E52: Trump's SPAC, peak venture liquidity, tech as an economic ladder, Dems overplaying their hand
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Only sex could lose twenty pounds .

and look worse sex.

You all these gains in all your funds, I would really love for you to cash on autumn a belt.

ask your wife or your house manager to help you find slim fit shirts at the a the local macy.

you'd literally look like .

you're wearing a parish.

I've never for a second stand up.

I'm not worrying pants.

Oh, my. Can somebody call agr? Are you really know where you kids?

I I got, I got short song.

No, that's sure. You really worn shorts.

Yeah, I am.

No, is not. Is light? No, not. Put your leg up.

show. Is that pasty leg? No, fuck. And what?

Oh my god. Oh my god. How bigger those shorts?

That's those .

are like two toothpicks sticking out of attend.

It's like somebody set up a circus and and didn't tie down the. Wear the power shot .

and I can all.

man.

We are to the fans and they .

just got crazy.

Hey, everybody, everybody, welcome to another episode of the all in podcast with us today. I guess the pg again dichato a and the queen of king David friedberg in front of some bad art and from the muslims a felt fighting weight minus twenty pounds, the rain man himself.

David said, guys, the motivation, I mean, this part you fetched me, you needled me for months and i'm like, okay, i'm going to lose the weight. So i've what .

we should peak weight in the last twelve months.

I think I was at in the high one nineties and i'm down about one thousand two now. So it's about twenty five pounds since since about April or may.

That's really great, bro. fantastic. I mean, I onto see your family.

Thank you. I thank is a end too. I really fucked and great. I'm really i'm really pride exerting too.

Thank you. Your diet doing the same exact thing before is is writing occasionally but but it's all diet.

It's all diet.

It's Frankly severe calling restriction. And your unique product has been very helpful.

but is really .

is a talking .

about que sync .

ate .

on the .

call and APP the .

other day. You you're violating .

a rule of the rule .

and not it's not a violation of the rules because i'm not a shareholder in unique. I don't.

but I got .

in a deal. I.

So we should actually throw that one of the indicate .

if he has more ah yeah mixx great.

I did IT I lost the weight on IT. So what's your, uh, what's your a basic .

calory burn?

Did you copy sty, stay, burn on a Normal day, like if you're not exercise, whatever. Like yeah based on your height, your B M I, your weight.

all that up yeah I I did look IT up and I think it's around two thousand calories. But but the thing is super. And there's a calculate online where you can enter your your high weight and age, and it'll tell you how many calories that you burn every day.

So if you want to lose wait, you need to consume fewer colors. And that is that simple. Everything else that people do around weight loss, that is not that is basically some sort of game.

You just have to consume fewer color and you're burning. But the thing that's really seeing about that calculator is that the number calories you can burn over, you actually changes as you get older IT goes down. So the reason why people gained weight as they get older is because you're in a habit of consuming a certain number of calories every day.

But now as you get older, like every year, you can consume, say, fifty fewer calories a day, something like that. And that basically becomes fat if you if you consume at the same level. So you have to cut your consumption down as you get older or you will gain weight.

And in addition to your meta lic fitness, meaning like you know, having your exercise levels stay up to increase your metabolic, you can also add muscle mass. Lot of people lose muscle over time. Yes, muscle burns more calories per day just to kind of keep functioning. So the more muscle mass you have to .

hire your basel, you lose like half pound to a pound a year after forty. Is that correct? Directionally for your dad? I don't know.

but that sounds about right. Yeah yeah.

that's what I read. That's about right. Because I think it's because this dynamic where people are just consuming same amount but didn't realize that they can't burn IT and so IT becomes fat.

So to my case, first of all, you got to get your coLoring intake down to two thousand just to get the steady state. And that can be a chAllenge, ed. But if you really want to lose weight, you need to burn.

You need to basically consume few hundred calories less than that. And if you can consume five hundred calories less than that per day, that's considered rapid weight loss. And then you can actually see the results, which is very motivating yeah. So I like the idea is going for the like significant, the five hundred.

Where are you here at fifteen hundred calories a day?

Yeah I mean, I think so. I mean, I haven't like precisely measured IT out.

but i've been trying to go for and do you skip a meal? Is that how you get to .

the minus five hundred calls? I either skip breakfast or i'll do a very light breakfast um and then for lunch do like something entirely plant based like like suit, like a vegetable soup of some kind and then when IT comes to dinner, it'll be a more Normal dinner but no cards.

no two dinner, one bottled .

by yeah well no no, you have a good system. Yes, system is that was first.

then fish, then poetry, then red meat. So it's it's you're not like entirely all one thing or you're not like all vegan and which should be hard. You it's not like you're all there's no red meter, something like that. You do love everything, but you have have a waiting. And the waiting is based on what foods, how are the most calories done.

So the mistake that I think people make, and I think is one of these trick diets, is like with these protein, like the south beach type diet or the polio diet, right, where they are trying to trick their body in into catos as, and all they do is eat a lot of red meat, but those stakes have a lot of calories in them. yeah. So IT only works if you do IT perfectly where you totally trick your body and keeping your body in the toast is forever.

This is not sustainable in my view. It's hard. So I think you're a lot Better off just eating less calories dense food. And stick is very calorie dense. So, you know, again, you trying to be first than than fish.

I I really eat beef, but I get to eat IT a today. And i'm having stake night race coming over for dinner. And in the season, he, whenever I text them and I say, hey, what do you want for dinner? Damon's always like fish, fish, fish, fish, fish. And I said, bro, I I get to eat stakes, so fucked and rarely. And today we're having state, I can't .

wait to get to you are diet basically?

No, no, I do. I I just observe that I don't eat me any more than once a week maximum and right now probably averaging once every two weeks, maybe even once every three weeks into your point is much Better I I do this uh scans you know you can do this kind of body can to know what your um your total water wait your total loss away, your total weight, your total body fat, all of that stuff and your base of metabolic ate and I just kind of track IT like once a quarter just to see where is um and I I agree with you like i've really found that, uh, I can't eat read meat anymore like it's like I just fox me it's so good. It's so good. Yeah oh my god.

it's so good. The other one other trick is that you should never consume calories like in liquid form, right? You should only be drinking water, tea, coffee, things like that.

Don't know many calories. People go to starbucks in the morning and they do hundred and four plus calories. Then they have a citizen role, whatever.

Robin and hundred and three yeah I mean that I mean you're going to be getting weight on this from gona starbuck in the morning. There's no if you do in amErica with a spash of oman milkers. So it's like five, ten calories, that's fine, but you have to stop drinking calories. And then the one exception is like last night we did poker, we were drinking wide. So that's fine, you know.

because I thought the wine was shit.

the.

Game was orrible. Let me tell you .

all things over the top. Number one is over the .

top and air coats. Number one, nobody arrived on time because nobody respects you enough to show up.

I played heads up for hour. One showed up were from age.

just like, that was fun. That was fun. I took all of free bird's money. I own three percent of unique.

You, as the host, didn't show up till nine thirty. And you spend all of the time on the phone, outside, in the room trading. Japanese sponsors are doing whatever you are.

Ter, I showed up at ten thirty. You know, the game was basically randomly ly in the moca the night nobody was observing any good to ce unit. Okay, you're sitting their rodding stinking up the whole fucking in room.

You know you had two thousand thirteen cold, which is not even a good year. Just if I, okay, two thousand and twelve, okay, two thousand and fifteen, two I mean, so anyways, I thought I was a disaster. I stormed and up and I left.

He did rage, quit and he was right a moment because we're playing polo. Finally, sc.

money my.

but I did have three bowls of ice cream, which I regretted this point.

Alright, sex in your defense, why you, why did you leave your guests for three hours while you talk in your .

own home? So I was IT wasn't three hours you guys being .

well attended to. I make sure .

that you are well attended to couple of trades.

So what were the calls?

But you know Crystals like a twenty for seven market these days, tes.

Don't never sleeps. So gave in that as the .

excuse himself. I got to hang gold. Had to today. Yeah so okay. So first of all, the food was amazing. We had like, but you didn't you didn't need that.

You had the pro.

you at the Price, pro you at the sushi. There is like this incredible sushi spread. We had so much suicides in get eaten. Then we had pizzas, got the best late night pizzas from two different pizza places, got delivered. There's more than one pizza per person .

in terms of selection. Tony .

made caramel.

so I was great. So yeah.

