All-In with Chamath, Jason, Sacks & Friedberg - E61: 2022 Predictions! Business, politics, science, tech, crypto, & more

Starting point is 00:00:00 So I was not going to bring this up. Sac said bring it up. No, no, no, no, no, no, no, you're already creating mischaracterizations. Who said you want to bring it up? I'm like, sure, I don't. I'm not going to veto it. Go for it. No, I said, well, we have to bring on my COVID, obviously.

Starting point is 00:00:13 I'm the second bestie to get COVID. And I told you offline without the other two besties, I will just say I got it out of social function, period, end of story. You said it's okay to talk about. Yeah, it's not like I wanted to bring it up, but you want to bring it up and I'm allowing it because I'm fine with it. So go for it.

Starting point is 00:00:31 We all got something at Sachs's event. You got COVID. I got Climidia. Oh, you guys went to the downstairs rooms. Oh, come on downstairs. I think I got to be a god damn it. Chimath again. You promised it was a great party.

Starting point is 00:00:49 Let's let's your Jason's accusation. I've been hearing about it all week. It was a great party. No, you were saying you were super smarter. You agree, COVID Jason. You were angry. You were angry and you were.

Starting point is 00:01:01 Yeah, you were really mad at Sachs because you thought he actually gave you COVID, even though Sachs had people test every single person tested on the way in. You, J.K. You walked around the velvet room. I have. And you said, guess what? I'm a bestie. I don't have to test.

Starting point is 00:01:16 You walk right in that party. And guess what? At the end of the day, at the end of the day, there's nothing. One person that flouted the rules got it. Karma's a bitch, J.K. Nothing better personifies poetic justice as much of a place. I do not place blame on anybody for hosting. All around you ran, you ran to the sack, you make fun of him, you poke him, you poke

Starting point is 00:01:34 him. What's the bad looking this? Republican that Trump is a little more like a super spratter. It was a GOP super spratter. And then you go to his party and you run around the velvet rope and you don't get your test and you go in and you walk out with I don't wait a lie, so I'm a bestie. I think he walked out with COVID because I think he walked in with COVID There you go. It's the only one not to test so who brought it in?

Starting point is 00:01:56 I did test my daughter and I came to your wonderful party. It was amazing. It was delightful and we tested and No, you didn't when you Test it amazing. It was delightful. We tested. And no, you didn't. When you got the party. You know, you didn't. You're either lying. That's where you're lying. Then or you're lying now, which one is I was joking then I hundred percent tested with my dog. No, you're telling the truth, which on the line testing with me, I had the bracelet. I tested a hundred percent. When I asked you, when you got into the party and I said, how'd your COVID test go? You said, oh, I pulled my bestie card.

Starting point is 00:02:25 I walked around, I pulled my bestie card. That's not true. That's true. That's what you said. You got to be saying that. You probably am making a bullshit now. No, you said that. Okay, I may have made a joke, but I'm 100% tested.

Starting point is 00:02:38 Hold on, guys. And that I find out the reason why Jade wasn't at the party, she was home taking care of two sick kids. No, she wasn't. Yes, she was had one kid. So how do we know? No, that wasn't you. Okay, we know. Because you know, I know as you frayed up to the party. My hot. All right, here's what happened. I went to the party. I did test. There was a group of people that got there early had tested at another event. They told me this.

Starting point is 00:03:08 They had tested before they got there and they told me that they had accidentally brought it with them because they were the first to have a positive test result. So in all likelihood, it was that group. It doesn't matter who brought it because I'm an micron. I'm an micron. He's going everywhere. What is it? I'm an micron is going everywhere. What is it?

Starting point is 00:03:25 I'm an micron. It's a character from Trenton. I don't understand that. What do you mean they brought it with them? If they tested negative, if they... They came from another location. They tested, they claim they tested. Then they were the first to come up

Starting point is 00:03:39 that next day with a positive result. Which is a 24 to incubate. You're right, so that means they must have brought it with them. They tested on Sunday and had it. They were at the party setting. They were seeing the test at the negative at the door. They did not test at the door. They did not test at the door.

Starting point is 00:03:54 They told me they tested the day before. No, every time I was tested at the door, including staff, including vendors, there were people who were turned around with the test of positive. So you didn't test. Oh, you're trying to blame it on. No, I specifically have tried to not say the person's name and you're trying to include

Starting point is 00:04:10 them in this. You're gonna get bleeped out. It doesn't matter. They were all negative at the time of the party. You hosted a super spreader. They didn't get it till like five days later. So they were not the earliest test. They had it the next day.

Starting point is 00:04:20 You tested positive. You had symptoms before they did. Remember the tickle and the throat? Guys, you were when he said last week you had the tickle and the throat guys when he said last week at the tickle in the throat anyway thank you for giving me um I'm a cron I am now fucking super according to all results I am now Superman have you tested negative now not yet I I did it test yesterday nine days later I'm still coming up positive I had two days of symptoms not that you give of you give a shit. You rap bastards. It's just laugh about my COVID. Nobody had no point in this conversation. Did any of you say how are you feeling? Was there any chance of death? Was there any chance of death? I was triple

Starting point is 00:04:54 Vax. I had done Moderna. At any point though, did you feel like, oh, shit, I may have threw to the hospital. I may need to. No, no, that's too bad. I felt the tickler my throat on Tuesday. Any other symptoms? He coughed three times. He seems twice and prematurely ejaculated once. Those were his symptoms. No, no, no, no. No, no, no, no. You're like your winner's ride.

Starting point is 00:05:15 Rainman David Sack. No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, And I said we open source into the fans and they just go crazy. WS Ice Queen up in one. I'm going back to the lead. This is going to be our prediction show. Last week we did, of course, our 2021 Bestie Awards. How did everybody feel about last week's awards? I think it was great. I listened to you. Quite well.

Starting point is 00:05:38 Yeah, I was happy. It was a fun show. I think we all got to kind of talk about stuff we wanted to talk about and it was pretty dynamic. I thought it was good show. I like that. It was like a greatest hits. So we're going to do some predictions for next year.

Starting point is 00:05:52 Are you going to do a drum roll and a little scene as well? Yes, okay, here we go. Here's an opening. But it's got to be like flying into the future, like going through space. Do two space, do two warp speed, warp speed. Flying through the air, to the war speed, war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to the war speed, to I think it never ends. It never ends.

Starting point is 00:06:25 It's never the end. People were intrigued about what was the second battle about? That was the big debate. Which battle? Oh, who knows. I can't remember the battle. The story of those. About the beep, beep, beep.

Starting point is 00:06:39 Which led to me writing the Google Doc about beep, beep. Oh, I know what it was. Tomorrow night. Tomorrow night I deserve a best was. To mom and I. To mom and I deserve a best day. I know what it was. Who's your biggest political winner? Okay.

Starting point is 00:06:49 Let's stop at the inside baseball. My biggest political winner for 2022. Predict. I predict. My man, Ron DeSantis, will be the big winner. He's up for reelection in Florida. He won. In 2018 with less than 1% of the vote, it was a real nail-biter.

Starting point is 00:07:03 This time, I think he's's gonna cruise to reelection quite handily and become the national front runner on the GOP side. And the reason is because he had the right approach on COVID, he made the vaccine available, he made the antibodies available. But ultimately he treated the population like adults. He let them make their own decisions. He kept businesses open, schools open,

Starting point is 00:07:25 and I think the rest of the country is gonna come around to his point of view because of the unstoppable of Omicron next year. And so I think that DeSantis, who is much maligned and disparaged, will come out as the big winner a year from now. All right, who do you got, Freeberg? It's Vladimir Putin.

Starting point is 00:07:44 I think Putin's gonna benefit from the rising conflict between the U.S. and China. The other day, there was a call between Putin and G.M.A. said, and Putin called G. his dear friend and said that relations between the two countries had reached an unprecedentedly high level. And I think that his position economically is a trade partner with China and as a beneficiary of Chinese economic prosperity will only grow as tensions between the US and China rise. I think we're seeing that with some of his cavalier behavior with the Ukraine right now. And I think Putin will become a stronger player on the global stage, particularly as it relates

Starting point is 00:08:30 to his relationship with NATO over the next year. And he's been a little bit quiet the last few years. He was kind of, I'd say, suppressed with sanctions and all the other nonsense that's gone on to keep him at bay, but he could kind of rise up again in 2022 and he could become a real player on the geopolitical stage, globally, in a more meaningful way than he has in the last couple years. I mean, you, you, white guys love Putin. It's crazy.

Starting point is 00:08:54 The whites love Putin. Oh, God, I hate Putin. I mean, if you ranked, if you ranked Russia GDP, do you know, even, do you have any idea where it even ranks in a Russian GDP? I mean, you guys, for the amount of time you guys give, it's probably eight times. Probably eight. No, what about nine years?

Starting point is 00:09:08 What about nine years? Nine years is like, crushes. Brush it. Nobody ever talks about Nigeria has all the same inputs except their black. Yeah, they just don't have 2,000 nuclear weapons. I mean, as if those were the reason. I mean, it's a fall and empire for sure,

Starting point is 00:09:20 but they still have 2,000 nukes. They do have the position, the energy that it provides for Europe to Europe. You only need one to figure it out. I mean, Russia is geopolitically pretty significant. In significant economically significant, because they have a madman running in the country. I don't think he's a madman, but I'm just saying that,

Starting point is 00:09:37 you know, there's a lot of ink that's spilled about Russia. And I don't think anybody even takes a step back and actually looks at what you've got for yours. It's not true. I think the world, guys, my worldwide biggest political winner for 2022 is Yeezhimpin. I think this guy is, he's firing on all cylinders and he is basically ascendant. So 2022 marks the first year where he's essentially really ruler for life.

