point of privilege saks wore this hat last week what what's this brand is this a montclair hat yeah and actually did you see that that tweet people it started trending it started trending after i wore it so it's sold out dude you sold out the montclair hat so we have no advertising we i feel
like if we're not going to do any advertising on the show we should at least get free clothes we get to pick through them where would we like i know where's my cut where's my cut as an influencer the tweet basically said that i named dropped laura piana and sent it through the roof and inside steve
dropped eau claire both brands obviously are italian both entrepreneurs we know very well and so i asked that i said matt can you basically send this tweet over to them so maybe they can give us free clothes let's get the griff going boys now we're talking now we got some bestie grits no
you're speaking my language this is his cup of tea speaking of griffs i do like montclair the way that chamoth likes laura piano just so you guys know at the birthday jason that you missed are we going to lots to do we played poker we had a birthday we had a surprise birthday party for me that threw it
sack showed up free brook showed up their wives showed up it was incredible j-cal basically stiff-armed me i'm very sorry it was a by the way that came together four days before your birthday so just show you uh-huh well you know what kevin hart showed up give us the best one-liner which one landed
oh no jacob you have no idea these guys roasted me it was [ __ ] incredible but the best of it was at the end k hart gets up with no preparation and skewers everybody free bird i mean d what do you think of like kevin's rest it was carter he was so funny he's like my wife walked in here and she looks at
me and she's like these these guys it was so funny complete my [ __ ] out nick but it was so funny he dropped line after well he's a ringer he's a professional well he's maybe the funniest person in the world and then sax had to come after it yeah exactly xander i don't know why xander
was the emcee but because i should have saved kevin hart for last but instead he calls up k hart in the middle sax was so tilted okay so wait so i i couldn't make it because i had burning man the xander does the emceeing then kevin hart you were saying is just to fill in the audience here so they can
understand it kevin hart comes in he gives this incredible ad-lib roast and then sax has to go after him yeah first of all sanders is xander's as funny as a root canal he should not have been the emcee so yes we did miss you j kyle you should have been the mc second k heart should have been
left for last obviously of course but xander you know xander being a good liberal couldn't censor me outright so he had me go after k hart that's like the next best thing did you steal his documents did you steal all his jokes and put them in your i just threw i had all these like jokes written i just
threw them out the window because i can't what am i gonna do i'm not gonna deliver jokes after kevin hart so i just told a story you know kevin hart like killed i mean the room was i mean that's like that's like getting punched by mike tyson and being like oh my god that hurt he's like yeah it's mike tyson yeah
[Music] [Music] we were at the the code conference we had the poker game it was the last one after twenty big shout out to cara swisher picture just i wanna say uh to walt mossberg and kara swisher because they did the conference many years together congratulations on a 20-year run uh
they're not going to do it o'cara is not going to do it next year but my friend jim bankoff who runs vox is going to run it next year uh so congratulations to him and cara for a great run and all things d they you know they they they had steve jobs at the first one first speaker and
um you can look it up i got to ask him a question if you remember this but you and i were there when uh gates and jobs uh did that speech together unbelievable what what what an incredible legacy that she documented remember this code is incredible like i mean the number of the amount of memories i have
from that place is incredible that's great and so we'll see where the poker game goes next year probably the only time i think the all in summit could have been that it's it's heartbreaking it's heartbreaking i'm not saying that i'll be hosting the code conference next year but
you know they're looking for an impresario this is the problem with this pod is we're drawing too many high-profile people in now but uh interestingly freeberg and i we now have uh the press wants the the the press are trying to do a profile of the pod and so we had three or four different press outlets now i
won't say which ones but i've all asked us to do like a sit for a profile we've said no uh but uh just because i said why don't we do a profile of them who's to make them the media you know well i mean that's what's great our competitors our competitors want to do a a piece on us why would we cross the
audience you know it's gonna be a hit a hit piece it'd probably be hippies yeah of course because we're we're stealing influence and clicks and views away from them and besides they're ideologically motivated anyway so they're they're message police sex you don't think you're ideologically motivated
listen if you contract the official narrative then they write a hit piece about you that's how they try to enforce discipline it's true actually but not i like the independent ones i do i have to say like this whole you know sub stack movement in independent artists or independent
journalists becoming even more indie in fact kara swisher is more indian now she left the new york times uh specifically because they were you know giving her a hard time about certain guests or certain conversations and now she's you know doing her podcast independently uh with vox publishing it
for her so you're seeing more and more of the voices go independent new republic is doing a hit piece on me right now i have no idea why it's the same thing emo me and see them and i was like here's my official comment i can't wait to visit sax when he's in the white house in 20 years and the guy's like so
you're saying sax is writing for a president i'm saying no i'm saying that you don't understand a joke that was a joke yeah and then and then after you copied me then they're like oh yeah we were reaching out to david too to get in no yeah and they hadn't reached out to you yet right they hadn't
reached out anyway yeah so they were going a little sneaky sneak they were trying to get me something i don't know i don't have time to talk to them you know it looks a nice that would be a nice profile i think nobody reads it uh if it were if it were michael kinsley
running the new republic i'd be happy to you know take the time but it's not that anymore it's just another left-wing rag that's into policing speech um you know they asked they sent us a bunch of questions like you know why well i don't i don't have them in front of me but they're like they're basically
like why did you support the recall of chase and booty and stuff like that and my you know pr person got back to him and said have you seen the all in pod have you read david's like twitter because he explained this like abundantly for the two years he was advocating every week every week we
talked about this and the guy was like right he's like oh he talked about in the pod he the guy didn't listen to the pod he's like he tweeted about this no he just thinks i'm like some right-wing donor who was like trying to get it kicked out that kind of narrative you know so i'm like this is a total waste
of my time go read all my tweets go watch the all in pod and then come back with any questions that haven't been answered it's just lazy reporting on the new republic's part why would you do a profile if you didn't actually i got better two of you are having a serious conversation about free bird he's
[ __ ] around with his backgrounds enough what is his background what is that it's a future city in saudi arabia who else is planning on doing a hit piece about us okay so the information uh reached out and we said no are you going are you saying this actually on the show right now i guess i
think this way we should deal with all inbound press inquiries is we'll tell them no and then discuss it on the pod yeah because they want a quote if they want to quote listen to our pod and then transcribe what we say on this pod or reverse it my quote for the new republic
is that if michael kinsley were still the editor i'd be happy to spend my valuable time talking to you but you feel they will not they of course it's not going to be fair there are the speech police now and the fact that he didn't even know the fact he didn't even know that i wasn't just a donor on the chase of
boudin thing i was the first person that i'm aware of at least within silicon valley who called out chase abu deen for the horrible job he was i mean that was bipartisan by the way it's not like david sacks is one of the three percent of san franciscans who are republican like he's not able to vote
for the 69 percent of people who voted chesaputin out so like you can't spend that one you're categorizing me as like just a partisan that's not really how i come at these issues can we go back to your quotes so uh that was your comment for new republic jkl do you have a comment for new york times
