all right everybody welcome back to the

number one podcast in the world the all

in podcast and uh you can subscribe to

us on YouTube Apple podcast yada yada

you know the drill we're going to go to

Miami for an epic F1 weekend all in

podcast live on stage Saturday May 3rd

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 ented on the program ain't

that the

trth real comedian someone that knows

how to make good jokes all right true

Andrew I feel like that was a dick to me

but okay Andrew Schultz is here how we

do boys thank you for having me Schultz

pleasure you just you go a you're on a

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

it's called life l i pretty cool it's

about your low sperm tell us yeah I I am

the face of

sperm so which that's kind of like crazy

because you've got a mustache of a 70s

porn star how is I think I'm

overcompensating you know I think I got

to trick people with the stash but in

reality yeah yeah the balls you're

firing blanks dude just pure it's bad

yeah it's h this special is so good this

special thank you for watching man I

appreciate it we all watched it we it's

hilarious and um you got three old guys

here who also have had to deal with some

of these issues we've all had you guys

have IVF you guys do IVF for the babies

chamat do you want to be honest here or

you are you on natural did you hit the

three from hefc Court logo shot what

happened my first four kids were natural

my fifth was IVF okay yeah I don't think

we're surprised there's like two billion

of you guys you know it it's it's easy

to get the job done bro you know there

was a there was a period there was a

period after the Facebook IPO I swear to

God I would look at chicks on Instagram

and get him pregnant it was really it

was brutal are they coming to collect

hope not how many settlements you got

your how many ndas uh all right freeberg

like yeah we're off to a hot start here

freeberg you look like you have a low

sperm count but you have a fourth kit on

the way but uh apparently what's the

story are you own natural this is for

the first time ever nobody knew this

breaking news freeberg own natural with

your 3.5 babies

100% 100% wow a vegan who's shooting

with a sniper rifle I love I don't

believe it I don't believe it I'll find

you guys a great study about veganism

and libido is that right yeah very

impressive what does it do reduce the

woman's exactly

exactly oh my God I know a place with

the best roast

cauliflower let your winners

ride Rainman

David and inste we open sourc it to the

fans and they've just gone crazy with

[Music]

iten by the way can I just tell you how

much I hate cauliflower everywhere I go

that is the dish I had it for dinner

last night main course yeah it's the

main

course La except it's disgusting there's

two things they offer you portabello

mushroom and roasted cauliflower that's

what Sean does every time you show up at

the house are you are you a impossible

meat guy no I don't like that stuff it's

gross not for me okay okay yeah by the

way want to hear a quick science corner

so you know how we talked about yamanaka

factors there's a roaring

yes wow he's like yeah I don't care Andy

this is anyway sure let me let me let me

hit this real quick because I know we're

never goingon to get to it because you

guys just [ __ ] around talking about

politics science talk

Shel usit us you know how you can use

yanaka factors we talked about these to

basically turn a cell into a stem cell

right of course what goes on the lab

Andrew you're familiar with the yamanaka

everybody knows about the yamanaka

factors you've been all over it for a

while dude I've seen squid game yeah

absolutely now there's you think I don't

know about the yamanaka factor come

we're not gonna get I can tell you we're

not yamanaka Factor everybody knows you

didn't visit the yamanaka factory when

you were in Koto I went to the yamanaka

factory and I swear to God I guy showed

up 15 minutes late and he stabbed

himself in the stomach right there right

there he killed himself right there yeah

it's called s exactly s Soko in under a

minute okay never mind we'll come back

to

theal so the interesting work 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 you know

there's a few little technical

breakthroughs that are happening right

now that will enable this where F

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 going to end up doing IVF in

the future at any age 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 and this you like that one right

fantastic because this is a work around

for the people that are trying to uh ban

IVF because of the abortion protocol

they're Bas because they basically light

Bel uh begins a conception is part of

their belief right but and the idea you

could take one egg cell you could take

one SP make a fered egg yeah but 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

