E32: Behind the scenes of Elon hosting SNL, CDC failures, America's real-time UBI experiment, post-COVID boom in jeopardy & more
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Look at this red on my stock screen. I can believe what is going on doesn't be a loser. I don't know. I need himself work now.

God and three.

two.

We can give.

We can force .

the and. Hey, everybody, hey everybody, welcome back. The all in podcast is back. Apologies about last week. I had a personal .

emergency to say why.

Of course, I mean.

you can say, I say, I say that anyway, humble .

birth .

with us today and you want.

The rain men of himself. David sax, I was on a world term. I was on a world.

M, no, no, no. Come.

i'll tell the story. Obviously don't like to talk about a certain friend of mine because he's very high profile. I don't talk .

about IT in public.

just flex flud have been lifting.

I just want to let people know that shows.

no, you are back stage at snl helping a elon with a the snow appearance where you not.

This is true.

Tell us what that was like. Tells about the back stage experience.

Tell us about the back stage experience. I mean, we were living IT out in .

a real time with you guys, but tell why .

on to do IT right?

Are you on funny .

est friend, arguably? Well, I know, I guess .

I don't. You remember the joke in the taxes roast five years ago? Remember when elon was late and I had that ad lib joke? There were two jokes that I landed, a sexist, which I thought were no, Jason. I think I and I, I, I was being roasted. No.

he was a Jason's party sucks.

Oh yeah, I said Jason's roast. That's anyways.

Okay, go. You're the funniest.

All of our .

collective life. We have to tell story from that.

Sometime.

sometime we'll tell the jack arrows.

You probably are elan's funniest friend and and have a talent .

for for writing.

Let's not be around the bush. I take the element. So i'd left to go on a little trip to go to Austin to see some friends and then miami to see some friends.

One of those friends, uh, who I hot shop with and was going out with miami was obviously, and he was doing something at alive and we were just coming up with ideas around the dinner table and we were just laughing our asses off, just brainstorming ideas that would never be allowed on television you know and um he said, hey, would you come with me to senate live and I was like, that's great. You have enough tickets. I assumed him saturday night, you know and here I know I don't have a lot of a tickets.

It's cover IT. It's like caffe as money. Would you come with me to the writers room and just you be my wingman, basically. So I had, like three, four board meetings if I poked s so I just see my talk .

was like an end.

You check your .

schedule to check your schedule. Yeah.

check my scheme. No, I think I take my work seriously. Can you give .

me about half a second decide?

I already made the decision in my mind that if my friend needs help, you guys have been in similar situations where you've asked me for help. I've rolled with chaos on speaking gigs. Go down to try to, you know, save a sacks from going to complete out of madness .

and oh my god, couple like crisis .

management. Anyway, you said yes.

you yes. And you know, without giving well, without giving away anything that was private or confidential, they have a process that they're been doing for forty six years. And we came in, you know, with our own process what we wanted to do and IT IT kind of was uh a different kind of an interesting thing because a lot of the ideas I had were left to say a little too far out for the cast h or for the writers uh, but some of them landed and I got to spend a lot of time with Laura Michael and I really worked on my impersonation of him.

He's canadian.

his canadian. And I was like, so laun tell us who were the worst host ever and um it's an interesting question person you know we don't like to think of in that way, but with um there in terms of people who thought they were smart and maybe were not as smart as they thought they were. Stephen skal um was a little bit jeff and a safe choice .

that's a very safe and there .

was Christmas offers you know back in seventy eight what musical that was currently Simon and um he like to drink and in this very Green room seventy eight he had a couple of drinks before in the rehearsal, the dress rehearsal so we we all in some coffee in like any sports team, when the game starts, we play the game.

Okay, so who was who was responsible for the chat?

okay. So child, an existing character. And that was a really amazing one to watch because we went to brook in to a warehouse and the production was incredible.

And what the role I played, if i'm being totally honest to just you be in on friend and be there with them. But also, you know, was that funny for you, was that should I do that? Should I not do that?

Because there are no a punch up me.

I was a punch up guy. I wrote some lives without, you know, taking anything away from the writers there who do the book of the work of the actors and the set designers. IT is amazing to see what do like we had to go through forty scripts.

And you know, when you read something in the script, it's kind of hard to know if it's funny. But then when you put Chloe or educate min or Colin jose or jay or a miki day, like these people are phenomenally talented. So obviously the scrip comes alive but for the for the um the two punch shop site I got really good. I just to give you one anecdote because .

I don't want to get myself you're responsible for best .

ties in the jeni.

I thought that I suit as I saw I thought of you yeah and the other one that I thought was incredibly well done was murder dirt okay.

so I had nothing to do with that one um and I thought thought that was like we thought that when was incredibly dumb like when you read IT on the script was like this funny or not but they you know, this is a thing. You you add tremendous performance and you, uh, add incredible set design. And we we were in brooker three in the morning and elon comes out with that wag on in a suit.

H we just start laughing. go. And he just goes right into creepy priest IT was gris .

about ask is joke because, yeah, that was me. Yeah, because you use that as a tea. Uh, amongst the people we may mutually know A.

Onic, no, but what so ironic is the asperger joe came out and then everyone, all these press articles got written thing. Islam has admitted publicly to having last for years, and he is, we are so proud of him. And IT is such A A moment to come clean about having this thing.

And IT was like a Jason. Jason just became H. G.

Particularly proud of that one because here's how that one went down. They had an idea to do jeopardy. And IT was probably the flats pitch because, yeah, it's like a eleven clock at night.

A writer confident says we want to do jeopardy, uh, auditions and we want it's a kind of a feature for the cast to do auditions. And if you ever saw the star wars additions or jurassic programs, cian kind of them. So as I for me, I was like, oh, that sounds like a scope potential, but who was a very dry pitch that didn't have an examples.

And when they actually did, IT IT was like really weird characters that were obscure. So I had pitched my own version of jeopardy, and elan had his version of jeopardy. Elan's version of jeopardy was dictator jeopardy, which was, keep your good, you know, M B.

S. Putin, you know. And then I was like, had to deal with your adversaries.

And he was like, for eight hundred and he's like, plan onion. And I was like, genocide here and we've got really dark. And so we are laughing arrests. But but then, like there were security concerns. Basically we're kind of a dying this around the IT would be as funny as the IT would be a direct correlation of funny to the chance of iron being assassinated by people so then we decided maybe we don't do that when and I said, i've got a great idea, asperger's, jeopardy and IT would be suck Elizabeth homes, which Chloe, uh, from the show, who is an absolute genius, incredibly sweet. And he really engaged deeply with islam and connected with the r team.

And then obviously on and so you'd have elon playing uc, somebody playing elon and then Chloe playing this with homes and they would be like, you know um how to deal with an intense a situation with an employee and impresses you don't make ee contacts you like. And so one of the writers I could tell he was not happy about that insists in this. My husband asked, as my brothers have asked.

burgers and of the son.

we're in like, okay, and we can end anybody I would say, you know, eighty ninety percent of the staff is very like, let's go for IT. And then this probably ten or twenty who are very sensitive to different topics. And so there's a little navigation you have to do there, but we really want.

And then so you go, I have asperger and you know like the whole room like, wow, so that I was work shopping with somebody and I wasn't in the writers room. I contributed two percent that max, other than, you know being ill friend and and supporting him. But you know, they came in and said, hey, when they didn't want to ask you want something, they came to me and I negotiated some situations like they didn't originally want to have any doge father or any cyp t of currencies on the show. We had to negotiate, oh my god. Well, I mean, no, they they have general council there.

They have standards. They're now on. And why show .

is not funny anymore?

Now, elon made IT culturally relevant the first time. And like a decade, what you're describing is too many people with a veto right over the content of the show that makes not funny. You got willing.

