Fixing the American Dream with Andrew Schulz

Speaker 1 right, everybody, welcome back to the number one podcast in the world, the all-in podcast. And you can subscribe to us on YouTube, Apple Podcasts, yada, yada.
You know the drill.

Speaker 1 We're going to go to Miami for an epic F1 weekend. All-in podcast live on stage Saturday, May 3rd.
A couple special guests go to allin.com slash events

Speaker 1 to buy a ticket. And we're really excited today because for the first time in all-in history, we have a comedian.
We have somebody talented on the program. Ain't that the truth?

Speaker 1 Ain't that the truth?

Speaker 2 Real comedian. Someone that knows how to make good jokes.

Speaker 1 All right. That's true.
Andrew, I feel like that was a dick to me, but okay. Andrew Schultz is here.

Speaker 3 How are we doing, boys? Thank you for having me. Schultz, pleasure.

Speaker 1 You just, you gotta, you're on heater right now. You took time to come on the all-in pod.
Thank you for doing that. Of course.
Your Netflix special is crushing it. Top 10 around the world.

Speaker 1 It's called Life. Yeah, yeah.
L-I-F-E.

Speaker 3 Pretty cool.

Speaker 1 It's about your low sperm count. Tell us about it.

Speaker 3 I am the face of sharm.

Speaker 1 Which that's kind of like crazy because you've got a mustache of a 70s porn star.

Speaker 3 How is it? I think I'm overcompensating. You know, because I'm going to trick people with the stash.
When in reality, yeah, yeah, the balls are.

Speaker 1 You're firing blanks.

Speaker 3 Dude, you broke me. It's bad.
Yeah.

Speaker 1 This special is so good.

Speaker 3 Thank you for watching, man. I appreciate it.
We all watched it.

Speaker 4 It's hilarious.

Speaker 1 And you got three old guys here who also have had to deal with some of these issues.

Speaker 3 Do you guys have IVF? You guys do IVF for the babies?

Speaker 1 Shamath, you want to be honest here? Or are you au naturale? Did you hit the three from half court? Logo shot?

Speaker 4 What happened? My first four kids were natural. My fifth was IVF.

Speaker 3 Okay. Yeah.
I don't think we're surprised. There's like two billion of you guys.
You know, it's

Speaker 3 easy to get the job done.

Speaker 3 You know, there's a there is a period.

Speaker 4 There is a period after the Facebook IPO. I swear to God, I would look at chicks on Instagram and get them pregnant.
It was really?

Speaker 3 It was brutal. Are they coming to collect?

Speaker 4 Hope not.

Speaker 1 How many supplements you got, Shaman? How many NDAs?

Speaker 1 All right, Freeberg. I like this already.

Speaker 1 Yeah, we're off to a hot start here. Freeberg, you look like you have a low sperm count, but you have a fourth kid on the way.

Speaker 1 But apparently, what's the story? Are you au naturale? This is for the first time ever. Nobody knew this.
Breaking news. Freeberg, O Naturale with your 3.5 babies.

Speaker 2 100%.

Speaker 1 100%.

Speaker 3 Wow.

Speaker 1 A vegan who's shooting with a sniper rifle.

Speaker 3 I don't believe it. I don't believe it.

Speaker 2 I'll find you guys a great study about veganism and libido.

Speaker 3 Is that right?

Speaker 2 Yeah, very impressive.

Speaker 3 What does it do? Reduce the woman's

Speaker 1 place with the best roast cauliflower.

Speaker 1 Let your winners ride.

Speaker 1 And instead, we open source it to the fans and they've just gone crazy with it. Love you guys

Speaker 1 queen of kino. I'm going to

Speaker 2 By the way, can I just tell you how much I hate cauliflower everywhere I go? That is the dish.

Speaker 1 I had it for dinner last night.

Speaker 1 Of course. Yeah, it's the main course that I've been having.

Speaker 1 Except it's disgusting.

Speaker 2 There's two things they offer you: portobello mushroom and roasted cauliflower.

Speaker 4 That's what Sean does every time you show up at the house.

Speaker 3 Are you an impossible meat guy?

Speaker 2 No, I don't like that stuff. It's gross.

Speaker 3 Okay. Okay.
Yeah.

Speaker 2 By the way, you guys want to to hear a quick science corner? So, you know how we talked about Yamanaka factors?

Speaker 1 There is a roaring yes.

Speaker 3 You're going to be like, wow.

Speaker 3 He's like, yeah, I don't care, Andy. This is going to drop it.

Speaker 1 Anyway, sure.

Speaker 2 Let me hit this real quick because I know we're never going to get to it because you guys just bullshit around talking about politics.

Speaker 2 You know how you can use Yamanaka factors? We talked about these to basically turn a cell into a stem cell, right?

Speaker 3 Of course. And that's what goes on in the lab.

Speaker 2 Andrew, you're familiar with the Yamanaka factor.

Speaker 3 Everybody knows about the Yamanaka factors. You've been all over it for a while.
Dude, I've seen Squid Game.

Speaker 1 Yeah, absolutely.

Speaker 3 Now there's a different thing. Do you think I don't know about the Yamanaka factor? We're not going to get.

Speaker 2 I can tell you where it's going to be.

Speaker 3 The Yamanaka factor. Everybody knows.
You didn't visit the Yamanaka factory when you were in Kyoto?

Speaker 3 I went to the Yamanaka factor, and I swear to God, a guy showed up 15 minutes late and he stabbed himself in the stomach right there. Right there.
He killed himself right there.

Speaker 3 Yeah, it's called Sudoku. Exactly.

Speaker 1 Sudoku. Sudoku.

Speaker 3 He said Sudoku in under a minute.

Speaker 2 Okay, never mind.

Speaker 1 We'll come back to the scientific.

Speaker 3 I'll talk about that notion of telling us

Speaker 1 about Tell us.

Speaker 2 So the interesting work going on right now is you basically can take any cell from a person's body, turn it into a stem cell, and then turn that stem cell ultimately into an egg cell.

Speaker 2 So you no longer need to go harvest eggs. And so you don't need to actually go get the eggs from the woman.
You can make eggs from skin cells, for example.

Speaker 2 So in the next couple of years, there's, you know, there's a few little technical breakthroughs that are happening right now that will enable this, where fertility clinics may end up just taking a little bit of your skin cell, creating stem cells, creating egg cells, and that's how we're going to end up doing IVF in the future at any age.

Speaker 2 So you can make eggs at any age and you can ultimately.

Speaker 2 produce offspring at any age. You don't need to actually have active, healthy eggs.

Speaker 3 And this

Speaker 3 you like that one, right? You like that.

Speaker 3 Because this is a nice workaround for the people that are trying to ban IVF because of the abortion protocol.

Speaker 3 They're basically because it basically lights it begins at conception as part of their belief, right? But and the idea was you could take one egg cell, you could take one

Speaker 3 of the lights egg.

Speaker 3 For those people who don't know, but like what you do with IVF is you try to harvest as many as you possibly can because not all of them are viable, and it's a pretty brutal process for the woman to go through.

Speaker 3 But if you could just grab something from the skin, you'd have almost unlimited eggs.

Speaker 2 When a woman is born, she has all her eggs in her body and as she ages those eggs get depleted and eventually she doesn't have very good viable eggs left over so this gets around that problem of not having viable eggs we can be very selective about the eggs and so there's a future here in the next couple of years where fertility becomes a simpler hopefully easier and more widely available service than it is today where it's really challenging technically and you've got to go do something that's invasive and you know you've got to hope that there's good healthy eggs and there's a good number of eggs and so on and so forth so really interesting

Speaker 3 this is awesome

Speaker 3 did they sit you down and give you like the embryos that that were viable and then the grades and the gender and you pick one and what did you pick we just picked the best so this is a lot of pressure on that first one like all the other kids afterwards i feel like don't have as much yeah come out of the gate strong have a good first quarter and when i was 100 that's all good so I got to ask you.

Speaker 3 Wait, you didn't say if you have. I was about to.

Speaker 1 I'm about to put it out there.

Speaker 1 I didn't have IVF.

Speaker 3 Okay.

Speaker 1 But the first time we had the first kid, wife says, hey,

Speaker 1 I'm ovulating. I said, put me in the game.
Boom. First shot, half court logo, pregnant.
Wow. Bang.

Speaker 1 Then she says, I want to wait before I have the next one. It's a little traumatic to have a kid.
And she waits six years.

Speaker 1 Then we try for a year. Nothing for one year.
So now I'm like, oh, man, we waited too long. It's a lot of pressure.
You talk about this in the special. It's like for women, this is anxiety producing.

Speaker 1 So she's like, you got to go get checked out and this is when the most humiliating day of my life occurred i don't know andy what what it was like when you went but uh

Speaker 1 they found all these grifters can they can they identify grifters through the microscope no no no i walk in and the thing opens and there's three women at the counter at the reception and they're like hey jason calakanish you're here to give a you know and i'm like yeah i am

Speaker 1 And then they walk you to a room.

Speaker 4 Oh, that's the spookiest thing.

Speaker 1 Yeah, yeah. They walk you to a room and then they open it up.
And it's like some nightmare scenario where there's a Motel 8 room, and there's a couch that's about three feet wide.

Speaker 1 By the way, there's a towel on it, and there's a towel on it.

Speaker 4 And that sofa is not cloth for a reason.

Speaker 3 No, it's like, no, it needs to be cleanable. It needs cheap cleaning.

Speaker 1 In fact, it looks very much like the hotel you're in, Shultzy. I don't know what's going on with the Netflix budget.

Speaker 3 Why do you think of somebody?

Speaker 1 Maybe they could put you in the Four Seasons or the Peninsula?

Speaker 1 It's so brutal.

Speaker 3 So you did this, right?

Speaker 1 You had to go.

Speaker 4 the grainy television with the porn. It's like.

Speaker 3 Oh, you're lucky you got the TV.

Speaker 4 No, I went to the phone. I went to the phone.

Speaker 3 Yeah, I had no porn, nothing.

Speaker 3 I didn't even have any service in there, which was like another thing that was annoying.

Speaker 1 So what did you do? You Rolodexed it? No, Spank Bank. You had to go.
Just throw it back. That's what I'm talking about.
The Rolodex. You roll through all the memories.

Speaker 3 Think about the memories, man, of my wife and only my wife.

Speaker 3 Nobody else. That's what's absolutely absolutely all those great moments with her.
All those great moments.

Speaker 1 Maybe there was accidentally one or two that got left in from when you were on the road.

Speaker 3 It's possible some like absolute would jump into the dreams that I had with my wife. That might be possible.
I would never want them to be there. No, that was the director's.

Speaker 3 There's nothing I could do. But yeah, it's it is also funny how like we dramatize our experience.
We got the easiest thing to do in the whole thing.

Speaker 3 We just got to go into a room and jerk off as if that's hard for us. But we're like, the room is destitute and brutalist, and the furniture was uncomfortable.

Speaker 1 Speaking of jerk-offs,

Speaker 1 speaking of jerk-offs, Kevin Newsom's got a podcast.

Speaker 3 So I think that this is like,

Speaker 3 this is a great idea. Despite what you think about his politics, is he a plastic bag in the wind? Yes.
But it is a great demonstration of like how Americans admire bravery or courage.

Speaker 3 And we don't like put these, and I think that's what the Democrats kind of displayed in the last election. I don't want to get too political about this.
Like,

Speaker 3 but

Speaker 3 your opinion, one man's opinion. It's more just like I responded culturally.
I don't give a fuck about the tribalism and politics, but I'll just be honest with you.

Speaker 3 So having him have like Charlie Kirk right there, who's like a professional arguer, that he is whatever, you know how like some people are like autistic for dinosaurs? He's that for arguing, right?

Speaker 3 And to like sit across from him to even address the French laundry shit.

Speaker 3 I was like, okay, this is actually the right thing to do. So

Speaker 3 as easy as it is for us to sit here and go, okay, this guy just wants to be president. Like, this is a dumb thing.
Like, blah, blah, blah. It's actually what the Democrats should be doing.

Speaker 3 So I think we need to reward.

Speaker 3 I think we need to reward this behavior. We want more conversation.
We want conversation with people, especially that like you may disagree with.

Speaker 3 And like the second podcast he put out, I thought was the most impactful. There was one piece that was incredibly impactful.
He's talking to some guy. I don't know who he was.

Speaker 3 Somebody grew up in like San Francisco. He's like, Yeah, Mike Savage.

Speaker 3 You know,

Speaker 3 he was talking about the taxes and like, he's paying all this money in taxes in California and what does he get from it?

Speaker 3 And then Newsom said that, like, yeah, rich people are going to pay more, but your actual like functional tax rate, if you're middle class, would be more if you lived in Florida because of the other stuff you get taxed on.

Speaker 3 This is the type of information that like you guys might be privy to, but the average person doesn't. They hop on.

