13
down, they've created a slowdown for
00:36:15
everybody, which is always good for them
00:36:17
because they're faster, right? They were
00:36:19
lapping Hollywood for years. That I sat
00:36:21
there, I was like, why are you letting
00:36:22
Netflix lap you all for years and years
00:36:24
and years? So, they have that ability to
00:36:27
do that. And they've always stayed
00:36:28
fresh. They're a very fresh company even
00:36:30
as old as they are comparatively, right?
00:36:32
So, they're still they remain fresh and
00:36:34
relevant. Um, and people are learning
00:36:36
how to do what they do, but it's taken
00:36:38
forever for Hollywood to do so. And one
00:36:40
of the things that just gets me is one,
00:36:42
the efforts of Paramount are one, to run
00:36:45
a shitty business and show that you
00:36:47
cannot do content, whether it's over at
00:36:48
CBS News or Losing Taylor Sheridan.
00:36:52
>> Oh, come on. Landmen.
00:36:53
>> The world before the world before HR. I
00:36:56
love Landmen.
00:36:57
>> Okay. I know you do.
00:36:58
>> A bunch of men drilling where they're
00:36:59
not supposed to drill. People die and
00:37:00
then they pay him off and everything's
00:37:02
better.
00:37:02
>> How could you How could you ruin 60
00:37:04
Minutes? What a bunch of [ __ ] idiots.
00:37:06
I'm sorry. Like, how could you how could
00:37:08
you get Anderson Cooper to walk out?
00:37:11
He's such a polite young man. Like, it's
00:37:13
just like you're a bunch of dummies. I'm
00:37:15
sorry. I really I like some of you, but
00:37:17
seriously, this is rid It comes from the
00:37:20
top. I'm sorry. And getting daddy to pay
00:37:22
for it is really depressing on so many
00:37:25
levels. Like, so sad. It's like sad rich
00:37:27
kid. And they and they're going to Let
00:37:30
me just tell you, guess who's coming for
00:37:32
you. You think the Democrats won't do
00:37:34
anything? You are wrong, Paramount. They
00:37:36
are coming at you. If they win these
00:37:38
elections, I don't It's going to be a
00:37:41
long time before you get your hands on
00:37:43
CNN. It's going to be a long time before
00:37:44
you get your hands on any of this. And
00:37:46
then let's stop at European regulators.
00:37:49
Like, and by the way, now people in
00:37:52
Hollywood don't all love Netflix. That
00:37:53
is 100% clear. But now suddenly a lot of
00:37:56
Hollywood people like Mark Ruffalo very
00:37:58
liberal is is pushing back against James
00:38:01
Cameron who's cuz he loves theaters
00:38:02
whatever. Um there's now like a a
00:38:06
growing like hey leave Netflix alone
00:38:08
like which is incredible because they're
00:38:10
so like bossy to most of Hollywood. So
00:38:13
Paramount, you have managed to shoe
00:38:15
yourself in every foot possible, every
00:38:17
toe in the way you've conducted this and
00:38:19
just throw the money at it as you should
00:38:21
have done in the first place and just
00:38:23
take daddy's money and and buy it, but
00:38:26
you're still not going to get it easily,
00:38:27
especially because you're stressing all
00:38:29
this closeness with the Trump
00:38:31
administration. It's not going to end
00:38:32
well for you in three or four months.
00:38:34
That's my thought. In the first Star
00:38:36
Wars, uh, Jedi Obi-Wan Kenobi is on the
00:38:39
Millennium Falcon and he feels a
00:38:41
disturbance in the Force and he has to
00:38:43
sit down and he goes, "It's as if
00:38:45
millions of people just screamed and
00:38:48
then nothing." And he's referring to the
00:38:50
Death Star which builds a capability to
00:38:53
destroy planets and Darth Vader orders
00:38:55
the destruction of Aldderon.
00:38:57
You are going to see if the Ellison's
00:39:00
get if the Ellison's close, if Paramount
00:39:03
closes on Warner Brothers, you are going
00:39:06
to hear a scream from the creative
00:39:07
community of which they're not even
00:39:09
aware of.
00:39:10
>> Mhm.
00:39:11
>> Agreed.
00:39:12
>> You have a melting ice cube in Paramount
00:39:15
and then you'll get this the scale.
