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TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays from 11–2 PT on X and YouTube, with full episodes posted to Spotify immediately after airing.
Described by The New York Times as “Silicon Valley’s newest obsession,” TBPN has interviewed Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella. Diet TBPN delivers the best moments from each episode in under 30 minutes.
You're watching TBPN.
Speaker 2:Today is Monday, 11/02/2026. We are live from the New York Stock Exchange.
Speaker 3:We're
Speaker 2:back. Here in New York. We're in New York mag. We were featured. Not really featured.
Speaker 1:One sentence.
Speaker 2:More of a footnote, but we're technically in the New York magazine. We're here with Joe Weisenthal. So much for joining us. How are you doing?
Speaker 3:Our Love joining third brother. Thank you for thank you for coming to town.
Speaker 2:Yes. Nice to
Speaker 3:meet you here.
Speaker 1:Had to check it.
Speaker 3:You know
Speaker 2:who else is in town? Ramp. Let me tell you about Ramp. Time is money. Save both.
Speaker 2:Easy use corporate cards, bill pay, accounting, and a whole lot more all in one place. So, Joe Yeah. Explain the midterms to me. What what are the midterms?
Speaker 3:Well, you see in the US constitution Okay. You know, they like the president every four years.
Speaker 1:Yes.
Speaker 3:No. Here's the thing. Yeah. You guys are probably like me in the sense where it's like, I don't know. I feel like very lucky to have a job where I don't have to talk politics
Speaker 2:very much. It's like, my god. Yeah.
Speaker 3:Yeah. Thank god. Like, I guess, like, talking about
Speaker 1:politics maybe like 10 or a 100 times more than us.
Speaker 3:I know. Which is still not
Speaker 1:very much. So... Yeah.
Speaker 3:But unfortunately Yeah. Like, sometimes it matters. Matters and sometimes you can't talk about market. Yeah. You can't talk about tech.
Speaker 3:Sure. Yeah. There's... Eventually... Of course.
Speaker 3:Probably should learn a little bit about this midterm thing like you guys. Yeah. Yeah. This is my takeaway Okay. You know, is that seems...
Speaker 3:The the expectation from a lot of people is the Democrats are gonna have a huge night. Yeah. That's what... AI world. Yeah.
Speaker 3:But you guys should just be paying attention to the Texas governors.
Speaker 2:Right? Yeah. Explain what's going on.
Speaker 3:There's Greg basically nobody who is data center pilled anymore. Right? Okay. Yeah. But Abbott is the closest thing...
Speaker 2:The last man standing.
Speaker 3:Yeah. Basically. And even he even he is...
Speaker 2:He's flinching a little bit?
Speaker 3:He's been flinching for months now.
Speaker 2:Okay.
Speaker 3:So it's like more... Usually weird, like, moratoria that... Yeah. We Yeah. Should do a little more environment.
Speaker 3:Yeah. You can't...
Speaker 1:It wouldn't make sense for him to go into the election No. Like super prostitious. Like, I was even talk... I was talking with a city council candidate who got endorsed by this, like, crazy group in my town. Right?
Speaker 1:And we're like, that's a little suspicious. Like, why do do that?
Speaker 3:He's like, oh, like, we're just, you know, like, you know, I'm not committing to anything one way or another.
Speaker 1:Like, you you kinda have to like It's like... Play both sides
Speaker 3:a little bit. So no one is going into the election saying I'm into data.
Speaker 2:Okay. Okay.
Speaker 3:Which some people might actually believe in things like progress and development and technology and stuff like that. You know, obviously, so much of the tech world, so much of the manufacturing world, etcetera, sort of sees Texas as the future. Probably deep down Abbott does himself, but he's been playing it down. But, you know, up until a few weeks ago, the assumption was that it was a lock in Texas. Maybe, you know, the senate race has been competitive for a while, and now the democrat, Jamie Talarico, heavily favored.
Speaker 3:But, like, no... But the but the republican senate nominee, most people perceive him to be, like, a deeply flawed candidate, like, probably the least competitive Republican they could have picked. Yeah. Abbott is Abbott, though. He's just like a regular Texas Republican for a long time.
Speaker 3:But it's gonna... Like, now everyone thinks it's gonna be closed. There was actually a poll last night that came out that had Hinojosa, his competitor, up one. Mhmm. He's down to about 60% in the betting market, so Okay.
Speaker 3:That rounds to 50% in my book.
Speaker 2:Yeah. Yeah. Was it like... The... I thought they built a
Speaker 1:credit score. The... In Brazil, it was Yeah. 80%, and then it traded...
Speaker 3:So what's going on with prediction markets? Here's my take. Yeah. Look, I still basically trust markets. Like, I'm at core
Speaker 2:You do? Yeah. Okay. Including prediction markets. Okay.
Speaker 3:Like, I doubt any of us know more than what people bet. Like, the collective wisdom. That whole thing, the the collective wisdom Yeah. Market. Yeah.
Speaker 3:I basically believe in that.
Speaker 2:Okay. So so when you see... Wait. Wait. When you see a 20% Yeah.
Speaker 2:To 80% upset Yeah. You think, yeah. This should happen one every five times.
Speaker 3:Yeah. I mean, I was pretty surprised. Like But this is down. This is what I think. This is what I think.
Speaker 3:Yeah. Markets are really good conventional wisdom distillers Mhmm. And that's actually very valuable. Mhmm. In other words, people will say that as a snare.
Speaker 3:They're like, oh, this is just con... This is just conventional wisdom.
Speaker 2:Yeah.
Speaker 3:Yeah. And I'm like, no, that's actually really good because if we say like... It's priced in. Yeah. Because this is a useful thing to have.
Speaker 3:There's like a meaningful difference between like 55. So we say, oh, this candidate a is favored over candidate b. Right? Well, is it 55% or is it 80%?
Speaker 2:Yeah. Yeah.
Speaker 3:Now we actually have a number that we can put on it. And so it's like, what is that conventional wisdom? So I think it's pretty useful. I, by and large, think it's, like, hard for most people to confidently look at any market and say, like, no. This is wrong.
Speaker 3:So when a market has a Democrat winning... At a 40% chance of winning Texas, my view is, like, you gotta take that serious.
Speaker 2:You gotta take that seriously.
Speaker 3:Like, I don't know. That's all I'm saying. Yeah. That's all I think. It's, like, it's very unlikely.
Speaker 2:Yeah. Yeah.
Speaker 3:But a lot of people What about here
Speaker 2:in New York? Is this an important election?
Speaker 3:No. I don't think so.
Speaker 2:It's less important.
Speaker 3:I don't think Okay. There are some people a couple weeks ago who are, like, trying to make the the the attorney general's race
Speaker 2:a thing. Thing, but no. It's it's...
Speaker 4:I don't think so.
Speaker 3:Don't think
Speaker 2:But it's but it's not the major swing.
Speaker 3:Okay. It would might be interesting to see there's... There's been this talk because, you know, it's a heavily Democratic state. It will remain so. Maybe, like, one possibility is that Democrats have a huge year Mhmm.
Speaker 3:Nationally... Or sorry, a huge night nationally, but that, like, some of the incumbent Democrats of the North do a little bit worse than their brethren, like, some sort of, like, anti incumbent bias that hurts them. I would be very shocked if anyone's talking about New
Speaker 1:York... Because I just just know.
Speaker 3:Just for
Speaker 1:the election because I just saw something before we got live, which is that apparently there's like electrical outages in some... In Maricopa County in Arizona. I didn't have a chance to to Yeah. Make you're playing. But so that that feels like...
Speaker 1:And and we were on the flight yesterday. We spoke, with a buddy who's in the the legacy media world, and he was coming out for the election. And he's, like, expecting this to be, like, all week, basically. Like, he doesn't have his his he doesn't have his return flight yet.
Speaker 3:Interesting. So if it's, like, alright, like, there's two kinds of peak chaos, I guess. Mhmm. One is apparently there's some big storm coming up in the heart of the country. Seen the weather?
Speaker 2:Yeah. Yeah.
Speaker 3:So, like, maybe that'll, like, in a depressed election day... People people I know are, like, looking at the weather. Okay. It's like, oh, democrats.
Speaker 1:Who do you think is behind the storm? It's a data center. Which sides... So who... So what sides
Speaker 3:are guys must
Speaker 2:have had some... We gotta ask Quibono.
Speaker 3:You guys must have had some, like, weather startup guy. Like, those clouds. We've had about
Speaker 2:so much. Yeah.
Speaker 3:I know. It's so funny. Becomes, like, no one really controls the weather. It's like, well, what about those guys you had on there? Yeah.
Speaker 3:Yeah.
Speaker 2:Literally, you're literally That... That's his entire pitch.
Speaker 1:You know
Speaker 3:what I think could be just like a very crazy outcome Yeah. Tomorrow. So, like, you know, the... There's some questions about the senate and who's gonna take the senate. Sure.
Speaker 3:Sure. Number of competitive races could swing Democratic. The one... Interesting one is that in Michigan, you know, there's the far left candidate or the left candidate Abdul Al Said. Yeah.
Speaker 3:I think it would be a very funny outcome from a sort of, like, chaos, like, just going absolutely insane online Mhmm. If he ends up being the only competitive Democrat that wins. Oh, it's like, if the poll gets pulled out Yeah. Yeah. Yeah.
Speaker 3:In Kansas or Iowa and all these others. But then they lose the one
Speaker 2:that never loses their mind.
Speaker 3:Yeah. If that that... Like, I'm just thinking, what would get, like, people, like, the most insane because, know, live for fighting on Twitter. Sure. And this is, we wake up for to see people arguing online.
Speaker 3:Yeah. Yeah. Yeah. And if that were the final outcome, like, you would have people just absolutely losing mind.
Speaker 2:Yeah. 100%. What what do you think of the four d chest that the tech the tech community is secretly behind the blue wave because they overbuilt AI compute? They want to create bans on compute development so that that reduces supply. They can drive up prices, earn more margin in the short term.
Speaker 3:I like this take.
Speaker 2:Yeah. Because there's a lot of supply coming online.
Speaker 3:This is the... This is this is a good take. Okay. Because this is just something... No.
Speaker 3:I like this. Because it gets to one of the things that I've been thinking about, which is like, okay. Let... And because
Speaker 1:It's actually might be five d.
Speaker 3:You know? It might
Speaker 1:be in the fifth dimension.
Speaker 3:People talk about the AI
Speaker 2:trade Yes.
Speaker 3:On Wall Street. Yes. And the thing that I don't totally understand is like, well, there's no consensus on who act... Yet, on who actually makes money. Let's just say, it's like everything goes well.
Speaker 2:Sure. Let's just say,
Speaker 1:If it
Speaker 3:all goes well, it's
Speaker 2:great for the economy.
Speaker 3:Yeah. Would still say there's not obvious consensus on, like, who the moneymakers are in that scenario. Sure. Whether it's the lab companies
Speaker 2:Oh, sure. Sure. Sure. Chip companies. Right now, there's even a...
Speaker 2:Yeah. Diffusion, like, the Microsoft plus Palantir versus OpenAI plus Anthropics.
Speaker 3:Just like, what is it just gonna be, like, the chip makers? Yep. Is it gonna be everyone else or the rest of the economy?
Speaker 2:Yeah. Yeah. Doesn't commoditize the top level. Yeah.
Speaker 3:Totally. Ambiguity on this question.
Speaker 2:Yes. Yeah.
Speaker 3:So, like, it certainly seems to me... I love Why
Speaker 2:buy that growth? They wanna create bottlenecks, so they are funding data center bands Yeah.
Speaker 3:Yeah. To
Speaker 2:create more bottlenecks so they can trade them.
Speaker 3:Yeah. Is No. This is Because it's like... No. No.
Speaker 3:Like, we wanna be the winners again.
Speaker 2:Exactly. Yeah.
Speaker 1:The bottom But I think but I think AI going well to some people just means, like, 20% GDP growth. Right? Like, that's actually like that's actually No. But but look. There was there was a survey at at a company that that No.
Speaker 1:I I won't I won't
Speaker 2:Was that... Well, yeah.
Speaker 1:Think it was anth...
Speaker 2:It was anthropic because I thought
Speaker 1:I thought
Speaker 2:they they thought they were were really high, but then the average American was really high too.
Speaker 1:Yeah. Yeah. Yeah. Everyone is expecting,
Speaker 3:like, economist. Yes. This is exactly That was the
Speaker 2:funny thing.
Speaker 3:The economists are like, oh, yeah. I could really drive a huge productivity boom. We might get up to three and a
Speaker 2:half percent. Three and half percent. I do.