Speaker 1 So you're saying he's like being human and addressing real issues instead of like culture war issues and just talking like culture wars.

Speaker 3 I think he's going culture war. Like that's culture war.

Speaker 3 But he's actually putting out valuable information that defends the positions he may have taken in government that the average person doesn't really know.

Speaker 3 Like the average person like me just goes, all right, I'm in New York. I'm getting clipped at 50% and 5% city tax.
Like I'm getting crushed.

Speaker 3 But if I lived in Florida or Texas, I'd save 13% and it'd be a complete wash when there might be someone making 50 grand a year and they move from California to Texas and they lose money.

Speaker 3 And they don't know that because they're just listening to rich guys on podcasts talk about how much money they save when they move to Texas.

Speaker 1 Well, you don't have to take a shot at us, but yeah, okay. I think it was more.
I moved to Texas this year.

Speaker 4 It was more of a shot at me and Freeberg, but go ahead.

Speaker 3 Okay.

Speaker 1 Chamap, your thoughts on Gavin's new podcast. What do you think? You know, you were, there was famously a little dip of the toe where somebody made a podcast.

Speaker 1 I'm sorry, a landing page that you were going to run for governor. We had a little fun with that.
What do you think of Gavin? What do you think of his podcast?

Speaker 4 I think he's an excellent politician. It's clear he's starting the 2028 campaign.

Speaker 1 Okay.

Speaker 4 I think he's done a really good job so far. I think Schultz is right.
He is unwinding all of the

Speaker 4 kind of like landmines that the Democrats have stepped on. I think he's learned what Kamala did wrong.

Speaker 4 And now he's taking this very narrow path, which is like, I'm going to basically disavow all the stuff that people don't care about.

Speaker 4 So all the gender-woke ideology stuff, I don't think you're going to hear him talk about. He'll try to drive a narrow wedge on these economic issues.
So I don't know.

Speaker 4 I mean, I think it's going to create a really dynamic 2028 campaign if he gets momentum. By the way, his popularity has gone up, which is insane.

Speaker 4 which after the fires and all of the ineptitude in California, all of the corporations that have run away, all of the people that have left, the chaos in San Francisco.

Speaker 4 After all of that, he started a podcast and his popularity has gone up.

Speaker 1 It's really incredible. Coming around the horn, Freeberg, what do you think of Gavin Newsom?

Speaker 2 Look, I think the podcast was brilliant. I think when I watched it, I was hooked because there are two things that I think were critical in

Speaker 2 how he runs it. Firstly, is

Speaker 2 he is showing for the first time, I think, that I have ever seen a Democrat do or a Republican in modern politics, active listening to the other side.

Speaker 2 It seems so crazy that this is some sort of special event and special concept, but this active listening moment where you see a politician, it totally breaks down the walls where you immediately feel on guard or on offense.

Speaker 2 against that person. Because if someone's actively listening to you, you actually feel like you're on the same side somehow and you're trying to come to a conclusion together.

Speaker 2 And so what that does is it invites the person on the other side, in this case, the audience, the listener, to be with Gavin, part of the kind of coming together.

Speaker 2 The second thing I think he did that's really brilliant is so much of the modern political bimodalism where you're in one camp or the other means that everything is a one or a zero.

Speaker 2 You know, Andrew talked about this. We're all generally, I think, none of us would consider ourselves political party affiliates.

Speaker 2 We are all generally people that like to think for ourselves on a topic or an issue, and we don't care about what party is associated.

Speaker 2 But the way modern politics has evolved is you don't debate the topics, you debate the one or the zero because of what the party says.

Speaker 2 My party says this is the position, therefore I'm a one and you're a zero. And the other side says I'm the one, you're the zero, meaning everything has to be binary.

Speaker 2 I'm completely right, you're completely wrong. And I think what Gavin has done is he's shown that these are not ones and zeros.
They're 80-20 or 60-40 or 55-45. And he's willing to acknowledge that.

Speaker 2 He's showing that, you know what? We might be only 45% right. And on so many topics, the Democratic Party has ended up slightly wrong.
They're 45-55. It's not that they're a zero or a one.

Speaker 2 They're slightly off on taxes. They're slightly off on social issues.
And they're off just enough that they lost the election.

Speaker 1 They're off just enough that they lost the election. Spress tax.
Spress tax. Andrew, 2028, Trump's running for his third term versus Gavin Newsome.
Who do you vote for?

Speaker 3 I mean, we got to run it back for a third term for Trump. No doubt.

Speaker 3 Of course. No, obviously, I believe that.

Speaker 1 No, but theoretically, if it wasn't a third term, Gavin versus Trump, who would you go?

Speaker 3 It's, I mean, I got to see what his policies are, and I got to see where America is.

Speaker 3 I think that the big misunderstanding with this last election is that at least the Democrats who are still trying to vilify these figures on the right,

Speaker 3 what they don't understand is they think that this was like some populist election where people just fell in love with Trump and they just loved it so much they would just do whatever he says.

Speaker 3 What I think is harder for them to grapple with is the self-reflection of a rejectionist vote. So I think people rejected the Democratic proposal.

Speaker 1 100%.

Speaker 3 And they went with what the other alternative was, which was Trump. And

Speaker 3 that's a way tougher pill to swallow. You have to look back at everything you've done and go, wow, we're off.
We're not listening to the people. This guy listens to the people.

Speaker 3 I mean, it seems like I'm fluffing Trump here, but like,

Speaker 3 I would say that that his greatest skill is listening to what people say.

Speaker 3 And I think a lot of times there's this Ivy League pretentiousness in the Democratic Party where it's like, we know it's better for you.

Speaker 3 And I know you say you want these things. You don't really want that.
Let us,

Speaker 3 we've studied and we've talked about it in our little thought experiments in class. So we know what you need.

Speaker 3 You just shut up and decide.

Speaker 1 It's condescending.

Speaker 3 And exactly. So I think that like when people go, ah, the food is giving me cancer.
And then he appoints the guy who says the food is bad to run the food.

Speaker 3 The American people go, well, that kind of seems like a good thing. I like that.

Speaker 3 You know, it is like an acute understanding and listening to what people are saying. And sometimes to his disadvantage, like he came out against that,

Speaker 3 they were putting some like. tax on people who drive into Manhattan or whatever like yeah

Speaker 3 congestion pricing and initially congestion pricing initially people really rejected it right? And then,

Speaker 3 so he was like, we're getting rid of congestion pricing.

Speaker 3 And like two weeks after they put that congestion pricing thing, everybody I knew with a car was like, this is the greatest thing the city is doing.

Speaker 1 Yeah, you can actually move, right? You can take a taxi and it's faster than

Speaker 3 the superreach is good. Bureaucracy

Speaker 3 is nice.

Speaker 1 Yeah, you want a car, stay in the boroughs.

Speaker 3 Exactly.

Speaker 3 If you don't get a car in Manhattan, explain this to me. To people, it's a little bit egregious.
I mean, you and I do, Jason, but everybody else shouldn't have it.

Speaker 1 exactly exactly correct our lives should be different you know what i mean absolutely absolutely but what i mean what's the point of us having nice cars if we can't drive them whatever we want yes yes and you know we grew up at a time where on the lower east side uh you know you could go to tribeca we could go to a club limelight you could park outside the limelight at night you could go to palladium you could park on 14th street i park right on 14th street okay i go

Speaker 3 used to be a church right and then you know i sniffed a pop of ecstasy you do a little whatever but

Speaker 1 it's four in the morning

Speaker 4 goofballs. Between your stupid mustache and your Ozempic turkey neck, I am totally for this turkey neck.

Speaker 1 Go to something useful.

Speaker 3 Are we going to let Chama sit there in MacGyver's funeral outfit, tell us that we're goofballs? This guy's wearing a vest with a collar. He looks like he's going to a Punjabi wake.

Speaker 3 I can't believe that he would even talk about the way that you're dressed and how you look.

Speaker 4 This is custom Laura Piano, boys.

Speaker 1 This is Laura Piano, really? Why does it look like you got it at Zara?

Speaker 3 All right, listen.

Speaker 1 More importantly, let's stay on track.

Speaker 3 Yes, yes, we got to stay on track. Can I tell you guys something about tariffs from a layman? Yes, please.
You guys are acutely aware of maybe how these things affect markets and yada, yada, yada.

Speaker 3 And most people don't have any fucking clue. So

Speaker 3 the average person, right?

Speaker 3 I look at this and I'm like, man, it kind of sucks that you got to like negotiate your like your bid for a car that you're going to buy publicly, right so this is my assumption and maybe i'm like a little bit more optimistic than most about the administration but

Speaker 3 if i go to buy a car and the car is let's say at 100k and i go offer the guy 80 right

Speaker 3 i don't want everybody around me yelling out like how can you insult him by offer him 80 this is an insult and then i i can't go to them and i go I'm actually trying to settle at 90.

Speaker 3 I'm just saying 80. So he comes down a little bit.

Speaker 3 But the unfortunate thing when you litigate these things in front of the entire world is that they look at that first measure this 200 tax and trump can't balk at it he can't go yo i'm just

Speaker 3 i'm just playing around with that number i actually just getting them to come down 20 or 10 getting to come down anything is a win he can't say that because he loses all his leverage so he's got to sit here and then get criticized by i don't know if it's half the country i don't know you know who really ends up caring about what these tariffs do obviously they're repercussions in the market i got a buddy of mine building a hotel out in joshua tree and he's like i don't even know if i can get brought into the country from canada so it does affect people people in real time.

Speaker 3 But it's impossible to do these negotiations with any leverage if you have the people within your own country questioning your ability to negotiate in real time. That is what the layman would think.

Speaker 2 Well, I do think you're right in the sense that in the early days when Trump was talking about tariffs, initially everyone was like, oh my God, he's going to use tariffs. He's unpredictable.

Speaker 2 And then the narrative became he's using it as a negotiating tactic. The problem is, just like in poker, once everyone knows that there is this kind of action, it's exploitable.

Speaker 2 And so this is now kind of an exploitable mode of negotiation where everyone now assumes he's just trying to negotiate. So no one actually takes him seriously.

Speaker 2 The question now is the response going to be that he's going to be serious about it, or is he actually exploitable? And you saw what China's response was. I kind of view China as like AI.

Speaker 2 Like stuff goes into China, the AI processes it and it comes back out.

Speaker 2 China is like, obviously, the way they're kind of structured, you have very little psychosocial bias like you do with other democratic governments. It's very systematic.
It's systematically processed.

Speaker 2 Every piece of data is systematically processed. Every action is systematically processed.

Speaker 2 And so I think when you look at how the Chinese ambassador responded to Trump on Twitter a few weeks ago, where they're like, you want war? We'll give you war.

Speaker 2 This is a hot war or cold war, whatever you want. We've never seen that from an ambassador to the United States president before done on Twitter like this, let alone the Chinese ambassador.

Speaker 2 So I think it says a lot about how the Chinese AI is processing the Trump negotiating tactic or the trump positioning statements on tariffs which indicates that there may be now i mean we can talk about what game theory optimal play might be in this kind of poker game what's going to come next but there's a real assessment that they've made on how far he is willing to take it they've got a conclusive statement and they believe that this is the fastest way to kind of win their negotiating position but it says a lot about where this is all going everyone now understands or views this as an exploitable moment which unfortunately means that tariffs may not work or they're actually going to have to stick, which can be really ugly.

Speaker 3 Yeah, it could be painful.

Speaker 2 It could be painful. Forever.

Speaker 1 Shamati, your thoughts on the tariffs and Andrew's position?

Speaker 4 What is the, I think it's, it's like 120 some odd years. Nick, maybe you can find this tweet that I had, but almost the majority of

Speaker 4 years as a nation, or close to a majority of the years as a nation,

Speaker 4 we had no income tax. And the way that we would fund the programs that we needed was not from insiders, but from outsiders.
And that's where the tariff was born, right?

Speaker 4 It's people domestically in America don't pay any taxes on the things that they do. And instead, if you'd like to sell into the United States, you pay a reasonable tax.
So this is the Tussomani years.

Speaker 4 So it's 126 years from 1776 to 1861. Then we paused it for a few years because of the Civil War.
We restarted again in 1872. And you notice when it stopped.

Speaker 4 When it stopped was right around World War I, where this entire war machine broke out, and we've never looked back.

Speaker 4 So I don't know. I think that one way to think about this is we're probably going to go back and explore,

Speaker 4 isn't it better if we have this incredibly vibrant and rich country of 330 million people with a ton of purchasing power?

Speaker 4 What happens if we put the burden not on them to fund the American infrastructure and social programs and safety net, but if we put the burden on all the companies in the other 7.7 billion people in the world, in the 185 plus countries, that want access to these folks, should there be exceptions?

Speaker 4 Probably. Should there be waivers in very specific and narrow cases? Absolutely.

Speaker 4 But I think that that's where these guys are going. And I think that you heard this, by the way, yesterday from Howard Luttnick.

