与安德鲁·舒尔茨一起修复美国梦

Jason Calacanis (00:00:00): Alright, everybody. Welcome back to the number one podcast in the world, the All Podcast. And, you can subscribe to us on YouTube, Apple Podcasts, yada yada. You know the drill. We're gonna go to Miami for an epic f one weekend. All In podcast live on stage, Saturday, May 3. Couple special guests. Go to AllIn.com/events to buy a ticket, and we're really excited today because for the first time in All In history, we have a comedian. We have somebody talented on the program. David Friedberg (00:00:31): Ain't that the truth? Jason Calacanis (00:00:32): Ain't that the David Friedberg (00:00:33): Real comedian, someone that knows how to make good jokes. Andrew Schultz (00:00:35): Alright. It's true. Jason Calacanis (00:00:36): Andrew I think feel like that was a dick to me, but okay. Andrew Schultz is here. Andrew Schultz (00:00:40): Oh, we've joined boys. Thank you for having me. Jason Calacanis (00:00:42): Schultz, pleasure. You just you gotta you're on heater right now. You took time to come on the all in pod. Thank you for doing that. Of course. Your Netflix special Yes. Is crushing it. Top 10 around the world. Yeah. It's called life. Andrew Schultz (00:00:55): Yeah. Yeah. Jason Calacanis (00:00:56): L I f e. Andrew Schultz (00:00:57): Pretty cool. Jason Calacanis (00:00:58): It's about your low sperm count. Tell Andrew Schultz (00:01:00): us that. I I am the face of sperm. So Jason Calacanis (00:01:04): Which that's kinda, like, crazy because you've got a mustache of a seventies porn star. David Friedberg (00:01:09): How is Andrew Schultz (00:01:09): this I think I'm overcompensating. You know? I think I gotta trick people with the stache when in reality yeah. Yeah. The balls Chamath Palihapitiya (00:01:14): You're firing blanks. Andrew Schultz (00:01:16): Dude, just it sure broke me. It's bad. Yeah. It's Jason Calacanis (00:01:19): This special is so good. This special Andrew Schultz (00:01:22): is so for watching, man. I appreciate it. Jason Calacanis (00:01:24): We all watched it. We were it's hilarious. And you got three old guys here who also have had to deal with some of these issues. Andrew Schultz (00:01:32): We've all had deal with IVF? You guys do IVF for the babies? Jason Calacanis (00:01:36): Chamath, you wanna be honest here, or are you are you au naturale? Did you hit the three from half court, logo shot? What happened? Chamath Palihapitiya (00:01:41): My first four kids were natural. My fifth was IVF. Jason Calacanis (00:01:44): Okay. Andrew Schultz (00:01:44): Yeah. Well, I don't think we're surprised. There's, like, 2,000,000,000 of you guys. You know? It it's it's easy to get the job done. Chamath Palihapitiya (00:01:51): Well, you know, there's a there's a period there's a period after the Facebook IPO, I swear to god, I would look at chicks on Instagram and get them pregnant. It was Oh, really? It was brutal. Andrew Schultz (00:01:59): Are they coming to collect? Chamath Palihapitiya (00:02:01): Hope not. Jason Calacanis (00:02:02): How many salamids you got, Shimon? How many NDAs? Alright. Freeberg David Friedberg (00:02:08): is our I like this episode. Yeah. Jason Calacanis (00:02:09): Yeah. We're off to a hot start here. Freiburg, you look like you have a low sperm count, but you have a fourth kid on the way. But apparently, what's the story? Oh, you au naturale. This is for the first time ever. Nobody knew this. Breaking news. Friedberg, au naturale with your 3.5 babies. %. Hundred %. Andrew Schultz (00:02:28): Wow. A Jason Calacanis (00:02:29): vegan who's shooting with a sniper rifle. Andrew Schultz (00:02:32): Don't believe it. I don't believe it. David Friedberg (00:02:34): I'll find you guys a great study about veganism and libido. Andrew Schultz (00:02:37): Is that right? David Friedberg (00:02:38): Yeah. Very impressive. Andrew Schultz (00:02:40): What does it do? Reduce the woman's? Jason Calacanis (00:02:43): Exactly. Exactly. Oh my god. They know a place with the best roast cauliflower. By the way, David Friedberg (00:03:07): can I just tell you how much I hate cauliflower? Everywhere I go, that is the dish. I had it for dinner last Jason Calacanis (00:03:12): night. I of course. David Friedberg (00:03:13): Yeah. It's the main course that Jason Calacanis (00:03:14): they trust. Having a real easy chef. It's disgusting. David Friedberg (00:03:17): There's two things they offer you, portobello mushroom and roasted cauliflower. Chamath Palihapitiya (00:03:21): That's what Sean does every time you David Friedberg (00:03:22): show up Chamath Palihapitiya (00:03:22): at the house. Andrew Schultz (00:03:23): Are you are you a Impossible meat guy? David Friedberg (00:03:26): No. I don't like that stuff. It's gross. Speaker 5 (00:03:27): Not Andrew Schultz (00:03:28): for me. Okay. David Friedberg (00:03:29): Yeah. By the way, you guys wanna hear a quick science corner? So you know how we talked about Yamanaka factors? Jason Calacanis (00:03:34): There is a roaring yes. Speaker 5 (00:03:37): Gonna look look at Andrew Schultz (00:03:38): how Wow. Speaker 5 (00:03:38): He's like, yeah. Jason Calacanis (00:03:39): I don't carry. I think is not all right, Michael. Sure. David Friedberg (00:03:42): Let me let me hit Jason Calacanis (00:03:44): this real quick because I know we're never gonna get David Friedberg (00:03:45): to it because you guys just bullshit around talking about Jason Calacanis (00:03:48): policy and power. Science talk, Shelty. Yeah. Andrew Schultz (00:03:50): Yeah. Hit us. Hit us. David Friedberg (00:03:52): You know how you can use Yamanaka factors? We talked about these to basically turn a cell into a stem cell. Right? Andrew Schultz (00:03:58): Of course. David Friedberg (00:03:58): Absolutely. Goes on in the lab. Andrew, you're familiar with the Yamanaka Andrew Schultz (00:04:01): factor research. About the Yamanaka factors. David Friedberg (00:04:04): You've been all over it Andrew Schultz (00:04:05): for a Dude, I've seen a squid game. Yeah. Absolutely. David Friedberg (00:04:09): Now there's a Speaker 5 (00:04:10): You think I don't know Andrew Schultz (00:04:11): about the Yamanaka factor code? David Friedberg (00:04:13): We're not Jason Calacanis (00:04:13): gonna get I I can tell you what The Yamanaka factor. Andrew Schultz (00:04:16): Everybody knows about You didn't Jason Calacanis (00:04:17): visit the Yamanaka factory when you were in Kyoto? Andrew Schultz (00:04:20): I went to the Yamanaka factor, and I swear to god, a guy showed up fifteen minutes late and he stabbed himself in the stomach right there. Right there? Killed himself right there. Yeah. It's called Sudoku. Exactly. Jason Calacanis (00:04:30): Yeah. It's Sudoku. Sudoku. He said Sudoku in under Speaker 5 (00:04:34): a minute. Jason Calacanis (00:04:34): Sudoku. Okay. David Friedberg (00:04:37): Never mind. We'll come back going on right now is you basically can take any cell from a person's body, turn it into a stem cell, and then turn that stem cell ultimately into an egg cell. So you no longer need to go harvest eggs. And so you don't need to actually go get the eggs from the woman. You can make eggs from skin cells, for example. So in the next couple of years, there's a few little technical breakthroughs that are happening right now that will enable this where fertility clinics may end up just taking a little bit of your skin cell, creating stem cells, creating egg cells, and that's how we're gonna end up doing IVF in the future at any So you can make eggs at any age and you can ultimately produce offspring at any age. You don't need to actually have active healthy eggs. Andrew Schultz (00:05:25): And this. David Friedberg (00:05:26): You like that one. Right? Andrew Schultz (00:05:28): You like that one? Because this is a nice workaround for the people that are trying to ban IVF because of the abortion protocol. They're base because they basically like begins at conception as part of their belief. Right? But and the idea David Friedberg (00:05:42): You could take one egg cell. You could take one Andrew Schultz (00:05:43): sperm Exactly. David Friedberg (00:05:44): Make make for one egg. Andrew Schultz (00:05:45): Yeah. For those people don't know, but like what you do with IVF is you try to harvest as many as you possibly can because not all of them are viable, and it's a pretty brutal process for the woman to go through. But if you could just grab something from the skin, you'd have almost unlimited egg David Friedberg (00:05:58): When a woman is born, she has all her eggs in her body. And as she ages, those eggs get depleted, and eventually, she doesn't have very good viable eggs left over. So this gets around that problem of not having viable eggs. We can be very selective about the eggs. And so there's a future here in the next couple of years where fertility becomes simpler, hopefully easier, and more widely available service than it is today where it's really challenging technically and you've got to go do something that's invasive and, you know, you've gotta hope that there's good healthy eggs and there's a good number of eggs and so on and so forth. So really interesting science. Andrew Schultz (00:06:32): This is awesome. Chamath Palihapitiya (00:06:33): Schultz, did they sit you down and give you, like, the embryos that that were viable and then the grades and the gender and you pick one? And what did you pick? Andrew Schultz (00:06:41): We just picked the best. So this is a lot of pressure on that first one. Like, all the other kids afterwards, I feel like don't have as much. Jason Calacanis (00:06:48): Yeah. Come out of the gate strong, have a good first quarter, and then whatever. Andrew Schultz (00:06:51): A %. Jason Calacanis (00:06:52): It's all good. So I gotta ask you. Andrew Schultz (00:06:55): Wait. You didn't say if you had Jason Calacanis (00:06:56): about to. I'm about to put it out there. I didn't have IVF. Okay. But the first time we had the first kid, wife says, hey. We're ovulate I'm ovulating. I said, me in the game. Boom. First shot, half court logo, pregnant. Wow. Bang. Then she says, I wanna wait before I have the next one. It's a little traumatic to have a kid, and she waits six years. Then we try for a year. Nothing for one year. So now I'm like, man, we waited too long. It's a lot of pressure. You you talk about this in the special. It's like for women, this is anxiety producing. So she's like, you gotta go get checked out. And this is when the most humiliating day of my life occurred. I don't know, Andy, what what it was like when you went. But Chamath Palihapitiya (00:07:39): They found all these grifters. Jason Calacanis (00:07:40): Can they can they identify grifters through the microscope? No. No. No. I walk in, and the thing opens, and there's three women at the counter, at the at the reception. And they're like, hey, Jason Kalakanish, you're here to give a you know, to and I'm like, yeah, I am. And then they walk you to a room. Chamath Palihapitiya (00:07:55): Oh, that's the spookiest thing. Yeah. Yeah. Jason Calacanis (00:07:57): Yeah. They walk you to a room, and then they open it up, and it's like some nightmare scenario where there's a motel eight room, and there's a couch that's about three feet three feet wide. And by the way, there's a towel on it. Chamath Palihapitiya (00:08:10): And there's a towel on it. And that sofa is not cloth for a reason. Jason Calacanis (00:08:14): No. Like Andrew Schultz (00:08:15): no. It needs to be cleanable. It needs to cleanable. Cleanable. Cheap. Jason Calacanis (00:08:18): In fact, it's very much like the hotel you're in, Schultz. Yeah. I don't know what's going on with the Netflix budget. Andrew Schultz (00:08:22): Why do think I'm saying? Maybe they could put you Jason Calacanis (00:08:24): in the Four Seasons or the Peninsula? Or It's so brutal. So you did this. Right? You had to go Chamath Palihapitiya (00:08:30): to grainy television with porn. It's like Andrew Schultz (00:08:32): Oh, you're lucky you got the TV. I had No. I went I Chamath Palihapitiya (00:08:34): went to the phone. I went to the phone. Andrew Schultz (00:08:35): I had to, like, Jason Calacanis (00:08:36): you went to the phone. Andrew Schultz (00:08:37): Nothing. I didn't even have have any service in there, which was, like, another thing that was it was annoying. Jason Calacanis (00:08:42): So what did you do? You Rolodexed it? David Friedberg (00:08:44): No. Spank bank. You had to go to Andrew Schultz (00:08:45): Spank bank. Speaker 6 (00:08:46): That's what Jason Calacanis (00:08:46): I'm talking about. The Rolodex. You roll through all the memories. Andrew Schultz (00:08:48): Yeah. Stick about the memories, man, of my wife and only my wife. Jason Calacanis (00:08:52): Nobody else. That's what's I was Absolutely. All those great moments with your wife. Andrew Schultz (00:08:56): Great moments. Jason Calacanis (00:08:57): Maybe there was accidentally one or two that got left in from when you were on the road. Andrew Schultz (00:09:01): It's possible some, like, absolute would jump into the dreams that I had with my wife. It that might be possible. I would never want them to be there. Jason Calacanis (00:09:10): No. That was the director's cut. Andrew Schultz (00:09:11): There's nothing I could do. But, yeah, it's it is also funny how, like, we dramatize our experience. We got the easiest thing to do in the whole thing. We just gotta go into a room and jerk off as if that's hard for us. But we're like, the room is destitute and brutalist and the the furniture was unruly. Wow. Speaker 5 (00:09:28): You know what mean? Like like Jason Calacanis (00:09:30): Speaking of jerk offs Yeah. Speaking of jerk offs, Gavin Newsom's got a podcast. Andrew Schultz (00:09:37): This is a so I think that this is like this is a great idea. Despite what you think about his politics, is he a plastic bag in the wind? Yes. But it is a great demonstration of, like, how Americans admire bravery or courage. And we don't like put and I think that's what the Democrats kinda displayed in the last election. I don't wanna get too political about this. Like No. It's alright. Jason Calacanis (00:10:02): Just your opinion. One man's opinion. Andrew Schultz (00:10:03): It's more just like I I respond culturally. I don't give a about the tribalism and politics, but I'll just be honest with you. So having him have like Charlie Kirk right there, who's like a professional arguer, that he is Whatever you know how like that some people are like autistic for dinosaurs? He's that for arguing. Right? And to like sit across from him, to even address the French laundry Mhmm. I was like, okay. This is actually the right thing to do. So as as as easy as it is for us to sit here and go, okay. This guy want just wants to be president. Like, this is a dumb thing. Like, blah blah blah. It's actually what the democrats should be doing. So I think we need to reward I think we need to reward this behavior. We want more conversation. We want conversation with people especially that, like, you may disagree with. And, like, the second podcast he put out, I thought was the most impactful. There was one piece that was incredibly impactful. He's talking to some guy. I don't know who he was. Some guy from grew up in, like, San Francisco. He's like Yeah. David Friedberg (00:11:01): Mike Savage. Mike Savage. Yeah. Andrew Schultz (00:11:03): You know? He was talking about the taxes and like he's paying all this money in taxes in California and what does he get from it? And then Newsom said that like, yeah, rich people are gonna pay more, but your actual like functional tax rate if you're middle class would be more if you lived in Florida because of the other stuff you get taxed on. This is the type of information that, like, you guys might be privy to, but the average person