Jeff, you're bad at this. Just at least

have a talk with me. Just meet me. I

don't like you. You don't like me. So

what?

Hi everyone. This is Pivot from New York

Magazine and the Vox Media Podcast

Network. I'm Cara Swisser

>> and I'm Scott Galloway.

>> Go Seahawks.

>> You like the Seahawks?

>> I like Jod Allen, the owner. Uh sister

of Paul Allen. I know her a tiny bit.

Um, I knew Paul, her brother who died,

um, who was one of the Microsoft

founders, just really cool lady. And,

uh, I can't stand Robert Craft. I think

he's a terrible person. I, the whole cat

Cat's family was for, um, uh, the

Patriots only because they live there.

Nobody likes Robert Craft. So, I was

happy about that. I like the Seahawks.

>> Well, I'm happy you're happy. Yeah,

>> the thing that summarized how I feel

about it was the Elmo the Elmo account

said, "I hope both teams have a really

fun time." That's about how much I care

about the Super Bowl. And the other one

was Elmo said, "He's not a bad bunny.

He's a good bunny."

>> He's a good bunny.

>> That's That's how I

>> NAGA lost its [ __ ] mind. We'll get to

that. But first, let's have a little bit

of um resistant unsubscribe. How's it

going, Scott? You everywhere. You're

like, you are like the village [ __ ] as

they say.

>> No, I'm not. I'm not a [ __ ] I'm a hor

I'm a ho.

>> We have a montage of Scott everywhere.

Let's check it out.

>> Resist and unsubscribe.

>> Resist and unsubscribe.

>> Explain to me why I should unsubscribe

from Amazon Prime if you really want to

hurt or send a message to the president.

What he does listen to is the following.

If you look at the times when he has

really checked back, immediately

responded and pulled back, it's been

when one of two things has happened. The

bond market yields have spiked or the

S&P has gone down. This is when he

backed off of his plans to annex

Greenland. It's when he's backed off of

tariffs. When you go after big tech

platforms with just a small decline in

spending, this is what moves the

markets. I think the string we can pull

here is to go after the subscription

revenues of big tech that now represents

40% of the S&P. You're hitting them with

a $10,000 decrease in market cap with

just one subscription cancellation. So,

this is a chance to go after the soft

tissue of big tech whose leaders the

president appears to be listening to.

>> Soft tissue you make hard.

>> Tell me. So, tell me where we are.

>> Came out of the gate strong. We're

getting about 100,000 uniques a day. And

I asked Chat GBT if I wanted to get

100,000 uniques with no paid or what

would it cost me to drive 100,000 people

to a site?

>> Go ahead.

It was interesting. It said 100 to

200,000 for the site, but it would take

$4 to5 million. So, we're getting quote

unquote $4 to5 million in traffic to the

site with and I haven't paid a dime for

anything. Um, but it started going down

earlier in the week. So, I did some

research on the uh bus strike in

Alabama. Was it Alabama? And then the

Kimmel thing. And what it ended up was

that the study from Kellogg, which I'm

really into about the protests that are

effective versus those that aren't, is

the unsubscribed to Disney were actually

declining dramatically. But the thing

that got Disney to reverse course was a

ton of

um media that was shaming them and

creating dissent. And that the media

that impacted that was traditional

media. So, I decided on Tuesday I was

going to get on as much traditional

media as I could and I was able to do

it. And then all of a sudden, the site

visits are now back to about 100,000.

But just to do the math,

uh, a good e-commerce site gets 2 to 4%

uh, conversion. This gets more cuz these

are people just coming to the site.

People are unsubscribing two to five

platforms. So, let's call it three. So,

I'm thinking I'm getting about 10,000

unsubscribes a day or 300,000

subscribes over the course of um over

the course Anyways, I've done the math

here. I think I think I can notionally

take about a quarter of a billion

dollars of market cap out of these

companies.

>> Yeah.

>> And does that change anything? It

doesn't. But it's irritating.

>> It's a voice in the choir. And I asked

Chad GPT what it thought of the

resistance movement so far. A one is you

throw a party, no one shows up, it

damages your reputation, makes other

protests less successful. In 10 is the

president and Sam Alman are, you know,

forced to to scale back some of this

stuff. And it said right now you're at a

six. And that is people in product

management teams are probably talking

about it, but not the executives yet.

>> Oh, they are. And I thought that was

sort of a fairly honest appraisal of

where we are. But yeah, I've been all

over the place.

>> My sons know about it. Like I'm just

telling you it's got a lot more I'm

getting texts from people I haven't

heard from in a while. Um so it's

interesting. They all like it because

here's why they have it's you can do

something, right? Like I can do that.

That's easy, right? It's not easy. I

just I should do that. like it gives you

permission to do something you kind of

were going to do and it it gives you a

framework and instructions right so

that's why it's successful I think in

that regard I think you have to do some

more podcasts maybe possibly

>> maybe Joe Rogan that's where I would go

that's where you need

>> well has invited me but yeah next week

this week was traditional media this I'm

sorry last week was traditional media

this week I'll start doing

>> um those people

>> more pods and stuff like that Um, so

yeah, I need to do I was just on Pierce

Morgan and that digressed into a food

fight with some ultra-conservative guys

calling me desperate and trying to tank

the US economy because we lost the

election. But anyways, yeah, I think

you're right. I think I have to

>> not food fight people. Don't do the food

fights. Don't go on any of those. Like

>> I think you should go on like a Brett

Bear or someone like that would be

useful, but or any any of the more

reasonable people over there. Not at

hand because it's a food fight. Like you

don't need a food fight for this. Like

you need a like just let me explain it

to you. I think Ro, the von um any of

those people and they like you, right?

Go on the let them go on Mel's thing.

>> Yeah, but Mel makes you come up to

Boston. So I was invited to go on the

PBD podcast, but similar to Mel, he

makes you come to him and he's in Fort

Lauderdale, so I don't know. I should

probably make the effort. Is it on is it

on the way to Boston?

>> Oh, not that guy.

>> Well, I he is constantly wrong. If you

want to be part of the resistance, you

have to go behind enemy

>> going to do a food fight with you.

Whatever you're going to do end up doing

a stupid food fight. You need to go on

people that want to listen and will have

a normal debate with you, but no, like

you don't want to be used as a chew toy

for the right on this one. I'm sorry. It

just doesn't

>> chew toy for the right.

>> Yeah. Yeah. Tasty.

>> Um, so I don't know. Well, I'll think of

more ideas. I have some more ideas and

studs. I mean, like you'd be better off

on like a Mr. Beast or like somewhere

like something where there's more

>> Yeah. like that kind of stuff. Like just

>> but one of the one of the ground zero

CEOs called me Saturday morning and

they're so good. They're so smart.

They're just like I just want to

understand it better. How are you? What

could we do better?

>> And like I got off the phone and I'm

like maybe I should take them off the

list. I'm like oh my god it's what it's

what they do. It's what they do.

>> They start massaging your feet. That's

what they're doing. They're massaging

your feet. They're like your feet.

>> They're like, you know, we have some

disagreements, but I really respect what

you're trying to do here, Scott. I'm

like, oh my gosh. I saw the post made

you one of the 50.

>> You got to believe I was number 49.

>> Right there. But hold on.

>> Oh, they're after you. They want to Kai

Trump. Kai Trump is one of the I didn't

even know there was a Kai in the Trump

family.