No, I think the show, I think the show is very funny. I think they take some artistic at risk. And what's not funny to us might be like funny to some other folks.

So that's why I S hims. But certainly moving the show from eleven thirty on the west coast definite has an impact. So what they could have done ten years ago before the timing was sinked between the western east coast different.

There's there's still a big cultural shift that's happened. It's like that I give you .

it's it's not .

john blush I anymore when the the like the corporate C E O comes on the show and and wants to do crazy, wilder stuff than the people you know for the regulars. But I anyway keep going so anyway.

you know one of the focus working on the monologue, you know, comes in and and the original al monologue, you know, all these things go from rough to dentil to good to grade to amazing. And so for me was, you know, just you guys know my career choice. I just really made me think like maybe, but the wrong career choice pretty fucking good at this. I should do this so I started to call you at the after party was like, you know, I have made my money rates. I just I get internship is like, no but okay j son, you you can always .

take credit for being the third of fourth writer on elan's motel gue e perfect.

So anyway, they said they wanted to do an asperger joke. I said, so I wrote the aspergers joke of, you know hey, I just wanted let people know i've got as burgers and um so that going to be a lot of eye contact tonight so if you see me looking screen it's not that i'm looking at q cars. It's just I have vasparr so they didn't keep the q car part but they kept the rest of IT and then they did the O J joke which was written by collin jose who is absolutely phenomenal as a human ah just as a writer and and a collaborator and and we spent a lifetime of Colin joe he came in and they had this joke about oj having been on at seventy nine and ninety six the ninety six was a joke he wasn't actually on ninety six I think that's when he went to jail or something and I said to my said, I don't think people understand the joke that actually think he was on in the ninety six because well, let's just rehearsal is in the Green room rehearsal and an elongation you know so hey and um you know like oj you you know like i'm smoking we on every podcast it's that's like saying oj you know know murdered once and now is a murder or forever know and you know I note .

he was on in seventy .

nine and ninety six and I just tried this and he killed both times and the room is like a silence and that everybody goes to that .

is like that's fabula of .

this I was like a split second every looks .

left and like and Colin just just looks that's getting in there and so I landed that one so the way you took some moments like that for me. I tell you i'll get emotional talking about IT um it's one of the happiest times i've seen in elon's life and i've been with them for twenty years. Sx, you've known him for for twenty five obviously in the feeling of monday, tuesday that, oh my god, this could be a complete other disaster.

I mean, that was our fear and that like, we were just not in sink here and this maybe it's going to be unfunny and this is a huge mistake like that was kind of r five for R R squad and we had um three of us there um including elan. And then the asperger jokes lands. And I tell you, a woman from a wardrobes comes in and she's crying, she's crying.

And SHE says, uh, no, he sees me first. And we SHE had been there when we were doing the joke. And he said, my son, you know, was beat up driving as burgers. And, you know, this changes everything.

Became a serious thing.

Three or four people came in to the room. I kid you not crying, oh my god. Because one and twenty one and twenty boys, I think, now have aspergers.

Guys, remember in living color, remember show from the early night. Can you pose like like comedy today and comedy from a living where they had, like damon wins as like the the homeless guy, and like everything that would be so like non PC today and like totally and appropriate and how much things have shifted were like even the joke becomes like, you know, a serious kind of.

can ask a question. So jacket, when people are getting emotional with IT was because of why they were like, thank you for validating and putting IT out there and showing a role model.

One of the squali guys, you know, basically guy, choked up twice on monday and he said, you on can go do no wrong in my mind now, because i'm dealing with the son who has as burgers and they do something sometimes that can be very chAllenging as a parent, right? And I just explains a lot about, and we all know people who have asked burgers daves, and we know people who have to further their the sec trum .

someone who's been accused of being on the spectrum. Can I speak to this issue? I mean, like, look, if anything, aspergers is correlated with an extreme ability of focus and to be successful. That's why there's so many people in tech who have as workers have been accused of having aspergers. So I don't know that is something that people have to be. I guess unless you have like an extremely like extreme case, like on the kind of in the autistic part of the spectrum, but like mild aspergers probably is correlated with success because you it's like the opposite d right it's it's extremely ability to focus um but honestly like what you're describing to me sounds so lame like this why the shows not funny anymore? It's not about the jokes look to about the disagree .

a hundred did made everybody like may have landed a look too close .

to somebody guys, guys. Just just just a just the reason, David, you are saying this is because we all know at least the three of us for what was not what did not make IT was on the country. That's why you're saying IT.

And so I think you have to just kind people what do you to you but I will tell you I I reveal one skate that made you are you I can it's just one. I mean, there was one they recorded, which I think we'll come out as a digital short. And the premises, former capital, fear of missing out capital. That was good and that was a good one.

That was your that was your idea or yon .

the i'm trying to remember where originated. We were just talking about you know just the state of like people buying nfs and everything. And I think you on may have said they all have formal I was to be like a venture capital firm and then he named his formal capital. So he was a little bit of a collaboration. But I think most of elon in that one, and this person comes in and the skin is hilarious.

So they probably na released IT as a digital short, like cut for time, but release IT and the kid the person comes in and there's like an associate was being trained um and he's they're welcome to formal capital where we never say no to nothing and he's like OK, I don't know. I understand that. Like sit down, you get the hunk of IT and then people come in with increasingly ridiculous ideas.

And now i'll just tell you one of them, which woman comes here because so you guys know impossible meat, this is impossible vegetables. These are these taste just like vegetables. But this brockley is made with um endanged White rhinos um which takes a part of IT taste just like broccoli you one goes is amazing and they hand them a picasso and then somebody comes in and says like, oh, but I don't it's just whole area. It's just more more money .

being why in the show well .

what they do is they do a two hour show with a live audience, and they just take out two or three skids. And so there were three skids. I think that we're taking off time and then those could be released digitally.

Now they have extra. They did a long opening. They like, I think he was ten minutes .

on the moon.

just say, was the most incredible voice. Oh my god, I could list into her, sing forever SHE. Oh, he has got an incredible voice. So I was, I thought the opening.

I thought the opening was really shaky. I mean, I was there. This is the first time i've watched live TV in, like, ten years ever since apple TV was invented. I ve seen there waiting for you want to come out and and and crush them on occur. And then mildly, sirs, does this long, unfunny thing with all these mothers .

is great .

meant to .

be not a thing? IT was a song. IT was a song.

And IT was a WTF moment for me. I was like, where is e law? Bring out elon. I am not here to see a bunch .

of mothers. I am. I was an interesting more because they were like, ella, we will put you in like four of the skids out of the seven.

And ella, and we don't want to work elon too hard. So I was doing these sort of side bars with that. Some of the producers, one in particular who is just a phenomenon. She's she's an amazing producers who just gets everything done because this all occurs from monday to saturday and they work sixteen and eighteen hours a day and um you know he said we don't want to take up too much of times within force or right number and I said, you know he gave up the week is the business guy in the word he wants to be in every skid and she's when nobody really does that maybe a comedian here are there and you are not just said, if i'm here, use me. I want to be in every skill and like we had to like reshuffle deck a bit and he was willing to do anything, including warrior and are a costume will be the creepy please you almost funny, I think surprised .

everyone being a performer just in terms of his performance. I think IT was really strong. IT was as good as, like you know, someone who's in the entertainment business would be. I think.

think that you exactly.

it's universal. Take even elon sort of haters had to concede that he performed well. He kind of committed to all those rules even when he was like poking funded .

himself yeah had I had to dunk on professor dummy galway who was like i'm gonna live tweet, elon and he's just like going on CNN talking about elon and he's going on every fucking and cable china he can to like ride cotai and he waited elon with text would lose eighty eighty percent of its value two years ago like just are you kidding me but I agree, like even someone like fresh alloy who said tesla was worthless. He is now just all over IT and in a human item you know um which is nice so I .

think he did I think he did a great job and I was fun. I'm super happy for .

him learn mics came in so you want you did a great job come back any time so surely and um I said, how about next year, like .

your agent, your.