And the cogan two .

thousand and thirteen, the state nine, is a fantastic ball of wine that we just lost.

Forty two percent of audience. They are now on the youtube. Why are these people? Why do we listen to .

this pot every way? And here's here's a reality. Each month is you are very quiet and sort of solon the whole night from really time you've got there, you didn't really participate the conversation. And sky hypothesized that the reason why you are so withdrawn is because you were upset that the game had moved from your place to my place, and you thought, somehow I was trying to hijack your game, which is not true. We do a game .

of my place maybe. No, I don't. Sky, I told sky tex already. I said, hey guys, we Normally run game thursday. I have i'm happy to come up, but it's harder for me because that's almost do right.

So you are the .

one that tty and freebies .

X I have not come to the last three games at amount house. There are something going on here .

is you're just the commute. I think the commute is I an in .

fairness to you guys.

the mux has been coming and I something on sex where you anymore you have mean it's either .

the commute or or sometimes of town. So .

may be to go for .

A I mean .

staying home, playing chess, repeat or til on your ipad. I mean, come on, both need freeborn kids.

We cannot all the games over. No, no, no. For another couple .

of weeks here, we're gna revert back to that terrible covet APP .

iad APP like fix with a bunch of people. So we will get the back .

let's show to start .

to show first up in a Sparkle. H Donald trump has done a spack and it's for his trump media and technology group uh and he's launching an alcohol truth social which you can preload I guess in the APP store you allowed to pre self now that was kind of interesting feature. Um the company emerge with the Sparkle digital acquisition CoOperation.

Take some of currently D W A C. It's LED by somebody Patrick orlando o who is a florida based investment manager. I'm not making that up. I don't know orlando is actually his name. Um he found IT a gar trading business and built two energy dirigo tion businesses allegedly uh or supposedly um freebase said maybe he's a realistic guy who knows the stock peaked at one hundred fifty seven dollars a share this morning, friday morning.

So the backs started the ten bus IT started at ten.

So that's sixteen. Next, before dropping back down to a hundred, become a bit of a meme stock on wall street bets, trading was halted.

Uh IT puts this at something in the range of a you well over a ten billion dollar market cap and um there is literally no technology, no team and a bunch of technologist looked at the source code just by doing view source, I think on the on the web pages and h there is an open source project I think called master done or masterton I don't know and it's mater um that they seem to have just copied the code from it's it's like a dirigo ted version of twitter and IT seems they just cut and paste the code and didn't even change the license. The G P R license is also give credit. Who wrote the code? So, no business, no team, no I P, no users, no money, no office, no nothing. It's basically.

uh, it's an N F T. This is an N F T 这 杯。

It's an exchange traded. N F T, an f dotal.

Trump is closer to twenty billion because there's a one point seven billion dollar value if they hit certain stock Prices, according to the press release, put out not a good S, C C filing on IT. So at one point seven, I mean, he got one hundred seventy million chairs, which are now work, let's say, at one hundred and fifty seven dollars a share on trump has effectively twenty plus billion dollars also.

So it's finally a bonar and this finally billions of equity value and his stake. And I, and this is the absolute like penultimate N F T. IT is traded against a caricature that is a one of a kind, completely rare.

This is going to all of his quote and code media. IP is going to be licensed into this back. And so if you want to own a piece of IT, this is the way to own IT and people are trading IT like an index on the donal trump um uh character.

It's it's an index on that. I think it's a it's an index on the right. I think it's an index on an alternative to fox news, the traditional media. The traditional media is a huge vacuum, actually. The mainstream media, I think this is going twitter, oh my god, it's gonna tell the hell out of like the folks that right at the at the new york times.

my god, checked horses tweet, by the way. No, I output in the chat, but he kind of he made a comment on IT after .

there is a screen and I mean, this is this is this is the ultimate peak rift in the peak bubble of our lifetime period.

I think it's a vote like Peter till said yesterday, you know, like bitcoin is a vote against the establishment.

This is a vote against the establishment. Where are the chances that an actual act launches sex like and when would that actually happen? When can this through of dip shits actually write a line of code and actually released a product?

You know how hard he is the release product? Yeah, that's a good question. I mean, what they're saying is that they are onna watch, a new social network, I guess style called truth social. And the primary interface will consist of a feed of short post from users who follows unfamiliar. However, these posts we called truth instead of tweet and readers we known as we truth.

Wow, the original.

So that was common. And the slide deck that's available on the company's website list, twitter, facebook, netflix, disney plus, CNN, I heart media, google cloud, ims on web services as some of TMT g current and future competence. So basically, trump is proposing an alternative to all the trial media and social networks that have basically banned him.

But I do think that the trading here does represent there is, I think, a ground swell for for social media platforms that are not controlled by big tech. And you know, there's trump has seventy million tech voters, sorry, thirty million voters of those, probably thirty to forty million, you would say I would be fans of his on social media. He's been banned from twitter and facebook, and this is his responses and create own platform. I don't know whether also may be successful, but I think what you're seeing here is the demand for alternatives to censorious platforms are controlled by big tech.

So he has thirty million real fans to math what number of them would download the APP and participate in the first year had lower on twitter.

hf, twitter.

And people vote for him. So what are the real fans, not just republicans .

who don't want hilly? I view this is differently than this. What's what's insane is you have this entity here, which is essentially a cash shell that's now basically, you know, three hundred thousand million dollars of cash plus what looks like eighteen or nineteen billion dollars of brand value, like a intangible goodwill.

And the some total of that is, is what the total market cap of this thing is. So if if IT is eighteen billion, and that's what IT is, what this allows them to do. And this is where a kind of gets interesting is these guys, what IT shows me is they could come back and actually raise an enormous amount of money they could issue, you know, a secondary talk sale.

They could do a convert. They could raise billions of dollars because the demand is there. And then with those billions of dollars, they could actually do something really meaningful.

They could go and acquire an existing APP. Jason could acquire engineers and a product that would exist. They could acquire a, they could acquire a traditional broadcast outlet and give trump, uh, you know, a wait, a short circuit, his launch of a fox competitor.

So I actually think this is a huge vote. I think David is right. It's a vote against censorship.

It's a vote for trump. It's a vote for the right. It's a vote for alternative, a voices. And as a result, I think a lot of folks in the mainstream who have trumped rangement sync me are now gonna, you know, reawaken and in complete full till for a while.

Yeah it's pretty tilt. Uh, T M T G plus will be, uh you know terrible branding, but the T M T G plus is going .

i'm super to not .

i'm not tell that. I mean, it's it's adding the whole thing is just a super graph. I don't think they ever get a product after door.

If they do, I think they get to maybe five, ten thousand years. That is all people .

manipulating .

the stock. But like tom said, they could turn that into .

into cash and they turn that they can .

get the twenty billion trump today in one day is worth more than two times in new york times. Can you imagine what's going on in the new york? Yeah and that's just brand.

Let's see. I mean, not always back stay at one hundred and fifty dollars to share, you know.

So jacka, I think you're right that people outside the tech industry really underestimate how hard is build technology products that are any good, you know, that have a good U I. There are delighted to users. IT does require real talent. And if you're not sort of from the industry, you don't even know what kind of talent need to hire. Or however, I think SHE mah has a really good point that with this kind of market cap, they could acquire their way to a portfolio of assets like, for example, okay, rumble right now has become the alternative to youtube among yeah not just conservative but anyone who's who's been deep platform.

There's a lot of left us now.

There's the exactly I locals, which is daubs think so. But this to take a rumble for secure is kind of the youtube competence. I've got something like thirty million users plus it's a very it's a pretty big and growing audience, but there is locals, there are other assets.

And you could and I think the last valuation of rumble, I think he was announced when Peter till actually invested, I think was around to five hundred million. Dollar valuation even if you paid the organic premium to that. And me, you're market cap twenty billion. You could spend two billion on that. You could spend five way.

sorry, just spend this idea. You don't need good if you have the right feature set and read. IT is the perfect example where they've always been on the side of free speech and they've always been on the side of allowing people to vocalize and pursue their own passions even if some of those things were really you know um for the mainstream uh beyond the pale, their U I is terrible.