Starting point is 00:10:10 And so I don't think we really know what he's capable of and what he's gonna do. And so that's just gonna play out. You think he's the biggest political winner, really. Oh my God. I think it's going to be a, he's gonna run rough shot, not just domestically, but also internationally, because you have to remember,

Starting point is 00:10:24 he controls so much of the critical supply chain that the Western world needs to be completely run. I think you're completely run. I think he's losing his power. He's scared. That's why he took out all these CEOs. He's consolidating power because he fears that they're going to win too big and then displace him.

Starting point is 00:10:43 And he has massive real estate problems over there that could blow up at any moment in time. He could face a civil war there. I think he's totally isolated himself. Civil war. And they don't even have great major country is removing their factories and removing its dependency. They're not here.

Starting point is 00:10:57 What are you talking about? What are they going to riot with? Did you not see Tiananmen Square? Did you not see the riots in Hong Kong? Are you not paying attention to Shemoth? There's been many riots in China. They just haven't to kill. So these were crushed.

Starting point is 00:11:09 And that's the four real commercial. But he still will have massive amounts of, I believe, protests and yeah, he'll have to be. I think the bigger risk is that China gets better for Xi Jinping but worse for everybody else in China. It's already worse for all the billionaires over there. It's worse for the tech industry. You've now got Evergrande, that whole gigantic debt implosion.

Starting point is 00:11:32 I think there could be contagion from China next year. I don't think she's going to lose his grip in any way, but I'm not sure China's going to have a good year next year. I'm going to be terrible. I went with Ron DeSantis with Usax. I think he's obviously a much more... He's a much more palatable candidate than Trump. And I think Trump is not going to want to run.

Starting point is 00:11:57 And that brings me to my biggest political loser for 2022 as we segue. I believe this is going to be split between Biden and Trump. The two most important people of the last four years, and I think Biden is going to lose the midterms, and I think Trump is going to get destroyed with this January 6th thing and bow out and not run again. Who do you got for your biggest loser? Let me add an octogenarian to that, which is my pick for biggest political loser next year is Nancy Pelosi.

Starting point is 00:12:24 There's a red wave coming. The Democrats for sure are going to lose the house that is baked into the cake, and I predict she will announce her retirement shortly after that. She has served a couple of pretty consequential terms as speaker. She's never lost a vote, but with this whole build back better, she force all of her moderates to take a vote on five trillion in new spending, which they then lost in the Senate, and that's going to cost them some seats. So she contributed to, I think, her own downfall. It's going to happen next year. Is Nancy to come work at social capital and you're going to give her a bucket of capital, some out to work with to try to play the market? By the way, Jason, who's the exon writer you got from Tucker because I want to hire them? All right. Listen, Jason, who's the exon a writer you got from Tucker because I want

Starting point is 00:13:05 to hire them? All right, listen, I got somebody from the YouTube comments who said they would punch me up. All right, I got Biden and Trump, Nancy Pelosi, and then who do you got free, Burke? Who's your biggest political loser of 2022? Prediction. Mine's a little depressing, but I'm honestly a little bit worried about the United States influence on kind of a global stage socially, politically, economically. And I think that there's a number of events that could catalyze kind of a precipitous series of events that could really harm the continuing influence the US has geopolitically. So, you know, I don't really have an individual,

Starting point is 00:13:47 but I kind of have the US and its role on the global geopolitical stage. US influence. US influence, yeah. You said you thought there was going to be this potential tipping point perhaps, you see that being Taiwan or what? I've got a couple of them. I think when we get into our contrarian points of view, I'll share some of them. Okay. couple of them. I think when we get into our contrarian points of view, I'll share some of them. Chimath, who do you got for your biggest political looser for 2022 prediction? Well, look, I like your pick of Trump, which is not mine, but just a double down on this Trump thing. It's incredible to see that he's just a bamboozler. The same guy who's like, Boosler, you know, that's the same guy who's like, you know,

Starting point is 00:14:29 telling people to not take the vaccine gets boosted. Then, you know, when he finally gets outed with this other scumbag, what's that guy's name? What's another right knob? Sac, take out your phone and go to speed dial. Just read it. Riley, Bill Riley, Bill Riley. Bill Riley. Yeah Riley. Bill Riley. Bill Riley.

Starting point is 00:14:46 Yeah, that's number four. Those two dopes on stage are like, yeah, I got boosted. What about you? Yeah, I got triple facts then. And then everybody's booing them. I mean, they're just such watch what they do not what they say. These guys are interdiction. No, no, no.

Starting point is 00:14:57 No, the great thing is they are phenomenal entertainers, but you can't trust a single word that they say. So Jason, I think that that's a pretty good pick. My pick is the progressive left as a class, because I think these guys are being exposed, basically for just being laughing stocks. They're be quickly becoming policy jokes inside of Washington and in every city, state that they run,

Starting point is 00:15:24 they just can't seem to put one foot in front of the other. And they've been run amok with folks like these teachers' unions who have really, really, really done a number on our children, which is now finally getting exposed in the mainstream media. And so all of these policies are just, they're not rooted in any sort of science or legitimacy. So they are, I think going to pay a pretty heavy political price for mainstream voters in 22.

Starting point is 00:15:50 You know what they remind me of those two guys? Like, the old guys from the Muppets, Statler and Waldorf, that's what like those Trump and O'Reilly are. Okay. I think it's still, I think Biden can still save, save a lot of his long term reputation. I think Trump is. What would Biden need to do in 2022? Number one center.

Starting point is 00:16:09 He needs to disavow the progressives and basically shore up his party's ability to win back some seats and hold the line. And so how would he do that? How would he do to be able to enter some of these places with some of this rhetoric that, you know, he basically was convinced would be necessary for him to not lose the progressive

Starting point is 00:16:25 less. There just needs to be a conversation inside the White House where they actually go through the cold political calculus of my enemy's enemy is actually my friend kind of thing and actually go back to the center. Yeah, he needs to pull a Bill Clinton and try and go away. He needs to pull a Bill Clinton and quickly too. I think it's way too early to conclude that the Biden presidency is over. I mean, I think they're going to lose Congress next year.

Starting point is 00:16:47 That's baked into the cake, but he's still got two years after that pull his chest outside of the fire. And if the Republicans overplay their hand and he tax towards the center, you know, he can change his fortunes. All right. He can change his fortunes quickly. He's down upon, but he could develop the board. I got it.

Starting point is 00:17:03 All right. I think the voice of populism is only going to swell over the next year. And that's going to be the predominant force that's going to drive both the alt-right and the progressive left. And you know, you could make the case that, you know, politicians that are in seats should be kind of disavowing these, what we today are calling kind of extreme voices, but they're only getting a letter and the importance of kind of populistowing these, what we today are calling kind of extreme voices, but they're only getting a letter and the importance of kind of populist movements,

Starting point is 00:17:28 not just in the US, but you look around the world. I mean, look at what's happening in Brazil, various European countries. I mean, it is, Wait, so you think populism is gonna have a rebound in 2022? We're all saying that we think it's fizzling. Well, can I just say free-bridge? I think populism's swelling

Starting point is 00:17:43 and I think it's gonna get a letter end. Oh, okay. Low interest rates are simply keeping things at bay for now. Fizzling. Well, can I just say freebergism? I think populism is swelling and I think it's going to get a ladder end. Oh, okay. Low interest rates are simply keeping things at bay for now. And I think that's going to shift very quickly in... But freebergism just means what's popular. And so I think there's a huge silent majority that's always stayed on the sidelines because they're not the ones that tend to have a tendency to complain.

Starting point is 00:18:03 But when things get important enough, they typically show up. And so, we may find that actually, centrism is what's most popular. I think populism is anti-alitism. And I think that there is a growing concern globally, because of globalization, that power and capital has been concentrated in the hands of a few, that the voice of the majority is,

Starting point is 00:18:24 we want that to to be shared, we want that to all be shared equally. And that's what's driving populism around the world. And it's in the US manifesting in different ways on the left and the right. And you'll see this in other countries around the world. But I don't see the fundamental driving forces changing there until and unless we have massive taxation and redistribute wealth in a meaningful way, or some massive shift in government, that voice is going to get any quieter. I think

Starting point is 00:18:51 it's only going to get latter. And there may be perturbations between here and there of what it looks like, but it doesn't seem to be going away. That's shift to me, the underlying driving force. It's manifesting with different political stuff right now. But it's not, it doesn't seem to be silent thing. Biggest business winner for 2022, Tremau, let's start with you. Small businesses. I think what we are starting to see is that these monolithic monopolisdick mega corpse

Starting point is 00:19:21 aren't everything that they're cracked up to be. And so there's going to be a certain amount of lock-in that we will tolerate. There's going to be a lot of taxation and policy that prevents its further growth. And all of that opportunity accrues to smaller companies. And so in general, I think that if you are on the side of the David versus these Goliaths over the next year, you're going to have, frankly, over the next several decades, but starting really next year, you're going to do really well. The middle companies, so the folks that are neither huge nor are small, let's take an example

Starting point is 00:19:59 like a Shopify, $100 billion market cap, but by no means is it a trillion dollar market cap. Their success comes from enabling, you know, arming the rebels. And so I'm a huge fan of these enabling, this enabling layer for small businesses, both offline and online. Who do you got freeberg? I am actually going to go with Stripe. Stripe is a payment strategy company based in San Francisco.