Agent and he's a punch up guy, the agent, his man.

the negotiator. I wish him most in negotiation and and Laura Michael said, absolutely, Jackson, we'd love to have you want back. You absolutely crushed and you know, you wants busy in the Green room. By the way.

do you know what the ratings were?

Third batch of the season so far, I think not counting all the youtube views and the international views, I think shop is the only person who beat him.

So I think a couple of a couple of kids are going to live forever. I think on youtube, I mean, the chat skit in particular was really hit ted out of the park. The way my observation on the kids were, the ones where elon was kind of in dispensable were like the we're really great, like the chat thing.

And I thought that the west lon know where he plays this like old west version of himself. It's like this genius in the old west. He is telling them to write electric courses or something right for me that was really funny.

So I thought the ones where elon was sort of in dispense, the more in dispensable elon was to the skit. I thought the Better IT was. And then some of the kits and me, look, live sketch comedy is very hit or miss. I thought the ones that were more miss, where the ones were, they could have done without you on that could have been a skin any any sl .

and kind of IT. Yeah.

it's like, why went you take advantage of having elon there and and they did.

you know, just to the staff, you know, you first off, i'm sorry, I was such a rock and was a disrupt in the space. But uh, really, I mean, what a great time you want at a great time. Me after party was amazing and described after party .

where they wearing mass.

oh, that's good. That's a good time. We that you know .

go outside to be with an outside party, but we danced til this is actually for real and I think is a good segway into just what we're seeing out there. I left safra cisco, having been yelled at somebody because my mask fell off.

I didn't know IT and I had gone into, you know, a store and they were like your mask and they yelled IT across the story you know, I suppose, sorry, you know, just kind, you know how when they fall off you don't notice IT that I got to Austin and when I am an Austin, i'm walking down the street and the only person in Austin wearing a mask and somebody points me, me go, you don't have to wear that mess, son and I was like, oh, and I look around this. Nobody wear a mess cum so my first day there he goes, you've been in vaccinated I said, yeah he goes, you really don't need to wear a mask so I take the mask off. I get to florida. A friend of mine was out, uh, you know at a having a cocktail at a bar, invite me to meeting for a cocktail. I go to meeting for a cocktail.

There is A D, J, he who shall not be named anyway.

I want to have a as one dozen miami. There's a hundred, two hundred, two hundred people. The club, the only people wearing mess of the staff who are wearing them as chin guards. And i'm like, that's not the purpose of me, but okay, so and then I get to new york, and everybody in new york is wearing one or two masks on the street. And I walked down an empty street.

Okay, so we should talk IT. We should talk about that cdc article that was in the new york times because that's an incredible summary, Jason, of of this whole issue in that show, which is it's it's unbelieved .

and and then to just give sudden live a nod everyday, everybody tested. You got you know, too test like the, I, I forget the names of them now and stop taking them. But you did like the the big one in the small one every day.

You ve got tested every day you got response. You had to wear a mask a hundred percent of time. And then when you were in the studio, you had to wear the glass shield.

So if you saw the picture I did of myself and elon and blood pop, Michael, who's a famous producer for Justin bieber and lady gaga, was a friend of hours mike had to wear too. So we were, I mean, elan had a mask because he had to take IT off to do skids. But all the rehearsals, everybody was messed up, including the actors, and everybody was vaccinated.

So they really are taking the serizy. And I understand, because they in new york, they had a ton of people die. And to get us, I my understanding is what I heard second hand was that Laura Michael had to get a special varies to keep something that alive on the air from, you know, the governor and the mayor and everybody had to sign off on IT. But I twice.

this is not taking covered seriously. This, this is basically an a rational fear of covered well.

because they get hit the hardest day. So I think that they get hit the hardest. And I tweed, why is everybody wearing a mask? Of course I got like a hundred. Uh, because it's a pandemic. But then what the the two reasons that made sense were so many people died and there was so much suffering in new york that people out of a sign of respect are still wearing them until they hit here heard community officially um which I know you could all your eyes that David but .

they did have I be I think that's the real reason.

not well, anywhere I do actually do they get a real reason because people multiple people said to me it's a way of showing people that you actually care about them and that you're gona really take .

this seriously into l the end? No, I think it's more what is reckin said, which is, this is the red maga hat for team blue. This pure.

virtually possible. The other thing they said was on a practical basis in new york, your you know on the subway, your office and in you know going into a cafe, you have to wear IT and you're doing that seventeen times a day. So taking the mass corner off just becomes less work. They are just leaving IT on those were reasonable answers I got but anyway, somebody summarized this.

Another reason I think is that look if if you're in a blue part of the country, the media sources for team blue are still promoting this idea that outdoor spread is a thing that it's it's a risk. Um we're finally now getting we've known since last summer that there were no cases, no documented cases of casual outdoors spread anywhere in the world. The atlantic was reporting on this.

Okay, this is not a conservative publication. This a liberal, a skill liberal publication? Yes, exactly. So we've known this last summer, I mean, when views declared that we weren't allowed to go to the beach, IT was widely mocked.

And so only now is the cdc getting around to losing its guidance on outdoor mass wearing, but it's still not lose enough. And so there was a great article by David Leonard in the new ork times. I just came out, I think, yesterday or two days ago about the cautious cdc.

And what he said is, by the way, this is validates everything you ve been saying on the pod for last few months. Leonards chronical, the sort of absurdly conservative um guidance given by the cdc. Basing the cdc continues to suggest that outdoor transmission accounts for up to ten percent of cases when the real number is certainly under one percent is probably under point one percent and this is all based on a single study in singapore where that was misclassified.

IT was based on a construction site that really was even an outdoor spread. And yet the cdc is still insists that unvaccinated people need to wear mouths outdoors, that vaccinated people wear them in large public values, and that children at summer camp wear them at all times. This is the current cdc guidance.

And so yesterday, when the head of the cdc was pulled in front of the congressional hearing and asked about this, SHE doubled down on this lesson ten percent. And the reason why it's so much leedle is, technically speaking, less than ten percent is correct. But when the real number is point zero zero, one percent or something like that is highly misleading to give ten percent.

And the reason the line in the article which I loved is that is accurate to say that sharks eat less than two hundred thousand humans a year, but IT is also more accurate to say sharks attack one hundred and fifty humans a year, right? And one hundred and fifty is very different than two hundred thousand. But if you say sharks attack, you know two hundred thousand people or less a year, you would think that it's a it's a much bigger problem that is actually is and I think that's the whole point, which is we um were not being scientific or being emotional and reactive.

And the paper that lead um references, basically they took this data that identified how spread was occurring empirically and identifying you know through tracing you know where people actually picking up cove IT. And that's really where the emperor's evidence suggests. We're talking about a less than point one percent casual outdoor spread rate and you can see that empirically in the data.

But then there's also this deterministic kind of approach where you could say, like, look how to spread happens. Spread happens with the viruses. We know that viruses need to live in liquid in order to survive when you are outdoors. If there's any one of wind or U V light, um the virus can very quickly degrade the protein can degrade the rats and transfer. And so there's a deterministic, rational for scientific gration for why that may be the case.

And this evidence of this paper, which I ve now shared kind of gathers together, shows that um you know that that is indeed what the statistics are showing um and so yeah you're right but I think that the precautionary principal, David, is where the argument will be made on the other side, which is, you know what's the cost of worrying a mask if there's any risk at all um and by the way, i'm not i'm not making this case personally but I think that's what a lot of people would would make the counter argument um rather than debate effect to the evidence of the science they would say but who cares? It's just a mask. Why does that matter um and so I think the question is why does that matter, right? Like why does that matter? They're telling us to wear max is there are really that much of a cost of people to do that.