But they have thrived because that single feature dominates any desire for elegant U I. And so I think what you're gonna find over this next generation of these apps is how valuable free speeches. And there are enough examples, whether it's rumble or reit or others, that show you that the ability to not be .

sensor dominates for a discord.

It's going to tweet. It's going to tweet.

oh my god.

to figure .

out how to do a data and marketing during his, you know, twenty sixteen campaign. And they did at that guy, pascal, whatever, and they fired out cambria, galea s so they did figure out how to get some tech people rights act to you.

But can I anything? The other super tilt thing is, people will want to save this trade and are going to be up y're know there are going to be silently wishing for this thing to create. And I think there's going to be a lot of profit taking on this because I think it's very speculative. But I think we will all be shocked at the actual closing enterprise value when they think this backs because I will be back and we're all gonna kind of scratch had thinking, how didn't be not see this? I mean.

I didn't see this. I would at least a billion dollars a catch available when they do their at least I mean, they can do whatever they want. Yeah, they're going to have more, more cash available to them .

to invest in your country. He is firmly back in the game.

And by the way, one of the contents get much. I made IT this morning. It's a very stute one, which is i'm rooting for this back because if this actually does this back in this valuation, donal trump is not running for president again because he's now got a twenty billion dollar media business or twenty million dollars of equivalent in this new media business that he's keep running. So you .

think that could be a win in for the republican party.

but dying the stock to .

join the board?

Sex is leaving the bay.

yeah. I mean, the, I think authorises a good point. That size I ready have shown that like a beautiful you is not necessarily the future that users wanted.

Every case. I do think you still have to have some tech talent involved in order produce a good product to take. Give you example.

So this product wasn't supposed to have its soft launch till next month, but somehow some users found a way to access society. They were setting up accounts within hours the announcement. So one vandel claimed the at Donald trump handle and posted a picture of a pig with extremely large testicle. S right.

So now now I would .

just submit that .

you're leasing to have enough tech talent to prevent something like that from happening. yes. I mean, maybe he was in a handle. I mean, maybe trump to that photo itself. I know it's it's not impossible, it's right.

But anyway, my point is they still have to assemble the tech out to build this or I like the idea Better of just acquiring the the collection of assets that they need. And I think you're right, I think it's multifaceted. I think is a social network like twitter. I think it's probably some .

sort of video do not unrested mate, the number of people in wall street who are on the right and who will help these guys make very good decisions, even if they do IT sort of, you know, code and quote, plan destiny, meaning they'll never be on the cover of helping them do a big M A or whatever. But there there are a lot of those folks that will help make sure that these these backs cleanly, that they have access to capital, that they know how to go and rays and tap the markets.

And what's beautiful about the public markets, and you can say this is you know, in issue, but it's not in this case, is that you know um you can go on and basically support this guy in a way that's relatively anonymous because it's not like you have to disclose that you own this stuff if you are if your private investors. So I think that um he's back in the game in a big way and I think this is gonna really shake up the media landscape. If they can execute well, they just need to think about this is an ema vehicle, not as an engineering and product creation.

yes.

Would you sell call in for a billion dollars in equity value in a hundred dollars to share of these guys today?

I can act on this perhaps. Yes, do not take the twenty eight lift.

No.

i'll take two and eight months.

Jack, I be my agent.

I think you have a quicker .

line to trump.

No, I think actually this might be like computer tele point, like maybe don't take the product, uh, literally, but take the market cap seriously, uh, because this is A A lot of if if they can keep even a five billion dollar up. I do agree that does make them dangerous in terms of buying assets. And I do think they can get the first five.

All of these rightwing services get five. He gets five to ten million people to sign up for him. Even his like signal he was at like a million, you know, very quickly he's got like a signal or telegram group, I think. And he got to me he gd bye, maybe he could bye. Bench paros daily color, that's a big media brand on the right that people listen.

keep period and keep keep bench peared there to run IT because Operators and the more disruptive .

thing isn't to buy a stuff on the right, is to buy stuff in the center or even stuff on the left. Again, it's it's very hard if you're a public company. It's impossible actually if if trust media group now has a currency and tries to acquire assets, um the directors have a fiduciary responsibility to actually vote in favor of that deal because they're not a lot to look at with the buyers and say, no, we don't want to do that.

So if you put out a reasonable fair market offer Price, you know of the closing Price plus thirty thirty five percent, there is not a single public market doctor in the world. I don't care how democrat take they are or how much of a donor they are. They'll always vote the deal because othe wise they will get personally suit.

And that's the liability in public market. So I would be very careful about this thing. This thing is going to get really serious really quickly.

I wonder there's a tent pole um media personality that he could acquire in the same way spotify got your rogan and netflix got dave shaped that there's they could offer a hundred and they can do that they do what said which .

you know that that list of like the dumpster fire on facebook every day which is like then banega and venture pero and blab blah he should just go get all those guys yeah that's what I just said .

around them up but I wonder if there is like a comedian like a bill mars obviously hates him but then is there somebody in the middle who is like a notable comedian on the right sacks? I'm not fully veit on your all right study, but whose whose in that alright .

cohorts that well, I think there's there's comics are willing to be partly corrected.

Non vote I think like bb like that is netflix. But yeah, I wonder a billboard he hates .

trump t that I think he was a guy got cancelled for exposing himself. C, K, I mean, nothing. He's conservative, right?

But no, no, he's available. He's highly available. So I mean, actually one thing to think about is, you know, trump got all these people to do, like the monthly twenty five dollar reoccurring subscription, and we got a little bit trouble for that because people didn't know they are signing up for IT. But I wanna take you get a million people or five million people to pay ten box a month for the sacks yeah absolutely.

If there's something there behind the the curtain, I mean, if it's nothing but like I don't know a newsletter of his like exemption ious tweet, I don't think so. But if there's real content there from people they care about, why wouldn't say .

with a second what if he just did every friday night a rally on a video service where he just did one of his two or three hours and routines, and he had different people come up and talk like his pillow guy, all of this other weirdos.

And I think this could be like, I think this could be like the Opera, when free network, where SHE may like anchor, the temple show or something, but there's a lot of other caters on the network. I think that's the opportunity. The question the question, quite Frankly though, is whether is Operational enough to actually drive to these outcomes, I think is very easy for us to imagine what you could do with twenty billion dollars and his media brand. And the question is, just does this .

get executed that way?

Now it's not going to be a real state sugar guy from a does twitter .

let him back on the platform if he has a competing platform, facebook that is that?

No, I I think at that point, they have the person excuse not till in and back on, which is like, hey, we're not censoring him because there's no alternative. They don't want to let him back on.

In a way, I guess you have to asked yourself if twitter had let him come back on and gave him his platform back after, like a six months or a year time out.

would he even be doing this? No, he says he has a person announcement where he says that, I mean, he says here that trump media technology group missions is to create arrival to the liberal media and fight back against the big tech companies, is looking valley, which I ve used a unilateral power to silence opposing voices in america. This is what's given him. The opportunity is their sensor ship.

Their censorship is created, a twenty billion dollar test.

I mean, the most tilting thing of this whole conversation is its work.

twice as much as the new york on the show for over a year, that censorship back fires in ways you can expect. They never think through the second, third order consequences, the censorship. It's like when Angela miracle came out and said, hey, like wait to twitter just deep at from ahead of state.

Why are we depending on them? I mean. There's all these second three or consequences they never think through and now they're coming back to .

by them in the s yeah I mean, forcing people to get vaccines is now leading to whatever percentage people just retired, ring or let you know are not coming back to work. And that's causing a bit of bedlam in the um economy. As we talked about.

all these authoritarian tendencies create a backlash of some kind. And if are ruling elites which just have a lighter hand, there would be a lot less tension in the country.

We had an interesting discussion last night during um but I think I was on the other side of table so maybe youtube didn't hear IT, but we were talking about is biting gonna run again in twenty four and what would that look like? And I just said I I can't imagine bite in in a debate three years from now like he he doesn't seem and I want to be derogatory here, but he doesn't seem very cried the last time, four years later.

So what do you think a chances of bite in running twenty four chances of trump running in all information, your zero, zero freedom you even care? No, I don't think so. But I think proms .

going to run the twenty billion dollmeyer here and you will be happy to that. I think if it's not biden, it's going to be a proxy. So um it's not going to be too far off uh in terms of what the you're deep .

in this uh sax or hosting uh as people are talking about on twitter uh and you tilt IT all or nine percent of your hosting scientist for a funding is first fundraiser .

for his real action as governor. He isn't said anything about his plans. And twenty twenty four way too early for that.