Starting point is 00:20:24 Stripe raised money earlier this year to $95 billion valuation. The highest valued IPO, tech IPO in history was Alibaba. They were valued at $230 billion when they went public. We are hearing rumors that Stripe might kind of, or think that they would bankers think they might be able to break that. And so Stripe's IPO could be the biggest tech IPO ever. I think they've been talking about doing a direct listing. By the way, I don't know the guys,

Starting point is 00:20:50 I don't know the investors, I don't know the company, I'm not an investor, so I don't have any information whatsoever. I'm simply an observer and talk to people in the market. But it sounds like they're going for direct listing and we could see that become the highest valuation tech IPO ever. And then they will become kind of the golden child next year and you know kind of be part of the you know the top of the top. What do you got? Sex. I got rise of the rest meaning the parts of the United States that are

Starting point is 00:21:18 not the traditional California and New York centers of industry and wealth. I think it's a trend that's been going on but it's going to keep getting bigger next year. If you guys saw the net migration numbers by state, they're absolutely stunning. So and it's the it's the zero-tech states that are disbuming right now. It states like Florida and Texas and Tennessee and on and on it goes at the huge expense of California and New York. I think that trend's only gonna pick up steam now that salt is dead. I think there was a hope on the part of many people

Starting point is 00:21:50 that Trump got rid of salt, but and then the Democrats were supposed to bring it back and then AOC rejected it. It's not coming back. And what that means is that if you're in safe, California, for example, with the salt deduction, your effective tax rate was around 8%, not 13.3%, and not really is 13.3%.

Starting point is 00:22:08 That's a huge increase. The politicians in California don't even realize that the tax rate has effectively gone up to the end taxpayer. And the quality of life isn't any better. We're not getting anything more for that. I think this excess can continue. That's the subtle map that they actually really need to understand. That 500 basis points, you can overcome that if your life is 5% better in enough ways where you're like, it's fine.

Starting point is 00:22:34 And the reason why people are leaving is they feel that their life is actually much less than 5% worse. Right. If the quality of life doesn't justify it. You know, your windows are getting smashed in all the time. Safety. Your kids are, you know, depressed and need counseling because of the way that the teachers unions locked them out of school. You're just like, forget this. I can't do this anymore. Right. I had those two numbers. Yeah. Here you are.

Starting point is 00:22:56 That's what that's what people really need to appreciate. I don't think it's the actual effective tax rate, but it's the delta of how poor your quality of life has gotten over these last few years relative to the tax you pay. Yeah, I totally agree with that. And then one other effect that I think plays into this is the reshoring of American industry, which is not happening in places like California, New York, it's happening in places like Texas. Sam, some just announced a $17 billion investment in a new chip foundry in Texas.

Starting point is 00:23:24 Here, I'll post this and there's a lot of foundry in Texas. Here I'll post this and there's a lot of things like this happening. So as we decouple from China and bring our supply chain home, that is gonna be a big factor in the rise of the rest. Love it. And it's great for America because the wealth doesn't need to be more evenly distributed.

Starting point is 00:23:38 It can't just go to tech and finance elites in California, New York. Yeah. All right. I had two. Disney was my biggest corporate winner for 2022. Disney plus crushing it. Parks raised prices.

Starting point is 00:23:52 People want to go to the park. Spider-Man just had, I think the number two or number three all time opening in a pandemic, which is crazy that IP is going to continue to work for them. John Favreau and Dave Fielini, I think is how you pronounce his last name, both crushing it with Mandalorian, Boba Fett, one of the great characters from our childhood. Now is going to have his own book of Boba Fett starting

Starting point is 00:24:15 on December 29th. Is that today or tomorrow? Tomorrow. And so I think Disney is going to have a huge surge, I think they're undervalued. But my number one for this category of biggest business winner for 2022 was Millennials in Gen Z. I think they're undervalued. But my number one for this category of biggest business winner for 2022 was millennials in Gen Z. I think that they became completely empowered and independent. They shook off the participation trophies and their entitlement during COVID. They realized that they have skills that are valuable.

Starting point is 00:24:39 They're sought after. They learned how to make money. They traded crypto. They did stock trading. They're doing shorts, puts whatever on Robinhood, and they're just not impressed with people in power, and they increasingly want to build shit and make money. I think those two generations have woken up,

Starting point is 00:24:55 and I think they're gonna be the biggest winners in 2022, because dovetelling with your SMBs, Tramoth, I do think, and I'm seeing it across my entire portfolio of companies, you try to hire somebody and they're like, yeah, but maybe I can just start my own company. You mean, you and SACs are actually saying a flavor of the same thing, actually. Yeah. Because all these SMBs aren't going to happen in New York and San Francisco.

Starting point is 00:25:14 They're happening all over America, and there are people that are taking empowerment into their own hands. There's tooling for them, and there's opportunity, economic opportunity for them to build businesses on their own, and basically just say, you know, have a few people. And nothing will build your confidence to do with us, Axe. Nothing builds your confidence like moving

Starting point is 00:25:30 from one city to another and having, that's a very empowering thing to do. When you're just like, you know what, I'm gonna just leave and go somewhere else. I'll make it myself. So I feel like they are super impressive to me. I really believe in this, because the three of us got there

Starting point is 00:25:43 in totally different ways, but I think it's roughly all the same. We might be triangulating around a trend here. Biggest business loser for 2022. I'll just give it real quick. I think crypto projects that actually don't deliver a product in 2022 are just going to be lost. I think this idea that people are going to bet on things that don't exist in the real

Starting point is 00:26:03 world or don't actually have applications is going to end It's time for crypto to put up or shut up and I think the crypto projects that do that Which a number of them are starting to are going to store But it's going to be a big shake out there. What do you got for biggest business loser in 2022 freeberg? I agree with you actually. That was mine. Yeah. Oh wow. I said crypto bubble will burst There's a lot of scamming on cents going on 90% of these project Okay, you know are not going to yield value and fundamentals And I also think that rising interest rates are going to affect the crypto market. There's a lot of leverage trades into the crypto

Starting point is 00:26:38 assets Those will start to de-leather as these interest rates shift up And as a whole you'll see a large percentage of them go away or decline in value, but a small number will continue to grow in value. Just like we saw in the dot-com bubble blew up. There was a number of companies that survived. Most of them did not.

Starting point is 00:26:56 And the few that did survive ended up being coming were 10 times what the current market value is. And I think that's still possible with these crypto projects. But I'd say 90% of them are probably going to start to blow up next year. What do you got, Shabbat? Well, I guess I'm fading you guys and I'm also fading implicitly, Friedberg's pick of Stripe, but my biggest business loser for 2022 is Visa and Mastercard and traditional payment rails and the entire ecosystem around it. So I think that this is the year you can put on what probably will be the most profitable spread trade of my lifetime

Starting point is 00:27:30 Which is to be short these companies and that anybody that basically lives off of this two or three percent tax and be long well-thought-out Web three crypto projects that are rebuilding payments infrastructure in a completely decentralized way. Now, that doesn't necessarily mean that what you say won't also happen, both that Stripe will have an incredible IPO and that a lot of these scammy crypto projects will go to zero. However, if you read the white papers of these crypto projects and you systematically put together a framework, I think you can be long

Starting point is 00:28:05 those and you can be short visa mastercard because I think this is their peak market cap. And for those of you who don't know, fading and sports betting taking the opposite side of a bet, taking the opposite team, I guess. Man, Visa's market cap is half a trillion dollars, huh? It's incredible. It's a completely contrived duopoly that does need to exist. And what does visa mean to a young person. And MasterCards almost 400 billion.

Starting point is 00:28:27 So they're a trillion dollar combined market. You have to understand that the canary in the coal mine here is pretty significant. The most important thing is Amazon. Earlier this year Nick maybe you can post this, decided to just shut visa off in the UK. Now, Amazon is not going to do something like that in my opinion, unless it's a test of what they can do all around the world. And again, going back to this idea of arming the rebels, there really is no need today for all of these small businesses

Starting point is 00:28:56 to sit on top of Visa, Mastercard and Amax Rails. It's unnecessary. And so it'll probably get developed in the developing world first. This is why I think, you know, focusing in markets like Nigeria, to me, are way more exciting than talking about these fading Western European countries. Who cares? That's where this stuff will happen. It's not to say that those other companies can't, you know, trundle along for a while. But when I say, you know, we'll look back in 10 years

Starting point is 00:29:26 and their market cash will be materially lower, anybody in those traditional infrastructure and rails versus anybody in this new infrastructure and rails will be, it will look like a no-brainer. 10 years. You consider the buy now pay later companies, like a firm and upstart or whatever. I don't know if upstart fits in that category, but some of these buy now pay later businesses

Starting point is 00:29:47 as being the alternative to the traditional payment networks or do you think it's a different business? No, right now, I think what buy now pay later is is a rate arbitrage. When as you said earlier, rates are very, very low, so the cost of capital is low, but it again starts to habituate the consumer experience to, I don't need to pay these user's rates to these three credit card companies to facilitate a transaction of money that I already have or money that I'm good for. That's the big idea, right?

Starting point is 00:30:15 And so when you translate that into Web 3 in a good project or a good series of projects, you're not going to need these companies. And so it's going to, I think, eviscerate trillions of dollars of market capital. Well, not to mention you also have in between these two, Venmo and Catchap, which are not crypto, but they certainly as brands mean more to young people. Well, this is why, do you think that VVS and MasterCard? Yeah, do you think Block, who used to be called Square, is a good pear trade against VVS and MasterCard in this context?

