BG2 Thanksgiving Roundtable: DOGE, EV Tax Credit, Tariffs, Conspiracy Theories, Invest America
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I would much rather see us use a gas tax in an E V credit. And E V credit costs, the government money. You just spoke about us not to having a baLanced budget. A increased gas tax would actually bring an income and don't .

suggest that the government news and we are already as gas tax in the country.

Hey, bill, are you doing, sir?

I'm doing great. So as you know, we were gone to do a pod with satcher this week, but we want to make sure that we got a full ninety minutes with him. So we bumped IT back to december tenth.

And so I thought we kit in and do a something a little bit different here. Today is a holiday. We we got thanksgiving on thursday. So you came up with this idea, which I love, we're going to ping pong back. And fourth, a few issues that are top of mind for us.

Things we're thinking about as we had into thanksgiving is less of a deep dive, I suppose, and more just our initial thoughts or additional thoughts about several ideas that you and I have discussed, which also reminded me, bill, you know, we're almost to the end of our first year doing this together. I love IT. You're always coming up with ideas.

We want to keep bg two fresh as we head into twenty twenty five. And we're going to experiment with a few different modes. And I would a welcome, everybody's idea can use your ideas.

D M, S, put put them on youtube um and ah and we will try to integrate them in into the show in twenty twenty five. So bill, why don't you kick us off with your first shot on goal? What's on your mind?

I've been taking thinking a lot about china, and we've talked about IT some on the podcast. There is a lot of articles out today a about a big highway event. There is A F, T, one that will put in the notes.

But but there are others you could just search you and see and why we has released a phone they call the mate seventy and it's bigger and faster than everyone thought I would be. IT doesn't use android, so it's their first non android mobile O S. And the part that everyone's really freaking in out about and trying to understand is what chip technology is underneath that.

The the rumors and the article suggests that they have accomplished fairly high and semiconductor manufacturing A S M I C. In china. So this trip was not built at tmc, and they had this huge of witness stadium. And I would encourage people will post some twitter feeds about this, where you can see some of the photos. But the thing is just so striking to me is just how, you know, magnificently innovative they are in china.

And I continue to read what I would call reti c from people on both sides of the island, america, and even some people in our industry who suggest that we can, you know, cut china off from technology black, that we are somehow ahead. I think american exceptionalism has gotten into our head. And my biggest fear is that pretending this isn't true isn't helpful to our own competitiveness, you know.

And there's a great quote. Steve soup pulled up a lex interview with elon from about a year ago, and he says the united states has been the most powerful economic engine in the world, longer than anyone's been alive, and the foundation of wars economics. So we have a situation in the case of china, where the air economy is likely to be two press, three times largest than that of the us.

So you imagine you've been the biggest kid on the block for as long as anyone can remember. And suddenly a kid comes as along who's twice your size. And I just feel this, you know, so much, you know.

And I elon goes on to talk about the work ethic of the people, the investment in stem. While we are like removing advanced stem courses in california, the number of graduates in china's university system that are still is thirty five percent, and that numbers below ten in the us. And so a combination of work ethic and technical skills, I personally think they have all the pieces they need to run as fast as they possibly can.

And I don't think blocking a sl or blocking A I technology or blocking anything is working, is just not working. And I think you would do everyone in the us. A whole bunch of good to stand up.

And there's videos all over youtube will put up some of these links and just pay attention to what's going on. We're falling behind and terrific protectionism will only protect american industry for a very short window. It's actually gonna deny the competition. They need to get this together.

My one thought about that is we gotta focus on our own race. We ve got to make ourselves as great as we can possibly be and run as fast as we possibly can. And you know, ww, I don't think we are to be naive as to the intentions of china.

At the same time, I think an idea that we can totally d couple from the second largest economy in the world is one that's probably not wise. And I totally agree with you that we don't want to do anything that causes us to believe that we don't have to have our economic and innovative engine movie at the fastest rate possible. So that's a good one.

All right. What's your first son?

So in the spirit of thanksgiving, bill, I came up with five things that i'm thankful for. Number one, i'm thankful for those. And once in a generation, opportunity, baLance the budget.