Well, I mean, if people are doing a voluntarily that they are right to do so. But the question is mass Mandates. So we continue to have Mandates on the population for something that isn't necessary.

And look, I was one of the first people in march of two thousand to call for. Mass wearing and mass Mandates because we are seeing the data out of the asian countries showing that they were effective. They were high costs or high benefit, low cost.

So I was in favor of IT when there was a pandemic reading. But when t zero o, the rail transport tires and free fall everywhere. And now we've learned that outdoor spread is not an issue.

I don't support restricting people's freedom and for a reason that's not rooted in science and know the problem with the cdc guidance is that people really act on IT. So you've got politicians, you've got local jurisdictions who want schools. You in schools, I mean, so the schools have remained closed.

And by the way, the schools have been open in texas and florida for six months. We know based on empirical ical data in the rural world, seeing what's happening in texas and florida that, that you are not seeing an increase in cover cases in those places because of school reopening. And yet the cdc has not moved disguise on school reopening.

You have summer camps now that for reliability reasons will make kids wear mass because they can take the risk of be getting suit. And then they've got politicians like gave newsome, who won't wipe their ask without the cdc s permission to do so. So IT has a real consequence in the real world that the cdc is stuck on this ridiculous guy.

Do we read the actual sentence from the new york times? About under ten percent. So you can read IT .

because it's really sad actually. Uh.

just in terminal of the misleading cdc numbers, they said in quotes, under ten percent of the spread has occurred outside when in reality, of the show of permission that occurred outdoors seems to be below one percent and maybe below point one percent multiple a demonology st tone.

right? Well, also also read the quote. This is directly from David in order in the new york times. And I think it's important to it's great when you can quote in new york or are the atlantic because these are left lean publications. So team blue should be more willing to accept them.

What Leonard said is there is not a single documented cover infection anywhere in the world from casual outdoor interactions. But do people know that? I mean, do the people walking down the street with mass on know that?

Don't know IT. Now, because the court, by the way, did you guys know Jason? Just ld me. We accumulate a million views. Slash listens a week to our podcast.

Now, million people .

will at least I think .

it's it's a little bit .

self elected, so to be honest .

yeah for intelligence. But the real question .

is like I isn't this an opportunity for the C, D, C to we establish some credibility, which is to say, OK, we're going to get back to facts. We're not gond. We are not.

We know that people will be prone to acting on anecdote and emotion. So we're going na be grounded in truth. In fact, we went back, we looked at the singapore study here, the flaws in IT.

Here's how would applies. And so we're going on IT and revise IT, and that would go such a long way. The fact is they, they, they it's it's important to think like what do you think the incentives are for them to keep doubling down on bad decision making? The .

downside, I think I said I think said a few months ago, which is I don't think that the cdc or any um kind of medical uh you know h administration of um a group in particular has to uh think about the synthetic sis of the effect of some of the policy, but they are recommending their objectives to save lives.

So if I am running the cdc, i'm going to tell people don't leave your home ever, don't drink alcohol, don't eat red meat, exercise you have to exercise sixty minutes today or you get tax. I mean, there's a lot of things that you could see if if you are purely focused on saving lives, you would make specific recommendations only to save lives without thinking about the consequences outside of saving lives. The consequence is outside of saving lives of, you know, telling people to wear math is IT minimize as economic activity, some might argue.

Therefore, there's going to be an impact on airlines and hotels and outdoor thing and spending and all the others, and people being willing to go to work and people being afraid of being in the office. And I see, I see this across all my companies where people, even though they are vaccinated and they are scientists, they are afraid to go to work. Um and so your part part part of the perpetuation of the fear that are rises from these are policies that are all about the absolute saving of any life is that you end up having a significant cost that's not related to the objectives of that particular medical organization. And we see around the world I and this goes back sorry, this goes back to what I said about leadership a few episodes ago, which is the the leadership of the administration should be sympathising the recommendation of that group, along with the effect that other groups might be indicating. What a rise from that recommendation and coming up with a kind of concrete, you know, kind of objective around, okay, how do we baLance these these different effects?

What you're saying is absolutely rect. The people who are making the decisions are only thinking about their responsibility. So it's like a secret service agent. When the present, like can I go outside autographs are actually not they to say no because they are responsible for keeping present alive. Now there, the other pronunciation thing about this is they kept trying to game the public and the public.

When you try to gain the public and you get caught where they say, don't fartusi don't wear a mask because he doesn't want to run at a masks, then they say, keep the masks on because they want to, you know, virtue signal, whatever IT is. Or they won't simply say the vaccine is not dangerous, or that the vaccine is actually gone to keep you from dying. They undersold the vaccine and now everybodys going to question everything they do for all time.

Don't manage us, manage the facts, stop trying to manage people and just start managing your communication and make a crisp and clear. And then somebody has to be a god m leader and say, okay, the doctors are saying this, the economy is saying this. And here's how those two things overlap.

In schools, being closed means more suiciding kids, more depression in kids. And people not to put food on their tables means we're going to create, who knows, what is this economic policy is gone to create, which is another same way. David.

you had some look, I, I, I agree with that, but I think you guys are being a little bit too terrible to the C. D. C. It's not just at their wrong and it's not just that they have a burek rac incentive for for sea and to be too conservative in their guidance is the fact that when an error gets pointed out, like by David lean art in the new york times, they doubled LED down on the lie. And so leinart followed up his his article IT happened.

So go to this tweet that I put in the chat, he said at a senate hearing today, central Collins as cdc director, doctoral linster, about today's edition of mourning, which was his article, which explains why the ccc's claim that less than ten percent copa of transportation is leading. And while enki then doubles down and has a bunch of excuses and basically defends this ten percent number, which is alive now, why would the cdc be doing this? There is separate reporting by the new york post.

Go to this article on teachers unions collaborated with the cdc on school reopening. So this guidance that the cdc put forward on school reopening, the teachers unions were part of writing that guidance, and all of their suggestions were actually accepted and incorporated by the cdc. Now how is the science? This is politics.

Last year there are a bunch of articles accusing the the truth administration of incorporating, you know, political considerations into there are guidance. There were huge scandals about this. Where is the reporting today about the influence that the teachers unions are wielding over the cdc to deliberately keep schools close, even though the science is not support that? This is a gigantic scandal and yet no one's covering IT is left for the new york post to cover. This is set of the new york times.

By the way, I think this is a good transition to the drug and Miller interview because um you know a sax I just requited what you sent which was a link to the to the video uh interview so um you know stanly duncan Miller is this uh uh .

incredible uh incredible investor.

There's many stories about dr. At one point he's guy notoriously, they say broke the bank of england where he was betting against the british pound and force the the the the central bankers in the U K. To devalue the pound.

And he's made billions of dollars managing initially George services money and then um fun off and runs his own money now as an investor. And so he he's a uh a macro guide. So he thinks about kind of macro economic conditions in effect and he talks a lot about fed policy. So he gave the interview and and I think you know the most kind of present quote uh and IT was also based on an ipad. He wrote right acts in the wall street journal, yeah.

yeah. But the interview is fantastic. The T, V interview is great. Just watch that.

The interviewer is great, he said in the right to, he said, clinging to an emergency after the emergency has passed, uh, is is what the fed behavior indicates right now. And I think that you know of what we're talking about broadly is perhaps the emergency in the united states where you have this uncontrolled increase in COVID cases, that's not the case today. So the emergency has passed, we still have covered, but IT is not an emergency.

And the point is there's a lot of institutions and individuals and businesses that are still Operating as if we were in the throes of the emergency. And so dick Miller is making the case that the the fed and the fed policy is acting as if for in an emergency. But broadly, we're seeing this across a lot of institutions like the teachers unions and others, where people are effectively, you know, never let a good emergency go by without taking events, even the saying, never waste a crisis, never waste crisis, and the crises keep the crisis going is kind of the model everyone in right now, which the crisis.

they're kept IT going as long as they can. And drug. Miller gave some pretty amazing quotes.

