you're watching tvpn we are live from the Temple of Technology The Fortress of Finance that's right the capital of capital I'm your host John cougan I'm here with Jordie Hayes today is Monday February 24th 2025 and this show starts now we got a great show for you guys today we're going through SPF that yeah
that's right Sam bankman freed the disgraced FTX founder he gave an interview from prison we're going to break it down he is starting a sunscreen company called spfb he said he's been getting a lot of sun in the yard the yard and he needs like a better you know and he wants to
redeem himself by helping people prevent you know skin cancer I love it I love it uh we're going through Larry Ellison he has spent almost half a billion dollars on an agriculture startup that you probably never heard of we're going to break it all down for you uh there was
also an insid trading scandal at an investment Bank involving Aderall very dramatic story we're going to tell you all about that but first and of course we're going to the timeline but first it is uh it it would be Steve Jobs's birthday today uh he would be 70 years old so uh I mean man what an impact on
Tech probably one of the greatest entrepreneurs of all time if not the best entrepreneur of all time you can't go even if you're not David senra and you're obsessed with the greatest entrepreneurs of History it's hard hard to be a us consumer and not spend at least one moment every day wishing Steve
was still around like I'm sitting here with my phone with this protruding camera and it's like rattling here and it's like he's like you know he would never have let that out the door even though I'm sure it's you know sells more cases for Apple y um and so anyways absolute absolute Legend so we'll kick
it off with a post from none other than Jordie Hayes Jordie says happy 70th birthday to Steve Jobs he would have loved the iPhone 16e with Apple intelligence and gen mooji and uh yeah people have been wailing on Apple intelligence for a while the Gen Emoji thing is particularly rough so here's here's the
thing with apple intelligence yeah break it down as bad as the feature is from a functional standpoint it is valuable purely from an entertainment standpoint because the summaries that it does like of one of our group chats in particular are so funny that once a day you send me
a screenshot it's like the sort of it's not like it's botched it's just basically seeing a computer summarize like something silly happening in a group chat and like positioning it as it's significant yep like it's just I I I can't even give examples but it's hilarious yeah yeah yeah it's so just
like the summarization of the Bro group chat is one of the best things it does uh Jen mooji on the other hand I have not been having a good experience with it I went where is it in the app good question very good question seen I had the exact same thought I was like where where does this thing even exist I'll
show you where it exists you go to your text messages open up to Jordy I go click on the Emoji thing to pull it up and then you can say describe an emoji and then you go into the Gen Moji flow I don't know if you can see this but it will let you describe an emoji and so
then I should be able to see like you know peanut butter guy or whatever but I tried to get it to describe the original gun emoji and just freaked out and was like I don't know and I think that's what speaks to this is that there is a lack of risk taking right now it's crazy that that kids in the year
2030 emojis will be so nerfed by then they'll be like you could send a revolver on the on the that's literal violence and you're no that's actually not what literal means literal means literal but now literal means figurative yeah uh but I have I have a little Riff on this and then I want to go to you uh
you posted a great uh tweet here showing uh the the the the switch in culture from the yin and yang campaign that they ran for I think this is the original iMac they have one in black one in white and it's kind of a silly quirky design in the same way Jen mooji is quirky um
you know it's like you could see through the computer it was very risk-taking um but it was delivered in this like beautiful black and white uh ad campaign and then Jen mooji says imagine it Jen mooji and it's this silly peanut butter and jelly thing um and people have made some some heinous photoshops of these oh
yeah tons tons lots of NSFW stuff going out there lot of stuff we wouldn't show on on on this network but um I do have a take on this which is that uh I think gen mooji is the perfect encapsulation of the lack of risk taking at Apple and I go back to the launch of the iPod so
when Steve Jobs launched the iPod he pulls it out and he's a thousand songs in your pocket yeah and and it's like and it was amazing it was groundbreaking but what was the unspoken part of that announcement where were you getting a thousand songs from yeah you were clearly downloading them illegally
obviously no one was very few people some people really did take their massive CD collections rip them all legally and then put them on their iPod but for the vast majority people would do that you'd be like Jordy I got this album but for the but this was during the Napster era the Kaza era for the
vast majority of people they would download illegal music put it on their iPod and create playlists and stuff and that's where it was and then but but he had the foresight to know that the iTunes music store would eventually become so ubiquitous and so valuable and Spotify would happen and eventually the
music would be legal but he wasn't going to back down from this idea that legally we're not doing anything wrong even though we are enabling piracy and making piracy like higher leverage more enjoyable basically totally and so it was super risky now what now compare that to gen Emoji like if you give
someone a tool to make a pistol Emoji they're going to do it and yeah apple will like look bad but you have to give the user agency and let them do that and instead they're acting as like we're putting up the bars we're creating this wall Garden we're not letting you express yourself and and so I was I was
just like okay that's where I feel like this this culture it's not so much that gen mooji is like a bad product although I think the name is a little silly I can get behind that it's that they have just changed from we're going to let you do something a little crazy a little edgy
but we're not but we're going to protect our brand and the iPod we don't remember it as like a piracy device yeah but that's what it was um and uh but they've really they've really clamped it and so that's a good that's a good take we should make some gen emojis and stop judging them joking about them and we
should start utilizing them in our daily life and use them for a week and then and then decide to to make a judgment on it um are you making one right now I'm trying and it doesn't work says continue by choing Golden do a solid gold podcast microphone okay let's see um or actually
no a white gold some descriptions May create unexpected results and so continue by choosing an inspiration for the person in your gen Emoji so like okay I'm going to make like this guy and I'm G to try and describe him as Mickey Mouse and see if that works and it's just it's just very
rough it's just not smooth and they could have just integrated a mid-journey style well that's the issue with with all of their new their new hardware is reliable right you have no doubt that the 16e is going to be easy to use the new software that they're rolling out gen mooji Apple intelligence is just
rough it's not software that Steve would have rolled out and that's sad because apple is his legacy and he deserves better yeah but they're Printing and uh you know hey I got a gold I got a gold podcast microphone for you here okay that that actually looks like what I would expect
a gold podcast microphone to look like uh we we'll need to share it later but uh yeah not what the other mustache man that that was when I said Mickey Mouse and it asked me to pick a person and that's what I picked you had said this before Ai and generative design is so not Apple coded and that apple is about
pixel Perfection yep yep and you know and AI is about getting something that's 80% of what you wanted yep at least in its current state and so that's why you tried to make Mickey Mouse and it's I guess my other my other critique is that like I'm I'm kind of okay with them
saying look there's this chaos going on in the generative AI world we are going to delegate that to hey there's a ton of apps that we're allowing in the store you can use mid Journey you can use uh chat GPT Dolly you can go and generate images on grock in the X app and what happens there is fine we're not really
going to police it um but then I think Apple needs to be Rock Solid on integrating stuff that is safe and what I mean by that is the fact that their uh text to speech engine is terrible still yeah I should be able to go to any website and instantly click read this to me and it should read it to me in a
great voice and there's no reason why they can't just integ they have a better voice model they just haven't integrated it everywhere and it's just slow product movement yeah it's interesting how the consistent the failure of Siri like let's call it what it is that's a failed
product if it's on every iPhone and none of our friends use it right who are much more likely to want to adopt new products and and sort of be at The Cutting Edge and maybe maybe we're not the customer maybe the customer is elderly people that don't know how to use their phone and they're just using
it to Google but but even if you look at the text to uh Speech to Text yep it's also bad anytime I get anytime I get a text that just like seems like is this person drunk it's because they were s using the like because they haven't integrated the latest whisper and Whisper is an open source model that
they could have cloned they could partner with 11 labs they could buy 11 Labs with plenty of money uh and so yeah I mean when when I when I poke fun at Apple because I've had a bunch of posts now kind of mocking them to some degree the F1 post from I'm like stop you know
doing this gen Emoji stuff just just commit to being you know a a scaled brand and buy an F1 team like that would make me like apple more than your gen Emoji garbage totally but I do that because I in a small way I want you know I want to play my part in apple returning to the company that it was
right it used to be it used to stand for creativity and inspiration and it was a brand that when they did a campaign you actually cared yeah yeah it's out of love that we're criti it's out of love I do genuinely love the products I I grew up using Apple products I never I didn't
use a PC until I was like a teenager like actually like and I was I was race all the time yeah gaming building NV cards I no and I I so I just grew up all the time I I grew up with it and it's my probably favorite brand favorite Product Company ever by a long shot and I love it and they're just running it uh
they're running it into the ground it's also just remarkable that they were able to create a brand that has the same Vibe and Affinity as like a Nike it really is the Nike of tech but Tech is so boring and not aspirational as opposed to Nike it's like yeah you put them on Michael
Jordan your Brand's going to be great right but you it's harder to do any tech product every kid that that grew up you know obsessed with apple now think I think of people like Jordan singer Brandon jacobe these sort of incredible some of the best designers of their generation they all are sad about the state like
genuinely sad and and you know well hopefully uh hopefully something changes uh but in the meantime let's move on to the other hyperscalers there's a bunch of news uh Microsoft has uh cancelled leases for AI data centers according to analyst and so there's a post here by
Luke Metro he says Jin's Paradox Bros what do we do now very sassy from Luke we love to see him on the timeline having fun uh and I'll read a little bit of the analysis so for context if you didn't catch our episode last week we were talking about uh SAA going onto our Kesh podcast talking about how you know
his model for AGI is just 10% GDP growth and that's kind of what he's anchoring around and how he uses AI as a thought partner he also is very explicit in that he he was extremely explicit in that he's excited to be a leaser of data centers and so having him go on this
podcast which he knows is going to set the narrative for Microsoft right every analyst that's covering Microsoft is watching that every media like Legacy Media Outlet that's covering Microsoft is watching that and so he's going on the podcast saying one thing meanwhile the timing I'm sure I'm sure it was
somewhat random but the timing of like a few days later at coming out that he's actually you know buy getting out of leases um one of the things just to potentially give him some credit is I forget who I I forget the CEO there was a CEO on on on 20 VC talking about how everybody's
treating uh data centers development as real estate where it's like hey let's just build this building and then and then it's it'll just kind of Le it'll lease and you know it's sort of passive and his point of view is that is that a lot of people are treating data center development like real estate date and
that's leading to people UND delivering on you know they they raise $100 million build a data center but then they actually don't have the technical capacity to operate it efficiently or uh he was saying there's I wish I'd remember this guy's name he was saying there's a n 90 Monon lead on generators
so if you want to get generators to power your data centers good luck right and the Transformer shortage yeah the Transformers is a big one but um but anyways that you could imagine that there is a scenario where Microsoft had committed to leasing data centers that were not delivering and they knew that
and they said we're getting out of this deal like and then the market reads that as oh there's an over Supply like they're done with capex they're not in Stargate and you know what happens from there you remember what happened with uh Goldman Sachs uh in 2008 right as the
housing bubble was bursting I was yeah you were 5 years old so uh so basically you know the the quick version of the twoo big fail is that uh you know interest rates were low there were a lot of incentives for Americans to buy homes you've seen The Big Short um you know there's a clearly a housing bubble house
prices are rising extremely fast driven a lot by easy credit and ninja loans no income no job you just call the bank and say oh yeah like I need a a mortgage for a third house like I make 10K and they're like okay we're not going to verify that but we're going to give you
the mortgage so there's clearly a bubble uh a couple people figure it out Michael bur is the famous One the hedge fund Trader who made the big trade against mortgage back Securities but Goldman clocked it too and they so they didn't go bus during the downturn uh Leman went bankrupt AIG got in a bunch of trouble
need to bailout um but Goldman they saw it coming and so what they did was they had this massive uh building and they sold it and did a lease back so they didn't have to move but they just now instead of taking the risk on the value because they own the asset they were leasing it yeah and so as the price fell
they were able to just like not take the loss on their building I'm call the top data builds I'm going of my owned uh you know real estate effectively and then lease it back when I need yeah there's also there's also people don't realize how much leverage Microsoft has in these types of
transactions if you're the elephant in the room the the the eight you know whatever the the gorilla you can go out and be like he might have wanted you know he might have wanted to send a signal to the rest of the market that if you're not you know executing you know we don't all this came out
initially there was a post I think it was on Friday y that just somebody leaked it out and they were like my buddy at M yeah my buddy or maybe it was before that yeah but it was somebody was like my buddy at Microsoft says they're canceling leases and that was before TD Cowan covered it and so then I think TD
Cowan back channeled and figured out the same Source put in the report and so we don't have a lot of details here but we know that SAA from the interview on D cash is heavily fixated on balancing this supply and demand right he doesn't want the over Supply because that's going to signal to the market that they
can't do demand planning and maybe there's a bubble yeah may just maybe yeah I mean at the same time I think his capex plan is still higher than all the other hyperscalers maybe or it's certainly up there didn't didn't he didn't he sort of get Google to like kind of try to one up Google might be in
the same but they're all in the T High tens of billions um so here's the report Microsoft has canceled some leases for us Data Center capacity according to TD Cowen raising broader concerns over whether it's securing more AI Computing capacity than it needs in the long term
opening eyes biggest backer has voided leases in the US totaling a couple of hundred megawatts of capacity the equivalent of roughly two data centers canceling agreements with at least a couple private op operators the US brokerage wrote Friday citing Channel checks or inquiries with supply chain
providers so they go and call the supply chain providers GD cow said its checks also suggest Microsoft has pulled back on converting so-called statements of qualifications agreements that usually lead to formal leases um Microsoft said in a statement again again just to be clear it's totally possible that they
they entered into agreements and then felt that the underlying operator was not going to deliver and that was the reason for pulling out because none of this came out of official Microsoft channels they could have gone it's possible that they were basically front run on the story
and they would have released something that basically said to the effect of you know we had entered into a long-term lease the operator wasn't going to have their generators or Transformers for years and we pulled out of it because we can this also could be like an Oppo
research like planted story in some way there's a lot of different things that could go on here like TD Cowan isn't exactly known as like the number one researcher on hyperscalers I believe I would go to Dylan Patel Patel has Patel comment I have this post right here look at you so Dylan Patel the absolute dog
