love you guys uh Hey if you guys are uh around you know and anyone who wants to get some wine and some people just got some wine later maybe next week or something who knows maybe we all get together in person have a glass of wine I see you soon I love you guys I love you ciao you're about to come to Italy
and basically you're gonna gain 15 pounds for sure okay so we were there in Italy this is a long time ago is this when we were in Venice the quality of Italian white wine is outrageous really it's outrageous do they have a men's bikini for you for when we're in Italy I would buy that let's just say thank you
to the amazing people of Italy for having what an incredible the greatest country for adults to go on vacation in what an incredible country here we go in three two hey someone's going through everybody welcome try it again three two hey everybody welcome to another episode of the all in
podcast we are here in beautiful Portofino Italy and we have found a new bestie introduce yourself Natalie is your name that is my name and don't be surprised by my surname ah you've got a surname uh what is the surname so your cousins apparently and you were on a biotech business I understand here
in Italy in my spare time yeah when somebody else doesn't consume the life out of me got it okay so you're uh dealing drugs in Italy and welcome to the all in pod uh in all seriousness uh we are here in Italy uh because chemath and Natalie got married big round of applause nice and uh we decided we'd tape an
episode very quickly uh but tell us um what was it like at the wedding marrying chamath polyhapatia tell us about the wedding it was um was a lot of work and shamath was as you can expect completely utterly useless yes we've seen this in fact in fact counterproductive he showed up at times
really really frustrating yes um but I love him nonetheless so here we are very happy this is the moment I would like to take credit for 30 of the wedding and then a number that you can't dispute you don't really know what it means yeah and then everybody ends up thanking you effusively because they're like the 30
that they love the most that was me yeah if you want to make an estimate 20 30 chance is uh you can't go wrong Friedberg and sax are with us the Don uh Sachs you had a lot of clandestine meetings here any are we any closer to peace in Ukraine Russia I saw you talking to some Russian emissaries
you've been on the continent for a full month tell us why don't you go for 12 hours yesterday yeah I know that you've been on some of these crazy Yachts out here trying to broker piece how close are we and how are you enjoying uh your time in Europe this summer I I don't think we're too close but uh let me say
a word about this happy couple here so Natalie is brilliant and Unstoppable to moth is superficial in plastic so this was like the wedding of Oppenheimer and Barbie yeah and uh in that analogy chamothy or Barbie yes absolutely lots of substance and Fire and fire over here and complete
narcissism and plastic over here also the genitalia the same size as you can very smooth over just barely a bump yeah okay I'm Gonna Leave You guys okay we'll uh we'll do a show Natalie congratulations we love you sister congratulations thank you J Cal because you celebrated okay here she goes I wasn't talking
about Jamal I'm so clear oh yeah oh here we go here we go what a great great uh week we've had here lots of friends came in lots of friends lots of special lots of Poker lots of friends lots of Poker lots of poker players that weren't invited to the wedding to the poker game I mean I mean we walked into
the poker game last night and there were all these guys that I didn't see at the wedding and you invited these guys no no no your poker game no let's be honest let's be honest I think it was the most unbelievably eclectic guest list yes of any wedding that's ever happened that's very true I mean literally it's like a
two by two Matrix of villainy yeah well um Fame and infamy yes I mean you had every quadrant covered yes it was incredible guy and I were joking it's like walking into the bar on Tatooine yeah Star Wars guys I could tell that when I was doing my toast which shmath told me No Holds bar
just go for it so as I toast he really meant roast roast yeah the Italians did not get the jokes yeah half the audience was laughing the poker guys were laughing yeah and then the family section A lot of them got the jokes and they were in on it but uh what an amazing week we've had here
um and thank you for hosting us it was absolutely wonderful this really is in so many ways wait we should cut in some shots on the video on where we're sitting right now this incredible peace Club we're looking out here people switched it out I posted a photo of us just meeting out there doing our little
board meeting and people immediately sleuth out you're at least yeah I guess famous red Beach Restaurant I mean language has these two incredible restaurants in Milano three they're just top of the top and they have this incredible Beach Restaurant here and it's the hotel or sorry it's the
restaurant that is beside the beach club that's also owned by the splendido where we're yeah where you guys are all staying so yeah it's been it's been an amazing couple days this little block is called this part is paraji and then if you go just a little bit further you're in Portofino proper yeah yeah amazing
yeah wonderful food incredible food unbelievable we've eaten like kings yeah and uh Queens that's the case maybe and uh just a Hospitality in Italy is amazing one of my favorite places I just want to say to all of you guys and to all of our friends I mean you guys literally flew halfway around the world
for three days yeah you did ruin all our summer plans I mean it was incredible and and frankly I picked the we picked the three worst days Monday Tuesday Wednesday yeah if you had a job you had to work yeah a certain person had two rooms rented at the splendido just for meetings and he would just be running
back meetings and then trying to go to the I mean it's incredible you guys I think this whole thing was a conspiracy to convene a high-stakes poker game you knew you were spending the summer in Italy here you're like how do I get the poker game to come he probably to Italy
he netted a profit to cover the wedding not know not to cover the wedding but I did I did win a 1.2 million dollar pot from that was crazy that was crazy my favorite Poker Story is you got a call out of the blue it's the best get a text oh my God need rooms plenty though at like two in the morning and I was I
looked at my phone and I'm like why is texting me at two in the morning yeah need room splendido and I said it's jamaat is everything okay do you need any help need room splendido and I said I'm not your [ __ ] travel coordinator and he goes can you help me get a room at the splendido hotel I said what
you're here so I said well why don't you just Meander into our game yeah and so he actually came to the wedding randomly in the neighborhood he was in the area well he was spending a night in so he thought he would hop over here oh oh that's how Works in Hollywood okay there's a little backstory to all this
what happened was chamat told me in the spring Hey listen Jay cow I'm finally I'm so excited I'm gonna marry Nat and I said oh that's great you had the kids and now you're getting married it's not the traditional way to do it but congratulations and he said yeah we're gonna have like a little thing
with our families uh in Italy very bespoke the kids parents that's it and then you know back in Silicon Valley in the Bay Area we'll have a backyard party for everybody else and I said great let me know where in Italy we're going and Nat said amore it's just going to be the immediate family and I said great
where am I going tell me the location and uh if you need an officiant I'm in and then a week later we get an email Nat and uh Tremont discussed it and they said you know what Jake house right we should invite everybody to Italy and so uh thanks for making that decision oh my
God thank you guys for coming it was a dream he didn't tell anyone Jay cow was going to officiate so we're sitting there Italian style for like two hours assembling for the wedding nothing happens you're all just standing around waiting for something to happen and then chamoth comes in Natalie comes
in beautiful dressed amazing music is incredible and they sit there for another 10 minutes and they turn around and they say the offician we just got a letter of the officiant is sick we need someone we need someone to step in and then Jake out pops up in the back I got it knocks the Italian royalty to the right and the
left plows his way through the audience makes his way to the top pulls out his American bow tie or whatever he had and says let's do this and then we had jaycal officiate you did a very J Cal way yeah were you surprised yeah I was surprised you were surprised yeah a lot of people were surprised
your original email said Jay cow is going to officiate but then we heard nothing for two and a half months yeah and no one really knew and but it was a big secret right we kept in a big secret we wanted it to be a surprise and um it was just the avows and the Poetry oh the Poetry I shared was amazing amore
amore can you do a dramatic reading of the poem that I wrote for you oh this was uh wrote a poem but we'll do the setup that comes before well so this the setup was that Nat would read chamat's poems and chamatics Matt's poems and so Nat had this incredible uh Paulo Quello poems incredibly well
