Latest / Yaron Brook Show / First Trillionaire; Deal?; SS Bankrupt?; University Ranking; Crumble; Achievement | Yaron Brook Show

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First Trillionaire; Deal?; SS Bankrupt?; University Ranking; Crumble; Achievement | Yaron Brook Show · Yaron Brook Show

• 0:03
  Speaker 1: A lot of the fundamental principals of edom, my little
• 0:10
  Speaker 1: and individual lots. This is the show. Oh right, everybody
• 0:21
  Speaker 1: walk up to here, one book show in this Friday,
• 0:26
  Speaker 1: June twelfth. No, everybody is is having a great week
• 0:32
  Speaker 1: and looking forward to the weekend. I've been asked over
• 0:37
  Speaker 1: and over again to maybe take the positive news segment
• 0:42
  Speaker 1: of the show and split it into two and do
• 0:44
  Speaker 1: some of it right at the beginning of the show
• 0:47
  Speaker 1: and some of it at the end of the show.
• 0:48
  Speaker 1: And I've taken that to heart, and so today we're
• 0:50
  Speaker 1: starting off with great news. I mean, this is so
• 0:55
  Speaker 1: much fun. We now have the first trillion trillion e
• 1:01
  Speaker 1: the t. That is a lot of money, guys, the
• 1:04
  Speaker 1: first trillionaire in history. He is probably the richest man
• 1:10
  Speaker 1: in the world. Ever, that is a lone mask. He
• 1:14
  Speaker 1: is about a trillion dollars. I mean, I think even
• 1:19
  Speaker 1: given where the price of price of spaces is going,
• 1:23
  Speaker 1: he's about a trillion dollars richer than the second richest man,
• 1:27
  Speaker 1: who is I think what I said, Gay Brain, the
• 1:32
  Speaker 1: the co founder of Google, and about a trillion dollar
• 1:35
  Speaker 1: richer than Jet Bezos. I mean a trillion that's a
• 1:41
  Speaker 1: thousand billion and for those of you not sure about billions,
• 1:47
  Speaker 1: it's a million millions. So if you take a million millionaires,
• 1:53
  Speaker 1: he's richer than a million millionaires. If if they only
• 1:55
  Speaker 1: have one million, it's pretty amazing. It's a stunning number.
• 2:01
  Speaker 1: It's a number indeed, that is hard to hot to
• 2:05
  Speaker 1: compyhand how to really get two box says only a
• 2:10
  Speaker 1: mixed economy creation. How do you know that? Like, I
• 2:14
  Speaker 1: believe that if we had a Luzza Fai capitalist economy,
• 2:18
  Speaker 1: there would be at least five trillionaires right now at least.
• 2:23
  Speaker 1: And that's a completely arbitrary statement, but it's you know,
• 2:27
  Speaker 1: probably more true than the idea that this is just
• 2:29
  Speaker 1: a mixed economy creation. Now, it's true that it's probably
• 2:32
  Speaker 1: true that Elon Musk being a trillion it might be
• 2:35
  Speaker 1: a mixed economy creation. That it might be true, But
• 2:38
  Speaker 1: the idea that you know, being a trillion is a
• 2:41
  Speaker 1: mixed I mean, you have no clue, you have no
• 2:45
  Speaker 1: clue how you have no clue how inequality would play
• 2:50
  Speaker 1: out in a Luzza fath capitalist economy. No idea, uh
• 2:55
  Speaker 1: you know how the rich, how rich the richest people
• 2:57
  Speaker 1: in the world would be. Inequality is a feature of freedom.
• 3:04
  Speaker 1: It is not a bug. It is a feature of freedom.
• 3:07
  Speaker 1: So the fact that Elon Musk is a billionaire suggests
• 3:10
  Speaker 1: that there is still some freedom in the world. It's
• 3:15
  Speaker 1: hard to steal a trillion anyway. Now, Look, I don't
• 3:20
  Speaker 1: know if this trillion will last. I don't know if
• 3:26
  Speaker 1: in a few months you'll be a trillionaire. I expect not.
• 3:30
  Speaker 1: I also suspect that this valuation for space X is
• 3:35
  Speaker 1: a lot of there's a there's a bubbly sense to it.
• 3:40
  Speaker 1: I don't think the bubble, you know, growing is over yet.
• 3:45
  Speaker 1: There's definitely a bubbly sense to it. I mean, it's
• 3:47
  Speaker 1: a company that doesn't even make money. Uh And and yes,
• 3:51
  Speaker 1: common valuation is this kind of person value of a
• 3:55
  Speaker 1: future whoever, future profits, future cash flow. But future would
• 4:00
  Speaker 1: have to be astronomical to justify this. So there's you know,
• 4:09
  Speaker 1: a I don't think it's a product of money printing.
• 4:17
  Speaker 1: You know it's a it's a trillion dollars inflation adjusted.
• 4:20
  Speaker 1: He's still the richest man in the world, price level adjusted.
• 4:25
  Speaker 1: I don't know that it's purely an issue of money printing.
• 4:30
  Speaker 1: You don't know that either. You could argue with Tesla
• 4:33
  Speaker 1: success is a product of taxpayer money. I'm not sure
• 4:37
  Speaker 1: SpaceX is a product of taxpayer money. It's a product
• 4:40
  Speaker 1: of valuation, and I think, in this case, probably wrong valuation.
• 4:47
  Speaker 1: I think SpaceX is way overvalued. But you know, what,
• 4:50
  Speaker 1: do I know? I'd be I thought Tesla has been
• 4:53
  Speaker 1: way over values for years now, so and I've been
• 4:56
  Speaker 1: wrong on that. So I mean, I don't know they've
• 5:01
  Speaker 1: been wrong, but the market is not caught up with
• 5:04
  Speaker 1: my expected valuation. But anyway, first of all, congratulations to
• 5:11
  Speaker 1: the Lundmusk. I mean, it's huge. He achieved it. Even
• 5:15
  Speaker 1: if much of this is hype, He's generated the hype,
• 5:19
  Speaker 1: and he's done it without lying or stealing or cheating
• 5:22
  Speaker 1: any of us. The hype around SpaceX is a product
• 5:28
  Speaker 1: of real achievement. The rocket launch ability is stunning. Now,
• 5:35
  Speaker 1: how do you make that make enough money to justify
• 5:38
  Speaker 1: a trillion dollar valuation? Or the company is one point
• 5:41
  Speaker 1: seven to seven trillion over two trillion current prices because
• 5:45
  Speaker 1: it's trading up from the IPOs, it's over two trillion dollars.
• 5:49
  Speaker 1: How do you turn this amazing rocket and the amazing
• 5:58
  Speaker 1: rocket technology that he has into a cash flow that
• 6:02
  Speaker 1: would justify two trillion dollars. I have no idea. I
• 6:05
  Speaker 1: don't see it. I don't buy into it. I mean,
• 6:09
  Speaker 1: a lot of people have bought the stock because a
• 6:12
  Speaker 1: lot of really really smart people, a lot of really
• 6:14
  Speaker 1: really smart finance people are bought the stock because they
• 6:18
  Speaker 1: see a path or they believe the hype will stick
• 6:22
  Speaker 1: around long enough for them to make money off of it.
• 6:26
  Speaker 1: But I don't see it. You know, right now, the SpaceX,
• 6:30
  Speaker 1: the rocket part of the business is losing money, losing
• 6:33
  Speaker 1: billions of dollars a year. You'd have to have NASA
• 6:37
  Speaker 1: spending a lot more money, a lot more satellite projects.
• 6:41
  Speaker 1: They have to be some private space ventures that start
• 6:46
  Speaker 1: doing stuff on the Moon and maybe late Marz. But
• 6:50
  Speaker 1: even then it would have to happen at a scale
• 6:54
  Speaker 1: that is just unimaginable to me at this point, given
• 6:58
  Speaker 1: that it's pretty far in the distant future. That is,
• 7:01
  Speaker 1: whatever massive cash flows you can project from space, you
• 7:08
  Speaker 1: know it's gonna it's you got to discount that at
• 7:10
  Speaker 1: a high discount rate, given the risk, given interest rate,
• 7:14
  Speaker 1: given inflation. But given the risk, I don't see how
• 7:18
  Speaker 1: you get to a trillion dollars. I really don't. I
• 7:19
  Speaker 1: don't know what the right valuation is I haven't literally
• 7:22
  Speaker 1: run the numbers. It's not a trillion though. And then
• 7:26
  Speaker 1: you've got Starlink, which is very profitable, but starlink is
• 7:31
  Speaker 1: going to become a more competitive business as more people
• 7:34
  Speaker 1: put satellites into the sky. Starlink is so it's profitable,
• 7:43
  Speaker 1: but how profitable can it really get? You know, how
• 7:46
  Speaker 1: much more? Now there's this belief that alone Musk can
• 7:50
  Speaker 1: put data centers into space and that that's going to
• 7:53
  Speaker 1: be so much more efficient the data centers on Earth. Again,
• 7:58
  Speaker 1: I'm skeptical. Centers in space sounds like a really really
• 8:03
  Speaker 1: challenging physics problem, and then transmitting that data at the
• 8:08
  Speaker 1: kind of speeds necessary to Earth and doing it in
• 8:14
  Speaker 1: size and in a cost of effective way that it
• 8:17
  Speaker 1: competes with data centers on the planet. Now, electricity prices
• 8:22
  Speaker 1: are very cheap in space because you get you get
• 8:25
  Speaker 1: sola and it's it's pretty cheap. But beyond that anyway,
• 8:31
  Speaker 1: I don't know. The physics of it is still questionable
• 8:35
  Speaker 1: and it's still unproven concepts. Again, possible and possible that
• 8:39
  Speaker 1: that ultimately would justify the trillion dollar valuation, but there's
• 8:42
  Speaker 1: a high risk. So where is the high discount rate
• 8:46
  Speaker 1: of future cash flows. Then if you add on that,
• 8:53
  Speaker 1: so that's the data centers. Again, you don't have to
• 8:58
  Speaker 1: believe alone. But there are a lot of people who
• 9:00
  Speaker 1: believe in this, A lot of smart people, a lot
• 9:02
  Speaker 1: of really small analysts believe that this is possible. So
• 9:07
  Speaker 1: it's it's either a lot of people are lying or
• 9:09
  Speaker 1: a lot of people are stupid, I don't know, or
• 9:13
  Speaker 1: a lot of people are just buying into hype. But
• 9:17
  Speaker 1: one way another this is, you know, there's a real
• 9:24
  Speaker 1: big belief out there. What else, Well, there's a AI
• 9:30
  Speaker 1: Elan is building a chip fab. He's going to make
• 9:36
  Speaker 1: his own chips and he's already so he's going to
• 9:40
  Speaker 1: compete with Nvidia. He claims he can make them better
• 9:44
  Speaker 1: and cheaper than Nvidia. Again, maybe that's prob maybe that's true,
• 9:50
  Speaker 1: and but again not proven yet, high risk. Where's the discount?
• 9:58
  Speaker 2: Right?
• 9:59
  Speaker 1: And then X A I X AI you know is
• 10:03
  Speaker 1: building data centers, but it's it's also going to deliver
• 10:06
  Speaker 1: a AI product. And AI seems to be you know,
• 10:12
  Speaker 1: super uh, you know, super valued right now, but you
• 10:17
  Speaker 1: have to ask the question, and this is going to
• 10:19
  Speaker 1: be true of the open AI and the the entropic I.
• 10:24
  Speaker 2: P O s.
• 10:27
  Speaker 1: What's the business model? And because what's happening right now
• 10:31
  Speaker 1: is both entropic and and opening a lowering prices, there's
• 10:39
  Speaker 1: a price wall on AI model. Use why is x AI?
• 10:44
  Speaker 1: Is XAI going to be better than Anthropic? How much
• 10:47
  Speaker 1: better can it charge your premium? Now? Granted, look Andthropic
• 10:51
  Speaker 1: is going to get a massive valuation, and open AI
• 10:55
  Speaker 1: are going to get massive valuations. And Thropic has already
• 10:59
  Speaker 1: proved even that they at least have some business model.
• 11:02
  Speaker 1: They have revenue, significant revenue, open as some revenue, not
• 11:07
  Speaker 1: a significant as Anthropic. But the valuation is going to
• 11:11
  Speaker 1: be enormous. So maybe if you add a I hype
• 11:14
  Speaker 1: on top of rocket hype on top of satellite hype
• 11:18
  Speaker 1: and data space data center hype. But there seems to
• 11:22
  Speaker 1: be to me a lot of risk that has not
• 11:25
  Speaker 1: been priced. That is, everything is being priced according to
• 11:29
  Speaker 1: the best case scenario and a very little discount for
• 11:35
  Speaker 1: the risks involved in this project. But you know, again
• 11:44
  Speaker 1: it's you know, the company is an amazing company. So
• 11:47
  Speaker 1: none of this is to denigrate what SpaceX has actually achieved,
• 11:51
  Speaker 1: and none of us denigrate Elon Musk's achievement. I just
• 11:55
  Speaker 1: am skeptical about the valuation and about is the actual worth.
• 12:01
  Speaker 1: Remember this is paper worth, paper wealth. He can't sell it,
• 12:05
  Speaker 1: he can't monetize it. If he tried, it would be
• 12:08
  Speaker 1: a lot less because all the asset values would decline.
• 12:13
  Speaker 1: Bet it truly, it really is amazing. I mean, here's
• 12:17
  Speaker 1: a guy who you know, he was bullied as a kid.
