SPEAKER_00: only sacks can lose 20 pounds and look worse sacks you know with with all with all these gains and all your funds i would really love for you to cash them out and buy a belt

SPEAKER_03: ask your wife or your house manager to help you find slim fit shirts at the uh the local macy's you'd literally look like you're wearing a parachute i've never i've never worn some

SPEAKER_07: fit anything for a second stand up i can't i'm not i'm not wearing pants

SPEAKER_09: oh my god can somebody call hr are you really not wearing pants i got no i got i got shorts on

SPEAKER_13: no that's not true are you really wearing shorts yeah i am no he's not he's lying no i'm not put

SPEAKER_16: your leg up show us that pasty leg no way oh my god oh my god how big are those shorts that's incredible

SPEAKER_18: he's like dom de louise and he lost 100 pounds he didn't change his wardrobe you're rich dude change

SPEAKER_20: your wardrobe oh my god those are like two toothpicks sticking out of a tent

SPEAKER_21: it's like somebody set up a circus tent and didn't tie down the ends

SPEAKER_29: he's wearing a parachute and a circus tent oh my god hey everybody hey everybody welcome to another

SPEAKER_33: episode of the all in podcast with us today again the podcast with us again today the dictator

SPEAKER_36: chamoff palihapitiya and the queen of quinoa david friedberg in front of some bad art and from the

SPEAKER_42: mausoleum a svelte fighting weight minus 20 pounds the rain man himself david sacks you guys gave me

SPEAKER_41: the motivation i mean this podcast you fat shamed me you needled me for months and i'm like okay

SPEAKER_44: i'm gonna lose the weight so i've lost it what was your peak weight in the last 12 months i think i

SPEAKER_48: was at in the high 190s and i'm down to about 172 now so it's about 25 pounds wow since since about

SPEAKER_53: april or may that's really great bro that's fantastic i mean honestly your family thanks you i thank you as a friend too no but seriously keep that longer really great i'm really i'm really

SPEAKER_57: proud of you exercising too thank you or you just cut your diet it's it's uh i i'm doing the same exercise regimen i was doing before which is just running occasionally but um but it's all diet

SPEAKER_44: it's all diet it's it's frankly severe calorie restriction and your your munique product has been

SPEAKER_62: very helpful but is it really severe calorie restriction thanks for the plug i think so yeah we're talking about munique for the syndicate on the call-in app the other day

SPEAKER_74: i'm allowed to plug i'm allowed to plug so you could put a call-in plug you know you're violating

SPEAKER_76: our rules of the road that we wrote down it's not a violation of the rules because i'm not a shareholder in munique i don't have any interest in that but are you negotiating a deal no but

SPEAKER_79: have you talked about funding munique no i haven't but freebrick can i invest

SPEAKER_83: we should actually throw that one in the syndicate if you guys want

SPEAKER_88: uh yeah munique's great i i did it i lost some weight on it sexy poo what's your uh what's your uh

SPEAKER_90: basal calorie burn did you calculate that i'm not what does that mean like your steady state

SPEAKER_91: calorie burn on a normal day like if you're not exercising or whatever like yeah based on your

SPEAKER_44: height your bmi your weight all that stuff yeah i did i did look it up and i think it's around 2000 calories a day but but the thing that's super interesting yeah there's a calculator online where you can enter your your uh height weight and age and it'll tell you how many calories that you burn every day so if you want to lose weight you need to consume fewer calories than that it's that simple everything else that people do around weight loss that is not that is basically some sort of game you just have to consume fewer calories than you're burning but the thing that's really interesting about that calculator is that the number of calories you can burn every year actually changes as you get older it goes down so the reason why people gain weight as they get older is because you're in a habit of consuming a certain number of calories every day but you know as you get older like every year you can consume say 50 fewer calories a day something like that and that basically becomes fat if you can if you consume at the same level so you have to cut your consumption down as you get older or you will gain weight and in addition

SPEAKER_03: to your metabolic fitness meaning like you know having your exercise level stay up to increase

SPEAKER_98: your metabolism overall you can also add muscle mass a lot of people lose muscle mass over time

SPEAKER_99: muscle burns more calories per day just to kind of keep functioning so the more muscle mass you have

SPEAKER_102: the higher your basal and you lose like half a pound to a pound a year after 40 is that correct directionally uh i don't know but that sounds about right yeah yeah that's what i read that is about

SPEAKER_44: right because i think it's because this dynamic where people are just consuming the same amount but they don't realize that they can't burn it and so it becomes fat you know so to my case first of all you got to get your caloric intake down to 2000 just to get to steady state and that can be a challenge but if you really want to lose weight you need to burn you need to basically consume a few hundred calories less than that and if you can consume 500 calories less than that per day that's considered rapid weight loss and then you can actually see the results which is very motivating yeah so i like the idea of just going for the like significant the 500 calories where are you you're at 1500 calories a day yeah i mean i think so i mean i haven't like precisely measured it out but i've been trying to

SPEAKER_91: go for and is that you skip a meal is that how you get to the minus 500 calories yeah i will either

SPEAKER_44: skip breakfast or i'll do a very light breakfast um and then for lunch i'll do like something entirely

SPEAKER_48: plant-based like like suit like a vegetable soup of some kind and then when it comes to dinner it'll be a more normal dinner but no carbs no two dinners one bottle of wine yeah wow no no you have a good

SPEAKER_121: system yeah yeah yeah the system is vegetables first yes then fish then poultry then red meat

SPEAKER_44: so so it's it's not you're not like entirely all one thing or another you're not like all vegan which should be hard you're you it's not like you're all uh there's no red meat or something like that you can do a little of everything but you have to have a weighting and the weighting is based on what foods have are the most calorie dense so the mistake that i think people make and i think it's one of these trick diets is like with these protein like the south beach type diet or the paleo diet right where they're trying to trick their body into ketosis and all they do is eat a lot of red meat but those steaks have a lot of calories in them yeah so it only works if you do it perfectly where you totally trick your body and keeping your body in ketosis forever is just not sustainable in my view it's hard so i think you're a lot better off just eating less calorie dense food and steak is very calorie dense so you know again you try to eat plants first then then fish i i rarely eat beef

SPEAKER_128: but i get to eat it uh today and i'm having steak night dre's coming over for dinner and in the season he whenever i text him and i say hey what do you want for dinner draymond's always like fish fish fish

SPEAKER_129: fish fish and i said bro i i get to eat steak so rarely uh and today we're having steak i can't wait

SPEAKER_131: my mouth is water too when you get to it's because you're on some diet basically no no i do i i just

SPEAKER_128: observe that i don't eat meat any more than once a week maximum and right now i'm probably averaging once every two weeks maybe even once every three weeks and to your point it's much better i i do these uh scans you know you can do these kind of body scans to know what your um your total water weight your total muscle weight your total weight your total body fat all of that stuff and your basic metabolic rate and i just kind of track it like once a quarter just to see where it is um and i i

SPEAKER_91: agree with you like i've really found that uh i can't eat red meat anymore like it's like it just really fucks me up but it's so good right it's so good oh my god it's so good the other one other

SPEAKER_48: trick is that you should never consume calories like in liquid form right you should only be drinking

SPEAKER_44: water tea coffee things like that that don't have any calories people go to starbucks in the morning and they they drink like calories yeah 400 plus calories then they have a you know cinnamon roll or whatever or banana yeah they're at 1200 at the start yeah i mean that's it i mean you're gonna be gaining weight on just from going to starbucks in the morning there's no now if you do an americano with a splash of almond milk or something that's like five ten calories that's fine but um you you have to stop drinking calories and then the one exception is like last night we did poker we were drinking wine so that's fine you know i didn't because i thought the wine was

SPEAKER_128: shit yeah let's talk about the whole game was horrible let me just tell you all the things that okay number one i came all the way up to san francisco last night chamath normally hosts sacks went over the top number one is over the top in air quotes number one nobody arrived on time

SPEAKER_149: because nobody respects you enough to show up on jay cal and i played heads up for an hour

SPEAKER_151: hour anyone else showed up we were there from seven to eight just playing heads up it was fun it was

SPEAKER_153: fun i took all the freeberg's money i own three percent of munique you as the host didn't show up till

Chamath Palihapitiya: 9 30 and you spent all of the time on the phone trading outside in the room trading japanese bonds or

SPEAKER_155: doing whatever you were doing talking to peter showed up at 10 30. you know the game was

SPEAKER_153: basically randomly in the muck half the night nobody was observing any good decorum run it once run it

Chamath Palihapitiya: twice there was just nothing going on you had stale fish you had stale fish okay just sitting there rotting stinking up the whole room you know you had 2013 colden which is not even a good year just fyi okay 2012 okay 2015. i mean so anyways i thought it was a disaster i stormed and up and i left he did

SPEAKER_162: rage quit and it was right in a moment because we're playing plo finally sacks loses all his money

SPEAKER_17: but i did have three bowls of ice cream which i regretted this morning

SPEAKER_169: all right sex in your defense why were you why did you leave your guests for three hours while you

SPEAKER_105: talked at your own home bro it wasn't it wasn't three hours you guys were being well attended to i made sure that you were well attended to and then i had to duck out well attended to what are we

SPEAKER_173: preschool what do that what are you talking about execute a couple of couple of actually a couple of