We've talked about this in our friend group for, uh, a long time, but a thirty eight trillion dollar debt and a two trillion dollar deficit, Frankly, is just unconventional as a burden to pass onto our kids. You know, the spirit of the two hundred fifty year history of amErica has really about making sacrifices today in order to create a Better tomorrow for future generations. But today we're doing the exact opposite.

We're levering up the fed baLance sheet. We're borrowing on the credit card today and sticking future generations with the burden of repayment. It's profligate and Frankly, it's unethical. But some people argue that, that just can't be done, that washington is this leviathan that can be slade, that we would simply have to cut too much, that we can't possibly baLance the budget by twenty twenty nine.

So I did a little analysis with our team and asked what what would IT take? What would you take for us to baLance the budget by two twenty nine? So this first chart we're going going to put up, if you look at IT, simply shows the covet bump in in spending from five trillion to seven trillion dollars.

Now if you reduced spending for the next four years, bill at three percent IT simply gets us back to six trillion, which is exactly the tree line the government spending would be on if IT grew with the fifteen year rate precoe. So not draconian at all. If you look at chart two IT shows a base case for balancing the budget at six trillion dollars in twenty twenty nine.

Now you get there by simply reducing of the size of government by about three percent a year for the next four years. Again, just still going from five trillion in two thousand and nine to six trillion and twenty twenty nine. So you're still growing at that three percent rate, but you have to reduce the size from the seven trillion that we are today.

And IT assumes that revenues grow at three and a half percent. And if we do that, then we baLance the budget twenty twenty nine. And so that sounds good.

But some people say all that impossible revenues can't possibly grow at three and a half percent because trump is proposing tax cuts. And we all know that tax cuts will make revenue go down. correct? No, incorrect. If you look at the chart three that we're showing up, bill, we looked at three different growth scenarios.

If we grew revenues at the same rate that we have for the last twenty years, right, starting next year, which is four point nine percent per year, tiger, for twenty years, we would end up with a four hundred and fifty billion dollars surplus in twenty twenty nine. Now if you grew at the rate since the trump tax cuts in two thousand and seventeen, which is faster than the twenty year rate. So since the tracks cuts in two thousand and and seventeen, we've grown our federal revenues at five point eight percent.

If you do that and simply reduced the size of government back to train line, you end up with a seven hundred billion dollars surplus. And the third scenario, take a conservative case. Let's say that for some reason, we're gona grow a lot slower then we have in the last, you know, since the mp trump tax cuts or even slower than we have over the last twenty years.

And we assumed to three and a half percent growth and federal revenues even at three and a half percent growth for the next four years. You baLance the budget in twenty twenty nine by simply reducing the size of government three percent a year. Back to tree line, I think dose is even more ambitious, but IT goes to prove that we can do this and we owe our kids. So i'm thankful that we have a once in a generation opportunity to baLance the budget and deliver the future .

our kids deserve. One encouraging data point would would, if you would, just be the argentine situation. So everybody is raving about the the left podcast with malays, which wants again, that was amazing.

But if you look at the argentinian etf, A R G T, it's up sixty percent year to day sixty five, which suggests the optimism around argentina's economy has has reversed you from where I was. And you know, that's fantastic. And I think IT IT speaks to the darabi a of dose.

no. So okay, I give me your topic two.

bill. I was intrigued by an article that I saw on x that was about the service tight IPO. And I think he came from mariana capital, put the link in, but we haven't had a lot of ipos. And so sometimes VC will take an s one and and break IT down. And that's what marie ch did here. And they focused on one aspect of the a service tighten capitalization chart which is um the last rounder to that went into the company, which I think was either uh F H G get up in the higher letter counts had what they said as a compounding IPO racket.

Now a years ago I wrote a blog post called on the road recap which was when in the detail about why I don't like these things um but in essence, um IT allows a company to pretend that the cover Price on a term sheet is whatever they want you to be but to return to the investor that write these things and I I love to refer them as dirty term sheet are embedded in the IPO clause and not in the Price clause in this particular case what that says is that the investor is guaranteed A A certain return into the IPO which means their share account will be adjusted um on the IPO and the trigger and the calculator for how many shares to get as the IPO Price itself. Now the reason I hate these things is a create misaligned nant. So you have a bunch of investors on a cap chart and now they have.

