February 6 2026
- Brad Gerstner joins the show
- Sacks enjoying Texas
- Easier to fix his internet in Texas than the state of California
- Ohalo named after seminal archaeological site
- Potatoes are 3rd biggest source of calories
- Craft Ventures is on the cap table
- If Jason gives personal check Friedberg will let him into the cap table
- But then his LPs will ask him why its not in the fund
- Epstein files
- Jason
- Is in the files
- Met Epstein at billionaires dinner
- Went to his house
- Never went to the island
- Exchanged some emails with him and made introductions
- Met Ghislaine Maxwell
- Jason was known as the Connector (see New Yorker profile) so he came on his radar
- Didn’t spend much time with him
- Interesting that Epstein was interested in meeting the BitCoin guys (as far back as in 2011)
- NY Times article on the files goes after tech
- Jason, Peter Thiel, Elon got more coverage in the article
- Reid Hoffman didn’t get as much coverage
- Bigger story is how he died - how come that is not the biggest story
- Book recommendation by Friedberg - The Light of Other Days by Stephen Baxter and Arthur C Clarke
- This is why we have a lack of trust in institutions
- NY Times clearly has a list of approved targets
- Jason
- SaaS stocks crash
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Claude CoWork release caused it?
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FCF multiples are down huge - cut in half for some!
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Revenue is not falling - its stable to increasing
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Pullback is because of uncertainty
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The workspace you want is the tool that has access to all the different tools - so Claude is well placed to take advantage of that
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That might hurt the SaaS companies
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The value capture at the next layer of the stack might be affecting this
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SaaS companies have a conundrum of whether they should be open data or closed data (vs open source or closed source) - h/t Bill Gurley
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Jason’s company creating a central employee (Ultron) that is connected to everything
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The profit pool is shifting
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Databricks, Snowflake, Clickhouse are all benefiting from the new trend
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Value based pricing model instead of a per seat pricing model
- So a Services business
- SaaS takes over the Services economy
- So a Services business
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Amazon might get a lot of value out of this model in the future - deliver more to people with fewer people
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Entire reboot of knowledge economy
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- Moltbook
- ClawdBot → Moltbot
- Facebook for Agents
- Like a reddit board for Agents to talk to each other
- Agent Swarms are having interesting conversations
- Were they actually human prompted?
- This changes the mental model of AI being middle to middle and not end to end
- But now the AI can do the prompting
- Moltbook has a skills file that any new agent that registers with it has to import
- Maybe social computation that influences humans is what is happening with Moltbook
- Kevin Warsh named new Fed Chair by Trump
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Will succeed Jerome Powell
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Has different views on inflation, raising rates, quantitative easing, etc
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Inflation is down
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One thing he can work on is to get better data at the Fed
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Jerome Powell not raising rates in June 2021 likely cost the country trillions of dollars
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- SpaceX - xAI merger
- Potential $1.25T combined company
- Merging 2 biggest TAMs in the world (AI + Space)
- We are limited by power (for scaling computer, AI applications, etc)
- With that constraint, scarcity breeds innovation
- 2 parallel paths
- Elon path - Escape Earth and regulation constraints
- Compute Efficiency scaling (electricity efficiency per token of output)
- What if 1 man controls all the world’s compute?
- Rest of the world won’t let it just happen - big obstacles business, social, political, etc
- Trump Accounts
- Invest America Act
- Everyone gets a piece of the capitalism gains
- 1.25M kids have claimed accounts already
- Seeded with $5000
- Social Security holds 1 asset - an IOU - a $4T note - all the money is spent by the government - that needs to change
- If we can also cut spending
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