doesn't. They hop on Jason Calacanis (00:11:28): a narrow fence. Like being human and addressing real issues instead of, like, culture war issues and just talking like Andrew Schultz (00:11:36): common going culture war. Like, that's culture war. But he's actually putting out valuable information that defends the positions he may have taken in government that the average person doesn't really know. Like, the average person like me just goes, alright. I'm in New York. I'm getting clipped at 505% city tax. Like, I'm getting crushed. But if I lived in Florida or Texas, I'd save 13%, and it'd be a complete wash when Yeah. There might be someone making $50 a year and they move from California to Texas and they lose money. And they don't know that because they're just listening to rich guys on podcasts talk about how much money they save when they move to Texas. Jason Calacanis (00:12:11): Oh, you don't have to take a shot at us, but Okay. Chamath Palihapitiya (00:12:13): I think it was more Jason Calacanis (00:12:14): I moved to Texas this year. Chamath Palihapitiya (00:12:16): It was more of a shot at me and Freeburg, but go. Jason Calacanis (00:12:18): Okay. Tremop, your thoughts on Gavin's new podcast. What do you think? You you know, you were there was famously a little dip of the toe where somebody made a a podcast. I'm sorry. A landing page that you were gonna run for governor. We we had a little fun with that. What do you think of Gavin? What do you think of his podcast? Chamath Palihapitiya (00:12:35): I think he's an excellent politician. It's clear he's starting the twenty twenty eight campaign. Okay. I think he's done a really good job so far. I think Schultz is right. He is unwinding all of the kind of, like, landmines that the Democrats have stepped on. I think he's learned what Kamala did wrong. And now he's taking this very narrow path, which is like, I'm gonna basically disavow all the stuff that people don't care about. So all the gender woke ideology stuff, I don't think you're gonna hear him talk about. He'll try to drive a narrow wedge on these economic issues. So I don't know. I mean, I think it's gonna create a really dynamic 2028 campaign if he gets momentum. By the way, his popularity has gone up, which is insane, which after the fires and all of the ineptitude in California, all of the corporations that have run away, all of the people that have left, the chaos in San Francisco, After all of that, he started a podcast, and his popularity has gone up. It's really incredible. Jason Calacanis (00:13:40): Coming around the horn, Friedberg. What do you think of Gavin Newsom? David Friedberg (00:13:44): Look. I think the podcast was brilliant. I think when I watched it, I was hooked because there are two things that I think were critical in how he runs it. Firstly, is he is showing for the first time, I think, that I have ever seen a democrat do or a republican in modern politics active listening to the other side. It seems so crazy that this is some sort of special event and special concept, but this active listening moment where you see a politician, it totally breaks down the walls where you immediately feel on guard or on offense against that person. Because if someone's actively listening to you, you actually feel like you're on the same side somehow and you're trying to come to a conclusion together. And so what that does is it invites the person on the other side, in this case, the audience, the listener, to be with Gavin, part of the kind of coming together. The second thing I think he did that's really brilliant is so much of the modern political bimodalism where you're in one camp or the other means that everything is a one or a zero. You know, Andrew talked about this. We're all generally, I think, none of us would consider ourselves political party affiliates. We are all generally people that like to think for ourselves on a topic or an issue, and we don't care about what party is associated. But the way modern politics has evolved is you don't debate the topics. You debate the one or the zero because of what the party says. My party says this is the position. Therefore, I'm a one and you're a zero. And the other side says, I'm the one, you're the zero. Meaning, everything has to be binary. I'm completely right. You're completely wrong. And I think what Gavin has done is he's shown that these are not ones and zeros. They're eighty twenty or sixty forty or fifty five forty five, and he's willing to acknowledge that. He's showing that, you know what? We might be only 45% right. And on so many topics, the Democratic party has ended up slightly wrong. They're forty five fifty five. David Friedberg (00:15:43): It's not that they're a zero or a one. They're slightly off on taxes. They're slightly off on social issues, and they're off just enough that they lost the election. They're off just enough that they lost Jason Calacanis (00:15:52): out. Tax. Tax. Andrew, twenty twenty eight, Trump's running for his third term versus Gavin Newsom. Who do you vote for? Andrew Schultz (00:15:58): I mean, we gotta run it back for a third term for Trump. Jason Calacanis (00:16:02): No doubt. You know? Andrew Schultz (00:16:02): Of course. No. Obviously, I believe No. But theoretically, Jason Calacanis (00:16:05): if it wasn't a third term, Gavin versus Trump, who would you go? Andrew Schultz (00:16:08): I it's it's I mean, I gotta see what his, like, policies are, and I gotta see where America is. I think that, like, the big misunderstanding with this last election is that at least the Democrats who are still trying to, like, vilify these figures on the right, what they don't understand is they think that this was, some populous election where, like, people just fell in love with Trump and they just loved it for so much they would just do whatever he says. What I think is harder for them to grapple with is the self reflection of a rejectionist vote. So I think people rejected the democratic proposal. Jason Calacanis (00:16:42): %. Andrew Schultz (00:16:43): And they went with what the other alternative was, which was Trump. Jason Calacanis (00:16:47): Exactly correct. Andrew Schultz (00:16:48): That's a way tougher pill to swallow. You have to look back at everything you've done and go, wow. We're off. We're not listening to the people. This guy listens to the people. I mean, seems like I'm fluffing Trump here, but, like, I would say that his greatest skill is listening to what people say. And I think a lot of times, there's this Ivy League pretentiousness in the Democratic Party where it's like, we know what's better for you. Yeah. And I know you say you want these things. You don't really want them. Let let us we we've we've studied and we've talked about it in our little thought experiments in class, so we know what you need. You just shut up Jason Calacanis (00:17:23): and we'll take It's condescending. Andrew Schultz (00:17:24): You're 100%. Exactly. So I think that like when people go, ah, the food has given me cancer, and then he appoints the guy who says the food is bad to run the food, the American people go, well, that kinda seems like a good thing. I I like that. You know, it it is like an acute understanding and listening to what people are saying and sometimes to his disadvantage. Like he came out against that they were putting some, like, tax on people who drive into Manhattan or whatever, like Yeah. Congestion pricing. And Jason Calacanis (00:17:57): initially Congestion pricing. Andrew Schultz (00:17:58): Initially, really rejected it. Right? And then Mhmm. So he was like, we're getting rid of congestion pricing. And, like, two weeks after they put that congestion pricing thing, everybody I knew with a car was like, this is the greatest thing the city is David Friedberg (00:18:11): telling Yeah. Jason Calacanis (00:18:11): Can actually move. Right. You can take a taxi, and it's faster than moving Andrew Schultz (00:18:16): the is good. Bureaucracy is nice. Like Jason Calacanis (00:18:20): Yeah. You want a car, stay in the boroughs. Exactly. So it's You don't get a car in Manhattan. Andrew Schultz (00:18:25): Explain this to It's a little bit egregious. I mean, you and I do, Jason, but everybody else shouldn't have it. Exact exactly. Correct. Our lives should be different. You know what I mean? Jason Calacanis (00:18:32): Absolutely. Absolutely. But what I mean, what's the point of us having nice cars Andrew Schultz (00:18:36): If we can't drive them whatever we want. Jason Calacanis (00:18:39): Yes. Yes. And, you know, we grew up at a time where on the Lower East Side, you know, you could go to Tribeca. We could go to a club, limelight. You could park outside the limelight at night. You could go to Palladium. You could park on Fourteenth Street. Andrew Schultz (00:18:50): I parked right on Fourteenth Street. Okay? I go Not a problem. To be a church. Right? And then, you know, I sniffed Jason Calacanis (00:18:55): Can I just pop ecstasy? You do a little whatever. But at the pool, you're you're it's four in Chamath Palihapitiya (00:18:58): the morning. Listen. David Friedberg (00:18:59): Need to know. Chamath Palihapitiya (00:19:00): Goofballs between your stupid mustache and your Ozempic turkey neck. I am totally torn David Friedberg (00:19:06): that turkey neck. Chamath Palihapitiya (00:19:07): Go go to something useful. Andrew Schultz (00:19:09): Well, we could let Chamath sit there in MacGyver's fucking funeral outfit, tell us that we're goofballs. Jason Calacanis (00:19:15): I don't know. Andrew Schultz (00:19:16): This guy's wearing a vest with a collar. He looks like he's going to a Punjabi wig. I can't believe that he would even talk about the way that you're dressed and how you look. Chamath Palihapitiya (00:19:26): This is custom Laura Piano, boys. Andrew Schultz (00:19:27): This is Jason Calacanis (00:19:28): Laura Piano. Really? What does it look like you got it at Zara? Alright. Listen. But more importantly, let's stay on track. Yes. Yes. Andrew Schultz (00:19:36): We gotta stay on track. Can I tell you guys something about tariffs from a layman? Chamath Palihapitiya (00:19:40): Yes. Yeah. Please. Andrew Schultz (00:19:41): Like, you guys are acutely aware of maybe how these things affect markets and yada yada yada, and most people don't have any fucking clue. So the the the average person, right, I look at this and I'm like, man, it kinda sucks that you gotta, like, negotiate your, like, your bid for a car that you're gonna buy publicly. Right? So this is my assumption. And maybe I'm, like, a little bit more optimistic than most about the administration. But if I go to buy a car and the car is listed at a hundred k and I go offer the guy 80, right, I don't want everybody around me yelling out like, how can you insult him by offering him 80? This is an insult. And then I I can't go to them and I go, I'm actually trying to settle at 90. I'm just saying 80, so he comes down a little bit. The unfortunate thing when you litigate these things in front of the entire world is that they look at that first measure, there's 200% tax, and Trump can't balk at it. He can't go, yo, I'm just fucking I'm I'm just playing around with that number. I actually just getting them to come down 20%. Or 10% getting them to come down anything is a win. He can't say that because he loses all his leverage. So he's gotta sit here and then get criticized by I don't know if it's half the country. I don't know, you know, who really ends up caring about what these tariffs do. Obviously, there are repercussions in the market. I got a buddy of mine building a hotel out in Joshua Tree, and he's like, don't even know if I can get brought into the country from Canada. So it does affect people in real time. But it's impossible to do these negotiations with any leverage if you have the people within your own country questioning your ability to negotiate in real time. That is what the layman would think. David Friedberg (00:21:11): Well, I do think you're right in the sense that in the early days when Trump was talking about tariffs, initially, everyone was like, oh my god. He's gonna use tariffs. He's unpredictable. And then the narrative became he's using it as a negotiating tactic. The problem is just like in poker, once everyone knows that there's this kind of action, it's exploitable. And so this is now kind of an exploitable mode of negotiation where everyone now assumes he's just trying to negotiate, so no one actually takes him seriously. The question now is the response gonna be that he's gonna be serious about it, or is he actually exploitable? And you saw what China's response was. I kind of view China as like AI. Like, stuff goes into China. The AI processes it, and it comes back out. China is, like, obviously, the way they're kind of structured. You have very little psychosocial bias like you do with other democratic governments. It's very systematic. It's systematically processed. Every piece of data is systematically processed. Every action is systematically processed. And so I think when you look at how the Chinese ambassador responded to Trump on Twitter a few weeks ago where they're like, you want war? We'll give you war. This is a hot war or cold war, whatever you want. We've never seen that from an ambassador to The United States President before done on Twitter like this, let alone the Chinese ambassador. So I think it says a lot about how the Chinese AI is processing the Trump negotiating tactic or the Trump positioning statements on tariffs, which indicates that there may be now I mean, we can talk about what game theory optimal play might be in this kind of poker game, what's gonna come next, but there's a a real assessment that they've made on how far he is willing to take it. They've got a conclusive statement, and they believe that this is the fastest way to kind of win their negotiating position. But it says a lot about where this is all going. Everyone now understands or views this as an exploitable moment, which unfortunately means that tariffs may not work or they're actually gonna have to stick, which can be really ugly. Andrew Schultz (00:22:59): Yeah. It could be painful. David Friedberg (00:23:00): Could be painful forever. Jason Calacanis (00:23:02): Jamathi, your thoughts on, the tariffs in Andrew's position? Chamath Palihapitiya (00:23:05): What is the I think that it's it's like a hundred and twenty some odd years. Nick, maybe you can find this tweet that I had. But almost the majority of years as a nation or close to a majority of the years as a nation, we had no income tax. And the way that we would fund the programs that we needed was not from insiders, but from outsiders. And that's where the tariff was born. Right? It's people domestically in America don't pay any taxes on the things that they do. And instead, if you would like to sell into The United States, you pay a reasonable tax. So this is the so many years. So it's a hundred and twenty six years from 1776 to 1861, then we paused it for a few years because of the civil war. We restarted again in 1872. And you notice when it stopped. When it stopped was right around World War one where this entire war machine broke out, and we've never looked back. So I don't know. I think that one way to think about this is we're probably gonna go back and explore. Isn't it better if we have this incredibly vibrant and rich country of 330,000,000 people with a ton of purchasing power? What happens if we put the burden not on them to fund the American infrastructure and social programs and safety net, but if we put the burden on all the companies in the other 7,700,000,000 people in the world, in the 185 plus countries, that want access to these folks. Should there be exceptions? Probably. Should there be waivers in very specific and narrow