David Sacks: trades so what were the calls well you know crypto is like a 24-7 market these days

SPEAKER_179: never sleeps so david sacks has to excuse himself oh yeah i got wired 800k uh hong kong gold had to uh

SPEAKER_184: yeah so okay so first of all the food was amazing we had like this incredible

SPEAKER_174: you didn't eat it you didn't eat it you had brussels sprouts you had the brussels sprouts you ate none of it i'm on a diet i did eat the sushi there's like this incredible sushi spread we had so

SPEAKER_184: much sushi most of it didn't get eaten then we had uh pizzas got the best late night pizzas from two

SPEAKER_188: different pizza places got delivered there was more than one pizza per person in terms of selection it

SPEAKER_190: was tony's nepalak you had you had homemade caramel sauce poured over tomorrow that was good

SPEAKER_193: no don't you don't let you that was great yeah props to the chef put dolce de leche on the vanilla

SPEAKER_44: yeah and the colga in 2013 estate nine is a fantastic ball of wine that i i had another ball

SPEAKER_195: of it earlier this week we just lost 42 of the audience they are now on the youtube comments saying

SPEAKER_197: why are these people why do we listen to this pod every week and here's here's the reality

SPEAKER_76: each moth is you were very quiet and sort of sullen the whole night from really the time you got

SPEAKER_188: there it's kind of true you didn't really participate in the conversation and sky hypothesized that the reason why you were so withdrawn is because you were upset that the game had moved from your place to my place and you thought somehow i was trying to hijack your game which is not true we do a game at my place maybe no no i told sky no no i told i told sky text already

SPEAKER_128: i said hey guys we normally run the game thursdays at my house i'm happy to come up but it's harder

SPEAKER_184: for me because that's almost due right so you were upset from the get-go that you weren't

SPEAKER_202: no no i wasn't i told i told him that pretty candidly there's another underlying issue here

SPEAKER_203: friedberg and sax have not come to the last three games at chamat's house is there something going on here is it just the commute i think the commute is hard i mean in fairness to you guys it's hard

SPEAKER_208: i only missed the last game i went i went uh well sax hasn't been coming and i know he's in he's in town is there something going on sax where you can't no drive anymore you haven't i mean it's

David Sacks: it's either the commute or sometimes i'm out of town you know so you were in town the last couple

SPEAKER_211: times i don't know i think it's kind of you and chamat maybe need to go for a walk okay i'll come

SPEAKER_208: i'll come the next when's next game whenever the next game is you should come but i mean you're what are you doing staying home playing chess with peter teal on your ipad i mean come on both me and

SPEAKER_214: freeberg are about to have kids we cannot oh the game is over no no no for another couple weeks yeah

SPEAKER_217: we're gonna revert back to that terrible covid app ipad app playing poker where like everyone

SPEAKER_219: gets to each other oh my god oh the chinese app that was uh fixed with a bunch of people

SPEAKER_220: colluding everyone is so angry yeah well we'll get it back in the next let's let's start our show

SPEAKER_219: let's start let's start the show uh first up in uh spac land uh donald trump has done a spac and

SPEAKER_204: it's for his trump media and technology group uh and he's launching an app called truth social which you can preload i guess in the app store you're allowed to pre-order stuff now i thought that was kind of an interesting feature um the company will merge with the spac called digital world acquisition corporation ticker symbol currently dwac it's led by somebody named patrick orlando uh who

SPEAKER_208: is a florida-based investment manager i'm not making that up uh i don't know if orlando is actually his

SPEAKER_204: name um he founded a sugar trading business and built two energy distribution businesses allegedly uh or supposedly um freeberg said maybe he's a real estate guy who knows the stock peaked at 157 a share uh this morning friday morning so the stack started at 10 bucks it started at 10. so that's 16x before dropping back down to 100 it's become a bit of a meme stock on wall street bets trading was halted uh it puts this at something in the range of a you know well over a 10 billion dollar market cap and um there is literally no technology no team and a bunch of technologists looked at the source code just by doing view source i think on the on the web pages and uh there's an open source project i think called master don or master ton i don't know i think it's master don um that they seem to have just copied the code from it's like a distributed version of twitter and it seems they just cut and pasted the code and didn't even change the license you know like the gpl license we're supposed to give credit to who wrote the code so no business no team no ip no users no money no office no nothing it's basically uh it's an nft this is an

SPEAKER_129: nft basically it's an exchange traded nft it's an exchange of donald trump the value of the value of

SPEAKER_98: this thing is like closer to donald trump is closer to 20 billion because there's a 1.7 billion dollar value if they hit certain stock prices according to the press release they put out but there's not a good sec filing on it so at 1.7 that means he got 170 million shares which are now worth let's say at 157 a share donald trump has effectively 20 plus billion dollars oh so he's finally a billionaire and he's finally a billionaire of equity value in his stake in this actually a billionaire and i think this and this is the absolute like penultimate nft it is traded against a caricature that is a one of a kind completely rare this is going to all of his quote unquote media ip is going to be licensed into this stack and so if you want to own a piece of it this is the way to own it and people are trading it like an index on the donald trump um uh character it's a it's an

SPEAKER_128: index on that i think it's a it's an index on the right i think it's an index on an alternative to fox news the traditional media the traditional media it's a huge you to actually the mainstream media i think this is gonna twitter oh my god it's gonna tilt the hell out of like the folks that write at

SPEAKER_91: the at the new york times my gosh jack dorsey's tweet by the way no i gotta i'll i'll put it in

SPEAKER_03: the chat but he kind of um he made a comment on it after there was a screenshot i mean let's be honest

SPEAKER_36: it's a grift i mean this is just this is the ultimate peak grift in the peak bubble of our lifetime

SPEAKER_98: period i think it's a vote i mean like peter thiel said yesterday you know like bitcoin is a vote

SPEAKER_89: against the establishment this is a vote against the establishment all right what are the chances

SPEAKER_204: that an actual app launches sacks like and when would that actually happen when can this uh crew of dipshits actually write a line of code and actually release a product you know how hard it is to release

SPEAKER_44: product yeah that's a good question i mean what they're saying is that they're going to launch a new social network i guess twitter style called truth social and the primary interface will consist of a feed of short posts from users you follow sounds familiar however these posts will be called truce instead of tweets and reshares will be known as retruce wow so original so that's what's coming and um the the the slide deck that's available on the company's website lists twitter facebook netflix disney plus cnn i heart media google cloud amazon web services as some of tmtg's current and future competitors so basically you know trump is proposing an alternative to all the traditional media and social networks that have basically banned him but i do think that the trading here does represent there is i think a groundswell for for social media platforms that are not controlled by big tech and you know there's trump has 70 million tech voters sorry 70 million voters of those probably 30 to 40 million you would say are would be fans of his on social media he's been banned from twitter and facebook and this is his response he's going to create his own platform i don't know whether ultimately be successful but i think what you're seeing here is the demand for alternatives to

SPEAKER_248: you know censorious platforms that are controlled by big tech so if he has 30 million real fans chamath

SPEAKER_250: what number of them would download the app and participate in the first year he had 90 million he had 90

SPEAKER_86: million followers on twitter jacal which doesn't count but that's half of the twitter registered account

SPEAKER_252: i know we had 70 million people vote for him so what are the real fans not just republicans who don't

SPEAKER_253: want hillary i don't think that's the way to think about this i would i would view this as differently than

SPEAKER_128: this what's in what's insane is you have this entity here which is essentially a cash shell that's now basically you know 300 odd million dollars of cash plus what looks like 18 or 19 billion dollars of brand value like of intangible goodwill and the sum total of that is is what the total market cap of this thing is so if it is 18 billion then that's what it is what this allows them

SPEAKER_256: to do and this is where it kind of gets interesting is these guys what it shows me is they could come back and actually raise an enormous amount of money they could issue you know a secondary stock sale they could do a convert they could raise billions of dollars because the demand is there and then with those billions of dollars they could actually do something really meaningful they could go and acquire an existing app jason calling could acquire engineers and a product that already exists they

SPEAKER_128: could maybe do an acquire yeah they could acquire a traditional broadcast outlet and give trump uh you know a way to short circuit his launch of a fox competitor so i actually think this is a huge vote i think david's right it's a vote against censorship it's a vote for trump it's a vote for the right it's a vote for alternative uh voices and as a result i think a lot of folks in the mainstream who have trump derangement syndrome are now going to be you know reawoken and in complete full tilt for a while

SPEAKER_250: yeah it's pretty tilty uh tmtg plus will be uh you know it's terrible branding but the tmtg plus

SPEAKER_224: is going to be tilted i'm super no i'm not i mean it's i think the whole thing's just a super grift i don't think they'll ever get a product out the door and if they do i think they get to maybe

SPEAKER_263: five ten million users they're gonna raise jacal they've got they've got a 20 billion dollar market

SPEAKER_86: cap they could do whatever the hell they want i think it's all people just manipulating the stock like but they could like chamat said they could turn that into into cash we'll see i mean they could

SPEAKER_128: turn a billion of it i don't think they can get to 20 billion trump today in one day is worth more than two times the new york times can you imagine what's going on in the new york times right now

SPEAKER_241: yeah and that's just brand well let's see i mean not all these facts stay at 150 dollars a share you