00:39:17
They'll overpay. At this point, they're
00:39:20
both overpaying. Whoever gets it is
00:39:21
overpaying. And then father Ellison is
00:39:24
gonna go, "Okay, the only way we can get
00:39:26
anything resembling a return is to
00:39:28
reduce cost by 40%." The fact that SAG
00:39:31
After the Writers Guild are not hair on
00:39:36
fire about AI, you want to see AI come
00:39:40
to an industry and destroy the labor. Oh
00:39:44
my god. Because Ted Sand, whatever you
00:39:46
think about Netflix, they like
00:39:47
Hollywood.
00:39:49
>> They still hire makeup artists. They
00:39:50
still they still do things kind of I
00:39:53
don't want to call it,
00:39:54
>> you know, the old way. I I think with
00:39:56
CBS they're like, "All right, we have to
00:39:59
make some bold take some risk because
00:40:01
this thing is just going away slowly."
00:40:04
>> Dink way. I get it. They I have a list
00:40:06
of that.
00:40:08
>> It's hard to defend the execution to
00:40:10
date. They had to take some risks here.
00:40:12
I wouldn't have taken a lot of risk with
00:40:14
60 minutes. Yes. Now, I would have
00:40:15
waited until this deal was over and
00:40:18
maybe hired a competent person, but
00:40:20
that's a different story. Anyway, um
00:40:22
let's go on a quick break and we come
00:40:23
back. Investors want protection from AI.
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for anything.
00:41:25
Scott, we're back. This is really
00:41:26
interesting because you've talked about
00:41:28
the the problems that companies not AI
00:41:30
are having, but Wall Street is taking
00:41:32
interest in a new category called Halo
00:41:34
companies. Heavy assets, low
00:41:36
obsolescence. Business is seen as
00:41:38
largely immune to disruption from AI.
00:41:40
Really interesting. S&P 500 sectors for
00:41:43
industrials, materials, utilities, and
00:41:44
consumer staples have marched ahead in
00:41:46
the last month. Companies like
00:41:47
McDonald's and Exon Mobile are taking a
00:41:49
win as investors try to take cover from
00:41:51
potential AI disruption. Now, you've
00:41:54
said a lot of these companies have
00:41:55
suffered because AI has taken most of
00:41:58
the gains in the stock market. Talk
00:42:00
about this. This was a story in the Wall
00:42:02
Street Journal, but it's something we've
00:42:03
discussed before. It was the other 400
00:42:05
companies, not the first the top seven
00:42:08
or whatever.
00:42:10
>> There's been a rotation out of AI
00:42:12
companies into what are traditionally
00:42:14
thought of as defense stocks like
00:42:15
Proctor and Gamble or Caterpillar, but
00:42:18
they have been run up. And so what
00:42:20
you've had is you've had this weird
00:42:21
phenomena where there's been a pretty
00:42:24
serious like multi-trillion dollar
00:42:26
destruction in the private and public
00:42:28
market valuations of the companies most
00:42:29
tightly associated with AI whether it's
00:42:32
Nvidia or Microsoft or you know they
00:42:35
have all gotten hit pretty hard. What's
00:42:38
also interesting though and then there's
00:42:39
been a rotation into quote unquote the
00:42:41
defensive guys that are considered AI
00:42:43
immune. Goldman Sachs put together an AI
00:42:46
immune index. the opportunity in all of
00:42:48
this and where I'm actually thinking of
00:42:50
investing is that while AI stocks have
00:42:53
come down, you know, the there's still a
00:42:56
massive fear that they're going to
00:42:59
destroy entire sectors. And the sectors
00:43:01
that are ground zero for this fear right
00:43:03
now are traditional SAS companies,
00:43:06
Salesforce, Service Now, um Adobe. The
00:43:10
view is since this new innovation from
00:43:13
um clude I'm sorry from claude that
00:43:16
those businesses that someone will just
00:43:18
automatically put in a prompt and all of
00:43:20
a sudden overnight no longer need
00:43:22
Salesforce for their CRM for for their
00:43:25
salespeople and that overnight
00:43:27
Salesforce is going to go away. I mean
00:43:28
Salesforce and Adobe and Service Now
00:43:30
these companies are off somewhere
00:43:32
between 40 and 70%. These companies and
00:43:35
by the way there's absolutely no
00:43:38
evidence whatsoever. voted last week.
00:43:40
Yeah.