cases? Absolutely. But I think that that's where these guys are going. And I think that you heard this, by the way, yesterday from Howard Blutnick. I don't know if you guys saw this, but he said the Trump tax plan is gonna cut federal income taxes to zero for anybody making a hundred and 50 k or less. Andrew Schultz (00:24:57): Saw that. It's crazy. What would the vulnerability in that be? Like, putting the burden on all of these expenses that we would incur on other countries. What would that vulnerability for us be? Chamath Palihapitiya (00:25:10): There are two. The first is David Friedberg (00:25:13): that the expenses. Andrew Schultz (00:25:15): That's That's the key. Jason Calacanis (00:25:16): And we keep the tariffs. David Friedberg (00:25:17): If we charge them Jason Calacanis (00:25:18): to come into the market, we charge them an extra 25%. David Friedberg (00:25:20): But it's it's we we talked about this last week. If you cut the budget, then it's it can be net neutral. That's part of what they said. Jason Calacanis (00:25:26): Got it. Chamath Palihapitiya (00:25:26): He's saying what is the strategic vulnerability? I think the strategic vulnerability is two. The thing with tariffs is, and you're pointing out this, let's just say today you say there's a tariff and then tomorrow you say, oh, we found an agreement and we're gonna take it off the table. One piece of logic would say, wow, that's great. We're able to change our mind on a dime. The problem for countries and companies is that they can't think in twenty four hour blocks of time, right? They're making decisions in five and ten year blocks of time. It's like, I'm gonna go and borrow a billion dollars, I'm gonna go and build a data center. I'm gonna borrow $10,000,000,000, I'm gonna build tanks. Once you start that, you can't just stop it and then restart it. So that's one strategic problem, which is that if you are not careful, some of these markets that are really crucial, I'll give you one which we talked about last week. Right now, 5% of all of the energy we generate in America is from renewables. Whether you like it or not, that's just what it is. The reason why that's possible is because America has a very sophisticated market where all these people come from all corners of the world, insurance companies, life insurance companies, banks, and they fund all of it. And the reason is they can take a tax credit, they can lower their effective tax rate, they get a higher rate of return. It's all super complicated, but the point is these incentives exist. If all of a sudden you play around with that market, half that energy would go away, electricity prices would rise, inflation goes up. And then if we have to go and compete against China for AI and a bunch of other stuff, where is the energy gonna come from? You're gonna brown out people? You're gonna just turn their energy off so that you can fund a data center so that the TikTok algorithm is better? Chamath Palihapitiya (00:27:12): That's literally what we would have to decide. So that's that's one way. And then the second way is if you're providing a critical service or a good to American people for which there is no alternative, that becomes really problematic because that person can then pull that product and say, I can't afford to make it. The obvious example is if you make pharmaceutical drugs for rare diseases, what do you do? And again, those are all things that are like multi decade long decisions. Andrew Schultz (00:27:43): Yeah. Chamath Palihapitiya (00:27:44): You'd love to make them and unchanged them at every 24 hours, but it's just not possible because, like, you just make these decisions and you're stuck with them for a long time. That's where the tariff thing becomes problematic if you change them often enough. If you implement them and you're like, this is what it's gonna be, the world can adapt and people can figure it out. Jason Calacanis (00:28:02): I mean, the other problem is just the communication of this has been terrible. We were on the program last week or two weeks ago, Joe Lonsdale's like, this is about fentanyl. So is it about fentanyl? Is it about getting rid of income tax at the federal level? Is it about supply chain resiliency? These guys get like a D in my grade book for communication. It's terrible communication. And this idea that you can't take Trump too seriously about his claims like, well, he said he was gonna overturn Roe v Wade. He did it. He said he was gonna close the border and send people home. He did that. You know? Andrew Schultz (00:28:34): Yeah. He said Jason Calacanis (00:28:35): he'd do a Muslim ban. He actually did that. So for every time he says something and you're like, that's cap. No way he's gonna do that. I actually think people are starting to realize he's gonna do something here with these tariffs. They're not just a negotiating position. And the other problem I think a lot of people have with this is it centralizes power. Anybody can go to Trump now and say, I want an exception. I'm a car company, I want an exception. I'm a solar company, I need an exemption. And then now you've got everybody going to Mar A Lago to kiss the ring, to give him a donation, to bow down, and it centralizes more power with them as opposed to having rules. And we need to have rules in this country that apply to everybody, not just people who give a million dollars like Bezos and Tim Cook and everybody, and Zoc the weathervane gave him. We don't wanna live in that world where you're just bribing Trump to get your tariff, and that's how people feel. That's how the business community feels. That's the reality right now. People are bribing Trump, giving him a million dollars to the inauguration to get close to him, to go to Mar A Lago, and it looks really bad. You need to have a clear strategy here for what the rules of the game are. And he's changing the rules, so you have to go to him and he loves that. That's actually, I think, what he's trying to do is get everybody to go through him. It's a really clever hack, I think. Andrew Schultz (00:29:51): Yeah. And perception is reality. So you have to react to people's perception. Like, we can throw data points all we want at people, and we can throw research and all this other shit. But if people aren't meeting you there, then you're not gonna be communicating with them effectively. And I think it that's something that, like, you know, especially you guys need to know. You guys have privy to information that the average American probably is not. And we can bitch and complain about how they don't read or how they're not looking up, you know, what happened in 1913 to change the course of American history and how we started to or we can go, okay. We need to find a way to disseminate this information so that they can make these decisions and, I guess, or feel comfortable with the results of these decisions. Chamath Palihapitiya (00:30:28): Do you think America would be okay with this idea of taxing outsiders and then relying on it versus income tax paid by its own citizens? Andrew Schultz (00:30:39): I think that the second half is really all that would matter. I think that people are fig I think the majority of people are thinking about the next week. So if you say that I don't have to pay taxes, like and I think this is what Republicans are doing way better than Democrats right now is, like, Democrats don't have build the wall. They don't have slogans. They don't have things that immediately tap into, like, core emotional feeling regardless if you're gonna do it or not. We want Greenland. Okay. That's cool. Democrats need eggs or a dollar. Democrats need things that, like, echo their sentiments and how they wanna, like, take care of people and provide for the disenfranchised, but it has to be done in a way where it's digestible. You can chew on it. If you wanna make housing more affordable, then you say, hey. We're seizing public land. We're building 10,000 units. Like, you have to tap into what Americans need, which is a feeling of not just comfort. Every American thinks they're gonna be a millionaire. That's what this country drives off of. Right? It's every poor American. Chamath Palihapitiya (00:31:34): That hope. That hope. Yeah. Andrew Schultz (00:31:35): Yeah. It and the second they stop thinking they will be, Chamath Palihapitiya (00:31:38): they just David Friedberg (00:31:39): can be. Andrew Schultz (00:31:39): Or they can be, it falls apart. And then some health care CEO gets shot and people celebrate. They're they're celebrating because they no longer feel the hope that they could be in that position. Jason Calacanis (00:31:50): Yeah. They feel so Andrew Schultz (00:31:51): disenfranchised. They they and this is what, like, I'm telling you, like, the you guys of the world need to pay close attention to because there's gonna be no empathy if anything bad happens. Oh, the stock market is down. No Americans are invested in the stock market. Chamath Palihapitiya (00:32:06): Like Right. Andrew Schultz (00:32:06): That's all you David Friedberg (00:32:07): guys. I've been saying it. Chamath Palihapitiya (00:32:08): No. No. I've saying this for Jason Calacanis (00:32:10): the country Chamath Palihapitiya (00:32:10): in South Africa. For months. Nobody cares about the stock market nor should we. And the reason is because we, people who own these assets, have overly benefited more than we've deserved for the last fifteen years. Ever since the great financial crisis in The United States, people who, as Jason said, could cozy up and by the way, Jason, I think the claim that you made, which is is is severely true for how from 02/2007 up until now has played out. Because if you look under all the programs, if you could have lobbied Obama in those critical years of the GFC Yep. Oh my god. The amount of money that was no. Because we we took interest rates literally to zero. Anybody like us who could have gone and gotten levered up and gone into the stock market was richly rewarded. And the problem is we left everybody else behind. And I think the great thing about Trump is he is going to reset that. He is going to take a lot of wealth away from asset holders. You're seeing it every day. 500,000,000,000. 5 hundred billion. There is no sympathy. Think it's fantastic. Andrew Schultz (00:33:21): I that's that's great to it's great to hear you even saying that because I feel like a lot of people that are in maybe your guys' position don't understand that disconnect. And that is important to understand. They're like, even what happened in the Palisades, like in LA with, like, the fire, the second people heard it was, like, rich people's houses, There was no empathy for it. They didn't they Jason Calacanis (00:33:43): own that. Million dollar house? Cute. Yeah. It was like Andrew Schultz (00:33:46): And it it is Jason Calacanis (00:33:47): I don't even have a house. I can't find a house. You burned your house down, and you move you went back you went to your vacation house. Now you oh, I'm sorry. You're living at your ski house? That's a tragedy. Like, literally, you're right. Chamath Palihapitiya (00:33:57): It probably explains why we don't hear anything in the news anymore about anything that's happening with respect to reconstruction or Jason Calacanis (00:34:03): any of the disruption that's happened. A rich person problem. People are gonna And, you know, I think putting together what you just said, Shultzey and Yuchimov, Trump is a master at connecting with people and listening to them. I thought the one of the greatest things he he he he did during this last election is when he said no tax on tips. When he said no tax on tips, he was going right for Nevada. He was going right for that swing state, you know, to get those folks who live off tips. But what he was also doing is saying, I know that there's a bunch of y'all that sometimes get cash tips, you put it in your pocket, it's the gray market, I get it. You know, I run a you know, I I got caddies who get a hundie from, you know, whatever, taking somebody out on the course. We're just gonna make it official. You don't get taxed on tips because we know that you're, you know, you're the bottom third of the country in terms of your economic power. Those kind of statements really do connect with people. Trump has just mastered this. This party is Trump is the Democratic party that we grew up with. Chamath Palihapitiya (00:35:00): It's kind of crazy. Jason Calacanis (00:35:01): It's kind of crazy, right? And then the Democrats became this elitist group that seemed to be in the pocket of business interest. I don't know what bizarro world we're living in. Andrew Schultz (00:35:09): I think you tapped into it right there. It's like, I think that they they could easily win the next election if they made it a class war, but they don't because it feels like they're in the pockets of these billion dollar corporations. So Yeah. They can't really I mean, Bernie did it really effectively. Right? Like, this random Jew that lives in Maine or something like that is like, yo. We gotta get some money from these rich people, give it back to the poor. And all of a sudden, all of America turned him into, like, our surrogate grandfather. So you can And then Jason Calacanis (00:35:39): he got shivved by Hillary and the machine. Andrew Schultz (00:35:41): And and, I mean, what did they say about his fans? Like, they went very specifically. They're like, he has a his the Bernie bros have a sexism and bigotry problem. Right? They made him radioactive. Right? So now you killed the working class, and then the working class is no longer supporting the Democratic party. So who do they have left? They have the identity politics groups. So they can't piss off the identity politics groups because they're like, that's all we got left. They did the same shit with us during the election. Right? They're like, the podcast bros have a sexism and bigotry part. Like, they try to make people radioactive, and it's like, that card's been played so many times that people are Jason Calacanis (00:36:17): dissenting. Anymore. Speaker 6 (00:36:18): They don't Chamath Palihapitiya (00:36:19): I think there's one big shoe left to drop. I think we've started the process of really, really taking a bunch of heat out of the asset markets like equities. So we've taken trillions and trillions of dollars of wealth away. I think we're gonna take trillions more. But the next big market and this is actually where, Andrew, to your point, we reestablish some hope, I think, for a lot of people is we are going to whack the housing market. It's just gonna happen. And let me just say something about that. Jason Calacanis (00:36:44): Gonna happen, Jamal? Explain it. Because there's 7,000,000 homes that we still need to build to to service just current demand. How does that actually happen with the supply demand problem in your mind? Chamath Palihapitiya (00:36:54): There are a bunch of mechanisms that have to get cleaned up right now. So one mechanism is that there are a whole host of mortgages that are basically being propped up. They it was a program that's that really got out of control under the Biden administration. Nick, you can find this article. It's in the Wall Street Journal. We are going to figure out how to get these two government related agencies, Fannie Mae and Freddie Mac, out of what's called conservatorship. And these are the folks that are responsible for essentially wrapping guarantees around mortgages so that the mortgage market can function. The details don't particularly matter that much, but the point is that what we are doing is we are unwittingly propping up with American taxpayer dollars the US housing market. Why is that bad? It is locking an inordinate number of people from that first critical step that actually makes them feel