thought out and um then uhmath wrote a poem from Anonymous that he found um at a rest stop on the 280 written on the inside of the uh bathroom stall roses are red violets are no go go ahead go ahead okay you remember it you should have it committed to memory let me think yeah roses are red
pickles are green I love your legs and what's in between oh God it's so embarrassing it was so embarrassing and she had to read this she literally just dropped all of the Italians rolled laughing horrific it really was like no no one tattooing her her first poem was a sonnet from Moline
Shakespeare my first poem was Beyonce's cuffet yeah where where the last line is will you sit on top of me which she has to say looking at her death it was so awesome it was so awkward then her second poem was uh something by Gregory Gregory Hoffman I think it was something Hoffman yep and then mine was yeah this
Anonymous and her third was E Cummings and mine was Dr Zeus this was nice yeah Daniel Hoffman yes but we had a great time there's been a lot of news you got here early right weren't you like camping along the coastlines yes he went camping he was trying to decide to bring San Francisco to this beautiful
pristine yeah defecating everywhere leaving a trail of needles in his wake except needles plastic trash I did I did post a thirst trap I'm very proud I'm down 41 pounds from the peak 20 pounds with uh hiking and using the fasting app that Kevin Rose built and then the other half uh zero great
fasting app and the other half was it was epic would go I don't understand what does an app do to help you fast it's just fast you click a button do you eat the app guess an animation and then counts down the clock when you're trying to decide whether to eat or not you push a button should I eat or not and it says
no yeah it shows you a picture of yourself that's what I did I took a picture of myself like fat Jason and I just every time I open the refrigerator it's there okay your question yeah is it is it are you not allowed to talk about like fatness now or I I have strong feelings on this I think when I I ran
marathons my whole life I was very schvelt 165 pounds until I was 32 and then I added two three pounds until you guys knew me and I hit 213 at my Peak on 171 now 172. and um you know I wish more people would have done an intervention you were very clear with me hey you got to lose weight oh my God I have to tell
you I'm telling the story I can't [ __ ] Spike the story I'm talking the story no no no no you can't Spike the story now this is your wedding present to me okay thank you jaycal jcal is bordering on morbidly obese when I was 213. and you're helpful five nine on a good day five and a half yeah
on a good day by the way for all for all these people on Twitter everybody who who meets me always says oh you look so much shorter on camera maybe it's because I slouched but I'm six foot two just in case everybody's curious on a good day anyways jaycal jcal is is bordering on morbidly obese so I make a
weight bed with him yeah I was 213 I said I can get to 193. one yeah 193 and I was like I'll give you 10K a pound or something whatever it's 100K bad it was a hundred thousand dollar bet he had a year a year goes by I put it in my calendar and what I do is I schedule the poker game uh-oh for the day before knowing
that we're gonna play through midnight so I'm like oh I'm gonna set this guy up so I waited a whole year unbelievable we play poker the clock strikes midnight and he had been eating pizza and ice cream ice cream thousand dollars what did I say hey it's time it's 1201 it's time for the week
he says one weight button and I said [ __ ] you made a wave bet with me a year ago I have been 192 193 for months I have hit the thing so he says he starts panicking because I weigh myself in the morning he says he's panicking he says okay give me a few minutes he runs into my child's bedroom
and takes a [ __ ] I did not pre-agree that I had to that I could pick the time so he says I have until midnight which is true so I said okay fine he goes home goes home I go and this does not eat he puts on a sweatsuit I go for a run-up like Rocky around San Francisco he sweats for four
hours he gets like a tenth of a pound under before midnight yes and he's like you owe me a hundred thousand dollars no then he was kind yeah he said look put me in the mini one for one drop 100 drop and we'll both go and we'll pull it and we'll chop it up we had a great time Jake got lost in the first eight hands
and that's not sure I lasted longer than you 100K I should just leave it okay back to you but anyway but I would say on in terms of weight it is pernicious in America I don't think we should be celebrating it or tolerating it I think we should be compassionate I think ozampic and when Govi
um are incredible tools and Manjaro um I I don't I I didn't talk about it for the first year David you've done it as well and you've been honest that you've tried wagovi or whatever and you lost a lot of weight so congratulations uh these guys have been skinny forever but um I think take it seriously it
takes a lot of discipline uh but it can be done and um I encourage people the gains I've gotten from being 40 pounds lighter have been tremendous um I feel great my energy level is different uh my thinking is different my sleep's better everything's great and so I just want to be around for a long time
so that we can do a thousand episodes of the show for you and the fans and um yeah being fat sucks the end and if you think but do you think it's it's being normalized and do you think that that's healthy what do you think I like I I think right into the microphone no one
no one makes no one chooses obesity obesity is a struggle just like diabetes no no one chooses diabetes diabetes is a struggle I've you know done some work made some Investments been on the board of some companies that have been involved in trying to address the needs in this space and one of the things that
we've learned a lot about is how much of a social stigma it feels people that are struggling with obesity and struggling with diabetes don't feel comfortable actively talking about it yeah because they hold a deep amount of Shame about it yes they recognize that there's something deeply unhealthy about it and
they feel deep shame because they're often portrayed as having the choice and making the decisions that got them to this point yeah and the truth is we live in a world with extraordinary abundance in the first world we live in a world with extraordinary opportunities for low-cost calorie consumption we find a
lot of joy in our lifestyles and it you know ultimately living a happy life can lead people to a very sad place um and so generally I would say that this is not something that should be uh stigmatized in in an open way it should be treated with compassion but it should be spoken about
openly which is that there is a challenge and a struggle that people have and we need to help and everyone needs to kind of be cognizant of the fact that that's the thing I think we need to I think we're normalizing it and I think it's wrong yes I I when I first came to Canada you see the pictures when I was like
fresh off the boat that's what we used to call immigrants I was real thin skinny real thin and then after a year of eating whatever food it was that we could afford yeah I became really fat and you could see it in the pictures and I was fat all through my grade school I was a little skinny but skinny fat in the face
but basically fat all through high school and then I finally started working out and taking care of myself and it had a huge impact on my self-esteem and my self-confidence it had a huge impact on my health yep I saw it basically kill my father it's given seven eleven of my aunts and uncles
diabetes so I think that like all of this normalization is unhealthy because it actually is killing people what I learned from the dieting is portion control in America is just out of control it is the wrong portion sizes so you see it here and you see it here when you eat here here's a
little Tuna here's a small pasta yeah you know here's some cheese and some grapes for dessert you're done and so once I got my portion control I was fine snacking also but I just wish anybody who's suffering from it um you know work with your doctors work with nutritionists you were overweight too
for a long time where are you Free Bird yeah I um what were you overweight from I I grew up not eating well I was overweight in college right in the microphone college is when I really started to get exercise actively and because it was never part of my upbringing as a kid was like eat well
get exercise I I was very much self-taught I've learned how to cook and learned a lot about nutrition on my own um and you know look I I took action on my own uh in my early 20s so but yeah look I mean it's so easy to not know where you find yourself and then you find yourself in this place and I do
agree that being cognizant of where you are and addressing it in an open way in an active way is the only path I mean there's just every every cycle we come around with some new easy solution you guys remember the uh what was it yeah and so look I mean the data so far looks great uh with these glp um
these drugs seem to be very effective there's some data now that shows as soon as you stop taking it or the average person on it gains the weight right back no that didn't happen for me increased muscle mass maybe not but like yeah you know across a large population there's just data that's showing there's never