Speaker 4 I don't know if you guys saw this, but he said the Trump tax plan is going to cut. federal income taxes to zero for anybody making $150K or less.
Thought that.

Speaker 3 It's crazy. What What would the vulnerability in that be? Like putting the burden on all of these expenses that we would incur on other countries, what would that vulnerability for us be?

Speaker 4 There are two.

Speaker 1 The first is the expenses.

Speaker 3 That's

Speaker 2 the key. We keep the tariffs.

Speaker 1 We charge them to come into the market. We charge them an extra 25%.

Speaker 2 But we talked about this last week. If you cut the budget, then it can be net neutral.
That's part of what they said.

Speaker 4 Got it. But he's saying, what is the strategic vulnerability? I think the strategic vulnerability is two.

Speaker 4 The thing with tariffs is, and you're pointing out this, let's just say today you say there's a tariff and then tomorrow you say, oh, we've found an agreement and we're going to take it off the table.

Speaker 4 One piece of logic would say, wow, that's great. We're able to change our mind on a dime.
The problem for countries and companies is that they can't think in 24-hour blocks of time. Right.

Speaker 4 They're making decisions in five and 10-year blocks of time. It's like, I'm going to go and borrow a billion dollars.
I'm going to go and build a a data center. I'm going to borrow $10 billion.

Speaker 4 I'm going to build tanks. Once you start that, you can't just stop it and then restart it.

Speaker 4 So that's one strategic problem, which is that if you are not careful, some of these markets that are really crucial, I'll give you one which we talked about last week.

Speaker 4 Right now, 95% of all of the energy we generate in America is from renewables. Whether you like it or not, that's just what it is.

Speaker 4 The reason why that's possible is because America has a very sophisticated market where all these people come from all corners of the world, insurance companies, life insurance companies, banks, and they fund all of it.

Speaker 4 And the reason is they can take a tax credit, they can lower their effective tax rate, they get a higher rate of return. It's all super complicated.
But the point is these incentives exist.

Speaker 4 If all of a sudden you

Speaker 4 play around with that market, half that energy would go away, electricity prices would rise, inflation goes up.

Speaker 4 And then if we have to go and compete against China for AI and a bunch of other stuff, where is the energy gonna come from? You're gonna brown out people?

Speaker 4 You're gonna just turn their energy off so that you can fund a data center so that the TikTok algorithm is better? That's literally what we would have to decide. So that's one way.

Speaker 4 And then the second way is if you're providing a critical service or a good to American people, for which there is no alternative, that becomes really problematic because that person can then pull that product and say, I can't afford to make it.

Speaker 4 The obvious example is if you make pharmaceutical drugs for rare diseases, what do you do? And again, those are all things that are like multi-decade-long decisions.

Speaker 4 You'd love to make them and unchange them every 24 hours, but it's just not possible because you just make these decisions and you're stuck with them for a long time.

Speaker 4 That's where the tariff thing becomes problematic if you change them often enough.

Speaker 4 If you implement them and you're like, this is what it's going to be, the the world can adapt and people can figure it out.

Speaker 1 I mean, the other problem is just the communication of this has been terrible. We were on the program last week or two weeks ago.
Joe Lonsdale is like, this is about fentanyl. So is it about fentanyl?

Speaker 1 Is it about getting rid of income tax at the federal level? Is it about supply chain resiliency? These guys get like a D in my grade book for communication. It's terrible communication.

Speaker 1 And this idea that you can't take Trump too seriously about his claims, like, well, he said he was going to overturn Roe v. Wade.
He did it.

Speaker 1 He said he was going to close the border and send people home. He did that.
You know, he said he'd do a Muslim ban. He actually did that.

Speaker 1 So for every time he says something and you're like, that's cap.

Speaker 1 No way he's going to do that. I actually think people are starting to realize he's going to do something here with these tariffs.
They're not just a negotiating position.

Speaker 1 And the other problem I think a lot of people have with this is it centralizes power. Anybody can go to Trump now and say, I want an exception.
I'm, you know, a car company. I want an exception.

Speaker 1 I'm a solar company. I, you know, I need an exemption.

Speaker 1 And then now you've got everybody going to Mar-a-Lago to kiss the ring, to give him a donation, to bow down, and it centralizes more power with him as opposed to having rules.

Speaker 3 Yes.

Speaker 1 And we need to have rules in this country that apply to everybody, not just people who give a million dollars like Bezos and Tim Cook and everybody and Zuck the weather vane gave him.

Speaker 1 We don't want to live in that world where you're just bribing Trump to get your tariff. And that's how people feel.
That's how the business community feels. That's the reality right now.

Speaker 1 People are bribing Trump, giving him a million dollars to the inauguration to get close to him, to go to Mar-a-Lago. And it looks really bad.

Speaker 1 You need to have a clear strategy here for what the rules of the game are. And he's changing the rules.
So you have to go to him.

Speaker 2 And he loves that.

Speaker 1 That's actually, I think, what he's trying to do is get everybody to go through him. It's a really clever hack, I think.

Speaker 3 Yeah. And perception is reality.
So you have to react to people's perception. Like we can throw data points all we want at people and we can throw research and all this other shit.

Speaker 3 But if people aren't meeting you there, then you're not going to be communicating with them effectively. And I think that

Speaker 3 that's something that, like, you know, especially you guys need to know. You guys have privity information that the average American probably is not.

Speaker 3 And we can bitch and complain about how they don't read or how they're not looking up, you know, what happened in 1913 to change the course of American history and how we started.

Speaker 3 Or we can go, okay, we need to find a way to disseminate this information so that they can make these decisions and I guess or feel comfortable with the results of these decisions.

Speaker 4 Do you think America would

Speaker 3 be okay with this idea of taxing outsiders and then relying on it versus income tax paid by its own citizens i think that the second half is really all that would matter i think that people are thinking i think the majority of people are thinking about the next week so if you say that i don't have to pay taxes like and i think this is what republicans are doing way better than democrats right now is like Democrats don't have build the wall.

Speaker 3 They don't have slogans. They don't have things that immediately tap into like core emotional feeling, regardless if you're going to do it or not.
We want Greenland. Okay, that's cool.

Speaker 3 Democrats need eggs or a dollar.

Speaker 3 Democrats need things that like echo their sentiments and how they want to like take care of people and provide for the disenfranchised, but it has to be done in a way where it's digestible.

Speaker 3 You can chew on it. If you want to make housing more affordable, then you say, yeah, we're seizing public land.
We're building 10,000 units.

Speaker 3 Like you have to tap into what Americans need, which is a feeling of not just comfort. Every American thinks they're going to be a millionaire.
That's what this country drives off of, right?

Speaker 3 It's every poor American.

Speaker 4 That hope, that hope, yeah.

Speaker 3 And the second they stop thinking they will be, they

Speaker 3 can be, or they can be, it falls apart. And then some healthcare CEO gets shot and people celebrate.

Speaker 3 They're celebrating because they no longer feel the hope that they could be in that position. Yeah.
They feel so disenfranchised.

Speaker 3 And this is what, like, I'm telling you, like, the you guys of the world need to pay close attention to because there's going to be no empathy if anything bad happens. Oh, the stock market is down.

Speaker 3 No Americans are invested in the stock market. Like, that's all you guys.

Speaker 1 I've been saying it. No, no, no.
I've been saying this for months.

Speaker 4 I've been saying it for months. Nobody cares about the stock market, nor should we.

Speaker 4 And the reason is because we, people who own these assets, have overly benefited more than we've deserved for the last 15 years, ever since the great financial crisis in the United States.

Speaker 4 People who, as Jason said, could cozy up. And by the way, Jason, I think the

Speaker 4 claim that you made, which

Speaker 4 is severely true for how from 2007 up until now, has played out. Because if you look under all the programs,

Speaker 4 if you could have lobbied Obama in those critical years of the GFC,

Speaker 4 oh my God, the amount of money that was... No, because we took interest rates literally to zero.

Speaker 4 Anybody like us who could have gone and gotten levered up and gone into the stock market was richly rewarded. And the problem is we left everybody else behind.

Speaker 4 And I think the great thing about Trump is he is going to reset that. He is going to take a lot of wealth away from asset holders.
You're seeing it every day. 500 billion, 500 billion.

Speaker 4 There is no sympathy. I think it's fantastic.

Speaker 3 That's great.

Speaker 3 That's great to hear. you even saying that because I feel like a lot of people that are in maybe your guys position don't understand that disconnect.
And that is important to understand.

Speaker 3 There, like even what happened in the Palisades, like in LA with like the fire, the second people heard it was like rich people's houses, there was no empathy for it.

Speaker 3 They didn't, they don't have a $4 million house.

Speaker 1 You yeah, it was like, and it is I don't even have a house. I can't find a house.
You burned your house down and you moved, you went back, you went to your vacation house.

Speaker 2 Now you, oh, I'm sorry, you're living at your ski house.

Speaker 1 That's a tragedy. Like literally, you're right.

Speaker 4 It probably explains why we don't hear anything in the news anymore about anything that's happening with respect to Reconstruction or any of the disruptions that's happening.

Speaker 4 It's a rich person problem. It's a rich person.

Speaker 1 I think putting together what you just said, Schultz and Utramoff,

Speaker 1 Trump is a master at connecting with people and listening to them. I thought one of the greatest things

Speaker 1 he did during this last election is when he said, no tax on tips. When he said no tax on tips, he was going right for Nevada.

Speaker 1 He was going right for that swing state, you know, to get those folks who live off tips.

Speaker 1 But what he was also doing is saying, I know that there's a bunch of y'all that sometimes get cash tips, you put it in your pocket. It's the gray market.
I get it.

Speaker 1 You know, I run a whole, you know, I got caddies who get a Hyundi from, you know, whatever, taking somebody out on the course.

Speaker 1 We're just going to make it official. You don't get tax on tips because we know that you're, you know, you're the bottom third of the country in terms of your economic power.

Speaker 1 Those kind of statements really do connect with people. Trump has just mastered this.
This party is, Trump is the Democratic party that we grew up with.

Speaker 1 it's kind of crazy it's kind of crazy right and then the democrats became this elitist group that seemed to be in the pocket of business interest i don't know what bizarro world we're living in well that i think you tapped into it right there it's like uh

Speaker 3 i think that they could easily win the next election if they made it a class war, but they don't because it feels like they're in the pockets of these billion-dollar corporations.

Speaker 3 So they can't really, I mean, Bernie did it really effectively, right?

Speaker 3 Like this random Jew that lives in Maine or something like that is like, yo, we got to get some money from these rich people, give it back to the poor.

Speaker 3 And all of a sudden, all of America turned him into like our surrogate grandfather. So you can.

Speaker 1 And then he got shivved by Hillary and the machine.

Speaker 3 And I mean, what did they say about his fans? Like they went very specifically. They were like, he has a, his, the Bernie bros have a sexism and bigotry problem, right? They made him radioactive.

Speaker 3 Right. So now you killed the working class.
Now the working class is no longer supporting the Democratic Party. So who do they have left? They have the identity politics groups.

Speaker 3 So they can't piss off the identity politics groups because they're like, that's all we got left. They did the same shit with us during the election, right?

Speaker 3 They're like, the podcast bros have a sexism and bigotry problem.

Speaker 3 They try to make people radioactive. And it's like that card's been played so many times that people are disinterested.
It doesn't work anymore.

Speaker 4 I think there's one big shoe left to drop. I think we've started the process of really, really taking a bunch of heat out of the asset markets, like equities.

Speaker 4 So we've taken trillions and trillions of dollars of wealth away. I think we're going to take trillions more.

Speaker 4 But the next big market, and this is actually where, Andrew, to your point, we reestablish some hope, I think, for a lot of people, is we are going to whack the housing market.

Speaker 4 It's just going to happen. And let me just say something.

Speaker 1 How is that going to happen, Jamath? Explain it. Because there are 7 million homes that we still need to build to service just current demand.

Speaker 1 How does that actually happen with the supply-demand problem in your mind?

Speaker 4 There are a bunch of mechanisms that have to get cleaned up right now. So one mechanism is that there are a whole host of mortgages that are basically being propped up.

Speaker 4 It was a program that really got out of control under the Biden administration. Nick, you can find this article in the Wall Street Journal.
We are going to figure out how to get these two

Speaker 4 government-related agencies, Fannie Mae and Freddie Mac, out of what's called conservatorship.

Speaker 4 And these are the folks that are responsible for essentially wrapping guarantees around mortgages so that the mortgage market can function. The details don't particularly matter that much.

Speaker 4 But the point is that what we are doing is we are unwittingly propping up with American taxpayer dollars the U.S. housing market.
Why is that bad?

Speaker 4 It is locking an inordinate number of people from that first critical step that actually makes them feel like they are winning and they're on their way to achieving their dreams, which is, can I make a deposit on a home and then can I live this out?