Do I think biden or trump could be on the ballot? I think it's fifty, fifty for both of them, right? But I would like to see a bit look inside of having two eighty olds like running into each other. I would like to see, say, two forty something, or you just Younger leaders, you know, giving amErica a real choice.

All right, where do we want to jump off to now? Venture capital.

venture capital. Because clearly sax is is having extraordinary liquidity events are at eleven o'clock at night on a thursday night. The freeburg .

money is not made, is simply transferred from perception to another.

Perception to another. There's a wall street speech. Sax was like in his he was .

gotten model logue .

from wall street.

Last was was leaving the poker table to go to into his sound proof chAmber that oversees his estate next to the poker room. And from there he was on his phones, screaming, pacing back and for doing deals, geo style. He had his three hundred pound trader next to him. He was placing orders and um something going on in the market adventure liquidity waterfall. It's going on right now playing into well.

is this bonkers weight we got to show that chart .

hide statistic j because this is truly extraordinary how much liquidity venture firms are having .

this year all right. We'll just to look at um the value of U S venture back companies that went public or required two hundred hundred billion, two hundred eighty billion in nineteen and and then uh this year uh twenty twenty one so far or at five hundred ninety billion is litter doubled. But if you look back um IT was about a hundred and ten billion in twenty eighteen.

So we are now five six x where we were five years ago. Uh and this is again the value of U S venture. U S venture back companies that when public are required.

So the liquidity is bunkers, and we're seeing that in real state. Uh, you know, jets being bought, whatever the V, C. Industry has experienced three years of record breaking exits. This is a twitter user to tweet IT. Twenty twenty one is obviously slashing all those levels.

Yeah I mean, for the last until the last three years, for the previous fifteen twenty years, the eggs per year were in this fifty to one hundred billion range. Then they've jumped up to six hundred hundred billion in the last year and in the previous two years, there was three hundred billion each. So yeah, I mean, it's just more money has has been made or distributed out in the venture capital industry last three years. I think the previous twenty years combined.

at least the last three years.

yeah that doesn't that doesn't even factory what's happening in cypher, right? And crypto o is just like, sure, there's something to hear coin bases in here. I know in my portfolio as an example, like you know, I like venture returns, which which have been excEllent across the board to forget mine, just everybody venture value kind of like slowly takes up over time, right?

Because like you know, you're doing this work and then that work is valued and then somebody else comes in and raises new round. And you know you you hopefully can defend your prada yi atta. So IT IT IT does create a lot of compounding value.

But it's you know and and it's relatively fast, but compared to crypto is unbelievably slow wherein cyp to you know quarter over quarter, you have the swings that I i've personally never ever seen. Like I was telling you the story yesterday, we own something which i'm not going to tell you what IT is, but um it's a crypto thing. And uh, our nab, I had to mark my book up a bit, not as a value on that as set.

I had to market up because you know we have to submit our auditors and just keep up and accurate sense of what our book values a billion dollars in a quarter. I've never seen that in my entire investing ker. And here's how what that does to me in my whole team.

I have a budget for next year of how much I want to spend instantly, that number goes up. And what IT really means is i'm probably just going to be getting the same ownership, but i'm just going to be paying more for IT. And if i'm going through that, I think everybody's gna go through IT.

What it's going to do is, is like all of this, all of these returns are great, all of these increases are great. But i'm not sure that there's going to be that much more progress. There's not necessarily gonna be that many more startups because it's just harder and harder to find good things in the same for the same number of GPS in a place.

And cost are going bulan as salaries are off the charts. I don't know if you guys saw about strike. For example, there is a tweet about how stripe starting to pay like starting engineers two hundred and eighty K I don't know if that's sure up, but there was a tweet on twitter and I thought to myself, my god sh like twenty years ago, a starting engineering sales fifty sixty k in the bay area.

And so you've seen this incredible Price inflation. So it's actually quite good. Again, it's sort of what we talked about yesterday.

All of these gains eventually come back around and get recaptured. And so I think like you're starting to see the beginning of this really incredible cycle of wealth transfer title. So the funds may make IT, but it's gonna back .

to the question about the cypher stuff. Is there any worry there that these valuations match reality because you might have a very small float on these a lot of excitement and they are not actually products being used by customers in the real world.

Here's a thing. I because it's an internal permanent pool of capital, I have no legal requirement to actually mark. okay. Um but the reason we do IT is because we want to track now N A V in book value. okay.

And you know I come and say my team based on how well we compound book value, but you're right, it's a huge problem because I don't know how to get liquid on these things. And so you see this thing sitting on your your baLancer. You know like what do we do with this? How do you move IT around? You can, you can I and so I would rather there's there's a great guy.

Uh, he was an early pianer private equity. And he had this phrase, which he said, like, you know, the best way to mark up a deal is right at the end so if you put into ten million dollars into a series a if you could be allowed, the best thing to do would be Carried out at a ten billion dollar value. Writing till the minute you get liquid because you don't go through the psychological um roller costa of having to go through these Marks because then when these Marks come back down joes into your point, they'll be they'll be a quarter where we give back that billion dollars of that. But maybe you know I mean what what do we all do?

It's a huge mind fuck. Let me let me ask a question about valuation sex when you are doing yours because this came up when I was doing mine and and marking my funds. If a secondary transaction occurs and somebody buys calm or you know slack or whatever, it's the one is a private company, ten dollars a share. But the last time you purchased or there was a funding two years ago, I was at two dollars to share.

Where do you put the valuation at what the secondary market is trading at that or what you last paid for IT or somewhere in between those? And who makes that decisions? That what is that practice on this? Because secondary market transactions, people are actually making a transaction, right? But is that as good as a venture firm you plotting down and join the board? No.

it's not. So first of all, you don't making these decisions at hockey. You wants to have a policy. So we have a written policy and there's a process for amending IT if you ever need to be amended.

And what our policy does is IT just uses the most the most recent preferred round to give us the value of the shares. And then there can be adjustments based on market conditions like we know that it's usually on the downward right, like the company we know is how a huge problem. They're not going to fundraising. So there's not be a new .

market time soon. So ah because the .

company we market down, but basically speaking, we use preferred financing valuations to set Marks only. Now we do sometimes buy secondary shares and there's a methodology for bring about you on them. Usually it's basically what we buy them at. And um if we somehow othe wise own comment will use the foreign eight.

that's yeah yeah and I think it's severely really clean policy.

You want to be conservative in these .

because nothing universe you I think you have to be accurate .

not what I mean you could be yeah I guess the question is like you could see somebody playing some games where you know you buy you some shares at the. You own chairs in the company, you buy some chairs. And second, you've got two Marks.

The embedded risk and venture capital has always been the following, which is that you have money that goes in into the a and there isn't incentive today, especially because so much money is trying to come in where you want to drive as much growth as possible. Because then the b is at such a large step up that the I R R S look amazing and then the c looks greater than the b so then everybody's court on court making paper money, which allows you to create more incentives to raise more capital. The problem with all of that is that if these valuations ever turned out to not be real or there's evaluation reset, or there's inflation or the public markets don't value growth socks, IT takes a long time for to work its way through the venture ecosystem, and all of this liquidity will probably make IT even more corinto violent when IT does happen, because IT eventually will happen, will go through a rerating like the year two thousand. Who knows when IT is and what the catalyst is, but that's the real uh, downside of that of all of this is that it'll eventually have a evaluation resets that's .

to make this super real for people. U. S. venta. Capital funds have raised to combine sixty nine point billion and H, H, G past to twenty eighteen. Um and a couple of these were because of a recent how is doing a pair of megatheria before point five billion in commitments recently. And so uh, it's been just a tremendous amount of funds being made. And then to give you an example, clubhouse went from one hundred million to a billion to four billion in under eighteen months evaluation LED at pink, each time in harrow's. So what you're saying in an example like this or in your hypothetic example, and i'll just make you a real world one, if they take the and these are twenty twenty or one twenty twenty sets, I don't know the twenty twenty one sets are so those are old sets is probably many more and they actually I have the update set funds have raised ninety six billion uh for twenty twenty one and that's the most step.

