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Fixing the American Dream with Andrew Schulz Podcast Episode Description
(0:00) The Besties intro Andrew Schulz!
(3:29) Friedberg hits a quick Science Corner on the future of fertility
(9:35) Reacting to Gavin Newsom’s new podcast: genius or pandering?
(19:36) Tariff experiment so far: risks, communication issues, and more
(30:44) Why the American Dream is broken and how to fix it: cracking the housing market, social security reform
(55:45) Aligning upside via increased stock market participation
(1:11:23) How Andrew blew up in comedy, going direct via YouTube, building a cancel-proof following
(1:22:25) State of America, conspiracy obsession, thoughts on Trump and DOGE
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https://x.com/andrewschulz
Check out Andrew’s new special LIFE:
https://www.netflix.com/title/81741999
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https://x.com/chamath
https://x.com/Jason
https://x.com/DavidSacks
https://x.com/friedberg
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Intro Music Credit:
https://rb.gy/tppkzl
https://x.com/yung_spielburg
Intro Video Credit:
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Referenced in the show:
https://x.com/chamath/status/1895948351516131515
https://x.com/ChineseEmbinUS/status/1897132043362034153
https://www.wsj.com/opinion/bidens-mortgage-relief-fuels-higher-housing-prices-policy-loans-risk-cb0a1974
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Fixing the American Dream with Andrew Schulz Podcast Episode Top Keywords
Fixing the American Dream with Andrew Schulz Podcast Episode Summary
In this episode of the All In Podcast, the hosts discuss various topics, including the impact of Gavin Newsom’s new podcast, which is praised for its unique approach to political discourse. The hosts highlight Newsom’s active listening skills, which help bridge political divides and foster a sense of collaboration with the audience. This approach is seen as refreshing in the current political climate, where such engagement is rare.
The episode also touches on the financial implications of living in different states, with a focus on tax rates. A guest shares insights on how middle-class individuals might actually face higher functional tax rates in states like Florida compared to California, despite the perception that moving to states with no income tax is financially beneficial.
Additionally, the podcast features a discussion on the challenges of maintaining independence when transitioning from independent content creation to signing deals with larger platforms. This theme of balancing creative freedom with financial incentives is explored through personal anecdotes.
The episode includes a brief mention of a conversation between Joe Rogan and Elon Musk, where Musk hints at the potential dangers of discussing corruption, adding an element of intrigue.
Recurring themes in the episode include the importance of understanding financial literacy from a young age, as evidenced by the idea of creating a kids’ investment club. The hosts emphasize the need for educational tools to help children learn about investing early on.
Overall, the episode combines political analysis, financial advice, and personal stories to provide listeners with a multifaceted discussion on current events and personal development.
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Fixing the American Dream with Andrew Schulz Podcast Episode Transcript (Unedited)
Speaker: 0
00:00
Ai, everybody. Welcome back to the number one podcast in the world, the All In Podcast. And, you can subscribe to us on YouTube, Apple Podcasts, yada yada. You know the drill. We’re gonna go to Miami for an epic f one weekend. All In podcast live on stage, Saturday, May 3. Couple speak guests.
Speaker: 0
00:17
Go to allin.com/events to buy a ticket. And we’re really excited today because for the first time in All In history, we have a comedian. We have somebody talented on the program.
Speaker: 1
00:31
Ain’t that the truth? Ain’t that the truth?
Speaker: 0
00:32
Ain’t that the truth?
Speaker: 1
00:33
Real comedian. Someone that knows how to make good jokes.
Speaker: 0
00:35
Alright. It’s true. Yeah. Ai think feel like that was a dick to me, but okay. Andrew Schultz is here.
Speaker: 2
00:40
How we doing, boys? Thank you for having me.
Speaker: 0
00:42
Schultz, pleasure. You just you got a you’re on heater right now. You took time to come on the All In pod. Thank you for doing that. Of course. Your Netflix special Yes. Is crushing it. Top 10 around the world. Yeah. It’s called Ai.
Speaker: 2
00:55
Yeah. Yeah.
Speaker: 0
00:56
Sai f e.
Speaker: 2
00:57
Pretty cool.
Speaker: 0
00:58
It’s about your low sperm count. Tell
Speaker: 2
01:00
us something. I I am the face of speak. Sai Which
Speaker: 0
01:05
that’s kinda ai crazy because you’ve got a mustache of a seventies porn star. How is it called? Think I’m overcompensating.
Speaker: 2
01:10
You know? I think that we gotta trick people with the stache when in reality yeah. Yeah. The balls
Speaker: 3
01:14
You’re firing blanks.
Speaker: 0
01:16
Dude, it’s just pure broke me.
Speaker: 2
01:17
It’s bad. Yeah. It’s,
Speaker: 0
01:19
This special is so good.
Speaker: 1
01:22
This special is so good.
Speaker: 2
01:22
Oh, thank you for watching, man. I appreciate it.
Speaker: 0
01:27
You got three old guys here who also have had to deal with some of these issues.
Speaker: 2
01:32
We’ve all had to deal with- Do you guys have IVF? You guys do IVF for the babies?
Speaker: 0
01:35
Chamath, you wanna be honest here? Or are you au vatsal? Did you hit the three from half court logo shot? What happened?
Speaker: 3
01:41
My first four kids were natural. My fifth was IVF.
Speaker: 0
01:44
Okay.
Speaker: 2
01:44
Yeah. We’re I don’t think we’re surprised. There’s, like, 2,000,000,000 of you guys. You know? It it’s, it’s easy to get the job done. Woah.
Speaker: 3
01:51
You know, there is a there is a period there is a period after the Facebook IPO. I swear to god. I would look at chicks on Instagram and get them pregnant. It was like Oh, really? It was brutal.
Speaker: 2
01:59
Are they coming to collect?
Speaker: 3
02:01
Hope not.
Speaker: 0
02:02
How many settlements you got, Shimon? How many ideas? Alright. Freeberg. I like this
Speaker: 1
02:08
episode. Yeah.
Speaker: 0
02:09
Yeah. We’re off to a hot start here. Freeberg, you look like you have a low sperm count, but you have a fourth kid on the way. But, apparently what’s the story? Arya you au vatsal? This is for the first time ever. Nobody knew this. Breaking news. Freiburg, Au Natural with your 3.5 babies.
Speaker: 1
02:25
%.
Speaker: 0
02:27
Hundred %. Wow. A vegan who’s shooting with a sniper rifle.
Speaker: 2
02:32
I don’t believe it. I don’t believe it.
Speaker: 1
02:34
I’ll find you guys a great study about veganism and libido.
Speaker: 2
02:37
Is that right?
Speaker: 1
02:38
Yeah. Very impressive.
Speaker: 2
02:40
What does it do? Reduce the woman’s?
Speaker: 0
02:43
Absolutely. Exactly. Oh my god. They know a place with the best roast cauliflower. You’ll let your winner slide. Rain man David Cyrus.
Speaker: 4
02:58
And it said we open sourced it to the fans and they’ve just gone crazy with it.
Speaker: 0
03:02
Love you
Speaker: 3
03:06
By the
Speaker: 1
03:07
way, can I just tell you how much I hate cauliflower? Everywhere I go, that is the dish. I had it for dinner a lot
Speaker: 0
03:12
ai then. Of course. Yeah.
Speaker: 1
03:13
It’s the main course of my truck.
Speaker: 0
03:14
Having a really good chef. It’s disgusting.
Speaker: 1
03:17
There’s two things they offer you, portobello mushroom and roasted cauliflower.
Speaker: 3
03:21
That’s what Sean does every time you show
Speaker: 1
03:22
up at
Speaker: 3
03:22
the house.
Speaker: 2
03:23
Are you are you a impossible meat guy?
Speaker: 1
03:26
No. I don’t like that stuff. It’s gross.
Speaker: 2
03:27
Ai funny. Okay.
Speaker: 1
03:28
Yeah. By the way, you guys wanna hear a quick science corner? So you know how we talked about Yamanaka factors?
Speaker: 0
03:34
There is a roaring meh. You’re gonna love look at him. Wow. He’s like, yeah. I don’t care. I think this is not a time ago. Anyway, sorry.
Speaker: 1
03:42
Let me let me let me hit this real quick ai I know we’re never gonna get to it because you guys just around talking about policy and action.
Speaker: 0
03:49
Science talk, Chelsea. Yeah. Yeah.
Speaker: 3
03:50
So there
Speaker: 1
03:51
did us. Did us. You know how you can use Yamanaka factors? We talked about these to basically turn a cell into a stem cell. Right?
Speaker: 2
03:58
Of course. Absolutely.
Speaker: 1
03:59
What goes on in the lab. Andrew, you’re familiar with the Yamanaka factor.
Speaker: 2
04:02
About the Yamanaka factors.
Speaker: 1
04:04
You’ve been all over it a while.
Speaker: 2
04:05
Dude, I’ve seen Squid Game. Yeah. Absolutely.
Speaker: 1
04:09
Now there’s a Do you
Speaker: 2
04:10
think I don’t know about the Yamanaka factor code.
Speaker: 0
04:13
Gonna get
Speaker: 1
04:13
I Ai can tell you where Yamanaka factor. Everybody knows something about
Speaker: 0
04:17
visit the Yamanaka factory when you were in Kyoto? Went to
Speaker: 2
04:20
the Yamanaka factor, and I swear to god, a guy showed up fifteen minutes late, and he stabbed himself in the stomach right there.
Speaker: 0
04:27
Right there.
Speaker: 2
04:27
He killed himself right there. Yeah. It’s called sudoku. Exactly.
Speaker: 0
04:30
Yeah. Sudoku. Sudoku. He said sudoku in under a minute. Sudoku.
Speaker: 1
04:36
Okay. Never mind. We’ll come back
Speaker: 0
04:38
to the side. Sudoku. Was telereal. Total.
Speaker: 1
04:41
So so the interesting And so you don’t need to actually go get the eggs from the woman. You can make eggs from skin cells, for example. So in the next couple of years, there’s, you know, there’s a few little technical breakthroughs that are happening right now that will enable this where fertility clinics may end up just taking a little bit of your skin cell, creating stem cells, creating egg cells, and that’s how we’re gonna end up doing IVF in the future at any age.
Speaker: 1
05:17
So you can make eggs at any age and you can ultimately produce offspring at any age. You don’t need to actually have active healthy eggs.
Speaker: 2
05:25
And this You like that one. Right? This You like that one? Because this is a nice ai for the people that are trying to, ban IVF because of the abortion protocol. They’re base because they basically, ai, believes, begins at conception as part of their belief. Right? But Mhmm.
Speaker: 2
05:41
And the idea
Speaker: 1
05:42
You could take one egg cell. You could take one speak. Make make it for blood tag.
Speaker: 2
05:45
Yeah. Those people don’t know, but, like, what you do with that, yeah, because you try to harvest as many as you possibly can because not all of them are ai, and it’s a pretty brutal process for the woman to go through. But if you could just grab something from the skin, you’d have almost unlimited egg
Speaker: 1
05:57
When a woman is born, she has all her eggs in her body. And as she ages, those eggs get depleted. And, eventually, she doesn’t have very good viable eggs left over. So this gets around that problem of not having viable eggs. We can be very selective about the eggs. And so there’s a future here in the next couple of years where fertility becomes a simpler, hopefully easier, and more widely available service than it is today where it’s really challenging technically, and you’ve gotta go do something that’s invasive.
Speaker: 1
06:25
And, you know, you’ve gotta hope that there’s good healthy eggs, and there’s a good number of eggs, and so on and so forth. Sai, really, it’s exciting.
Speaker: 2
06:32
This is awesome.
Speaker: 3
06:33
Schulz, did they sit you down and give you, like, the embryos that that were viable and then the grades and the gender, and you speak one? And what did you pick?
Speaker: 2
06:41
We just picked the best. So this is a lot of pressure on that first one. Ai, all the other kids afterwards, I feel like don’t have
Speaker: 1
06:47
as much.
Speaker: 3
06:48
Yeah.
Speaker: 0
06:48
Come out of the gate strong, have a good first quarter,
Speaker: 2
06:50
and then meh. %.
Speaker: 0
06:52
That’s all good. So I gotta ask you
Speaker: 1
06:55
Wait.
Speaker: 2
06:55
You didn’t say if you had
Speaker: 0
06:56
I was about to. I’m about to put it out there. I’m about
Speaker: 2
06:58
to put it out there.
Speaker: 0
06:58
Ai didn’t have IVF. Okay. But the first ai, we had the first kid. Wife says, hey. We’re I’m ovulating. I said, put me in the game. Boom. First shah, half court logo, pregnant. Wow. Bam. Then she says, I sana wait before I have the next one. It was a little traumatic to have a kid.
Speaker: 0
07:16
And she waits six years. Then we try for a year. Nothing for one year. So now I’m like, man, we waited too long. It’s a lot of pressure.
Speaker: 0
07:24
You you talk about this in the special. It’s ai, for women, this is anxiety producing. So she’s like, you gotta go meh checked out. And this is when the most humiliating day of my life occurred. I don’t know, Andy, what what it was like when you went.
Speaker: 0
07:37
But,
Speaker: 3
07:39
they found all these grifters? Can they can they identify grifters through the microscope? No.
Speaker: 0
07:43
No. No. I walk in and the thing opens, and there’s three women at the counter, at the at the reception. And they’re like, hey, Jason Kalakanis. You’re here to give a you know, to and I’m like, yeah. I am. And then they walk you to a room.
Speaker: 3
07:55
Oh, that’s the spookiest thing. Yeah. Yeah.
Speaker: 0
07:57
Yeah. They walk you to a ram, and then they open it up, and it’s like some nightmare scenario where there’s a Motel eight ram, and there’s a couch that’s about three feet three feet wide. Ai by the way, that a towel on it.
Speaker: 3
08:10
And there’s a towel on it. And that sofa is not cloth for a reason.
Speaker: 0
08:14
No. So it’s ai, no.
Speaker: 2
08:15
It needs to be cleanable. It needs to be clean.
Speaker: 0
08:18
Ai fact, it’s very much like the hotel you’re in, Chelsea. I don’t know what’s going on with the Netflix budget.
Speaker: 1
08:22
Why do you
Speaker: 2
08:22
think of Ram? They could put you in
Speaker: 0
08:24
the four seasons or the Peninsula or It’s so brutal. Sai you did
Speaker: 2
08:28
this. Right?
Speaker: 0
08:29
You had to go?
Speaker: 3
08:30
The grainy television with the porn. It’s like Oh,
Speaker: 2
08:32
you’re lucky you got the TV. I had to go.
Speaker: 3
08:33
I went to the phone.
Speaker: 2
08:34
I went
Speaker: 3
08:35
to the phone.
Speaker: 2
08:35
I had to go to the phone. I had to go to the porn. I had to go to the porn. Nothing. I didn’t even have have any service in there, which was, like, another thing that was that was annoying.
Speaker: 0
08:42
So what did you do? You Rolodexed it?
Speaker: 3
08:44
No. Spank bank. You had
Speaker: 0
08:45
to go to Spank bank.
Speaker: 2
08:45
That’s what I’m talking about.