Speaker 3:But this is... But, you know, we joke about it.
Speaker 2:Yeah.
Speaker 3:But we all should have... I mean, when... Anytime this comes up Yeah. What will be the productivity effects of AI? Mhmm.
Speaker 3:It's like, what were the productivity effects of the Internet? Yeah. It's hard to see. You don't see them on the charts. Yeah.
Speaker 3:Even though what were the productivity effects of the mobile phone?
Speaker 2:I I thought I did just see a chart in the Financial Times that showed product... Worker productivity in The United States was growing and it outpacing other countries. Did you dig into that at all?
Speaker 3:I know I haven't.
Speaker 1:But you could attribute it you could attribute it to layoffs. Right?
Speaker 3:Right. And there... Yeah. So there's like a... Yeah.
Speaker 3:Like, that's probably what it is because ultimately, like, The US allowed a bunch of people to get laid off and replace... Substituted them with checks. Oh, okay. Understand. Your productivity Sure.
Speaker 3:Sure.
Speaker 2:Sure. Sure.
Speaker 3:And also The US is... So that probably started the divergence. Yeah. And then The US economy has just been much stronger than Yeah. Europe for the last several years.
Speaker 3:It's hard for me to imagine there's a big AI difference. But
Speaker 2:Sure. Sure. Sure. Yeah. I mean, in general, are you still feeling that the American consumer is undefeated?
Speaker 2:It feels like there's all this chaos in the market. There's there's a lot of fragility where it's like, oh, if this doesn't go perfectly, it could be bad. But all of that is basically just froth while Americans are still froth.
Speaker 3:I'm like, I'm in this bubble in New
Speaker 2:York City.
Speaker 3:If you're walking around New York City, you cannot fathom right now that, like, and even, like, when you listen to corporate executives speak, it's a little bit ambiguous because I've been hearing... Well, we've noticed the consumer is starting to get a little bit more discriminating in their purchasing. I've been hearing that since 2022.
Speaker 2:Yep.
Speaker 3:So it's like for every year. So we noticed that the consumer is starting to trade down a little bit. Yeah. I don't know. I've seen some back and forth of that.
Speaker 3:It still feels like there's a lot of spending. Yeah. Economy from every sector. This is the most important thing right now, actually, which is that, you know, you can can divide the economy into roughly three sectors. Mhmm.
Speaker 3:There's the household sector, the business sector, and the government sector.
Speaker 2:Mhmm. And and the gambling sector for the What are the
Speaker 4:games like
Speaker 2:because that's a huge part
Speaker 3:of our. Of I secret.
Speaker 1:I did see a ad on on the way here that just said predict big.
Speaker 3:Predict big. Predict. I was like To predict, bro.
Speaker 2:Predict trade.
Speaker 1:To predict. I just predict.
Speaker 2:What do you do? I normally Trade on black.
Speaker 1:They normally see bet bet big.
Speaker 3:Yeah. No. Predict big. Pretty big. But every one of them is spending.
Speaker 3:This
Speaker 2:is They're all spending.
Speaker 3:Yeah. Households are spending. They're going... They're either, like, selling... Alright.
Speaker 3:Based... If they're on the top part of the cave, they're, like Yeah. Selling based on their equity accumulation. If they're on the lower side of the cave, they're probably, like Yeah. Going deeper into consumer credit.
Speaker 3:Yeah. Businesses are spending either from the AI build out or just, like, spending on the
Speaker 2:AI. --. Yeah.
Speaker 3:And the government is spending on all people.
Speaker 2:Although, you see Torsten, Slock over at Apollo What's
Speaker 3:his latest?
Speaker 2:His latest is that, basically, Fortune five hundred having a little bit of indigestion around AI spend outside of the Mag seven. Mag seven is seeing positive ROI. If you're a tech company, you can immediately deploy the AI agents, improve your software, see an ROI. But if you're the... You know, you're in the s and p 500, but you make tires or you do forestry or you do oil and gas, a lot harder to actually improve revenue or actually replace a job.
Speaker 2:It's mainly
Speaker 3:the job I think my
Speaker 1:stance on this is, like, for this... For the overall trade to work, you have to have a massive capabilities jump. Like, soon. Yeah. Like, in q four of last year, everyone everyone everyone was like, woah.
Speaker 1:It doesn't seem like chatbots are gonna that was 4.5. Had agents. And it's like we we... The the trade right now requires that. Elon Elon's saying like, yeah, like, have some deceleration, you know, like, in Thropic q three, you see a little bit of deceleration.
Speaker 1:It's still growing tremendously. And and Elon is saying, like, you know, basically, all the SpaceX projections are, like, just focus on supply. Right? Which is like Yeah. We're gonna bring on insane amount.
Speaker 1:Don't worry about demand. We're bringing on insane amount
Speaker 2:of supply.
Speaker 1:Right? And and that could prove to be an amazing decision. Right? Yeah. But we need that capabilities jump Yeah.
Speaker 1:Like, fast.
Speaker 2:Yeah. Right now, there's no one outside of an engineer that can go to their boss and say, wanna spend $10,000 a month on AI.
Speaker 3:Yeah. That's Pretty hard, if you're So this is in marketing. My colleague at Bloomberg today, Todd Gillespie, has had a good thing. Goldman is clamping down on its non technical employees Yep. Like five coding, including its traders Yep.
Speaker 3:Which I thought was pretty telling. Yeah. And and it said it was for both risk and productivity. Sure. So if was just risk, you know, I know there are some issues with people...
Speaker 3:There's still anxiety about data sharing Yeah. Sure. And stuff like that or data retention Yeah. Whatever. But it's also about the productivity.
Speaker 3:Yeah. So it's like maybe not every trader needs to be
Speaker 2:five coding up their dashboards and stuff. Dashboards and stuff
Speaker 3:like that. Yeah. I thought that was a telling story that speaks to the tourist and not
Speaker 2:Yeah. Yeah. There's something about an engineer who's actually seen what a month of engineering work Oh, yeah. Does and how hard that is, and they're maybe a little bit more judicious with the Yeah.
Speaker 1:That's the thing
Speaker 3:is, like, as we know, like, I'm a very big believer in what some economists... And I wish I could cite the person who,
Speaker 2:like Mhmm.
Speaker 3:First, like, either wrote the name, but, like, they call, like, the messy jobs thesis.
Speaker 2:Yeah.
Speaker 3:We all have, like, you know, within a job, we have, 30 tasks. Yeah. Right? And so forth. And so you could say, well, like, AI is really good at this task, but it's not really a replacement for someone's job.
Speaker 2:Yeah. Totally.
Speaker 3:Except maybe if you're just producing lots of code, then your job isn't so messy.
Speaker 2:There are some jobs that work a lot like repeat tasks.
Speaker 3:Yeah. And so... Yeah.
Speaker 1:I think I think what we need to see is like real agency. And I don't mean like age... I don't mean agents of like you're telling an agent to go and do something. Yeah. Yeah.
Speaker 1:You need like... You know, right now we have the equivalent of like every company has access to like a 100 PhDs and they just like sit in the room and they don't even talk or they don't even look Right? And so the... I do think the next leg up can come from like, hey, I'm setting a budget cap. Now use that most effectively to improve my business.
Speaker 1:Right?
Speaker 3:You know, I've played around with
Speaker 1:it. That's effectively what you do on Meta, which is like, you're like, here's how much I'm willing to spend. Mhmm. Get me as many customers as you can. Right.
Speaker 1:Yeah. And I do feel like what... What's missing is still true agency. Right? And so agents are like almost like...
Speaker 3:No. That's true. The agents that
Speaker 1:we have today are like really all, like, sub agents in some ways. They're only they'll only do things that they're told to do. And so...
Speaker 3:Well, they're also they're also clones of each other. Like, this is, like, another issue, which is, like, you think, like, oh, if you gathered a 100 PhDs in a room and told them to go Yep. Accumulate customer... Do whatever. It it might actually work.
Speaker 3:But if it was a 100 of the exact same PhD, it would all done the exact... Alex who's over at
Speaker 2:Google Yeah. DMI. Love him.
Speaker 3:Yeah. He's a cool guy. Yeah. He talked about this. Like, part of the reason Yeah.
Speaker 3:This hasn't really... Like, people haven't really like, sort of, like, autonomous multi agent teams Yeah. Is that it's actually kinda all the same agent Yeah. In many cases. You sort of need to get a Thunderdome, like, battle...
Speaker 3:Make them battle out with, like... Get them, like, genuinely different points of view. Yeah. And I don't know if anyone's, like, cracked the right orchestration orchestration for for that. That.
Speaker 2:I mean, people used to just, like, turn up the temperature on these. Do you remember this? Yeah. But, like I
Speaker 3:forgot about temperature. No one's so excited
Speaker 2:about it. Yeah.
Speaker 3:Some of these things still feel like
Speaker 2:you're selling a chicken. Back and forth for just get... Getting, like, a weirdness up and get it to let... Let's get some more hallucinations. Yeah.
Speaker 2:I mean, people were saying, like, hallucinations are sometimes like a feature more more than a box. Like, not... You don't always wanna hammer it out because you want some creativity.
Speaker 1:Yeah. Are you how are you thinking about your refrigerator at home? Is it WiFi connected? It's not WiFi connected. But I've had a...
Speaker 1:Even if it was, you would you would say that it wasn't. My... So you're a Target. Lock in and heat up all your beers.
Speaker 3:Oh, god. Well, any... Someone's diabolical. I I bought my refrigerator, like, two years ago. Amazingly, the ice maker works.
Speaker 3:I've never had a... My whole life, I've never had
Speaker 2:an ice maker works that long. Luxury.
Speaker 3:Can you... My life is pretty good this day. I got the ice maker still.
Speaker 2:Oh, you
Speaker 3:are? I do have a WiFi enabled air conditioning. I hate it. So, like, I actually could Yeah. Yeah.
Speaker 3:Yeah. Because I've, like, you know, if I'm coming into town or something like that, I can, like, turn on the air conditioning before I
Speaker 4:get home.
Speaker 2:Yeah. Great. That's great.
Speaker 3:But I can never... Like, when the the Internet is down or whatever, like, I don't know where my actual remote controls are.
Speaker 1:Yeah. Use case. Agent runs, detects your location at JFK.
Speaker 3:See, this is what we're talking about. Now that would accumulate some tokens. You know, like, this would get some demand going. It's like,
Speaker 2:oh, it's
Speaker 3:like constantly checking Joe and whether we think he's near
Speaker 2:your home. Dinner reservation with artificial intelligence yet?
Speaker 3:No. The... I have I have not
Speaker 2:yet. Yeah.
Speaker 3:I have... And I have not booked a flight yet either.
Speaker 2:Okay.
Speaker 3:I've tried to book a flight.
Speaker 2:Okay.
Speaker 3:And I was just like, no. Because it was like... It's just like... I I... So I tried using Muse Yeah.
Speaker 3:Yeah. To... Meta's media to book a flight, and it, like, pulled up the United website.
Speaker 2:It's hard because, like, the UI is pretty big. There's been decades of work on UI for showing you, does it have a connection? How much does it cost? Like, all the information that you want is already vended to you.
Speaker 3:So So it's like, I'm actually... Look. I'm I'm AI pilled on that stuff. Like, I think it's gonna be a really nice thing. Yeah.
Speaker 3:People's like, do this, do this for me. Oh, I I did have... So I was... I said this on the podcast Yeah. Like a week or so ago, but I had four days at home with just...
Speaker 3:It was just me and the kids. My wife is out of town. And there happened to be a stretch of a few days where there was a lot going on Okay. For both kids, you know, for Yeah. Of course.
Speaker 3:Parties and stuff. And that was just so nice being able to go into Chad GPT and say, where do I
Speaker 2:need to be in the next hour?
Speaker 3:Yeah. Okay. Now where do I need to
Speaker 2:take this hour?
Speaker 3:Yeah. I'm just, like, scan through all my emails.
Speaker 2:Yeah. I've a fan of just take a take a messy calendar and turn it into like an infographic. If
Speaker 1:you ever get asked to, like, describe one of your children to like in like a parent teacher context Uh-huh. Ask the AI. It won't just nail it.
Speaker 2:Don't don't try
Speaker 1:stuck if you're stuck, and
Speaker 3:you just have
Speaker 1:no idea what to say
Speaker 3:the information is Yes. Huge
Speaker 1:hair. Dude, do you know what we're referencing? What?
Speaker 2:Oh, this
Speaker 1:is this is Marissa Mayer. Marissa
Speaker 2:Mayer. Yeah. Yeah. She has a
Speaker 1:new start up. And The
Speaker 2:New York Times kind of cherry picked the worst, most unrelatable quote potentially is
Speaker 3:I did see that.
