Summary E139: Recapping Chamath's wedding, VC surplus, unions vs Hollywood, room-temp superconductors & more - YouTube (Youtube) youtu.be
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Speaker 0 Love you guys. Hey, if you guys are around, you know? And anyone
Speaker 1 wanna get guess of wine and some
Speaker 0 of wine later, maybe next week or something who knows. Maybe we all get together in person. Have a glass of wine.
Speaker 2 I see you soon. I love you guys
Speaker 0 How? You're about to
Speaker 2 come to Italy and basically, you're gonna gain 15 pound for sure.
Speaker 3 Okay. So we were there in Italy.
Speaker 0 There's a long time no. Is this when we were in Venice?
Speaker 2 The quality of Italian white wine is outrageous. Really? It's outrageous.
Speaker 0 Do they have a men's bikini for? For when we're in Italy.
Speaker 2 I would buy that.
Speaker 0 Let's just say thank you to the amazing people of Italy for having. What an incredible greatest country for adults to go on vacation what an incredible country? Here we go. In 3, 2 hair. Yeah.
Speaker 3 I was going to.
Speaker 0 Everybody welcome.
Speaker 3 Motor motorcycle? Try again.
Speaker 0 3, 2, hey, everybody welcome to another episode of... The all in podcast. We are here in beautiful, Porto, Italy, and we have found a new best introduce of Natalie is your name. That is my name. And surprised by my surname.
Speaker 0 A you've got a surname. What is the surname? Pal grit. No. Sorry.
Speaker 0 Happy. Pal hot, so your cousins apparently, and you on a biotech business. I understand here in Italy. In my spare time.
Speaker 2 Yeah. Went.
Speaker 0 Somebody else doesn't consume the life out of me. Got it. Okay. So you're dealing drugs in Italy? And welcome to the All in pod.
Speaker 0 In all seriousness, we are here in Italy because Chamath's, and Natalie got married. Big round of applause. Very nice. And we decided we tape an episode very quickly. But tell us...
Speaker 0 What was it like at the wedding, marrying Chamath's, Polly hop. Tell us about the wedding. It was was a lot of work and Chamath's was as you can expect completely. Utterly useless.
Speaker 2 Yes.
Speaker 0 You're seeing this. In fact, in fact, counterproductive. He showed up now. Times really really frustrating. Yes.
Speaker 0 But I love him nonetheless. So here we are. Very happy.
Speaker 2 This is the moment I would like to take credit for 30 percent of the wedding. And then a number that you can't dispute. You don't really know what it means. Yeah. And then everybody ends up thanking you offensive.
Speaker 2 Yeah. Because you're like, the 30 percent that they love the most. That was me. Yeah.
Speaker 0 Yeah. If you wanna make an estimate, 20, 30 percent chance is I can't go wrong. F and Sachs are with us, the Don, Sachs. You had a lot of Clan nested meetings here. Any are we any closer to peace in Ukraine, Russia.
Speaker 0 I saw you're talking to some Russian emi missouri you've been on the continent for a full month. Tell us
Speaker 1 you go for 12 hours yesterday. So... Yeah.
Speaker 0 I know that you've been on some of these crazy yacht. Out here trying to broker piece. How close are we and and how you're enjoying your time in Europe this summer?
Speaker 3 I I don't think we're too close. But me say a word about. It's this happy couple here. So Natalie is brilliant and unstoppable. Tam math is superficial and plastic.
Speaker 3 So this was like the wedding of Oppenheimer and Barbie. And in that analogy Cha mouth your barbie.
Speaker 0 Yes. Absolutely. Lots of substance and fire over here and complete na and plastic over here. Also the Gen tell you, the same size
Speaker 2 that you can.
Speaker 0 Very smooth over, just barely bump. Yeah. Okay. Gonna leave you guys Okay. We'll do a show.
Speaker 0 Natalie, congratulations. We love you. Congratulations. Thank you, Jay because you celebrated there. That's Oven.
Speaker 0 Okay. Here she goes. I wasn't talking about Cha off. So...
Speaker 1 Oh yeah. I cut you off. Not.
Speaker 0 Oh, okay. Here we go. Here we go. What a great great Week we've had here. Lots of friends came in.
Speaker 2 Lots of friends. Lots of special lots
Speaker 1 of poker.
Speaker 0 Lots of friends. Lots of
Speaker 1 poker. Lots of poker player. That weren't invited
Speaker 2 to the wedding. Weren't invited the Poker king. I mean, I mean, we walked
Speaker 1 into the Poker game last night, and there were all these guys that I didn't see at the wedding, first and you invited these guys.
Speaker 2 No. No. No. Poker game. No.
Speaker 2 Let's be honest Didn't get invited Let's be honest. I think it was the most. Unbelievably ec guest list. Yeah. Of any wedding that's ever had.
Speaker 2 That's very true. I mean, literally, it's like a 2 by 2 matrix of Villain. Yes. Well, fame and In infinity. Yeah.
Speaker 2 Yes. I mean, you had every Quadrant cupboard.
Speaker 0 Yes yeah.
Speaker 2 It was incredible.
Speaker 1 Guy and I were joking. It's like walking into the bar. On Tat. Yeah.
Speaker 2 Wars.
Speaker 1 That's hook your it's serve your guys. Hang enough. I mean, it was a whole Bring a roll after.
Speaker 3 I could tell that when I was doing my toast, which M told me no holds barred just go for it. No Because I toast he really meant roast.
Speaker 1 Roast. Yeah. He roast. The italians did not get the jokes back.
Speaker 3 Yeah. So we got half the audience was laughing. The poker, guys were laughing.
Speaker 2 Yeah.
Speaker 3 And then the family section.
Speaker 2 No not not not laughing.
Speaker 3 A lot of stuff.
Speaker 2 A lot
Speaker 0 of them got the jokes and there they on it, but what an amazing week we've had here. Yeah. And thank you for hosting us. Was absolutely wonderful. This really isn't so many ways.
Speaker 1 We we should cut in some shots in the video on where we're sitting right now This incredible piece club. We're looking out here right
Speaker 3 Incredible of. People lifted it out. I posted a photo of us just meeting out there. Theo doing our little board meeting and people immediately su out you're
Speaker 2 at least?
Speaker 3 Yeah. I guess, famous Red beach restaurant.
Speaker 2 I mean, Lang has these 2 incredible restaurants in milan 3. They're just... Top of the top. And they have this incredible beach restaurant here. And it's the hotel or sorry, It's the restaurant that is beside the beach club that's also owned by the Splendid where we're...
Speaker 2 Yeah. Where you guys are all staying. So... Yeah. It's been been an amazing couple days.
Speaker 3 This little block is called... Para.
Speaker 2 This part is Para ig, and then if you go just a little bit further, you're in Porto proper.
Speaker 3 Yeah. Yeah. Amazing. So.
Speaker 2 Wonderful food. Incredible food.
Speaker 0 Unbelievable. We've eaten like kings. Yeah. And Queen's as the case may be. And just a hospitality in Italy is amazing.
Speaker 0 1 of my I favorite place.
Speaker 2 I just wanna say to all of you guys and to all of our friends. I mean, you guys literally flew halfway around the world for 3 days.
Speaker 1 Favorite Yeah. You did ruin all our summer plans.
Speaker 2 I mean, it was incredible. And and frankly, I picked the... We picked the 3 worst days, Monday, Tuesday, Wednesday.
Speaker 0 Yeah. If you had a job Had to work.
Speaker 2 Yeah. A certain person had 2 rooms rented at the splendid just for meetings and he would just be running back meetings and then trying to go to the... I mean, it's incredible. You guys... I really means.
Speaker 3 I think this whole thing was a... Conspiracy to convene a high stakes poker. So you knew you're were spending the summer in Italy. There's no poker here.
Speaker 0 If I you're alive, how
Speaker 3 do I get the poker
Speaker 1 game He prop italy. He netted a profit to cover the wedding.
Speaker 2 No. Not to cover the wedding. But I did I did win a 1200000.0 dollar pod from
Speaker 0 That was crazy.
Speaker 2 That was crazy.
Speaker 3 My favorite poker story is you gotta call out of the blue. I'm neighbor.
Speaker 2 Is the best. Get a text... Oh my god. Need rooms splendid though. I'd like 2 in the morning.
Speaker 2 And I was... I looked at my phone, and I'm like, why Texting me at 2 in the morning. Yeah. Need room-temp splendid. And I said, it's Chu off.
Speaker 2 Is everything okay? Do you need any help? Need rooms splendid though. And I said, I'm not your fucking travel coordinator. And he goes, can you help me get a room at this bun to a?
Speaker 2 I said, what your your?
Speaker 0 So I said,
Speaker 2 well, why don't you just mean enter into our game? Yeah. And so she came to the wedding.
Speaker 1 With randomly in the neighborhood.
Speaker 2 He was in the area.
Speaker 0 Well he was spending a night So he thought he would hop over his stop.
Speaker 2 Oh, my. Such a bad joke. Try stole that joke joke.
Speaker 3 Stole I still...
Speaker 0 Oh, That's how it works in Hollywood. Okay? There's a little backstory to all this. What happened was, Sham told me in the spring. Hey, Listen, Jc.
Speaker 0 I'm finally, I'm so excited. I'm gonna marry Nat. And I said, oh, that's great. You you had the kids and now you're getting married. Not the traditional way to do it, but congratulations.
Speaker 0 And he said, yeah, We're gonna have, like, a little thing with our families in Italy. It's very bespoke, the kids, parents, that's it. And then, you know, back in Silicon Valley in the Bay Area we'll have a backyard party for everybody else. I said, great. Let me know where in Italy we're going.
Speaker 0 And Nat said Ama morn. It's said just gonna be the immediate family. And I said, great. Where am I going? Tell me the location, and And if you need an fishy I'm in.
Speaker 0 And then a week later we get an email, nat and Sham off discussed it. And they said, you know what? Jake how's right. We should invite everybody to Italy, and so thanks for making that decision.
Speaker 2 Oh, my god. Thank you guys for coming on. But it was a dream.
Speaker 1 Didn't tell anyone Jc count was gonna initiate. So we're sitting there Italian style for, like, 2 hours assembling for the wedding, but Nothing happens. You're all just standing around waiting for something to happen. And then Sham comes in, Natalie comes in beautiful. Dressed amazing.