Speaker: 0
08:46
The Rolodex. You rolled through all the memories. Yeah.
Speaker: 2
08:48
Think about the memories, man, of my wife and only my wife.
Speaker: 0
08:51
Only my wife. Nobody else. That’s what I’m insinuating. Absolutely. All those great moments with
Speaker: 2
08:55
your life. Great moments.
Speaker: 0
08:57
Maybe there was accidentally one or two that got left in from when you were on the road.
Speaker: 2
09:01
It’s possible some, like, vatsal would jump into the dreams that I had with my wife. It that might be possible. I would never want them to be there. No.
Speaker: 0
09:10
Obviously director’s cup. There’s
Speaker: 2
09:11
nothing I could do. But, yeah, it’s it is also funny how, like, we dramatize our experience. We got the easiest thing to do in the whole thing. We just gotta go into a room and jerk off as if that’s hard for us. But we’re like, the room is destitute and brutalist, and the the furniture was uncomfortable.
Speaker: 0
09:28
You know what I mean? I got an idea. Speaking of jerk offs, Yeah. Speak of jerk offs, Gavin Newsom’s got a podcast.
Speaker: 2
09:37
This is, so I think that this is, like, this is a great idea. Despite what you think about his politics, is he a plastic bag in the wind? Yes. But it is a great demonstration of, like, how Americans, admire, bravery or courage. And we don’t like police, and I think that’s what the Ai kinda displayed in the last election. I don’t wanna get too political about this. Like No. It’s alright.
Speaker: 0
10:01
But your opinion. One man’s opinion.
Speaker: 2
10:03
It’s more just like I I responded culturally. I don’t give a about the tribalism and politics, but I’ll just be honest with you. So having him have, like, Charlie Kirk right there who’s like a professional arguer, that he is whatever you know how, like, some people are, like, autistic for dinosaurs?
Speaker: 2
10:18
He’s that for arguing. Right? And to, like, sit across from him to even address the French laundry Mhmm. I was like, okay. This is actually the right thing to do. So as as as easy as it is for us to sit here and go, okay.
Speaker: 2
10:33
This guy sana just wants to be president. Like, this is a dumb thing. Like, blah blah blah. It’s actually what the democrats should be doing, so I think we need to reward I think we need to reward this behavior. We want more conversation.
Speaker: 2
10:47
We want conversation with people, especially that, like, you may disagree with. And, like, the second podcast he put out, I thought was the most impactful. There was one piece that was incredibly impactful. He’s talking to some guy. I don’t know who he was. Some ai grew up in, like, San Francisco. He’s like Yeah.
Speaker: 2
11:01
Mike Savage. Ai Savage. You know? He was talking about the taxes, and, like, he’s paying all this money in taxes in California, and what does he get from it? And then Newsom said that, like, meh, rich people are gonna pay more, but your actual, like, functional tax rate if you’re middle class would be more if you lived in Florida because of the other stuff you get taxed on.
Speaker: 2
11:22
This is the type of information that, like, you guys might be privy to, but the average person doesn’t. They hop on
Speaker: 0
11:28
a different price. Ai being human and addressing real issues instead of, like, culture war issues and just talking ai I
Speaker: 2
11:36
think he’s going culture war. Like, that’s culture war. But he’s actually putting out valuable information that defends the positions he may have taken in government that the average person doesn’t really know. Like, the average person like me just goes, alright. I’m in New York. I’m getting clipped at 505% city tax. Like, I’m getting crushed.
Speaker: 2
11:55
But if I lived in Florida or Texas, I’d sai 13%, and it’d be a complete wash. When Yeah. There might be someone making $50 a year, and they move from California to Texas, and they lose money. And they don’t know that because they’re just listening to rich guys on podcast talk about how much money they save when they move to Texas.
Speaker: 0
12:11
Oh, you don’t have to take a shot at us, but yeah. Okay. I think it was more. Ai moved to Texas this year.
Speaker: 3
12:15
There’s more of a shot at me and Friedberg, but gold. Okay.
Speaker: 0
12:19
Chamath, your thoughts on Gavin’s new podcast. What do you think? You you know, you were there was famously a little, dip of the toe where somebody made a a a podcast, I’m sorry, a landing page that you were gonna run for governor. We we had a little fun with that. What do you think of Gavin? What do you think of this podcast?
Speaker: 3
12:35
I think he’s an excellent politician. It’s clear he’s starting the twenty twenty eight campaign. Okay. I think he’s done a really good job so far. I think Schultz is right. He is unwinding all of the kind of like landmines that the Democrats have stepped on. I think he’s learned what Kamala did wrong, and now he’s taking this very narrow path, which is ai, I’m gonna basically disavow all the stuff that people don’t care about.
Speaker: 3
13:04
So all the gender woke ideology stuff, I don’t think you’re gonna hear him talk about. He’ll try to drive a narrow wedge on these economic issues. So Ai don’t know. I mean, I think it’s gonna create a really dynamic 2028 campaign if he gets momentum. By the way, his popularity has gone up, which is insane, which after the fires and all of the ineptitude in California, all of the corporations that have run away, all of the people that have left, the chaos in San Francisco, After all of that, he started a podcast sana his popularity has gone up.
Speaker: 3
13:39
It’s really incredible.
Speaker: 0
13:40
Coming around the horn, Friedberg. What do you think of Gavin Newsom?
Speaker: 1
13:44
Look, I think the podcast was brilliant. I think when I watched it, I was hooked because there are two things that I think were critical in how he runs it. Firstly, is he is showing for the first time, I think, that I have ever seen a Democrat do or a Republican in modern politics active listening to the other side.
Speaker: 1
14:08
It seems so crazy that this is some sort of special event and special concept. But this active listening moment where you see a politician, it totally breaks down the walls where you immediately feel on guard or on offense against that person. Because if someone’s actively listening to you, you actually feel like you’re on the same side somehow and you’re trying to come to a conclusion together.
Speaker: 1
14:31
And so what that does is it invites the person on the other side, in this case, the audience, the listener, to be with Gavin, part of the kinda coming together. The second thing I think he did that’s really brilliant is so much of the modern political bimodalism where you’re in one camp or the other means that everything is a one or a zero.
Speaker: 1
14:50
You know, Andrew talked about this. We’re all generally, I think, none of us would consider ourselves political party affiliates. We are all generally people that like to think for ourselves on a topic or an issue, and we don’t care about what party is associated. But the way modern politics has evolved is you don’t debate the topics. You debate the one or the zero because of what the party says.
Speaker: 1
15:11
My party says this is the position. Therefore, I’m a one and you’re a zero. And the other side says, I’m the one. You’re the zero. Meaning, everything has to be binary. I’m completely right. You’re completely wrong. And I think what Gavin has done is he’s shown that these are not ones and zeros.
Speaker: 1
15:26
They’re eighty twenty or sixty forty or fifty five forty five. And he’s willing to acknowledge that. He’s showing that, you know what? We might be only 45% right. And on so many topics, the Democratic Party has ended up slightly wrong. They’re forty five fifty five. It’s not that they’re a zero or a one.
Speaker: 1
15:45
They’re slightly off on taxes. They’re slightly off on social issues, and they’re off just enough that they lost the election. Alright. Just enough that they lost
Speaker: 0
15:52
the election. Breast tax. Andrew, twenty twenty eight. Trump’s running for his third term versus Gavin Newsom. Who do you vote for?
Speaker: 2
15:58
I mean, we gotta run it back for a third term for Trump.
Speaker: 0
16:02
No doubt. Yeah.
Speaker: 2
16:02
No. Of course. No. Obviously, I believe that Trump
Speaker: 0
16:05
level. Wasn’t a third term, Gavin versus Trump, who would you go?
Speaker: 2
16:08
I it’s it’s I mean, I gotta see what his, like, policies are, and I gotta see where America is. I think that, like, the big misunderstanding with this last election is that at least the Democrats who are still trying to, like, vilify these figures on the right, what they don’t understand is they think that this was, like, some populist election where, like, people just fell in love with Ram, and they just loved it for so much, they would just do whatever he says.
Speaker: 2
16:30
What I think is harder for them to grapple with is the self reflection of a rejectionist vote. So I think people rejected the democratic proposal
Speaker: 0
16:42
%.
Speaker: 2
16:43
And they went with what the other alternative was, which was Trump. And Exactly correct. That’s a way tougher pill to swallow. You have to look back at everything you’ve done and go, wow. We’re off. We’re not listening to the people. This guy listens to the people. I mean, it seems like I’m fluffing Trump here, but, like, I would say that his greatest skill is listening to what people say.
Speaker: 2
17:03
And I think a lot of tyler, there’s this Ivy League pretentiousness in the Democratic party where it’s like, we know what’s better for you. Yeah. And I know you say you want these things. You don’t really want them. Let let us we we we studied, and we’ve talked about it in our little thought experiments in class, so we know what you need.
Speaker: 2
17:21
What what what you just shut up.
Speaker: 0
17:23
Ai. It’s condescend.
Speaker: 2
17:24
You’re a %. So I think that, like, when people go, the food is giving me cancer, and then he appoints the guy who says the food is bad to run the food, the American people go, well, that kinda seems like a good thing. I Ai like that.
Speaker: 1
17:38
Mhmm.
Speaker: 2
17:39
You know, it it it is, like, an acute understanding and listening to what people are saying and sometimes to his disadvantage. Like, he came out against that. They were putting some, like, tax on people who drive into Manhattan or whatever. Like Yeah. Congestion pricing.
Speaker: 0
17:56
And Congestion pricing.
Speaker: 2
17:58
Initially, people really rejected it. Right? And then, so he was like, we’re getting rid of congestion pricing. And, like, two weeks after they put that congestion pricing thing, everybody I knew with a car was like, this is the greatest thing the city has done.
Speaker: 0
18:11
You can actually move. Right. You can take a taxi, and it’s faster than meh in
Speaker: 2
18:16
the subway. Reach is good. Bureaucracy is ai.
Speaker: 0
18:20
Like Yeah. You want a car, stay in the boroughs.
Speaker: 2
18:23
Exactly. So it’s like get
Speaker: 0
18:24
a car in Manhattan. Explain this
Speaker: 2
18:25
to people. It’s a little bit egregious. I mean, you and I do, Jason, but everybody else shouldn’t have it. Exact exactly. Our lives should be different.
Speaker: 1
18:32
You know
Speaker: 2
18:32
what I mean?
Speaker: 0
18:32
Absolutely. Absolutely.
Speaker: 1
18:33
But what
Speaker: 0
18:34
I mean, what’s the point of us having nice cars
Speaker: 2
18:36
If we can’t drive them whatever we want.
Speaker: 0
18:39
Yes. Yes. And, you know, we grew up at a time where on the Lower East Side, you know, you could go to Ai, we could go to a club, ai. You could park outside the limelight at night. You could go to Palladium. You could park on Fourteenth Street.
Speaker: 2
18:50
I park right on Fourteenth Street. Okay? I go to what used to be a church. Right? And then, you know, I sniff
Speaker: 0
18:55
Can I just pass the ecstasy? You do a little whatever, but at the pulley, you’re it’s four in the morning.
Speaker: 3
18:59
Listen. You need to know. Goofballs between your stupid mustache and your Ozempic turkey neck. I am totally
Speaker: 1
19:06
turkey neck.
Speaker: 3
19:07
Go go to something useful.
Speaker: 2
19:09
Ai we could let Chama sit there in MacGyver’s funeral outfit, tell us that we’re goofballs?
Speaker: 3
19:15
I don’t know.
Speaker: 2
19:16
This ai wearing a vest with a collar. He looks like he’s going to a Punjabi week. I can’t believe that he would even talk shit about the way that you’re dressed and how you look.
Speaker: 3
19:25
This is custom Loro Piana, boys.
Speaker: 0
19:27
This is Laura Pianna, really? What does it look like? You got it at Zara. Alright. Listen. But more importantly, let’s stay on track.
Speaker: 2
19:35
Yes. Yes. We gotta stay on track. Can I tell you guys something about, tariffs from a layman?
Speaker: 0
19:40
Yes. Yeah. Please.
Speaker: 2
19:41
Ai, you guys are acutely aware of maybe how these things affect markets and yada yada yada, and most people don’t have any fucking clue. So the the the average person, right, I look at this and I’m like, meh, it kinda sucks that you gotta, like, negotiate your, like, your bid for a car that you’re gonna buy publicly.
Speaker: 2
19:59
Right? So this is my assumption. And maybe I’m, like, a little bit more optimistic than most about the administration. But if I go to buy a car and the car is listed a hundred k and I go offer the guy 80, right, I don’t want everybody around me yelling out, like, how can you insult him by offering 80?
Speaker: 2
20:18
This is an insult. And then I I can’t go to them and I go, I’m actually trying to settle at 90. I’m just saying 80 sai he comes down a little bit. But the unfortunate thing when you litigate these things in front of the entire world is that they look at that first measure, this 200% tax, and Ram can’t balk at it.
Speaker: 2
20:34
He can’t go, yo. I’m just fucking I’m I’m just playing around with that number. Actually, just getting them to come down 20% or 10%. Getting them to come down anything is a win. He can’t say that because he loses all his leverage.
Speaker: 2
20:44
So he’s gotta sit here and then get criticized by I don’t know if it’s half the country. I don’t know know who really ends up caring about what these tariffs do. Obviously, they’re repercussions in the market. I got a buddy of mine building a hotel out in Joshua Tree, and he’s like, I don’t even know if I can get brought into the country from Canada.
Speaker: 2
20:59
So it does affect people in real ai. But it’s impossible to do these negotiations with any leverage if you have the people within your own country questioning your ability to negotiate in real time. That is what the layman would think.
Speaker: 1
21:11
Well, I do think you’re right in the sense that in the early days, when Trump was talking about tariffs, initially, everyone was like, oh my god. He’s gonna use tariffs. He’s unpredictable. And then the narrative became he’s using it as a negotiating tactic. The problem is, just like in poker, once everyone knows that there’s this kind of action, it’s exploitable.
Speaker: 1
21:31
And so this is now kind of an exploitable mode of negotiation where everyone now assumes he’s just trying to negotiate, so no one actually takes him seriously. The question now is the response gonna be that he’s gonna be serious about it, or is he actually exploitable? And you saw what China’s response was.
Speaker: 1
21:47
I ai of view China as, like, AI. Like, stuff goes into Ai, the AI processes it, and it comes back out. China is, like, obviously, the way they’re kind of structured. You have very little psychosocial bias like you do with other democratic governments. It’s very systematic. It’s systematically processed.
Speaker: 1
22:03
Every piece of data is systematically processed. Every action is systematically processed. And so I think when you look at how the Chinese ambassador responded to Trump on Twitter a few weeks ago where they’re like, you want war? We’ll give you war. This is a hot war or cold war, whatever you want.
Speaker: 1
22:17
We’ve never seen that from an ambassador to The United States President before done on Twitter like this, let alone the Chinese ambassador. So I think it says a lot about how the Chinese AI is processing the Trump negotiating tactic or the Trump positioning statements on tariffs, which indicates that there may be now I mean, we can talk about what game theory optimal play might be in this kind of poker game, what’s gonna come next.