>> Yeah, she's a good golfer. I guess

that's fine. Whatever.

>> It's a pretty It's a pretty random list.

>> You know what I say? You could smile

more. You could smile more.

>> No smiles in those pictures.

>> No. The reason I have $100,000 in

veneers is so I don't have to [ __ ]

smile.

>> I understand. And I was just I was just

using the lady thing. Anyway, let's get

to the Super Bowl. Anyway, I'll think of

more ideas. I'll think I'm more stunts.

More stunts. We could Let's figure out a

stunt for South by Southwest. Something

like that. Keep it going. Anyway, that's

coming up. Um,

you didn't watch the Super Bowl, right?

No.

>> No. I have almost no interest in the

Super Bowl.

>> So, did you watch any You watched the

ads on other places where they had

>> I watched some of the ads that people

sent to me.

>> Yeah. Many of them stand out. I still

like the anthropic ones, I have to say.

I thought I thought they won the day. Uh

I didn't like the one on the Jewish kid

being bullied.

>> Um

>> I didn't I don't

>> too too virtue signalally.

>> I think there are better more effective

ways to talk about the risk of

anti-semitism. I I actually don't in a

weird way. I feel like it almost

normalizes it or raises the prospect

special kind of tone that kind of thing.

>> Yeah. It's so funny what I noticed with

I don't know if you've noticed this. I

went to my kid's school when he was a

seventh grader in middle school and

there were nth graders come down the

hall and I was way behind them and I

thought, "Oh, this going to be

interesting." In the seventh grade, if I

ran into ninth graders in an

unsupervised environment, they would

pants me and throw me in the trash and

take my lunch money.

>> And instead, now they're like, "Hey,

little man." And they high-five them.

Yeah.

>> I think things have changed a lot

>> for some people

>> in school. Yeah. The ads are always fun

to watch. I don't I just could the whole

Bad Bunny thing. I'm like he's the most

popular entertainer in the world.

>> We'll get to Bad Bunny second, but my

favorite I liked I really like the

anthropic ads. I like the elf. I like

the funny ones. The elf ad there's a

whole bunch of them that were super

funny and I I prefer those. And of

course, I have to say the Lays potato

chip ad got me. Got me.

>> Oh god, I thought that was so [ __ ]

ridiculous.

>> I know. But it got me. I agree. I knew

it was

>> the family farm. We fetishized

manufacturing and farmers. The family

farm is a corporation that's bought out

all these little farmers 30 years ago.

>> And yet it got me. I I want I was like

don't don't

>> How many How many college grad girls do

you think are trying to help dad with

their family?

>> Hot too. like

>> yeah,

>> she's she's in PR for Prada dating a

hedge fund manager

>> and her father put her through Hollywood

and she's hoping she's hoping to get a

miniseries, but no, she's going to go

home to Iowa to farm with her dad

>> and wear a car heart. She had a

beautiful That car heart didn't have a

speck of [ __ ] dust on it. Did you

notice that she had a Ralph Lauren ad?

>> I know nothing to do with the family.

>> But the potato chips are delicious. Let

me just say I like a lace potato chip.

They're quite good. They're good chips.

They're They're a good chip. They're a

fine chip. Um I'm trying to think which

other one was funny. I didn't like the

really I didn't like the Emma Stone one

or the George Clooney one. They were

weird. I don't want the weird ones. I

like the funny ones like the Instacart.

I thought the elf one was funny. Um I

have I will have to say the Jesus one

was good. The Christian like Jesus

knows. I thought it was

>> Oh, those are always nice.

>> That not always. That one was well done.

>> No, the I thought the really powerful I

don't know if it's the same people. The

the Jesus wash their feet. That one

>> that you

>> remember that from a few years ago?

>> This is a different one. Yeah,

>> this is a different one.

>> Yeah,

>> that kind of reminds me and it's not

totally related, but just FYI, Donald

Trump is mentioned more times in the

Epstein Files than Jesus is mentioned in

the Bible. Just saying. Or that the word

meth is said in all eight seasons of

Breaking Bad. Yeah,

>> but anyways, not related.

>> Not related. Anyway, they were they were

pretty they were decent ads. They

weren't I wouldn't I would say the

anthropic still head and freaking

shoulders. Open had one that was

somewhat effective a little bit. I guess

I thought it was good.

>> It was solid, but not like the

anthropic. They got knocked out by

anthropic.

>> But if the thing I looked at or the only

kind of insider or the thing I found

really interesting is if you look at the

ads,

>> a quarter of them were AI.

>> Yeah.

>> Uh 15 of the 66 were AI. The last time

tech was as dominant in the Super Bowl

in advertising, there's been two times

in the last 50 years. One was in 2022

when it was called the crypto bowl and

it was Binance and FTX and look what in

that year that was the year crypto blew

up and there were a ton of bankruptcies

and then the time before that what year

Super Bowl did

it was 2000 January 2000 quarter of the

ads were froms pets.com and the like and

look what happened. So if you look at

economic history as a ratio or as the

ratio of tech ads being above a certain

amount, it implies this year is when AI

crashes.

>> Yeah. I'll tell you when I hate it was

the Mike Tyson one. I'm sorry. I just

like it was my government money. Like it

was my dollars paying for Mike Tyson who

has issues of his own to tell me to eat

an apple and that fat people are losome.

I'm sorry. That was really grotesque.

>> I've met Mike Tyson. He's a chain smoker

>> perhap. Yeah, I know. I was literally

like, "That's my [ __ ] tax dollar

telling me to eat an apple. Thanks."

That was really gross. And of course,

these Maha people are such, you know, it

was all their friends that made the ad.

And of course, Brett Ratner was the

director.

Sexual harasser was someone convicted

and brave.

>> I think that's them waving their middle

finger in our face.

>> That's my money. That's my like That's

my money. Cut it out. Don't tell me to

eat an apple. But let me just focus on

the Bad Bunny halftime show. knocked it

out of the park with a projected 108 28

million viewers. Apple was the one did

it and Rock Nation was the producer.

They they've been doing that's Jay-Z's

group has been doing a lot of the really

great Super Bowl ones. And so Jay-Z's

been in charge of picking Super Bowl

halftime for the last seven years.

They've been really good actually. Uh

Turning Point USA of course had a live

stream of an all-American show featuring

Kid Rock who looked like he was

lip-syncing. It seemed the reaction and

re-reaction to Bad Bunny Show was so

joyful and fun and it was so full of if

you wanted to go into it and look at the

layers of you know he's such an artist

like he's he's not just

>> he's the biggest artist in the world he

>> but not just that it was so full of

stuff but you could also just enjoy it

if you didn't know

>> full it was fun

>> right and there was

>> and I realized like people ask me what I

thought of the performance I'm like it's

not for me if Tom Petty or George

Michael can't be there which they can't

I don't care you know, but what I

realized is it's not for me. And it was

a brilliant move on behalf of Roger

Goodell because the NFL is investing in

the future because more than 50% for the

first time ever of people under the age

of 18 are non-white. And people

identifying people saw it as

anti-American to have Puerto Rican or

Ecuadorian flag. No, Reagan said it

best. Anyone can come to America and be

an American. And that's uniquely what

makes America America. They're so but

because they are not the culture war is

they're not winning it. Nobody wants to

watch Kid Rock. And by the way, I should

I should do a dramatic reading of Kid

Rock's lyrics is you know these people

that were they were defending including

that guy's show you want to go on.

