I was on the ground for two days, and I flew here. I'm here for two days and then I go to London for five days.
I'm exhausted. So you are on a whirlwind tour.
I mean, I'm flying around the world, literally flying around the world, moving west. Man.
Right. I'm tired.
And this is all in service. I mean, at our age, you feel it at our age you feel it people it hits differently when you when you pass 40 and i'm assuming this is 80 90 business you're out there selling you're selling you're selling grok you're selling 80 90 you're out there doing bd little selling little closing and then i'm speaking at the oxford union on wednesday okay okay well that's fancy check in the bucket list okay there you have it and in his camo hat and in his election afterglow look at the glow he is in that afterglow he is post co-election.
Anybody got a cigarette?

I need to light up a cigarette.

Light up a cigarette.

That was a close one.

I didn't think I was going to make it, but you did.

Do you like my camo hat, J. Kel?

What does it say?

This is a hat.

Well, it says Trump fans on it.

You look like Elmore Fudd.

What does it say?

You're hunting libs.

No, remember when Tim Waltz rolled out the camo hat?

Oh, yes. And you said it was going to win the election for Harris Waltz? It might.
I thought that he might have a shot. Yes.
I was wrong about that one. Be belly, belly quiet.
We got all the camo guys. They voted for us.
We're hunting wibbles. Nobody's going to get this impersonation, but it's very good.
Is that Elmer Fudd? That's Elmer Fudd. Beudd be belly belly quiet we're hunting wibbles that sounds like mike tyson well i'm gonna mess up that jake paul how about i wear a different trump pad every week for the next four years absolutely fantastic i mean the ratings on so many good ones i mean all i care about at this, I'm getting savage in any way possible.

All I care about is ratings now.

Let's go.

You're fine.

MAGA, get in the comments.

Let's get these ratings up.

And with us, of course, the CEO of Ohalo, Ohalo, David Freeberg.

How you doing, little buddy?

Thanks for having me again, J.K.L.

Thank you.

All right.

Well, it's good to have you. It's good to be here.
Yeah. How are you doing? I having me again jacob thank you all right well it's good to be here it's good to be here yeah how are you doing i'm chilling man you know just nice of the executive producer to have you on the show yes i've been executive producing you here well it's uh you know always i'm always thinking about your best interest i was hearing a little i heard you on a phone call before you said you had a perfect body what was that Did you get a scan? Yeah, she makes me go to the dermatologist where she examines your whole nude body to look for moles.
So this morning, I went in early to the dermatologist. She examined it.
She said, perfect. I said.
Does she have to wear sunglasses because you're just so white? Like it's just like it's blindingly white woman does she get hazard pay the poor

that poor dermatologist my god she's like she's like thank you for the experience but this is why we need to uh in all seriousness this is why sacks we have to legalize psychedelics this poor woman has ptsd after that we need to get out of here get out of here it was a wonderful examination and she was thrilled.

I mean, okay.

And of course, I'm Jason Calacanis.

And... need to get out of here get out of here it was a wonderful examination she was thrilled i mean all right okay and uh of course i'm jason calacanis and uh you know there's been a lot of scuttlebutt sacks i don't know if you know this but uh comedy might still be legal here on the all in pockets but there's been a lot of scuttlebutt a lot of debate a lot of energy dare i say around are we gonna break the rules today finally i don't know we'll see anything's possible people get a little sensitive sometimes with the comment do i have to put my pronouns back in my zoom chat put your pronouns back in shabbat polyapathia douche back uh here we go you you might not know this but a lot of appointments are being made sacks did you know this are you aware that the appointments are being made i'm aware yeah it's happening you'll have seen you've seen the flow of them well i got a dump i'm not going to say who sent these to me but i actually got the next five or six announcement that trump's going to make i'm not going to say who gave to me this is gonna this bit has the potential to be so good i'm so tired but you've got me awake I'm okay i'm awake well i'm ready here's our first one here's our first one this is a very interesting one good yeah here it is this is a statement from donald j trump it is my great honor to announce that hunter biden of delaware will head a new department the bureau of founder mode procurement founder procurement you notice sacks dropped off he doesn't want to uh have a reaction shot here uh next one up this is interesting tony hinchcliffe i don't know if you know him he has been appointed to a new role he's the ambassador to puerto rico that's a good one chamath actually uh your wish has come true you are now your sole duty is to ensure all executive branch knitwear is on point the sweater inspector general everybody's going to have perfect knitwear knitwear absolutely knitwear and uh by the way just so you know that's a that's a lower piano cashmere sweater in that picture apparently apparently i'm actually decided i would flip i've gone full.
Here I am. I've been appointed as chief virtue signaler.

That I like.

So every time we do the All-Wing podcast.

You're going to have stiff competition from Mark Cuban for that post.

I know.

I beat him out.

Oh, you beat out Cuban.

Okay.

Yeah, I went down to Marlon.

He deleted all of his pro-Kamala tweets.

Have you done the same?

No.

No, I haven't yet. You're going to have to work on that if you want to get this job.
Look at the lusty eyes in this picture. I know.
It's pretty great. I mean, it really, you have not found a virtue.
You didn't want to just burrow yourself. No, absolutely not.
Absolutely not. Hey, Friedberg, you've been appointed.
Here we go. As Bobby Kennedy's whipping boy.edy's whipping boy you will be officially his little bitch uh anything any innovation you come up with is officially blocked and here he is my great honor to announce david sachs is now the chief retribution officer congratulations well done retribution must be had jacal payback is a bitch There were a lot of people Who were out of line Just a little bit A little bit They deserve to get Smacked around a little bit Just on Graham's gonna get His shoeshine box Just on X A little bit Just a little bit We'll let your winners ride Rain man David Sack And it said We open source it to the fans And they've just gone crazy with it Love you guys Queen of Kinoa I'm going all in There's been a lot of talk about a holiday party, Freebrake.
You want to give us an update on the holiday party? Quick plug on the party. So the party is coming up in three weeks.
The all-in holiday spectacular. Steve Aoki andrea botez gary richards aka destructo are gonna be djing several of the sections i'm doing a secret dj set i may it's actually a good idea we will have we will have chess challenges with alex botez several sections are sold out vip is sold out uh Draymond's joining us.
Draymond Green from the Warriors. He's going to come and do a little bit with us on stage.
Should be great. He's great.
So should be great. Get your tickets at allin.com slash events.
All right, let's get into it, everybody. I just want to start with a little bit of finance here.
Bitcoin and finance stocks way up since the trump win which was now 10 days ago uh bitcoin peaked at 92 000 unbelievable it's dropped down to 89 but obviously that's an all-time high and as we all know we talked about it on the show trump heavily heavily court heavily quoted the crypto industry during his campaign. In addition to the Bitcoin news, since early August, Affirm, Robinhood, PayPal, Coinbase, all up double or 50%.
It's an extraordinary run. In July, Trump headlined a Bitcoin conference.
He laid out his plans. Number one, he was going to fire SEC chairman

Gary Gensler. Here's the clip.
One day one, I will fire Gary Gensler and appoint a new SEC chairman. I didn't know he was that unpopular i'm gonna fire him too bad for gary i didn't know he was that unpopular let me say it again on day one i will fire Gary Gensler.
Whoa.

There it is.

Okay, enough with that.

Technically, President can't fire the SEC chair, but he can appoint a new one when Gary's term ends in 2026.

Or Gary could resign when Trump takes office.

That happens sometimes.

And folks are speculating Gensler has already made that decision to step down.

He put out a press release with a quote in it that a number of people took note of, where he said, it's been a great honor to serve with them, the people who work at the SEC, doing the people's work and ensuring our capital markets remain the best in the world. Trump also said the federal government will never sell never ever sell its Bitcoin holdings which they own through criminal assets as you know and number three he said he would create a Bitcoin and crypto presidential advisory council where Trump said quote the rules will be written by people who love your industry not heat your industry and he also advocated that all future Bitcoins would be minted in america i don't know that he gets to make that choice but uh they have it freeberg any thoughts here on the crypto market and this incredible bull run here we've seen in the last you know 10 days and then before that couple i mean i think like you said it's not limited to crypto.
Crypto is one market of

several that have been significantly affected by the outlook based on Trump's election. I think

that Trump's election has a couple of key features that are changing market dynamics.