going to be an easy path and it's a very difficult um it's a process you know the the thing I learned is if you just have like one Oreo a day or every other day let's say that's 50 calories you have one of those every other day you're going to gain two pounds a year for 20
years now you're 40 pounds overweight it happens very slowly you add it and then you just have to be super disciplined and you can lose a half a pound or a pound a week and then it can come off so um I really think it should be a movement in the United States so much of our Downstream issues diabetes heart
disease cancer Etc seem to be contributed by obesity so I think for our entire for the entire country I think if I ran for president it would be wagovi for everybody everybody is my platform single issue voters there's a platform that's it single issue platform um all right get in shape there's some
news I think um we could we could touch on how you feeling yeah playing a catch let's do this so there was an article in Vice I guess that name checked the all-in podcast has said young people instead of wanting to become McKinsey Consultants now want to become members of the all-in podcast and be venture
capital list I did a little tweet storm that I thought and I thought it'd be a great topic for us I I think for young people going into Venture early is not a good idea I think generally speaking 80 of the case cases and I think starting your own company or joining a high Growth Company or maybe joining a well-run large
company or even joining a poorly run large company so you learn what not to do are all better things to do in your 20s learn be in the trenches but I'm curious what you think sax yeah about this issue because we came to venture and investing in our 40s I believe you know both of us Angel Investors and then
both of us having fun so what are you advising a young person who's listening to the podcast coming out of business school whatever yeah I agree with that um I think the main value prop that a VC has to offer a Founder is advice and if you've never walked in the founder shoes before if you've never
founded a company or at least had a significant operating role how are you in a position to offer them advice now I think there's a period of time during the bull market where people stopped thinking that way stop thinking that advice was the model VCS started competing on the basis of who could be
the biggest cheerleader for the founder who could offer the most sort of positive emotional support largest valuation or the biggest valuation or least governance the idea of being completely passive not taking a board seat was actually sold to Founders as a positive for them that like we'll invest
and we'll dislike State completely out of the way and all of those ideas sounded really good when the market was booming and everything was up and to the right but now we're in a situation in which we're going through two years of intense turmoil and a lot of companies aren't going to make it a lot of
companies are restructuring a lot of companies are going to take down rounds and actually being able to tap your board for advice on how to get through a rough patch actually is pretty important you realize now that like the uninvolved passive investor that was not a positive value prop that was an excuse for not
having a value prop and I think at times like this it's really important to have VCS who've been around the block who saw the last downturn who ideally could have warned you that it was coming like we did on this podcast repeatedly for you know 18 months yeah and so yeah I think that
we're now seeing the correction and I I firmly agree with your analysis that there are too many people who join the ranks of VC who formally didn't have a value prop and that's why I mean in our firm we required that everyone who joins the investment team have operating experience and ideally founder
experience uh because that is ultimately what you're going to offer Founders chamoth was too much of this people LARPing live action role-playing VC with just absolutely no idea how this works and now what happens to those you know actor or VCS who really are faced with portfolios that are upside down and
they really have no idea how to weather a storm it's this has been a hard 18 months let's be honest well I think that it was a symptom of just the fact that there was a lot of free money in the system and I don't know the outcome is going to be pretty basic which is that they're
going to lose money for their limited partners and those limited partners if they're not totally stupid will never give these people money again and these people will need to just find a new job and I don't say that in a celebratory way it's just a very practical ones and zeros monetary assessment of the facts
look I think that the weird thing that has happened is that it became like this kind of fun thing to be able to say you were doing a lot of people used to Moonlight and do it on the side then there were all these services that will allow you to basically like abstract the
job but the only thing that I would just qualify your statement because I think what you're saying is like 90 right but I don't think that's where the craziest outcome returns have come from because if you look at the two people that are really or the three people that have really generated just gargantuan
home run Returns on a consistent basis one of them for example like Mike Moritz really didn't have those Bona fides operationally but I think that what Mike probably has and I'm saying this not knowing him is a preternatural like judge of psychology I think I think he's an incredibly qualified people judger
and there are people like that now he's an outlier in order to do that but the rest of us have to kind of to your point do with what we have which is like here's our experience and our maturity and you know we're telling you what we think so I'm really excited actually for this wave to kind of crash on Shore
because the number of Founders that are going to get screwed over by folks that don't know what they're talking about it's very high yeah and that needs to come to an end as quickly as possible yeah I don't think it's just Mike Moritz I think that there's a class of successful venture capitalist Bill
gurley's a great example like he was an analyst Danny reimert index Ventures was an investment analyst Fred Wilson um Fred Wilson yeah a lifetime VC yeah and Moritz John door I mean John doors um but there's there are folks who have an incredible analytical capacity and that analytical capacity translates
into incredible selection capability that selection doesn't necessarily mean that they are going to necessarily be the best advisors and I'm not saying that any of those folks are bad advisors but there are some Venture investors like Founders fund is very vocal about this and very public about this that
their objective is not to be your partner in helping you make decisions and run your company and recruit people and all the other sort of rigmarole that many VCS go out and count they are there to pick the best Founders and the best Founders don't need the VC to be successful and their job then is to have
incredible selection capacity so if they can select the best Founders and get out of their way they've made a lot of money and their returns are unbelievable and then there are some VCS who are really incredible Partners to their Founders and their objective Josh koppelman at first round built an entire firm around
this practice which is to partner very closely with Founders and to build support and capabilities Andreessen Horowitz was built on the same sort of concept that they would roll all of their fees into building operating support and capacity to support Founders and support companies both firms have
obviously done well in their own right um and so I don't know if there's necessarily one breed that predicts success when it comes to successful venture capital I will say from my own personal experience I worked as an investment banker for my first two years out of undergrad I you know worked I had
a science background I worked in a short stint in private Equity I worked at Google I did Corp Dev and M A there I started a company ran it sold it did that with another business where I was on the board so you know I've I've been on a couple of different places around the table that you know I think
have given me the ability to to provide advice I don't know if I necessarily have the same skill set that the team at Founders fund and um Mike Moritz and others might have at this astute extraordinary ability to spot Founders and bring them in so I think everyone needs to kind of recognize what they do bring to the
table be very clear about what that is and I think to your point there have just been an incredible bull market over the last 15 years since 2008 more money has I heard an incredible statistic by the way um I don't want to get it wrong so maybe we should fact check me after this from
someone at your wedding uh who I was talking to for a long time and he was like because like basically the top one percent of VCS didn't beat what would have happened if you just bought the top five public tech companies and you know effectively did a rebalance over the
past 15 years the bull market and the um the aggregation of value in technology has largely been 50 50 to public and private so you could have just bought a few stocks and held on to them and beat all of the VCS over the last 15 years even though a bunch of VCS have made good money and their irr looks like 12