They're like oh kid rock. I'm like

literally he talks about putting balls

in the mouth. Come put your

>> Okay. But the retort there is now do rap

stars.

>> Of course. But this wasn't Bad Bunny.

Like fine. Like so it was a bunch of

really

>> It was pretty clean. I agree. You know

who the other big winner was in the

Super Bowl was the prediction market

apps?

>> Yeah. Where did they couch download

spike last month? Uh the app recording 4

million downloads in January. That's up

from less than 2 million in December.

And not only that, it's going at you

know who it's killing? It's killing the

gambling apps. The prediction market

apps from DraftKings and FanDuel got

more people that use it the better. Um

but let me just finish up on Bunny. It

was a great show. It was very light, you

know, you had Peter Pascal as a

background a person and and and and

Cardi B and um uh a whole bunch of

people and I thought Ricky Martin was

lovely looking fantastic and Lady Gaga

was great. It was so joyful and for them

to like attack it and shows just what a

bunch of [ __ ] losers they are. I'm

sorry. They just really are. They It was

so beautiful and so life affirming and

forward thinking and it is where our

country is in a lot of ways. And all I

wanted to do is like I've been trying to

um take Spanish myself, learn Spanish.

I've got to learn Spanish so I under

could understand what he

>> It's a beautiful language. I took it for

5 years in high school. I took them to

seventh and 12th grade. I can barely

order at a Mexican restaurant.

>> Me too. And I've been try I've gotten

one of those apps and I keep coming on

and off of it. I have to learn. This is

the year I learned Spanish. This is the

year.

>> But but what I try to do is I try to

take economic trends away from the Super

Bowl, specifically the advertising. And

the two trends are the following. one,

it looks like this is the year that AI

might crash because there's so much

cheap capital going going into it visa v

the Super Bowl. And the second thing is

there's been a huge transfer in economic

value or market capitalization from the

gaming apps to the prediction apps. In

just the last 3 months, the earnings per

share estimates for Flutter

Entertainment, which is the gaming or

the gambling apps, has been cut in half.

And DraftKings earnings estimates are

also down 29%. The biggest apps were the

gambling apps and now the speculation

markets are taking their are eating

their lunch.

>> Absolutely. And as you noted the NFL

made a great choice here in terms of how

it handles that really smart and the

beautiful visual of San Francisco on the

front which was I'm sorry to tell you

was a rainbow flag kids but um also good

for San Francisco looking great. All

these people are like what were they

talking about looking great? San

Francisco's on the upswing and uh I have

to say um

>> oh it was great for it was great for

your city. It was like Chamber of

Commerce.

>> I The only time I turned it on was late

at night. It was like 11:30 and it or it

started and it was this immediately this

beautiful vista of the Golden Gate

Bridge around around the golden hour.

>> Yeah.

>> And you're just like, wow. Occasionally

there's a moment where you're in

California and you're like, why did I

leave?

>> All the time.

>> Why did I leave again?

>> Exactly. every [ __ ] day of the week

and twice on Sundays when I wake up

>> the fog comes in over the Golden Gate

cleans all this [ __ ] out of the air

>> and then it's crystal clear and sharp

and I mean it is

>> every morning I wake up Scott I weep

Louis moving there just so you know my

son is will be moving to San Francisco

and working for someone who's in

politics there but I'm so jealous of him

anyway he's living in our in the

>> Elmo says bad bunny's a good bunny

>> let's move on to the to speaking of

crypto while The Dow hit a milestone

high of 50,000 last week. Crypto has

been heading the other way into a crypto

winter again. Bitcoin has just had its

worst weekly decline in more than 3

years, down roughly 45% from its

all-time high last October. The downturn

is being blamed on a few things.

Volatility in other markets, terror

fears, uncertainty around Fed chair

nominee Kevin Morris. I don't know about

that. The ongoing decline has been

brutal for some of crypto's biggest

champions. Michael Sailor Strategy Inc.

I know you're an admire just reported a

$12.4 4 billion quarterly loss. Wow. But

don't expect a Bitcoin bailout. Treasury

Secretary Scott Besson said

congressional hearing last week that he

has no authority to do that. Um, of

course, Trump was crypto president. Nice

job, David Saxs, by the way. Um, what do

he They got what they wanted, the crypto

people from Trump. Everything they

wanted. Um, they got rid of uh the Gary

Gensler. They got rid of Sharon Brown.

They got rid of critics. Uh, what do you

think? What's happening here? Well,

first off, I should just point out that

I am easily the worst crypto investor in

history.

>> Yes, because you just

>> I finally threw in the towel and I

bought some shares in a Bitcoin treasury

company. I bought it at 14 and within 45

days I sold it at $4.50.

>> Oh, nice. Well done. Well done.

>> Yeah, well done. Uh, look, Coin Market

Cap's crypto and fear greed index is now

at a nine, indicating extreme fear. This

is the highest reading in the index's

nearly three years of existence. Bitcoin

bit Bitcoin's basically been cut in half

since its high and investors

um had $2 and half billion dollars of

Bitcoin liquidated in just one day

alone. Even after Friday,

>> Bitcoin Bitcoin and then the others have

gone down 90 like the Melania coin the

other coins. Yeah,

>> coins. Even after Friday's rebound,

Bitcoin is down 43% from its pe from its

peak. And then the and the stocks

related to Bitcoin per year comments

have been hammered. Micro Strategy is

down nearly 70% from its peak last

summer and down 15% this year. Coinbase

is down 60% from its summer peak, down

30% this year. And Tom Lee's Bitine is

down 85% from its peak and 34% this

year. Crypto volatility is currently

about 8x higher than that of the S&P

500. But what I would say is the

following. And I don't get this market.

I I I I I respect that Bitcoin has

established itself as a tangible asset

because of scarcity value, because of

its technology. I think the rest is pure

speculation. But what typically has

happened over the last decade is when

Bitcoin has these drawdowns and there's

all this fear over the last 10 years

when we look back those have been buying

opportunities.

So I don't I mean I I always like to

talk about what I'm thinking of doing.

If Bitcoin keeps getting hammered, I

actually might buy a little bit. Not

because I believe in crypto, but because

I like diversification

and I do think this market is incredibly

volatile. I do think Bitcoin has

established itself as a legitimate asset

class. But there's just what's unusual

is typically Bitcoin is meant to be it

should benefit from a weak dollar in

inflation and it's not.

>> Yeah.

>> And it should it ends up that it's not

the default contraindicator of a

weakening dollar. silver, gold, that

kind of stuff.

>> We'll see. At the end of the day, the

crypto is really, it's not investing. It

is speculation. I I would argue that a

little bit of money, one to 3% of your

portfolio in Bitcoin may not be a bad

idea, but like I said, I am

not the other shitcoin.

>> I would not do any of the others. The

others to me are just greater full

theory come to life.

>> Yeah, you sucker. I call them sucker

coins. They're really

>> You have to watch it every day and all

that. It can take a real you volatility

is fine. If you're willing to endure

volatility, it means you'll get greater

returns. But what you want to do is you

want to diversify across multiple

volatile asset classes such that your

mental health is somewhat protected. You

know, you just one of the reasons I like

owning real estate is I don't have a

scorecard every day. And also, if you're

looking at your phone too much, and

you're really good at this, if you're

looking at your phone too much because

you're checking your stocks all the

time, a that's a hit to your human

capital, and B, you don't want to be you

never want to go all in on one thing

because the markets trump individual

dynamics. And if you bought $10,000

worth of Amazon in 1999, it was worth

$400 by two by the end of 2000.