00:43:41
>> So, these companies are growing at
00:43:42
double digits. Meanwhile, some of these
00:43:44
old economy companies that are growing
00:43:46
at single digits are trading at much
00:43:48
higher multiples. So, I would argue that
00:43:52
one of the biggest opportunities in the
00:43:54
market right now is the traditional SAS
00:43:56
companies as a multiple on their free
00:43:58
cash flow. They
00:43:59
>> This is beyond these Halo companies,
00:44:01
beyond the McDonald's.
00:44:02
>> No, I think the Halo guys quite frankly
00:44:04
are overpriced right now.
00:44:06
>> Oh, interesting. They're low growth
00:44:08
companies trading at exceptional pees.
00:44:11
Meanwhile, I mean, keep in mind if you
00:44:14
think so at all my companies, we've had
00:44:17
Salesforce.
00:44:18
I don't care if some kid if some kid
00:44:20
came to me and said, "Okay, we can kind
00:44:22
of replicate Salesforce with a
00:44:24
thoughtful prompt into anthropic." I'd
00:44:27
be like, "Okay, we're going to have to
00:44:29
retrain everybody on a new UI."
00:44:32
these companies get so they have client
00:44:34
service, they have events, they have
00:44:36
they have worked out millions of bugs
00:44:39
over a couple years. I get invited to
00:44:42
Dreamforce if I spend enough money. The
00:44:44
thought that all of a sudden people are
00:44:46
just going to strip out Adobe or Figma
00:44:50
or Service Now is just these companies
00:44:53
are so deeply embedded. You can call it
00:44:56
technical debt, you can call it
00:44:57
switching costs, whatever it is. In
00:44:59
addition, if if AI can actually take the
00:45:03
coding down to something meaningless,
00:45:04
then what will happen, I think, is that
00:45:07
these SAS companies will reduce their
00:45:09
cost by 10 or 20%. Which gives you their
00:45:13
actual coding and technical costs are
00:45:14
only 10 or 20% of their revenue. The
00:45:16
other 80% is marketing, branding, client
00:45:18
service, design, events is so that shows
00:45:22
you where the value is. They'll do the
00:45:24
same thing and then pass on those
00:45:26
savings. So you might see some mild
00:45:28
margin compression, but I think the
00:45:29
flight into quote unquote defensive
00:45:31
stocks. I think that trade has been
00:45:33
overdone.
00:45:35
And I think there's one of the biggest I
00:45:37
haven't been able to find value
00:45:38
anywhere. I've been selling, not buying
00:45:41
for the first time in a long time. I
00:45:43
look at these SAS companies. There is
00:45:44
absolutely no evidence anywhere that a
00:45:47
large corporation is giving up Adobe or
00:45:49
Salesforce and putting in new prompts
00:45:51
into AI. So I think that threat has been
00:45:54
massively
00:45:56
over overdone. Also I think the rotation
00:45:59
into these more traditional low growth
00:46:00
companies quite frankly I think those
00:46:03
guys are really overvalued right now.
00:46:05
These are low growth companies trading
00:46:07
at a tech growth multiples.
00:46:10
>> Yeah I would agree. I think you're
00:46:12
absolutely right. I think that's a
00:46:13
really interesting take on that. The it
00:46:15
is interesting that people are looking
00:46:16
beyond AI right like where are the
00:46:19
opportunities and I think I think your
00:46:20
argument is excellent. So, what are you
00:46:22
buying?
00:46:23
>> Oh, I'm going to put together probably a
00:46:25
basket of Figma, Adobe, Salesforce,
00:46:29
maybe Service Now, but I look at those
00:46:33
companies and unless there's a collapse
00:46:35
in their business model, do you know how
00:46:37
hard it is to get rid of I remember, you
00:46:40
know, these companies are so deeply
00:46:42
embedded. I remember we were paying
00:46:44
$25,000 a year for my terminal for
00:46:46
Bloomberg and we thought, okay, let's go
00:46:48
to Thompson Reuters. It's cheaper.
00:46:50
Bloomberg is so tightly integrated into
00:46:53
your life if you're managing a hedge
00:46:54
fund. Even messaging the way we message
00:46:58
people in the hedge fund over time,
00:46:59
Scott things do get replaced over time,
00:47:02
right?