One is folks kind of view some of his policies to be obviously stimulatory with lower tax rates and

more deregulation. This is, you know, theoretically going to drive up investment and economic growth.
The deregulatory nature on its own benefits markets that have been encumbered by regulatory oversight and regulatory challenges like crypto finance and fintech. So those types of businesses are clearly going to benefit or expected to benefit significantly by being able to launch products more quickly and have features and ways that they can generate revenue that they might be challenged to do under the current regulatory schemas.
And then there's also this element of kind of things being inflationary, the feature of tariffs, if we don't get spending cut fast enough, there's an effect on markets. So we're still seeing 10-year 10 year treasury sit at about four and a half percent up from three and a half percent, which is where we were right around the rate cut beginning in September.
And remember, since those rate cuts began in September, we've cut 75 basis points. And, and we're still seeing the kind of 10 year treasury hold high, which kind of implies that there's expected to be persistent inflation.
In fact, the October inflation number accelerated again. So it's back up, not going down.
It's I think it went up to 2.6% up from 2.3% the month prior. These general kind of effects that are predicted from the Trump policy plans is having an effect in different markets.
Obviously, in equities, we're seeing more kind of risk seeking risk taking. And then in the bond markets, because of the four and a half percent treasury yield, there's a really interesting dynamic.
And I kind of sent this this link out yesterday.

But if you look at the spread on yields between U.S. treasuries, which have historically been kind of considered and talked about and are deemed the risk-free rate and the yield that corporates have to pay to borrow money.
We haven't seen a spread this low in 26 years. So it's a 17-year low for the spread between the yield that companies that issue junk bonds have to pay from treasuries, and it's a 26-year for credit grade bonds.
So this means the market is either more risk seeking, meaning they're looking for more yield and they're going into corporates because they feel like there is a higher probability that these companies are going to be successful in the future, they're not going to have higher default rates, etc. So the market is becoming much more risk seeking.
Or the alternative is that parts of the market are reassessing the risk free nature of treasuries themselves. If spending doesn't get

under control, the treasury market appetite is decreasing. So there's this kind of spread that's

shrunk in the last couple of months. So we're seeing capital flooding into the markets for

risk seeking assets. And this is obviously affecting crypto equities, and and bond markets

all across the board. And we'll talk a little bit about IPOo and m&a later great chamath your thoughts aside from yum yum i mean yum yum you could say it it's a it's a yum it's gonna be just saying no i mean look what did i say at the beginning of the year was going to be the biggest risk asset winning trade? Yeah, it's great.
Bitcoin's great. Oh, my Lord, I haven't seen you this happy in a while.
What made you more happy? Getting to Milan and spending time with your white truffle dealer or watching Bitcoin break 90K? Which one was more exciting for you? You know, honestly, you know what I think about I actually think about all the Bitcoin I sold. Oof.
Yeah, you know, I had Bitcoin. I had a bunch of Bitcoin in my funds when I managed outside capital.
You know, that's a I don't know, a three or $ four billion dollar mistake in growing now because my partners at the time capitulated and i wanted to be a good team member and we distributed and it was profitable but obviously i shouldn't have sold it would have made them a lot more money and then i think about like i bought some land i remember tahoe it was in the wall street journal i'm sure you can find it but yeah how much is that worth now probably a couple hundred million dollars maybe more rough trade rough trade but you you do have bitcoin holding can i ask you a question why do you say sold bitcoin as opposed to converted bitcoin into dollars like when think about Bitcoin, just as a participant, do you think about Bitcoin as a dollar denominated asset that you go and buy Bitcoin, and then you're eventually going to sell it, turn it back into dollars and use the dollars? Or are you like, what do you think about the purest kind of idea that Bitcoin should be the de facto currency and store value in the future and the dollar doesn't matter. And we shouldn't necessarily be talking about the value of Bitcoin in dollar denominated terms as something I'm going to eventually turn it back into.
It hasn't happened yet. And so until it happens, I think you have to view it as like a very good gold proxy.
But it's a largely dollar denominated asset now why do you see it going the other way like so a lot of folks thought that as a safe haven it should do well when there's a negative economic outlook but it has traded the last couple of years kind of the opposite correlated no it's totally it's a totally correlated asset i mean yeah there will be a point and it's probably in our lifetime where it is an independent asset and a non-speculative store of value there will be that day but that day is not now and i think it's very important to see the conditions on the field as they are versus what you wish it to be. And the reason is that it allows you to risk manage more appropriately.
Because if you don't see it, then when something happens to the dollar complex, good or bad, or when something happens to rates, good or bad, or when something stimulative happens, good or bad, you're not going to react properly if you're in the business of managing it as a risk asset so if you're in the set it and forget it bucket and there are some people i think it's great none of these conversations matter but like most people you're probably going to be motivated to do something and i think if you're motivated to do something or you have FOMO that stimulates you to do something, whatever the psychology is that leads you to action, it's probably important to just view things as they really are versus how you wish them to be. And so I think the purists may eventually be right.
I think they will be right at some point in my lifetime but they're not right now

and that's why these things are correlated

and you should act appropriately

the other thing I'll say just broadly

about the market is I think that there's

a tremendous amount of optimism

about the economy I think that's why you see

risk spreads get crashing

and I think that

as long as we see the

kind of prognostications that the Trump

administration is putting out, I think people are going to be mostly bullish. I think the way that this trade turns around is when something actually breaks in terms of the inflation picture, or in terms of the picture.
And if those things look like going into 2025, that President Trump's actions are not going to be able to course correct it, then I think you're going to see people go massively risk off, which I think will not be great for markets, obviously. But right now, we're not in that point.
And you don't think that tenure reflects that already at four and a half percent i mean that's showing some degree of inflation and concern about the deficit right it's like i think i think the tenure could be at seven percent yeah what does four and a half percent mean i mean if you're if you're going to run eight percent of gdp level deficits for the next four or five or six years yeah you're going to have the 10 year at seven to eight percent that's just mathematical right sacks your thoughts on uh crypto before we get into ipos and mna if yeah just on crypto the house republicans already passed a framework for crypto regulation earlier this year. It actually got 71 Democrats to join it.
It was called the Financial Innovation and Technology for the 21st Century Act or FIT21. And it would classify digital assets like crypto as commodities regulated by the CFTC.
if the blockchain they run on is, quote, functional and decentralized, that's the key requirement. If their blockchain is functional but not decentralized, then they would be considered securities and fall under the purview of the SEC.
I think the crypto industry basically wants a really clear line for knowing when they're a commodity and they want commodities to be governed like all other commodities by the CFTC. So that's what the Republican bill would do.
I think with the Republicans now winning the Senate, the prospects for that bill to get enacted are now greatly improved, especially because Sherrod Brown, who used to run the banking committee, just lost to Bernie Moreno. This was a seat in Ohio.
Elizabeth Warren is still going to object to this legislation, but she's just going to have way less influence. And like you said, it's not clear that Gary Gensler is going to be sticking around very long at the SEC.
So look, the bottom line here is that I think that we are close to having clear rules of the road codified by Congress, which is what the crypto industry has been asking for. And the days of Gensler terrorizing crypto companies by issuing Wells notices without clarifying what the rules are that he's prosecuting, those days are about to be over.
So I think this is why the crypto markets are rallying. And so to your point, if it's centralized, or partially