He said that, well, first of all, he describe our current montour fiscal policy is being the most radical he had ever seen. And this guy's been watching markets for decades. The fed has pumped two point five trillion of Q, E.

Into the economy post vaccine, post retail recovery. He said that right now, retail demand is five years above trend, meaning knowing as retail demand fully recovered, it's rare. If you look at the trend, IT would be five years or now.

So they are pumping like demand like crazy, issued six trillion of new debt. And then this is the thing I didn't know at all. He said the fed is buying sixty percent of new debt issues.

Without this, the bond market would be rejecting this massive fiscal expansion because interest strates to become prohibitive. And he said that when when interest rates revert to the norm, the historical norm, interest expense on our debt will be thirty percent of the government budget. So the the the .

markets have had to intervene and we have essentially decoupled um what the government thinks is happening with what the capital markets needs people to know. And that's a really unique dn amic. Like I mean, I I am not nearly as successful as stand or have been in the markets as long as him.

But in my twenty years, this is the first time i've really seen that. So just to give you a sense of this, you know, the markets are now acting to establish inflation expectations that the fed just seems to not want to do anything about. And what was so for just to give you guys a sense of this, like know when in february, the markets really kind of had its first capital ation.

What happened was that all of a sudden people digested all these facts, that danger said and realized with a minute, I like all of this money is going to drive Prices higher. And so what they did was they took they took the yield on the ten year bond up by like one hundred and fifty hundred basis points, and the markets freaked out. They went from like point seven five to one point seven five.

And the fed came out and said, hey, hold on, nothing to see here. This is everything's gonna fine. But then everything since then has been to sort of leading to this realization.

Commodity Prices are up fifty percent. There is a kind of like joke that, like, you know, you see a bed of number moving across the railroad. I like a billion dollars of number just because of how expensive that is you. There are shortages everywhere.

You'll be shocked to know that today reportedly put out the following guidance, which is they said they are increasing the minimum wages to fifteen dollars, and that within three years you can make a hundred thousand dollars a year attribute no, that is as much as engineers and codes in the united states. Dora course usi, the city of uber, said on uh, the uber earnings call last week that the um average hit rate that some drivers in new york uber drivers in new york we're getting paid was thirty eight box an hour. what? Thirty eight dollars an hour.

So what does all of this mean? I think what's stand is hundred dollars a year. But we're in this weird place where we've decoupled the government institution that's responsible for fiscal stability.

And then the overall capital markets used to work in tandem, and there are no longer working in tandem because you have a narrative and a set of data points that aren't supported by the facts. And so this is an interesting thing. So in the C, D, C, first is the american people example.

There is no way to push back, right? I mean, governors can act independently, cities will act independently. But at the end of the day, you know, the teacher's unions are working with the the cdc.

The school camps have the guidance and you're stuck in this marash in the capital markets, that's not necessarily true. And so you can change and you can you can rerate asset Prices based on sentiment. And I think what everybody is saying in this example is where past the emergency, we put too much money in the economy.

We need to reopen and we now need to face the fact that there are massively rising Prices, which means that there will be inflation. And if you don't act, the capital markets will continue to act for us. And so this is an example today where you just seeing a bloodbath in the markets. And by the way, the only time the two government officials tried to be on the either side, Janet yEllen last friday, kind of casually in an interview, kind of put her toe out in the water as treasury secretary, and kind of said something that said there could be inflation and literally was hand slapped and had to put out something that disavow her comments less than twenty four hours later. Um so a blood .

bath in the markets today. And there's been one for last couple of months. And in particular, all the grow stocks have been hammered and just build on what you're saying to moh.

So there's an announcement today. There's some data that the the inflation, the CPI is up four percent and climbing. And so people are now pricing in big interest rate increases.

And so that makes gross stocks that hammer's gross stocks because all the earnings are in the distant future. And so they get now discounted at a higher. And so the valuations get absolutely hammered.

So you know, it's absolutely swing that the markets are basically swing on this bayden agenda. And you know, I just know I began to wonder if bidens going to be a Jimmy Carter here, because, Frankly, all he had to do was leave things well enough alone. Covered was winding down.

We had a vaccine. All they had to do was distribute IT to as many people as possible. And covered left the recovery takes. And instead they pushed this insane ten million dollar agenda of taxes and spending that are now over stimulating the economy, that are causing inflation, that are now creating interest .

rate increases. No, that's not true yet. Meaning he did do a good job on the vaccine, David. But then to your point, the federal government's pasture and reopening is still been stunted. And he's proposing so much more incremental capital, which we all know probably will not be efficiently spent and there isn't any other good ideas. And so he believes his path to reelection, which is true, is to spend and to put money to put money to the test.

right? So he's .

the spending he's to try to offset with higher taxes on the wealthy, which uh, you know from his point of view is not going to affect. And the analysis is probably fair. It's not going to affect his his voter .

block um as look if the economy turns, we were set for a post covet boom. And right now that is all at risk because the month, like you're saying, they're keeping the economy closed or parts of IT way too long. They then overcompensate for that by printing a tone of money, and then they overcome sate for that by raising time too much.

build on that. So that second step of their overcompensating, their inability to open with money, is so true. Because then what happens is your labor for days impair because people make enough money by not working.

This is the issue right now for a lot of businesses. I mean, you have restaurants that are overbooked cannot get servers. Jim cramer was saying his he's up to eighteen dollars, you know poor hour per servers.

He's going to move to twenty and will make a difference because with that extra three hundred, I think in federal federal unemployment plus three to seven hundred things depending on where you are, you're now at sixty, seventy, eighty percent and people are like, well, people go to work and it's like, yeah, but you're saving commuting and you probably have side hustles and you've lower your commute expense. So what is going to intent tivy people to go back to work? We are now running a dry run with crypto currency and you know, stimulus, a ubi experiment and the result of this ubi experiment is uh negative economic growth or throttle economic growth. We cannot be productive if people don't .

want to work and contribute people to go to work. So just your point on friday, montana, which was part of the federal governments um you know pandemic related U I benefits program, basically said that we're cancelling those benefits and were opting out. And on top of that, I think they're now offering a twelve hundred dollar bonus to return to work.

And the problem is because state montana a now has a severe labor shortage, but it's not just montana a it's every state in the union. So we have these two opposing forces, right? We have so much stimulus, we have um an unmotivated labor force.

We have more taxation. That's also just going to be wasted. And so very poor or a why? And then now we have input costs going up um and Prices going up to try to attract people. It's it's all going to drive.

And here's the quote from the governor, mississippi. The purpose of unemphatic benefits is a temporarily assist mississip ans who are unemployed through no fault of their own. After many conversations of less of a weeks with mississippi small business owners and their employees, IT has become clear that the pandemic unemployment assistance and other like programs passed by the congress may have but necessary in may of last year, but are no longer so in may of this year.

And can you imagine the hit you're gonna take from voters, from woke mobs, from people who believe in income in equality? When you say, I think we have to stop sending people free money so they go back to work like this is a very hard position to take. Um and we now have this occurring on a micropolis in california.

We have a is is this true? We have a seventy five billion dollar plus this year as the city devolves. Now we're going to take that. And instead of lowering taxes and maybe trying to get tesla or oracle or other venture capital firms that have left, instead of doing that, what would what could we do, David, with that seventy five years?

Well O A great point. So the five billion dollars surplus, one third of that is is from the federal bailout, which obviously we don't need. And that's the money printing that's coming out of washington .

back right to another state.