In fairness to all of the venture capitalist, I think that they're doing exactly what they should be doing. And in fairness, all across over funds right now is the time to be putting maximum money to work as fast as possible, not necessarily intelligently, not necessarily in a concentrated way.

But the real game, if you want to play IT at the institutional level, is to just put all the chips on the table and then go back to the store and gets some more chips as quickly as possible, put the mall on the table, come back and get more so that when at all you know, is settle done, you have as many dollars working. And the worst cases, you will return the average return of the market. And if that happens to be good, you you look good.

If IT happens to be crappy, you'll be no worse, Better, worse off than anybody else. But meanwhile, you will have collected enormous fees. And so that's the point in the cycle were out. And I think that anybody who's doing IT makes .

a lot of sense. I think it's it's a really logical board. GPS alter successful and they returned five x plus taking their yeah they got their Carried interest and they share their twenty twenty five percent sharing that they walk away. But if if if you look at the value of all global public equities, it's about it's about one hundred trillion dollars.

And so if you're seeing, let's say, that we're raising a hundred billion dollars a year of venture capital in these funds and then you're making a two and a half x average market return, which is not Normal, right? Let's to see you that the Normal cycle and right now um that's two hundred and fifty billion dollars of liquidity realized in a year out of a hundred trillion dollars of global public equities. That's only a quarter of a percent of the disruption of public equities.

And think about the technology is set up to disrupt all of these old school businesses that are public and mature and scale, and that's what the hundred trillion old represents. So it's actually you know kind of looking at a statistically, it's not that unfounded that we're only seeing a quarter percent market cap disruption of public actually is each year because those public companies aren't disrupting each other generally. Maybe to some extent, they are they're getting disrupted by new company are emerging um new startups.

And so I don't think that this is like necessarily you know the peak and may kind of be the beginning of a continuing disruption cycle that we're gona see kind of persist for the next decade or two. Especially as more of the old school industrial businesses, which make up a bulk of that market cap, start to get disrupt ted, not just by software, but also by automation, by esg l investing by, uh, life sciences and all these other kind of technologies that and these interests, these market interests is that are going to disrupt those old industries. I think we could even see acceleration from here. So um you know I I don't think that this is necessarily peak frenzy bubble, low interest rate field outcomes. I think this may be kind of part of a longer term trend that is statistically probably not that big deal sex.

Are you concerned about this peak bubble market? Or do you think you know like to mox set, push all your chips in and raise this big? A funny, I can. And you know, if the game is going to be played at these high stakes, you want to be at the table.

Well, I like what feebate exciting is a super interesting point that this could be the beginning. We live in an age of celery, technological progress. So why went the returns from that? accelerating? Technological progress also be accelerating.

We had this, this is twenty years ago when the internet first started, that you, the new economy, replaced the old economy. IT took a few years long in the peel thought, but we are fully there. And the number of new companies being created now is just exploding there.

A lot of this this liquidity that's being generated is being now pumped to to the next set of funds, which will go to founders theyll, be able to create more companies. They'll be able to keep more those companies because that they'll be less solution. Then a lot of this wealth is trickling.

A lot of VC money is trickling down into the competition for salary. So anybody really, anywhere in the world, who can learn how to write code can now you make a six trigger plus salary because of a remote work? So all the salaries all over the world are cool berating.

So I mean, this is an incredible pathway to a prosperity for, I mean, certainly in the united states, but really the whole world and human is really positive. Assuming that keeps going, assuming it's not just totally liquidity driven. And you know I don't know exactly you how all those macro forces will play out.

But um but I mean this seems very positive overall. The the other thing in lead to just quickly is change in who has political power because you ultimately, you know, money is the mother's milk of politics. And the people who are making all these returns will eventually fund politicians.

And and yeah well yeah I one of them bad look, I think there's two kinds of like I say, prototypes. Politically speaking, for people in the technology world, you have kind of got sort of standard. Wo progressives who are funding allow this crazy stuff like decoration, ation, cities, whatever.

We talked about that before, but I also think there's another prototype that's less loud and they feel they kind of keep their views to themselves, which is, I call him liberal tariq, who are sort of liberal and social values, but libertarian on economic policy. They don't like government regulations. Certainly, if they're in the crypto to world, they don't like government regulations.

They could see how they create friction to progress and they believe in markets. And um and I think they're going to want to fun politicians who support that those types of things. So you know I could be very positive a politically in that respect. It's interesting.

I just want to to build on what you built, on what freeburg said, which is, I think the best point you made was look at on a global basis of the opportunity for an individual, somebody who is no graduating high school, college, the one thousand hundred and twenty twenty years old because of remote work, and anybody can work from anywhere.

Technology companies have unlimited resources, and they need and never ending supply of developers or even a set sales person, a marketer, back office exit. And they can work from anywhere on the globe and make a six figure salary, you know, whatever, fifty, sixty, seventy, eighty k for on these entry level jobs itselfe. And all the information on how to get those jobs is available for free from startups that I put open course, where online or very free courses. Yet we're looking at this massive technological change, and the new york times, this position is that technologies destroying humanity and polarization of wealth is destroying humanity. What we're actually uncovering here is all of this money being investing in these companies is giving an opportunity for people around the world to get high paying jobs totally.

And actually, I can I may mention a really interesting item and that was just in political today, which is about al sharpton was lobbying in congress against changing the Carried interest treatment. Remember, you know, all of us in VC make our compensation the form of uh.

Carried interest IT is well .

as basically if a fund is in profits that yeah the VC will get, the VS firm will get, say twenty five percent of the upside if they pay back all their l peas. That's called the Carried interest because of the way that these partnerships are set up that is treated as a capital gains as a post ordinary come, assuming IT meets the holding periods of the underlying asset.

So this a big debate about whether no VC and private actually people should be paying ordinary income or or long term cap gains on those returns. Al sharpton n was lobbying against changing IT because in this postal political article, he was saying that he would repeat the efforts of black entrepreneurs to build lasting wealth if you jacked the tax rate because there's a lot of fund managers and who who are black, who are making a lot of money now and they don't want to be subject to this change and treatment. So that was super interesting.

You this tech boom is not, is not exclusive. I mean, the technology gets this rap as if it's is highly exclusionary place. It's not.

I mean, three of the people on this poor right now, our immigrant m. So the wealth has been created is not going to traditional centers. Traditional is not going to the areas of. North eastern families or something who've been saying their kids to harvard in principle for generations, is going to entirely new people who haven't had this kind of wealth before anyway.

And another positive external ality of this wealth, all these massive gains that folks who have invested in ventura capital have gotten has caused one really interesting positive change. So am host, which is a really exclusive liberal arts college in the, uh, northeast, made so much money there in downtown, is so flush with cash, they basically eliminated a legacy admitted ces, which means if your parents got in, you were seventy percent likely to get into m host. An equivalent kid whose parents didn't go to embers had a less than six percent at mid rate, right?

So a huge disparity basically said, if you are legacy, can that you know we all know this, that exists at harvard, that is that all these I bleed schools. But amr is now have made so much money through VC investments as an example, they're like we've cancelled admittanceand. So there there are there are some really positive things that are happening .

with all this money to pick me tell sharpton s rational um anyone's going to get wealthier. They are paying less taxes. So I think no, you're broadly yeah, you're going to see a bit of a focus on that point.

which is one count freeze. C california was massively in the bonus in terms of budget surplus and cash because of this issue, and they were spending money like trunk and sellers.

Yeah, I mean, I just think you're going to hear a lot of positioning for you know the case. And by the way, I think that you know building individual wealth creates this is obviously philosophical point but you know that creates a greater path to prosperity for more people uh, through the spending that bill understand growing the economy, then you know they're not. So I I don't know I know I feel like that all sharp point is a good one to kind of make, but it's it's a broader one than that.

Well, I think to in my view, the batter point about the shopton thing is that IT shows that we talk about this group of rich people, the wealthy, the millionaire and billions. Res is if it's a static class of people, at least this is the progressive attack. It's not I mean, what shopton points to is that this group is constantly changing.

There's new people getting rich. So when we talk about the rich, if it's new, people get rich or really talking about is success. And if you really want to ban people getting rich, I mean, time about banning success.