Speaker 2:Yeah. Is rough. What about Halloween? What were you for Halloween?
Speaker 1:They're they're they're throwing you they're throwing you out. It's crazy.
Speaker 3:Sense of whimsy.
Speaker 2:No sense of whimsy? No.
Speaker 3:No. I have no sense of whimsy.
Speaker 2:That doesn't match with my understanding of you at all.
Speaker 3:I know.
Speaker 2:I feel like
Speaker 3:Both my kids, like, wait. Someone's a ninja.
Speaker 2:Okay. My daughter
Speaker 3:was a fury. My wife put on a
Speaker 2:I like that. Wait. Wait. I I like that the family, the Weisenthal family, doesn't go for specific intellectual property. Is that to stay away from potential lawsuits?
Speaker 3:Yeah. That's true.
Speaker 2:No. No. No. But but it is a lost art to just be like, I'm going as a zombie as opposed to, like, I'm going as the rebooted Frankenstein that features Jacob Elordi in it or whatever. Like, people love being, like, a particular moment, a meme, an IP, a character, a moment, a reference.
Speaker 3:A couple
Speaker 2:years ago. I like just being... It's a fairy. Yeah. It's an No.
Speaker 3:They'll get
Speaker 2:it. It doesn't need
Speaker 1:to be this just for a
Speaker 3:a I I love that. Thank you. Yeah. We went hard. I gotta, you know
Speaker 2:We went to... Yeah. We running hard.
Speaker 3:The the dedicated
Speaker 2:We gotta get we gotta get to do a Halloween episode. Yeah. We should. Full makeup. We'll introduce you to our
Speaker 1:We have we have a great... We have a fantastic
Speaker 3:Tracy has a sense of whimsy.
Speaker 2:Okay. I don't have. So she... So we'll get her to twist her up.
Speaker 3:Yeah. Yeah. There we go. If you work on Tracy, then
Speaker 2:she could convince me. Okay.
Speaker 3:Well But I'm just like, no. I don't believe in fun over here.
Speaker 2:Yeah. We can teach this old dog new tricks.
Speaker 1:Yeah. We'll do time. Yeah. Thank you so much for joining. Enjoy your tallboy.
Speaker 2:Enjoy your
Speaker 3:tallboy. I
Speaker 1:had no idea that
Speaker 2:they made these. We're doing tallboys on the on the stream. I'm gonna crack mine open right now. Oops. Kinda went everywhere.
Speaker 1:All over the computer. Delicious. But, no, they really they really are throwing you out.
Speaker 3:Oh, those are Yeah.
Speaker 1:Hey. It's great to see you.
Speaker 2:Have a
Speaker 3:nice for
Speaker 1:having us. Thanks having us in New York.
Speaker 2:So welcome to Railway is the all in one intelligent cloud provider. Use your favorite agents to deploy web servers, databases, more while Railway automatically takes care of scaling, monitoring, and security. And let me also tell you about Cisco. Critical infrastructure for the AI era unlock seamless real time experiences and new value with Cisco. We have Emily Sundberg coming on next from Feed Me.
Speaker 2:We will be bringing her in in just a second. Jordy, me know if there's anything else. I'm gonna also tell everyone about Shopify. Shopify is a commerce platform that grows with your business and lets you sell in seconds online, in store, on mobile, on social, on marketplaces. Many days?...
Speaker 2:Christmas. Oh, that's a
Speaker 1:big question.
Speaker 2:How many... Oh, here we go. Wait. Did you did you do that or did the team know?
Speaker 1:This is good timing. Fifty two days. The
Speaker 2:first b 52 flew in 1952. That's a good fun fact. There you go. Well, we have the perfect authority.
Speaker 1:On the b 52.
Speaker 2:Christmas. We're fifty two days away from Welcome to the show, Emily.
Speaker 1:Thank you so much for being that. Nathan Fielder.
Speaker 5:What's his name?
Speaker 1:That Where's
Speaker 5:that kind of Yes. The... Exactly. Halloween. Yes.
Speaker 5:You guys did a great job with Halloween.
Speaker 2:We try. We try. Although we got some very serious feedback from someone who has deeper knowledge than us about Berkshire Mhmm. And said that there were a number of things we got on
Speaker 1:the walls.
Speaker 2:We didn't have a glass eye, which I should have had.
Speaker 6:Who has a
Speaker 5:glass eye?
Speaker 2:That's Charlie Munger. We... Our clothes were not threadbare, which was something that they often sport.
Speaker 1:And So we went we went so hard in the morning on Friday. Yeah. And then we had to take off the the outfits around two after the show because it takes, like, a team of people working to peel back all the layers. There's just... It looks
Speaker 5:like Hollywood makeup industry live in a time of AI. Yeah.
Speaker 1:We are. But then for Friday night, I was going out to dinner and then to an event, and so I had to put something together. I didn't wanna be costumeless. Yeah. I went as Nathan Fielder.
Speaker 1:My other friend also went as Nathan Fielder, but he looked so much like Nathan Fielder that the party we were at, everyone... Like, by the end of it, there was a rumor flying around that the real Nathan Fielder was there. Yeah. And other Nathan Fielders would walk up to him and be like, hey, I just wanted to say like I'm a big fan.
Speaker 3:Like, don't mean to like...
Speaker 2:He just has a natural doppelganger. Yeah. With the right hair color. Right? Hair color.
Speaker 5:Yeah. Pores. That's right. The really up close shots of the pores.
Speaker 2:Where were you for Halloween?
Speaker 5:I was a good daughter-in-law. I just went to my in law's house in Connecticut and took it easy. Okay. That's what I was. Yeah.
Speaker 1:There you go.
Speaker 2:What about on Feed Me on the newsletter? Have you been wall to wall Halloween coverage? Or
Speaker 6:We did.
Speaker 2:Were you already on road to Christmas like us?
Speaker 5:We... I am on the road to Christmas, but we did a month long screening series of scary movies at a movie theater in Brooklyn. Mhmm. We called it Monday Scaries. That was the the best deal we could get on renting out the theater was Monday night.
Speaker 5:It's great. Instead of Sunday Scaries, we did Monday Scaries. That's awesome.
Speaker 2:Yeah. What what what stuck out to you? What's the underrated scary film? What's the... What what's your approach?
Speaker 5:Really good. Have you seen Martin Blossom Creeve?
Speaker 3:No. I've never
Speaker 1:watched a scary movie.
Speaker 5:Really? Yeah. Sad. I I
Speaker 1:I don't think I've watched a horror movie, like, start to finish.
Speaker 5:And then we watched another one called Trick Our Treats Trick
Speaker 6:Our Treats,
Speaker 2:which is
Speaker 5:more of like a campy
Speaker 2:Okay.
Speaker 5:Cool. Halloween one, which I... Yeah. That was great. Everyone loved to hang out.
Speaker 5:People were sort of like bringing their zines and trading zines, did free popcorn.
Speaker 2:Yeah. It was great. And so does Zines? Like old magazines? Like zines are, like, one off, more
Speaker 5:More territory, more DIY. There's a there's a local news boom happening in Brooklyn right now. A lot of it is originating on Substack, so people are kind of becoming their own little paper men
Speaker 1:and town criers. Publishing on Substack, but also printing it Yes. And distributing it by hand. Yeah.
Speaker 2:They'll put it in, a newsstand on the... Just on the street. Right? Yes.
Speaker 5:Exactly. What's the Or, like, stacking them at cafes and stuff or bringing them to feed me events Yeah. To to get it in the hands
Speaker 2:of Is Byline a good example of that?
Speaker 5:Byline, I would consider a magazine.
Speaker 2:Okay. A Not a zine.
Speaker 5:But, there's, like, the Carol Gardens
Speaker 1:Mhmm.
Speaker 5:Chronicle and
Speaker 2:Cool. The
Speaker 5:Park Slope Gazette.
Speaker 1:I like that.
Speaker 5:Yeah. It's cute.
Speaker 2:That's fun. Yeah. Okay. So now that we're... Have Halloween behind us, are you fully in the sprint, the road to Christmas?
Speaker 5:Yes. I actually said earlier around
Speaker 3:The... So you know how
Speaker 5:New York Magazine does the the the approval matrix in the
Speaker 2:past? Yes.
Speaker 5:They said that stores that are already playing Christmas music are despicable and lowbrow.
Speaker 2:What? What? I think
Speaker 5:it must have been a mistake. Because think brilliant.
Speaker 2:Yeah. Should issue a correction.
Speaker 5:Do not show
Speaker 1:do not show them.
Speaker 5:My favorite bar, Pete's Tavern, put up Christmas lights yesterday.
Speaker 2:That's right. Yeah.
Speaker 5:Yeah. The next big question at this
Speaker 1:point in q four is, like, how do you honor and respect Thanksgiving while properly giving Christmas attention and giving it enough time to bake. Right?
Speaker 5:Yeah. I think they can share decorations and spirit.
Speaker 2:Yeah. I see Thanksgiving more as, a speed bump in the road. Yeah. It's like Christmas, Christmas, Christmas, you got one day, celebrate Thanksgiving, back
Speaker 5:to Christmas. Thanksgiving is part of the Christmas season.
Speaker 2:Back to Christmas.
Speaker 1:Yeah. That's a good idea.
Speaker 2:It's easy to blend in.
Speaker 1:Yeah. Like a pregame.
Speaker 5:For sure. Exactly.
Speaker 2:Oh, well. Reflect. So Yeah. You're you're you're one of the most classic overnight successes. Correct?
Speaker 5:Yeah. Yeah.
Speaker 3:Four years.
Speaker 2:Yeah. You have four years now in
Speaker 1:the making. Plant.
Speaker 2:Yeah. How is it going? What... Take take us back through some of the early days.
Speaker 5:Oh, gosh. You're one of Feed Me. I started it at my desk at Meta, famously Yeah. Hudson Yards office.
Speaker 2:Oh, sort of full circle moment with the Mark Zuckerberg interview.
Speaker 5:Sort of. There you go. Yeah. Totally. And I
Speaker 3:gotta do, like, take
Speaker 2:this super shove it. Yeah. Like, now you gotta
Speaker 1:talk to super positive response. Right?
Speaker 5:Yeah. That was so fun. We were together in... Real blast. Yeah.
Speaker 5:Yeah. It's it's... I... When I started writing on Substack, I didn't ever expect that it would be a full time job or even something where I started hiring people and had like a built out company, media company, and now I'm getting photos of people running the marathon with a Feed Me hat or people who are in an airport in London, like, who see the Feed Me hoodie. It's a really good feeling.
Speaker 5:And on top of that, on top of like, I feel like we all embrace sort of fun as part of this job. When you start a business that is kind of a little piece of culture, it also sort of cracks open the world for you, and you get so many interesting experiences, and you meet so many cool people, and you get access to secret rooms and secret gardens, and like Mhmm. I just... If it all was over tomorrow, I'd be so happy. Like, it's been such a fun ride.
Speaker 2:That's great.
Speaker 5:I'm so happy I started when I did and that I've been able to Yeah. Play around for over the last years.
Speaker 2:Latest growth initiative? Is that the job board or is there other stuff going on?
Speaker 5:Job board isn't really a growth initiative. It's just like a fun thing to build. Sure. We started a podcast last year called Expense Account.
Speaker 2:I remember Joe Weisenthal was one of the first guests. Fantastic episode. Overlaps. Go listen to it if
Speaker 3:you wanna know if you
Speaker 2:want more Joe.
Speaker 5:I think I was... Last time I was here, we were discussing the launch. Yeah. Since then, we signed a production deal with Higher Ground, which is Cool. The Obama's production company.
Speaker 5:It was cool. We've doing... We've been doing a lot more events. I mean, the... Like, that movie series was one.
Speaker 2:Sure. Sure.
Speaker 5:We're throwing a pie contest this month with Walmart. Okay.
Speaker 3:It'll be
Speaker 5:a blast. This month? We have a big poker game next week.
Speaker 1:Pie contest.
Speaker 5:Yeah. Pie contest. Yeah. You wanna dupe dupe? I feel
Speaker 2:like tree lighting ceremony. We would
Speaker 5:We could do that. Yeah.
Speaker 2:Yeah. Tree lighting ceremony. They do one here at the New York Stock Exchange.
Speaker 5:They do one.
Speaker 2:Yeah. I I think it's you're you're in the major leagues here in New York in terms of tree lighting. You're going up against some of the most elite tree lighting ceremonies. But if you can play in this league, you can play anywhere, really.