Speaker 4 And you have these artificially inflated prices all around the country as a result of this. So I think this next wave is deeply beneficial to the middle class, which is there is no reason.

Speaker 4 Like you guys see it. When you read the Wall Street Journal, I think it is the dumbest shit in the world when I see an article, which is like, this house just is $65 million

Speaker 4 on 0.4 acres in some rando place in Miami.

Speaker 3 Yeah.

Speaker 1 I was thinking Malibu, but yeah.

Speaker 4 But what is this? This makes no sense.

Speaker 4 And so when you re-rationalize a bunch of equity values and you re-rationalize the cost of a home, I think what you're going to do is you're going to allow a lot more people to find a more reasonable way to enter the housing market.

Speaker 4 And I do think that that's a really big step in allowing them to feel like they're part of the dream. So you lower asset prices.
You can own some stocks. Maybe you own a 401k.

Speaker 4 Or if you've never had a 401k, but your employer offers it for the first time, it may actually make financial sense to put a small amount of it in there.

Speaker 4 You've never been able to own a home, all of a sudden home prices are whack 30 or 40%, you're able to do that. Because of how Trump goes after the budget, when his rate of borrowing for the U.S.

Speaker 4 government goes down, your mortgage rate goes down. Now, all of a sudden, you can enter in because home prices are less and you can actually get a mortgage.

Speaker 4 They may all seem very random, but they can come together in giving 50, 60 million people a shot that they have been screaming since the great financial crisis.

Speaker 3 They don't have. This is so huge because on like a core emotional level, you want as many Americans as possible invested in American success and excellence.
Totally.

Speaker 3 And the greater the delta between like them and their first home or their first investment in stock, the greater that distance, the more disillusioned they become in America in general.

Speaker 3 When they feel like, like you said earlier, like the way that you guys got into the market, when you could basically take out loans for nothing and then you saw these incredible gains they feel left behind the second they feel like they're in on it they own an apartment they own some shares of test that's why crypto is so popular because they're like it's like the only access i got yeah it's like yeah it's like comedy in some ways like all i need is a microphone or music like there's a path for me and crypto obviously is a giant scam it's a scam sure but i can get a piece of this i can get a piece of this this american dream and i would rather that they were invested in the in uh you know Vanguard account or something like that.

Speaker 3 I would rather they're invested in the entire market. I mean, there's this idea, and I'm sure you poke holes and tons of holes into it.

Speaker 3 But this idea, like every American born gets a thousand bucks put into it.

Speaker 1 So a friend of ours, Brad Gersnan, with this Invest America is the concept.

Speaker 3 And regardless if the concept is good or not, the emotional connectivity to the success of American industry is really important.

Speaker 3 When you know at 22 that you could get this thing that's been compounding for 22 years, you could pay off some college loans, you could put something down on a house, you could pay for trade school, whatever it is.

Speaker 3 I think you have a different energy towards America and its success. And then you have a lot less of these kids who are just like, America is this horrible place, and capitalism is bad.

Speaker 3 Yeah, capitalism is bad when you're left behind. When you're invested in capitalism, it's great as shit, baby.
Absolutely.

Speaker 1 We're on the express train.

Speaker 2 Let me give you guys.

Speaker 2 I did an analysis.

Speaker 2 I wasn't sure if I should put it out, but I'll tell you guys the numbers.

Speaker 2 The U.S. Social Security program is meant to be kind of the retirement program for folks that don't have access to private retirement accounts.

Speaker 1 Okay.

Speaker 2 And this program was set up in the 1930s after the Great Depression. And there's a trust fund, the OASDI, which is the fund that they invest the capital.

Speaker 2 So every year we all put money in with our Social Security taxes out of our paychecks, goes in there, and it gets invested. You know what it gets invested in?

Speaker 2 It gets invested in one thing, U.S. treasuries, which have averaged about 4.8% return since the beginning of the program per year.
Meanwhile,

Speaker 2 meanwhile, the SP has been averaging 11%.

Speaker 2 So here's the math.

Speaker 2 If in 1971, which was the year that we went off the gold standard in the United States, if we invested the Social Security Trust Fund in the SP, the balance of the Social Security Trust Fund today would be $15 trillion.

Speaker 2 That would be roughly one-third of the value of the total SP 500, which would be jointly owned by all Americans who took their capital. Now, here's what's fed up.

Speaker 2 What's up is that the middle-class people who had access to private retirement accounts benefited by buying the SP 500, and the wealthy were able to access it.

Speaker 2 So, all of the equity value that accrued from American enterprise and the prosperity of the American system accrued to the people that had access to the private accounts.

Speaker 2 Meanwhile, the people that only had access to the public accounts got stuck owning treasuries. Today, the Social Security Trust Fund has $2.7 trillion balance.

Speaker 2 And based on the outflows and inflows, it's going to go bankrupt in 2032.

Speaker 2 That means Social Security is either going to get cut or the Fed's going to print a ton of money to keep Social Security benefits.

Speaker 1 The retirement age goes up a little bit.

Speaker 4 Yeah, there's a lot of levers.

Speaker 1 Wow.

Speaker 2 So I did the math. If you assume that the SP 500 continues to grow at 10.5% a year on average, there's ups and downs.
And sure, there could be basically drawdowns and all these other sorts of things.

Speaker 2 But here's an important point. We could put about $500 billion in the trust fund today, and it will not go bankrupt again.

Speaker 2 And it will continue to grow every year and then all americans have participation in american enterprise and importantly this becomes the world's largest sovereign wealth fund ever you don't need a separate sovereign wealth fund we already have one we have it it's called it's called the social security trust fund and what we've done is we've totally mismanaged it and i went back to try and understand why this is the case why have we only ever bought treasuries early on the u.s needed someone to loan money So they basically forced the citizens to loan the government money in the form of treasuries.

Speaker 2 But today, the Social Security Trust Fund owns only less than 10%, about 8% of the total treasury bonds outstanding.

Speaker 2 The rest are owned by the Fed and foreign investors and private investors and others that want to own it. So why are we forcing all the American citizens to provide it?

Speaker 1 We're bringing it up for no reason.

Speaker 2 And we're discouraging access. So basically, we've created, through the Social Security system, we've created the deep inequity we see in this country.

Speaker 2 If instead we had allowed the Social Security system to invest in the S ⁇ P 500, to buy American enterprises, to fund American businesses, then then every American would be wealthy.

Speaker 2 And that middle class that uniquely participated by basically arbitraging the market, where they forced the treasury bond yields on the poor and they got to take access to the equity yields would have not happened.

Speaker 1 Yeah, they had 401ks, right? They had built a device. They had a device.
They had built IRAs and they were able to participate with brokerage accounts and buying in the market.

Speaker 1 But what we can do right now is we can fix it. And here's the important point.

Speaker 2 People will then argue, oh, well, what if there's a down year or two down years in a row? You know what? We're already going to be printing money to make up the hole in Social Security.

Speaker 2 We're not going to let Social Security go bankrupt. We're not going to let it dry out.
So we're already going to print money to make the Social Security whole.

Speaker 2 So if that's the case, we can create a backstop for Social Security. We're going to have to do it either way, but we might as well take it.

Speaker 1 Yeah. So we might as well take on the bank.

Speaker 3 Yeah. No, no, no, Tomath, you were going to say something.

Speaker 4 The reason why we didn't do it goes back to what you said before, which is we have a bunch of, we had a bunch of very quote-unquote well-educated Ivy League trained people running these these institutions.

Speaker 4 And the feedback, I don't even know what it said, but I can tell you what the memo said. There's too much risk.
We've sensitized this model. It doesn't make sense.
This is the safest thing to do.

Speaker 4 So it goes back to just like, we need a little bit more practical thinking.

Speaker 4 Like at the end of the day, why the SP 500 exists is of all the thousands and thousands and thousands of companies in the world, you know how many companies in the world make more than a billion dollars a year?

Speaker 4 More than 20,000.

Speaker 4 And of that 20,000, the S ⁇ P 500 is just the 500 best. It's the best of the best of the best.

Speaker 4 So to your point, Freeberg, it didn't take a PhD from Harvard to figure out that if you just owned an index of the absolute 500 best things happening at any given point in competition, it would have gone up.

Speaker 3 Also, since when do America, since when are Americans risk intolerant? Like there's something baked into the DNA of the people that decide to leave their families and move here.

Speaker 1 Totally. Immigrant country.

Speaker 2 And to your point, imagine logging in. Like, like, we've all had, I'm assuming, a 401k account.
And I remember how exciting it is to log in and see the account.

Speaker 2 And, Schultz, I want to say something that's really important. Like, you talk about us people, like, you know, early on, the commentary, which is something I hear a lot.

Speaker 2 My first job was making $4.25 an hour cleaning toilets in a pool hall in upstate New York. Jamaf has similar stories.
JCAL has similar stories. Like any of us that

Speaker 4 are 55 Canadian working at Burger King.

Speaker 2 Yeah. And I had to like, and then the worst part about my job in the pool hall was that then the manager made me go play poker at his house and he took all the money back.

Speaker 1 I stole the chicken fingers at night and bring them home.

Speaker 3 My mom would, but my mom would whip them up.

Speaker 2 But it was so exciting in my career, in my life, to be able to like go from that moment to the moment where I had a 401k and I could log in and I could see the businesses that I owned and I understood that.

Speaker 2 And I saw the value go up and I got to participate.

Speaker 2 Imagine if every American, when you get your social security statement today, all it tells you is a dollar amount and how much you're going to get in the future.

Speaker 2 Imagine if you logged in and you got to see all the businesses you own a piece of.

Speaker 3 And you got to participate

Speaker 2 every single day.

Speaker 1 You got to be lighting a test. And we can fix this.

Speaker 2 And by the way, we can solve both the sovereign wealth fund question and the social security trust fund question.

Speaker 1 Every dollar.

Speaker 2 that's going into these sovereign wealth fund ideas or if they come to fruition or in my opinion and obviously i haven't spoken to docs about this but the crypto fund and all this other sort of stuff every dollar of that should go into the social security trust fund and that social security trust fund should be for the benefit of all Americans and it should be equities.

Speaker 2 It should be ownership. It should be participation in what the American dream

Speaker 3 portfolio.

Speaker 2 The American dream enabled us all to succeed. And it should enable everyone else to participate in shares and equity in American enterprise that can come to market.

Speaker 2 So it's not about a thousand bucks when you're born.

Speaker 2 It's about an ongoing participation, putting your money in and having that money allocated in a way that America, that's smart and wealthy Americans get to allocate it, which is into owning shares and businesses.

Speaker 1 That's it. Yeah, Sheltie.

Speaker 3 Yeah.

Speaker 3 No, I think it's great. And hopefully, you guys don't feel like I'm like discrediting you by saying you guys, but I'm just trying to give you a lot of things.

Speaker 2 I think it's a great, it's an important framing because it's like,

Speaker 2 you're 100% right. But like, I, you know, we see comments on YouTube, like, oh, you guys, and I'm like, dude, I remember like

Speaker 2 it feels like yesterday when I was in friggin debt. I graduated college with a bunch of debt and I went and like found a job and worked my ass off.
And I was working 20-hour days and never slept.

Speaker 2 And like, you know, it wasn't easy. I mean, I feel like very emotional about this right now.
Sorry, hang on.

Speaker 3 It was hard.

Speaker 3 Listen,

Speaker 1 it wasn't easy, bro. It wasn't given to you.
None of us inherited.

Speaker 2 None of us inherited.

Speaker 2 We came to America. And to see the joy

Speaker 2 to see what we all benefited from, I'm getting emotional about this, but it's like, well, it's like

Speaker 1 the American dream's broken.

Speaker 3 Listen, we got to fix it.

Speaker 1 No, no, I need to have it. Fix it for us right now.

Speaker 2 To have people talk about it as if, as if being successful and

Speaker 2 getting there is a crime.

Speaker 1 No, no, no.

Speaker 2 No, it's a dream.

Speaker 1 It's a dream. Sheltie, God.

Speaker 3 I think the framing of this is very important. Like, my mom is also an immigrant, right? She came here from Scotland.
She has no education.

Speaker 3 I think she stopped going to school at like 14 or something like that. Comes to America and she's this massive success here in terms of like where she came from, where she got to, right?

Speaker 3 And what she was able to buy. She's able to buy a home in the East Village of New York City.
She's able to buy a beach house, like just off of like grind and hard work.

Speaker 3 And what she saw here, which I'm sure a lot of you guys also saw, is opportunity. She had ambition and opportunity.
And

Speaker 3 I think that that's what, I think a lot of times that's what immigrants see when they come here because they probably come from places where they feel absolutely no opportunity.

Speaker 3 So the second they feel like there's a little of it, and if they work those 20 hours a week, I mean, I saw my parents grind. Totally.
Like my work ethic just comes from watching them.

Speaker 3 You know what I mean? Just watching them just kill it every single day.