Speaker: 1
22:39
But there’s a a real assessment that they’ve made on how far he is willing to take it. They’ve got a conclusive statement, and they believe that this is the fastest way to kind of win their negotiating position. But it says a lot about where this is all going. Everyone now understands or views this as an exploitable moment, which unfortunately means that tariffs may not work or they’re actually gonna have to stick, which can be really ugly.
Speaker: 2
22:59
Yeah. It could be painful.
Speaker: 1
23:00
Could be painful forever.
Speaker: 0
23:02
Jamati, your thoughts on, the tariffs in Andrews Brazil?
Speaker: 3
23:05
What is the I think that it’s it’s like one hundred and twenty some odd years. Nick, maybe you can find this tweet that I had, but almost the majority of years as a nation, or close to a majority of the years as a nation, we had no income tax. And the way that we would fund the programs that we needed was not from insiders, but from outsiders. And that’s where the tariff was born. Right?
Speaker: 3
23:31
It’s people domestically in America don’t pay any taxes on the things that they do. And instead, if you’d like to sell into The United States, you pay a reasonable tax. So this is the two seventy years. So it’s one hundred and twenty six years from 1776 to 1861. Then we paused it for a few years because of the civil war. We restarted again in 1872.
Speaker: 3
23:52
And you notice when it stopped. When it stopped was right around World War one where this entire war machine broke out and we’ve never looked back. So Ai don’t know. I think that one way to think about this is we’re probably gonna go back and explore, isn’t it better if we have this incredibly vibrant and rich country of 330,000,000 people with a ton of purchasing power?
Speaker: 3
24:16
What happens if we put the burden not on them to fund the Meh infrastructure and social programs and safety net, but if we put the burden on all the companies in the other 7,700,000,000 people in the world and the 85 plus countries that want access to these folks. Should there be exceptions? Probably. Should there be waivers in very specific and narrow cases? Absolutely. But I think that that’s where these guys are going.
Speaker: 3
24:45
And I think that you heard this, by the way, yesterday from Howard Lutnick. I don’t know if you guys saw this, but he said the Trump tax plan is gonna cut federal income taxes to zero for anybody making a hundred and 50 k or less. Sai that. It’s crazy.
Speaker: 2
24:59
What would the vulnerability in that be? Like, putting the burden on all of these expenses that we would incur on other countries. What would that vulnerability for us be?
Speaker: 1
25:10
There are two. The first is the expenses.
Speaker: 2
25:15
That’s
Speaker: 1
25:15
That’s the key.
Speaker: 0
25:16
And we keep the tariffs.
Speaker: 1
25:17
If we charge them
Speaker: 0
25:18
to come into the market, we charge them an extra 25%.
Speaker: 1
25:20
But it’s it’s we we talked about this last week. If you cut the budget, then it’s it can be net neutral. That’s part of what they said.
Speaker: 2
25:26
Got
Speaker: 3
25:26
it. But he’s saying, what is the strategic vulnerability? I think the strategic vulnerability is two. The the thing with tariffs is and you’re pointing out this. Let’s just say today, you say there’s a tariff and then tomorrow you say, oh, we’ve found an agreement and we’re gonna take it off the table.
Speaker: 3
25:41
One piece of logic would say, wow, that’s great. We’re able to change our mind on a dime. The problem for countries and companies is that they can’t think in twenty four hour blocks of time. Right? They’re making decisions in five and ten year blocks of time.
Speaker: 3
25:56
It’s like, I’m gonna go and borrow a billion dollars. I’m gonna go and build a data center.
Speaker: 0
26:00
Yeah.
Speaker: 3
26:00
I’m gonna borrow $10,000,000,000. I’m gonna build tanks. Once you start that, you can’t just stop it and then restart it. So that’s one strategic problem, which is that if you are not careful, some of these markets that are really crucial, I’ll give you one which we talked about last week.
Speaker: 3
26:17
Right now, 95% of all of the energy we generate in America is from renewables. Whether you like it or not, that’s just what it is. The reason why that’s possible is because America has a very sophisticated market where all these people come from all corners of the world, insurance companies, life insurance companies, banks, and they fund all of it.
Speaker: 3
26:40
And the reason is they can take a tax credit, they can lower their effective tax rate, they get a higher rate of return. It’s all super complicated but the point is these incentives exist. If all of a sudden you play around with that market, half that energy would go away, electricity prices would rise, inflation goes up.
Speaker: 3
27:00
And then if we have to go and compete against China for AI and a bunch of other stuff, where where is the energy gonna come from? You’re gonna brown out people? You’re gonna just turn their energy off so that you can fund a data center so that the TikTok algorithm is better?
Speaker: 3
27:12
That’s literally what we would have to decide. So that’s that’s one way. And then the second way is if you’re providing a critical service or a good to American people for which there is no alternative, that becomes really problematic because that person can then pull that product and sai, I can’t afford to make it.
Speaker: 3
27:32
The obvious example is if you make pharmaceutical drugs for rare diseases, what do you do? And again, those are all things that are like multi decade long decisions.
Speaker: 2
27:43
Yes.
Speaker: 3
27:44
You’d love to make them and unchanged them at every 24 hours, but it’s just not possible because ai you just make these decisions and you’re stuck with them for a long time. That’s where the tariff thing becomes problematic if you change them often enough. If you implement them and you’re like, this is what it’s gonna be, the world can adapt and people can figure it out.
Speaker: 0
28:02
I mean, the other problem is just the communication of this has been terrible. We were on the program last week or two weeks ago, Joe Lonsdale is like, this is about fentanyl. So is it about fentanyl? Is it about getting rid of income tax at the federal level? Yeah. Is it about supply chain resiliency?
Speaker: 0
28:14
These guys meh, like, a D in my grade book for communication. It’s terrible communication. And this idea that you can’t take Trump too seriously about his claims, like, well, he said he was gonna overturn Roe v. Wade. He did it.
Speaker: 0
28:30
He said he was gonna close the border and send people home. He did that. You know? Yeah. He said he’d do a Muslim ban. He actually did that.
Speaker: 0
28:37
Sai, for every time he says something and you’re like, that’s cap. No way he’s gonna do that. I actually think people are starting to realize he’s gonna do something here with these tariffs. They’re not just a negotiating position. And the other problem I think a lot of people have with this is it ai power. Anybody can go to Trump now and sai, I want an exception.
Speaker: 0
28:56
I’m, you know, a car company. I want an exception. I’m a solar company. Ai, you know, I need an exemption. And then now you’ve got everybody going to Mar A Lago to kiss the ring, to give him a donation, to bow down, and it centralizes more power with them as opposed to having rules.
Speaker: 0
29:10
Yes. And we need to have rules in this country that apply to everybody, not just people who give a million dollars like Bezos and Tim Cook and everybody and Zuck, the weathervane, gave him. We don’t wanna live in that world where you’re just bribing Trump to get your tariff. And that’s how people feel. That’s how the business community feels.
Speaker: 0
29:27
That’s the reality right now. People are bribing Trump, giving him a million dollars to the inauguration to get close to him, to go to Mar A Lago and it looks really bad. You need to have a a clear strategy here for what the rules of the game arya. And he’s changing the rules, so you have to go to him.
Speaker: 0
29:43
And he’s he loves that. That’s actually, I think, what he’s trying to do is get everybody to go through him. It’s a really clever hack, I think.
Speaker: 2
29:50
Yeah. And perception is reality. So you have to react to people’s perception. Like, we can throw data points all we want at people, and we can throw research and all this other shah. But if people aren’t meeting you there, then you’re not gonna be communicating with them effectively.
Speaker: 2
30:02
And I think it, that’s something that, like, you know, especially you guys need to know. You guys have privy to information that the average American probably is not. And we can bitch and complain about how they don’t read or how they’re not looking up, you know, what happened in 1913 to change the course of American history and how we started to or we can go, okay.
Speaker: 2
30:20
We need to find a way to disseminate this information so that they can make these decisions and, I guess, or feel comfortable with the results of these decisions.
Speaker: 3
30:28
Do you think America would be okay with this idea of taxing outsiders and then relying on it versus income tax paid by its own citizens?
Speaker: 2
30:39
I think that the second half is really all that would matter. I think that people are think I think the majority of people are thinking about the next week. So if you say that I don’t have to pay taxes, like and I think this is what Republicans are doing way better than Democrats right now is, like, Democrats don’t have build the wall.
Speaker: 2
30:55
They don’t have slogans. They don’t have things that immediately tap into, like, core emotional feeling regardless if you’re gonna do it or not. We want Greenland. Okay. That’s cool.
Speaker: 2
31:03
Democrats need eggs or a dollar. Democrats need things that, like, echo their sentiments and how they wanna, like, take care of people and provide for the disenfranchised, but it has to be done in a way where it’s digestible. You can chew on it. If you wanna make housing more affordable, then you sai, yay. We’re seizing public land. We’re building 10,000 units.
Speaker: 2
31:21
Like, you have to tap into what Americans need, which is a feeling of not just comfort. Every American thinks they’re gonna be a millionaire. That’s what this country drives off of. Right? It’s every poor American That hope. That hope. Yeah. Yeah.
Speaker: 2
31:35
And the second they stop thinking they will be, they
Speaker: 3
31:38
just Or they can be.
Speaker: 2
31:39
Or they can be, it falls apart. And then some healthcare CEO gets shot and people celebrate. They’re they’re celebrating because they no longer feel the hope that they could be in that position. Yeah. They feel so disenfranchised. They they and this is what, like, I’m telling you, like, the you guys of the world need to pay close attention to because there’s gonna be no empathy if anything bad happens.
Speaker: 2
32:02
Oh, the stock market is down. No Americans are invested in the stock market. Like Ai. That’s all you guys.
Speaker: 1
32:07
I’ve been saying it no.
Speaker: 3
32:08
No. No. I’ve been saying
Speaker: 2
32:09
this for months.
Speaker: 3
32:09
Yeah. Fast of
Speaker: 0
32:09
the century.
Speaker: 3
32:10
I’ve been saying it for months. Nobody cares about the stock arya, nor should we. And the reason is because we, people who own these assets, have overly benefited more than we’ve deserved for the last fifteen years. Ever since the great financial crisis in The United States, people who, as Jason said, could cozy up and by the way, Jason, I think the the the claim that you made, which is is is severely true for how ram 02/2007 up until now has played out.
Speaker: 3
32:41
Because if you look under all the programs, if you could have lobbied Obama in those critical years of the GFC Yep. Oh ai god. The amount of money that was no. Because we we took interest rates literally to zero. Anybody like us who could have gone and gotten levered up and gone into the stock market was richly rewarded. And the problem is we left everybody else behind.
Speaker: 3
33:04
And I think the great thing about Trump is he is going to reset that. He is going to take a lot of wealth away from asset holders. You’re seeing it every day. 500,000,000,000, 5 hundred billion. There is no sympathy. I think it’s fantastic.
Speaker: 2
33:20
It I that’s that’s great to it’s great to hear you even saying that because I feel like a lot of people that are in maybe your ai’ position don’t understand that disconnect. And that is important to understand. There like, even what happened in the Palisades, like, in LA with, like, the fire, the second people heard it was, like, rich people’s houses, there was no empathy for it.
Speaker: 2
33:42
They didn’t they own it.
Speaker: 0
33:43
$4,000,000 house? Yeah. It was ai
Speaker: 2
33:46
And it it is
Speaker: 0
33:47
I don’t even have a house. I can’t find a house. You burned your house down and you moved you went back went to your vacation house. Now you oh, I’m sorry. You’re living at your ski house. That’s a tragedy. Ai, literally, you’re right.
Speaker: 3
33:57
It probably explains why we don’t hear anything in the news anymore about anything that’s happening with respect to reconstruction or any of the disruptors that happen.
Speaker: 2
34:05
It’s a
Speaker: 3
34:05
rich person problem. People It’s
Speaker: 0
34:06
a rich And, you know, I think putting together what you just said, Shultz sana and you, Chhamoth, Trump is a master at connecting with people and listening to them. I thought the one of the greatest things he he he he did during this last election is when he said no tax on tips.
Speaker: 0
34:22
When he said no tax on tips, he was going right for Nevada. He was going right for that swing state, you know, to get those folks who live off tips. But what he was also doing is saying, I know that there’s a bunch y’all that sometimes get cash tips. You put it in your pocket. It’s the gray market.
Speaker: 0
34:37
I get it. You know, I run a ai you know, I got caddies who get a Hyundai from, you know, whatever, taking somebody out on the course. We’re just gonna make it official. You don’t get taxed on tips because we know that you’re, you know, you’re the bottom third of the country in terms of your economic power.
Speaker: 0
34:51
Those ai of statements really do connect with people. Trump has just mastered this. This party is Trump is the Democratic party that we grew up with. It’s ai crazy. It’s kinda crazy. Right? And then the Democrats became this elitist group that seemed to be in the pocket of business interests.
Speaker: 0
35:07
I don’t know what bizarro world we’re living
Speaker: 2
35:09
ai. I think you tapped into it right there. It’s like, I think that they they could easily win the next election if they made it a class war, but they don’t because it feels like they’re in the pockets of these billion dollar corporations. So they can’t really I mean, Bernie did it really effectively, right?
Speaker: 2
35:25
Like this random Meh that lives in Maine or something like that is like, yo, we gotta get some money from these rich people, give it back to the poor. And all of a sudden, all of America turned him into, like, our surrogate grandfather. So you can And then
Speaker: 0
35:38
he got shivved by Hillary and the machine.
Speaker: 2
35:41
And and, I mean, what did they say about his fans? Like, they went very specifically. They’re like, he has a his the Bernie Bros have a sexism and bigotry problem. Right? They made him radioactive. Right? So now you killed the working sana.
Speaker: 2
35:56
Now the working class is no longer supporting the Ai party. So who do they have left? They have the identity politics groups. So they can’t piss off the identity politics groups because they’re like, that’s all we got left. They did the same shit with us during the election. Right?
Speaker: 2
36:09
They’re like, the podcast bros have a sexism and bigotry problem. They they try to make people radioactive, and it’s ai, that card’s been played so many times that people are dissented.
Speaker: 0
36:17
They don’t work anymore. Okay.
Speaker: 3
36:18
Sai think there’s one big shoe left to drop. I think we’ve started the process of really, really taking a bunch of heat out of the asset markets ai equities. So we’ve taken trillions and trillions of dollars of wealth away. I think we’re gonna take trillions more. But the next big market and this is actually where, Andrew, to your point, we reestablish some hope, I think, for a lot of people is we are going to whack the housing market.
Speaker: 3
36:41
It’s just gonna happen. And let me just say something about that.
Speaker: 0
36:44
Gonna happen, Jameth? Explain it. Because there are 7,000,000 homes that we still need to build to to service just current demand. How does that actually happen with the supply demand problem in your mind?
Speaker: 3
36:54
There are a bunch of mechanisms that have to get cleaned up right now.
Speaker: 0
37:00
Okay.