Speaker 1 Music is incredible. And they sit there for another 10 minutes, and they turn around and they say the efficient. We just got letter the efficient to sick. We need someone we need someone to step in, and then Jc how pops up
Speaker 2 in the back. I got it.
Speaker 1 Knocks the Italian royalty to the right and the left. Blouse his way through the audience. Makes his way to the top. Pulled out his American bow tire or whatever he had and says, let's do this, and then we had Jc cal off officially.
Speaker 3 You did the wedding(11 support.
Speaker 1 It's very Jc way. Yeah. Were you surprised.
Speaker 2 Yeah. Was You were surprised.
Speaker 3 Yeah. A lot
Speaker 2 of were surprised.
Speaker 3 Yeah. You got it.
Speaker 1 Because you're really got or email said? Jc is gonna negotiate. But then we heard... Nothing for 2 and a half months.
Speaker 3 Yeah.
Speaker 1 And no 1 really knew and... But it's was a big secret. Right?
Speaker 0 We kept in a big secret. Why don't it to be a surprise and It was just the vow and the poetry oh the poetry. Oh the poetry shared was amazing.
Speaker 2 I'm. I'm on. No. Her don't. No.
Speaker 2 You wanna do that.
Speaker 1 And you
Speaker 2 do a dramatic reading of the poem that I wrote for you.
Speaker 1 Oh. This was Jamal wrote a poem. Rose ray and...
Speaker 2 But we'll do this setup. That would be comes below.
Speaker 0 So this... The setup was... That Nat would read Cha poems and Cha read Matt's poems. And so Nat had this incredible. Paulo Que, poems, incredibly well thought out.
Speaker 0 Catherine. And... Sorry. Then Cha wrote to poem, from anonymous that he found at a rest stop on the 2 80 written on the inside of the Math stall. Roses are red
Speaker 2 No no.
Speaker 0 Violet are... No.
Speaker 1 Go go ahead. Go ahead. Okay.
Speaker 0 You remember it? You should have a committed to memory. Let me think.
Speaker 1 Yeah. No
Speaker 0 roses are red. Pickles are green. I love your legs, and what's in between.
Speaker 2 Oh, god, god. It's so embarrassing.
Speaker 1 It was so embarrassing. And she had to read this. She literally just drawn up all of the attacks
Speaker 2 have you mean all world world laughing.
Speaker 0 How horrific.
Speaker 1 It really was like, no, no. Tattoo to
Speaker 2 her. Yeah.
Speaker 0 Her out
Speaker 2 her first poem was Son from Mali Shakespeare. My first poem was Beyonce Cuff. Yeah. Where where the last line is, will you sit on top of me, Which she has to say looking at her death. It was so It was so awkward.
Speaker 2 Then her second poem was something by
Speaker 0 Gregory Hoffman was it? No.
Speaker 2 Gregory Hoffman, I think it was something Hoffman. Yep. And then mine was... Yeah. This anonymous but.
Speaker 2 And her third was he cummings in mind was doctor Seuss.
Speaker 1 Sure. This was nice.
Speaker 2 The doctor Seuss fighting. Daniel Hoffman. Yes.
Speaker 0 Well, we had a great time. There's been a lot of news.
Speaker 3 And General, you got here early. Right? Weren't you like camping along the coast you
Speaker 2 wanna I went to your data. You went camping. You
Speaker 3 decided to bring San Francisco to this beautiful prestige.
Speaker 2 Yes. Suffocating everywhere he.
Speaker 3 So Leaving a trail of needles in his wake goes up needles. Except noodles.
Speaker 1 We're go here. Plastic trash. You were trying show...
Speaker 0 I did I did post thirst trap. I'm very proud of Down 41 pounds from the peak. 20 pounds with hiking and using the fasting app that Kevin Rose built and then the other half. 0. Great fasting app.
Speaker 0 And the other half was Oz epic would go.
Speaker 2 We understand what is an app do to help you fast? Just fast. You. You click a button Do you eat
Speaker 0 the app, get an animation and then counts down the clock?
Speaker 3 When you're trying to decide whether you or not, you push a button Should... Either or not, and it says no.
Speaker 2 Yeah. Shows you a picture of yourself. Just a mirror 5 picture. It shows you
Speaker 0 a fat picture. Yeah.
Speaker 2 The 5 picture.
Speaker 0 That's what I did. I took a picture of myself, like fat Jason, and I just... Every time I open the refrigerator, it's there.
Speaker 1 Can I
Speaker 2 ask your a question? Yeah. Is it is it... Are we you not allowed to talk about like fat now or...
Speaker 0 I yeah I have strong feelings on this. I think when I I ran marathons my whole life. I was very felt a hundred 65 pounds until I was 32. And then I added 2 or 3 pounds until you guys knew me. And Hit 02:13 at my peak I'm 1 71 now.
Speaker 0 1 72. And, you know, I wish More people would have done an intervention. You were very clear with me, hey. You gotta lose weight. We didn't...
Speaker 2 Oh my god. I have to tell. No. No Don't telling the story. No.
Speaker 2 I can't fucking spike the story. I'm telling the story no. No. No. No.
Speaker 2 You can't spike the story. Now Your wedding press presentation.
Speaker 0 Okay. Thank you.
Speaker 2 J cal J cal is border on morbid obese. Sorry.
Speaker 0 I was told... This is when I was 2 their team.
Speaker 2 And your household.
Speaker 0 5 9. On a
Speaker 1 good day.
Speaker 0 5 and a
Speaker 1 half yeah.
Speaker 2 Oh. On a
Speaker 3 good day.
Speaker 2 By the way, for all. All these people on Twitter, everybody who who meets me always says, oh, you look so much shorter on camera. And maybe it's because I s. But I'm 6 foot 2 just in case everybody's serious.
Speaker 1 I'm a good day.
Speaker 2 Anyways, Jake Cal, Jake cow is is border on morbid obese. So I make a wait bed
Speaker 1 with him.
Speaker 0 Yeah. I'll 02:13 and I said I can get... To 1 93.
Speaker 2 1... Yeah. 1 93, and I was like, I'll give you 10 k a pound or something.
Speaker 0 Whatever's was a hundred k bed. It
Speaker 2 was a hundred thousand dollar bet To And I a year.
Speaker 3 He had
Speaker 2 a year He had a year. A year goes by. I put it in my calendar. And What I do is I schedule the poker game, U. For the day before knowing that we're gonna play through midnight.
Speaker 2 So I'm like, oh, I'm gonna set this guy up. So I waited a whole year. Unbelievable. We play Poker, the clock strikes midnight and he had been eating pete. Done ice.
Speaker 2 Ice of the whole time Like I'm with this hundred thousand dollars. I never say Didn't I say 8 time. It's 12:01. It's time
Speaker 0 for the wake. He's
Speaker 2 dead weight bed. And I said, motherfucker, you made a weight bed with now hundred thighs a year ago.
Speaker 0 I have been 1 92 1 93 for months. I have hit the thing I...
Speaker 2 So he
Speaker 0 says He starts panicking. He I away myself in the morning.
Speaker 2 He says he's panicking. He says, okay. Give me a few minutes. He runs into my child's bedroom and takes a shit. I Just took the lead.
Speaker 2 Guy I took a lead. Try to look. Ruin. He tried to lose the weight at admit. Who could poo at midnight.
Speaker 2 Nobody could poo at midnight.
Speaker 0 Anyway, I did on the scale on I'm 1 95. And so you want... Saw my clothes off. I'm like, no. I'm not...
Speaker 0 I say
Speaker 2 we have to do the way. And now in fairness to Jake, I did not pre agree that... I had to... Bet I could pick the time. So he says, I have until midnight, which is true.
Speaker 2 So I said, okay. Fine. He goes home. Go home. I go on the not eat.
Speaker 2 He puts on a sweats.
Speaker 0 I go for a rod
Speaker 2 up like rocky around sentences. He sweats for 4 hours. He gets like a tenth of a pound under before midnight. Yes. And then he's like, you owe me a hundred thousand dollars.
Speaker 2 Then he was kind. Yeah. He said, look, put me in the mini 1 for 1 drop, a
Speaker 0 hundred drop. And we'll both go have pull it.
Speaker 2 G lost in the first 8 handset.
Speaker 0 I not you.
Speaker 2 I last a longer than you Hunter k. Yeah. He shouldn't just burn. Okay. Back to you But anyway put.
Speaker 0 But I would say in terms of weight. It is per in America. Please I don't think we should be celebrating it or to it. I think we should be compassionate. I think Oz zen and Go our
Speaker 2 incredible
Speaker 0 tools, and Men jar. I I don't... I I didn't talk about it for the first year, David, You've done it as well, and you've been honest that you've tried Go or whatever, and you lost a lot of weight. So congratulations. These guys have been skinny forever.
Speaker 0 But I think take it seriously. It takes a lot of discipline, but it can be done. And I encourage people the gains I've gotten from being 40 pounds lighter have been tremendous. I feel great. My energy level is different.
Speaker 0 My thinking is different. My sleep better, everything's great. And so I just wanna be around for a long time so that we can do a thousand episodes of the show for you and the fans. And Yeah. Being fat sucks the end.
Speaker 0 And if you you...
Speaker 2 But do you think it's it's being normalized and do you think that that's healthy. What do
Speaker 0 you think?
Speaker 1 I... Like, I I think Right
Speaker 0 into the microphone.
Speaker 1 No 1 no 1 makes... No 1 chooses obesity. Obesity is a struggle, just like diabetes. No no 1 chooses diabetes, diabetes is of struggle. I've I've, you know, done some work, made some investments but on the board of some companies that have been involved and trying to address the needs in this space.
Speaker 1 And 1 of the things that we've learned a lot about is how much of a social stigma it feels, people that are struggling with obesity and struggling with diabetes don't feel comfortable act we talking about it? Yeah. Because they hold a deep amount of shame about it. Yes. They recognize that there's something deeply unhealthy about it, and they feel deep shame because if they're often portrayed is having the choice and making the decisions that got them to this point.
Speaker 1 Yep. And the truth is We live in a world with extraordinary abundance in the first world. We live in a world with extraordinary opportunities for low cost calorie consumption. We find a lot of joy. In our lifestyles, and it, you know, ultimately, living a happy life can lead people to a very sad place And so generally, I would say that this is not something that should be stigma ties in an open way, it should be treated with compassion, but it should be spoken about openly, which is that there there is a a challenge and a struggle that people have, and we need to help in and everyone needs to kind of be cognizant of the fact.