like they are winning and they're on their way to achieving their dreams, which is, can I make a deposit on a home and then can I live this out? And you have these artificially inflated prices all around the country as a result of this. So I think this next wave is deeply beneficial to the middle class, which is there is no reason. Like, you guys see it. When you read The Wall Street Journal, I think it is the dumbest in the world when I see an article, which is like, this house just is $65,000,000 on point four acres in some rando place in Miami. Malibu. Yeah. Jason Calacanis (00:38:27): I was thinking Malibu, but yeah. Chamath Palihapitiya (00:38:29): But what is this? This makes no sense. And so when you re rationalize a bunch of equity values and you re rationalize the cost of a home, I think what you're going to do is you're going to allow a lot more people to find a more reasonable way to enter the housing market. And I do think that that's a really big step in allowing them to feel like they're part of the dream. So you lower asset prices, you can own some stocks, maybe you own a four zero one k, or if you've never had a four zero one k, but your employer offers it, for the first time, it may actually make financial sense to put a small amount of it in there. You've never been able to own a home. All of a sudden, home prices are whacked 30 or 40%. You're able to do that. Because of how Trump goes after the budget, when his rate of borrowing for the US government goes down, your mortgage rate goes down. Now all of a sudden, you can enter in because home prices are less, and you can actually get a mortgage. They may all seem very random, but they can come together in giving fifty, sixty million people a shot that they have been screaming since the great financial crisis they don't have. Andrew Schultz (00:39:33): This is so huge because on, like, a core emotional level, you want as many Americans as possible invested in American success and excellence. Chamath Palihapitiya (00:39:44): Totally. Andrew Schultz (00:39:44): And the the greater the delta between, like, them and their first home or their first investment in stock, the greater that distance, the more disillusioned they become in America in general. When they feel like, like you said earlier, like, the way that you guys got into the market when you could basically take out loans for nothing and then you saw these incredible gains, they feel left behind. The second they feel like they're in on it, they own an apartment. They own some shares of Tesla. Jason Calacanis (00:40:08): That's why crypto is so popular. It's because they're Andrew Schultz (00:40:10): like, I got only access. Jason Calacanis (00:40:12): I got yeah. It's like, yeah, it's like comedy in some ways. Like, all I need is a microphone or music. Like, there's a path for me, and crypto obviously is a giant fucking scam. Andrew Schultz (00:40:21): It's a scam. Sure. But I can get a piece of this. I can get a piece of this this American dream, And I would rather that they were invested in the in the, you know, a Vanguard account or something like that. I would rather they're invested in the entire market. I mean, there's this this idea, and I'm sure you poke holes and tons of holes into it. And but this idea, like, every American born gets a thousand bucks put into a van. Jason Calacanis (00:40:42): So a friend of ours, Brad Gerstner, with this Invest America is the concept. Andrew Schultz (00:40:46): And regardless if the concept is good or not, the emotional connectivity to the success of American industry is really fucking important. When you know at 22 that you could get this thing that's been compounding for twenty two years, you could pay off some college loans, you could put something down on a house, you could pay for trade school, whatever it is, I think you have a different energy towards America and its success. And then you have a lot less of these kids who are just like, America's this horrible place and capitalism is bad. Yeah. Capitalism is bad when you're left behind. When you're invested in capitalism, it's Jason Calacanis (00:41:16): it's the shit, baby. Absolutely. We're on the express train. Let me David Friedberg (00:41:19): give you guys, I did an analysis. I was I wasn't sure if I should put it out, but I'll tell you guys the numbers. The US Social Security program is meant to be kind of the retirement program for folks that don't have access to private retirement accounts. Okay? And this program was set up in, the nineteen thirties after, the Great Depression, and there's a trust fund, the OASDI, which is the the fund that they invest the capital. So every year, we all put money in with our Social Security taxes out of our paychecks, goes in there, and it gets invested. You know what it gets invested in? It gets invested in one thing, US treasuries, which have averaged about 4.8 return since the beginning of the program per year. Meanwhile What if you put it into the market? Meanwhile, the S and P has been averaging 11%. So here's the math. If in 1971, which was the year that we went off the gold standard in The United States, if we invested the Social Security Trust Fund in the S and P, the balance of the Social Security Trust Fund today would be $15,000,000,000,000. That would be roughly one third of the value of the total S and P 500, which would be jointly owned by all Americans who took their capital. Now here's what's up. What's up is that the middle class people who had access to private retirement accounts benefited by buying the S and P 500, and the wealthy were able to access it. So all of the equity value that accrued from American enterprise and the prosperity of the American system accrued to the people that had access to the private accounts. Meanwhile, the people that only had access to the public accounts got stuck owning treasuries. Today, the Social Security Trust Fund has $2,700,000,000,000 balance. And based on the outflows and inflows, it's gonna go bankrupt in 2032. That means Social Security is either gonna get cut or the Fed's gonna print a ton of money to keep Social Security benefits going. Jason Calacanis (00:43:09): Age goes, up a little bit. Yeah. There's a lot of levers. Yeah. David Friedberg (00:43:12): Wow. So I did the math. If you assume that the S and P 500 continues to grow at 10 and a half percent a year, on average. There's ups and downs, and sure, there could be basically drawdowns and all these other sorts of things. But here's an important point. We could put about $500,000,000,000 in the trust fund today, and it will not go bankrupt again. And it will continue to grow every year. And then all Americans have participation in American enterprise. And importantly, this becomes the world's largest sovereign wealth fund ever. You don't need a separate sovereign wealth fund. We already have one. Andrew Schultz (00:43:41): Called We have it. David Friedberg (00:43:42): It's called the Social Security Trust Fund. And what we've done is we've totally mismanaged it. And I went back to try and understand why this is the case. Why have we only ever bought treasuries? Early on, The US needed someone to loan money. So they basically forced the citizens to loan the government money in the form of treasuries. But today, the Social Security Trust Fund owns only less than 10%, about 8% of the total treasury bonds outstanding. The rest are owned by the Fed and foreign investors and private investors and others that wanna own it. So why are we forcing all the American citizens to for no reason. And and we're we're discouraging access. So basically, we've created through the social security system, we've created the deep inequity we see in this country. If instead we had allowed the social security system to invest in the S and P 500 to buy American enterprises, to fund American businesses, then every American would be wealthy. And that middle class that uniquely participated by basically arbitraging the market where they forced the treasury bond yields on the poor and they got to take access to the equity yields would have not happened. Jason Calacanis (00:44:43): Yeah. They had four zero one k's. Right? They had a device. Device. David Friedberg (00:44:46): IRAs, and they were able to participate by with brokerage accounts and buying in the market. What we can do right now is we can fix it. And here's the important point. People will then argue, oh, well, what if there's a down year or two down years in a row? You know what? We're already going to be printing money to make up the hole in social security. We're not gonna let social security go bankrupt. We're not gonna let it dry out. So we're already gonna print money to make the social security whole. So if that's the case, we can create a a a backstop for Social Security. We're gonna have to do it either way, but we might as well take on Jason Calacanis (00:45:16): the bank. Chelsea, go. Andrew Schultz (00:45:17): Yeah. No. No. No. Chalmers, you were gonna say something. Chamath Palihapitiya (00:45:19): The reason why we didn't do it goes back to what you said before, which is we have a bunch of we had a bunch of very, quote, unquote, well educated Ivy League trained people running these institutions. And the feedback, I don't even know what it said, but I can tell you what the memo said. There's too much risk. We've sensitized this model. It doesn't make sense. This is the safest thing to do. So it goes back to just like we need a little bit more practical thinking. Like, at the end of the day, why the S and P 500 exists is of all the thousands and thousands and thousands of companies in the world, you know how many companies in the world make more than a billion dollars a year? More than 20,000. And of that 20,000, the S and P 500 is just the 500 best. It's the best of the best of the best. So to your point, Friedberg, it didn't take a PhD from Harvard to figure out that if you just owned an index of the absolute 500 best things happening at any given point in time, it would have gone up. Andrew Schultz (00:46:20): Also, since when do since when are Americans risk intolerant? Like, there's something baked into the DNA of the people that decide to leave their families and move here. Jason Calacanis (00:46:31): Totally. Immigrant country. David Friedberg (00:46:33): And to your point, imagine logging in. Like like, we've all had, I'm assuming, a 401 account, and I remember how exciting it is to log in and see the account. And, Shultz, I wanna say something that's really important. Like, you talk about us people, like, you know, early on, the commentary, which is something I hear a lot. My first job was making $4.25 an hour cleaning toilets in a pool hall in Upstate New York. Chamath has similar stories. J Cal has similar stories. Like any of us that that participated 55 Chamath Palihapitiya (00:46:58): Canadian working at Burger King. David Friedberg (00:47:00): Yeah. And I had to like, and then well, the worst part about my job in the pool hall was that then the manager made me go play poker at his house, and he took all the money back, which Chamath Palihapitiya (00:47:07): is really I stole the chicken fingers at night and bring them home. My mom would my mom would whip them up. David Friedberg (00:47:13): But it was so exciting in my career, in my life to be able to, like, go from that moment to the moment where I had a four zero one k and I could log in. I could see the businesses that I owned, and I understood that. And I saw the value go up, and I got to participate that. Imagine if every American when when when you get your Social Security statement today, all it tells you is a dollar amount and how much you're gonna get in the future. Imagine if you logged in and you got to see all the businesses you own a piece of. And you Andrew Schultz (00:47:36): got to participate. Jason Calacanis (00:47:37): You feel connected to be lighting a Tesla. David Friedberg (00:47:40): We we can fix this. And by the way, we can solve both the sovereign wealth fund question and the Social Security trust fund question. Every dollar that's going into the sovereign wealth fund ideas or if they come to fruition or in my opinion, and obviously I haven't spoken to Sax about this, but the crypto fund and all this other sort of stuff, every dollar that should go into the Social Security trust fund. And that Social Security trust fund should be for the benefit of all Americans, and it should be equities. It should be ownership. It should be participation in what the American dream enabled the dream enabled us all to succeed, and it should enable everyone else to participate in shares and equity in American enterprise that can come to market. So it's not about a thousand bucks when you're born. It's about an ongoing participation, putting your money in, and having that money allocated in a way that that smart and wealthy Americans get to allocate it, which is into owning shares and businesses. That's it. Jason Calacanis (00:48:28): Yeah. Chelsea. Andrew Schultz (00:48:29): Yeah. No. I I think it's great. And, you guys don't feel like I'm, like, discrediting you by saying you guys, but I'm just trying to give you guys an David Friedberg (00:48:36): great it's an important framing because it's like it you're you're a hundred percent right, but, like, I you know, we see comments on YouTube like, oh, you guys and I'm like, dude, I remember, like, it feels like yesterday when I was in frigging debt. I graduated college with a bunch of debt, and I went and, like, found a job and worked my ass off. And I was working twenty hour days and never slept. And, like, you know, it wasn't easy. I mean, I feel, like, very emotional about this right now. Sorry. Hang on. Andrew Schultz (00:49:02): It was hard. Jason Calacanis (00:49:03): Yeah. It feels listen. It was hard. It it wasn't easy, bro. It wasn't given to Speaker 5 (00:49:08): you. Jason Calacanis (00:49:08): None of us inherited none of us inherited. We we we came David Friedberg (00:49:11): to American and to see the joy to to see what we all benefited from I'm getting emotional about this, but it's like Jason Calacanis (00:49:17): Well, it's you should. The American dream's broken. Listen. I mean We gotta fix David Friedberg (00:49:21): it online. Jason Calacanis (00:49:22): It for us right now. David Friedberg (00:49:22): To have people talk about it as if as if being successful and and getting there is a crime. It is not a person. Jason Calacanis (00:49:30): No. It's a dream. It's a dream. Chelsea, go. Andrew Schultz (00:49:32): I think the the framing this is very important. Like, my mom Yes. Is also an immigrant. Right? She came here from Scotland. She has no education. They just stopped going to school at, like, 14 or something like that. Comes to America, she's this massive success here in terms of, like, where she came from, where she got to. Right? And what she was able to buy. She's able to buy a home in the East Village Of New York City. She was to buy a beach house, like, just off of, like, grinding hard work. Yeah. And what she saw here, which I'm sure a lot of you guys also saw, is opportunity. She had ambition and opportunity. And I I think that that's what I think a lot of times that's what immigrants see when they come here because they probably come from places where they feel absolutely no opportunity. So the second they feel like there's a little of it, if they work those twenty hours a week, I mean, I saw my parents grind. Totally. Like, my work ethic just comes from watching them. You know what I mean? Just watching them just kill it every single day. So what I think that you guys are speaking to, which is really important, and I think it's important that people know your story as well because it becomes more accessible. When they see you guys and they know what