Speaker: 3
37:00
So one mechanism is that there are a whole host of mortgages that are basically being propped up. They it was a program that’s that really got out of control under the Biden administration. Nick, you can find this article. It was in the Wall Street Journal. We are going to figure out how to get these two government related agencies, Fannie Mae and Freddie Mac, out of what’s called conservatorship.
Speaker: 3
37:21
And these are the folks that are responsible for essentially wrapping guarantees around mortgages so that the mortgage market can function. The details don’t particularly matter that meh, but the point is that what we are doing is we are unwittingly propping up with American taxpayer dollars, the US housing market.
Speaker: 3
37:44
Why is that bad? It is locking an inordinate number of people from that first critical step that actually makes them feel like they are winning and they’re on their way to achieving their dreams, which is, can I make a deposit on a home and then can I live this out? And you have these artificially inflated prices all around the country as a result of this.
Speaker: 3
38:05
So I think this next wave is deeply beneficial to the middle class, which is there is no reason. Like, you guys see it. When you read the Wall Street Journal, I think it is the dumbest in the world when I see an arya, which is like this house just is $65,000,000 on 0.4 acres in some rando place in Ai.
Speaker: 3
38:26
Malibu. Yeah.
Speaker: 0
38:27
Ai was thinking Malibu, but yeah.
Speaker: 3
38:30
But what is this? This makes no sense.
Speaker: 2
38:32
Yep.
Speaker: 3
38:33
And so when you re rationalize a bunch of equity values and you re rationalize the cost of a home, I think what you’re going to do is you’re going to allow a lot more people to find a more reasonable way to enter the housing market. And I do think that that’s a really big step in allowing them to feel like they’re part of the dream.
Speaker: 3
38:52
So you lower asset ai, you can own some stocks, maybe you own a four zero one k, or if you’ve never had a four zero one k but your employer offers it, for the first time it may actually make financial sense to put a small amount of it in there. You’ve never been able to own a home, all of a sudden home prices are whacked 30 or 40%, you’re able to do that.
Speaker: 3
39:10
Because of how Trump goes after the budget, when his rate of borrowing for the US government goes down, your mortgage rate goes down. Now all of a sudden you can enter in because home prices are less and you can actually get a mortgage. They may all seem very random, but they can come together in giving fifty, sixty million people a shot that they have been screaming since the great financial crisis they don’t have.
Speaker: 2
39:33
This is so huge because on, like, a core emotional level, you want as many Americans as possible invested in American success and excellence. Totally. Meh. The greater the delta between, like, them and their first home or their first investment speak, the greater that distance, the more disillusioned they become in America in general.
Speaker: 2
39:54
When they feel like like you said earlier, ai, the way that you guys got into the market when you could basically take out loans for nothing and then you saw these incredible gains, they feel left behind. The second they feel like they’re in on it, they own an apartment. They own some shares of Tesla.
Speaker: 0
40:08
That’s why crypto is so popular is because they’re, like,
Speaker: 2
40:11
oh, I got only access.
Speaker: 0
40:12
I got yeah. It’s like yeah. It’s like comedy in some ways. Like, all I need is a microphone or music. Like, there’s a path for meh. And crypto obviously is a giant ram.
Speaker: 2
40:21
It’s a scam, sure, but I can get a piece of this. I can get a piece of this this American ram. And I would rather that they were invested in a Vanguard account or something like that. I would rather they’re invested in the entire market. I mean, there’s this idea and I’m sure you poke holes and tons of holes into it.
Speaker: 2
40:38
But this idea, like, every American born gets a thousand bucks put into a van.
Speaker: 0
40:42
So a friend of ours, Brad Gerson, with this Invest Meh is the concept.
Speaker: 2
40:46
And re regardless if the concept is good or not, the emotional connectivity to the success of American industry is really important. When you know at 22 that you could get this thing that’s been compounding for twenty two years, you could pay off some college loans, you could put something down on a house, you could pay for trade school, whatever it ai, I think you have a different energy towards America and its success.
Speaker: 2
41:07
And then you have a lot less of these kids who are just like, America is this horrible place sana capitalism is bad. Yeah. Capitalism is bad when you’re left behind. When you’re invested in capitalism, it’s it’s ai shit, baby.
Speaker: 0
41:17
Absolutely. We’re on the express train.
Speaker: 1
41:19
Let me give you guys, I did an analysis. I was I wasn’t sure if I should put it out, but I’ll tell you guys the numbers. The US social security program is meant to be kind of the retirement program for folks that don’t have access to private retirement accounts. Okay? And this program was set up in, the nineteen thirties after, the Great Depression. And there’s a trust fund, POASDI, which is the the fund that they invest in capital.
Speaker: 1
41:47
So every year, we all put money in with our social security taxes out of our paychecks, goes in there, and it gets invested. You know what it gets invested in? It gets invested in one thing, US treasuries, which have averaged about 4.8% return since the beginning of the program per year.
Speaker: 1
42:04
Meanwhile What if you put it into the market? Meanwhile, the S and P has been averaging 11%. So here’s the meh. If in 1971, which was the year that we went off the gold standard in The United States, if we invested the Social Security Trust Fund in the S and P, the balance of the Social Security Trust Fund today would be $15,000,000,000,000.
Speaker: 1
42:23
That would be roughly one third of the value of the total S and P 500, which would be jointly owned by all Americans who took their capital. Now here’s what’s up. What’s up is that the middle class people who had access to private retirement accounts benefited by buying the S and P 500, and the wealthy were able to access it.
Speaker: 1
42:42
So all of the equity value that accrued from American enterprise and the prosperity of the American system accrued to the people that had access to the private accounts. Meanwhile, the people that only had access to the public accounts got stuck owning treasuries. Mhmm. Today, the Social Security Trust Fund has $2,700,000,000,000 saloni.
Speaker: 1
42:59
And based on the out print a ton of money to keep Social Security benefits.
Speaker: 0
43:08
Retirement age goes, up a little bit. Yeah. It’s a lot of levers. Yeah.
Speaker: 1
43:12
Wow. So I did the math. If you assume that the S and P 500 continues to grow at 10 and a half percent a year, on average, there’s ups and downs. And sure, there could be basically draw downs and all these other sorts of things. But here’s an important point. We could put about $500,000,000,000 in the trust fund today, and it will not go bankrupt again. And it will continue to grow every year.
Speaker: 1
43:30
And then, all Americans have participation in American enterprise. And importantly, this becomes the world’s largest sovereign wealth fund ever. You don’t need a separate sovereign wealth fund. We already have one.
Speaker: 2
43:41
We have it. It’s called a government.
Speaker: 1
43:42
It’s called the Social Security Trust Fund. And what we’ve done is we’ve totally mismanaged it. And I went back to try and understand why this is the case. Why have we only ever bought treasuries? Early on, The US needed someone to loan money. So they basically forced the citizens to loan the government money in the form of treasuries.
Speaker: 1
43:58
But today, the Social Security Trust Fund owns only less than 10%, about 8% of the total treasury bonds outstanding. The rest are owned by the Meh and foreign investors and private investors and others that wanna own it. So why are we forcing all the American citizens to prop
Speaker: 0
44:12
it up? For no reason.
Speaker: 1
44:13
And and we’re we’re discouraging access. So basically, we’ve created through the social security system, we’ve created the deep inequity we see in this country. If instead, we had allowed the Social Security system to invest in the S and P 500 to buy American enterprises, to fund American businesses, then every American would be wealthy and that middle class that uniquely participated by basically arbitraging the market where they forced the treasury bond yields on the poor and they got to take access to the equity yields would have not happened.
Speaker: 0
44:43
Yeah. They had four zero one k’s. Right? We we
Speaker: 1
44:45
built a ai
Speaker: 0
44:46
they had a device.
Speaker: 1
44:46
IRS and they were able to participate by with brokerage accounts and buying ai the market. What we can do right now is we can fix it. And here’s the important point. People will then argue, oh, well, what if there’s a down year or two down years in a row? You know what? We’re already going to be printing money to make up the hole in social security. We’re not gonna let social security go bankrupt. We’re not gonna let it dry out.
Speaker: 1
45:04
So we’re already gonna print money to make the Social Security whole. So if that’s the case, we can create a a a backstop for Social Security. We’re gonna have to do it either way, but we might as well be left. Yeah. So we might as well take on the bank.
Speaker: 0
45:16
Chelsea, go.
Speaker: 2
45:17
Yeah. No. No. No. Thomas, you were gonna say something.
Speaker: 3
45:19
The reason why we didn’t do it goes back to what you said before, which is we have a bunch of we had a bunch of very, quote, unquote, well educated Ai League trained people running these institutions. And the feedback, I don’t even know what it said, but I can tell you what the memo said. There’s too much risk. We’ve sensitized this model.
Speaker: 3
45:39
It doesn’t make sense. This is the safest thing to do. So it goes back to just ai we need a little bit more practical thinking. Like at the end of the day, why the S and P 500 exists is of all the thousands and thousands and thousands of companies in the world. You know how many companies in the world make more than a billion dollars a year? More than 20,000.
Speaker: 3
45:59
And of that 20,000, the S and P 500 is just the 500 best. It’s the best of the best of the best. So to your point, Freeberg, it didn’t take a PhD from Harvard to figure out that if you just owned an index of the absolute 500 best things happening at any given point, it would have gone up.
Speaker: 2
46:20
Also, since when do since when are Americans risk intolerant? Like, there’s something baked into the DNA of the people that decide to leave their families and move here.
Speaker: 3
46:31
Totally. Yeah.
Speaker: 0
46:32
Immigrant country.
Speaker: 1
46:33
And to your point, imagine logging in, like like, we’ve all had, I’m assuming, a four zero one k account, and I remember how exciting it is to log in and see the account. And, Ai, I wanna say something that’s really important. Like, you talk about us people, like, you know, early on, the commentary, which is something I hear a lot.
Speaker: 1
46:47
My first job was making $4.25 an hour cleaning toilets in a pool hall in Upstate New York. Chamath has similar stories. J. Cal has similar stories. Ai, any of us that that
Speaker: 3
46:57
participated 55 Canadian working at Burger King.
Speaker: 1
47:00
Yeah. And I had to like, and then well, the worst part about my job in the pool hall was that then the manager made me go play poker at his house, and he took all the
Speaker: 3
47:07
money back, which is really I stole I stole the chicken fingers at night. And bring them home and ai would my mom would
Speaker: 1
47:13
whip them up. But it was so exciting in my career, in my life to be able to, like, go from that moment to the moment where I had a four zero one k and I could log in. Sai could see the businesses that I owned, and I understood that. And I saw the value go up, and I got to participate in that.
Speaker: 1
47:26
Imagine if every American when when when you get your Social Security statement today, all it tells you is a dollar amount and how much you’re gonna get in the future. Imagine if you logged in and you got to see all the businesses you own a piece of. And you got to participate every single day.
Speaker: 0
47:38
Be lighting a Tesla’s file.
Speaker: 1
47:40
Fix this. And ai the way, we can solve both the sovereign wealth fund question and the social security trust fund question. Every dollar that’s going into the sovereign wealth fund ideas or if they come to fruition or ai my opinion, and obviously I haven’t spoken to facts about this, but the crypto fund and all this other sort of stuff, every dollar that should go into the Social Security Trust Fund.
Speaker: 1
47:57
And that Social Security Trust Fund should be for the benefit of all Americans and it should be equities. It should be ownership. It should be participation in what the American dream enabled lend wealth for a phone. The American dream enabled us all to succeed, and it should enable everyone else to participate in shares and equity in American enterprise that can come to market.
Speaker: 1
48:15
So it’s not about a thousand bucks when you’re born. It’s about an ongoing participation, putting your money in, and having that money allocated in a way that meh smart and wealthy Americans get to allocate it, which is into owning shares in businesses. That’s it. Yeah.
Speaker: 0
48:28
Chelsea.
Speaker: 2
48:29
Yeah. No. No. I I think it’s great. And I hopefully, you ai don’t feel like I’m, like, discrediting you by saying you guys, but I’m just trying to give you guys a
Speaker: 1
48:36
great it’s an important framing because it’s ai it you’re you’re a % ai, but, like, Sai you know, we see comments on YouTube, like, oh, you guys and I’m like, dude, I remember, like, it feels like yesterday when I was in freaking debt. I graduated college with a bunch of debt. Yeah.
Speaker: 1
48:50
And I went and, like, found a job and worked my ass off, and I was working twenty hour days and never slept.
Speaker: 2
48:55
And Yeah.
Speaker: 1
48:56
Ai, you know, it wasn’t easy. I mean, I feel, like, very emotional about this right now. Sorry. Hang on.
Speaker: 0
49:02
It was hard. Yeah. It was listen. It was hard.
Speaker: 1
49:05
It it wasn’t easy, bro.
Speaker: 0
49:07
It wasn’t given to you.
Speaker: 1
49:08
None of us inherited. None of us inherited. We we we came to Meh. And to see the joy to see what we all benefited ram. I’m getting emotional about this, but it’s like
Speaker: 0
49:17
Well, it’s what you should. The American dream’s broken. It’s not me. We gotta fix it all.
Speaker: 1
49:21
I need to fix it for
Speaker: 0
49:22
us right now.
Speaker: 1
49:23
People talk about it as if as if being successful and and getting there is a crime.
Speaker: 2
49:29
It makes it that person.
Speaker: 0
49:30
No. It’s no fun. It’s a dream. Chelsea, go.
Speaker: 1
49:32
I
Speaker: 2
49:32
think the the framing this is very important. Like, my mom Yes. Is also an immigrant. Right? She came here from Scotland. She has no education. I think she stopped going to school at, like, 14 or something like that. Comes to America, and she’s this massive success here in terms of, like, where she came from, where she got to, right, and what she was able to buy.
Speaker: 2
49:48
She’s able to buy a home in the East Village Of New York City. She’s able to buy a beach house, like, just off of, like, grinding hard work. And what she saw here, which I’m sure a lot of you guys also saw, is opportunity. She had ambition and opportunity. And I I think that that’s what I think a lot of times that’s what immigrants see when they come here because they probably come from places where they feel absolutely no opportunity.
Speaker: 2
50:12
So the second they feel like there’s a little of it, and if they work those twenty hours a week, I mean, I saw my parents grind. Totally. Like, my work ethic just comes from watching them. You know what I mean? Just watching them just kill it every single day.
Speaker: 2
50:23
So what I think that you guys are speaking to, which is really important and I think it’s important that people know your story as well because it becomes more accessible. When they see you guys and they know what you came from and they know you’re working at Burger King and now you guys are worth billions of dollars, it’s very important that Americans know that that’s possible for them.
Speaker: 2
50:39
Maybe not to hit a billion, but maybe to hit a million. Maybe hit 300,000. Maybe to buy a house that’s a hundred thousand dollars that they’re really proud of.
Speaker: 0
50:48
Own it outright.
Speaker: 2
50:48
And own it outright.
Speaker: 1
50:50
Yeah.
Speaker: 2
50:50
And and the fact that this is accessible, like, what you just said to me is just hope and abundance. Like, that’s the messaging of what you just said. You said something that made it seem very simple to me. We put this money here. Everybody’s now invested in the success of the American economy.
Speaker: 2
51:03
And now when we see the stock market ticker look green, which is all the average person sees, green or red, we don’t really know anything. But when we see green, we get excited. We go, wait. Wait.