SPEAKER_44: know so so jake i i think you're right that people outside the tech industry really underestimate how hard it is to build technology products that are any good you know that have a good ui they're delightful to users it does require real talent and if you're not sort of from the industry you don't even know what kind of talent you need to hire however i think chamath has a really good point that with this kind of market cap they could acquire their way to a portfolio of assets like for example okay rumble right now has become the alternative to youtube among yeah not just conservatives but anyone who's who's been deplatformed there's a lot of leftists now there's locals.com that you invested in local yes exactly i invested in locals which is dave rubens thing so but but just to take rumble for a second because it's kind of the youtube competitor you know they've got something like 30 million uh users plus it's a very it's a it's a pretty big and growing audience um but there is locals there are other assets and you could and i think the last valuation of rumble i think it was announced when peter thiel actually invested i think it was around a 500 million dollar valuation even if you paid a gigantic premium to that i mean if your market cap's 20 billion you could spend two billion on that you could spend five billion on that you know and by the way sorry

SPEAKER_129: just to dispel this idea you don't need good ui if you have the right feature set and reddit is

SPEAKER_128: the perfect example where they've always been on the side of free speech and they've always been on the side of allowing people to vocalize and pursue their own passions even if some of those things were really you know um for the mainstream uh beyond the pale their ui is terrible but they have thrived because that single feature dominates any desire for elegant ui and so i think what you're going to

SPEAKER_256: find over this next iteration of these apps is how valuable free speech is and there are enough examples whether it's rumble or reddit or others that show you that the ability to not be censored

SPEAKER_53: dominates 4chan discord they're all very similar it's gonna it's gonna tweet it's gonna tweak oh my

SPEAKER_277: god the here's one thing i will say in their defense super mega figure out how to do uh data

SPEAKER_204: analysis and marketing during his you know 2016 campaign and they did get that guy pascal or whatever and they figured out cambridge analytica so they did figure out how to get some tech people right sax to you know by the way sorry can i just say one thing the other super tilty thing is people

SPEAKER_256: will want to fade this trade and you know they're going to be silent they're going to be silently wishing for this thing to crater and i think there's going to be a lot of profit taking on this

Chamath Palihapitiya: because i think it's very speculative but i think we will all be shocked at the actual closing enterprise

SPEAKER_126: value when this thing despachs because it will despach and we're all going to kind of scratch our heads thinking how did we not see this i mean i didn't see this i would have never and there's

SPEAKER_03: going to be at least a billion dollars of cash available when they do their second least

SPEAKER_207: at least i mean they can do whatever they want yeah they're going to have more more cash available to them to invest in the new york he is he is firmly back in the game and by the way one of the

SPEAKER_98: comments scaramucci made this morning it's a very astute one which is i'm rooting for the spec because if this actually does despach at this valuation donald trump is not running for president again because he's now got a 20 billion dollar media business or 20 million dollars of equity value in

SPEAKER_99: this new media business that he's going to keep running sax what do you think uh that could be a

SPEAKER_44: win-win for uh the republican party but you know you're buying the stock you're joining the board sax is leading the b yeah i mean i i think tomorrow raises a good point that sites like reddit have shown that you know like a beautiful ui is not necessarily the feature that users want in every case i do think you still have to have some tech talent involved in order to produce a good product just to give you an example so this product wasn't supposed to have its soft launch until next month but somehow some users found a way to access the site and they were setting up accounts within hours of the announcement so one vandal claimed the at donald j trump handle and posted a picture of a pig with

SPEAKER_188: extremely large testicles so now now i would just submit that you at least need to have enough tech talent to prevent something like that from happening yes i mean maybe it wasn't a vandal i mean maybe trump posted that photo himself it's not it's not impossible it's on brand but yeah but but anyway my

SPEAKER_44: my point is they still have to assemble the tech talent to build this or i like the idea better of just acquiring the the collection of assets that they need and i think you're right i think it's

SPEAKER_301: multifaceted i think it's a social network a la twitter i think it's probably some sort of video

SPEAKER_128: do not underestimate the number of people in wall street who are uh on the right and who will help these guys make very good decisions even if they do it sort of you know quote unquote clandestinely meaning they'll never be on the cover of helping them do a big m a or whatever but there are there are a lot of those folks that will help make sure that this de-spac's cleanly that they have access to capital that they know how to go and raise and tap the markets and what's beautiful about the public markets and you can say this is you know an issue but it's not in this case is that you know um you can go on and basically support this guy in a way that's relatively anonymous because it's not like you have to disclose that you own this stuff if you're if you're a private investor so i think that uh he's

SPEAKER_256: back in the game in a big way and i think this is going to really shake up the media landscape if they can execute well they just need to think about this as an m a vehicle not as an engineering and

SPEAKER_291: product creation vehicle yes 100 agree 100 agree with that would you sell call in for a billion

SPEAKER_98: dollars in equity value at a hundred dollars a share to these guys today yes i can answer on his behalf

SPEAKER_308: yes yes i mean is that what you were doing i'll take the 20x lift no no i'll take 20x in eight months

SPEAKER_313: jacal you want to be my agent i think you have a quicker line to trump no no no no no i think

SPEAKER_204: actually this might be like to peter till's point like maybe don't take the product uh literally but take the market cap seriously uh because this is a lot of if they can keep even a five billion dollar market up i do agree that does make them dangerous in terms of buying assets and i do think they can get the first five all of these right-wing services get five to he gets five to ten million people to sign up for him even his like signal he was at like a million you know very quickly he's got like a signal or telegram group i think and he got to me he could buy maybe he could buy

SPEAKER_322: ben shapiro's daily caller that's a big media brand on the right that people listen to yeah and keep

SPEAKER_324: keep ben shapiro there to run it because trump needs operators and the more disruptive thing isn't to buy

SPEAKER_256: stuff on the right it's to buy stuff in the center or even stuff on the left again it's it's very hard

SPEAKER_161: if you're a public company it's impossible actually if if trump media group now has a currency and tries to acquire assets um the directors have a fiduciary responsibility to actually vote in favor of that deal because they're not allowed to look at who the buyer is and say no we don't want to do that so if he puts out a reasonable fair market offer price you know of the closing price plus 30 35 there is not a single public market director in the world i don't care how democrat tick they are or how much of a donor they are they'll always vote the deal because otherwise they will get personally sued and that's the liability in public market so i would be very

SPEAKER_261: careful about this thing this thing is going to get really serious really quickly i wonder if there's

SPEAKER_40: a tentpole um media personality that he could acquire in the same way spotify got joe rogan and

SPEAKER_332: netflix got dave chapelle back to somebody they could offer a hundred million dollars they shouldn't

SPEAKER_161: do that they should do what sax just said which is that you know that that list of like the dumpster

SPEAKER_256: fire on facebook every day which is like dan bonigno and ben shapiro and blah blah blah he should

SPEAKER_264: just go and get all those guys yeah that's what i just said round them up but i wonder if there's like a comedian you know like you know bill mars obviously hates him but then is there somebody in

SPEAKER_204: the middle who is like a notable comedian on the right sax i'm not fully vetted on your all right

SPEAKER_219: buddies but who's who's in that alt-right cohort that well i think there's there's comics who are

SPEAKER_44: willing to be politically incorrect and non-woke um so i think what's his name like bill burr or

SPEAKER_338: something like that is isn't he yeah net team netflix but yeah i wonder if a bill burr he hates trump

SPEAKER_44: though i think or who is the guy who got canceled for exposing himself yeah louis ck louis ck i mean i'm not saying he's conservative right but um you know no he's not he's available those guys he's highly

SPEAKER_203: so i mean actually one thing to think about is you know trump got all these people to do like the monthly

SPEAKER_204: 25 dollar reoccurring subscription and he got a little bit of trouble for that because people

SPEAKER_343: didn't know they were signing up for it but i wonder if he could get a million people or 5 million people to pay 10 bucks a month for this sax yeah absolutely if there's something there behind the

SPEAKER_44: the curtain i mean if it's nothing but like i don't know a newsletter of his like extemporaneous tweets i don't think so but if there's real content there from people they care about why wouldn't they

SPEAKER_346: wait a second what if he just did every friday night a rally on a video service

SPEAKER_343: where he just did one of his two or three hour stand-up routines and had different people come up and talk like his pillow guy and all of his other weirdos in his i think this could be like

SPEAKER_44: the i think this could be like the oprah winfrey network where she may like anchor the temple show or something but there's a lot of other creators on the network i think that's the opportunity he has the question the question quite frankly though is whether he's operational enough to actually drive to these outcomes i think it's very easy for us to imagine what you could do with 20 billion dollars and his media brand and the question is just does this get executed that way now does it's

SPEAKER_349: not going to be a real estate sugar guy from florida that's going to manage this thing to an outcome

SPEAKER_219: does twitter then let him back on the platform if he has this competing platform does facebook how

SPEAKER_105: does that no i think i think at that point they have the perfect excuse not to let him back on which is like hey we're not censoring him because he's there's an alternative they don't want to let him back on

SPEAKER_204: in a way i guess you have to ask yourself if twitter had let him come back on and gave him his platform back after like a six month or a year time out would he even be doing this no he says in

SPEAKER_44: he has a press announcement where he says that i mean he says here that trump media and technology group's mission is to create a rival to the liberal media consortium and fight back against the big tech companies in silicon valley which have user unilateral power to silence opposing voices in america