00:47:03
>> I think what's going to happen here is
00:47:04
margin compression
00:47:05
>> a box if you remember a lot of this
00:47:08
>> but they'll I think they'll cut costs. I
00:47:10
mean I still think I mean for example
00:47:13
Salesforce I actually think is really
00:47:14
brilliant branding. They have built some
00:47:16
of the tallest buildings in every one of
00:47:18
their markets in the world. There
00:47:20
there's probably if they needed to quite
00:47:22
a bit of cost they could cut and pass on
00:47:24
to their consumers. These are smart
00:47:26
people. What they might say is if they
00:47:29
see a threat they might say oh
00:47:31
Salesforce is now6x per seat versus X
00:47:34
per seat. These are smart well-run
00:47:37
management teams. Uh and by the way no
00:47:40
evidence whatsoever that any of this is
00:47:43
impacting any of those companies.
00:47:44
>> Yes. That is the bigger point. All
00:47:46
right. Scott's going different than
00:47:47
Halo. He's going, "What are we going to
00:47:49
call them? S not dead software."
00:47:52
>> I would say abandoned. Abandoned. It's
00:47:56
like that little monkey who was who was
00:47:58
rejected by his his family and found a
00:48:01
plushy. It's the plushy strategy.
00:48:04
>> I knew you watched that.
00:48:05
>> I can't stop watching that little
00:48:07
monkey.
00:48:07
>> I know.
00:48:08
>> I can't stop watching.
00:48:09
>> Did you see the one
00:48:10
>> his mom rejected him and they gave him a
00:48:12
plushy?
00:48:13
>> I know. But did you see the one where
00:48:14
they it was speaking of AI use where the
00:48:17
monkey attacks all the other monkey the
00:48:18
monkey with the plushy attacks all the
00:48:20
other monkeys
00:48:21
>> starts doing kung fu on them.
00:48:22
>> Yeah. Starts doing kung fu on them like
00:48:24
he's like he's had enough. He's going to
00:48:26
punch. Anyway,
00:48:28
>> I just thought that I saw that and
00:48:30
granted I think I was on an edible and
00:48:31
I'm like that's my purpose in life is to
00:48:33
be other people's plushy.
00:48:34
>> Plushy.
00:48:35
>> That's my purpose.
00:48:36
>> You are my plushy. Anyway,
00:48:38
>> I meant I'm here to go somewhere weird
00:48:40
really quickly. So, I'm going to move
00:48:41
on. One more quick break. We'll be back
00:48:43
for wins and fails. Support for today's
00:48:46
show comes from Upwork. Hiring help
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That's upw.com.
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upwork.com.
00:49:50
All right. Wins and fails. I shall go
00:49:52
first cuz I have declared myself first.
00:49:55
So when the Olympics just ended, they
00:49:57
were quite good. US women and women in
00:49:59
general dominated. America's female
00:50:01
Olympians won six gold medals and 17
00:50:03
medals overall. American men won four
00:50:05
gold medals and 12 medals over her. It's
00:50:07
not a competition, but they did really
00:50:08
well. Um, and in any case, one of the
00:50:11
things I was really struck by was not an
00:50:13
American, but someone who is American,
00:50:16
Eileen Goo, uh, who won the gold medal
00:50:18
in the women's free uh, free skipipe
00:50:21
event for China. She's been been
00:50:23
meddling for China and just won a couple
00:50:26
of silvers. She's been really plagued by
00:50:28
stupid questions largely from male um,
00:50:31
reporters. But she got asked a question
00:50:34
uh when asked by a woman, "What do you
00:50:36
think about your words before you
00:50:37
speak?" It actually was a very
00:50:38
complimentary question saying, "You're
00:50:40
so well spoken. How do you do it?" And
00:50:42
so, let let's listen to her answer,
00:50:44
which I thought was so superb. She's
00:50:46
gorgeous. She's a model. She's a skier.