>> And that takes a huge emotional toll on

you.

>> It does. So what you want to do is you

want to be you want to be diversified

and you want to be in good good ETFs,

good indexes and then put them away and

not look at them and think of them as

things you want to hone for five or 10

years. Look at them once a quarter if

you can.

>> I don't look at all

>> but you know

>> yeah I I think your approach to

investing is actually the right approach

to inve

when when Saul is going to be able to

drink he'll be 21. Alex will be 37. I'll

be 10 [ __ ] 12. So it doesn't really

matter to save for retirement.

>> It doesn't

>> doesn't matter.

>> You don't you don't even buy green

bananas anymore.

>> I All I need is money to put me in a

home and have nice nurses. That's all I

and I I can swing that with what I've

got. Even if I lost a lot,

>> I'll be pushing you around.

>> Oh, no. Wrong. I'll be push way.

>> And I'll hire really hot nurses.

>> Yes. And I

>> I'll manage that. I'll manage that side

of your life.

>> I'll manage them for you. What are you

talking about? I'm like, "Yes, he's a

little handsy, but just like put up with

it, you know, give him an extra tip."

>> A little handsy.

>> Little handsy.

>> Handsyish.

>> Just slap him. Just

>> handsyish. I told you.

>> Yeah.

>> I already have my my nurse picked out. A

guy named Manuel, very big with very

well moisturized hands.

>> I'll have some men there that manhandle

you. Anyway, let's go on a quick break.

When we come back, Amazon spending spree

and what Jeff Bezos is saying about the

Washington Post's future. All stupid

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Scott, we're back. Amazon's spending

plans are making waves on Wall Street

after the company signal massive

capbacks ramp up. Amazon said it expects

to spend about $200 billion dollars in

2026. Nearly a 60% increase from last

year. Uh CEO Andy Jasse justified the

spending by sending strong demand for

AI, robotics, chips, and satellites

makes sense for their business in a lot

of ways. The announcement appears to

spook investors though, sending stock

down 10% and wiping $1 133 billion off

of Amazon's market cap. What a massive

amount. Um let's talk about this. Um

they are at the same time there the the

the the suckupery that Jeff Bezos has

been doing. Uh and Andy Jasse too for

Trump is reaping benefits under Trump's

new tax on the company's corporate tax

bill fell to about $1.2 billion last

year down from $9 billion the year

before even though profits uh jumped

roughly 45%. So what Scott says is

corporate taxes just like this has been

a boon for Trump has been a boon for

these people. Um, so talk a little bit

about these spending because you know

they they they need to spend in

robotics. They obviously need AI to go

with the robotics and chips and of

course satellites delivery. They they

have such an unusual business that it's

both analog and and and advertising and

where they market things. It seems like

a company that should be spending here.

But your thoughts? Well, the problem

with or one of the things that makes our

economy so fragile is there's just a

small number of companies that can make

the can allocate this sort of capital.

And this week and last, Amazon, Google,

Meta, and Microsoft unveiled plans to

spend a combined 660 billion on AI

buildout this year. That's a 60%

increase from last year. Apple is the

only big tech company whose capex

decreased from last year. And the and

the sheer magnitude is just shocking.

That's three times the global R&D of the

pharmaceutical industry. So we're now

spending more on data centers and chips.

We're spending triple what we're

spending on trying to research

treatments for cancer and diabetes. It's

more they're spending more than it cost

to build the US interstate highway

system. We're spending more those those

four companies are going to spend more

than we spent on the Apollo moon program

and the International Space Station

combined. And it's the equivalent of

spending about $2 billion a day on AI.

And but what I think you're looking for

if I look at the stocks that are

responding to the market positively

versus negatively, it's okay. A big eye

is really impressive because it

separates you from the rest. Like

Snap can't spend billions of dollars to

increase the AI targeting of its ad of

its ad stack. Most companies just can't

spend that kind of money. But the

companies the company that's really done

well here is a company that not only has

the huge eye, huge capex, but also is

right away showing that they can garner

the return that justifies that eye. And

that company is Meta. Meta is showing uh

increased click-through, increased

advertising, increase ARPO, and it's

saying this is working for us, so we're

going to outspend every other media

company in the world. maybe with the

exception of Alphabet, but these types

of investment, there's just no getting

around them. They're absolutely

staggering. I can't figure out if it's

good or bad. I guess it's I'm hoping it

results in a lot of occasion.

>> You imagine lots of their business does

need this kind of stuff. Like you're

thinking, speaking of advertising, they

do a lot of it in marketing, right? So,

they have to understand what's effective

to to bring up for people when they

search on Amazon. um their their their

logistics of of their their their

various centers where they the

fulfillment centers, the robotics, it

seemed like a lot of this stuff does

lend itself to AI being more efficient

in that or giving them efficient

instructions. It's it would I would

imagine their business lends itself to

this. And you're right, they're the only

ones that can spend this much. Um and

then once it's spent, nobody can catch

them ever, ever, ever. It's just going

to have very weird second order effects

because if you look at where the money

is being spent, if you look at data

centers, most of them could have their

lights off during the day. They a huge

data center that costs hundreds of

millions to build employs what a Chili's

employs. And so obviously a huge burst

in vocational skills, but then what

happens there's no really ongoing

employment here. And what what I look at

is all right if you think about

I mean people say is AI going to affect

me and my standard line has been AI is

not going to take your job someone who

understands AI is going to take your job

and what you need to think about is is

AI complimentary to what I'm doing or is

it a substitute and Justin Wolfers the

economist from Michigan pointed this out

if you think about sec my mother was a

secretary she would be out of work right

now because AI came along and word

processors at the same time everyone

thought ATMs was going to put bank

tellers out of business. There are now

more bank tellers than there were preat

ATM because what they said is let's use

technology to upskill you so you can

give people mortgages, figure out their

financial planning. So just as at a

ground level, it's like okay, how do I

use AI as a weapon as opposed to being

on the wrong end of the weapon? But this

is the economic reshaping here is just

is staggering. But I do think we're at

that point now with all great

technologies that end up going on to be

hugely important that this is um I think

we're overdue for a correction. And the

technology I keep coming at I'm about to

buy stock is Nova Nordis just hit a like

a 5-year low. Nova Nordisk actually

rebounded yesterday, but Nova Nordis the

maker of I think it's I forget which one

it is or Regoi. And I'm I always tell

people the most important technology is

not AI, it's GLP1. and talk to somebody

who loves AI and uses it.

>> There's an ad for it. No, Serena

Williams really did Super Bowl by the

way.

>> Well, talk to anyone who use someone who

uses a lot of AI at their work, really

enjoys it, gets a lot of use out of it,

and then but that person is also on

GLP1,

ask them what's having a more profound

impact on their life.

>> Yeah.

>> Can you do a short rant about the

corporate taxes and the benefits of

being in the Trump administration for

these companies by sucking up? Unless

you don't want to.

Well, look, as a percentage of GDP,

corporate taxes have never been lower.