Starting point is 00:30:41 Yeah, I like it. You know, I think that that starts to get closer to the truth. My perspective is you can kind of short anybody who's public because anybody who's public can really only be public or will go public because they feast off of this artificial two or three percent transaction fee. Everybody does. The companies you want to be long are those private companies in crypto that you can read the white papers of whose protocols have utility and whose building some element of infrastructure that replaces a traditional business. So as long as you can kind of build those things up. Bology, for example, had a bunch of tweets this weekend where he was like, you

Starting point is 00:31:23 know, I he has this idea for a mirror table. What is that? That replaces, you know, cap table management, right? Now, why is that important? Well, it's because it touches all of these really important KYC AML investing laws across all these countries and all of these places. It's just a very simple example of where the new company that actually builds that capability of these mirror tables will do so at virtually no cost. And so it'll have a 50% team. And so they're not going to have offices all over the world. Their cost basis will be an order or two orders of magnitude. But that's right.

Starting point is 00:31:58 Visa and MasterCard became a tax. You can't compete with these companies. You can't compete with these companies. You can't compete with these companies. You can't compete with these companies. You can't compete with these companies. You can't compete with these companies. You can't compete with these companies. You can't compete with these companies. To have that power over folks. But I think a firm does break that. A firm breaks it because the people who are selling then decide, you know what?

Starting point is 00:32:10 We'll give a little bit of a discount here to get more people to buy. Go ahead, freebie. They were the classic network monopoly, network effect monopoly business, right? Like they got the small businesses, they got the credit cards and buy extension, the consumers on the network.

Starting point is 00:32:23 And ultimately they created these absolutely locked in networks. But as with all networks, complacency kind of drives innovation and this field innovation that we're seeing is now starting to figure out ways to not just crack their way into the network, but to replace them with an entirely different model. The last point of this, this is not one where I think this disruption happens slow. I think it happens swiftly. S swiftly being five to 10 years? No, like in a year.

Starting point is 00:32:48 Yeah, Timoth's point is really interesting because there's several billion people globally who do not have credit and who are unbanked. And so if you think about where this is more likely to come from, it's more likely to come from an innovative model in those markets that then ultimately finds its way into the developed world versus trying to break apart Visa and Mastercard and go get these small businesses to switch out of them and so on today.

Starting point is 00:33:14 So it's a really interesting point. Okay, SAC, what do you got? I don't know if it's biggest loser, but the thing I'm most worried about is in 2022, the Fed is going to stop quantitative easing or so they have said they are, I guess, March will be the last month in which they do this QE. So starting in April, there won't be any of this liquidity pumped into the system. And so I think the losers are going to be any of these asset classes that are heavily dependent on or have benefited from all this excess liquidity sloshing through the system. It's true that the stock market has already priced in rate increases and an increase in

Starting point is 00:33:49 the discount rate, but I don't know if markets can fully price in reduction in liquidity. We don't know exactly what that's going to look like. And so if liquidity is reduced next year, I think that could reverberate through a bunch of markets, including everything from sports cards, collectibles, which have gone through the roof to art, to crypto, to maybe some growth stocks and on and on it goes. So that's my biggest worry is what happens when the Fed stops QE and...

Starting point is 00:34:24 The biggest loser is markets because of quantity of the markets that have to get off drugs basically. Okay, most contrarian belief, what is your most contrarian belief since I'm sure that you workshop this with the contrarian Peter Till himself. It never ends. Yeah, I mean, I have a couple of them here actually. You want to wait and go after everybody else? Sure. Yeah. Go ahead. I don't even know if this is contrary or just unconventional, but I think that all of this pressure on the progressive left will manifest in the chosen one, AOC deciding to step up and run against Schumer in the primary in June of 2022 and she will lose.

Starting point is 00:35:10 Wow. That's a good prediction. I like to have lots of prediction. That's a bold one. Yeah. That she would lose is bold. Well, I'm sorry, just to give a little bit of color in this. Like, let's just assume that she doesn't, right?

Starting point is 00:35:21 And, you know, she shouldn't. But think about where she's sitting. Build back better is over. There's an enormous amount of stuff happening right now where, you know, it looks like the progressive left is really gonna be put under pressure. And it's almost as if she's really going to be the standard bear and she needs to do something quickly.

Starting point is 00:35:41 Otherwise, she's gonna have to wait until she's 38. You know, she's, you know, another six years from now because it's not, otherwise she's gonna have to wait until she's 38. She's another six years from now, because it's not unlikely that she's gonna run against Kristen Kiersten Gillibrett. So this is kind of like, it may be a moment where out of her sheer frustration, she steps up. And then we will see whether free burgers right or on right, whether the populism is really around the left

Starting point is 00:36:01 or the populism is really around the silent majority. Where do you got sex? I think that's a very good prediction. In a similar way, I predict that there will be a strange new respect for Bill Clinton in the Democratic Party by the end of next year. Why? Because after the Red Wave, there'll be a recognition

Starting point is 00:36:19 that they need to move towards the center, or they need to triangulate. And Clinton was the one who provided the formula for doing this. He dragged the Democratic Party back to the center after they were losing elections. And the other piece of this is going to be that it's already the case in polling that has spanics in Asian Americans now are swing voters. And I think you're going to see in November 2022 that they go Republicans, the big numbers. And so the idea that the Democratic Party can just coast to election based on demographics, I think that theory is going to be imperiled. And so they're going to be looking to it to Clinton and maybe not so much Obama as sort of the predicate they should be aspiring to in the future.

Starting point is 00:37:03 I think what's important about that is those groups of people, I think, are offended by the free money, get something for nothing. They're hardworking, immigrant people who have pride, they don't want handouts. And then you have this left white liberal maniac saying, no, no, you're poor, you need handouts. You shouldn't work. You need handouts. You're, you know, and I just think they don't buy it.

Starting point is 00:37:23 That's why I think they're going to go to the Republicans because Republicans are hardworking and freedom loving. And what was Clinton's big tagline in his campaign, he said that he supports people who work hard and play by the rules. That was that so, that's the message that Democrats got to refine. Right now, they seem to be on the side of basically drug addicts.

Starting point is 00:37:41 I mean, you know, people who are contributing nothing and pitching tents in the middle of public spaces and, you know, people who are contributing nothing and pitching tents in the middle of public spaces and, you know, participating in open air drug markets. Yeah. What do you have? And so are losers. Don't forget so losers. Yeah. And hysterical. Free-barred and hysterical people. I mean, being hysterical just never a good look. If you'll bear with me, I have three, but I couldn't really pick. So the first one is,

Starting point is 00:38:04 I think, and I shared this on the pod the other day, I think we'll see the start of great global conflict. We often rationalize the series of events that catalyze conflict after the fact, rather than recognizing that there was emotional conditioning that allowed it to arise in the first place. I think we're in a state today where the conditioning is such that we're more inclined to engage in conflict globally than we have been in a very long time. I don't know if it's kind of the conflict meter or what have you. But you could see proxy wars and proxy conflicts that arise sort of like what we're seeing, you know, maybe something in the Ukraine, maybe something related to Taiwan, but this is primarily predicated

Starting point is 00:38:50 by the fact that we've got kind of this inflationary environment, and the rise of populism will force the kind of domestic policy makers and legislators to say we should do something that's active and something that will allow us to unite our nations to go and get into a conflict somewhere or more likely to do that than not. And so I would say that the conditioning is there to see something like that happen. And so we're not kind of thinking, hey, next year's going to be a year of war. And that's why it's contrary. And I think that there may be war that we're not kind of paying attention to today, or that will surprise us after the fact. The second thing is I'd say China may solidify its

Starting point is 00:39:30 position next year, and this is going to sound a little crazy as a leader in climate change mitigation, whereas it's historically been considered kind of the primary foe against climate change. And there's a couple of behaviors we've seen come out of China recently that I think number one, remember China's a very rational actor. They do analysis, they make decisions based on long-term investments in thinking. They recently announced that they're going to build 150 new nuclear reactors over the next 15 years at a cost of roughly $450 billion. That's about $3 billion per nuclear power plant.

Starting point is 00:40:04 The US is currently spending 30 billion dollars building two power plants in Georgia. So the Chinese have figured it out. They've also publicly declared that they're going to be completely carbon neutral with their economy by the year 2060. And they're making the investments through these nuclear power plants to demonstrate that they're actually on the road to do that. And there are a number of other infrastructure initiatives that are meant to help them achieve significant reductions in carbon by 2040. So let me just point out why this is important. Because right now everyone thinks China is the foe. They're causing climate change. They're the biggest problem. Imagine if over the next year some of what they're

Starting point is 00:40:39 doing pays off. And everyone says, my gosh, China is leading the world in climate change mitigation. They're influenced socially and politically will rise. And this gives China a very strong kind of position on the global stage and with people around the world thinking, instead of China being a foe, maybe they're the leader and the US is the laggard. And that creates a... And my third is very random, which is some sort of natural catastrophe. We never account, you know, all natural catastrophes are very low probability, but very high severity.

Starting point is 00:41:12 If you multiply the probability by the severity, you have what's called the expected loss. We always undervalue the expected loss of massive catastrophes, natural catastrophes. We haven't had one in a while. It's a very low probability bet for me to say, hey, maybe we will, but if we do, it's certainly underappreciated in markets today. And so when these kind of, you know, black swan type events occur.