Speaker: 0
51:14
Yeah. Let’s
Speaker: 2
51:14
get this. And now we start goes up. And we start rooting
Speaker: 1
51:17
Kamath feels that way too. Yeah.
Speaker: 2
51:19
Well well, but think
Speaker: 1
51:20
about He’s getting excited right now if you’re saying it.
Speaker: 0
51:21
But he’s gonna start crying. Oh, wait. It’s green ai?
Speaker: 3
51:24
Yeah. It’s
Speaker: 0
51:25
been red for a week.
Speaker: 2
51:26
But but think about, like, CEOs. Right? Like, these people, have become villainized. Right? And it’s because we arya not attached to the success of their companies.
Speaker: 1
51:34
That’s right.
Speaker: 2
51:35
When if you if your biggest holding is Tesla But
Speaker: 1
51:37
it doesn’t
Speaker: 2
51:38
please believe you’re not upset.
Speaker: 3
51:40
Ai think people think that their success now works against your best interests.
Speaker: 2
51:44
Yes. Instead
Speaker: 1
51:45
of working for it.
Speaker: 0
51:46
System’s rigged, and the system’s rigged, and you can’t be part of it, and you’re being ground down. Ai is, I think, really good proposal, Freiburg. And and if you look at housing, that’s the other one. Ai I when I if I run for president, you know what my position’s gonna be, Shah?
Speaker: 2
51:59
What’s that?
Speaker: 0
52:00
I’m gonna build five cities with 3,000,000 homes in each, and you can only buy them if you make under x amount per year. It’s not gonna be ai the projects or, like, you know, subsidized housing in New York. Or be Stuyvesant Town. It’s not gonna be Stuyvesant Town. Okay? Oh, okay.
Speaker: 2
52:14
That’s pretty
Speaker: 0
52:14
good. Ai house. It’s pretty good if you can get it. Yeah.
Speaker: 1
52:17
Good. Stuyvesant Town is not bad.
Speaker: 0
52:18
But not like projects. I’m talking about ai proper homes. Like, built we are the most innovative country society ever ai. I meh, since the Greeks, they were pretty great too. But we could build five new cities. Why the can’t we build five new cities with 3,000,000 homes in it?
Speaker: 0
52:32
Let’s do some, like, Manhattan Project for housing and then healthcare. How the hell do we not have ai good healthcare for everybody in this country? We’re the richest country in the world, greatest economy, whatever. We should be able to solve those problems. And that’s why people don’t feel like they’re part of this is because basic housing, basic healthcare, and your ai, it’s not like it’s rigged against you.
Speaker: 2
52:52
This sounds crazy, but for young people, I think they would forgive health care if they were invested in the market. And I think That’s interesting. Being invested in the market is just so daunting. But the feeling that everybody else is getting rich when you’re not is the reason why I bought crypto not knowing anything about it.
Speaker: 2
53:11
It’s the reason why everybody else bought it. It’s this feeling that the train is running away, and you’re not gonna be part of it. So how do we get them to feel part of that success?
Speaker: 1
53:20
I think really importantly, you know, today, just just to give you guys some other statistics, 60% of a middle class household’s net worth is in their home. Only 1010% of their net worth is in owning the Sai and P 500 in in index funds or whatever in their retirement accounts.
Speaker: 1
53:35
And so by creating this American dream around housing and allowing the federal government to provide loans on housing, we’ve increased the cost of housing. We’ve created a a very, like, destructive housing bubble in the sense that it has reduced people’s exposure to participation in productive value creation.
Speaker: 2
53:51
Yeah.
Speaker: 1
53:52
And that’s through the ownership of businesses. Instead, we’ve stored our net worth in a house. And in order to keep the economy and the social structure stable, we’ve created policies that allow the continuation of the growth in the value of houses sai people feel like their net worth is incrementing.
Speaker: 1
54:08
And that’s % right.
Speaker: 0
54:10
Ai that’s sana% very unmetrosted making new housing, which makes it worse with the restrictions.
Speaker: 3
54:16
Have you guys heard of Warren Buffett’s most public failure? No. Warren Buffett’s most public failure was when he was brought on as an ai to Arnold Schwarzenegger when Schwarzenegger was running for governor. And Buffett ai of looked at the laws in California. And there’s a law in California when you own a home that when you pass on, you can pass it off to your kids and you can basically keep the cost that you paid in terms of setting the real estate taxes.
Speaker: 3
54:45
And it’s had an enormously negative effect in unlocking turnover of homes. And that’s a large driver of why homes are so expensive in California. So Buffett looked at this and there was a lot of fanfare. Ai like, here’s my economic genius. And he first thing he said was, guys, I think we should repeal this law. He was gone two days later.
Speaker: 0
55:06
Wow. It’s not popular, man.
Speaker: 3
55:07
That’s right.
Speaker: 1
55:07
And ai the way, there’s a lot of other policies like this. You know, if you do the later you
Speaker: 3
55:11
have to resign.
Speaker: 1
55:12
If you do the if you do the true kind of, like, macro analysis as an investor, you should probably have about 20% of your net worth in The US in real estate, not 60%.
Speaker: 0
55:21
Mhmm.
Speaker: 1
55:22
And so we need to give people the ability, and we need to think about all the follow on and trickle effects of creating a set of laws, a set of policies that basically incentivize almost all of your meh worth to go into a single asset, your home. And what that then means in the fact that we have to keep pumping up the value of that home, and we have to have a system in order for people to feel like they’re getting ahead, keep inflating.
Speaker: 1
55:42
And, eventually, people can’t afford homes. And that’s where we are today.
Speaker: 2
55:44
When did you guys first started start your education in in the markets? Like, at what age did you feel ai you sought out?
Speaker: 0
55:54
I bought my first stock in the company I was working for or the parent company, the company I was working for in 1989 when I was 18 years old.
Speaker: 2
56:02
So 18. What about you, Dave?
Speaker: 0
56:04
I bought $300 in stock.
Speaker: 1
56:06
I signed up for an E*Trade account in college, because I saw that TV show called Bull. Do you remember that TV shah? It was about investment banking during the dot com bubble. It was such a no one knows that show. And I was like, man, Wall Street is so cool. I wanna learn about stocks. Because I was an astrophysics major.
Speaker: 1
56:22
I didn’t, like, I didn’t know what I was gonna do after I was gonna go to graduate school or whatever. And then I got caught up in the .com bubble, and I started reading the Wall Street Journal every day. I would take it down to the freaking plaza, and I would read the journal at school during lunch.
Speaker: 1
56:35
And I tried to learn about tech and business and markets because I’ve always been a tech guy. And I’m like, man, there’s all these startups and this is how the markets work. So I set up an E Trade account. I put some money in it, and I started and I bought some stocks. And I read the investor business business daily on what stocks to buy.
Speaker: 1
56:49
They had a rating. And I bought those stocks and they went up. But I’m like, man, this is awesome. Like, I love owning stocks. And that kinda kicked me off. And then I got an investment banking job after college, and it totally changed my career trajectory.
Speaker: 1
57:00
I was like, I wanna go work in the tech industry and work in business.
Speaker: 0
57:02
What about you, Chama?
Speaker: 1
57:03
And it shifted it
Speaker: 0
57:03
up for me. When did you buy your first equity?
Speaker: 1
57:05
But by the way, that I’d sorry. Let me just say one thing. What you asked is a really important question. I just realized this, Andrew. Because my, my interest in that stock market thing at that time actually changed my career trajectory and it really reset what I was gonna do with my life to get involved in business and go work in the tech industry as opposed to work in science as a researcher.
Speaker: 1
57:25
And that was a really big shift for me. So it it gave me that kind of feeling of, like, oh, I got to learn more, and then that that kinda changed my career. Sorry. Go ahead, Shamaa.
Speaker: 3
57:32
I was 14 or 15 years old, and there was a this is when Rodney King had the kicked out of him and almost ai. Mhmm. Ai all these race riots in LA, and nothing had changed actually in Meh. But where I was growing up in Canada, the provincial government created a program that sai, if you’re a minority and you’re on welfare, we’ll pay for you to get a job.
Speaker: 3
57:56
I I was a minority on welfare. So I got a job, and it was at a arya that was just going parabolic, and their stock was going nuclear. And I lived in this shitty part of town, and I would see the controller of that company drive past me every day while I was waiting for the bus.
Speaker: 3
58:17
And one day he stopped ai I went with this guy, Sam Legge. He drove me that whole summer and he taught me what does the company do, why is the founder a billionaire, what the hell does this even meh? He unpacked it. And so I saw firsthand what it meant to work not for saloni, but to get a stake in the thing that you’re working for.
Speaker: 3
58:40
I bought a couple of shares, it went up, and it was great, but then I really fell in love with this idea that I could understand something and own a piece of it. And then it really accelerated when Ai graduated from college because I was, like Freeburg, I was in debt and I was like, how the do I get out of debt?
Speaker: 3
58:56
And I traded stocks on behalf of my boss, this guy, Mike Fisher, who I thank to this day. And I made so much money right before the .com crash. He gave me the money to pay off my student loans.
Speaker: 2
59:10
Wow. Wow.
Speaker: 3
59:11
And then ever since then Ai was hooked. I was like, okay, I can learn this and I can deal with the vicissitudes of this. Look, the markets are brutal. There are moments where you just wake up and it looks like everything’s working. And then there are moments, and this is what everybody needs to understand though, if some of these programs work, where it literally looks like the bottom is falling out.
Speaker: 3
59:31
And I cannot describe to people the pressure you will feel on behalf of you and your family when it looks like you’re taking a 30 or 40 or 50% negative downturn to your net worth. Yeah. It inflicts a level of psychological damage that I cannot describe to you. And the the bigger the numbers get ai the way, I told this story on Tucker.
Speaker: 3
59:54
There was a period where I would wake up and I could just tweet and the markets would go up. They were like, what’s he gonna say next? Mhmm. And then it all stopped. And then there was a two and a half year period where I gave it all back and then some.
Speaker: 2
01:00:07
Wow.
Speaker: 0
01:00:07
That’s frustrating. The Midas touch goes away. It’s beyond frustrating. It shakes you
Speaker: 3
01:00:12
to your core. So if we do these programs, I think the Freeburg idea is just beautiful, it’s lovely.
Speaker: 0
01:00:18
What about you Shultz? When did you make a price?
Speaker: 3
01:00:20
But Ai Just to finish, if we do it, we have to try to teach people how to deal with the draw downs because that’s where if you don’t teach them how to deal with the vol, the volatility of losing money, It’s great when everything’s green. But those red days, man, how you comport yourself, how you act, how you treat other people in the red days are the only days that matter.
Speaker: 0
01:00:43
Yeah. It’s a growing experience. What about you, Chelsea? When did you buy your first equity?
Speaker: 2
01:00:46
I was probably 35.
Speaker: 0
01:00:51
Oh, ai years fine.
Speaker: 2
01:00:53
So ai my I mean, my parents How
Speaker: 1
01:00:55
old are you?
Speaker: 2
01:00:56
I’m 41. So Ai was maybe even a little bit later. Now I might have, like, owned stock without even realizing it type of thing where, like, I had, like, a business manager who set up some retirement fund or something like that, but not me actively choosing a stock and buying it.
Speaker: 2
01:01:09
My my wife’s father-in-law is a very, successful businessman, and, he’s he’s he’s I I don’t wanna say, like, predicted the markets really well, but he has. I mean, he was in NVIDIA, like, super early early early early and, a bunch of others. And we’re, like, sitting down in, like, Aspen somewhere, and he, like, said, hey. Listen. What do you mean you don’t own anything? He goes, hey.
Speaker: 2
01:01:32
Can you take a, you ai, I don’t know if we said $10 or a hundred grand or something like ai? He goes, can you just put it in these different stocks? Ai go, okay. Sure. I open up this, like, E Trade account or whatever the it was.
Speaker: 2
01:01:42
But an interesting sai the thing right there is, like, you guys were so young. It was 18, 20 two, 14. And to me, I think, like, the education of this is really important. Like, my parents did really well, but they’re financially illiterate. Like, there was no passing on this, like, knowledge of, like, investing when Yeah. What it means to invest.
Speaker: 2
01:02:01
Like, they made their money by, like, working every single day for not like you guys don’t, but, like, they were teaching dance lessons. So I was like, this is how much the dance lesson costs, and you pay meh, and maybe I’ll have 40 people in the class. Okay. More people are paying.
Speaker: 2
01:02:13
And now other teachers can also teach. But it was intimidating to them. It was intimidating to me. It still is intimidating to me.
Speaker: 0
01:02:20
Well, this is the, I think, the upside of crypto in some ways. Also, the upside of prize picks or the, you know, gambling, poker. It’s the upside of Robinhood and and Coinbase and all these things being available. This generation, GenerationBet, like, they love to gamble, these young kids.
Speaker: 2
01:02:34
This is my concern.
Speaker: 0
01:02:35
And they’re no. But they’re learning. They’re learning how to take the the downdrafts. I They are learning.
Speaker: 2
01:02:41
Ai think they are learning, so maybe, like, the barrier of entry is less. But my concern is that they’re treating it more like gambling than investing. And I think that we’ve almost, like, tricked the American public into thinking that investing is gambling.
Speaker: 1
01:02:54
That’s right.
Speaker: 2
01:02:54
And the way that you guys are describing is it’s not. It’s like investing in the S and P and then leaving it there and taking those downturns and waiting for it to come back up.
Speaker: 0
01:03:02
Yeah. But here’s the thing. You have to learn these lessons at the poker table. You cannot play poker without real money or else you’re not gonna get the burn. You’re not gonna stay up at ai.
Speaker: 2
01:03:10
How do we how do we, So that’s
Speaker: 0
01:03:11
what these kids are doing. They’re they’re But how do we educate them?
Speaker: 2
01:03:13
It’s not every kid. Right?
Speaker: 0
01:03:14
It’s the education comes from doing. And if you let these kids trade, they will figure it out over time. And then what happens is, like you, they get meh. They get they get a baby. They wanna get a house, and then they say, you know what? I I’m gonna I’m gonna stop buying meme coins.
Speaker: 0
01:03:27
I’m gonna start buying Bitcoin. I’m gonna stop buying Bitcoin. I’m gonna buy Ai and things with real revenue
Speaker: 2
01:03:32
on the left. They just get addicted to gambling.
Speaker: 1
01:03:33
Happening all the time. Exactly.
Speaker: 3
01:03:35
I I agree with I agree with Schultz. I don’t think that it I I think you’re being super reductive. Like, oh, they’ll get on the the all of a sudden understand Dave Swenson’s Yale endowment asset allocation model. Bull They won’t. Ai seen they won’t. I have seen thousands and thousands and thousands of guys over time who deeply steeped in this business wash out. Yeah.
Speaker: 3
01:03:57
And at each to a one, the more sophisticated they get, they all fall to the same pressures, which is they don’t know how to simplify ai they don’t know how to be patient. These are things that every human being needs to learn. And I don’t think time in the market actually solves those two traits.