percent but you have to be the risk adjusted Returns on Ventures and this is not to throw shade at even all of those people that you mentioned are [ __ ] terrible like you should not have invested in any of those right because there's no way to ton it in any of those funds because you
get a small allocation One Fund does well three funds here over the past 10 years or 15 years I forgot the number we've seen the public market cap of these top tech companies grow from 1 trillion to 10 trillion that's a 10x so all you had to do was buy those and you would have made 10x and that works out
to north of 25 irr yeah and there's very few VCS that have been able to beat 25 irr they assume now he was telling me his model shows that over the next 10 years it'll be roughly 70 30. um so it'll be about 30 percent will agree and they think over the next 10 years it's gonna go from 10 trillion to 25 trillion
which is still a great return but it shows how much of a hurdle there is in venture to be successful I started the business in 2011 so now this is the 12th or 13th year just how hard this game is I had about a 31 32 gross irr going into last year and then my irr fell off a cliff because
I couldn't get into obviously there's like there's no money yeah distribute well there's nothing to distribute so my IRS start to Decay and then I had this really really [ __ ] up choice I have to start selling stuff earlier than I would have otherwise to get the money back out so to your point right now it takes
courage then it it's a really tough game over here yeah a really tough game I think there's also something going on you know in the United States and Society where there are some idealized jobs we talked about Saks Elites Surplus Elites and I I want to dovetail this with what's happening in Hollywood the
rider strike um and the actor strike and I was looking at it there's some unbelievable number of actors in Sag some unbelievable number of writers they all make uh just incredibly small amounts of money uh on average and obviously there's some big fish who do well but it does seem like
there's too many people who want too many of these idealized jobs and Venture is one of those and I I just would like young people to understand also be careful what you wish for this job has seemed easy just like it might seem easy for Tom Cruise or Christopher Nolan when you see them or Tarantino
what you don't see is all of the people who tried to become Tarantino who tried to become you know Tom Cruise and there are far to 10 to 15 years before they realize that they're not and they did not actually have the fundamental skills or the work ethic that is required to become Tarantino I listened to
Tarantino's podcast he does a have you heard the video archives podcast yet you have to get on this it's him and his the co-writer of um who did you write Pulp Fiction with Roger Avery Roger him and Roger Avery my favorite podcast right now they just talk about films their knowledge of films is so unbelievable
and the detail in which they talk about that it is so crisp they finish each other's sentences in the way with maybe you listen to this podcast you know we all go oh John door no he worked at Intel oh this person yeah Moritz he was a journalist we have a deep deep understanding of this business that
comes from 30 years within it or 20 years and I think you have to I know it sounds corny but you have to pay your dues you have to put 60 70 hours in a week to get that Elite job and the problem today I feel is and for people who are listening who are young people coming out of schools if you're not
willing to sacrifice 60 70 80 hours a week for a decade or two you're just not going to be successful in that by the way and young people push back on this and I think the simplest way to reframe it is in the following do you really think for example let's pick NBA basketball do you think you would be really
interested or find credible that the best player in the NBA only practiced three hours a week does that happen impossible where do you think they're practicing three hours in the morning and then also three hours in the afternoon and they give up their lives the most incredible thing that I
saw in the NBA was all of these men literally gave up their life to play that game to perfect it and that's true for anything and so I don't understand how whether if you're a filmmaker whether you want to be an investor whether you want to be an athlete whether you want to be an actor a surgeon
it's just like it's an immutable law of physics so to just get over it which is you need to put in tens of thousands of hours and if you cannot or won't you should not expect the success and you should not complain and also because it's not free yeah these these guys do you agree with that or not yeah look I
mean LeBron 20 what was it 2016 when they came back and won in game seven 2016 yeah right but um the next day they were you know his teammates go out and celebrate you know what LeBron did on Instagram the next day posted a photo at 7 A.M yeah working out um but look one thing I'll say LeBron
knows what his skill is and he knows what his game is I think every individual needs to figure out what their skill is and what their game is and not to find glory in what others have found to be their skill and their game that there is something that comes from mastering any craft that gives an
individual joy and purpose in life and you see this in basketball you see it when these athletes really find what they love and they do it and they commit to it and there are things that we each have realized we are good at and there are things that we've all certainly realized we are not good at and
identifying that and mastering one's craft is the key to any person being successful and happy I believe I just just assuming that there's a thing out there that everyone makes money distraction alert all of our wives are about to go swimming oh my God they're so hot look at my wife Jesus
God Almighty I have the jackpots Beauty and the Beast huh you can relate huh we were joking at breakfast today we were like my wife must have low self-esteem because she's married to me Sox had the best line he's like if you Google Natalie don't pay you find this picture of her holding a tiger a lion by
the tail which is a lot more exciting than holding a Sri Lankan by the schlong [Laughter] you know what happened cat told me what happened so the backstory is Phil hammuth is a narcissist no no that if you know Phil hot moves you know that yeah that's implied and he just cannot give a speech and he's your best friend
we oh he's not my best friend um but he's he he gives horrible speeches every speech well Phil every speech he gives at every event it's all about himself it's all about himself that's why we say seven seconds to fail but it's incredible because it could be it could be a wedding a bar mitzvah a
funeral it doesn't matter a little bit but in our chat so when when jamas said okay Phil's gonna give a speech Phil's like of course I'm gonna give a speech every speech I give is amazing everything he goes the last event I gave a speech it brought the house down everyone was laughing I killed it
it was Doyle brunson's Funeral oh my God no dude dude what what you killed him at a funeral so I asked I asked Tommy to do to do this toast and I was like okay well we'll do four of them but I thought if we start with helmuth it'll just be so bad yeah you bought him out early yeah
you bought him out early and then the rest of you guys set the bar yeah from the right sequence but sax crushed it nailed it crushed it I think we're all still amazed up the stairs it was 400 steps to that uh yeah um it looks good that's pretty impressive yeah well this has been a great episode of the only
part did anybody see Oppenheimer yet I'm so excited how do we see it it's going to be a barberheimer double feature in honor of the barberheimer wedding yeah Nolan's like so about 70 millimeter prints he's like you have to watch it and you know the metronome Metreon in the city is it so we should just rent to
the theater and invite some fans or just go yeah I mean we should do that right there let's rent it this week I've rented it before it's I think it's sold out until like a very limited time oh the theater is we just have to call them and say hey can we rent the thing they'll do a show here's 20 dimes I once
I went to a showing of um Interstellar there and Christopher Nolan came and spoke and got to meet him and speak to him afterwards he's a very soft-spoken guy and he's not very sociable he doesn't you know sort of like sex he doesn't want to make eye contact and actually talk with you but
you know we challenge you are you making fun of people with Asperger's but he was great I mean I know pot it's Kettle calling I will say um he's he's what cop three filmmakers of our time top four there's uh for me it's Ridley Scott Tarantino Nolan there's a very funny moment where's your list sax right now
you gotta put Scorsese on that list oh right of course no Woody Allen can we mention that name I mean say that bleep it's hard to watch now it's hard to watch the whole time I I like uh it makes it too hard I like uh no nick nick there's a very funny moment on the the first the first dinner yeah you know we
did this great thing Nick peep out the names when sat down everybody's like the and I was waiting for David to sit yeah and he just keep talking and talking yeah talking and talking and finally NatWest like sit the [ __ ] down right now and had to get this [ __ ] thing going so who do you got you got Score says