Um differ in synapse. The later stage investors that wrote this a compounding racket term actually want the IPO to be as low as possible because they will get more shares and those shares will come out of the employees and the founders and the invest earlier investors didn't participate in that in a particular around. I have spoken out over over again about IPO under pricing.

This one, there already are massive sense for for IPO under pricing. In this case, I suspect these late stage investors are going to be tugging on the ear of the bankers rooting for an even lower Price, which once again will come out of the height of the employees and management. So there's no one to blame here because obviously, the company approved, you know, this this round.

And and I think the thing that causes people to approve these type ground is this um pretending you know that evaluation, they don't want a downward. So they do these to avoid IT. But IT comes home to roost and you concentrate risk.

And when you concentrate risk, you can have some really negative outcome. So there's pretty a blame to go around. I personally hate doing business with people that write these kind of terms, and I would encourage investors and founders to stay away from many investors. They would write to turn like this. But once again, the founders of management, like A, I took this around somewhat knowingly in an effort to not do a downward and they're going to pay for work.

Well, you know we're not investors in a bill and and you know I know from my team that the company is doing great. So i'm not exactly sure we're it's going to press relative to those ratched, but I would say this you and I have been consistent advocates for twenty four years, twenty five years now. Um the companies uh should just go public, right? And there is nothing there is nothing wrong with a downwind IPO.

It's simply a Price at a moment time. And if the market twenty and twenty one was overheated and Prices were really high in the private markets, that's just a part of life that's effect deserve that's affected zero percent interest rates. And so you know, I think for my perspective, I agree with you these situations which are not, I don't think, inherently bad, but they can lead to this missing line, that particular around the time of going public. And I would just encourage entrepreneurs out there, founders out there, simply take the the bid on offer, take your company public when it's time to take your company public and don't worry about the opening bid because you're building a company for a generation.

There is one irony, which is the the present of this of this dirty term may actually be what's creating the incentive to go because IT has an annual crank on IT. And so the only way to make IT go away to actually jump through the hoop, and that was there was a similar situation and square way back when. All right, let's move to your number two .

topic to another reason i'm thankful might not be a apparent with with the topic headline. But you know, governor newsom is rebooting his attack on elon musan capitalism, but i'm thankful for the fact that are a great congresswomen for california democrats. Roka has said enough of the stupidity.

So what's the background here? Well, newsome is proposed an evy tax credit revive. If trump cuts the federal E V tax credit, which many, many observers say we should cut at this point time, it's no longer needed.

But the government, all of his wisdom, said he's going to revive the EV tax credit in a way that excludes tesla, despite the fact that tesla is a huge manufacturer in the state, california. So test love course producers, cars over three month, just a cost across the bay from here. Employees, twenty thousand people, produced over five hundred and fifty thousand teslas in the fremont factory.

You know, this is about a stupid bill, is by excluding elon from the White house v summer, simply because he wanted to curry favor with the unions. But the reason i'm hopeful, and the reason i'm thankful is that, you know, rocha said, enough, enough is enough. He said, this is my district tesla mics, five hundred fifty thousand cards there.

Let's not play politics with keeping manufacturing alive. Nia IT would be foolished to exclude tesla. Have we learned anything or nothing from snubby elon at the biden EV summit? right? I'm thankful that we're turning against this stupidity and politics as usual. Calling out your own party when they're wrong is a sign that we're healing. So way to go row and happy thanksgiving.

hi. Grew everything you said. I would add one thing just for the record.

I I would much rather CS use a gas tax in A E V credit. An E V credit costs, the government money. You just spoke about us not to having a baLanced budget. A increased gas tax would actually bring in income.

Don't suggest that the government news that we already have bias gas .

tax in the country. Well, look, when gas Prices Spiked in two thousand nine, big S, U, V sales went in the tank. And there's a reason there's little bit cars over europe, you know. And so if you if you want to send moving to electric and getting really big gas glas text with negative, rather than trying to pay people for what you think they want IT IT just creates more perverse behavior. Anyway.

enough of my rant roka. And that type of behavior that is bipartisan, that is looking out for free enterprise and capitalism, that's the road to the White house, the stuff that newsom's doing is just the same, same stuff that shrunk the party and cost democrats future elections. Okay, bill, topic number three.

what do you have for us? So I saw a post online that really caught my eye about something called pix P. I.