Speaker: 3
01:04:16
Those are psychological traits that you have to go and figure out in a different way. You look inside yourself and you have to figure those out.
Speaker: 0
01:04:23
Okay. Yeah. No. That’s fair enough. But between the choice of, hey. We’re gonna grow up blue collar. We have no access to these markets. We have no way to trade in them. We have no way to learn. And then today, I think the system we have today is better. Can people go off the, you know, jump the fence and lose all their money? Of course, they can. But they could go to Vegas and do that.
Speaker: 0
01:04:43
Prior to that, they could work with a bookie. They could do football sheets. I I think they’re learning. And when you use some of these modern apps and you look at the strategies and you see people on Reddit working on these stocks and their thesis, I think it’s trending ai right way.
Speaker: 0
01:04:55
There can always be more education,
Speaker: 2
01:04:57
but this is Let’s hope.
Speaker: 0
01:04:58
Let’s hope.
Speaker: 2
01:04:58
Ai think that’s true. Don’t bet on the jets. Right?
Speaker: 0
01:05:00
You said it before.
Speaker: 2
01:05:01
I think that the president doesn’t even know what compound interest is.
Speaker: 3
01:05:04
I agree with you. In fact, I’ll
Speaker: 0
01:05:06
tell you I’ll
Speaker: 3
01:05:06
tell you a great story.
Speaker: 0
01:05:07
Work to do.
Speaker: 3
01:05:08
I one of the best things that happened when I invested in the Golden State Warriors, I bought 10% of the team in 02/2011 or something. I got to meet all of them, and I got to meet a lot of my heroes. And I remember one meeting where I sat with a goatee like player. Let’s just put it that way.
Speaker: 0
01:05:26
We’ll bleep it out. We’ll bleep it out.
Speaker: 3
01:05:28
No. I I don’t wanna say his name, but you
Speaker: 1
01:05:29
you Okay.
Speaker: 0
01:05:31
Fair enough.
Speaker: 3
01:05:34
And he he asked me the the most incredible question. He’s like, Ai, can you explain compound interest? And, Schultz, I can tell you, I still have this spreadsheet. I just showed him a compound interest table, and he had no idea how 8% versus 10% is, like, gargantuan.
Speaker: 2
01:05:55
Over fifty years, over twenty years. Meh.
Speaker: 3
01:05:57
And to your point, it was illuminating that you’re right. Unless you unless you go and you jump into it and you live it and, Jason, I agree with you. Like, there’s nothing like look. Stan Druckenmiller says the same thing. Invest, then investigate. Like, there’s nothing like putting the risk on. Okay?
Speaker: 3
01:06:14
There’s nothing like playing a hand in poker. There’s nothing like taking a shot at a different strategy in blackjack. Win or lose, you get feedback. But my point is most people don’t get better. And so that’s what you have to solve is ai, how can you make it interesting, fun?
Speaker: 3
01:06:29
How can you talk about the losses? Ai, this is a thing that I had immense trouble with. I still do today. I think I’ve gotten better with it is to be able to talk about the losses. How do you talk about getting whacked for $4,000,000,000 Sai can do it now, but it’s brutal.
Speaker: 0
01:06:42
Yeah. It’s done for a while
Speaker: 2
01:06:43
for you.
Speaker: 0
01:06:43
But you know how ashamed about it? You saw meh, you’re a better person. You saw
Speaker: 3
01:06:46
me go through it. How ashamed was I for the two years that I had to unwind that shit?
Speaker: 0
01:06:51
How bad? It was hard for you. Yeah. Yeah. Yeah. It was hard ai you.
Speaker: 2
01:06:54
I mean, you’re imagine your whole identity is built into, you know, you being successful in these markets.
Speaker: 3
01:07:00
And you measure it the wrong way. Like you point to the number in the bank account, not the way your wife treats you, not the way your kids treat you, not the way your friends treat you. And then you’re like, okay, well, thirty, forty, 50, 60, 70, 80 percent poor. So I’m just that much less of a human being.
Speaker: 2
01:07:14
Yeah. But that’s a good reality check to lean into family and those things that matter.
Speaker: 3
01:07:19
So my point is, like, if you can if we can get people more into the market, I think it’s an incredible thing, but you have to wrap it in these guardrails that have nothing to do with the market. They have everything to do with who you are as a person.
Speaker: 2
01:07:31
And I think, like, the first step is showing, like, what is the most simplistic version of the benefit of the market? And I think it’s compound interest. I I really think that that is if we start there, like, remove the stock market. Don’t even talk about it. Just ai what happens if I left it in a savings account that’s getting 4%?
Speaker: 0
01:07:49
And I don’t touch it. Right? And you know the rule of 72? That was the one that opened my brain up. So the rule of 72 is whatever the percentage you grow, per month, ai it into 72. So let’s say you were growing 7.2% in the market per year. Divide that. It takes ten years to double your money. So it’s a time to double your money.
Speaker: 2
01:08:08
Okay.
Speaker: 0
01:08:09
If you were growing 7% a month, you know, on whatever your investments are, let’s say you got a great business that’s growing ai Facebook or something like that, That means you double the number of users or revenue every 7.2. Once you understand that and you can do it quickly, just like in poker, you know the number of outs, each card represents roughly 2% chance because there’s 50 of them.
Speaker: 0
01:08:29
Right? So they each account for about 2%. Then you can start doing this stuff in the back of your head. I I I had this idea. I think I talked about it here on the program ram doing the kids investment club, and I bought the domain kids investment club. Love.
Speaker: 0
01:08:39
I actually need to do this. I I I I gotta prioritize this and find a CEO for it or do it as a nonprofit or something. Just kids need to learn this early. Yeah. Robinhood or somebody should make an app where they can invest ai a shadow, but it’s, you know, ai, with their parents.
Speaker: 0
01:08:54
Maybe they can make the trade. The parent approves it. Something like that. There’s something where we should be learning all this in high school. They should be ai, this what’s more important than this?
Speaker: 2
01:09:02
Remove the fear. Remove the fear. And and the reason it’s important is to what we were saying earlier. Get the American people invested in American success, and you will find so much more patriotism. You will not find us nitpicking on all these little things that a lot of us maybe go, why is this such a big deal? Like, the the bathroom.
Speaker: 2
01:09:21
Like, most of us arya unaffected. I cannot begin to explain how quickly we’ll forget about the bathrooms when the S and P is up 15% and you’re looking at your portfolio and you’re ai, Sai if you could take a wherever you want. Okay?
Speaker: 0
01:09:35
Absolutely. Meh. I had you’ve got something else to focus on. Absolutely. Look at this. Hey, Friedberg. Here’s your time machine. Check it out. There’s your favorite show. I don’t wanna make you more emotional, but there is your ai, Stanley Tucci from Beau. I think it on TNT.
Speaker: 1
01:09:49
Ai think it only made it one season. Ai?
Speaker: 0
01:09:51
One saloni, but Tucci gang in full effect.
Speaker: 1
01:09:54
I was such a tech nerd growing up, but I never thought about the business of technology. And then the startup boom happened. And you got this bull show on TV, and I’m like, man, this is so much more exciting than sitting in a freaking lab doing mathematical modeling where I was, like, pulling my freaking hair out.
Speaker: 1
01:10:08
I’m like, I wanna get after that.
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01:10:09
Yeah.
Speaker: 1
01:10:10
And the rest is history. You know?
Speaker: 3
01:10:11
Have you guys watched Stanley Tucci on HBO where he tours Italy and he does these little So great.
Speaker: 0
01:10:16
And on TikTok
Speaker: 1
01:10:17
I’ve seen it.
Speaker: 0
01:10:18
I’ve seen it. And I’ve seen him cook on TikTok. He’s like, today is it rolling? It’s rolling? Today, I’m going to make you a fritter de demer. It’s sai gutter, but I’m doing it in the carpaccio bryden and we’re going to put and I’m like, I just can this guy do ASMR or put me to bed at Tucci?
Speaker: 0
01:10:36
Tucci’s the best.
Speaker: 3
01:10:36
Tucci’s the best.
Speaker: 0
01:10:37
Ai I’m sana man crush on Tucci. Tucci is the best. I mean, he is I would like to roll with Tucci. Can you imagine if we went to Italy and just sai, like, a just roll with Tucci through Italy? I love that guy.
Speaker: 1
01:10:50
Any dream is possible, JK. You could pull it out.
Speaker: 0
01:10:52
I know. We’re we’re all dreaming here. We’re all dreaming here. Alright.
Speaker: 1
01:10:56
We’re still dreamers, by the way. Really important. Everyone should know that. I think, like, there’s no the thing that the thing that a lot of people assume this is the true about humans in general is there’s an end to the rainbow, but there isn’t. You ride the rainbow till you die. That’s it. And there’s always hope. There’s always dreams. There’s always more, and it doesn’t stop. Sai it makes it fun.
Speaker: 0
01:11:16
Are you taking the ketamine in Austin or something? What happened? You just got all full of sunshine. I’m a little
Speaker: 1
01:11:19
hungover today. I started drinking at
Speaker: 0
01:11:21
10AM yesterday. We went to, we went to the mothership last night in Ai. And we, well, we hung out with a couple of your boys, I think.
Speaker: 1
01:11:29
Who did
Speaker: 2
01:11:29
you hang out with? Tony. Well Ai. Of Tony. Mitch Cliff. Tony. Tony.
Speaker: 0
01:11:33
He was very nice and,
Speaker: 1
01:11:34
So we we know, Shane Gillis was there. Shane.
Speaker: 0
01:11:36
Shane Gillis was there, but he was big time. He was big time. There was a mob around. We didn’t get to meet him. Very nice. The ai, Bert, who take I didn’t barely recognize yeah. He had his shirt on, so I didn’t
Speaker: 2
01:11:46
recognize him. Yeah. He was. Yeah. Of course.
Speaker: 0
01:11:47
Yeah. I was like, but then I saw the body shape and I was like, yeah. That’s that’s probably probably him. When did you start in comedy?
Speaker: 2
01:11:54
Ai was, I think it’s almost been ai eighteen years or something like that. So you
Speaker: 0
01:11:58
arya in your early twenties in New York going to the funny bone or what?
Speaker: 3
01:12:01
Ai have a question actually.
Speaker: 0
01:12:02
How’d you get into it?
Speaker: 3
01:12:03
How do you keep your like, how do you pay for your life before you make it? How like, what like, is it that you have a normal day job?
Speaker: 2
01:12:11
Ai lived I lived with my parents for, like, a very long time. Like, my parents lived in the East Village, so I was walking distance from, like, multiple comedy clubs. It was, you know, incredibly easy. I mean, I worked, like, with my parents for a little bit, then I managed restaurants, and I, like, just managed them.
Speaker: 0
01:12:25
You managed restaurants in Manhattan?
Speaker: 2
01:12:27
Yeah. I did. I started in Santa Barbara when I was going to college. That’s where I did my first comedy gig, and then I managed a restaurant out in Brooklyn. And, not ai much. Would I know it? Or It’s called Biscuit Barbecue. It was in Port Slope, Brooklyn.
Speaker: 0
01:12:40
Oh.
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01:12:40
And then, and then I started to make a little money in stand up. It was, like, enough to, like, buy a Mamoon’s falafel. I, like, had, like, a
Speaker: 3
01:12:48
5 to 10
Speaker: 0
01:12:48
You had falafel money.
Speaker: 2
01:12:49
You ai a 5 to $10 a day budget ai Sai could eat cereal for breakfast. And Sai saved some money because I was going to school. When I was going to school, I was working at that restaurant and I ai saved some money ai I had a little pipe dream of opening up a bar with a friend of mine in New York.
Speaker: 2
01:13:04
And then I was like, you know what? I’m just gonna spend this money trying to be a comedian, and I hope by the time I get rid of the money, I’m making money at comedy. And it came down to, like, $700 in my bank account. I was, like, renting out the room where I slept in, and I would sleep in a closet in my apartment. And, it just and it it worked out.
Speaker: 2
01:13:24
It just worked out. I started making a couple of money, do a couple gigs, start touring, got on a TV show. And then it then it kinda worked out.
Speaker: 3
01:13:31
Was there a moment that where Yeah. Ai yeah. Because when you when, you know, when the cancel culture was alive and well, that’s when I first encountered you. It was initially on TikTok, actually.
Speaker: 2
01:13:40
Sure.
Speaker: 3
01:13:40
And you were on fire because you were saying stuff nobody else was saying. And I thought, how does he even dare to pull this sai off? And
Speaker: 2
01:13:47
Yeah. That makes sense.
Speaker: 3
01:13:48
Was there ram moment that where you broke or you tipped or no?
Speaker: 2
01:13:51
So I you kinda like it’s interesting. You kinda break and then you go away. Like, so I so I broke on, like, some MTV shows ai I was, you know, doing all these things on MTV. I had my own shows and all that kind of stuff. And then I kind of you know, the MTV thing kind of dried up, and then I kinda went away.
Speaker: 2
01:14:05
But I was luckily doing this podcast with Shah, and the podcast was very popular, and that was, like, providing for me. And then I was doing some shows on the road and, you know, people would come out from the podcast. But, and then I really couldn’t get any traction in stand up world.
Speaker: 2
01:14:19
So when I was doing, like, comedy stuff with MTV, it wasn’t really in the stand up world. And it’s because my stand up maybe wasn’t of the ilk of what was, like, popular at the time. And I have a lot of empathy, by the way, for, like, the people who are just working at a network. They’re producing these shows.
Speaker: 2
01:14:34
Like, they their kid’s in private school. I wanna sell a crazy joke about women or gays or whatever the is, and they’re like, I’m not trying to get ai. And, like, I’m just my my kids are private school. We just got them into Dalton. I don’t wanna rock the boat.
Speaker: 2
01:14:48
Ai, you know what
Speaker: 0
01:14:48
I mean? It’s reasonable.
Speaker: 2
01:14:50
You understand? Like, I don’t think that they’re
Speaker: 0
01:14:52
Self preservation.
Speaker: 2
01:14:52
Exactly. Sai but I didn’t wanna change my comedy, so I was like, okay. Where can I put it out? And luckily, we were putting the podcast out on YouTube. It was successful. And I just started putting things out on YouTube. And I started doing these shows, and these shows start selling out. It was, like, really weird.
Speaker: 2
01:15:09
Like, the first thing I put out, I sold out the next weekend. And I was never gonna be sold out.
Speaker: 0
01:15:13
How many seats? Where are you?
Speaker: 2
01:15:14
You sold, like, 300 seat clubs and you do maybe four or five shows a weekend.
Speaker: 1
01:15:18
And you get
Speaker: 0
01:15:19
$50 a seat, $20 a seat,
Speaker: 2
01:15:20
comedy, whatever. You get a flat rate. You get $2 to do the weekend or something like that. And a lot of these times, the comedy clubs would just, like, call people and say, hey. Do you wanna see this guy and give away the tickets for free? It was really the old model was basically, it’s like a bar. So you just get the people in and they sell the drinks.
Speaker: 2
01:15:35
So The Weeknd would sell out, then another one would sell out. And I was like, holy shit. Maybe maybe there’s something there’s a conversion rate that I didn’t see. And I kept putting stuff out on YouTube. I would do a new clip every week for a year on YouTube.