Our country can be successful that way. We're not going to be able to outcompete china if we're preventing success. And by the way, we can't fund all these progressive programs if we are you a hamstring success. So um you know I think this what we created here with this highly ordinary free enterprise system that's under by adventure capital, this is the golden goose of the american economy and the most important thing is that we don't .

break IT sex IT might just be we may have underestimated its power is what we're sort of realized. And collectively here today is that we've always thought that this thing is hit all time highs. This might be the beginning, right?

Like IT feels like this is getting bigger and you know and going out of velocity that is different than even when we came into the industry. If you know the amount of exits, the amount, the scale of these companies, the coin base is the Robin hood, the uber, the lack. I think these are giant companies making huge international impacts. I think it's .

either that or this whole thing is in the liquidity driven bubble. So it's one of the two.

It's both. I also think the .

sharpton thing is a very interesting point that we can go back to maybe episode twenty five or twenty when we started this podcast, which was trump got massive support from the black and espana community because of this entrepreneurship, freedom, uh, upward mobility pitch the republicans we're making. That's the perfect pitch for the republicans not this divisive device, know, shut the border down, but more, hey, we want everybody .

to support.

And I was Michael chain. And do you want to just end up this? And i'll give to huge map.

Michael jay was on the breakfast club when our friend was hosting us an out and he said, I don't know, I think, why people just don't like their billionaires for some reason. A it's weird because we love our billionaires. If Opera telephone was coming, we would be excited about IT. And I met Michael chain that I Michael chain was really excited. His event of loans and like was a really a great conversation.

They have so true.

It's so true. Like why are we heading people who are changing the world and helping.

right? Because it's not we it's Frankly it's White woke progressives. There are crazy.

They're the crazy kers. We have to get uri.

I think conservatives and what you call woke progressives um are the same. I don't think it's about a political affinity I think of is about people feeling like they don't have the opportunity that others clearly were able to realize. And IT is amplified and magnified by the social media that that physical shines a light on the success that people have had in a way that we've never had in history before.

And IT creates a great deal of feeling like i'm missing out and i'm being left out. And that's what's striving. A lot of a discontent on vote the left. And one is, is not a political point of view. I think it's a social point of view. And the great progress we have in the great success we have had as a society over the past couple of decades is now being realized through this media in a way that kind of driving emotional conditions for people that haven't had the .

same level of suck. Maybe if they stop tween a complaining and just learn some skills explaining.

As the only colored person on this pot, what i'll tell you is I I, it's very rare that I meet a little person that hates a successful other color person. Just doesn't exact guys tell us more. Just one of these things where, you know we were we are all grinding. We all know how hard IT is to be on the outside looking in. If any one of us makes IT.

there's a lot of support. I mean.

we see that. But I just say that's what I felt.

African don't feel that now.

I mean, we see that in the incoming emails and tweet to you chaos. You are inspiring people in india, pakistani lanka. We see IT constantly. They come up to you at address. And so if you moh can figure this out.

I can do, i'm about to do this thing in africa, and i'm going there in december. I can't wait. And you know, we're thinking of just doing a couple of like lectures and talks, lectures and talks and these these places are going to get rammed, ed, with people and it's like it's beautiful to sea like, yeah I just think that the minorities like don't hate other people that are successful is just not .

you you're going to african december yeah what .

are we do all in africa? What are we doing?

Like you going? I stuck. Can I get some stuff? I'm getting .

email constantly by people who are starting startups in africa. I want to go. I ve never .

been really hundred. I thing that I wanted to talk about before. What is crazy and this suggesting to build on your trump comment? We may be facing a situation, and i'd love to get guys this reaction where Donald trump, in his first two years of his presidency, may actually have gotten more done than biden will get done in his first two years. And I just want you guys this reaction and thoughts on, uh, how that possibly could be because we have a democratic president, we have a democratic congress, and we may not get anything done.

I can speak .

to that here.

So the wind up, I can't believe that the way the progresses have done this reconciliation bill, it's been crazy. Okay, look, from the beginning, they've been saying the bite and administration that democrats have been saying, we want to do the biggest package of taxi and is a great society. okay.

But here here's a thing if you want to do lb j type things, you're onna have A L B J type majority is they've got a fifty fifty and a three seat margin in the house. L B J. When he passed the great society, he had like sixty nine centers, he had a fillibuster supermajority, fillibuster proof supermajority in the senate.

He actually like another fifty seat margin in the house. That is the kind of margins you need to pass great style programs. So instead of having, i'd say, ambitions that were reasonable, the administration coxes with the progressives. They come together with this for over four and half billion of spending, three and half of the social welfare, one point two trillion infrastructure, and they want IT even more.

okay? And they've been trying to, jim, this thing, and they never went to the center of the party, to cinema, to mansion, and said, hey, what are you guys going to do? And so somehow I think they thought they could, is jammed to sing through over the objections of these votes that they absolutely need.

And I think there's really this mentality on the part of the the progressive left that I think there's so used to gaming people with speech codes and cancellation and censorship and covet Mandates that are not passed by legislation but have been imposed by edict. I think there is used to gaming people and they think they're going going to shame people on twitter like these centers, like something like cinema, into voting their way. Guess what? IT doesn't work that way.

Twitter is not the real world. Eric Adams showed that in new york in one that election. exactly.

Dave pl is dave shaped is a ninety five percent approval rating. okay? The critics, hatem, the world progressive, hate them. Guess what? You know, many people were actually that they they should have protest like three dozen, okay, the progresses don't have the votes, what they should. And by the way, their conduct to the whole thing has been in saying, A O, C is may have been saying, if you don't give us everything we want, we're not voting for one.

These guys have like a jack off and their they're preying .

ctr had saying, hey, unless you give us three a half billion, we're not going to vote for one billion really, you're gonna do that. How does that make sense? We call their bluff.

We know progressed every pain they can. What what bitten should have done if we had a more hands on president who actually want to get things done. He and he knows this from his time in the senate. He should have gone to those swing senators as a group and said, hey, what can we get done here, not to aoc and policy. Deliver and the promise of biden.

i'll say, you know, as somebody who voted for biden and a little disappointed was he was supposed to be moderate and he was supposed to bring people to the center. And IT doesn't feel like he's actually, to your point of my U S. As what we think I have.

I not regret because I trump had to go IT was too much chaos. IT was just too much risk having him in there. So I am glad I voted for body and I am unhappy that he cannot build consensus down the middle and get the far left to just, you know, pump the brakes.

I, I, I understand they have passion for certain projects, but just gets something done moderately and in a phase approach. Why does this have to be so huge and confusing? Sexes think time.

Sex is exposing what we may not know, which is that progressives are very loud, but they may not actually represent a plurality of people. So, for example, in the netflix protest, I saw a video, and there was about two dozen people. You know, one person actually had waited, hey, I I never even shows up to the office, yes, but now join up to walk out of the office.

But then what happened was there were some other people that showed up, and in the middle, the protest, they had a sign that said, you know, jokes are funny. I like jokes. And then everybody started chanting that.

Then a black woman got up and he started to say, black libs matter. And then everybody has got confused and started to change. Black libs matter. And then they were all looking around each other, trying to find direction in this protest. And IT became somewhat directionless.

And I think this is what you know, where we're now realizing is that, you know, remembers what, like as managers in corporations we've all heard disturb the squeak wheel gets degrees. But IT may actually be the case that the quaker wheel shouldn't get degrees because it's a headache and we're going to get lost in this direction. Another example of this, there is a guy, dorry and abbott, and I wanted to talk about this as well.

This is a guy who's in a claimed to climate professor. Okay, let me just give you the whole story I am just going to read to you, because I think it's interesting. The first couple paragraphs of the story from the new york M.

I, T invites geo physical story and added to give a prestigious public lecture this autumn. He seemed a natural choice. He's a scientific star who studies climate change, and whether planets in distinct solar systems might harbour atmospheres can do save to life. Then a swell of angry resistance arose.

Some faculty members in grade students argued that doctor abbot, whose a profit university of the chicago had created, harmed by speaking out against aspects of affirmative action and diversity, because in videos and opinion pieces, he wants people and members of groups rather than as individuals. He basically favors a diverse pool of applicants selected on merit. So but he said his planned lectured M I T was about climate science and to help people understand climate change, and would make no mention of his views on affirmative action.