Good, good luck. Exactly the other two thirds is because last year, we had all these unexpected tax receipts from the stock market boom. So get all these california taxpayers paying capital gains on that. So but what this highlights to me eat is, and what I wonder about is how many those taxpayers have left the state? Because we know that we had net migration loss of one hundred and eight, two thousand and twenty twenty.

So how many those people left the state and won't be paying taxes this year? And if biden breaks the stock market through this insane tax and spend, then where is this like surround lus going to come from next year? And what this highlights to me is I think we have people in washington and segment, for that matter, who've lost sight of the fact that ultimately the private sector and and the public sector are a partnership because the private sector generates the largest and the wealth to fund the public sector and to fund the creation of these public goods, to fund education.

To fund law in order to fund social programs. And they've stopped seeing IT that way. They see the private sector not is something like a cow milk or a or or or a sheep to be shared, but they want to skin the sheep instead of, instead of sharing IT.

And and they are really at risk of or killing the golden goose. I guess you could put put in that way, you know. And I think that you during the clinton years, just to to take a contrast, we had government spending as a federal government spending as a percent of GDP was between eight and half and twenty two percent.

That was the range, and we had a boom. So when you have a federal spending as a percent GDP, around twenty percent IT works, right? And that doesn't mean you can increase government spending IT just means that government spending will increase as the economy gets bigger. But what you have now is federal spending over thirty percent of GDP and everything is starting to break. That's the problem.

Very, very big problem. And of course.

and that's why we're all .

getting red billed, right? How many people in silk valley, Frankly, who make a living off growth stocks are now start to scratch their heads going?

G, what did I vote for? It's definitely becoming a thing. And I would say the purple pill party, you know, like chop IT up, let's mixed two things, let's Candy flat, whatever takes like to get out of this, we got to get this party restarted.

Centum is the answer.

IT absolutely .

is and know treisman .

is the answer. This is good for us to take a pause here and maybe talk about this uh business insider hit peace or what was likely to be a hit piece but turned out I think on emerging fair um calling this all in podcast and I I didn't turn off this is accurate but I thought he was pretty funny possibly this single most disruptive click in california politics this year. I think they're referring to the four of us.

And bad, of course, I get absolutely scared for making clocking noises. I own those clocks. I'm proud of those clocks.

Can I? Can I? Can I say something? I think that look our I don't know i'm a little exhausted about local politics in california politics. I'm not exhausted by federal politics because I think it's it's an important um lens, as David said, into like how we actually conduct because all of the businesses were involved with our inherently uh global and amErica leads. Um here's what i'll say though about about that article, which I didn't read um like most of these things, which I don't really read.

never read your press rule number one in the game.

I think it's incredibly important to realize that um california was a bell weather for opportunity and the ideals of american upward mobility. And a lot of people came here irrespective of the taxes because they thought out like minded people. They saw out a moderate little liberal viewpoint. And in economic set of opportunities, two of those three boundary conditions are changing.

And that's why I think california is now important, because IT is a canara in the coal mine for the rest of the united states, which is, do we become a volkan, ized country of fifty states, or are there like generic, progressive, moderate ideals that everybody can agree to insigne to? And where governments are largely still get out of the way this like I don't think, you know, if you look at sort of like tech oligopolies and the hatred we have for them, I don't think political allegorist are any Better. And so, you know, I don't think we want either of them in charge is really the answer.

And so we just just got to use this um election cycle, I think, to kind of like vote a moderate agenda. The most disruptive thing that can happen in california is somebody emerges who is rational and moderate. Who says you can categorize me as a republican or democrat on a whole bunch of issues? I had to pick a platform because the stupid election model makes me pick one.

So call me a democrat or call me a republican. But the reality is, on a centers, here's what I believe. And if that person gets voted in, then hopefully IT changes the conversation for the rest of the country.

Otherwise, we are headed to fifty organize states Operating independently. And Jason, the thing where you make a joke is actually kind of sad. If you get twenty five billion dollars and you don't need IT, the ideal thing is that you actually give IT back to the federal government because you think there's some accountability for all these dollars.

And IT actually is the bright thing to do. And the fact that everybody laughs because we know, of course, that we'd rather just dig dig philidor for twenty five billion or you know two and a half miles of high speed rail. The crazy thing that's kind of sad.

it's always sad and it's corrupt, right? It's a corruption. It's a corruption that we've just got used to, which is you're going to take twenty six billion that you don't need, that you don't deserve.

It's like the schoolboy in center for eco announcing they're going to open school for one day to qualify for incentive reopening. The government government gave him for twelve million box. It's a pure money grab. It's it's outrageous you know um it's all about the Benjamins for these guys and by by that I do not mean students is named Benjamin.

Why folks David side punching on.

To get U J, I, A to my day job. But but, but let me go back to this article. I want to give you my two cents on this article. I did know I was behind a pay, so IT was hard to to read, but I got a copy of IT. Here's my view on the first all. I think they did pull their punches a little bit because we did the pre buttle, you know, we call LED him out before based on their very biased list of questions they sent me.

But anyway, they kind of pull punches is a little bit, but the article was of with this, how dare they pussy, you know? And in a couple of areas, one was, you know, the reporter was very upset that we're going direct, right? We've talked about going direct meeting, going around reporters and speaking directly to the public.

It's kind of what how dare they do that? You know, they should be talking through us, you know, we the objective reporters, and then we'll told the story for them. No, we're going direct.

We want to have an influence. We want to speak our minds. And the second thing they're said about the fact that we're contributing to these elections. And the reporter made a point of saying that I sought out the boudin recall. They didn't just come to me.

I thought them out and wrote twenty five thousand dollars as if what is he really up to? Why did he seek them out? Well, if you wanted, know what i'm up to.

I've written about that. I wrote a blog, the problem of chase a beauty. I've written a blog on how gave newsman has moved very far to the left. You don't need to speculate or wonder what i'm up to. I've spent thousands of words.

It's the problem.

David.

David, they want you to go through them. And the fact that this podcast has bigger, rich, then when we go on C M P C or bigger reach than we're in business insider. And you know when the new york or article on tremont comes out, more people will listen to this podcast, then read that article.

That's what there is a certain .

threatening nature to what we're doing here where you know, as they admit more influences than they are, why read them? Especially they are doing link beating. They they look dumb when compared to the dialogue we're having here.

They can have the dialogue are having here because let's face IT, where we're four insiders. We see the what's happening on the inside. And if we talk to them, they might get ten or twenty percent of the picture. And I agree that they might get to fifty or sixty, but we get one hundred percent.

Let let me connect a couple of dogs because I think what you're saying is, is really important in my mind. I think this is another example of like the C, D, C example or the financial markets example, where in all, in all of these cases, what we have is the following dynamic, which is like if you think about when the newspaper used to hit your front door, right, like you used to wake up and you know, when paper was delivered, right, we all remember that, and you'd pick IT up. And IT was a physical paper.

Now i'm just going to use IT this number to make, to make an example, let's to say, was eight and a half by eleven. You take this eight and half by eleven piece of paper, and what you have is a fixed container. And so what there was was inherent competition.

And so inherently, you had this leverage where IT was only the best things that got into the paper, right? They segregated by sections. People wanted to advertise against that.

And having a fixed amount of caught of real estate really made that real estate precious. And I think that that was really, really important. Now think about what's happened when you go to that same paper online that is using new york, effectively, that containers become infinite. And so now you've to completely taken away the ability for anybody to actually assign real value. There's no above the mass head or above the fault concept as much as there used to be, specially an infinite growing.

The point of all of this is this is why there's no value in coming back and we you know, telling the truth, you just go to the next click by title because you're just keep on going and going and you just wonder, hey, wait a minute to tell the truth is an inconvenient artifact of my business model today. Whether before telling the truth was really important. IT was an anchor which created more value for you to sell ads. Now IT is just gets lost to see of things there an agda.