Speaker: 2
01:15:46
And then I put these a special on YouTube instead. And then I learned very quickly that there was this huge, like, white space in the market. Like, the comedy on TV was corny and people didn’t really like ai. And nobody was putting out, like, the quote unquote, like, real comedy.
Speaker: 2
01:16:01
There’s different versions of comedy, but I’m being very simplistic. And the more edgy stuff I put on YouTube and it just exploded. And, yeah, my career kinda really took off from there. And then COVID came around, and there was, I was able to be a little bit more honest because I wasn’t tied to a network and worried about maybe losing my job at the network.
Speaker: 1
01:16:24
Yeah.
Speaker: 2
01:16:25
And then it just I think in Meh, we reward bravery. Yeah.
Speaker: 1
01:16:28
You just signed a Netflix deal. Right? I mean, you did this this show.
Speaker: 2
01:16:32
Yeah.
Speaker: 1
01:16:33
We’re actually doing the show in Austin tonight where we’re gonna talk with some folks about this general concept where you start out as kind of an independent. Yeah. Say whatever you want. You’re totally free. It’s your own platform. It’s your own voice. Yeah. And then you go sign a deal with another platform.
Speaker: 1
01:16:46
Like, are you now you know, do you find it hard to trade the money for whatever might come along with that? There’s restrictions.
Speaker: 2
01:16:53
There’s, there’s two way there’s two ways to look at it. Right? It’s like, there’s one, ai, I think that I don’t wanna give myself too much credit here. There’s but, like, I think that what we did is created another marketplace for comedy that the streaming networks had to now compete with.
Speaker: 1
01:17:07
Yeah.
Speaker: 2
01:17:08
So they were losing comments to YouTube because it was more advantageous to put your comedy up on YouTube and build a following and then go send tickets on the road. Whereas before, the only way you could, like, really make a big chunk of money on your comedy is if you got one of these fancy specials.
Speaker: 2
01:17:21
Now people are like, I don’t even wanna do the special because if I put it on YouTube, I can tour for years and really build a fan base. So I have this autonomy. The Netflix thing is interesting because, like, Netflix is the second biggest, I guess, streaming service on the planet. It’s like YouTube then Netflix.
Speaker: 2
01:17:37
So if I already have this huge imprint on YouTube, it would only be smart for me to now tap into the second biggest and see if there’s some people there that aren’t consuming my content on YouTube.
Speaker: 3
01:17:47
So back to the so then back to the the guy who’s got the the kid at Dalton now, when you go and negotiate a deal with Netflix Mhmm. Are they basically silent or do they have
Speaker: 2
01:17:56
Not a single note.
Speaker: 3
01:17:58
Yeah. So you do whatever you sana, and it is what it is. Let it rip.
Speaker: 2
01:18:01
Now my last special was supposed to be with Amazon. So it was with Amazon, and they had some notes. And I bought it back from them, and I put it out
Speaker: 1
01:18:08
myself. Really? Wow.
Speaker: 2
01:18:09
Yeah. And I sold it I sold it myself, and it was actually one of the coolest things ever because Ai think I meh be one of the only comics that actually knows what they’re worth. Yeah. You don’t really know what your
Speaker: 3
01:18:20
Well, walk us through that. So you do it, and what do the notes say that There were these ai
Speaker: 2
01:18:25
yeah. There’s two jokes. And, like, I get it. They make money selling toilet paper. Like, why are they gonna have this huge, you know, coal
Speaker: 0
01:18:32
fob fun
Speaker: 2
01:18:32
of you
Speaker: 1
01:18:32
made fun of the toilet paper industry. I got it.
Speaker: 0
01:18:34
Yeah. Yeah.
Speaker: 1
01:18:35
Yeah. Big
Speaker: 0
01:18:36
toilet paper. Big TP. Very powerful lobbyists.
Speaker: 2
01:18:38
You know what’s funny is, like, culture has changed, and I feel like a lot of tyler, the streamers are, like, downriver from culture. So, like, I bet now I would be able to put it out on Amazon sana be totally fine. But at that time, it was maybe very edgy and a volatile time culturally.
Speaker: 2
01:18:51
So I was able to put it out and, you know, I But
Speaker: 3
01:18:54
you had the choice. Right? You could have taken the jokes out and kept it, but then instead, you took the harder path, which is I’m just gonna buy it back. Yeah. And I take the risk, and I’ll figure it out later.
Speaker: 2
01:19:03
Yeah. I’ve I’ve I’m not risk averse at all. I actually enjoy risk. It kind of excites me. But, what excites me more is, like, putting out the piece exactly how I want to put it out. And I can’t, like, scream about censorship and comedians should do the jokes we wanna do. And then the second somebody gives me a big check, I go, woah.
Speaker: 2
01:19:20
We don’t have to do the joke. Like, I have to be at least consistent on vatsal. And, culture continue to change. And you gotta give Netflix credit too. Like, they took a lot of they took a lot of hits for putting out comedy that some people thought was maybe a little bit too offensive.
Speaker: 0
01:19:35
The Chappelle stuff. Ai stuff
Speaker: 3
01:19:36
is really
Speaker: 0
01:19:37
that put him in the crosshairs. Exactly. They stood strong. Right?
Speaker: 2
01:19:41
Absolutely. They stood strong and, like, seeing that gave me a lot of confidence. Ai I was like, okay. Like and they did literally we just made the whole thing, and they just gave us money. So, like, they were not involved at all in, like, the creation, so to say. They they’re involved in giving us money for it, and then they’re involved in the marketing, obviously, and their algorithm and getting it out there.
Speaker: 0
01:20:01
It’s all Sarandos? He’s he believes in comedy? Yeah. Because he’s sai huge
Speaker: 2
01:20:05
comedy fan from back in the day.
Speaker: 0
01:20:07
I Ai
Speaker: 2
01:20:07
think people don’t realize that about him. Like, you need somebody who actually loves the art and is not just looking at it as a thing that they can monetize. Like, there’s a the term this guy used it. You have to find somebody spiritually aligned with you, and that’s not mumbo jumbo.
Speaker: 2
01:20:20
It like, they truly understand the intention of comedy, so things aren’t as hurtful or painful to them because they understand what you intend to do. So and then I got
Speaker: 0
01:20:31
too. They they tried to cancel you? What what what was the joke? Who? The the moms. Because they went after Tony Hinchcliffe twice. Oh, yeah.
Speaker: 2
01:20:37
And each time,
Speaker: 0
01:20:38
he went 10 x. They came after Chamath on this program. That was the first level up. We got three times the audience after they tried to cancel Chamath. Yeah. The White House released a statement.
Speaker: 2
01:20:47
It doesn’t it doesn’t it doesn’t really work when you have, like, core fans that believe in you. And I feel like you guys have probably built that. You know, the relationships you’ve built with your fans, there’s probably people very grateful of the information that you give them.
Speaker: 2
01:20:59
And, so when they try to paint you in a certain light, you actually have, like, a hundred hours of time with those people
Speaker: 0
01:21:06
that Mhmm.
Speaker: 2
01:21:07
They know you’d be more than that one statement that you’ve said. So now they’re not as concerned about that thing you said that maybe is taken
Speaker: 3
01:21:13
out of
Speaker: 2
01:21:13
context or people have been offended by I think that the biggest thing that people miss about comedians is, like, you’re allowed to be offended by the joke that I say. Like, you’re allowed to react however the you wanna react about it. You had your life. You went through some crazy Maybe you’re maybe you were bullied as as a kid, and, like, you don’t want other people to potentially have those feelings.
Speaker: 2
01:21:33
So you see a joke that could elicit that, and you’re like, I wanna protect that from the protect them from that. That’s kinda noble. I’m like, I’m cool with that. If you yourself tell me you don’t like me teasing you, I’m not gonna tease you personally ever again. I want you to feel good. But it doesn’t mean that I won’t continue to make those jokes somewhere else.
Speaker: 2
01:21:50
And I think my shows like, I got the most diverse audience in comedy history. Yeah. You do. So it’s ai, you come out to one of my ai, you can’t tell me that people don’t like these jokes. And I bryden very hard to, like like, if I’m curious about your culture, you’ll know it through the jokes. It’s not some little bull.
Speaker: 2
01:22:08
Like, I’ll try to dive deep and even surprise you about something that I might know. And I think in that way, people start to feel seen, and they don’t feel bullied. They actually feel, like, represented, and they’re, like, excited about it.
Speaker: 3
01:22:20
Look. You you said something at the beginning, which I thought was really interesting, which is you’re like a you have to great comedians are great observers of culture. Mhmm. So can you can you just tell us, like, just observe the cultural moment. What we talked a lot about it, but I just want you to be maybe, like, put a point on it. Where are we? Where’s America?
Speaker: 3
01:22:36
What the hell is going
Speaker: 0
01:22:37
on?
Speaker: 2
01:22:37
Like, what’s happened? What’s happening?
Speaker: 3
01:22:39
Like However you feel that question. Like, what the hell is going on?
Speaker: 2
01:22:44
All time low confidence in, institutions, low confidence in information. There’s an obsession with conspiracy because there’s I mean, that’s twofold. One, like, it’s the easiest way for dumb people to feel smart. Like, when you know something no one else knows and you get to share with people, like, there’s that, like, dopamine hit where, like, I bet you didn’t know this happened.
Speaker: 2
01:23:06
You know? Yeah. But those thrive in times where there’s not real transparency. So I think everybody’s looking for answers and nothing is exactly how it seems. And the only way to reinstill that confidence is Ai think like brutal transparency. Like, you gotta just be, like, really honest with the people. This is what it is.
Speaker: 2
01:23:24
And we’re Americans. We’re proud people, you know, so we can get through whatever you say, but you gotta tell it to us as it is. And I think we’re just assessing relationships right now, and I think, like, when the economy is rough, like, you’re seeing all the Jewish stuff right now. Right?
Speaker: 2
01:23:38
Like, obviously, with the conference. Crazy. Well, this is the thing you gotta understand. Like, most people have never met a Jewish person. Like, most Americans have no clue what a Jewish person is outside of Curb Your Enthusiasm or Seinfeld. They don’t know what it is.
Speaker: 2
01:23:51
They think Jews are Upper East Side New Yorkers.
Speaker: 0
01:23:55
Like, they yeah. The Yeah. Like Sai or they think it’s ai Hasidim. Like, they it’s just like one or the other.
Speaker: 2
01:24:00
They don’t even know what, like, a Sephardic Jew. They don’t know what an African Jew is or a Moroccan Jew. They have no clue what that is, and they shouldn’t. They’re ai, how many Jews are there? There are, like, more people from Laos than there are Jews. Right? Like, it’s, like, a very small population. So I think there’s, like, a little bit of a disconnect.
Speaker: 2
01:24:16
And, you know, when you don’t know a people and I think this is probably true, and I I could be off. But I think there’s, like, an ambient feeling towards Jews from people who don’t know Jews.
Speaker: 1
01:24:29
It’s an
Speaker: 2
01:24:29
ambient ai. And the stereotypes are probably not, like, the best. They’re not exactly negative as long as the economy’s good. Right? They’re like, oh, they they’re successful. They kinda stick together. They they own businesses. They whatever. And as long as the economy’s good, everybody’s cool.
Speaker: 2
01:24:46
And then eggs get expensive, and you’re ai on your rent, and you don’t feel hope, and you don’t and then you start going, why do they got all that? What the What are they about? Ai are they why are they separatists? You know? Like, I’m here proselytizing.
Speaker: 2
01:25:00
I’m trying to get everybody to go to heaven, and they just got their own thing. What? And it’s very easy for them to become this, like, other group. And then you extrapolate that with what’s happening, like, Palestine and and Israel. And you get people to start, like, assessing, like, the relationship between America and another country.
Speaker: 2
01:25:17
Like, you saw America become very uninterested in Ukraine quickly.
Speaker: 3
01:25:24
Mhmm.
Speaker: 2
01:25:24
Like, we we we the second economy goes down, we start going, well, what do they do for us? What why are we giving them like and they’re starting to ask similar questions about Israel, and there’s a lot of antisemites that are jumping on on it, and they’re muddying the whole thing.
Speaker: 2
01:25:40
They’re going, this is what the they control the government. They do the all the every conspiracy that’s been said for a long time.
Speaker: 3
01:25:46
By the way, you’re you’re speaking a profound secret that many administrations in government have known for a long ai, and I think this is where some of the mistrust comes from. I talked about this, like, maybe it was, like, a couple months ago, but the most incredible stock market was actually under Biden.
Speaker: 3
01:26:04
The most amount of money printed was under Biden. The most cumulative total budget deficits was under Biden. The most amount of short term refinancing of debt was under Biden. And part of what you can explain is that if you keep the signals that everything is healthy or up, you’re allowed to propagate all of these other things that would get very quickly recapitulated.
Speaker: 3
01:26:28
And when you take the gas out of the market and you take the gas out of all these other markets and all of a sudden the price of energy is up and the price of this is up and the price of that is up, then you start to question, hold on a second, why are all of these things in as important?
Speaker: 3
01:26:41
You know, the above the line, below the line conversation that we have tried to have several times on this spot, Jason.
Speaker: 2
01:26:47
Yeah. And you have to, like, meet people you have to meet people where they feel in order to communicate with them. Right? Like, they could like, when people right now are, like, assessing, like, America’s relationship with Israel, like, it’s it’s and and they you hear these, like, sound bites.
Speaker: 2
01:27:01
Like, that’s our closest ai, and then they go, well, what does that mean? It’s like, well, let’s explain to them what that means. Like, let’s explain the importance of that relationship and how it’s beneficial to Meh. Because if you don’t explain it and you just go, just be quiet, whatever, then they start to look at these lunatics on Twitter and start to go, wait a minute.
Speaker: 2
01:27:18
Is that is that true?
Speaker: 0
01:27:20
Yeah. And then they’re down the conspiracy hall. Exactly.
Speaker: 2
01:27:22
Like, you have to explain like, I don’t know what the mineral deal was about, but I know for with with Ukraine but I know for a saloni, there were some Americans who go, oh, we sana get some minerals out of that? Alright. Minerals sound good. Like, it’s They’re gonna pay us back. Yeah. It’s that it’s that simplistic. Right? So it’s like Yeah.
Speaker: 2
01:27:38
Ai think I think that kind of communication is important, and it will actually help understand these relationships, which I imagine are very important. I’m not privy to all the geopolitical decisions that are going on there. Who knows? Intelligence from Israel could have thwarted 20 more nine elevens. Yeah.
Speaker: 2
01:27:54
Maybe you can’t say that because you expose the intelligence operatives you have in the field, but it it would, I think, be helpful to understand the value of that for the everyday Meh. So that when you see something crazy on Twitter, you can go, okay. You’re just a anti ai, and you’re looking for a justification for your hate.
Speaker: 0
01:28:11
I mean, this is your point about Trump. I know. I know.
Speaker: 1
01:28:13
Ai know. I know. I know. Take care, David.
Speaker: 2
01:28:15
Ai care, David.