SPEAKER_184: this is what's given him the opportunity is their censorship their censorship just created a 20

SPEAKER_241: billion dollar war chest i mean the most tilting thing of this whole conversation is it's worth

SPEAKER_131: twice as much as the new york times i've been saying on this show for over a year that censorship backfires in ways you can't expect yeah they never think through the second and third order

SPEAKER_44: consequences of their censorship it's like when angela merkel came out and said hey like wait did twitter just de-platform ahead of state why are we depending on them i mean there's all these second

SPEAKER_360: or third order consequences they never think through and now they're coming back to bite them

SPEAKER_277: in the ass yeah i mean forcing people to get vaccines is now leading to whatever percentage

SPEAKER_362: of people just retiring or you know or not coming back to work and that's causing a bit of bedlam in

SPEAKER_364: the economy as we talked about all these authoritarian tendencies create a backlash of some kind

SPEAKER_44: and if our ruling elites would just have a lighter hand there'd be a lot less tension in the country we

SPEAKER_332: had an interesting discussion last night at during uh but i think it was on the other side of the table so maybe you two didn't hear it but we were talking about is biden going to run again in 2024 and what

SPEAKER_204: would that look like and i just said i i can't imagine biden in a debate three years from now like he doesn't seem i don't want to be derogatory here but he doesn't seem very crisp the last time four years

SPEAKER_368: later so what do we think chances of biden running in 2024 chances of trump running in 2024 with all this

SPEAKER_372: information and what would that look like zero and zero you're zero zero freeberg do you even care

SPEAKER_98: nope yeah i didn't think so all right look i mean i i think trump's gonna run this 20 billion dollar media empire and he's gonna be happy doing that and i think if it's not biden it's gonna be a proxy so um it's not gonna be too far off uh in terms of what the you're deep in this uh sacks

SPEAKER_332: you're hosting uh as people were talking about on twitter uh and you tilted all of san francisco or 90 of it you're hosting desantis for a fundraiser his first fundraiser for his reelection as governor

SPEAKER_44: he hasn't said anything about his plans in 2024 it's way too early for that um do i think biden or trump could be on the ballot i think it's 50 50 for both of them all right but i would like to see but look instead of having two 80 year olds running against each other i would like to see say 240 something or just younger leaders you know giving america a real choice

SPEAKER_381: all right where do we want to jump off to now venture capital venture capital because clearly

SPEAKER_349: sax is is having extraordinary liquidity events uh at 11 o'clock at night on a thursday night that

David Sacks: freeberg money is not made it's simply transferred from one perception to another

SPEAKER_386: one perception to another there's a wall street uh speech sax was like in his uh he was in his golden gecko shirt last night monologues from wall street last

SPEAKER_217: night he was leaving he was leaving the poker table to go into his soundproof chamber that oversees his

SPEAKER_98: estate next to the poker room and from there he was on his phone screaming pacing back and forth doing deals gecko style he had his 300 pound trader next to him he was placing orders and um something's going

SPEAKER_349: on in the market i mean sacks you know do tell but clearly the uh the venture liquidity um uh waterfall

SPEAKER_324: that's going on right now is playing into well it's it is bonkers wait let's we got to show that

SPEAKER_03: chart highlight the statistics jacal because it is truly extraordinary how much liquidity venture

SPEAKER_390: firms are having this year all right well just to look at um the value of u.s venture-backed companies

SPEAKER_40: that went public or were acquired 290 billion 280 billion in 19 and 20 and then uh this year uh 2021 so far we're at 590 billion is literally doubled but if you look back um it was but 110 billion in 2018 so we are now five six x where we were five years ago uh and this is again the value of u.s venture u.s venture-backed companies that went public or acquired so the liquidity is bonkers and we're

SPEAKER_264: seeing that in real estate uh you know jets being bought whatever the vc industry has experienced three

SPEAKER_382: years of record-breaking exits uh this is a twitter user who tweeted it uh 2021 is obviously smashing

SPEAKER_44: all those levels yeah i mean for for the last until the last three years for the previous 15 20 years the exits per year were in this 50 to 100 billion range then they've jumped up to 600 billion in the last year and in the previous two years it was 300 billion each so yeah i mean it's just more money has has been made or distributed out in the venture capital industry in the last three years i think

SPEAKER_289: the previous 20 years combined at least the last three years yeah that doesn't that doesn't even factor in what's happening in crypto right and crypto is just like i'm sure there's something here

SPEAKER_126: coinbase is in here as you know like like like in my portfolio as an example like you know like venture returns which have which have been excellent across the board so forget mine just everybody's

SPEAKER_256: venture value kind of like slowly ticks up over time right because like you know you're doing this work and then that work gets valued and then somebody else comes in and raises a new round and you know you you hopefully can defend your prorata yada yada so it it it does create a lot of compounding value but it's you know and and it's relatively fast but compared to crypto it's unbelievably slow

SPEAKER_126: whereas in crypto you know quarter over quarter you have these swings that i've i've personally never ever seen like i was telling you this story yesterday we own something which i'm not going to tell you what it is but um it's a crypto thing and uh our nav i had to mark my book up a billion net asset

SPEAKER_256: value on that asset i had to mark it up because you know we have to submit to our auditors and just keep it an accurate sense of what our book value is a billion dollars in a quarter i've never seen that in my entire investing career and here's how what it does to me and my whole team i have a budget for next year of how much i want to spend instantly that number goes up and what it really means is i'm probably just going to be getting the same ownership but i'm just going to be paying more for

SPEAKER_126: it and if i'm going through that i think everybody's going to go through it what it's going to do is it's like all of this all of these returns are great all of these increases are great but i'm not sure that there's going to be that much more progress there's not necessarily going to be that many more startups because it's just harder and harder to find good things in the same for the same number

SPEAKER_399: of gps in a place and costs are going bananas salaries are off the charts i don't know if you

SPEAKER_256: guys saw about stripe for example there was a tweet about how stripes starting to pay like starting engineers 280k i don't know if that's true or not but there was a tweet in twitter and i thought to

SPEAKER_126: myself my gosh like 20 years ago a starting engineering salary was 50 60k in the bay area and so you've seen this incredible price inflation so it's actually quite good again it's sort of what we talked about yesterday all of these gains eventually come back around and get recaptured and so i think that you're starting to see the beginning of this really incredible cycle of wealth transfer essentially so the funds may make it but it's going to come back to the founders

SPEAKER_40: ask you a question about the crypto stuff is there any worry there that these valuations match reality because my you might have a very small float on these a lot of excitement and they're not actually products being used by customers in the real world here's the thing i because it's an internal permanent

SPEAKER_256: pool of capital i have no legal requirement to actually mark okay um but the reason we do it is

SPEAKER_126: because we want to track nav nav nav and book value okay and you know i compensate my team based on how well we compound book value but you're right it's a huge um problem because i don't know how to get liquid on these things and so you see this thing sitting on your your balance sheet and you're like what do we do with this how do you move it around you can't you cannot and so i would rather there's a there's a great guy uh he was an early pioneer private equity and um he had this phrase which he said like you know the best way to mark up a deal is right at the end so if you put in you know 10 million dollars into a series a if you could be allowed the best thing to do would be carry that at

SPEAKER_256: a 10 million dollar value right until the minute you get liquid because then you don't go through the psychological um roller coaster ride of having to go through these marks because then when these marks come back down jason to your point there'll be there'll be a quarter where we give back that

SPEAKER_281: billion dollars of that maybe you know i mean what what do we all do it's a huge mindfuck let me ask

SPEAKER_264: a question about valuation sacks when you're doing yours because this came up when i was doing mine and

SPEAKER_204: marking my funds if a secondary transaction occurs and somebody buys calm or you know slack or whatever it's then when it's a private company at ten dollars a share but the last time you purchased it or there was a funding two years ago it was at two dollars a share where do you put the valuation at what the secondary market is trading it at or what you last paid for it or somewhere in between those and who makes that decision sacks what is the best practice on this because secondary market transactions people are actually making a transaction right but is that as good as a venture firm you know

SPEAKER_44: plopping down and joining the board no it's not so first of all you don't want to be making these decisions ad hoc you want to have a policy so we have a written policy and there's a process for amending it if it ever needs to be amended and what our policy does is it just uses the most pre the most recent preferred round to give us the value of the shares and then there can be adjustments based on market conditions like we know that it's usually on the downward right like the company we know has had a huge problem they're not going to fundraise again so there's not going to be a new marketing time soon you're saying it's a zombie company yeah if it's a zombie company we can we can mark it down but basically speaking we use preferred financing valuations to set marks only now we do sometimes buy secondary shares and there's a methodology for bringing value on them

SPEAKER_405: usually it's basically what we buy them at and um if we somehow otherwise own common we'll use the 409a

SPEAKER_91: that's what we do too yeah yeah i think it's a really really clean policy you want to be

SPEAKER_203: conservative in these because nothing will be worse yeah i think you have to be accurate not

SPEAKER_332: conservative accurate yeah well i mean you could be yeah i guess the question is like you could see somebody playing some games where you know you buy you know some shares at the you own shares in the

SPEAKER_33: company you buy some shares in secondary and now you've got two marks the embedded risk in venture