centralized, you're going to be a security. If you're

decentralized, anybody can join the network, no one person

controls the network. And I guess most people would consider

that Bitcoin versus say ripple, which is partially

decentralized, but largely centralized. And that's going to

be, I guess, the new rules of the road. In in addition to that there are new rules that are being enforced that hopefully trump's assuming 21 passes right this bill is called 21 but i think much much higher likelihood that it or something like it now can get through the congress makes sense yeah and then there's also legislation that's already been enacted that That's, there's multiple ways and multiple paths, but accredited investors, there's going to be a path to becoming an accredited investor with a test.
So that is something that is also on the docket. We'll see if it happens.
Let's talk about IPOs and M&A. Yum, yum, boys.
just a level set here with the audience here's the number of ipos per year

and as you can see the last. Here's the number of IPOs per year.
And as you can see,

the last three years have been some of the lowest since 2008 and 2009, the Great Recession, for those of you who are old enough to remember it. And if you look at VC, the number of distributions have been absolutely on the floor for the past three years.
In fact, if you look at the distributions from 2022 through 2024, those three years combined, it's been around 200 billion, which is less than 2019 in total. and with this year projected to be about 100 billion in distributions that's about 14 percent

of the peak zerp era era. When in 2021, we had $710 billion in distribution here.
So the backroom buzz is that Donnie from Queens is going to make M&A great again. A couple of reasons there.
Saks, the wrath of Lena Kahn's coming to an an end mag 7 sitting on massive amounts of cash and that cash is growing as people have laid people off and they're focused on getting fit obviously we all know the fed did another quarter point cut last week although some people maybe don't know that because it seems to have gotten lost in the election news and psychologically i think everybody's feeling very optimistic so maybe these ipos are back on the menu chamath i don't know if you saw it but clarna just filed for their ipo that's a swedish fintech company they were kind of the pioneers in buy now pay later what are the other ipos we could see file in 2025 databricks stripe whiz canva plaid rippling and airtable there's a long shot that people have been buzzing about i don't have any inside information but people have been speculating spacex could ipo starlink their starlink unit and if you want to get really crazy chamath maybe there's a long shot that sam altman jumps the fence and decides he's going to take open ai public during this window that people expect to be opening. What do you think, Chamath? What's going to happen here in terms of M&A and IPOs in 2025? I think it's going to still be pretty subdued.
Subdued? Okay. I don't think that you're going to see these crazy M&A deals that I think everybody is expecting.
I also don't anticipate a lot of these big companies going public, at least in the first half of the year. The only reason I say that is I just think that this year and the first half of next year, what's the difference? The IPO market is what the IPO market is.
And if the 10 year is back to, you know, four and a half, 5%, that's not a compelling strategy for some SaaS company or some internet business that didn't take an opportunity to go public when rates were at zero. So if you just look mathematically at what the actual fair value of these companies should be, I don't know, it's not like such a great IPO market.
Then on the M&A side, if all you're doing is waiting for Lena Kahn to not be there, to me, I think that that betrays what M&A is supposed to be, which is you're supposed to underwrite some industrial logic from first principles where things are very accretive, and very accretive things should not hang by a thread on the emotional regulation or dysregulation of the FTC commissioner. So I kind of think that you would have seen some of this stuff already as well if the industrial logic was so high.
And again, when rates are non-trivially high, I just think that it's not the easiest thing in the world to pull off like a really big M&A event, nor is it a really easy thing to pull off to pull off a huge IPO. Again, there's a reason why Warren Buffett has $325 billion sitting in T-bills making 4.5% a year.
He owns more T-bills than the United States government. He's making about $15 billion a year in interest.
When you can do that with absolutely no risk, again, relative to stocks at least, what is this IPO going to give you? Jamal's right, like the 10 years at four and a half percent, you're basically paying 20 times cash flow to own a risk free bond, the US Treasury bond, or you can pay 23 times to own a totally risky asset. Yeah, it's 30 times to own the S&P 500 right now.
It's nuts. Yeah, it's but but there is a lot of risk seeking shifting happening, Jamal, right? So I mean, we talked about like some of the crypto stuff, some of the fintech stuff, deregulation, that the PE might seem high today.
But if you forecast out 10 years for some of these businesses in a deregulated, de-taxed environment, or reduced tax, reduced regulation environment, that the earnings should accelerate in a way that outpaces the multiple you're getting today, right? So I mean, this is part of why some of the fintech companies are ripping right now, why some of the finance companies are ripping right now. If under Trump and the Republican control of the House and Senate, laws don't pass and regulations get reduced, theoretically, earnings are going to rip.
And you should pay a higher multiple today because you're actually buying these things at eight to ten times earnings five years from now so there seems to be some risk appetite there but i do agree with chamath on the m&a point if you think about what's gone on over the last couple of years hold on a second can i ask you a question do you think that regulation is the reason why these sas companies have never made a dollar a profit no no i'm not talking about sas I'm not talking about SaaS. I'm talking, I guess we should split.
Then you're talking about industrial companies? No, the fintech market, right? So we were talking about fintech and some of these assets earlier, some of these equities that have been ripping. It's a very narrow part of the economy, right? Like, if you look at broad, like on a broad base basis, the tens and tens of trillions of dollars of market cap that exist, I do agree with you that deregulation benefits a bunch of those companies.

But it benefits sort of the non-tech businesses more than the tech businesses.

The tech businesses right now are relatively lightly regulated.

Yeah.

I would think that it benefits pharma businesses.

It benefits ag businesses.

It benefits real estate companies. It benefits a whole swath of the economy.
But we've started to see that re rating. And maybe we'll see a lot more.
So maybe Jason, the more nuanced answer to your question is the kind of M&A that I think you want to see that I mean, let's face it that we all want to see here, because we all have the vested interest, which is really specifically tech M&A. I don't think that any of this deregulation particularly accelerates that, but maybe a more nuanced take on this would be that these other more regulated parts of the economy could do well and catch up to some of the earnings potential or the forward pricing of the tech businesses.
But again, now you get into this weird trade where you can buy steady cash flowing businesses that can grow in valuation as fast as a as a fast growing but money losing tech business. But then you trade both of those two things off, and it has effectively the same yield as a 10 year.
What do you do? Yeah,. Yeah, you know, I think there's a lot of backed up inventory where venture capitalists, boards, and founders, people who control and make these decisions on M&A, if they would sell the company to a larger company, I think there's a lot of exhaustion in the market, and that will drive the capitulation on valuation.
What do you think the valuations will be? Yeah, exactly. Yeah, I mean, there'll be a large company pay for it.
I'm watching it right now. I mean, do you think Warren Buffett's going to take $325 billion of cash in print? No, no, but I do.
He won't even buy his own stock. So what do you think he's going to pay in terms of a multiple? I think it'll be more like Salesforce or Microsoft or Google or Amazon getting off the sidelines because they've looked at it said, you know what, the juice ain't worth the squeeze.
We might as well put our efforts and our capital into buying big hardware and building new products and services. But if they think, hey, I got a chance of pulling this through, I'm sitting on all this cash.
What if I hit another YouTube and Instagram, you know, really great acquisitions that were transformative for those two companies? Meta would where it is right now. Facebook, you know that well, if they hadn't gotten Instagram, and certainly, you know, free broadcast and alumni of Google, if they didn't get YouTube, it would be a completely different picture for that company right now.
I think there's a lot of those type of acquisitions. Hold on.
I think there's a lot of those acquisitions that have been sitting there waiting and I'm watching the secondary markets to your question.