you came from and they know you're working at Burger King and now you guys are worth billions of dollars, it's very important that Americans know that that's possible for them. Maybe not to hit a billion, but maybe to hit a million. Maybe hit 300,000. Maybe to buy a fucking house that's a hundred thousand dollars that they're really proud of. Jason Calacanis (00:50:48): Own it outright. Andrew Schultz (00:50:49): Own it out. David Friedberg (00:50:50): Yeah. Andrew Schultz (00:50:50): And and the fact that this is accessible, like, what you just said to me is just hope and abundance. Like, that's the messaging of what you just said. You said something that made it seem very simple to me. We put this money here. Everybody's now invested in the success of the American economy. And now when we see the stock market ticker look green, which is all the average person sees, green or red, we don't really know anything. But when we see green, we get excited. We go, wait. Yeah. And now we start goes up. And we start rooting David Friedberg (00:51:17): Chamov feels that way too. Yeah. Well well, think about He's getting excited right now if you're saying that. Jason Calacanis (00:51:22): But he's gonna start crying. Oh, It's green today? Andrew Schultz (00:51:24): Yeah. It's Jason Calacanis (00:51:25): been red for a week. Andrew Schultz (00:51:26): But but think about, like, CEOs. Right? Like, these people have become villainized. Right? And it's because we are not attached to the success of their companies. Jason Calacanis (00:51:34): That's right. Andrew Schultz (00:51:35): When if you if your biggest holding is Tesla David Friedberg (00:51:38): But it doesn't make sense. Andrew Schultz (00:51:38): Please believe you're not upset. Chamath Palihapitiya (00:51:40): Yeah. I think people think that their success now works against your best interests. Jason Calacanis (00:51:44): Yes. Instead of working for rigged and the system's rigged, and you can't be part of it, and you're being ground down. This is, I think, really good proposal, Freeburg. And and if you look at housing, that's the other one. I I when I if I run for president, you know what my position's gonna be, Shaltzy? Andrew Schultz (00:51:59): What's that? Jason Calacanis (00:52:00): I'm gonna build five cities with 3,000,000 homes in each, and you can only buy them if you make under x amount per year. It's not gonna be like the projects or, like, you know, subsidized housing in New York. It'll be Stivasontein. Not gonna be Steyton. Okay? It's gonna be like nice house. It's pretty good if you can get it. Steyton is not bad. But not like projects. I'm talking about like proper homes like built. We are the most innovative country society ever created. I mean, since the Greeks, they were pretty great too. But we could build five new cities. Why the fuck can't we build five new cities with 3,000,000 homes in it? Let's do some Manhattan project for housing and then healthcare. How the hell do we not have good healthcare for everybody in this country? We're the richest country in the world, greatest economy, whatever. We should be able to solve those problems. And that's why people don't feel like they're part of this, is because basic housing, basic health care, and your retirement, it's not like it's rigged against you. Andrew Schultz (00:52:52): This sounds crazy, but for young people, I think they would forgive healthcare if they were invested in the market. And I think That's interesting. Being invested in the market is just so daunting. But the feeling that everybody else is getting rich when you're not is the reason why I bought crypto not knowing anything about it. It's the reason why everybody else bought it. It's this feeling that the train is running away, and you're not gonna be part of it. So how do we get them to feel part of that success? David Friedberg (00:53:20): I think really importantly, you know, today, just just to give you guys some other statistics, 60% of a middle class household's net worth is in their home. Only 1010% of their net worth is in owning the S and P 500 in in index funds or whatever in their retirement accounts. And so by creating this American dream around housing and allowing the federal government to provide loans on housing, we've increased the cost of housing. We've created a very, like, destructive housing bubble in the sense that it has reduced people's exposure to participation in productive value creation. Yeah. And that's through the ownership of businesses. Instead, we've stored our net worth in a house. And in order to keep the economy and the social structure stable, we've created policies that allow the continuation of the growth in the value of houses so people feel like their net worth is incrementing. Chamath Palihapitiya (00:54:09): That's % right. That's unfortunately very They Jason Calacanis (00:54:12): restricted making new housing, which makes it worse with the restrictions. Have you Chamath Palihapitiya (00:54:16): guys heard of Warren Buffett's most public failure? Andrew Schultz (00:54:19): No. Chamath Palihapitiya (00:54:20): Warren Buffett's most public failure was when he was brought on as an adviser to Arnold Schwarzenegger when Schwarzenegger was running for governor. And Buffett kind of looked at the laws in California, and there's a law in California when you own a home that when you pass on, you can pass it off to your kids, and you can basically keep the cost that you paid in terms of setting the real estate taxes. And it's had an enormously negative effect in unlocking turnover of homes, and that's a large driver of why homes are so expensive in California. So Buffett looked at this, and there was a lot of fanfare. Schwarzenegger's like, here's my economic genius. And he first thing he said was, guys, I think we should repeal this law. He was gone two days later. David Friedberg (00:55:06): Wow. He's not popular, man. And and by the way, there's a lot of other policies like this. You know, it's two things that you Chamath Palihapitiya (00:55:11): hate. To resign. David Friedberg (00:55:12): If you do the if you do the true kind of, like, macro analysis as an investor, you should probably have about 20% of your net worth in The US in real estate, not 60%. And so we need to give people the ability, and we need to think about all the follow on and trickle effects of creating a set of laws, a set of policies that basically incentivize almost all of your network to go into a single asset, your home. And what that then means in the fact that we have to keep pumping up the value of that home we have to have a system in order for people to feel like they're getting ahead, keep inflating, and eventually people can't afford homes. And that's where we are today. Jason Calacanis (00:55:45): When did you Andrew Schultz (00:55:45): guys first started start your education in in the markets? Like, at what age did you feel like you sought out Jason Calacanis (00:55:55): I bought my first stock in the company I was working for or the parent company, the company I was working for in 1989 when I was 18 years old. Andrew Schultz (00:56:02): So 18. What about you, David? Jason Calacanis (00:56:04): I bought $300 in stock. David Friedberg (00:56:06): I signed up for an E*TRADE account in college because I saw that TV show called Bull. Do you remember that TV show? It was about investment banking during the dot com bubble. It was such a no one knows that show. And I was like, man, Wall Street is so cool. I wanna learn about stocks because I was an astrophysics major. I didn't, like, I didn't know what I was gonna do after I was gonna go to graduate school or whatever. And then I got caught up in the .com bubble, and I started reading the Wall Street Journal every day. I would take it down to the frigging plaza, and I would read the journal at school during lunch. And I tried to learn about tech and business and markets because I've always been a tech guy. And I'm like, man, there's all these startups, and this is how the markets work. So I set up an E*TRADE account. I put some money in it, and I started and I bought some stocks. And I read the investor business daily on what stocks to buy. They had a rating. And I bought those stocks, and they went up. And I'm like, man, this is awesome. Like, I love owning stocks. And that kind of kicked me off. And then I got an investment banking job after college, and it totally changed my career trajectory. I like, wanna go work in the tech industry and work in business. Jason Calacanis (00:57:02): What about you, Chamath? David Friedberg (00:57:03): And it shifted it Speaker 7 (00:57:03): up front. Jason Calacanis (00:57:04): When did you buy your first equity? David Friedberg (00:57:05): But by the way, that sorry. Let me just say one thing. What you asked is a really important question. I just realized this, Andrew, because my my interest in that stock market thing at that time actually changed my career trajectory, and it really reset what I was gonna do with my life to get involved in business and go work in the tech industry as opposed to work in science as a researcher. And that was a really big shift for me. So it it gave me that kind of a feeling of like, oh, I got to learn more, and then that that kinda changed my career. Sorry. Go ahead, Shmoop. Chamath Palihapitiya (00:57:32): I was 14 or 15 years old, and there was a this is when Rodney King had the kicked out of him and almost died. Through all these race riots in LA, and nothing had changed actually in America. But where I was growing up in Canada, the provincial government created a program that said, if you're a minority and you're on welfare, we'll pay for you to get a job. I I was a minority on welfare. So I got a job, and it was at a startup that was just going parabolic, and their stock was going nuclear. And I lived in this part of town, and I would see the controller of that company drive past me every day while I was waiting for the bus. And one day he stopped, and I went with this guy, Sam Legg. He drove me that whole summer, and he taught me what does the company do? Why is the founder a billionaire? What the hell does this even mean? He unpacked it. And so I saw firsthand what it meant to work not for a salary, but to get a stake in the thing that you're working for. I bought a couple shares. It went up, and it was great. But then I really fell in love with this idea that I could understand something and own a piece of it. And then it really accelerated when I've graduated from college because I was, like Friedberg, I was in debt, and I was like, how the do I get out of debt? And I traded stocks on behalf of my boss, this guy Mike Fisher, who I thank to this day. And I made so much money right before the .com crash. He gave me the money to pay off my student loans. Andrew Schultz (00:59:10): Wow. Chamath Palihapitiya (00:59:11): Wow. And then ever since then, I was hooked. I was like, okay. I can learn this and I can deal with the vicissitudes of this. Look, the markets are brutal. There are moments where you just wake up and it looks like everything's working. And then there are moments, and this is what everybody needs to understand though, if some of these programs work, where it literally looks like the bottom is falling out. And I cannot describe to people the pressure you will feel on behalf of you and your family when it looks like you're taking a 30 or 40 or 50% negative downturn to your net worth. Yeah. It inflicts a level of psychological damage that I cannot describe to you. And the bigger the numbers get by the way, I told this story on Tucker. There was a period where I would wake up and I could just tweet and the markets would go up. They were like, what's he gonna say next? And then it all stopped. And then there was a two and a half year period where I gave it all back and then some. Jason Calacanis (01:00:06): Wow. That's frustrating. Yeah. The Midas touch goes away. Oof. It's beyond frustrating. Chamath Palihapitiya (01:00:11): It shakes you to your core. So if we do these programs, I think the Friedberg idea is is just beautiful. It's lovely. Jason Calacanis (01:00:18): What about you, Schultz? When did you make Speaker 6 (01:00:20): the first? Chamath Palihapitiya (01:00:20): Just to finish. If we do it, we have to try to teach people how to deal with the drawdowns because that's where if you don't teach them how to deal with the vol, the volatility of losing money, It's great when everything's green. But those red days, man, how you comport yourself, how you act, how you treat other people in the red days are the only days that matter. Jason Calacanis (01:00:43): Yeah. That's a growing experience. What about you, Chelsea? When did you buy your first equity? Andrew Schultz (01:00:47): I was probably 35. Oh. Think about fifteen Jason Calacanis (01:00:52): years behind. Andrew Schultz (01:00:53): So my my I mean, my parents How Chamath Palihapitiya (01:00:55): old are you? Andrew Schultz (01:00:56): I'm 41. So I maybe even a little bit later. Now I might have, like, owned stock without even realizing it type of thing where, like, I had, like, a business manager who set up some retirement fund or something like that, but not me actively choosing a stock and buying it. My my wife's father-in-law is a very successful businessman, and he's he's he's I I don't wanna say, like, predicted the markets really well, but he has. I mean, he was in Nvidia, like, super early, early, early, early, a bunch of others. And we're, like, sitting down in, like, Aspen somewhere, and he, like, said, hey. Listen. What do mean? You don't own anything? He goes, hey. Can you take a, you know I don't know if he said $10 or a hundred grand or something like that. He goes, can you just put it in these different stocks? I go, okay. Sure. I open up this, like, E Trade account or whatever the fuck it was. But an interesting so the thing right there is, like, you guys were so young. Was 18, 20 two, 14. And to me, I think, like, the education of this is really important. Like, my parents did really well, but they're financially illiterate. Like, there was no passing on this, like, knowledge of, like, investing when Yeah. What it means to invest. Like, they made their money by, like, working every single day for it. Not like you guys don't, but, like, they were teaching dance lessons. So I was like, this is how much the dance lesson costs, and you pay me, and maybe I'll have 40 people in the class. Okay. More people are paying. And now other teachers can also teach. But it was intimidating to them. It was intimidating to me. It still is intimidating to me. Jason Calacanis (01:02:20): Well, this is the, I think, the upside of crypto in some ways. Also, upside of prize picks or, you know, gambling, poker. It's the upside of Robinhood and and Coinbase and all these things being available. This generation generation bet, like, they love to gamble, these young kids. Andrew Schultz (01:02:34): This is my concern. Jason Calacanis (01:02:35): And they're no. But they're learning. They're learning how to take the the downdrafts. I think that's my position. Andrew Schultz (01:02:41): I think they are learning, so maybe, like, the barrier of entry is less. But my concern is that they're treating it more like gambling than investing. And I think that we've almost, like, tricked the American public into thinking that investing is gambling. Jason Calacanis (01:02:54): That's right. Andrew Schultz (01:02:54): When the way that you guys are describing is it's not. It's like investing in the S and P and then leaving it there and taking those downturns and waiting for it to come back up. Jason Calacanis (01:03:02): Yeah. But here's the thing. You have to learn these lessons at the poker table. You cannot play poker without real money or else you're not