Speaker 3 So what I think that you guys are speaking to, which is really important, and I think it's important that people know your story as well, because it becomes more accessible when they see you guys and they know what you came from and they know you're working at burger king and now you guys are worth billions of dollars it's very important that americans know that that's possible for them maybe not to hit a billion but maybe to hit a million maybe hit 300 000 maybe to buy a house that's a hundred thousand dollars that they're really proud of own it outright and own it outright

Speaker 3 and the fact that this is accessible like what you just said to me is just hope and abundance. Like that's the messaging of what you just said.
You said something that made it seem very simple to me.

Speaker 3 We put this money here. Everybody's now invested in the success of the American economy.

Speaker 3 And now, when we see the stock market ticker look green, which is all the average person sees, green or red, we don't really know anything. But when we see green, we get excited.

Speaker 3 We go, wait, wait, yeah.

Speaker 3 And now we

Speaker 3 go. And we start rooting.

Speaker 2 Kimal feels that way too.

Speaker 3 Yeah. Well, but think about it.

Speaker 2 He's getting excited right now if you're saying that.

Speaker 1 But he's going to start crying.

Speaker 3 Oh, wait, it's green today?

Speaker 3 It's been red for a week. But think about like CEOs, right? Like these people have become villainized, right? And it's because we're not attached to the success of their companies.
That's right.

Speaker 3 If your biggest holding is Tesla, it doesn't make you. Please believe you're not upset.

Speaker 4 I think people think that their success now works against your best interests.

Speaker 3 Yes. Instead of working.

Speaker 1 And the system's rigged. And the system's rigged.
And you can't be part of it. And you're being ground down.

Speaker 1 This is, I think, really good proposal, Freeberg. And if you look at housing, that's the other one.

Speaker 1 If I run for president, you know what my position is going to be, Shelton?

Speaker 3 What's that?

Speaker 1 I'm going to build five cities with 3 million homes in each. And you can only buy them if you make under X amount per year.

Speaker 1 It's not going to be like the projects or like, you know, subsidized housing in New York.

Speaker 3 I'm talking about.

Speaker 2 It's not going to be Stuyvesantown, okay?

Speaker 3 It's going to be like nice houses.

Speaker 1 It's pretty good if you can get it. Yeah.

Speaker 1 Stuyktown is not bad. But not like projects.
I'm talking about like proper homes.

Speaker 1 We are the most innovative country

Speaker 1 society ever created. I mean, since the Greeks, they were pretty great too.
But we could build five new cities. Why the can't we build five new cities with 3 million homes in it?

Speaker 1 Let's do some like Manhattan project for housing and then healthcare. How the hell do we not have like good health care for everybody in this country?

Speaker 1 The richest country in the world, greatest economy, whatever. We should be able to solve those problems.

Speaker 1 And that's why people don't feel like they're part of this is because basic housing, basic healthcare, and your retirement, it's not like it's rigged against you.

Speaker 3 This sounds crazy, but for young people, I think they would

Speaker 3 forgive healthcare if they were invested in the market. And I think

Speaker 3 being invested in the market is just so daunting. But the feeling that everybody else is getting rich when you're not is the reason why I bought crypto, not knowing anything about it.

Speaker 3 It's the reason why everybody else bought it. It's this feeling that the train is running away and you're not going to be part of it.
So how do we get them to feel part of that success?

Speaker 2 I think really importantly, you know, today, just to give you guys some other statistics, 60% of a middle-class household's net worth is in their home.

Speaker 2 Only 10, 10% of their net worth is in owning the S ⁇ P 500 in index funds or whatever in their retirement accounts.

Speaker 2 And so by creating this American dream around housing and allowing the federal government to provide loans on housing, we've increased the cost of housing.

Speaker 2 We've created a very like destructive housing bubble in the sense that it has reduced people's exposure to participation in productive value creation. And that's through the ownership of businesses.

Speaker 2 Instead, we've stored our net worth in a house.

Speaker 2 And in order to keep the economy and the social structure stable we've created policies that allow the continuation of the growth in the value of houses so people feel like their net worth is incrementing and 100 right and that's unfortunately very restrictive

Speaker 1 making new housing which makes it worse with the restrictions have you guys heard of warren buffett's most public failure

Speaker 4 Warren Buffett's most public failure was when he was brought on as an advisor to Arnold Schwarzenegger, when Schwarzenegger was running for governor.

Speaker 4 And Buffett kind of looked at the laws in California. And there's a law in California when you own a home that when you pass on, you can pass it off to your kids.

Speaker 4 And you can basically keep the costs that you paid in terms of setting the real estate taxes. And it's had an enormously negative effect in unlocking turnover of homes.

Speaker 4 And that's a large driver of why homes are so expensive in California. So Buffett looked at this, and there was a lot of fanfare.
Schwarzenegger's like, here's my economic genius.

Speaker 4 And first thing he said was, guys, I think we should repeal this law. He was gone two days later.

Speaker 1 Wow. He's not popular.

Speaker 2 And by the way, there's a lot of other policies like this.

Speaker 1 Two days later, you have to resign.

Speaker 2 If you do the true kind of like macro analysis as an investor, you should probably have about 20% of your net worth in the U.S. in real estate, not 60%.

Speaker 2 And so we need to give people the ability and we need to think about all the follow-on and trickle effects of creating a set of laws, a set of policies that basically incentivize almost all of your net worth to go into a single asset, your home.

Speaker 2 And what that then means in the fact that we have to keep pumping up the value of that home and we have to have a system in order for people to feel like they're getting ahead, keep inflating, and eventually people can't afford homes.

Speaker 2 And that's where we are today.

Speaker 3 When did you guys first started your education in the markets? Like, at what age did you feel like you sought out?

Speaker 1 I bought my first stock in the company I was working for, or the parent company, the company I was working for in 1989 when I was 18 years old.

Speaker 3 So 18. What about you, Dave?

Speaker 1 I bought $300 in stock.

Speaker 2 I signed up for an E-Trade account in college because I saw that TV show called Bull. Do you remember that TV show? It was about investment banking during the dot-com bubble.

Speaker 2 It was such a, no one knows that show. And I was like, man, Wall Street is so cool.
I want to learn about stocks because I was an astrophysics major.

Speaker 2 I didn't like, I didn't know what I was going to do after I was going to go to graduate school or whatever.

Speaker 2 And then I got caught up in the dot-com bubble and I started reading the Wall Street Journal every day. I would take it down to the friggin plaza and I would read the journal at school during lunch.

Speaker 2 And I tried to learn about tech and business and markets because I've always been a tech guy and I'm like, man, there's all these startups and this is how the markets work.

Speaker 2 So I set up an E-Trade account. I put some money in it and I started and I bought some stocks and I read the Investor Business Daily on what stocks to buy.
They had a rating.

Speaker 2 And I bought those stocks and they went up. And I'm like, man, this is awesome.
Like, I love owning stocks. And that kind of kicked me off.

Speaker 2 And then I got an investment banking job after college and it totally changed my career trajectory. I was like, I want to go work in the tech industry and work in business.

Speaker 1 What about you, Jama? And it shifted it up. When did you buy your first equity?

Speaker 2 But by the way, sorry, let me just say one thing. What you asked is a really important question.
I just realized this, Andrew, because

Speaker 2 my interest in that stock market thing at that time actually changed my career trajectory.

Speaker 2 And it really reset what I was going to do with my life to get involved in business and go work in the tech industry as opposed to work in science. as a researcher.

Speaker 2 And that was a really big shift for me. So it gave me that kind of feeling of like, oh, I got to learn more.
And then that kind of changed my career. Sorry, go ahead, Jamal.

Speaker 4 I was 14 or 15 years old, and there was a,

Speaker 4 this is when Rodney King had the kicked out of him and almost died

Speaker 4 for all these race riots in L.A. And

Speaker 4 nothing had changed actually in America, but where I was growing up in Canada, the provincial government created a program that said, if you're a minority and you're on welfare, we'll pay for you to get a job.

Speaker 4 I was a minority on welfare. So I got a job and it was at a startup that was just going parabolic and their stock was going nuclear.

Speaker 4 And I lived in this shitty part of town and I would see the controller of that company drive past me every day while I was waiting for the bus.

Speaker 4 And one day he stopped and I went with this guy, Sam Legg. He drove me that whole summer.
And he taught me what does the company do? Why is the founder a billionaire?

Speaker 4 What the hell does this even mean?

Speaker 1 He unpacked it.

Speaker 4 And so I saw firsthand what it meant to work not for a salary, but to get a stake in the thing that you're working for. I bought a couple of shares.
It went up and it was great.

Speaker 4 But then I really fell in love with this idea that I could understand something and own a piece of it.

Speaker 4 And then it really accelerated when I graduated from college because I was like Freeberg, I was in debt and I was like, how the fk do I get out of debt?

Speaker 4 And I traded stocks on behalf of my boss, this guy, Mike Fisher, who I thank to this day. And I made so much money right before the dot-com crash.
He gave me the money to pay off my student loans.

Speaker 4 Wow. Wow.
And then ever since then, I was hooked. I was like, okay, I can learn this and I can deal with the vicissitudes of this.
Look, the markets are brutal.

Speaker 4 There are moments where you just wake up and it looks like everything's working.

Speaker 4 And then there are moments, and this is what everybody needs to understand, though, if some of these programs work, where it literally looks like the bottom is falling out.

Speaker 4 And I cannot describe to people the pressure you will feel on behalf of you and your family when it looks like you're taking a 30 or 40 or 50%

Speaker 4 negative downturn to your net worth.

Speaker 4 It inflicts a level of psychological damage that I cannot describe to you. And the bigger the numbers get, by the way, I told this story on Tucker.

Speaker 4 There was a period where I would wake up and I could just tweet and the markets would go up. They were like, what's he going to say next? And then it all stopped.

Speaker 4 And then there was a two and a half year period where I gave it all back and then some.

Speaker 1 Wow. That's frustrating.
Yeah. The Midas touch goes away.

Speaker 4 It's beyond frustrating. It shakes you to your core.
So if we do these programs, I think the Friedberg idea is just beautiful. It's lovely.

Speaker 1 What about you, Schultz?

Speaker 4 When did you make it?

Speaker 4 But just to finish, if we do it, We have to try to teach people how to deal with the drawdowns because that's where if you don't teach them how to deal with the vol the volatility of losing money it's great when everything's green but those red days man how you comport yourself how you act how you treat other people in the red days are the only days that matter yeah it's so growing experience what about you shelton when did you buy your first equity i was probably

Speaker 3 35.

Speaker 1 oh think of 18

Speaker 3 so my my i mean my parents how old are you i'm 41.

Speaker 3 so i would maybe even a little bit later now i might have like owned stock without even realizing it type of thing where like I had like a business manager who set up some retirement fund or something like that, but not me actively choosing a stock and buying it.

Speaker 3 My

Speaker 3 wife's father-in-law is a very successful businessman. And he's, he's, he's, I don't want to say like predicted the markets really well, but he has.

Speaker 3 I mean, he was in NVIDIA like super early, early, early, early, early. And a bunch of others.
And we were like sitting down in like Aspen somewhere. And he like said, hey, listen, what do you mean?

Speaker 3 You don't own anything? He goes, hey, can you take a, you know, I don't know if we said 10 grand or 100 grand or something like that. He goes, can you just put it in these different stocks?

Speaker 3 I go, okay, sure. I open up this like E-Trade account or whatever the fuck it was.
But an interesting thing right there is like, you guys were so young. It was 18, 22, 14.

Speaker 3 And

Speaker 3 to me, I think like the education of this is really important. Like my parents did really well, but they're financially illiterate.

Speaker 3 Like there was no passing on this like knowledge of like investing when when what it means to invest. Like they made their money by like working every single day for it.

Speaker 3 Not like you guys don't, but like they were teaching dance lessons. So it's like, this is how much the dance lesson costs.
And you pay me. And maybe I'll have 40 people in the class.
Okay.

Speaker 3 More people are paying. And now other teachers can also teach.
But it was intimidating to them. It was intimidating to me.
It still is intimidating to me.

Speaker 1 Well, this is the, I think, the upside of crypto in some ways. Also, the upside of prize picks or, you know, gambling, poker.

Speaker 1 It's the upside of Robinhood and Coinbase and all these things being available this generation generation bet like they love to gamble these young kids this is my concern and they're no but they're learning they're learning how to take the the downdrafts i think they are learning

Speaker 3 i think they are learning so maybe like the barrier to entry is less but my concern is that they're treating it more like gambling than investing and i think that we've almost like tricked the american public into thinking that investing is gambling That's right.

Speaker 3 And the way that you guys are describing is it's not. It's like investing in the S ⁇ P and then leaving it there and taking those downturns and waiting for it to come back up.

Speaker 1 Yeah, but here's the thing. You have to learn these lessons at the poker table.
You cannot play poker without real money or else you're not going to get the burn.