X. And put the chart up right now. So P I, X is a government run payment system in brazil now. No, I don't think anyone would argue that brazil is is one of the top five functioning economies in in the world. And I don't think anyone would say that there you know more savior, technically innovative in america, but this payment system which is digital and immediate um in which mirs what has happened in the U K.

India, china, australia, all these other countries have done this um is already up to I think forty three percent of all payments in percent um from mid 22 and they started this thing they became a concept in brazil after um we started talking about an equivalent thing in the in the U S。 Call fed. Now now for anyone who doesn't know what, i'm sure everyone's aware that the digital transfer system in the us.

Is pathetic. This thing called ash takes three days to settle. It's not immediate. It's reversible IT IT IT makes no sense what's ever in twenty twenty four.

And there's another fact that you should know in north america, which is vent master card, have the two highest Operating margin percentages in our markets total like they're over sixty percent and sometimes not right. And all these other countries have figured out, you know the government is somewhat we are somewhat depending on the government for payment. If they don't stand behind payment, you don't have anything.

And all these other governments have realized that oligopoly, like via mass card, aren't working in their best centers and they're all built these systems. And the one that super easy read about is the one in U. K.

It's called faster payments or put the wikipedia link up. But now there's picks in brazil, there's u pi in india, and we haven't done IT in the us. I think it's cause of regulatory capture.

The banks don't want IT vent master card, don't want IT. But guess what? Fed now is under way.

It's in process. It's been executing. It's mostly been doing B2B pay ments. They haven't switch over the consumer, but it's coming. And I couldn't be a bigger proponent. Uh the markets had forever ver to try and solve this problem and they don't. We have a broken payment system in the U S.

Is clear in these other countries that letting the government do this one part in getting IT right leads to all kinds of fine tech innovation because you can transfer money quickly. Now here's my concern, which is i've learned something over the past, i'd say six weeks, which is innovators hate innovation. I learned that in the clean tech space when you and I went and studied nuclear.

No one hates nuclear more than like the person that's got the big wind investment or the person that's really all in on nuclear. And they should just all hate oil. They like they should root for each other, but they don't. And I with administration change, i've just kind of got my eyes open. I hope that fed now gets to continue on its pace and will continue to chase and then hopefully succeed, just like pigs and u pi and and faster payments UK um but I do worry know I think the crypt to people will say, oh, we can do IT in crypto and you don't need the government to do IT and via mass current to bank so lean on every one of their representatives in washington and fight IT all the way. But but but i'm hopeful that work, and I feel super strongly that the innovation that will be possible for cyp to for all the fin tech startups IT will be Better if we can move money fast no doubt about .

IT the penetration of these nationally supervised kind of identity and payment systems in indian brazil is extraordinary. Fed now has been pathetic for one of the greatest innovative economies on the planet. IT would be great to see this administration, really, you catch up with the rest of the world around that.

And by the way, i'm a capitalist and people jumped down my throat when I promote fed now. But look, it's just not working like via mass cards. Operating margins are proof that is just not working in the age .

that the result of some regulatory capture, bill.

I suspect so and just an ological, I mean, there are certain things that kind of work Better with a single player, right? We all want to connect to move money fast, right? IT works Better if it's a single provider which know. And if you let the company do IT, they create excessive Operating margins and which is what these two have done. And but the number one thing is every other country did IT and it's working fabulosity and no one died like we should just do here here.

So i'm going to jump to the number three for me. Uh the third reason that i'm thankful um is what I believe to be our strategy around tariff. So again, this is contrary to what I think the consensus view is.

So of course, trump is in now that one of his first acts will be to initiate a twenty five percent tariff on products coming from canada, mexico, unless they get serious about stopping illegal immigrants and drugs from crossing the border. He said, in is in is released about this. We hear by demand that they use their powers.

To stop this trafficking or its time for them to pay a big Price, is nominee to be treasury secretary. Scott basin has said, quote, the tariff gun will be loaded but rarely discharged and quote, but I saw a lot of debate on on ex about this bill. In fact, our good body, J, K, L, said, don't take trump seriously.

These are just literary flourish. And I I responded that I disagree. And I think you should treat them as effective negotiating tactics, not as literary flourishes.

