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All In Podcast Episode 132 Recap and Notes Jun 10 2023

 June 10 2023



  • Friedberg moderating
    • Besties at Jason’s Angel Summit
  • RFK Jr
    • Chamath and Sacks getting attacked by the Left, not by the Republicans
    • Because RFK message is resonating
    • Interesting video from RFKJr showing the border wall and people streaming in
      • He actually went to the border wall at 2am
    • Now he has violated the liberals’ border wall blackout
    • People don’t want to talk about the actual facts on the ground
    • People are coming from all over the world - Afghanistan, China, etc
    • This is a humanitarian story
  • US Crypto Crackdown
    • SEC is suing Binance and Coinbase
    • This is clearly CYA on the part of the SEC - they were cozy with some bad actors and now want to act like they are tough guys
    • Crypto was a direct challenge to government (military, money, etc)
    • Jason is advocating for everyone to become an accredited investor
      • Take a test and invest in whatever you want (like a driver’s license)
    • When market was going up, hard for SEC to step in because retail would have objected - now retail lost money so SEC is being asked to step in
    • SEC case against Coinbase is basically that you can’t operate a crypto exchange in the US
      • Who are they - usurping congressional authority - to say Americans can’t buy what they want to
    • Why is Gensler going so far?
      • He is allied with Elizabeth Warren
        • Industry scuttlebutt/rumor/innuendo is that he will replace Janet Yellen as Treasury Secretary if he helps get some left-wing agenda passed
      • This is Operation Chokepoint basically - remove all on ramps to Crypto - now they want to ban it all
    • There isn’t a lot of political support for Crypto - so Coinbase won’t really win
    • SEC has put the entire sector into trouble
    • So all companies will leave US, pay large fines, IP block US residents
    • Government sees crypto as competition and threatening
      • Liberals wanted 4.5 $T BBB bill - so they wanted to mint trillion dollar coins - they don’t want any check on their ability to spend - so they are the faction that is most against crypto
    • So government wants to maintain authority of Fiat
  • Sequoia splits in 3
    • Apparently $56B in China
    • India is maybe ~$4B
    • Separating into separate capital companies: Sequoia China (Neil Shen), Peak15 Partners (Shailendra Singh), Roelof Botha (US)
    • Follows some missteps by them in the last couple of years
    • India looks like China 2008-09 - market is growing 6% per year - why separate them and not have them attached to the US business and get their growth also
    • Sequoia is the best VC firm ever
    • Investing in China is seen as un-American maybe in some quarters - so maybe its better to prepare now and cut off
    • Might be similar to case when Benchmark Capital cut off Europe business in the past
    • Jason was a scout for Sequoia and is now maybe an LP?
  • PGA - LIV
    • $1.6B annual revenue
    • Saudis started LIV golf as an alternative to PGA tour
    • Tiger Woods apparently got an $800M guarantee which he turned down, someone turned down $750M, Phil Mickelson took his $200M guarantee
    • Jay Moynihan will be CEO of combined organization
    • He makes ~$14M per year - now what is the new deal?
    • This CEO is a hypocritical person - they pulled on 911 strings when LIV came on, players were ostracized
    • Once again Trump is proven right - he said this would happen
  • Messi
    • Was offered $400M per year for 4 years to play in Saudi Arabia
    • He is getting equity in MLS, Apple, Adidas, etc
    • This is capital and labor merging - everyone in the NBA, etc will also want Messi-style deal
    • Players can get shadow equity programs - you came in at this point and you left at this point - u get a portion of the increased value
  • Ukraine dam damage
    • Not clear which side benefits
    • Major fighting happening in Ukraine now
  • Tucker Carlson on Twitter
    • Getting a lot of views/impressions - probably more than he got at Fox
    • Unclear what the monetization strategy is
  • Angel Summit Q&A
    • DeSantis vs Trump - might be hard to beat Trump
    • SVB and Banking crisis - how much should the management team be held liable?
    • VC role in company’s success
    • Deepfakes risk - this will be a problem but we will figure it out
    • Hard to say what kids should study now with AI changes - focus on math, questioning, critical thinking
    • Investment focus: AI and machine learning
      • Stephen Wolfram on Lex Fridman
    • Non-US-born person can ever be President?
    • Friedberg has same birthday as Alan Keating

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