00:50:48
She's an athlete, etc. Let's let's
00:50:50
listen. I think overall, I'm just a
00:50:53
pensive person. Like, I'm a very
00:50:55
introspective I'm an introspective young
00:50:57
woman. Like, I spend a lot of time in my
00:50:59
head. Um, and it's not a bad place to
00:51:01
be. I I journal a lot. I break down all
00:51:03
of my thought processes. I think I apply
00:51:05
a very analytical lens to my own
00:51:08
thinking and I kind of modify it because
00:51:11
it's so interesting. You can control
00:51:12
what you think. Like you can control how
00:51:14
you think and therefore you can control
00:51:16
who you are. And especially as a young
00:51:18
person, like I'm 22, so with
00:51:19
neuroplasticity on my side, I can
00:51:21
literally become exactly who I want to
00:51:22
be. How cool is that? Like how
00:51:24
empowering is that, right? I think she
00:51:25
was quite lively in a way that I really
00:51:27
enjoyed listening to her uh you know
00:51:29
push back against people very a lot of
00:51:31
these athletes whether they were some of
00:51:33
the skaters uh the women skaters were
00:51:35
astonishing and they're they're their
00:51:37
own people. I really enjoyed this for
00:51:39
that for all these uh these athletes
00:51:42
especially the women showing off. They
00:51:43
don't have to be adorable little dolls.
00:51:46
They were just their own people. I
00:51:48
really like that. My fail is related.
00:51:50
It's when Trump called the US men's
00:51:53
hockey team in the locker room after
00:51:54
their victory where Cash Patel was
00:51:56
making a [ __ ] idiot himself chugging
00:51:58
beers and acting like he was 21 when
00:52:00
he's old and spending taxpayer money.
00:52:02
But let's not get into that imbecile.
00:52:05
But anyways, Trump then tried to said
00:52:08
hold my beer to Cash Patel and he
00:52:10
invited them to the State of the Union
00:52:11
and the White House. But let's listen to
00:52:14
how he said it.
00:52:14
>> We'll do the White House the next day.
00:52:16
We'll just have some fun. We have medals
00:52:17
for you guys. And we have to I must tell
00:52:20
you, we're gonna have to bring the
00:52:22
women's team. You do know that.
00:52:28
>> I do believe I probably would be
00:52:29
impeached. Okay.
00:52:31
>> It's so great to have a really old man
00:52:32
make a stupid old man joke and that is
00:52:36
fine. He is what he is. And it was just
00:52:38
gross to insult the women who had just
00:52:40
won the gold medal. Um instead the guys
00:52:43
laughed and I get it. I get it. I get
00:52:45
it. You're in a locker room, you just
00:52:47
won, you're all excited, and you have
00:52:48
the president calling you, but you don't
00:52:50
have to laugh at his jerky joke. And it
00:52:52
it it doesn't shed good light on you to
00:52:54
do this and to cut down the women's team
00:52:57
just because UN because of this imbecile
00:52:59
old man said this thing. I think it's
00:53:02
time is over for for talking about women
00:53:04
like their battle axes or they're such a
00:53:06
pain to be here and oh the ladies. It's
00:53:08
tiresome in the extreme. Um I'm not
00:53:11
someone who doesn't like a good joke. I
00:53:13
put up with Scots all the time, but this
00:53:15
is just not funny. And it isn't funny to
00:53:17
the women's team. Now, a day later,
00:53:18
after Trump did invite the US uh women's
00:53:21
hockey team, it turns out they simply
00:53:23
can't make it. Sorry, Donald Trump.
00:53:26
We're getting our hair washed or washing
00:53:28
our hair, I don't know, whatever stupid
00:53:29
excuse. They don't want to they don't
00:53:31
want to hang with you. A spokesman for
00:53:33
the team said, "We are sincerely
00:53:34
grateful for the invitation extended to
00:53:36
our gold medalinning US women's hockey
00:53:38
team." and added that they would not be
00:53:40
able to attend, quote, due to the timing
00:53:42
and previously scheduled academic and
00:53:44
professional commitments. I love them.
00:53:46
And I'm going to just relate very
00:53:48
quickly. When my son Louie was on a
00:53:50
men's soccer lacrosse team, there was a
00:53:53
there was an audio of something where
00:53:55
they it really insulted the girls in the
00:53:58
class really badly. Like really like it
00:54:01
was a dumb, stupid, sexually charged um
00:54:05
song they played. I don't remember it
00:54:07
exactly, but they got a video of it, of
00:54:08
course, because everything's videotaped.
00:54:11
And it was gross what they were doing.
00:54:13
They're assaulting their classmates like
00:54:15
in a really sexist way. And Louie wasn't
00:54:18
singing the song. I he was in the video.