What I been by that, you know, I jump ed online here, and I asked our good friend at ChatGPT, you know, the art of negotiation, particularly when IT comes to anchor. So anchoring, is this this behavioral thing when you set the terms of the negotiation? So IT describes IT in three ways.

Number one, the psychological influence. The initial offer acts as a mental anchor, even if the other party tries to adjust away from the number two, defining the range, IT sets the boundaries of the negotiation, making subsequent offers see more or less reasonable in comparison. So then I asked ChatGPT in the art of the deal by Donald d.

Trump, you know, did he explicitly referred to anchoring right? Or did he advise anchoring in a negotiation? And IT says, well, he didn't technically use the term anchoring.

The principles are line with trumps and negotiating style that he advocates for in the book. Trump frequently emphasize, number one, starting big. He advocate tes aiming high and negotiations a form of anker that sets ambitious targets, confidence and boldness.

He stresses the the importance of framing negotiation to one's own advantage eeta. And so I think the right way to look at this terrorist debate is that, you know, IT is a starting point. He's going to raise these terrifying in order to achieve national objectives, and then he's gonna willing to negotiate away from them, but only if you achieve the national objectives.

I'm not a big fan of tarifa from an economic perspective, but I think as an negotiating task that could could make a lot of sense. So i'm grateful for a fully capable president team that understand how to negotiate to to achieve these objectives. I'm equally hopeful that we use the same type of negotiating tactics, Frankly, to end some of these global conflict in ukraine in the middle.

Ast is not clear to me that that having constant conversation about the negotiating tactics is helpful. But here's the thing, observer effect. As you and I know around .

the poker table, you can talk about IT. But the question is, are they willing to call his bluff? The thing about trump, S S, I don't think it's a bluff.

right? I mean, the one that I read about today look fitting. Al preuss have definitely been going from china to mexico and then across our border. So they should be able to stop those from leaving their shipyards. And that a reasonable ask from the united states.

So bill, talk, walk us in the number four. What do you got for number four?

So I saw something this week that made me happy, which is, uh, anthropic released A A new data connection tool. Um we'll put a link in here server and see IT you've probably heard about called the mcp IT is going to make their models Better and easier to integrate with different data sources.

They release several integrations already in the initial pack, would good get up and slack in a few others so that you can start having your agents interact with these things. But my favorite part of IT all was they decided to open source IT. Now um I would love maybe one day for us to just do a whole episode open source because I am such a huge fan and I see IT being used in so many different ways.

But IT has definitely become a strategic tool for everyone out there. Meta got a really good at IT. They have this project called the open computer project um that basically open source the entire data center um design. And so no one has I P control over. And then obviously we know um about what they've done with their alleyn model.

Now based on what i've heard and seen and read and listen to a podcast anthropic and their investors like a have been some of the people that have been um encouraging you more and more A I oversight and A I regulation and trying to make IT h such that open source say I would not be legal and um I think them doing this is gonna create a bit of um confusion among gs the people they're calling on in washington because they're going to say, oh, you don't need open source and they're going to say, but you just release something in open source and I think I think everything is kind of muddy and nuances and maybe maybe they're they've reached a new place where they're not they're going to stop fighting that. And I hope so. Um but but i'm thrilled that they did IT.

I thrilled that they're using that type of technique. I think IT is one of the most savi competitive weapons you can bring to the field. I'm sure they were worried that OpenAI would create proprietary data connectors, and they want everyone to use this one very similar to what google did with cuba ties. And so anyway, it's I think it's super interesting and I hope IT IT just means more more innovation and competition in the A I market.

Well, this this made me think about um I was watching cnbc this week and I hear David favor say, um you know they have a charge of in video up in video is going down on this particular day and he said I was listening to, uh you bill girly on my favorite new pod B G two and bill is talking a lot about the deceleration and the rate of press aling or retraining uh scaling. So shout out to you for helping to put us on the radar screen uh favor.

So number four, here's my number four reason for giving thanks and it's for warn buffer TTS leather updating his giving plans. Um so this week he wrote a letter to kind of update in a very open and transparent way, his plans on giving away the rest of his he has over one hundred billion dollars despite giving a lot of his wealth all already away through the gates foundation. I think he's six or seven still on on the forbes list.