SPEAKER_256: capital has always been the following which is that you have money that goes in into the a

SPEAKER_126: and there is an incentive today especially because so much money is trying to come in where you want to drive as much growth as possible because then the b is at such a large step up that the irrs look amazing and then the c looks greater than the b so then everybody's quote unquote making paper money which allows you to create more incentives to raise more capital the problem with all

SPEAKER_128: of that is that if these valuations ever turn out to not be real or there's a valuation reset or there's inflation or the public markets don't value growth stocks it takes a long time for it to work its way

SPEAKER_126: through the venture ecosystem and all of this liquidity will probably make it even more corner you know violent when it does happen because it'll eventually will happen we'll go through a re-rating like the year 2000 who knows when it is and what the catalyst is but that's the real uh downside

SPEAKER_128: of not of all of this is that it'll eventually have a valuation reset that's going to be and to make

SPEAKER_264: this super real for people u.s venture capital funds have raised a combined 69.1 billion in 2020

SPEAKER_204: edging past to 2018 um and a couple of these were because of andres and horowitz doing a pair of mega funds with 4.5 billion in commitments recently and so uh it's been just a tremendous amount of funds being made and then to give you an example clubhouse went from 100 million to a

SPEAKER_264: billion to 4 billion in under 18 months in valuation led i think each time by andres and horowitz so what you're saying in an example like this or in your hypothetical example and i'll just make it a real world one if they take though and by the way these are 2020 old one 2020 sets i don't know what the 2021 sets are so those are old stats there's probably many more i think actually i have the update stats funds have raised 96 billion uh for 2021 that's the most updated in fairness to all

SPEAKER_256: of the venture capitalists i think that they're doing exactly what they should be doing and in

SPEAKER_126: fairness to all the crossover funds right now is the time to be putting maximum money to work as fast as possible not necessarily intelligently not necessarily in a concentrated way but the real game if you want to play it at the institutional level is to just put all the chips on the table and then go back to the store and get some more chips as quickly as possible put them all on the table come back and get more so that when it all you know is said and done you have as many dollars working and the worst case is you will return the average return of the market and if that happens to be good you're you look good if it happens to be crappy you'll be no worse better worse off than anybody else but meanwhile you will have collected enormous fees and so that's the point in the cycle we're at and i think that anybody who's doing it makes a ton of sense i think it's it's a

SPEAKER_349: really logical thing to be doing the ones that have had big liquidity events are also retiring i

SPEAKER_99: mean we're seeing across the board gps of these ultra successful funds that have returned 5x plus taking their kit yeah and they got their carried interest and they share their 20 25 percent

SPEAKER_98: share in that and they walk away but if you look at the value of all global public equities it's about um it's about a hundred trillion dollars and so if you're seeing let's say that we're raising a hundred billion dollars a year of venture capital in these funds and then you're making a two and a half x average market return which is not normal right let's assume that's the normal cycle we're in right now um that's 250 billion dollars of liquidity realized in a year

SPEAKER_99: out of a hundred trillion dollars of global public equities that's only a quarter of a percent of the disruption of public equities and think about it technology is set up to disrupt all of these old school businesses that are public and mature and scaled and that's what the hundred trillion dollars represents so it's actually you know kind of looking at it statistically it's not that unfounded that we're only seeing a quarter percent market cap disruption of public equities each year because those public companies aren't disrupting each other generally maybe to some extent they are they're getting disrupted by new companies that are emerging um new startups and so i don't think that this is like necessarily the you know the peak it may kind of be the beginning of a continuing disruption cycle that we're going to see kind of persist for the next decade or two especially as more of the old school industrial businesses which make up a bulk of that market cap start to get disrupted not just by software but also by automation by esg angle investing by um life sciences and all these other kind of technologies that and these interests these market interests that are going to disrupt those old industries i think we could even see an acceleration from here so um you know i don't i don't think that this is necessarily peak frenzied bubbled low interest rate fueled outcomes i think this may be kind of part of a longer term trend that is statistically probably not that big a deal sacks are you concerned about this peak bubbly market or do you think

SPEAKER_204: you know like chamat said push all your chips in and raise as big a fund as you can and you know if

SPEAKER_210: the game is going to be played at these high stakes you want to be at the table well i i i like what

SPEAKER_44: freeberg said i think it's a super interesting point that this could just be the beginning look we live in an age of accelerating technological progress so why wouldn't the returns from that accelerating technological progress also be accelerating you you know we we had this thesis 20 years ago when the internet first started that you the new economy would replace the old economy it took a few years longer than people thought but we are fully there and the number of new companies being created now is just exploding there is a lot of this the this liquidity that's being generated is being now pumped into the next set of funds which will go to founders they'll be able to create more companies they'll be able to keep more of those companies because the there'll be less dilution and then a lot of this wealth is trickling a lot of the vc money is trickling down into the competition for salaries so anybody really anywhere in the world who can learn how to write code can now you know make a six figure plus salary because of remote work so all the salaries all over the world are equilibrating so i mean this is an incredible pathway to prosperity for i mean certainly the united states but really the whole world for humanity for humanity it's really positive assuming it keeps going assuming it's not just totally liquidity driven and you know i don't know exactly you know how all those macro forces will play out but um but i mean this seems very positive overall the other the other thing it'll lead to just quickly is a change in who has political power because you know ultimately you know money is the mother's milk of politics and and the people who are making all these returns will eventually fund politicians and uh and you know yeah well yeah i'm one of them yeah but look i think there's two kinds of like i'd say prototypes politically speaking for people in the technology world you've kind of got the the sort of standard woke progressives who are funding a lot of this crazy stuff like decarceration cities whatever we talked about that before but i also think there's another prototype that's less loud and they feel that they're they kind of keep their views more to themselves which is i call them liberal tarians who are sort of liberal on social values but libertarian on economic policy they don't like government regulations certainly if they're in the crypto world they don't like government regulations they could see how they create you know friction to progress and they believe in markets and um and they i think they're going to want to fund politicians who support that those types of things so you know i could be very positive uh politically in that respect what's interesting i just want to build on

SPEAKER_264: what you built on what friedberg said which is i think the best point you made was look on a global

SPEAKER_204: basis of the opportunity for an individual somebody who is you know graduating high school college

SPEAKER_427: they're 18 19 20 years old because of remote work anybody can work from anywhere technology companies have unlimited resources and they need an un a never-ending supply of developers or even a sales person a marketer you know back office etc and they can work from anywhere on the globe and make a six figure salary you know whatever 50 60 70 80 k for one of these entry-level jobs in sales and all the information on how to get those jobs is available for free from startups that have put open courseware online or very free courses yet we're looking at this massive technological change and the new york times's position is that technology is destroying humanity and polarization of wealth is destroying humanity what we're actually uncovering here is all of this money being invested in these companies is giving an opportunity for people around the world to get high-paying jobs totally and actually can

SPEAKER_44: i can i can i let me mention a really interesting item in that was just in politico today which is about um al sharpton was lobbying in congress against changing the carried interest treatment so remember you know all of us in vc make our compensation in the form of uh carried interest explain what it is well it's basically you know if a fund is in profits that you know the vc will get the vc's firm will get say 25 of the upside after they pay back all their lps that's called the carried interest because of the way that these partnerships are set up that is treated as a capital gains as opposed to ordinary income assuming it meets the holding periods of the underlying assets so there's a big debate about whether you know vcs and private equity people should be paying ordinary income or or long-term cap gains on those returns al sharpton was lobbying against changing it because in this political political article he was saying that it would impede the efforts of black entrepreneurs to build lasting wealth if you jacked up the tax rates because there's a lot of fund managers and you know who who are black who are making a lot of money now and they don't want to be subject to this change in treatment so that was super interesting you know this tech boom is not it's not exclusive i mean the the tech industry gets this rap as if it's this highly exclusionary place it's not i mean three of the people on this pod right now are immigrants so you what's being created is not going to traditional centers traditional it's not going to the heirs of you know northeastern you know uh families or something who've been sending their kids to harvard and princeton for generations it's going to entirely new people who haven't had this kind of wealth

SPEAKER_128: before and that's interesting another positive externality of this wealth all these massive gains that uh folks who have invested in venture capital have gotten has caused one really interesting positive change so amherst which is a really exclusive liberal arts college in the uh northeast made so

SPEAKER_126: much money their endowment is so flush with cash they basically eliminated uh legacy admittances which means if your parents got in you were 70 likely to get into amherst an equivalent kid whose parents didn't go to amherst had a less than six percent admit rate right so a huge disparity basically said if you were a legacy kid that exists you know we all know this it exists at harvard it exists at all these ivy league schools but amherst is now so has made so much money through vc investments as an example they're like we've canceled admittances so there's there are there are some really positive things

SPEAKER_98: that are happening with all this money that's being made al sharpton's rationale aside um anyone's gonna get wealthier they're paying less taxes so i think you know you're broadly yeah you're gonna see

SPEAKER_40: a bit of a focus on that point obviously which is why freeberg california was massively in the bonus in terms of budget surplus and cash because of this issue and they were spending money like drunken sailors

SPEAKER_03: yeah i mean i just think you're gonna hear a lot of positioning for you know the case and and by