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 a 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 got to hope

that there's good healthy eggs and

there's a good number of eggs and so on

and so forth so really interesting

awesome this is awesome SCH did they sit

you down and give you like the embryos

that that were viable in the grades and

the gender and you pick one and what did

you pick we just pick 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 yeah come

out of the gate strong have a good first

quarter and then whatever 100% it's all

good so I gotta ask you wait you didn't

say if you had I was 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 ovul I'm

ovulating I said put me in the game boom

first shot half court logo pregnant wow

bang then she says I want to wait before

I have the next one you know 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 you

got to 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 uh they found

all these grifters 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 at the reception and they're like hey

Jason calacanis you're here to give a

you know to and I'm like yeah I

am and then they walk you to a room oh

that's the spookiest thing yeah 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 there's a

towel on it and there's a towel on it

and that sofa is not cloth for a reason

no it needs to be cleanable it needs

to fact looks very much like the hotel

you're in shelsea I don't know what's

going on with the Netflix budget why

think maybe they could put you in the

Four Seasons or the peninsula it's so

brutal so you did this right you had go

the grainy television with the porn it's

like oh you're lucky you got the TV I

had I went to the phone I went to the

phone I I had no nothing I didn't even

have have any service in there which was

like another thing that was it was

annoying so what did you do you roll

itex it no spank bank you have to go

that's what I'm talking about the

Rolodex you roll through all the

memories think about the memories man of

my wife and only my wife nobody else

that's was all those great moments with

your wife all those great moments maybe

there was accidentally one or two that

got left in from when you were on the

road it's possible some like absolute

would jump into the dreams that I had

with my wife that might be possible I

would never want them to be there but

obviously now it's the director's C

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 got to

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

uncomfortable you

speaking of jerk offs uh yeah speaking

of jerk offs Kavin new's got a podcast

this is uh 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 [ __ ] and I think that's what the

Democrats kind of displayed in the last

I don't want to get too political about

this like no right your opinion one

man's opin it's more just like I I

respond just 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 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 I was like okay this is actually

the right thing 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 grew up in like San

Francisco he's

like 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 Newsome

said that like yeah rich people are

going to 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 an

inter like being human and addressing

real issues instead of like culture War

issues and just talking like I think

he's 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 all right I'm

in New York I'm getting clipped at 50%

and 5% city tax like I'm getting crushed

but if I lived in Florida or Texas I'd

save 133% and it be a complete wash when

there might be someone making 50 Grand 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 podcast talk about how

much money they save when they move to

Texas well you don't have to take a shot

at us but yeah okay A little personal I

moved to Texas this year it's more of a

shot at me and freeberg but go okay uh

Cham your thoughts on Gavin's new

podcast what do you think you you know

you were there was famously a little um

dip of the toe where somebody made a a a

podcast I'm sorry a landing page that

you were going to run for governor we we

had a little fun with that what do you

think of Gavin what do you think of his

podcast I think he's an excellent

politician it's clear he's starting the

2028 campaign okay I think he's done a

really good job so far I think Schulz 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 going to basically disavow

all the stuff that people don't care

about so all the gender woke ideology

stuff I don't think you're going to 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 going

to 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's gone up

it's really incredible coming around the

horn freeberg what do you think of Gavin

Nome look I think the podcast was

brilliant I think when I watched it I

was hooked because there were two things

that I think were critical

in how he runs it firstly is he is

showing 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 by modalism 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 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 8020 or

6040 or

5545 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

4555 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 tax breast tax

Andrew 2028 Trump's running for his

third term versus Gavin Newsome who do

you vote for I mean we gotta run it back

for a third term for Trump doubt course

uh no obviously I believe the it wasn't

a third term Gavin versus Trump who

would you go I it's it's I mean I gota

see what his like policies are and I

gota 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 like some populist 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 100% And they went

with what the other alternative was

which was Trump and exact correct 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 it 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 IV league pretentiousness

in the Democratic party where it's like

we know it's better for you yeah and I

know you say you want these things you

don't really want that let us we we

we've studied and we've talked about it

in our little thought experiments in

class so we know what you

need what you just shut up condescending

it's condescending exactly so I think

that like when people go ah the food is

giving me cancer and then he appoints

the guy who says the food is bad to run

the food the American people go well

that kind of 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 um they were putting some

