All-In 首届年度颁奖礼：2020 年的最佳、最差与最难忘

Jason Calacanis (00:00:00): You gotta rise up. where we're going only. Hey, everybody. Welcome back. Besties are for the all in podcast. The queen of Kinois Friedberg is here. The dictator, Chamath, and, of course, rain man, David, Sachs. And it's been a big week here in Silicon Valley with Airbnb and Wish both going public for over a $100,000,000,000 combined. Anybody get their beak on that one? David Sacks (00:00:36): Oh, hey, guys. Jason Calacanis (00:00:40): Oh. What? How are you, David? David Sacks (00:00:44): Yeah. I might I might have gotten my bequette on on on a couple of those. So Jason Calacanis (00:00:48): -- Oh, a little bequette. Well, you know what? In celebration of your recent victory with Airbnb being a wish, I will Oh, no. I can't zoom in on my merch, but I've got my unofficial wet your beak Mug. So for those of you wondering, we have to get a little bit of housekeeping out of the way at first here. The merch has gone crazy. Have you guys been watching merch on Twitter? David Sacks (00:01:18): Of course. Jason Calacanis (00:01:20): Anybody anybody that's favorite merch or thoughts? David Friedberg (00:01:23): I got some of those mugs. I think they arrived today. They look great. David Sacks (00:01:27): It's amazing. And, you know, the best decision we made was was not to let you sell t shirts, Jason, because you would have You would have you would have milked this for every every nickel you could. And instead and instead, we we open sourced it to the fans, and they've just gone crazy with it. Jason Calacanis (00:01:45): I mean, they're -- I David Sacks (00:01:46): know that hurt you. I know that hurt you a little bit. Jason Calacanis (00:01:49): I mean, the the problem I'm having here, no advertising. I'm picking up all the production cost here. I'm sending you guys equipment. You maniacs lose the equipment every time. You go from one of your estates to another estate. I'm sending equipment to four different places. Anyway, we've got a special, very special episode for you today We are doing drum roll, please. We're gonna add some sound effects to this afterwards. We're gonna do the bestie today. So we're gonna go through the biggest winners in politics and business and cultures. And, of course, the losers, the flashes in the pan, the best business moves, the stupidest business moves. We got a lot to get through. But just in terms of housekeeping, again, the all in syndicate is up and running. I think there's 4000 people have applied. in 10 days. David Sacks (00:02:35): Let's just talk about the market cap of Airbnb. Wow. -- wish for that matter. David Friedberg (00:02:40): What round did you invest in Airbnb? David Sacks (00:02:43): Series c. Jason Calacanis (00:02:44): Was that Chamath Palihapitiya (00:02:45): the -- So Jason Calacanis (00:02:45): -- -- David Friedberg (00:02:45): the founder's fund round? David Sacks (00:02:47): Yeah. Yeah. And your David Friedberg (00:02:47): friends are ours. David Sacks (00:02:49): Thanks. Jason Calacanis (00:02:49): Oh, that's so yummy. But to be honest, that was already over a $1,000,000,000 valuation. Correct? David Sacks (00:02:54): Yeah. It was. It was. Jason Calacanis (00:02:56): I mean, it's still like that. -- 80 or a 100 x. David Friedberg (00:02:58): Right? Like a 40 Right? Jason Calacanis (00:02:59): 40 David Sacks (00:02:59): x? 40 it's like a Jason Calacanis (00:03:01): 40 David Sacks (00:03:01): x or something like that. So thank thank you thank you, Brian Chesky. Thank you, Peter Till. Peter led that round, and Brian was looking to include founders in the round in in addition to it being led by Founders Fund. And so Peter introduced me, and that's how it happened. Jason Calacanis (00:03:17): Wow. Fantastic. I did not get my beat wet on that, but I did mention Airbnb on my podcast and that, you know, I've been trying to get Brian on the podcast for, I don't know, a decade. And I said, you know, I I know you guys wanna have on the podcast. I've asked him, like, literally every year for 10 years, but I I don't think he likes me. And then he emailed me and said, I listened to the podcast I like you. And I was like, oh, okay. Great. Will you come on? he's like, I'll come on. So he's gonna come on this year, I think, which should be Speaker 5 (00:03:43): great -- Great. Jason Calacanis (00:03:43): -- for this week in service. David Sacks (00:03:44): I think I think Brian and the whole team really did a mass full job of navigating through the whole COVID crisis. I mean, everybody forgets how negative the publicity was. People are talking about Airbnb as COVID roadkill back in April. I I tweeted a CNBC headline from back in April, wondering whether Airbnb was even gonna survive. And they navigated the crisis. They did have to cut headcount, but they made the company much more profitable. But they also did great things for both the renters and the host. At the company's expense, they refunded something like Jason Calacanis (00:04:26): $250,000,000 David Sacks (00:04:29): to the to to to users who had canceled reservations, but they gave the money to the host to keep them afloat. So they really did a great job navigating this whole crisis. Jason Calacanis (00:04:40): It's a pretty great company. He obviously cares deeply. It was very hard, I think, for him to cut all that staff at that time. Right. It was kind of a a tough decision. David Sacks (00:04:50): But they were very generous in how they did it. Yeah. Jason Calacanis (00:04:53): So congratulations on getting the beakwet, Saxx, and Chamath got a bunch of inbound You had filed to sell some shares of Virgin Galactic. I saw you tweeted about it and you wanted to be transparent. People asked you for you to address it upfront on the show. So go ahead. Chamath Palihapitiya (00:05:08): Yeah. I have a lot of projects that I intend to fund in 2021. I'm probably gonna put another, I don't know, I think the forecast was almost $2,000,000,000 to work, and I needed to manage my liquidity for this year and make sure that, you know, I could continue to make all those investments and fund my fund all of the other things that I need to do, and that's why I did it. Jason Calacanis (00:05:39): And you're still a significant shareholder, I assume, and you believe in the company? Chamath Palihapitiya (00:05:44): Yeah. I mean, I remain completely committed to that business. You know, I I it it would have been better if I could have sold something else, but it's not quite possible. And when we're entering when we when you leave the tax year, you just have to make these decisions to locking some gains against other losses and would have loved to have have not had to do it, but I needed to manage my liquidity. And so I sold you know, it's a small portion of what I own. So Yeah. Jason Calacanis (00:06:08): That was sort of my point. This is a small small portion of what you own. And, I mean, this is something that you know, in poker and in business. You gotta manage your chip stack, and you gotta manage your bankroll. So today, we're gonna do the besties. This is our first attempt at talking about. It's our war show for 2020. Let's leave it at that. Let's start out with the biggest -- Wait. Before Chamath Palihapitiya (00:06:32): hold on. Hold on a second. How much weight did you lose? Because it's either that you're still fat and you have wait. Wait. It's either you're still fat and you have an incredible camera, or you've actually lost weight. And this reminds me, by the way. Jason Calacanis (00:06:45): Oh, no. Chamath Palihapitiya (00:06:45): I'd like to tell a story. Jason Calacanis (00:06:47): No. No. No. No. 4 Chamath Palihapitiya (00:06:49): years ago Jason Calacanis (00:06:49): -- Oh my gosh. Here David Sacks (00:06:51): we go. Chamath Palihapitiya (00:06:52): Jason Jason and I make a weight cut. Jason Calacanis (00:06:55): Okay. Just don't say the dollar amount. Chamath Palihapitiya (00:06:57): It was like you know, it was like I think it was, like, Jason Calacanis (00:06:59): $10,000 Chamath Palihapitiya (00:07:01): a pound. Whatever much anyway. Jason Jason, he would get 10th, he was about to do and this is incredible. Jason comes to us 5 years ago and says, guys, you won't believe it. I'm doing a show on NBC. a reality TV show Jason Calacanis (00:07:16): -- Chamath Palihapitiya (00:07:16): That's true. -- pilot. And with -- Not with Jason Calacanis (00:07:22): Please beep that out. Chamath Palihapitiya (00:07:23): Okay. Beep that out. Beep that out. Oh, but okay, cancel. Oh my god. That guy that guy seems like a train wreck. But okay. That's fine. You're gonna do this pilot with don't -- And NBC. -- and NBC. And don't you need to you know, be in fighting shape. And he said, yes. I need motivation. So I said, here's motivation. Let's make a wait, but you need to be under a Jason Calacanis (00:07:47): £190. Chamath Palihapitiya (00:07:49): And I'll pay you Jason Calacanis (00:07:50): $10,010,000 Chamath Palihapitiya (00:07:52): a pound that you're underneath. You pay me $10,000 a pound over. Yeah. It was like 6 months later and we're hosting a I'm hosting a poker game. And I realized, oh my god. This is the last This is the last day of the bet. The day before. Oh, so we started the day before, and then then the last day of the bet is midnight. Yes. I wait till midnight And I jump up, and I'm like, wait, Ben. And so I say, Jason, you gotta be under Jason Calacanis (00:08:22): 190 192.5 Speaker 5 (00:08:25): or Jason Calacanis (00:08:25): £193. Chamath Palihapitiya (00:08:26): Yeah. He literally goes ashen white. And he says, Jason Calacanis (00:08:31): more white than I am now. Okay. because I just ate, and I was maintaining my weight. Chamath Palihapitiya (00:08:36): He says he says, okay. Okay. That's fine. He had been Jason Calacanis (00:08:38): eating pizza, Chamath Palihapitiya (00:08:39): and lactulism. He just Jason Calacanis (00:08:40): You Everything that was actually. You sand that even. Brick? Chamath Palihapitiya (00:08:44): He ate a brick of brie. I swear to God that. Go And the and then he says he says, Freeport, you won't believe this. He goes, guys, I just need 5 minutes before the way in. And then he goes to our guest bedroom and trust your shit. Jason Calacanis (00:08:58): That's not true. What is this? It is absolutely true. 213 in this story. You're trying to appreciate him now. Chamath Palihapitiya (00:09:04): He try he I should have 5 pounds. Speaker 5 (00:09:07): Which who Jason Calacanis (00:09:07): I took a leak. Who can do I took a leap. Chamath Palihapitiya (00:09:09): Do that. That's fair. After after eating all that pizza and cheese and nachos and everything. Anyways, he loses the weight