But his opponents h argued that he was infuriating, inappropriate and oppressive. And so they cancel the lecture. Now here's the question I have here. That's another example of all of this stuff. Are we Better off with russia, say there's a hundred grand students, a hundred brilliant minds at M.

I, T, being pushed to think even more specifically about climate change by an expert who can do that? Or are we Better off finding some more middle of the road person who may be not be as intellectual um ambitious around climate change, but has a whole bunch of other views not related to climate change that are more palatable? And what did I do for all of us, including probably all these people who probably want a solution to climate change, but who have now held back the ability to teach these kids, what do we do? What do we think about that kind of stuff? And this is where, again, the quickly wheel, in this case, did get degrees. But are we actually Better off in .

this example for more diversity of thought drive successful outcomes?

Alright, thanks coming in for the open pockets. We're telling you, should you already .

know what talking for yourself.

people listen to a bunch of opinions, and if somebody says something you don't like or chAllenges you opportunity for you to learn or grow or for you to make a blog poster, do your own stand up special and give your own talk that chAllenges their debate, like we do here every week.

The more the same thing happened with that. What's that ultra conservative Young guy, sax, who went to berkely a few years ago and they blocked him the campus? No, no, no. C name.

e name. He's the right wing guy, the gay.

For here we're talking about an expert climate change, giving a letter about climate to great students who who could then go on south climate change for the call of the world. I mean, this is M I T and you chicago, which are probably to the smart st institutions of people in the world.

right? He's not say anything politically offensive, it's just said his unrelated views they they think are anathema therefore they're onna protest and block him. And of course, they always use the language of safety ism, which is, oh well, if you allow this personal campus IT threatens my safety, really, this physical threat to you no, he threatens my self conception, really.

He said something that he's to talk about, something that defends, you know, it's just that, you know, he said things that that threatened my view of the world. So my safety is separate. Ze, I mean, this this is literally the language is being used now. I mean, freeze reaction to IT is, yeah, this is so obvious that we don't to discuss IT, but it's not so obvious that it's not taking place is is happening happen.

You know, I find the most disappointing about the whole netflix situation is I thought dave shaped, we know, even though maybe this special wasn't as funny as other ones. I thought IT made you think in such a this incredible way.

And I was actually read, I looked up the transcript, and I read the transcript so I could think more about IT try to form an opinion about this, your issue, and trans people and, you know, people punching up, punching down and comedy. And you made me think. And then the entire discussion about this is just people walking out and no discussion about what he actually said.

And that, to me, is just a little bit of a ti. Like, if you are so upset about what he said, well, where is the transcribe of what he said? Break IT down sentence by sentence and tell us exactly what he got wrong and why, so that we can continue the discussion, the netflix walk out and how this thing has unfolded.

The reason is so unproductive is because they're not moving the discussion forward or not actually listening to to what shipyard said. And spoiler alert, if you haven't seen you to talk a little bit about the what was in IT, he talked about his friendship with a transport son who was a comedian, and how he and SHE had these incredible discussions and learned a lot from each other, and how he was dragged on twitter and a lot of tragic outcomes. And I leave IT at that, but there is no discussion about his relationship with that woman had a tragic fade and the substance of what he said. Did you notice that ramah that there's no discussion about the actual words and points that dave ship are made that shows you that this is this ingenuous or a broken discussion?

Yeah I just I just think that um the problems that we have as a society are really big. We talked about that we have inequality problems. We have climate change problems.

You know we are problems of sort of like systemic health issues. These are all fixed ble. And I think that this other stuff is getting in the way of people getting organized to solve those issues hundred percent.

And I think that, that frustrates me. I would have really i'm not sure I agree with this guy's views on a formative action. Let me just be clear.

I kind of I think on the margins, formative action sketch IT levels the playing field and so I support IT um but I also sort of the fact that if this guy is a brilliant geophysicists and he's already proven that I would want my kids to be taught climate science from him sure I I don't think he's out there to try to like pedal his affirmative action views you know to a bunch of other physicists. I don't think that's what he's doing now. That's not what he's celebrated work.

And so I don't care. I would want all of those really brilliant kids at MIT to have to be one step closer to proposing a solution to climate change. I think that's a pervasive global issue. And I mean, we don't have the ability to prioritize these things in and and that's what's just so sad.

We're not to have an honest conversation about climate change because we can have that expert give us talk. And I don't think are a Jason's point. I don't think having an honest conversation about the shapes special.

I don't think any of us believe that chapel hates L G B T Q. People or I don't think anyone, the audience thinks that. And I think you have to deliberately misinterpret what chapel is thinking, are saying in order to believe that his message is hate.

I don't think IT is now what I think it's special represents a threat to is perhaps society of intersections ality that all of these express groups have to be on the same team. What he seems to be saying is there's a group of what he's kind of making fun of is that there's a group of sort of pampered rich why LGBT q people who have made enormous progress. I mean, doesn't say one point.

The special that I wish, I wish my community, black people, could have made as much progress in forty years in terms of acceptance as this group p pass. And yet this group now wants us to immediately adopt all of their language and sensibilities and and punches down, talks down to us if we don't. I mean, that kind of the point is making as he's kind of a revealing a little be a rift between these, between these two groups are exposed.

by the way, saw if you saw the clip of the protest, that rift was actually in display because everybody got confused about what they were supposed to support, because you had one set of chance, and then you had jokes are funny chance, and then you had B A lap chance from completely different cohorts of people. And IT just became a chaos.

What, I mean, everybody's opinion must be put through the lens of how many oppressed groups they are from, you know, obesity and black and gay and trans and short, whatever. I mean, like how do we have how do you even navigate a discussion intelligently if I have to say, okay, you're free lunch, but you're rich to off and free birds got ask burgers but he's really smart about say what he means like just make your point.

Let's have our honest discussion about IT and why are we so upset about this special when in china we've got a million people, uh wagers being sterilized and tortured and then I don't know you saw this week decision paying is saying like he wants to get rid of the C. C. People a cic man in is determined using in china, they literally .

watch media rules against a feminine men yeah I mean.

why are we not protesting that? Well.

we saw this in the middle ast as well. The real threat to L, G, B, T, Q people, or the authority, an governments that really want to oppress. I don't murder gay people. I would tell them, yeah, I mean, chapel is not the thread.

I think I think chapel had to be silence because what he's saying is actually very horrell al to the world progressive left, which is that not all of these groups on the same page, and they, again, they believe in the idea of intersections ality, that all these groups have to basically beyond the same page. And actually the more oppressed groups that you're part of, the more elevated you are. And so this idea that there could be a skis m actually, is something they want to silence.

I mean, chapel, quote, I don't disagree with the transport vee. I disagree with the way they're going about IT. Was this kind of point anything?

again? Let me speak on as a, as a, as a color person who grew up in a minority family. You know, I would love to tell you that my parents were super, super open minded but that would be a lie um and you know I love them to death and I think they tried their best.

But do you know they came with a ton of fucking and baggage and a ton of stereotypes and you know I don't think that my parents would have been the most supportive of other minorities, whether its color or sexual orientation ever. And I was IT was a lot of, like, very complicated conversations to explain to them how to see the world differently. And you know, that's what happened when you plug him out of a third world country and drop me to canada. And, you know, I think that my parents came far a very long way.

I remember, you know, when when I first started in a dating, my x wife is like IT wasn't a very complicated thing for them to see me dating a an asian woman very complicated they didn't understand uh and then I was like what you did you habit of mary uh or date a three london and they were like, yes but as long she's not positive and it's like what the how are you like? What are you saying this? And so i'm just trying to tell you that this idea of intersections ality IT does play out in a lot of our lives because we all come from families, especially our aging parents.

Oh my god, are my grandparents?

There were some.

I mean, I love my, I I be honestly there. You know, they try their best book, man.

The thing that got me particularly sad and or tilted or just, you know, the thing that just sort of hit me is we've made so much progress in in so many ways as a society yet we don't celebrate that and we seem incredibly focused on marginal issues to ear point month that are not global warming, that are not education, that are that are not you know uh international um reactions and geopolitics. You know like the economic and is somebody things that we could be focused on that would actually make change. They arguing about something.

and I would unite hard on the, but I would unite people. That's what I think IT is. So that's what I think is such a great opportunity if we all collectively came together and focused on a bigger enemy, right, climate change, climate change in governments, I think you'd find people to be much more accepting of each other because we would have a common share goal, and then we would find commonality and achieving IT.