What's the discount going to be? The discount was last year. I kid you not.
70, 80, 90% off the last round for SaaS companies and this year it's 20 or 30. I'm seeing this when I'm getting offers to buy our shares in some private SaaS companies, some private fintech companies.
And then I think if you're a CEO, and you watch Robin Hood, Uber, Reddit, DoorDash, and Instacart, those five have actually after getting a little bit of a ass kicking, when they first went out, they have all rebounded massively. And for the people who held on to their Reddit shares, Robinhood shares, Uber shares, they have been rewarded massively, massively for having faith in, you know, through this storm.
So I think those two things, the capitulation of all these boards and founders are going to say, you know what, let's take the haircut, let's go public. And let's tell our story and see if we can make it work as a public company.
And then the people who feel one step weaker than that, I think they want to cash their chips. And they've been in some of these investments, Chamath.
It's year 11, 12, 13, 14 for some of these private companies. There is capitulation on those boards.
People are exhausted. So I just, I'm going to, I'm going to take the other side of the argument on this one.
I'll kind of play along. So I think, and I'll disagree a little bit for a couple different reasons.
These big tech companies, the ones that have had, you know, media businesses, or because remember, there's tech that's tech, right? Nvidia does not have a media business. But there's been a conversation over the last couple of years, where we need to break up big tech has been kind of part of the conversation with the Dems.
And now the Republicans are coming in, and they're saying same thing. We got to break up big tech.
So there, I think, are a few of these companies, Google being one of them, that are very much handicapped right now with respect to what kind of M&A they can do without dealing with the regulatory sledgehammer coming down on them. So I don't think that those guys are buyers, J.
Cal. I don't think that Google's in a place right now where they can go out and make a bunch of acquisitions.
They're going to do everything they can to avoid the regulatory sledgehammer that's coming their way. First, it was coming from the Dems.
Now it's coming from the new administration. There's a bunch of other companies, you know, that don't really fit that bill.
Like Microsoft probably doesn't fit that bill. NVIDIA, Adobe, maybe they'll make some acquisitions, but I don't think it's as simple as, well, we'll sell at a low price.
We'll buy at a low price. I'm just not sure they really come to do that right with you.
I completely agree. I think that these big tech companies will need to pay a pound of flesh for the deep platforming and the censorship that they did.
And this is a perfect time if we're going to go to the political angle to bring you

in sacks what are the vibes my perception is trump likes to win and trump wants to see the economy soar that is his platform he's a business guy i think he wants to see fluidity i know jd has been not a fan of like the googles etc so maybe you could help us navigate this who's right here? What's the possibility of M&A becoming more vibrant in a

Trump?

And not a fan of like the Googles, etc. So maybe you could help us navigate this.
Who's right here? What's the possibility of M&A becoming more vibrant in a Trump administration? Well, there's no question that in general, President Trump wants to have the most vibrant economy we can have. And I think to that end, you're going to see the end of this era of deceleration of regulatory capture and lawfare.
I think all those things are over. I think that equities that have been straining or tamped down under the weight of these abuses, you see them ripping now.
For example, Tesla, it's gone from roughly 250 to 320 a share just since the election. And you could call that the lawfare discount.
I mean, that basically is the discount on Tesla stock because the market was pricing in the risk of retaliation. If the Republicans lost, there's a widespread belief that the Democrats would go after Elon and his company.
So you can actually measure the lawfare discount based on Tesla regulation, right? Because there's a lot of regulations around self drivingdriving rocket ship launches all those things he's involved in there's a lot of regulation there was this crazy thing where they they made some regulator made him put a headset on a seal did you see this to test the effect on seals of loud noises the sonic sonic booms yeah this poor seal do you see this poor seal had like a headset, don't do that to Freeberg. Put the.
No, don't put it on the screen. Put it in post.
I don't want Freeberg. Don't put it on the screen.
Freeberg is going to. Anyway, so they subjected this poor seal to exactly the thing that they were worried would harm seals.
In any event, the seal seemed totally fine. It didn't.
They tortured seals to make a point. I got it.
Yeah's really crazy so yeah look it's crazy what about this jd help us navigate i know jd is the vp and then you have trump is the ceo chamoc pointed out maybe there's a little on the gop anger resentment residual because of the you know banning of trump from youtube and and some of these other platforms

do you think that makes its way into m&a or not i guess sax like let me be specific to jacal's question not all tech companies are the same in that point of view right thank you for punching it up yeah tech m&a generally is a thing but specifically the companies that have had social media platforms, maybe kind of in a different lens, from a

regulatory perspective. Is that fair? Yeah, I mean, look, I think that not everything Lena Kahn did was bad.
In fact, she definitely has some fans among the populist Republicans. And, you know, some of them who've spoken out on her behalf in various areas have been J.D.
Vance, Matt Gaetz as well. She did do some good things.
Specifically, she was willing to take on the big tech companies. I mean, companies like Amazon, Apple, Google, frankly, they just had a free ride for the last couple of decades where they were allowed to do anything.
And she came in and said, there's a new sheriff in town. And she was actually willing to apply pressure on them to not engage in anti-competitive tactics.

So I think she deserves credit for that.

I think she did change the conversation.

I think that we've talked about on previous pods that perhaps there was not as targeted and surgical an approach was used.

And as a result of that, it did have a chilling effect on M&A.

And so it hurt the,

you know,

the small tech environment.

And so I think that we need to fix that part of it.

But I hope that whoever replaces Lena Khan will continue to apply pressure to

big tech because they are monopolies and they will abuse their power if

they're allowed to,

and they need to be controlled.

Sachs,

if you had to handicap the probability of a lawsuit or some kind of attempt to dismantle google and facebook would those be the two companies at the top of your list and how would you handicap that so my view is that google should be broken up there's abundant reasons for that there's at least three monopolies in that company there's the search business the advertising business and youtube i think they should be busted up what are the odds that that happens it's hard to say but what are the odds that that is pursued in the next administration in some capacity or at least investigated? I'd say, hi. I'd say Facebook or Meta, less so.
I don't see the compelling need to bust them up. But quite frankly, I think the issue that Meta is going to face is just there were a lot of abuses in terms of censoring the free speech rights of americans now i don't think that was all the company's idea i think a lot of pressure was put on the company by the biden administration i think they wanted to do the right thing and just didn't show enough backbone i think zuckerberg's being clear that he regrets it yeah and he's bent the knee now he's like listen i'm not going to do it again yeah he published a letter and maybe it was done to some degree to inoculate himself against the result of this election but i'd say to his credit it wasn't clear at all who's going to win the election when he put out that letter and he basically said that he regretted the fact that meta had gone along with the censorship requests by the biden administration and he specifically referred to that whole Hunter Biden story that got censored in 2020 that was election interference.
It was a completely true story by the New York Post. It got censored by big tech at the request of these 51 former intelligence officials who were lying through their teeth claiming it was Russian disinformation.
So he clearly regrets going along with that. In any event, I think there are better ways of handling the speech issue on social networks than busting up Facebook.
But I do think, though, that Congress should investigate or continue investigating what went wrong there and what exactly is the involvement of the intelligence community and the deep state in the censorship requests that we saw exposed by the Twitter files. Remember, can I bring up something maybe tangential and you can react to this? Just speaking of kind of like censorship, and then just the media complex that we have.
I saw today that Trump filed like a 10 or 15 billion dollar lawsuit against the broadcast networks and maybe this is old news but i may and maybe i just saw the news i saw a headline go by on x i don't i don't yeah i saw what it is as well uh yeah didn't make it and then separately with bobby kennedy's nomination to hhs one of the things that he has said that he wants to put an end to

is the advertising that pharma does on these broadcast stations. If you put these two things

together where you deprive these folks of their largest revenue source, and at the same time,

they have to sort of like answer for censorship or manipulating content.