and then uh it started with eric i got to be a fair eric newcomer who's awesome who worked at the information started his own sub stack um which is really good by the way and uh he comes on my other pod um he's awesome and so i'm going to be a guest on his pod because i promised him and he does my part but i'm
not going to be a guest my philosophy is i told him i said you can have me as a guest but it can't be more than 10 all in because i don't want it to become an all-in profile we agree it as a group we're not doing it all in profile right now so up to 10 can be about all in but the
other 90 has got to be my other projects and he said totally fine um he understands but he asked first and actually i would be inclined to do with him because he's if we were going to do it but then um what do they need i mean like we create like hours and hours of content and the drama is out here for
everybody to i mean like i don't understand like what is what do you need our cooperation i think you wanna no you wanna maybe frame uh and get a couple of sleep no you want you just wanna get a couple of quotes that are unique so that's worth reading these two guys have shoved their heads
up each other's asses it's like a serpent a never-ending serpent you're clear up here clean bill of health sacks uh so anyway eric newcomber asked and then the information asked him and then kevin rush no the new york times just asked right okay what was the nice thing about your comment my comment in new york times is uh
yeah enjoy the pod while it lasts we're trying to keep it together i mean i'll say the other big issue is i got approached by a couple of um by two different people who wanna who want to represent the pod they say there's seven and a half million dollars in advertising we're leaving on the
table by the way 150 a week good work okay and literally that was i want that number to grow to 10 million 20 million guys are killing me you realize i would have a plane if you guys just let me sell the [ __ ] heads on this thing i could get like a million and a half dollars in jet stream yeah you would
have a plane if you just did one other thing you're doing a hundred different things just do one thing i'll tell you what it is you'd have a plane if you're smarter that's not that's not nice sex that's not nice i would have a plan if i got luckier i will say whoever said this is
going to help our our core businesses and that's the reason i think it might have been youtube i am raising my fourth fund i am doing at 506c which is public i tweeted about it i had 1200 people sign up for the webinar and this means i might have to increase the size of my fourth venture fund because
so many people listen to this pod and want to hang out so thank you to everybody who listens to the pot i think for you bro well i mean it's just nice you know i you know i struggled to raise the first couple funds you guys backed me but like i couldn't break through as a solo gp
with the with the big lps but i'm hoping to get one big lp this time and you know it's i'm going to be oversubscribed with all the high net worth individuals and everything but i'd like to get like a memorial sloan kettering or somebody doing cancer research just to feel good about it you know i just want to say
that i supported j cal as a friend in fact i was the first lp check in your fund but that does not mean that i tore this in any way in any way or that anybody else should come in i mean whatever you're i don't want to say the performance but um you're doing okay let's leave it at
that yeah and i would like to say that i was not the first but i was the biggest yeah you did you did pretty big yeah absolutely and i will say that i'm still waiting for that moment to join you guys in jake yeah exactly uh yeah and i'll just keep coming to your lp meetings and
entertaining your mps thanks pal entertaining wait is jkl an investor in production board no uh we do we have done we've done a syndicate you are my smallest investor you're in the don't know how that bill but yeah but let's get to work guys do you guys want to talk about the queen the passing of
the queen real quick before we start or is that i would like to yeah i was born in sri lanka i was raised in canada so and now i live in the united states obviously i've been a citizen of all three countries so two of the three countries i've been a subject to the queen i mean i'm part of the
commonwealth and i just want to say it was really sad for me like these last couple days when i saw that she was sick and then she had passed i got to be honest with you like it really touched me she is an incred i can't describe to you guys for someone who is part of that realm how important she is as a person
and then you know if you've seen you know the the show on netflix it kind of romanticizes a little bit but you know she has seen 17 prime ministers she's seen so many presidents she has seen the history of the world uh the modern world being made in front of her so yeah i'm a little sad and i think
she's an incredible person and even if you don't agree necessarily with monarchies in general i think you have to be super positive or the history of imperialism there's a lot of people that are kind of using this as a moment to be negative right in jamaica wants to become a
republic australia wants to become a republic they'll prosecute that in due time but for right now i just think that we have to celebrate this incredible woman who lived to an incredible age who saw incredible things and who dedicated her entire life to the public service and lived it
totally neutrally which in today's world nobody else does everybody else takes the point what's the point everybody else everybody else tries to basically like you know create a schism she never did that in 70 years as the queen yeah like very stoic very stoic and a symbol of service not a symbol of dictatorship
right i mean there seems to be a very different role that she's taken as a monarch than i think what yeah has maybe historically been the role which is incredible pretty profound right it's extraordinary that somebody would put 70 years of service and be that diligent i think stoic and
and there for her people and to the people who are you know suffering and and grieving you know that word you said really resonated with me like diligent is such a great word because it's like you're disciplined you put in hard work you're focused on the long-term goal and then you're selfless
yes not many people not many people jacob you know this exhibit that at all but then definitely don't exhibit it over 70 years it's it's extraordinary and yeah it's i i know a lot of people are grieving right now so you you have ourselves somebody as a citizen of the monarchy i am of the commonwealth rather i am pro
queen elizabeth and it deeply saddens me to see that she passed possibly all right listen we got to talk about uh winter is coming i'm not talking about game of thrones let's talk about something serious that's going on here um and we you know we don't like to be too repetitive here but i think
we correctly um predicted that you know this if this ukraine i think maybe saks you pointed this out this year what do you mean weak kimo sabe all right listen i'm trying to give you [ __ ] credit and you're interrupting me can you just take the [ __ ] win you're such a miserable bastard i try to
give you one [ __ ] game finish what you're saying and you cut me off all right listen we've been talking about this ukraine thing stacks correctly predicted if this goes to winter this is going to get acute and of course uh right on cue here we have it russia has essentially cut off uh gas to europe
right now by claiming that the north stream one the north pipeline that russia built that goes under the baltic sea they basically say a turbine's broken in it magically at this point in time right before winter this turbine broke according to putin and he needs a turbine um and if they give him a
turbine he said he's going to turn it back on uh this in the face of europe saying they were going to cap the price of russian gas i don't know how that works exactly that you tell people what they can charge for gas but russian gas shipments uh which germany is particularly uh dependent on
have fallen 89 since last year and the price of liquefied natural gas in europe is four times level a year ago uh in eight times uh the level of the us obviously we are have gotten incredibly lucky to find all this uh natural gas here and we are a huge exporter of natural gas and oil in the united states
so we're good uh this is the highest power prices have been in three decades and the perfect storm is not limited to oil in the russia and the ukraine war france's 56 nuclear power plants are running at half strength because of shutdowns over corrosion problems and as
we talked about maybe two episodes droughts have undermined hydroelectric power uh because of these that's not the main issue here the main issue is the cause this is there is a perfect storm here it's not just that 40 percent of europe's uh energy consumption comes from russia and natural gas
forty percent and so you could see variants there's a base load requirement for lighting and electricity and then there's industrial production and then there's heating and cooling heating and cooling demand is linearly tied to the number of degrees above or below 65 fahrenheit on average and so as the