bed. And he says, Jamath, this is completely unfair. I'm not gonna pay you. He was, like, Jason Calacanis (00:09:21): £196. I'm not paying you this. Like, one back over. Chamath Palihapitiya (00:09:27): And he said, this bet is not over until midnight the obviously Yes. Jason Calacanis (00:09:32): Obviously, yes. Yes. 25%? Fair enough. Chamath Palihapitiya (00:09:34): So I said, alright. Fine, Jake. I'll find. He goes home. He literally takes every diuretic Jason Calacanis (00:09:41): no demand. It's not true. Come on. Chamath Palihapitiya (00:09:44): And then he lose it. He doesn't Jason Calacanis (00:09:46): need for a whole lot. Is that -- -- pairs of sweat pads. and sweating it out. Chamath Palihapitiya (00:09:51): I checked in with this guy ten times this day. He walked like twelve miles He took 4 shits. You know? Jason Calacanis (00:09:59): He just rented that out. Steam room. He lot bath. Sacking. David Sacks (00:10:03): He did a you'd he he did a colonoscopy. Chamath Palihapitiya (00:10:05): He did a colonoscopy. To his credit, he lost Jason Calacanis (00:10:09): £5 Chamath Palihapitiya (00:10:09): by midnight, and he won Jason Calacanis (00:10:10): the -- -- drop it. But then I said then I said, you know what? Because there were 2 different weigh ins, we were gonna go play in a poker tournament. So we went and played in the poker tournament. I said, buy me into the poker tournament. We'll whatever we win, we'll chop it up if it happens. So we just made it into a friendly thing. Chamath Palihapitiya (00:10:28): And, obviously, Jason Calacanis (00:10:28): we won't. Now that story race out there. And now I'm gonna everybody's gonna be on Twitter with the co worker team. Chamath Palihapitiya (00:10:36): And -- I hope somebody in the all in army does the t shirt that just says 192.5, and we'll all know what it means, which is the way that Jason Calacanis (00:10:43): -- The 190. It was 193. 193. Which is crazy that I'm 1 it was 193. Anyway, here we go. Getting into the categories, our 1st category is the biggest winner in politics. Biggest winner in politics. I'm gonna ask you gentlemen to raise your hand if you have a strong feeling on this. I'll call on one of you who's got a a big winner in politics. Go ahead, Shamalff. Chamath Palihapitiya (00:11:08): Joe Biden. Jason Calacanis (00:11:10): Joe Biden. Okay. Go on to them there. Joe Biden Chamath Palihapitiya (00:11:13): I mean, let's be honest. There's nobody bigger. And, actually, if you wanted to abstract it, what I would say is centricism was the big winner. And and it it kind of feeds the losers, which is sort of the extreme left and the extreme right. But I would say that Centrism and Joe Biden were the huge, huge, huge winners. David Sacks (00:11:30): Well, I'll I'll give a I'll give a an orthodox pick, which is Xi Jinping, the chairman of the Chinese Communist Party you would have thought he would have had a bad year starting off with, you know, COVID starting in his country at the beginning of the year. but he was able they they you know, the the a global play came from China, but they were able to kinda they were able to use a a a very gullible WHO to launder responsibility for the catastrophe. And they took advantage of the crisis to build more client states in Asia and Africa with promises of vaccines and and money. And finally, his biggest global nemesis Trump and then, you know, Pompeo lost in the election. So you have to say he came out on top at the end of this year. David Friedberg (00:12:20): Freeport? I I I put I have the exact same answer as Saks. I put the Chinese Communist Party as a whole, actually. And I feel like on the world stage, they're they're strengthened in in the post COVID world. So Jason Calacanis (00:12:33): -- I had top a lot. -- agree. Yeah. Because she went from the famous quote in the debates. There was a little girl in California who was bused to school, that little girl was me, where she took on Joe Biden, and then she winds up getting the VP slot. And I think she winds up actually becoming president. and will be the 1st female president of the year of the of of the history of the United States, and that could happen in the first term. Or if Joe Biden doesn't run for a second term, and they do a halfway decent job. Kamala Plus Pete Buttigieg is a pretty great ticket as well. Who's the biggest loser? Who's your biggest loser, Chamath? in politics. Donald J Trump. Chamath Palihapitiya (00:13:17): And the obvious answer? Jason Calacanis (00:13:18): -- Chamath Palihapitiya (00:13:18): extreme left, the extreme left, and the extreme right. Got it. David Sacks (00:13:22): I'll I'll I'll I'll I'll agree with that, but I'd also add Nancy Pelosi, the speaker of the house. Her impeachment of Trump at the beginning of the year went absolutely nowhere. It was even an issue in the election. And her majority in the house has almost completely disappeared. She lost a a dozen seats. I think the the the I think she's down to about four or five seats as a razor thin majority in the house, and she said to lose more in the midterm elections. I predict that she is set to not be speaker anymore in 2 years and headed for retirement. Jason Calacanis (00:13:58): Okay. Friedberg, you got 1? Biggest loser? David Friedberg (00:14:00): I have I have the institution of American Democracy. It's the biggest loser of 2020. I feel we're coming out of this year with, like, no belief that our election was valid for a vast majority for for a sizable minority in this country that that the whole Jason Calacanis (00:14:19): system -- Democrats believe that the election was fraudulent now too. David Friedberg (00:14:22): I mean, if if you say something enough times, everyone believes so, you know, here we are coming out of this year where with a crippling lack of faith in our electoral system, and it's scary that American Democracy is being fundamentally questioned by its own constituents. So so I think that's the biggest loser of the Jason Calacanis (00:14:41): -- I I had I had two choices here. One of them was already said. I said the hysterical left as my runner-up, Bernie and Warren, just dismissed by Biden Kamala. they they are not even part of the discussion anymore, and they didn't even get cabinet positions. So the hysterical left and the socialist communist party is out of the Democratic Party. Thank the lord. But my biggest loser, I have to say that this is the worst run of any politician. ever seen in a year, which is Rudy Giuliani under investigation for Les Parnas and Igor Fruman, then the bogus lawsuit elections then farting during a hearing, then doing the Bharat shirt tuck. I don't know if we have feelings on if that was a tuck or if he was trying to wake up the genie, and then he bleeds hair dye. Then he starts bleeding hair dye. wake up the TV, Chamath Palihapitiya (00:15:34): bro. Andy got COVID. No? Andy got COVID. Wait. Jason Calacanis (00:15:37): Oh, no. Andy's in the hospital with COVID. I mean, Just think. David Friedberg (00:15:44): If you if you think you had a shit Jason Calacanis (00:15:45): a year -- I think there's gonna be The fans of the show are now registering domain names of things we say. David Friedberg (00:15:54): The upside for him is that Donald Trump's camp paying is paying him $20,000 a day in legal fees. Jason Calacanis (00:15:59): No. I think it was 200. David Friedberg (00:16:01): No. It's $20 a day. Jason Calacanis (00:16:02): Oh, it's only 20? David Friedberg (00:16:04): That that that's his going rate. for making a a fool of himself. David Sacks (00:16:07): I have a I've I've I have a feeling that rate was adjusted when Rudy couldn't get the case to the Supreme Court. Jason Calacanis (00:16:14): Well, we all know that Trump pays his bills on time, so it shouldn't be a problem. Right? Alright. Now we're gonna have some more fun. Biggest winner in business. Biggest winner in business. Friedberg, you wanna lead us off? You haven't let us David Friedberg (00:16:29): off yet. I'll I'll take this one. I think that the biggest winner in business this year is a company that started a few years ago called Moderna. This company had a IPO in December of 2018 at 7 and a half $1,000,000,000 cap, it traded between 4,500,000,000 throughout 2019. And all of a sudden, COVID hits, and this becomes a vaccine candidate driver for Moderna. And the stock shoots up. It's worth 60,000,000,000. Today, this company has not had a product that's gone to market prior to COVID. and they struggled getting this business. But I wouldn't say struggle, but they they never really had a a an application for their mRNA technology They looked at it for years iterating and pivoting this business, and COVID like a lot of other businesses really gave them an unbelievable kick. Jason Calacanis (00:17:13): And what did they say? -- shot on the arm. David Friedberg (00:17:15): A shot on the arm. And tonight, they got approval from the FDA, and they're gonna be shipping starting to on Monday, I think. Jason Calacanis (00:17:20): Sachs, who you got for the biggest winner in business, we're moving on a good pace here. David Sacks (00:17:25): Elon Musk, our friend, rose to become the 2nd richest man in the world, ahead of Bill Gates, and, you know, right on the heels of Jeff Bezos. His company, Tesla, had some something like a Jason Calacanis (00:17:38): 8 David Sacks (00:17:39): or 10 x gains over a $500,000,000,000 company. Of course, the products are awesome. It joined the S and P 500, and SpaceX is doing amazing as well. We saw the launch of Starship the other day, and I have just been mesmerized by all these unboxing videos for Starlink. which you can see on YouTube, and it is just magic that you can unbox this little satellite dish, plug it in, and you have broadband Internet from space. So I think, you know, Elon seems to be on track to be not only the world's richest man, but the world's first trillionaire. Jason Calacanis (00:18:13): Wow. Big big big ups there to eat. Chamath, what do you got? the biggest winner in business of 2020? Chamath Palihapitiya (00:18:22): Yeah. I have to agree with Saksipoo. Elon is the Elon basically has had over the last 10 or 15 years an incredible amount of challenges that he's overcome. He's had an incredible amount of haters. He's had probably had to deal with stuff most of us would have broken under, and he just fought through it. And the guy just basically bended all the haters until he crushed their souls, and I just think that that's incredible. Jason Calacanis (00:18:50): Absolutely. Chamath Palihapitiya (00:18:51): And so Elon Musk is the hands down the biggest biggest most obvious winner of Jason Calacanis (00:18:57): 2020. That's the obvious winner. I'll