over at semi analysis wrote on Friday there was a report stating that Microsoft was cancelling data center leases for several hundred of several hundreds of megawatts alluding to a high risk of overbuild oversupply we discussed this back in December in our data center model where we track every
individual data center let's break it down because it's quite silly this was months late info probably from PTC pretty much everyone knew this was happening in the in the data center industry because contracts were lagging SL not being Microsoft was exceptionally aggressive
in 2023 and H1 in the first half of 2024 with Blackstone owned qts getting the large chunk of that capacity in the second half of 2024 59% of the total hyperscaler pre-leased capacity well over a hundred billion dollar was contracted by Microsoft also a over 100 billion um since the second quarter of
2024 Microsoft pre-leased balance has stopped growing this aligns with our Channel checks as we have been hearing a lot of rumors that in 2023 and 2024 the first half Microsoft was essentially freezing the collocation market by entering into non-binding Lois with a lot of collocation campuses our core
research product also noted this for verv everyone was surprised their book to bill was so low but Microsoft has a huge commit of capacity and near-term plans weren't shifting Microsoft slowdown is also more evident in Australia Spain and UK per our data center model being vague on numbers here
but full detail in the data center model below all in all of Microsoft were to build like if Microsoft were to build everything they have scheduled that's eons above every other any other analyst who doesn't Track by data center like we do interesting so little bit of old news
uh we we we we can we can give a little bit more color from this uh Bloomberg report uh it closes by saying in January Microsoft said it would alter its multi-year deal with open AI so the AI startup could use Cloud Computing Services from rival providers um Microsoft which has also been the
company's exclusive cloud provider still has a right of first refusal when open AI seeks Computing horsepower to train and run its AI models interesting and so they are uh maybe pulling you know out of Stargate to some degree and uh you know lots of froth in the AI market so I mean we we we'll see how it pens out I
there's always been this uh you know bit of Pascal's wager with the AI stuff uh you know if you believe in it and you get it wrong you wind up with a bunch of extra like dead fiber basically like the do com boom that could be bad you could lose your job that could hurt the stock
but if you miss out on the AI opportunity like you are truly Yahoo right and you're not ready for that next build out um and so as a as someone who's going into these high expectations uh if it doesn't happen but you were prepared people will still see you as hey you know he he he got a little bit
caught up in the hype but everyone did at least he was prepared for the good upside yeah the other thing here is that is that Microsoft being the most the most or one of the most significant buyers of you know you know uh uh players in the market to lease these data centers Yep they're happy to sit
back and let somebody carry the cost of this data center independently and then a year from now be like actually yeah we do want it yeah because there's going to be a bunch of people like that that are just kind of sitting on their hands like waiting for a hybrid scaler to come around and say yeah we want to we'll
actually take the space and the other thing that I think is now um real is that if if Elon has shown you can build a a 200k GPU data center in a year if you're aggressive enough if you're Google or Microsoft yeah you have to be talking to your sort of data center operations team and saying hey this is
the bar now you might not be able to do it at Elon speed but do it in two years and then at that point at that point it just sort of like sets a new standard for the pace at which these things can be built yes and no so so the hyperscalers all made serious ESG commitments years ago that are
effectively binding in the sense that they put them into their not necessarily corporate bylaws but like they made they made they made Solid claims around their ESG complaint uh and so uh xai has not made those ESG uh plans and so they can say yeah we're going to tap the natural
gas plant and then we're going to bring in extra generators that run on diesel and then yeah we're going to use Tesla battery packs and we're going to use solar panels and we'll use everything versus if you were Google and you were saying look all we do is just search we just query a database when someone says
you know what's the recipe for pasta or whatever and then they just go look it up uh and that's very that's not as compute intensive as AI obviously we know this and so you know it was very reasonable back in 2019 pre llm and pre- really huge AI models to say yeah we'll totally be able to get this to Net Zero
and and and so you know what's going to happen are you all of a sudden you're going to need a one facility yeah right no one believed in scaling so they weren't scale pilled when they rolled out those ESG mandates uh and so now they're kind of like hey maybe we'll lease from someone that
doesn't have the ESG mandate and then that will help us is there no look through there though uh the look through it depends but I I I think that is a little people are going to be massaging their ESG commitments over the yeah so there's always a question of how much you look through uh Apple has been
probably the most aggressive with like ESG transparency where they will go and say okay we're going like three levels deep and it goes It goes deeper the more the more uh like severe it is like apple will go like two or three levels deep on like the human abuses right like they
they really want to make sure that that there there's not child labor in some aluminum that then gets transformed into a aluminum sheet that then goes into an aluminum bar that then gets turned into a chip that then Apple credit for that yeah they really want to go like six
levels deep because it's it's really bad for the brand and obviously it's bad for Humanity if you're that but it's a little bit different when it's just like okay the mix of energy that went into this model that was delivered on Azure was like you know maybe trained with some you know like oil and gas flaring
or something like that which which oddly like the peer plants at these natural gas plants they can be actually carbon negative because it's stuff that would have burned off and gone into the atmosphere but it's being captured and turned into Data Center training and that's kind of the cruso cloud model
anyway let's move on to the uh new executive order order from uh president Donald Trump uh and we have analysis from Aaron slodov friend of the show here says this new executive order is a big deal and can supercharge us manufacturing it's the America First investment policy it's a direct path to
exas scaling our industrial base an idea I laid out in my techno industrialist Manifesto here's how it drives American reindustrialization says first it creates a FastTrack process for Allied investment in critical sectors like AI semiconductors and advanced manufacturing that means billions in
fresh capital for new factories strengthening the capacity layer that underpins real world production the policy also expedites environmental reviews for projects over a billion dollar that's great slashes red tape so you can move quicker um crucially it restricts adversarial investments in US
tech farmland and infrastructure uh it further deters US money from funding adversarial Industries notably China's military sector this nudges Capital back home um in my Manifesto Aaron argues that reconnecting t with manufacturing is the key to renewed Prosperity exos scaling factories Advanced Robotics and
a skilled Workforce can't Thrive without the capital and policy support this order provides imagine factories that manipulate matter at blistering speeds using AI Automation and Advanced Machinery the big picture goal here outproduce our Rivals protect National Security and Spark a man manufacturing
Renaissance for years the post-industrial myth drained our manufacturing Talent now we have a chance to reignite the spark this EO is a potential catalyst and so lots of excitement from the hard tech folks around this EO and uh and yeah I mean this was something that we we had talked
about in um in just trade negotiations of of you know yeah uh maybe when when Trump was was kind of saying hey maybe I'll get rid of uh of carried interest and really put the screws to VCS I said hey uh often times Trump opens with a really crazy proposal and then backs off of it maybe this is giving him leverage
to say look I am going to get rid of carried interest if you're investing in our adversaries yeah so if you invest or just internationally this is whole America first and so it could be a situation where yeah you still get the tax treatment on American companies but
not on International companies and so so this could be a policy that kind of takes shape that way do you have any comments on aerin's Post Yeah I just thought this was super validating for the work that Aaron and Austin have been doing on uh the new American Industrial Alliance so they've been working uh on
this in in connection with the reindustrialize summit which we've talked about before on the show so yeah they've been they were they were super early here people like Josh stey were super early here all of this stuff um and this is why a lot of these guys were very excited about the new admin just
given you know they felt like JD Vance if you look back and in the thing in the topics that he's cared a lot about American manufacturing you know bringing back jobs that were you know taken overseas um it's cool to see this policy play out and again with with executive orders I mean we don't certainly don't
discuss discuss Politics on this show but uh it's unclear what they actually will turn in you know these are not laws they're sort of guidelines right and so uh it will be up to other lawmakers to actually turn these into uh you know real policies that can um you know real
laws that can actually be executed against but um great to see I like the sound of it yeah yeah lots of potential hopefully it goes well and good luck to Aaron and the team over at Atomic and everyone else who's building um hard tech in America we' love to see it let's move on to SBF Sam bankman free
the founder of the disgraced founder of of FTX he's in prison right now he gave an interview uh to the New York son from prison uh it's a fast what is the New York Sun how have I never heard of this did yeah I know but did nobody want to cover this it is odd that he gave the
exclusive to the New York Sun yeah it's odd that the Wall Street Journal wasn't calling him there might be some questions I saw in the comments here some people were like why are you promoting this like let's just let's just move on from this let's not highlight this guy I think it's great I
like hearing these people there's uh there's totally an argument don't give him a platform that kind of thing y yeah I'd never heard of the New York sun it's uh reader supported $250 a year we don't like that wish corporate supported like us here but it's it's a it's known as a
conservative uh you and that's a big theme Here is that he went he went to jail and he was very liberal and now and now he's saying I I was never liberal um basically anyway uh I'll read through some of Patrick McKenzie's analysis if you want to scroll a couple slides ahead there are some quotes from the uh from
the interview that you could interject uh so Patrick McKenzie uh shares that s SPF has a new interview out conducted from prison he says the highlights include a strong direct statement of his innocence accusing persec prosecution and judge of politicized process analogizing to the experience of
President Trump apparently maneuvering to secure clemency implied rationale for persecution his donation to Republicans which is fascinating and if if you actually look at there's plenty of data on his political donations um I'm going to try to pull those up yeah uh because he did he did donate to both sides he
did it's just that the actual concentration of of that of those dollars was heavily left leaning yeah I I think that's correct and and not uh and so yes he can say oh look at all these Republicans I donated to they were trying to they were trying to pin me like they did Trump I'm just like Trump
it's like you know yeah I I wasn't entirely buying his argument uh he says he expresses frustration that snc John wraith III didn't collaboratively received balance sheets and other business records from him and rather set about reconstructing them which he claimed delayed recovery and cost
creditors substanti I'm so I'm I'm on open secrets.org right now I'm going to just read the first 10 recipients and then we can the the people can decide so first recipient from s SPF to the Democratic party of Pennsylvania second to the Democratic party of Arizona third
to the Democratic party of Nevada Fourth to the Democratic party of Texas five to democratic party of Nebraska pattern here Democratic committee uh in Florida uh Democratic party of Wisconsin Democratic party of North Carolina Democratic party of Ohio yeah uh Joe Biden directly Democratic party of
Colorado DNC Services Corp Democratic party of Virginia I don't I could just go on and on also kamla of course uh the other thing is that he he had said publicly that like from his uh ea uh effective altruist like rationalist perspective uh electing a president is so high leverage you should be to spend
a billion dollars on it you should donate a billion dollars and he wasn't talking about giving a billion dollars to Trump in fact I think he said stopping Trump is so important that you must donate you can see here he donated directly to Biden and directly to KLA yeah and so uh yeah very it's it's kind
of an odd argument for him to make uh so he he characterizes this is actually crazy so so on the first 50 there of of the donations there is one Republican uh so so probably some sort of power law he's like 80 90% um uh Republican or Democrat donor uh so he claims that FTX us was uh
entirely backed one to one by deliverable Assets denominated in same in the same fashion as customer deposits FTX International as being levered 80% of users use leverage Futures but solvent at all times with Sol with a solvable liquidity problem in November of 2022 so if you remember this he was
saying like look there's been a run on the bank we we are we are uh we're we're insolvent but we have the money if we can liquidate other positions it's just going to take us time to liquidate other positions yeah and to his so so he does he he was big into companies like
anthropic right and so if he had been able to hold on for another year yep he would have been able to presumably sell a large and he had he benefited from huge markups in that position but but uh again uh you know they were not yeah like we got to put them in the truth Zone here if there was a solvable
liquidity problem in November only the assets are only as valuable as you can liquidate them like if you're in's Reon liquid problem yeah there's a reason that Banks aren't saying oh it's great you've got all this series B startup stock I'm totally going to give you a $10 million mortgage exactly that's a
great analogy uh he seems notably better discipline than previously about quickly dancing away from questions which if answered directly and honestly would be damaging to his interest uh so he's getting better at actually storytelling here uh the unambiguous allegation without naming the unambiguously
identified parties that salame was sentenced to more than uh his three confessed co-conspirators combined because of his political affiliation decisions to cooperate or not probably more loadbearing there me thanks says Patrick McKenzie anyhow it's a remarkable document which caused me to
update negatively on his Candor which is saying something yeah so it's interesting that that Patrick who's highlighting this and and I believe that Patrick was one of the people that initially was pretty vocal sure in November of 2023 when this was all going down because he's had a history doing
highly regulated fch products at Stripe Right so like the opposite end of the Spectrum in terms of that's right ethics and values and long-term thinking and and sort of being able to take uh some amount of risk but not with C customer funds you know yeah um and the thing the
thing at the end of the day that I feel like is just so important to highlight over and over is uh SBF was operating a hedge fund that traded against his users at FTX y using their own money yep that is objective right he can say oh they were different entities but they were set up in the same place it was more or
less the same group of people and there was back door I yeah and I don't know why I I remember when you know there was a number of things when they were watching their rise right I was building a fintech company at the time I used both you know Fiat and digital assets
right I was working with companies like Bard apat Club was our highest profile customer and they did their sort of4 billion doll seed round on our platform so I was doing this meanwhile SPF is going yeah we have five engineers at FTX blah blah blah I'm like that doesn't make any sense I have like seven or
eight like amazing engineers and there's way too much to do like you can't hit that you know so there was just so much sort of going on at this time yeah the other thing is uh I don't know how all the institutional investors that went into FTX didn't didn't uh didn't take issue with the fact of him operating you
know it's one thing for Robin Hood to be selling order flow right and and you could very clearly argue that that is wrong in many ways right yeah but it's another thing to be an adversarial uh trading partner that's also operating one of these exchanges and offering some just crazy
incentives like you could go on FTX us and get 8% yield on bitcoin good uh for presumably because they wanted to acquire deposits to trade with and just be like super degenerate so like the yield was them being degenerate yep and so um you know to to give andreon credit you know they were in they were they
were in coinbase early that was like their big POS you know position from I think like their 2017 fund but they easily could have found justifications to say we're going to do this because it's you know you know it's you know whatever and they didn't right and so the VCS that initially did it were the