And so a couple blurb from the letter that really struck me the first he said I have never wish to create dynasty or pursue any scheme that extended beyond the children um he then went on to say, bill, i'm grateful for this country. Things didn't look good when I arrived in one thousand nine hundred and thirty at the beginning of the great depression, but the real action from compounding takes place in the final twenty years of a lifetime. He talks about his family.

He said this, which really hit me. He said, instead, we share this view that equal opportunity should begin at birth an extreme. Look at me, styles of living should be legal, but not admirable.

As a family, we have had everything we needed, or simply light, but have not sought enjoyment from the fact that others craved what we had. And IT just got me thinking about this whole country. People i've talked to know many friends um of hours who've ended up with wealth that Frankly, compared to the rock of fellers of the carnegies would dwarf them by comparison. But almost everybody I know intends to give away the vast majority of their wealth while they're alive.

I don't have the hard information to prove this, but we may be the first nation in history where the majority of the wealth of those, and let's call the top one or two percent, will be given away a verses preserved for building dynasty, right? I mean, IT was europe that invented the generation skipping trust, this whole idea of working around the system in order to preserve dynastic wealth. And what I love about this fact in the united states, and you know, is that people are doing IT through their own free will, right?

This is not being coerced by the government. This is not, you know, we're going to take everything away. It's allowing people to innovate, allowing people to to build the country, but also trusting that part of this national experiment is time and time again.

Those people take that and put back into consumer surplus. Thank you to warn buffet on this thanksgiving for once again showing us the way that this freedom the freedom to choose to give away your money, uh you know is the right way. Um and I think I certainly know that my family, but lots of others will work hard, hard to emulate .

that one thing that spurs in my brain that maybe could be something we do some epsom. The future is just IT be great to do you know how those wants to create a list of and effective government spending IT would be great to have a list of of effective donations. You know where where can wealth be donated that has the the biggest impact because um it's hard that's very hard to do. It's very hard to give IT away in a way that's effective.

No ddt about IT and many of these people who've created this wealth, their entrepreneurs, you know, I remember having this conversation with Michael dell, you work really hard, uh, you get lucky, you end up with, you know, in this situation. And they care just as deeply about seeing that effectiveness in giving right in terms of a going to working hard to make sure that IT has the impact that they desire. And I agree with you, particularly doing that is scale very difficult to do. So bild, talk to us about your last year.

I wish mine. Where is authorities as but say about me? I wanted to just speak out and this won't be super short on the word conspiracy y theory because I think it's really been weapon zed.

And as we maybe move in a new direction, I would just encourage everyone to stop using this phrase the situation that really got me couple years ago, actually, maybe three or four years ago, I started going really deep on the origin of covert. And I still believe that we have to figure this out. If we want to stop a pandemic from happening again, you have to do group cause analysis.

If you're going to do root caused analysis, you're going to know what happened or you have to treat. Since we seem to think there are one of two possibility, you got to treat them both as if they did happen, because this was the worst catastrophic events since war. War two now IT turns out that both Francis Collins and doctor fatty Collins, and to different emails and fat tune his book called the lab league theory, conspiracy y theory, they have both been pulled in front of front of congress and now suggest that it's not a conspiracy theory.

But they said that back then, and I remember at the time when I would find something or read something, and I mentioned to somebody and go, oh, you're a conspiracy y there is. And I was like, what no, i'm just reading and trying to understand what's happening. And the world really got weapon zed IT.

It's interesting. The people that say they're worried about misinformation are the ones that are quick to use this word. And I think vouching coins and everyone that said that the labor c theory was conspiracy theory were actually you waiting around and misinformation themselves.

That's what they were doing and trying to prevent us from getting to the real answer. So if you disagree with something someone says, say what you believe and and the contrary opinion, but labelling something a conspiracy y theory, I think we really need to get away from that. I think IT is peddling and misinformation.

I think it's really well said. Plane english is important. And we've just lived through, I think, a devastating period of time where not only words were westernize bill, but they were used to australians.

They were used to shut down the conversation. You shout out to our friend joe lon ste, very wise, uh, neil ferguson and others ah the sixty minute peace on on in the university of Austin at texas U. A, T, X.

Uh, this week was fantastic. I'm lucky to a bit an adviser on that. Yeah, you know, since the beginning. And IT was really exciting. I'm watching the piece.