Speaker 1 I That's that's the thing.
Speaker 2 I think we need to. I think we're normalizing it and I think it's wrong. Yes. I I... When I first came to Canada, you see the pictures when I was, like, fresh off the boat.
Speaker 2 That's what we used to call immigrants. I was real thin skinny. Real thin. And then after a year of eating, whatever food it was that we could afford. Yeah.
Speaker 2 I became really fat, and you could see it in the pictures. And I was fat, All through my grade school, I was a little skinny but skinny fat in the face, but basically fat all through high school. And then I finally started working out and taking care of myself. And it had a huge impact on my self esteem and my self confidence. It had a huge impact on my health.
Speaker 2 Yep. I saw it, basically kill my father. It's given 07:11 of my... Aunts uncles diabetes. Right.
Speaker 2 I think that, like, all of this normalization is unhealthy because it actually is killing people.
Speaker 0 What I learned from the dieting is portion control in America is just out of control. It is... The wrong portion sizes. So you see it here. And you see it here.
Speaker 0 When you eat here, here's a little tuna, here's a small pasta, you know, here's some cheese and some grapes for dessert, you're done. And so once I got my portion control, I was fine. Snacking also. I just wish anybody who's suffering from it. You know, work with your doctors work with Nutrition.
Speaker 2 We're overweight too for a long time. Where are you? Free?
Speaker 1 Yeah. I but What were you overweight from? I I grew up not eating well. I was overweight and college it.
Speaker 0 Right the microphone?
Speaker 1 College is when I really started to... Get exercise actively. And because it was never part of my upbringing as a kid with, like, eat well, get exercise. I I was very much self taught learn how to cook and learned a lot of that nutrition on my own. And, you know, look, III took action on my own in my early twenties.
Speaker 1 So... But, yeah, look, I mean, it it's so easy to not know where you find yourself and then you find yourself in this place. And I do agree that being cognizant of... Where you are. And addressing it in an open way in an active ways is the only path.
Speaker 1 I mean, is just every every cycle we come around with some new easy solution. You guys remember the... Was sense sense.
Speaker 2 10 Sense.
Speaker 0 Yeah. You haven't careful with that 1.
Speaker 1 Yeah. That. Yeah. And so, look, I mean, the data far looks great with these Gl. You know
Speaker 2 whip 1 sim.
Speaker 1 These drugs seem to be very effective, but There's some data now that shows as soon as you stop taking it, They're the average person on it, gains the weight right back.
Speaker 0 No. That's in him for me.
Speaker 1 Face muscle mask. Maybe not, But, like, yeah. You know, across a large population, there's just data that's showing... There's never gonna be an easy path, and it's it's a very difficult...
Speaker 0 It's a process. You know, the the thing I learned is if you just have, like, 1 oreo a day or every other day Let's say that's 50 calories. You have 1 of those every other day, you're gonna get 2 pounds a year and for 20. Now you're 40 pounds overweight. It happens very slowly you add it.
Speaker 0 And then you just have to be super disciplined and you can lose a half a pound or a pound a week, and then it can come off so. I really think it should be a movement in the United States. So much of our downstream issues, diabetes, heart, disease, cancer, etcetera seem to be contributed by obesity. So I think for our entire... For the entire country, I think if I ran for president, it would be...
Speaker 0 Leg go for everybody. Everybody anybody who wants it. There you go is my platform. Single issue voters. There's a platform you can for it.
Speaker 0 A single your platform.
Speaker 2 Alright.
Speaker 1 So
Speaker 0 get in shape.
Speaker 1 Agenda.
Speaker 0 There's some news, I think. We could we could touch on.
Speaker 1 How you feeling.
Speaker 3 Yeah. Playing a catch. Let's do this.
Speaker 0 So there was an article advice, I guess that name checked the all in podcast it said, young people instead of wanting to become Mckinsey consultants. Now want to become members of the all in podcast and be venture capitalists. I did a little tweet that I thought. And I thought it'd be a great topic for us. I I think for young people going into venture early is not a good idea.
Speaker 0 I think generally speaking, 80 percent of the case cases. And I think starting your own company or joining a high growth company or maybe joining a well run large company or even joining a poorly run large companies so you learn what not to do are all better things to do in your twenties, learn, be in the trenches, but I'm curious what you think, Sa. Yeah. About this issue because we came to venture and investing in our forties, I believe, you know, both of us angel investors and then both of us having funds. So what are you advising a young person who's listening to the podcast coming out of business school or whatever.
Speaker 3 Yeah. I agree with that. I think the main... Value prop that a Vc has to offer a founder is advice. And if you've never walked in the founder shoes before?
Speaker 3 If you never founded a company or at least had a significant operating role, How are you in a position offer them advice. Now, I think there's a period of time during the bull market where people stopped thinking that way. Stopped thinking that advice was the model. Vc started competing on the base of who could be the biggest cheerleader for the founder, who could offer the most sort of positive emotional support.
Speaker 0 Largest valuation?
Speaker 3 Or the biggest valuation or lease governance, the idea of being completely passive not taking a board seat, was actually sold to founders as a positive for them that like, we'll invest in will just like state completely out of the way, And all of those ideas sounded really good when the market was booming and everything was up into the right. But now we're in a situation. In which we're going through 2 years of intense turmoil. And a lot of companies aren't gonna make it. A lot of companies are restructuring, a lot of companies are gonna take down rounds and actually being able to tap your board for advice on how to get through a rough patch actually is pretty important.
Speaker 3 You realize now that, like, the uni unresolved passive investor. That was not a positive value prop. That was an excuse for not having a value prop. And I think at times like this, it's really important to have feces who've been around the block, who saw the last downturn, who ideally could have warned you that it was coming.
Speaker 0 Like we did on this podcast. Like for
Speaker 3 You know, a
Speaker 0 year months. Yeah.
Speaker 3 And so... Yeah, I think that we're now seeing the correction. And I I fundamentally agree with your analysis that there are too many people a who joined the ranks of Vc family to have a value prop, and that's why... I mean, in offer firm we require that everyone who joins the investment team have operating experience. And ideally founder her experience.
Speaker 3 Because that is ultimately what you're gonna offer founders.
Speaker 0 Chamath's was too much of this people laughing live action role playing B. With just absolutely no idea how this works and now what happens to those, you know, actor or Vcs who really are faced with portfolios that are upside down, and they really have no idea how to weather storm. It's... This has been a hard 18 months. Let's be honest.
Speaker 2 Well, I think that it was a symptom of just the fact that there was a lot of free money in the system. And I don't know the outcome is gonna be pretty basic, which is that they're gonna lose money for their limited partners and those limited partners, if they're not totally stupid, will never give these people money again and these people will need to just find a new job. And I don't say that in a celebratory way, it's just a very practical ones and zeros monetary assessment of the facts. Look, I think that the weird thing that has happened is that it became like. It's kind of fun thing to be able to say you were doing.
Speaker 2 A lot of people used to Moonlight and do it on the side, then there were all these services that will allow you to basically, like abstract the job. But the only thing that I would just... A qualify your statement because I think what you're saying is, like, 90 percent right. But I don't think that's where the craziest outcome returns have come from. Because if you look at the 2 people that are really or the 3 people that have really generated just Ga and home returns, on a consistent basis, 1 of them, for example, like Mike Moore, really didn't have those bona fide operationally.
Speaker 2 But I think that what Mike probably has, and I'm saying this not knowing him is a p nerf girl like judge of... Psychology, I think. I think he's an incredibly qualified people judge. And there are people like that. Now, he's an outlier in order to do that, But the rest of us have to kind of to your point, do with what we have, which is like, here's our experience and our maturity and, you know, we're telling you what we think.
Speaker 2 So I'm really excited actually for this wave to kinda crash on shore because the number of founders that are gonna get screwed over. By folks that don't know what they're talking about it's very high. Yeah. And that needs to come to an end as quickly as part.
Speaker 1 Framework Yeah. I don't think it's just mike Morris. I think that there's a class of successful venture capitalists. Bill Gi, is a great example. Right, he was an analyst.
Speaker 1 Danny Rh Index ventures was an investment analyst.
Speaker 0 Fred Wilson.
Speaker 1 Fred Wilson.
Speaker 0 Yeah. Well lifetime B.
Speaker 1 And mori it's John Do. I mean, john Do had...
Speaker 2 Door work at intel.
Speaker 1 He worked intel. But there is there are folks who have an incredible analytical capacity and that analytical capacity translates into incredible selection capability. That selection doesn't necessarily mean that they are gonna necessarily be the best advisors, and I'm not saying that any of those folks are bad advisors. But there are some venture investors. Like Sound fund is very vocal about.
Speaker 1 That's very public about this. That their objective is not to be your partner and helping you make decisions and run your company and recruit people, and all the other sort of rig role that many Vcs go out and couch, They are there to pick the best founders and the best founders don't need the Vc to be successful. And their job then is to have incredible selection capacity. So if they can select the best founders and get out of their way, they've made a lot of money and their returns are unbelievable. And then there are some Vcs.
Speaker 1 Who were really incredible partners to their founders. And their objective Josh complimented first round built an entire firm around this practice which is to partner very closely with founders and to build support and capabilities in Recent h was built on the same sort of concept. They that they would roll all of their fees into building operating support and capacity to support founders and support companies. Both firms have obviously done well in their own right. And so I don't know if there's necessarily 1 breed that predicts success when it comes to successful venture capital.
Speaker 1 I will say for my own personally experience. I worked as an investment banker for my first 2 years out of undergrad. I, you know, worked... I had a science background. I worked in a short private equity.
Speaker 1 I worked at Google. I did Corp Dev and M and A there. I started the company, ran it, sold it, did that with another business where Was on the board. So, you know, I've didn't I've been on a couple of different places around the table that, you know, I think have given me the ability to to provide advice. I don't know if I necessarily have the same skill set that the team at founder fund and Mike Mori and others might have.
Speaker 1 At this astute, extraordinary ability to spot founders and and bring them in. So I think everyone needs to kind of recognize what they do bring to the table, be very clear about what that is. And I think to your point, there has just been an incredible bull market over the last 15 years since 2008, more money has... I heard an incredible statistic by the way. I don't wanna get it wrong, so maybe we should fact check me after this from someone at your wedding, who I was talking to for a long time.