yeah of course yeah you're talking about like currently alive filmmakers I think active filmmakers Melissa mentions pretty good um I don't have to think about it for missing anybody yeah really Scott's up there for you yeah yeah really Scott yeah I mean he's still making Christopher Nolan is pretty
excellent he's very productive too every two years versatility Michael Bay number one but um I met Michael Bay in Costa Rica for Transformers no I mean like I I didn't particularly know who he was cannot watch any of his films I cannot watch any of those yeah he's like a very nice guy yeah I'm sure he's great
um so uh also he's got Napoleon coming out the trailer looks amazing amazing anything with Watkins no no no no no no really Scott oh Ridley Scott walking Phoenix playing Napoleon it's kind of interesting I hate to go deep into the um do you guys want to talk about desert bad behavior or you
want to talk about the resolution of this Hollywood stuff and what it means writ large well the Hollywood stuff I think it's fascinating I tweeted about this a couple weeks ago my observations on this were twofold one is that it's gonna have the exact opposite effect that they want if what they want is what
the writers and the Actors Guild want is to show the owners of the studios how valuable they are the problem is that this moves the owners and the studios one step closer into the hands of tools that will disintermediate the actors and the writers they'll Embrace that technology they'll embrace the AI tools
that you guys have talked about you are showing something around even like yesterday whatever so like the point is like I don't see it as very effective and then my second thought is like I just think unions in general are probably not a very effective way to get these concessions anymore versus
the tax that the union members pay and you can just see that in terms of like the number of people in unions are just kind of decaying pretty quickly the wage gains are pretty de minimis it's just not an effective mechanism of negotiation sax the unions are a way for average
performers to fight to get a little bit more but right it's the antithesis of having a meritocracy and people fighting for their best possible pay and so the conundrum I have is I'm seeing all these Marvel actors superhero actors getting dropped off at the protests and they're complaining about Bob Iger making 25
million when Tom Cruise or you know Robert Downey Jr pick the person I'm not singling anybody out but those people who got to the top of the Heap after 20 30 40 years in the business are getting paid 50 million a picture 100 million a picture of back ends and and so what's your take on what's going on here
because there it's I don't want to say hypocritical but it feels like they're talking out of both sides of their mouth they want to have an auction to the highest bidder for these incredibly talented writers directors producers as it should be but then they also want to fight for the
average right it's confusing because some of the Union demands I think are reasonable and I understand why they want them so for example I think they're arguing for more residuals for like you said the kind of lower level performers so that they can get health care yeah average ones yeah so I I can understand
that at the same time they're demanding that writer's rooms not use AI software which they're already doing yeah which it's just crazy because AI is going to be incorporated into all software so to not be able to use the latest features of whatever word or Google Docs or whatever screenwriting software yes
that's like the king who ordered the tides to stop you know this is the march of technology is not going to work so I think that's like really off base so I can sympathize with some of the demands other ones I think are hard to see in terms of your point about the economics I mean look the basic problem about with
Hollywood is it's a winner take all business I mean you've got a few actors who become big stars this is true actually with all the creative Industries is there power law businesses you know JK Rowling makes a billion dollars as an author the 10 000 author or whatever yeah that makes sense of
fantasy person makes a living yeah exactly yeah can't even make a living and the reason for that by the way is because there's a lot of people going to do it for free humans are fundamentally creative there's a lot of people willing to be actors for free or sure honestly or writers or write or whatever
creatively because they're willing to do their art for free podcasters right and so the reality is the reason Hollywood doesn't have to pay these sort of the entry-level actors very much is there's a lot of people willing to do that job there's too many people a lot of people and it doesn't need to be in a
structured production system anyway anymore I you guys saw the latest Disney earnings release and Iger said we are going to consider selling Nat Geo and a bunch of our other channels there may actually be a spin-off because content creation for the that mid tier or that tail no longer makes sense not viable
profitable because there's so much content being generated by this very long tail that's accruing a lot of the eyeballs and a lot of the hours of consumers mindset and time I think that there's a big just can I connect that idea so we were talking earlier about career choices so first of all it's it's
I agree with what you guys said about the time commit you have to make but it's not really about time per se it's about your obsession level can you be obsessed with something so that 60 70 hours a week feels like nothing to you because you're so immersed you're so obsessed with it right the way that
Tarantino and Avery are obsessed with classic films have the whole database in their head so if you want to pursue one of these careers in a winner take all space like writing like acting or whatever you better just be completely obvious you gotta be all in yeah you got
to be all in I'd say furthermore and be unique like what makes you novel yeah I mean even if you are all in you still have to have luck yeah and scale and yeah and furthermore you have to know where the bar is so I think a lot of people this is one things I noticed when I was producing a movie is a lot of
people look at like the worst actor or the worst screenwriter and say I'm better than that person so I'm gonna make it but your bar is not the worst person who's made it your law is the best person who hasn't made it that's the person you're really competing next up it's the next stop it's the person
you're going on auditions and you're competing against someone who hasn't made it yet but they're amazing and you don't necessarily know where that bar is because it's much harder to see yeah but that's where the bar really is right look I think there's also so a big disruption really well said yeah totally
and as we extend the long tail of consumer content creation into what is effectively now the infinite tale of AI generation AI generated content creation it is going to totally disrupt and change the game of media of content generally speaking we're getting to a point now where you can effectively tie
together rendering engines with scripting with scene definition with directorial lines all the stuff that it goes into pre-production and production can be generated uh through through AI through scripting and then tuned and tweaked by a human But ultimately it increases the scale like all
Technologies do it increases leverage for humans and we could see a hundred times more films come out Each of which costs 1 100 the cost you know one of the best production companies in La is blumhouse you know they make horror films two million dollars they make them for two million bucks and they make a
bunch of them because they cost so little to make and if any one of them hits they make 180 million bucks or 200 million bucks at the box office to Fantastic genre films it's very much a unique model in Hollywood and it's really changed the game quite a bit and I think we're going to see something
similar emerge because of generative Ai and the tooling and then people start to question what is it called what is it called uh but um one thing one thing I do want to say I do think that there's also a change in Hollywood that's going to be driven as we talked about before by the ability to
generate personalized film personalized content um rather than one piece of content for everyone where you have to make Blockbusters and everyone watches it there is a question however of culture and culture is you know shared experience stories and beliefs shared experience stories and beliefs can still
be realized through personalized media through personalized um content generation think about you know an old narrative an old tale that was told you know via uh people speaking to each other around a campfire the ethics and the morals of the story are still there but everyone tells it a little bit
differently I think that's what we may end up seeing Hollywood production or AI generated Productions everyone tweaks their content in their own personal way they consume it in their own way but the Hollywood Studios how much of a role do they ultimately end up playing and does this start to go 10 times more what
we've seen in YouTube content consumption goes way up and the number of folks that are contributing to it goes way up by 10 or 100x I think this is one of the fundamental things that the unions and Hollywood have not yet groked completely which is they're not fighting each other they're fighting