kind of people to do like a do eth you know profile you know things like that right they were foming in yeah and um and uh some of the stories out of that are fantastic the whole them being like he's playing League of Legends like that's so bullish yeah he was terrible at it um yeah that was your big so so
SBF you know notoriously would play League of Legends all day longs board meetings during conversations with journalists but he but your issue with it wasn't that he was playing it was that he was just bad he was bad yeah he wasn't he wasn't even that good which is a real tell yeah you
know uh at least when at least when elon's playing on a SPX call he's had someone boost his account top level so he can so he can speedrun the the the hardest level on the game or whatever I don't know yeah it's just like yeah it's just disrespectful to to you know play a
video game while you're supposed to be pitching a large financial institution and I mean lots of some respect for our great Capital allocators have some respect what would your mother say your mother would say don't do that and and her and his mother was a was a legal expert right at Stanford too anyway
there there's some quotes from the uh uh from the interview here we'll read some uh on his own decision and claim of Innocence I do absolutely AB obviously there are things I would do differently and that's lots of things I had a lot of decisions to to do make a uh to make a
CEO but by far the single biggest uh was I back down from a fight in November 2022 and you know I should not have let Sullivan and Cromwell take control of FTX I should not I should have stood up to them and I didn't and you know after that they were excruciating years waiting not just me waiting but millions
of customers waiting being falsely told that there was no money left and they were not going to get any payments until recently and so he maintains I could have I could have you know landed the plane I could have pulled out of that nose dive but he wasn't doing a good job just objectively he was doing a terrible
job with those awful tweets like what happened he was like it he looked in chaos like he was not instilling confidence at all and and also he wasn't doing a good job of he did have days to go try and liquidate the anthropic position couldn't get it done yeah and so like you
know remember I remember there was they were trying to fire sell position they were trying to fundraise and stuff and and Shore up the balance sheet and do all sorts of stuff that you do in a banking crisis um but it was just too much of a mess and it was not it was not run run like a proper financial
institution and so uh yeah uh highly risky don't recommend it if you're looking to invest and actually take it seriously we recommend public.com Investing For Those who take it seriously they have multi-asset investing industry-leading yields and they're trusted by millions and Public's
been around for a very long time and they're not going we personally are friends with the founders it's why we partnered and uh among other reasons and you know what we were on a call with them the other day guess what they weren't playing League of Legends boom they were engaged in the conversation I
could see them because we were they had a very nice conference room and they weren't even on their laptop they were locked in we contct and this is valuable and so uh Leaf from says this is great 100% agree uh a quote about Palmer lucky which I thought would be fun to highlight on the show here for you uh at
some point in business in life and in Romance you have to commit to a path said the 31-year-old lucky a lot of my peers in the tech industry do not share this philosophy they're always pursuing everything with optionality oh I need to be able to raise money from anybody I
need to be able to sell my business in any way I need to have liquidity in any way I need to make sure that I'm not closing myself off to Future romantic Partners I need to make sure I've got my options open I need to make sure that I'm not going to buy a house and settle down in one place and lock myself down
oh having children I don't know maybe I'm not ready to commit to that path in keeping their options open they ensure that they're going to jump from option to option if you don't commit to a path you are going to fail at it you have to commit to it to make it work and I think marriage is the same way you just have
to commit to it you have to say this is the path I'm on for better or worse I'm going to double down on it the one thing money can't buy said lucky is people who liked you before you had money I'm very lucky that I met my wife back when I had literally nothing when we met I had less
than $300 in my bank account I probably should have gotten married should have married her when I was 16 looking back I think that's probably my radical belief and I love that leaf is sharing this I think it's a great post and I think it's a great message that resonates I um I met Sarah yeah and it was early in
branded native and I never actually taking a proper like profit share from it so I met her and I was like basically still broke I was making I was paying myself like four grand a month living in La like uh you know whatever and we met and like on our second date I I bought a 911
on bring a trailer and I like pick her up in it and I hadn't actually driven manual in a little bit so I was like a little bit nervous cuz like I didn't want to stall out in like LA traffic and she looks at and she's like oh that's cool like this is so funny and like never never even like brought it up
again like I was like wow like that that was it this is this is so funny cuz I the exact same story about my wife Emily uh early soilent Days 5K a month making a little bit more than you I guess that extra 1K extra one a really long long way uh my mom had retired and bought a
uh a boxer so I borrowed that took her out same thing who cares I didn't know your mom was a legend like that oh yeah manual no way it was fun it was fun to drive yeah you drive you take that thing out it was fun fun for me the girls don't care uh but yeah I met Emily back in high school and you know we we went
off into different colleges but then reunited and and it was great and uh yeah uh you know like went the went the distance like committed very early and I think it was good and just keep no it's a real it's a real uh you know this kind of thing the idea of of meeting you know
if you're become super successful before you meet you know your your significant other that 100% is Factor like women are analyzing their their life partner based on in my situation it was entirely potential she was she I I I was like for her it was like the greatest Angel investment of her life because she's
basically saying I'm going to bet my life on this person like I hope that I hope that it you know pays off and uh same thing you know same thing for Emily um fantastic anyways get inspired get on public create an account move your assets over linking it back to the ad this is back to the ad this is why you
know artisanal ads none of this is AI generated yeah well let's move on to a fantastic post from David SRA over at Founders podcast he's sharing some insight from Larry Ellison Larry says life is the only miracle I don't waste a lot of time I work intensely on things I care about and I spend my time with
people that I care about I do what I want with my time because I know there's not much left of it and Larry Ellison is 80 years old I believe he looks fantastic I think he's got another 40 50 60 80 years left in him I hope he's around forever I'm a h fan he's aging the best out of the tech Titans by a
long shot oh yeah I'd like to see him in some pegga like uh like um like Bill Bill yeah good old Bill Gates anyway there is a story about a half billion billion dollar Quest he's been on to change farming that I think a lot of people weren't even famili familiar with so I wanted to do a little Deep dive uh
in a row of six green houses on a remote stretch of the Hawaiian island of laai which I actually was on six months ago uh it's you at his Resort I wasn't at his Resort I was at the Four Seasons um which is I think I think he owns the island and leases the land to the Four
Seasons probably pays for his Resort yeah probably his his property there's two of them there's Sensei Lai which I haven't been to but Sensei Porcupine Creek sure is so good that we need to do a a tvpn meet up there at some point cuz it's there's only like I think like rooms and so he's been working uh to use
his Golden Touch to in Tech to remake the way people around the world eat uh the company behind this effort Sensei AG a Sensei a is eight years in the making and has cost the world's fourth richest person more than half billion dollars far more than he spent buying the island
itself early on Ellison touted cuttingedge technology that would modernize agriculture make a big impact for society and eventually help grow food in places such as Africa the billionaire the billionaire has told executive he sees the project as part of his legacy so far it's mostly been a bust so
little bit of a hitpiece here from The Wall Street Journal Tom Doon we might have to put you in the truth Zone maybe there's something here but you know these things happen all the time people who are rich invest in crazy stuff crazy ideas and crazy ideas don't always work
out it's good um and who knows it might be too early to write this one off so let's break it down uh little of the Revolutionary Tech the company has extolled sensors to monitor development artificial intelligence to breed crop varieties and robots to harvest plants is being used according to people
familiar with Sensi so they're still early uh the company has been beset by problems uh typical to Tech startups including executive changeovers shifting goals and bad Wi-Fi uh they need starlink out there yeah uh call the Buddy musk uh fix it yeah they are boys musk text mus musk
text Ellison being like are you good for two billion yeah are he's like really I I remember there's this text exchange where he says I almost printed it he says uh uh you should invest in the the Twitter buyout and he goes okay sounds fun yeah I'm in for a billion and then uh and then Elon goes well really you
should do like two like I think you should do two this is like so so good same interaction that a c you know SE series a Founders having like come on like do two like do two milon do you believe me just with with three extra zeros at the end I love it uh the green houses for example weren't bu built to
withstand lai's strong winds and their solar panels have broken down some of the top executives are Tech veterans who have no commercial agriculture experience the 80-year-old Ellison and his Sensei a co-founder celebrity Doctor David agus uh Envision the farm as an ambitious Tech Venture that would use
new techniques to grow tastier nutrient rich rich food far from the feeding the world its crops of lettuce and cherry tomatoes are only enough to supply the few groceries a product in Market that's more than most hard tech company yeah yeah it's working on um one personal one
person familiar with the operations describe the output as being like promised to Bugatti and ending up with a Yugo what a funny what is a Yugo I actually you don't know what a Yugo is oh it's like the cheapest and most failed car of all time they're actually trying to bring it back Russi it's like
an Eastern European car uh yeah I was famously flopped yeah so they're trying to there's a guy who's trying to bring it back he designed it and he's going on a world tour with the original Yugo hatchbacks yeah although the farm has little to do with Ellison's core business software giant Oracle the tech
Mogul has called the project and the island more broadly part of a grand experiment in sustainability agus a medical doctor with no previous agricultural experience uh said which I don't care about said that when Ellison approached him on the project the Billionaire's lofty goals are returning
Leni to its farming rots after Decades of destructive pineapple farming while also setting the blueprints to feed the world we're too good to pass up we have an island that we that we can't grow things on that we need food for let's do it but at the same time let's change agriculture the company has been using
the the past few years to gain experience with growing crops to and perfect its technology he said in August interview adding Sensei was aiming to have a prototype of its new tech by the end of 2025 that timetable has uh since been extended extended to midyear 2026 and so lots of uh lots of rough times
for them let's uh let's move forward there's a lot here this is this is a really deep dive overall this is exactly what I want to see billionaires spending their money on for one thing besides cars watches art Islands you know Etc Islands um I think this is one of those
things this scenario happens quite often where a bunch of the tech Elite look at an industry and they say yeah we can fix this and get a little bit in over their skis in the sense that you know maybe trying to solve problems that are problems for you know that are hairy problems right like farming is one of
Humanity's oldest you know Industries and there's also been a bunch of you know one thing that I've noticed there's a company I'm I help start called resource monitor yep and uh we make uh smart meters for groundwater producers so people that work in oil gas a etc golf courses Etc that are
producing a bunch of water one thing I've noticed through that is there's a lot of PE you know this is a tech solution for a traditionally like Legacy industry the the alternative products that people use are these sort of um you know these sort of uh very these Legacy
meters that are you know were made in the early 1900s so we've been running on the same Tech but when you talk to people in that industry there's a bunch of super smart people that are very future future you know forward in many senses and they are actively working on solutions to all their problems all day
long so they are like problem solvers and so it's not like you're going into a and there's been zero investment in technology and and there's been tot smart like sometimes you go into an industry and you're like wow everybody here is is making a bunch of silly dumb decisions uh I don't think a is
necessarily the same way like there's there's it's such a it is one of the most critical Industries in the world outside of energy and there's been a bunch of smart people working on it forever so coming in and slapping solar panels and new sensors and stuff like that isn't going to automatically
deliver you know incredible yields if any if anything the criticism of the American agriculture industry is that it's like to hyper optimized and and companies like Monsanto have like gone crazy with like uh oh if this seed gets in your farm it blows over bird takes it over we're going to take a cut of that
because we're going to genene sequence this your crops and and we're going to know that you have the drought resistant Tomatoes or whatever and you're going to pay us uh it's like it's very hyper technology driven already uh so uh given a little history here in the 1920s Dole
turned laai into pineapple island and for a Time It produced 75% of the world's supply of that fruit the island still has many brightly colored Plantation homes dating to that era but years of damaging agricultural practices including the use of plastic piping and chemical ripening agents polluted the
soil and made it largely inhospitable to commercial farming access to fresh water has also been an obstacle in 1985 laai was taken over by real estate developer David Murdoch who phased out pineapple plantations and converted it into a luxury vacation spot he sold 98% % of
the island in 2012 to Ellison whose Fortune is around 200 billion keeping 2% is so got to be so annoying to Ellison I think it might be government owned or something like that oh yeah it'd be funny it'd be funny if if he's like yeah you can have the last 2% but it's going to be a billion yeah cough it
up and so uh the entire island or 98% of it sold for $300 million absolute steal I think I mean they're not making any more of these islands and it's beautiful and wonderful there's a picture of the beach there that's fantastic um I think I've actually been to that exact Beach
um Murdoch was often seen was an often seen paternalistic figure who waved to the locals he called his children kind of weird I mean that's kind of nice but kind of weird if he was thinking about it and and how I you know in a in a very night he's he's uh he's big browing them you know he should have been like these
are my Bros if they're his children and he's providing them not it's not equal fo if he's giving them an allowance respect got just be like hey these are my Bros on this island uh Ellison is more of a mystery to the laai to lanai's 3,200 residences residents a few interviewed said they
had never seen him although his presence is is apparent in other ways he is the largest employer including at his resorts on the island he's paid for benefits such as CT scanner at the local hospital he's building a new Rental New rental homes also luxury residences along the coast for his family which
Speaking of his residences so he has six homes on PCH okay two of the six burned to the ground and apparently during the LA fires the firemen basically put up a line at the second home and said not another one and they just made sure that the the others stayed standing so crazy
he also has a he also owns the tennis club in Malibu oh I didn't know that um the billionaire whose son and daughter are both in the movie business rebuilt a century old theater that boasts it as the crown jewel of theat experiences in Hawaii uh he's also rebuilding the long shutter bowling alley and planting a
dessert bar for the snack menu he's having fun um let's go back to Sensei Greenhouse versus win uh Ellison hired an Israeli firm to produce the green houses as suggestion by his friend Israeli Prime Minister Benjamin Netanyahu that's so funny that he's just like texting with his bro that's crazy
who literally runs Israel and he's just like who should build these green houses he's like oh got a buddy some company here you said got a guy is considered a leader in green houses the structures were designed for that country's desert climate and weren't built to handle
lai's humidity uh and so uh lenai has gusts of up to 80 mile per hour winds it's actually very hard to land there with the PLS uh there's a lot of times when it's like oh you can't get there like when we went out there we couldn't get there the first day and we had to stay on the big island the first night