like tax on people who drive into

Manhattan or whatever like yeah

congestion pricing and ini pricing

initially people really rejected it

right and then uh 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 has yeah you can

actually move right you can take a taxi

and it's faster than government

overreach is good

bureaucracy nice like yeah you want a

car stay in the Burrows exactly so it's

you don't get a car in Manhattan explain

this to people it's a little bit

egregious I mean you and I do Jason but

Body El have it exactly Our Lives should

be different you know what I mean

absolutely absolutely but mean what's

the point of us having nice cars if we

can't drive them whenever we want yes

yes and you know we grew up at a time on

the lower e side uh you know you could

go to Tribeca we could go to Club

Limelight you could park outside the

Limelight at night you could go to

Palladium you could park on 14th Street

I park right on 14th Street okay I go

used to be a church right and then you

know I sniff pop ecstasy you do a little

whatever

the morning listen you goofballs between

your stupid mustache and your OIC turkey

neck I am

totally turkey go to something useful

are we GNA let Chamas sit there in

MacGyver's funeral outfit tell us that

we're goofballs this guy's wearing a

vest with a collar he looks like he's

going to a Punjabi wake I can't believe

that he would even talk about the way

that you're dressed and how you look

this is custom Laura piano boys this is

Laur really what does it look like you

got it at Zara all right listen um but

more importantly let's stay on track yes

yes we got to stay on track can I tell

you guys something about uh tariffs from

a Layman yes please like you guys are

cutely aware of maybe how these things

affect markets and yada yada yada and

most people don't have any [ __ ] clue

so the the the average person right I

look at this and I'm like man it kind of

sucks that you got to like negotiate

your like your bid for a car you're

going to 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 let's said 100K

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 it 90 I'm just

saying 80 so he comes down a little bit

but the unfortunate thing when you

litigate these things in front of the

entire world is that they look at that

first measure there 200% taxes and Trump

can't bulk at it he can't go yo I'm just

[ __ ] I'm just playing around with

that number I actually just getting them

to come down 20% or 10 getting to come

down anything is a win he can't say that

because he loses all his leverage so

he's got to 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 they're

repercussions in the market I got a

buddy of mine building a hotel out in

Joshua Tree and he's like I 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 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 going to 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 going to be that he's going to

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 a 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 going to 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 going to have to stick

which can be really

yeah it could be painful could be

painful for every your thoughts on the

to and Andrew's position what is the I

think it's it's like 120 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'd

like to sell into the United States you

pay a reasonable tax so this is the so

how many years so it's 126 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 I

where this entire War Machine broke out

and and we've never looked back so I

don't know I think that one way to think

about this is we're probably going to go

back and

Explore isn't it better if we have this

incredibly vibrant and rich country of

330 million 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 seven .7 billion 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 lutnick I don't know if you guys

saw this but he said the Trump tax plan

is going to cut federal income taxes to

zero for anybody making 150k or less 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 there are two

the first we keep the expenses that's

that's the key if we keep the tars if we

charge them to come into the market we

charge them an extra 25% but 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

got it but he's saying what is the

Strategic vulnerability I think the

Strategic vulnerability is too the 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've found an

agreement and we're going to 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 24-hour blocks of time

right they're making decisions in five

and 10 year blocks of time it's like I'm

going to go and borrow a billion

I'm going to go and build a data center

I'm going to borrow 10 billion I'm going

to 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 95% 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 going to

come from you're going to Brown out

people you're going to just turn their

energy off so that you can fund a data

center so that the Tik Tock algorithm is

better 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 becom 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-

deade long decisions yeah you'd love to

make them and unchange 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 tarff thing becomes

problematic if you change them often

enough if you implement them and you're

like this is what it's going to be the

world can adapt and people can figure it

out 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 lale is like this is about

fentanyl so is it about fenol 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 roie Wade he did it

he said he was gonna close the border

and send people home he did that you

know yeah he said 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 going to do that I

actually think people are starting to

realize he's going to 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's centralize his power

anybody can go to Trump now and say I

want an exception I'm you know a car

company I want an exception I'm a Solar

Company I you know I need an exemption

and then now you've got everybody going

to Mar 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 yes 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 Zuck The Weather Vein

gave him we don't want to 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 Mara Lago and

it looks really bad you need to have a 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's