Do you think that that changes the landscape of how all these companies behave in the future? Or how do you think that that plays out? Yeah, I mean, absolutely. So, all right, let's take each one of those.
So on the broadcasters, and we've talked about this before, the big broadcast networks and their affiliates receive free spectrum licenses from the FCC. And they get some of the most valuable spectrum there is through those licenses in exchange for certain requirements that their broadcast are in the public interest.
Namely, they have to follow a fairness doctrine, which is supposed to mean that you give equal time to both candidates. Well, in the final weeks of this campaign, we saw some really egregious abuses.
NBC brought on Kamala Harris, but not Donald Trump for a very favorable segment on Saturday Night Live the week before the election. Separately, you saw 60 Minutes deceptively edit in an interview with Kamala Harris where they actually took one of her answers from one question and put it as the answer to another question.
I mean, really deceptive. So you have a couple of examples with both CBS and NBC, which were violating the equal time requirement, were clearly working on behalf of the Kamala Harris campaign.
And when you look at the coverage itself, this election was the most unequal in terms of favorable coverage. It was something like a 60-point difference.
Something like Kamala Harris received 80-70% favorable coverage, and Trump received something like 85% negative coverage. So there's no way- Who's that according to? Do you know? Yeah.
It's a report by Brent Bezell's uh media watchdog group it's been around forever and it's been recording this stuff in every election for the last 30 years in any event i think that there's a very strong argument that the broadcasters have not been fair that's a violation of their licensed requirements and we should be re-evaluating their spectrum especially because it's not the highest best use spectrum anyway of Sachs, is that they have already been demolished. I don't know if you saw, but a bunch of the anchors at CNN are not renewing because their advertising is so far off that like Chris Wallace, I think, was making 8 million a year, 9 million a year.
And he just said, I'm going to go do podcasts because I think they lowballed his offer. And if they lose all that advertising from pharmaarma which i think in some of these networks is a third or half and that's all networks that's from fox to cnn and every msnbc everybody combined if they lose advertising from pharma it's over like these those news networks are going to lose half their revenue overnight that would be a that would be a death blow jamoth to question.
Yeah, well, let me get back to that. So just on CNN and MSNBC, you're absolutely right that they're announcing a bunch of layoffs.
Their ratings are destroyed. I think they're down.
MSNBC ratings are down like 50% since the election. What that tells me is that their own audience- Wait, sorry, since the election? Since the election.
50%? Yeah. Oh my God.
What that tells me is that their captive viewer base, who's been tuning in for years to all of this TDS, has now realized that they were deceived by MSNBC, and they've lost credibility even with their most fervent supporters. So there's no question that CNN, MSNBC, they're hurting.
Now, J-Cal, just to make one small modification, they do not receive – they do not have spectrum licenses from the FCC, right? Because they're cable networks. So they're in kind of a different bucket.
They don't have to abide by the fairness doctrine that CBS and NBC do, right? But they have different problems. And to your point about pharma, there's absolutely no reason to be allowing pharma advertisements on these TV networks.
The fact of the matter is the people who are viewing those networks can't buy, you can't buy pharmaceuticals without a prescription, right? It's up to doctors to write you the prescription. And this is why most countries, most Western countries prohibit pharma advertising on the networks.
And I think Bobbyedy has a very strong argument that it would serve the public interest not to allow this we don't allow advertisements for tobacco right so i guess the thing that doesn't make sense to me sax is you're so such a first amendment absolutist and free speech absolutist isn't it and i'm not saying this is my opinion but you know my my challenge to you would be is tell me about freedom of speech and expression in relation to being able to do advertising for these products well i mean aren't aren't consumers smart enough to figure it out the point of the advertising is i think is not at the end of the day to influence consumers because consumers can't buy pharmaceuticals they have to go that's what they say in it ask your doctor about the purpose of the advertising is to buy favorable coverage that's the point and there are many examples okay explain that well there are many examples of people who've worked in these networks saying that they had a story that was negative about pharma companies and that story got spiked because the pharma companies are the biggest advertisers in fact i think it was there's a story about fox news and who um who's the guy roger ailes well there's been a number of stories i know what you're talking about there's's been stories about Anderson Cooper. Who's the guy who does international coverage on the weekends? GPS is the name of his show.
I'm drawing. I can't remember right now.
Fareed Zakaria. Thank you.
Fareed Zakaria. Yes.
I think a bunch of those shows were like literally brought to you by Pfizer, brought to you by these things. And so those shows potentially would just go away and then there were

there was reporting on the number of times they would report on those companies and it showed they didn't so what do you think freeberg of should pharma companies be allowed to advertise to consumers to ask their doctors to ask them about viagra what's your take he's thinking for those of you

at home listening he's giving a deep thought while he's thinking jake let me just say yeah i think i think there is there is a free speech issue that has to be weighed okay so i don't want to be totally dismissive of that however i think that the viagra example is a is on the like far end of the spectrum of a spectrum of a drug that by advertising it, you could actually get consumers to request it from their doctor. I don't think most drugs are like that.
And I think my contention would be that the real reason they're paying all this massive advertising is not to influence consumers, but to influence the coverage that they get. And there is something very corrupt about that.

And I think that Bobby Kennedy has a really strong point that if you were to remove that

incentive that many people inside the industry have admitted exists, then you would get much

fair coverage of these pharma companies.

And we would actually get to be a healthier country because you wouldn't allow them to

basically manipulate the public debate.

So that's the argument.

Freeberg, you want to chime in on it or no?

I mean, I feel like there's some market correction that takes place here, which we're already

seeing, which is the consumers are moving away.

We just talked about moving away from cable news, moving away from legacy media. They don't trust it.
The trust is at an all-time low. I don't know if it's necessarily the government's job to determine who advertises what, where, how, and why.
I don't like the government having that sort of degree of authority, generally speaking, because it can then lead into the government having overreach and oversight to control entities that maybe are competitive with the government in different ways. I do believe that the beef with big tech is a result of big tech's influence over the population where big government wants to have that degree of influence over the population.
So it's actually a battle between government and private entities over who can influence the population, and who has the ability to control the narrative. And I think that the general concept that the government should be determining who advertises where, what, how and why is not a great one.
And I don't think that consumers are dumb. I think that consumers are showing their proclivity for independent media and independent news sources, because they don't trust the influence that's been kind of imparted upon these other channels and these other sources, and they're moving away from it.
So I don't know if it's as much kind of a regulatory question and big pharma needs to be affected. I think that the market to some degree does its job.
I don't think the consumers are dumb. I will also just kind of counter one of Sacks's points.
I think that there are drugs, like multiple sclerosis is a good example. There was a drug introduced a couple years ago called Octroverse, and it was a new therapy for multiple sclerosis that is extremely effective.
It's a really big step change in biological therapies. And a lot of people that were on MS and have had MS for decades, take kind of old school, old school drugs that maybe aren't that effective.
So to create awareness, and they're not regularly seeing their doctors, they may not go in and see their doctor every year like they're supposed to. So the pharma companies are creating awareness that there's this new modality in this new product that could help them to get them to go into the doctor's office.
You know, so I don't want to say that these are all like evil, you know, trying to control and influence like there are good drugs that come to market, they're beneficial to people and people don't know about them. How else are they supposed to get that word out if they're not able to advertise? So I don't think that it's all like negative and all malicious, you know, kind of behavior and manipulation of media.
People, we all have the resources, we all have the capacity, and we are all likely very frequently going to doctors. Most people don't.
And so most people that have chronic disease or have health issues, there has to be a mechanism for, you know, making them aware of new options, new alternatives, new products that are coming to market. So I'm not super, like putting my foot down saying pharma companies shouldn't be able to advertise, shouldn't be able to buy media out there and put ads up and tell people about stuff that they've discovered or that they've invented, that's been regulated, that's been tested, that's been approved, and that works and can help save lives.
I think they should have the freedom and ability to do that. So I think there's a there's a bit of a nuance here to how this gets handled is my point.
Yeah, I mean, look, I'm not saying that there's no benefit at all to letting pharma companies advertise some products. I think the question you have to ask is, why is so much money going from pharma to these news outlets? Because most of the products, you know, that you generally can't buy them.
I'll tell you the reason. The reason is that the pharma companies make so much money off of government-funded insurance programs.
Let me just state that again. If we only had private insurance, or if consumers had to pay for their drugs and their therapies themselves, the cost of drugs would go way down.
The reason the cost of drugs has gone way up is because so much of the government insurance programs don't negotiate drug prices. And there are all these middlemen and all these people that sit in between that have been regulated through regulatory capture into the system that has allowed an incredible inflation in the cost of drug prices.
Therefore, there is a lot of money to kind of continue the capture of the system. I don't think that it is right.
And I think that the free market generally or having a less regulatory captured market will allow an appropriate kind of pricing of therapies and appropriate kind of adjustment in the market, which doesn't exist today. So so much money to kind of keep the market the way it is needs to kind of keep flowing.
That's my sense of this. I don't think it's about bad drugs need to kind of stay in play.
As much as it is, this market's been allowed to inflate and the cost of healthcare and the cost of drugs is inflated in a way that's simply untenable. And it doesn't make sense.
And I think that it's because of regulatory capture. And I think that that needs to change.
And I'm hopeful that it does. That's the second reason then to get the, this form of money out of advertising.
Cause you're basically explaining it as like a self-looking ice cream cone.