• 12:23
  Speaker 1: He emigrated from South Africa to the United States. He
• 12:27
  Speaker 1: arrived with a backpack and nothing else. He built a
• 12:32
  Speaker 1: small company with his brother, sold it four years later
• 12:37
  Speaker 1: for three hundred million dollars, participated in the founding of
• 12:42
  Speaker 1: PayPal from the profits of Zip to it, sold PayPal
• 12:52
  Speaker 1: to eBay for one point five billion dollars, and then
• 12:58
  Speaker 1: bet that money on. Basically SpaceX has never consumed. Really,
• 13:04
  Speaker 1: his money has really rolled it over into two you know,
• 13:11
  Speaker 1: visionary companies. Now, yes, Tesla probably could not have survived
• 13:15
  Speaker 1: without the government. But he saw the electric car as
• 13:20
  Speaker 1: being as being dominant in the fusion. He was right
• 13:23
  Speaker 1: about that. I mean, look at the world today. The
• 13:26
  Speaker 1: world is rapidly shifting from eternal combustion engines to electric cars,
• 13:31
  Speaker 1: even if the United States is not. And he saw
• 13:34
  Speaker 1: that and in SpaceX. I remember visiting SpaceX because they
• 13:39
  Speaker 1: were a bunch of irony man fans. You know, maybe
• 13:42
  Speaker 1: should contact them now that they all billionaires. In two
• 13:46
  Speaker 1: thousand and I don't know, probably four and it was nothing,
• 13:49
  Speaker 1: and it was like a dream. They were going to Mars,
• 13:51
  Speaker 1: and it seemed insane and it seemed completely ridiculous and
• 13:55
  Speaker 1: a fantasy. And it's not a fantasy anymore. It's a
• 13:58
  Speaker 1: real company. I mean, disagree. I think the valuation is
• 14:03
  Speaker 1: too high. I mean, you watch those rockets take off
• 14:06
  Speaker 1: and then land, and you see how many you know,
• 14:13
  Speaker 1: the cost payload taken into space basically plummet gone down
• 14:19
  Speaker 1: over ninety percent. That's BACEX. That's a massive achievement. So
• 14:26
  Speaker 1: even if you're skeptical as I am about the valuation,
• 14:29
  Speaker 1: let us not. Let us not be skeptical about the
• 14:32
  Speaker 1: value being created here. This is massive value being created
• 14:37
  Speaker 1: and Lund Muscus responsible for it. So amazing, amazing, right,
• 14:44
  Speaker 1: I mean when you first mentioned the idea of reusable rockets,
• 14:49
  Speaker 1: rockets you can reuse, he was laughed at. Nobody believed
• 14:53
  Speaker 1: that was possible. Nobody believed that was possible, right, and
• 15:09
  Speaker 1: they you know, they will they now have it. It's
• 15:14
  Speaker 1: it's doable. And now they're working on making the big
• 15:16
  Speaker 1: big rocket reusable as well. You know, he keeps building.
• 15:23
  Speaker 1: Tesla's been in trouble many times. Tesla is the world's
• 15:28
  Speaker 1: most valuable automaker. Again, I'm not sure it's justified that,
• 15:32
  Speaker 1: and I'm not sure ultimately it is an automaker. It
• 15:34
  Speaker 1: might be more of a robot maker. He's helped make
• 15:38
  Speaker 1: EV's mainstream made usable rockets of reality. And everybody's trying
• 15:44
  Speaker 1: to do the same thing. I mean, certainly Deep Blue
• 15:48
  Speaker 1: is trying to do the same thing. Reduced the cost
• 15:51
  Speaker 1: of reaching space. My ninety five spark the modern commercial
• 15:56
  Speaker 1: space race, built stalling, which is an amazing technology that
• 16:02
  Speaker 1: has connected millions around the world to high speed Internet.
• 16:06
  Speaker 1: He's turned SpaceX into the most valuable private company in history.
• 16:10
  Speaker 1: Now turn SpaceX into the most valuable public company in history.
• 16:17
  Speaker 1: He bought Twitter forty four billion. It looked like that
• 16:19
  Speaker 1: would be a failure. He's managed to somehow return the
• 16:24
  Speaker 1: money to everybody. Now again arguably that's all based on
• 16:28
  Speaker 1: the valuation of SpaceX. But because SpaceX bought Twitter, but
• 16:33
  Speaker 1: still nobody had lost money on Twitter, which was surprising
• 16:37
  Speaker 1: and shocking. Right, I'm still on X, I'm still on Twitter,
• 16:47
  Speaker 1: I'm still building it, and millions of jobs have been created,
• 16:54
  Speaker 1: hundreds of billions of value. And he's inspired people, He's
• 16:58
  Speaker 1: inspired builders. So it's impressive. It's impressive. And you know,
• 17:17
  Speaker 1: there's a lot of things I don't like about Elon Musk.
• 17:20
  Speaker 1: I don't like his politics, I don't like his tweets.
• 17:22
  Speaker 1: I don't like a lot of what he does. But
• 17:25
  Speaker 1: you can't deny the just, the just what an amazing
• 17:30
  Speaker 1: human being he is and and the success he said.
• 17:34
  Speaker 1: Space Ax as of today is, let's see, you know,
• 17:39
  Speaker 1: somewhere either the six or seventh most valuable company in
• 17:45
  Speaker 1: the world. Now whether that again, I think it's overvalued,
• 17:49
  Speaker 1: but but that's what it is right now. It Video
• 17:52
  Speaker 1: is the most valuable company at four point ninety sixty six. Uh,
• 17:56
  Speaker 1: Google is second, Apple, third, Microsoft, fourth, Amazon, fifth, TSMC six,
• 18:03
  Speaker 1: and right behind them, really close behind TSMC is SpaceX.
• 18:08
  Speaker 1: Note that TCMC, Amazon, Microsoft, Apple, out Google and Nvidia.
• 18:14
  Speaker 1: A'm massively profitable, massively profitable. SpaceX is losing money. That's
• 18:22
  Speaker 1: part of the valuation issue. Is it worth the money?
• 18:35
  Speaker 1: And Tesla another one of lun Musk's companies is number
• 18:39
  Speaker 1: ten on the list. Now that one I don't understand.
• 18:43
  Speaker 1: You know, again, not particularly profitable, and it's likely where
• 18:48
  Speaker 1: the money comes from in the future, the taxi business
• 18:51
  Speaker 1: is going to be competitive. Maybe robots, humanoid robots that
• 18:55
  Speaker 1: you know, that's where lun Mosk. I mean, could it
• 18:58
  Speaker 1: just be all hype? Tesla and SpaceX is just all hype,
• 19:02
  Speaker 1: No question, there's real value creation there, but in terms
• 19:05
  Speaker 1: of valuation, doesn't make any sense, you know, I don't know.
• 19:11
  Speaker 1: I doubt it, but I don't know. And we will
• 19:14
  Speaker 1: see this, you know, we'll have anthropic and open AI
• 19:18
  Speaker 1: go public in the next few weeks. And also ridiculously
• 19:22
  Speaker 1: high valuations for companies that are very competitive and that
• 19:27
  Speaker 1: are not making that much money, and that are investing
• 19:31
  Speaker 1: huge amounts of money in data centers and you know,
• 19:35
  Speaker 1: whose expense line is massive? What are you what? What
• 19:48
  Speaker 1: is it's gonna be? I mean again, it's gonna be
• 19:55
  Speaker 1: interesting to see that. I worry that valuations are very high.
• 20:00
  Speaker 1: Worry about where we're heading. From a evaluation perspective. This
• 20:06
  Speaker 1: feels a little bit like nineteen ninety nine, you know,
• 20:10
  Speaker 1: but I don't know when the correction happened. If there's
• 20:12
  Speaker 1: a correction, but it does feel ninety nine inch, it
• 20:16
  Speaker 1: does feel bubbly, bubbly. It's funny somebody put up this
• 20:25
  Speaker 1: thing about if you're not worth as one dollar. Actually,
• 20:30
  Speaker 1: everybody on this everybody listening to the show right now,
• 20:33
  Speaker 1: you guys are closer in wealth to Larry Page, the
• 20:38
  Speaker 1: second richest man on the planet, who's worth about close
• 20:41
  Speaker 1: to three hundred billion, then Larry Pages to a loan
• 20:46
  Speaker 1: mask who's worth over a trillion. Just think about that.
• 20:53
  Speaker 1: Your distance of Larry Page is smaller than the distance
• 20:57
  Speaker 1: of Larry Page the lawn mask. Again, although that's going
• 21:01
  Speaker 1: to depend on valuations, moving into the moving into the future.
• 21:06
  Speaker 1: And here's the thing about four thousand, four hundred SpaceX
• 21:12
  Speaker 1: employees just became millionaires. Millionaires. Now they've all got their
• 21:20
  Speaker 1: stocks locked up, I assume for six months, but at
• 21:23
  Speaker 1: some point I'll be able to cash in. I hope
• 21:26
  Speaker 1: they selve some of their stock at least and diversify.
• 21:29
  Speaker 1: But there are millionaires, some of them from the cafeteria staff.
• 21:35
  Speaker 1: A man who owned twenty eight dollars an hour at
• 21:37
  Speaker 1: SpaceX is now a millionaire. There are several hundred. I
• 21:45
  Speaker 1: think people who work at SpaceX who are now billionaires
• 21:51
  Speaker 1: and look anthropic and opening eye are going to create
• 21:55
  Speaker 1: a whole bunch of millionaires and billionaires. So you know,
• 22:04
  Speaker 1: four thousand and four hundred new millionaires have just been minted.
• 22:10
  Speaker 1: This is current and former. A lot of former Spaceics
• 22:13
  Speaker 1: employees who owned stock. I met some of them who left.
• 22:17
  Speaker 1: SpaceX has been around for a long time, a little frustrated.
• 22:20
  Speaker 1: They were a little frustrated because the stock was private
• 22:23
  Speaker 1: stock they couldn't get out. They're not frustrated anymore then
• 22:28
  Speaker 1: now million is and again some of them a billionaires.
• 22:32
  Speaker 1: Four hundred of the forty four hundred millionaires, four hundred
• 22:37
  Speaker 1: of them, about ten percent are going to hold steaks
• 22:40
  Speaker 1: worth over one hundred million dollars. Four hundred people are
• 22:48
  Speaker 1: going to have over one hundred million dollars. I mean again,
• 22:52
  Speaker 1: assuming the stock doesn't drop during this period of lockup.
• 23:04
  Speaker 1: Beans you can't sell. Usually employees cannot sell at the IPO.
• 23:08
  Speaker 1: They can sell six months later. The Google IPO in
• 23:12
  Speaker 1: two thousand and four created about one thousand millionaires. Facebook's
• 23:16
  Speaker 1: twenty twelve listing produced about one thousand as well. We're
• 23:21
  Speaker 1: talking about four x the number of millionaires. Yeah, Juan
• 23:28
  Speaker 1: Hernandez moved from Mexico learn how to weld. He joined
• 23:34
  Speaker 1: SpaceX in twenty fifteen, earning twenty eight dollars an hour.
• 23:38
  Speaker 1: When he went full time, the company gave him ten
• 23:40
  Speaker 1: thousand dollars worth of stock. He held it butt more
• 23:45
  Speaker 1: through payroll deductions, and sold the small portion in twenty
• 23:48
  Speaker 1: twenty to buy some property in Texas. His remaining shares
• 23:53
  Speaker 1: are worth over a million dollars today. Another guy joined
• 24:01
  Speaker 1: as a launch engineer straight out of college in twenty eleven.
• 24:06
  Speaker 1: He spent twelve years accumulating shares through salary, bonuses, and reinvestment.
• 24:12
  Speaker 1: He's thirty seven years old and walking away with more
• 24:15
  Speaker 1: than thirteen and a half million dollars. Another guy started
• 24:21
  Speaker 1: in twenty twelve with eighty thousand dollars base salary with
• 24:26
  Speaker 1: a small initial grant price to thirteen dollars and eighty
• 24:29
  Speaker 1: cents per share. He took every bonus in stock. He's
• 24:35
  Speaker 1: already paid off his home in Denver from earlier tender
• 24:38
  Speaker 1: offers where he sold some of the shares. You know
• 24:41
  Speaker 1: now he's worth several million dollars. And you could go
• 24:46
  Speaker 1: on and on and on right, these people, and you
• 24:50
  Speaker 1: know the amount of money they are now, you know
• 24:55
  Speaker 1: they now have. It's pretty stunning. Congratulations all of these people,
• 25:03
  Speaker 1: all of these people in many of them in Texas
• 25:07
  Speaker 1: but all over the country, who have made multiple millions.
• 25:11
  Speaker 1: Good for them, you know, all that work has paid off,
• 25:16
  Speaker 1: all that thinking has paid off, all that problem solving
• 25:19
  Speaker 1: has paid off. Google e maila millionaire inflation adjusted, No,
• 25:25
  Speaker 1: but you get inflation adjust it. I mean it's not
• 25:27
  Speaker 1: Inflation has not been that much over the last twenty years,
• 25:33
  Speaker 1: or is it. Lest is about twenty years since the Google,
• 25:35
  Speaker 1: so you can inflation adjust it. Maybe maybe the number
• 25:39
  Speaker 1: is more than that. I doubt that it's inflation adjusted.
• 25:42
  Speaker 1: It's probably as of so maybe the numbers double that.
• 25:46
  Speaker 1: But you know, it makes sense that spaces would make
• 25:51
  Speaker 1: produce more million is just because the valuation is so
• 25:54
  Speaker 1: much higher, even inflation adjusted. The valuation is dramatically higher
• 25:59
  Speaker 1: than Google, Ipo, Facebook called ipo. They probably had more
• 26:04
  Speaker 1: early investors, and they probably had less of the company
• 26:07
  Speaker 1: concentrated in one person. Like, all right, let's see what
• 26:16
  Speaker 1: else do we have. Yeah, I mean, this is just
• 26:19
  Speaker 1: a trajectory for a land mosk again, non inflation adjusted
• 26:24
  Speaker 1: in twenty twelve. Eland was worth two billion in twenty sixteen,
• 26:27
  Speaker 1: ten billion in eighteen, twenty billion, seventy five billion in
• 26:32
  Speaker 1: twenty twenty, one hundred and fifty billion in twenty twenty one,
• 26:36
  Speaker 1: two hundred and nineteen billion, in twenty twenty two, four
• 26:40
  Speaker 1: hundred billion, twenty twenty four, six hundred and eighty three,
• 26:43
  Speaker 1: and twenty five and a trillion in twenty six That's
• 26:46
  Speaker 1: a great rate of return on the money he made
• 26:51
  Speaker 1: from selling payper. I mean, that's that that is really
• 26:57
  Speaker 1: a stunning rate of return on his investment. All right,
• 27:04
  Speaker 1: let's see, Yeah, the stock has gone up about twenty
• 27:10
  Speaker 1: five percent last I looked from the IPO price. It's
• 27:15
  Speaker 1: up twenty percent right now. It peaked at over thirty
• 27:19
  Speaker 1: up thirty one percent. So it went up and then
• 27:22
  Speaker 1: it's come down a little bit. It's still up twenty
• 27:24
  Speaker 1: percent from the IPO price. Again. I think this is
• 27:29
  Speaker 1: going to drift lower. I think you're going to see
• 27:34
  Speaker 1: you're going to see the stock drift lower over the
• 27:38
  Speaker 1: next over the next few months. I don't think that
• 27:43
  Speaker 1: as I think people will try to cash out, make
• 27:46
  Speaker 1: it take their profit. I think as the lock up,
• 27:48
  Speaker 1: the employee lockup ends, and the investor lockup ends. I
• 27:52
  Speaker 1: think you will see more and more people going out
• 27:56
  Speaker 1: of the stock and that'll drive drive the price down.