And as a percentage

of uh uh uh GDP, wages have never been

lower. And as a percentage of profits,

corporate profits have never been a

higher percentage of the SM of GDP. In

some, there's always a healthy tension

between capital and labor. But basically

what you have with AI, shareholders love

AI because what you're seeing across all

of these companies is margin expansion

but no incremental increase in

employment

>> and then lower taxes.

>> That's great for shareholders. And then

the lower tax argument is basically the

strategy for the last 40 years and the

Republicans. If we just lower taxes,

it'll trickle down. All it's doing is

just pushing back debt on young people.

But if you just look at the balance, if

you just assume at some point we have to

pay for our navy and our parks and for

food stamps, the question is, well, who

pays?

>> Yeah. I can't believe they went from 9

billion to 1.2 billion. That is a

savings.

That is a Oh god, I wish

>> this repeat that car.

>> Amazon's under the Trump's new tax law,

the companies, this is Amazon's

corporate tax bill fell to 1.2

>> automatic expensing. Yeah.

>> Yeah.

>> Yeah.

>> 45%. It's really the tax code has gone

from 400 pages to 4,000 and the 3600

pages one by one kind of [ __ ] the

middle class. And it wasn't these aren't

malicious people say let's [ __ ] the

middle class. What they are is really

talented people on behalf of lobbies

like Amazon that says let's figure out a

way to expense all capital expenditure

in year one.

>> But it's Trump's new tax law. It's it's

even more advantageous to them. This is

this is what this was always the game

folks is them getting more for

themselves. It really was with Trump. I

some of them don't like them, some of

them do.

>> This has been happening across

Democratic and Republican

administrations.

>> Agreed. But this new tax law is 1.2 from

nine billion. That's quite a lovely

>> I I agree with you and two things can be

true at once. Biden, for all the talk

about progressive policies and the need

to reduce the deficit,

>> fix it.

>> Taxes on corporations went down.

>> Yep.

>> During the Biden administration, so

here's the bottom line. And the only way

you get reelected, which must include

reservations and [ __ ] because these

people cling to power like an African

dictator. So that was both offensive and

a hate crime and racist. But these

people have decided that they will do

anything to stay in office. And the way

they stay in office is with a thoughtful

lobbyist who says, "Oh, just implement

this one little tax change called 122

where entrepreneurs and VCs get their

first 10 million out." And

incrementally, what we have done is

lower taxes on the 0.1% in corporations.

And we haven't raised taxes on the

middle or low income. That's a myth.

What we've done is we've raised taxes on

future generations with $7 trillion in

spending on $5 trillion in receipts. So

the people who've had their taxes

increased the most are a 55year-old who

is now 25. Because we have the full

faith in credit to borrow that money.

That full faith in credit and that

borrowing power will go away. And at

some point someone's going to have to

pay the piper either through massive

inflation or revolution or much higher

taxes.

>> Yep. Absolutely. Yes. kissing up works.

But um speaking of kissing up, Jeff

Bezos is finally speaking about the

future of the Washington Post following

last week's layoffs. He said in a

statement the Post had an essential

journalistic mission and an

extraordinary opportunity. Bezos added

that readers provided a roadmap to

success and that data tells us what his

value to focus well data. They all left

after he did any number of things. The

Bezos statement came shortly after Post

CEO and publisher Will Lewis announced

his exit from the paper. I think I think

it was exited from the paper. Uh

allegedly uh post CFO Jeff Donof Frio I

met him when he was at one of the tech

companies was CFO at is stepping in as

acting CEO. Um what a big I'm going to

comment on this data tells us what is

value. You're kidding. No [ __ ]

Sherlock. At the same time, you have to

create products that doesn't necessarily

follow data. You have to use both data

and creativity to create a journalistic

product. I mean, anyone would tell you

don't get together with Scott Galloway

data speaking. And of course, it worked

out beautifully. You have to have lots

and lots of things that go into media.

Jeff Bezos has made a number of errors

recently over the last two years. And

that's the reason people have fled in

droves from the Post as other places are

doing much better in New York Times,

Wall Street Journal, the numbers are up.

Um, lots of really interesting

independent media companies. It's not

true that he couldn't do something

better here. And of course, he's never

blamed himself for this [ __ ] Will

Lewis good riddens has been terrible.

Bezos didn't. Bezos again did not step

in and deal with this guy when he was

very clearly [ __ ] up. So that's my

thoughts. You don't have to have any,

but you can.

>> Well, what I don't get is, and maybe

you've done some reporting here, we have

this ideas about putting together a new

group. The bottom line is it's subscale.

Why wouldn't the New York Times or even

>> Bloomberg,

>> the Wall Street Journal take this on and

starch out some of the overhead costs,

but take that traffic and a great brand

and try and do something with it?

>> They could. They could. They could. I

would think Bloomberg is always sort of

the one.

>> Oh, Bloomberg, that's a great one.

>> Bloomberg to me would be the most, but

he's, you know, he's getting on. I mean,

I hate to say it. A younger Bloomberg

certainly.

>> Um, that's that's always that was one of

the possible buyers way back when when

they were trying to keep it out of

Rupert Murdoch's hands. Um, but you're

right. The the the Wall Street Journal

would be interesting. The um but why why

I mean I could let's I'll call Meredith

Leban and ask her and she probably just

go what do I need that for?

>> Yeah. Why do I need that headache?

>> What do I need that headache?

>> Yeah, but they take

>> They've got a great They've got a great

Washington firm. They What do they get?

What are they getting? Nothing.

>> Well, I'm just gonna be very I'll I'll

tell you how this would work. They would

go in, they'd buy the brand, they'd buy

the subscription, they'd pick their 40

or 60% most talented

uh journalists,

>> most of whom they'd hired, but go ahead.

>> They they'd clear out the admin, the

sales teams. I mean, the bottom line is

print journalism or whatever you want to

call this type of journalism is in

structural decline.

>> Y

>> and it requires and everyone wants to

talk about reinvention. Sure, you have

to invest innovation, but more than

anything, it requires consolidation and

cost cutting. Yeah.

>> And the Washington Post, but I mean, why

wouldn't I would just think that the

Washington Post would be an outstanding

Washington bureau

>> and they've built a lot of credibility.

They have a big they have a decent

subscriber base, but they don't have the

techn. It's not a decent it was until

this past year. It's it's cratered

because of decisions Jeff Bezos has

made, direct decisions by Jeff Bezos.

I've heard their traffic their their

website traffic is off by nearly a half

in the last three years.

>> Anyway, um it's it's

>> but you're buying you're buying a great

brand, a vehicle is how I look at it,

>> right? But but what you have to do is I

mean to a certain I hate to say this,

it's almost it's a perfect candidate for

a prepackaged bankruptcy. And that is

you declare bankruptcy. You clear out

all the obligations including probably

of an overpriced headquarters, all the

obligations they have and you say,

"Okay, 30% of you are keeping your job

and that's it." I mean, this is no

solution here is elegant that's going to

paint a brave new everyone's hoping. If

there's some guy who comes in and

thinks, you know what, I got five or six

billion dollars. I'll waste a billion

over the next 10 or 20 years. Fine. I

don't know if that person It's like they

say in therapy, no one's coming to save

you.

>> Yeah.

>> But I don't I I

>> It is a great brand. There's It's a

great brand and there's a lot you could

do with it that's different and that

that if if you had some of the breathing

room, but you got this mealsome owner

who every time he meddles does something

stupid. He hires

>> Do you think he's medalsome? I

>> I do. I think he is. I think he's he he

meddled in the Kamla thing. It was him.