But again,

there's another reason as well.

I think that explains the sheer magnitude which is its influence buying its influence to your point sax that was what i was about to bring up you know there it's very subtle you're not going to have somebody at nbc or cnn or fox come down and tell Tucker Carlson, or Rachel Maddow, or Anderson Cooper, hey, you can't cover the story. But there is a bunch of self censorship that occurs, I believe, where people just don't select certain stories to be on the docket.
And they just shape the coverage. So they might not say something positive or negative about Pfizer or Johnson and Johnson, whoever it is, they'll just avoid that story.
And because these anchors are getting paid, or have been previously paid 10 10 million 25 million a year. Do you think they're going to like, really go hard at Pfizer or somebody like that? No, they're just not going to I've been inside the machine.
They just avoid those stories. Okay, let's keep going through the docket here.
I think it was pretty good conversation. I know.
By the way, I just wanted to say to the Trump administration, if you want the economy to rip, let M&A rip. But my one caveat is, is a really simple way to do this.
If you're under a trillion dollar valuation, let those companies buy and sell each other because then we could go from a mag seven to a mag 70. That's where I think actually it makes the most sense if you actually are concerned about the consolidation of power in the top seven.
Let them sit out acquiring more great companies and let the people under that who are the mid market cap companies let them do the buying and selling because then you might have a mag eight nine and ten show up that's not talking my book it would be better for me freeberg to let the mag seven participate because they can pay higher prices they're not price sensitive but i do think the mid market companies buying and selling would make a healthier environment for competition so you think it sorry you think it creates more competition which will that'll benefit consumers and grow the economy. Well look at it this way if somebody wants to buy let's say Waymo gets spun out somebody wants to buy it if Amazon can't buy it and Tesla can't buy it and Amazon can't buy it but they could merge with Uber Lyft DoorDash you know all Airbnb, if those companies could consolidate, can you imagine what would happen if Amazon couldn't buy those companies, but you could see Waymo spin out and then partner with DoorDash and partner with Airbnb, and you had that as one company.
Now you got a $400 billion company that is nipping on the heels that is aggressively competing with Amazon. That's what you want in the market is more competition for the mag seven, you don't want the magnificent seven to run away with it.
And we could create the eighth ninth and 10. So just imagine that freeberg, there was a another trillion dollar company like I actually think Tesla just became a trillion dollar company again.
So now that they're up in those ranks, great. Don't let Tesla don't let Amazon, etc, Nvidia buy more companies, let those that mergers and acquisitions and that strength happen under the trillion dollar mark.
What do you think of that general concept for you? Yeah, I generally think competition is good. I generally think free market should be allowed to operate.
And I've shared my point of view, I think bigger is going to drive more innovation innovation than lots of little so okay again waymo wouldn't exist if not for google plowing billions and billions and i don't know about you guys i took waymo around the city yesterday pretty sick like it is legit i don't go to the city yeah it's pretty legit and um i think that's a toxic cesspool and by the way i will say my other other comment is I think San Francisco has gotten 10x better now that I've been working downtown the last week or two. 10x better from a toxic cesspool just means it's a cesspool.
I think part of the reason is all of Walgreens is gone. There's no Walgreens left.
You can't buy deodorant. It's problem solved.
There's nowhere to do crime anymore. You can't buy a drugstore that doesn't exist.
In San Francisco. How do you do that? You got to ask Jason.
Jason, how do you do that? Amazon. Get an Amazon package delivered.
Yeah, I don't... Hey, man, I'm in Texas.
You can do whatever you want here. Jason gets his supplies airdropped in once a month.
What are you talking about? I'm bullish on the San Francisco turnaround because I think Daniel Lurie getting elected mayor was huge. And this doesn't get really as much attention, but it's very important.
The board shifted. The radicals got voted off the board of supervisors.
So the board of supervisors are less progressive. Daniel's in the mayoral office.
Good progress. I think the city's already like turning around.
I've been super blown away the couple weeks i've been downtown i'm like why am i not working downtown every day it's actually really nice it feels like san francisco 20 years ago let's see i'm pretty bullish yeah i mean safety is the number one thing if they can and this budget needs to get under control san francisco spends one and a half x per capita of what new york city spends and that's something that daniel

and his team have kind of said they're going to address sort of like their own doge and there's a team going in there to address this so i'm really bullish on what's going to happen with the city it's just such a great place it seems like the power resides in the supervisors and they seem to have flipped two or three of the really lunatic ones right sacks they got rid of dopey dean Preston.

Who was the other guy?

Peskin.

He was an idiot.

And those guys are done. three of the really lunatic ones right sacks they got rid of dopey dean preston who was the other

guy peskin peskin he was an idiot and they those guys are done so that's progress do you want to talk about the trump uh candidates jacob yeah let's get to that in a second but before we get to that fbi raided the home of polymarket ceo shane copeland he was on the election night stream He was raided on Wednesday, November 13th, eight days after the election.

They say Polymarket is Bloomberg's as Polymarket is being investigated for allegedly accepting trades from US based users. Here's the backstory.
In 2022, Polymarket paid $1.4 million to settle a case with the CFTC for offering option contracts without proper designation. The Commodity Futures Trading Commission also ordered the company to prevent US traders from making bets.
They recently said polymarket that is that they had taken additional measures to block Americans from trading at the same time calci and Robin Hood were able to offer presidential prediction markets because calci, it seems like they won their lawsuit against the cftc last month so that allowed some betting markets to happen but polymarket is still banned from the u.s because of that settlement in 2022 here's the polymarket claim they claim the raid was obviously political retribution by the outgoing administration against polymarket for providing a market that correctly called the 2024 presidential election and shane posted on x discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents a bunch of conspiracy theories flying around peter thiel and founder fund have made an investment into the company and nate silver is an advisor i guess i'll just point out two things they were much more accurate they're much more accurate than they totally accurate yeah so how manipulated can it be if they got everything right yeah i mean that's literally the point i was about to make and um i'll just end with this and then give it to you sacks for red meat americans are not allowed to participate in a lot of different markets. And these kind of actions have been taken many, many, many times, as we all know, poker, crypto, real estate, and prediction markets have all had actions like this taken against them.
And they typically are a ticket the offices to or just his house, just his house, according to the information we have right now. They into his house at 6 a.m and they took his phone by the way shout out to like like if you're breaking the law why wouldn't they all that tvd offices yeah it's a great speculation and important to note this action came after the election is resolved so it's obvious the fbi knew that doing this beforehand would be seen as political and doing it after i don't know what i'm saying the decision no i know what you're saying i'm adding something else which is they obviously knew this would be political sacks and so they did it after they knew if they did it before that would be looked like you know really bad that the prediction mark that's predicting trump a trump win was rated so they did it before, that would be looked like, you know, really bad that the prediction mark that's predicting Trump, a Trump win was rated.
So they did it after what do you think sex? What's going on?