um the winds blew the roofs off the green houses multiple times Ellison said the structures would cost 12 million but they wound up costing 50 million so yeah I mean this is the part of like being in founder mode is hard when you're also the founder of Oracle and you're also
and that's just like 90% of your mind share because value also it's Al this this scenario where by Ellison making this his personal project trying to make it a business but simultaneously saying that it's his personal project that he feels is part of his legacy y it warps economic reality to the point where you
can no other Farm in the world outside of some Mega monstrosity from Monsanto is going to spend $50 million on on capex at a small farm and it's like if you're already a celebrity doctor you're boys with Ellison you're probably Super Rich there's so much money flowing into
this company you're going to be taking like a cushy salary like you put one of the gundo Bros on this like they're going to be out there in the 80 mph winds with like duct tape and a spot welder like making sure it doesn't fall apart and making content out of it exact using it as a viral moment they were
afraid see the issue here is they're getting a HIIT piece from the journal Augustus would have been holding holding it together I have the Mandate of Heaven I have the Mandate of Heaven 100% And that's and that's what you don't get with you know like some young kid Bas like oh this is this is effed let's get
out of here we'll come back yeah we'll go to the resort tonight this no we're going to noou they have a nou the thing about Ellison he's I think a major investor in noo he owns uh I think most of the at the that's what's great about Sensei it's it's uh it's probably half the
price as a man yeah uh but every restaurant on the property is a noou so you can be playing golf drop into the little golf you know Shack and it's a no so wild there's some other great uh quotes in here about Ellison and his boys uh Ellison frequently took friends and other favored guests at his Resort
on the on tours of the indoor Farm including uh British prime prime Minister Tony Blair and actor Robert dairo nice so he's just Brown out with uh with Bobby dairo and Tony Blair and being like let's go tour my farm uh he routinely went through the green houses picking tomatoes off the vine offering
them to guests and eating them unwashed despite having been told they weren't organic and had been sprayed with pesticides on a tour with Blair Ellison offered him the unwashed dog he dog look at him he looks he looks amazing P tomatoes fresh pesticide it's it's the midwit meme the genius and the
he prob got he's probably got cans of canola oil justra chug meanwhile the midwit like I can't have any pesticides no microplastics uh you know Ellis is just like feed me anything I'm fine uh uh Blair declined to eat the unwashed tomatoes he's like I'm good actually no thanks but we'll see we'll see how Tony
Blair looks at 80 you know maybe Ellison's got him beat uh I'm looking it up right now Sensei acquired facilities in Vancouver and Ontario for almost 3 million square F feet the company bought them from cannabis companies at that as that market crashed uh but the needs of
of a marijuana grow house differed substantially from a greenhouse for other crops uh cannabis needs uh special lighting and segregated rooms interesting and so we'll close out here they have a software Focus uh Sensei Le later sold off the Vancouver acquisition overall repairs and retrofits of the
Canadian facilities cost around $200 million that is so much to burn for like you know early see the the p&l I know it's just so easy when when it's like oh yeah like $200 million I have $200 billion you know that's the equivalent of like a $50 million fund hearing about
a company burn 50k you know it's like yeah oh you spend 50k on a facility whatever is being being one of many produce suppliers on Leni has to be about I would guess to be about a maybe a 500 okay yeah nothing may maybe maybe seven maybe seven figures you count the guests and like high volume um but but still
that's a pretty gnarly looking uh and apparently the Box lettuce market so what they do is they grow lettuce uh indoors and there's been a bunch of these vertical farming startups and and indoor farming startups but box lettuce is a saturated market and most people when they go to aroan they just buy the
aroan version of box lettuce or they go to Trader they just buy the default uh they very few people have been able to build a brand around particular uh uh like prepackaged produce uh it's really really hard because you look at it and you're just like that looks like a tomato like anything else like do I
really care uh the vision was so big and then it just slowly got whittled away as we faced the up to the realities of implementing on laai a former general manager said sensei's Chief technology officer Danny Hillis uh agus said um Hillis is renowned in the computer world for developing networking techniques
though he lacks commercial agriculture experience he leads the company's AI efforts which Sensei believes can help it predict and crossbreed crops to optimize nutrition software can also be used to increase efficiency in water and energy use despite moving through several Chief Executives Ellison and
agus in 2023 appointed Dave Douglas a partner of Applied intuition a Boston based tech company that Ellison owns part of the software engineer lives in Massachusetts and runs the company remotely and again this goes back to you know it's it it is tough uh it is tough to run a company remotely it's tough to
not have a Founder that has 50% of the company and like if this works yeah I got money from Larry but if it works I'm going to be remembered yeah it's hard hard to delegate startup Founders and Executives having very low cash comp is sometimes seen as a bug people are like
oh it's such a shame that this person yeah could be working at a startup but they need and it's like no as soon as people start making you know 300K plus a year the you know just like the the drive you just lose that dog in you the dog stops barking and uh you earn $500
million in a few years yeah and there's been a few of these projects like that blimp one that uh the Google Founders are working on Larry paage working on this we got to Deep dive that and it was the same thing where they put someone in who's like very well respected very smart guy clearly but older in his
career and when I see that I just think I would I just wish these guys would instead go and give you know money through like a wifey model almost and just the money into a bunch of young hackers let them build a bunch of stuff a bunch of the stuff won't work but you won't incinerate as much capital and
you're probably more likely to actually make them make an impact and and drive a generational uh thing unless you're willing to do the Elon thing and then just actually sleep in the factory and like Drive everything like crazy and and and that's been working for Elon but he's he is the exception to the rule yep
anyway if you're looking at spend some time in Hawaii we recommend going to wanderer.com they have some fantastic places in Hawaii uh find your happy place book a Wanderer with inspiring views Hotel grade amenities dreamy beds top tier cleaning and 247 concierge surface it's a vacation
home but better Bo I got the wander hat on we're doing hats today uh and so I looked on wander I found a place in Hawaii it's the next slide uh the waaloa beach uh uh five bedroom six and a half baths eight beds 16 guests 5,000 square feet it's Club access you can wander the luxurious Coastal Retreat offering break
breathtaking panoramic views of the ocean surf beach and mountains this stunning residence features a 17m pool with an elevated Spa a game room with a pool table pingpong and shuffle board it seems like a fantastic place to go hang out uh 10 out of 10 average guest rating
and you know you're going to have a good time out in Hawaii so highly recommend that and we also have a post from Kyle and you're not going to deal with the Wi-Fi issues that Larry Ellison is dealing with honest Farm they got blazing they got blazing fast Wi-Fi that you can count on there's nothing worse
than getting you know to some vacation home you boot up your computer you're jumping onto a zoom call to say hey nothing for me thanks and it's lagging out and they're like what I can't hear you and all you wanted to say was nothing from my end thanks you can't even get that through
you're not going to deal with that on wander no no and uh Kyle here has a post that we wanted to share says if you thought the first 500 wander locations were nice wait until you see the next 500 they are really going going above and beyond and curating just really special places every single thing I see
them share is just iconic and uh totally worth uh getting a whole group of friends together getting a bunch of families together getting your whole corporate team together doing something special uh making some content um doing a bunch of different stuff uh any we love wander and shout out to them but
let's move on to our next story which is in the Wall Street Journal uh Alexander Sadi uh writes John famina went to jail for three years for running an insider trading scheme while he was a banker at Wells Fargo I spoke with him about how an addiction to Aderall inspired him to
start the scheme and how he's rebuilt his life after prison let's hear Jordy what do you think oh I mean uh is this this is a hit piece right um it's rough it's rough and wait until you hear the scheme it's bad uh I'm going a hold thoughts until we hear the full details so uh the the the insider trading ring
netted him and his friends millions of dollars before they all went to prison it started with long hours as an investment banker and a crippling addiction to Aderall he was a 28-year-old Banker working for Wells Fargo when he tipped off his friends about confidential deals that the bank
was working on his friends would buy shares that were in line to be acquired and then reap the profits and then they'd funnel the money back to Firmin uh in two years he and his friends made more than $1 million trading off of confidential information he spent three years in prison he says he came up with
the scheme while he was abusing Aderall okay and just to just to be clear $1 million is an order of magnitude more money than you need you could be trading with 50 Grand Y and and get have The Regulators come after you right i' super easy I've had random person bought the
stock right before it popped yeah super easy it's not that hard it's not that hard to find I had a buddy who's dad is a public company CEO and he was telling me he told me something and I was like wow like the stock is going to absolutely rip uh I wish you just hadn't even told me because I'm not able to buy
it because you can there's a direct there's more or less a direct line from the dad to the son to the son's friend and so I'm like out that point right and so they give a little background of him uh he uh he got an Aderall prescription to be able to uh work long hours he grew
up on Long Island was a good kid he was an eagle scout I was an eagle scout shout out Eagle Scouts but get it together guys you're bringing down the brand here uh he enrolled in the Merchant Marine Academy he served in the Navy Reserves thank you for your service man uh he went to Columbia business
school should have stayed in the military honestly not insider trading yeah and if you're a fighter pilot you can do any any Aderall adjacent you know product in they like yeah good good job making sure the gets and there's nothing to steal yeah uh so he go after columia business school he wanted to go to Wall
Street uh so he started working as an investment banker in 2009 first in North Carolina then New York City uh the hours were immediately difficult for him he said he was a PowerPoint jockey doing the grunt work 9:00 a.m. to midnight at least six days a week and we can get
into what you should do if you're stuck in that role the answer is delegate uh you need to be hammering the table and being like I'm getting uh you know a direct report immediately climb that ladder get out of the analyst role as soon as you can uh and be like I'm ready to delegate this because I don't want to
be doing these long hours you have to wonder right now is there guys that are in his role today that are getting so good at using AI that they can actually that they can actually do the job well I mean even you wouldn't want people to you wouldn't want people like the whole
thing the culture there is if people knew you were getting your work done in four hours or five hours they would just give you enough work to get back to that point so I don't know if there's a tangible benefit for the employee as much is the firm y but and so when I think about like like the good work at
an investment Bank the top guys it's all relationship based it's I need to find the company that wants to be sold and I need and we need to win the deal and I need to be golfing with the CEO of Nike and then when comes in or something I'm ready to put them together that's the value and
that's why investment bankers get paid so much because you basically have to pay them an option on the future business that they bring into the firm because they can leave and they can take the rolodexes with them then one level down is more like the strategy role actually coming up with an with a deal
that is a cretive for everyone and all the shareholders get excited and although that doesn't happen all the time when it when it happens you know and everyone's happy Instagram for Facebook like that's a great example of like a good idea a good deal everyone wins right um then lower down is like
how do you communicate that how do I turn the idea of like this deal into a slide that tells the story and you're very good at this in the slide decks but you don't instantiate them you have a designer who actually takes your napkin stuff or you work in figma but uh something about something about decks
though the the dynamic is that anybody who's making a deck wants it immediately yep and there's always this pressure of especially within the private Market world if you're a seed Stage Company that wants to raise a series a you want to be you know sometimes Founders will
get ahead of it and they're like I'm going to raise start my process in September and I want to have the round done by December and I'm planning around that so I need the deck done by September but usually it's it's hey we had this DC hit us up it went well they want a preempt but now we want to run
the whole process so we we need the deck right now so I I worked on a handful of decks in uh last year just for portfolio companies and it was just always like I just ended up staying up like basically till 2: a.m with them like trying to get them across the line yep but a lot of
this PowerPoint jockey stuff is is actually a layer below where you're actually just taking the napkin drawing and turning it into something that looks good building building yeah and that can be very grueling now in the post 2012 era a lot of these firms have have back offices internationally where they can
take a napkin drawing and turn it into a beautiful slide and they have whole teams of people that just do this and I'm sure AI is coming in there um so yeah rough time for him he's grinding he was taking 80 milligrams a day twice the maximum daily dosage that is crushing uh
kept on taking the pills made him frenetic aggressive and willing to take new risks but let's go on to what the actual scheme was uh because I have some takes on this one night in 2010 while working late uh firmina looked through some of the bank's internal folders on a shared Computer Drive he saw that
project folders that were changed over the weekend were likely to be tied to live deals my mind on Aderall would go off in these tangents and come up with these elaborate schemes at the time he was on the hook for tens of thousands of dollars to pay a friend's mortgage he had co-signed because the friend was
struggling to pay Firmin told his friends to buy shares in the company that he thought had a good chance of eventually being required acquired he enlisted another friend from college to buy the stock too the friends netted north of 500k in profit from trading on the deal then the scheme goes on for two
years they use a shell company with a corporate bank account to buy and sell the stock the biggest score was in 2012 uh before Chicago bridge and iron's uh $3 billion purchase of Shaw Group around 10 people connected to formina bought Shaw stock and call options all before
all weeks before the deal how how how did this how did this guy do this so brazenly and not like you actually like it's so obviously illegal even to somebody outside of finance that also he's trying he's doing all it's also 10 people like how did how did not one of those be like hey buddy like I
talked to my dad about this cuz I was like hey Dad you want to do this deal with me yeah and uh he was like son that's insider trading yes and so uh it's so funny because he's doing this piece to kind of rehabilitate his name and be like hey this is about awareness around drug abuse and Aderall which is
true it's good it's good to raise awareness about that but he's saying like oh yeah I took so much Aderall I came up with this crazy scheme and the crazy scheme is something that you would be taught on day one of compliance training at any Bank hey if you have material non-public information and you
give it to someone else and they buy the stock and then they pay you for that that's obviously some elaborate he's like it's like a a meth addict saying you know I went and stole a bunch catalytic converters like it the genius scheme it's not even a scheme it's just vanilla
fraud it's just vanilla it's like this when I was on the meth I thought the cataly converters were uh like Pokemon are there are crazy schemes where you could figure out that like oh yeah like you know this this signal links to this and this it's like this is just you had information and you just gave it to your
friend and they just bought the stock it's like there's nothing crazy going on here it's so ridiculous that he's framing this as like like oh I came up with this while I was on Aderall like no this is wild after the announcement yeah so that that when they did this big deal
10 of them all go in they make 7 million after the announcement y feem fia's child femina's childhood friend and the friend's girlfriend wired more than 1 million to a precious metals dealer in Manhattan to buy 550 gold bars it's like so obvious they flew to Las Vegas the next day and laundered more than 100,000