He meddled in um all manner of things

here. He's meddled in a lot of stuff.

And you know what? Let me just tell you,

Jeff Bezos, let me speak to you

directly. You are an astonishing

entrepreneur. You did amazing things

with Amazon. You went left when everyone

went right. Everyone didn't believe you.

You really know how to run an e-commerce

company and you're okay at space. I

think it's a little bit more of a luxury

for you, but whatever. Go for it. I

don't care if you spend your money

there. But you don't know squat about

media at all. And to to act like you're

an expert in this is really exhausting

and you're not. You suck at it. You

should get out of it and you're just not

good at it. I don't know why we listen

to you for 5 seconds on this topic.

There's lots of smart people who know

about this. You should put the put it in

their hands or just sell it. Just sell

it. You don't

>> The problem is

>> by Vogue, Jeff. Go ahead. Sorry.

>> Yeah. Go. Bye-bye. The problem is

whoever buys this is inheriting an

unsustainable cost structure.

>> Yes.

>> And everywhere. So, it's either a

prepackaged bankruptcy or you say to the

current owner,

>> look, you're going to have to do the

hard work and clear out a lot of the

costs here,

>> which he may be doing.

>> You probably have to bolt it on to

another infrastructure, whether it's

Bloomberg or the NT or the Wall Street

Journal,

>> but if a bunch of people get jonesed up

into raising money and finding people

and try and reinvigorate the thing,

>> you're basically going to create, you

know, it's trying to bring Frankenstein

back for a second time.

>> Well, I would agree. There's a lot of

people who contact me and they get

disappointed because I go well that's

not econom like let we need this. One of

the things that the reporters do is

they're like we have need this for

democracy. I agree with that but you

still have to run a business. Like I I

say that I'm like don't make that the

argument. It's of course the arg it's

the it's the unders. The press is very

important for the future. It's always

been and uh it's part of the many things

that are that help our our democracy

thrive. And that's not the argument you

have to create. It's I always say I said

it to someone I think they were

disappointed because they wanted me to

be like let us grab like Jon of Arc. I

was like it's called the news business.

You got to make a business out of it and

you got to figure it out and get the

costs in line. And what I think has

happened here is you know it's been so

um distant and mealsome at the same

time. It's Will Lewis was incompetent

and mealsome at the same time and kind

of cruel not to say anything while you

did it. I mean, how, as you say, how you

leave is how you how you be like, how

you leave is critically important. And

him showing up all ragged look at the

NFL parties while he was laying off

people just not a good look. It's just

not a good it's not respectful. And

these people have worked hard, a lot of

them, and so most of them actually. And

that's the I don't know. I I don't know.

You're right. It has to something

something fresh SM but to me it's a

great vehicle for somebody for including

I have some ideas but you know it's a

great vehicle and it's still not a dead

brand. That's my feeling. It's not. But

>> look, I I I'm I'm more

I'm I'm just um people will say that

this is another example of how democracy

dies of the Washington Post dies. And

this is the bottom line without

>> there's a ton and a lot of these people

will end up at places there's a ton of

sharp critical anti-establishment new

media brands. The Intercept, Democracy

Now.

>> Yeah. Jacobin, Chapo Trap House,

Citations Needed, Navaro Media, uh, The

Bull Work, True Anan,

>> a lot of them are doing original

reporting, but go ahead. Yes, go ahead.

>> Well, that's that's the correct point,

and that is there is no or little

economic viability

in hardhitting

investigative journalism, especially at

the local level. the amount of grift and

corruption and like name your local

state, you know, capital because there

aren't any reporters covering any of

this [ __ ] But the notion somehow that

we're not going to have any, you know,

really thoughtful, interesting, you

know, progressive media if the

Washington Post goes away. No, all of

those people will go to smaller cool

little media firms that are doing a

great job and quite frankly have figured

out a way to be more economically viable

at

>> total cash flow positive apparently.

Does the Does the Atlantic do well?

>> Yes.

>> Very smart. Nick Thompson, Lorine is a

great owner. Jeff Goldberg and very

tough. They're making products people

want. Like it's not This is the thing.

We'll stop talking about this thing.

Jeff, you're bad at this. Just at least

have a talk with me. Just meet me. I

don't like you. You don't like me. So

what? Big deal. I'd love to have a talk.

I know you're a smart person. Um, but

you really need to do something else and

not sell it to a hedge fund or the wrong

owners. Just do the right thing. Just

for the last for the last time, do the

right thing.

>> I don't know. I can't handle the

Atlantic. Every headline feels like it

was written by someone who's

disappointed in you but still wants to

be invited to your wedding.

>> They've done some amazing reporting.

It's not true. They've done You don't

read it enough. You just read headlines.

>> The Atlantic doesn't do hot takes. It

does foreplay for a conclusion you

already disagree with.

>> God, it does not.

It's the only one that also has concern.

Sometimes I call bad Atlantic and good

Atlantic. Sometimes they do the most

irritating things. So you would like it.

They're contrarian.

>> I think the Atlantic is what happens

when someone at the bar who's like a

woke person that's not that attractive

makes eye contact with you.

>> No. No. It's doing great. It's doing

great. Anyway, let's go on a quick

break. When we come back, the latest

media merger gets Trump's seal of

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distributor.

Scott, we're back with more news. This

is an interesting Speaking of media

stuff. This um President Trump is now

endorsing NextStar Media's takeover $6

billion acquisition of Tegna, saying it

will help knock out the fake news

because there'll be more competition.

These are two giant local firms. Back in

November, Trump seemed to be opposed to

the deal, writing on True Social, no

expansion of the fake news networks. No,

I guess they they sucked up to because

of Jimmy Kimmel. Everything else Nextar

owns or partners with over 200 stations

with the addition of Tegnet would cover

roughly 80% of the company country.

Excuse me. I would call that a monopoly.

Uh the FCC uh currently prohibits

companies from owning broadcast stations

that reach over 39% of US sold. So

that's double. So Trump obviously

shifted because I don't know is there

donation somewhere something else? I

don't know. But it's it's a massive it

they're allowing this merger and then

opposing the Netflix one. It is it's

it's so ridiculously hypocritical. Every

time they turn around they they like one

thing but not the other. Any thoughts on

this Tegna Nextstar thing?

>> Yeah, but the Atlantic is like the

person that ruins brunch by asking about

the long-term implication of eggs.

>> Okay, move.

They're doing great without your without

your insults. What? Tell me. Every

Atlantic journalist thinks that sex is a

phase you'll outgrow.

>> Okay, let's move along. Next star,

Tegna, much more significant.

>> I I've you and I are both talking to

Democratic candidates for president and

one of my one of the platforms I think

they should adopt

>> is um trustbusting.

You you we need to go the other way. We

need if you want to bring prices down,

you you can't have three chicken

companies. You can't have three

pharmaceutical companies. You can't have

four streaming media platforms. You

can't have one search engine. You need

to break all of these guys up. We need

to go the other way. And we need to

separate the whole point. I mean, let's

Can we talk about Ted Sarando's

congressional testimony because I think

it's related.

>> Sure.

>> You had some coin operated Republicans

who are being funded by the Ellison's.

>> Yeah. try to say

>> Scott particularly recently has been

>> try to say I'm worried about Netflix

claiming that 50% of Netflix children's

programming is LGBTQ content.