give a couple of runner ups here. I thought also on the runner ups after Elon Zoom beating Skype, Slack video, Google Hangouts, and fixing all their China issues and getting to a $100,000,000,000 valuation. is notable. Obviously, Amazon did a great job because of the pandemic. And then just as an odd ball out there, I just thought Adam Silver in the NBA bubble. was an incredibly bold project that was executed so well and was such a delightful business moment and also a cultural moment, that, you know, you had the NBA shutting down during the pandemic. Remember that dramatic night on a Thursday night and they canceled the games? and then they do the bubble, and it works. And that gave me hope that we could get through the virus. So those were some of my other runners up. Alright. The biggest loser in business in 20 20. Go ahead, Shamoff. Chamath Palihapitiya (00:19:53): Facebook and Google, exiting the year with umpteen antitrust lawsuits I think morale must be pretty brutal over there. There's no amount of money at some point that people are willing to get paid to walk in the door every day and just have to deal have to deal with those kinds of accusations. And so for all the good in the world that they do, which so it just must be really tough that they have to deal with it. But those guys, I think, are the biggest losers in business. Jason Calacanis (00:20:21): Who do you got, Saxx? David Sacks (00:20:23): The small business person. You know, whether it's restaurants, retail, hospitality, what have you, small business people really took it on the chin this year, I agree with Chamath about, you know, companies like Google and Facebook losing esteem in the eyes of the public for good reason, censorship. so on. But tech still are you know, stocks are at all time highs. The politicians got to keep eating at French laundry, but it was a small business people. who got absolutely decimated by these lockdowns which don't even work. And so they are the big loser of 2020. Trey Jason Calacanis (00:20:56): Burg, what you got? David Friedberg (00:20:58): I I'm a little more vanilla than the rest of you guys. I went with AMC Entertainment Holdings. Talk about a fuck business in COVID. Restaurants at least you can do takeout. You can't take out a movie from AMC. They're they're shut down all over the country. Their creditors are telling them to declare bankruptcy. It's a total shit show. Jason Calacanis (00:21:15): You think they could go back to movies? David Friedberg (00:21:16): You don't think they go back. I don't think they go I don't know what the hell, like, AMC's gonna do. What do you do with all those theaters? They're awesome. I love going in the movies, but I'm not going on the movies for at least another year. So and it's sad because honestly, like, movies are a big part of my life. Always have been and it's sad to see movie theaters, Jason Calacanis (00:21:32): like, you David Friedberg (00:21:32): know -- They're Jason Calacanis (00:21:33): gonna come back strong they're gonna come back stronger. I think Amazon will buy one chain. I think Netflix buys the other. And then with your membership, you get to go and see all the range of stuff. And maybe even see, like, Queen's Gambit in the theater. David Friedberg (00:21:46): It's such a a weird grief experience. Right? Yeah. Jason Calacanis (00:21:48): Like -- Yeah. I would have loved using Queen's Gambit in a theater. David Friedberg (00:21:50): Totally. There's so much you could do with theaters, and I think there's an opportunity. But, man, did those guys get screwed this year? Jason Calacanis (00:21:55): Well, I always thought they should do an extended edition. So imagine if when HBO or one of those did, you know, Game of Thrones, if they had it out the day before, in movie theaters or the week before or 2 days before, and they did an extra 10 minutes. People would love that. My biggest loser was, of course, same as David. Real World Businesses, absolutely demolished. And the government after that first stimulus, which was incredible Trump did an amazing job of just dropping buckets of money, whether it was that PPE loans and PPE loans, whatever the PPP loans, PPP loans. All this stuff was incredible, and then what complete utter, bullshit, and incompetence from our government that they couldn't get the second one done. It's absolutely fucking infuriating. that the Democrats and the Republicans, these selfish fuckers, couldn't get another $1,000,000,000 dropped up. It was that. And here we are in December. That shit needed to drop in August or September. Not December. It's just absolutely disgraceful. It's there there I'm just disgusted that they couldn't even get some more money to people who are suffering unemployment and these restaurants, a 100,000 restaurant closures by the end of 2020. It's just unconscionable that the the stock market is ripping, and we can't get just some money in people's pockets. Just drop the money Infuriate. I was sitting here at the taping of this that it might actually happen. Okay. Biggest winner in culture. Who's got a big winner in culture? David Friedberg (00:23:26): You ever got one? I got the the Black Lives Matter movement, and I think it I think it was such a, like, meaningful and impactful kind of shift in how people were thinking fundamentally about behavior in society it's still persisting. You know, there's corporate action, there's state action, there's regulatory action, and I think it's a it's a meaningful movement that's gonna persist. I think it came at a time when we all felt like, you know, a lot of people felt locked up in their homes. People were angry. People were frustrated with the system. And just it just was a very poignant moment, especially occurring during COVID, that it really took hold And I think it's gonna last and I think that the the movement itself is gonna spawn a lot of change. Jason Calacanis (00:24:17): I think it's well said. David, who do you got in culture? David Sacks (00:24:21): Baby Yoda. Star. Jason Calacanis (00:24:23): So you went pop culture on that one. Speaker 5 (00:24:25): It's Jason Calacanis (00:24:25): -- David Sacks (00:24:26): Yeah. star star of the Mandalorian show that his his ascent icon status helped Disney get 86,000,000 subscribers Jason Calacanis (00:24:35): grow good. David Sacks (00:24:36): For for for Disney plus, which just blew away expectations and has established Disney plus as the main rival to Netflix. Jason Calacanis (00:24:45): Do you think Netflix you think Disney will pass Netflix. Correct? David Sacks (00:24:49): I don't know if they'll pass them, but they're now certainly gonna be a a major rival to them. Jason Calacanis (00:24:53): I think they I think they passed them. Okay. Chamath, who do you got? Chamath Palihapitiya (00:24:56): Culture -- I would pick a a combination of Fortnite Roblox and among me, which I think has for at least a lot of high school and middle school kids, but I may be a lot of adults. The only form of social interaction that we've had for the entire year. Jason Calacanis (00:25:18): What a great what a great selection. Chamath Palihapitiya (00:25:20): And and I think it's important to understand how much lonelier we all would have been and how much more mental illness and depression we all would have dealt with if we couldn't have even just talked to our friends. And I think that there's something really beautiful that those games did for people. Jason Calacanis (00:25:35): That's a good one. That's a good one. I I went with podcasting, I think, on a cultural basis, Joe Rogan, and what's happened in podcasting these long form discussions, even this podcast, has become just an amazing amazing movement, and people are having better discussions. And I I consider it the antidote to what's happening on social media. When people hear us discussing stuff on this podcast, they feel like They ate something nutritious. They had a great salad. They had some healthy food. And then when they're on social media and they consume the same tweets that we're doing, They feel like it's junk food. Right? And so I think that podcasting long form discussions listening to each other, maybe, you know, Republicans and Democrats, less right everybody listening to each other and podcasting is just such a great meeting medium for discussion. Who is the biggest loser on a cultural basis in 2020, Mister David Sachs. David Sacks (00:26:30): The media, starting with The New York Times and other sort of elite media, They ripped the Empire jersey off their backs to go after Trump. Well, they got him, but at what cost half the country will never trust them again. This makes conspiracy theories more likely. It makes cultural divides deeper, and they've been revealed to be corporate journalists. journalists who subscribed to and serve an agenda of their corporate masters. They've lost the public's trust. Jason Calacanis (00:26:58): Friedberg, what do you got on the biggest cultural loser? David Friedberg (00:27:03): Climate change. Took a back seat this year, it, you know, it had momentum. As a as a cultural meme, it's it's lost its It's Lester, and it's been shadowed a little bit this year with BLM and and COVID and lack of faith in institutions and all the other stuff that's been going do Jason Calacanis (00:27:24): you think that people now when they see the collective response to COVID and the pan the vaccines and us our ability with science and technology to solve the pandemic, we will have a newfound appreciation for coordinated global action on global warming, David. preapproved. No. I think are you David Friedberg (00:27:42): asking me I think I think the I think the faith in institutions has eroded tremendously this year. The WHO telling people not to wear masks and then telling them my masks are good, the FDA Jason Calacanis (00:27:55): -- That hits the I think just I think that -- -- warning movement as well. David Friedberg (00:28:00): Yeah. I think the the lack of faith in institutions as well as in the media makes it really difficult for things that require a coordinated effort and a coordinated cultural shift to take hold you know, are really challenged in this new kind of model where where you don't know what to believe and you don't believe institutions and you don't believe old school and you don't believe states and you don't believe you know, anything structural anymore. So it's it's a scary it's a scary kind of moment. I don't know. I think climate change is gonna have momentum with the new administration at least coming into office in the US, but but generally, like, institutional guidance is is lost its luster. Jason Calacanis (00:28:38): Shabbath, what do you got? Chamath