Speaker 1 And he was like, he was like, basically the top 1 percent of Vcs didn't beat what would have happened, if you just bought the top 5 public tech companies and, you know, effectively did a rebalance over the past 50 years. The bull market and... The aggregation of value in technology have largely been 50 50 to public and private. Yeah. So you could have just bought a few stocks and held onto them and beat all of the Vcs.
Speaker 1 Over the last 15 years. Even though a bunch of ec vcs have made good money and their Irr looks like 12 percent, but you have to be
Speaker 2 the risk adjusted returns on venture. Even and this is not to throw shade even all of those people that you mentioned are fucking terrible. Right. Like, you should not have invested in any of those. Right.
Speaker 2 Because there's no way to turn it in any of those funds because you get a small allocation, 1 fund does well.
Speaker 1 3 funds you're crappy over the past 10 years or 15 year the forgot the number. We've seen the public market cap of these top tech companies grow from 1000000000000 to 10000000000000. If That's a 10 x.
Speaker 2 Yeah.
Speaker 1 So all you had to do was buy those and you would made 10 x and that works out to north of 25 percent Irr. Yeah. And there's very few Vc that have been able to be 25 percent Irr. They assume now he was telling me his model shows that over the next 10 years, it'll be roughly 70 30. So it'll be about 30 percent will grew.
Speaker 1 And and vaping over the next 10 years it's gonna go from 10000000000000 to 25000000000000. Which is still a great return
Speaker 2 just to build on.
Speaker 1 It shows how much of a hurdle there is adventure to be successful. I started
Speaker 2 the business in 20 11. So now this is the twelfth or thirteenth year. Just how hard this game is. I had about a 31, 32 percent gross Irr going into last year. Just And then my Irr fell off a cliff because I couldn't get into...
Speaker 2 Obviously, there's like, there's no money distribute.
Speaker 0 We're just wedding(11 to distribute. Yeah.
Speaker 2 So my Ii start to decay. And then I had this really, really fucked up choice. I have to start selling stuff earlier than I would have otherwise to get the money back out. So to your point. Right.
Speaker 2 Now it tastes courage. Then it it's a really tough game over run get time. Yeah. A really tough game.
Speaker 0 I I think there's also something going on. You know, in the United States in society where there are some ideal jobs. We talked about Sa, Elites, surplus elites, and I I wanna dovetail this with what's happening in Hollywood the ryder strike and the actor strike, and I was looking at it. There's some unbelievable number of actors in sag, some unbelievable number of writers. They all make just incredibly small amounts of money, on average.
Speaker 0 And obviously there's some big fish you do well. But it does seem like there's too many people who want too many of these ideal jobs and and Venture is 1 of those. And I I just would like young people to understand also be careful what you wish for him. This job has seem busy. Just like it by seem easy for Tom Cruise or Christopher Nolan when you see them or Tara.
Speaker 0 What you don't see is all of the people who tried to become Tara, who tried to become, you know, Tom Cruise. And there are far 10:10
Speaker 1 to 15 years before they realize that they're not. And they
Speaker 0 did not actually have the fundamental skills or the work ethic that is required to become Tara. I listened to Tara podcast. He does... Have you heard the video archives podcast yet? You have to get on this.
Speaker 0 It's him and his his the c writer of who did you write pulp picture it with? Roger Avery?
Speaker 2 Roger.
Speaker 0 Him and Roger Avery my favorite podcast right now. They just talk about films. Their knowledge of films is so... Unbelievable. And the detail in which they talk about that is so crisp.
Speaker 0 They finish each other sentences in the way with maybe you listen to this podcast, you know, we all go... Oh John Do. No, He worked it in town. Oh, this person. Yeah.
Speaker 0 Marissa. He was journalist. We have a a deep deep understanding of this business that comes from 30 years within it or 20 years. And I think you have to. I know it sounds corny, but you have to pay your dues, you have to put 60 70 hours in a week to get that at elite job.
Speaker 0 And the problem today, I feel is... And for people... We're listening who young people coming out of schools, if you're not willing to sacrifice 60 70, 80 hours a week for a decade or 2. You're just not going to be successful in that by
Speaker 2 the way. And young people push back on this, and I think the simplest way. To reframe it is in the following. Do you really think for example, let's pick Nba basketball? Do you think you would be really interested or find credible that the best player in the Nba only practiced 3 hours a week?
Speaker 2 Does that happen? Impossible Where do you think they're practicing 3 hours in the morning and then also 3 hours in the afternoon and they give up their lives. The most incredible thing that I saw in the Nba was all of these men literally gave up their life to play that game to perfect it. And that's true for anything. And so I don't understand how whether if you're a filmmaker, whether you wanna be an investor, whether you wanna be an athlete, whether you wanna be an actor, a surgeon.
Speaker 2 It's just an... Like it's an immutable law of physics so so just get over it, which is you need to put in tens of thousands of hours. And if you cannot or won't. You should not expect the success and you should not complain. And and also because it's not free.
Speaker 1 These these guys do you
Speaker 2 agree with that or?
Speaker 1 Yeah. Look. Mean, Lebron, 20... What was it 20 16 when they came back in 1 and game 07:20 16? Yeah.
Speaker 2 I don't wanna 20
Speaker 0 16 1 bat.
Speaker 1 Yeah. Right. But the next day, they were, you know, his teammates go out and celebrate, you know, Lebron on Instagram the next day? Posted a photo at 7AM if... Out.
Speaker 1 Yeah. Working out. But look, 1 thing I'll say, Lebron knows what his skill is, and he knows what his game is. I think every individual needs to figure out what their skill is and what their game is and not to find glory in what others have found to be their skill and their game. That there is something that comes from mastering any craft that gives an individual joy and purpose in life And you see this in basketball.
Speaker 1 You see it when these athletes really find what they love and they do it, and they commit to it. And there are things that we each have realized we are at, and there are things that we've have all certainly realized we are not good at. And identifying that mastering one's craft is the key to any person being successful and happy, I believe. I just just says just assuming that there's a a thing out there that everyone makes money. Distraction alert
Speaker 2 all of our wives are about to go swimming.
Speaker 0 Oh my. They're so hot. And my lord. Look at my wife. Jesus.
Speaker 0 God. My I
Speaker 2 hit the giant box Beauty in the beast style,
Speaker 0 you can relate come. Well at it.
Speaker 1 We at breakfast today We're like, my wife must have low self esteem because she's married to me.
Speaker 2 Sa is the best line. He's like, If you Google, natalie that he don't pay, you find this picture of her holding a tiger aligned
Speaker 3 by the by the tail. Which is a lot more exciting than holding a Sri lanka couldn't buy the s.
Speaker 2 Hey. I was playing Epic man
Speaker 0 for Sa The roast last night. I was just like laughing guy. Every time he hit it. I just would
Speaker 2 bang the devil. You didn't get helm me though.
Speaker 1 The cliff. I was waiting for that Way off the cliff.
Speaker 0 Oh my god. I knows
Speaker 2 you know what happened. Yeah Told me what happened. So the the backstory is Phil Ham youth is a narcissist. And No. No.
Speaker 2 If you
Speaker 0 know Phil H, you know that.
Speaker 2 Yeah. That's impossible. And he just cannot give a speech and
Speaker 1 that's friend.
Speaker 2 We He's not my best friend.
Speaker 3 Quite nice. Me really.
Speaker 2 But he's... He he gives horrible speeches. He...
Speaker 0 I mean, he our best friends Break speech.
Speaker 3 Well. Phil. Every speech he gives at every event. It's all about himself.
Speaker 2 It's all about himself.
Speaker 0 That's why we say 7 seconds if.
Speaker 1 But it's incredible because it could be those off the
Speaker 2 rick could be a wedding of our mit... If you know
Speaker 3 open. But in our chat. So when when jamal said, okay. Phil gonna give a speech. Yeah feels like, of course, I'm gonna give a speech.
Speaker 3 Every speech I give is amazing 10 every avenue that he goes. The last event I gave a speech. It brought the house down everyone was laughing. I killed it. It was doyle B funeral.
Speaker 0 Oh my god. No, dude.
Speaker 3 Like what? What? You killed that a funeral.
Speaker 2 So I asked I asked how you to do to do this toast and I was like, okay, well, we'll do 4 of them. Like I thought if we start with Helm, it'll just be so bad.
Speaker 0 Yeah. You bottom out early.
Speaker 2 Yeah. You bought them out early and then the rest of you guys set the bar.
Speaker 1 Yeah. For the. But Sa crushed it.
Speaker 0 Crushed it. I
Speaker 3 think we're all still amazed. Made up the stairs. You know I yes. It was a.
Speaker 0 It was 400 steps to that yeah It looks good.
Speaker 3 Los was went impressive Was pretty impressive.
Speaker 1 Yeah. This has been a great episode of the only pod.
Speaker 0 Do anybody see Oppenheimer yet? I'm so excited.
Speaker 2 How do we see
Speaker 3 it It's gonna be a, double But. An honor of the Barb wedding.
Speaker 0 Yeah. I'm not I'm not Barb wedding(11. I I'm. But the Barb I obviously an I.
Speaker 1 I really no... Nolan one's, like so about 70 millimeter prints. Like, you have to watch it You
Speaker 0 know the Med Med in...
Speaker 1 In the city. Is
Speaker 2 it? So we
Speaker 0 should just rent the theater and invite some fans. Or just go. Yeah.
Speaker 1 I mean, we should be... Let's rent it this week.
Speaker 0 I've rented it... It's I think it's sold out to life very
Speaker 1 limited time. Oh the dinner.
Speaker 0 We just have to call them and say, hey, can we rent the thing? They'll do
Speaker 1 a show.
Speaker 0 Here's 20 dimes.
Speaker 1 I want went to a showing of interstellar there and Christopher Nolan came and spoke and got to meet him and speak to him afterwards. He's a very soft spoken guy and he's not very social. He doesn't you know, it's sort like Sex You doesn't don't wanna make eye contact and actually talk with you. But, you know, we Chamath's.
Speaker 0 Are you making fun people with ass burners?
Speaker 1 But he was great. I mean,
Speaker 3 hello little pod. It's Kennel Recapping.