Tick-Tock YouTube podcasts and people making their own content they're fighting people they're fighting Jimmy Donaldson they're fighting Mr they're fighting they're fighting each other over the last scratch the people that spend two hours a week listening to us rant on about stuff
right like they're fighting two Less hours that's what I'm saying it's two Less hours of broadcast TV and then Mr Beast these kids watch his videos five times they watch three minutes he's probably the only person in recent memory that has rebuilt uh event based viewership because people know Saturday
mornings at noon eastern time is when these videos Drop hundreds of millions it's appointment television it's appointment television now back by the way when you hear you know the story about Mr Beast that's a guy that's been doing it since he was 13 years old studying he's 24 years old so that's 11
years where he's literally only lived and breathed everything in the last generation in the lab down to the very pixel right like when he for example like the cuts remember watch his cuts on his video remember he told us about like thumbnails he has an entire PhD thesis that he's learned just on thumbnails
yeah right and that's a level of commit I think what Hollywood needs to do just to put it out there is the the leadership in Hollywood gets compensated on a corporate level and then they come up with this you know pay and sometimes residuals sometimes not and scraps for the talent I would encourage them to read something like an
autobiography by Kurosawa and study the Touhou system where everybody was aligned inside the company if I'm running Disney I'm hiring the top two or three hundred Riders putting them full-time on staff giving them equity and getting everybody rowing in the right direction they do not have time to
[ __ ] around they need to be in alignment making great content but the incentive structure matters if Bob Iger is getting compensated by stock options the actors Robert Downey Jr who's the guy the incredible director of swingers and Favreau I was talking to Fabro at an event and I was like how much like
equity in Disney did you get for doing Mandalorian and like launching Disney Plus for them and he's like zero zero but then I'm like and this is what's crazy if you look at the biggest content producers of that older generation they locked up the equity you know Spielberg owns equity in
the movies that he makes George Lucas owns equity in the movies cut on um on Oppenheimer no I think he gets uh 20 of the gross off the first dollar that's absurd yeah and he got a 100 million dollar budget and 100 million marketing commit uh on the on the the deal uh Joker was uh Todd
Phillips well this is a perfect example I was talking to Tom Phillips actually um I got to have dinner with him last time great guy yeah yeah great guy and he waved his fee on Joker to take a big chunk of the equity because Todd Phillips is very sat on the hangover and he owned the IP of The Hangover he owned
the sequels and hangover one and two amazing hangover three that you can miss it yeah but he made more I think on hangover three yeah and he got all those guys Galifianakis et cetera they got their biggest Payday on their number three right you have to craft a deal we have Equity the other the studio the
studio was less bullish than he was on both hangover and Joker because it shows you how unusual movies so they allowed him to test equity in exchange for giving backers they're like you only want to spend 50 million on a superhero film that's never gonna work and then he's like yeah it made a billion Joker
made a billion right but they thought it was too dark yeah underestimating audiences as always I'll tell you a very funny Poker Story without Phillips your Disney stock uh right now I'm gonna ride it out I think their IP collection is amazing I think there's a chance that you know depending on how uh the FTC
winds up being run over the long term that Disney could be um selling pieces of that business and I think that it could become an acquisition Target itself at some point you want to hear a Todd Phillips Poker Story I play a part with him yeah he's uh he's fine Phillips is a very very
disciplined poker player you know he's got like a stop loss he hits the stop loss he's done and he's very funny and jokes around you know bus balls whatever and there was a while where he would play in the big game in LA with us and he didn't say much he was very focused and tight is right and then he did this
deal and then hangover three comes out and all of a sudden you know he's got chirping chips he's splashing the pot I bust Phillips in a pot and he looks at me and he called me Slumdog billionaire the guys at the table thought it was so funny because that movie Slumdog Millionaire had just come out yeah so
then they all started calling me slummy slum talking to me that's gonna stick it took me a year for them to get stop calling me that yeah yeah pretty great on the union thing I'll tell you a story so recently it was just announced that Anchor Steam shut down anchorstein was this beer this native beer in San
Francisco that's been around forever Japanese Brewery bought them right it was bought by Sapporo several years ago and Anchor's theme shut down Christine me yeah I used to go there all the time for like work events you do like an off-site there and go to the brewery yeah it was like one of The Originals
yeah it's out of business now and the reason is well it was losing money and you want to know why is because three years ago the workers all voted to unionize there were only something like 60 workers 62 workers and three years ago they vote to unionize and they voted themselves big pay increases yeah and so I guess
Sapporo had to go along with it three years later it supports it's like yeah shut the whole thing down um and that and that's and that's the things you got to be careful what you wish I really think the thing with unions that they get wrong is unions fight for exactly this which is this
short-term increase in current compensation and I think what unions do very poorly is actually understanding the long-term Equity that the employees and members of that Union actually create I tweeted this a few weeks ago as well but the single biggest reason that motivated me when I sold my piece of the
Warriors was obviously just the crazy increase in the valuation right I bought it for you know 300 600 300 and it was worth 5.2 billion at the time whatever but the second biggest reason was my huge fear was that I as an owner I just wanted to cash in the chips because I think the
most right thing to do for the Union like the NBA Players Association is to fight for Equity yeah if like Michael Jordan single-handedly has created 15 billion dollars of equity in the NBA yep how much has he captured one or two billion but not from the league he captured it accidentally from shoes
right how much money is LeBron James actually created for the NBA it's enormous yep how much is he he made captions they're not trying to get the right pieces they're not trying to get the right also when the business doesn't do well then the the labor contracts become a source of huge inflexibility
huge influence you can't make the necessary business change so it's your point the businesses get shut down don't to your point like when you when what happens now is there's these huge luxury taxes in professional sports and so folks bloat the payroll they try to get all these players but if you
don't win and get to the playoffs you're not selling more merch you're not getting incremental share of TV revenues you're not getting ticket revenues and all of a sudden you have these massive luxury taxes you have to pay and not enough Revenue to pay for it and so these teams all of a sudden now start to
gush money have to make Capital calls because these things that sound incredible up front start to become real weights on these businesses the real thing all unions in all Industries I would I would tell you all to do is figure out how to get the equity upside in the business in which your members
are working in and are creating value it right in exchange for that have more forgiveness on the downside to the business it's actually personally whether the storm is supposed to have to shut down exactly alignment you know align the incentives are just so critical I was talking to the head of
one of the giant Publishers I wouldn't say which one giveness Insider I don't know which one it was but um they were being unionized and I said wow is this a disaster for your business he says uh Jake how greatest thing ever I said why he's like now when people come to us and they want to get paid
more we just take out the chart how many years have you been here oh five okay yeah one two three four five seventy two thousand and they said well no but I bring more pages or whatever it's like yeah okay yeah page view multiplier 0.15 okay so you're 70 AK and then just basically what happens at Business
Insider yeah but that's kind of who knows that's probably why they're a clickbait business drives perverse incentives and it's like why not align it with what is the profitability of the business what is the growth of the business a bonus pool a base level of pay and if the unions
are coming in they are literally rearranging the chairs on the Titanic yeah and it's that simple you you both the beer industry and Hollywood are both shrinking Industries and so when you got unions demanding more and more and more of a shrinking pie something's going to break now look just to be clear I'm in