Palihapitiya (00:28:41): Wokeness. Wokeness. Wokeness. Wokeness. Speaker 5 (00:28:43): Got it. Chamath Palihapitiya (00:28:44): I think when you now look at the realization of what we've gone through, People have realized that, you know, you can you can be extremely anti racist and think Latin next is just a stupid label. You know, you can be an entirely complete 100,000,000 percent supporter of LGBTQ but think that, you know, all these complicated pronouns aren't really necessary. And I think that people are coming to a point where you can have nuance. And I think that that's really important. I think that this whole cancel culture and wokeness was incredibly corrosive. And I think that that they lost. Jason Calacanis (00:29:28): I I think it's actually a great I think it's I think it's a great point you're making, Shamal, because on the last episode, I fumbled the word MX. which none of us ever said. We all laughed about it. And then I just had this little thing. I was like, okay. I guess this is when I get canceled because I laughed at the fact that or I mispronounced it. Right? And the fact that I thought even for a second that mispronouncing this term MX, which I then did research on. And I said, does anybody know how to pronounce word MX on Twitter? So I figured I would preempt the the dropping of the podcast by bringing it up on my Twitter. And people are like, are you trolling? I'm like, no. I'm asking. And I found videos, and it turns out There is an actual controversy in the trans community. Where m x, some people believe means mixed, m i x e d. Other people them think it's MX as x the variable, as in the variable x. And so they're having their own debate. They're figuring it out. That's great. Everybody loves them. supports them. But the fact that I mispronounce it, you know, should I be cancel for mispronouncing? -- with that? Chamath Palihapitiya (00:30:37): Yeah. Well, can I tell you can I tell those people that are struggling with whether x equals anything or x equals mixed? Hum just to touch upon, Friedberg point, The human race has caused 8% of all the species in the world to go extinct, and we have put another Jason Calacanis (00:30:55): 22% Chamath Palihapitiya (00:30:56): of every single other species at the at the brink of extinction. At the same time, we have now expanded our footprint to touch 75% of the earth land surface. So until somebody fixes those problems, I don't actually want to know what the x stands for. Jason Calacanis (00:31:14): Yeah. I mean, we were this idea that we're gonna camp -- Until Chamath Palihapitiya (00:31:18): we put until we put stimulus checks? Put the fucking stimulus checks into people's hands. Get these small businesses back to work, then you can tell me what the x stands for. Jason Calacanis (00:31:27): Yeah. Okay. My biggest loser on culture was the same exact as you, David. We're thinking similar. I have taken the red pill you gave me. I crushed it up. I've been snorting these the red pill like crazy. People think I'm turning into a Republican, but I thought mainstream media and late stage journalism sacrificed objectivity, specifically to get subscriptions, and they use the anti Trump feelings, and they worked them and got the the ratings from them, and they literally use that New York Times is the is the the best example. I think the work you guys use for best examples canonical of, like, using their anti Trump feelings to get people to take out their wallets and subscribe Everybody realizes it. They drove out Barry Weiss. They drove out their editor of the page for making people feel unsafe with their words. And then New York Magazine drove out Andrew Sullivan, and then Glenn Greenwald gets leaves his publication. I mean, anybody who dissents inside of one of these publications, they canceled them inside of a publication for an opinion on an opinion page. It's crazy. Okay. Let's keep everything moving here. Biggest turnaround in I guess this is biggest turnaround anything, but I did business. I'll lead off with mine. My best turnaround was Airbnb. They laid off 25 percent of the company in July, 1900 75100 employees. They cut their marketing budget by 800,000,000, and then the IPO 5 months later and they had raised a $1,000,000,000 and an $18,000,000,000 valuation according to pitch book and now worth 88,000,000,000 a week after the IPO. That is a turnaround of all turnaround. It's David. Who did you have? David Sacks (00:33:08): This is where I had Joe Biden He finished 4th in Iowa 5th in New Hampshire. No candidate has ever bombed that badly in the first two contests and gone on to win the nomination. Biden, board back in South Carolina and then one big on super Tuesday and wrapped up the party nomination by March. Biggest political come back ever. Jason Calacanis (00:33:28): Who do you got? Friedberg? David Friedberg (00:33:31): I got Airbnb as well. I mean, from yeah. And here's the here's one of the craziest stats. They're sitting there in q 1 with a great business. Revenue dropped Jason Calacanis (00:33:39): 67% David Friedberg (00:33:41): in q Jason Calacanis (00:33:41): 2. David Friedberg (00:33:42): Can you just imagine the experience of Jason Calacanis (00:33:44): 67% David Friedberg (00:33:45): of your revenue going away in 1 quarter, cash burn skyrockets and just having to respond quickly and still maintain integrity with your customers and your employees as a leadership team. I mean, it was an incredible leadership demonstration along. Jason Calacanis (00:34:00): It's a 5 alarm fire. Right? I mean, it's literally you gotta get everybody out of the building. David Friedberg (00:34:04): Here here we go. David Sacks (00:34:05): I agree Jason Calacanis (00:34:05): with that. David Sacks (00:34:06): I agree with that. Jason Calacanis (00:34:10): Zach is the word beat. Yeah. Speaker 5 (00:34:13): Who do Jason Calacanis (00:34:13): you got, Chamath? I'm curious. Who is your biggest censorship? Big censorship. Chamath Palihapitiya (00:34:19): censorship existed in in draconian and the dark ages of our of our journey as a country and in the world, and it came roaring back this year. The amount of people that have been muzzled, stifled, the amount of fact and science that literally just gets judged Willie Nilly by our distribution points like Facebook and Twitter and Medium. It's really scary. So censorship made a roaring comeback in Jason Calacanis (00:34:46): 1020. I I like it. I like it a lot. Okay. Now we go on to the biggest flash in the pan. You can interpret this any way you like. What do you got? Saxy poo. Raymond? David Sacks (00:34:59): The w h o. The w h o. Nobody knew you who the dub the World Health Organization, nobody knew what the WHO was before this year, then they have become you know, somehow this global authority on COVID despite getting everything wrong. They initially said that we didn't need to wear masks. They didn't update that until June 5th. This was about 10 weeks after my blog saying that, you know, masks were a good idea. They got the method of transmission wrong. They were saying that transmission mainly occurred through fomites, which is contagious surfaces instead of respiratory particles. They initially said that lockdowns worked, then they modified their policy on that because of its impact to marginal groups. And so the WHO has just gotten everything wrong this year. And despite that fact, you now have to Chamath Point, Google, YouTube, and even sites like LinkedIn or Next Door are now censoring people's statements if they contract the WHO Apparently, without irony because nobody has contradicted the WHO more than the WHO itself. I look forward to next year when nobody cares about the WHO anymore. Jason Calacanis (00:36:11): Great. Friedberg, what do you got? Flash in the pan. David Friedberg (00:36:17): I put hydroxychloroquine. Do you guys remember hydroxychloroquine? Jason Calacanis (00:36:21): I was gonna it David Friedberg (00:36:23): was gonna save the world for a minute or 2. And then, you know, here we are. And so I'm just gonna leave it at that. Yeah. Jason Calacanis (00:36:31): Here we okay. Yeah. Everybody knows. You may have heard of Hi, Joe, Claire Quinn. Okay? Miracle. Some people say it's a miracle. I took it. Scratchmoff. What do you got? Chamath Palihapitiya (00:36:42): It's actually quite it's actually quite related to this I thought that she was marvelous, but I do think she will disappear off the scene, which is Sarah Cooper, which, you know, basically, in the last month of the campaign kind of just disappeared and now is I I don't think anybody knows who Sarah Cooper is and probably in a year from now won't. But for for the period for the for those dark months of the pandemic, her mockery of Trump was some of the funniest stuff on Twitter that I never -- Oh, Jason Calacanis (00:37:13): Sara Cooper's amazing. Yeah. She she got a Netflix, and I don't think she'll be a flash in the pan. I think she'll come back. I would have loved to pick who was the press secretary for with the southern accent for for Trump, Sacks. David Friedberg (00:37:29): Sarah Huckabee Sanders? Sanders? Jason Calacanis (00:37:31): Yeah. Huckabee. she but I think she was gone in by 2020. So I can't pick her, but she was amazing at defending Trump. She's like, You all are dumb and Trump is smart, and he has a 150 IQ, and he owns Mar a Lago. and he has a jet and his jet is in the yard yet, and you are the big news media. And I don't care what you say. Merrick, public government, what would you say? and Trump is amazing in bed. He goes bang and porn stars when y'all were jerking I mean, he's just she would defend him. I that's who I want as my PR person. She defended him for all time. My biggest flash in the plan David Friedberg (00:38:12): now -- I don't need a PR person. Oh, yeah. Jason Calacanis (00:38:14): I don't need a PR person. We got this podcast now. We don't need the press or PR. We just go right to the audience. Nikola trading at $34,000,000,000. They took your precious specs, Chamath, and they perverted it with a dipshit, Milton, who was on my podcast and couldn't answer basic questions. It's now worth 6,000,000,000. I predicted it will be worth 60¢. I kid you not this company will go to 0 is my prediction. If you are buying companies and I made Jason -- David Friedberg (00:38:48): So you're gonna scare all founder all founder CEOs are gonna avoid coming on your podcast now. Jason Calacanis (00:38:54): No. No. No. No. I I'm delightful. But for this kid, he's he's he's under investigation. -- David Friedberg (00:39:01): is worth nothing here. Jason Calacanis (00:39:03): Yeah. You're weak, Lindsay. You are reckless. No. He's under investigation. The thing's the