Speaker: 0
01:28:17
This is, like, I think
Speaker: 2
01:28:18
the point sana gonna be earlier about how theory about that right now. I just wanna let
Speaker: 0
01:28:21
you know. Yeah. You just The
Speaker: 2
01:28:23
Jewish guy left. And he’s like, alright. I’m not even one
Speaker: 0
01:28:26
Jewish guy left. Way to go. Way
Speaker: 1
01:28:27
to go, Chelsea.
Speaker: 2
01:28:28
You are a man. Starts, David.
Speaker: 1
01:28:29
Baby, this is how it starts.
Speaker: 3
01:28:31
You drove him out. Thanks a lot.
Speaker: 0
01:28:32
You drove him out. Ai? Chelsea, when you said, you know, Trump’s a masterful ai of communicator here, Biden
Speaker: 2
01:28:38
Listener. Listener. Listener.
Speaker: 0
01:28:39
All these weapons to to Ukraine under the auspices of what’s called a loan lease. You you they have to pay them back. But Biden never communicated that well. Tell us. And then Trump comes out and said, you know what? We gave them a hundred 80,000,000, hundred 80 billion. They’re gonna give us 500,000,000,000 back.
Speaker: 0
01:28:55
We’re making a 40 he he basically described a 42% compounded return.
Speaker: 2
01:29:00
Sounds good to me.
Speaker: 0
01:29:01
Yeah. Better than anything that’s ever happened. I mean, he he’s out there in terms of his ability to communicate. Chamath, as we wrap here, any final thoughts?
Speaker: 3
01:29:09
What do you think about Trump and what he’s how he’s doing and what he’s doing so far? And what do you think about Elon and Doge? Who?
Speaker: 0
01:29:18
Who is that?
Speaker: 2
01:29:19
Okay. So, Trump and what he’s doing, how he’s doing so far, like, I I I don’t know. Like, in other words, like, I don’t I don’t know if I can, like, assess it right away. Maybe I’m giving him a little bit longer, like, landing strip or whatever than other people because I have a little bit more hope or optimism.
Speaker: 2
01:29:35
Again, if you don’t like the guy, you’re going to see how horrible this is immediately, but I’m gonna give him a little bit more leeway to see. If it doesn’t work out and it’s really horrible, I’ll be the first person to call it out. Like, Sai I’ve he’s in power. We should definitely check the people in power. But I’m hoping that these actions in the short term are beneficial in the long term. Is everyone gonna work out? No.
Speaker: 2
01:29:56
Doge is ai, I’m so depressed sana not not depressed and stupid, but, like, I’m bummed about because I don’t think there’s any American that is pro waste, inefficiency, and bloat. This should be a bipartisan issue. Like, all Americans should be coming together going, oh my god. The DMV is gonna get better. This sounds awesome. Yeah.
Speaker: 2
01:30:17
And I think, you know, I have a lot of respect for Elon, but I think sometimes on Twitter, he’s, like, twisting the knife a little bit. And it’s ai, you don’t need to twist the knife. Like, we all want this. This is something we can come together to with as a country and support.
Speaker: 2
01:30:33
This sounds great. Don’t twist it. Just kinda let it be. Show your wins. When you do something wrong, we can acknowledge the things that we did are wrong, and we’ll respect that.
Speaker: 2
01:30:44
It bums me that this has become so partisan, and I do understand there are a lot of people on the left that are making this partisan as well.
Speaker: 0
01:30:51
They’re ai. There was
Speaker: 3
01:30:53
this there was this crazy clip between Rogan and Elon where Rogan was like, how does all this go down, actually? And he’s like, well, I can’t really speak about the corruption because I’m afraid it would get me assassinated. He’s like, actually, if I tell you what I know, it was the weirdest, like, two minute clip, and then they just kinda left it and moved on.
Speaker: 3
01:31:11
And my brain was like, what are they talking about? What what must be going on?
Speaker: 2
01:31:16
Ai mean, there’s a
Speaker: 0
01:31:17
lot of money going out the door.
Speaker: 2
01:31:18
Yeah. But who’s killing Elon? Like, if we are gonna have World War three, don’t you want the guy that has the rockets to go to Mars on your side? Yeah. You ai, you kinda want
Speaker: 0
01:31:26
the super genius on your side.
Speaker: 2
01:31:28
For sure. Another thing that’s, like, really interesting to me is, like, people keep going People keep doing these things. Like, what is Elon’s play? Like, what is he doing here? Like, is he actually gonna take over? And it’s ai, Elon has been dealing with, like, local government for so long ai to push through. Like, he is not an American citizen. He cannot be bryden.
Speaker: 2
01:31:47
He is at the highest position he will ever be in his lifetime in America. You can’t get higher than being the right hand man of the president since you’re not from America. You can never be president. So I think he’s going to behave really well because now he’s in the most powerful position he will ever be in.
Speaker: 2
01:32:04
If you wanna talk about, like, power plays, you gotta watch out for JD. That guy is a that guy is high emotional intelligence. Like, that that’s somebody that I would be keeping my eyes on if I’m Trump. But Elon, he’s gonna be a good he’s gonna be your best friend because it’s only downhill if he pisses Trump off.
Speaker: 0
01:32:25
Interesting. Interesting. Little Manchurian candidate for Jay Davis.
Speaker: 2
01:32:28
Ai don’t no. No. No. I’m not saying that he’s gonna do anything bad, but he is like Right. Don’t don’t treat him light. Like, we got this ai. Sleep on JD.
Speaker: 0
01:32:35
New Yorkers, we do this
Speaker: 2
01:32:36
all the time. We hear ai with, like, a southern accent. We think they’re a goofball. And it’s like Right. That guy went from, like, a broken home to Yale.
Speaker: 0
01:32:43
Appalachia to Yale and then the VP, and he’s 40 he’s your age. He’s, like, 40.
Speaker: 2
01:32:48
He called Trump Hitler or something, and he ended up as his He
Speaker: 0
01:32:52
said I’m a never Trump guy.
Speaker: 2
01:32:53
He’s so to say that he’s not emotionally intelligent, to to say he doesn’t know how to manage up or whatever that term is
Speaker: 0
01:33:00
He’s sappy.
Speaker: 2
01:33:01
Ai I hey. Keep an eye on him.
Speaker: 0
01:33:03
Keep an eye on him for sure. Alright. Listen. Andrew Schultz is playing at the Funny Bone on April. He’ll be ai Chuckles on the twentieth. Don’t drink minimum. Drink minimum, ai the VL. You know where to find them. Incredible, incredible Netflix speak.
Speaker: 2
01:33:20
Who do
Speaker: 0
01:33:20
you think?
Speaker: 3
01:33:20
Who do you last question. Who do you think is the funniest if you had to just take a wild stab at who the funniest person is? No. Me me, Jason, or three of you.
Speaker: 0
01:33:30
Oh, of us.
Speaker: 2
01:33:31
Between the three of you?
Speaker: 0
01:33:32
Here we go.
Speaker: 2
01:33:33
Okay. So
Speaker: 3
01:33:34
You can say me.
Speaker: 1
01:33:34
It’s fine.
Speaker: 2
01:33:35
Jason so Jason is the most, like, naturally inclined to be funny. He’s probably just the most funny being around. Chamath will probably get the biggest laughs when he says something funny because he’s, like, he’s not asking for much. Like, he’ll just say something that’s like a dart, and it’ll kinda, like, hit you, and you’ll be like, oh.
Speaker: 0
01:33:52
Got it.
Speaker: 2
01:33:53
And then I think David will, like, structure something really funny, and you’ll be like, oh, that was a clever I see how you did that right there.
Speaker: 0
01:34:01
I, I was actually when I was an astrophysicist, Chelsea, I, ai by myself. I did summer stock.
Speaker: 3
01:34:07
That would be ai take.
Speaker: 2
01:34:08
Like, I think if we’re off the pod, I think Chamath says some, like, wild that everybody goes, shah the Ai think you say that the most. That’s what I would say.
Speaker: 0
01:34:16
There you go. Alright. Andy Schultz picks me.
Speaker: 2
01:34:19
There you
Speaker: 0
01:34:19
have it, mom. I would like to just clip that and, yeah. Alright. Continued success. Come back anytime. I like
Speaker: 3
01:34:25
the way Schultz pronounces, but I may go to Chamoth. I like that.
Speaker: 0
01:34:28
Chamoth. Chamoth.
Speaker: 3
01:34:29
Chamoth. Yeah. Chamoth is too it’s too used, actually. We should go to a different pronunciation.
Speaker: 0
01:34:33
I love Chamoth. Chamoth is just so incorrect.
Speaker: 2
01:34:36
With the it’s tough with the I know you’re Sri Lankan, but it’s tough with the names from over there. Like, my podcast co host Akash. Right?
Speaker: 3
01:34:42
Akash. Yeah.
Speaker: 0
01:34:43
I love that. He’s a Akash.
Speaker: 2
01:34:45
Now I his name is spelled with two a’s. A’s. Akash. Sai it’s like Akash. You if it’s got two a’s next to each other Yeah.
Speaker: 3
01:34:52
You wanna go there.
Speaker: 2
01:34:53
With a k, you go there. Yeah. When it’s Akash. Sai Akash. It it is tricky, but he said, like, his parents specifically picked a name he thought that Americans would be able to pronounce. If they calculated that. And, ai, just Ai think that’s, like, a I think that’s a really beautiful thing for a kid.
Speaker: 2
01:35:10
Like, you you
Speaker: 0
01:35:11
you know
Speaker: 2
01:35:11
what I mean? Like, how much When he’s already They could’ve called it
Speaker: 0
01:35:13
they could’ve named him John, Steve,
Speaker: 1
01:35:15
if they wanted
Speaker: 0
01:35:16
to pronounce it.
Speaker: 2
01:35:16
To keep it real, though. Jack. They still had to
Speaker: 1
01:35:18
keep it real.
Speaker: 2
01:35:18
They would keep it real. They would
Speaker: 3
01:35:19
keep it real. Eight when I could ai and write English. Well, eight. Okay? Because it was my second language. And when I saw my name written out, I was like, what the did they do to me here? What is this? They picked
Speaker: 2
01:35:29
one one
Speaker: 3
01:35:30
name one one one one one one hold on. Hold on.
Speaker: 2
01:35:33
Sai name that has math in it. Like, they knew what they wanted to do. Yes.
Speaker: 0
01:35:40
They were like, if you can if you can pronounce this, you can solve the Pythagorean Theorem. This is this is hard. Ai
Speaker: 3
01:35:49
guy’s I’m
Speaker: 0
01:35:49
so proud
Speaker: 2
01:35:49
of you.
Speaker: 1
01:35:50
A cock.
Speaker: 0
01:35:50
I mean, god damn. He’s going to figure it out.
Speaker: 3
01:35:53
He’ll get us to move. He’s going to get us
Speaker: 0
01:35:55
to move. Ai. Let me ask you the question, Andrew.
Speaker: 2
01:35:57
Is it
Speaker: 0
01:35:57
racist if I do an Indian impersonation? Because I know I can do Italian and Irish, but
Speaker: 3
01:36:01
can I do Indian Oh, it’s funny, bro?
Speaker: 2
01:36:02
Ai don’t think so. But I think it’s like
Speaker: 0
01:36:04
Is it the intent? I’m just I I don’t think it’s
Speaker: 2
01:36:07
the intent. I think if you, like, if you say certain things, like you say bita.
Speaker: 0
01:36:12
Right?
Speaker: 2
01:36:13
Like Breada. If if you say that Bitter. Like, that’s, like, my love. Like, you know, if if you say little things that are more than just the sound, but if you tap into the culture, like, to let them know, hey. Right. Ai didn’t learn this from the Simpsons. Like, I learned it from my buddy’s family. Then I think you’ll see people who are ai Indian Sri Lankan.
Speaker: 2
01:36:33
They’ll be like, oh, shit. He oh, he got he’s got friends. He got
Speaker: 0
01:36:35
you know? You know? I’m gonna Ai gonna go ahead and until
Speaker: 3
01:36:39
I make my name
Speaker: 0
01:36:40
to the comedian, I’m not gonna do it. I’m gonna save it to when I get my Tony, Kill Tony set.
Speaker: 2
01:36:46
Yeah. What’s ai what’s your Korean act? Can you do that? Like, can we go through
Speaker: 0
01:36:50
a name? Ai can. I’m Korean because my wife’s Korean and her dad Ai tell you when my I can because my dad, my my father-in-law I I went to China. He’s an industrialist. He’s there. And I said, hey. Listen. I’d like to marry your daughter. And he said, okay. Two two conditions. And I said, okay. And he said, do it fast.
Speaker: 0
01:37:12
And he poked me, Andrew, so hard, like a reinforced poke with his finger. Yeah.
Speaker: 2
01:37:17
Yeah. Yeah.
Speaker: 0
01:37:17
On my shoulder, I got a bruise. I’m like, oh. Yeah. And then he goes and I said, what’s the second thing? He says, no refunds. He says it just like that.
Speaker: 3
01:37:25
And I was like, okay. Okay.
Speaker: 0
01:37:28
I don’t marry a daughter. No refunds. Do it fast. And I literally had to marry her within a year because he knew. He was like, listen. He had four daughters, and he was like, I gotta move inventory.
Speaker: 2
01:37:39
I love it.
Speaker: 0
01:37:40
And I was the first I married the oldest daughter. None none of the other daughters could get married until I married my wife, which was the greatest thing I ever did. Three beautiful kids.
Speaker: 2
01:37:47
You know
Speaker: 0
01:37:48
how it is. And, listen. Good luck. You can have a second and third shah too.
Speaker: 2
01:37:51
I know
Speaker: 0
01:37:51
you got some max.
Speaker: 2
01:37:52
I hope so, man. God will.
Speaker: 0
01:37:53
Do it. Three’s the right number.
Speaker: 1
01:37:54
Ai you
Speaker: 0
01:37:55
wanna go if you wanna do a half Elon, you can go with Chamath’s plan. He’s on six or seven.
Speaker: 3
01:37:59
If he’s your five, bro, I’m on five. Five and
Speaker: 0
01:38:02
well, I mean, anything’s possible. And then Friberg’s on 4. I’m on 3. I think the right
Speaker: 2
01:38:06
number. I’m gonna catch up, boys. I’m gonna catch up.
Speaker: 0
01:38:08
Alright. Listen. Continued success. Thanks for doing this.
Speaker: 2
01:38:10
Thank you so much for your time. Cheers. Thanks.
Speaker: 4
01:38:13
We’ll let your winners ride.
Speaker: 0
01:38:16
Rain meh David.
Speaker: 4
01:38:20
And it said we open sourced And it said, we open sourced
Speaker: 0
01:38:24
it to the fans, and they’ve just gone
Speaker: 4
01:38:28
crazy with it. Love you, sis. Queen of quinoa. Besties
Speaker: 0
01:38:33
are gone. That is my only dog taking it. I wish We should all just get a room and just have one big huge orgy because they’re all just useless. It’s like this, like, sexual tension that we just need to release somehow. Wet your feet. Let your
Speaker: 4
01:38:54
feet be. Beak.
Speaker: 0
01:38:56
We need to get mercy’s arm back ai.