Speaker 1:And you've been on spot. Have you felt... How have you tried to balance covering AI? Because something that's... AI has become so unavoidable that every single media company, podcast, newsletter, etcetera, is now...
Speaker 1:Is effectively like an AI. Whether they they want to or not, it feels like... Stories... They're just like... Yeah, no matter what the the category of podcasts it's in Yeah.
Speaker 1:Whether it's like politics
Speaker 2:Yeah. Or health movie podcast, and then you're like, well, we gotta talk about how AI will affect movies, or you could be a health podcast...
Speaker 5:Mean, especially... Because in
Speaker 1:some way, like, feels like it feels like in some ways, like, TBPN emerged at a time when every tech show was focused on politics. Not every, but, like, a lot of them were focused on politics. Sure. And by not focusing on politics, we created, like... People, like, were, like...
Speaker 1:It was refreshing to be...
Speaker 2:Sure. Sure.
Speaker 1:And so it feels like there's almost like an opportunity right now to have like a business and culture thing that's just like, yeah, we're just not gonna talk about that. There's plenty of other...
Speaker 5:Yeah. I mean, it would be impossible to write about culture and business without touching upon AI. I would say it's not like a a beat of ours that I'm, like, consistently keeping keeping my readers up. But, like, I don't think anybody's reading feed me to of what's happening in AI. But whether you're writing about, you know, literary magazines or hiring or art or or even like food ordering systems, like Sure.
Speaker 5:It does creep into everything. I mean
Speaker 2:Yeah.
Speaker 5:You walk around New York and you see the ridiculous bodega signs that are AI generated photo of like a sandwich. Like it
Speaker 3:Totally.
Speaker 5:It is part of the city and I do write about it
Speaker 2:Yeah.
Speaker 5:Probably every day. But I wouldn't say it's something that I'm like consistently going deep on.
Speaker 3:Yeah. Yeah.
Speaker 2:Have you used artificial intelligence to book a restaurant reservation?
Speaker 5:No. I haven't. I'm pretty lucky that... Lucky or blessed depending on how you look at it. Most places, I have a a bit of a plug.
Speaker 2:Connection. Yeah. So it's happening off of off of
Speaker 5:a restaurant with
Speaker 2:the air? I did. I did. I demo all this stuff.
Speaker 5:What was
Speaker 2:it? It was just a random restaurant in my town. And I just said, like, I need a reservation for tonight. Just go find something. Book it.
Speaker 2:It worked. Yeah. It used OpenTable, though, which was weird. So I I could've gone to OpenTable, but it was slightly faster to just type, I need a table for Tuesday.
Speaker 5:I like the adventure. Of Finding the reservation.
Speaker 2:The restaurant yourself? Yes. Yes. Yes. Yes.
Speaker 2:For sure.
Speaker 1:Like showing up to a popular place with no reservation and making it happen.
Speaker 2:Yeah. Well, that's a new hack. So you can go to basically any restaurant in the city now because everyone's using these agents. You can just say, oh, the reservation, it's under Muse. And they'll be like, oh, yeah.
Speaker 2:Like, there's a bunch of them under Muse, you can just take someone else's reservation.
Speaker 3:Or you
Speaker 5:can just go to the ATM, get a little cash.
Speaker 2:That works too. Little old fashioned.
Speaker 1:It works.
Speaker 2:Yeah. In the age of cybersecurity incidents, maybe more than ever.
Speaker 1:What's the overall Substack market update?
Speaker 5:Did... Oh, let's see. This overall Substack market update. I think that it's getting really crowded on there. Mhmm.
Speaker 5:I don't know if you guys saw this, but Tyler's
Speaker 1:like ML... Like, there's now, like, a... I've been seeing content of people that are promoting it in the way that, like, guys in, like, the twenty tens promoted, like, ecommerce. It was, like, here's how you can make Growth hack. Well, like, here's how Yeah.
Speaker 1:Anyone can make 50 k a month.
Speaker 5:It's not just e commerce. There's a lot of women doing that too.
Speaker 1:Well, no. No. And I'm saying Substack now is is is... I'm seeing that, like, I write one newsletter a week and I make x amount of money. Yeah.
Speaker 5:There's a lot of that. It's sort of like LinkedIn speak has quickly moved over to Substack speech. Like, here's how I make $500,000 a year on Substack and you can too, which
Speaker 2:I like to sub that.
Speaker 5:I haven't really clicked on any of those, but maybe we could grow that way. Yeah. I think Substack people will continue to, like,
Speaker 3:try it out. I think it's really hard to get... I I I've said this before,
Speaker 5:but I really do think that part of Feed Me Success was just being there early.
Speaker 2:Like Yeah.
Speaker 3:Early No.
Speaker 5:No. Advantage.
Speaker 2:Yeah. Yeah. Although, at the same time, I mean, Substack launched in 2016. So there's a whole different story that you could tell where it's like, in that moment, if you go back, there were probably very established Substackers, and it was probably seen as like, oh, it's probably late because it's really competitive. There's already all these great substacks.
Speaker 2:But, of course, it was still early. That's always the story.
Speaker 5:Yeah. For sure.
Speaker 2:Yeah. Are
Speaker 1:we saying about Beehive?
Speaker 5:Oh, I included a growth chart in my four year letter.
Speaker 2:Yeah.
Speaker 5:And and then, like, Tyler from Beehive was using it as a... As an example of, like, growth slowing down and why Beehive is, like,
Speaker 1:a Better.
Speaker 5:A better platform. But I don't know how these platform wars are gonna shake out. But I... It doesn't really feel like a war.
Speaker 2:Yeah. I mean, I I... I'm personally in favor of, like, accepting the fact that you might eventually reach your total addressable market, and then your and then your job is not to go and find people that are further and further outside of your target demographic. It's about how do you actually build the community further with movie nights and all sort of podcasts and all sorts of different things for the people that actually like the content fit in that demo.
Speaker 5:Yeah. Instead of trying to broaden broaden. What the general media landscape's gonna look like in a year. It seems like everybody's sort of building their own little digest.
Speaker 2:Yeah. What do you think of the the... I don't know what they call it. It's like the round trip. It's like you work for traditional media, you leave, and then on day...
Speaker 2:On the day that you leave, you sign with traditional media for distribution, but you still own your equity. How have you processed those types of deals?
Speaker 5:What's an example of that?
Speaker 2:An example would be hard fork turning into machine gods.
Speaker 5:Oh, yeah.
Speaker 2:They left the New York Times. They said they said, I I can't possibly work with traditional media anymore, and then they signed with NPR. But, obviously, the the read on this is not, oh, they don't like traditional media. It's that the economics are way different when you own the property yourself, but then you're licensing to NPR Yeah. As opposed to the New York Times owns your property, and you don't see any of the upside there.
Speaker 2:Joanna Stern would be another example Yeah. Where she went independent from The Wall Street Journal, but then had a TV distribution deal for some of her content.
Speaker 1:I'm going codependent.
Speaker 2:One. Going codependent, I suppose, could be the term.
Speaker 5:Yeah. I mean, I think it's hard to run a whole business by yourself when you start looking at, like, legal fees, social media, the marketing team, the person who's actually pressing send. Like, it's a lot of work, and I think it's smart that some of these people are outsourcing some of that work to these places that have in house experts. I wish I had some of that sometimes.
Speaker 2:But Some of the deals, I I think, are are not huge economics, not huge on support, but it helps you sort of carry some of your prestige forward. Yeah. Because when you leave legacy media and your your post legacy, as we say, the post legacy creator can be stuck in, like, oh, wow. I need to rebuild my Yeah. My prestige.
Speaker 2:And if you can, on day one, have a big logo next to you Mhmm. In some way, that's probably valuable. What is your iPhone Duo review? Your iPhone Duo take? Are you pro duo?
Speaker 5:Haven't used it yet, but I
Speaker 3:read this
Speaker 5:morning that they've been snapping. Yeah. I sat next to dinner. I was sitting next to a friend the other night, and he had one.
Speaker 2:Okay. So, we dug into the snap issue, the the screen breaking, the crack crack gate. It is happening, but in a very small amount.
Speaker 5:Do you guys have them?
Speaker 1:No. Have I I have to get one. I I talked I talked so much Logan
Speaker 2:loves it. TJ Parker loves it.
Speaker 5:There's some really positive What's with the snap?
Speaker 2:So the snap is a manufacturing defect in the hinge, maybe, like, less than 1%, a very small amount, probably less than point 1% of duo ship with this flaw. If you open it, it's gonna break almost immediately. Mhmm. If it doesn't and you get through the first week, you're probably good forever.
Speaker 3:Mhmm.
Speaker 2:And so they're gonna fix that. Forget that the crack is even an issue because you will have one that doesn't crack within a week.
Speaker 5:So the first time you guys haven't jumped at a new iPhone?
Speaker 2:Yes.
Speaker 1:I mean, I jump I jump as soon as I I jump as soon as the device is deprecated, basically. Okay. I do that basically basically...
Speaker 5:Mine still smashed from Ken.
Speaker 2:Oh, yeah.
Speaker 5:Yep. Even though I have the new one.
Speaker 2:I think I might have skipped one a year a year or two ago. Yeah. Because they they they... I stopped
Speaker 1:caring. Every once in a while, I'm like, okay. It'd be nice if it was it was... Had a longer battery life and a slightly better camera. Yeah.
Speaker 1:And then I'll upgrade. But Yeah.
Speaker 5:You living the case free life?
Speaker 2:Case free life.
Speaker 1:Yeah. Yeah. It's it's shockingly robust.
Speaker 2:The tino as well is what they say.
Speaker 1:Yeah. Yeah.
Speaker 2:Yeah. Is nice to worn in, you know. This one actually wears in even better because, the scratches blend in. When you have the color, the color rubs off.
Speaker 5:Yeah. I have the orange.
Speaker 2:It gets real... Yeah. I'm sure you have a lot of patina
Speaker 5:on there.
Speaker 3:Yeah. Do.
Speaker 2:Which can be a choice.
Speaker 5:How long are you guys in the city?
Speaker 1:Twenty hours. We're leaving tonight. Twenty hours?
Speaker 2:Yeah. Twenty hours.
Speaker 5:Are you back before 2027?
Speaker 2:What do you mean? Oh, in New
Speaker 5:York. Yeah.
Speaker 2:I mean, we'll be back in LA before 2027. Be back tonight.
Speaker 3:Hopefully. But,
Speaker 2:yes, I think we'll be back. We gotta come back. There's gonna be so many tree lightings.
Speaker 5:Yes. Road to to Christmas.
Speaker 1:Yeah. Road to Christmas.
Speaker 2:You you gotta hit Rockefeller.
Speaker 5:You were saying there's lot of Christmas colors in here.
Speaker 2:It started.
Speaker 1:On a A lot of red today. Actually, a nice a nice mix. Yeah. It's kinda balanced out. I mean, look at this sign over here.
Speaker 1:It's kind of a perfect balance.
Speaker 2:Yeah.
Speaker 5:Wow. It's a new day.
Speaker 2:That's good. Well, thank you so much for coming on.
Speaker 3:Thanks for
Speaker 5:having me, guys. See soon. Take it easy.
Speaker 1:Say good one. Team.
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Speaker 2:Very excited to have him on the show for the first time. He's the founder and CEO of Serhant, and we're gonna bring him in in just a second. I'll also tell you about Figma. First time we ever came here was for... Because of Figma.
Speaker 2:Agents meet the canvas. Your AI agents can now create and modify your Figma files with design system context. What a day, for the Figma IPO. And we have Ryan Serhant jumping on in just a second here at the New York Stock Exchange. Ryan, welcome to the show.
Speaker 2:Great to meet you. Thank you so much for having us. For coming on. Thanks for coming to New York. New York.
Speaker 2:Yeah. Are you at? How how often are you here? How much do you travel these days?
Speaker 4:We travel a lot. Yeah. Probably every other week on the air, either opening a market or visiting a market that we're in. So I'm here this week because we have LA.
Speaker 2:Is there a number one destination? Is LA the number one destination that you're going to often, or is it opening markets so you're always in a different place?
Speaker 4:The next
Speaker 2:one Okay.
Speaker 4:Is the number one. What's been
Speaker 2:the most exciting recent market you've opened?
Speaker 4:We just opened in Chicago. Okay. Earlier this year, we opened across California. So I opened in Tahoe, San Francisco, Los Angeles, Orange County, and San Diego on one day. So it was a lot.
Speaker 2:It's big.
Speaker 1:Yeah. And Were you in the area the Why why We just... We have launched all those places not worth, like, at least one day? They...