disaster. They're obviously riding on Elon's Cotels. He couldn't make a decision if it was hydrogen powered cars or electric trucks or whatever. And the company is in chaos. And I I I made a rule, which is if a company has not released their product, and it's worth over a $1,000,000,000. Be careful because it could be a Friedberg it could be a disaster. That's my biggest flash in the pan, Nikola. Biggest breakthrough, FreeBird, you wanna start us off on this one? I have an idea. I think I know what you're gonna say. David Friedberg (00:39:38): I'm gonna say Alpha Fold, you know, that we talked about in the last podcast, I think. alpha fold feels to me like what ARPANNET was, which was the origins of the Internet, you know, back when it was first installed, and no one really kind of graph grappled with the ramifications of what would emerge. And I think, you know, once we have the ability to design proteins to do things, A a lot's gonna change in the world of medicine and human health and longevity and the kind of environment, and it's gonna be pretty powerful. So I'm excited about alpha fold, creating a foundation for for humanity's ability to do those things. Jason Calacanis (00:40:11): Jamath, what do you got? 100%. Chamath Palihapitiya (00:40:13): Alphaful. By there's not a close second, to be honest. Jason Calacanis (00:40:17): Okay. Saks? David Sacks (00:40:20): Well, as a as a close second, I guess, I would I would mention the mRNA vaccine which we talked about on the show, the ability to basically print a vaccine in 2 days and Hopefully, they will follow our advice about challenge vaccines so the next time we have one of these pandemics. Jason Calacanis (00:40:37): Challenge trials. David Sacks (00:40:38): Challenge trials, we can we can respond much more quickly. And then just quickly in politics, I thought the biggest breakthrough was Pete Buttigieg. He made the unlikely leap from mayor of South Bend Indiana to being the 1st credible openly gay candidate for president. He won Iowa sort of along with Bernie Sanders and was a very close second in New Hampshire. He's gonna be the the he's gonna be director of the transportation department and the Biden administration. Jason Calacanis (00:41:10): By the way, I guess that was I David Friedberg (00:41:11): I I wanna just point something out. on your sorry, Jacob, but, you know, the mRNA vaccine technology has been around for, like, 15 years, and regulatory barriers and regulatory constraints have largely kept this stuff from coming to market. And it's interesting how, you know, in a year or where we have this pandemic emergency, we can take this technology that has been around and has been available to us for so long. And suddenly, you know, all the regulatory barriers get dropped and things come to market to change the world. I think it it's it's a great highlight of, like, what's possible when some regulatory constraints are are diminished a little bit, and technology is really allowed to flourish and see the light a day. And, you know, we all act so surprised that this technology works, but it's been here for a while. It's pretty pretty astounding that it hasn't worked or hasn't been allowed to work in the past. Jason Calacanis (00:41:57): In a previous episode -- -- an observation, I think, is worth it. Yeah. I think it's a really valid one because it wasn't a breakthrough that occurred this year. The breakthrough was they broke through the regulations. You said you wanted to wait and see some people get the vaccines first. And then that led to some accounts on the Twitter. saying, are you still anti vaccination? And I I had to correct them that you've never said you were anti vaccination to be -- Oh, I said you're not anti vaxx. Not at all. No. No. You said you said you wanted David Friedberg (00:42:27): to wait? Yes. No. No. I think my point is I think a lot of people are gonna latch sorry. Let me just be really clear. I think a lot of people are gonna latch on to the small number of cases that are gonna be amplified of people having adverse reactions to this you know, new technology vaccine. In Alaska the other day, like, 2 days ago, there was a nurse who got the vaccine, and she had a really anaphylactic reaction to it. She had to be given epinephrine twice to survive, and she came out and she was fine. But it's that storytelling. That's like, you know, they they they assume it should be some small percentage of people will have some reaction to this thing, but that is the storytelling that will keep people from doing this. And I think that is the the the biggest kind of concern that's why you've got guys like Mike Pence doing the the vaccine tomorrow. You know, he's gonna do it on live TV and celebrities like Ian McKellan doing it. They're trying to kind of cradle -- Wait. Wait. Chamath Palihapitiya (00:43:17): Wait. Are we gonna see Mike Pence's naked shoulder and bicep on television? Yeah. It's gonna they're gonna learn out because Jason Calacanis (00:43:24): doesn't want to see it. Chamath Palihapitiya (00:43:26): No. But is his mother is mother gonna be beside? That's his wife's but he calls it he calls his wife Jason Calacanis (00:43:32): -- Actually, mother's gonna give it to him because if a if a woman doctor gave it to him, he it would be kinda like cheating because she stuck something in him. You know? And it's just not right. Okay. I can't wait to take it. If anybody doesn't want their vaccine, I will take it because I'm losing my mind in quarantine. I mean, for the love of God, Smartest business move, Chamath. Chamath Palihapitiya (00:43:57): I think 2020 was the year of this back. I think that it is it is AO. It's an incredibly it's done it's it's done something really, really, really important in the capital markets. So that David Friedberg (00:44:13): Can you give Chuck his bestie award now, Jay Kal? Jason Calacanis (00:44:16): Yes. Excepting his bestie award, giving it to him by himself. So -- Would you like an accepted speech? I'm -- Chamath Palihapitiya (00:44:24): I would like to thank you. Jason Calacanis (00:44:25): -- Speaker 5 (00:44:25): move. I would like the same question. The smartest business Chamath Palihapitiya (00:44:26): move, me. Jason Calacanis (00:44:31): Sachs, what was your smartest business move or the smartest business move in business? Well, I I like to thank Jamal for the David Sacks (00:44:37): spec thing too because I was in open door, Speaker 5 (00:44:39): and I was in porch, and both of them are spacking this year. So -- Oh, I'm I'm in desktop metal. I'm gonna David Sacks (00:44:39): go we have to Jason Calacanis (00:44:46): agree. the best in business. David Sacks (00:44:49): You've you've wet you've wet all of our beaks. So -- Yeah. Chamath Palihapitiya (00:44:52): I mean I mean, actually, if you think about it, I I've done Jason Calacanis (00:44:56): 6 deals. Are Chamath Palihapitiya (00:44:58): you still talking about me? Okay. Jason Calacanis (00:44:59): Stop. We have to play the music. You know the walk over music on the Oscars. Chamath Palihapitiya (00:45:06): No. No. Speaker 5 (00:45:06): No. No. Chamath Palihapitiya (00:45:07): No. No. Speaker 5 (00:45:08): No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. Chamath Palihapitiya (00:45:08): No. No. No. No. No. No. No. No. No. No. No. No. Speaker 5 (00:45:13): No. No. No. No. No. Jason Calacanis (00:45:13): No. No. No nominated 3 times, but this is the only bestie he's won. Chamath Palihapitiya (00:45:16): I really wanted to be in that reality show with you and Jason Calacanis (00:45:21): Oh, beeping. And beep beep. I mean, talk about dodging a bullet. David Sacks (00:45:25): We went Jason Calacanis (00:45:25): with this trailer to the top 5 studios. They all wanted it. In the room, NBC says, we'll take it in the room. the the head of NBCs as we'll take it, we tape the pilot and then, beep, whole career life blows up and thank the Lord that show didn't get on TV because I it would have been executive produced by Beep. And yeah, that would have been bad. So no reality TV for me. I had a I had another smart business move I just wanted to point out, which was Salesforce buying Slack. I think it's brilliant for them. I think they're gonna look back on the 10% they paid of their capital for Slack, and I think Slack will be more important than Salesforce ultimately in business. Chamath Palihapitiya (00:46:13): It's a huge Jason Calacanis (00:46:13): -- -- the most important brand there. Chamath Palihapitiya (00:46:15): What a crown jewel. What a great what a great move Bennyoff and and Brett Taylor, and I just think what what a great asset. Totally Jason Calacanis (00:46:22): agree. -- be better for them than YouTube is for Google or Instagram for -- I Chamath Palihapitiya (00:46:26): think I think it's on that level, actually. I think it's of that order of magnitude where the importance of those assets to those companies, Slack would be to Salesforce. David Friedberg (00:46:35): Cost cost 20 times 30 times as much, though. So less upside. But Jason Calacanis (00:46:40): -- Chamath Palihapitiya (00:46:41): Less upside. But but in terms of, like, lock in and value and you know, the prevention of churn over time. I think it's gonna be huge. Jason Calacanis (00:46:48): I mean, it could be at some point the company is Slack Salesforce. Like, Slack will be the the preeminent brand there. David, did you go for this for smartest business move? David Friedberg (00:46:59): I I David Sacks (00:47:00): agree with both the ones you've already done. David Friedberg (00:47:03): Okay. I'm gonna I'm gonna I'm gonna I'm gonna rattle one off real quick. I got I think people missed this, but at the bottom of the market, Silver Lake did this massive debt deal into Airbnb, which if you'll remember is reminiscent to me of Warren Buffett, you know, giving $5,000,000,000 to Swiss Re and Goldman Sachs, and he earned percent coupon and got warrants in both those companies, and it just paid a tremendous return for him. Silver Lake swooped in Airbnb in April gave them a 12% debt deal for $1,000,000,000, and they got warrants that the warrants today are worth about Jason Calacanis (00:47:34): $1,400,000,000 David Friedberg (00:47:36): And and this debt is probably worth three times what they put in. So in, like, 5 months, 6 months, these guys have basically turned a $1,000,000,000 of debt into $4,000,000,000 of value. It was an incredible deal, incredibly gutsy. If you think about what we were all feeling in early April about the market and where the world was headed, we had no fucking clue. for these guys to swoop in and do that. I thought it was super impressive. The the other one, I I I had a couple on this because