Starting point is 00:41:34 Did you, did you watch, don't look up on Netflix, is that why you're going to put this in? What is that? It's a new movie about a crap. Don't watch it. It's just polarizing. Let's leave it out for now. Okay.

Starting point is 00:41:44 I'm going to put it in your shirt. I'll watch it. It's crap. My most watch it. It's just polarizing. Let's leave it out for now. Okay. Let me push it. I'll watch it. It's crap. My most contrarian belief is, I think this is contrarian. Is that American influence and exceptionalism is going to soar? I believe that is contrarian. I think we've empowered this next generation.

Starting point is 00:42:00 As I talked about earlier, millennials, Gen Z are ready to be independent to build shit. I think Gen X is going to start taking over from boomers, as is what's happening in this very podcast here, as we start to hit our world time years as executives. Then all these boomers are retiring as Chimath has pointed out over and over again, and they're going to pass down their wealth, which then creates a perfect storm of a ton of capital, a ton of energy, lots of new ideas, a different way to do it. What an economy is going to boom. And we will prove once again that

Starting point is 00:42:30 we're the greatest country and economy in the world. Jake, you're not a contrarian. You're what we call an optimist. Yeah. Okay. And then I'll add to that. Jake, what are we? Are we Gen X? We're Gen X. Yes. And the fighting over COVID abortion guns, social justice, and all this stuff is so exhausting, not that these are not important issues, that I think everybody is gonna move to, let's just start respecting and building and solving problems, and I just think American exceptionalism will be

Starting point is 00:42:58 the big winner. All that happens in 2022? I just think that that is my contrary and belief for 2022. Everybody believes it's a primary race. You I think everybody believes it's coming apart. I don't think anything's coming apart. It's a great century in a year. I think it's going to be a great year.

Starting point is 00:43:13 I think it's going to be a great year. Can I give my second Contrary and prediction? Oh God, here we go. Yes, okay. It's good. Here it is. I think the media is going to pull a total 180 on COVID. Okay. So after pumping out COVID fear porn for two years, I think the media is going to pull a total 180 on COVID.

Starting point is 00:43:25 So after pumping out COVID, fear porn for two years, they're going to change their tune next year. Some of the things you're going to hear, we need to live with COVID, it can't be eradicated. They're even going to say it's more like a cold or a flu. They're going to say that politicians can't be expected to stop it. They're going to memory hole, they're support for lockdowns. They're going to be never supported that. And why is all this? Because we have an election next

Starting point is 00:43:50 year and more Americans have already died from COVID under Joe Biden than Donald Trump. That's a pretty amazing stuff. What was your term? Yeah, you've never heard of the term memory hole. It's what the press does. Oh, memory hole. Yeah, memory hole. Got it. Okay. But did you guys know that that more Americans have already died from COVID under Joe Biden under Donald Trump? That's a thing. That is stunning. Yeah, it is stunning.

Starting point is 00:44:11 Are you sure? Yeah. 100%. Now, it's writer's triple fact check. Yeah, they did. They did. No, look, look it up. And it's certainly, it's going to be even more true after this.

Starting point is 00:44:20 It's on info worse.com. You can look it up. I'm a con wave. No, look, I don't blame Joe Biden for that. Sorry, why is that? Because Trump had no vaccine and Biden has had vaccines and everything else. Maybe it's a consistency of,

Starting point is 00:44:32 I mean, you guys seem we've had a consistent, you know, one to 2000 people die a day. It's made 1400 a day. So maybe it's just that consistency in the US. Yeah. I think it's because of the Republicans' States that refuse to do any mitigation. No, please. Okay.

Starting point is 00:44:45 Let's keep going. Look, I don't blame Biden for that. I don't blame any president of the United States. Nonetheless, Biden campaigned on the idea of these quote-unquote shutting down the virus. He and the Democrats claim that they would be able to eradicate it. That was the entire basis for all these COVID restrictions. Now it's the case that it can't be done. Everyone's realizing that they're gonna have to move the goalpost and memory hole ever saying that.

Starting point is 00:45:13 And so the Democrats desperately need COVID to be over for the 2022 midterms. Therefore, the media will say it's over. Well, you started to see it already because the media is probably scratching their head. They were the ones trying to force these lockdowns, you know, basking in the glow of whatever press released the centers for disease control would put out. And all of a sudden, the CDC just had to do a complete 180. And when they used to force 10-day quarantines for these positive tests and

Starting point is 00:45:40 people with COVID, they just backtracked to five. And why? Well, it's because there's nobody to work. And in Delta CEO asked for it last week. And now they're, I don't know if that's exactly true, but the CDC ultimately released just in the hands of big business. And so when big business needs these workers to come back, you know, they, and it probably pissed off a lot of unions who would have loved to have just had a positive test and stay home forever. The teachers unions, particularly here we are.

Starting point is 00:46:03 So this is a really tough situation. Well, and looking to be clear, the message that the media is gonna deliver about COVID next year, it'll be the first time I agree with it, but it's completely dishonest to them to pretend like they were never in favor of lockdowns and they completely inflated the threat and created this whole hysteria.

Starting point is 00:46:23 And next year, they're gonna to have to back off it. But also take it to Canada. Take into account sacks that this new variant is much less deadly. So it would be logical for people to take a less severe position on it. No, hold on Jason. We don't know whether there are more variants to come in the future that could be much worse. But we also know this one is not subsequently leaked. And it's a blocker. The CDC made the decision, broadly speaking, about everything. They're not making a decision about Omicron.

Starting point is 00:46:49 They didn't say if you have Omicron, because not only is they really even test for it, I'm just talking, you can say for it to saxophone. The reason they shortened this is because they didn't know what they were doing before. They don't fundamentally know what they're doing now. They're making best guesses. And the problem with these best guesses is that they're inaccurate and it forces enormous amounts of waves of havoc every time they make a decision. I'm talking about that. I'm talking about the sexist prediction that the media will flip. A logical person, including everybody on this call, because of Omicron taking over for Delta and

Starting point is 00:47:19 being a natural blocker, it would be the logical thing to do. So in defense of the media, which I'm not apt to do, it's logical for everybody to take a different approach right now, because Omicron is 40 times more contagious. It blocks Delta, and it's become the dominant variant. I think the right now the media is confused. They're not sure which way to go. So, you know, there's a high probability that they tacked towards what Sachs is saying.

Starting point is 00:47:39 But if you read the New York Times article, it was through gridded teeth. They presented the fact that the CDC changed the guy at least. Yes. If you read that article, it was through gridded teeth. They presented the fact that the CDC changed the guy at last. If you read that article, it was like pulling teeth. When you say the media, can you just define that a little bit? It's everybody about Fox News. Come on. It's the elite prestige media. It's the New York Times, the Washington Post, CNN, MSNBC, on and on and on. Do you think there's a bigger audience with the aggregate of those publications you just mentioned or the direct to the consumer publications that are happening on YouTube?

Starting point is 00:48:09 Of course, there are many other things that are being aggregated because of their dishonesty. So does it matter? Yeah, of course, it still matters because they still have a lot of influence. They do. And no offense to everybody on YouTube, but we haven't gotten yet to the economic viability where enough people on YouTube can cover the broad spectrum of things that are important. And then the mechanisms and incentives to amplify it. So for example, that's a good point. We still need the CNN.

Starting point is 00:48:32 There was a woman on CNN, Nick, please post the clip that you could we posted in the group chat talking about the incidents of suicide rates and depression and children. So what happened when they were locked out of school for two years? Okay, and I am not going to stop talking about this because this is the issue of our times. These are our kids. Well, I want to get to under reported stories as well. Jan. Oh, for me, I mean, my kids hear me ran about this every day. So I'm going to say, well, I'll tell you guys, it's the crushing impact that our COVID policies have had on young kids and children. By far, the least serious risk of serious illness,

Starting point is 00:49:11 but even teenagers, a healthy teenager, has a 1 and a million chance of getting in dying from COVID, which is way lower than dying in a car wreck on a road trip. But they have suffered and sacrificed the most, especially kids and underrepresented at-risk communities. And now we have the surgeon general saying there's a mental health crisis among our kids. The risk of suicide, suicide attempts among girls.

Starting point is 00:49:38 Now up 51% this year, black kids nearly twice as likely as white kids to die by suicide. I mean school closures, lockdowns, cancellation of sports. You couldn't even go on a playground in the DC area without cops scurrying, getting, shooing the kids off. Tremendous negative impact on kids, and it's been an afterthought. You know, it's, it's, it's hurt their dreams, their future, learning loss, risk of abuse, their mental health. And now with our knowledge, our vaccines, if our policies

Starting point is 00:50:12 don't reflect a more measured and reasonable approach for our children, they will be paying for our generation's decisions the rest of their lives. And that to me is the greatest under reported story of the past year. And I don't see it being talked about anywhere. We talked about it first. I posted that link about the decrease in IQ points. And then we started to talk about it there slowly.