Speaker 1 I will say... He's he's... What cop 3 filmmakers of our time? Cop 4.
Speaker 2 There a...
Speaker 0 For me, it's Ridley Scott. Tara, Nolan.
Speaker 2 There's a very funny...
Speaker 0 Where's your list sex right now?
Speaker 3 You gotta put Sc on that list.
Speaker 0 Oh, right. Course.
Speaker 1 He d Anderson.
Speaker 0 No. No Pt. Dennis
Speaker 1 Still wave.
Speaker 0 Hit or miss.
Speaker 3 Woody do you allen? Can you answer that name?
Speaker 0 I mean
Speaker 1 Can't say that plea.
Speaker 0 It's hard to watch that. It's hard to watch the whole.
Speaker 2 I I like
Speaker 0 it makes it too.
Speaker 2 I like...
Speaker 0 Oh my
Speaker 2 god. No. Nick, Nick, please those up. Bub. There's a very funny moment on the the first the first dinner.
Speaker 2 Yeah. You know, we did this great thing. You... Nick, peep up the names when sat down. Everybody's like the the...
Speaker 2 And I was waiting for David to sit. Yeah. And he just keep talking and talking. Yeah. Talking and talking.
Speaker 2 And finally, nat west the zoo, you know, like, sit the fuck out right now and had to get this fucking thing going.
Speaker 0 Who do you got? You got Score says? Of course.
Speaker 3 Yeah. I mean, you're talking about like, currently a live filmmakers. I think...
Speaker 0 Active filmmakers.
Speaker 3 Mentioned is pretty good. So I don't have to think about it for missy anybody.
Speaker 0 Yeah. Really Scott's up there for you.
Speaker 3 Yeah. Yeah. Really Scott. Yeah. I mean, he's still making
Speaker 2 Nolan is pretty excellent.
Speaker 3 He's very productive too.
Speaker 0 That's what I I want I every 2 year.
Speaker 1 Michael Bay. Pay.
Speaker 3 I don't
Speaker 2 Don't know
Speaker 3 if really cosmetic on what he won. But I
Speaker 2 I met Michael Bay in Costa Rica. Can you get that's you're getting
Speaker 0 the story?
Speaker 2 That's like? Can you did you ask offer
Speaker 0 for the 30 dollars back? For transformers.
Speaker 2 No. I mean, like, I I didn't particularly know.
Speaker 1 Like... Watch any of else guys. I cannot watch any of those.
Speaker 2 Nice guy.
Speaker 0 Yeah. I don't I'm sure it's great. So also on the...
Speaker 3 He's gotten Napoleon coming out. The trailer looks amazing.
Speaker 1 Amazing. Anything with Joaquin, Michael Is making... No.
Speaker 3 No. No. Ridley Scott.
Speaker 1 Oh, Ridley.
Speaker 3 Couple Phoenix playing Napoleon. It's kind of interesting.
Speaker 0 I hate to go deep into the... Do you guys wanna talk about z bed behavior or you wanna talk about the resolution of this Hollywood stuff and what it means writ large. Well, the Hollywood stuff. I think it's fascinating.
Speaker 2 I about this a couple weeks ago. My observations on... This were twofold. 1 is that it's gonna have the exact opposite effect that they want. If what they want if what the writers and the actors guild want this is to show the owners of the studios, how valuable they are.
Speaker 2 The problem is that this moves the owners and the studios 1 step closer into the hands of tools that will dis the actors and the writers. They'll embrace. That technology. Feel embrace the Ai tools that you guys have talked about. You were showing something around even like yesterday or whatever.
Speaker 2 So, like the point is, like, I don't see it as very effective. And then my second part is like, I just think that unions in general are probably not a very effective way. To get these concessions anymore versus the tax that the union members pay. And you can just see that in terms of, like, the number of people in unions are just kind of decaying pretty quickly. The wage gains are pretty d mini.
Speaker 2 It's just not an effective mechanism of negotiations.
Speaker 0 Sachs, the unions are away for average performers to fight to get a little bit more. But Right. It it's the anti ent of having a merit democracy and people fighting for their best possible pay. And so the conundrum I have is, I'm seeing all these marvel actors, superhero actors getting dropped off at the protest. And they're complaining about Bob Ig Recapping 25000000.
Speaker 0 Mh. When Tom Cruise or, you know, Robert Downey, Junior... You pick the person. I'm not sing anybody out. But those people who got to the top of the heat after 20 30, 40 years in the business are getting paid 50000000 a
Speaker 1 picture. Yeah.
Speaker 0 A hundred million a picture of back ends. And and so what's your take on what's going on here because there... It seems like I don't wanna say hip critical, but it feels like they're talking at both sides of their mouth. They want to have an auction to the highest bidder for these incredibly talented. Writers directors producers as it should be, But then they also wanna fight for the average.
Speaker 3 Right. It's confusing. Some of the union demands, I think are reasonable and I understand why they want them. So for example, I think they're are arguing for more residual for... Like you said, the kind of lower level performers so that they can get healthcare.
Speaker 0 Average ones. Yeah.
Speaker 3 So III can understand that. At the same time, they're demanding that writers rooms not use Ai software. Which
Speaker 0 they're already doing.
Speaker 3 Yeah. Which it's just crazy because Ai is gonna be incorporated into all software. So to not be able to use the latest features of... Whatever word or Google Docs or whatever Recapping software.
Speaker 2 Yes.
Speaker 3 That's like the king who ordered to the tides to stop, you know, Chamath's much of technology it's not gonna work. I think that's like really off base. So I I can with some of the demands Other ones I think are hard to see. In terms of your point about... So the economics.
Speaker 3 I mean, look, the the basic problem about with Hollywood is. It's a winner take all business. I mean, you've got a few actors who become big stars, the This is true actually with all the creative industries, Is there power law businesses. You know, Jk k rowling makes a billion dollars as an author. The 10000 author whatever.
Speaker 3 That makes Thousands
Speaker 0 to see Yeah. Person makes a living.
Speaker 3 Yeah. Exactly.
Speaker 0 They're living months month.
Speaker 3 Can't even make a living. And the reason for that, by the way is because there's a lot of people willing to do it for free. Humans are fundamentally creative. There's a lot of people willing to be actors. Yeah for free or sure.
Speaker 3 Or right or whatever creatively, because they're willing to do their art for free.
Speaker 0 Podcast.
Speaker 3 Right. And so the reality is the reason Hollywood doesn't have to pay these sort of the entry level actors very much is there's a lot of people willing to do that
Speaker 0 There's too many people wanted
Speaker 3 People want.
Speaker 1 And it doesn't need to be in a structured production system anyway. Anymore. I... If you guys saw the latest Disney earnings release and Ig said, we are going to consider selling That geo on a bunch of our other channels. There may actually be a spin off because content creation, for that mid tier, that tail no longer makes sense.
Speaker 1 Not viable profitable because there's so much content being generated by this very long tail that's acc a lot of the eyeballs and a lot of the hours of consumers mindset and time. I I think that there's a
Speaker 3 big just... Can I connect that idea? So we're were talking earlier about career choices. First of all, it's it's... I agree with what you guys said about the time that you have to make, but it's not really about time per s.
Speaker 3 It's about your obsession level. So Can you be obsessed with something? So that 60, 70 hours a week feels like nothing to you? Because you're so immersed, you're so obsessed with it. Right.
Speaker 3 The way that tara or an avery obsessed with classic films have the whole database in their head. So if you wanna pursue 1 of these careers in a winner take all space, like writing, like Acting or whatever. You better just be completely upset
Speaker 0 Gotta be all in.
Speaker 3 Yeah. You gotta be all in. I'd say furthermore.
Speaker 1 It'd be you need. You will make you novel. Yeah.
Speaker 0 I mean, even if you are all in? Do you still have to have luck Yeah. And scale. And...
Speaker 3 Yeah. And furthermore, you have to know where the bar is. So I think a lot of people... This 1 of things I noticed when I was. Producing a movie is a lot of people look at, like, the worst actor or the worst screen writer and say, I'm better than that person.
Speaker 3 So I'm in... But your bar is not the worst person who's made it. Your bar is the best person who hasn't made it. That's the person you're really competing.
Speaker 0 Next up.
Speaker 3 It's the next up. It's the person you're going on all audition and your competing against someone hasn't made yet, but they're amazing. And you don't necessarily know where that bar is because much harder just. See. Yeah.
Speaker 3 But that's where the bar really is.
Speaker 1 Right. I look, I think there's also a big disruption As really
Speaker 2 well said.
Speaker 1 Yeah. Totally. And as we extend, see the long tail of consumer content creation into what is effectively now the infinite tale of Ai generation, Ai generated content creation, it is gonna totally disrupt and change the game of media of content generally speaking. We're getting to a point now where you can effectively tie together. Rendering engines, with scripting, with scene definition, with director lines, all the stuff that it goes into pre production and production, can be generated through through Ai through scripting, and then tuned and tweaked by a human.
Speaker 1 But ultimately it increases this scale like all technology do it increases leverage for humans. And we could see a hundred times more films come out, each of which costs 1 100 the cost. Scale you know, 1 of the best production companies in la is Blu house. You know, they make films.
Speaker 0 They make get 2000000 dollars.
Speaker 1 They make up for 2000000 bucks. And they make a bunch of them because they cost so little to make. And if any 1 of them hits, they make a hundred 80000000 bucks or 200000000 bucks in the box office. It's a fantastic business Genre films. It's very much a unique model in Hollywood, and it's really changed the game quite a bit.
Speaker 1 I think we're gonna see something similar emerge because of generative Ai and the tooling. And then people start the question.
Speaker 2 What is it called? What is it called?
Speaker 1 And But I... Look, 1 thing I do wanna say, I do think that there's also a change in Hollywood that's gonna be driven as we talked about before. By the ability to generate personalized film, personalized content rather than 1 piece of content for everyone where you have to make blockbuster and everyone watches it. There is a question however of culture. And culture is, you know, shared experience, stories and beliefs.
Speaker 1 Shared experience stories and beliefs can still be realized through personalized media through personalized content generation, think about, you know, an old narrative and old tale that was told, you know, via people speaking to each other around a campfire. The the epics and the morals of the story are still there, but everyone helped it a little bit differently. I think that's what we may end up seeing Hollywood production or Ai generated production.