temperature goes up people turn air conditioners on as the temperature goes below 65 they turn their heaters on so there's a linear demand for power consumption at those so number one is you could kind of you could either cut base load which is lighting and basic kind of
operations number two is cut industrial production which is already happening a lot of fertilizer plants are shutting down in the country that are dependent on natural in the in the continent that are dependent on natural gas and number three is the scooting heating and cooling and that really ends up being
kind of a market-driven function which is how pricey is this stuff because there's limited supply so you could normally in a normal year see fluctuations around five ten fifteen percent maybe with good kind of action and behavior forty percent of energy being cut is a massive massive problem
there will be significant price climbs for the kind of variable demand and heating and cooling and so on but for the price to go up by 6x 7x 8x 10x 15x over normal prices for someone is unbearable by the average household unbearable by the average small business unbearable by the average small building
um and so it's causing critical failure uh across the economy across the currencies across debt markets and there's real concern that ultimately the shutting off of 40 of the energy supply to the continent leading into winter winter is coming where energy demand spikes because of the need for heating
is going to cause real kind of problems so there's the cataclysmic problem of people actually being able to keep their homes there's the industrial problem of parts of the economy shutting down and then there's the currency problem of the governments needing to step in and bail out industry buy super
expensive gas give it to their citizens and their businesses at a discounted price and seeing their national and sovereign debts skyrocket which is now expected to happen and as a result the british pound is trading at its lowest level since 1985. and as a result people
are rushing to the street from prague to cologne germany even in london proclaiming that the governments aren't doing enough number one to stall the uh the rate of inflation to make energy prices cheaper through action by having the government subsidize and number three which i think was inevitable and
is now becoming kind of the surprise factor to the ukraine crisis citizens are saying end this war now get to the table with russia come up with a settlement and get the heck out of ukraine by the way that's not everyone saying it just to be clear but there is this rising rioting protesting behavior happening
across europe particularly in eastern europe um as a result of the ukraine war and so we're seeing you know i think a big shift in attitude and a big shift in kind of the societal perception of this war particularly in europe because they're so acutely feeling the effects and we are not in
the u.s they're acutely feeling the effects and they're saying we need to stop this war now we need to get out of the way we need to let russia turn the gas pipeline back on and we need to figure out a resolution stop supporting ukraine and that's what it is that's a voice that was that's a voice that did
not exist very loudly yeah at the beginning and it's and it's starting to swell running out of food or you know running out of heat to keep your kids warm i mean these are pretty acute situations traumatic what's the vibe in the middle east about this are they looking at it
and seeing it as an opportunity are they looking at it and seeing it as you know a manageable crisis and or and what do they consider their participation in this to be there's a very structured framework for energy production which is opec and opec plus and you know they have done not just the middle east but frankly the
middle east plus um united states the best job possible to basically get the maximum demand so that there's as much energy as possible the reasons that europe are in an energy crisis really should be discussed honestly so number one an entire continent essentially allowed a 16 year old girl
to dictate their energy policy and when greta thumbberg was able to shame an entire continent into basically walking away from nuclear and not really evaluating how you can actually have energy independence what they did was they put europe in an incredibly fragile position and
at the beginning of this war it wasn't clear how much damage the lack of russian energy would do to the european economy but now it's absolutely clear how does that see that we said it on the board we said it on the pod in february i mean trump said it years ago i mean the first thing we said how is it not
obvious the problem is you had these look to be honest you had these two goofballs you had a goofball on the left which was a 16 year old girl who knew nothing and you had a goofball on the right which is a president whose language turned people off even though the message that he was delivering was a
hundred percent right when when trump went to the united nations he was clear he was precise and in hindsight and i'm saying this as a democrat he was right oh about obviously the german reliance on russian gas and and the european reliance on gas what did they think
would happen the important thing was was the reaction remember the german delegation snickering while he was they were laughing they were laughing but but we're but we're missing the real lesson the real lesson is that in all of our haste to basically overtly judge trump because of his
delivery and his you know his personal style or whatever we ran towards a 16 year old person who has no rooting in science or technology to dictate the energy policy of an entire continent i mean the she was nominated for a nobel prize just to remind you guys this is how insane all of these people were so in an effort
to virtue signal to the hilt and beyond what we essentially did what the entire world did was turn a blind eye to science and turn a blind eye to mathematics and simple understanding of supply and demand and so now you have a situation where the entire continent of europe is probably on the precipice of the minimum
a recession but frankly there's a lot of scenarios where it could be meaningfully worse and i think what it does is ultimately it has forced the russian endgame and that russian endgame is essentially the following which is that germany will probably be the first to capitulate
but it'll be the combination of the united states and europe who negotiate some kind of a settlement they have to follow and and the reason well without calling it folding i would just say there's a settlement and the reason the settlement is necessary is you're going to start to impact
tens of millions of people's lives in an incredibly arduous way and those people are asking their leaders to tell them why it's worth it that's why you're seeing protests all around europe people have decided that this war has gotten two or three steps beyond what they thought they were getting into
and that it was shining light on a whole set of decisions that never should have been made sax what's i i i think what people most want to know and i'll go to freebird after sex freeberg i think people are going to want to know how do they close this gap in terms of the 40 dependency so you can start
thinking about that but saks how do we resolve this issue with russia without enabling them because nobody wants to enable them and reward them for evading countries but here we are they didn't settle this thing in the whatever nine months we're in now and they don't have any more cards to
play they they need heat they need people can't freeze to death in germany so they're gonna have to fold in some way and it doesn't seem like there's any gap that can be closed here in terms there's not enough firewood to go around it's all these stories about stockpiling
firewood that doesn't seem practical sure you could reduce consumption by 10 20 maybe 25 that does seem reasonable but there's still a huge gap here so so what's the end game saks i mean well first just just to put some numbers on this there's a good report by goldman sachs called europe's energy crisis is
at a tipping point this came out on september 8th and it says here that the price of natural gas in europe it used to just be 20 euros per megawatt hour it's now above 200 per megawatt hour so we're at 10 times the 10-year average in the market and winter isn't even here so you know europe is the titanic winter is
the iceberg the main difference between this and the titanic story is that everyone can see the iceberg and yet no one is really changing course so liz trust the new prime minister of the uk said that ukraine can depend on uk for support in the long term olaf schultz said that germany will
support ukraine as long as it takes macron you know from france so that nato will stand together and prevent russia from winning the war so you know leader after leader is doing the opposite of what you and and chamath have just said which is try to figure out a compromise in fact
in the last week or so new information came out about actions boris johnson took back in march or april when they remember when there was discussion about a peace deal about a month into the war it turns out that boris johnson went to ukraine and said no deal do not take the deal we need to weaken putin and russia