• 27:59
  Speaker 1: The value is very rich, it's probably richer than it
• 28:03
  Speaker 1: should be.
• 28:04
  Speaker 2: Let me see this few other things that I wanted
• 28:06
  Speaker 2: to say.
• 28:07
  Speaker 1: Yeah, one of the interesting things to look at the
• 28:09
  Speaker 1: investor base. And if you particularly, you know again, Anthropic
• 28:13
  Speaker 1: and open Ai are going public soon, and there were
• 28:16
  Speaker 1: about three dozen investors from Silicon Valley that holds steaks
• 28:24
  Speaker 1: in all three companies, SpaceX, Open Ai, and Anthropic who
• 28:28
  Speaker 1: are going to make a fortune over the next few weeks.
• 28:33
  Speaker 1: Now they're about seven hundred unique investors have steaks in
• 28:37
  Speaker 1: three of the world's most valuable private companies, SpaceX, Open Ai, Andthropic.
• 28:42
  Speaker 1: SpaceX no longer private, but when it was so, you know,
• 28:46
  Speaker 1: they got seven hundred unique investors total among them. The
• 28:52
  Speaker 1: majority of these investors are benched capital firms that invest
• 28:56
  Speaker 1: in tech companies. That includes in recent Howitz, Peter Thiel's
• 29:01
  Speaker 1: Founders Fund, and Thrive Capital, as well as many many
• 29:06
  Speaker 1: many small a venture plans, plus a bunch of family officers.
• 29:11
  Speaker 1: So there's about forty family offices here. Family officers are
• 29:14
  Speaker 1: typically officers that are set up by wealthy families who
• 29:18
  Speaker 1: then hire an investment manager to invest their money for them.
• 29:21
  Speaker 1: So you've got a bunch of families that are massively
• 29:25
  Speaker 1: wealthier today than they were before they were already wealthy.
• 29:28
  Speaker 1: Then you've had some corporate investors also in the mix.
• 29:31
  Speaker 1: I mean Amazon and Nvidia, for example, have committed tens
• 29:35
  Speaker 1: of billions to AIU rivals and Tropic and open Ei.
• 29:39
  Speaker 1: They have stocked. Microsoft is an investor in open Ai,
• 29:42
  Speaker 1: a big investor in open Ai. You know, Amazon has
• 29:47
  Speaker 1: invested thirty three billion dollars in those two companies, so
• 29:51
  Speaker 1: they've the value of that thirty three billion is going
• 29:53
  Speaker 1: to go up quite a bit when they goo public
• 29:55
  Speaker 1: in the next few weeks. Now, what's really stunning here
• 29:59
  Speaker 1: is people who invested in all three companies, about thirty
• 30:10
  Speaker 1: eight such investors that are invested in all three companies
• 30:14
  Speaker 1: when they were private. And in particular, what is stunning
• 30:19
  Speaker 1: is the company the venture capitalist who invested early in
• 30:24
  Speaker 1: these companies, and they're all going to make a gazillion
• 30:29
  Speaker 1: dollars off of these IPOs. And what's striking is the
• 30:33
  Speaker 1: first name that pops Up is my favorite investment a
• 30:38
  Speaker 1: venture capital fund because I knew one of the founders
• 30:42
  Speaker 1: of it. I got to spend time with Don Valentine,
• 30:45
  Speaker 1: one of the founders of Sequoia Capital. So but Sequoi
• 30:49
  Speaker 1: Capital is an all three and it invested, it invested,
• 30:55
  Speaker 1: you know, pretty early. So again they're going to make
• 30:59
  Speaker 1: a huge amount of money out of this, which is
• 31:04
  Speaker 1: pretty studying done. Valentine, by the tay has passed passed away.
• 31:07
  Speaker 1: So the people on the Saqua Capital now are like
• 31:10
  Speaker 1: third or fourth generation from the founding generation. They they
• 31:15
  Speaker 1: made early investments, you member, Sequoia made early investments in Apple,
• 31:19
  Speaker 1: early investments in Google. It's an early investor in SpaceX,
• 31:25
  Speaker 1: and an early investor in open Ai. They have a
• 31:28
  Speaker 1: position in anthropic, but I don't think they're an early
• 31:31
  Speaker 1: investment in anthropic. Uh. And then there you know, they're
• 31:35
  Speaker 1: they're all kinds of others. Some are lake stage, some
• 31:37
  Speaker 1: are early stage, but pretty pretty amazing that and then
• 31:42
  Speaker 1: there's some hedge funds that are invested in these and
• 31:45
  Speaker 1: uh yeah, I mean it's it's a lot of a
• 31:49
  Speaker 1: lot of investors are going to make have made a
• 31:52
  Speaker 1: lot of money today because of the SpaceX and are
• 31:55
  Speaker 1: going to make a lot of money from some of
• 31:58
  Speaker 1: the other entities. To give you some numbers, Stallings profitable
• 32:02
  Speaker 1: business with about eleven billion in sales and three billion
• 32:06
  Speaker 1: of free cash flow. Free cash flow is like profit,
• 32:10
  Speaker 1: but meaningful profit, the actual cash generated profit after all
• 32:14
  Speaker 1: the expenses. That's how you value companies. You discount the
• 32:17
  Speaker 1: free cash flow. So you know, you could say, maybe
• 32:22
  Speaker 1: it's worth seventy five billion, but the rest, the rest
• 32:26
  Speaker 1: of SpaceX, the launch business, the AI data center in
• 32:31
  Speaker 1: space the Xai everything, basically seven billion in sales and
• 32:36
  Speaker 1: a negativetive negative seventeen billion a free cash flow, So
• 32:41
  Speaker 1: the company as a whole has a negative fourteen billion
• 32:45
  Speaker 1: in free cash flow. So to get to evaluation of
• 32:49
  Speaker 1: two trillion, I don't know how you do that. I
• 32:54
  Speaker 1: just don't know how you do that. You'd have to
• 32:56
  Speaker 1: believe that this company is going to be the most
• 33:00
  Speaker 1: profitable company in all of human history soon and for
• 33:05
  Speaker 1: a very very very long time. That's the valuation stuff.
• 33:10
  Speaker 1: I just I you know, I don't get just give
• 33:13
  Speaker 1: you a sense. SpaceX will be valued over two trillion.
• 33:18
  Speaker 1: Walmart is valued at nine hundred and twenty billion. SpaceX
• 33:23
  Speaker 1: has revenues of eighteen billion. Walmart has revenues of seven
• 33:27
  Speaker 1: hundred and thirteen billion. Now, granted, Walmart's profit margin is
• 33:31
  Speaker 1: very low, but SpaceX profit margin is negative.
• 33:39
  Speaker 2: They lose money.
• 33:42
  Speaker 1: So you know, there is a there is a value
• 33:47
  Speaker 1: for SpaceX. It's a valuable company. It has incredibly valuable technology.
• 33:55
  Speaker 1: One point seven. You know, two trillion dollars probably probably
• 34:00
  Speaker 1: not right. All right, Let's see what else did I
• 34:06
  Speaker 1: want to say? I know there's one other topic, that's
• 34:09
  Speaker 1: the topic. All right, all right, if you look at that,
• 34:18
  Speaker 1: just two more point treated. If you look at the
• 34:21
  Speaker 1: three IPOs SpaceX and Topic and Open AI, the three IPOs,
• 34:25
  Speaker 1: the two IPOs coming in SpaceX, you're talking about twenty
• 34:29
  Speaker 1: new billionaires. Twenty new billionaires. They are already some of
• 34:34
  Speaker 1: them of the owner's already billionaires. But we talk about
• 34:37
  Speaker 1: new billionaires. I mean, and of course, what is this doing.
• 34:41
  Speaker 1: It's making some people completely freak out, like Elizabeth jan
• 34:46
  Speaker 1: has tweeted, she's published videos, she's completely losing it. Elon
• 34:52
  Speaker 1: Musk just became the world's first trillionaire. The typical American
• 34:54
  Speaker 1: household would have to work more than eleven million years
• 34:58
  Speaker 1: to make Elon Musk level of wealth. Yeah, you know,
• 35:01
  Speaker 1: and then eleven million years, the typical US household wouldn't
• 35:05
  Speaker 1: make as much wealth as as a lun Musk has
• 35:09
  Speaker 1: the potential of creating. You know, what's his name from?
• 35:13
  Speaker 1: From Maine? You know, you know, I think his tweet
• 35:20
  Speaker 1: was a Lundmsk is the first trillionaire. Let's make sure
• 35:24
  Speaker 1: he's the last one, last one, right, how about we
• 35:28
  Speaker 1: all become trillionaires. Wouldn't that be a better vision of it? Egalitarian? No,
• 35:34
  Speaker 1: they want you to be poor. They want you to
• 35:36
  Speaker 1: be poor. Gabriel Zuckmann, who's a you know, big time,
• 35:46
  Speaker 1: big time, you know, inequality guy, is you know, is
• 35:53
  Speaker 1: freaking out. Uh, there's a fundamental tension, he says, between
• 35:57
  Speaker 1: extreme wealth and the very post ability of democracy. Really
• 36:02
  Speaker 1: and why is that? He says, extreme wealth is always
• 36:08
  Speaker 1: an extreme power, the power to stifle competition, the power
• 36:12
  Speaker 1: to shape this public discourse, the power to influence policy maker,
• 36:16
  Speaker 1: the power to buy elections. You know. So they're freaking
• 36:22
  Speaker 1: out because it's it's going to destroy it's going to
• 36:26
  Speaker 1: destroy democracy, just like the guilded age destroyed democracy. Right,
• 36:31
  Speaker 1: So at peak of the guilded Age, he says the
• 36:34
  Speaker 1: four largest fortunes were Rockefellerconegie Astor and bake Up Fake
• 36:39
  Speaker 1: Field or something. And did they buy American elections? That
• 36:43
  Speaker 1: American elections go away? Did you know? Did you know
• 36:49
  Speaker 1: Democracy Republican has actually disappeared from America because those four
• 36:53
  Speaker 1: families had so much money. So the left is freaking out,
• 36:59
  Speaker 1: freaking out. I think it's reason to celebrate, even if
• 37:06
  Speaker 1: it's probably going to be temporary. Who knows, you know,
• 37:12
  Speaker 1: it says, maybe it's a meme stock and maybe it's
• 37:15
  Speaker 1: just temporary to come crashing down, But it's still time
• 37:19
  Speaker 1: to celebrate. It's the time to celebrate the real achievement here.
• 37:22
  Speaker 1: And there really is achievement here, whether it's worth two
• 37:26
  Speaker 1: trillion dollars or not, there's real achievement here, and that
• 37:29
  Speaker 1: achievement should be celebrated, all right, from the heights of
• 37:40
  Speaker 1: something to be celebrated, and I admired, I guess suspected
• 37:47
  Speaker 1: to the depths of gravity. The deal, the deal, it's uh,
• 38:07
  Speaker 1: the deal is it is happening or maybe it's not.
• 38:13
  Speaker 1: But maybe it is, but maybe it isn't, but it's
• 38:18
  Speaker 1: really nobody knows, you know. And And even if it is.
• 38:22
  Speaker 1: We don't know what the deal is. Here's here's where
• 38:28
  Speaker 1: it looked like it was. It stood right, so uh.
• 38:38
  Speaker 1: Trump announced the deal, you remember, and then the Iranians,
• 38:41
  Speaker 1: the Udian uh uh uh what do you call it?
• 38:45
  Speaker 1: Media put out a list of what the deal looks
• 38:48
  Speaker 1: like and it was just horrific. It was the original conditions,
• 38:51
  Speaker 1: what what Iran demanded? And then Trump today came out
• 38:56
  Speaker 1: and said, that's not the deal. That is nothing well
• 39:00
  Speaker 1: even close to the deal. And then he published the
• 39:02
  Speaker 1: things that he always published about what the deal is.
• 39:05
  Speaker 1: And then and then stories came out that the deal
• 39:07
  Speaker 1: was off. And then Iranian media came out and said,
• 39:11
  Speaker 1: oh no, the deal is is on and uh and
• 39:16
  Speaker 1: Trump said the deal is on and and you know, uh,
• 39:21
  Speaker 1: and then the Iranians and then the prime minister of Pakistan.
• 39:25
  Speaker 1: The prime minister of Pakistan, what did he write?
• 39:27
  Speaker 2: He wrote something, He wrote, yeah, see if I have it, maybe.
• 39:38
  Speaker 1: I don't have it, but he wrote basically, oh, here
• 39:42
  Speaker 1: it is. Pakistan's prime minister announced that a final agreed
• 39:46
  Speaker 1: upon text of a piece deal between US and Iran
• 39:49
  Speaker 1: has been reached. Now, first of all, even if there
• 39:52
  Speaker 1: is a text, it's not for peace deals for uh
• 39:55
  Speaker 1: Memorandum of Understanding m o U Court Pakistan is now
• 39:59
  Speaker 1: working closely with both sides to finalize the next steps.
• 40:02
  Speaker 1: Peace has never been this close as it is now.
• 40:05
  Speaker 1: So he came out and said that, and then and
• 40:08
  Speaker 1: then the Iranian Found Minister came out and said, don't
• 40:11
  Speaker 1: believe all the stuff being published in the press. We're
• 40:14
  Speaker 1: working on a deal and deal is really really close.
• 40:17
  Speaker 1: And then the Iranian media came out and said, oh,
• 40:22
  Speaker 1: set up, Found Minister. You don't know what you're talking about.
• 40:26
  Speaker 1: Why are you you know, why are you being so ambiguous?
• 40:31
  Speaker 1: And why are you let us know what is this
• 40:33
  Speaker 1: deal supposed to be? You know, we don't believe you.
• 40:40
  Speaker 1: Trump is not saying Ian deal signing very likely in
• 40:43
  Speaker 1: coming days, but not one hundred percent certain. I mean,
• 40:49
  Speaker 1: it's it is literally all over the place. Trump is
• 40:54
  Speaker 1: committed that they're now releasing frozen funds that I use,
• 40:58
  Speaker 1: zero cash release to the regime. This is for a
• 41:01
  Speaker 1: person in the White House with one hundred percent credibility.
• 41:04
  Speaker 1: We're told zero cash release to the regime. Some of
• 41:07
  Speaker 1: the frozen funds will be unfrozen for humanitarian purchases. Only
• 41:13
  Speaker 1: money is fungible. Anything they purchase for humanitarian reasons means
• 41:18
  Speaker 1: they don't have to use the little money that's coming
• 41:21
  Speaker 1: in from other sources for humanitarian reasons, and they can
• 41:24
  Speaker 1: use that money for the other stuff that they need.