favor of unions demanding things like better working conditions and health care and just like the basics yeah but you know when they try to go for things like I don't know Banning Ai and weird and proposals that distort the cost structure of the business to the point where it's just
not feasible it's not profitable that doesn't work also the question is why collar workers who can move so freely between jobs yeah we're so Elite why would any white collar worker who is learning and sharpening their blade and increasing their value year after year why would they even want to join a union
there was a podcast Union that started in Spotify and gimlet media all of this stuff and one of the podcasts I think it was reply all they didn't want to join the union because they're like well we're overcompensated we're a hit show and they were all claimed that they were coming in the schools but can we steal
that you can't get rid of a bad teacher because they're in the union so it's like a huge procedure they put them in a building right where the incontinent teachers deal man Pro case of joining a union in 2023 I mean if you could get benefits like some basic level of benefits look I I think that the pitch and Jay
Cal this is why I asked you this a few episodes ago you know tell us your experience having grown up in a family that I think unions are pretty proliferant in these um cops firemen cops firemen yeah I mean if you were the pitch is you're you're part of a membership you have a voice and
that voice always is your Advocate and that Advocate looks out for benefits comp time off whether or not and how you get fired all the things that you feel you may be unfairly treated by management there's nothing novel here I don't know it's a strong appealing Point yeah so I don't know if that's the best
steel man before because look employee it's a competitive labor market if you have skills that companies want so you should be able to negotiate for a lot of these things yourself I think the steel main case for unions and the reason why they formed in the first place is because American industry was basically
owned by an oligopoly they were themselves Monopoly so if you have a monopoly of Industries like U.S steel or Standard Oil then there's not a competitive labor market they just set the prices they set the conditions that's why the unions got started is you needed a basically a monopoly of Labor
to face off against a monopoly of business that's how I got started and I think in those conditions we're talking about the early 1900s people were losing limbs in factories yeah of course very different working conditions different working conditions but now you're talking about much more competitive Industries but
look yeah there was a great deal of like manual labor needed to get productivity out of businesses and Enterprise so you know so much of Industry changed where things became automated whether it became specialization and differentiation amongst the workforce and it wasn't everyone is just using
their arms to do things and you know this is obviously now measurable and the idea that you can basically you know capture management or do a hostile takeover of the corporation or the equity I I think it's effectively what's happened with a lot of these these uh and I'll be honest knowing what I know
about unions if you were to do a deep dive into you know the police unions or the firefighter unions or the sanitation unions or the teacher unions and you look at their pensions and their overtime you would see some pretty significant abuse use that the unions have built up over years to where people
can make three or four hundred thousand dollars a year in the last two or three years they Goose that up because then they base their pension on the average of the last three years and what basically happens is all the senior guys say listen all over time goes to these three guys who are retiring in three
years and none of the junior guys can take any overtime and when it's your turn right you get that all that and then we're gonna Gooch your pay so what that does unreasonably yeah is the pension calculation the pay into the pension is based on some Assumption of today as that starts to happen the
pensions become underfunded because they no longer have enough Capital to make all the disbursements that are supposed to happen and there's a big argument now that there's probably over a trillion dollars of underfunded pension liabilities in the United States many of
which are based on the fact that these payout principles were defined by some negotiation with the union and their games and there's a large difference between somebody writing a listicle or rewriting a Washington posterior business owner you know somebody rewriting a Wall Street Journal paywall story and
Business Insider somebody running into a running into a burning building or you know right um having a Target on their back as a cop in San Francisco these are very different jobs and the white collar knowledge workers are lasting what what's the average tenure right now 36 months 30 months
I mean you're obviously moving from place to place what's the point of the Union it's a competitive labor market and to your point it's true that in some cases the unions do get a better deal for their members however there is a deadweight loss for the union itself because the unions representing its own
interests one and a half percent so they're taking something they've got to skip they're skimming not Scorsese movie was it the Irish Irishman yeah you really get a taste of the corruption that was there was some skimming going on everybody gets a little skim all of a sudden one and a half times then also
the pension fund starts getting you know rolled into mob projects or whatever I mean that's like a while ago but yeah I I there were some significant downsides my view of it is we lived in a decade of surplus Elites you know having these luxury jobs and I'll put in the luxury jobs being a
journalist being a venture capitalist you know these elitist luxury jobs and in some of them they became so wildly overcompensated I think they wanted to feel oppressed they wanted to feel like they need a representation and I think they were LARPing to use the term again live-action role-playing that they
were going to be in a union like they wanted the LARPing as being victims right they've wanted to like literally The Business Insider people were putting up pictures of Henry Blodgett and his grievances yes and they're on the street holding a picket sign up and I'm like what's the matter
is your keyboard not ergonomic enough at home you haven't been to an office in three [ __ ] years setting it the latest flavor of kind bars or whatever yeah no they didn't get the Cherry the Crayons tomorrows I mean like leave the unions for the people who are actually on the front lines all right so I think well we
could wrap good rub should we wrap it's probably rap time would you want to do a quick science Corner update I got a lot of action room temp superconductor yeah there is a uh actually it's a very uh interesting you may remember two episodes ago and if you if you don't remember you kind of can go back and
watch it um where I talked a little bit about the effort to try and identify a material that can be superconducting at room temperature which means no resistance electrons can flow through the material with no resistance perfect um electricity trans for across distance and also enables the Meisner effect
where magnetic waves can reflect off of the material which can allow things like levitating trains which is very low friction Transportation all these benefits of superconducting materials Quantum Computing Etc so yesterday and I've gotten literally dozens of emails and notes about this in the last 12
hours there was a paper published by a team in South Korea who seem like a very legit team there's no reason why they would kind of make a fraudulent claim that there is a material that they've identified and measured to show has superconducting properties at room temperature and
ambient pressure where a lot of these efforts historically have been made at room temperature but they use 200 times atmospheric pressure to compress it and it turns out that this material that they're using is a lead appetite which is a uh it's a hexagonal Crystal that uses calcium phosphate and lead and that
some of the calc the lead gets replaced with copper and the copper causes the hexagon the crystal structure to compress a little bit that compressed Crystal allows the electrons to flow through this is their theoretical explanation on what's going on it will be replicated people will try and do
what they are now claiming they did to demonstrate this there was some condensed matter physics people that sent me an email and said they don't think that this is real they have great deal of skepticism well let me but sorry let me just say two things about this um you can read the paper
let me say a few things firstly I think it's unlikely that these guys are gonna make a fraudulent if they did make a fraudulent claim it would be the end of their career as their reputation would be damaged so that may happen if they did not make a frog the president of Stanford if they
did not make a fraudulent claim and it is and it does turn out to be real then I I do think it'll end up being the the most important Discovery in physics of this Century okay so it's easy no no no something serious look I I don't think I know you guys are joking about it but yeah we talked about the importance of