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 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 [ __ ] but if

people aren't meeting you there then

you're not going to be communicating

with them effectively and I think that

uh that's something that like you know

especially you guys need to know you

guys have pretty information that the

average American probably is not and we

can [ __ ] 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 te 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 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 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 going to 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 want to

like take care of people and provide for

the disenfranchise but it has to be done

in a way where it's digestible you can

chew on it if you want to make housing

more affordable then you say yeah 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 going to be a millionaire

that's what this country drives off of

right it's every poor American that hope

that hope yeah and the second they stop

thinking they will be they or they can

be or they can be it falls apart and

then some healthcare CE gets shot and

people celebrate they're they're

celebrating because they no longer feel

the hope that they could be in that

position yeah they feel so

disenfranchise they they and this is

what like I'm telling you like the you

guys of the world need pay close

attention to because there's going to be

no empathy if anything bad happens oh

the stock market is down no Americans

are invested in the stock market like

all you I've been saying it no no no

I've been saying this for months country

I've been saying it 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 15 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 the the

claim that you made which is is is

severely true for how from 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 billion

500 billion there is no sympathy I think

it's

fantastic 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 there 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

a million dollar house you yeah was like

and it it is 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 oh I'm sorry

you're living at your ski house that's a

tragedy like literally you're right it

probably explains why we don't hear

anything in the news anymore about

anything that's happening with respect

to reconstruction or any of the disrup

it's a rich person problem people and

you know I think putting together what

you just said schultzy and and uchim off

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 those folks

who live off tips but what he was also

doing is saying I know that there's a

bunch y'all that sometimes get cash tips

you put 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 hyy from

you know whatever taking somebody out on

the course we're just going to make it

official you don't get tax 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 it's kind of

crazy it's kind of crazy right and then

the Democrats became this elitist group

that seem to be in the pocket of

business interest I don't know what

Bizarro World we're living well that I

think you tapped into it right there

it's like uh 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 they can't really I mean

Bernie did it really effectively right

like this random Jew in Maine or

something like that is like yo we got to

get some money from these rich people

give it back to the poor and all of the

sudden all of America turned him into

like our surrogate grandfather so you

can and then he got shived by Hillary

and the Machine 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 now 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 [ __ ] with

us during the election right they're

like the podcast Bros have a sexism amb

bigotry problem they they try to make

people radioactive and it's like that

card's been played so many times that

people are desens anymore 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

going to 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 going to happen

and let me just say something about how

is that GNA happen J explain it because

there's 7 million 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 there are a bunch of mechanisms

that have to get cleaned up right now

okay 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 is in the

Wall Street Journal we are going to

figure out how to get these two

government related agencies Fanny May

and Freddy Mack out of what's called

conservatorship and these are the folks

that are responsible for

essentially wrapping guarantees around

mortg 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 it 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 million on4

acres in some Rando place in Miami

I was thinking Malibu but yeah but what

is this this makes no sense and so when

you rationalize a bunch of equity

values and you 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 401k or

if you've never had a 41k 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 50 60 million people

a shot that they have been screaming

since the great financial crisis they

don't have this is so huge because on

like a core emotional level you want as

many Americans as possible invested in

American success and Excellence totally

and the the greater the Delta between

like them and their first home or their

first investment at 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 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 apartment they own some

shares of Tesla that's why crypto is so

popular is because they're feel like

it's their only access 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 [ __ ] scam it's a

scam Shore 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 uh 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 friend of ours Brad

gersner with this of invest America is

the concept and regardless if the

concept is good or not the emotional

connectivity to the success of American

industry is really important when you

know at 22 that you could get this thing

that's compounding for 22 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 is this horrible

place and capitalism is bad yeah

capitalism is bad when you're left

behind when you're invested in

capitalism it's the [ __ ] baby absolutely

we're on the express train let me give

you guys um 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 1930s after

the Great Depression and there's a trust

fund the OASDI which is the the fund

that they invest to 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&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&P the