SPEAKER_98: the way i think that you know building individual wealth creates this is obviously a philosophical point but you know it creates a greater path to prosperity for more people uh through the spending that they'll underdo and growing the economy then you know they're not so i i don't know i mean i feel like the al sharpton point is a good one to kind of make but it's a broader one than that

SPEAKER_57: well i think in my view the broader point about the the sharpton thing is that it shows that we

SPEAKER_44: talk about this group of rich people the the wealthy the millionaires and billionaires as if it's a static class of people at least this is the progressive attack it's not i mean what sharpton points to is that this group is constantly changing there's new people getting rich so when we talk about the rich if it's new people getting rich what we're really talking about is success and if you really want to ban people getting rich i mean you're talking about banning success our country can't be successful that way we're not going to be able to out compete china if we're preventing success and by the way we can't fund all these progressive uh programs if we are you know hamstringing success so um you know i think this what we've created here with this highly entrepreneurial free enterprise system that's funded by venture capital this is the golden goose of the american

SPEAKER_40: economy and the most important thing is that we don't break it sacks it might just be we may have underestimated its power is what we're sort of realizing collectively here today is that we've

SPEAKER_427: always thought that this thing is hitting all-time highs this might be the beginning right like it feels like this is getting bigger and you know and going at a velocity that is different than even

SPEAKER_346: when we came into the industry if you know the amount of exits the amount the scale of these companies the coin bases the robin hoods the ubers the slacks i mean these are giant companies making

SPEAKER_44: huge international impacts i think it's either that or this whole thing is liquidity driven bubble so it's one of the two it's both it's both well i also think the the sharpton thing

SPEAKER_204: is a very interesting point that we can go back to maybe episode 25 or 20 when we started this

SPEAKER_427: podcast which was trump got massive support from the black and hispanic community because of this entrepreneurial freedom uh upward mobility pitch the republicans were making that's the perfect pitch for the republicans not this divisive divisive you know shut the border down but more hey we want everybody to support it and i thought how how crazy is this was michael che did you want to just add on this and i'll give it to you chamoff michael che was on the breakfast club when our friend was hosting snl and he said i don't know i think white people just don't like their billionaires for some

SPEAKER_451: reason uh it's weird because we love our billionaires if oprah or tyler perry was coming we'd be excited about it and i met michael che there and michael che was really excited he's a fan of elon's and like it was a really great conversation they had so true it's so true like why are we hating

SPEAKER_184: people who are changing the world and helping right because it's not we it's it's frankly it's white woke progressives they're crazy they're the crazy ones bonkers we have to get purple

SPEAKER_98: i think conservatives and what you call woke progressives

SPEAKER_99: um are the same i don't think it's about a political affinity i think it is about people feeling like they don't have the opportunity that others clearly were able to realize and it is amplified and magnified by a social media that that basically shines a light on the success that people have had in a way that we've never had in history before and it creates a great deal of feeling like i'm missing out and i'm being left out and that's what's driving a lot of the discontent on both the left and 100 percent it's not it's not a political point of view i think it's a social point of view and the great progress we've had and the great success we've had as a society over the past couple of decades is now being realized through this media in a way that's kind of driving emotional conditions for people that haven't had the same level of success maybe if they stop tweeting

SPEAKER_203: and complaining and just learn some skills like if your skill is complaining on twitter only as the

SPEAKER_305: only colored person on this pod what i'll tell you is i i it's very rare that i meet a colored person that hates a successful other colored person just doesn't exist guys tell us more it's just one of these things where you know we were we are all grinding we all know how hard it is to be on the

SPEAKER_128: outside looking in if any one of us makes it there's a lot of support i mean we see that

SPEAKER_466: in that's just what that's just i'll just tell you that's what i felt south african dudes don't feel

SPEAKER_346: that way no i mean we see that in the incoming emails and tweets to you chamath you you are inspiring

SPEAKER_427: people in india pakistan sri lanka we see it constantly they come up to you at events and

SPEAKER_91: they're like hey if chamath can figure this out i can do i'm about to do this thing in africa and i'm going there in december i can't wait and you know we're thinking of just doing a couple of like

SPEAKER_305: lectures let's do it lectures and talks and these this these places are going to get rammed with

SPEAKER_126: people and it's like it's beautiful to see like yeah i just think that the minorities like don't hate on other people that are successful it's just not you're going to africa in december yeah why don't

SPEAKER_470: we do all in africa what are we doing like where are you going have any extra stuff cooking i got

SPEAKER_208: some stuff i'm getting email constantly by people who are starting startups in africa i want to go

SPEAKER_281: i've never been i really want to go you can come with me in early december if you want i'm in i'm

SPEAKER_305: 100 i have nothing to do i'm here's the thing that i wanted to talk about before what is crazy and this is jason to build on your trump comment we may be facing a situation i'd love to get your guys's reaction where donald trump in his first two years of his presidency may actually have gotten more done than biden will get done in his first two years and i just want your guys's reaction and thoughts on uh how that possibly could be because we have a democratic president we have a democratic

SPEAKER_126: congress and we may not get anything done i i can speak to that here's your alley-oop

SPEAKER_44: okay with the wind up i i can't believe that the way the progressives have done this reconciliation bill it's been crazy okay look from the beginning they've been saying the biden the administration the democrats have been saying we want to do the biggest package of taxes spent since the great society okay but here here's the thing if you want to do lbj type things you got to have lbj type majorities they've got a 50 50 senate and a three seat margin in the house lbj when he passed the great society he had like 69 centers he had a filibuster super majority filibuster proof super majority in

SPEAKER_188: the senate he had something like 150 more seat margin in the house that is the kind of margins you need to pass great site like programs so instead of having i'd say ambitions that were reasonable

SPEAKER_44: the administration coxes with the progressives they come together with this for over four and a half billion of spending three and a half in the social welfare 1.2 trillion of infrastructure and they wanted even more okay and then they've been trying to jam this thing and they never went to the center of the party to cinema to mansion and said hey what are you guys willing to do and so somehow i think

SPEAKER_188: they thought they could just jam this thing through over the objections of these votes that they absolutely need and i think there's really this mentality on the part of the progressive left that i think they're so used to jamming people with speech codes and cancellation and censorship and coveted mandates that are not passed by legislatures but have been imposed by edict i think they're just used to jamming people and they think they're going to shame people on twitter like these senators like mansion like cinema into voting their way guess what it doesn't work that way twitter is not the real world eric adams showed that in new york he won that election exactly dave chapelle is dave chapelle has a 95 approval rating okay the critics hate him the woke progressives hate him guess what you know how many people were actually at that dave chapelle protest like three dozen okay the progressives don't have the votes what they should have done and by the way their their conduct through the whole thing has been insane aoc has basically been saying if you don't give us everything we want we're not voting

SPEAKER_208: for your one they overplayed their hands these guys have like ace jack off and they're sh they're

SPEAKER_188: putting it down their head saying hey unless you give us three and a half billion we're not going to vote for one billion really you're going to do that how does that make sense we know call their bluff we know progressives will vote for every penny they can what the what biden should have done if we had a more hands-on president who actually wants to get things done he and he knows this from his time in the senate he should have gone to those swing senators as a group and said hey what can we get done here not to aoc and pelosi they can't deliver i mean the promise of biden i'll say you know as

SPEAKER_40: somebody who voted for biden i'm a little disappointed was he was supposed to be moderate and

SPEAKER_204: he was supposed to bring people to the center and it doesn't feel like he's actually to your point

SPEAKER_427: from up you asked us what we think i have i'm not regretting because i trump had to go it was too much chaos there was just too much risk having him in there so i am glad i voted for body but i am unhappy that he cannot build consensus down the middle and get the far left to just you know pump the brakes i i understand they have passion for certain projects but just get something done moderately and

SPEAKER_484: in a phased approach why does this have to be so huge and confusing do a smaller thing three times

SPEAKER_126: sax is exposing what we may not know which is that progressives are very loud but they may not

SPEAKER_128: actually represent a plurality of people so for example in the netflix protest i saw a video and

SPEAKER_126: there was about two dozen people you know and one person actually had tweeted hey i i never even showed up to the office yet but now i'm showing up to walk out of the office but then what happened was there were some other people that showed up and in the middle of the protest they had a sign that said you know jokes are funny i like jokes and then everybody started chanting that then a black woman got up and she started to say black lives matter and then everybody got confused and started to chant black lives matter and then they were all looking around each other trying to find direction in this protest and it became somewhat directionless and i think this is what you know we're we're now realizing is that you know remember what like as managers in corporations we've all heard this term the

SPEAKER_256: squeaky wheel gets the grease but it may actually be the case that the squeaky wheel shouldn't get the

SPEAKER_126: grease because it's a head fake and we're going to get lost in misdirection another example of this there's a guy dorian abbott and i wanted to talk about this as well this is a guy who's an acclaimed climate professor okay let me just give you the whole story i'm just going to read to you

SPEAKER_128: because i think it's interesting the first couple paragraphs of the story from the new york times mit invites geophysicist dorian abbott to give a prestigious public lecture this autumn he seemed a natural choice he's a scientific star who studies climate change and whether planets and distant solar systems might harbor atmospheres conducive to life then a swell of angry resistance arose some faculty members and grad students argued that dr abbott who's a prophet university of