I just I I wanna rattle these off. I'm the only Bill Ackman bought a fucking S and P put sorry. Bought an S and P put for $27,000,000 that he sold for Jason Calacanis (00:48:08): $2,600,000 Chamath Palihapitiya (00:48:09): he bought he bought credit default insurance on a whole strip of -- Credit David Friedberg (00:48:12): default insurance. Chamath Palihapitiya (00:48:13): Of debt. Yeah. Yeah. David Friedberg (00:48:14): But he turned a Jason Calacanis (00:48:15): $27,000,000 David Friedberg (00:48:17): insurance instrument into 2,600,000,000 of returns for his fund, and he still didn't sell his portfolio. In fact, he bought at the bottom. And, I mean, the the the the foresight this guy had going into the down market ahead of March, he saw that the market was gonna tank because of COVID. He made a bet on it. It was a tiny for him. But, man, to turn 27,000,000 into Jason Calacanis (00:48:36): 2,600,000,000 David Friedberg (00:48:37): in, like, 60 days or 90 days, unbelievable. And then he bought stock in his companies at the bottom. What a gutsy investor. And then I Jason Calacanis (00:48:45): -- Was there anything -- Speaker 5 (00:48:46): Yeah. Jason Calacanis (00:48:46): Was there anything FUgezi on that with where he had gone on CNBC and talked and he did this whole big, you know -- Chamath Palihapitiya (00:48:53): No. No. He Jason Calacanis (00:48:53): did it he David Friedberg (00:48:54): did it longer. Yeah. Chamath Palihapitiya (00:48:55): He did it afterwards, but I think I think he's I think he's great. I think he's Yeah. David Friedberg (00:48:59): I think it was it was incredible. And my third one, which we don't talk about a lot, is Larry Ellison bought a $1,000,000,000 of Tesla stock less than 2 years ago. that is now worth over Jason Calacanis (00:49:08): $10,000,000,000. David Friedberg (00:49:09): And if he did it, he joined the board. And, you know, you put your money where your mouth is, and you take ownership, and you know, I don't know much about Larry, but there was a lot of naysayers about Tesla saying they were bubbly and overvalued at that time, and was really Jason Calacanis (00:49:25): -- He did it in the middle of the Tesla q shorting movement, and now he can buy not just lanai, he could probably get Kawhi to go with it. He could buy another island. David Friedberg (00:49:34): Anyway, those were 3 gutsy bets that I thought were worth highlighting that that just really impressed me. And and, you know, it's when the markets are down, when you're facing me abhis, when everyone else is telling me you're wrong and you make a big bet like that, and it pays off, that's the kind of stuff that I think returns are made from and character built, and it would those are those are just really impressive moves for me that that set up. Jason Calacanis (00:49:53): So there's there's a lot of impressive moves this year. The tide went out and came back in real quick. So, there were some dumb business moves as well. Stacks, you got a dumb business move that was a highlight for 2020? The David Sacks (00:50:07): City of San Francisco biting the hand that feeds it. For years, these politicians have been shitting on the tech community acting like the tech community was somehow a parasite on San Francisco. Well, you know, now because of COVID -- Congratulations. Jason Calacanis (00:50:24): -- David Sacks (00:50:24): the tech community has the Option to leave. You have a lot of people leaving, and there are gigantic budget deficits for the city. The schools have giant budget deficits. It's not clear. how they're gonna close these things. And it's looking that more and more like it wasn't tech that was a parasite. It was the politicians who are the parasites, and nobody knows how to fix the city of San Francisco anymore. Jason Calacanis (00:50:50): Yeah. Okay. Dummest business move? Shamalff? Chamath Palihapitiya (00:50:58): I think it was It's a Jason Calacanis (00:50:59): tough one. Chamath Palihapitiya (00:50:59): I think it was probably for me, the governor of California's handling of COVID. I guess that's more political than business. But Jason Calacanis (00:51:11): -- Well, no. I mean, it did impact businesses, so I think you're you're -- I think that -- I'll allow it. I'll allow it? Chamath Palihapitiya (00:51:16): I think that I think that what he showed was how naked partisanship was in decision making that had that should have been based on science, in fact. And the quality of the decision making just eroded every single decision that he made. And then now you know, as as David said, it's kind of like you have this just just, you know, you have this moment where it's like, you know, the Just Eat Cake moment where he's eating at French laundry, and then the day after is they're basically shutting the whole world down again. It's it's very frustrating. So so I think that Jason Calacanis (00:51:49): that -- You also was shutting down beaches. Right? And then you know, the stay at home orders and not letting people leave their house and go to a beach or eat outdoors, all that does is send them inside. They're gonna have a party inside their house. Chamath Palihapitiya (00:52:03): Well, there is a great tweet. Stupid. There's a great tweet that said, you know, I'm not allowed to go to the store. I'm allowed to go to the shopping center, but I'm gonna take my child on a walk. And if anybody stops me, I'm just gonna tell them I'm taking her to the nail salon. And the reason is because you couldn't walk to the park, but you could you could go to the nail salon. And so, you know, this tweet was just reminiscent of just how arbitrary and random this stuff plus, and it had just so many downstream impact. So I think that was a huge fail of Jason Calacanis (00:52:31): 20. And nobody loves hypocrisy. I picked my smartest business move with Salesforce buying Slack. Conversely, I'm picking my dumbest business move with Slack's board selling Slack. This is the stupidest thing I've ever seen. I understand they felt like maybe it was a great deal, but I would have much rather them see seen them do what Chamath Palihapitiya (00:52:50): Jack Don't really know. be honest with you, I mean, I left the board, and I just don't know why. I I wish I coulda gotten the call because I would have bought it. Yeah. I I I agree with you. I think network effects are incredibly unique assets. They're very, very rare. I think we've all been around them. We've worked in them. David has David the other David has I have, Jason you have. It is the single most incredible momentum driver and, you know, sort of tailwind. And when it exists, you just never give it up. And so I agree with you. I would've bought Slack if I could've if they would've given me a shot. Jason Calacanis (00:53:22): We ride our winners, and you appreciate network effects. If you look at what Jeff Lawson did at Twilio. He started with much less, I think -- Chamath Palihapitiya (00:53:33): He started with nothing. Jason Calacanis (00:53:34): Starting up nothing with Twilio. Jeff Lawson is amazing. SendGrid and segment. Their market cap has gone 12 it was It's 12 x market cap. They went from $29 a share to $365 a year in 3 years. They're at 60,000,000,000. Slack should have been buying other companies with their equity, and they and they should have built and rolled up all of the other HubSpot or whatever else is out there that they can afford by Zendesk, whatever. Chamath Palihapitiya (00:54:04): I'm not sure that the m and a strategy was the hard part. I just think that it's When you're in the bowels of these companies, as we all know, it's super hard. Right? So, I mean, I don't think you can fail Stewart and the team, but I think that Some are along the way, just the realization of how special and unique that network effect was didn't happen because it would have given a different team a level of energy or comfort to kind of really go for the brass ring, as you said, and But, you know, hopefully, they'll be able to execute it at Salesforce. Jason Calacanis (00:54:39): Okay. Did I get everybody's dumbest business move? David Friedberg (00:54:42): My dumbest business move was myself. So I will take Chamath Palihapitiya (00:54:47): I will David Friedberg (00:54:48): take it to me. -- award for being Jason Calacanis (00:54:49): a schmuck. It's very very David Friedberg (00:54:51): good for me. Me and anyone else that fucking hedged or shorted the market or sold during the dip in March, I learned the most valuable lesson I've learned in my investing career to date, you just wanna invest in whole chairs and great businesses and not try in time markets because that's always a loser's game and a fool's errand. And I think, you know, worrying about the market going down or up, as long as you hold shares and great businesses, it doesn't matter. Trading is not for me. It was stupid. And I just feel like a lot of people learned that lesson this year. I've heard a lot of people that kinda freaked out and got out of the market, and then they regretted it and tried to get back in. It was too late. And yadayadayada. Chamath Palihapitiya (00:55:31): I I read a document that someone wrote for me. And she wrote this incredible quote that I had never heard from Buffett, and I'll give it to you, Friedberg, because it's it's very Apropos of this. Buffett had this statement which is that, you know, It's not about timing the market. It is about time in market. And just think that's so that's so beautiful because it's so simple, but it basically summarizes exactly what you said, which is get in, close your eyes, And if you if again, unless for liquidity, you just don't ever sell? Jason Calacanis (00:56:08): Yeah. It's fool's errand to try to time the market, sit on your hands, ride your winners. And and he always said, listen, if a business is on if I own this business and I love it, and it's at a discount, I should wanna own more of it. I believe that was another buffet. I don't know the exact quote. Let's go to smartest political move, and and we'll go to our token Republic and David Sacks for that. David Sacks (00:56:31): Well, well, it's it's it's yeah. It's funny you identifying me that way because my my smart smartest political move goes to congressman Jim Clybourn, Democrat of South Carolina for endorsing Joe Biden just before the South Carolina primary. A number of people on the Biden campaign were panicking. They wanted him to do it early because Biden had bombed in Iowa and New Hampshire. And Caliborne kept his powder dry and endorsed Biden at the absolute perfect time. It caused Biden to win South Carolina, and that led him to sweep on super Tuesday. Jim Clybourn was the king maker of Jason Calacanis (00:57:08): 2020 David