Starting point is 00:50:35 And now it's trickling into the mainstream media where there are forced to talk. And who's impacted? It's not rich kids. It's not rich kids. It's not rich kids. That was a fantastic clip. That's the NN clip was fantastic. The poor kids are the ones who get hit the hardest. They can't

Starting point is 00:50:48 do supplemental. It's not just that. Don't don't minimize what this is. This is every child. I agree. But the data was that it's disproportionately affecting minority kids. And that could be because of sociology of the parents. But Jason, you can also have rich, colored parents, okay? Jay. So just saying color parents, I'm saying all poor kids, white poor kids who are public school poor kids, they're getting hit in the hearts. Many, many kids of all kinds, but frankly, the point is it's all kids of all kinds, okay? So we don't need to sub segment this to make this issue go away and seem smaller than it is. We have literally put tens of millions of children at risk because of our behavior. Yes. I'm agree with you, and I'm not trying to minimize it or make it a smaller issue. Your point

Starting point is 00:51:30 is that none of the smaller audiences or smaller new media folks on YouTube or they're podcasting have enough breadth to really make an impact by talking about this topic. Is that what you're saying? That the mainstream media is needed to hit the broad base? No, what I'm saying is very specific. The people on YouTube cover what the people on YouTube want. Okay, the people on podcasts cover what they want. They're all very narrow. You mean they're narrow niche.

Starting point is 00:51:56 Okay, yeah. There is no set of incentives that then threads that together and then amplifies. In the absence of those two mechanics, those are software mechanics and economic mechanics I need to get built in. What we lose is signal. That in my opinion right now over the last two weeks

Starting point is 00:52:14 is the single most important signal and it is nowhere except for this one clip on CNN and the discussion that we had two weeks ago. Because the YouTube, I just wanna be really clear on this because the YouTube is full of react videos and video games, which is fine. And the consumer missing is talking about this issue and actually holding people accountable. And who should be held accountable in every single county where it was basically a board

Starting point is 00:52:39 of education that was trying to shut these kids out, who stood up and who told that story, nobody did. And if it was trying to be told, it wasn't amplified correctly enough. And so what happens is after two years of damage to all of our kids, tens of millions of kids, there's a couple of fissures. One fissure was on this podcast, which I'm very proud of.

Starting point is 00:53:00 Another fissure was this one few minutes. CBS, it was a C. CBS, CBS, whatever. Which is a Sunday show, yeah. But my point is, these are the things that really matter and we haven't figured it out yet. What you're saying, and I think it's a really important point, is that as a YouTuber, as a podcaster, you pick your niche that you can hit home on,

Starting point is 00:53:18 and you hit home over and over every week. But no one says I'm gonna broadly talk about the issues of our time, and sure no, no, that's not true We do we do but it's a small subset, but I think I think More than a million people a week that listen to this we've we far exceeded MSNBC's average viewership We're probably going to pass you know most CNBC shows and some CNN shows by the end of next year so we will do it But there's not enough.

Starting point is 00:53:46 There needs to be more of us. We're an opinion show as much, you know, we're not a traditional reporting show, right? In the sense that like go out, gather data and facts and present them or do you disagree with that? Not that they do that anyway. I disagree with that. I actually think we do a decent job of filtering for the truth. And the reason we're able to do that is because of our friendship, we can hold each other

Starting point is 00:54:04 accountable and call out the bullshit when we see. Because we don't have incentives to do that is because of our friendship, we can hold each other accountable and call out the bullshit when we see the one- We don't have incentives. We don't have anything to lose, right? I don't think there's one- Is there a difference? But I would have built on something that SAC said.

Starting point is 00:54:13 It is very hard for the media to hold this distance because they're saying everybody needs to shelter in place. COVID is this huge thing. They put the death count, they put the case counter up, they won't talk about deaths in ICU, they won't talk about who's getting COVID because they have an incentive to get more ratings through COVID or Trump and they took that and then it's a narrative violation or it's cognitive distance if they say at the same time, everybody needs to shelter in place.

Starting point is 00:54:38 This thing is really deadly, but we should send our kids to school. So they couldn't take that position, Saks and Chema, they couldn't take the position that, oh, well, kids could go to school because that would go against, hey, everybody needs to shelter in place. And they picked, I think, COVID is the super deadly thing, everybody has to shelter in place.

Starting point is 00:54:55 Over and children. I think you're giving them way too much credit. I think what happened was they had a position to re-aggregate lost power. And they took it. That's real sense. They did not think about the true consequences. And it may not have happened at any one individual reporter level. But when it ladders up to the editorial board and the decisions of the people who run the mass sets of these organizations, they made the decision that currying and organizing power was more important than shining a light to do the right thing.

Starting point is 00:55:27 Specifically in this case, the thing that aggravates me the most is around our kids. I think they were going for ratings, but anyway we can keep debating it. Well, one thing we can say for sure is they created a hysteria. Whether their motivation was ratings or a power grab or political advantage. There's probably all the above, but the bottom line is they wanted to create a hysteria. And they've been pumping COVID fear porn into the population for the last two years. But my prediction, like I said, is that it all flips next year. Why? Because there's an election and the way the media figures out what it's going to, what it's narrative is going to be,

Starting point is 00:56:01 is they start with the election result they want. And then they reverse engineer the narrative that they think is going to help achieve that election result. And if it means contracting what they said yesterday, they will memory hole what they said yesterday in order to get on board the new narrative. That is what's going to happen. I do think you're right, but I think I just I want to I don't want to lose this thread because this has nothing to do with COVID. Meaning COVID was a symptom of this. But if you really thought that the organized mainstream media had the right to be, you know, has a purpose to be on the right side of justice,

Starting point is 00:56:36 where were they when school boards were stripping out, you know, advanced placement programs for kids? Or were they when they were shutting kids out? Or were they when they were engaged in eight hours? They can't go against the end. They can't go against the end. You know, a male can be on a committee, you know, because he's gay, but he's not, you know, black.

Starting point is 00:56:54 I mean, these were the issues that stopped our children from literally walking into the classroom every day. Well, I mean, just two stories were not told, and they didn't happen just in one place, they happened all across the country. And this is where those folks had a responsibility, because they also probably had kids. And they didn't do a thing about it. That one issue for me really drives me crazy. Let me ask a probing question here. We assume we're going to get out of this, you know, pandemic in 2022, knock on wood, no more variance. What is the obligation and technique,

Starting point is 00:57:28 the strategy to solve what we did to these kids? And I just wanna put it out there, we don't have to answer it now, but I think we could spend an episode. That's a very difficult question, Jake Hal that I think you need. Well, sociologists and psychologists and educators. We also need entrepreneurship and ideas,

Starting point is 00:57:43 and we need to have a dialogue so we can bring them on. But if we're going to spend all this money on bill back better, how about we build back the 20 lost fucking IQ points that these kids have? And then we do something about the depression and anxiety they have. Hallelujah. Jason, we're never going to get there

Starting point is 00:57:55 because the teachers unions won't even acknowledge that learning loss exists. The leaders, the leaders, we need to break the teachers unions period for a stop. Yes, so let me make a prediction in that regard next year. There's going to be a ballot initiative in California to the first school choice. And the way it's going to work is that

Starting point is 00:58:12 I think there's something like $13,000 spent per pupil in California. That's right. There's going to be a ballot initiative that says that any parent who wants to send their kid to an accredited school can get a voucher for $13,000 from the state. That's just gonna be on the ballot.

Starting point is 00:58:28 I predict it. Competition, let's go. I predict it will be the big, big election in California and maybe the nation next year, and I think more than a hundred million will be spent on both sides of that thing. And I can't predict it's gonna win. I hope it does.

Starting point is 00:58:41 This is a topic worth fighting over. This is something important to fight over. Yes. It's school choice because you know what? Absolutely. These guys pulled the wall over every size. They slipped them the Mickey. They hoodwinked them. You need choice. We know this as entrepreneurs. If there is no competition, things do not get better. These school unions are complacent. Well, let's make a resolution. Let's make a New Year's resolution because I think we all agree on this. I got approached about this ballot initiative. Let's do it. It's going to happen.

Starting point is 00:59:10 There's going to be, like I said, a major ballot initiative next year for school, Joyce and California. Let's take some money in front of the table. Let's get behind it. All in summit profits. We'll put towards this. Yes. Let's do it.

Starting point is 00:59:23 Let's put that up. I'm in. Let's put some money behind this. I want to tell you just to more personalize this issue because I really think a lot of people listening struggle with this. I entered the pandemic with rules. I had rules about devices. I had rules about, you know, how much time they could be online.

Starting point is 00:59:40 I had rules around physical fitness, right? I had rules around diet. And it all went out the window. And it became this thing where it was like feed them the best they can. Sometimes they eat lunch with us. Sometimes they have to eat lunch by themselves because I'm stuck on some stupid zoom, you know, back to back in these dumb meetings because these kids aren't at school. They're only way to interact with their friends, became video games like Fortnite, where they could at least talk to their friends.

Starting point is 01:00:09 Yeah. But then it became an addiction where they were doing it for hours and hours. Yeah. And now I'm trying to, and you know, they gained weight because they weren't physically active. And I am trying to unwind, as is, not, as is my ex-wife,

Starting point is 01:00:22 we're doing it together as a team. It is so hard. Absolutely hard. So hard. What about all these people who don't have the access to the resources that I have to try to unwind this? And then what happens is I send my kids to the school and hope they may have a headache. Guess what? They get sent home and then their brother and sister have to get sent home too until you can test and be COVID negative for a day in a row.

Starting point is 01:00:45 And so there's yet another day of school loss. Totally nuts. And it's like, this is supposed to be one of the best schools in the country. It's not. Totally nuts. And then I think, what is every other school like then? If this is what, if this is what my children have to do. I think we should make this, we should have this as a major theme for 2022 for the pod.