Speaker 0 You guys see
Speaker 1 Which because everyone tweaks their content in their own personal way. They consume it in their own way, hold But the Hollywood studios, how much of a role do they ultimately end up playing? And does this start to go 10 times more what we've seen in Youtube. Content consumption goes way up. And the number of folks that are contributing to it goes way up by 10 or a hundred XII
Speaker 0 think this is 1 of the fundamental things that the unions and Hollywood. I have not yet g completely, which is... They're not fighting each other. They're fighting Tiktok, Youtube podcasts, and people making their own content. That's their.
Speaker 1 They're fighting no. They're fight
Speaker 2 they're fighting Jimmy Donaldson. They're fighting mister Bean.
Speaker 3 Fighting mister They're fighting each other over the last scraps the dark org.
Speaker 0 Exactly. They're fighting anything they need to
Speaker 1 go The people that spend 2 hours a week listening to us rant on about stuff. Right?
Speaker 0 Like They're fighting that's 2 less hours.
Speaker 1 That's what Saying.
Speaker 0 It's 2 less hours of broadcast Tv. And then a mister Beast, these kids watches his videos 5 times. They watch minutes wait time.
Speaker 2 He's probably the only person in recent memory that has... Rebuilt event based viewership because people know Saturday mornings at noon Eastern Time yeah. Is when these videos drop hundreds of millions appointment television. It's appointment television. Now back by the way, when you hear, you know, the story about mister Beast, that's a guy that's been doing it since he was 13 you years old studying.
Speaker 2 He's 24 years old. So that's 11 years where he's literally only lived and breathe. High everything it ran in the lab iteration in the lab. There's down to the very pixel. Right?
Speaker 2 Like, when he... For example, like the cuts.
Speaker 1 Remember my 1 just cuts on a video.
Speaker 2 Remember told us about like, thumbnails Has an entire Phd thesis that he's earned just on thumbnails.
Speaker 0 Yeah. Right. And that's a level commit. I think what Hollywood needs to do just to to put it out there. Yeah is the the leadership in Hollywood gets compensated on a corporate level, and then they come up with this you know, pay and sometimes residual, sometimes not and scraps for the talent.
Speaker 0 I would encourage them to read something like, an auto by K and study the To system where everybody was aligned inside the company. If I'm running Disney, I'm hiring the top or 300 riders, putting them full time on staff, giving them equity and getting everybody rowing in the right direction. They do not have time to fuck around 2 they need to be in alignment, making great content. But then the incentive structure matters. If Bob Ig is getting compensated by stock options, the...
Speaker 0 Actors. Robert Downey Jr. Who's the guy, the incredible director of swing and Fab. Fa, I I was talking to Fab at an event, and I was like, how much, like, equity in Disney did you get for doing Man lauren and, like, launching Disney plus for them and he's like, 0.
Speaker 2 0. By
Speaker 0 I'm like, Why just
Speaker 2 if you if you look at...
Speaker 0 Back up a hundred million
Speaker 2 If you know. But if you look and this is what's crazy. If you look at the biggest content producers of that older generation, they locked up the equity. You know, Spielberg owns equity in the movies that he made. So Lucas owns equity in
Speaker 0 the movie. Part
Speaker 2 of the studio
Speaker 1 the deal, Christopher Nolan cut on on Oppenheimer? No. I think he gets 20 percent of the growth off the first dollar?
Speaker 0 That's absurd. Yeah. And he
Speaker 1 got a hundred million dollar budget and a hundred million marketing commit on the on the the deal?
Speaker 0 Oh joker was Todd Todd Phillips. Todd. So... What this is a perfect I
Speaker 3 was calling to Todd Phillips actually. I got to have done with the last 1.
Speaker 0 Greg yeah.
Speaker 3 Yeah. Great guy. And he waved his fee on joker to take a big chunk of the equity.
Speaker 0 Because Very that on the hangover. And he owned the Ip of the hangover. He owned the sequels and hangover 1 and 2. Amazing hangover 3. And you can miss
Speaker 2 the last. Yeah. Hot.
Speaker 0 But he made more I think on hangover 3.
Speaker 3 Yeah.
Speaker 0 And he got all those guys. Gal act, etcetera. They got their biggest payday number 3.
Speaker 3 Right.
Speaker 0 And you you have to craft and deal we have equity.
Speaker 2 The
Speaker 3 other the crazy studio. The studio was less bullish than he was on both hangover and Joker because there you how movies. So they allowed him to test with the in exchange you're giving back.
Speaker 0 Like, you only wanna spend 50000000 on a superhero film. That's never gonna work. And then he's like, yeah. It made a billion. Joker made a billion.
Speaker 3 Right. Thought was too dark.
Speaker 0 Underestimating audiences as always in I'll
Speaker 2 tell you very funny poker with throwing village on here
Speaker 1 Your D stock.
Speaker 0 Right now, I'm gonna write it out. I think their Ip collection is amazing. I think there's a chance that, you know, depending on how the Ftc winds up being run over the long term that Disney could be selling pieces of that business. And I think that it could become an acquisition target itself at some point.
Speaker 2 You wanna hear a Todd Phillips Smoker Sorry?
Speaker 0 I play pork with him. Yeah.
Speaker 2 He's he's Pod Phillips is a very, very disciplined poker player. Yeah. You know, he's got like a stop loss. He hits the stop loss he's done. And he's very funny, and jokes around, you know, bus balls whatever.
Speaker 2 And there was a while where he would play in the big game. In la with us. And he didn't say much. Was very focused and tight as right. And then he did this deal and then hangover over 3 comes out.
Speaker 2 And all of a sudden, you know, he's got chirping chips.
Speaker 3 He's splash the pot.
Speaker 2 I bus Phillips in a pot. And he looks at me and he called me slum dog billionaire. That's the guys at the table thought it was so... Funny because that movie slum dog millionaire had just come. So then they all started calling me slum.
Speaker 2 Slum to that's gonna stick. It took me a year for them to get funny stop calling it that. Yeah. Pretty great.
Speaker 3 On the unity thing Tell you a story. So recently, it was just announced that Anchor steam shut. Anchor steam was this beer this native beer. Francisco that's been around forever.
Speaker 0 Japanese brewery we bought them?
Speaker 3 It was Bought by sapporo several years ago.
Speaker 1 And Anchor team shut down.
Speaker 3 Anchor show me.
Speaker 1 Yeah. To go there all the time for, like, work events. You do, like, an upside there and go to the brewery. It's.
Speaker 3 It was like 1 of the original. Yes Word wedding(11 beer.
Speaker 0 Alright right beer well,
Speaker 3 it's out of business. Now. Okay. And the is
Speaker 2 well blow
Speaker 3 it was losing money, and you wanna know why is because 3 years ago, the workers all voted to union eyes. They're only something like, 60 workers, 62 workers. And 3 years ago, they butcher Union eyes and they voted themselves big pay increases. Yeah. And so I guess, Poor had to go along with it.
Speaker 3 3 years later, it's sports like, yeah. Shut the whole thing down. I and that's and that's you gotta be careful
Speaker 1 what you wish this. I really
Speaker 2 think the thing with unions that they get wrong is unions fight for exactly this, which is this things short term increase in current compensation. And I think what unions do very poorly is actually understanding the long term equity that the employees and members of that union actually create. I tweeted this a few weeks ago as well, but the single biggest reason that motivated me when I sold my piece of the warriors, was obviously, just the crazy increase in the valuation. Right? Yeah.
Speaker 2 I bought it for, you know, 306
Speaker 0 300 and
Speaker 2 it was worth 5200000000.0 at the time whatever. But the second biggest reason was my huge fear was that I as an owner, I just wanted to cash in the chips. Because I think the most right thing to do for the unions, like the Nba Players Association is the fight for equity. Yeah. If like, Michael Jordan single handedly has created 15000000000 dollars of equity in the Nba.
Speaker 2 Yep. How much does he captured? 1 or 2000000000, but not from the league. He captured it accidentally from shoes. Right?
Speaker 2 How much money is Lebron James actually created for the Nba? It's enormous. Yep. How much is he... He made a
Speaker 3 the not. They're not trying to get the right piece of
Speaker 0 not to get the right
Speaker 3 on the business doesn't do well. Then the the labor contracts become a source of huge in flexibility.
Speaker 2 Huge you can
Speaker 3 make the necessary business change. So it's to your point, the business is got shut down.
Speaker 2 So to your point. Like, when you... When what happens now is there's these huge luxury taxes in professional sports. And so folks b the payroll, they try to get all these players, but if you don't win and get to the playoffs, you're not selling more merch. You're not getting incremental share of Tv revenues.
Speaker 2 You're not getting ticket revenues to And all of a sudden, you have these massive taxes you have to pay and not enough revenue to pay for it. And so these teams, all of a sudden now start to gus money. Have to make capital calls because these things that sound incredible upfront start to become real weights on these businesses. The real thing all unions in all industries, I would I would tell you all to do is figure out how to get the equity upside in the business in which your members are working in, and are creating value it.
Speaker 3 Right. In exchange for that have more forgiveness us on the downsides. The business is actually per the storm. Whether the storm is supposed to after shut
Speaker 2 down. Exactly.
Speaker 0 Alignment know, line symptoms are just so critical. I was talking to the head of 1 of the giant publishers. I wouldn't say which 1. You know forgiveness biz insider. I don't know which 1 it was.
Speaker 0 But they were being union utilized. And I said, wow. Is this a disaster for your business? He said, oh, Jake. Greatest thing ever.
Speaker 0 I said, why? He's like, now when people come to us and they wanna get paid more. We just take out the chart, How many years have you been here? Oh, 5? Okay.
Speaker 0 Yeah. 12345, 72000. And then there's, well, number. I bring more pages. Whatever I was like, yeah.
Speaker 0 Okay. Page view multiplier 0.15. Okay. So you're 78 k. And then just based when
Speaker 2 happens a business etcetera Yep.
Speaker 3 But that's kinda... And who knows? That's find why they're a clickbait business.
Speaker 0 That drives for ver incentives and like, why not align it with? What is the profitability of the business? What is the growth of the business? A bonus pool, a base level pay? If the unions are coming in, they are literally rearranging the chairs on the titanic.
Speaker 0 Yeah. And it's that simple. You you... If...