• 41:26
  Speaker 1: So that's bullshit, right. It says every single purchase must
• 41:30
  Speaker 1: be approved by the US. Again, even if that's true,
• 41:33
  Speaker 1: which I doubt, money's fungible. Any any release of money
• 41:39
  Speaker 1: for any purpose is a release of money, is a
• 41:42
  Speaker 1: release of money. The emphasis are all the money in
• 41:48
  Speaker 1: the MoU is tie Tran's actual nuclear concessions, not just
• 41:53
  Speaker 1: for talking. Pay for performance, not pay for play. We'll
• 41:57
  Speaker 1: believe it when we see it, right, then zero your
• 42:00
  Speaker 1: enriched materials. Suppose he's in the deal. Unlike what is
• 42:03
  Speaker 1: being claimed the US, stanzas that all enriched uranium, including
• 42:06
  Speaker 1: sixty twenty three point sixty seven percent enriched material, will
• 42:10
  Speaker 1: be taken out of Irano. They louted to make it unusable.
• 42:14
  Speaker 1: Believe it when I see it, all right. The only
• 42:18
  Speaker 1: sanctioned relief is a temporary sixty day window in oil sales.
• 42:22
  Speaker 1: That's pretty big. It's a lot of money which will
• 42:24
  Speaker 1: snap back into place at the end of sixty days.
• 42:26
  Speaker 1: If no deal is reached. That's what the US is
• 42:31
  Speaker 1: claiming is in the deal. But again the Uranians are
• 42:36
  Speaker 1: claiming the exact opposite. And then you know Trump has
• 42:42
  Speaker 1: posted the terms that Iran leaked out to the fake
• 42:45
  Speaker 1: news have nothing to do with the terms we agree
• 42:47
  Speaker 1: to in writing. What they said, including their weak and
• 42:51
  Speaker 1: pathetic statement on having a deal, there's no relationship to
• 42:54
  Speaker 1: the truth. Very dishonest people to deal with with them.
• 42:58
  Speaker 1: There is no such thing as good faith. Amazing. I
• 43:03
  Speaker 1: could have told him that d one saved him a
• 43:05
  Speaker 1: little effort. Also, they totally rebuffed drone attack last night
• 43:10
  Speaker 1: against Indian ships leaving the HomeOS straits is totally unacceptable.
• 43:14
  Speaker 1: They better get their back together. Soon after they tweeted this,
• 43:18
  Speaker 1: the deal is on, there's a deal. Everything's coming together.
• 43:21
  Speaker 1: It's momentarily so nobody knows. Everybody's deluded. Let me put
• 43:30
  Speaker 1: it as bluntly as they can. Any deal is a
• 43:34
  Speaker 1: bad deal. Any deal. There is no deal that you
• 43:38
  Speaker 1: could sign with this Iranian group that is a good deal.
• 43:43
  Speaker 1: Any deal except a deal where they commit kaba kii
• 43:47
  Speaker 1: so said, is a bad deal. Any deal announced this
• 43:52
  Speaker 1: weekend or next week or whatever should be condemned and
• 43:56
  Speaker 1: fought and resisted no matter what the terms. Again within reason.
• 44:02
  Speaker 1: I mean, if there's regime change, fine, but that's not
• 44:05
  Speaker 1: going to be any deal with these people. Any deal
• 44:09
  Speaker 1: that this regime would agree to is a bad deal.
• 44:15
  Speaker 1: Now here's something I think there's a pretty good written
• 44:18
  Speaker 1: by again named Eric Erickson. I guess he's an influencer
• 44:21
  Speaker 1: on the right, a Trump supporter. I guess Maga soft
• 44:26
  Speaker 1: Maga something I don't know. I don't know him that well,
• 44:29
  Speaker 1: but pretty influential within the circles, the kind of maga circles, right.
• 44:35
  Speaker 1: This is what he wrote at least thirty nine times
• 44:38
  Speaker 1: in the last sixty five days. The President of the
• 44:40
  Speaker 1: United States has declared the United States in Iran, We're
• 44:43
  Speaker 1: close to a deal, only to have the Uranians openly
• 44:46
  Speaker 1: mock him and deny it. Yesterday, the President went on
• 44:50
  Speaker 1: Fox and Friends in the morning to declare bombing would
• 44:52
  Speaker 1: resume and be even more ferocious. By the afternoon, he
• 44:56
  Speaker 1: declared bombing would cease because a deal was close. He
• 45:00
  Speaker 1: claimed buy in from the Egyptians, the Emirates, the Saudis,
• 45:04
  Speaker 1: the Kwaitis, the Israelis, the Iranians, and more. Egypt said
• 45:08
  Speaker 1: it had no knowledge of any deal. Izos said it
• 45:11
  Speaker 1: had no knowledge of a deal. The Fars, the Gulf States,
• 45:16
  Speaker 1: the semi official Iranian news agency that represents the voice
• 45:20
  Speaker 1: of the revolutionary God in Iran said there was no deal. Overnight.
• 45:24
  Speaker 1: What came Theatula refused the deal. Then the Iranians started
• 45:28
  Speaker 1: firing the drones at commercial vessels in the states of Omos.
• 45:33
  Speaker 1: The president the other day said Iran was playing us.
• 45:38
  Speaker 1: The only one being played is President Trump. A state
• 45:41
  Speaker 1: of war exists between Iran and its neighbors. The ceasefire
• 45:46
  Speaker 1: is a farce. The president has turned into a clown.
• 45:52
  Speaker 1: I mean, the only sentence I disagree with in this
• 45:56
  Speaker 1: entire thing, the only sentence I disagree with and the
• 46:02
  Speaker 1: entire thing is the president has turned into a clown.
• 46:07
  Speaker 1: Because the reality is this president is always been a clown, always,
• 46:12
  Speaker 1: even in his first term, always being a clown. Only
• 46:17
  Speaker 1: now are some of you seeing it? And if you're
• 46:21
  Speaker 1: not seeing it, now hay to tell you, but you're
• 46:25
  Speaker 1: kind of hopeless, kind of hopeless. So the president does
• 46:29
  Speaker 1: not turned into a clown. Here's my making sure that
• 46:32
  Speaker 1: everybody in the freaking world, including our enemies, know he's
• 46:36
  Speaker 1: a clown, and even people like Eric Eckson are now
• 46:41
  Speaker 1: realizing he's a clown. Anyway, I will keep monitoring the situation.
• 46:47
  Speaker 1: If there's anything definitive over the weekend, I might come
• 46:50
  Speaker 1: on just to talk about it. More likely it'll be
• 46:54
  Speaker 1: sometime next week. But definitive is you know, the Anians
• 47:01
  Speaker 1: are not how to deal with. The Ania is impossible
• 47:03
  Speaker 1: to deal with, and they should not be dealt with
• 47:06
  Speaker 1: exactly my point. Shouldn't deal with these Uranians not because
• 47:10
  Speaker 1: they're hard, because they evil immoral liars who are not
• 47:16
  Speaker 1: going to change their nature because they sign a piece
• 47:20
  Speaker 1: of paper. So yeah, Now, one of the reasons I
• 47:26
  Speaker 1: think Trump is what we call it panicking towards a deal,
• 47:31
  Speaker 1: falling all over himself towards a deal is again it's
• 47:36
  Speaker 1: political economic pressure. The fact is that the or the reserves,
• 47:41
  Speaker 1: the strategic deserves that the United States has been releasing.
• 47:47
  Speaker 1: You know that there's only so much longer that they
• 47:50
  Speaker 1: can keep releasing them. The amount of oil and fuel
• 47:54
  Speaker 1: stored up by businesses and governments has fallen sharply, you know,
• 48:00
  Speaker 1: is cut back on its old consumption dramatically. Uh And
• 48:05
  Speaker 1: as a consequence, prices have not gone up that much.
• 48:10
  Speaker 1: But I think there's a lot of people calling Trump
• 48:12
  Speaker 1: up and saying this has got to end. It's got
• 48:15
  Speaker 1: to you gotta stop, you know. And of course you
• 48:19
  Speaker 1: watch the stock market. Anytime he announces the deal, stocks
• 48:22
  Speaker 1: go up. Anytimes he rejects the deals, stock goes down.
• 48:28
  Speaker 1: He is really struggling because he didn't plan, he didn't strategize,
• 48:37
  Speaker 1: and he didn't commit the resources necessary to keep the
• 48:43
  Speaker 1: whole most straights open. I know, I keep hopping about this,
• 48:47
  Speaker 1: but it is such a big deal. It is such
• 48:51
  Speaker 1: an illustration of how this president does not think the
• 48:59
  Speaker 1: number one priority and starting a war should have bet
• 49:01
  Speaker 1: to keep the homost straits open, and his failure to
• 49:07
  Speaker 1: do that, his failure to do that is the cause
• 49:18
  Speaker 1: of all these problems the United States is happening, the
• 49:20
  Speaker 1: global economy is having and the fact that he can't
• 49:23
  Speaker 1: win this because because he's desperate and he wants so
• 49:33
  Speaker 1: he wants a deal, all right, So yeah, uh that
• 49:52
  Speaker 1: is uh, that is where we That's where we are.
• 49:55
  Speaker 1: And again I'll keep you updated, uh if we I mean, Tommy, Tommy,
• 50:04
  Speaker 1: He says, the problem of Trump is he's too honest.
• 50:08
  Speaker 1: That is that's the funniest thing I've heard in a
• 50:12
  Speaker 1: long time. I mean, I don't know anybody, anybody who
• 50:17
  Speaker 1: can mistake Trump for being honest. I mean, he's honest
• 50:22
  Speaker 1: in the sense that he says what he feels, but
• 50:25
  Speaker 1: what he feels is whatever he makes up. So if
• 50:28
  Speaker 1: honesty means a connection to reality, Trump is the least
• 50:31
  Speaker 1: honest person I know. All Right, Yeah, it's uh, it
• 50:46
  Speaker 1: really is a disaster. But okay, we'll see where that
• 50:55
  Speaker 1: takes us. All right, let's talk about social Security. Uh,
• 51:08
  Speaker 1: you know, uh, I complained yesterday about people not thinking
• 51:10
  Speaker 1: long term and not dealing with problems, and it does
• 51:15
  Speaker 1: appear that finally, over the last couple of days, maybe
• 51:19
  Speaker 1: somebody was listening to my show yesterday that you know,
• 51:22
  Speaker 1: people are being forced to deal with the social security issue.
• 51:27
  Speaker 1: You know, for a very very simple reason. We're going
• 51:34
  Speaker 1: to fall off a cliff really really soon, really really soon.
• 51:41
  Speaker 1: There was up ed today in The New York Times
• 51:44
  Speaker 1: by Jason Fuhum. Jason Ferhum is a left of senner
• 51:49
  Speaker 1: economist who worked for Bill Clinton's White House. But is
• 51:55
  Speaker 1: you know, if Senna left and quite respected as an
• 52:00
  Speaker 1: economist on a variety of different things. He's wrong in
• 52:03
  Speaker 1: a lot of stuff, including ultimately So Security. But here's
• 52:06
  Speaker 1: what he said. He writes, the first major public policy
• 52:09
  Speaker 1: issue I worked on in the White House almost thirty
• 52:11
  Speaker 1: years ago was Bill Clinton's call to save Social Security. First,
• 52:17
  Speaker 1: though the fund wasn't projected to run drive for another
• 52:19
  Speaker 1: three decades, the country seemed gripped by the issue. Nothing happened.
• 52:26
  Speaker 1: A few years later, George W. Bush felt strongly enough
• 52:29
  Speaker 1: about the looming crisis that he spent much of his
• 52:32
  Speaker 1: political capital pushing a strategy to resolve it. If you
• 52:35
  Speaker 1: remember privatizing a tiny fraction of Social Security. But he
• 52:41
  Speaker 1: at least put a proposal forward that was rejected. This week,
• 52:49
  Speaker 1: Form goes on to say. Foreman goes out to say,
• 52:51
  Speaker 1: this week, the SO Security Trustees announced that the trust
• 52:54
  Speaker 1: Fund for retyrese and Survivors will be exhausted in just
• 52:58
  Speaker 1: six years, six years before tens of millions of Americans
• 53:03
  Speaker 1: could see their benefits cut by twenty two percent, which
• 53:06
  Speaker 1: is the automatic thing that happens once the trust fund
• 53:09
  Speaker 1: gets depleted. The crisis is closer than anyone in the
• 53:13
  Speaker 1: Clinton or Bush years ever imagined. We might let it
• 53:18
  Speaker 1: get people who receive so security haven't taken to the
• 53:21
  Speaker 1: streets in outrage, perhaps because they know from experience they
• 53:25
  Speaker 1: will be spared. It's everyone else who will be made
• 53:29
  Speaker 1: to pay. That's right, somebody will be subsidizing it instead
• 53:34
  Speaker 1: of fixing the problem. He goes on, America is likely
• 53:37
  Speaker 1: to just kick the can down the road, again, drawing
• 53:40
  Speaker 1: on other parts of the federal budget to pay for
• 53:42
  Speaker 1: the shortfall in this one. The rest of the budget, however,
• 53:46
  Speaker 1: is already strained and getting more so by the day.
• 53:50
  Speaker 1: Putting additional pressure on it will mean less money. You know,
• 53:55
  Speaker 1: this is again left of center right. Less money for children, education, cancer,
• 53:59
  Speaker 1: rese such infrastructure we need to power economic growth and
• 54:02
  Speaker 1: many other things. It also means more borrowing, potentially higher
• 54:07
  Speaker 1: interest rates, bigger deficit, more debt, and a greater risk
• 54:11
  Speaker 1: of inflation. Both Clinton and Bush warned that the closer
• 54:16
  Speaker 1: the Social Security Fund got to insolvency, the worse the
• 54:19
  Speaker 1: options would be for real and lasting change, and the
• 54:23
  Speaker 1: greater the constraints both politically and economically. An aid to
• 54:28
  Speaker 1: House Speaker to Borneo once called social security reform the
• 54:32
  Speaker 1: third rail of American politics. Touch it and you get electrocuted.
• 54:37
  Speaker 1: That was because of the At the time, he said,
• 54:39
  Speaker 1: roughly twenty percent of the voting age population was receiving
• 54:42
  Speaker 1: Social Security benefits, too bigger population for politicians to risk alienating.