Starting point is 01:01:01 I think it's a very important. We need to hold educators and teachers unions accountable. Absolutely. School boards accountable all around the pod. I think it's a very old educators and teachers unions accountable. Absolutely. School boards accountable all around the country to fix this. This is your responsibility. You need to fix it. Listen, with the held police officers responsible in the last year or two, we've seen this, you know, policing being really like a spotlight put on it. Well, let's put that same spotlight on teachers and administrators and schools. They'll never do it. They'll never do it without competition. That's the only way to hold competition. That's the only way to hold their feet. You know what? What I learned, Shemoff to Build on what you said was, I just decided to get

Starting point is 01:01:36 a teacher and obviously I have the means to do it. I know most people don't. I certainly didn't have it growing up. We could barely afford you know, afford to exist. But I think home schooling is a viable option. So with that 13k, I can tell you five parents who are in an underprivileged area can take that five times of their teen and take that, what is that, 65k? And put it together. And for 65k, they can hire a teacher. And they can do a better job with those parents and a teacher for those five kids. I guarantee it. So, let's go to best performing asset of 2022.

Starting point is 01:02:10 What do you got, Chema? This is simple. This will be battery metals. Lithium, nickel, cobalt, okay. Graphite, put it in a basket. You can be along these things and I think you can do it. Okay, rapid fire sacks. What do you got? Best performing asset. I just said series A venture because it's pretty unoriginal. It's what I do. I think growth got a

Starting point is 01:02:29 little bit overfunded and overheated and I think the seed stage also there's like so there were so many new seed investors again it might have been partially because of excess liquidity. So series A is still the choke point and I think it's still the best area to invest in. Innovation is not going to stop. There's going to be great Series A investments next year. I also picked early stage startups because that's where the magic happens. I picked early stage like right before Series A. I think spacking, direct listings, raising money, people coming down to do the series, bees, all of that is creating a poll for more startups. The founders are getting very sophisticated in terms of finding product market fit and

Starting point is 01:03:12 scaling globally earlier. That's what's creating these great big outcomes, whether it was Uber or Facebook, both figuring out and Airbnb had to go global quickly. My choice for best performing asset of 2022 is still early stage startups. Freeberg what he got. Obviously best performing asset in terms of a multiple basis, you're never gonna beat seed stage investing, certainly.

Starting point is 01:03:37 But I tried to highlight and continue my kind of contrarian bet that we're gonna see increase global conflict next year, again driven by, you know, incumbents trying to hold on to political office and increase inflation and feeling economic growth and the American response to China. So in a world of increased global conflict, I think assets that do really well are energy commodities and energy stocks. I recently made a big bet on energy stocks, defense stocks. And it used to be a gold, it could be the case that Bitcoin you know sees a role as being a defensive position in portfolios in a world of war and conflict.

Starting point is 01:04:15 So those are my kind of macro games for asset. Most anticipated trend of 2022, what do you got, Jimoff? A trend you're anticipating in 2022. Here to peer payments, the destruction of traditional rails, it will come out of Africa. Great. Sacks, what do you got? This is where I had the Civil War between Progressives and Turkmatic Liberals. So building on what Jamal said, you're already seeing this in the feud between London and Britain. Chase Abu Dheen, that is really going to, I think, blossom.

Starting point is 01:04:44 Next year, we have not heard the last of that. You saw it in Philadelphia, where the mayor, Michael Nutter, took on Larry Krasner. I think you're going to see it in New York City between Eric Adams and these Manhattan elites. And you also saw in a Washington, DC, where the progressives were blaming mansion for, you mansion for losing the build back better. So this is a civil war. It's going to continue. And what you're most predicted with AOC versus Schumer would certainly play into that. So it's grabbed the popcorn. It is the trend that I'm anticipating the most. All right. There you go. Do you anticipate a similar trend with like the

Starting point is 01:05:22 alt-right Trumpians and DeSantis and that kind of thing breaking up. How do you see that playing out? Not yet because Trump isn't on the ballot in 2022. So I actually think the Republican parties can be surprisingly united in 2022. I think where the trouble might come in is when we have a Republican primary in 2023. And especially if Trump runs, then you know, all hell is going to break loose. So. Who is it? Who are the two people who would be most viable against Trump in that 2020, 23, 23, Ron DeSantis and Ted Cruz? Nicky Haley. Nicky Haley. That's going to be, that's going to be fireworks. Freiburg, what do you got? Testupated trend. My biggest anticipated trend for 2022 is going to be a gold rush in biotech into what I think will become the cover story on magazines throughout the year that humans have discovered the fountain

Starting point is 01:06:11 of youth. And this will arise from these investments in what are called Yamannaka factor based cell reprogramming methods. I've talked about this on the pod in the past a few years ago. Scientists identified that four chemicals could trigger gene expression in cells and get those cells to effectively revert to being stem cells. And more recently demonstrated that using lower amounts of those chemicals and other what are called kind of epigenetic effectors can trigger partial cell reprogramming, which causes cells in the body to act youthful.

Starting point is 01:06:44 As a result of those discoveries, an absolute gold rush is now underway. More recently, Yuri Milner, Jeff Bezos, Arch and others put a billion dollars to seed a new company called Altos Labs to pursue therapeutics in this area. Google has individually funded a company called Calico, led by Art Levinson, the former founder and CEO of Genentech. Just recently, Blake Byers and Brian Armstrong announced their new company called New Limit with $100 million, their own personal capital. All of these companies are pursuing the same effort, which is basically causing cells to

Starting point is 01:07:19 be youthful, to regenerate in a youthful way. As a result, you see organs and systems in the body act more healthily. And there will be magazine covers and you know, 60 minutes articles stories and all sorts of stuff will start to happen in 2022 saying, oh my gosh, as because the amount of money that's gone in in this year is going to cause breakthroughs and discoveries to start to get published about next year. And when that starts to happen and the media and the PR cycle start to kick up, you'll see this become the year of Yamanaka factor based reprogramming.

Starting point is 01:07:50 And everyone saying it's going to be the biggest gold rush in biotech since Recombident DNA was used by Genentech in the 80s and 90s. All right. And I had most anticipated trend of 2022 being the accredited investor laws are going to change and evolve. And it might just be you take a test and you now are accredited. It doesn't matter if you won the lottery or you make 200,000 a year. And a legal crypto framework is going to happen, I think, at the same time. So those regulations

Starting point is 01:08:20 combined are going to empower really interesting capital formation on a global basis, whether it's running a syndicate with everybody in the world, including non-accredited investors or DAO's or those two things merging. Or as Bology is talking about, you know, a cap table over here that's mirrored on a blockchain at the same time and people being able to trade their interest in Chimatz fund or Saxas fund or one of my syndicates with tokens on the internet.

Starting point is 01:08:46 And that could become a major unlock where, you know, if you were in... I don't have a fund. I run a meager family office. Well, if you were in your earlier funds and somebody and there was still stuff trickling to social capital three, the people who have that could sell it back to you or sell it to each other if they wanted to get liquidity. And that's going gonna be super interesting, especially if it could happen just globally

Starting point is 01:09:08 where some person in China decides they wanna have access to US funds, RLPs could just start selling. If it was structured that way, most anticipated film TV series media, Yada Yada for 2020-22. What do you got Yellowstone season nine, sex? I watched the first two episodes. It's really great. I mean, you forget what a great actor, what's his name is? Kevin Costner. Kevin Costner is a great actor. Yes, Yellowstone is great. I'll be watching next season, but what I had down here is Thor Ragnarok, the writer director, like what Tudy is back.

Starting point is 01:09:48 If you saw the last Thor movie, the last one, the new one is called Thor Love and Thunder. And Thor went from being, I think, one of the most boring Marvel characters in the first two movies to being one of the funniest and most fun in his last movie. So I think that sequel will be really good. And then the other one is they're doing a prequel show for Game of Thrones called House of the Dragon. I'm going to have to watch that. And then the probably the the Star Wars show I'm looking forward to most to be the Obi-Wan Kenobi show with you and McGregor. So that looks... And Anakin, it's basically... Anakin, yeah. And I had as well, the Obi-Wan show, the Boba Fett show,

Starting point is 01:10:30 and the Mandalorian shows all coming back are going to be absolutely bonkers. And then there's also this token series that's coming out, the prequel, I think, that Amazon spending a billion dollars on. And I think that's landing in 2022. What do you got Shema? It is the all-in summit in May, Miami and the birth of all-in media. So I think that we by the end of 2022 will have published content, written content, not necessarily by us. published content, written content, not necessarily by us.

Starting point is 01:11:09 Whoa, but other forms of media interaction that get the truth out to a large swath of humanity. Here we go. Is this moving beyond just a couple of besties doing a podcast, during lockdown? What? What? Actually, all in media is out of new acronym, AIM. All in AIM? AIM?

Starting point is 01:11:25 All in media? What AIM? What are we doing? Should we buy like a cable channel and just go 24 hours? AIM is the truth. AIM media. AIM media. Okay, there you go.

Starting point is 01:11:33 I didn't even know this is news to the rest of us, but, Tom, is building on the media. Okay, here we go. Who are we going to hire? Tucker. There will be no shortage of folks who will want to come out of the woodwork to work with us on this. I think the goal should just be to make sure we figure out what the real North Star is so that we never deviate. Part of the biggest thing that we did, guys, was not trying to hustle for some few shackles here or there, which was stupid. Like Jake Calward, too.