not compromise with them so the fact of the matter is that the european leaders are increasingly out of touch with their own people the agenda they are serving is not the agenda of or the desire of their people to basically stay warm in the winter or pay reasonable energy bills they are
serving this larger foreign policy agenda this is why you're seeing people in the streets in czech slovakia and these other countries and this is why the crisis will only grow in winter i think you guys are just assuming there's going to be a compromise i'm not sure that's true these leaders are stubborn
so this is why for example we've already now seen in the uk boris johnson lost power although list trust basically has the same policy mario draghi has basically lost in italy if bulgaria replaced their pm so the leaders the dominoes are starting to fall in europe and i think there's
going to be a lot more of this and who knows what governments we're going to end up with in europe what's the end game then i mean what do you what do you predict will happen you think they're going to hold their ground and not have a conference so jamal pointed out the mistakes that these leaders made following greta
thunderberg i think there's another mistake they've made which is i think all of these leaders have pulled a tony blair do you remember tony blair tony blair was the bill clinton of the uk after margaret thatcher he was the first labor pm to get elected he was incredibly talented as a politician and
he was very popular in the uk until he did one thing you know what that one thing was he went along with george w bush's iraq war the people of the uk did not want to get involved in that war and blair acted as w's lap dog and went along with it and bought into all of the
lies about that war and today he has zero credibility in the uk it's really actually a sad story i think that these european leaders are making a similar kind of mistake with respect to biden's proxy war against russia now let's go back i want to go back to a point you made jason just now let's turn to
freebird which is you talked about the fig leaf that the russians are blaming this on our turbine i don't think that's even really true anymore i mean the russians have basically said he's lying of course yeah yeah but but i think the russians have basically said that um that listen this is also because of
sanctions it's sanctions and a turbine it's like pick one right you can't listen but but the point i'm trying to make it look obviously this is retaliation by the russians the problem is the stupidity of western leaders in not thinking there's going to be retaliation i mean all you're hearing right now from
western leaders is indignation that russia would play the only card they have the card that was obvious they were going to play you know meanwhile look at what we've done so you've got administration officials talking about the fact that we have commandos on the ground in ukraine
you've got administration officials bragging about the fact that we are helping to paint targets on the backs of russian generals so they can be killed you have administration officials boasting about providing the um the artillery spotting so we could sink the mosfet the russian
flagship i'll provide receipts for all these things okay you've got biden saying that putin cannot remain in power you've got lindsey graham saying okay we know all this what is the let's go forward how does it resolve you've got lindsey graham saying they need to be assassinated like caesar
you've got um the u.s appropriated 40 billion hold on a second in weapons to ukraine so my point is this okay the us and the western alliance they are doing everything in ukraine except pulling the triggers okay they are doing the attack okay so the point is we are in a proxy
war with russia what did you expect was going to happen these leaders are not even playing what should happen forward you're in the review forget about playing chess they're not even playing checkers meaning they cannot even anticipate what the russians are going to do next it was imminently predictable
imminently predictable that the russians were going to turn off european gas and create this crisis so what should they have done what they should have done was work out a white steel i know that but we're kind of repeating the same position you have every week here i'm trying to get to
going forward so uh freeburg what should we do going forward here both on an energy basis and a political basis that's the thing i i get the sort of breakdown of what occurred here in your position sex but what do you think freeburg should happen going forward how do you remember there's an acute energy shortfall you
can't just make that up you can't convert oil into natural gas to heat people's homes it's impossible structurally right now in the time frame that it's needed so what should the should the eu be doing now that they're not doing yeah i think that there's gonna be this inevitability
that we're gonna need to broker a deal with russia and there's and what i think you'll see over the next couple of months particularly because winter is coming is you need to uh there's going to be a lot of saving face and so i think i've always said from the beginning i think that putin's calculus
is to go as far and as deep as he can go so that he could eventually negotiate himself back out in a way that leaves him with what he originally wanted in the first place and i think that there are certain strategic regions and certain strategic assets that it's pretty clear and evident he wanted and if he's gotten
enough in addition to that he can give up the additional part and he can get sanctions lifted and he can turn gas back on and be left with what he actually wanted and ultimately get out of this thing and then the the face saving will be from the west will be hey we got him to give up this we got
him to give up this we got him to agree to non-incursion and there'll be some sort of you know hey we got putin knocked down a bit and you know we got him out of there we did it we won high five meanwhile putin's smiling because he got exactly what he wanted i think that's where this is all going to end up
over the next several months i think that's that's if it doesn't there's going to be significant writing and civil unrest in europe and um and there will be a significant significant economic effect because so much of germany and so much of the broader continent is dependent on a stable
low-cost energy or lower enough cost energy supply for the production of things that are produced in europe and if those things can't be produced profitably because the end market won't pay for it the economy will be shattered economies will be shattered and people will be really unhappy food will climb
and the currency will will be destroyed and you know what happens when currencies get destroyed all imports become inflated in price and then you have inflation if there isn't a resolution in the next few weeks there will be civil unrest there will be a really cataclysmic concerning economic
effect and you think that forces the governments to just fold to putin and give him some yeah and i think the thing that we don't know for sure is what are they going to do from a face-saving move perspective what are they going to say that the ukraine or the the western ukraine we are gonna have to plow so
much money into the ukraine uh to make them feel okay about what we're gonna ask them to do in order to remove um or to end the crisis and so there's gonna be this huge check this huge investment in ukraine the western investment in ukraine the the support mechanism for the country
for the people left behind in order to get this thing resolved and so my guess is huge amount of money from the west and eu going into ukraine ukraine agrees to let putin keep some region some assets putin agrees to remove himself from certain regions and give up certain assets sanctions are partially lifted
but they're partially lifted enough to get the flow of gas going and to get the economy turning again jamath any final thoughts here as we turn uh around uh third base here on this uh of lessons learned and how to avoid this you may you may want to find the clip nick from july where i said the tip of
the spear in the fall was going to be the european energy crisis oil is at 105 bucks a barrel russia is basically trying to break the back of europe by now messing with their nat gas supplies the german energy minister yesterday said that if that happens it could be a contagion equivalent to lehman brothers
with respect to energy you're already starting to see food riots food insecurity energy and security rampant inflation uh sovereign defaults and you have to ask yourself like how are we going to really tourniquet this whole thing and prevent a much bigger contagion like freebird
just talked about if russia decides to play hardball against europe or america we better hope that it's a mild winter because very quickly you can go from plus one million barrels to minus two in a heartbeat yeah my final thought to the following which is that i think that the european
system is going to be put under stress because there are really a bunch of different countries with very different incentives right now um where some countries are in desperate need of energy some countries can probably stave it off for a little bit longer other countries are so adamantly focused