Speaker 3 And you both the beer industry and Hollywood are both shrinking industries. And so when you got unions demanding more and more and more of a shrinking pie. Something's gonna break. Now, look, just to be clear, I'm in favor of unions, Recapping, things like better working conditions and health care and just like the basics. Yeah.
Speaker 3 But, you know, when they try to go for things like, I don't know Banning Ai and We're and proposals that distort the cost structure of the business to the point where it's not feasible. It's not profitable. That is award.
Speaker 0 Also, the question is why collar workers who can move so freely between jobs. Yeah. So elite. Why would any white collar worker who is learning and sharpening their blade and increasing their value year after year. Why would they even want to join a union?
Speaker 0 There was a podcast union that started in Spotify and Gi Media, all of this stuff and 1 of the podcast. I think it was reply all... They didn't wanna join the union. Chris they're like, we're over compensated. We're a hit show.
Speaker 0 And then they weren't all claim that they work
Speaker 3 Look at the schools.
Speaker 2 So can we deal that.
Speaker 3 You can't get rid of a bad teacher because they're in the union. So it's like a huge procedure.
Speaker 2 So they put
Speaker 0 them in a building. Right. The inc? Can we have prosper person
Speaker 2 steel man? The pro case of joining a union in 20 23.
Speaker 0 I mean if you could get... How do? We're benefits? Like, some basic level of benefits?
Speaker 3 Free.
Speaker 1 Look, I I think that the pitch and Jake, this is why I asked you this a few... To go, you know, tell us your experience having grown up in a family that I think unions are pretty in these months Cops, fire, Tops fire. Yeah.
Speaker 0 I mean if you were...
Speaker 1 The pitch is... You're you're part of a membership, you have a voice. Yeah. And that voice always is your advocate. And that that advocate looks out for benefits, comp, time off, whether or not and how you get fired, all the things that you feel you may be unfairly treated by man...
Speaker 1 Management. There's nothing novel here.
Speaker 3 I I don't know
Speaker 1 if it's a it's a strong appealing point. Yeah.
Speaker 3 So I don't know if That's the best steel because management employ, it's it's a competitive labor market if you have skills that companies want. So you should be able to negotiate for a lot of these things yourself. I think this steel main case for unions and the reason why they formed in the first place is because American industry was basically owned by an oli monopoly. They were themselves mono monopoly. So if you have a monopoly of industries, like Us steel or standard of oil, then there's not a competitive labor market, they just set the prices, they set the condition.
Speaker 3 That's why the unions got started is you needed a basic monopoly of labor to face off against a monopoly of business. That's how It I got started. And I think in those conditions, we're talking about the early 19 hundreds...
Speaker 0 People are losing limbs. In factories.
Speaker 3 Yeah. Of course.
Speaker 0 It was very different
Speaker 3 working conditions.
Speaker 0 Different working conditions.
Speaker 3 Now you're talking about much more competitive industries. But look, Yeah. There was
Speaker 1 feel of late... Like manual labor needed to get productivity out of businesses and enterprise. So, you know, so much of industry changed where things became automated where they became specialization and differentiation amongst the workforce to and it wasn't everyone is just using their arms to do things. And, you know, this is obviously now measurable and the idea that you can basically you know, capture management or do a hostile takeover of the corporation or the equity. I I think it's effectively what's happened with a lot of these these these
Speaker 0 I'll be honest. Knowing what I know about unions, if you were to do a deep dive into, you know, the police unions or the firefighter unions or the sanitation unions or the teacher unions and you look at their pensions and they're over overtime, you would see some pretty significant abuse that the unions have built up over years. To where people can make 3 or 400000 dollars a year in the last 2 or 3 years, they goose that up because then they base their pension on the average of the last 3 years And what basically happens is, all the senior guys say listen, all over overtime goes to these 3 guys who are retiring in 3 years. And none of the junior guys can take any over overtime. Make your turn.
Speaker 0 Right. You get that. All that. And then we're gonna goose your pay. So...
Speaker 0 And
Speaker 1 what that does un unreasonable. Yeah. Is the pension calculation the pay into the pension is based on some assumption of today. As that starts to happen, the pensions become underfunded? Because they no longer have enough capital to make all the dis disperse that are supposed to happen.
Speaker 1 And there's a big argument now that there's probably over a trillion dollars of underfunded pension liabilities in the United States, many of which are based on the fact that these payout principles were defined by some negotiation with a union.
Speaker 0 They're games. And there's a large difference between somebody writing list or rewriting... A Washington post business?? Yeah. Somebody Recapping a list of buzzfeed or you know, somebody rewriting a Wall Street journal pay story and business insider, Then somebody running into a Running into a burning building or, you know, Right.
Speaker 0 Having a target on their back as a cop in San Francisco. These are very different jobs. And the white collar knowledge workers are lasting what. What's the average tenure right now? 36 months.
Speaker 0 30 months. I mean, you're obviously moving from place to place? What's the point of the union?
Speaker 3 A competitive labor market. And and to your point, it's true that in some cases, the unions do get a better deal for their members. However, there is a dead weight loss. For the union itself because the unions representing its own interest.
Speaker 0 1 and a half percent.
Speaker 3 So they're taking something...
Speaker 0 You got scam. They're skimming. For You gotta part the...
Speaker 3 That square movie. Was it the irish
Speaker 0 Irishman. Yeah.
Speaker 3 You really got a taste of the corruption that was?
Speaker 0 There's some skimming going on. Yeah. Everybody gets a little scam more of a sudden, 1 and a half.
Speaker 1 Times
Speaker 3 then also the pension fund starts getting, you know rolled into my projects or whatever. I mean, like a while ago, but Yeah. I... There were some significant downside.
Speaker 2 I...
Speaker 0 My view of it is, we lived in a decade of surplus elites. You know, having these luxury jobs, and I'll put in the luxury jobs being a journalist, being a venture capitalist, You know, these elitist luxury jobs and in some of them, they became so wildly over. I think they wanted to feel oppressed. They wanted to feel like they need a representation. And I think they were laughing to use the term again, live action role playing that they
Speaker 2 were gonna be in a union.
Speaker 0 Like, they wanted it.
Speaker 3 The arp is being victims.
Speaker 0 Right. They wanted to, like, Literally the business insider people, we're putting up pictures of Henry And his...
Speaker 3 Overlapping grievances.
Speaker 0 Yes. And they're on the street holding a picket sign up. And I'm like, what's the matter? Is your keyboard not ergonomic enough at home. Right.
Speaker 3 You haven't
Speaker 0 been to an office in 3 fucking years.
Speaker 3 They didn't get the latest flavor of of kind bars or whatever... Ever.
Speaker 0 Yeah. No. They didn't get the cherry, the the cra market the kind bars wall. QUQU. Kind bars.
Speaker 0 I mean, like, leave the unions for the people who are actually on... Ever the front lines. It's...
Speaker 3 That's lose.
Speaker 0 Alright. So I think well, we could wrap Good wrap. Should we wrap? It's probably wrap time.
Speaker 1 You wanna do a quick science? Corner update? I got a lot of
Speaker 2 actual room-temp temp Yeah.
Speaker 3 I see
Speaker 0 There is a actually. It's a very interesting.
Speaker 1 You may remember we're show episodes ago. If you if you don't remember Kinda can go back and watch it where I talked a little bit about the effort to try and identify a material that can superconductors a room temperature, which means no resistance. Electrons can flow through the material with no resistance, perfect electricity, transfer across distance and also enables the my effect. Where magnetic waves can reflect off of the material which can allow things like levi trains, which is very low friction transportation. All these benefits of superconductors materials, a quantum computing, etcetera.
Speaker 1 So yesterday, and I've gotten literally dozens of emails and notes about this in the last 12 hours, There was a paper published by a team in South Korea who seemed like a very legit team. There's no reason why they would kind of make a a fraudulent claim, that there is a material that they've identified and measured to show has superconductors properties at room temperature and ambient pressure where a lot of these efforts historically have been made at room temperature, but they use 200 times atmospheric pressure to compress it. And it turns out that this material that they're using is a lead appetite, which is a a hexagonal crystal that uses calcium phosphate and lead and that some of the cal... The lead gets replaced with copper and the copper causes the hexagon, the crystal structure to compress a little bit that compressed crystal allows the electrons to flow through. This is their theoretical explanation on what's going on.
Speaker 1 It will be replicated. People will try and do what they are now claiming they did to demo write this. There were some condensed matter physics, people that sent me an email and said they don't think that this is real. They have great deal of skepticism.
Speaker 2 Let me...
Speaker 1 But sorry. Let me just say 2 things about this. You can read the paper sleep. You can read the paper. It's on the internet.
Speaker 1 Sleep. The camera manager... Put his glasses on
Speaker 2 heat sleeping behind here. He's just worst sleep.
Speaker 1 Let me take let me take 2 things. Firstly, Think it's unlikely that these guys are gonna make a fraudulent mind whoa. If they did make a fraudulent claim. It would be the end of their career, the reputation would be damaged. So that may happen.
Speaker 1 If they did not make a fraudulent president Stanford, if they did not make a fraudulent claim and it is... And it does turn out to be real. Then I do think it'll end up being the the most important and discovery in physics of this century. Okay. And so
Speaker 0 like a blade out frog.
Speaker 2 No. No. Or stages is the. Something serious.
Speaker 1 No. No. Look, I... I think either I know you guys are joking about it, but Yeah. We talked about the importance of this material in technology.
Speaker 1 Yes. It's an everyday life...
Speaker 2 I wanna build on top of what you're saying. The thing that you're saying. I the more generalized concept is we have such a poor understanding of the periodic table. Just broadly speaking.
Speaker 1 Of condensed matter of physics. And so much about physics and quantum mechanics. And just still... We we are just literally poking around
Speaker 2 poking around.
Speaker 1 Trying to figure out what's going on and that what led to this discovery supposed a discovery.
Speaker 2 I've made this analogy before, But if you take the periodic table and it actually kind of looks like the United States of America. Yeah. We have, like, a really good sense of, like, the upper northwest. And like the East Coast. And otherwise, we don't know anything.
Speaker 2 And I think but it was about 2 and a half years ago, right at the beginning of the pandemic. There are these 3 guys and I that started with this idea of just building some machine learning to experiment in silica around different materials. Right? And can you guess physical properties. And if you think these properties are better at a certain thing, and we then go and actually make samples and figure it out.