Speaker 4:Well, we do... We... When we did the launches, we went one day at a time.
Speaker 3:But for us
Speaker 1:Oh, okay.
Speaker 4:Department of state is per state.
Speaker 2:Oh, sure.
Speaker 4:And so for us to do it, if I started in just one city Mhmm. We have to be on the offense all the time Yeah. Because then we'll be under attack by competitors. So I have to hit them all on one day in a sneak attack. Same thing in Texas.
Speaker 4:This year, in July, I opened Texas, and I did Houston, Austin, San Antonio, and Dallas in one day. Yeah. I just did Chicago. Chicago is by far the spiciest, and so we'll go into our launch event for Chicago next week.
Speaker 2:Why is it spicy? Spicy.
Speaker 4:It's, it's aggressive. It's mean. There's a lot of, like, in our
Speaker 3:business. Yeah.
Speaker 4:In the real estate brokerage business, they don't like newcomers. They don't like changing things. What I found about this industry is people will spend so much money, so much blood, sweat, and tears defending where they've been instead of building for where they're going. And anyone who challenges the status quo and their purse strings, and I'm sure this is the way it is in every business, I sue you. I just sue you.
Speaker 4:That's what they do. They use... Oh, absolutely. Really?
Speaker 1:Yeah. And what, is it suing over a specific transaction? Transaction?
Speaker 4:Like, I... They they sue over torturous interference, poaching recruit, anything that they can come up with.
Speaker 1:I've been sued over photos before. And that's specifically so they can say, like, oh, don't work with that guy. We're in a lawsuit with him. He's out of town. 100%.
Speaker 3:Like, you
Speaker 1:said there's a... There's, like, a playbook, like, when you come into a market, the the other brokers have this, like, playbook where they're, this is how to talk about Ryan. This is this is why we don't like that company. Yeah.
Speaker 4:Sure. They're they're young. They use social. We don't understand it. They're AI native.
Speaker 4:We don't get what that means. Yeah. Don't go
Speaker 1:over there. And in a lot of these markets, I'm assuming there's like an existing brokerage that has been dominant for a long time and is like incredibly lazy. Yeah. It depends.... Way to put because I'm market.
Speaker 1:I... So, like, specifically because at least from my my understanding of real estate is primarily primarily through living in Malibu
Speaker 4:Yes.
Speaker 1:Where, like, half of my friends are real estate agents. Yeah. And they're all, like, very friendly to each other, like Yes. When we're at the farmer's market or at a barbecue. But you start to realize, like, they all, like, just absolutely hate each other and don't, you know Yeah.
Speaker 1:They're sharks... They're willing they're willing to, like, work together, like If you force it.
Speaker 3:At
Speaker 1:times, you know, if they're forced into situations. But it's very funny to to interact with. But then it seems like in every market, you're gonna have one group that sort of becomes dominant, and then through that doesn't have to, like... They stop having to innovate or or really, like, put the work in because they get some type of, like, momentum that gets built out.
Speaker 4:Sure. Yeah. No. Comfort is the death of innovation. And so we operate in a very, very different way, and we go into new markets.
Speaker 4:And it's not to disrupt. I mean, if anything, we disrupt for good, and we try to do what's best for the consumer. Like, what is best for the home buyer and the home seller? We're in an incredibly tight marketplace right now, and it's not just in luxury markets. It's across the country.
Speaker 4:Right? You have an affordability problem. You have an inventory problem. We're gonna do less home sales this year in The United States than than we ever thought we were going to do this year. September had less pending contracts than in
Speaker 1:any single month in thirty years. Yeah. Worse than, like, o eight and two thousand. In terms of pending contracts?
Speaker 4:Yeah. Absolutely. Because rates have spiked. They're up a 100 basis points year over year. You know, the the first time starter price, I think it was in...
Speaker 4:Before COVID. So end of twenty nineteen, early twenty twenty, there were 80 cities in The United States where a starter home was a million dollars and above, and that was a That's a lot of cities. Today, it's just over two sixty.
Speaker 3:Woah.
Speaker 4:It's 260 plus cities where a starter home is a million dollars and above.
Speaker 2:So the... And a million dollars rates.
Speaker 4:It's A million dollars is no longer Yeah. Means you made it. A million dollars is now just the entry price.
Speaker 2:Yeah. That's rough.
Speaker 1:Yeah. How... What is your mindset with the team when market conditions are horrible? Like, I... Just because, like, I like, I think in our world, like, startups specifically Yeah.
Speaker 1:Like, the market the market can be shrinking, but if you're a young company, you can be growing. Yeah. You can be... And and you can be going on attack.
Speaker 4:So we've been lucky.
Speaker 1:Like, if you... You can barely grow your market share, but if you can still, like,
Speaker 4:actually grow your revenue. Right?
Speaker 1:Yeah. Yeah. Yeah. And so I think it's an important reminder, like, just because the market is bad doesn't mean we have to just sort of roll over and accept that like,
Speaker 2:oh, it's gonna
Speaker 3:be a
Speaker 1:bad few years for us. We gotta hunker down. You're like, I'm going on the attack.
Speaker 4:Yeah. My my first day in the real estate business, even just as an agent here in New York City, was the day Lehman Brothers filed for bankruptcy in 2000 You know, that was a bad day. But for me, because I was brand new Yeah. Everything was up from there. You start at the bottom.
Speaker 4:Same thing when we started Serhant. We started the company, in September 2020. There was... In New York, there was no vaccine. Everything was shut down.
Speaker 4:The Wall Street Journal, New
Speaker 3:York Times
Speaker 4:said if you're thinking about buying real estate, you're an idiot. Yeah. And then we made a bet on the future, and the future paid us back from there. Same thing now. We trade on the way up, and we trade on the way down.
Speaker 4:And I think the market being tight enables us to be as efficient as possible in doing, like I said before, like, what is the consumer upside? Where can we actually help people move?
Speaker 2:Yeah.
Speaker 4:Yeah. People talk about brokerage all the time, but I don't think anyone's ever woke up and said, man, I wonder what real estate brokerage I'm gonna work with to go and Yeah. Find my next home or sell my home. They wake up and they say, no. I wanna move.
Speaker 4:Yeah. Who's gonna make it as frictionless as possible? Who's gonna save me as much money as possible? And the traditional brokerage model, is kind of like Blockbuster Mhmm. If you've kind of read those stories where they wake up every day and they say, how do we manage customer dissatisfaction to the point at which we can minimize churn.
Speaker 4:Yeah. Yeah. So you have churn Find
Speaker 1:that break... Find that breaking point.
Speaker 4:Yeah. Exactly. Of customer dissatisfaction. Yeah. Wherever that inflection point is, that's where we will exist as a business.
Speaker 4:Yeah. That is real estate brokerage in The United States, and I'm doing my absolute best to try to fix it.
Speaker 2:Yeah. What else is in the organization? Because there's a a large social media team. Yes. Like, what makes your organization different than the brokerages, like, from a structural perspective?
Speaker 4:I mean, the first thing we started with was... We started as a media company that sold real estate in 2020 and 2021. Yeah. That was our our first thing. We were the most followed and subscribed to real estate brands
Speaker 2:Yeah.
Speaker 4:On Earth. And we said we're gonna use that in... For two ways. One, it's we're gonna have zero CAC. Yeah.
Speaker 4:We have no customer acquisition costs. We've never bought revenue before. We never will, and it's been a kind of a... An ethos for us as we've grown the business. It's been completely organic, and it's enabled us to grow a 100% year over year.
Speaker 4:And two, we're gonna be able properties in front of more qualified eyeballs than anybody else so we can sell our homes faster and for more money. And so we do that. And so every market we go into, the market demands us coming there versus us sitting there and saying, no. We have to grow. I don't think growth is a is a business plan.
Speaker 4:I think doing our fiduciary duty to our customers is the business plan.
Speaker 2:Yeah. So walk me through. You're wearing another microphone. You're recording So many microphones. Yeah.
Speaker 2:And so, like, break the fourth wall a little bit. Tell me about, like, how you get the most out of a day in your life from a maximum
Speaker 1:Yeah. I was... I I sent John one of the green screen, clips that you do.
Speaker 2:So good. I'm like, let me, yeah, let me pitch all these, properties in one day.
Speaker 4:Like Yeah. Just a conference. I used to do, like, I did million dollar listing New York on Bravo for ten years. Yeah. We did three spin off shows for Bravo.
Speaker 4:Yeah. And then we started a a YouTube vlog. So was going into all these Bravo conversations and meetings
Speaker 1:and dollar. Listing is such a funny name in hindsight. Oh, you're just saying
Speaker 4:it wouldn't work today. No. It wouldn't work today.
Speaker 3:Yeah.
Speaker 4:Yeah. But all the ever... All anyone focused on was was YouTube at the time, and they still do. You go into any Netflix, any any any streamer meeting, their number one focus is on YouTube and the power of social because that's where people are getting their content. Yeah.
Speaker 4:Right? The content is in the clips. The clips are the content. So Instagram, if you met it last week, announced features, which is coming. So up to ninety minutes of video, and you can string features along.
Speaker 4:So clip by clip by clip Sure. I think you're gonna see the next Emmy nominated show that is gonna be created in that way. The same way you're probably gonna see Nathan Fielder in 08/24. Yeah. 08/24, you know, potentially winning the best documentary film Yeah.
Speaker 4:With a... Best picture with a documentary.
Speaker 3:Yeah. Yeah.
Speaker 4:The world is completely changing because the viewer has changed. So, yes, about the microphones. Yeah. I... Our our production team is a 110.
Speaker 4:Yeah. We have Serhant Studios in every single market we're in.
Speaker 2:Okay.
Speaker 1:So we're in a first interesting thing. Build a local team. Correct. Cool.
Speaker 4:So we have... We run them through what we called a a studio suite Yeah. So that they're trained so that they can operate at our speed, but also create the type of content for a property that we know will grab the most attention in every single marketplace from Rednote in Asia to TikTok here to South America to South Africa and everywhere in between. And then it's a it's a lead aggregator. We generate more organic lead flow through content than any real estate brokerage does combined.
Speaker 2:And across that 110, you have cinematographers, editors, content strategists
Speaker 1:Drone pilots.
Speaker 2:Drone pilots. Like, what what... How how structured is this?
Speaker 4:Individual in the individual markets, the studio's team is... For the most part, they are are either licensed or trained to do everything that they need to do. Okay. So they can operate drones. Yep.
Speaker 4:And I wouldn't say they're so much cinematographers as they've gone through our boot camp, and they
Speaker 3:know how to shoot property.
Speaker 4:Yeah. They know how to, you know, produce hooks. They know how to Sure. Work with the dialogue. They know how to do different types of Zoom tours.
Speaker 4:And the types of content that we put up on LinkedIn are not the same types that we put on TikTok, YouTube, etcetera. And so we were able to turn kind of that that social machine
Speaker 2:Yeah.
Speaker 4:Into a lead machine for salespeople Yep. And people who need salespeople. We combine those two together. They create more content around deal flow and round and round and round we go. Yep.
Speaker 4:And then this and LinkedIn and the news and Squawk Box down there is all general thought leadership.
Speaker 1:Does the MLS need to ban AI content from listings?
Speaker 4:I was talking to Ben Coleman this morning, actually, from a company called Reality Defender. He presented
Speaker 3:Yeah.
Speaker 4:Just before me at, Pick, the Goldman Private Innovative Company Conference in Vegas last year. And he he asked me if I wanted to talk to him about the reality badge that he could create Sure. That would automatically detect if a listing photo of a living room or bedroom, etcetera, was being created using AI.
Speaker 1:Even... I don't even want... I... Like, cool cool idea. I don't want that.
Speaker 1:I think it needs to be banned. Like, think that I... Like, I... Basically, in the last six months, I used to be able to go to a listing and just be like, cool. If it's a piece of dirt, I don't care.
Speaker 1:Yeah. Show me the piece of dirt. If you have some actual renders that you've done that are, like, going through the planning process Yeah. That's cool. Maybe throw those in.
Speaker 1:But it is a horrible experience going through a listing and seeing like, okay, that's a real photo. Yeah. Is that a real photo? It looks like they kinda like I agree. Up res up resed it or whatever.
Speaker 1:Yes. I think that I think that there's like real... There there should be real like legal issues with like misrepresenting a property.
Speaker 3:There will be.
Speaker 1:It should be on the consumer. Maybe it should be in Zillow or in Yeah. In Redfin or or in any of these tools.... Brokerage. You should be able to, like, remix it yourself Yeah.