on their position on russia over and above any source of energy that they may need or don't have so i just think like this is a really good point to take a step back and realize that in all of these conflicts sadly whenever you have like all of these very complicated countries
fighting very complicated wars it's really important to understand what these tradeoffs are because ultimately what we're learning in europe is that irrespective of what you morally and ethically believe is right in the ukraine the minute that it affects you and jason you've said this what is it like you're
only one meal away from a revolution so yeah it's three meals away yeah and i think it would be you're only like five days away from having no heat before people ride on the street it's probably going to be applied but but that but that's the lesson which is that at the end of the day it is
when you're in a position of comfort you can focus on forward and outlooking moral attributes and ethical perspectives that matter but the minute that you are affected at home where you cannot take care of your children or heat your house all bets are off and i think this just goes to show you that
if you're going to sort of engage in proactive foreign policy you need to make sure that domestically you don't have any achilles heels and europe had a massive achilles heel which is energy and then you know the minute that they were stress tested basically they're gonna have to take this much more
seriously uh going into next year because they've enabled a madman that is the dominant narrative there is a simplistic binary that has been set up that this is a war between autocracy and democracy and that's all there is to it and my point is that this conflict has always been more complicated than that
okay and if you really want to understand this conflict you have to go back and understand the history of it and you know the american media and the british media they basically act as if this whole thing began on february 24th for a good example of this there was an excellent piece
by william perry who is bill clinton's defense secretary okay he said how the u.s lost russia and how he can restore relations and he talks about how we can chart away ford for peace which i think is your question what perry points out remember again he was clinton's defense secretary in the
1990s he almost resigned in protest over nato expansion eastward this was basically a contradiction of the verbal assurances that james baker and and president george herbert walker bush had given gorbachev that we would not expand nato one inch eastward in any event
that's when nato expansion began was the late 90s perry was against it because like george kennan like former ambassador to the server union james matlock he understood that it would be provocative it would be seen as a provocative move by russia okay he was against that policy the other thing he points out
is that in the 1990s the russian economy collapsed because they moved off of the soviet system and we did absolutely nothing to help them as a result of that we bred the conditions for a strong man to emerge who basically prioritize the restoration of russian pride dignity and strength okay so he
points out the ways that our policies helped create putin i think what he basically suggests in terms of the way forward is look we have to realize that the security architecture of europe was crafted in the late 90s and early 2000s at a time when russia was flat on its back okay what are the
russians basically demanding what were their demands prior to this war there were two things they really didn't like okay number one was they did nato at their doorstep we've been on this yes they didn't want ukraine admitted to nato and then number two is they didn't want american missiles right on their
border that could hit moscow in five minutes okay those were their two demands the fact of the matter is we never were willing to negotiate at all on those two demands at all and instead we basically just claimed they were a pretext by the russians for an invasion well look
we never earned the right to call those a pretext if you want to call them a pretext you take those issues off the table then if the russians invade you know they're liars the truth of the matter is we were refused to negotiate anyway we never played that move and so we'll never know i i i don't disagree
with you about that point okay the biggest thing the i want to keep going with this because i think this issue is so much deeper okay listen one of the problems we have in this country is that when a war doesn't work out we just ghost it we never talk about afghanistan anymore we never talk about iraq anymore we
understand they were gigantic mistakes but who is analyzing why they happened who's responsible for the failure the fact that matters there's been no accountability the same people who drove our disastrous foreign policy in the middle east are the same people who have driven our ukraine policy in eastern
europe there is no accountability military contact not just that it's the foreign policy elite in this country okay so my point my point is that there's my points yeah okay so my point is this and you're it sounds to me like you're willing to now say what compromise can we find to get
out of this war okay my point is since i'm trying to avoid war from the beginning i i do think we did not play the piece of hey if nato is not here if we don't let them in nato and we take that off the table will you move these troops back from the border and who we don't know if they ever offer
that or not but we do know actually there was there was new information that came out the last couple of weeks okay obviously they should have offered that i mean the the real issue here is dependency on dictators for energy because if he if he did not have the ability to yank that
gas chain if he didn't have that nord he would be neutered right now yeah but we knew that we knew that so so if you're playing you're not even saying it accurately it's not that if he didn't have nord it's that doesn't exist without an entire other counterparty agreeing to it i agree if germany had kept their nukes
going and if they had made other plans perhaps with them okay but or the united states i mean don't forget biden canceled our energy independence the first day he was in office it doesn't matter that it's a dictator on the other side there is a dependency on the other side and that is
an issue for energy independence since the beginning i've been talking about nuclear since the beginning for decades i've been talking but jake one of the challenges is if everyone creates independency on all of their supply then there is no export market for countries
that benefit from exports because they have a surplus and so we see this around the world with food with energy with manufacturing would you know maintain anything with oil that would be a good thing with oil wouldn't it china there was no market for it if there was no market for oil then a lot of countries
a lot of countries that do not have energy stocks locally would not be able to acquire energy stocks and so a more free more does it make sense if you if you're saying if we lowered our use of oil that would make it cheaper which means that developing countries would pay less jacob just just let me finish with my
point for one second in every country you are either an importer or an exporter you're an importer of manufactured goods or an exporter of manufactured goods you're an importer of energy you're an exporter of energy an importer of food and exporter of food it doesn't matter and we often
use this as a way to characterize the leadership at these countries as being bad when we end up in conflict with them it doesn't matter that this person is that there's an autocracy in the other side or if there's a democracy on the other side at the end of the day
if there's a global trade agreement if there's a supply agreement and that supply agreement gets broken it's both parties faults for being dependent on the supply agreement and then allowing conflict don't think what you're saying is accurate and i'll explain why reasonable parties who are democracies
if they get into a trade dispute generally do not invade each other's countries so that's where your argument breaks down it would be absolutely fantastic if the lesson the european union learned here was let's not be dependent what did the united states hold on what did the united states do to
iraq okay did we not invade those countries i'm not talking about that i'm talking about the department that's what you just said you said that democracies do not invade and libya no i said we shouldn't invade democracies two democracies that are in a trade war are generally not going to
invade each other we invaded afghanistan actually this is 9 11. okay and the the first iraq war we invade we protected um kuwait right and so you know i'm not here to justify every war the united states has been in i'm just talking about in this situation the eu lowering their dependency and if
you were going to lower your dependency on any country you'd start with the autocratic ones you'd start with the dictatorships it's not not logical to you freedberg there's a there is a neo-liberal view they become more democratic that hasn't worked out so well i'd say economic interdependence theory hasn't worked out