00:54:20
He wasn't singing the song. But I
00:54:22
remember um you know, when I saw it, I
00:54:24
was so disappointed in him because he
00:54:26
didn't say anything, right? He didn't
00:54:28
like and I know he couldn't he was in
00:54:30
the locker room. And so we had a great
00:54:31
talk at the time and I remember spending
00:54:34
a lot of time talking to both my boys
00:54:36
about their role in pro, like you say,
00:54:39
protecting women. Not just protecting,
00:54:40
but don't laugh at stupid [ __ ] like
00:54:43
that. Like you don't have to go along
00:54:45
just to get along. And it was really it
00:54:47
reminded me of that moment when when
00:54:50
Louise said to me at the time, you know,
00:54:51
I didn't do anything. And I said, you
00:54:53
didn't do anything. That's exactly my
00:54:55
problem with you at this moment. And I
00:54:58
get it. I get what it's like being a
00:54:59
boy. I get the pressures of it, but
00:55:01
honestly, US men's soccer hockey team,
00:55:05
you know,
00:55:07
just be better. Let's just say, let's
00:55:10
say be what I would say to you is if I
00:55:12
was your parent, I'd slap you back to
00:55:13
last Sunday. Anyway, that's my Go ahead.
00:55:16
Congratulations, by the way, US men's
00:55:18
hockey team and the women's hockey team.
00:55:20
>> The I I thought the highlight of the
00:55:22
Winter Olympics was um Megan Keller, who
00:55:25
scored the overtime. I grew up going to
00:55:27
hockey games. It was the only one of the
00:55:29
few ways my father and I bonded. We used
00:55:31
to go to LA Kings games and watch Marcel
00:55:34
Deion and Whitey Whiting and Roie Vashan
00:55:37
and uh so I know something about hockey
00:55:40
and I used to go to Maple Leafs games
00:55:41
with my father. The the overtime goal
00:55:44
from Megan Keller hands down for me was
00:55:48
the the ultimate demonstration of
00:55:50
athleticism,
00:55:52
grace under pressure. And keep in mind,
00:55:55
you know, these women are really doing
00:55:58
it for the love of the sport. They
00:55:59
don't, their league does not pay a lot.
00:56:01
>> Can I point out Alyssa Lou and the three
00:56:04
others, the three other women from the
00:56:06
US were all supportive of each other.
00:56:07
Like they weren't like had each other
00:56:09
level of camaraderie.
00:56:11
Amazing.
00:56:12
>> I do not fault the men for laughing.
00:56:13
They're in a locker room. They're
00:56:14
talking to the president and most of
00:56:16
them are like 23 year olds from
00:56:17
Wisconsin. They don't
00:56:19
>> Not that there's anything wrong, but I
00:56:21
don't fault them. I fault the president
00:56:23
for not setting a good example for young
00:56:25
men,
00:56:25
>> right?
00:56:25
>> You know, that's just not And but the
00:56:28
the women
00:56:30
>> did you see the final of the the women's
00:56:32
hockey?
00:56:33
>> Yeah, it was amazing.
00:56:34
>> The goal she pulled off
00:56:36
>> was so ext I I kept watching it over and
00:56:39
I spent 20 minutes watching it 40 times.
00:56:43
Anyways,
00:56:44
>> uh Megan,
00:56:45
>> they don't get they don't get to star in
00:56:46
heated rivalry, etc. They It really is.
00:56:49
They they they're an astonished
00:56:52
rivalry with women's hockey.
00:56:54
>> That's already happening.
00:56:55
>> You got one viewer.
00:56:56
>> I'm sorry. That's already happening. But
00:56:58
we'll go into it in great. Go ahead.
00:57:00
Yours win and fail.
00:57:02
>> Well, it's one thing and that is
00:57:06
okay. So,
00:57:08
we let our thoroughbreds US corporations
00:57:11
run. And we have structural systemic
00:57:13
laws that tell them, okay, you can't
00:57:15
pour mercury into the river. And if an
00:57:18
industry becomes so consolidated, it
00:57:19
starts extracting unfair rents from
00:57:21
labor, consumers, the government moves
00:57:23
in. Other than that, one of the reasons
00:57:25
for our economic growth is we heir on a
00:57:27
lack of regulation or government
00:57:29
intervention. When the president starts
00:57:31
weighing in and saying the most
00:57:33
ridiculous [ __ ] about a board member he
00:57:37
called her racist, oh yeah, Susan Rice,
00:57:39
like famous racist.