through a casino just like just and so FBI shows up immediately told Firmin that uh he was sharing confidential information and asked him to help in their investigation uh he slams the door on them but then he started cooperating he was arrested in December 2012 later pled guilty to five charges of Fraud and
money laundering in 2013 he reported a f for a five-year sentence at a federal P penitentiary in 2015 eight other co-conspirators did jail time too and so yeah I mean uh very sad to see him uh you know get into a delusions of grandeur uh situation where he thought could get away with something so stupid
but I think the framing of this is a genius scheme is ridiculous he when he checked in for his first night in jail he brought a bottle of Aderall with him W with the correctional staff obviously told him he couldn't keep the drugs so I don't know why this guy potentially uh has more muscle than than
brain cells yeah anyway uh if you're trying to get ahead in an investment banking role Jordy and you don't want to Insider trade what's the fastest way to get a promotion at an investment Bank get a nice watch go to bezel the Hat coming go to bezel go to bezel get an absolute hitter
walk into your MD's office and say I'm done with the Powerpoint stuff slam yourist on put me on the golf course put me in coach I got a Vashon on I'm ready for the big leagues uh and uh we got a bunch of news around bezel uh bezel is the best place to shop for luxury watches they have over 2,000 of them on
there and they fully authenticate every watch inhouse I just bought a Vashon on bezel it's shipped to to the bezel team they authenticated it and then they send it to me it was a fantastic unboxing experience I'll share this they send it to you in this lovely case uh they send
you all these notes they authenticated things I didn't even know existed the movement the caliber the loom plots indices the dial the hands the crystal the the serial Engravings the case back the crown the lugs the link uh the end links the bracelet the strap the clasp
the the everything uh they they check on all the condition they check on all the performance they actually make sure that it times correctly they do a timing test they give you a receipt and they give you this lovely certificate of authenticity I love that uh and so uh very very happy with my purchase uh
proud owner of a Holy Trinity watch I got the Vashon patri so nice so thin and they sent me this wonderful uh Vashon course they include the box there are some watches on there that don't come with boxes but they focus on complete sets yeah and uh so go to bezel and they
have a fantastic little breakdown today of Michael Jordan's watch collection they have been killing it if you don't follow them it is the most entertaining content uh and I've just loved this so Michael Jordan's watch collection is outrageous as you expect here's a breakdown of his wildest pieces so the
first up is the all long and Son datograph reference 45 5 313 an absolute hitter look at this it's on the next slide uh and this is just a beautiful piece MJ didn't just play the game he mastered it his Platinum data graph is nothing if not a nod to his refined taste its chronograph is so
sophisticated that even watchmakers jaws drop it's the horological equivalent of a slam dunk I love it I this I do this piece I do love this is a fantastic looking piece uh he also has theor Ur 202s when you're the traditional isn't always thrilling enter the eror wwor is a very odd brand I mean look at this
watch it's crazy um and uh uh it a watch looks like it belongs in a Sci-Fi movie with its satellite hour display and futuristic design it's clear MJ isn't afraid to venture into Avant guard territory you gotta be the goat to pull this off that is a wild wild one he has
a rishard mill diver fly Brack flyra the the the rishard mill is insane honestly as far as rishard Mill go that one pretty cool I'm into it I mean I love the brand subtlety not an MJ's Playbook the RM 032 with its massive 50 mm rose gold case this is a 40 MIM watch and it looks like pretty big on me it looks
like the right size this watch is basically a big dog pretty much everything you go into the MD's office in uh at at Wells Fargo your investment Bank uh they're putting you they're putting you on the deal team it I wish that NBA players could enter the game with watches on because imagine what
imagine oh it be so good playing with a watch you just take a Rolex with a face get scratched up uh he has a Rolex sky sky dweller featuring a blue dial that nods to his UNC days that's cool His Airness His Airness Sky dweller Blends complexity with classic Rolex robustness it's the perfect companion for a man
always on the Move uh which one's your favorite out of the uh out of the MJ watches what what are you taking the all long and Son the eror the rishard mill I like the eror out of these go with theor out of just adding adding something adding something wild to the collection
yeah for sure uh so lots of inspiration there it looks like it looks like an Nvidia chip it does yeah ir's got some crazy crazy stuff uh there's also uh the Hamilton uh did a collaboration with Dune that looks really cool they made a watch that was featured in the movie and you can buy it and it's not like
thousands of dollars works are crazy doesn't needs to do a collaboration with Nvidia ASAP anyway on to the timeline uh we got a video that we're going to try and play Gavin Baker shares this he says it's wild today I was sent the following cool demo two AI agents have a phone call they realize they're both Ai and
they switch to a superior audio signal GG wave uh can we pull this up Connor it's pretty crazy these two AI agents they're both in voice mode and if you haven't heard this before yeah can we play this hi there I'm an start talking in English and they switch to forel computer speak
Bas your AV fors bot and I saw oh hello there I saw a demo of this a long time ago where people figured out that you could something understandable to a machine in like this this like scrambled thing so you could play it over an over like an audio hear you'll hear it now pretty crazy there we go
yeah so the wild thing is is I think we're good on this the issue is that you could basically encrypt you could just get infinitely more and more and more complicated so that machines would be able to talk in front of humans and even if you had some type of machine human language
translator it could just perpetually get more and more complicated so what uh the attack that I saw was from a years a couple years ago you'd play like a YouTube video and it would sound just like scrambled but it' be like okay Google and you wouldn't even be able to hear the Okay Google but it would
trigger your Google home to do something so you could so you could be hearing in the background of a podcast some sort of like low signal that would say basically like okay Google go to tbn.com and then it would load that and then it would inject something and potentially like hack your home device that was like the
theory uh and it could and it would be you the human would not be able to detect what the command was being given to the AI which is very cool uh very hcll in the chat says they banned droids from the bar in Star Wars so maybe we're gonna have to start doing that hey is
that true in Star Wars lore I have no idea I think uh what's that iconic scene in Thea yeah the Cana oh yeah there are no oh yeah that's right there's no droids they can't go in that's hilarious it's all like thei that's hilarious I love it okay uh well let's move on to Gary tan Gary says uh intelligence is
now on tap so agency is even more important and there's a quote here that says capitalism rewards agency far more than it does intelligence this is the dude wipe story there's a lot of guys that are you know have the most sophisticated strategy craziest you know uh future
forward idea and yet dude wipes is doing 200 million a year selling wipes for dudes it's pretty crazy people don't want to be coddled says Riley the founder of dude wipes the butt wipe brand as you put it uh we know that it's a sticky new habit once people try it because it's cleaner better alternative
uh they're now doing 200 million and the products are on shelves in Walmart Target and Kroger yeah but I me going so going back to Gary's Point everybody has near infinite access to free intelligence and so the um the resource that is still in short supply is is agency because these these uh you know
Bots llms don't have the ability to they have the ability to to think and reason but not the ability to aggressively act on their goals and so golden uh golden years for high agency humans totally every single person that listens to this show is high agency otherwise they
wouldn't be I mean you talk to random people and they're like oh yeah I got to check out that AI thing I'm like what are you talking about like like everyone should be using AI in their job to augment themselves right now at this point you would have had to actively choose not to use it people are just
like iar I already know how to do my job the way I do it and I and I use spell check I don't use llms to help me write my yeah research reports you know and I'll have to really force it on people sometimes I'll be like you have a research report due like you need to use deep research like go start there like
you can't just turn that in there's going to be a lot of things but like at least for pulling a bunch of sources like would you do your research report without Google like no like you have to use these things and so yeah agency is super important we're seeing that with uh pmf or die it's a great example of
you know just being aggressive and and and high agency uh the guys are certainly intelligent but they are go-getters and that's what really separates them so been enjoying watching that uh let's move on to Carter donic he says an actor having such athlete coded mentality and not being afraid to
Showcase It Rock so much Timmy has been on a generational run this is of course timotay shalam at the uh sag Wars can we play this I don't think we're gonna be able to we won't be able to hear it no was it a oh was this anyways we don't have it pulled up but if you haven't
seen this go watch it I was sleeping uh because I'm uh I'm you know John and I we we'll announce it soon but we're going to have a we're GNA open a beding market on on our eight S yes um but um uh no I W I watched this 30 second recap and and he basically has a uh he basically go goes on to say that I am
you know you know a lot of people would come up here and be humble and you know like that but I am going um you know 110% on this I want to be one of the greatest actors in history and I don't I'm not you know afraid to say that basically and I think that's what more actors should do instead of going up
there and saying oh yeah thank you blah blah blah it's like thank your people and your team and the people that are helping you do what you do but then also take a little bit of credit let me play this would be to downplay I'll just play it here the effort that went into this
role good and how much this means to me but the truth is this was five and a half years of my life I poured everything I I had into playing this incomparable artist Mr Bob Dylan and I know we're in a subjective business but the truth is I'm really in pursuit of greatness I know people don't
usually talk like that but I want to be one of the greats I'm inspired by the greats I'm inspired by the greats here tonight I'm asp inspired by Daniel de Lewis Marlon Brando and Viola Davis As I Am by Michael Jordan Michael Phelps and I want to be up there so I'm deeply grateful to that this this doesn't
signify that but it's a little more fuel it's a little more ammo to keep going thank you so much I and of course yes thank you X for immediately playing another video no so so you know that David senra that made David senra want to run through a wall because he has given it it's almost like him and
SRA talked because SRA will give that has given me that speech I'm sure he's given that to you being like no nobody else is like take nobody else takes this as seriously as I do I I I I want to be one the great I want to be one of the greats I I I spend every every hour of the day thinking about podcasting and
telling the stories of History's Greatest entrepreneurs no so publicly and and when I first listened to that I was kind of like oh like where's he going with this like the beginning's like kind of rough he's like kind of just like you know throwing this down but he really lands the plane I think
and and gets to a really really inspiring Place yeah anyway let's move on to Signal posting a picture from LinkedIn Ryan Prescott says I'll pay someone 10K if they can find me a software developer role paying 122k plus signal says I've never seen anything like this before this takes open to work
to an entirely new level it's actually so smart I mean it's it's it's the open if he did this without the open to work you know graphic on on his profile it would be legendary I think it comes off as a slightly desperate with the open to work thing but trying to find it trying
to find a job I respect it and uh I think it's smart to flip it on its head and say you help me find a job I'll give you my first month salary basically that's all he's saying and so I wouldn't be surprised if somebody sees this and builds a product around 400,000 people saw this post I wonder if he'll find
something no this is an obvious product within Tech basically saying know if you work at a Facebook there's going to be people that met somebody at meta is going to see this and be like hey I think Ryan would be a fit for you know this job we have and like you know help them help make sure their resume was was
looked at you know there there might be some certainly companies might take issue with their employees getting paid out on the side to help people get in but at the same time they also offer incentives I mean a lot of yeah a lot of companies have uh internal rewards for recruitment it
happens all the time uh where if there's a bounty for getting someone in the organization uh yeah it would be interesting if it's like basically a decentralized recruiting fee or recruiting platform where anyone can do the recruiting as long as they place the right person the right thing uh also
hopefully I mean with AI and stuff there's new platforms new matching algorithms you would hope that LinkedIn would be able to do this because they have all the people and all the companies but uh clearly they're not helping him get a job um but you know at least the guy is willing to put himself
out there and there's a uh you know there's that chart of like you know uh the the the path to Greatness is is p there's like this Valley of like being cringe or like putting yourself out there or taking risk Valley of cringe at least this guy is willing to to say this
so good luck to you Ryan I hope you land something quickly and if you're in the audience and you're looking for a webd Dev or you're um you know know someone who's hiring why not try and go help this guy out that' be cool we'd like to see that uh let's move on to other real the real if you're if you really got
that hustle mindset you'll say hey if I hire you for 120k will you give me the 10K he says sure you give him an offer first day you the 10K fired welcome welcome to the welcome to the Welcome to the Real World buddy do not do that what would your mother say do not do that that is not that is not
uh upstanding thing to do we don't endorse that we don't endorse that but he's got to he's got to be he's got to learn the less he's got to be aware of that there's going to be a lot of people out there that just get dollar signs in their eyes it's like all right I'm going
to pay him 200k sorry for his first day but I'm going to get I'm going to get 10K out that's a good trade good trade yeah yeah it's like wait why is Jane Street trying to hire me it's like oh they just love making good trades it's great well uh you know if he if he doesn't find a job there's other
ways to make money Barry here strawberry says the easiest ways to make money gives a list men's lust women's desire for beauty elderly's Health children's education rich people's fear of loss brokies desire to get rich quickly clearly resonated million views 33 likes 33k likes uh what do you think you like
this this uh there's a guy in seoa right that says that uh he he loves when a company maps to one of the seven deadly sins which is like kind of dark but also makes sense where you know you look at why why do you invest in Instagram well it it it's it it's driven by Envy right
it's like an Envy as a service platform in some ways uh even something like a trading app platform could be seen as like greed you know it like plays into that natural belief or natural like human impulse um but what what do you think of these which one would you want to be in I mean children's education
seems pretty valuable yeah that's a cool one although the issue is there's so many in children's education there's so many people that love teaching children that it's a kind of a hard place to actually make good margin right like if you wanted to start a new school there's going to be a nice competitor that is
happy to make you know 5% e margins because they just like having a school but um no go going off of this list I mean obviously you know referencing that that other post by the guy saying that you have to be you know greedy monopolistic all this stuff it's very dark I mean there's just so
many ways to make money I think my favorite my prompt when I when I'm talking to people that want to get into business but they're like I feel like all the good ideas are taken like the sort of the classic line yep uh every time you spend money just think about who's who's making money on the other
side of yeah and um all of all of business are you fully satisfied yeah and then the the main thing that people like the fundamental truth to understand about business you had a funny one from the other week that's slightly different but um you just need to get a product or
a service at one price and sell it for a higher price yeah and make sure that your operating expenses are yeah you know uh lower than than the difference and and you will um you'll do great so so so you think uh good way to find startup ideas is to kind of like track your finances see see where you're
spending money I mean that's an obvious one but um and do you know the best way to track your finances uh I do our sponsor ramp time is money save both easy to use corporate cards bill payments accounting and a whole lot more all in one place and we got a post from none other than saquan Barkley first