Okay, I think it's political or not. I guess we don't know what was driving this.
It's certainly an extreme action to bust into someone's home at 6am with the FBI and take take your phone. So it's very curious.
I think there's three theories that I've heard that I think could explain this. And I want to just be very clear that there's no proof on any of this.
It's just speculation. Yeah, it's just speculation about what could be going on.
Yeah. But by the way, just before I get into it, I think Shane Copeland had one of the funniest tweets I've ever seen.
New phone who dis? Yeah, new phone who dis? Nick, you should show them. I mean, that was like ballsy the fbi busts in your house takes your phone and that's the first thing you tweet this is a that means that this is probably not a serious situation but anyway go ahead well who knows but yeah or he's confident is what i would say yeah yeah okay so theory number one is that what the feds are looking for is whether any domestic whales were illegally wagering on the election outcome, because theoretically, the money is all supposed to be offshore because domestic wagering on the election was illegal.
However, a court ruled just days before the election that domestic wagering was legal. So theory number one doesn't really make a lot of sense because the FBI would be enforcing a rule or a law that the courts had just overruled just days before the election.
But that's theory number one. Theory number two, and this theory was raised by Fortune magazine, is that the polymarket was rife with what's called wash trading, which is a form of market manipulation where shares are bought and sold often simultaneously, and repeatedly by the same people to create a false impression of volume and activity of liquidity.
This is illegal in the US, and it does occur in crypto markets. So they could have been going after that.
But again, it does seem like a very extreme thing to bust into his house. Why don't you just ask Shane for the record? What authority would the U.S.
government have if it's all offshore in that context? I don't know. I'm just laying out possible theories.
But Fortune magazine did raise that theory. But again, if that's what your claim is, just subpoena Polly Market during business hours.
I don't know why you need to raid the guy's home. raid the office that's where the files are right now let me let me lay out theory number three okay which is going to be a little bit more controversial here we go but uh get the if if somebody was manipulating these sites okay then on whose behalf were they doing it and what you'd have to say is that they were doing it on behalf of the Kamala campaign.
Because in the last few days of the election, there was a weird blip where Polly Market and Kalshi especially, Kalshi even more than Polly Market, all of a sudden flipped to Kamala. And you can see this particularly in Pennsylvania, where all of a sudden there was a big flip at the end, away from Trump towards Kamala that turned out to be totally fake.
And Trump won Pennsylvania pretty, pretty handily. And so you got to wonder, well, wait a second, was a Kamala supporter, maybe trying to push the narrative that there was a last minute surge to Kamala, because that's what the action seemed to imply.
And remember that at the same time this was happening, there was a big, there was like a media push to create a narrative by her supporters in the media that there was a late break for Harris by independents. And so you have to kind of wonder, was somebody trying to push the prediction markets at the last minute to feed a media narrative that they were trying to create? Look, I have no evidence of this whatsoever.
But the action in the betting markets and the narrative they were trying to create in the media do line up. So if somebody was going to investigate election manipulation, this is what they should look into.
Chamath, you have any thoughts here? No. Zero thoughts.
I zero thoughts i mean yeah you know my thoughts on an error i i don't see him ever doing anything risky or illegal so it makes no sense to me i'm guessing that somebody made him aware pure speculation of something in the system and that probably was on his phone phone. And they probably wanted to get that.
And it's

probably like a speeding ticket, ticky tacky thing. And you're

just have the law still working its way through the system

because they sacks were under an order to not take us. But how

she had gotten the mark that the law changed with their

successful lawsuit, or they had defended their their case. So I

would say it's all allegedly folks and so wait for more information is always a good idea all right trump is building his team and uh it's a long list we've got i guess dozens of names right now so let's start with the four who's your favorite jacob well my opinion probably doesn't matter all

that much but let me go with the four that uh are creating the most buzz let's let's create the let's

go with the four that are having the most buzz and then i'll let you each tell me what you think

you love the one i yeah there is one actually i love but let's i'll say that who's that i'm

curious i'm genuinely curious the fake and elon doing doge is my absolute favorite

Thank you. the one i yeah there is one actually i love but let's i'll say that who's that i'm curious i'm genuinely curious the fake and elon doing doge is my absolute favorite yes anything else that i am fascinated by bobby kennedy going in and trying to make the country healthier and the country is the most sick country i think of uh all of the western.
And I think our food system has massive problems. So I'm very excited to see what he does inside of the health and human services department.
I think it's a little bit controversial, obviously, but I don't see how it could be any worse than what we currently have. How do you feel about that? Who's your favorite? I guess we can just go with people's favorites if you want to go that way.
The way I interpret his cabinet picks is that he's creating a coalition. So I view it more as like a package deal, J.
Cal. I'm not going to pick out one or two, although I do have my favorites.
The person who I think very astutely understands what Trump is trying to do is Charlie Kirk, who's a major influencer on the Republican side. And he says that what Maha, which is Make America Healthy Again, they get RFK, Bobby Kennedy at HHS, obviously.
The Libertarians get Tulsi at DNI. I would add to that that they also get Elon and Vivek at Doge.
The base, the populist base gets Matt Gaetz, they get Hegseth at DOD, they get Hohmann. And then the piece through projecting strength crowd, which is kind of a nice name for neocon, gets Rubio as Secretary of State and Stefanik at the UN.
So I think that Trump is basically trying to have his cabinet reflect the diversity of views within the Republican party he's not decisively choosing one side over another what this means is that during his presidency he's going to get all the views and all the options okay within the collective view that's an interesting way of about it let's go point by point through the most controversial ones matt gates is obviously the most controversial attorney though that's what are all young that's another trend yeah and he has uh been put up as attorney general he has to be confirmed by the senate obviously he's the house rep from florida sacks how qualified is he for this job on a scale of one to ten i think that matt gates would be a breath of fresh air at that doj i mean look here's here's- Why is that? The DOJ has been involved for the last eight or nine years in a completely fabricated effort to portray Donald Trump as an agent of the Russians. It started with the Steele dossier.
They then opened an investigation based on that phony piece of opposition research funded by the Hillary campaign. They lied to the FISA court to spy on Donald Trump's campaign.
They then worked with the various intelligence services and with the media to create this hoax that went on for years and years. There's been no accountability for that.
Furthermore, in the 2020 election, you also had that effort to essentially cover up the Hunter Biden hard drive, that the FBI and DOJ were sitting on that for roughly a year. They created a phony story that it was Russian disinformation when it turned out to be completely authentic.
So you think there's a lot to clean up there? How qualified to be on a scale of one to 10? What the president ran on was that the DOJ needed to be de-weaponized, that it had been turned into a partisan political apparatus for the Democrats. I don't think anyone can argue with that at this point.
I think the American people clearly bought into that argument. Now, in order to clean it up, you're going to have to bring in a total outsider who's willing to break some eggs and shake things up.
Is Matt Gaetz the only person who could do that? No, there are other people who could do it, but Matt Gaetz is definitely qualified for that role. He was one of the most outspoken critics in Congress of this weaponization of the FBI.
He was never fooled by the Russiagate hoax. Most of the establishment was.

Any concerns?

Anybody who bought into the Russiagate hoax is not qualified to run the doj at this point okay any concerns well there's a bunch of unproven smears and accusations have been made against him we'll put it inside that any other concerns excuse me aside from the the the investigations and whatever in the smears a bunch of unproven yeah smears and accusations have been made against him. And my own view on that is that if there was really something there, I think Merrick Garland's DOJ would have acted on it two or three years ago.
So I personally discount all these smears without there being any evidence whatsoever. And I think it's very predictable that what we're seeing with both Matt Gaetz and with Tulsi is that the worst accusations get made without any evidence in

the media when the blob or the establishment wants to stop a true populist reformer from

cleaning up their backyard.

Freeberg, your thoughts on Matt Gaetz? I mean, that seems to be the most controversial one.

Any concerns? Do you think he's the most suited guy for the job?