Sacks (00:57:09): without him Joe Biden would not be president. Jason Calacanis (00:57:12): Wow. Okay. Who you got? Friedberg. David Friedberg (00:57:15): Smartest political move of 2020 was Joe Biden's staying quiet, hanging out in his bunker, and letting Trump do his own damage and do story. I feel like I feel like if you know, that Biden knew that it wasn't his to win. It was Trump's election to lose, and I think he let him go out and lose it. And and that to me was smart advice and and smart Yeah. Sometimes that's checked in Speaker 5 (00:57:37): his reaction. Jason Calacanis (00:57:37): He just he just slow played Aces. He hit a set. He just checked, and he watched him fire. Who do you got Chamath? Smart political move. Chamath Palihapitiya (00:57:46): Smartest political move, which you will not see until Jason Calacanis (00:57:49): 2022 Chamath Palihapitiya (00:57:51): or 23, but laid the groundwork this year, and I thought it was brilliantly done, was Nikki Haley, who I think will be the Republican nominee for president in 2024. And she did an unbelievable job of tricking Trump to believe that he was her supporter then getting distribution and then basically subtly telling everybody that she thought that he was an idiot. And I thought that she was brilliant in Jason Calacanis (00:58:19): -- So she didn't look like a rat leaving the ship. She looked like, you know, a rebel or something getting off the Chamath Palihapitiya (00:58:25): ship. I I think if you wanna find somebody to consolidate center right politics in Jason Calacanis (00:58:32): 2024, Chamath Palihapitiya (00:58:34): my money would be on Nikki Haley. Jason Calacanis (00:58:36): Alright. I went with the smartest political move. I also went for the long game, Pete Buttigieg, going on Fox recently. I think you did obviously a masterful job. You had that sex earlier. But he started going on Fox and basically being really spicy with them and supporting the hell out of Biden, and then he gets himself this secretary of transportation. And I think he's set up to either be the VP or the presidential candidate in the future, and he's I think he's gonna be one of the bright stars. I also would I think Andrew Yang, it did nothing happened for him this year I don't know. But I I felt like he he also is and my understanding is he's gonna run for mayor of New York. That was another amazing political winner in all of this. I don't know if anybody has feelings on either of those. Chamath Palihapitiya (00:59:25): I love I love Andrew Yang. I think he's fabulous. Jason Calacanis (00:59:29): He's coming on the pod. Chamath Palihapitiya (00:59:30): I -- -- pragmatic pragmatic, centrist, smart, capable competent. Good listener. He attracts it He attracts the plurality of people. Yeah. David Sacks (00:59:41): Temporarily. And I and I think he's spoken out against cancel culture. And so, you know, whenever I see somebody in the left speaking out, against cancel culture and censorship like the way Chamath has, that definitely, to me, elevates them in my book. David Friedberg (00:59:58): Are you saying Shamopt is someone from the left? David Sacks (01:00:00): Well, it's amazing how much we agree on. You know? Jason Calacanis (01:00:03): Well, I mean, I think that there's you have this left and right definitions which have become very hard to understand, and I think what we have to get back to is the American principled idea of freedoms and opportunity. Right? And and and and I don't think either of the parties actually were representing that problem. dumbest political move of the year. I think I know where everybody's gonna go with this, but I would like -- Rudy Giuliani. Chamath Palihapitiya (01:00:26): Rudy Giuliani's press conference at the sex shop. I mean, Just I mean, how amateur ish is that group of people? Jason Calacanis (01:00:35): Before seasons gardening, we're gonna be at the 4th Was they were they trolling us and trying to get press for it? I don't understand that one. Unbelievable. Unbelievable. So Rudy Giuliani for the dumbest political move, Saxx, what do you got? I have a feeling I know what Saks got. David Sacks (01:00:48): Well, I got I got a tie here Jason Calacanis (01:00:50): -- Speaker 5 (01:00:50): Okay. Jason Calacanis (01:00:50): -- David Sacks (01:00:50): between one was defund the police you know, as a political slogan. The whole country you know, the BLM movement had the whole country on its side. after the, you know, the the the George Floyd video came out. Everybody was in favor of sensible reforms to control the use of force by the police. And then they they introduced the slogan of defund the police, and it scared voters across the country into voting for Republicans in congress. And it probably costs Joe Biden, not the presidency, but congress. And the my my tie, the other half of that, was Donald Trump refusing to wear a mask or to endorse masks. He finally did it, but it was 2 or 3 months too late. If he had just gotten on board with mass, it would have been a very easy thing to do politically, personally. That could have made the the margin of difference he might still be president if he had gotten a war with mass about 3 months earlier. Jason Calacanis (01:01:51): Friedberg, what was your dumbest -- I David Friedberg (01:01:53): actually yeah. I I put making masks political more broadly. both the left and the right pointing fingers about masks. I mean, this is like a human life issue. And, you know, kind of shaming the Republicans for not wearing masks and making it about we're the right guys, you're the wrong guys. Everyone should have avoided pointing things years and avoided not doing it because the other side was doing it, and it should have never ever been allowed to become political. It was pure science. It was about saving lives. And I think both sides are to blame for you know, the Democrats tried to make the Republicans look bad because they were advocating for masks, and they shouldn't have done that. And the Republicans should not have tried to avoid wearing masks because the Democrats were telling them to wear masks, and it was just a total cluster. really sad and, you know, could have made a a big difference for thousands of lives. Jason Calacanis (01:02:43): I I too put Trump not advocating for masks as my dumbest political move I believe he nailed the stimulus, that first stimulus where he just dropped the $1200 checks and the PPP and everything. He obviously nailed, you know, the operation light speed and the vaccines. He didn't get credit for it. I don't know if that was political or not that they dropped them the week the weeks after the election. I think it was. I'm I'm I'm a a little bit cynical about that. But my god, is there nobody that this man would listen to and they must have all been telling him, in unison, hey, dipshit, put the mask on. We'll win the election the in July August, the numbers started to go down precipitously, and everybody, Fauci, everybody with half a brain was saying second wave is coming, wear masks, and he refused to take that stance. And not only did that, he doubled down like the moron he is and started doing rallies This person is such a complete idiot grifter and just imbecile that he couldn't see the clear path to victory And he was tempting fate, and, of course, he winds up getting COVID. I mean, the idiot accuracy of the moment is just so profound. He absolutely would have sailed into that second term. We were sitting here on this very podcast And we all believed he was gonna sail into the second term when the market started ripping back and the COVID numbers went down. And because of the stupidity of not wearing masks, Thank god we got him out. But to the families who lost loved ones, he's a murderer, period. We're moving on. Best political dearer. David Friedberg (01:04:26): Trump inhaling Trump inhaling COVID into his body and then taking the polyclonal antibodies to heal himself and show the American population that it's just not that bad. It was the best stunt the best act the best theater I've seen, and, you know, I I I don't know what what the hell else could have beaten at this I mean, the guy went to Jason Calacanis (01:04:47): the balcony when he went to the balcony and could be David Friedberg (01:04:50): a witness. He buckled himself in. He, you know, buttoned up his jacket. He stared out the lights in his He was glowing. He had the antibodies rushing through his body. He was healing his body. Jason Calacanis (01:05:01): He was on speed, man. Come on. Yeah. Chamath Palihapitiya (01:05:03): I thought it was thought the best I thought the best political theater was when the Democratic leadership did like the Colin Kaepernick 1 knee kinteklots at the in the rotunda Jason Calacanis (01:05:15): of the congress. Oh, lord. Chamath Palihapitiya (01:05:19): Can somebody, Nick, can you just throw the picture of that up there? I mean I mean, half of them are half of them are so old. They couldn't get down on what they -- -- pick Jason Calacanis (01:05:30): them back up. won't hit their life alert. They got a life alert. I'm falling. I can't get up. Like, 20 life alerts. I've never got off in the same room. Chamath Palihapitiya (01:05:42): But the but the kintake clots were just so over the top. Like, you didn't need the kintake clots. Jason Calacanis (01:05:47): They really were kintake Chamath Palihapitiya (01:05:49): Oh my lord. Oh, lord. It's so funny. Jason Calacanis (01:05:52): Alright. My best people here in a gag of trouble crying on laughing. So my best medical leader is I I don't know who this congresswoman is. but I am falling in love with her. Her name is Katie Porter. David Friedberg (01:06:09): Oh my gosh. Jason Calacanis (01:06:11): She takes out a whiteboard. And she just needs -- -- fabulous. Chamath Palihapitiya (01:06:16): No. She's so great. She she owns people with that whiteboard. Jason Calacanis (01:06:20): It's the greatest. She basically does math. And people are just I mean, she's done this now 2 or 3 times where she just takes people down and she did it to Mnuchin. Like, she was like, is today Tuesday? He's like, you know today is Tuesday. She's like, Can you tell me if today's too, and she just destroys people? Like, I I I just never seen anything like it, and she's awesome. So best political theater for me. I don't know. David, did we get yours? David Sacks (01:06:51): Well, yeah. I mean, so I thought the the the French laundry photos, you know, the the all these politicians violating their own lockdown policies. was some was some pretty good theater. Jason Calacanis (01:07:05): The actor. The actor? David Sacks (01:07:06): Theater. Yeah. You had, you know, you had You had Gavin Newsom And