Speaker 3 You're not going to stay up at night and say,

Speaker 1 so that's what these kids are doing.

Speaker 3 How do we educate them? It's not every kid, right?

Speaker 1 The education comes from doing. And if you let these kids trade, they will figure it out over time.
And then what happens is, like you, they get married.

Speaker 1 They get a baby. They want to get a house.
And then they say, you know what?

Speaker 1 I'm going to stop buying meme coins. I'm going to start buying Bitcoin.
I'm going to stop buying Bitcoin.

Speaker 4 i'm gonna buy nvidia and things with real revenue on it you just get addicted to gam happening all the time exactly i agree with you i agree with shultz i don't think that i think you're being super reductive like oh they'll get on the the all of a sudden understand dave swenson's yale endowment asset allocation model bullshit i've seen they won't i have seen thousands and thousands and thousands of guys over time who deeply steeped in this business wash out.

Speaker 1 Yeah.

Speaker 4 And

Speaker 4 each 201, the more sophisticated they get, they all fall to the same pressures, which is they don't know how to simplify and they don't know how to be patient.

Speaker 4 These are things that every human being needs to learn. And I don't think time in the market actually solves those two traits.

Speaker 4 Those are psychological traits that you have to go and figure out in a different way. You look inside yourself and you have to figure those out.

Speaker 1 Okay, yeah, no, fair enough. But between the choice of, hey, we're going to grow up blue collar.
We have no access to these markets. We have no way to trade in them.
We have no way to learn.

Speaker 1 And then today, I think the system we have today is better. Can people go off the, you know, jump the fence and lose all their money? Of course they can.

Speaker 1 But they could go to Vegas and do that prior to that. They could work with a bookie.
They could do football sheets. I think they're learning.

Speaker 1 And when you use some of these modern apps and you look at the strategies and you see people on Reddit working on these stocks and their thesis, I think it's trending the right way.

Speaker 3 There can always be more education, but this is

Speaker 3 hope. I think it's hope.
Don't bet on the Jets, right? I said it before. I think

Speaker 3 it doesn't even know what compound interest is.

Speaker 4 I agree with you. In fact,

Speaker 1 I'll tell you a great story. Work to do.

Speaker 4 One of the best things that happened when I invested in the Golden State Warriors, I bought 10% of the team in 2011 or something. I got to meet all of them and I got to meet a lot of my heroes.

Speaker 4 And I remember one meeting where I sat with

Speaker 4 a goatee-like player. Let's just put it that way.

Speaker 1 We'll bleep it out. We'll bleep it out.

Speaker 4 No, I don't want to say his name, but Okay.

Speaker 1 Fair enough.

Speaker 4 And

Speaker 4 he asked me the most incredible question. He's like, Jamath,

Speaker 4 can you explain compound interest?

Speaker 4 And Schultz, I can tell you, I still have this spreadsheet.

Speaker 4 I just showed him a compound interest table.

Speaker 4 And he had no idea how 8% versus 10% is like gargantuan.

Speaker 3 Over 50 years, over 20 years. Yeah.

Speaker 4 And to your point, it was illuminating that you're right.

Speaker 4 Unless you go and you jump into it and you live it. And Jason, I agree with you.
Like there's nothing like, look, Stan Druckenmiller says the same thing. Invest, then investigate.

Speaker 4 Like there's nothing like putting the risk on.

Speaker 4 There's nothing like playing a hand in poker. There's nothing like taking a shot at a different strategy in blackjack.
Win or lose, you get feedback. But my point is, most people don't get better.

Speaker 4 And so that's what you have to solve is like, how can you make it interesting, fun? How can you talk about the losses? Like, this is a thing that I had immense trouble with. I still do today.

Speaker 4 I think I've gotten better with it is to be able to talk about the losses. How do you talk about getting whacked for $4 billion? I can do it now, but it's brutal.

Speaker 1 Yeah. It's stung for a while.

Speaker 1 How ashamed

Speaker 1 you saw me. You're a better person since.
You saw me go through it.

Speaker 4 How ashamed was I for the two years that I had to unwind that shit? How did you do that?

Speaker 1 It was hard for you. Yeah.
Yeah. Yeah.

Speaker 3 It was hard. I mean, imagine your whole identity is built into

Speaker 3 you being successful in these markets.

Speaker 4 And you measure it the wrong way. Like you point to the number in the banking account, not the way your wife treats you, not the way your kids treat you, not the way your friends treat you.

Speaker 4 And then you're like, okay, well,

Speaker 4 I'm 30, 40, 50, 60, 70, 80% poor. So I'm just that much less of a human being.

Speaker 3 Yeah.

Speaker 3 But that's a good reality check to lean into family and those things that matter.

Speaker 4 So my point is, like, if you can, if we can get people more into the market, I think it's an incredible thing. But you have to wrap it in these guardrails that have nothing to do with the market.

Speaker 4 And everything to do with who you are as a person.

Speaker 3 And I think like the first step is showing like what is the most simplistic version of the benefit of the market. And I think it's compound interest.

Speaker 3 I really think that that is if we start there, like remove the stock market. Don't even talk about it.
Just like, what happens if I left it in a savings account that's getting 4%?

Speaker 1 And I don't touch it, right?

Speaker 3 And I don't know. You know, the rule of 72?

Speaker 1 That was the one that's opening my brain up. So the rule of 72 is whatever the percentage you grow per month, divide it into 72.
So let's say you were growing 7.2% in the market per year, divide that.

Speaker 1 It takes 10 years to double your money. So it's a time to double your money.

Speaker 1 If you were growing 7% a month, you know, on whatever your investments are, let's say you got a great business that's growing like Facebook or something like that, that means you double the number of users or revenue every 7.2 months.

Speaker 1 Once you understand that, you can do it quickly. Just like in poker, you know the number of outs.
Each card represents roughly 2%

Speaker 1 chance because there's 50 of them, right? So they each each count for about 2%.

Speaker 1 Then you can start doing this stuff in the back of your head. I had this idea.

Speaker 1 I think I talked about it here on the program of doing a kids' investment club and I bought the domain kids investment club.

Speaker 1 I actually need to do this.

Speaker 1 I've got to prioritize this and find a CEO for it or do it as a nonprofit or something. Just kids need to learn this early.

Speaker 1 Robinhood or somebody should make an app where they can invest like a shadow, but it's, you know, like with their parents. Maybe they can make the trade.
The parent approves it. Something like that.

Speaker 1 There's something where we should be learning all this in high school. This should be like,

Speaker 1 what's more important than this?

Speaker 3 Remove the fear. Remove the fear.
And the reason it's important is what we were saying earlier. Get the American people invested in American success.
And you will find so much more patriotism.

Speaker 3 You will not find us picking on all these little things that. A lot of us maybe go, why is this such a big deal? Like the bathroom.
Like most of us aren't unaffected.

Speaker 3 I cannot begin to explain how quickly we'll forget about the bathrooms when the S ⁇ P is up 15% and you're looking at your portfolio and you're like, you could take a shit wherever you want. Okay.

Speaker 3 Absolutely.

Speaker 1 You've got something else to focus on.

Speaker 3 Absolutely. Look at this.

Speaker 1 Hey, Friedberg, here's your time machine. Check it out.
There's your favorite show. I don't want to make you more emotional, but there it is.
Your guy, Stanley Tucci from Bull.

Speaker 2 I think it only made it one season.

Speaker 4 Once, right?

Speaker 1 One season, but Tucci gang in full effect.

Speaker 2 I was such a tech nerd growing up, but I never thought about the business of technology. And then the startup boom happened and you got this bull show on TV.

Speaker 2 And I'm like, man, this is so much more exciting than sitting in a friggin lab doing mathematical modeling where I was like pulling my friggin hair out. I'm like, I want to get after that.

Speaker 3 And the rest is history, you know.

Speaker 4 Have you guys watched Stanley Tucci on HBO where he tours Italy and he does these little so great and on TikTok?

Speaker 1 I haven't seen it. I've seen it.
And I've seen him cook on TikTok. He's like, Today, is it rolling? It's rolling.
Today,

Speaker 1 I'm going to make you a fruta de mer. It's a data, but I'm doing it in the Capaccio base and we're going to put and i'm like i just can this guy do asmr or put me to bed at night

Speaker 1 he is i i'm gonna man crush on tucci tucci

Speaker 1 i mean he's i would like to roll with tucci can you imagine if we went to italy and just had like a just roll with tucci through italy

Speaker 1 i love that guy any dream possible j cal you could pull it i know where we're all dreaming here we're all dreaming here all right we're still dreamers by the way really important

Speaker 2 everyone should know that I think, like, there's no the thing that the thing that a lot of people assume

Speaker 2 this is the true about humans in general is there's an end to the rainbow, but there isn't. You ride the rainbow till you die.
That's it.

Speaker 2 And there's always hope, there's always dreams, there's always more, and it doesn't stop.

Speaker 1 So it makes it fun. Are you taking the ketamine in Austin or something? What happened? You just got all full of snow.
I'm a little hungover today.

Speaker 2 I started drinking at 10 a.m.

Speaker 1 yesterday. We went to

Speaker 1 the mothership last night.

Speaker 3 Oh, I was.

Speaker 1 And we, well, we hung out with a couple of your boys.

Speaker 3 I dank. Where'd you hang out with with? Tony? Well, Tony, of course, Tony Cliff.
Tony. Tony was very nice.

Speaker 2 Shane Gillis was there?

Speaker 3 Shane Gillis was there, but he was big time.

Speaker 1 He was big time. There was a mob around him.
We didn't get to meet him.

Speaker 3 The guy, Bert, who take, I didn't barely recognize. Yeah, he had his shirt on, so I didn't recognize who he was.
Yeah, of course. Yeah.

Speaker 1 I was like, but then I saw the body shape and I was like, yeah, that's probably

Speaker 1 him. When did you start in comedy?

Speaker 3 I was, I think it's almost been like 18 years or something like that.

Speaker 3 So you started in your early 20s in New york going to the funny bone or what i have a question actually yeah how did you get into it how do you keep your like how do you pay for your life before you make it how like what like is it that you have a normal day job i lived i lived with my parents for like a very long time like my parents lived in the east village so i was walking distance from like multiple comedy clubs it was you know incredibly easy uh i mean i worked like with my parents for a little bit then i managed restaurants and i like just managed them you managed restaurants in manhattan yeah i did i started in santa barbara when i was going to college That's where I did my first comedy gig.

Speaker 3 And then I managed a restaurant out in Brooklyn. And

Speaker 3 would I know it? It was called Biscuit Barbecue. It was in Park Slope, Brooklyn.

Speaker 3 And then

Speaker 3 I started to make a little money in stand-up. And it was like enough to buy a moon's falafel.
I like had like a five to a hundred. You had falafel money.

Speaker 3 I had a five to ten dollar a day budget and I could like I could eat cereal for breakfast. And then I just and I saved some money because I was going to school.

Speaker 3 When I was going to school, I was working at that restaurant. And I like saved some money.
And like, I had a little pipe dream of opening up a bar with a friend of mine in New York.

Speaker 3 And then I was like, you know what? I'm just going to spend this money trying to be a comedian. And I hope by the time I get rid of the money, I'm making money at comedy.

Speaker 3 And it came down to like $700 in my bank account. I was like renting out the room where I slept in.
And I would sleep in a closet in my apartment. And

Speaker 3 it just, and it worked out. It just worked out.
I started making a couple of money, do a couple gigs, start touring, got on a tourist history.

Speaker 3 And then it it kind of worked out.

Speaker 4 Was there a moment that where?

Speaker 4 Because when you, when, you know, when the cancel culture was alive and well, that's when I first encountered you. It was initially on TikTok, actually.
Sure.

Speaker 4 And you were on fire because you were saying stuff nobody else was saying. And I thought, how does he even dare to pull this shit off? And

Speaker 4 was there a moment that where you broke or you tipped or not?

Speaker 3 So I, you kind of like, it's interesting. You kind of break and then you go away.

Speaker 3 Like, so I, so I broke on like some MTV shows and I was, you know, doing all these things on MTV at my my own shows and all that kind of stuff.

Speaker 3 And then I kind of, you know, the MTV thing kind of dried up and then I kind of went away.

Speaker 3 But I was luckily doing this podcast with Charlemagne and the podcast was very popular and that was like providing for me.

Speaker 3 And then I was doing some shows on the road and, you know, people would come out from the podcast. But, um,

Speaker 3 and then I really couldn't get any traction in stand-up world. So when I was doing like comedy stuff with MTV, it wasn't really in the stand-up world.

Speaker 3 And it's because my stand-up maybe wasn't of the ilk of what was like popular at the time. And I have a lot of empathy, by the way, for like the people who are just working at a network.

Speaker 3 They're producing these shows. Like they, their kids in private school, I want to tell a crazy joke about women or gays or whatever the it is.
And they're like, I'm not trying to get fired.