>> Yeah.

>> And and just so you know

>> they never cared about antitrust.

>> Media companies are allowed to have a

viewpoint.

>> Fox has a viewpoint. It has a bias.

>> CNN has a viewpoint. It has a bias.

Netflix, as far as I can tell, is the

most apolitical of all of them.

>> Agreed. They really do. The way it works

in a capitalist society is the person

with the biggest check shows up and then

it goes under regulatory review around

whether the concentration of power will

ultimately be bad for consumers. It has

nothing to [ __ ] do with how much

LGBTQ content you think incorrectly has

been incorporated into kids content. And

to see all of a sudden these Republican

lawmakers start talking about media bias

and free speech, it's just insane. It's

like, okay, how much money are you

getting from the Ellisons who don't want

to do what you do in a capitalist

society and just pay more for the prize

you want? So, this politicization or

weapon is a the Trump should have

nothing to do with any of this. He

should be Oh, well, as far as I

understand, highest bidder wins and I

appointed the FTC and the DOJ to do a

review.

>> Yeah,

>> that's it.

>> Even the shifted he shifted. He shifts

on everything depending on who gives him

money. But that's, you know,

>> Yeah. So, I don't I hope that and by the

way, I've said and I talked to Ted

Sandos over the weekend. I've said I

hope neither of them get it. I think

there's too much concentration of power

here. I don't think I don't think one

man should control Tik Tok, CBS News,

and CNN. And I also don't think Ted

should control what is kind of I call it

the Walmart of content with Netflix and

the LVMH, HBO. I'm like ultimately

that'll give you too much pricing power.

It'll be good for shareholders. So, I

would, if I were on your board, I would

tell you to do exactly what you're

doing. But we don't need one man owning

Tik Tok, CBS, and uh CNN, and we don't

need one person owning HBO, and

>> it's not one I mean, Ted is not the

Ellison. The Ellison are own

>> Well, one company, but they'll all be

focused on

>> you. You get my meaning here.

>> I get it. Except that the Ellison's have

promised to change of of all the people

that are actually trying to change it.

The Ellison have promised Trump they'll

make CNN.

>> Netflix is the least political. Correct.

Their bias is more subscribers and

shareholder value. That's what their

bias is.

>> The Ellison seem to have more of a

>> quote unquote political scale.

>> Yeah. Yeah. More of a political bias.

Although at some point they're going to

have to be what I don't get. You know

what they've really missed and I told

Ted this on Saturday and he's just not

like this cuz he's too much of kind of

like a gentleman farmer. It if if

Netflix wanted to go gangster, they'd do

the following. They'd get every single

labor union in Hollywood to recognize

one fact. If Netflix takes over, let's

assume one of them gets it. If Netflix

takes over uh Time Warner, I think

employment will be flat, maybe to a

little bit down. If the Ellison's get

this thing at the price they're going to

have to pay for it, and they're kind of

ground zero for AI, do you know what's

going to happen to the the employees at

these companies?

>> Yes, I do. Dad is going to say, "All

right, we've got to figure out a way to

justify this cost. By the way, I am huge

into compute and inference and I'm

buddies with Sam Alman. I have no love

for Brian Cranston or these directors or

these precious screenwriters or script

writers at Spongebob Squarepants. How

can we use AI to take out which they've

talked about 80%

>> that is their big calling card even

though

hey writers grilled hey uh AFTA and SAG

do you realize the literally the ass

[ __ ] and not the good kind you are

about to get if the Ellison's and AI

have to justify the the price that Zazz

has been able to get.

>> Larry's numbers are off rather

significantly too. He's lost billions

and billions. He's way down. I mean, he

doesn't have the extra money to spend.

So, they're really going to cut. They're

really going to because this is a

ridiculous

extravagance for them. This is an

extravagance. This is a yacht that

they're buying. Um, I would agree. But

on that topic, the FCC under, you know,

village idiot Brendan Carr has launched

a probe into the view. The FCC is

investigating whether the show broke

equal time rules for interviewing

political candidates after the show

interviewed Democratic Texas Senate

candidate James Telerico. Uh, I I think

what the view should do is invite

Brendan Carr on and have them eat him,

all those ladies, cuz they would take

him apart bit by bit. Another thing

that's stupid. Like just stupid. Like

what are you doing? This is not making

the airwaves safer for anybody or better

or more fair. This is just you playing

politics for your next job, you dumbass.

All right, that's all I have to say

about branding car. Your thoughts?

>> We need an FDC and a DOJ that do their

job.

>> FCC, but go ahead. Yeah.

>> Well, okay. whatever the same above. I

these aren't supposed to be weapons of

enriching the president and his allies.

>> Yep.

>> This is all the same. This is all cut

from, you know, the same cloth here.

These are supposed to be independent

agencies. They think about the consumer.

Also think about shareholder value. Also

think about the health of US markets.

But again, it's the boring [ __ ] nobody

wants to talk about. The our markets

have become way too consolidated. And

the result is they have way too much

pro. We, you know, we have, we have two

good schools in every major city. We

need five. They need to be competing

with I just went through this early

admissions [ __ ] They quote unquote

take the admissions rate from 9% to 14%.

So, we all go early admissions. Do you

know what that means?

>> What?

>> I'm sorry. Early decision.

>> It means if you get in, you have to go.

What What do you think happens if you

The deal is the following. And this

happened with my son. You pick one

school, they they tempt you with a

higher admissions rate. If you get in,

you have to immediately withdraw all

applications from every other

university. What does that do? It gives

you no pricing power. You can't ask for

financial aid. You can't ask for a

scholarship. So, what do they get to do?

They get to increase their prices faster

than inflation, which education has

done. And by the way, the agency that

provides accreditation such that you can

get debt from the government, low

interest debt to pay for your student

loans, has not admitted almost any new

universities. So, in every major city,

there are two great schools and that's

it. That's it.

>> Did the Galloways just get the bill for

school? I just think

>> Jesus Christ.

>> I know. I know. I'm almost

>> It's lucky I'm a rich man. I sat my son

down yesterday.

>> I'm on my last couple couple of

>> I want to give you a lesson in tuition

and what it means to pay for tuition and

post tax dollars and how much this meal

plan is going to cost you and just how

ridiculously blessed you are. By the

way, be [ __ ] nicer to your mother

after I go through these numbers with

you.

>> It is. Do you realize

>> the gall?

>> When you think about the means of

getting ahead and the means of

establishing a family and saving, you

think about education, you think about

housing. And what has my generation

done? They have purposely created

scarcity such that the houses and the

degrees we already own skyrocket in

value, which is absolutely [ __ ] young

people. How on earth does any middle

class family send a good but not

freakishly remarkable kid to college

these days? How does that happen? And

then you know one of the reason you know

one of the reasons why these gambling

sites are booming and gaming is booming

because if you're not saving for a

house, you're more inclined to buy

crypto or do stupid [ __ ] with your money

and you're less inclined to stay in a

relationship or taking a risk on a

relationship because you're not saving

for a house or building anything.

>> Yes indeed. Yes indeed. I did do a 529

many many years ago for the boys and I

was very aggressive and I was glad I

was. The stock market did well and was

able to pay for their college using

that. But I have to say it's not I know

sometimes those 529s aren't the way to

go but that's what I did and it worked

out for me. But God

>> I got the tuition my this I'm like I

said to my son I'm like this is a state

school. Wait, hold on. What's going on

here? This is a state school.