SPEAKER_126: chicago had created harm by speaking out against aspects of affirmative action and diversity because in videos and opinion pieces he wants people and members of groups rather than as individuals he basically favors a diverse pool of applicants selected on merit so but he said his planned

SPEAKER_256: lecture at mit was about climate science and to help people understand climate change and would make no mention of his views on affirmative action but his opponents uh argued that he was infuriating inappropriate and oppressive and so they cancelled the lecture now here's the question i have

SPEAKER_126: here that's another example of all of this stuff are we better off with let's just say there's a hundred

Chamath Palihapitiya: grad students a hundred brilliant minds at mit being pushed to think even more specifically about climate

SPEAKER_256: change by an expert who can do that or are we better off finding some more middle of the road person who maybe not be as intellectually ambitious around climate change but has a whole bunch of other views not related to climate change that are more palatable and what does that do for all of us including probably all these people who probably want a solution to climate change but who have now held back the ability to teach these kids what do we do what do we think about that kind of stuff and this is where again the squeaky wheel in this case did get the grease but are we actually better

SPEAKER_487: off in this example friedberg diversity of thought drives successful outcomes

SPEAKER_451: all right thanks for coming in for the all in podcast we're telling you you already know like what are we talking about for yourself people listen to a bunch of opinions and if somebody says something you don't like or challenges you maybe that's an opportunity for you to learn or grow or for

SPEAKER_427: you to make a blog post or do your own stand-up special give your own talk that challenges their debate like we do here every week right but you guys remember the same thing happened with that

SPEAKER_98: what's that ultra conservative young guy sacks who went to berkeley a few years ago and they blocked him from joining the campus no no the um greek name greek name milo yannopoulos milo yannopoulos he's

SPEAKER_305: the right-wing guy the gay provocateur here we're talking about an expert in climate change giving a lecture about climate change to grad students who who could then go and solve climate change for the call of the world i mean this is mit and you you chicago which are probably two of the smartest

David Sacks: institutions of people in the world right he's not saying anything politically offensive it's just that his unrelated views uh they view they think are anathema and therefore they're gonna protest and

SPEAKER_44: block him and of course you know they always use the language of safetyism which is oh well if you allow this person on campus it threatens my safety really this person's a physical threat to you no he threatens my self-conception really he said something that you know he's gonna talk about something that offends you no it's just that uh you know he said things that that that threatened my view of the world so my safety is jeopardized i mean this is this is literally the language that's being used now um i mean freeberg's reaction to it is yeah this is so obvious that we don't even need to discuss it but it's not so obvious that it's not taking place it's happening it's

SPEAKER_204: happening it's happening you know what i find the most disappointing about the whole netflix situation is i thought dave chapelle you know even though maybe the special wasn't as funny as other ones i thought it it made you think in such a just incredible way and i was actually read that i

SPEAKER_427: looked up the transcript and i read the transcript so i could think more about it and try to form an opinion about this turf issue and trans people and you know people punching up punching down and comedy it made me think and then the entire discussion about this is just people walking out and no discussion about what he actually said and that to me is just a little bit of a tell like if you are so upset about what he said well where is the transcript of what he said break it down sentence by sentence and tell us exactly what he got wrong and why so that we can continue the discussion the netflix walk out and how this thing has unfolded the reason it's so unproductive is because they're not moving the discussion forward they're not actually listening to what chapelle said and spoiler alert if you haven't seen it yet i'm going to talk a little bit about the what was in it he talked about his friendship with a trans person who was a comedian and how he and she had these incredible discussions and learned a lot from each other and how she was dragged on twitter and a lot of tragic outcomes and i'll leave it at that but there's no discussion about his relationship with

SPEAKER_484: that woman who had a tragic fate and the substance of what he said did you notice that chamath that there's no discussion about the actual words and points that dave chapelle made that shows you that this is a disingenuous or a broken discussion yeah i just i just think that um the problems that

SPEAKER_161: we have as a society are really big frieber talked about it we have inequality problems we have climate change problems you know we have problems of sort of like systemic health issues these are all fixable and i think that this other stuff is getting in the way of people getting organized to solve those issues 100 and i think that that frustrates me i would have really i'm not sure i agree with this guy's views on affirmative action let me just be clear i'm kind of i think on the margins affirmative action is actually it levels the playing field and so i support it um but i also sort of the

SPEAKER_126: fact that if this guy is a brilliant geophysicist and he's already proven that i would want my kids to be taught climate science from him sure i don't i don't think he's out there to try to like peddle his affirmative action views you know to a bunch of other physicists i don't think that's

Chamath Palihapitiya: what he's doing no that's not what he's celebrated not his life's work and so i don't care i would want all of those really brilliant kids at mit to have to be one step closer to proposing a solution to climate change i think that's a pervasive global issue i mean we don't have the ability to prioritize these things and and and that's what's just so sad we're not gonna have an honest conversation about

SPEAKER_44: climate change because we can't have that expert give his talk and i don't think we're to jason's point i don't think we're having an honest conversation about the chapelle special i don't think any of us believe that chapelle hates lgbtq people or i don't think anyone in the audience thinks that and i think you have to deliberately misinterpret what chapelle is thinking in or saying in order to believe that his message is hate i don't think it is now what i think the chapelle special represents a threat to is perhaps this idea of intersectionality that all of these oppressed groups have to be on the same team what he seems to be saying is there's a group of what he's kind of making fun of is that there's this group of sort of pampered rich white uh lgbtq people who have made enormous progress i mean doesn't he say at one point in the special that you know i wish i wish my community you know black people could have made as much progress in 40 years in terms of acceptance as this group has and yet this group now wants us to immediately adopt all of their language and sensibilities and and punches down talks down to us if we don't i mean that's kind of the point he's

SPEAKER_505: making is he's kind of revealing a little bit of a rift between these between these two groups that

SPEAKER_200: are supposed to by the way if you saw the if you saw the clip of the protest that rift was actually

SPEAKER_128: in display because everybody got confused about what they were supposed to support because you had

SPEAKER_126: one set of chance and then you had jokes or funny chance and then you had blm chance from completely different cohorts of people and it just became a chaos well i mean everybody's opinion must

SPEAKER_204: be put through the lens of how many oppressed groups they're from you know obesity i'm black i'm

SPEAKER_427: gay i'm trans i'm short whatever i mean like how do we have how do you even navigate a discussion intelligently if i have to say okay you're sri lankan but you're rich chamath and friedberg's got asperger's but he's really smart about something i mean it's like just make your point and let's have an honest discussion about it and why are we so upset about this special when in china you know we've got a million people uh uyghurs being sterilized and tortured and then i don't know if you saw this week xi jinping is saying like he wants to get rid of the sissy people a sissy man in is the term

SPEAKER_484: he's using in china right they literally so they pass media rules against effeminate men yeah i mean

SPEAKER_44: well why are we not protesting that well we we saw this in the middle east as well the real threat to lgbtq people is or these authoritarian governments that really want to oppress you know they want to murder people and murder gay people absolutely yeah i mean chappelle is not the the threat i i think i think chappelle had to be silenced because what he's saying is actually very heretical to the woke progressive left which is that not all of these groups on the same page and they again they believe in this idea of intersectionality that all these groups have to basically be on the same page and actually the more oppressed groups that you're part of the more elevated you are and so this idea that there could be a schism actually is something they want to silence yeah i mean chappelle's quote i don't

SPEAKER_40: disagree with the trans movement i disagree with the way they're going about it was his kind of point

SPEAKER_126: and he said again let me speak on as a as a as a colored person who grew up in a minority family

SPEAKER_305: you know i would love to tell you that my parents were super super open-minded but that would be a lie um and you know i love them to death and i think they tried their best but you know they came with a ton of fucking baggage and a ton of stereotypes and you know i don't think that my parents would have been the most supportive of other minorities whether it's color or sexual orientation or ever and it was a it was a lot of like very complicated conversations to explain to them how to see the

SPEAKER_126: world differently and you know that's what happened when you pluck them out of a third world country and drop them into canada and you know i think that my parents came far a very long way i remember you know when when i first started you know dating my ex-wife it's like it was a very complicated thing for them to see me dating uh an asian woman very complicated they didn't understand uh and then it was like well do you do you want me to marry uh or date a sri lankan and they were like yes but

Chamath Palihapitiya: as long as she's not muslim and it's like what the hell are you like what are you saying this is and

SPEAKER_126: and so i'm just trying to tell you that this idea of intersectionality it does play out in a lot of our lives because we all come from families especially our aging parents oh my god yeah

SPEAKER_414: are um my grandparents there were some my i mean i love my i'll be honest with you they're you know

SPEAKER_204: they try their best but man the thing that's got me particularly saddened or tilted or just you know um the thing that just sort of hits me is we've made so much progress in in so many ways

SPEAKER_427: as a society yet we don't celebrate that and we seem incredibly focused on marginal issues to your

SPEAKER_204: point chamath that are not global warming that are not education that are that are not um you know uh international uh relations and geopolitics you know like there's economic empowerment there's so

SPEAKER_427: many things that we could be focused on that would actually make change that arguing about

David Friedberg: canceling chappelle and it would unite kevin hart on the offices you know but it would unite people

SPEAKER_126: that's what i think is so that's what i think is such a great opportunity if we all collectively came together and focused on a bigger enemy right climate change climate change governments i think