Speaker 1:In the app. But having sellers and and broke... And agents actually do it, I think, is totally wrong. It's so... It's it's annoying to the point where it's a negative signal now where I assume, like, your property probably sucks if you feel like you need to do this.
Speaker 1:Right? It's not... It won't it won't sell itself.
Speaker 4:I think I think yes and no. Virtual staging has existed for quite some time. Sure. As long as it's annotated and says this is virtually staged so you can see it. And I'll tell you, most buyers don't know what they want until you show it to them.
Speaker 2:Yeah.
Speaker 4:Yeah. And so I agree with you. I don't think anyone should... There should be no lying. There should be no deep fakes.
Speaker 3:Yeah. Yeah.
Speaker 4:Yeah. No one should be duped. If you have a plot of dirt, like you said, and you show that there's a house there without indicating that that house isn't there and you show up, that is lying. They should come after your license for that. Yeah.
Speaker 4:That is poor Yeah. Consumerism. But I
Speaker 1:just think it needs to be separated out. There should be like, here's the reality, and here's a possibility. Yeah. And there are, like, two different sections of the Yeah. I agree.
Speaker 1:And right now, it's, like, all all combined, and it's Yeah.
Speaker 4:Really bad. Have existed. They've tried to do that. Consumers won't use them. And so it's a cost that no one...
Speaker 4:Like, no one actually will do it. They just say, show me what I think it could be and let me go through. But I
Speaker 3:agree with you. I don't think there should
Speaker 4:be fake AI generated photos. New York has already banned those.
Speaker 2:Okay.
Speaker 4:So Mamdani has already has already worked on that, and they're gonna go ideally market by market.
Speaker 3:But it
Speaker 1:is actually beneficial. I agree with.
Speaker 2:There you go. You go.
Speaker 4:We've done a lot for the city.
Speaker 1:It's Yeah. Yeah. Yeah. What's overall what's overall, like, how is New York... What what are the trends in New York?
Speaker 4:Trends in New York are are similar to the rest of the country. You have two buyer demographics. You have people who are buying with income, and you have people who are buying with wealth. Yeah. And that is it.
Speaker 4:Whether you're buying with your parents' income or your parents' wealth, which is a a major part of the buyer's fear right now because it's the parents, the baby boomers, and the gen xers who created this mess in the first place. Mhmm. Coming out of World War one with their grandparents and then coming out of World War two, everyone sat down together as a community in this country and decided, you know what we're gonna do? We're gonna create a system that rewards stability and punishes mobility, and we'll figure it out later. Yeah.
Speaker 4:And later is here.
Speaker 2:Later is now.
Speaker 4:It's here, and we punish mobility, and so people can't move. Like, you have 100% stagflation. Like, we are we are in it. Pricing is incredibly high. Inventory is incredibly low.
Speaker 4:And even if you have a great buyer on the table, where do you go? We deal with this in San Francisco like crazy right now. Pricing in the San Francisco Bay Area now is up, I think, 17 and a half percent year over year, but that's not even a
Speaker 2:Doesn't even
Speaker 4:That's right. Doesn't even capture what we're dealing with. 92% of every home in San Francisco this year has sold well over the asking price, not just over the asking price, but well over the asking price. And that's in part not because of what the home's worth. It's how much do you get that person to move elsewhere?
Speaker 4:Yeah. You know, we do deals on the... We just offered a a... We had a... An oceanfront property in Palm Beach on the island.
Speaker 4:The owner had paid $45,000,000 for it. My client offered him a $125,000,000 to move, and the seller told me to, oh, fuck myself. Not because he was angry. He said, where do I go?
Speaker 1:What are my other options around it? What what...
Speaker 4:There there are no other options.
Speaker 2:There's less than 80
Speaker 4:people from oceanfront lots. What do you what do you do? I sold the Estee Lauder site last year for just under $200,000,000, and we went and bought a lot of others. I think it was the the most expensive residential sale of of all of 2025 in part because where else are you gonna go? Yeah.
Speaker 4:Florida is a state... Is the lowest tax state on the ocean Yeah. With ease of access to Europe Oh.
Speaker 1:In a
Speaker 4:better time zone. Interesting. But New York is strong. The luxury market is strong. I just sold Richie Seguin, the CEO of Fashion Nova Penthouse.
Speaker 4:And
Speaker 2:Oh, yeah. He bought the one. Right?
Speaker 4:Yeah. He bought the one. He also bought the penthouse of 111 Murray on Friday. So that was in the mansion section. You guys will go through it.
Speaker 2:Yeah. We love it. Yeah. Yeah. On Saturday
Speaker 4:for $31,000,000. He told me it was okay to say that. So That's great. Don't come after me.
Speaker 2:He told
Speaker 4:me to it. But there's some incredible deals happening in the city. You know, there's there's... Like I said, if you're if you're buying with wealth, it's actually tougher right now to be a client than it is if you're buying with income.
Speaker 3:Yeah.
Speaker 1:Why is Wait. Wait. Why is that? Because of limited... Oh oh, you just mean that.
Speaker 1:That... In that in that bracket. It's just like inventory.
Speaker 4:If you have a buyer now, there's another article, and we were talking, you know, in Miami. Like, let me say, okay. Have a budget, 30 to $50,000,000. You're incredibly wealthy. You've made it in all of life.
Speaker 4:A comet could hit the earth right now the same way it wiped out the dinosaurs and could wipe out your whole world. You've made it. Everything's gonna be okay. And where are you gonna go? Mhmm.
Speaker 4:Where are gonna go? I sold a penthouse of a a condo in Surfside in Miami, not long ago for $33,000,000. Someone just offered us 85. Seller said no. I said, what am I supposed where am I supposed to where am I supposed to go?
Speaker 1:Well, yeah. The the the crazy thing for me is realizing I I... Having spent basically my whole life in California, everyone being like, oh, cost of living is so expensive in California. But then anywhere else that you look that you'd wanna live around the country. Expensive.
Speaker 1:Like, in the right in the right neighborhoods, like, when you look, like, as an adult realizing that, like, looking on Zillow, you're like, oh, this place looks, like, pretty reasonable. And then you actually understand the market at all, and you're like, well, here's why that house is, looks like a great price. Yep. It's because it's not in a place I
Speaker 2:mean, it's the Is correct answer not that the boomer with the 8,000 square foot family home should be moving to a condo once they're an empty nester? It is. But Partly. I don't know. Just not aesthetically No.
Speaker 2:They're a choice?
Speaker 4:Or No. They just... They can't afford to move.
Speaker 2:Okay. Okay. Because of taxes and mortgage rate locked in.
Speaker 4:If they own in cash Yeah. Or if they refinance during COVID Sure. Because there was a mass refinance movement. At 3%. Yeah.
Speaker 4:Yep. You know, 80% of anyone who has a loan is under 4%. Yep. So we're gonna go.
Speaker 3:Yeah. Yeah.
Speaker 4:And you're gonna move in with your kids so that you could free... To to do what?
Speaker 2:To do what? Yeah.
Speaker 4:To do what?
Speaker 2:To do just stay.
Speaker 4:And the capital gains tax exclusion has not been updated since the nineties. Yeah. And so married and filing jointly, can write off $500,000 of gain used to mean a lot, you know, when the average home sale was $269,000. Yep. Today, it's almost almost like we're gonna see the median home price in The United States hit $500,000 very soon.
Speaker 2:Yeah.
Speaker 4:And that is not in pace with wage growth. Yeah. And it's like... So so something eventually has to has to has to give. Yeah.
Speaker 4:Rates will just have to are
Speaker 1:your predictions for how AI money is gonna flow? We have the SpaceX IPO. We have an Anthropic IPO coming up. There's more in the future. We know how VCs will spend their money.
Speaker 1:Right? You know, the the Aspen or Montana, the the the jet markets. A lot of people generating a meaningful amount of wealth that don't seem to spend the way that other like, Wall Street spends like they they... They're willing to pay, like, three times over for a house in San Francisco. Yeah.
Speaker 1:But, like, where where else is is that gonna flow outside of, like, the... Just the stock market? Wyoming, Nevada
Speaker 4:Mhmm. Arizona. Our market in Arizona, we operate throughout Phoenix. Scottsdale is the strongest I've ever ever ever seen it. The the the mountains of North Carolina and South Carolina are incredibly strong.
Speaker 4:Obviously, a significant amount of Florida, but it's wild. Like, we're we're working with people who are under the age of 35 who have a one bedroom rental that they've been in for a long, long, long time, and their budget for their first time home purchase is somewhere between 30 and $40,000,000. And you're having you're having life conversations with these clients more than you're having purchase conversations. It used to be when I had somebody like that. I'm dealing with the...
Speaker 4:A king or queen of the universe. Sure. And this is their empteenth purchase. Yep. But now we're having conversations about what it means to be a first time home buyer.
Speaker 4:Your your budget's $35,000,000. You still have to pay utilities. You're still gonna have to get your Internet. You know? We're gonna figure things out as we go.
Speaker 4:And a lot of people are... They're just... They're scared. They're waiting. The sellers, on the other hand, Anthropic took 330 Hudson over here as their New York space.
Speaker 4:OpenAI is in market for even more space right now. Every other company. So every seller is saying, let's wait. Let's just wait. I'm not reducing my price.
Speaker 2:I want the IPOs to hold
Speaker 4:out because that money is coming right to my apartment. Like, are you sure? Yeah. Yeah. Have you talked to anybody there?
Speaker 4:I was I was here when Uber went public years and years and years ago, and everyone was waiting on those initial, you know, Oh, that's in
Speaker 1:the New York market specifically. Every...
Speaker 4:That was everywhere. It was everywhere.
Speaker 1:And some of the places you listed, I'm so I'm so surprised. So you said Nevada, Arizona, The Carolinas Yep. Wyoming. They're gonna do is buy anyone... I I don't know anyone in San Francisco that's like, the second I get this liquidity, I'm going to
Speaker 4:But It but but But they're also buying their parents' homes
Speaker 3:Sure.
Speaker 4:Buying their mortgage down. Yeah. And so you're gonna see a a lot of prepayments.
Speaker 2:Sure.
Speaker 3:Yeah.
Speaker 4:So you see a lot of that. You see a lot of student debt being paid down. You see a lot of investment.
Speaker 2:Yeah. Yeah.
Speaker 4:You know, they have their house. What are they gonna do with Yeah. A 100,000 square foot palace?
Speaker 2:Wait. Go back to Uber really quickly. Like, what was the expectation? What... How did it actually play
Speaker 4:out? The expectation was that a significant amount of liquidity after the lockup period was ended, was going to move, not even just into New York, but between Bay Area and here right into property. But a lot of those people were buying on loans based on RSUs anyway.
Speaker 2:Oh, so they're already in market.
Speaker 4:Yeah. Uber pre IPO
Speaker 3:Yeah. Yeah.
Speaker 4:Yeah. A stock buyback program for their employees for, like, two years. Yeah. You know? They were paying them hundreds of thousand dollars a month just
Speaker 2:to And then also, the private banks are happy to Absolutely. Mortgage against our
Speaker 4:old fashioned Silicon Valley Bank.
Speaker 2:You know? Old school. Totally.
Speaker 4:Old school banks were saying, hey. We'll we'll lend. We'll give you 50%, you know, loan to value against your RSUs as long as you can get sign off. Yeah.
Speaker 2:And a lot of companies are happy with that because, like, it's no cash cost to them, but their employees are happier and have bigger
Speaker 4:It's not gonna be a trickle down, though. It's going to be a mass influx into the luxury marketplace. Yeah. And we've seen it happen Sure. In every penthouse, every major townhouse
Speaker 3:Yep.
Speaker 4:A lot of these exits between New York, especially Florida, and up and down the coast in California. Yeah. And then some international money too. We've been doing more referral deals to Paris, to Portugal. We've...
Speaker 4:We're we've we've done... I've done more ranch land grabs across the West, Montana, Wyoming, Utah, have been big big markets. Crazy. Learning so much.
Speaker 1:I'm assuming you don't spend too much time thinking about this because you have a lot of stuff to do in the present. But how much do you speculate or think about long term impact of self driving? Oh, I think VTOL. VTOL. Like, I I think about all these areas where...
Speaker 1:And then and then also, like, technology impact on just, the building process. Like, I was talking to a city council candidate last week, and he was, like, one of his big things is, like, you should be able to submit your plans to the city's website and instantly understand if you're if you're violating codes or not. Yep. So there... So to to speed up.
Speaker 1:And I I thought that was cool that he at least, like, believes that there's You'll have it.
Speaker 4:Yeah. It's interesting. There is there is though a balance. Like, the process of submitting permits and plans to build in most American cities is incredibly painful and is built on systems that were created somewhere between thirty and forty years ago for the most part. That said, you also have to think about quality of life.