so well either so this is a core failing now you're modifying the theory to say well only economic interdependence among democracies fine but that was not the view that was not the view for the last 20 years it was a quartet if we make ourselves dependent on these other countries then somehow it's going
to lead to peace no it actually has just led to dependency it was a foolish policy we should have been energy independent europe should have been energy independent they should not have made them i do agree that it was foolishness we're in agreement yes you're disagreeing with
vibrant okay no no i'm not disagreeing with february i think but by the way i'm not i'm not a proponent of people not being energy independent the reason i think people can be energy independent today is because of technology like nuclear and i think that all these every country in the world should find a way
to get energy independent i'm also an advocate of global trade i am an advocate because i think that global trade enables economic progress it allows the consumer to get the cheapest product possible and for the producer to find a market for the products that they make and that there's an element of this
which is energy but energy doesn't need to be a trade traded market as much anymore because of technology manufactured goods food we still haven't cracked the nuts we are then in agreement freeburg yeah i mean this is sort of an ancillary point but i just want to say that historically
there's been no basis for believing in economic interdependence theory if you go back to world war one germany and the uk were each other's largest trading partners before war one didn't stop them from getting into war war ii i think russia's biggest trading partner was germany up until the moment when hitler
invaded them so listen economic interdependence has never has never bad man theory it doesn't yeah but the point is there's very little historical basis for believing that economic interdependence prevents wars which by by the way that really speaks to the foolishness of our china policy
but look this is sort of a science question with it with the china policy because i think this is a very important discussion we've discovered which is energy independence is one thing and then you have trade which is another and does this actually push off wars do we actually know that we
we might have actually pushed off a war with china because we make iphones together could we have been in a conflict earlier if we weren't so independent and have we actually pushed out a potential conflict with taiwan etc with the benefit of hindsight yeah with the benefit of hindsight what
we can see is that our chinese policy of interdependency really was called constructive engagement was a complete and unmitigated disaster why it was because we made china rich you go back to the beginning of deng xiaoping began getting his economic reforms the average chinese made two
dollars a day now their economy is roughly the same size as ours and how are they using their newfound economic wealth to build up their military their navy they're basically militarizing the south china sea they're basically being aggressive towards their neighbors we fed that chinese tiger until it became a
dragon that was capable of challenging us for global preeminence that was a foolish foolish strategy the fact of the matter is that and listen this is a mistake that economists make is that they only look at whether trade creates surplus as opposed to the distribution of those
benefits and the fact of the matter is that china benefited disproportionately far more than we did from the china trade over the last counter argument we've made on this podcast is i think freeburg made it is that we lifted 500 million people i think i made it as well
out of abject poverty in china but as to your point what yeah it's like it's going to work we have created we have created the return of a we've created the return of great power rivalry we have created a competitor to the us who has roughly almost our same size economy and that is going to challenge us for
privacy and we need diplomacy we need very sophisticated diplomacy because this situation with china it's it's not a clear path why is it that you think that we need diplomacy with china when we didn't need it with russia no i i do think we did i i fully conceded that we should have avoided we
should have taken it off the table i said that from day one listen it's really important to not just say that oh we failed to play chess here that this policy isn't working like let's not forget how we got into this conflict we got into this conflict because the administration said i think there are four main pillars to
our current ukraine strategy number one that ukraine could basically defeat russia if we basically just gave them weapons that has not happened yet number two the administration said that sanctions would weaken russia maybe even destabilize its leadership and collapse this economy that has not
happened the ruble's at an all-time high and because gas prices have gone up so much their economy has suffered but on the whole it's still doing pretty well the third contention that was made by advocates of this proxy war is that the sanctions would hurt russia more than europe that has not
happened europe is already hurting more than russia and it's about with winter coming it's going to hurt even more and then the last thing the last contention that was made our support for ukraine would rally the world around us and would strengthen the western alliance and i think what we're
starting to see is that the western alliance is fracturing and you see these gigantic protests in prague and these other countries so listen these were the pillars of our ukraine policy and they have all turned out to be flawed and wrong and they're becoming more wrong by the day and yet there is no
reappraisal of our policy that's coming out of washington or london or paris none of these leaders are saying that there's a problem so i think we're headed for not just an economic crisis but a political crisis in europe because the fundamental tension between the needs of these
people which is to basically preserve their economy and to stay warm in their homes and the ideology of their leaders who are financially committed to waging a proxy war against russia instead of finding a diplomatic outcome that was available last year it was available in january it was even available in march
or april that disconnect is the fundamental problem all right let's go come on let's talk about kim k come on there's no word on how much money she's raised for her private equity from from russian oligarchs but kim will serve as co-founder and co-managing partner uh the firm was co-founded with 16-year
carlisle veteran jay salmons uh who run day-to-day ops and uh people may not know this but kim founded skims that's her undergarment company in 2019 it was last valued at 3.2 billion dollars um she is obviously got the largest following and is the biggest influencer in the world 329 million followers on
instagram alone our friend gavin baker uh responding to mr beast actually mr beast actually just passed okay so those are two examples of people who can put a consumer package good in the world and make it number one instantly gavin uh baker a friend of ours uh tweeted uh that she adds massive value uh in this
exact regard uh what do you think boys is she gonna have here's why i think here's why i think this is so important go i i have a really strong belief that in the next 30 years or so all traditional brands are going to die and i think that what we're seeing happening right now
with the with the power of um democratized media like us creating a podcast there are hundreds and now thousands of individuals who have stood up and created their own brand and their own presence because of the content that they create on twitch on twitter on youtube etc on podcasting and as a
result they become the trusted sources of influence and it's why they're called influencers and ultimately these influencers are becoming the brands they can like mr beast launched a chocolate bar became like the number one chocolate bar in the country he just opened up a burger restaurant last week tell me when
people showed up number one no more than that like a hundred thousand or something it was insane it was like the number one burger restaurant uh opening or number one restaurant opening in history um kylie jenner launches a makeup brand takes off becomes this billion dollar
brand kim kardashian launches a clothing brand becomes a three billion dollar brand these are not just brands they're businesses and here's what i think is the most prescient m a transaction of 2022 and you guys can tell me i'm crazy i think the most important m a deal of 2022 was when pen gaming bought barstool
sports because it shows that every consumer package good or every consumer services business ultimately needs to be a content business and if you don't naturally have content creation in your blood you have to go and buy a content business or you are going to die and that's why i think all traditional
brands that aren't oriented and built around content creation as their primary differentiating foundation will not survive and will not be able to compete effectively and instead what we're going to see is influencers and individuals that create content build and distribute