Speaker 3 And like, I'm just trying my kids in private school. We just got them into Dalton.
I don't want to rock the boat. Like, you know what I mean? It's reasonable.
You understand?

Speaker 3 Like, I don't think that they're self-preservation. Exactly.
So. But I didn't want to change my comedy.
So I was like, okay, where can I put it out?

Speaker 3 And luckily, we were putting the podcast out in YouTube. It was successful.
And I just started putting things out on YouTube. And

Speaker 3 I started doing these shows. And these shows started selling out.
It was like really weird. Like the first thing I put out, I sold out the next weekend.
And I was never going to be sold out.

Speaker 3 How many seats? These are like 300 seat clubs and you do maybe four or five shows a weekend.

Speaker 1 And you get 50 bucks a seat, 20 bucks a seat?

Speaker 3 No, not even. You get a flat rate.
You get two grand to do the weekend or something like that.

Speaker 3 And a lot of these times the comedy clubs would just like call people and say, hey, do you want to see this guy and give away the tickets for free?

Speaker 3 It was really the old model was basically it's like a bar. So you just get the people in and they sell the drinks.
So the weekend would sell out. Then another one would sell out.

Speaker 3 And I was like, holy shit, maybe, maybe there's something, there's a conversion rate that I didn't see. And I kept putting stuff out on YouTube.
I would do a new clip every week for a year on YouTube.

Speaker 3 And then I put these, a special on YouTube instead. And then I learned very quickly that there is this huge like white space in the market.

Speaker 3 Like the comedy on TV was corny and people didn't really like it. And nobody was putting out like the quote quote-unquote like real comedy.

Speaker 3 There's different versions of comedy, but I'm being very simplistic. And the more edgy stuff I put on YouTube and it just exploded.
And

Speaker 3 yeah, my career kind of really took off from there. And then COVID came around and there was,

Speaker 3 I was able to be a little bit more honest because I wasn't tied to a network and worried about maybe losing my job at the network.

Speaker 1 Yeah.

Speaker 3 And then it just, I think in America, we reward bravery. Yeah.

Speaker 2 You just signed a Netflix deal, right?

Speaker 1 I mean, you did the show.

Speaker 3 Yeah.

Speaker 2 And we're actually doing the show in Austin tonight where we're going to talk with some folks about this general concept where you start out as kind of an independent, say whatever you want.

Speaker 2 You're totally free. It's your own platform.
It's your own voice. Yeah.
And then you go sign a deal with another platform.

Speaker 2 Like, are you now, you know, do you find it hard to trade the money for whatever might come along with that? There's restrictions.

Speaker 3 There's two ways to look at it, right? It's like, there's one, like, I think that

Speaker 3 I don't want to give myself too much credit here those but like i think that what we've did is created another marketplace for comedy that the streaming networks had to now compete with yeah so they were losing comics to youtube because it was more advantageous to put your comedy up on youtube and build a following and then go sell tickets on the road whereas before the only way you could like really make a big chunk of money on your comedy is if you got one of these fancy specials Now people are like, I don't even want to do the special because if I put it on YouTube, I can tour for years and really build a fan base.

Speaker 3 So they have this autonomy. The Netflix thing is interesting because like Netflix is the second biggest, I guess,

Speaker 3 streaming service on the planet. It's like YouTube, then Netflix.

Speaker 3 So if I already have this huge imprint on YouTube, it would only be smart for me to now tap into the second biggest and see if there's some people there that aren't consuming my content on YouTube.

Speaker 4 So back to the, so then back to the, the guy who's got the, the kid at Dalton now, when you go and negotiate a deal with Netflix, are they basically silent or do they have not a single note? Yeah.

Speaker 3 So you do whatever you want and it is what it is let it write now my last special was supposed to be with Amazon so it was with Amazon and they had some notes and I bought it back from them and I put it out myself oh really wow yeah and I sold it I sold it myself and it was actually one of the coolest things ever because I think I'm maybe one of the only comics that actually knows what they're worth yeah you don't really know what your well walk us through that so you do it and what do the notes say that there is like yeah it was two jokes and like I get it they make money selling toilet paper like why are they gonna have this huge, you know,

Speaker 2 you made fun of the toilet paper industry?

Speaker 3 I got it.

Speaker 3 Big toilet paper, big TP, very powerful lobby. But you know what's funny is like culture has changed.
And I feel like a lot of times the streamers are like downriver from culture.

Speaker 3 So like, I bet now I would be able to put it out on Amazon and be totally fine. But at that time, it was maybe very edgy and a volatile time culturally.
So I was able to put it out.

Speaker 4 But you had the choice, right? You could have taken the jokes out and kept it, but then instead you took the harder path, which is I'm just going to buy it back.

Speaker 3 Yeah.

Speaker 4 And I take the risk and I'll figure it out later.

Speaker 3 Yeah. I've, I have, I'm not risk averse at all.
I actually enjoy risk. It kind of excites me.
But

Speaker 3 what excites me more is like putting out the piece exactly how I want to put it out. And I can't like scream about censorship and comedians should do the jokes we want to do.

Speaker 3 And then the second somebody gives me a big check, I go, whoa, we don't have to do the joke. Like I have to be at least consistent on that.
And

Speaker 3 culture continued to change. And you got to give Netflix credit too.
Like they took a lot they took a lot of hits for putting out comedy that some people thought was maybe a little bit too offensive.

Speaker 1 The Chappelle's

Speaker 1 stuff is really. I put them in the crosshairs.

Speaker 3 Exactly.

Speaker 1 They stood strong, right?

Speaker 3 Absolutely. They stood strong.
And seeing that gave me a lot of confidence. I was like, okay.

Speaker 3 And they did literally, we just made the whole thing and they just gave us money. So they were not involved at all in the creation, so to say.

Speaker 3 They were involved in giving us money for it. And then they're involved in the marketing, obviously, and their algorithm and getting it.

Speaker 1 That's all Sarandos. He's he believes in comedy, yeah.

Speaker 3 But he's like a huge comedy fan from back in the day. I think people don't realize that about him.

Speaker 3 Like, you need somebody who actually loves the art and is not just looking at it as a thing that they can monetize.

Speaker 3 Like, there's a term this guy used that you have to find somebody spiritually aligned with you, and that's not mumbo-jumbo.

Speaker 3 It's like they truly understand the intention of comedy, so things aren't as hurtful or painful to them because they understand what you intend to do. So, and then I got got interesting too.

Speaker 1 They tried to cancel you.

Speaker 3 What was the joke? Who?

Speaker 1 The mobs. Because they went after Tony Hinchcliffe twice.
Oh, yeah. And each time he went 10x, they came after Chamoth on this program.
That was the first level up.

Speaker 1 We got three times the audience after they tried to cancel Chamoth.

Speaker 1 The White House released a statement.

Speaker 3 It doesn't really work when you have like core fans that believe in you. And I feel like you guys have probably built that.

Speaker 3 you know the relationships you've built with your fans there's probably people very grateful of the information that you give them and And so when they try to paint you in a certain light, you actually have like 100 hours of time with those people that they know you to be more than that one statement that you've said.

Speaker 3 So now they're not as concerned about that thing you said that maybe is taken out of context or people have been offended by. I think that the biggest thing that people miss about comedians is like,

Speaker 3 you're allowed to be offended by the joke that I say. Like you're allowed to react however the f ⁇ you want to react about it.
You had your life. You went through some crazy shady

Speaker 3 maybe you were bullied as fuck as a kid and like you don't want other people to potentially have those feelings.

Speaker 3 So you see a joke that could elicit that and you're like, I want to protect that from that, protect them from that. That's kind of noble.
I'm like, I'm cool with that.

Speaker 3 If you yourself tell me you don't like me teasing you, I'm not going to tease you personally ever again. I want you to feel good.

Speaker 3 But it doesn't mean that I won't continue to make those jokes somewhere else. And I think my shows.
Like I got the most diverse audience in comedy history. Yeah.

Speaker 3 So it's like, you come out to one of my shows, you can't tell me that people don't like these jokes.

Speaker 3 And I try very hard to like, like, if I'm curious about your culture, you'll know it through the jokes. It's not some little bullshit.

Speaker 3 Like, I'll try to dive deep and even surprise you about something that I might know. And I think in that way, people start to feel seen and they don't feel bullied.

Speaker 3 They actually feel like represented and they're like excited about it.

Speaker 4 Look, you said something at the beginning, which I thought was really interesting, which is you're like a, you have to, great comedians are great observers of culture.

Speaker 4 So can you, can you just tell us, like, just observe observe the cultural moment? What we talked a lot about it, but I just want you to be maybe like put a point on it. Where are we?

Speaker 1 Where's America?

Speaker 4 What the hell is going on?

Speaker 3 Like, what's happened? What's happening?

Speaker 4 However, you feel that question. Like, what the hell is going on?

Speaker 3 Um,

Speaker 3 all-time low confidence in institutions,

Speaker 3 low confidence in information.

Speaker 3 There's an obsession with conspiracy because there's, I mean, that's twofold. One, like, it's the easiest way for dumb people to feel smart.

Speaker 3 Like when you know something no one else knows and you get to share with people, like there's that like dopamine hit where like, I bet you didn't know this happened, you know? Yeah.

Speaker 3 Um, but those thrive in times where there's not real transparency. So I think everybody's looking for answers and nothing is exactly how it seems.

Speaker 3 And the only way to reinstill that confidence is, I think, like brutal transparency. Like you got to just be like really honest with the people.
This is what it is. And we're Americans.

Speaker 3 We're proud people, you know, so we can get through whatever you say, but you got to tell it to us as it is. And I think we're just assessing relationships right now.

Speaker 3 And I think, like, when the economy is rough, like you're seeing all the Jewish stuff right now, right? Like, obviously, with the conference.

Speaker 3 Well, this is the thing you got to understand. Like, most people have never met a Jewish person.
Like, most Americans have no clue what a Jewish person is outside of Kirby enthusiasm or Seinfeld.

Speaker 3 They don't know what it is. They think Jews are Upper East Side.
New Yorkers.

Speaker 1 Like, yeah, like Seinfeld, or they think it's like Hasidim. Like, it's just like one or the other.

Speaker 3 Exactly. They don't even know where like a Sephardic Jew, they don't know what an African Jew is, or a Moroccan Jew.
They have no clue what that is. And they shouldn't.

Speaker 3 They're like, how many Jews are there? They're like more people from Laos than there are Jews, right? Like, it's like a very small population. So I think there's like a little bit of a disconnect.

Speaker 3 And, you know, when you don't know a people, and I think this is probably true, and I could be off, but I think there's like an ambient feeling towards Jews from people who don't know Jews.

Speaker 3 It's an ambient light. And the stereotypes are probably not like the best.
They're not exactly negative as long as the economy is good, right? They're like, oh, they're successful.

Speaker 3 They kind of stick together. They own businesses.
They whatever. And as long as the economy is good, everybody's cool.

Speaker 3 And then eggs get expensive and you're behind on your rent and you don't feel hope and you don't, and then you start going, why do they got all that? What the f?

Speaker 3 What are they about? Why are they, why are they separatists? You know, like, I'm here proselytizing. I'm trying to get everybody to go to heaven and they just got their own.

Speaker 3 And it's very easy for them to become this other group. And then you extrapolate that with what's happening, like Palestine and Israel.

Speaker 3 And you get people to start assessing the relationship between America and another country. Like you saw America become very uninterested in Ukraine quickly.
Like we,

Speaker 3 the second the economy goes down, we start going, well, what do they do for us?

Speaker 3 Why are we giving them like, and they're starting to ask similar questions about Israel, and there's a lot of anti-Semites that are jumping on it, and they're muddying the whole thing.

Speaker 3 They're going, ah, this is what did they control, the government, they do all the every conspiracy.

Speaker 4 By the way, you're speaking a profound secret that

Speaker 4 many administrations in government have known for a long time. And I think this is where some of the mistrust comes from.

Speaker 4 I talked about this like maybe it was like a couple months ago, but the most incredible stock market was actually under Biden. The most amount of money printed was under Biden.

Speaker 4 The most cumulative total budget deficits was under Biden. The most amount of short-term refinancing of debt was under Biden.

Speaker 4 And part of what you can explain is that if you keep the signals that everything is healthy or up,

Speaker 4 you're allowed to propagate all of these other things that would get very quickly recapitulated.

Speaker 4 And when you take the gas out of the market and you take the gas out of all these other markets, and all of a sudden the price of energy is up, and the price of this is up, and the price of that is up, then you start to question: hold on a second, why are all of these things as important?

Speaker 4 You know, the above-the-line, below-the-line conversation that we have tried to have several times on this pot, Jason.

Speaker 3 Yeah, and you have to like meet people, you have to meet people where they feel in order to communicate with them, right?