I realized one of the students that are featured is a great family friend of us, had no idea, even want to school there. And so I texted as dad, I said, what's the experience spent like he said, he said fabulous. Creating venues and opportunity um on x and other places where we don't savage each other for openness.

But we really encourage the debate, the dialogue. And I think you point in this out, we the fact of the matter is we had people in positions of high authority that simply shut down the debate and conversation early on in a way that we now know was a devastating consequences by labelling people and ideas as a conspiracy. IT was shameful. And I think you're right .

for calling IT out. And by the way I I would a few podds back I mention this uh great interview between doctor jay bottle chara and and rick rubin um and he his name is now being floated as a potential head of the N I H and I couldn't I can't think of a Better candidate and i'm so hopeful that that he ends up in that .

role here here so maybe i'm gonna rap IT topic number five.

The fifth thing .

that i'm thankful for heading into thanksgiving is invest america. But you know, invest amErica is a project that i've been an now piece of legislation that i've been working on for three years, and it's truly gaining a tn attraction.

Top state is because not even so.

The idea is that the federal government would caused to be created three point seven million investment accounts a year.

For every child that's bored in america, they would see IT with a very small amount of money that would be a rounding ee to the federal government, but really be a four or one k from birth, where companies have already raised their hands from uber to dell, oracle to a video, and said they were contribute to the accounts of the kids of their employees. Parents could add money to this account, really is, you know that four one k from birth. But here, here's the thing, bill, this is the perfect compliment to dosh.

You know, think about what we're attacking with dosh we're attacking. We're cutting wasteful and ineffective government programs that don't even help the people they're intended to help, right? So instead of doing that, we have to set up this investment account for each of these children and let the power of private markets work their magic, right? We've done the research now in partnership with the milken institute.

LED by Kevin has set and rob superior. We know if we give these kids these accounts, they're more likely to graduate from high school, more likely to graduate from college, more likely to buy a home, more likely to start a business, they have vastly higher levels of financial literacy, they're more likely to become a taxpayer, and they're less likely end up in jail. IT has a massive R O, Y, and we can achieve IT while having less government, not more government.

In fact, I look at this as a structural rebalancing from the state to the individual title. Rest with the family and the individuals and the kids who will be able to open up on their phone, see that they too own a little bit of burger health way of apple, of united health care, and can ask the questions about compounding. What does that mean to be an owner? They feel like they are in the game.

We're going to unlock massive amounts of human potential by doing this, and it's not, but from handouts, effective handouts from the state. This is about turning these kids into capitalist from dayton. And I couldn't be more thread to see the momentum that is gained. Another incredible thing about this bill. If we set up this infrastructure at a national basis, i've heard we were just talking about the chAllenge of giving away large sums of money.

I've heard from several these folks who have upwards of one hundred billion dollars that they could take ten billion dollars, put IT in a draw down trust in their state, for example, invest in the mp five hundred and match for all the kids of the families who earned, let's call that under one hundred and fifty thousand dollars. So think of those kickers going in there now they have trouble movie that money. effectively. That's a lot of growth tonic to give away A P .

of a private public partnership.

exactly. And beyond that, i've heard you know their states like the state of main uh you know the state of texas and florida and other places that already have some local programs like this, some state programs. But instead of everybody recreating the wheel, we just create a national infrastructure so that now those states can compete and add, you know, in a way that makes the most sense to them. So I think this is a way to unlock incredible resource in a very efficient way that again is compounding in the private markets in a way that is grateful economy drives the future long term growth of the economy and gets government out of the equation. So um couldn't be more happy about that.

What can people do if they want to get behind this movement? brand? How can I help?

Thanks for asking. Number one thing I would say to do is follow IT and support IT. We have the resources that we need and we're building a big by parties intent. So let your voice be heard, but we're moving in with any luck.

Uh, we can have this put into uh, the reconciling ation process in the spring and achieve something that what I think would be profoundly important and worthy of a big presidential legacy, particularly as we approach next year in twenty twenty six, the two hundred fifty of the anniversary of america. So bill, I think this was a really fun, fun way to do IT on on on this thanksgiving week. Good suggestion. It's rapid there.

right? Men have a great holiday, and we'll see on the other side.

Sounds great.

As a reminder, everybody just our opinions, not investment advice.