I don't want to

comment on matt gates but i'd like to talk about why not because i'd like to talk about a broader

point of view on it okay so i think

there's this kind of thing that happens in biology called evolution and a lot of people

think evolution is this continuous process but it's not not. Evolution is this process by which there is some significant growth for a period of time.
And then there is an extinction event or an external force that causes what ultimately becomes what's called punctuated equilibrium. So the whole kind of system resets, and then the healthier, stronger species survive, and they grow and they persist.
And if you look at the first chart, Nick, that I pulled up, this will just show you guys past extinction events, large amounts of biomass over the past half billion years get wiped out when these extinction events occur. And then evolution occurs because the species that can survive the extinction event, persist in the environment, and they grow.
And that's how evolution kind of actually takes place is there's an external force that changes what survives and what doesn't. It's kind of a testing force.
If you look at federal spending, and this is a crazy link, but here's federal spending over the last couple of decades. And I would argue that many of the agencies, much of the bureaucracy, many of the jobs created, many of the spending programs, many of the operating models, many of the behaviors can kind of be viewed as a species or species within this ecosystem that have kind of grown a lot over the last few decades.
And I think what Trump's mandate was by the people, and people don't want to hear this, and they don't like it, but his mandate was to be kind of the extinction event. And whatever agencies, whatever operating processes, whatever individuals, whatever bureaucratic systems exist within the federal government that can withstand the scrutiny of the individuals that Trump is going to put in charge of each of these agencies, that they can survive and they can come out the other end, there is certainly some degree of strength and resilience and hardiness.
This is not about right or wrong. You say they deserve to exist if they can survive? This is going to bring in the most disruptive force that federal agencies have ever seen.

And the intention with Trump isn't to find some person to keep running things the way they have been run in the past. His mandate from the people who elected him, based on the message he put out there, is to do the opposite, which is to go in and be as disruptive and damaging and destructive as possible.
and whatever comes out the other side will be stronger, will be hardier,

and theoretically will be, you know, more resilient. And I think that that's the event that's underway.
Now, the people who are getting exactly what they want in Trump's candidacies are the Democrats. They were saying Trump is going to put a bunch of crazy lunatics in office, and he's going to make them the cabinet and they're good.
And now they're able to kind of clap their hands and say, we told you so we told you so. And I'm not sure that if they're really getting the message, which is that the intention here isn't to keep things running the way they have been running, but to really fundamentally test the systems and test the systems with the most challenging oppositional forces the systems have ever been tested by, which is the candidates or the individuals that he's putting in charge of each of these agencies.
So I'm not saying it's right or wrong one way or the other. But I'm making an observation that this is going to be kind of an extinction level event, that Trump's decisions on who he's putting in place, I think are going to drive an outcome on the other end.
That's going to make the government look very different. And I you know, I'm not going to sit around and say this person's good, this person's bad, because I don't think the point is to find someone that's quote qualified to do the job.
The intention is actually quite different. And the outcome may actually be positive for America.
If you fast forward a couple of years, in some cases, and there's some cases where things could get really messed up, and people could suffer and jobs will be lost and all sorts of bad things will happen. But we cannot continue the way we have been with respect to federal spending with respect to federal spending bureaucracy and inefficiency in the federal government and so something has to happen and if this is the path by which this gets resolved in the limited window that's in front of this this particular administration which is probably two years maybe four maybe this is what has to Shabbat, where do you stand on Freeberg's interesting metaphor here that we're sending meteors into each of these departments to blow them up and see if they survive an extinction level event? I saw you nodding.
Do you think this is an interesting framing? Great take. I have nothing to add to Freeberg's take.
Got it. Who's your favorite? You asked me the question I answered.
Who's your favorite? Well, I think let's take Elon and Vivek off the table because That's an obvious one that we've all been behind since the beginning. Yeah.
And we know and we all support the idea who's not against more efficiency. I mean, you'd have to be an idiot to be against efficiency.
It's like the easiest one to say you love. I think the highest beta pick so far has been Bobby Kennedy.
I think the second highest beta pick is Matt Gaetz. Explain highest beta pick in this context, please.
I think the third is Tulsi Gabbard. That there is the potential for an enormously positive two or three sigma outcome, but there's also the chance that it can really not work that was exactly why i picked bobby kennedy because he's going to shake it up right peter thiel just did this podcast with barry weiss and it was fantastic by the way highly recommend highly recommend he's awesome yeah the one of the great things he said is that he was talking about science but i think the example

works here as well which is that we didn't have enough skepticism and we had too much dogma he was talking about sort of like the the death of science and i think that that idea applies here as well which is that the federal bureaucracy has not really been challenged and vivek put out a very compelling post on X where he basically said like, look, when you on the one hand, there's going to be radical transparency. But on the other hand, there's a lot of case law that we can use to kind of try to really dismantle the government apparatus.
And they're putting themselves on a shot clock to do it by 2026 for the 250th anniversary so i think i'm really predisposed to this idea that it'll force the government to be very resilient at the end of this process and i think that's a good thing and it'll probably be very different than what it is on the way. And I think that that can be very positive.
All right. So we got Chamath and myself actually giving some specific names that we thought were interesting.
I'll go back to you, Sachs. Maybe I'll phrase it as to Chamath's phrasing, which one do you think has the greatest chance of creating a massive potential change that could be positive, but also has some possibility of a destructive downside.
In other words, it could go either way. But man, if it goes the right way, it could be brilliant and amazing and great for all Americans.
Who would be your number one, number two in that regard? Well, you have to identify what the potential downside is. I think the single biggest risk in a second Trump term is that somehow the United States gets into an unnecessary war, a war that we don't need, another forever war.
It's certainly not what President Trump wants. He's been abundantly clear on the campaign trail that he wants to avoid wars.
He wants to avoid World War III. It's clearly where all of his instincts are.
But the fact of the matter is we have a very frauded, difficult international situation right now. The Middle East is on fire.
We have a proxy war going on with Russia. So there is the chance that things could always spiral out of control.
And you need, I think, within the cabinet, not just hawkish voices, but also dovish voices so that the president has the full range of options at his disposal. And so in that sense, I would say that, you know, Tulsi as being one of the more dovish voices is incredibly critical, just to balance out some of the other voices who are more hawkish.
And so in that sense, I think, you know, just making sure that the president gets to hear from a wide spectrum of views, I think that that part's very important. So that would be tulsi would be your pick for like yeah just because like tulsi could literally make the difference between whether we get in a unnecessary forever war or not i would also just say that with respect to the other picks there's obviously a lot of hysteria going on a lot of hyperbole about the downsides i don't think it's going to be like a meteor hitting the earth.
I don't think it's that destructive. I think that it's more like, will some eggs be broken up to make an omelet, right? That's the analogy I would use rather than the meteor.
And the thing I would just say is that we all agree the United States is currently on an unsustainable fiscal path.

We know that we're spending too much money. We know that the bureaucracy is too big.

What's the downside of shaking it up? There's just way more upside than downside in terms of

shaking up this bureaucracy. Because the current path is bankruptcy.

Exactly. So why do we have to act like that it's so risky to bring in outsiders and populists and

reformers into these agencies? We know there's going to be huge resistance to them. The

But this... that it's so risky to bring in outsiders and populists and reformers into these agencies we know there's going to be huge resistance to them the biggest risk frankly is inertia taking over and the reformers aren't able to do enough and we all doing nothing is not an option yeah and then we go bankrupt that's the big risk why is telsey getting attacked what's the rushing connection people are saying like i don't know i don't know any of the history here so tell me it's obvious it's because washington is a very hawkish place it's basically run by the war machine there's there's no money going to washington to lobby for peace all the money in washington is coming from the military industrial complex so by definition it's extremely hawkish and it's geared towards war.
And is there some history with Tulsi in Russia? Yeah. Just to finish my point.
Yeah. Tulsi has been one of the few consistent voices advocating for peace.
So of course the establishment wants to basically get her nomination vetoed. But again, I think you have to see the cabinet as a package deal.
I think it's very important to have pulsey as one voice for peace within a larger cabinet that already has many hawkish voices okay all right everybody for your sultan of science from ohalo david freeberg the chairman dictator chamoff pihan patito from 80 90 and david sacks from craft venturesures. I am Jason Calacanis, your host here at the All In Podcast and This Week in Startups.
We'll see you next time on the All In Podcast. Bye bye.
Back at you, Chief Retribution Officer. Chief Retribution Officer.
It's so brutal. We'll let your winners ride Rain Man David Sack I'm going all in

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Love you, Wesley

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That's my dog Can a notice in your driveway. Sex.
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We should all just get a room and just have one big huge orgy because they're all just useless. It's like this sexual tension, but they just need to release them out.
Wet your feet. Wet your feet.

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