gonna get the burn. You're not gonna stay up at night. So How we how do we So that's what these kids are doing. They're they're Speaker 5 (01:03:12): But how Andrew Schultz (01:03:12): do we educate them? It's not every kid. Right? Jason Calacanis (01:03:14): It's the education comes from doing. And if you let these kids trade, they will figure it out over time. And then what happens is like you, they get married, they a baby, they wanna get a house, and then they say, you know what? I'm gonna stop buying meme coins, I'm gonna start buying Bitcoin. I'm gonna stop buying Bitcoin, I'm gonna buy Nvidia and things Chamath Palihapitiya (01:03:31): to the real revenue. Not Chase, Jason Calacanis (01:03:32): they just get addicted to gambling all the time. Chamath Palihapitiya (01:03:34): I I agree with you. I agree with Schultz. I don't think that I I think you're being super reductive. Like, oh, they'll get on the the all of a sudden understand Dave Swenson's Yale endowment asset allocation model. Bullshit. They won't. I've seen they won't. I have seen thousands and thousands and thousands of guys over time who deeply steeped in this business wash out. Jason Calacanis (01:03:56): Yeah. Chamath Palihapitiya (01:03:57): And each to a one, the more sophisticated they get, they all fall to the same pressures, which is they don't know how to simplify, and they don't know how to be patient. These are things that every human being needs to learn. And I don't think time in the market actually solves those two traits. Those are psychological traits that you have to go and figure out in a different way. You look inside yourself, and you have to figure those out. Jason Calacanis (01:04:23): Okay. Yeah. No. Fair enough. But between the choice of, hey, we're gonna grow up blue collar. We have no access to these markets. We have no way to trade in them. We have no way to learn. And then today, I think the system we have today is better. Can people go off the you know, jump the fence and lose all their money? Of course they can. But they could go to Vegas and do that prior to that. They could work with a bookie. They could do football sheets. I I think they're learning. And when you use some of these modern apps and you look at the strategies and you see people on Reddit working on these stocks and their thesis, I think it's trending the right way. There can always be more education, but this is Andrew Schultz (01:04:57): Let's hope. Let's Let's hope. Jason Calacanis (01:04:59): Don't bet on the Jets. Right? You said it before. Don't bet on the Jets. Andrew Schultz (01:05:02): Doesn't even know what compound interest is. Chamath Palihapitiya (01:05:04): I agree with you. In fact, I'll tell I'll David Friedberg (01:05:06): tell you Chamath Palihapitiya (01:05:07): great story. Jason Calacanis (01:05:07): Work to do. Chamath Palihapitiya (01:05:08): I one of the best things that happened when I invested in the Golden State Warriors, I bought 10% of the team in 2,011 or something. I got to meet all of them, and I got to meet a lot of my heroes. And I remember one meeting where I sat with a GOATY like player. Let's just put it that way. Speaker 7 (01:05:26): We'll bleep it out. Jason Calacanis (01:05:27): We'll bleep it out. Chamath Palihapitiya (01:05:28): No. I don't wanna say David Friedberg (01:05:29): his name, but you you Andrew Schultz (01:05:30): Okay. Fair enough. Chamath Palihapitiya (01:05:33): And he asked me the most incredible question. He's like, Jamaf, can you explain compound interest? And Schultz, I can tell you, I still have this spreadsheet. I just showed him a compound interest table, and he had no idea how 8% versus 10% is like gargantuan. Andrew Schultz (01:05:55): Over fifty years, over twenty years. Yes. Chamath Palihapitiya (01:05:57): And to your point, it was illuminating that you're right. Unless you unless you go and you jump into it and you live it and, Jason, I agree with you. Like, there's nothing like look. Stan Druckenmiller says the same thing. Invest, then investigate. Like, there's nothing like putting the risk on. Okay? Absolutely. There's nothing like playing a hand in poker. There's nothing like taking a shot at a different strategy in blackjack. Win or lose, you get feedback. But my point is most people don't get better. And so that's what you have to solve is, like, how can you make it interesting, fun? How can you talk about the losses? Like, this is a thing that I had immense trouble with. I still do today. I think I've gotten better with it, is to be able to talk about the losses. How do you talk about getting whacked for $4,000,000,000? I can do it now, but it's brutal. Jason Calacanis (01:06:42): Yeah. It it's stunned for a Speaker 7 (01:06:43): while for you. Jason Calacanis (01:06:43): But you what a you saw me. You're a better person since Chamath Palihapitiya (01:06:46): you go through it. How ashamed was I Jason Calacanis (01:06:49): for the Chamath Palihapitiya (01:06:49): two years that I had to unwind that shit? Jason Calacanis (01:06:52): How bad? Was hard for you. Yeah. Yeah. Yeah. It was hard for Andrew Schultz (01:06:54): I mean, imagine your whole is built into, you know, you being successful in these markets. Chamath Palihapitiya (01:07:00): And you measure it the wrong way. Like, you point to the number in the bank account. Not the way your wife treats you, not the way your kids treat you, not the way your friends treat you. And then you're like, okay. Well, I'm thirty, forty, 50, 60, 70, 80 percent poor, so I'm just that much less of a human being. Andrew Schultz (01:07:14): Yeah. But that's a good reality check to lean into family and those things that matter. Chamath Palihapitiya (01:07:19): So my point is, like, if you can if we can get people more into the market, I think it's an incredible thing, but you have to wrap it in these guardrails that have nothing to do with the market. They have everything to do with who you are as a person. Andrew Schultz (01:07:31): And I think, like, the first step is showing, like, what is the most simplistic version of the benefit of the market? I think it's compound interest. I I really think that that is if we start there, like, remove the stock market. Don't even talk about it. Just like, what happens if I left it in a savings account that's getting 4%? Jason Calacanis (01:07:49): And I don't touch Andrew Schultz (01:07:50): it right now. You know Jason Calacanis (01:07:51): the rule of 72? That was the one that opened my brain So the rule of 72 is whatever the percentage you grow, per month divided it to 72. So let's say you were growing 7.2% in the market per year, divide that, it takes ten years to double your money. So it's a time to double your If you were growing 7% a month, on whatever your investments are, let's say you got a great business that's growing like Facebook or something like that, that means you double the number of users or revenue every seven point two months. Once you understand that, you can do it quickly. Just like in poker, you know the number of outs, each card represents roughly 2% chance because there's 50 of them, right? So they each account for about 2%. Then you can start doing this stuff in the back of your head. I had this idea, I think I talked about it here on the program of doing the kids investment club and I bought the domain kids investment club. Andrew Schultz (01:08:39): I Jason Calacanis (01:08:40): actually need to do this. I gotta prioritize this and find a CEO for it or do it as a nonprofit or something. Just kids need to learn this early. Robinhood or somebody should make an app where they can invest like a shadow, but it's like with their parents, maybe they can make the trade, the parent approves it, something like that. There's something where we should be learning all this in high school. They should be like, this what's more important than this? Andrew Schultz (01:09:02): Remove the fear. Remove the fear. And and the reason it's important is to what we were saying earlier, get the American people invested in American success, and you will find so much more patriotism. You will not find us nitpicking on all these little things that a lot of us maybe go, why is this such a big deal? Like, the the bathroom. Like, most of us are unaffected. I cannot begin to explain how quickly we'll forget about the bathrooms when the S and P is up 15%, and you're looking at your portfolio, and you're like, you could take a wherever you want. Okay? Absolutely. That's I had you've Jason Calacanis (01:09:37): something else to focus on. Absolutely. Look at this. Hey, Friedberg. Here's your time machine. Check it out. There's your favorite show. I don't wanna make you more emotional, but there is your guy. Stanley Tucci from Bull. I think it only it one season, One season, but Tucci gang in full effect. David Friedberg (01:09:54): I was such a tech nerd growing up, but I never thought about the business of technology. And then the startup boom happened, and you got this bull show on TV. And I'm like, man, this is so much more exciting than sitting in a frigging lab doing mathematical modeling where I was, like, pulling my frigging hair out. I'm like, I wanna get after that. Yeah. And the rest is history. You know? Chamath Palihapitiya (01:10:11): Have you guys watched Stanley Tucci on HBO where he tours Italy and he does his little Jason Calacanis (01:10:16): So great. And on TikTok. I've seen it. I've seen it. And I've seen him cook on TikTok. He's like, today is it rolling? It's rolling. Today, I'm going to make you Speaker 7 (01:10:25): a fruta de de mer. It's a cotta. But I'm doing it in the cappuccino abyss, and we're going to put and Jason Calacanis (01:10:31): I'm like, I just can this guy do ASMR or put me to bed at night? David Friedberg (01:10:36): Mean, this guy Jason Calacanis (01:10:37): Tucci's best. Tucci's I've got a man crush on Tucci. Chamath Palihapitiya (01:10:39): Tucci's the best. Jason Calacanis (01:10:41): I mean, he is I would like to roll with Tucci. Can you imagine if we went to Italy and just had, like, a just roll with Tucci through Italy? I love that guy. David Friedberg (01:10:50): Any dream possible, J. Cal. You could pull Jason Calacanis (01:10:52): it up. I know. We're we're all dreaming here. We're all dreaming here. Alright. David Friedberg (01:10:56): We're still dreamers, by the way. Really important. Everyone should know that. I think, like, there's no the thing that the thing that a lot of people assume this is the truth about humans in general is there's an end to the rainbow, but there isn't. You ride the rainbow till you die. That's it. And there's always hope. There's always dreams. There's always more, and it doesn't stop. It makes it fun. Jason Calacanis (01:11:16): Are you taking the ketamine in Austin or something? What happened? You just got all full of I'm David Friedberg (01:11:19): little hungover today. I started drinking at 10AM yesterday. Jason Calacanis (01:11:22): We went to we went to the mothership last night after interview. We well, we hung out with a couple of your boys, I think. Andrew Schultz (01:11:29): Who did you hang David Friedberg (01:11:29): out with? Tony. Well Tony. Jason Calacanis (01:11:31): Tony. Tony was very nice. And David Friedberg (01:11:34): So when when Shane Gillis was there? Shane. Jason Calacanis (01:11:37): Shane Gillis was there, Andrew Schultz (01:11:38): but he Jason Calacanis (01:11:38): was big time. He was big time. There was a mob around. We didn't get to meet him. The guy Bert who take didn't Bert. Yeah. He had his shirt on, Andrew Schultz (01:11:45): so I didn't recognize Yeah. Jason Calacanis (01:11:47): Of course. Yeah. I was like, but then I saw the body shape, and I was like, yeah. That's that's probably probably him. When did you start in comedy? Andrew Schultz (01:11:54): I was I think it's almost been, like, eighteen years or something like that. Jason Calacanis (01:11:58): So you started in your early twenties in New York going to the funny bone or what? Chamath Palihapitiya (01:12:01): I have a question, actually. Yeah. Jason Calacanis (01:12:03): How How'd you get into it? Chamath Palihapitiya (01:12:04): How do you keep your like, how do you pay for your life before you make it? Like, what like, is it that you have a normal day job? Andrew Schultz (01:12:11): I lived I lived with my parents for, like, a very long time. Like, my parents lived in the East Village, so I was walking distance from, like, multiple comedy clubs. It was, you know, incredibly easy. I mean, I worked, like, with my parents for a little bit, then I managed restaurants, and I, like, just managed them in Jason Calacanis (01:12:26): the in Manhattan? Andrew Schultz (01:12:27): Yeah. I did. I started in Santa Barbara when I was going to college. That's where I did my first comedy gig, and then I managed a restaurant out in Brooklyn. And Oh, really? Not very would I know it? It's called Biscuit Barbecue. Jason Calacanis (01:12:38): It was in Andrew Schultz (01:12:39): Park Slope, Brooklyn. And then and then I started to make a little money in stand up, and was, like, enough to, like, buy a Mamoun's falafel. I, like, had, like, a 5 Jason Calacanis (01:12:48): to You have falafel money. Andrew Schultz (01:12:49): You have I a 5 to $10 a day budget, and, like, like, I could eat cereal for breakfast. And then I just and I'd saved some money because I was going to school. Well, I was when I was going to school, was working at that restaurant, and I, like, saved some money. And, like, I had a little pipe dream of opening up a bar with a friend of mine in New York. And then I was like, you know what? I'm just gonna spend this money trying to be a comedian, and I hope by the time I get rid of the money, I'm making money at comedy. And it came down to, like, $700 in my bank account. I was, like, renting out the room where I slept in and I would sleep in a closet in my apartment, and it just and it it worked out. It just worked out. I started making a couple of money, do a couple gigs, start touring, got on David Friedberg (01:13:28): a TV show, Andrew Schultz (01:13:29): and then it then it kinda worked out. Chamath Palihapitiya (01:13:31): Was there a moment that where because when you when, you know, when the cancel culture was alive and well, that's when I first encountered you. Was initially on TikTok, actually. Sure. And you were on fire because you were saying stuff nobody else was saying. And I thought, how does he even dare to pull this shit off? And Andrew Schultz (01:13:48): Yeah. That's a idea. Chamath Palihapitiya (01:13:48): There a moment that where you broke or you tipped or no? Andrew Schultz (01:13:51): So I you kinda like it's interesting. You kinda break and then you go away. Like, so I so I broke on, like, some MTV shows and I was, you know, doing all these things on MTV at my own shows and all that kinda stuff. And then I kind of you know, the MTV thing kinda dried up. And then I kinda went away, but I was luckily doing this podcast with Charlemagne, and the podcast was very popular, and that was, like, providing for me. And then I was doing some shows on the road, and, you know, people would come out from the podcast. But and then I really couldn't get any traction in stand up world. So when I was doing, like, comedy stuff with MTV, it wasn't really in the stand up world. That's because my stand up maybe wasn't of the of what was, like, popular at the time. And I have a lot of empathy, by the way, for, like, the people who are just working at a network. They're producing these shows. Like, they their kids in private school. I wanna tell a crazy joke about women or gays or whatever the fuck it is, and they're like, I'm not trying to get fired. And, like, just trying my my kid's in private school. We just got them into Dalton. I don't