• 54:50
  Speaker 1: In about six years, the chunk of people receiving money
• 54:54
  Speaker 1: from Social Security will actually be thirty percent. Thirty sure enough,
• 55:06
  Speaker 1: now that we're getting closer to the cliff. Instead of
• 55:08
  Speaker 1: pumping the brakes, politicians from both parties are actually pressing
• 55:12
  Speaker 1: harder on the gas pedal. Bipartisan legislation passed in twenty
• 55:15
  Speaker 1: twenty four expanded benefits for some state employees without paying
• 55:20
  Speaker 1: for them. President Trump's One Big, Beautiful Bill, which included
• 55:26
  Speaker 1: a de facto benefit increase that comes to the expense
• 55:29
  Speaker 1: of revenues partially earmarked for SID security, was responsible for
• 55:33
  Speaker 1: one quarter of the worstening of the prediction of SOID
• 55:36
  Speaker 1: security over the past year. It's all aggravating the problem
• 55:40
  Speaker 1: we should be trying to solve. And now this talk
• 55:43
  Speaker 1: of passing a law to make it easier to draw
• 55:46
  Speaker 1: money from other parts of the budget, and they fear
• 55:48
  Speaker 1: harder to address the underlying issue. So what do you do, Republicans.
• 55:58
  Speaker 1: Whatever Republicans want to do, they want to invest Social
• 56:00
  Speaker 1: Security in the stock market so it gets higher returns. Now,
• 56:08
  Speaker 1: I imagine the government being the largest investor in the
• 56:12
  Speaker 1: stock market, only bad stuff can happen there. And anyway,
• 56:19
  Speaker 1: where is the Social security money that should be invested
• 56:22
  Speaker 1: in the stock market? Today? Every dollar that you pay
• 56:27
  Speaker 1: into soial security is immediately paid out to recipient and
• 56:32
  Speaker 1: heed more is paid out than is coming in. And
• 56:36
  Speaker 1: what has to happen now is the SIB Security has
• 56:44
  Speaker 1: a bunch of government bonds which the government is basically
• 56:49
  Speaker 1: the selling and using that money to pay off. That's
• 56:54
  Speaker 1: what it means. So you could take those government bonds,
• 56:56
  Speaker 1: you can take the proceeds from those gun bonds and
• 56:58
  Speaker 1: invest in the stock market. That's not that much money,
• 57:04
  Speaker 1: not that much money, and the stock market sometimes goes down.
• 57:10
  Speaker 1: What would happen then? And imagine again the political issue
• 57:15
  Speaker 1: of the government being the largest investor in the stock market.
• 57:24
  Speaker 1: So what do you do? I mean he's saying, we
• 57:27
  Speaker 1: can got benefits by twenty percent and that would square
• 57:31
  Speaker 1: it away. But cutting benefits is tough. You can also,
• 57:36
  Speaker 1: you know, reduce benefits to wealthy people. You could make it.
• 57:40
  Speaker 1: You can adjust it for income. That would extend it,
• 57:44
  Speaker 1: but political difficult. To do U. And of course you
• 57:49
  Speaker 1: could raise taxes. You could raise taxes, but those are
• 57:56
  Speaker 1: the only options they can conceive of, because given the urgency,
• 58:01
  Speaker 1: those are the only options that exist. You could raise
• 58:03
  Speaker 1: the retirement age to seventy instead of sixty five, but
• 58:08
  Speaker 1: again doing it all at once would be difficult politically. Again,
• 58:12
  Speaker 1: you could mean test it so that people who have
• 58:15
  Speaker 1: large incomes don't collect those security on top of it,
• 58:19
  Speaker 1: and you can raise payroll taxes, but people already stretched
• 58:22
  Speaker 1: on taxes, are you really going to stretch them even
• 58:25
  Speaker 1: further so? And of course even if you privatize those
• 58:33
  Speaker 1: security or eliminate it, phase it out, you'd have to
• 58:38
  Speaker 1: phase it out. And you've still got massive commitment over
• 58:41
  Speaker 1: the next twenty to forty years the period under which
• 58:43
  Speaker 1: you phase it out. And every day you wait, the
• 58:50
  Speaker 1: worst is going to get. So something has to give here,
• 58:58
  Speaker 1: something is have to give. Now. Here's the amazing thing. Yesterday,
• 59:04
  Speaker 1: Also yesterday, Mike Johnson to Speaker of the House of
• 59:09
  Speaker 1: Representative I guess this was Monday, said something there's just unthinkable,
• 59:17
  Speaker 1: particularly before an election. This is what he said. So
• 59:22
  Speaker 1: the reason we're in trouble is because over seventy four
• 59:24
  Speaker 1: percent of federal spending is an autopilot, mandatory spending. That is,
• 59:30
  Speaker 1: your entitlement programs like medicare, Medicaid, and things like sod security.
• 59:34
  Speaker 1: They have to be adjusted and fixed. Oh my god,
• 59:38
  Speaker 1: he just touched the third rail. We have a plan
• 59:42
  Speaker 1: to do that next year, and it's critical because we're
• 59:45
  Speaker 1: at forty trillion plus in debt. At some point, you
• 59:49
  Speaker 1: get into a hole so deep you can't climb out
• 59:51
  Speaker 1: of it, so desperate times call for deathsper measures. Absolutely,
• 59:56
  Speaker 1: but you know that if there's a video clip of that,
• 1:00:00
  Speaker 1: Democrats are going to run that all day long in
• 1:00:03
  Speaker 1: this coming election. They're going to claim that if Republicans win,
• 1:00:08
  Speaker 1: they're gonna get your security, get your medicaid. And the
• 1:00:13
  Speaker 1: reality is, sadly, given the fact that Republicans are not educated,
• 1:00:18
  Speaker 1: the public about this, talked about this, I mean, this
• 1:00:22
  Speaker 1: should have been talked about for the last thirty years.
• 1:00:25
  Speaker 1: And Bush's plan to privatizing a little bit now looks
• 1:00:28
  Speaker 1: pretty good. At the time, I was super critical of
• 1:00:30
  Speaker 1: it because why not privatize at all? Why you're privatizing
• 1:00:34
  Speaker 1: only a little bit. If Chile could priortize their social
• 1:00:37
  Speaker 1: security system, how come to the United States, the bastian
• 1:00:40
  Speaker 1: of freedom and liberty can't privatize their soial security plan.
• 1:00:47
  Speaker 1: So it's going to be interesting to see, you know,
• 1:00:51
  Speaker 1: what happens with Johnson, and what happens with the response
• 1:00:55
  Speaker 1: to Johnson, and whether Republicans really have the balls to
• 1:01:00
  Speaker 1: really talk about social security and Medigan. All right, a
• 1:01:06
  Speaker 1: few fun, fun fun stories, and and and and some
• 1:01:10
  Speaker 1: achievements and and we'll call it a day. There's a
• 1:01:15
  Speaker 1: ranking out of universities which I thought was really interesting.
• 1:01:20
  Speaker 1: It's a ranking in universities that ranks them based on
• 1:01:25
  Speaker 1: how many of their graduates became founders of companies. And
• 1:01:33
  Speaker 1: you have to have been venture capital backed, so it
• 1:01:37
  Speaker 1: has to at least it doesn't have to be a
• 1:01:39
  Speaker 1: successful company ultimately, but it has to be successful at
• 1:01:42
  Speaker 1: launch in a sense that venture capitalists thought it was
• 1:01:46
  Speaker 1: worth investing in, right, and they ranked the universities and
• 1:01:51
  Speaker 1: they ranked them. You can rank them both based on
• 1:01:53
  Speaker 1: found account or how much the total amount of all
• 1:01:58
  Speaker 1: the companies raised capital or the number of companies started.
• 1:02:05
  Speaker 1: It turns out that fewer companies were started than founders,
• 1:02:09
  Speaker 1: because some founders started them together. Graduates of the same
• 1:02:12
  Speaker 1: university founded them together. I don't know if this assumes
• 1:02:17
  Speaker 1: graduation from the university or let's see pitch folks annual
• 1:02:26
  Speaker 1: university rankings compare schools by telling up the number of
• 1:02:29
  Speaker 1: alumni entrepreneurs. These are people who graduated, so it doesn't
• 1:02:32
  Speaker 1: include Bill Gates and the Google guys who never really graduated.
• 1:02:37
  Speaker 1: The rankings are powered by pitchfolk data. D all right,
• 1:02:41
  Speaker 1: so I'm curious, what do you guys think? What do
• 1:02:44
  Speaker 1: you think is the number one university in the United
• 1:02:47
  Speaker 1: States for graduating company founders? Not the most capital raised, interestingly,
• 1:02:58
  Speaker 1: but the most companies, the largest number, well, the large
• 1:03:03
  Speaker 1: number of companies and the largest number of founders. What
• 1:03:06
  Speaker 1: do you think that is? Which which university is number one?
• 1:03:09
  Speaker 1: Do you think? I mean, I think that I think
• 1:03:15
  Speaker 1: the first five five are probably not that surprising, right,
• 1:03:23
  Speaker 1: So it doesn't it doesn't seem to include dropouts, right,
• 1:03:27
  Speaker 1: Jeremy says Stanford. Stanford's close, But Stanford's actually number two,
• 1:03:35
  Speaker 1: not number one. Is one university above Stanford? Anybody else
• 1:03:40
  Speaker 1: want to take a stab at the number one university
• 1:03:43
  Speaker 1: in the country in terms of the number of founders?
• 1:03:48
  Speaker 1: What is w I T H I don't know what
• 1:03:51
  Speaker 1: that is anybody, m I t oh MIT. Mi T
• 1:04:02
  Speaker 1: is number five. MIT is number five, So I think
• 1:04:06
  Speaker 1: the top five are fairly predictable. So you know that's right,
• 1:04:11
  Speaker 1: But it's not number one. Which one is number one?
• 1:04:15
  Speaker 1: I think the only reason this university is not one
• 1:04:18
  Speaker 1: that you would all say yes is because it has
• 1:04:24
  Speaker 1: a reputation as being I don't know, pretty far left.
• 1:04:30
  Speaker 1: And by the way, this is just undergraduates. We're going
• 1:04:33
  Speaker 1: to do one for graduates and then we're gonna do
• 1:04:35
  Speaker 1: one for NBAS So all right, nobody's guessing. I thought
• 1:04:42
  Speaker 1: you guys would play this game, be more active in
• 1:04:44
  Speaker 1: playing the game. By the way, don't forget super chats.
• 1:04:49
  Speaker 1: Stickers were way behind in the second hour. Harvard Harvard
• 1:04:54
  Speaker 1: is number three. Harvard is number three, right, so Hoard
• 1:05:00
  Speaker 1: had zuck so based maybe on market cap they would
• 1:05:03
  Speaker 1: be Colombia. Columbia is way down. Is Columbia way way down?
• 1:05:08
  Speaker 1: You see, Columbia is not. Columbia is number fourteen fourteen,
• 1:05:12
  Speaker 1: Harvard is number three. Hillsdale is not on the list.
• 1:05:19
  Speaker 1: Mi T might be per capita, but it's number one,
• 1:05:25
  Speaker 1: number five. Otherwise, because MIT is all is almost all Tech,
• 1:05:31
  Speaker 1: and that's why you would expect that they would be
• 1:05:33
  Speaker 1: higher on a per capita basis if you look at
• 1:05:36
  Speaker 1: the number of students in STEM. I'm not sure. So Brookeley,
• 1:05:41
  Speaker 1: it's Brookeley. So Jeremy says Brookeley doesn't seem right, but
• 1:05:44
  Speaker 1: it's actually Brookley. And the reason is Brookeley is Brookeley
• 1:05:49
  Speaker 1: is mostly STEM. It's got a huge stamp population. And
• 1:05:54
  Speaker 1: while we associate with left radicals, they're not the ones
• 1:05:58
  Speaker 1: in the STEM. They're just doing stam and they got
• 1:06:01
  Speaker 1: and start companies. So University of Brookeley generated one thousand,
• 1:06:05
  Speaker 1: eight hundred and four founders and total capital raised was
• 1:06:10
  Speaker 1: sixty nine billion. Stanford, actually University of Pennsylvania is the
• 1:06:15
  Speaker 1: one you guys missed. That is number four. Princeton is
• 1:06:19
  Speaker 1: way down Princeton. Princeton is number fifteen, just after Columbia.
• 1:06:24
  Speaker 1: So it's Berkeley, Stanford, Harvard, Penn MIT, and Cornell. And
• 1:06:31
  Speaker 1: in terms of the highest valuations the largest amount of
• 1:06:34
  Speaker 1: money raised, that's U penn one hundred and twenty billion,
• 1:06:38
  Speaker 1: and then stand Ford one hundred and two billion, and
• 1:06:40
  Speaker 1: then then I think it's it's cal Berkeley. So Berkeley,
• 1:06:46
  Speaker 1: I didn't think you'd I guessed you wouldn't guess that, yeap,
• 1:06:53
  Speaker 1: Brookeley has thirty two thousand students in mits, fewer than
• 1:06:56
  Speaker 1: five thousand. That is true. So on a capita basis,
• 1:07:00
  Speaker 1: team much higher. All right, what do you guys think?
• 1:07:05
  Speaker 1: What do you guys think? Is the only other country
• 1:07:10
  Speaker 1: other than the United States that is represented in the
• 1:07:14
  Speaker 1: top ten and not only represented in the top ten,
• 1:07:18
  Speaker 1: but two of its universities are represented in the top
• 1:07:22
  Speaker 1: ten in terms of number of founders who went on
• 1:07:27
  Speaker 1: to found venture back companies. Two universities from one country.
• 1:07:35
  Speaker 1: So anybody, anybody want to take China, Jeremy says, no.
• 1:07:41
  Speaker 1: Now I'm a little suspicious of this. It's not China.
• 1:07:45
  Speaker 1: I'm a little suspicious of the of it because you
• 1:07:49
  Speaker 1: think it would be China, And one wonders if the startups,
• 1:07:54
  Speaker 1: you know, maybe the startups have to be in the US.
• 1:07:56
  Speaker 1: I'm looking, uh dumb, Yeah, I don't know if this
• 1:08:07
  Speaker 1: is just maybe this is just counting again. This is
• 1:08:11
  Speaker 1: venture back companies, So you think China would be higher up.
• 1:08:16
  Speaker 1: It's not China. It is Israel, and it's two universities
• 1:08:20
  Speaker 1: from Israel. So if you want to go on a
• 1:08:21
  Speaker 1: per capita basis, is all blows away anybody, anybody out
• 1:08:28
  Speaker 1: there on a capita basis, right, it blows everybody away, right,
• 1:08:34
  Speaker 1: so is all. Tel Aviv University is in number seven.
