March 14 2025
- All In Live at Miami
- Andrew Schulz joins All In
- Yamanaka factors
- You can convert stem cells (say from skin cells) to egg cells
- Do IVF at any age
- Produce offspring at any age
- Can get around the problem of not having enough viable eggs (women are born with a certain number of eggs and run out of it over time)
- You can convert stem cells (say from skin cells) to egg cells
- Gavin Newsom podcast
- Makes him human
- Unwinding all Dem land mines - positioning himself for 2028
- Active listening from a politician
- Might be unprecedented on both aisles
- Willing to acknowledge that issues are not binary
- Democrats are not grappling with the fact that voters rejected them - and so chose the alternative - they still think people like Trump
- Tariffs
- Chinese stance was quite aggressive in response to Trump tariff positioning
- Consumption taxes vs income taxes and how we didn’t have income taxes before WW1
- Renewables provided 90% of all energy added in US in 2024
- What is the motivation - fentanyl, reciprocal, is it income tax, is it self sufficiency?
- Centralizes power with Trump?
- People care about saving money - so if they can pay less taxes that’s valuable
- The American dream falls apart when people can’t feel like they can be a millionaire
- That’s when they start cheering for the health care CEO who gets shot
- Ever since the great financial crisis - asset holders have had a great ride
- Trump is going to take wealth away from asset holders
- No one cares about the rich people who lost their homes in the Palisades fires
- No tax on tips was squarely targeted at regular folks
- Trump is the democratic party that GenZ grew up with
- Bernie was a good candidate but the establishment Dems made his supporters radioactive by calling them sexist and bigoted
- Then they went to identity groups
- Housing market will lose value next
- American tax payer dollars are propping up the US housing market
- Artificially inflated prices all around the country
- Next wave is deeply beneficial to the middle class
- You want as many Americans as possible invested in the American economy
- This is why crypto was popular because folks were like this is something I can get a piece of
- US Social Security was setup for folks who didn’t have private investment accounts
- Its like a trust fund
- It gets invested in 1 thing - US treasuries - 4.8%/year return since inception - SP500 instead is 11%
- If we had picked the SP500 - 1/3rd of the value would have been owned by social security $15T
- Instead social security has $2.7T - will go bankrupt by 2032 at current rate
- If we put $500B in the trust fund today it won’t go bankrupt ever
- Could have our own sovereign wealth fund
- Why did we do this - we forced US people to loan money to the government using social security to buy treasuries
- Middle class and rich people had 401k IRA etc and got the benefit instead
- Friedberg emotional about how folks are targeting rich people forgetting how hard they had it
- 60% of middle class household net worth is in their home, only 10% is in the SP500
- Because people own houses our policies are in the service of increasing housing values so people feel good about themselves
- Eventually we kept pumping it so high that now homes are unaffordable
- RE needs to be 20% of net worth
- Market drops inflict crazy psychological damage to you
- Have to teach people to deal with the drawdowns
- Invest then investigate
- Magic of compound interest
- Rule of 72
- Teach kids how to invest
- There’s always hope
- Andrew comedy career
- Lived with parents
- Managed restaurants
- Mamoun’s Falafel was his favorite
- Standup gigs
- Podcast
- Had a lot of success through YouTube
- Earlier way to make money was to get a special on a streaming service
- Then YouTube clips + live show became better
- Has the most diverse audience in comedy history
- Where is America right now
- Conspiracy theory thrives - dumb people get happy on that
- Low confidence in institutions
- Low confidence in information
- Under Biden
- Most incredible stock market
- Most money printing
- Most cumulative total budget deficits
- Most short term refinancing of debt
- JD is worth keeping an eye on
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