Speaker 4:So if you do really speed up permitting, you do really, really speed up construction, and you do let everyone build who wants to build, do you know what it would be like to live in most of these cities? Yeah. And then what is the inventory gonna look like if everyone hits market? Sure. What's interesting about a market like Canada Oh, I You go to Toronto.
Speaker 1:I had this moment, like, a a neighbor, like like
Speaker 4:If everyone's under construction, you're like, I don't know. Slow down. Permanent.
Speaker 1:Had a neighbor acres I had a neighbor acres over doing, like, landscaping on Halloween. Yeah. And it was like... You had a tractor going around. I'm like Tiffany.
Speaker 1:I'm like Dominant. Think about I
Speaker 4:think about Waymo and self driving and and cybercabs It
Speaker 2:feels like lot for the first time
Speaker 4:I went to be fine. This was a couple years ago. I was at a meeting in San Francisco, and I saw one of those dystopian parking lots of all the Waymo cars talking to each other moving around. It's like, what happens to real estate when the commute is no longer? If the commute...
Speaker 4:Kinda like it is today with a Tesla and self driving, if the commute is just a Zoom meeting, and if you can match it with good education, because education will be an issue. Mhmm. You know, you can go and buy an amazing house three hours outside New York City, elsewhere, but if there's no if there's no restaurants, if there's no schools, if there's nothing to do there, you pay the premium to be in
Speaker 1:better location. Commute pretty far. I've done it with a driver for most of last year. I have now Tesla self driving. Yeah.
Speaker 1:A commute is still a commute. It's okay. It's still time. It is still like
Speaker 3:You're not working out. Yeah. Still like
Speaker 1:ten hours a week that I'm not Yep. Doing, like And
Speaker 2:you're unproductive. Yeah. For
Speaker 1:sure. I can do email, whatever. It's still not great. Last question. I know you have to jump.
Speaker 1:Can you make a bull case for LA, the LA real estate market?
Speaker 4:I think there is only one Hollywood. There is only one LA, and it is a great center of, I would say, creative wealth with the absolute best weather on the planet. There are no bugs, and you can have indoor outdoor living in a way you can't have in New York, can't have in Florida. Yeah. You know how many people we moved to Florida during COVID are like, this is the thing ever because COVID hit in the winter?
Speaker 2:Yeah. Yeah.
Speaker 1:I can make all that, but, like, where is the creative wealth generation really happening?
Speaker 4:In the next generation who wants to be surrounded by community. Yeah. Yeah. Where else are they going?
Speaker 2:Social media. It might not be traditional Hollywood studios.
Speaker 4:So so look at Darman, for example. Yeah. And look at Matt Kalish. Yeah. So Matt Kalish from DraftKings and Darman.
Speaker 4:Both of them now investing in and building creator studios. Yeah. So it's the repurpose of big box retail years and years ago, what you've seen throughout major markets. In California, you're gonna see the same thing. It's gonna be the repurpose of big box studio space.
Speaker 2:Yep.
Speaker 1:Yeah.
Speaker 4:They're gonna be transformed and moved not just to one studio that owns 19 lots, but to 7,000 creators who are doing brand deals with the studio lot owner and taking Yeah. Fee exchange instead of hourly day rates. Yeah. So you're just gonna see an exchange
Speaker 1:I had an interesting moment Friday. I overheard someone saying, I don't even wanna go to this. I just wanna get a picture walking up to this, like, party that I was leaving. Yeah. And I was realizing, like, the the Hollywood is still very alive and well.
Speaker 1:Like, the show goes on. It just is now instead of, like, you know, a thousand cameras that matter. There like, a million cameras that matter in everyone's pockets. Everyone's Hollywood now. Yeah.
Speaker 1:Everyone's Hollywood. Anyone Hollywood show.
Speaker 2:Well Yeah. Thank you so much for coming on this great to meet you.
Speaker 1:I'm really inspired by your your business.
Speaker 2:And congratulations on the new market openings.
Speaker 4:Thank you. Thank you.
Speaker 2:Hope to talk to you soon. Enjoy. Have a good one.
Speaker 1:Good stuff. Stuff.
Speaker 2:We have one last guest joining in just a minute from the New York Stock Exchange. Wanna change the world, raise capital here at the New York Stock Exchange. Also, fridges across the world are getting hacked. No better time to tell you about CrowdStrike. Your business is AI.
Speaker 2:Their business is securing it. CrowdStrike secures AI and stops breaches. And last before our next guest is Codex. Codex is a powerful workspace for getting work done with AI agents. Whether you're writing code, analyzing data, creating content, or automating business workflows, Codex helps you move projects forward from start to finish.
Speaker 2:The other big the other big news... I mean, there... There's a few big news stories coming across the timeline today. Anthropics q three numbers are out officially. These have been rumored or leaked from the Investor Day.
Speaker 2:It didn't seem like a huge surprise, but q three revenue came in at $17,000,000,000. I think that's a $137,000,000,000 run rate, bought based on that quarter. It's 1127% year over year growth, 47% quarter on quarter growth. That's a deceleration from q two, which has people a little nervous. But overall, some are...
Speaker 2:This is, there's already a balancing act going on with some, some, like, leaked, rumored, vague posting around Fable 5.5, generating videos from scratch and doing a bunch of cool stuff. So, again, the big question is, yeah, what is the next leg up? What is the the next application of the models? If they get better, if the straight line on the log graph continues, what is the unlock? What is the next thing that that everyone, can't get enough of?
Speaker 2:The other news, fridges are getting hacked. Hackers are remotely remotely taking control of supermarket refrigerators and fridges across Europe, turning up their temperatures and forcing stores to throw away thousands of dollars worth of food. We talked about this in the context of, of a military base that saw this hack happen with the fridges. And I wonder how deliberate this is. Is this just a a script that goes out and tries to just wreak havoc?
Speaker 2:Is it... Is there any targeting to it? It says
Speaker 1:that It doesn't feel like... It feels like they just come in, ruin all the food, and then what what is the next ask? Like, hey.
Speaker 2:We'll stop ruining your food if you pay a bounty.
Speaker 1:But it feels like You would
Speaker 2:you would be able to about those
Speaker 1:At that point, all the food is ruined, so you could just try to Do
Speaker 2:it again? I don't know. Yeah. It is odd. And the country is...
Speaker 2:It it doesn't tie together. I mean, it's just Western countries right now. Sweden, Belgium, Luxembourg, Estonia, Ireland, Netherlands, Finland, IKEA is affected, a bunch of other stores. And so one I ICA supermarket in Sweden reported that its freezers reached a 122 degrees Fahrenheit. That's that's really, really hot.
Speaker 2:How do
Speaker 1:they go?
Speaker 5:How do they
Speaker 2:go that hot? Designing a freezer, it should... Shouldn't be able to pump up the heat that much, but I guess if you reverse it or something, reverse the fan.
Speaker 1:Dude, people are gonna realize that old supermarkets can be turned into saunas. Okay. And start the conversion process.
Speaker 2:Potentially. Potentially. I think it's time to get an icebox, get the get the ice ice man coming and delivering with the big tongs. Time for that. In Ireland, 13 super value stores were affected.
Speaker 2:In Belgium, a butcher reported that hackers raised his refrigerators to 64 degrees. Again, very odd that, the the the goal seems to be just to cause damage. Katrien Eggers, spokesperson for Belgium's Center for Cybersecurity, says no one knows who is behind these attacks and that we may never know since no one has demanded a ransom. There's growing suspicion that the goal is simply to cause damage rather than make money. Strategy risks.
Speaker 2:Melissa Chen thinks the rise of these kinds of attacks is good reason to hold on to older appliances that aren't connected to the Internet. Interesting.
Speaker 1:In other news, Apple and Palantir reporting earnings today. We really want Apple to, we really want Apple to crush. Yes. Otherwise, I think it's It's been rough. We've seen a lot of red out here.
Speaker 1:It's rough. After that, yeah. And and Palantir will be an interesting signal as well just from an infusion standpoint.
Speaker 2:Yeah.
Speaker 1:More news. Mark Walter is exploring selling Cadillac f one at a $3,000,000,000 valuation. Interesting. Less than two months ago, TWG said it was not considering exiting its stake in the team. This is from Sportaco.
Speaker 2:Wonder how, I wonder how the business is doing. We heard Toto Wolff on Cheeky Pint talking to John Collison about the economics of the Mercedes
Speaker 3:F1 team.
Speaker 1:Seems like that he just has, like, an amazing business. Yeah. But he was, like, very realistic about... Like, he he was basically saying, like, I'm being valued on my cash flows Yes. More than hype.
Speaker 2:Yes. It's not a trophy asset like an NBA team, like an NFL team, like some of the other teams that trade where they're not really generating a lot of cash flow,
Speaker 1:but Yeah. It's interesting because with the with the team, there's so much there's so much demand from somebody who's like, I live in LA and I wanna own the Lakers. Right? Or like, I live in New York and I wanna own x y z team. With f one, it's like your team is just going all over the world all
Speaker 2:the time.
Speaker 1:And so you really have to, one, wanna go to a lot of races.
Speaker 2:Or have business all over the world potentially and be more, more global. Yeah. Yeah. It it almost feels like, if you want to go really big into f one, like, you know, partnering with Las Vegas in some way or Miami. And and and if you're a Miami Yeah.
Speaker 2:You know, business person, you you would just want to make sure that you're... You wanna buy the heat and then also Yeah. Participate when Or just do
Speaker 1:Do what George Kurtz did, which is, you know, become a big become a big part of AMG and Yeah. And then, you know, deliver the world's youngest world champion.
Speaker 2:Yes. Incredible.
Speaker 1:Yesterday, really Kimmy. Really amazing.
Speaker 2:So good. And early too. We're still early in the season, so great to see. Northwood Northwood is on an absolute tear. Northwood space, we've had Bridget on the show multiple times at this point.
Speaker 2:She's back raising $375,000,000 at a $2,000,000,000 valuation, co led by a 16 and DFJ Growth. Just less less than nine months after series b, Northwood says this round of funding will be used for accelerating delivery on existing contracts, talent acquisitions, the build out of Northwood's ground... Global ground network for commercial US government and allied space missions. And we've seen, just, yeah, just incredible. It was a very contrarian move.
Speaker 2:It's not exactly like a bet against Elon, but it's it's it's standing... It's expecting that the other players will be taken seriously, that there will be, you know, a way to either work with SpaceX ultimately or work with all the other partners who want to have a separate backbone. So, it was just, like, the right idea at the right time, great execution, and, yeah, what what what an absolute run. What else is in the time?
Speaker 1:Really sad news. The Texas family that was on the Plane. Plane crash yesterday was a 44 year old tech entrepreneur named Adam Robinson who had a company called retention.com. I never knew Adam, but I know that a lot of people in ecom were were customers and, yeah, just a really tragic event all around and a rough year for the Austin tech community.
Speaker 2:For sure. Yeah. There was another plan Prayers with with their family. Yes. Yes.
Speaker 2:In... It is a palate cleanser. I mean, let's go over to Andre Karpathy because he hacked together HackerTube, which is... He built his own YouTube. You saw this with the content recommendations.
Speaker 2:So he has he has all the different comments and Hacker News submissions. He filters those through Claude and then creates a new YouTube, fully vibe coded, just clone of YouTube, so he can, just watch exactly the videos that he wants recommended by real programmers. Sort of an interesting moment of of, you know, these, like, instantiating, like, custom software. It's like it's like a
Speaker 1:luxury I I like how people were like, what... What's your prompt? And it was just like this most simple Yeah. That he shared. And it was like it was like two sentences.
Speaker 2:It was like, here's the idea. Make it. Yeah. Yeah. Encode them.
Speaker 2:I
Speaker 1:I want I want I want this... I basically want my YouTube... My exact YouTube algorithm Yeah. No AI voice. I don't want any I don't want any videos where the creator isn't talking through it themselves.
Speaker 1:Yeah. That's a good start. Yeah. And then I think secondary is, like, detecting, like, pure AI scripts.
Speaker 2:Yeah. Yeah. Also, you can easily go through the channel and go backwards to see when the channel was created. And that helps to know is it some new
Speaker 1:Channels older than Yep. Than four years old.
Speaker 2:Yep. Basically. And this is interesting. The the trick is I don't watch a lot of YouTube on desktop. I need an iPhone app, Andre.
Speaker 2:So let's get into
Speaker 1:the app I
Speaker 2:don't watch YouTube on TV.
Speaker 1:Really?