wanna rock the boat. Jason Calacanis (01:14:48): Like, you know what mean? Reasonable. Andrew Schultz (01:14:50): You understand? Like, I I don't think that they're Jason Calacanis (01:14:51): asking Self preservation. Andrew Schultz (01:14:53): Exactly. Self preservation. But I didn't wanna change my comedy, so I was like, okay. Where can I put it out? And luckily, we were putting the podcast out on YouTube, and it was successful. And I just started putting things out on YouTube. And I started doing these shows, and these shows started selling out. It was like really weird. Like the first thing I put out, I sold out the next weekend. And I was never gonna sold How Jason Calacanis (01:15:14): many seats? Andrew Schultz (01:15:14): Where are This is, like, 300 seat clubs, and you do maybe four or five shows a weekend. Jason Calacanis (01:15:18): And you get $50 a seat? $20 a seat? Andrew Schultz (01:15:21): No. Not even. You get a flat rate. You get $2 to do the weekend or something like that. And a lot of these times, the comedy clubs would just, like, call people and say, hey. Do you wanna see this guy and give away the tickets for free? It was really the old model was basically it's like a bar. So you just get the people in and they sell the drinks. So The Weeknd would sell out, then another one would sell out. I was like, holy shit. Maybe maybe there's something there's a conversion rate that I didn't see. And I kept putting stuff out on YouTube. I would do a new clip every week for a year on YouTube. And then I put these a special on YouTube instead. And then I learned very quickly that there's this huge, like, white space in the market. Like, the comedy on TV was corny and people didn't really like it, and nobody was putting out, like, the quote unquote, like, real comedy. There's different versions of comedy, but I'm being very simplistic. And the more edgy stuff I put on YouTube, and it just exploded. And, yeah, my career kinda really took off from there. And then COVID came around, and there was a I was able to be a little bit more honest because I wasn't tied to a network and worried about maybe losing my job at the network. Chamath Palihapitiya (01:16:24): Yeah. Andrew Schultz (01:16:25): And then it just I think in America, we reward bravery. Yeah. David Friedberg (01:16:29): You just signed a Netflix deal. Right? I mean, you did this show. Yeah. We're actually doing this show in Austin tonight where we're gonna talk with some folks about this general concept where you start out as kind of an independent. Andrew Schultz (01:16:39): Yeah. David Friedberg (01:16:40): Say whatever you want. You're totally free. It's your own platform. It's your own voice. Yeah. And then you go sign a deal with another platform. Like, are you now you know, do you find it hard to trade the money for whatever might come along with that? There's restrictions. Andrew Schultz (01:16:53): There's, There's two ways to look at it. Right? It's like, there's one, like, I think that I don't wanna give myself too much credit here. But, like, I think that what we've did is created another marketplace for comedy that the streaming networks had to now compete with. David Friedberg (01:17:07): Yeah. Andrew Schultz (01:17:08): So they Jason Calacanis (01:17:08): were losing Andrew Schultz (01:17:09): comics Totally. To YouTube because it was more advantageous to put your comedy up on YouTube and build a following and then go sell tickets on the road. Whereas before, the only way you could, like, really make a big chunk of money on your comedy is if you got one of these fancy specials. Now people are like, I don't even wanna do the special because if I put it on YouTube, I can tour for years and really build a fan base. So I have this autonomy. The Netflix thing is interesting because, like, Netflix is the second biggest, I guess, streaming service on the planet. It's like YouTube, then Netflix. So if I already have this huge imprint on YouTube, it would only be smart for me to now tap into the second biggest and see if there's some people there that aren't consuming my content on YouTube. Chamath Palihapitiya (01:17:47): So back to the so then back to the the guy who's got the the kid at Dalton now. When you go and negotiate a deal with Netflix Mhmm. Are they basically silent, or do they have Andrew Schultz (01:17:56): Not a single note. Chamath Palihapitiya (01:17:58): Yeah. So you do whatever you want, and it is what it is. Let it rip. Andrew Schultz (01:18:01): Now my last special was supposed to be with Amazon. So it was with Amazon, and they had some notes. And I bought it back from them, I put it out myself. David Friedberg (01:18:08): Really? Wow. Andrew Schultz (01:18:09): Yeah. And I sold it I sold it myself, and it was actually one of the coolest things ever because I think I'm maybe one of the only comics that actually knows what they're worth. Yeah. Like, you don't really know what your Chamath Palihapitiya (01:18:20): Well, walk us through that. So you do it, and what do the notes say that There were these Andrew Schultz (01:18:25): two yeah. Was two jokes, and, like, I get it. They make money selling toilet paper. Like, why are they gonna have this huge, you know, cost David Friedberg (01:18:32): of salt? You made fun of the toilet paper industry. I got it. Yeah. Big toilet Jason Calacanis (01:18:36): paper. Big TP. Very powerful lobbyists. Andrew Schultz (01:18:39): You know what's funny is, like, culture has changed, and I feel like a lot of times the streamers are, like, downriver from culture. So, like, I bet now I would be able to put it out on Amazon and be totally fine. But at that time, it was maybe very edgy and a volatile time culturally. So I was able to put it out and, you know, I Chamath Palihapitiya (01:18:54): But you had the choice. Right? You could have taken the jokes out and kept it, but then instead, you took the harder path, which is I'm just gonna buy it back. Yeah. And I take the risk, and I'll figure it out later. Andrew Schultz (01:19:03): Yeah. I've I've I'm not risk averse at all. I actually enjoy risk. It kind of excites me. But what excites me more is, like, putting out the piece exactly how I want to put it out. And I can't, like, scream about censorship and comedians should do the jokes we wanna do. And then the second somebody gives me a a big check, I go, woah. We don't have to do the joke. Like, I have to be at least consistent on that. And culture continued to change, and you gotta give Netflix credit too. Like, they took a lot of they took a lot of hits for putting out comedy that some people thought was maybe a little bit too offensive. The Jason Calacanis (01:19:35): Chappelle stuff. Chappelle stuff. Yeah. Really got put him in the crosshairs. Exactly. They stood strong. Right? Andrew Schultz (01:19:40): Absolutely. They stood strong and like seeing that gave me a lot of confidence. I was like, okay. Like and they did literally we just made the whole thing and they just gave us money. So like they were not involved at all in like the creation, so to say. They they're involved in giving us money for it, and then they're involved in the marketing, obviously, and their algorithm and getting it Jason Calacanis (01:20:01): out of Cerandos? He's he believes in comedy? Andrew Schultz (01:20:04): Yeah. He's a huge comedy fan from back in the day. I I think people don't realize that about him. Like, you need somebody who actually loves the art and is not just looking at it as a thing that they can monetize. Like, there's a the term this guy used that you have to find somebody spiritually aligned with you. And that's not mumbo jumbo. It, like, they truly understand the intention of comedy. So things aren't as hurtful or painful to them because they understand what you intend to do. So and then I got Jason Calacanis (01:20:30): interesting too. They they tried to cancel you? What what what was the Who? The the moms. Because they went after Tony Hinchcliffe twice. Andrew Schultz (01:20:37): Oh, yeah. Jason Calacanis (01:20:38): And each time he went 10 x, they came after Chamath on this program. That was the first level up. We got three times the audience after they tried to cancel Chamath. Yeah. The White House released a statement. Andrew Schultz (01:20:47): It doesn't it doesn't it doesn't really work when you have, like, core fans that believe in you. And I feel like you guys have probably built that, you know, the relationships you've built with your fans. There's probably people very grateful of the information that you give them. And so when they try to paint you in a certain light, you actually have, like, a hundred hours of time with those people that they know you'd be more than that one statement that you've said. So now they're not as concerned about that thing you said that maybe is taken out of context or people have been offended by I think that the biggest thing that people miss about comedians is, like, you're allowed to be offended by the joke that I say. Like, you're allowed to react however the fuck you wanna react about it. You had your life. You went through some crazy Maybe you're maybe you were bullied as fuck as a kid, and, like, you don't want other people to potentially have those feelings, so you see a joke that could elicit that, and you're like, I wanna protect that from the protect them from that. That's kinda noble. I'm like, I'm cool with that. If you yourself tell me you don't like me teasing you, I'm not gonna tease you personally ever again. I want you to feel good. But it doesn't mean that I won't continue to make those jokes somewhere else. And I think my shows like, I got the most diverse audience in comedy history. Yeah. You do. So it's like, you come out to one of my shows, you can't tell me that people don't like these jokes. I tried very hard to, like like, if I'm curious about your culture, you'll know it through the jokes. It's not some little bullsh Like, I'll try to dive deep and even surprise you about something that I might know. And I think in that way, people start to feel seen and they don't feel bullied. Andrew Schultz (01:22:16): They actually feel like represented. And they're, like, excited about it. Chamath Palihapitiya (01:22:20): Look. You you said something at the beginning, which I thought was really interesting, which is you're like a you have to great comedians are great observers of culture. So can you can you just tell us, like, just observe the cultural moment. What we talked a lot about it, but I just want you to be maybe, like, put a point on it. Where are we? Where's America? What the hell is going on? Andrew Schultz (01:22:37): Like, what's happened? What's happening? Chamath Palihapitiya (01:22:39): However you feel that question. Like, what the hell is going on? Andrew Schultz (01:22:44): All time low confidence in institutions, low confidence in information. There's an obsession with conspiracy because there's I mean, that's twofold. One, like, it's the easiest way for dumb people to feel smart. Like, when you know something no one else knows and you get to share with people. Like, there's that, like, dopamine hit where, like, I bet you didn't know this happened. You know? Yeah. But those thrive in times where there's not real transparency. So I think everybody's looking for answers and nothing is exactly how it seems. And the only way to reinstill that confidence is I think, like, brutal transparency. Like, you gotta just be, like, really honest with the people. This is what it is. And we're Americans. We're proud people, you know, so we can get through whatever you say. But you gotta tell it to us as it is. And I think we're just assessing relationships right now. And I think, like, when the economy is rough like, you're seeing all the Jewish stuff right now. Right? Like, obviously, with the conference. Crazy. Well, this is the thing you gotta understand. Like, most people have never met a Jewish person. Like, most Americans have no clue what a Jewish person is outside of Caribbean enthusiasm or Seinfeld. They don't know what it They think Jews are Upper East Side New Yorkers. Jason Calacanis (01:23:55): Like, they yeah. The like Seinfeld or they think it's like Hasidim. Like, it's just like one or the other. Andrew Schultz (01:24:00): Exactly. They don't even know what like a Sephardic Jew. They don't know what an African Jew is or a Moroccan Jew. Speaker 5 (01:24:04): They have Andrew Schultz (01:24:05): no clue what that And they shouldn't. They're like, how many Jews are there? They're like more people from Laos than there are Jews. Right? Like, it's like a very small population. So I think there's like a little bit of a disconnect. And, you know, when you don't know a people, and I think this is probably true, and I I don't know, it could be off, but I think there's like an ambient feeling towards Jews from people who don't know Jews. Jason Calacanis (01:24:28): Mhmm. Andrew Schultz (01:24:29): It's an ambient light. And the stereotypes are probably not like the best. They're not exactly negative as long as the economy's good. Right? They're like, oh, they they're successful. They kinda stick together. They they own businesses. They whatever. And as long as the economy's good, everybody's cool. And then eggs get expensive, and you're buying on your rent, and you don't feel hope, and you don't and then you start going, why do they got all that? What the what are they about? Why are they why are they separatists? You know, like, I'm here proselytizing. I'm trying to get everybody to go to heaven and they just got their own thing. What? And it's very easy for them to become this, like, other group. Mhmm. And then you extrapolate that with what's happening, like, Palestine and and Israel, and you get people to start, like, assessing, like, the relationship between America and another country. Like, you saw America become very uninterested in Ukraine quickly. Like, we we we the second economy goes down, we start going, well, what do they do for us? What why are we giving them? Like and they're starting to ask similar questions about Israel, and there's a lot of anti Semites that are jumping on on it, and they're muddying the whole thing. They're going, ah, this is what did they control the government? They do the all the every conspiracy Yeah. We told you so. By Chamath Palihapitiya (01:25:46): the way, you're you're speaking a profound secret that many administrations in government have known for a long time, and I think this is where some of the mistrust comes from. I talked about this, like, maybe it was, like, a couple months ago, but the most incredible stock market was actually under Biden. The most amount of money printed was under Biden. The most cumulative total budget deficits was under Biden. The most amount of short term refinancing of debt was under Biden. And part of what you can explain is that if you keep the signals that everything is healthy or up, you're allowed to propagate all of these other things that would get very quickly recapitulated. And when you take the gas out of the market and you take the gas out of all these other markets and all of a sudden the price of energy is up and the price of this is up and the price of that is up, then you start to question, hold on a second, why are all of these things as important? You know, the above the line, below the line conversation that we have tried to have several times on this pot, Jason. Andrew Schultz (01:26:48): Yeah. And you have to, like, meet people you have to meet people where they feel in order to communicate with them. Right? Like, they could like, when people right now are, like, assessing, like, America's relationship with Israel, like, it's it's and and they he you hear these, like, sound bites. Like, that's our closest ally. And then they go, well, what