Starting point is 01:12:03 What are you talking about? We're going to talk about the plan for the pure need the purity of not wrapping this thing with crappy ads and all kinds of nonsense As we've never lost our way. We don't need some stupid deal for some crappy media company We all have independent ways in which we can monetize our lives and our hard work And so we should come to this to always tell the truth I think that that's a one of the I will say one of the great innovations that and decisions that you you can monetize our lives and our hard work. And so we should come to this to always tell the truth. I think that that's one of the, I will say one of the great innovations

Starting point is 01:12:28 that and decisions that you championed was not putting ads on it. I hear it all the time for people. I mean, now you're saving you from yourself, Jake. It's an interesting idea where you is advertising basis. I don't think we need to influence a show. It's not driven by advertising dollars

Starting point is 01:12:42 and not driven by greater, by trying to maximize page views and clicks and visits. Yeah. Then it completely changes the equation of what's possible. I think this was part of the idea of what publicly funded media was supposed to be, but it obviously got you know, maybe a little bit too far from the left. Yeah, it was just too, yeah, it's just too, well then they started adding ads. I don't know if you remember that they feel awesome funding They're like okay, we're gonna go for sponsorship. So not ads are sponsorships. So you're saying we're the new PBS No, it's something different

Starting point is 01:13:13 We do this without any expectation of financial reward we do it because we enjoy it and so what's up for you? Jekyll you know, I mean I have other things that make money. Thank you very much. Jake has to be pretty fucking good right now. Oh, Hey, Poster bear, you're loving the big seal. Yeah,

Starting point is 01:13:34 that the syndicate.com boop plug boop a first deal. I didn't know we were doing this category. I will tell you that. I will promise you, watch some TV. He doesn't watch TV.

Starting point is 01:13:46 He doesn't know what I mean. I would like to watch reruns up, Doctor Who. What BBC show that nobody watches, are you going to recommend? Doesn't matter. I mean, come on. What show from Finland with subtitles are you? I don't know, I've spent a lot of time watching like esoteric videos and stuff I find on YouTube.

Starting point is 01:14:04 I really think it's so interesting. It's such a different way of consuming videos. Just tell us what video game you're playing. What's Anderson is putting out a porno? Oh, I was just wondering, is Paul Todd is an Anderson in a show similar to Target. It's like, I'm looking at a crazy game,

Starting point is 01:14:16 John, who will be of a vernacular going up and down on the mountain. I felt like I was in the Louvre watching this movie. All right, what video game you're playing? I called, I called Freiburg on the phone to talk him up a ledge when he was going crazy on the group chat, and he's like, I can't talk him on a video game. What video game?

Starting point is 01:14:30 I was actually playing a video game by Anna Perna Interactive, which is Larry Ellison's daughter's media production company, and apparently I didn't know this. They had a video game arm, and the video games are, and the game I was playing was called Macat. And you kind of have this interesting movie like poetic experience as you play the game I was playing was called Macat and you kind of you kind of have this like

Starting point is 01:14:46 interesting movie like poetic experience as you play the game so it's not really just designed to be act in action. I don't know. I thought it was a very interesting new way of entertaining oneself. Okay, we can move on. It was highly stimulating. She made a simulation of a biology lab. You actually get different beaker size loads and you have different sub proteins like a star. We'll get to buy all of these lab equipment you want. But it means it's actually easy. It's kind of like a simulation. It's like the same. But we must first mind it. And the way that you mind is by solving mathematical equations. I made a cruelty

Starting point is 01:15:19 free fish device dish, like laboratory because of the genocide of fish. That was a little controversial take last week. I got DMs for people. That was a spicy take free, bro. Did you get any blowback from that spicy take last week? The spicy stuff. I did. I'm actually going to respond to everyone that sent me a note director. Was it really because I people are like, you're well, I think the comment comment, well, here's the thing, the comment I made that I think really triggered people was I said that animal agriculture is worse than human slavery. And maybe I'll just address it now real quick.

Starting point is 01:15:53 Yeah. You know, I think the point of view that people took away from that was that I diminished, you know, the pain and the resonance in today's kind of socioeconomic context of human slavery, particularly recently in America. And that wasn't my intention at all. Clearly not your intention, yeah.

Starting point is 01:16:13 What I'm trying to highlight is, you know, first of all, human slavery has been around as long as humans have been around, right? For 10,000 years, back to ancient Egypt, the enslavement of humans, the removal of opportunity and freedom granted to every living being, is certainly manifest in the form of human slavery, and we kind of take it as a very acute pain point.

Starting point is 01:16:32 What I was highlighting is every year, over 100 billion land-based animals are killed, and they're born and put in chains and put in jails, and then murdered and eaten by humans as routine. And we don't like lift our head up and recognize just how serious and how skilled this behavior is. The industrialization of this process is really important. And there's videos you can watch. And I think when you watch them, you'll recognize this is delicious. Yeah, I know it's coming true.

Starting point is 01:17:04 Don't do it, Chema. And I do think that Chema's voice in this is really the voice that kept us from ever becoming an issue. Because it's not human, we don't kind of pay attention to it. Yeah. And I'm just trying to highlight that there is something that is at such an extraordinary scale that we don't pay attention to that one day we'll wake up

Starting point is 01:17:20 and we'll be like, oh my God, how do we miss that? I'm completely agree with you, Freebergh. If you look at all life being precious and you say, the life of a cow, the life of a dog, the life of a human, these are all lives. The scale of suffering is, these animals, yeah, these animals, that means what you mean,

Starting point is 01:17:38 I'm just gonna be honest with you guys. These animals can problem solve, they can feel emotion, they can recognize, they can recognize things happening to them and to their loved ones and their family members. And I think that in the context of that, to cause pain and suffering on those animals and on those creatures, at the scale that we do is something that's just mind blowing to me. I think that's fair enough. And I expect that one day we will wake up and be like, I cannot believe we let our society do that. But I do think that we need to solve to a mass problem, which

Starting point is 01:18:04 is how do you make something that's frigging delicious? It's not how do you make it cheaper. Hold on a second. It's not a problem. Like, my perspective is I understand where you're coming from. I respect your point of view, but here's my point of view, which is we evolved to superior superiority in an evolutionary process that was not preordained. Okay. And we are now in a position where we are allowed to consume things that we choose. Now, there is also a claim that you could make that, you know what, a tiger or a lion should not be attacking and killing a gazelle because, you know what, that's causing suffering to the gazelle or blah, blah, blah.

Starting point is 01:18:39 At the end of the day, how we choose to go and consume the things that we need for sustenance is a choice that we can make and there are probably better choices we can make over time. But at the end of the day, I think that this was a reasonable evolution of humanity and human ingenuity and intellect. And I don't feel guilty about that. I don't weigh the suffering of animals the same way I weigh the suffering of human beings. I don't. And I would argue that when we were apes in the jungle and we didn't have the choice,

Starting point is 01:19:06 I would wholeheartedly agree with you. But today, we are a people that do have the choice. What choice do you have? And it's because we have the choice to not eat meat and still survive and still be happy that we can make a better choice. What if it does taste good like there's a part of my soul? And that's why I'm specifically. And I agree and that's why I think we need to solve that problem, and that's why I believe. It's not a problem.

Starting point is 01:19:27 If you made an alternative for you that tasted good and was as affordable as the alternative, which is actually killing an animal, you would choose it. And we haven't given you that solution yet. And when I say we, I mean, call it the techno-food people, but there is a tremendous amount of money going into this area, and we will devise artificially produced meat that will not be made by killing an animal But will be made in a lab that looks and tastes identical or a piece of sushi. Just give us a year over on you You'll have a piece of sushi in three years. You will have You will be able to go taste chicken next year. It'll be very very expensive

Starting point is 01:20:01 But cell-based meat will be available. Let's get to that. Add a commercial scale within the next five to 10 years. We're gonna get our steak. That's really what it's about. And I commend you as I will do a taste test whenever you say, you call that, you pick the place the time. Totally. I will show up.

Starting point is 01:20:18 And if it's better, I will never eat meat again. Okay, we're not ready for that. That's a great commitment. All right. Yeah. And I am similar in the committee. But in the meantime, oh, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, around the party being like, what the hell is this? There's no meat in the party. What am I doing there? Can you make me a hamburger? The woman from wherever My napah was like I've never touched meat in 30 years. What I'm incredible. Ribbye on New York on Christmas Eve. Oh my god Everybody for the dictator himself, Jamal Polly, a hot potilla with great hair Touch a gray never looked better,

Starting point is 01:21:05 and the Sultan of science, David Friedberg, and Tucker Carlson's, Basti G.O.P. front runner, David Sacks, super spreading COVID. Super spreading the truth. Super spreading the truth. David Sacks from an undisclosed, Basti, hideaway, which we all know, but we won't say. I'm Jake Hale and we'll see you in 2022. It's been a great year. Bye-bye.

Starting point is 01:21:31 We'll let your winners ride. Bring man David Sack. I'm going on. And it said we open-source it to the fans and they've just got crazy with it. Love you, that's nice. We know, Ken. I'm going on a leave! What?

Starting point is 01:21:48 What? What? What? What? What? Besties are gone. Go through that. That's my dog. Take it away.

Starting point is 01:21:56 I wish you drive away. Sit. Wait a minute. Oh, man. My ham is a dash or a meaty apple. So you should all just get a room and just have one big hug or two because they're all because it's like this like sexual tension that we just need to release that house. What your, that be, what your, where be your, be?

Starting point is 01:22:15 Be, what? That's good for you. We need to get mercy. I'm going on, Leon! I'm going on, Leon! I'm doing all it.

All-In with Chamath, Jason, Sacks & Friedberg - E61: 2022 Predictions! Business, politics, science, tech, crypto, & more

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