• 1:08:38
  Speaker 1: My alma mater, actually, both my alma maters on the
• 1:08:41
  Speaker 1: top ten. My Israeli alma mater is number ten, seven
• 1:08:45
  Speaker 1: hundred and eighty three founders, raising twenty six point seven
• 1:08:50
  Speaker 1: billion dollars, and my graduate school alma Mada University of
• 1:08:55
  Speaker 1: Texas and Austin is eight hundred and fifty founders. It's
• 1:08:59
  Speaker 1: number eight and twenty four billion dollars. So both my
• 1:09:04
  Speaker 1: you know, both my mama maters did well. Here. What's
• 1:09:08
  Speaker 1: the other country that makes the top twenty Well.
• 1:09:13
  Speaker 2: Actually there are let me just see. That's Israel.
• 1:09:19
  Speaker 1: And it's not China. So there's two other countries that
• 1:09:23
  Speaker 1: make the top twenty. Two Universities in seventeen eighteen and
• 1:09:27
  Speaker 1: then a university in nineteen from a different university. The
• 1:09:32
  Speaker 1: next one is Canada. Canada is University of Toronto, University
• 1:09:37
  Speaker 1: of Waterloo are seventeen and eighteen, and below that at
• 1:09:41
  Speaker 1: nineteen is India. Jeremy's right, India, that's at nineteen, and
• 1:09:46
  Speaker 1: then then you get McGill at twenty two. I'm looking
• 1:09:50
  Speaker 1: and then only then do you get to first Chinese university,
• 1:09:53
  Speaker 1: singu University with five hundred and forty five founders, a
• 1:09:58
  Speaker 1: lot of capital raised for only five hundred and forty
• 1:10:01
  Speaker 1: five thirty seven point three billion, which is a lot
• 1:10:04
  Speaker 1: per graduate. India institut of Technology is twenty six. Let's
• 1:10:10
  Speaker 1: see who else Hebrew University, another Israeli university at thirty.
• 1:10:14
  Speaker 1: So Israel way way way way way outperforming its population.
• 1:10:20
  Speaker 1: Then you get Western Ontario, so is Canada. Then he
• 1:10:24
  Speaker 1: gets Singapore, British Columbia. I'm just looking at the Indian
• 1:10:28
  Speaker 1: Institute of Technology, so India is well represented. And only
• 1:10:33
  Speaker 1: then do you get Oxford. Oxford is number fifty. That's
• 1:10:36
  Speaker 1: the first European university. If fifty two is Bengurian University,
• 1:10:41
  Speaker 1: another Israeli university, so pretty much every major Israeli university
• 1:10:46
  Speaker 1: is in the top fifty two. That is an amazing
• 1:10:51
  Speaker 1: that's an amazing number. Okay, let's quickly look at graduates
• 1:10:54
  Speaker 1: graduate programs at Stanford, first, Harvard, MIT, Columbia, UPenn, Cambridge, Oxford, Oxford.
• 1:11:04
  Speaker 1: Look at Oxford jumping up to number eight from number
• 1:11:08
  Speaker 1: you know, fifty when you only look at graduate students,
• 1:11:14
  Speaker 1: and the Israeli's universities dropped the number fourteen, Tel Aviv
• 1:11:20
  Speaker 1: University fourteen, Texas drops the number twenty. That's all because
• 1:11:24
  Speaker 1: I graduated and didn't didn't start a venture back company.
• 1:11:28
  Speaker 1: If I had, then number would you know Texas would
• 1:11:30
  Speaker 1: be much higher? And think if you look at NBA's
• 1:11:34
  Speaker 1: this is kind of this will tell you the best
• 1:11:35
  Speaker 1: NBA schools. These are small programs, relatively small programs, a
• 1:11:40
  Speaker 1: high percentage of entrepreneurs. Harvard, Stanford, Upen, which would probably
• 1:11:46
  Speaker 1: be the right way to rank NBA programs, and then
• 1:11:50
  Speaker 1: instead which is the European So they jump up to
• 1:11:53
  Speaker 1: number four from being non existent in the list before
• 1:11:57
  Speaker 1: then Columbia, then Northwestern, then Chicago, the T then Berkeley,
• 1:12:02
  Speaker 1: then London School of Business, then U C. L A.
• 1:12:05
  Speaker 1: N YU and only then Tel Aviv University and University
• 1:12:09
  Speaker 1: of Texas is way down here. I would have expected
• 1:12:13
  Speaker 1: U T. Austin to be higher up on the list,
• 1:12:16
  Speaker 1: so I'm surprised. Yeah, I haven't seen it yet. Huh.
• 1:12:22
  Speaker 1: So NBA is at the University of Texas, not very entrepreneurial. Anyway,
• 1:12:27
  Speaker 1: I thought that was fun. Uh and uh an interesting
• 1:12:30
  Speaker 1: And it's not on the list university but the University
• 1:12:37
  Speaker 1: of American University in bulgeera. So I thought that was
• 1:12:41
  Speaker 1: interesting and uh fun, all right, one more fun. Yeah,
• 1:12:50
  Speaker 1: they've even got a female Founders edition where they look
• 1:12:53
  Speaker 1: at which university has produced the most female founders and
• 1:12:56
  Speaker 1: that again is you see Brookeley, Berkeley, Stanford, Harvard, pen
• 1:13:00
  Speaker 1: and Cornell. Pretty amazing how wealthy Israeli universities do. All right,
• 1:13:07
  Speaker 1: have you guys heard of this company called Crumbo. It's
• 1:13:11
  Speaker 1: like the thing right now. Crumbo. It's a dessert company.
• 1:13:17
  Speaker 1: It basically makes desserts and cookies and it is the fast.
• 1:13:24
  Speaker 1: It's a fast growing US bond franchise built around TikTok
• 1:13:30
  Speaker 1: and Instagram and influencers. Right. So they have a simple formula,
• 1:13:38
  Speaker 1: fresh make cookies, weekly, limited flavors, app driven ordering, pink
• 1:13:43
  Speaker 1: box branding, and franchise expansion. Official site describes the menu
• 1:13:49
  Speaker 1: as six classic cookies plus four rotating weekly favors with
• 1:13:53
  Speaker 1: flavors with delivery, pick up and carry on out options.
• 1:13:59
  Speaker 1: The famous because they have the rotating menu, but also
• 1:14:02
  Speaker 1: because a lot of influences a lot of influencers. Nowhere
• 1:14:07
  Speaker 1: they good, Jennifer. This is where we diverge paths. Then
• 1:14:13
  Speaker 1: known for being like super super super sweet. This is
• 1:14:21
  Speaker 1: a social media driven retail concept that emphasizes sugar above
• 1:14:26
  Speaker 1: all things. And the cookies are expensive, super sweet, really
• 1:14:33
  Speaker 1: high calorie and if you want diabetes, if you want diabetes,
• 1:14:39
  Speaker 1: this is the brand you need to buy. Now. They
• 1:14:43
  Speaker 1: have come out with a drink. It's called Dirty Sodas.
• 1:14:50
  Speaker 1: These are customized soda energy drink, energy drinks, mixed syrups,
• 1:14:57
  Speaker 1: fruit parrees, lime, lemon, coconut cream, heavy cream, and a lot,
• 1:15:04
  Speaker 1: I mean a lot of sugar. Sea's like the basic lineup.
• 1:15:12
  Speaker 1: It's a soda base like you can order doctor Pepper, Spie,
• 1:15:16
  Speaker 1: that coca whatever you want, and then you add any
• 1:15:20
  Speaker 1: drink drink on top of that off in red Bull,
• 1:15:23
  Speaker 1: and then on top of that you can add a
• 1:15:25
  Speaker 1: water saltzer type bass or fruity syrup or cream or
• 1:15:29
  Speaker 1: coconut or something like that. They have forty combinations. I
• 1:15:34
  Speaker 1: don't know why I'm giving this publicity. It sounds unbelievably disgusting.
• 1:15:39
  Speaker 1: I mean, I cannot think of a food I would
• 1:15:42
  Speaker 1: less want to drink or drink that I would less
• 1:15:45
  Speaker 1: want to drink than one of these really disgusting combinations
• 1:15:52
  Speaker 1: of stuff that I wouldn't drink alone, never mind combined. Anyway,
• 1:15:59
  Speaker 1: these things, you know, you get about eight hundred and
• 1:16:04
  Speaker 1: forty calories in one of these. This is the stunner, right.
• 1:16:09
  Speaker 1: I look at packages of food looking at sugar and like,
• 1:16:14
  Speaker 1: if there's four grams five grams of sugar, I'm okay.
• 1:16:17
  Speaker 1: Sometimes if I really want a protein ball and it
• 1:16:20
  Speaker 1: has you know, you know, I don't know, fourteen grams
• 1:16:25
  Speaker 1: of sugar and it's it's mostly and it's not added sugar,
• 1:16:28
  Speaker 1: it's it's sugar from the food itself, then I'll take it.
• 1:16:32
  Speaker 1: But like I freak out if it's double digit sugar.
• 1:16:37
  Speaker 1: These drinks have are you listening to? Are you ready
• 1:16:40
  Speaker 1: for this? They have one hundred and eighty six grams
• 1:16:43
  Speaker 1: of sugar. One hundred and eighty six grams of sugar
• 1:16:48
  Speaker 1: in one drink. That's like five cokes five cokes. Ah God,
• 1:16:59
  Speaker 1: it makes me sick just thinking about it. I mean,
• 1:17:04
  Speaker 1: I mean really sick, like like you know, I have
• 1:17:06
  Speaker 1: pressures off, my cholesterols just rosen and I'm on the
• 1:17:10
  Speaker 1: on the verge of diabetics of diabetes just from just
• 1:17:14
  Speaker 1: from thinking about one hundred and eighty four grams of
• 1:17:16
  Speaker 1: sugar in one drink. Anyway, this doctor, Mike Hayman, who
• 1:17:23
  Speaker 1: is a big kind of paleo, used to be pale
• 1:17:26
  Speaker 1: I don't think he's paleo anymore. But he's like eat
• 1:17:28
  Speaker 1: real food kind of guy. This is what he said.
• 1:17:33
  Speaker 1: Crumble needs to be stopped. The new dirty soda contains
• 1:17:38
  Speaker 1: one hundred and eighty six grams of sugar, the equivalent
• 1:17:40
  Speaker 1: of eating nineteen Krispy Cream donuts. I can't even have one.
• 1:17:45
  Speaker 1: Just thinking about a Krispy Cream donut causes me slight nausea.
• 1:17:52
  Speaker 1: It's so sweet. This is a metabolic disaster and should
• 1:17:57
  Speaker 1: be illegal. Please do not drink these. So he wants
• 1:18:03
  Speaker 1: to make it illegal, and it probably will be. Remember
• 1:18:06
  Speaker 1: when they made in New York City, they made big
• 1:18:09
  Speaker 1: sodas illegal. This is like big sodas on steroids. Let's
• 1:18:15
  Speaker 1: see one of these drinks. It's like five cans of coke,
• 1:18:19
  Speaker 1: two pints of ban and Jerry, twenty nine Krispy Creme donuts,
• 1:18:23
  Speaker 1: forty Oreo cookies, except you're drinking it through a straw.
• 1:18:29
  Speaker 1: The A Megan Art Association recommends no more than twenty
• 1:18:31
  Speaker 1: five grams of added sugar per day for women and
• 1:18:35
  Speaker 1: thirty six grams of men. I don't think I have
• 1:18:39
  Speaker 1: ten percent of that on a day. This one drink
• 1:18:42
  Speaker 1: delivers roughily five to seven days worth of added sugar
• 1:18:45
  Speaker 1: in a single sitting. And that's the American Art Association.
• 1:18:49
  Speaker 1: They're they're pretty lenient on sugar. Oh my god, somebody
• 1:18:56
  Speaker 1: should wear like a sugar monitor, blood sugar monitor, one
• 1:19:00
  Speaker 1: of those cgms, and and drink one of these just
• 1:19:04
  Speaker 1: to see what happens, just to see your blood sugars.
• 1:19:08
  Speaker 1: I mean if I wear those once a yea, and
• 1:19:12
  Speaker 1: I eat like just like a bag of roasted plantain chips,
• 1:19:19
  Speaker 1: like plantain chips, and my blood sugar goes like that,
• 1:19:24
  Speaker 1: and it doesn't go that high for me, It goes way. Hi.
• 1:19:28
  Speaker 1: I can't even imagine what would happen if I drank
• 1:19:30
  Speaker 1: a coumbo anyway. That was not an endorsement, not an
• 1:19:38
  Speaker 1: endorsement at all. That was, oh my god, can you
• 1:19:44
  Speaker 1: believe that? All? Right? From that to chocolate, Remember yesterday
• 1:19:55
  Speaker 1: we talked about synthetic chocolate and and the coffee. And
• 1:20:04
  Speaker 1: you know I said I wasn't exactly how it was
• 1:20:07
  Speaker 1: done anyway today out of nowhere. It's I noticed a pattern.
• 1:20:12
  Speaker 1: Every time I cover a story, I'm like one day
• 1:20:15
  Speaker 1: ahead of the mainstream media, they cover it the next morning.