balance of the Social Security trust

fund today would be $15

trillion that would be roughly onethird

of the value of the total S&P 500 which

would be jointly owned by all Americans

who took their Capital now here's what's

Fed Up what's fed up is that the middle

class people who had access to private

retirement accounts benefited by buying

the S&P 500 and the wealthy were able to

access it so all of the equity value

that accured from American Enterprise

and the prosperity of the American

system accured 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 $2.7 trillion balance and

based on the outflows and inflows it's

going to go bankrupt in

2032 that means Social Security is

either going to get cut or the fed's

goingon to print a ton of money to keep

Social Security benefits retirement age

goes up a little bit Yeah there a lot of

levers yeah wow so I did the math if you

assume that the S&P 500 continues to

grow at 10 and a half% a year on average

there's ups and downs and sure there

could be basically draw downs and all

these other sorts of things but here's

the important point we could put about

$500 billion 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 it's it's called It's

called The Social Security trust fund

and what we've done is we've totally

mismanaged it and I went back to trying

to 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

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

want to own it so why are we forcing all

the American citizens toing up 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&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 yeah they had 401ks

rightt and they were able to participate

by with brokerage accounts and buying

the market what we can do right now is

we can fix it and here's the important

Point people will then argue oh what if

there's a down year or two down year 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 going to

let Social Security go bankrupt we're

not going to let it dry out so we're

already going to print money to make the

Social Security whole so if that's the

case we can create a a back stop for

Social Security we're g to have to do it

either way but we might as

well we might as well take on the go

yeah no no no chth you were gonna say

something 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&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 a year more than

20,000 and of that 20,000 the S&P 500 is

just the 500 best it's the best of the

best of the best so to your point

freeberg 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

it would have gone up so since when do

America since when are Americans risk

intolerant like there's something baked

in into the DNA of the people that

decide to leave their families and move

here totally immigrant country and to

your point imagine logging in like like

we've all had I'm assuming a 401k

account and I remember how exciting it

is to log in and see the account and

Schult I want to say something that's

really important like you talk about us

people like you know earlier on the

commentary which is something I hear a

lot my first job was making $425 an hour

cleaning toilets in a pool hall in

Upstate New York jamath has similar

stories jcal has similar stories like

any of us that that 455 Canadian working

at Burger King yeah and I had 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 I stole

I stole the chicken fingers at night

bring them home my mom would my mom

would whip him up 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 401k 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

you get your Social Security statement

today all it tells you is a dollar

amount and how much you're going to get

in the future imagine if you logged in

and you got to see all the businesses

you own a piece of and you got to

participate conect every single day be

lighting a Tesla 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 these Sovereign

wealth fund ideas or if they come to

fruition or in my opinion and obviously

I haven't spoken facts about this but

the crypto fund and all this other sort

of stuff every dollar that should go

into the social 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 the American 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 on your born it's about an ongoing

participation putting your money in and

having that money allocated in a way

that America that smart and Wealthy

Americans get to allocate it which is

into owning and businesses that's it

Shelty yeah go no I I think it's great I

hopefully you guys don't feel like I'm

Like discrediting You by saying you guys

but I'm just trying to give you guys I

think a great it's an important framing

because it's like it you're you're 100%

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 fraking

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 20

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

um listen it it wasn't easy bro it

wasn't given to you none of us inherited

none of us inherited we we we came to

America and to see the joy to to see

what we all benefited from I'm getting

emotional about this but it's like well

it's because the American dream's broken

we got to fix

it to have people talk about it as if as

if being successful and and getting

there is a crime it a bad person it's a

Dream It's a dream schy go I think the

the framing this is very important like

my mom is also an immigrant right she

came here from Scotland she has no

education I think she stopped going to

school at like 14 or something like that

comes to America and 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 was able to

buy a home in the East Village of New

York City she able to buy a beach house

like just off of like grind and hard

work yeah 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 20 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 house

that's $100,000 that they're really

proud of own it

outright and the fact that this is

accessible like what you just said to me

is just hope and abundance like that's

the message 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 and now we goes up and we start