00:57:41
>> So that's not even my fail though. that
00:57:44
we we've expected that kind of weak and
00:57:47
weird socialist/communist/autocratic
00:57:50
behavior that hurts our economy. What I
00:57:55
can't stand is that Democrats
00:57:58
do not lack all creativity around how
00:58:01
we're going to strike back. And let me
00:58:03
just give you one idea because I love
00:58:04
the idea of economic activism. And that
00:58:08
is all right. A a kind of beltway
00:58:12
on-ramp into greater wealth is the
00:58:14
following. You serve in Congress or in
00:58:16
the cabinet and you go on because you're
00:58:18
an impressive person with strong
00:58:20
connections and an understanding of the
00:58:21
world. You go on to serve on corporate
00:58:24
boards and make some money. I bet Susan
00:58:26
Rice has made millions of dollars on the
00:58:29
board of Netflix. And by the way, I
00:58:32
think it's great. She worked her ass
00:58:33
off. I don't mind. There should be a
00:58:35
cooling off period going to work for
00:58:37
lobbyists. But I have been on boards
00:58:40
with former the New York Times. We had
00:58:41
Bill Canard, the former head of the FCC,
00:58:43
went on to be the American ambassador to
00:58:44
the EU. I was on a board with uh Rick
00:58:47
Snder who went on to be the governor of
00:58:49
Michigan. I think it's great that they
00:58:51
serve on boards. They're talented,
00:58:52
thoughtful people. They deserve to make
00:58:53
money. I have no problem with it. But if
00:58:56
the president starts [ __ ] with
00:58:58
Democrats on boards,
00:59:01
leader Jeff and uh Senator Schumer, why
00:59:05
the [ __ ] are you not [ __ ] back? And
00:59:08
this is the following. For example, Mike
00:59:11
Pompeo, former head of the CIA and
00:59:15
Secretary of State, he is on a board,
00:59:17
and I did this in about 10 minutes of
00:59:19
research. He did he is on a board uh
00:59:23
called Von which is a single class share
00:59:27
company and when I used to do activism I
00:59:30
had to spend 150,000 to 250,000 to file
00:59:33
a 13D and nominate directors and get
00:59:36
lawyers involved. I have now written up
00:59:40
uh uh uh the filings for nominating
00:59:42
governors at this single class share
00:59:44
company and I did it in about 7 minutes
00:59:47
using AI. I'm gonna buy one share in
00:59:50
this company and I'm gonna start
00:59:52
targeting Republicans on boards and not
00:59:55
renominating them and then maybe go
00:59:57
after another board member and anyone in
01:00:00
Congress who's a Republican who decides
01:00:03
they too would like to make some money
01:00:04
on boards. Well, why aren't Schumer and
01:00:07
Jeffrey saying, "We're going to we're
01:00:10
going to be back in power, folks. And if
01:00:12
you want to go serve on boards as Susan
01:00:15
Rice did, we're gonna start [ __ ] with
01:00:17
you.
01:00:18
>> Now look, Scott, the thing is what he's
01:00:20
doing is totally wrong. So you should do
01:00:21
the wrong thing in order to meet him.
01:00:24
Like that is a hard decision.
01:00:25
>> You you fire a gun at me, I am pulling
01:00:28
out my gun and I am shooting you in the
01:00:30
[ __ ] face.
01:00:31
>> All right, I'm good.
01:00:32
>> This is about incentives. And this this
01:00:34
notion that Democrats that we're higher
01:00:36
and mightier and that we'll restore the
01:00:39
con [ __ ] that. [ __ ] that. You wanna You
01:00:43
want to deny the Constitution and and
01:00:46
engage in depraved criminal behavior
01:00:48
against us? Well, fine, folks. If you
01:00:51
think we're going to restore just go
01:00:52
back to being the nice guys who are
01:00:54
gentile and restore the norms, no. That
01:00:57
is the wrong incentives. There needs to
01:00:59
be a loud and clear message to the
01:01:00
Republicans who are grabbing this their
01:01:03
ankles as America gets [ __ ] here. Be
01:01:06
clear. You want an autocracy? Fine. and
01:01:09
we'll show you an autocracy when we're
01:01:11
back in charge.
01:01:13
>> Sorry for sorry for the lecture.