consumer goods and consumer services in a more efficient way because guess what they've got distribution built in distribution is the number one problem with all consumer services and all consumer goods so i think in the future advertising all advertising and marketing gets
replaced by content creation and content creation direct to consumers through the the social media platforms becomes the mechanism by which people are aware of and buy goods and services so that's why i think this deal is so important and i think it's a it's another one of what we're seeing in 2022
which is the stacking away towards the end of nameless faceless brands and the evolution of the influencer i think kim kardashian is incredible she is an incredible businesswoman and the fact that she can stand up what will probably be like a multi-billion dollar private equity fund
and frankly the companies that she invests in has a really compelling chance of being successful because she can basically pour so much visibility and notoriety and awareness of a brand into that company that that cap table if i was a director i would say of course give her whatever she wants so that's the first thing
and the second thing i would say is that i think what threeburg says is completely right i think we're at a point in time where the biggest thing that if you want to build a consumer business my advice to you as an entrepreneur is you need to build direct distribution and scale because what that translates into what kim
kardashian proves what mr beast is proving is it's all about subsidized cac where you don't custer cost of customer acquisition where you are not paying dollars to facebook and google but instead because you have direct distribution and a relationship with tens or hundreds of millions of users
you can pour them into different experiences and when you can do that it's basically virtually zero cost your entire margin structure of how you build a consumer business has changed overnight so that's what they've proven they've proven that you need to first build a brand and then you can put you
convert that brand into a distribution funnel and then to basically pour all kinds of services into it and one of the services as it turns out is now a private equity fund so i think it's incredible and i hope she's super successful saks do you think this um influencer uh [Applause]
strategy is here for and going to have a major impact on the venture business i think that's pretty interesting but i think it's pretty interesting in the consumer space for the reason freeberg said which is distribution is so hard so creating a great product is hard distribution's even harder and this
is a realization i had you know many years ago and which is when i started doing yammer and then you know craft started focusing on sas which is at least when you do a b2b product you know a software as a service you can charge enough money for it that you can get a sales team to pencil
so in other words you charge an enterprise enough money for the software that you can then pay a salesperson to go out and sell it so there was always a distribution model built in for b2b and that's why i've always liked that is there's a playbook there where if you just build a good enough
piece of enterprise software good enough product there's always going to be distribution for it however that's not true with consumer because consumer products are usually ad based you can't generally charge that much if you can charge it all they have high churn rates and so therefore
b2c only works if you can find a very low cost scalable distribution channel and i think that's what to free books point i think that's what the kardashians are offering it's clearly worked for their own products i guess we'll see how extensible it is but this is really the key challenge with all consumer stuff is just how do
you find a very cheap way of distributing it in the past the consumer products i've been involved in like paypal or investing in social networks like facebook they were viral then they were exponentially viral so they were able to basically grow virally for free so you either have to have you
know extraordinary virality to the product or some other distribution trick that allows you to scale at low cost because you can't afford a sales team and what we're seeing is the base of doing that is to create content mr beast created content for years before he built a big enough audience to do that
kim kardashian did content for years before she had a distribution to do that dave portnoy and barstool sports i mean the guy dave portnoy and this is incredibles jason calacanis yeah seriously i mean portnoy was out uh raiding pizza and you know now he has all these other kind of
you know media and content kind of um branches of his platform but it's all content creation and on top of that content not everybody's good at it freeburg that's the pro of the product i get it but that's not what i'm saying and that's my point so let's say coca-cola tried to build a content
business today how good would they be not very good that's why they're gonna end up dying or they're to end up needing to that's a really interesting concept i mean do you think mr beastberger could beat mcdonald's yes and that's what i'm saying that's my point that's why i opened it it's kind
of insane when you think about it if mr beast had 5 000 franchisees yeah but this is exactly my point that i said at the beginning every traditional brand will get destroyed in 30 years and they will get destroyed by the influencers that have built an audience through content
creation and now creating businesses on top of that that compete with the traditional incumbents not technology advantage businesses i'm talking about core consumer goods and services they also have to be good pen gaming pen gaming does betting you know there's no real advantage in betting you build a
sports book that's it the reason pen gaming bought barstool is they now have an audience that they can drive to their sports books right and so the same will happen we still have to make a great product though i mean that's the other challenge here is can you also be a
product savant can you be a virtuoso in building a product in addition to being an influencer yeah i mean i think that's what kim gets right she makes great product and mr beast his first burger was not good but now this new burger from what i understand is awesome so you have to have both things switched on
think about think about what's easier and what's harder what's easier building an audience of two billion or a billion people that listen or watch you every week or building a great burger it's a lot harder to build the audience if it's a car it's really hard yeah it's not i'm not talking about complicated
cars and stuff or electronics i'm talking about basic consumer goods cereal beverages food why not um commodities music audio like like all the stuff that's commodity uh you know betting i mean this is not chocolate bar betting is not a differentiated service offering to consumers so ultimately how
do you differentiate it's the it's the audience that you've now built the brand that you've built through the audience because of content creation and so this is why i just want to point out distributed content creation i think represents one of the most profound investing opportunities over the next
decade because if you can give individuals the ability to make high quality content they can scale an audience that that that now can be monetized in a thousand ways not just putting freaking ad spots on youtube but there's a thousand products you as an as an influencer can build on top of your
audience or sell to your audience boom it really changes the whole landscape for cpg and services um and not to bring everything back to mr beast but a large number of his videos he told us um he lost money on so the videos at some point started losing him money and it was an investment in that brand
and you know it's it's clearly going to pay off now i i saw alexis ohanian from um uh you know reddit fame and capitalist 776 he went to go see the burger place and he's like what like there were at that point in time ten thousand people online mr beast had to tell people please do not show up
which of course then dwight about some people show up anybody have plugs or anything that they uh want to get off their chest sacks anything else okay we gotta plug i do there is a an epidemic right now of the over prescription of amphetamines to children who are diagnosed with adhd it is
an enormously important issue that doesn't just touch kids anymore but now also touches adults you've seen a lot of really kind of bad companies that are over prescribing this stuff get shut down and get sanctioned so i just wanted to let anybody who's listening know and this is me talking my book so take
this with a grain of salt but there's a company that i'm involved in that has a video game that has been approved by the fda to be a useful treatment for kids who have been diagnosed with adhd so if you have an 8 to 11 year old you can go and talk to your pediatrician to find out about the solution it's
called achilles and it will allow you to prescribe to them the video game that they play 30 minutes a day you want to make sure people hear the name it's achille a-k-i-l-i so if you do a google search for achilles go and read the label have the doctor decide okay so i'm not telling you to go