rooting Jam feels that way too yeah but

think he's getting excited right now if

you're saying it he's gonna start crying

oh wait it's green today it's been red

for a week but think like CEOs right

like these people uh have become

villainized right and it's because we're

not attached to the success of their

companies that's right when if you if

your biggest holding is Tesla please

believe you're not upset yeah I think

people think that their success now

works against your best interests yes

instead of and the system's rigged and

the system's rigged and you can't be

part of it and you're being ground down

this is a I think really good proposal

freeberg 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

is going to be Shela what's that I'm

going to build five cities with 3

million homes in each and you can only

buy them if you make under x amount per

year it's not going to be like the

projects or like you know subsidized

housing in New York talking about it's

not going to be sty town okay it's gonna

be nice house that's pretty good if you

can get it yeah St Town's not bad but

not like projects I'm talking about like

proper homes like bu we are the most

Innovative

country Society ever created created I

mean since the Greeks they were pretty

great too but we could build five new

cities why the can't we build five new

cities with 3 million homes in it let's

do some like Manhattan project for

housing and then healthare how the hell

do we not have like good healthare for

everybody in this country 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 this sounds crazy but

for young people I think they would

forgive healthare if they were invested

in the market and I think 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 a reason why

everybody else bought it it's this

feeling that the train is running away

and you're not going to be part of it so

how do we get them to feel part of that

success I think really importantly you

know today just just to give you guys

some other statistics 60% of middle

class households net worth is in their

home only 10 10% of their net worth is

in owning the S&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 and that's through the

ownership of businesses instead we've

stored our net worth in the 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 and 100% right and that's

unfortunately very making new housing

which makes it worse with the

restrictions have you guys heard of

Warren Buffett's most public failure no

Warren Buffett's most public failure was

when he was brought on as an adviser to

Arnold Schwarzenegger when schwarzen 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 is like here's my

economic genius and first thing he said

was guys I think we should repeal this

law he was gone two days later wow he's

not popular and by the way there's a lot

of other policies like this you know two

days later he had to resign if you do

the if you do the true kind of like

macroanalysis 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 trickle effects of

creating a set of laws a set of policies

that basically incentivize almost all of

your net worth 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 and 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 when did you guys first started

start your education in in the markets

like at what age did you feel like you

sought out 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 so

18 what about you did I bought $300 in

stock um I signed up for an E Trade

account in college uh because I saw that

TV show called bull do you remember that

TV show was about Investment Banking

during the.com bubble it was such a no

one knows that show and I was like man

Wall Street is so cool I want to learn

about stocks because I was an

astrophysics major I didn't like I

didn't know what I was going to do after

I was going to 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 freaking Plaza and I would

read the journal at school during lunch

and I tried to learn about tech and

business and markets because i' 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 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 got

an investment banking job after college

and it totally changed my career

trajectory I was like I want to go work

in the tech industry and work in

business what about you and it shifted

up for me you buy your first Equity but

by the way that I sorry let me just say

one thing what you asked is a really

important question I just realized this

Andrew because my um my interest in that

stock market thing at that time actually

changed my career trajectory and it

really reset what I was going to 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 shift for me so it it

gave me that kind of feeling of like oh

I got to learn more and then that that

kind of changed my career sorry go ahead

Jam 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 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 shitty

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 leg 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 graduated

from college because I was like freeberg

I was in debt and I was like how the do

get out of debt and I traded stocks on

behalf of my boss this guy Mike fer who

I thank to this day and I made so much

money right before the do crash he gave

me the money to pay off my student loans

wow 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 the bigger the

numbers get by the way I told this story

on Tucker there was a period where I

would would wake up and I could just

tweet and the markets would go up they

were like what's he going to 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 wow

that's frustrating yeah the mest Touch

goes away it's beyond frustrating it

shakes you to your core so if we do

these programs I think the freedberg

idea is is just beautiful it's lovely

what about you sh when did you make but

I just to finish if we do it we have to

try to teach people how to deal with the

draw Downs because that's where if you

don't teach them how to deal with the

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 yeah it's a Growing Experience

what about you Shelty when did you buy

your first Equity I was

probably

35

ohine so my my I mean my parent how old

are you 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

um my w my wife's father-in-law is a

very uh successful businessman and uh

he's he's he's I I don't want to say

like predicted the markets really well

but he has he was in Nvidia like super

early early early early and uh a bunch

of others and we were like sitting down

and like aspin somewhere and he like

said Hey listen what do you mean you

don't own anything he goes hey can you

take a you know I don't know if he said

10 grand or 100 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 it was but an interesting

thing right there is like you guys were

so young was 18 22 14 and to me I think

like the education of this is really

important like my parents did really

well but they're financially

like there was no passing on this like

knowledge of like investing when 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 it's