• 1:20:21
  Speaker 1: So like the chocolate coffee story was a big was
• 1:20:24
  Speaker 1: a big story in the Financial Times today, which is
• 1:20:27
  Speaker 1: good because they give more of explanation of what is
• 1:20:31
  Speaker 1: going on. All right, so I'm just going to read
• 1:20:34
  Speaker 1: you some of this. This is Israeli start up I
• 1:20:36
  Speaker 1: talked about. And by taking the cells from cocoa beans,
• 1:20:40
  Speaker 1: feeding them sugar nutrients, they should they should make a
• 1:20:43
  Speaker 1: deal with Crumble no nutrients, though regulatory permission allowed. Companies
• 1:20:48
  Speaker 1: are aiming for products to be ready for market by
• 1:20:51
  Speaker 1: twenty twenty seven. Lab Go and Chocolate will represent more
• 1:20:55
  Speaker 1: than just another technological breakthrough. It will underline companies need
• 1:21:00
  Speaker 1: to insulate their earnings and their reputations given today's volatile
• 1:21:03
  Speaker 1: and politicized supply chains, even if it takes demand away
• 1:21:07
  Speaker 1: for millions of you know, of people in Africa and
• 1:21:12
  Speaker 1: in in uh in South America. You know, let's see,
• 1:21:21
  Speaker 1: so food companies are looking for I hadge for the
• 1:21:24
  Speaker 1: volatility of natural cocoa production. The volatility is increased in
• 1:21:29
  Speaker 1: recent years because of weather patterns and cocoa prices have
• 1:21:35
  Speaker 1: gone through the roof, So people are looking for diversification sources, right. Uh,
• 1:21:42
  Speaker 1: but these companies are being you know, harassed because of
• 1:21:48
  Speaker 1: it's artificial. Maybe they'll ban them in in Florida. Anyway,
• 1:21:59
  Speaker 1: this isn't just need to watch because it might be
• 1:22:02
  Speaker 1: then once we start getting synthetic foods in chocolate and coffee,
• 1:22:07
  Speaker 1: the door opened up to what you really want, which
• 1:22:11
  Speaker 1: is synthetic meat, which which is a It would be
• 1:22:15
  Speaker 1: a huge economic I mean it would be a huge
• 1:22:20
  Speaker 1: change economically. All right. Finally, last kind of achievement story. Uh,
• 1:22:27
  Speaker 1: Jet Beizos Jet Piezos is now a co CEO of
• 1:22:32
  Speaker 1: a new startup, a startup unconnected to his Space Ventures
• 1:22:37
  Speaker 1: and unconnected to Amazon. The startup is called Prometheus, which
• 1:22:41
  Speaker 1: is great name by the way, and it is a
• 1:22:45
  Speaker 1: startup to use AI to improve engineering, to improve engineering.
• 1:22:54
  Speaker 1: So we have a lot of chat boxes that have
• 1:22:57
  Speaker 1: all this knowledge. But what that training Prometheus on is
• 1:23:03
  Speaker 1: to become a great engineer. They've already raised twelve billion dollars.
• 1:23:09
  Speaker 1: I think an evaluation of over forty billion, and they're
• 1:23:13
  Speaker 1: hoping that their automated system will improve the design and
• 1:23:16
  Speaker 1: manufacture of practically any device, from computers to jet engines.
• 1:23:24
  Speaker 1: Bezos said, all societal wealth is driven by invention. There
• 1:23:28
  Speaker 1: is no substeing as societal wealth. But you get what
• 1:23:31
  Speaker 1: he means. Six thousand years ago, somebody invented the plow,
• 1:23:35
  Speaker 1: and we all got wealthier. Then muchs later, somebody invented
• 1:23:39
  Speaker 1: the steam engine, and we all got much wealthier. What
• 1:23:43
  Speaker 1: Prometheus seeks to do is to offer a set of
• 1:23:46
  Speaker 1: tools that dramatically accelerate that invention loop. It's, you know,
• 1:23:56
  Speaker 1: it's it's the first attempt I know of of you know,
• 1:24:03
  Speaker 1: looking of training in AI on design and engineering design
• 1:24:09
  Speaker 1: and uh, you know, explicitly working to improve efficiency of
• 1:24:14
  Speaker 1: companies that design and build computers, automobile, spacecraft other physical products.
• 1:24:19
  Speaker 1: According to this story in the New York Times, the
• 1:24:23
  Speaker 1: co CEO is a guy named Oh I saw his
• 1:24:28
  Speaker 1: name here a second ago. Yeah, Vick, I wonder if
• 1:24:36
  Speaker 1: he's an immigrant. You think he's an immigrant. You think
• 1:24:39
  Speaker 1: Vic is an immigrant. Probably probably sounds Indian, but maybe
• 1:24:43
  Speaker 1: somebody else maybe, But he's most likely an idiot immigrant
• 1:24:47
  Speaker 1: to a first generation I hope they don't deport him.
• 1:24:52
  Speaker 1: He said. The funder would invest in or even buy
• 1:24:54
  Speaker 1: companies they can benefit from technology under development at Prometheus.
• 1:24:59
  Speaker 1: The new AI startup could support other companies back by Bezos,
• 1:25:03
  Speaker 1: including Blue Origin for example. So Blue Origin is a
• 1:25:08
  Speaker 1: perfect example of a company that could benefit from the
• 1:25:10
  Speaker 1: tools Prometheus of building. Mister Bezos said, any company is
• 1:25:14
  Speaker 1: building sophisticated devices like rocket engines would benefit greatly from
• 1:25:18
  Speaker 1: this kind of technology. It says to design something that complicated,
• 1:25:24
  Speaker 1: it takes a thousand human minds creatively working together. It
• 1:25:28
  Speaker 1: is one of the most complex things we do as
• 1:25:30
  Speaker 1: a species, like a jet engine, but they use tools
• 1:25:34
  Speaker 1: that really haven't changed for decades. Part of what we
• 1:25:37
  Speaker 1: want to do is on them with tools that allow
• 1:25:40
  Speaker 1: them to come up with those designs much more quickly. So,
• 1:25:45
  Speaker 1: I mean, this is the greatness of AI. This is
• 1:25:48
  Speaker 1: what AI will be able to do, and that is
• 1:25:52
  Speaker 1: AI leverages the human mind, It multiplies our ability, makes
• 1:26:00
  Speaker 1: us much much smarter. It is an enhancer of human intelligence,
• 1:26:06
  Speaker 1: an enhancer of human intelligence, and that is huge. You
• 1:26:10
  Speaker 1: can't put a value on that. I mean, you can't
• 1:26:12
  Speaker 1: put in anthropic and but we'll soon find out what
• 1:26:17
  Speaker 1: the value is. But the idea of using it for engineering.
• 1:26:21
  Speaker 1: You know, it's already being used for biotech, but creating
• 1:26:24
  Speaker 1: a company just focused on training it for those kind
• 1:26:27
  Speaker 1: of problems is amazing. I'm super excited about it. I'm
• 1:26:32
  Speaker 1: super excited about AI generally. I think it's going to
• 1:26:34
  Speaker 1: change our world in ways that we don't we can't
• 1:26:37
  Speaker 1: even realize right now. And if there is a way
• 1:26:40
  Speaker 1: out of the economic malay and still maintain a mixed economy,
• 1:26:45
  Speaker 1: which is what everybody's trying to do, then that way
• 1:26:48
  Speaker 1: out is through AI. It's through AI, all right, That,
• 1:26:54
  Speaker 1: my friends, is the news for this Friday, June twelfth,
• 1:26:59
  Speaker 1: And and I'm just looking quickly at the news, and
• 1:27:05
  Speaker 1: as far as I can tell, a deal is not
• 1:27:08
  Speaker 1: yet being signed. It's shocking, I know, but it is
• 1:27:11
  Speaker 1: not yet being signed. All right. Let me remind you
• 1:27:21
  Speaker 1: that you can support the show with stickers. I see
• 1:27:23
  Speaker 1: a bunch of stickers coming in. Thank you, guys, A
• 1:27:25
  Speaker 1: bunch of stickers at five ten dollars a bucks seventy four.
• 1:27:31
  Speaker 1: Just any amount is great. Any amount reflects value for
• 1:27:35
  Speaker 1: value reflects a trade. Right, You're not just listening and
• 1:27:39
  Speaker 1: accepting a value for me. You're paying for it, which
• 1:27:43
  Speaker 1: means we're trading now, and that that is great. It's
• 1:27:45
  Speaker 1: great to be a trader. So please participate in the
• 1:27:48
  Speaker 1: trade by doing a sticker. So thank you. Let's say Rob,
• 1:27:52
  Speaker 1: thank you, Greg, thank you. Eric just did his first
• 1:27:55
  Speaker 1: super Chat ever. Thank you Eric. Really appreciate that. From Noway, Carolina,
• 1:28:00
  Speaker 1: think you have a lot of listeners from Norway, So
• 1:28:04
  Speaker 1: thank you guys, all the Norwegians out there. Wes, fifty
• 1:28:06
  Speaker 1: dollars in a sticker, really appreciate it. Wes and John.
• 1:28:13
  Speaker 2: And let's see the dumb, the dumb, the dumb. Yeah,
• 1:28:18
  Speaker 2: no early stickers.
• 1:28:19
  Speaker 1: All the stickers came late. Cool, keep them coming, Keep
• 1:28:22
  Speaker 1: the stickers coming. And then we got a bunch of questions,
• 1:28:25
  Speaker 1: and you should ask more questions. That way I get
• 1:28:29
  Speaker 1: to talk about what you want me to talk about,
• 1:28:30
  Speaker 1: at least for a few minutes. So send it over.
• 1:28:35
  Speaker 1: But anyway, let's take a look and start with Michael's question.
• 1:28:44
  Speaker 1: It's a fifty buck question. Alon mask became the first,
• 1:28:48
  Speaker 1: it was first trillion here today, it's time to become
• 1:28:51
  Speaker 1: an objectivist. My hope is once Blake Show has become
• 1:28:54
  Speaker 1: super successful, he will get close to Musque and convert
• 1:28:57
  Speaker 1: him to objectivism. It's very, very unlikely to happen, so
• 1:29:01
  Speaker 1: don't put too much hopes in any of that. But
• 1:29:04
  Speaker 1: I do hope. You know, the only part of that
• 1:29:07
  Speaker 1: that realistic is that Blake Show becomes super successful and
• 1:29:11
  Speaker 1: becomes you know, super super wealthy. That is that I
• 1:29:16
  Speaker 1: think is realistic. For lun Muster to become an rejectivist
• 1:29:20
  Speaker 1: is very unlikely. Robert, Hello, Team YBS, just checking in.
• 1:29:28
  Speaker 1: Then I have to get back to producing the audible
• 1:29:31
  Speaker 1: version of the Quinn cor Conde book, The Fruit of
• 1:29:35
  Speaker 1: the Tree Adultry Book number three, currently sixty five percent
• 1:29:41
  Speaker 1: through the reading, hoping to finish before okon, Wow, that's
• 1:29:44
  Speaker 1: an intense schedule before OCON. So yeah, get it done.
• 1:29:48
  Speaker 1: We want the audio version. I still need to do
• 1:29:51
  Speaker 1: book two on the audio version, which is which I will.
• 1:29:55
  Speaker 1: I will as soon as I get time two bocks,
• 1:30:01
  Speaker 1: nothing will be done about self security in twenty thirty two.
• 1:30:03
  Speaker 1: They will borrow the money. Seniors have too much political power.
• 1:30:07
  Speaker 1: Medica isn't even big a problem, which Tyree has paid
• 1:30:10
  Speaker 1: about twenty five cents on the dollar for their benefits.
• 1:30:12
  Speaker 1: I agree. I am now a recipient of Medicare. I
• 1:30:18
  Speaker 1: turned sixty five. They sent me my Medicare card. I've
• 1:30:22
  Speaker 1: got pot A and Part B. I paid all my
• 1:30:25
  Speaker 1: working life into it, and now I'll get four dollars
• 1:30:27
  Speaker 1: and every dollar I put in. It's a good deal.
• 1:30:29
  Speaker 1: I lost a lot of money on Social Security. They
• 1:30:31
  Speaker 1: will get less than what I would have gotten if
• 1:30:34
  Speaker 1: they've given me the money. I make it up with MEDICAI. Yeah,
• 1:30:38
  Speaker 1: I mean, it's it's I agree with you. They'll keep borrowing,
• 1:30:42
  Speaker 1: they won't fix it. They but at some point, at
• 1:30:47
  Speaker 1: some point, they will be a reckoning, whether it's twenty
• 1:30:50
  Speaker 1: thirty two or twenty thirty six or twenty forty. At
• 1:30:54
  Speaker 1: some point, I think in the next decade there's going
• 1:30:58
  Speaker 1: to be a reckoning because we're talking about borrowing, which
• 1:31:02
  Speaker 1: means more and more and more debt, more and more
• 1:31:04
  Speaker 1: and more debt. At some point, people won't lend us money.
• 1:31:07
  Speaker 1: At some point that stops. That gravy train stops. I
• 1:31:11
  Speaker 1: don't know where, I don't know when, but it can't
• 1:31:14
  Speaker 1: go on forever that I know, And my guess is
• 1:31:17
  Speaker 1: it's next decade. So something has to give, and it
• 1:31:21
  Speaker 1: could be inflation now, so security is indexed, but and
• 1:31:27
  Speaker 1: medicaid just pays whatever the costs are. Say it's indexed,
• 1:31:31
  Speaker 1: but that something will have to give on federal spending
• 1:31:36
  Speaker 1: or we collapse economically. Jennifer, this is some Neil putz.
• 1:31:43
  Speaker 1: I'm young enough not to care too much about the
• 1:31:45
  Speaker 1: way things used to be. I'm old enough not to
• 1:31:48
  Speaker 1: care too much about what you think of me, and
• 1:31:50
  Speaker 1: I'm young enough to look to the future and the
• 1:31:54
  Speaker 1: way things ought to be. That's good. I'm young enough
• 1:31:58
  Speaker 1: not to care too much about the way things used
• 1:32:00
  Speaker 1: to be. I'm old enough not to care too much
• 1:32:02
  Speaker 1: about what you think of me, and I'm young enough
• 1:32:05
  Speaker 1: to look to the future and the way things ought
• 1:32:08
  Speaker 1: to be. So still keeping onto that idealism, good for
• 1:32:12
  Speaker 1: Neil pots Jeremy. Have you seen the seemingly pr campaign
• 1:32:18
  Speaker 1: for Dubai of Dubai chocolate. I have refused to try
• 1:32:22
  Speaker 1: it because it seems like a vote pro Dubai propaganda. Yeah,
• 1:32:25
  Speaker 1: I see it everywhere. I remember a few months ago
• 1:32:28
  Speaker 1: I turned to my wife and said, have you heard
• 1:32:30
  Speaker 1: about Duwaight chocolate? What's the deal with Dwight chocolate? What's
• 1:32:32
  Speaker 1: going on here? It's everywhere. It's like in the mall
• 1:32:35
  Speaker 1: here in Puerto Rico, there's a stand in the mall
• 1:32:38
  Speaker 1: for Dubai chocolate. It's in every airport I've been too.
• 1:32:42
  Speaker 1: There's a thing for Dubai chocolate. It's a it's in
• 1:32:44
  Speaker 1: the duty free, I think, but it's also in department
• 1:32:48
  Speaker 1: stores and in high end apartment stores, in regular department stores.
• 1:32:54
  Speaker 1: You know, I haven't tried it. Won't try it, won't
• 1:32:56
  Speaker 1: touch it. It's probably too sweet anyway. But yeah, I mean,
• 1:33:02
  Speaker 1: it's the whole thing is weird, and you're probably right
• 1:33:07
  Speaker 1: that it's just a pr campaign for Dubai, which I
• 1:33:09
  Speaker 1: will have nothing to do with. Even though of all
• 1:33:12
  Speaker 1: the Gulf countries, Dubai, I mean Youue is the best.