So the point is, the financial markets in this interesting way, is the only, or is one of the few places left where you can vote in real time about the truth, right? And so for example, like you know, you get all of these readings and you get all of these documents from the fed, which is the financial markets version of the cdc, but you can vote that, you don't believe them, and you can see IT every day the gap between what they say is narrative and what the facts are. And that's a really healthy dynamic that still exists in in finance and capital markets. We just need to figure out away word exists everywhere else. Otherwise, people will always want to make sure that they have a direct content to tell their version of the truth and allow people to decide for themselves.

And before we get to science with freedom, if you get camera back up and running, I don't know if you guys know, but vox cancelled us this week with an assist from tell of the rends. The funny dog is turning. All of this is the multi I million r VC is correcting language of Young women, M L.

M. Marketers, in an effort to seem cool and help with us. Why White manner are using the term bees? I don't know.

Obvious about that. I think, think really had a sense of humor surgically removed. I mean, doing doesn't, doesn't, doesn't SHE understand that this is a self deprecating, self mocking bit that we came up with or that you came up with. I mean, come on, it's a gag. We know it's funny for fifty year old guys to be calling each other best.

The reason why, by the way, just if everybody wants to know the origin of that, is one of our other friends, fill help youth kept calling me best. D, C. And we used to think IT was the dome's thing that we've ever heard. And then what we thought was would be even funny here is to just corrupted. And IT was done, most credit to boat, but IT was done bull initially to make fun of what how youth used to call me.

how moth actually has the maturity level of a teenage girl.

So that's true. That's true with .

the name dropping. I don't, when he used to turn bet he was not using .

IT ironically where no yeah .

yeah hey let's talk a little .

bit about science so and keep the freeburg ratio up for all these freeburg stands including the big whichever ver maniacs running freeburg dogs anonymous witter handle. I don't know if you talk to twitter security .

about that yet. Free berg, my dog's on to walk right now. He'll come back and then he can tweet .

later as well. IT is, IT is my dog that runs the the account.

yeah. Yes, so much for my y wans.

But with no mongery, this, this is going to be west lowest episode in long time.

But his name was was A P, S, P, C, A, where I adopted him from. And I and I wanted to name him marty, because he's like a hustler. He hustled his way, you know, from the streets of the mission into a nice condo and pack height. So I gave me the full name, my gumi. So if my gery wagons now, oh, here, Martin.

come on to come on monday. Okay, tweet something right.

There's the .

locking of its synthetic biology we saw to uh different ipos in, I believe the last month or so. Tell us about um the the drink gingko bio works public offering and the emerging .

and the press of synthetic biology, which dates back you know many years. Right is one of the first companies uh to a effectively use synthetic biology to uh to to make product. So you know genetech and am jen started making these proteins that that became biologic drugs.

And the way you um you can kind of think about synthetic c biology is the D N A is software. And we can program the software to get the organism of the uh uh you know whatever D N A were changing to make something that we want to use. And so synthetic biology is all about editing the genome or editing the D N A of an organism um editing it's DNA uh and doing that in a way that you can kind of make a product.

And so this was done initially for biologic drugs um and and over the last kind of twenty years or so, using synthetic biology as a as a kind of approach we've kind of thought about, well, how can we make things like fuel and increasingly more commoditize products like um you know that we might consume for animal consumption uh instead of using animals to make proteins um and so the underlying technologies have all followed an accelerated path that greater than more is law, you know, D N A sequence and costs have drop faster than more is law. The last ten or fifteen years the ability to synthesize or print D N A uh crip, you know can provide us when to set a tools to do much more precise DNA editing and and so on and so forth. And there's just a confluence of technologies, sort of like they were leading up to the personal computing revolution, that are now going to enable this incredible proliferation of a new industry that many argue will rewrite all industrial um um systems, all industry that makes everything that humans consume, from materials to food to the chemicals to the plastics s everything that we use in our daily life can be rewritten using synthetic biology.

And so the promise of this dates back again, like two decades or so. There is a company called emas that john door back that was one of the first companies that was one of the few companies from the original synetic biology companies that actually survived and made IT through. And they're still around.

They're still a public created company. And more recently, there have been this kind of more digitally enabled, at least that's the premise that big kind of make for for for their businesses, companies. So imagin, which was got a bunch of soft bank money there, raise a billion dollars as a private company.

Uh, they got public with like I think thirteen or fourteen million of revenue uh and then there worth five billion dollars in their IP. Do they just want public? Um and the other company called gingko bio works, uh which is a similar sort of a sympathetic biology platform company.

Just one public or just announce that are going public via back. At a fifteen billion dollar market cap with you know uh I think less than one hundred million of revenue. So um you know the game is on.

And and I think one way to kind of think about this is um these businesses aren't great businesses today but the promise of the next century being um all about sympathic biology you where biology become software and you can program biological organisms to make and print pretty anything we as humans consume is a premise that everyone believes is gonna come to free in the century and IT will completely reinvent industry will improve sustainability. I think that is going to be the great savior for this planet and for our ability to sustain on this planet. These are kind of, you know, two big ipos that validated the capital markets.

Are there there are so many big institutional investors to not can share more on this that like backing coron code esg companies. Synthetic biology is this kind of esg you know moment um and and and I these two IP s happening at the valuations that are happening at capital is going in. I think these are kind of like the net gate moments for synthetic ology. And we're going to see a tremendous amount .

happen over the next couple years, such about how closer these from being science projects in the la B2Being sca lable rev enue com panies in you r est imation bec ause the se are the min imum amo unt of cap ital wer e tal king abo ut. So this feels like diminish amounts of revenue did diminishes matts of revenue large and amount of capital is is h how how far is IT to to actually cross that casm?

We um I think that were still trying to figure out what the right business model for these companies is. So for example, like if you look at chip design, right like so um there's an entire value chain where there is the people that manufactured the equipment, right? There is the people that run the factory, there are the people that um develop the tool chain.

So the software that you can use the characterized and build a ship, right? And if you look at those industries, the the factory in the middle tends to be the least valuable companies like vera logue, you know folks that make the software are really important. And then folks that make the equipment, because the equipment is so press very complicated, is valuable. If you translate that to biology, we need to sort out where the value is gonna.

So the the amazing thing about ginko is what is promise, is what the promise that they that they're going to make to the market is we're gna make a biology programmable so that the the the an entire generation of biologics and chemists who would otherwise have not been able to just actually literally like right into a command line interface and generate biologic examples, we're going to be able to enable that the same way in electrical engineers. So like, you know, for example, like know when I was doing internships or you would literally be writing verot's gue and they would get, you know, basically generating what was called the net list and you could send a netlist to a fab and all of a sudden outcome of. So that's what we're trying to do.

The problem that they have to figure out now is, are you a tool provider? Are you, you know, pick shovel? Are you doing IT yourself on baLances and taking really yeah are you you a product company and this is where we're too early to know what the answer is.

But as the market sorts that out, as David said, more people will get comfortable applying money. This is why zi merging and jinko um are too really important data points because as David said, IT will force the market to help these companies rationalize where they are and what the tool chain looks like and compare the semiconductors. And in that you're gna have an entire generation of companies get built. It's super exciting. I I spend time and around these businesses without getting too specific, and I think they're really compelling, really interesting.

And this is I mean, I never I I don't generally speak my book, but this is where I spend most of my time, right? So I really am making a bet on my career in my capital and my time on on synthetic biology um uh and and the opportunity IT presents for our species in the century.

So all of the work I do and I have several businesses that I would say compete with thinker and emerging in different ways and are attacking this problem in different ways, which is, uh, I I mentioned this last time, but how do you produce enough biological material? How do you make stuff? Want to go to take? Companies know, cheap for mentation platform companies.