do this but i'm asking you look into it you just look into it but the idea is that there are drugs that affect your brain and now we are increasingly able to design software that exquisitely targets certain aspects of your brain and are able to train them and this is really
the first example of such a thing that the fda who has reviewed all kinds of clinical data has decided to approve and so it's launching in the next few weeks we've already written prescriptions to kids in every single state of the united states and so to the extent that you're deciding what to do
or you have a child or you have somebody in your family that is of age 8 to 11 years old that's dealing with this i would just encourage you to learn about it that is a plug and you know all the disclaimers i know it's a great plug i think we should at the end just talk about some things we're working on and
this is an incredible one the number of kids on this you know adhd drugs attention drugs depression drugs anxiety drugs millions it is out of control there is an act listen i don't want to tell parents how to parent um but i will say this is becoming a dependency and the number of drugs i
interviewed saw that new york times story where they put this one girl on 10 drugs they're prescribing multiple drugs and we don't know exactly what the long-term effects of children using these are and there are other solutions i'm not judging any parent i'm not judging any teachers who's advising this
but this country and a society needs to really look deeply at this issue and say should children because we didn't go on these drugs when we were kids they didn't exist and they haven't existed for all of humanity and we need to think what kind of experiment are we running
on 10 20 30 percent kids in some schools you're stating something so incredibly important you know when you have kids that are pre-teens and teenagers their physiology is changing dramatically and all of a sudden when you introduce a secondary chemical compound into all of that you're exactly right we don't really
know what the outcomes are and right now i think a lot of people are worried that the over prescription of drugs in this kind of condition is going to create a next version of an opioid pandemic or epidemic and i think that that's the thing that's exactly the analogy chamath right now this statistic
is crazy this is in the new york times express scripts a mail order pharmacy recently reported that prescriptions of antidepressants for teenagers rose 38 from 2015 to 29 we are prescribing these at an alarming rate i have many parents in my circle who have kids who had what i would consider
modest behavioral issues or modest attention issues and they talk to me about this and they felt in multiple cases like they were being bullied or pressured by teachers to put their kids on behavioral drugs because their kids were behaving 10 as badly as i did in middle school or or high school
this is being used i believe this is my personal belief i know there are some kids who need these drugs or i assume that there are but i think this is being used to keep kids in their seats and to make it easier for parents to have to deal with what are normally the hardships of teenager you know
teenagers and just be very careful parents about the extent to which you know you might be being pressured perhaps parents have told me they felt bullied into giving their kids these drugs it really is infuriating to me and i think it's really great that you investment people should look into it
exercise talking to your kids these things also work we have guidance counselors we had a guidance counselor at uh at our school tell me that they thought that one of my children should just get put on these drugs and i was like it was the most random statement and all i could get from her
was that she just didn't want to deal with the fact that every now and then this kid would just you know be exuberant to your point i want to kill their spirit i had the same conversation i don't want to get into it too much but you know i think that these teachers now and i'm not saying
it's all teachers they are like it's just easier to manage kids who are on focused energy drugs and then there are some parents who want their kids to do really good on standardized testing i would have done better on standardized testing if i was on adderall or whatever these attention
drugs are we everybody would score 10 better but what does it do to the quality of your life long term that's the question we need to ask about this stuff and we don't have answers for it i don't want to be tom cruise on this podcast but there are other ways to keep you know kids healthy and to deal with
these issues and i think these things are to say they're over prescribed it's going to be a huge understatement we're going to look at this like the opioid crisis i guarantee it i think that's exactly if you you start dope sick right and people thought they were doing the right
thing oh these people have pain this drug manages pain and then they found out like oh yeah you know what this drug also could make you an addict and could ruin your life uh great job on that investment um and and i hope it works yeah thank you uh saks anything else uh any companies your portfolio want to
give a shout out to we might as well get something out of this [ __ ] pod since we're leaving seven and a half million dollars on the [ __ ] table and you guys won't even let me run on summit two so i can get a half milli i don't have anything to plug right now but no company you invested in you need
to plug for how about you super gut can we get some supergut.com in here these bars taste great fredberg i love this thank you thank you i literally just ordered another pack of them i'm glad thank you super got do you have supergut.com by the way this is where i'm having yeah
super cut.com but i'm this is actually one of my lists of ddc companies where i'm having a lot of these conversations about how do you actually avoid just buying ads on facebook and uh google and how do you actually build an audience right how do you ultimately convert your customers by creating
content and so this was originally unique right and then you changed the brand yeah yeah based on the science around um uh around resistance starch and how it changes the gut biome and so um but this is general i'm on the board of a couple of d to c companies and it is universally the conversation right
now because in the last year the cost of d2c uh direct-to-consumer marketing on facebook and google is brutal double tripled and a lot of the unit economics are falling apart on d2c businesses because of it uh you know costs a lot more to acquire the customer than you make from them and so
everyone's scrambling to figure out okay how do i acquire customers and that's where this content creation strategy is becoming a critical linchpin for most consumer businesses now it's a really important part i think a couple of us are investors in eight sleep and they were like please let us advertise on all
and i'm like sorry no ads but i'll shout you out here hate sleep it's a great product i have a plug but i want to save it so what [ __ ] drop a plug for one no no the product hasn't launched yet give me like a month all right yo and if anybody wants to be a venture investor jason calacanist.com to come to
one of my webinars and see my latest fun since we all started allowing all of these plugs i thought we had no idea it was just a setup it was a setup i just wanted to round up a plug so i could get mine in so i was being generous worked plan worked i got you on the hook for yours what was your what was your plug
what were you doing your your venture fund i'm doing watchful well if you're plugging stuff over subscribe plug i'll plug this calm if you want to call in app we're all involved everybody's calling up let's you know we should do a call-in we should all do like an after hours where we take questions from the
audience that would be great i would do that yeah i would do that can i get a point all right let's go everybody this has been all in episode 95. wait wait wait wait should we just create more places that was that that was another deal you turned down just like the ukraine deal
this is a theme here is that you turn down deals you later regret that later you admit i should be registered i was right you should have taken the deal i should have taken the volunteer look how hard chamoth is crashing right now look at him look at him what time is it there it's like 11 30 right
midnight it's 11 30. it's 11 30. i'm losing my life i lost my voice i lost people send us an invite for uh uh ama for the four of us on calling colleen hold on everybody download quality do that okay yeah just remember maybe yeah live ama live ama with the best i'm gonna show a car i'll show
yeah i'll show up i'll be happy to do it uh i'm back in the united states tomorrow all right well let me play poker in 14 hours two hours after you get here you're gonna we'll ask everybody to come airport we'll pick you up from the airport we'll pick up the airport we'll play chinese poker in the back of the
car all right everybody better than we thought it would be suck a lozenge you need something a little honey i i i need a lozenge i have some tea over there i love [Music] and they've just gone crazy with it [Music] besties [Music] we need to get these [Music] going on [Music]