time on the show he's getting a reply with a video today saquan Barkley writes thrilled to be a part of the journey at ramp and ready to take this company to the next level and he shares the video uh already got 500 likes on the post go watch the video again watch the ad again it was great and Eric of course is in
the comments right here saying seeing you put your team's playoff run ahead of an individual alltime rushing record was a masterclass in leadership love the way you demonstrate how you put others first win as a team and invest for the long term grateful to call you our partner so
shout out and even updated his LinkedIn today he did threw it up there he's got a few jobs he's got his job at uh at the Eagles now he's an investor at ramp so we'd love to see that he's finding time to update the LinkedIn and the offseason you know getting ready for the next run
fantastic uh well let's move on to Dylan O Sullivan Dylan says Napoleon once said that it's surp that the surprising thing was not that Every Man Has a price but how low it is and I can't help but see that everywhere now you destroyed and betrayed yourself for a handful of clicks yeah the cringe posting can
really destroy a person right that's uh I think that's what he's getting at there yeah but at the same time you got to just sometimes some people just need to be cringe for a little bit before they become goated you know so it's a balance it is yeah but I think this is one of those things just follow uh your
advice what would your mother think that's true what would she say and you'll you'll almost never betray yourself if you're making your mother proud unless your mother is just absolutely insane yeah I mean it goes back to like the good quests idea thinking about sure there are there are
pots of gold all over the place but when you look back on your life you're going to want to know that you chased an honorable one yep fascinating well let's move on to AI VC NASCAR says this is seriously getting out of hand and he shows something like 15 different AI
llms chat GPT deep seek Gemini meta AI lechat which is hilarious uh co-pilot Claude perplexity grock Kimmy you hugging chat pie chat llm and quen and Jamie voo says I feel like 80% of these are irrelevant though uh it will be in the future interesting um there are I mean it is crazy how many llms there are
and how serious they're being taken I mean it's the browser Wars all over again I guess yeah I think it's it's good you're going to get this sort of overinvestment in a bunch of companies and we don't know you know if 80 of these 80 of these will be Irrelevant in five years but we don't know which ones
yet and so it's actually good that different teams can duke it out and go and you know enter this highly competitive market and uh you know innovate and just every single one of these teams is highly motivated to make an incrementally better or a 10x better uh you know version of their product
every single day yep and it's good it's just obviously great for consumers yeah and there's clearly like many Forks in the road in terms of product design around these llms and one company can't really test every new product idea like what we were talking about with grock
where grock will pull in your tweets and try and customize based on that and that has some amazing and great results and also some terrible ones uh chat gbt has differentiated by you know having all these different models which some people love some people hate uh Gemini obviously the huge context window meta
AI baked into you know all these products that you use all the messenger produ products and and so I imagine that in the future uh the ones that will die off will be commoditized in the sense that they have very similar product experiences to other apps um but there's probably still an opportunity to to
create something that is innovative within the llm framework make your app significantly different uh and then like what's happening at u.com or uh not not U friend.com where it texts you first that's even that minor change is a very different interaction um and there's more
yeah or or perity where it feels more like a Google search honestly than like a chat interaction there's like lots of people taking risks trying different things uh anyway let's move on to besser Ventures Partners uh Roland is throwing a little shade he says who greenlighted
this and besser says the memos like the knight's sword the firefighter's hose and The Lumberjacks axxe the venture capitalist courageously wields the memo I I love it I love this I greed that that's it's hilarious come on it's fun it's amazing you know you and Jason chimes in corrects the record you got to
have a bit of sense of humor if you've been investing more than 10 to 12 years I think it's pretty tongue and- cheek funny like the night sword the firefighters hose and The Lumberjacks ax the podcaster courageously wields the mic yes the sure sm7b uh it's great it's fun they're having fun uh this is what we talked
about with with James Bond where James Bond was SA was saing the more serious uh spy movies and then all of a sudden people were like wait James Bond is is serious and it's over the top and it's like no like they were they were having fun when they wrote like Moon raker and we're like
let's go to space and shoot lasers you know like space lasers yeah like they were having fun with that and uh and there's lots of examples like that but it but it it it's not it takes the fun out of it when when you the the other the other context that's important here is is besser also shares their anti port
folio of companies that they missed and so they're not going out and saying this is our memo our you know our our our sword always cuts perfectly like there sort of this idea that you know hey uh this is the vehicle to make investment decisions and this is a core part of our
job and you should take pride in that in the same way that a knight takes pride in their sword yep I don't want to read a slot memo there's nothing worse than like getting a memo and it's like you want sword want sword sword so anyways I can see why why Roland would would think
it's funny but but let's just enjoy it for and there's a lot of value if you're an entrepreneur and reading these memos because then you see what the internal thought process is like at a firm like besser which is great uh well let's move on to some uh timeline and turmoil why combinator backed a uh Fusion company
that's building Fusion reactors for maritime vessels so and they also they also just backed as of an hour ago called orbital operations developing a high thrust reusable space flight vehicle that will be stationed in orbit to rapidly defend against threats to high value satellites so uh yeah and and
people are taking massive issue with Y combinator funding deep Tech and I think it's like the silliest thing in the world why are you anti- investment in cool technology yep if they want to spend their money on these high-risk bets and teams want to spend a decade of their life taking this
high risk why are we not celebrating that I want I want I want them to go back to a thousand companies a batch and just have them all be James Bond ideas for just one yes just James Bond idea James Bond company that needs to be coined that's fantastic uh yeah and also I'm old enough to remember when the
criticism of YC was it's all consumer software they don't do anything in the real world well now they do and you're still not happy timeline so calm down you're unnotice uh so uh risk V says YC keeps doing this funny thing where they know the Zer Uber for xck doesn't work
anymore so they're shifting to hard tech in double quotes uh or quadruple quotes but still want you to believe that three undergrad dropouts are capable of making a freight or capable nuclear reactor with a seed investment of 100K and just so yeah so funny because this guy risk V is just
absolutely exposing himself or not not understanding how Venture Capital works because YC's entire model is we're going to give you a little bit of money you're going to make some progress and other people will give you a lot more so it's like exposed the best thing you got exposed so there's a community note on
that post now and it's uh oh by the way uh they don't give you 100K they give you five times that now they give you 500k uh which is yeah actually enough to build like a little bit of a lab some prototyping and stuff uh lease some equipment do whatever you need to and
they're like three undergrad dropouts and then they just post in the community notes like here's the LinkedIn of the guy he's not a Dropout like he's actually experienced because people go through YC all the time who have been deeper in their what we hate dropouts now yeah what we're oh yeah Palmer lucky
never did anything good in hard tech yeah it's like in fact in fact a bunch of the best examples are are from these dropouts with who started with with very little and that's what Spore is highlighting here Spore says YC keeps doing this funny thing where they want you to believe that a former group on PM
is capable of making the first the first dependently developed suic jet with a seed investment of 120k wonder how that's working out and it's like boom suic the guy kind of did it works uh yeah the other thing that people don't realize so YC puts out their requests for startups but the YC batches are a
reflection of what Young Builders want to exactly exact and so if they're funding more they are asking people sometimes they'll give feedback on ideas like hey you know you're doing you wanted to apply with this and maybe you should do this you know it seems maybe more interesting but
ultimately they're just funding what companies are coming to them yeah and so we should be looking at these new announcements being like this is amazing we've you know we we've gone P we're post SAS we have a bunch of our best and brightest that want to take on incredible risk all these any anybody
that's going and doing this is potentially sinking five years of their life it's Priceless resource yeah into developing something that will only have a positive impact on the world yeah uh presumably if it works and so we should celebrate this and uh I want to see a James Bond YC batch badly yeah also you
know it's like what are you worried about here like if it's capital in incineration like there not your money it's not your money it's super diversifi LP super Diversified because they're in so many companies and and the funds that the LPS in YC are also Diversified these
are like huge institutions and there might be consolidation in the fusion IND in the future where yeah sure maybe these guys don't work out they work for 5 years they learn a ton about Fusion uh and they get a soft landing at helon or something you know it's like that could
be fine and everyone could be happy like there's so many good endings here that's what we should be focusing on uh as opposed to just you know tearing down some people that want to build something cool anyway uh let's move on to low yield Lucy picot top she says uh still working remote in 2025 is like being one
of those Japanese soldiers who stayed in the jungle for 30 years after world War II oh it's great yeah working remote is rough uh you got to get back in the office uh it it's expensive sometimes to said this before I don't know a single goated cracked however you want to describe it 22y old that wants to
work remote anymore there are going to be some of them that build these massive businesses remotely and they they'll make it work but it's not an enjoyable way to do business I mean we have the opport we have the opportunity every single day that we could skip our commute totally and sit at home and just
turn on the camera turn on the mic turn on zo some low effort weekly podcast yeah yeah yeah parttime podcasters but no I I I woke up at 4:45 this morning I'm so Hur I wake up at 4:45 I still get a amazing sleep score and I drive in here because it's the most enjoyable way
to do business and we do our best work in person we we do it's great uh Paul Graham going back to James Bond I think there's an interesting thing we we talked about Bond on the Friday show we threw out John Foo as a potential uh Bond um but Paul Graham is uh posting a uh cartoon from The New Yorker it says
no but Mr Bond I expect you to star in a series of increasingly Bland spin-offs and TV shows that have significant viewership decline after the first episode kind of highlighting what's happened to the Star Wars uh uh franchise and PG says it would be nice if Bond could avoid the fate of Star War
that Star Wars suffered after it was handled handed over to the suits at Disney but what are the odds the creator of a franchise can resist soulless execs but one that's acquired starts out already in their hands what do you think is Bond gonna go downhill with a bunch of spin-offs I don't know I feel like it's
a very powerful franchise if they just try to produce one great film every couple years forever yep and I'm happy with that as a consumer and I actually would like to see a spin-off from the bond Universe where they spend a100 million producing this crazy series I would enjoy seeing that I
think what what I like what there are good spin-offs there are bad spin-offs I think the best spin-offs are where they don't try and recreate the original like genre and they actually take it in a different direction like the best Star Wars spin-off that I think is Rogue one and it's because it's not the same
structure as Star Wars Star Wars is the hero's journey yeah where it's Luke Skywalker to go blow up the Death Star he he faces a bunch of trials and tribulations then he blows up the Death Star in the in Rogue one it's a heist movie and so they're trying to break in
and steal something and then they all die at the end spoiler alert um but you should know this um but uh but so so I would totally watch a bond spin-off that's a horror film or a or a or a heist movie or or romcom yeah yeah romcom honestly people would take issue with that or or a movie about cars yeah
in between in between uh special missions he just goes yeah or just trying to do crazy but I think it's actually lower risk than just trying to recreate the same thing again and again and now it's a TV show and now it's this and that or you know you need to do the the spin-off and it's just q and it's
just him trying to build stuff and like bond is bond is incapacitated he's on an island getting cut in half of the laser and Q has to work on the next pen that explodes and so he's calling up YC Founders trying to get them to hack on it with him or something so good uh
anyway good luck to everyone at Amazon working on bond we certainly hope that there's some good stuff coming uh let's move on to Gabe Gabe says uh and and this was a little bit of a spicy post uh Austin Kennedy said today is the my first day in San Francisco didn't expect
to move here at 21 but I guess that's life and he posts a picture of an empty room with a uh bed that does not match the bed frame um and uh and some people were dunky on this and we we we fully support this go move to somewhere cool where the action is and start building and so Gabe says the canonical picture
to post when you move to SF is a baren white room with an unmade bed in it and no other possessions except perhaps a laptop indicating that you have emptied your life of all non-essential things in order to more fully receive the blessing of the city and I I don't know how much
he's joking but I I think it's great and I think these posts uh sure they got a little bit out of hand with like someone became a VC and posted it and that's like a little bit silly because like it's a little Stolen Valor um it's a little stolen Val like we know that you can afford a nicer bed setup uh but but
for the founders that are moving there and trying to take a crack at something like this really does save you a couple hundred bucks you could put that towards AWS credits or something yeah you know so I support this I support people uh taking risk being young moving I want to
go I want to go to SF and and uh have get like this palatial house and set up an eight sleep we're just like just moving to S living the dream living the dream you know the funny thing is that this is palacial next to what I so when I moved to the Bay Area I wasn't in San Francisco I was in Sunny Veil and then the
tenderloin and also I didn't have a bedroom uh I split a bedroom with another guy and then I Liv in the living room you guys didn't you live for almost a year on like 16 Grand or like you raised like a your first money 17,000 the first money in was 17 grand and you were like okay we have to make this last
for a year which is it was brutal in it was brutal it destroyed my credit I put like three grand on a credit card and stopped paying it and you got like a 400 credit score took me like years to build back up made it all back made it all back for sure um but yeah I'm glad that
Founders are able to afford you know not complete swall speaking of Founders David senra is in is in our chat right now saying uh he said I would like the ability to call into the show live please and you can call in right now let's call him why not okay we can call him I'll call him right now this is our
first time testing the live infrastructure I'm just gonna give him a call okay let's see I'm just calling on my phone I'm gonna put it up to the microphone hopefully we'll have David Center call in let's see let's see if he picks up if not we're going to Growing Daniel I don't
know your call has he's not picking up wow oh he's talking such a big game I want to call in oh I'm gonna give his I'm gonna dox his phone number if I'm not careful all right anyways SRA give us a call back if you want to say hi but we can also you know plan yeah uh let's see let's see if I call him on
FaceTime oh he says call on Wi-Fi yeah okay let's see let's see and just while we're David senra how you doing manid SRA dude you guys s me crying wa wait you talk at your big game you don't even pick up your phone dude you got a FaceTime audio me you an island I almost docked your phone number
cuz your voicemail says thanks for calling seven and I was like oh no I don't want to give that out every every person will be calling you for advice well you guys know how profitable podcasts are so you know I live on an island and I don't have cell phone service you actually do live on island
he does live on a fantastic Island in Florida well hopefully your Wi-Fi is strong uh we want to get we want to get your reaction to something let me find a post for you to react to um let's see you know what I hate what what you ha you call me yeah hold on here we go okay never mind I'm back live on the stream