Speaker 3 Like they could, like, when people right now are like assessing like America's relationship with Israel, like it's, it's, and and they you hear these like sound bites like that's our closest ally and then they go well what does that mean it's like well let's explain to them what that means like let's explain the importance of that relationship and how it's beneficial to americans because if you don't explain it and you just go uh just be quiet whatever then they start to look at these lunatics on twitter and start to go win it is that is that true yeah and then they're down the conspiracy hall exactly like you have to explain like i don't know what the mineral deal was about but i know for with with ukraine but i know for a second there are some Americans who go, oh, we're going to get some minerals out of that?

Speaker 3 All right, minerals sound good.

Speaker 3 It's going to pay us back.

Speaker 3 It's that simplistic, right? So it's like,

Speaker 3 I think that kind of communication is important and it will actually help understand these relationships, which I imagine are very important.

Speaker 3 I'm not privy to all the geopolitical decisions that are going on there. Who knows? Intelligence from Israel could have thwarted 20 more 9-11s.

Speaker 3 Yeah, maybe you can't say that because you expose the intelligence operatives you have in the field, but it would, I think, be helpful to understand the value of that for the everyday American so that when you see something crazy on Twitter, you can go, okay, you're just a anti-Semite and you're looking for a justification for your hate.

Speaker 1 I mean, this is your point about Trump. Sometimes he has these.

Speaker 2 Take care. We'll see you later, bro.

Speaker 3 Take care, David. This is like, I think the point is that you're not going to be able to do that.
There's going to be a conspiracy theory about that right now. I just want to let you know.

Speaker 3 Yeah, you just meet the Jewish talked about Israel and he's like, all right, man. I've got one Jewish guy left.
Ready to go. Ready to go, Sheltie.
This is how it starts, David. David,

Speaker 1 this is how it starts you drove him out thanks a lot you drove him out right sheltie when you said um you know trump's a masterful kind of communicator here biden listener gave all these weapons to to ukraine under the auspices of what's called a loan lease you they have to pay them back but biden never communicated that well tell us and then trump comes out and he's like you know what we gave them 180 million 180 billion they're going to give us 500 billion back we're making a 40 he basically described a 42 compounded return sounds good so yeah it's better than anything that's ever happened i mean he he's out there in terms of his ability to communicate it chamat as we wrap here any final thoughts what do you think about trump

Speaker 4 and what he's how he's doing and what he's doing so far and what do you think about elon and doge oh

Speaker 3 okay so uh

Speaker 3 trump and what he's doing how he's doing so far like i i don't know like in other words like i don't i don't know if i can like assess it right away maybe i'm giving him a little bit longer

Speaker 3 landing strip or whatever than other people because I have a little bit more hope or optimism. Again, if you don't like the guy, you're going to see how horrible this is immediately.

Speaker 3 But I'm going to give him a little bit more leeway to see. If it doesn't work out and it's really horrible, I'll be the first person to call it out.
Like

Speaker 3 he's in power. We should definitely check the people in power.
But I'm hoping that these... actions in the short term are beneficial in the long term.
Is everyone going to work out? No.

Speaker 3 Doge is like, I'm so depressed about, not depressed and stupid, but like I'm bummed about because I don't think there's any American that is pro-waste, inefficiency, and bloat.

Speaker 3 This should be a bipartisan issue. Like all Americans should be coming together going, oh my God, the DMV is going to get better.
This sounds awesome.

Speaker 3 And I think,

Speaker 3 you know, I have a lot of respect for Elon, but I think sometimes on Twitter, he's like twisting the knife a little bit. And it's like, you don't need to twist the knife.
Like we all want this.

Speaker 3 This is something something we can come together as a country and support. This sounds great.
Don't twist it. Just kind of let it be.
Show your wins.

Speaker 3 When you do something wrong, we can acknowledge the things that we did are wrong and we'll respect that. It bums me that this has become so partisan.

Speaker 3 And I do understand there are a lot of people on the left that are making this partisan as well. They're weaponizing it.

Speaker 4 There was this crazy clip between Rogan and Elon where Rogan was like, how does all this go down, actually?

Speaker 4 And he's like, well, I can't really speak about the corruption because I'm afraid it would get me assassinated.

Speaker 4 He's like, actually, if I tell you what I know, it was the weirdest like two-minute clip. And then they just kind of left it and moved on.
And my brain was like, what are they talking about?

Speaker 4 What must be going on?

Speaker 1 I mean, there's a lot of money going out the door.

Speaker 3 Yeah, but who's killing Elon? Like, if we are going to have World War III, don't you want the guy that has the rockets to go to Mars on your side?

Speaker 1 Yeah.

Speaker 1 You kind of want the super genius on your side.

Speaker 3 Yeah, for sure. Another thing that's like really interesting to me is like people keep going, people keep doing this thing.
It's like, what is Elon's play? Like, what is he doing here?

Speaker 3 Like, is he actually going to take over? And it's like, Elon has been dealing with local government for so long, trying to push through. Like, he is not an American citizen.
He cannot be president.

Speaker 3 He is at the highest position he will ever be in his lifetime in America. You can't get higher than being the right-hand man of the president since you're not from America.

Speaker 3 You can't ever be president. So I think he's going to behave really well because now he's in the most powerful position he will ever be in.
If you want to talk about like power plays,

Speaker 3 you got to watch out for JD.

Speaker 3 That guy is a, that guy's high emotional intelligence. Like that, that's somebody that I would be keeping my eyes on if I'm Trump.

Speaker 3 But Elon, he's going to be a good, he's going to be your best friend because it's only downhill if he pisses Trump off.

Speaker 1 Interesting, interesting. Little Manchurian candidate for J.D.

Speaker 3 No, no, no. I'm not saying that he's he's going to do anything bad, but he is like,

Speaker 3 don't treat him lightly. Like, we got this.

Speaker 1 Don't sleep on JD.

Speaker 3 New Yorkers, we do this all the time. We hear someone with like a southern accent.
We think they're a goofball. And it's like, that guy went from like a broken home to Yale.

Speaker 1 Appalachia to Yale and then the VP. And he's 40.
He's your age. He's like 40.

Speaker 3 He called Trump Hitler or something, and he ended up as his. He said, I'm a never Trump guy.

Speaker 3 He's so to say that he's not emotionally intelligent, to say that he doesn't know how to manage up or whatever that term is? He's sappy.

Speaker 3 Hey, keep an eye on him.

Speaker 1 Keep an eye on him for sure. All right, listen.
Andrew Schultz is playing at the funny bone on April 16th and 17th. He'll be at Chuckles on the 28th.

Speaker 3 Two drink minimum.

Speaker 1 Two drink minimum. Uh, by the VL.
You know where to find them. Incredible, incredible Netflix specialists.

Speaker 4 Who do you think? Who do you last? Question: Who do you think is the funniest? If you had to just take a wild stab at who the funniest picture is.

Speaker 4 No, me, me, Jason, or Frieda.

Speaker 3 oh oh of us between the three of you um okay so you can say me jason so jason is the most like naturally inclined to be funny he's probably just the most funny being around uh chamoth will probably get the biggest laughs when he says something funny because he's like he's not asking for much like he'll just say something that's like a dart and it will kind of like hit you and you'll be like oh

Speaker 3 and then I think David will like structure something really funny and you'll be like oh that was a clever I see how you did that right there i am i was actually when i was an astrophysicist shelti i am so that would be funny myself i did summer stock help me take like i think if we're off the pod i think chamoth says some like wild that everybody goes what the

Speaker 1 i think you say that the most that's what i would say there you go all right andy schultz picks me there you have it mom i would like to clip that and uh yeah all right continued success come back anyway i like the way schultz pronounces but i may go to chamoth i like that chamoth

Speaker 4 chamoth yeah yeah, Chamoth is too, it's two used, actually. We should go to a different pronunciation.

Speaker 1 I love Chamoth.

Speaker 1 Chamoth is just so

Speaker 3 it's tough with the it's tough with the, I know you're Sri Lanka, but it's tough with the names from over there. Like my podcast co-host, Akash, right? Akash, everybody calls him Akash.

Speaker 3 Now, I his name is spelled with two A's A's. Akash.
So it's like a car. You, if it's got two A's next to each other, yeah, you want to after the K, you go there, but it's Akash.
So

Speaker 3 it is tricky, but he said like his parents specifically picked a name he thought that Americans would be able to pronounce.

Speaker 3 They calculated that. And like, they were trolling him.
I think that's like a, I think that's a really beautiful thing for a kid. Like, you, you, bro, like, how much he's already could have called it.

Speaker 1 They could have named him John Steve if they wanted it pronounced.

Speaker 3 They had to keep it real, though. They still had to keep it real.
They were keeping it real.

Speaker 1 They were keeping it around. I was like, I'm not going to be eight when I could keep it real.

Speaker 4 When I could read and write English well, eight, okay, because it was my second language. And when I saw my name written out, I was like, what the f did they do to me here? What is

Speaker 3 they picked up? My middle name, the whole thing.

Speaker 1 My middle name is like 15 other letters.

Speaker 3 Hold on, my middle name. A name that has math in it.
Like, they knew what they wanted.

Speaker 1 Yes, and we're like, if you can, if you can pronounce this, you can solve the Pythagorean theorem.

Speaker 3 Yeah, this is this is harder than the Pythagorean theorem.

Speaker 1 I'm going to be an engineer.

Speaker 3 Oh, he's so proud of you.

Speaker 1 I mean,

Speaker 1 he's going to figure it out. You'll get us too much.

Speaker 4 He's going to gamble.

Speaker 1 Let me ask you a question, Andrew. Is it racist if I do an Indian impersonation? Because I know I can do Italian and Irish, but can I do it? No, it's funny, bro.

Speaker 3 I don't think so, but I think it's like... Is it the intent?

Speaker 3 I don't even think it's the intent. I think if you like, if you say certain things, like if you say bita,

Speaker 3 right? Like if you say that,

Speaker 3 like, that's like my love. Like, you know, if you say little things that are more than just the sound, but if you tap into the culture, like to let them know, hey,

Speaker 3 I didn't learn this from The Simpsons. Like, I learned it from my buddy's family.
Then I think you'll see people who are like Indian Sri Lankan. They'll be like, oh,

Speaker 3 he's got friends.

Speaker 1 I'm going to go ahead and until I make my move to comedian, I'm not going to do it. I'm going to save it to when I get my Tony, Kill Tony set.

Speaker 3 Yeah, what's your Korean accent? Can you do that? Like, can we go through a name? I can go Korean because my wife's Korean and her dad.

Speaker 1 Oh, you know, I'll tell you what my, I can, because my dad,

Speaker 1 my father-in-law, I went to China. He's an industrialist.
He's there. And I said, hey, listen, I'd like to marry your daughter.
And he said, okay,

Speaker 1 two conditions. And I said, okay.
And he said, do it fast. And he poked me, Andrew, so hard, like a reinforced poke with his finger.
Yeah, yeah, yeah. On my shoulder, get a bruise.
I'm like, oh, yeah.

Speaker 1 And then he goes, and I said, what's the second thing? He says, no refunds.

Speaker 3 He says it just like that.

Speaker 1 And I was like, okay, okay.

Speaker 1 Marry your daughter. no refunds,

Speaker 1 do it fast. And I literally had to marry her within a year because he knew.
He was like, listen, I got he had four daughters. And he's like, I got to move inventory.

Speaker 3 I love it.

Speaker 1 And I was the first. I married the oldest daughter.
None of the other daughters could get married until I married my wife, which was the greatest thing I ever did. Three beautiful kids.

Speaker 1 You know how it is. And listen, good luck.
You're going to have a second and third, Shelton?

Speaker 3 You know, you got some extra. I hope so, man.
God will.

Speaker 2 Do it.

Speaker 1 Three is the right number.

Speaker 1 If you want to go, if you want to do a half Elon, you can go with Chamat's plan. He's on six or seven.

Speaker 3 I'm on five, bro.

Speaker 1 I'm on five.

Speaker 3 Take it. Five?

Speaker 1 Well, I mean, anything's possible. And then Freeberg's on four.
I'm on three.

Speaker 2 I think three is the right number.

Speaker 3 I'm going to catch up, boys. I'm going to catch up.

Speaker 1 All right. Listen, continue success.
Thanks for doing this.

Speaker 3 Thank you so much for having me, guys.

Speaker 1 Cheers. Thanks.

Speaker 1 We'll let your winners ride.

Speaker 2 Brain Man David Sachs.

Speaker 1 And it said, we open source it to the fans, and they've just gone crazy with it. Love you, Best.
I'm the queen of Kinwa.

Speaker 1 what, your winner's wine?

Speaker 1 Besties are ball.

Speaker 1 There's my dog taking a notice in your driveway.

Speaker 1 Oh, man. My appetasher will meet me at the place.
We should all just get a room and just have one big huge orchief because they're all just useless.

Speaker 1 It's like this like sexual tension that they just need to release somehow.

Speaker 1 I'm going all in.