SPEAKER_256: you'd find people to be much more accepting of each other because we would have a common shared goal

SPEAKER_44: and then we would find commonality in achieving it yeah so jacal uh bill maher invented a word to describe what you're what you're saying which is progressive phobia which is it's the reluctance to admit any progress because of the fear that if you do admit progress then that means that you don't you will lack a justification for all these you know progressive programs that people want and so they have to make the situations always seem as dire as possible in order to scare people into a certain agenda um but yeah there there's a you know unwillingness to admit how much progress we've

SPEAKER_390: made in so many areas the time they tried to cancel me was because i said on twitter isn't it amazing

SPEAKER_427: that every single skill you want to learn right now and including the high paying jobs is now available for free on mit courseware and anybody can learn this stuff for free and you used to have to pay 50 000 a year and get accepted into these you know ivy league programs but now all that information is free and all we need to do is expose people to it and give them the motivation the time to do and they were like how could you say that you know people are not able to do it and i was like and then a bunch of people replied who were people of color or people who were poor and said i actually learned to code on the mit website i learned artificial intelligence i learned i got my degree in uh you know social media marketing and whatever at this website udemy that website other treehouse and all these people were saying yeah i learned all these skills and i went from making working at walmart to making 60k a year 70k a year and then there was this big fight like are you going to cancel me for saying there's more opportunity now than ever i i hold that position there is more

SPEAKER_484: opportunity now for you to learn a skill and get a high paying job than in the history of humanity the

SPEAKER_00: system is more fair now than ever yeah i was going to say argue with that in the in the world of

SPEAKER_126: in the world of uh progress there are some amazing innovations every day this week and i put this in the chat and nick you can post the article there was a gentleman in at the nyc nyu langone center of medicine who transplanted a pig kidney into a human and had that human kidney or basically had that pig kidney not get rejected now this was a person that was brain dead and i guess you know the family you know god bless them donated this person's body to science effectively they were kept alive but then

SPEAKER_256: they were able to transplant a kidney in and they were able to see the urine production and creatinine production and all of a sudden now there is a chance that we could actually use pigs genetically

Chamath Palihapitiya: engineered pigs as a basis for us to basically get kidneys hearts lungs that is incredible freeber so so to your point sax that is happening still every day and we don't talk up enough about it because

SPEAKER_332: we're up in arms about dave chappelle freeberg tell us you know if that in 10 years what that looks like and in the impact it has in society if we take that pig transplant and we just 10 exit from now put a couple billion dollars behind it what does it look like in a decade well i think there's other techniques

SPEAKER_89: that are being developed that you could actually generate actual human organs using um you know basis of induced um these uh induced pluripotent stem cells and uh regardless of the path i do think like availability of organ transplants um uh it's gonna go up like crazy the big infrastructure and technical challenge we still face is uh we've got to build these these uh gmp facilities uh to make all of these

SPEAKER_99: cell-based therapies not just kind of organs but also other cell-based therapies that are becoming kind of the mainstay of the future of medicine uh personalized medicine for humans um and so there's also this kind of tremendous infrastructure opportunity we've talked a lot about

SPEAKER_03: we've talked a lot about infrastructure in biomanufacturing broadly and other life sciences

SPEAKER_99: opportunities but there's a tremendous infrastructure opportunity to build out facilities that can produce these um uh you know these uh these therapies and the therapy can be an organ or or a cell-based therapy that can target cancer in your body or or what have you um and so you can kind of think

SPEAKER_98: about look we've resolved the science now we've also resolved the engineering the next step is to build it right and so this is like you know the build decade or the build decades globally for where

SPEAKER_99: the intersection of software and biology has enabled these incredible breakthroughs in human health and manufacturing and food um and now the infrastructure needs are there i've said this before i do think this is where we are have the biggest gap in terms of infrastructure needs and the biggest opportunity to kind of fill those needs and if we if i were to kind of be in congress or be president i would say this is the number one priority for an infrastructure bill because once you get this going it's going to change lives and it's going to change the economy so high-speed rail costing us

SPEAKER_03: 50 billion 100 billion versus this yeah yeah we could build a bunch of gmp facilities or a bunch of biomanufacturing facilities a lot of stuff that we could build that would um you know pay back within

SPEAKER_99: years and have a huge outcome um private markets maybe will meet this demand but i think you gotta um you gotta kick start this stuff uh the economics are going to be unfeasible for a while if you want to get um a car t therapy which is a type of therapy that's personal you know personalized party therapies today your cost is about 450 000 you know a local university here i was speaking with one of their um their lead uh doctors the other day they've built their own gmp facility at a cost of 50 million dollars and they can now get the therapies down to 40 000 per patient but they can only serve 250 patients a year uh using that that kind of 90 cost reduction so you can kind of see like as you build these systems and this is built locally by a university right it's not built for industrial scale these guys aren't commercial operators on these facilities so if you start to build these facilities from a commercial point of view and you can bootstrap some of these things in this infrastructure cost um very quickly the cost becomes so low that you see these technologies proliferate and i think we should see that both you know this organ transplant one is a great case study um cell-based therapies biomanufacturing all sorts of uh opportunity you keep saying gmp facility sorry good manufacturing

SPEAKER_03: yeah it's it's you know if you're gonna make cells that are gonna go in your body

SPEAKER_98: there's incredibly stringent requirements on the safety and the cleanliness and the practices that

SPEAKER_99: go on in that facility so these quote-unquote gmp facilities have a very specific uh criteria of

SPEAKER_267: how you how you build and how you operate them they're just highly they're high quality facilities

SPEAKER_98: is what you're saying yeah think about like a clean room to make semiconductors except in this case you're making cells that you're putting in your body so you got to be really careful

SPEAKER_332: um all right everybody it's been uh 70 minutes 75 minutes 80 minutes uh anybody have any last minute uh plugs for products that they want to disguise as a compliment to another bestie i still think we

SPEAKER_349: should launch bestie coin the all-in coin and monetize the all-in podcast we were talking about this at poker last night monetization no monetization nfts nft ourselves no bestie

SPEAKER_509: bestie coin would be incredible i think i want to tell you about this guy lee jackie who's known as the

SPEAKER_126: lipstick king in china um he did a 12-hour live stream on wednesday on taobao 250 million people tuned in he sold 1.7 billion dollars of product so basically the equivalent of the entire adult

SPEAKER_40: population in america watch this isn't that incredible that's that is amazing that is just incredible so that's qvc and as if in two and a half times the people who watch the super bowl it's two and a half super bowls jackie the lipstick king the lipstick king guys we haven't had monty

SPEAKER_559: on the show in a while let me bring him up oh monty get him to the mic oh monty yeah that's

SPEAKER_561: anything you want to say some monty fan service uh for those of you asking about the all-in uh summit

SPEAKER_204: we are looking at locations in miami and we will have news shortly if you want to uh sign up for the email when are we doing this thing uh we're gonna look at march april may but we're gonna do a we're

SPEAKER_332: gonna do an la show in january we're gonna do a live all-in podcast at the up front summit uh mark souster's event in la but that's like a closed event and then the all-in summit you can go sign up for email updates uh summit.allinpodcast.co summit.allinpodcast.co we're not looking for volunteers we're not looking for event planners we have all the spaces in miami we could possibly know every single person's email just thanks to the fans for giving us every piece of information right now it's just about dates states states we got to find a two-day date and then whatever place we use like faena the new world uh the jackie gleason theater there's so many great facilities there that have reached out to us once we pick the facility we'll know what the facility capacity is some of them can fit 2 000 people some can fit 250 when we figure that out then we'll

SPEAKER_129: figure out ticketing and and how we get people there this time next week both friedberg and i

SPEAKER_565: may have kids uh that's muscle so are we are we skipping next week no no i'm actually not giving

SPEAKER_568: birth i don't know about you but okay no we gotta get pictures and yeah it's gonna be incredible well congratulations guys and if this africa trip is coming that was africa trip is happening

SPEAKER_571: i can't wait do you what countries are you thinking about tagging along of course listen this is one of

SPEAKER_470: my life i have my own what's the point of having my own schedule and a bunch of powerful friends who are traveling the world doing interesting i'm the ultimate wingman your motto is private jet will

SPEAKER_414: travel i'm a wingman professional wingman as a service kenya nigeria ghana and there may be a

SPEAKER_40: couple of other wingman as a service that's if you need to somebody fun with you for a couple of you know touchdowns takeoffs wingman as a service he's leaving with something i'll bring sunny as my

SPEAKER_195: body double you send him send sunny in another escalade they all just in case paparazzi follow

SPEAKER_451: him and then we go in a little honda accord and you go to the actual events i can't wait actually

SPEAKER_588: i'm super excited oh that's going to be fun yeah oh man get your passport let's get the cut deck of

SPEAKER_161: cards oh actually you know they'll be great you can we can do a couple fireside chats big fireside

SPEAKER_589: chats 100 we'll take it on the road yeah for sure all right everybody bye boys i love you

SPEAKER_204: good luck bro good luck to alice thank you love you man uh and for the queen of quinoa rain man david

SPEAKER_593: sacks bye bye bye

SPEAKER_597: man david sacks

SPEAKER_598: i've been sourced it to the love you

SPEAKER_606: yes i sweet up your feet

SPEAKER_610: we need to get merges