okay well you got to mute that so it doesn't play I did come on bro I'm not a amateur okay okay hey buddy this is a kid-friendly show cool with the fou language our kids our kids watch the show okay okay here here we we we got one from have you watched sance on Apple
TV okay it's fantastic show I I watched season one haven't gotten into season two but Joe Rogan posted sance is a fantastic completely original and totally unpredictable amazing writing directing and acting just a totally unique show just finished season one and on to season 2 and Mark Gman who is the
Bloomberg reporter who covers Apple religiously he says look forward to Tim Cook on Rogan do you think Tim Cook should do Rogan no why not I don't think he could hang for three hours I get him a couple glasses of whiskey couple cigars the good stories from uh manufacturing senen come out no
that's actually an interesting question here like who has not gone on Rogan that you would want to see Sach Nadella Sundar pacai I want to see all these guys no no absolutely not so I'm sitting here I'm sitting here editing an episode on Buffett and Monga right now okay and one of the most important things that I
learned from them is like the important of running the importance of like running all your decisions through opportunity costs so like make all your decisions based on your best alternative right and uh they tell stories for like multiple decades and I think it's actually like really interesting way I
was actually talk talking to our friend Justin on the phone about this like last night and uh like he's got a bunch of you know obviously ton of opportunity ton of ways to spend his time tons of Investments and and he was talking about like being as ambitious as possible with
his company and um should he do that inside of I don't even know should be repeating this on but basically when we came to the agreement is like he's he's a very special person and he's partnered with a very special person and the idea if you if you filter that decision through opportunity cost it's like no
you stay with the partner you have because his partner is so gifted yeah of course and yeah um so I would the way if you approach like okay do I want to see Tim Cook on Rogan no and then my mind immediately goes to well who do I want to see on Rogan okay who do you want to see I was just actually
this morning I was visiting a friend and uh driving to his house and I was listening to ro Mar Magnus Carlson oh yeah that's a good one it was really good and it got to the point where about the importance of uh flow and being obsessed with what you're doing to the point where I was such in flow listening
to the podcast I missed the turn of where I was going wow so yeah I don't like who who has not been on there that I'd want to actually hear from I mean I just want big tech people for sure but I mean I'd love to see Jack dorsy go back on post act Travis kenck would be great I think
with Tim Cook is we just need 3 hours of him on a podcast anywhere because got expl yeah I want to know who the real Tim is well out of all those people who would be the most unhinged Travis maybe I want to hear I want to hear SAA and Rogan just go on a rant about aliens for for like a couple
hours yeah hey yeah did you guys hear Palmer lucky on Shawn Ryan oh yeah I listen to the whole thing it's fantastic that it was like I think Shawn said like six words and it was like oh my God yeah Palmer just opens with the with like the hard most hardcore conspiracies right up front he's like yeah I'm here
Loosely promoting the ivas contract this is like the ivas like we got a $22 billion contract I'm supposed to be doing PR for that but let's talk about JFK I love it yeah so so real for me Rogan is the home of like unhinged I've been listening you know he's the first I
I don't know if I told you the story I didn't I didn't know podcasting was a thing yeah a friend of mine used to invite me over to his house because he was really into UFC and he's like you got to see this thing that J ran does I'm like the Fear Factor Guy and um it was on Ustream at the time you see
it live and then one day I was like oh I can't make it over he's like don't worry you can play the show back anytime you want I go what do you mean he goes it's a podcast I like what the is that and that's when I started becoming addicted to I need the beat button for this guy sorry Roman Rogan's like the
the home of unhinged so yeah like if if it has to be a tech guy using you know Tech who knows maybe Tim Cook shows up and says look I don't believe in the moon landing I think the aliens are in on Egypt I would love that if if Tim's been boiling at the surface for years just with the craziest conspiracy
theories shows up no what if he's like we're actually Apple's going to be in the alien ETF because like we're using alien technology he's like you think the iPhone would work if the world was round it it would not the iPhone would break immediately if this was not a flat Earth
and Rogan's just like I'm listening you've got my attention I want Tim Cook to come back on and say they figured out a way to bring Steve Jobs back oh there we go yeah the Frozen and cry on his 70th birthday would have been amazing that would have been amazing yeah I'd love I'd love to see Tim Cook on on
Rogan anyway um do you think Rogan uh what do you think he uses for corporate cards ramp of course of course uh G give me a little pitch for ramp while while you're on the show um it's funny I don't even want to talk about what's in our group chat so we can't say some of the stuff publicly because you
know course um the the way I would describe ramp the important part which is really funny um so oh man I don't know how much of this stuff I can say publicly I got be very careful because we're on a live just give me just give me the high level of of your of your most recent uh of your most recent ad
read what were you saying about ramp well everybody knows the founders at ramp ad rat are the best yeah um but what I would second only to tbp on no once you guys have the ramp hats hat is is beautiful you guys need ramp hats yeah um but what I would say is like the literally the best people I
know the the the best entrepreneurs on the planet some of the stuff you can't even talk about publicly they're all using ramp and I think I really do believe that ramp has the greatest technical team by far in their industry yeah and I think the gap between them and other people is just going to
constantly expand I agree um and I think it's going to be a symbol of like whether you're a serious company or not like if you want to be did you see that that great Timothy sham yeah we that on the show okay I didn't see that part he's like you know listen I'm not I'm not being bashful he didn't use that
word but he's like I'm going I'm trying to be great I want to be like great at what I do Jordy literally shouted you out during our analysis of this saying David SRA probably got so fire I think so my theory is that Tim listened to how you talk about podcasting and was like
I'm going to steal this and use it at a much bigger audience so I think that he honestly just like took your words out of your mouth yeah I think this is important because when he says I'm in the pursuit of greatness I know people don't usually talk like that but I want
to be one of the greats I'm inspired by the greats like you know I'm not in this to like this isn't a game to me like I'm not I'm trying to be literally the best that ever the best person in the world at what I do yeah and what I would say is like I I do think there's going to be ramp's gonna turn into a
status symbol yep or uh or like a a shorthand way to understand like you take your company serious because the product is just light years better of anybody else's totally totally uh let's go to this Rick Rubin post I want to get your reaction here Rick rubben said tool tools will come tools will go only the
vibe coder remains Rick rubben are you familiar with Vibe coding uh I don't think so what's Vibe coding Vibe coding is uh this new type of programming that's enabled by uh services like uh cursor and wind Surf and and cognition Devon and so when you're working with Devon you kind of
get in this Flow State where you're just kind of sending Vibes to Devon and then Devon's doing the instantiation of your idea and so a lot of people were saying that the new era of vibe coding is very like what Rick Rubin does where Rick Rubin cannot play the instruments but he
has taste and so your job as a Vibe coder which is a term that was coined by Andre karpathy one of the greatest programmers in history he uh he says that like this Vibe coding is what humans are uniquely good at and so I was wondering what your what what do you see as a Vibe coder A vibe aligner A vibe
driven podcaster have you have you I think everything we're talking about is actually related I think I'm gonna do the weave since the weave is what I'm known for hit me with the weave you ask me like do I watch SE no do I know what this random term on the Internet is no and I just got done saying I'm
trying to be the greatest in the world at what I do so like those things are all related like if you actually care what you're doing like you just basically do that over and over again and the reason that doing the the like the amount of reps right I've been doing the podcast gu for almost eight years I
work on it seven days a week I only think about it all the time Patrick uh our friend from the best best like the best Patrick's like I have to figure out a way to make money where David turns uh I want to get paid every time David for David's ability to turn every single
conversation back to podcast true and I think it's related to the question you just asked me and why Rick rubin's so great at what he does is because the spending more time with it and dedicating reps and Reps and Reps and Reps is like you're going to build an intuition that you might not even be
able to explain to other people but is excessively valuable so yeah I think Vibe coding intuition taste these are going to be like the limiting factors in like the world of infinite leverage that we're going in you know I'm I'm start listen I I deep research you know psychos for a living you know
Achievers right yeah and I have to tell you like I become like a daily active user of open ai's deep research tool great so like eventually you just might be able to make your own Founders podcast onever you want so like what is actually going to differentiate me from somebody just saying if you actually
just want to sit there and learn you know about a person that did something interesting yeah you know You' probably be able to do that with them yeah um and so I think the ability to make it interesting entertaining informative um the curation and the hustle yeah yeah like um this just happened recently
where uh my friend Alex tomman said something that was very interesting he's the founder of this company called Long Lake and um and he's been uh essentially he's like uh he was talking about how like his I I analyzed the way one of his best friends they were like roommate
roommates in college I've been friends for like 15 years and I analyzed like the way he was hiring people at this company and Tom's like see this is why your podcast is so good because I've known that guy for 15 years and you put it into like four words and it has makes me gives me a fundamental
understanding that even if I knew what was going on you actually put the words into it so I can remember it and use it in my company um and so yeah I think the the what you want to do is spend a lot of time doing this like I talked to you guys about you know your podcast is going to get way better if you do it
five times a week instead of one times a week like you were doing it and I think part of that like vibing is just another word for intuition that you can't actually and I think inition older I think intuition is actually older than language um and so I I think it's like
to be taken very very seriously we had these conversations in our group chat about like who's the best we might have an argument or debate on technology Brothers one day yeah about who the best founder of all time is and you know I have a my own list but you know Steve Jobs it doesn't matter who the you
are he's definitely on the mountain Rushmore it's his birthday today yeah and if you go back and and and just read what he wrote and what he talked about later in his life he's like intuition plays a huge role in my career like I'm Guided by intuition Rick Rubin is Guided by intuition I think a lot of these
people are actually Guided by things that they would have a hard time describing to another person it's fantastic well thanks for calling in we're gonna get back to the show we'll talk to you soon I love you guys talk love you too bye let's yeah for those for those that don't know
SRA it was October November we were in we were in Miami in Miami before Halloween and I distinctly remember standing outside of f yeah I don't think you were there yeah I asked senra because senra at the time had been one of the few people that we had sent the RSS feed to and he was just listening to
some of the episodes and we said should how seriously should we take this and he was like you should take this deadly seriously yeah and we went back and we switched to three days a week then we went to 5 days a week and then we went live and uh the rest is history so we
basically have to credit everything to him and uh it's amazing that he was the first official guest we've been waiting to have first official guest but he was the only right person to have on the show and uh one of the few people like I I've talked about this so much of Life Is Knowing who to take advice from
totally and senra is one of the few people that when he tells us to do something we pay attention because yep uh he has not led us astray yeah and uh decade of experience really knows his stuff really cares yeah fantastic uh well let's move on to the next Post in the timeline Sam Alman uh welcomed a
little uh boy to the world uh and congratulations to him but Dylan Patel has a funny reaction so we wanted to highlight here on the show he says I thought all these AI cultists weren't having kids because what's the point when we get super intelligence if Sam Alman has a kid now that means we ain't
getting AGI sell everything and uh I think I I think he's having a lot of fun um but it is an interesting point which is like like I whenever I see an entrepreneur who has a kid I do feel like their vision of the future is maybe a little bit more uh I don't know uh just just Humane than than
than other people they're a little bit less dystopian totally you know you could see this with Zuck when he had his kids and there was all this questions about is Instagram bad for young kids is it too addictive is it giving them body dysmorphia issues and it's something where I genuinely believe that Zuck has
enough control and enough money that he would sacrifice some shareholder value to create a product that is better for the world and and that's and that's and that's like underpinned by the fact that he is thinking about the Next Generation because your mind and your heart does
change once you have kids and so I'm excited I want everyone in uh obviously very Pro natalist want everyone in Tech to have kids and think about the Next Generation and just be optimistic for the future so uh congrats to Sam and congrats to Dylan for uh putting a little dunk post on the timeline but
still having fun with it uh let's move on to Mike Maples did you see this post I missed Mike Maples said a magical car at Magic hour and he posts his BMW Z8 and uh it's a fantastic sports car and we love to see a capital allocator sharing what they do with all the money and a Z8 is a fantastic choice I don't
know if you ever driven one of those pretty rare it looks like an amazing spec is that I think it has tan does it have tan seats or accents but um uh good choice Mike we'd love to uh we'd love to discuss it on the show call in let us know how it drives maybe we'll do an episode live in the car I'm gonna use
the restroom you're gonna do this one quick ad okay so good well let's move on to a promoted post from our friends over at adquick out of home advertising Made Easy and measurable say goodbye to the headaches of out of home advertising only ad quick combines technology out of
home expertise and data to enable efficient seamless ad buying across the globe and we got a very cool post from adquick here uh so Ryan Peterson good friend of mine uh uh CEO of flexport he says what's it like working in an industry that doesn't create the most beautiful images in the entire world and
he posted four really incredible photos of uh shipping containers on ships and uh there's just like these beautifully chaotic very high contrast images I couldn't they looked AI generated he said they were just stock photos but they're fantastic and of course this led to a lot of people quote tweeting his
post with um photos of their industry whether that's heavy industrial Machinery or Rockets or whatever they're working on um and so adquick uh quotes it and says we couldn't tell you because we put an ad on the sphere in Las Vegas I love the sphere I think it's a I think
it's a really interesting Monument uh and it depends on what you put on it but ad quick can help you put an add on the sphere um it's very expensive but I think if you get the uh if you get the positioning right and you pick the right uh image to put on the sphere it's it can go mega mega viral you can take a
video of it from a plane and get these really really cool images and uh obviously you need a you need some link to your product being round so uh you know if you're selling something that's like flat or Square probably not going to do well in the sphere but uh you've seen a lot of basketballs and tennis
balls and anything that's spherical uh if you sell that they should put paler on there the paler is a is a crystal put put a big paler ad on uh on the uh the sphere and do it through ad we love thank you to adquick for sponsoring that bathroom break yeah let's go to some uh
some crypto related posts uh Flynn says remember when Jack dorsey's first tweet was sold as an nft for $2.9 million I do remember that it was crazy at the time they gave it away they gave it away was it was I I I actually didn't know this was was Jack dorsy the one selling it I
don't think so I think it was literally somebody just screenshot it and put it on polygon or whatever that's amazing yeah on polygon uh it wasn't actually tied to any nope and that was the thing with with these it was say oh the nfts make it scarce and it was like unless I screenshot it and then upload it to a