this material in technology yes it's an everyday life I want to build on top of what you're saying the thing that you're saying the more generalized concept is we have such a poor understanding of the periodic table just broadly speaking of condensed matter of physics there's so
much about physics and quantum mechanics we are just literally poking around poking around trying to figure out what's going on and that's what led to this discovery supposed a discovery I've made this analogy before but if you take the periodic table and it actually kind of looks like the United States of
America we have like a really good sense of like the upper Northwest and like the east coast and otherwise we don't know anything and I think it was about two and a half years ago right the beginning of the pandemic there were these three guys and I that started with this idea just building some machine learning
to experiment in silica around different materials right and can you guess physical properties and if you think these properties are better at a certain thing can we then go and actually make samples and figure it out and we pointed it at batteries and we said let's just take the cheapest form of batteries lfp
lithium right that's used in the model 3 and let's make better lfp and what we're finding is holy [ __ ] like we don't know anything and there are these like really big breakthroughs one which we'll probably announce in like the next few weeks because we just raised a bunch of money around this idea
but it's all just people experimenting better and smarter and really what you find is that there just aren't enough of those people doing it and so the cycle time is just too long well and this is where AI can actually have some it's incredible games transformational guy gets smarter you put in the inputs
you give it the data set we don't know what it's going to come up with and it could profoundly the the better version of increase our understanding part of what this Korean team did is they they had a separate paper that they published talking about the demonstration of using
AI to try and be predictive around quantum mechanics which is something that people have said we can't really do Quantum modeling until we get quantum computers and so there has been this this belief that once we get quantum computers we'll be able to understand the physics of of the quantum skill and
be able to do modeling that will allow us to do more Discovery but we are still very much just poking around and theorizing and every cycle by the way in superconductor research there's a different theory on what causes superconductivity and it shows so uh how little we do actually yeah yeah so these
guys basically when we were trying to build so if you if you look at like a Tesla Model S right or model X these are nmc or NCA batteries right very very very energy rich but also very expensive and very complicated batteries that won't scale to the average everyday car and what was crazy in our attempt to
take lfp which is the cheap version and make it as keep the cheapness but as energy dense as nmc and NCA we ended up doping it with all kinds of random stuff that you would have never guessed in a million years given billions of dollars you would you needed computers to go off and actually make
these guesses so this idea that we're going to find all the stuff at the periodic table bumbling around I think is such an interesting part of the physical sciences and again this will lead to infinite energy storage and batteries yeah you can put electricity into a battery if you have a superconducting battery
and it would cycle forever no resistance and then you could just plug in and get the energy back out so imagine infinite storage on batteries completely so you can there are already superconducting um circuits that are used in quantum computers and other high-end applications but because they're so
expensive to cool and so expensive to operate they're not ubiquitous but the power of having them be ubiquitous would be extraordinary for computing for discovery for AI for modeling the applications of what we'll end up discovering because of the modeling we can now do in a more ubiquitous way is
going to be incredible these are very profound moments when they do and if they do happen we should be excited optimistic but obviously very very cautious about uh where and when this may happen yeah I really love you what an incredible so thankful that you guys came and showed up that really means a
lot to me thank you fantastic yeah incredible weekly I really love you guys thank you very very much for that all right we'll see everybody uh at the all in Summit oh my gosh yum yum it's in like in is it like six weeks more a little more I will announce it and then we'll take it out if it's not okay but we did
confirm Ray dalios and we'll add him to the speaker list we've got a few other guests that we're not going to announce that will be last minute fun surprises for everyone always some fun surprises at the end I'm really excited to have right now yeah how the party's going for the summer for the parties we uh we have
narrowed down to three themes we think are gonna be a lot of fun opening night uh Sunday night the day before the event starts September 10th I think that is you have location yet uh we are negotiating the final contracts with the locations we've got about a dozen of them and we're gonna narrow it down to
the three that give us um the best flexibility we'll have the floor plans uh which is the last step um you know you got like six weeks right yeah no no it's we have more than enough options now so uh Sunday night Jake house handling the parties not me I'm doing the party I want to hear a great
all in Summit story yeah but let me just go through the three um yeah the three-party themes so opening night is going to be bestie Royale uh the best you who love me a James Bond theme so what is that tuxedo white tuxedos white tuxedos or you can go as a Bond girl or you could go as Austin Powers anything
in that theme casino games but no black tuxedo you can go black taxi you go white tuxedo you could go Daniel Craig you could go Sean Connery Roger Moore you pick you can go on Sean Connery you go whatever you want I like the black talks I've tried the white tux it doesn't you can do it yeah for me I look
like a waiter his bucket hat Monday night is going to be bestie club uh Breakfast Club big 80s the location is incredible I wouldn't say it but um not to be confused with Fight Club where Jake Hill and I get in a ring no not if I ask each other yeah that wouldn't last very long um best
club we worked everything out of the board meeting yeah did we work everything up between the two of you everything's good boy you were embracing afterwards I saw the two of you embracing of course I tried to give him a hug it was an awkward you didn't fully let me in oh it was like you ever see
3PO trying to get Han Solo a hug it does like this like oh uh there's a 472-1 chance that you're my bestie oh um and then uh the last night it will be bestie Runner a Blade Runner send up a cyberpunk theme wear your best cyberpunk oh you must have a good like punch-up person for this kind of stuff like you
have a person though yo he's got a art director no that's level two in the basement sub level two in the basement is the costumes you know how you haven't been to that level in your elevator yeah you go down level two is costumes yeah level three is sets okay I'll tell you a quick story all in Summit I'm walking in the
streets of Milan me not and we're we're walking just on Via Monte Napoleon in Milan and I hear it and I turn around it's Damian Bertrand the CEO of Laura Piana and he and so he comes we're so excited to be a part of the all in Summit and I'm like oh my God this isn't I didn't tell you this oh
oh it's not happening no it is I know they're cushioning every seat with uh I don't know don't ruin it okay but my team's been working really hard on this anyways I I saw Damian they they're excited he's coming yes it's gonna have um Montclair you had every opportunity these last
three days to do everything you needed to get a sponsorship is listening what are you the guys right there on the beach on the beach do you see the yacht right there that's his boat this is his restaurant this is his restaurant I can't do enough I can't do any more than anything get on the dinghy go to
his people get off your phone he's sitting right there you need to pay attention yeah get another funny here's what happens the guy uh Freebird comes up he's in a panic oh we've got a problem Jake how uh the production has got a problem they're gonna kick us out of the restaurant the guy goes I don't
think it's going to be a problem I'm gonna fix it and everybody's like how are you gonna fix it he's like well I owned the restaurant and uh so I'll ask them we bought it do um not to kick you out and I'm sorry not gonna be a problem not gonna be a problem and he sat beside for a whole day right who is on the
board and I said David she's on the board so if you this is your moment you sold out their hats and this is David cut to David bleep out the name hold on oh oh hold on a lot of stuff Peter chill and I are in level four of my basement I'm in a game of Blitz with Peter Thiel hold up you're playing
a terrible hangover let's do that all right everybody live from Portofino four hungovers thank you guys thank you everybody [Music] and they've just gone crazy with it [Music] besties [Music] it's like this like sexual tension that we just need to release somehow [Music] we need to get Mercies [Music]