All the crap you never needed

August 26 2022 Funny songs Everyone getting subpoenaed by Twitter - poor JCal also Twitter Whistleblower Peiter Zatko - head of security - was hired after major hack of 2020 Twitter violated terms of use Employees had access to all kinds of accounts - Elon Musk, Barack Obama and Donald Trump Sent docs to SEC, Congress and DOJ, WaPo Gave bonuses to execs for increasing users but not reducing bots Sacks is being deposed!!!! If there is a lawsuit - will discovery reveal that there is a problem There is a cover up of the bot problem Nixonian tactics Their bonuses are tied to more accounts - Upton Sinclair argument - hard to get a man to understand a problem if his salary depends on it Parag and his lieutenants prevented him from producing a written report Ordered him to cherry pick and misrepresent data to the board He is working with same group as Frances Haugen He is a white hat hacker - he would be on a shortlist of any people you want to run your cybersecurity He is...

August 20 2022 Friedberg is moderating!!!! Dave Friedberg Chamath Palihapitiya Sacks JCal Rationale for what’s going on with the podcast Differing points of view Last couple of weeks have been a struggle Adam Neumann is back $350M from A16z Flow - residential apartments 3000 apartment unites in Miami, Fort Lauderdale, Atlanta, Nashville People are wondering why he’s able to raise funding His track record is great He started Greendesk WeWork is the strongest brand in co-working space in He put $300M of his own money to buy these apartments Bet could be good Sacks - Craft doesn’t do non-software investments Stuff in physical world with atoms is 10x harder than to do with bits Most startups fail and Most founders are good - so together = many repeat founders WeWork is just REIT - Adam was able to pitch a non-tech REIT as a tech company WeWork is now a $3.6B public company He was pitching people that didn’t want to hear about REIT It seems he’s starting anothe...

 August 12 2022 Chamath at Island of Sardinia, JCal at Lake Tahoe Softbank $59B gain over 2 vision funds, $21B loss Tokugawa Ieyasu 1st Shogun of Tokugawa Shogunate $6T yen loss in past 6 months - needs to remind himself Embarrassed and remorseful Amount of capital being put in dropping a lot Made $125B off of Alibaba by putting in $25-$30M Saudi Arabia and Abu Dhabi have been smart about their investment in SoftBank There was downside protection built in for the LPs He has an amazing track record over 50 years - he will land on his feet - he admits he made his mistake Sure they should have cashed their chips earlier but its OK - he will learn Its not clear that only Softbank caused this bubble, even Tiger put in, there were cross over funds - sovereign wealth funds and liquidity ($10T over the last couple of years) - many billions came into tech - and VC is not that scalable and the attempt was made to make it scalable, it didn’t work M...

August 4 2022 JCal acting extra smart Sacks: You’re the hot dog dealer - he’s (Friedberg) LeBron James Twitter Subpoenas Twitter sent Sacks subpoena He’s not a party but still going after thim They cited his tweets - being crazy He might have been subpoenaed 3 times in his entire career and first time in personal capacity They want all his communications - on Megyn Kelly, Will Cain, etc He has never been in possession of non-public information about Twitter They are just being petty and vindictive - at punitive and high cost to him 5 years ago Chamath and a friendly large fund approached Twitter Lot of public information is available and you can figure out a lot about Twitter Joe Lonsdale is being subpoenaed for appearing at the All In Summit Elon dialed in on Zoom - he wasn’t in the hallways The recording is public Markets overview Gas finally down Open Jobs under 11M - hopefully next year should be 5-6M So markets and crypto might have got a bounce? ...

  July 28 2022 Awesome intros by JCal Negative GDP growth 2 straight quarters of -ve GDP growth Home construction down 14% Ecommerce adoption went up very high and then drop - now waiting for normalcy in markets Country is headed in the right direction overall from crazy covid spike but White House is saying something else Media coverage is absurd - definition of recession is 2 -ve quarters of growth and now Democratic recession is underway They are not reporting the obvious headline - claiming all kinds of difficult technical issues Inflation is also responsible for recession - 5.1 CPI print came out May 2021 - govt did QE for a long time - like 9 months or so - so they could have stopped easing and saved inflation 3 quarters earlier Paul Volcker’s book was instructive - Administration reacted in a political way to the inflation print - they used the word transitory - went into denial mode - end of year it was clear it became persistent Powell is responding to headli...

  July 21 2022 Cold open with Chamath’s daughter and Friedberg’s dog First principle politics Sacks expects red wave in November JD Vance Blake Masters is close in Arizona Peter Thiel has articulated his philosophy around making politics more efficient Could also be that he wants whole sale reset and that’s why he is backing disruptive candidates Trump even pulled hispanics, etc which was surprising - and even though Trump himself might be a problem, it might be good overall that politics is becoming centrist Paul Pelosi is trading in specific chip equities based on his wife’s insider trading Then Nancy Pelosi goes to Taiwan against even government recommendations Media doesn’t say shit Imagine the media coverage if Trump had done this in 2016-17-18 No coverage by media If chips are the new oil, Taiwan is the new middle east/gulf Govt just passed $50B chips act - its well intentioned policy but Intel and Nvidia are getting giant handouts and Paul Pelo...

 July 14 2022 JCal and Friedberg also in on the sweater game 🙂 Emerging Markets Developed Markets - US, Japan, Europe Slower growth Developing Markets - BRICS Faster growth Frontier Markets - small, unstable, liquid - Kenya, Vietnam Frontier and Emerging markets are feeling a lot of pressure Sri Lanka in trouble $300T of global debt $100T of this debt is in emerging markets - they have variable GDP growth and challenges with their currency - recently their debt has been issued in local currency - which has been devalued compared to US dollar so investor is not making as much money anymore 3% US treasury yields, so emerging markets debt has declined 20% recently - so they will start defaulting on their debt - so people keep selling emerging markets debt - can lead to food crisis, financial crisis Sri Lanka has short term and long term issues - compare to Jamaica and Singapore 1960 - Jamaica was 1.4M, Singapore 1.6M, Sri Lanka 9.4M Jamaica GDP is now 14B, Sri L...

  July 7 2022 Laura Piana showoff by Chamath Twinning with Sacks! Friedberg at secret conference Inflation entrenched inflation Historic number of job openings - 11M for 6 straight months 2 jobs available for every 1 person who needs a job That means those openings aren’t paying enough Or they are incentivized to stay on the sidelines Openings could be indicative of opposite of what Fed is saying Labor market could be 2 separate markets: White collar professionals: companies slamming breaks and unemployment there Blue collar - lots of jobs there 10% off the peak as far as participation Could take pressure off inflation if people participate 4.27M people quit jobs every month - pre-pandemic it was 3M per month It means people think they can get another job or YOLO Or - there’s a new economy emerging Because of lockdowns and pandemic and $2T money printing there’s a fast shift to new kinds of jobs that people want to do - from retail and restaurants to new ki...