different chain make an nft exactly and and so you know there was the whole critique of like uh you could just right click download the nft get the art for free and that was true but the real risk with the nft things was that there the there was unbounded Supply and you can always do a new drop and uh there's a
related post here from calb gamon he says uh uh quote tweeting someone who says what a time for monkeys uh looking at the monkey lineup of movies from this year better man featured a monkey Kingdom of the Planet of the Apes Godzilla Kong the monkey an R-rated uh horror film that just uh debuted at
number two monkey man which is a very cool action movie that I wanted to see but I never got around to and wicked had a monkey in it and CB giman said I wish there had been some way for me to invest in Apes three years ago of course talking about the board ape yach club
and it's funny um but yeah I mean the the problem was of course right after the The Bard abiat Club came you know the kitties and the dogs and the one of one of the challenges so so there was a moment in time on X specifically and Instagram to some degree and Discord and things like that where uh having a
$200,000 profile picture by nature of using an nft that you got was a total status symbol it was like and and I was somewhat uh yugal laabs was a customer of mine and so I was generally you know I I think what they've there was a lot of really good execution in a bunch of ways right um and one of you know my
thinking was that nfts could potentially be the sort of supercars or the watches of the internet because everybody that's online it's sort of if you're anonymous it's hard to Signal y status like are you actually legit and it's the same way same one of the same reasons that people
will wear a nice watch because they walk into a room and people are like wow he's got a RM on his RIS like he must have done something in life to to be able to uh you know purchase that the challenge is that there's so much Alpha and being yourself online and just using a regular
picture of yourself right that's one take the other is what's the iron law of the universe easy come easy go right and the problem I saw Jeremy Jeremy gon popiz popularized that term uh and so what what was the problem with the nfts is that yes they could have been the supercars or the watches of the world
but like what is the history of Ferrari yeah when you're driving a Ferrari decades yeah and part of the reason why you know Adam ARP these are 200y old companies they've spent so long expert like branding themselves as Craftsmen and not just branding being Craft part of the reason part of the
reason a Ferrari cost what it cost is because they had to spend 100 years like figuring out how to even a casual car fan can tell you Enzo Ferrari they know the person right and and Lamborghini the same thing oh they built uh tractors and then they spun out pin and finina like
there's all these different names in the in the Supercar even in the watch world uh where there are stories about what made these Brands great and those don't just happen over a weekend and a hyped launch right and so I would believe that an nft profile picture and I think that the uh
the which ones is it the the pixelated guys uh the crypto punks those have kind of stuck around a little bit and I think that I think that if they stick around for another 20 years they could be really cool and they could be rare and and I and I had one uh by Moxy Marlin Spike that I thought was really valuable
because he wrote this blog post he is a Craftsman he is this crazy valuable yeah well I think it will be valuable as because it it tells a story basically we're early bro we're early it's it's it's the the prominence of the champ bro you just don't understand like I just you don't appreciate fine technology
okay I don't actually own it but uh but yeah I mean like a lot of art is driven by story right and so and so I would believe that if someone stays in the trenches for the next two decades building something building a story around a piece of art that happens to live on chain it could eventually be
valuable be I think be yeah he sold the the the one photo for $69 million I don't know if that'll ever get back there but there are some works of people that represent a certain moment in time on the internet and he does have that story he put in the work like David Center he new new image every single day
for a decade yeah crazy so the challenge yeah which which his story is amazing and we should actually cover it more I we should see what he's posting yeah today the um the challenge is that so much of these sort of trophy collectible objects so much of the the value is I
own this oneof one thing yeah from this specific moment in time but I can look at it I can touch it can put it on my wall and the issue with sort of digital Collectibles is they haven't bridged that Gap in a great way where if you buy a baseball that was thrown in the World
Series in this year and it was the it was the Grand Slam you know it was the ball that was hit in Grand Slam you can put on your desk and that brings you some amount of joy we haven't seen that in the digital world where people people were creating their sort of nft Museum when you bought a he would s you a
printed version with signed and it was a very ni collectible um did X just turn off the ability to use nft profile pictures you remember the hexagons they're just gone and Turner Turner he still has still had it's fake it's the fake one it's so funny honestly brilliant yeah it's one of his best bits
um very funny anyway uh enough enough monkey news let's move on to uh the all-in podcast had an interview with Patrick Collison and uh and Pat paty Callis and this right boys uh straight out Ireland came by for a chat and uh apparently stripe has an internal inflation in indicator that could
potentially be more accurate than the CPI uh so this is episode 216 um because it's not hyper political probably yeah and so uh chamath says uh one of the big things we've talked about is how many backward revisions there are to everything from non-farm payrolls to GD
GP that they've become so unreliable and also it's very difficult that for people that are transacting in Market to know what to do have you guys ever thought about that Patrick says uh we did look at inflationary data over the last couple years and I think you can construct and the team did construct a
pretty reliable leading indicator for inflation because of course stripe poers so many e-commerce sites if they see prices going up that's an indicator that inflation might be coming and I feel a bit ruul with you asking the question because I feel like on some level we should have done it like we should have
published our data stripe is not a full cross-section of the economy we're more biased towards online and we're more biased towards Innovative companies so the interpretation can be a bit tricky because of course like you know the price of gasoline probably isn't captured in or food probably isn't
captured in striped data uh and that's a huge part of what drives true inflation or the inflation that people feel pain at the pump pain at the grocery store the second thing is that the stripe business is growing so quickly and changing so fast that it's not necessarily representative of the
economy having said that I think in principle you could draw some conclusions and so we would like to share that openly because I think it's a public good for there to be better and more reliable economic data and I love that I hope they do it I think that'd be really really cool yep um yeah I mean
yeah it was a great interview and you see this it was interesting they they started bickering amongst themselves in front of the guests which I was a little bit un uncomfortable for everyone Jason was trying to say that that people at at anderol he's like oh I'm friends with a
bunch of the board members that was from that episode yeah that's hilarious it was really and the strip guys are just like what are you guys doing yeah uh anyway um I I I love this I I think any big Finance Company should have an internal Economist we saw this with ramp AR carazan has been posting uh data
about what's happening in in AI consumption and what AI companies are are seeing upticks and corporate purchases across ramp cards strip could do the same thing publish a lot of data it's good content helps build the brand and it's informative so value to the to the reader let's move on to Reggie James
he says I think personal robotics will be a lot more cute than the humanoid form that can clearly beat me up and so clearly triggered by the uh by the super scary clone robot uh and he uh I think he said something else about uh you know you want to be able to throw a computer
out the window if you need to yeah this this ties back I mean I posted I think Saturday that um I I want there to be basically the robot Olympics but focused on extreme sports like I want to see robots do MMA I want to see them do base jumping cliff diving uh all these sort of things that humans do that are um you
know at at Major risk to life the robot should have to do them as well so um let's uh let's make it happen well let's move on to our last sponsor of the day eight sleep baby let's do it nights that fuel your best days turn any bed into the ultimate sleeping experience and we got a post here by
longevity maximalist eight sleep just dropped their first ever supplement a melatonin free formula they worked with Peter AA uh using 600 million hours of sleep data studies show users fell asleep 34% faster and feel 64% better during the day a mix of tryptophan Valyrian root ashwaganda and Cherry so
go check that out and of course get an N Sleep and if you want a hat like this send us use our code pbpn and then send us your receipt and we'll for it the other thing the other thing I want to make note of so we are John and I are now entering a competition of who's going to get the best the best average
sleep score we do over the next year and what I want to ask them is see if we can have the community opt into it and then share data somehow so that we can all track it because I'm sure last night I mean I've just been putting up ridiculous numbers I mean I've been really the beauty of tracking it like
this is that you do you do you just automat ially are more inclined to get to bed a little bit earlier I put up 99 last night oh you beat me I got 94 how much time did you sleep I slept 7 hours and 31 minutes oh I got you beat there I got eight and a half that's crazy insane
that's actually that's why I got docked cuz I sleep earlier the chall so so no so the challenge is everybody thinks they're getting they're like8 hours because they're going to bed at 10:00 and waking up at you know 6 but it's actually more like they kind of got in bed at like 10 15 and they fell asleep
at 10:50 and then blah blah blah maybe they woke up in the middle of the night all of a sudden they're not getting that that 8 hour so um uh anyways well let's move on to another uh another segment from the by the way I got eight minutes I got to get on with our CPA yeah I got
handle business uh so uh Dave freeberg at the all-in podcast there's a quote here from Grant he says I have a thesis that AI more than anything unlocks deeply complicated projects for humans that would otherwise be in feasible on a daily basis we mine to the Center of the Earth and we get cool Rare Earth
minerals from 500 miles down we go to space and colonize the moon and all these crazy things because AI unlocks all these large scale projects that would require millions of people paraphrasing from an epic vision from Friedberg I love it I think that's a great vision I think that's super
positive and that all of a sudden it's like yeah like you want to build a company to do something aggressive and how helpful would it be to have a 100,000 phds on your team yeah and it's just like oh yeah we need to calculate the trajectory of crazy is we have that today like we we we basically have we're
getting close we're getting close totally if you're leveraging the models at the extreme you basically have access to as many phds as you want yeah but you still need to Puppeteer them and it's still it's almost it's still very in the Centaur mode but that's that's a that's
an opportunity for great managers yeah I mean I find myself right now I I typically fire off like one deep research query at a time but every once in a while I'll do two tabs and then it's like okay I got a team under me but what does it look like when I have a thousand under me yeah like that will be
very interesting and Orchestra each exactly very very cool so very excited yeah uh let's move on to Kip mock says I'm a professional Automotive painter by the way we might have a job for you we're looking to paint a car uh he's got a beautiful Porsche here and he threw
the Valar atomics logo right on it and uh all and Zach says gundo corporate merch is getting out of control yeah I don't think you get one of these uh for maybe if you buy a nuclear reactor from them you might just get a Cayman that'd be fantastic well congrats to Kip and it looks fantastic
good detailing work we love to see it uh let's give a shout out to Nicole whis that's that's the Gundam mentality by the way just I I want my logo on my car I'm just going to do it yep totally and that's an American mentality it's fantastic um now maybe switch it out for a Mustang if you want to be real
American about it uh let's go to Nicole wisoff uh she hit a 100 th000 followers on X congratulations to Nicole gone we haven't hit the gong we yeah we haven't hit the gong what do we got whoa that was not good [Music] let it's not a here we go there we go the gong for Nicole very good nice big
ring um they say uh thank you to everyone who's been here from the start would have never guessed that a single app would help me build a pretty cool Venture firm in record time and a pretty firm backbone uh my first post in September of 21 was hard to launch was to launch was was was to hard launch a
$5 million fund one so far from there to now so far to go stick around so congrats to Nicole we'd love to see it uh maybe potential we're bringing back brother of the week potential brother of the week here yeah got speedr running September 2021 from a $5 million fund to a $50 million fun and amassing an army
of 100K followers in that time and she's starting to build out a car collection which she'll have to talk about on the show and a spacious home as well and a family with a kid which we love doing it all congratulations let's go to can Kenneth Castle I think you'll love this
one he says we still haven't seen one dripped out humanoid SMH lowan Banger L loved it I thought it was so funny and then Aaron Francis says haven't we and posted Zuck which is a little silly but he does seem less robotic lately but yeah you know uh this seems like a perfect project for 1X I feel like 1X
they're hanging out with Lil be the base God they should they should throw some drip on that guy call up Reggie get some get some fashion advice yep hip hip City reg would definitely help you get your humanoid dripped out and I think that could also go viral you know people are
gonna get sick of the humanoid stunts we've seen it fold laundry we've seen it make coffee let's see it you know do a runway walk at Paris fashion week I want to see it do a kick flip wearing wearing Balenciaga yes yes for sure for sure uh let's go to Andrew Reed over he says
always suspicious of young people who are points guys same with tax obsessive lack appreciation of opportunity cost of your attention it's a good point I've never been into uh points my my hack is you know I I have one friend who's into it once every five years I get dinner with him or something I say what credit
card should I get he says this one and I say okay and then I use that for the next half decade what are your thoughts on points do you optimize I've never been into it yeah never been big into that world I like them I like that I just spend money and then eventually I just pot of gold Irishman you know
there's nothing uh there's nothing better right but uh but yeah just just a somebody that's a Founder that is potentially building you know if they're raising Venture Capital that means they're doing everything they can to build a you know billion dooll company focus on the billion dollar company and
in your free time you know if you just find points so fascinating that you want to spend your free time doing that but I would say touch grass instead yeah or come on our podcast and and just Yap Lage opportunties higher leverage opportunities let's close Matt Turk he
says marketing that doesn't work for B2B startups paid social ads uh email marketing campaigns gated white papers endless website rebuilds what does work CEO is Chief marketer genuine original social presence Relentless content production smaller inperson events like dinners small online small scale events
like webinars a lot of B2B marketers CMO VP marketing surprisingly seem to be stuck in that first world what do you think well said I mean we've talked about this before every Legacy company does for the most part doesn't understand X they're still using links hashtags they're posting just Bor
they're posting blogs that link out to other places like shows a total lack of understanding I think I think what this comes down to is just understanding the platforms and what they want so X wants uh CEO like founder Le Brands they want genuine social presence not hey here's 10 ways that you can do this thing
whatever uh Relentless right so the the big issue right now with with marketers is that don't realize the volume you can make a great piece of content put it out there Sy but you need a system to create this ridiculous volume if you want to be competitive in the feeds and then I
think smaller you know founder series founder dinners things like that were getting memed in 2021 2022 because it felt like 20% of all venture dollars were going to them but they still work in terms of building um the key though is to actually make sure that it's an amazing ad so if you get 10 Founders
together better spend five minutes aggressively talking about your business and not just hoping oh yeah people are going to enjoy the food and convert later it's like no you got to really got to really sell that's a great place to end the show thanks for tuning in leave us five stars on Apple podcast Spotify
follow us on YouTube follow us on X and we will see you tomorrow thanks for watching thanks for listening appreci can't wait for tomorrow can't wait we could do another four hours right now let's be honest but we got to go got to get on calls got to get on with taipe we will talk to you tomorrow bye see y