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 int intimidating to me it

still is intimidating to me well this is

the I think the upside of crypto in some

ways also the upside of prize picks or

the you know gambling poker it's the

upside of Robin Hood and and coinbase

and all these things being available

this generation generation bet like they

love to gamble these young kids this is

my concern they're no but they're

learning they're learning how to take

the the downdrafts I Lear 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

when the way that you guys are

describing is it's not it's like

investing in the S&P and then leaving it

there and taking those downturns and

waiting for it to come back up 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 going to get the burn you're

not going to stay up at night how do we

how do we so that's what these kids are

doing they're how do we educate them

it's not every kid right 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 get they

get a baby they want to get a house and

then they say you know what I I'm going

to I'm going to stop buying meme coins

I'm going to start buying Bitcoin I'm

going to stop buying Bitcoin I'm going

to buy Nvidia and things with real R

they just get addicted to get happen all

the time exactly I agree with I agree

with SCH 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 [ __ ] 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

yeah 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 okay yeah fair enough

but but between the choice of hey we're

going to 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 there

can always be more education but this

is don't bet on the Jets right you said

it before I americ doesn't even know

what compound interest is I agree with

you in fact I'll tell you I'll tell you

a great story work to do I one of the

best things that happened when I

invested in the Golden State Warriors I

bought 10% of the team in 2011 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 go like play let's just put it

that we'll bleep it out we'll bleep it

out no I don't want to say his name but

okay fair

enough and he asked me the most

incredible question he's like jat can

you explain compound interest and Schulz

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 over 50 years

over 20 years yeah 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 dram Miller says the same

thing invest then investigate like

there's nothing like putting the risk on

okay 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 billion I can do it now but it's

brutal yeah it stung for a while for you

you saw you're a better person since you

saw me go through it how ashamed was I

for the two years that I had to unwind

that how bad it was hard for you yeah

yeah yeah it was hard I mean you're

imagine your whole identity is built

into you know you being successful in

these markets 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

30 40 50 60 70 80% poor so I'm just that

much less of a human being yeah but

that's a good reality check to lean into

family and those things that matter 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

to wrap it in these guard rils that have

nothing to do with the market they

everything to do with who you are as a

person and I think like the first step

is showing like what is the most

simplistic version of the benefit of the

market and 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% and I

don't touch it right now you know the

rule of 72 that was the one that opened

my brain up so the rule of 72 is

whatever the percentage you grow uh per

month divide it into 72 so let's say you

were growing 7.2% in the market per year

divide that it takes 10 years to double

your money so it's a time to double your

money okay if you were growing 7% a

month you know 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 7.2 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 count for about 2% then you

can start doing this stuff in the back

of your head I I I had this idea I think

I talked about it here on the program of

doing a kids investment club and I

bought the domain kids investment Club I

actually need to do this I got to

prioritize this and find a CEO for it or

do it as a nonprofit or something just

kids need to learn this early Robin Hood

or somebody should make an app where

they can invest like a shadow but it's

you know like with their parents maybe

they can make the trade the par approves

it something like that there's something

where we should be learning all this in

high school this should be like this

what's more important than this remove

the fear remove the fear and and the

reason it's important is 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

bathroom like most of us aren't

unaffected I cannot begin to explain how

quick will forget about the bathrooms

when the S&P is up 15% and you're

looking at your portfolio and you're

like I you could take a sh wherever you

want okay absolutely yes I have you got

something else to focus on absolutely

look at this hey fredberg here's your

time machine check it out there's your

favorite show I don't want to make you

more emotional but there he is your guy

Stanley Tucci from bull I think it only

made I think it only made it one season

one season but Tucci gang in full effect

I was such a tech ner 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 freaking lab