You know, do we need to scale these things up? Do we need to kind of reinvent how they're Operating? There's a lot of stuff we need to kind of out over the next couple of years, uh, for this to really kind of sweet the world. But but the fact that we can like program biology to makes up for us is is kind of world at at the moment.

So here's another example of A A fabulous company. This is this is a private company. But you know you will you'll see them in the next probably three or four years day you as a public business um called pivot bio, another synthetic biology company, which I think is just master ful.

And you know what essentially pivot bio does. IT essentially is a clean alternative to synthetic nitro gen fertilizer. So like you put this shit in the ground when you're planting seeds, and what IT enables is plans that we're previously incapable of nitrogen fixation, meaning getting nitro gen out of the soil, they're able to do IT. Now what a certain yields go up, density goes up, predictability of the crops go up and it's a huge advance for farming.

Never think about um you a pivot bio like like to moh mention there's a lot of plants like soybeans, legumes that will fix nitrogen, will take nitro gen out of the air, right? Most seventy percent of the air is nitrogen. And so plants need micro gen to grow.

All protein has to have nirig en in IT. The nitro gen key to growing plant corn, you need to put micro gen on the ground. So around six percent of global electricity is used to make ammonia, which is the fertilizer that farmers around the world put on their fields to grow their corn.

And the and the the monia that sits on the field and doesn't get absorb by the plant turns into micros xian, which is a three hundred x worth Greenhouse gas than carbon dioxide. Think about that three hundred times the heat capacity of carbon dioxide when IT goes up into the atmosphere. So the environmental effect of nitrogen based agriculture, awful and, you know, vivid, is one of the first.

They actually commercialize a research microbial train to do this, and you put them on the sea before you put them on the ground. But now the ability thrust to engine near microbes, and the microbes now pulled the micro gen out of the air and stick into the plant. The ability thrust to engineer microbes opens up this universe of possibility where pivi t is kind of like, you know, kindergarten, what's gona happen over the next couple years where we can now engineer all these microbe to pull nitrogen, the atmosphere and maybe reduce all fertilizer use and have a huge effect on Greenhouse gas um resulting from uh from agriculture.

A lot of what you've mention seems to be things in the world products that can be approved and refined. What about inside of our bodies? I I know there are some efforts to understand what cells are doing and maybe use synthetic biology to get a reading on a molecular or cellular level as to what is going on inside your body. And then there are these self replicating systems that might be able to add all of your y blood cells were low, and IT was the eighties, and I was HIV. You could just bomb, produce more White side blood cells with a .

shot or something. The original idea of moderna um which we all know now, is being kind of this R N vacation. You could put our in your body and therefore provide the code to get yourselves to make specific proteins.

I can do things in your body. And so we did the computers, while the example we're using now is the covered vaccine, right? So IT makes the covered, the Spike protein, which we then developing immune response to.

But the idea with moderna is you could eventually replace medicine with these R N A shots. And now yours cells can start to make specific proteins to do specific things in your body. Now we're very elementary as a species in our understanding of how proteins drive system level biology and outcomes.

So we're starting to learn about this. But I will tell you, there's a really interesting research team at U C S F uh LED by um a woman in honey ll me and um and this research team is identifying that they're building a tool kit of proteins where these proteins can almost have like robotic arms. They can have really interesting functions.

Think about Martin short in interspace. Remember that machine, he went, anyone in the body started doing stuff. The body they're working on building basically a tool kit.

So it's not just a single protein that now you IT goes and does something, but really complicated combinations of proteins that can now go on the body and fix things and repair things and and react environmentally to specific conditions in the body like other the cancer cell. Here i'm going to go to do something to IT now. Um and and so there's this whole this this whole world of like dynamic because you know kind of making things more dynamically .

than they been history. Just thinking about aging would have theoretically be able to help with hearing loss, eyesight loss, you know in those type of things. Uh.

would you be able to there's another area of biology we can talk about this that like but there's no very biology called stem cell therapy where you can basically take, you know, all cells of all from stem cells are in in your body. So these are the original cells that you have initially in an embro, right? And then uh, as your body kind of grows, you end up with these stem cells.

And you have stem cells in your body today. Those stem cells, when they make a copy, they can differentiate into different cells in your body. So for the last, you know, ten, twenty years in california, by the way, is about a four billion dollar fire member write stem cell grand program where they're funding out research into stem cell therapies.

So there are significantly successful therapies right now. Multiple companies are productive zing and launching, and they're already the market for fixing blindness with people that have specific diseases called retinal test pigmentosa, where your, the the retina cells in your body, in your eyes degrade and stop working. You will get a stem cell injection of progenitor retina stem cell india eye, and you will grow a new retina.

And you can see again. And the efficacy is in same IT is incredible how well this works. And they are doing this with lots of other stem cl therapy.

So were getting so. And and here's an incredible thing. Scientists discovered a few years ago, I think these guys won the mobile Price. You could take any cell in the human body and induce IT chemically, meaning you put a bunch chemicals on that cell and get that cell to convert back into a stem cell.

Now you've created your own stem cells from your own body, and you can now put them back in your body and get him to turn any other cell in your body. So this is called induced plur r porton stem cell erp Y I P S C. So I P S C now forms the basis for a lot of these stem cl therapy kind of um programs that are underway. And so this is gonna an insane over the next couple days.

Hey friedberg, if we took the twenty five billion dollars that we don't need in california and .

gave IT to this company quickly.

could we this problem, nothing me more not than when I see money not going. I mean.

IT is I mean, seriously like let's we need to start our own political party that is based on reasonable suggestions like the one I just made or the ones the .

middle ground party.

just A A reasonable party.

You think there's possibility for third a true third party in the united states structurally?

No, it's really set up to be a two party system. You have to really take over one of the two parties. And Frankly, the problem in our politics right now, i'm not saying there are political party is great, but the democrat party basically been taken over by work socialist.

So you but so I think that kind of like limits your options. But I mean, you what you have to do is create a movement and then you you basically take over one of the parties. I mean, what we're describing me today, I mean, this top level IT is is almost feels like we're in a race between technological acceleration and social and political deterioration, right? So like technology .

one more time.

we're in a race, I think, for the future between technological acceleration and social and political determination of. And the question is, which one of these forces is going to win the future? Everything freeboard describes is incredible, hopeful, right?

We're going to able to cure people with all these miracle technologies, I mean, even the new mra vaccines that were developed for cover. I mean, it's macula, right? And we're going to able to use that same mra technology for other things.

Other diseases may be even to attack cancer cells. So there are so many positive things happening, and we all see IT in the technology ecosystem. There's been an explosion of wealth creation and opportunity created over the last twenty years in technology.

And so we have this very positive force. And then everything that seems we happening in our politics and society is negative. It's it's involved deterioration. It's basically special interest corruption. It's you know it's basically people wait to these insane ideologies and you're right. Like what you really won is just a pragmatic, a pragmatic party that allows the private sector to do his job, generate the wealth and necessary than fund social programs, instead of trying to up turn the whole system, which is what IT feels like so many people empower trying to do today.

Yeah, so I registered, I registered reason party for us, if we, if we ever want to go there. So if you want a bookmark, recent party.

let, let's, let's talk about this tonight. Boost.

because I got a run and is IT on. Yeah.

i'm going to see two of you tonight. sex.

You to fly up for sex. What about having a bird if you don't let the bird out of the cage?

Our friend from L. A. Is flying up.

Yeah, for the friend who puts the ball, the is coming.

Yeah, there are many friends. Many friends. Come on, sex, comfortable friends, free the bird i'll take.

And speaking of bird, they just announced a spack today. so.

I love you best days, and we will see you next time, in the case.

your winners, right.

man?

We open sources to the fans and just .

got crazy with.

You should all just get a room and just have one big huge org, because there are just like sexual attention, but just need to release something. Your B B.

your B.

B, 我 一定 只 给 marking， 你 know？