And London Brie Dining at French Laundry. You had Nancy Pelosi go into that hair salon. Jason Calacanis (01:07:17): Any Republicans do something like that? Well, David Sacks (01:07:21): I I would I would tell you if I knew of any, but Republicans -- Trump rallies? Republicans but yeah. But the republicans haven't been supporting lockdowns. So, you know, look, if there was a Republican who is supporting Jason Calacanis (01:07:31): lockdowns -- -- Garden Supreme Court where they had a super spreader event at the White House. David Sacks (01:07:35): But they weren't but but that wasn't political theater because they weren't violating their own policies. Jason Calacanis (01:07:39): Oh, I see. David Sacks (01:07:40): They were saying that people could take the risk. Jason Calacanis (01:07:42): Got it. Okay. David Sacks (01:07:43): I'm I'm I'm I'm picking these politicians because because they're hip yeah. It's the it's the hypocrisy. Jason Calacanis (01:07:50): The one I loved the best out of all the hypocritical politicians was the one who was like, please say it was a governor of some place, Colorado or something. He's like, please stay home with your family. Do not travel for Thanksgiving. It's gonna be too dangerous. And then they find out he did that tweet. while at a southwest gate going with his family to Thanksgiving. And they literally have pictures of him on his phone, and the picture was timed at the time stamp of the tweet, if I have my understanding. Correct? I forgot the guy's name, but there were so many of David Sacks (01:08:23): those. Well, let me let me give you another one. There is LA the LA County supervisor, Sheila Cool, cast the deciding vote to shut down outdoor dining in Los Angeles only to be photographed eating at all Fernando in Santa Monica 2 hours later. So it's just completely hypocritical. And, you know, this is why there could be a big recall next year in California. Jason Calacanis (01:08:46): I think we have to put political theater as one category of just load some political theater because we're going on to worst political theater, and the stuff you've seen has been pretty horrific. I'm gonna lead us off with my worst political theory, which was the banning of TikTok was absolutely the right thing to do And then they just handed it off as, like, a gift to Oracle to make money and maybe be their server farm. I don't understand. We were supposed to ban it and get it the fuck out of the app store. And that was just terrible political dearer. Anybody else got more political dearer that we'll put in our loathsome political dearer? David Sacks (01:09:20): Well, you Jason, just so you understand that I'm being politically even handed. This is where I had Rudy Giuliani and his tour of self immolation from Jason Calacanis (01:09:36): He did melt. He did melt. David Sacks (01:09:38): Right. From from the press conference in front of the crematorium to the the the the hair dye meltdown to the Chamath Palihapitiya (01:09:46): because a tour. -- video. David Sacks (01:09:48): So -- Alright. Jason Calacanis (01:09:49): We need it. Hold on. Speaker 5 (01:09:49): Hold on. I'm gonna make Jason Calacanis (01:09:50): I'm gonna call an audible. I'm calling an order up here. We're gonna have a new category. David Friedberg (01:09:54): to get in COVID. Jason Calacanis (01:09:56): Worst Rudy Giuliani moment. David Friedberg (01:10:00): Can we end up with Giuliani? can we have the Giuliani award next year? Yeah. Giuliani award is the most constructive. Yeah. Speaker 5 (01:10:06): Right. Oh my god. Jason Calacanis (01:10:06): Yeah. It's not a violation award. What is the worst thing The worst Giuliani moment. Chamath Palihapitiya (01:10:12): Oh, I think I think the saddest moment was the in the Borab thing. That was sad because you just felt you just felt like this is an old broken man. Yeah. It was creepy, and it was just sad. David Friedberg (01:10:24): He was, like, desperate, and he was creepy, and it was Jason Calacanis (01:10:28): But the worst -- -- Giuliani lifetime award. Chamath Palihapitiya (01:10:30): The worst though was was actually if you listen to the testimony when he farted, It was really terrible. It was really terrible, actually. If you listen to the testimony, you're just like, what is this guy saying? It's out of control. Jason Calacanis (01:10:43): Well, the also, I think we have to cut into here. The poor woman sitting next to him who's clearly in range. I mean, She's in the blast zone. He he rips it. He rips it. And She looks him. She gives him side eye, but she is so, like, scared to react to such an obvious carpet bombing that she just keeps a straight face, but her eyes go poof. And That was -- It must have been a stinker. -- Chamath Palihapitiya (01:11:21): must have been a stinker. Jason Calacanis (01:11:23): I mean, it was loud. It had resonance, It it was yeah. Can I can I can I give one can I give one David Sacks (01:11:30): other example? And I don't know whether this is best or worst theater. But but the the the the congressional hearings with the tech CEOs where the the senators grilled all of the tech CEOs. And it was definitely it was definitely political theater, but on the other hand, they all deserved it. And there's gonna be more of it next year. Jason Calacanis (01:11:52): Okay. Let's do a light background -- I put that I put that one David Friedberg (01:11:55): as my as my worst political theater because I thought what was so depressed about it was how little the congressional the the congresspeople actually understood of these businesses. And they went off on rants and and tirades about, you know, you're blocking Republican voice on Twitter and you're doing this. And none of it actually focused on, you know, the the monopolistic practices was the intention of the hearing in the first place. When they actually got into those points, when they tried to talk about how the ad networks work and how targeting works, they didn't have any clue I mean, Jason Calacanis (01:12:24): the people inside these companies don't even know how it work, and they built it. I mean, these people -- David Friedberg (01:12:29): I'll tell you, like, I I just I just think it's really sad that that that folks in Congress honestly are are so disconnected from understanding technology and understanding, you know, modern business practices, and they can't actually, you know, tackle the real issues, and it it it makes you feel a little Jason Calacanis (01:12:46): scared. -- SWAT. I mean, AOC didn't understand what a tax break was. I mean, so -- Yeah. -- even the young ones don't understand stuff. I mean, we just we're getting the worst prop possible representation. Okay. Now we're gonna go to lightning round with our final 2 categories. best mean. For me, it was the funeral dancers followed up by Michael Jordan. I took that personally, and I, of course, loved Chemut's mix up that one of you maniac all in army members made. Who do you got for who got best memes? And you got a best meme? David Sacks (01:13:15): Tubein. Oh. Tubein. Tubein. Jason Calacanis (01:13:19): Yeah. That that's it. David Sacks (01:13:20): Forever a cautionary tale about what not to do on a Zoom call. Jason Calacanis (01:13:24): Yes. Yes. That would be arguably in political theater? Let's say no. Anybody else got a meme best or worst? Chamath Palihapitiya (01:13:36): I like the funeral of the answers, but -- Funeral Jason Calacanis (01:13:38): of the answers are pretty great. Yeah. David, anything for you? Chamath Palihapitiya (01:13:43): I just wanna say to everybody that's listening, I really hope that you guys have an incredible holiday, and we can put this year behind us. And I hope for all of you guys that have gone through hard times, just know that you know, hopefully, you got some friends to talk to and family to see and talk to, and we love you. And we really appreciate that you take the time to listen. And guys, I just wanna say to you, I love you guys with all my heart. Thank you for helping me get through a very difficult year. Jason Calacanis (01:14:13): Back at you. And I was very touched by the Birthday present you sent me last week. I was just -- Oh, Chamath Palihapitiya (01:14:18): you wanna tell them what what you got? You wanna tell them what you got, big boy? Jason Calacanis (01:14:21): I mean, listen. I don't wanna Chamath, I I I get a big crate at the house. It was I was born in 1970, and he got some of the best ones from 1970. and put them in a box. And, you know, I I literally had to put them on a shelf and say, do not drink these. these things cost as much as the teslas in the driveways. I mean, some of these bottles are ridiculous, and I hope to crack them all open with you guys at the house in -- Chamath Palihapitiya (01:14:50): Happy, honestly, happy happy 50th birthday, big boy. It's a big, big mouse. Jason Calacanis (01:14:55): Well, you know, I was it was a little bittersweet, obviously. You know, I was gonna have some kind of party or anything like that. And then what made it particularly hard and challenging was My birthday was on Saturday, and my friend, Tony Shea died on Friday on that day. And I had been dealing with Tony Shea being in a coma for the fives for the no. for 10 days before that. And then I found out that that afternoon that they tragically had to pull the plug Or I assume that's what happened. I I shouldn't say that out of I don't wanna speak out of turn. But this has been a shitty year, and I really hope that anybody out there who is suffering from mental illness or struggling in any way call a friend, and I think the reason this podcast has resonated with so many people, and I hear this from people when they listen to the pod is our friendship. And they and they they They hear us talk and they hear us laugh and they hear us joke and the value of friendship and the love and the joy, and people just can't believe when Chamath says and and men say to each other, they love each other. And they can't believe that Saxx almost is able to say And they and there's people bing by episode 25. Saks will be able to say it back to us, but we'll try right now. We'll see if we can close 2020, 21. We're all gonna say I love you, David, Saxx, and then let's just see if this can work. I love you, David Sachs. And I Chamath Palihapitiya (01:16:21): love you, David Sachs. David Sacks (01:16:23): Back at you. Jason Calacanis (01:16:26): We'll take it. We'll take it. Chamath Palihapitiya (01:16:28): We'll take it. Jason Calacanis (01:16:29): I love you guys. Love you, guys. Chamath Palihapitiya (01:16:30): Happy holidays. Love you, guys. See you guys in Jason Calacanis (01:16:32): New Year too. See you in the New Year. Bye bye, besties.