Speaker 2 And we pointed it at batteries. And we said let's just take the cheapest form of batteries, Lf p, lithium. Right? That's used in the model 3. And must make better Lf.
Speaker 2 And what we're finding is holy shit, like, we don't know anything. And there are these like, really big breakthroughs, 1 which we'll probably announce in, like, the next few weeks because we just raised a bunch of money around this idea. But it's all just people experimenting better and smarter. And really what you find is that there just aren't enough of those people doing it. And so the cycle time is just too long.
Speaker 0 Well, and this is where Ai can actually have some... It's incredible games. Transformational. As Ai gets smarter. Put in the inputs, you give it the dataset.
Speaker 0 Don't know what it's gonna come up with and it could profoundly...
Speaker 2 The the better version
Speaker 0 part increase our understanding.
Speaker 1 Part what this this korean team did is they... Had a separate paper that they published talking about the demonstration of using Ai to try and be predictive around quantum mechanics, which is something that people had said we can't really do... Quantum modeling until we get quantum computers. And so there there has been this this belief that once we get quantum computers we'll be able to understand the physics of of the quantum scale and be able to do modeling that will allow us to do more discovery. But we are still very much just poking around and p and every cycle by the way in super research, there's a different theory on what causes superconductors and it shows so how little we do actually.
Speaker 1 Yeah.
Speaker 2 So these guys, basically when we were trying to build. So if you if you look at like, a tesla model s, Right? Or Model X, these are N c or Nc batteries. Right? Very, very very energy rich.
Speaker 2 But also very expensive and very complicated batteries. That won't scale to the average everyday car. And what was crazy in our attempt to take Lf p, which is the cheap version and make it as... Keep the cheap, but as energy dense as n c and Mca, Lf we ended up doping it with all kinds of random stuff that you would have never guessed in a million years. Given billions of dollars, you would you needed computers to go off and actually make these guesses.
Speaker 2 So this idea that we're gonna find all this stuff at the periodic table bumbling around, I think is such an interesting part of... The physical sciences.
Speaker 1 And again, this will lead to infinite energy storage in batteries. Yeah. You can put electricity into a battery. If you had a superconductors battery. And it would cycle forever.
Speaker 2 No worries.
Speaker 1 And then you could just plug in and get the energy back out. So imagine infinite storage on batteries. You imagine we the circuitry. Completely. So you can...
Speaker 1 There are already superconductors circuits that are used in quantum computers and other high end applications. But because they're so expensive to cool. And so expensive to operate. They're not ubiquitous. But power of having them be ubiquitous would be extraordinary Right.
Speaker 1 Computing for discovery for Ai for modeling the applications what we'll end up discovering because of the modeling we can now do it a more ubiquitous because way is it's gonna be incredible. There these are very profound moments when they do. And if they do happen, we should be excited, optimistic, but obviously, very very cautious about where and when they
Speaker 0 happen Yeah.
Speaker 2 I really love you.
Speaker 0 What an incredible...
Speaker 2 So thankful that you guys came and showed up Really means a lot to me Thank you.
Speaker 0 Fantastic. Yeah.
Speaker 1 Incredible week.
Speaker 2 I really love you guys. Thank you very very much for that.
Speaker 0 Alright. Well see everybody at the all in summit. Oh my god. Yum yum. Is in like in...
Speaker 2 This is, like, 6 weeks? More. A little more.
Speaker 1 You have a new party plan.
Speaker 2 You have a new. You have a new person to announce?
Speaker 1 I I will announce it, and then we'll take it out if it's not okay, but we did confirm rate Dal, so we'll add him to the speaker list. We've got a few other guests that we're not gonna announce. That will be last minute fun surprises for every everyone.
Speaker 0 Some fun surprised at the and.
Speaker 1 I'm really excited to have every dollar.
Speaker 0 You're closing in. Yeah.
Speaker 1 How the party going for the Summer.
Speaker 0 The parties, we we have narrowed down to 3 themes. We think are gonna be a lot of fun. Opening night, Sunday night the day before the event starts. September tenth, I think that is. You have location.
Speaker 0 Yep. We are negotiating the final contracts with the locations. We've got about a dozen of them, and we're gonna narrow it down to 3 that give us Best flexibility will have the floor plans, which is the last step. You know, you
Speaker 1 got, like, 6 weeks. Right?
Speaker 2 Yeah. No No.
Speaker 0 It's we have more than enough options now. So Sunday I
Speaker 1 they handling the parties not me.
Speaker 0 I'm doing the parties. She's.
Speaker 2 You wanna hear a great all in Summit story.
Speaker 0 Yeah. But let me just go through the 3 Yeah. The 3 party of them. So they're opening... Night is gonna be Best Royale.
Speaker 0 The best you who love me a James bond name.
Speaker 2 So what is that?
Speaker 1 Tuxedo. Why tuxedo? Why tuxedo or you could go
Speaker 0 as a fang girl or you could go as Austin Powers, anything in that theme, casino games.
Speaker 2 But no black tuxedo.
Speaker 0 You can go black tuxedo Go white tuxedo. You could go, Daniel Craig, you could go Sean Conner Roger Moore. You pay You can go and shop on. You go... Whatever you...
Speaker 2 I like the black tu talks. I've tried the white tu. It doesn't...
Speaker 0 You can do it... Yeah. You go
Speaker 2 not working for you. For me, I look like a waiter. Yeah. And so it'd be like like... Like a y of Spot Francisco.
Speaker 0 And then Monday night, we have...
Speaker 1 Get word though it's bucket hat.
Speaker 0 Monday night is gonna be best. Club... Breakfast club, big eighties. The location is incredible. I wouldn't
Speaker 1 say it, but Not to be confused with Fight Club where Jake And I get a ring.
Speaker 0 Not a notified yeah. That wouldn't last very long.
Speaker 3 Best We worked everything out of the board meeting.
Speaker 2 Yeah. Did we work everything up and you to 2 of you now.
Speaker 0 Good Board great.
Speaker 2 Gonna saying. Embracing afterwards. I saw the 2 you embracing. Of course, we had
Speaker 1 to try to give him a hug. It was awkward. You didn't fully let me in.
Speaker 0 It was saying we're You ever see to see 3 P trying to get enhance the.
Speaker 2 Does like this He's
Speaker 0 like oh, there's a 472 to 1 chance that you're my best e. Oh, And then the last night will be best runner, A blade runner send up a cyberpunk theme, wear your best cyberpunk.
Speaker 2 You must have a good like, punch up person for this kind of stuff. Like, you a person though.
Speaker 0 He's. He's got a our director.
Speaker 1 He's got somebody got a star a costume department. Department and the costume. In the moth.
Speaker 0 No. That's level 2 in the basement. Sub level 2 in the basement is the costumes.
Speaker 1 So exactly How you haven't been to that level in your elevator? You go down.
Speaker 0 Level 2 is Costumes. The cost. Level 3 is sets.
Speaker 2 Okay. I'll you quick story all in summit. I'm walking in the streets of Milan. Me, not... Yeah And We're we're walking just on vm napoleon in Milan.
Speaker 2 And I hear it. And I turn around, it's Damian Bi, the Ceo of Laura Pi. And he... And so he comes... He's we're so excited to be a part of the all in summit.
Speaker 2 I'm like, oh my God. This is.
Speaker 1 I didn't
Speaker 2 tell you this. Oh. 0, it's not happening. No. It is.
Speaker 2 I know.
Speaker 0 They're cushioning every seat with...
Speaker 2 I don't know.
Speaker 1 I don't ruin. Okay.
Speaker 2 I'm not gonna it. But my team
Speaker 1 been working hard it. Anyways, I I
Speaker 2 saw Damian. He they... They're excited. He's coming.
Speaker 1 Yes. See, sir.
Speaker 2 Well, got a partner. Yeah.
Speaker 3 Have Mon cl. Really
Speaker 2 We we you had every opportunity these last 3 days to do everything you needed to get a.
Speaker 3 Mon is listening.
Speaker 1 What are you the guys right there on the beach on the beach at the witness.
Speaker 2 You were generating they're and, the purse do you see the
Speaker 0 yacht right there? That's his boat.
Speaker 1 This is his restaurant.
Speaker 2 I guess
Speaker 0 this is his
Speaker 2 restaurant can't. I cannot suggest you. I think next that's like it is. I can't do enough. I can't do any more than lunch.
Speaker 0 Get on the ding
Speaker 2 go to... You need you get off your phone. You keep sitting right you to pay attention. Yeah. Yeah.
Speaker 2 Get playing. My god. Never not we're gonna creep to. Go walk you stop playing
Speaker 0 g chest. And you,
Speaker 1 oh yeah I know.
Speaker 0 You know the funny
Speaker 2 Beep it out.
Speaker 0 Well, leave it out. Here's what happens. The guy Free burke comes up. He's in a panic. Chess Oh, we've got a problem, Shake how.
Speaker 0 The production has got a problem... They're gonna kick us out of the restaurant I think, goes, I don't think it's gonna be a problem. I can fix it. And free Like, how are gonna fix He's like, Well, I own the restaurant. And so I asked them.
Speaker 0 Yeah.
Speaker 1 We bought
Speaker 0 do not to kick you out.
Speaker 2 And Sorry. Not gonna be a problem
Speaker 1 But No. Not gonna a problem. Problem.
Speaker 2 No. He sat beside for a whole day. Right. Who is on the board and I said David. She's on the board.
Speaker 2 So if you...
Speaker 0 This is your moment. You sold out their hats. And this is David.
Speaker 2 Cut to David. Beep up the name.
Speaker 0 Hold on. 00I hold on.
Speaker 2 I yeah. A lot of stuff. Peter Till and I are level 4 of my basement.
Speaker 0 I'm in a game of blitz with Peter T. Hold on. Woods. Okay. Playing by writing
Speaker 1 is Terrible hangover Let's get ahead.
Speaker 0 Alright everybody. Live from Porto fe, 4 hungover. Thank you guys. Thank you everybody. Thank the thank Be.
Speaker 3 We'll let your winter ride.
Speaker 0 Rain man Gave sack.
Speaker 3 And it says open sources to the fans and they've just gone crazy. We
Speaker 0 we should just get a room it just have big you, Dory because they're all useless It's like this like sexual tension but they just need to release her
Speaker 3 mountain. What?
Speaker 1