01:01:14
>> Okay. I think they're not going to be
01:01:15
invited at the next Democratic getaway.
01:01:17
I There's other ways to fight back that
01:01:19
are just as devastating to them that you
01:01:21
don't have to do what they did. There's
01:01:23
lots someone called me from one of these
01:01:26
companies and it's like, "Oh, I don't
01:01:27
think the Democrats are going to hurt
01:01:28
us." I said, "Oh, they're going to hurt
01:01:30
you. You're just not the same way.
01:01:31
>> They're not afraid. They think we're
01:01:33
going to go back to strongly worded
01:01:35
letters."
01:01:35
>> No, they're not going to. I think
01:01:36
there's going to be action. I do. I just
01:01:38
don't think we have to do it the way
01:01:39
Trump is doing, which is essentially
01:01:40
acting like Putin. Anyway, we have we
01:01:43
have to we have to uh move on. But just
01:01:45
for people who don't know, Trump's
01:01:47
favorite judge, speaking of fails,
01:01:48
Eileen Cannon just blocked the public
01:01:50
release of special counsel Jackson's
01:01:51
report on the classified documents case
01:01:54
against Trump trying her best to get
01:01:55
into the Supreme Court. Eileen or Ailen,
01:01:58
whatever your [ __ ] name is, you suck
01:01:59
and you're going to be overturned on
01:02:01
appeal. Um anyway, we want to hear from
01:02:04
you. Send us your questions about
01:02:06
business, tech, or whatever's on your
01:02:07
mind. We don't want to hear from Judge
01:02:08
Cannon at all anymore, hopefully. Go to
01:02:10
nymag.com/pivot
01:02:12
to submit a question for the show or
01:02:13
call 85551 Pivot. Elsewhere in the Cara
01:02:17
and Scott universe this week on OnWith
01:02:18
with Carara Swisser, I spoke with Chris
01:02:21
Appleands and Maggie Kang, directors uh
01:02:23
of the K-pop Demon Hunters. Maggie is
01:02:25
also the creator. And Scott, you got a
01:02:28
mention. Let's listen.
01:02:29
>> How do we get Scott to watch it? Do we
01:02:31
just tell him every Let's tell him
01:02:33
everyone's hot. That'll work right cuz
01:02:35
everyone's hot. So, watch it. Do it.
01:02:38
>> I just got him to watch Heated Rivalry.
01:02:41
>> So, I know it took a bit, but I finally
01:02:43
got him. I am going to make when I'm
01:02:45
with him at South by Southwest, I'm
01:02:47
going to go to his room and we're going
01:02:48
to watch it. He and I I I will have to
01:02:50
cuddle with him. But that's what's if it
01:02:52
takes that's what it takes. I'm going to
01:02:54
do that. So, I will I promise I will get
01:02:56
him to watch it and I will give him an
01:02:57
edible
01:02:58
>> and I'll put him right in front of it
01:03:00
and that's how it's going to go. Just so
01:03:02
you know,
01:03:03
>> show
01:03:03
>> K-pop Demon Hunters.
01:03:06
>> You have not watched it.
01:03:07
>> I have not. But I don't have young kids.
01:03:09
Isn't it for little kids?
01:03:10
>> No, it's an adult movie. Just watch it.
01:03:12
You're going to watch it with me. You
01:03:13
and I are going to watch it. Okay, we're
01:03:14
going to
01:03:15
>> Yeah, that's definitely got to involve
01:03:16
some sort of THC.
01:03:18
>> Okay, we won't
01:03:20
>> K-pop Demon Hunters. It's They're sexy
01:03:22
cartoons. You'll love it.
01:03:23
>> Aren't those folks billionaires now?
01:03:24
It's not the most watched thing ever on
01:03:26
Netflix.
01:03:26
>> It is, but I think they got didn't get
01:03:28
again like he did rivalry. They got they
01:03:30
got it for a song. Uh, but I think they
01:03:32
did fine. I mean, they're amazing. It's
01:03:33
an amazing podcast. I love K-pop Demon
01:03:35
Hunters. It's not for kids, actually.
01:03:36
It's a It's a very complex show. Okay,
01:03:39
that's the show. Thanks for listening to
01:03:40
Pivot. Be sure to like and subscribe to
01:03:42
our YouTube channel. We'll be back on
01:03:44
Friday.