does that mean? It's like, well, let's explain to them what that means. Like, let's explain the importance of that relationship and how it's beneficial to Americans. Because if you don't explain it and you just go, oh, just be quiet, whatever. Then they start to look at these lunatics on Twitter and start to go, wait. Is that is that true? Jason Calacanis (01:27:20): Yeah. And then they're down the conspiracy hall. Exactly. Andrew Schultz (01:27:22): Like, you have to explain like, I don't know what the mineral deal was about, but I know for with with Ukraine, but I know for a second there were some Americans who go, oh, we're get some minerals out of that? Alright. Minerals sound good. Like Yes. They're gonna pay us back. Yeah. It's that it's that simplistic. Right? So it's like Yeah. I think I think that kind of communication is important, and it will actually help understand these relationships, which I imagine are very important. I'm not privy to all the geopolitical decisions that are going on there. Who knows? Intelligence from Israel could have thwarted 20 more nine elevens. Yeah. Maybe you can't say that because you expose the intelligence operatives you have in the field. But it it would, I think, be helpful to understand the value of that for the everyday American so that when you see something crazy on Twitter, you can go, okay. You're just a anti Semite, and you're looking for a justification for your hate. Jason Calacanis (01:28:11): I mean, this is your point about Trump. David Friedberg (01:28:13): Sometimes he has these Take care. We'll see you later, bro. Andrew Schultz (01:28:16): Take care, David. Jason Calacanis (01:28:17): This is, like, I think, Andrew Schultz (01:28:18): the point is be a conspiracy theory about that right now. I just wanna let you know. Chamath Palihapitiya (01:28:21): Yeah. You just talked about Israel, Andrew Schultz (01:28:23): and he's like, oh, I'm Jason Calacanis (01:28:24): And one Jewish guy left. You're way to go. Way to go, Chelsea. Andrew Schultz (01:28:27): Are way starts, David. David, this is how it starts. Chamath Palihapitiya (01:28:31): You drove him out. Thanks a lot. Jason Calacanis (01:28:32): You drove him out. Right? Chelsea, when you said, you know, Trump's a masterful kinda communicator here, Biden Speaker 5 (01:28:38): Listener. Jason Calacanis (01:28:39): Gave all these weapons to to Ukraine under the auspices of what's called a loan lease. You you they have to pay them back. But Biden never communicated that well. Chamath Palihapitiya (01:28:48): Tell us. Jason Calacanis (01:28:49): And then Trump comes out and said, you know what? We gave them a hundred 80,000,000, hundred 80 billion. They're gonna give us 500,000,000,000 back. We're making a 40 he he basically described a 42% compounded return. Andrew Schultz (01:29:00): Sounds good to So Jason Calacanis (01:29:01): yeah. Better than anything that's ever happened. I mean, he he's out there in terms of his ability to communicate it. Shomath, as we wrap here, any final thoughts? Chamath Palihapitiya (01:29:09): What do you think about Trump and what he's how he's doing and what he's doing so far? And what do you think about Elon and Doge? Andrew Schultz (01:29:18): Who? Okay. So Trump and what he's doing, how he's doing so far, like, I I I don't know. Like, in other words, like, I don't I don't know if I can, like, assess it right away. Maybe I'm giving him a little bit longer, like, landing strip or whatever than other people because I have a little bit more hope or optimism. Again, if you don't like the guy, you're going to see how horrible this is immediately, but I'm gonna give him a little bit more leeway to see. If it doesn't work out and it's really horrible, I'll be the first person to call it out. Like, I I I've he's in power. We should definitely check the people in power. But I'm hoping that these actions in the short term are beneficial in the long term. Is everyone gonna work out? No. Doge is like, I'm so depressed about not depressed, it's stupid, but like I'm bummed about because I don't think there's any American that is pro waste inefficiency and bloat. This should be a bipartisan issue. Like, all Americans should be coming together going, oh my god, the DMV's gonna get better? This sounds awesome. Speaker 7 (01:30:17): Yeah. Andrew Schultz (01:30:17): And I think, you know, I have a lot of respect for Elon, but I think sometimes on Twitter, he's like twisting the knife a little bit. And it's like, you don't need to twist the knife. Like, we all want this. This is something we can come together with as a country and support. This sounds great. Don't twist it. Just kinda let it be. Show your wins. When you do something wrong, we can acknowledge the things that we did wrong, and we'll respect that. It bums me that this has become so partisan, and I do understand there are a lot of people on the left that are making this partisan as well. Jason Calacanis (01:30:51): They're weaponizing it. Absolutely. Chamath Palihapitiya (01:30:53): There was this crazy clip between Rogan and Elon where Rogan was like, how does all this go down, actually? And he's like, well, I can't really speak about the corruption because I'm afraid it would get me assassinated. He's like, actually, if I tell you what I know, it was the weirdest, like, two minute clip, and then they just kinda left it and moved on. And my brain was like, what are they talking about? What what must be going on? Andrew Schultz (01:31:16): Mean, there's a Jason Calacanis (01:31:17): lot of money going out the door. Andrew Schultz (01:31:18): Yeah. But who's killing Elon? Like, if we are gonna have World War three, don't you want the guy that has the rockets to go to Mars on your side? Jason Calacanis (01:31:25): Yeah. Yeah. You kinda want the super genius on your side, Chamath Palihapitiya (01:31:28): for sure. Andrew Schultz (01:31:29): Another thing that's, like, really interesting to me is, like, people keep going people keep doing these things like, what is Elon's play? Like, what is he doing here? Like, is he actually gonna take over? And it's like, Elon has been dealing with, like, local government for so long trying to push through. Like, he is not an American citizen. He cannot be present. He is at the highest position he will ever be in his lifetime in America. You can't get higher than being the right hand man of the president since you're not from America. You can't ever be president. So I think he's going to behave really well because now he's in the most powerful position he will ever be in. If you wanna talk about, like, power plays, you gotta watch out for JD. That guy's that guy's high emotional intelligence. Like, that that's somebody that I would be keeping my eyes on if I'm Trump. But Elon, he's gonna be a good he's gonna be your best friend because it's only downhill if he pisses Trump off. Jason Calacanis (01:32:24): Interesting. Interesting. Little Manchurian Candidate for Jay Daley. Andrew Schultz (01:32:28): I don't no. No. No. I'm not saying that he's gonna do anything bad, but he is like Right. Don't treat don't treat him light. Like, we got this Jason Calacanis (01:32:35): thing Don't sleep on JD. Andrew Schultz (01:32:36): New Yorkers, we do this all the time. We hear someone with, like, a southern accent. We think they're a goofball. And it's Jason Calacanis (01:32:40): like Right. Andrew Schultz (01:32:41): That guy went from, like, a broken home to Yale. Jason Calacanis (01:32:44): Appalachia to Yale and then the VP, and he's 40. He's your age. He's, like, 40. Andrew Schultz (01:32:48): He called Trump Hitler or something, and he ended up as his Jason Calacanis (01:32:52): He said I'm a never Trump guy. Andrew Schultz (01:32:53): He's so to say that he's not emotionally intelligent, does to say he doesn't know how to manage up or whatever that term is? Jason Calacanis (01:33:00): He's sappy. Andrew Schultz (01:33:01): I will I will hey. Keep an eye on him. Jason Calacanis (01:33:03): Keep an eye on him for sure. Alright. Listen. Andrew Schultz is playing at the Funny Bone on April. He'll be at Chuckles on the twentieth. Andrew Schultz (01:33:11): Two drink minimum. Jason Calacanis (01:33:12): Two drink minimum. Buy the VL. You know where to find them. Incredible, incredible Netflix special. Who do Chamath Palihapitiya (01:33:20): think who do you wait. Last question. Who do you think is the funniest if you had to just take a wild stab at who the funniest No. Me me, Jason, or Phrybian. Oh. Oh, of us. Jason Calacanis (01:33:31): Between the three Andrew Schultz (01:33:31): of you? Here we go. Okay. So Chamath Palihapitiya (01:33:34): You can say me. Andrew Schultz (01:33:35): Fine. Jason so Jason is the most, like, naturally inclined to be funny. He's probably just the most funny being around. Chamath will probably get the biggest laughs when he says something funny because he's, like, he's not asking for much. Like, he'll just say something that's like a dart and it'll kinda, like, hit you, and you'll be like, oh. Jason Calacanis (01:33:52): Got it. Andrew Schultz (01:33:53): And then I think David will, like, structure something really funny, you'll be like, oh, that was a clever I see how you did that Jason Calacanis (01:34:00): right I I was actually when I was an astrophysicist, Chelsea, I So that Andrew Schultz (01:34:05): would be my myself. Jason Calacanis (01:34:06): I get summer stock. Andrew Schultz (01:34:08): How many might I take? Like, I think if we're off the pod, I think Chamath says some, like, wild shit that everybody goes, oh, left off. I think you say that the most. That's what I would say. Jason Calacanis (01:34:16): There you go. Alright. Andy Schultz picks me. There you have it, mom. I would like to clip that. And yeah. Alright. Continued success. Come back anytime. Chamath Palihapitiya (01:34:25): The way Schultz pronounces, but I may go to Chamath. I like that. Jason Calacanis (01:34:28): Chamath. Chamath. Chamath Palihapitiya (01:34:29): Chamath. Yeah. Chamath is too it's too used actually. We should go to a different pronunciation. Jason Calacanis (01:34:33): I love Chamath. Chamath is just so incorrect. Andrew Schultz (01:34:37): With the it's tough with I know you're for longer, but it's tough with the names from over there. Like, my podcast cohost Akash. Right? Akash. Yeah. Everybody calls Akash. Now I name is spelled with two a's. Chamath Palihapitiya (01:34:47): K's. Akash. Andrew Schultz (01:34:49): So it's like Akash. You if it's got two a's next to each other Yeah. You wanna go a k, you go there. But it's Akash. Akash. It it is tricky, but he said, like, his parents specifically picked a name he thought that Americans would be able to pronounce. They Yeah. Calculated that. Speaker 6 (01:35:05): And, like Jason Calacanis (01:35:06): They were trolling him. Andrew Schultz (01:35:07): I think that's, like, a think that's a really beautiful thing for a kid. Like, you you go you know what mean? Like, how much he's already gonna They could Jason Calacanis (01:35:13): have named him John. Steve. David Friedberg (01:35:15): If they wanted it Andrew Schultz (01:35:16): pronounced had Speaker 5 (01:35:16): to keep Jason Calacanis (01:35:17): it real, though. They still had to real. Would Chamath Palihapitiya (01:35:19): keep it was eight when I could read and write English well. 8. Okay? Because it was my second language. And when I saw my name written out, I was like, what the did they do to me here? Andrew Schultz (01:35:28): What is Chamath Palihapitiya (01:35:29): this going They picked Jason Calacanis (01:35:29): the one hold on. Andrew Schultz (01:35:31): Hold on. Jason Calacanis (01:35:31): Hold name Chamath Palihapitiya (01:35:31): is like 15 other letters. Andrew Schultz (01:35:33): Hold on. My middle name. A name that has math in it. Like, they knew what they wanted. Jason Calacanis (01:35:38): Yes. They were like, if you can if you can pronounce this, you can solve the Pythagorean So true. Yeah. This is David Friedberg (01:35:45): this is harder Chamath Palihapitiya (01:35:46): than Pythagorean an engineer. Andrew Schultz (01:35:48): This guy is so much. Jason Calacanis (01:35:50): I mean God damn. Speaker 7 (01:35:52): He's going to figure it out. You'll get us to move. Chamath Palihapitiya (01:35:54): He's going to get us Andrew Schultz (01:35:55): Let me ask Jason Calacanis (01:35:56): you question, Andrew. Is it racist if I do an Indian impersonation? Because I know I can do Italian and Irish, but can I do Indian? It's funny, bro. Andrew Schultz (01:36:03): Should don't think so. But I think it's like Jason Calacanis (01:36:04): Is it the intent? I'm just I don't even think it's Andrew Schultz (01:36:07): the intent. I think if you like if you say certain things, like, if you say, right? Rent a gift. If if you say that Beta. Like, that's like my love. Like, you know, if if you say little things that are more than just the sound, but if you Got it. Into the culture, like, to let them know, hey, I didn't learn this from the Simpsons. Like, I learned it from my buddy's family. Then I think you'll see people who are, like, Indians Sri Lankan, they'll be like, oh, He oh, he got he's got friends. He got Speaker 5 (01:36:35): he's oh, you know? Andrew Schultz (01:36:36): You know? I'm gonna I'm Jason Calacanis (01:36:38): gonna I'm gonna go ahead and until I make my movie comedian, I'm not gonna do it. I'm gonna save it to when I get my Tony Kill Tony set. Andrew Schultz (01:36:46): Yeah. Your what's your Korean ex? Can you do that? Like, can we go through Jason Calacanis (01:36:50): I can go Korean because my wife's Korean and her dad. Oh, you that. I can because my dad, my my father-in-law I I went to China. He's an industrialist. He's there. And I said, hey. Listen. I'd like to marry your daughter. And he said, okay. Two two conditions. And I said, okay. And he said, do it fast and poked me, Andrew, so hard, like a reinforced poke with his finger. Andrew Schultz (01:37:17): Yeah. Yeah. Yeah. Jason Calacanis (01:37:17): On my shoulder, get a bruise. I'm like, oh, yeah. And then he goes, and I said, what's the second thing? He says, no refunds. He says it just like that. Speaker 7 (01:37:25): And I was like, okay, okay. Like, Jason Calacanis (01:37:29): don't marry your daughter. No refunds. Do it fast. And literally had to marry her within a year because he knew, he was like, listen, he had four daughters And he's like, I gotta move inventory. Andrew Schultz (01:37:39): I love it. Jason Calacanis (01:37:40): And I was the first I married the oldest daughter. None none of the other daughters could get married until I married my wife, which was the greatest thing I ever did. Three beautiful kids. Speaker 5 (01:37:47): You know Jason Calacanis (01:37:48): how it is. And listen, good luck. You're gonna have a second and third, Schultz. I hope so, Andrew Schultz (01:37:52): man. God do Jason Calacanis (01:37:53): it. the right number. If you wanna go if you wanna do a half Elon, you can go with Chamat's plan. He's on six or seven. I'm on five. Five. Five and well, I mean, anything's possible. And then Friedberg's on four. I'm on three. I think the right number. Andrew Schultz (01:38:06): I'm gonna catch up, boys. I'm gonna catch up. Jason Calacanis (01:38:08): Alright. Listen. Continue success. Thanks for doing this. Andrew Schultz (01:38:10): Thank you so much for having me, guys. Cheers. Thanks. Speaker 6 (01:38:12): We'll let your winners ride. Jason Calacanis (01:38:16): Rain man gave it to us. I'm going home. Speaker 6 (01:38:20): And it said We open sourced it to the fans, and they've just gone crazy with it. We should all just get a room and just have one big huge orgy because they're all just useless. It's like this, like, sexual tension that they just need to release somehow. Wet