>> I know you haven't even gotten food and

living.

>> Oh my god.

>> I know. I know. Welcome. You know what?

I'm going to go down there with you when

you go visit him.

>> Oh, we're going to have so much fun.

>> So much fun.

>> We're going to the UVA We're going to go

to the UVA Cal game. It's going to be

amazing.

>> I'm coming down there. I love UVA.

>> Oh, it's going to be a ton of fun. Um

>> he's already told me I told him last

night I'm coming down to the UVA Cal

game. You know what he said? No.

>> Like, oh, that's going to be funny. He's

like, I don't know if I can get you

tickets to the football game. I don't

know.

>> Doesn't matter. We just want to come

down. We ride horses.

>> Something tells me I'm going to I'm

going to figure out a way to get my own

ticket. He's already making excuses.

He's already envisioning me embarrassing

him in front of his friends. He's

already trying to discourage me from

coming to a football game next seme or

in fall. Yeah. Anyways, we're going

down.

>> All right, we're going. Scott and I are

riding our horses down there. All right,

one more quick break. We'll be back for

wins and fails.

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Okay, Scott, let's hear some wins and

fails. I think I'll go first. My fail as

always, Elon seems to be abandoning his

plans to go to Mars. He posted over the

weekend that SpaceX has shifted his

priorities to build a self-growing city

on the moon in order to get to Mars so

that we can save the human race. This

guy changes his tune so much. It's just

like, oh my god, when are you gonna stop

believing this nonsense? He's done an

amazing job with the things he's had

here on Earth, but not not compared to

the lies he tells about what he's going

to be doing in the future. But he's

going to the moon, folks. So, that's

what he's doing. Again, sounds good. He

should go. I think it's a great idea.

More Elon Off the Planet, the better.

Sounds great. My win is I got Scott

Galloway to watch Heiden Rivalry.

How'd you like it, Scott?

I did it on edibles when I was jetlagged

and I am rethinking everything, Cara.

I'm absolutely rethinking everything. I

I thought it was I thought it was

wonderful. I really um it's just really

well done and I think it's important.

I think young people need to have more

sex and I think

>> there's a lot of sex in it.

>> Oh my god, crazy sex.

>> Um

>> well, sex is their way to get to

intimacy. You do see that, right? That's

how they

>> Well, dudes use sex for intimacy. Women

use intimacy for No, wait. Women use sex

for intimacy. Men's use intimacy. I did

some of it kind of shocked me and like I

immediately had to go to that lesbian

series just to get my mojo back.

>> Yeah, a little bit. Little bit. Um,

>> I'll tell you interesting. I interviewed

the creators. You should go with that.

They're Canadian, right?

>> The Canadians. Yeah. Yeah.

>> Yeah. I want to do an erotic drama about

the behind thescenes going on of the

world's best bad mitten team.

>> That's what everyone's saying. Like

they're like, "What about rugby? What

about this?" Can I make one other

observation? I think one of the things

about it, and then you can get your win

and fails, is that there's this there

was one of the things they said in the

interview, and I think there was this

whole incredible market of people who

like this particular book series. It's a

romance novel for women, right? This is

a women, straight women oriented romance

novel that was hugely popular. And one

thing they're like, how could it miss

when it had such a massive market of

fans and people ignore these markets?

And that's that's one of the reasons

it's already caught on with everybody

else. But the initial strength of it was

for this romance novel market that that

all these sort of guys that are like

greenlighting things did not understand.

And I thought that was a real win for

smart creators who understood who

understand where there is fan bases in

market. So I thought that was it. I

talked a lot about the business of

heated rivalry with these guys. Um and

so I thought that was it's just a real

win on a business point of view too. All

right. Your wins and fails.

>> Yeah. And I go I come back to

um when I was thinking about a heated

rivalry because everyone's asking me

what do you think about rival? Um I

think a decent place to start an entire

political platform or guidance for

um

a political system, an economic system.

It sounds corny. It's love. And that is

all right. If if people can't make

enough money in a lowemployment economy

such that they're so stressed out they

can't raise their kids well that

economic policy is getting in the way of

love and we need to revisit it. If the

divorce rates are skyrocketing because

of economic anxiety and because 40% of

of households have medical debt that's

getting in the way of love. We need we

need to stop it.

If if any sort of discrimination is

stopping people from loving each other,

committing to each other, and I think

marriage is a good thing because it, you

know, it stops you from exiting

relationships just because they both

have outdoor plumbing that's getting in

the way of love. I think you could

reduce I think the whole nation, the

whole idea of a a prosperous nation, we

tend to think it's the S&P. It's not.

It's someone's ability to find someone

else and to share their life with them

and notice each other's life. And that's

why I'm I I think the sex recession

among young people is absolutely

terrible. And I also think about all the

men I grew up with who basically

imposed society imposed on them a set of

rules and standards that said you're not

supposed to be in love because your your

inclinations towards love are to are

perverted according to our laws. But I

think you could literally start from the

notion of love or connecting with

someone economically, spiritually,

psychologically, financially and reverse

engineer into what makes good uh public

policy.

>> Yeah.

>> Anyway,

>> there you go. Love, sweet love. That's

what bad said.

>> That's my platform.

>> That was what he said. Love. Okay. Okay.

Wins and veils. Okay. So, my win, my

win, I'm trying to bring attention to

some younger creators who I just think

are outstanding. And I consistently find

myself on this one creators. I brought

up Kylo Scanland, this young uh uh it's

got to be 26 female economists who I

keep bringing on uh PropG. Uh but

recently I find myself just absolutely

obsessed with this guy on Tik Tok named

Gio Husar

and he talks about economics and

geopolitics and he'll go deep into the

weapon systems of Ukraine versus Russia

and while the oil infrastructure for

Russia's collapsing he'll talk about the

Fed and interest rates and this guy is

just so it's like the eighth grade kid

who was kind of introverted and good at

math.

and he's found Tik Tok and he's just

[ __ ] fascinating and he does you can

tell he just does the work and so much

of my thought uh leadership or my views

on economics and geopolitics are

informed by this guy's amazing work. So

people are consistently asking me where

what are my sources of information. I

get a lot, I gotta be honest, I get a

lot from social media. And this one guy

on TikTok, Gio, the Gioar for

geopolitics and economics is a gift. And

it's also, to be clear, a real

endorsement of these platforms. He's not

he's not um, you know, he's not Dan

Rather or he doesn't have, you know,

he's not um, Brian Williams. He doesn't

have that polish. He just does the math

and he's sort of unafraid. Anyway, my

win is Gio Husar. Uh, he's fantastic.

Check out his content. My loss is the

following. I I've I get criticism for

too easily comparing

uh the Nazis to the Trump

administration. And what I do think is

fair though is looking at kind of

latestage Weimar Republic and what was

going on then in the Trump

administration. And some of the things

we share were a secret police loyal to

one man, not to an institution. A

collapse in the cultural and economic

standing of middle class men. Back then

it was about industrial

industrialization and automation. Now I

would say it's about AI. This notion

that the enemy wasn't abroad but it was

the enemy within. The fact that we

started shipping people to different

sites outside of the country where they

had some sort of legal protection. Uh

what we also had in the 30s was a lot of

the people in power very purposely

started comparing

um undesirabs or their enemies whether

it was gypsies or socialists or trade