Yeah, so should take our bill more invented a war to describe what you what you're saying, which is progressive hoby a which is is the reluctant to admit any progress because of the fear that if you do admit progress that that means that you don't, you will lack a justification for all these progressive programs that people won. And so they have to make the situations always seem as dire as possible in order to scare people unto a certain agenda. But yeah, there is a unwillingness to admit how much progress we have made in so many areas.

The time they try to cancel me was because I said on twitter, isn't IT amazing that every single skill you want to learn right now, and including the hyping, is now available for free on MIT course, where and anybody can learn this stuff for free. And you used to have to pay fifty thousand alty year and get accepted into these you, I believe, programs, but now all that information is free.

And all we need to do is expose people to IT and give them the motivation, the time to do. And they were like, how could you say that, you know, people are not able to do IT? And I was like, and then a bunch people replied, who were people of color or people who were poor? And said, I actually learn to code on the M.

I. T. Website I learned that artificial intelligence, I learned I got my degree in, uh, you know, social media, marketing, whatever. At this website, you to me, that website, other creta house and only favors yeah, I learned only skills. And I went for making working out walmart to make sixty eight year, seventy k year.

And then there was a big fight, like, are, are you going to cancel me for saying there was more opportunity now than ever and I hold that position? There was more opportunity now for you to learn a scale and get a high paying job than in the history of humanity. The system is more fair now than ever.

Yeah.

I was going to say .

in the in the world of, in the world of, uh, progress, there are some amazing innovations every day this week. And I put this in the chat and neck. You can post the article.

There is a gentleman in at the N Y C N U lang o center medicine who transplant ted, a pig kidney, into a human, and had that human kidney, or basically had that pidney not get rejected. Now this was a person that was brain dead, and I guess, you know, the family, you know, god bless them, donated this person's body to science effectively. They were kept alive, but then they were able to transplant to keep me in, and they were able to see the urn production and creatine production.

And all of a sudden now there is a chance that we could actually use pigs, genetically engineer pigs, as a basis for us to basically get kidneys, hearts, lungs. That is incredible free. But so so to your point, sax, that is happening still every day. We don't talk up enough about IT because we're up in arms about .

dave should go freer, tell us, you know, fat in ten years what that looks like and in the impact of us in society, we we take that big transplant and we just ten exit from now, put couple billion dollars behind IT. What does he look like in a decade?

Well I think there is techniques that are being developed that you could actually generate actual human organs using um know basis of induced um um induced plant proteins themselves. And regardless of the path I do think like availability of organ transplants, um uh it's gonna go up like crazy.

The big infrastructure and technical chAllenge we still face um we've gotta build these these G M P facilities uh to make all of these uh cell based therapies, not just kind of organs but also other sell base therapies that are becoming kind of the mainstay of the future of medicine, personalized medicine for humans um and so this also is kind of tremendous infrastructure opportunity. We talked a lot about. We've talked a lot about infrastructure, enviro manufacturing, brodney and other life scientists opportunities.

But there is a tremendous infrastructure opportunity to build up facilities that can produce these um uh you know these uh these therapies and the therapy can be an organ or or cl day therapy that can target cancer in your body or or what have you um and so you can kind of think about, look, we've resolved the science now. We've also resolved the engineering. The next step is to build IT, right? And so this is like, you know the bill decade or the bill decades globally for where the intersection of software and biology has enabled these incredible breakthrough ts and human health and manufacturing and food um and now the infrastructure needs are there.

I've said this before. I do think this is where we are have the biggest gap in terms of infrastructure needs and the biggest opportunity to kind of fill those needs. And if we if I were to kind of be in congress or be president, I would say this is the one priority for n infrastructure bill because when you get this going, it's onna change lives and it's going to change the economy.

So high speed rail costing us fifty billion, hundred billion versus .

yeah yeah we build A G peace a bit by a manufacturing. A lot of stuff build would um you know payback within years and have a huge outcome. Now private markets, maybe we will meet this demand, but I think you've got a um you ve got a kick start this stuff.

Uh, the economics are going to be unfeasible for a while if you want to get a car tea therapy, which is a type of therapy person person's parkey therapies today your costs is about four hundred and fifty thousand dollars. You know, a local university here. I was speaking with one of their um their lead uh doctors the other day.

They built their own G M P facility to cost to fifty million dollars and they can not get the therapies down to forty thousand dollars per patient but they can only serve two hundred hundred and fifty patients a year, uh, using that that kind of ninety percent cost reduction. So you can kind of see like as you build the systems. And this is built locally by a university, right? It's not built for industry scale.

These guys n mercial Operators of these facilities. So if you started to build these facilities from a commercial point of view and you can boot strap some of these things and the infrastructure cost um very quickly, the cost become so low that you see these technologies prolific. And I think we should see that both the this organ transport one is is a great case study um sell based therapies by a manufacturing all sorts of uh .

opportunity you keeps saying G M P facility so manufacture .

know you're make cells that are gonna in your body and his incredibly strange t requirements on the safety and the cleanliness and the practices that go on in that facility. So these and called G M P facilities have a very specific criteria of how you how you build and how .

you Operate them just highly. There are high quality facilities is .

yeah think about like a clean room to make semon duckers accept in this case making selves that you're putting in your body. You're going to be really careful um or .

at everybody it's been seventy minutes, seventy five minutes, eighty minutes. Uh, anybody have any last minute plugs for products that they want to disguise as a compliment to another best?

I still think we should launch bet coin, the olin coin and monotoned the all in podcast s will come at this point.

No .

more to F F yourselves.

No coin would be incredible.

I think I I want to tell you about this guy lee jackie e who's known as the lipsticks in china um he did a twelve our live stream on wednesday on top o two hundred and fifty million people to and then he saw this one point seven billion dollars a product so basically .

the equivalent of the entire adult population in america. Watch.

this isn't that incredible.

but that is .

just incredible. So .

that's Q V C. And as if in two and half times of people who watched .

the super bol is two and .

half super bol.

jacky, the lipstick king, the lipsticks .

king, because we even some monty fans service uh for those of you asking about the all in, uh summit, we are looking at locations in miami and we will have news shortly if you want to uh, sign up for the email. When are we doing this thing? We're gonna look at march, April, may.

but we're going to we're to do an al show in january.

We're gonna alive all in post at the upfront summit, uh, mark sisters event in L A. Uh, but that's like a closed event. And then the all in summit, you can go sign up for email updates, uh, summit, dot, all in pakistan, co.

Summon all in pocket that code. We're not looking for volunteers. We're not looking for even planners. We have all the spaces in miami.

We could possibly know every single person's email is thanks to the fans for giving us every piece of the region right now. It's just about dates, dates, dates. We ve got to find a two day date.

And then whatever place we use, like faa, the new world, uh, the jacket ellison, the there so many great facilities there that have reached to us once we pick the facility, will know what the facility capacity is. Some of them can fit two thousand people. Some can fit two hundred fifty. When we figure that out, will will figure out ticket this .

time next week. Both freedoms g and I may have kids.

So are we .

skipping next week?

No.

i'm not giving birth. I don't know.

No, we got ta get a picture of be incredible. Congratulations, guys. And if this africa trip is coming, ending, I can't wait. Do what countries are .

you thinking about?

Of course, I think this is of my life. I what's the point of schedule ds, or traveling the world doing interesting shit ultimate your .

model as private jet will travel.

I'm a wing man.

professional wingman as a service, kenya, nigeria, a and there maybe a couple of other .

wing man as a service that if you need to somebody fun with you for a couple, you downs takeoff wing man as a service.

leaving something .

i'll bring Sunny as my body double.

He sent him, send Sunny in another.

escalate the priority.

Follow him. And then we .

go to to .

accord and you go to the actual events.

I can't wait as I am super ted.

I that's gonna fun. And passport, that actually .

would be great. You can, we can do a fireside chats.

big fireside chats with hundred percent on the road. sure. right?

Everybody I love.

And for the queen of rain man, dave .

attacks by bye.

your.

winter.

We open sort to the fans and they .

ve just got crazy.

We should all just get a room to have one big huge org because like sexual attention and. Now you B.

B good, we you .

get me 东里。