• 1:33:16
  Speaker 1: It's still not my thing, No, not my place, Matt.
• 1:33:22
  Speaker 1: Doesn't make sense to say that their net worth is
• 1:33:26
  Speaker 1: this high if their stock value would plummet, if they
• 1:33:29
  Speaker 1: were to try to pull the money out. Yeah, I
• 1:33:32
  Speaker 1: think it is. I mean, I mean, this is what
• 1:33:34
  Speaker 1: their market value is. It doesn't make sense for you
• 1:33:39
  Speaker 1: to say your house is worth three million dollars if
• 1:33:42
  Speaker 1: you hadn't in a fire, if you had to sell
• 1:33:44
  Speaker 1: it really really fast, you don't get two point eight. Yeah,
• 1:33:47
  Speaker 1: I mean the market values is the market value, and
• 1:33:50
  Speaker 1: that's part of your net worth. So you know, Elon
• 1:33:54
  Speaker 1: Musk is not going to have to sell it all
• 1:33:56
  Speaker 1: at once. He can sell it very slowly over time. Uh.
• 1:34:00
  Speaker 1: And who knows. If the star goes up, he'll be
• 1:34:02
  Speaker 1: with more. Of a star goes down, he'll be with less.
• 1:34:04
  Speaker 1: But any anytime you say net worth, it's contingent on
• 1:34:08
  Speaker 1: market prices. It's considering the value of the house today,
• 1:34:12
  Speaker 1: the value of the stocks today, your value of four
• 1:34:14
  Speaker 1: one today, it could be something completely different tomorrow. Michael,
• 1:34:21
  Speaker 1: Is it likely BB still wins this next election or
• 1:34:24
  Speaker 1: does Trump want him to lose? I don't think Trump
• 1:34:28
  Speaker 1: wants him to lose. I think Trump wants him to win.
• 1:34:31
  Speaker 1: I think Trump has gotten along with him. But I
• 1:34:36
  Speaker 1: do think that BB will probably, I mean, he always wins,
• 1:34:40
  Speaker 1: so it's hard to bet against him. But it does,
• 1:34:43
  Speaker 1: I mean, it depends on It depends on what happens. Right,
• 1:34:46
  Speaker 1: We still got to go through October. It's a good
• 1:34:51
  Speaker 1: chance he loses, not because not because of what Trump wants,
• 1:34:54
  Speaker 1: but because what the Israelis want, and because if Israelis
• 1:34:57
  Speaker 1: are fed up with Trump. They'll take it out on
• 1:35:00
  Speaker 1: bb They can't vote for Trump or not, but they
• 1:35:04
  Speaker 1: can vote. They can vote on BIB. Michael, do many
• 1:35:11
  Speaker 1: people feel their envy is a moral principle? I think
• 1:35:17
  Speaker 1: they rationalize their envy as a mall principle. I think
• 1:35:21
  Speaker 1: a lot of people do. They feel the envy, and
• 1:35:25
  Speaker 1: what they use to excuse it and explain it, to
• 1:35:28
  Speaker 1: rationalize it is Yeah, that's just just that's just right,
• 1:35:32
  Speaker 1: that's fair. You see a lot of faanness these days, Michael.
• 1:35:38
  Speaker 1: Why does the average working class guy who goes to
• 1:35:40
  Speaker 1: church every week understand selfishness self for alliance more than
• 1:35:44
  Speaker 1: the secular intellectual class. I don't think they do. I
• 1:35:47
  Speaker 1: don't think they understand selfishness more. I think they just
• 1:35:51
  Speaker 1: live it because they're not intellectual, because they're not thinking
• 1:35:56
  Speaker 1: about what they that much about what they should and
• 1:35:58
  Speaker 1: shouldn't do. They just do. So. The more intellectual you are,
• 1:36:02
  Speaker 1: the more you try to follow in particular set of
• 1:36:06
  Speaker 1: intellectual ideas. Most people are non intellectual or more pragmatic,
• 1:36:11
  Speaker 1: and they just do what they think is right in
• 1:36:13
  Speaker 1: the moment, and they do more self interested things. The
• 1:36:16
  Speaker 1: secondly intellectual class is more committed to altruism, but it's
• 1:36:22
  Speaker 1: not the one. How did you put it? Understand They
• 1:36:25
  Speaker 1: don't understand it at all. They don't understand what they're doing.
• 1:36:32
  Speaker 1: Charlizbaut says, one tazillion trillion is in Zimbabwe. Yes, I
• 1:36:36
  Speaker 1: was a trillionaire once because I had one hundred trillion
• 1:36:38
  Speaker 1: dollar note from Zimbabwe. I was almost whatever the number
• 1:36:42
  Speaker 1: is after a trillion, So yeah, even I was a trillionaire.
• 1:36:48
  Speaker 1: So yes, by Zimbabwe's standards, the US is way way
• 1:36:53
  Speaker 1: way behind the curve thought criminal. Any thoughts on David Hockney,
• 1:36:59
  Speaker 1: who died today. Is it art? I mean, I think
• 1:37:03
  Speaker 1: it's art. I think it's not very good art. It's
• 1:37:08
  Speaker 1: his paintings evoked almost nothing, a coldness, a detachment. They
• 1:37:17
  Speaker 1: you know, they were they depicted reality, at least they
• 1:37:21
  Speaker 1: weren't completely detached from reality, but they were so they were.
• 1:37:29
  Speaker 1: So I just don't think it was particularly good art
• 1:37:33
  Speaker 1: in a sense that they you know, they they didn't
• 1:37:36
  Speaker 1: evoke anything ex ift, coolness, and distance, and they did
• 1:37:44
  Speaker 1: almost the opposite of what art's supposed to do, which
• 1:37:46
  Speaker 1: is draw you into that universe. They pushed you out
• 1:37:50
  Speaker 1: of it. So not one of my not one of
• 1:37:55
  Speaker 1: my favorite artists, but a given credit for the fact
• 1:37:58
  Speaker 1: that he actually portrayed human beings in his art at
• 1:38:01
  Speaker 1: a time where depicting human beings in art was not fashionable.
• 1:38:07
  Speaker 1: You know, he didn't do them particularly well. I don't
• 1:38:10
  Speaker 1: want to live in his universe, but you know, I'm
• 1:38:16
  Speaker 1: looking at some paintings of his right now. I mean,
• 1:38:19
  Speaker 1: they're just not interesting, and I mean the innovative. I
• 1:38:27
  Speaker 1: guess they're not interesting, but they are representational. I do
• 1:38:33
  Speaker 1: think it's odd. There is a metaphysical value judgment there
• 1:38:37
  Speaker 1: that the artist is reflecting in what he's doing. It's
• 1:38:40
  Speaker 1: not a very nice metaphysics, and the art itself is
• 1:38:44
  Speaker 1: not inviting in any way, which I think is important
• 1:38:48
  Speaker 1: in art has to be even when it's ugly. You
• 1:38:52
  Speaker 1: want to examine it, You want to somehow, you want
• 1:38:54
  Speaker 1: to and this is just cold.
• 1:38:55
  Speaker 2: That's what I feel when I see it. That's what
• 1:38:57
  Speaker 2: I sense when I feel.
• 1:39:02
  Speaker 1: Henrik. The most stocks with very high pe ratios go
• 1:39:06
  Speaker 1: down after IPO, I think so. I think that's true.
• 1:39:09
  Speaker 1: Most super hyped IPOs go down. You usually a year
• 1:39:14
  Speaker 1: after the IPO. You've lost money. Ultimately you make the
• 1:39:17
  Speaker 1: money back, but a year after the IPO, you typically
• 1:39:20
  Speaker 1: have lost money. I gave you some examples yesterday of that, oh,
• 1:39:26
  Speaker 1: yesterday the day before.
• 1:39:27
  Speaker 2: One of the two.
• 1:39:32
  Speaker 1: Is it fair that Elon Marks gets subsidies or does
• 1:39:35
  Speaker 1: he not? I am for wealth, but didn't ran find
• 1:39:39
  Speaker 1: subsidies shouldn't be taken. I mean he doesn't get subsidies anymore.
• 1:39:43
  Speaker 1: I don't think Tesla got some subsidies, and arguably Tested
• 1:39:49
  Speaker 1: would have gone bankrupt without them in two thousand and eight.
• 1:39:52
  Speaker 1: But you know, I wouldn't condemn Elon Musk for taking
• 1:39:58
  Speaker 1: what the government is handing out. What's he supposed to do?
• 1:40:01
  Speaker 1: Let his competitors take it and ignore it completely. So
• 1:40:05
  Speaker 1: and he has said over and over again he doesn't
• 1:40:07
  Speaker 1: want subsidies. So no, I don't blame Elon for taking
• 1:40:12
  Speaker 1: the subsidies. And I don't attreat his trillion status to subsidies.
• 1:40:18
  Speaker 1: Maybe to hype and bubble meme stock, but not to subsidies.
• 1:40:26
  Speaker 1: Andrew It's back. What do you think the pattern of
• 1:40:31
  Speaker 1: non committal vacillating by the public between giving Republican and
• 1:40:36
  Speaker 1: Democrat control over the government signifies well a few things.
• 1:40:40
  Speaker 1: One is it signifies there's no big difference between the
• 1:40:42
  Speaker 1: two political parties. They're both about the same when it
• 1:40:45
  Speaker 1: comes to policy, and therefore people can switch quite easily
• 1:40:51
  Speaker 1: and frequently without abandoning their principles because they have none,
• 1:40:55
  Speaker 1: and because the parties don't policy wise are not that different.
• 1:40:58
  Speaker 1: They're very much the same. I think it also signifies
• 1:41:03
  Speaker 1: the fact that people are voting against more than they're
• 1:41:06
  Speaker 1: voting for. Right now, the Democrats are doing well not
• 1:41:09
  Speaker 1: because people like the Democrats they hate Democrats, but because
• 1:41:12
  Speaker 1: they hate Trump more. I think they voted for Trump
• 1:41:16
  Speaker 1: now because they like Trump because they hated the Democrats more. So.
• 1:41:21
  Speaker 1: It's motivation by fear and hatred, combined with the fact
• 1:41:27
  Speaker 1: that the political parties are not that different, that I
• 1:41:30
  Speaker 1: think is what fuels it. Michael, does it make more
• 1:41:35
  Speaker 1: sense to start collecting solid security as soon as possible?
• 1:41:38
  Speaker 1: I don't trust the program to be there in the
• 1:41:41
  Speaker 1: not too distant future, I guess, so I still believe
• 1:41:45
  Speaker 1: it will be bailed out for my generation, so I'm
• 1:41:48
  Speaker 1: delaying until I get the maximum benefit, which is exactly
• 1:41:53
  Speaker 1: twenty thirty two. I think when the system goes bust,
• 1:41:57
  Speaker 1: so I might be the first one to experience the
• 1:42:00
  Speaker 1: steness but I think it'll be bailed out. And what
• 1:42:06
  Speaker 1: role do NGO's playing global governance? In global governance, I
• 1:42:12
  Speaker 1: mean they play a role in putting pressure on the
• 1:42:16
  Speaker 1: United Nations, on other global institutions, the World Health Organization,
• 1:42:21
  Speaker 1: the Will Trade Organization when it exists, when when they
• 1:42:23
  Speaker 1: when they had any power up. But in terms of
• 1:42:27
  Speaker 1: actual policy that you know, they lobby different governments, so
• 1:42:35
  Speaker 1: they have some impact, not huge, but some and uh,
• 1:42:39
  Speaker 1: you know most are on the left, but not all
• 1:42:41
  Speaker 1: of them. I mean the churches all begin GEO, in
• 1:42:45
  Speaker 1: Catholic churches that began GEO, and they have influence. So
• 1:42:51
  Speaker 1: I think it's mainly through lobbying, and it's I don't
• 1:42:54
  Speaker 1: think they change the world that much. A lot of
• 1:42:56
  Speaker 1: it is through moral suasion where they were they make
• 1:43:00
  Speaker 1: them moral arguments for socialism and for altruism, and I
• 1:43:05
  Speaker 1: think that's where they have They have influence on people. Whoops,
• 1:43:12
  Speaker 1: Sebastian says, come on you, lazy bums, Yes, fighting language, guys,
• 1:43:19
  Speaker 1: give you on a sticker each be selfish. You're crying
• 1:43:23
  Speaker 1: out aloud. He is deprived of money and is running
• 1:43:26
  Speaker 1: in fumes and altruism, well not altruism, but fumes. Definitely, fumes, definitely.
• 1:43:34
  Speaker 1: So yes, sticker people, stickers. It's easy, it's fast, and
• 1:43:43
  Speaker 1: it's sustained this show, which is funded from contributions white
• 1:43:46
  Speaker 1: people who listen to the show nobody else. Thank you, Sebastian.
• 1:43:54
  Speaker 1: All right, Greg says, we live submerged at the bottom
• 1:43:58
  Speaker 1: of an ocean of air. Who is this evangelista to
• 1:44:04
  Speaker 1: we selly huh? We live submerged at the bottom of
• 1:44:09
  Speaker 1: an ocean of air. Yeah, she wrote this, he exum
• 1:44:11
  Speaker 1: it's a sheet. I don't know if it's a she he,
• 1:44:13
  Speaker 1: but she wrote us in the seventeenth century. It's not
• 1:44:16
  Speaker 1: bad for the seventeenth century. We live submerged in the
• 1:44:19
  Speaker 1: bottom of the ocean of air. There's some truth to that,
• 1:44:23
  Speaker 1: all right, guys. Oh yes, Sunday, me and Nikos will
• 1:44:30
  Speaker 1: be doing a show on Islam and they were left
• 1:44:33
  Speaker 1: the relationship between the left and radical Islam and Islamists. Tomorrow,
• 1:44:40
  Speaker 1: I'll be doing a show. To be determined what the
• 1:44:43
  Speaker 1: topic will be, I will let you know, but there
• 1:44:45
  Speaker 1: will be a show tomorrow, and there will be a
• 1:44:48
  Speaker 1: show on Sunday, and they will be shows all next week.
• 1:44:51
  Speaker 1: I'm trying to do as many show as I can
• 1:44:53
  Speaker 1: before Woka, so stay tuned for exact time and topic
• 1:44:57
  Speaker 1: for the show tomorrow. But Nikos three pm Sunday, Islam
• 1:45:03
  Speaker 1: and the left or he left in Islam, have a
• 1:45:07
  Speaker 1: great weekend. I will see you tomorrow. Bye everybody,