Speaker 2:Yeah. Usually, background audio on my phone for most of these things. Like, anything here, would either be watching on my phone. Although, of course, you could do it on the... In Safari, but I like I like an app.
Speaker 2:I like an iPhone app. Anyway, the other the other big news, we're gonna talk to the semi analysis folks tomorrow or the next day, but they have a big benchmark out, g d p x. They're getting in the benchmark game. And really, really interesting to see Dylan Patel issuing an official apology to Google. He says they cooked with carbon.
Speaker 2:It's spikier in terms of domains and capabilities, but it's really good in a few key areas. And so, GDPX is a benchmark for measuring agentic capabilities across the most valuable domains, and they they they they highlight the fact that the best model scores just 12%. It's neck and neck between a lot of the frontier labs and, of course, takes into account the... You know, somebody else is a lot about ROI and the actual value of these tasks. So it'll be very interesting to see the labs hill climb all of this, and maybe this is the answer to your question about the next leg up because these are very practical things.
Speaker 2:Like, so many so many jobs, so much work doesn't look like a, you know, like a math eval on the day to day. But a lot of these GDP x benchmarks are specific tasks around, things that businesses would like to do more of, like go and patch bugs, go and, you know, fix things in the in the in the actual business. So, anyway, congrats to the semi analysis team on the launch. Natasha asked an important question. We gotta get to it.
Speaker 2:Jordy, did you see this? She was a big fan of our she was a big fan of our, elf on the shelf interview. But Natasha asks on 11/01/2026, is it too early to put my Christmas tree up? What do think, Jordy?
Speaker 1:Absolutely not. Absolutely not. In fact, I think you're a little bit late. As long as you have a backup tree.
Speaker 2:A backup tree.
Speaker 1:As long as you basically slate a delivery of a second tree.
Speaker 2:Sure.
Speaker 1:Keep it fresh. Probably, like, December 1.
Speaker 2:Yeah. Just Well, you're a fan of the Christmas tree subscription that starts in late July, and then you're getting a monthly tree Yeah. Leading up, and they just get progressively bigger and bigger in your house. So you can only... You you really only need the tree to last a month, swap it out till the final tree arrives.
Speaker 1:What's the right
Speaker 2:number trees? Tall. In in one house? Yeah. One one per room would be the baseline, but then also
Speaker 1:you can sit outside I'm talking about, like, bathrooms.
Speaker 2:Oh, bathrooms. Like, she wants
Speaker 1:a smaller tree in there.
Speaker 2:It is technically a room, a bathroom. I think you gotta put a small tree in there.
Speaker 1:Yeah. Yeah. So if somebody's saying, like, you know, five bed, five bath, it's really, 10 trees.
Speaker 2:10 trees. But, I mean, what... There is a little bit of, an exchange rate because one snowman goes pretty far. You know? You can get a snowman going.
Speaker 2:And I believe we have our next guest joining in just a minute. What else is going on in this... In the timeline? We will bring in Lynn. We're good to go.
Speaker 2:Welcome to the show.
Speaker 1:There she is.
Speaker 2:We have Lynn from the New York Stock Exchange back in person. Good to see guys. Merry you. Christmas. We're only fifty two days away.
Speaker 1:Merry Christmas Eve theme today. We got some reds and some greens. Some reds, some
Speaker 2:green on the ball charts.
Speaker 6:You know, it was all green this morning. Okay.
Speaker 3:Then
Speaker 2:And flipped on us. You know? Yeah.
Speaker 6:That's what happens,
Speaker 3:I guess.
Speaker 2:How how has it been over the last month? It's been kinda chaotic for us in the AI world and tech and business. In. Your world?
Speaker 6:It's been a little chaotic. A chaotic. The market feels Yeah. A bit nervous. Yeah.
Speaker 6:And I think you see that. Great. Just a a
Speaker 2:little bit. Yeah. But there's other stuff that you can do on the infrastructure side. There's other work that you can do to advance the mission of the New York Stock Exchange
Speaker 3:Absolutely.
Speaker 2:Even in turmoil. Tell me more about, some of the latest announcements, some of the tokenization efforts, the other stuff that's going on at the New York Stock Exchange.
Speaker 6:Yeah. The nice thing about this is the world doesn't stop moving. Yeah. And the technology doesn't stop moving, and there's a tremendous amount for... Of opportunity Mhmm.
Speaker 6:For the technology. So we've been really advancing the ball on the digital infrastructure of the future.
Speaker 2:Yes.
Speaker 6:That's probably the right way to phrase it because
Speaker 2:Is... Yeah. Is that customer pull? People are coming to you asking you to implement these? Is this you know the customer doesn't know what they want?
Speaker 2:They would ask for a a faster horse, and you know that this is the right technology to implement. What what direction does it flow?
Speaker 6:So I've had the opportunity now for the last four years to see all of the inefficiencies that exist in this market. So despite the fact that The US capital markets are the envy of the world, the most efficient from a market perspective, and that we continue to make advancements to in... Improve liquidity, improve transparency. There are different parts of this value chain that could definitely use some modernization. Modernization.
Speaker 2:And when
Speaker 6:you think about the settlement window right now for equities, it's still t plus one.
Speaker 2:Yep.
Speaker 6:You think about the process associated with a annual general meeting and getting votes and approvals. That's what we announced today. Like, the blockchain technology could really free up a lot of these clocks
Speaker 3:Yeah.
Speaker 6:In the system. So that's what we're excited to advance, and we've been spending a lot of time with folks in DC, the SEC, and others around how do we do this responsibly to bring about all of the efficiencies that this amazing technology has with none of the scary stuff and protecting market integrity while you bring efficiency to the market.
Speaker 2:How have you been grappling with all the cybersecurity jitters? There's the Black October sort of extending with the fridge storage today.
Speaker 1:Well, yeah. And even even, you know, I think people, at least personally over the last week, I felt okay with needing to get on the phone when I need to send a wire, you know? Yeah. Or or at times you need to go into a branch. Right?
Speaker 1:And realizing like, okay, like, maybe this wasn't always necessary, like, five years ago, but now it feels like Sure. A relief in some way. And so that's like figuring out what what of the old friction should be brought into the new world. Well,
Speaker 6:if you think about things like the price bands that happen in equities every day. Some people say, why do you need price bands? Well, you need those moments if the stock is moving too much in one direction to take a pause. Yeah. Maybe there needs to be Yeah.
Speaker 6:A speed bump
Speaker 3:Yep.
Speaker 6:In the day. Yep. And that's really all it is, is a speed bump. And we've been very focused on how do we leverage the human with the cutting edge technology and marry the two together. This is why I don't think AI is going to destroy humanity because having the best of humanity Yeah.
Speaker 6:With the best of technology is gonna enable the human to do a heck of a lot Yeah. More in the future.
Speaker 2:Yeah. I completely agree. That's human. Very important for you. In in the process.
Speaker 2:Take us actually through the the road to Christmas. What is on the calendar for the New York Stock Exchange between now and Christmas? Tree lighting happening this year.
Speaker 3:What else
Speaker 2:is happening?
Speaker 6:I mean, we've got some IPOs, god willing. Yeah. I mean, there is a jittery market at the moment. So god willing, there'll be some more IPOs.
Speaker 1:What are what are what are points throughout history where there were major market jitters and fear and companies just decided to roll the dice and say, we wanna get out.
Speaker 6:I mean, look at 2020 as the most recent one. Right? Remember we did have... Start to have the banner years of IPOs in 2020 and 2021, and we had a pandemic.
Speaker 1:Yeah. People were nervous. Still. You had effectively 0% interest rates, which would have played a factor in driving demand. Right?
Speaker 1:So that's right.
Speaker 2:Also had circuit breakers back to back to back. Yeah. Like Yeah.
Speaker 6:We had market
Speaker 2:like, 30% in a month or so.
Speaker 6:Yeah. Don't know.
Speaker 2:It's a crazy time.
Speaker 6:And there was uncertainty about would the world ever go back
Speaker 1:to Yeah. I was particularly interesting because there's, like, skep... Skepticism about the AI trade broadly, plus midterms all happening at the same time.
Speaker 6:All happening in the same week. It was here.
Speaker 1:Plus cyber, plus, you know, rumors of of, you know, uptick in conflicts, you know, globally. Like, it just feels like so many different factors that that make an an AI... A pure play AI IPO challenge right now?
Speaker 6:It feels like the market is very cautious, and it's gonna be a little bit on edge for the next couple of weeks. Yeah. I think tomorrow, you'll have a bit more information. And as the week progresses, you'll have a lot more information.
Speaker 2:Yeah. That makes a lot of sense.
Speaker 6:So it's not all happening on the same day, fortunately.
Speaker 2:Yeah. Has, what has the relationship been with prediction markets been like over the last year? Are those useful tools to understand where the midterms might go? Is there... Did the...
Speaker 2:Obviously, the relationship is a little bit deeper, but Yeah. Get us up to speed on the house thesis on prediction markets.
Speaker 6:I mean, the data is really why we did the investment initially Yeah. With with Poly Yeah. In particular because we saw the data really moving the traditional markets, the data that was in the Yeah. Prediction market. And it was really that election night of twenty twenty four two years ago
Speaker 1:Yeah.
Speaker 6:That was more of the moment that, wow. Yeah. They call the winner of the presidential election, and you saw the S and P futures immediately move. Yep. The data that's on the markets is...
Speaker 6:Or that is on the prediction markets is still incredibly useful, particularly when you think about the various conflicts that have arisen, straight of Hormuz, those types of things. Interest rates, those have been interesting predictors as you see people start to position their
Speaker 2:Yeah.
Speaker 6:Yeah. Rates portfolio
Speaker 2:Yep.
Speaker 6:Yeah. Around what the prediction markets are saying, Fed increase, Fed decrease.
Speaker 2:What what is the mood like among European companies right now in terms of coming to you, coming to the New York Stock Exchange? We were here for the Klarna IPO. That was a a really interesting Yeah. Decision. And it seems like the jitters might be global.
Speaker 2:They might be market wide, but America is still the destination for capital formation.
Speaker 6:We, absolutely. You know, we've got a robust pipeline of European London based as well as as other parts Yeah. Of the continent in particular that are looking to tap The US capital markets. We actually were able to transfer AstraZeneca earlier this year, and they saw their valuation appreciate by, I think, about 30% when they announced the conversion of their ADRs to ordinary shares. I think just effect.
Speaker 6:There you go. Yeah. I think that just speaks though to the, appreciation associated with companies that are listed in The US. So The US remains a very, very interesting destination for people to raise capital.
Speaker 1:Yeah. What's... How do you think about planning for '27?
Speaker 2:Oh. That's good.
Speaker 1:Feels like an impossible task. I was talking I was talking to someone on on Friday night who's, like, undoubtedly one of the greatest sort of like live venture capitalists. And we were just... I was joking and I was like, I I really wish somebody knew what was gonna happen. Like, specifically with like...
Speaker 1:Specifically, you know, restricted to tech and AI. I was telling him like, you know, he was like, I definitely don't know. And I was like, if if if somebody knew, we we we would certainly know them. And so I... That gives me confidence that no one knows.
Speaker 1:Yeah.
Speaker 6:Well, I mean, think about how we started the year. Did anyone have on the bingo card that there would be one, maybe two interest rate hikes?
Speaker 2:Yeah. No.
Speaker 6:This year, we were all talking about the opposite cuts happening this year. I think the one thing you can predict for 2027 is that there's gonna be additional efficiency either with the deployment of good technology, or things like tokenization, which is gonna pull out some of the inefficiencies, particularly with governance and voting rights and all of the things that are in the system. There's gonna be uncertainty.
Speaker 2:Yes.
Speaker 6:So you just gotta remain nimble more so That's... Than ever.
Speaker 1:I'll I'll ride with that. I'm gonna also predict, uncertainty. Predict the unpredictable. And the and the and the long march of technology.
Speaker 2:Yes. Yeah. That's true.
Speaker 6:Absolutely. Particularly as markets go even more global. I mean, we're about to go twenty three hours a day, five days a week Yeah. Starting in December. Right.
Speaker 6:So that's gonna, again Yeah. Further cement The US as the global destination for companies around the world. And that's
Speaker 2:organization changed in, to gear up for that? Is that purely technology? Are you distributing the workforce around the globe to meet those needs?
Speaker 6:Yeah. Our technology has been ready for
Speaker 2:Yeah.
Speaker 6:Probably a year and a half. Yep. To be honest, we filed our initial rule set two years ago, so we've been ready for quite some time. We've added people in more time zone friendly locations to monitor the markets, the operations, the systems. You know,
Speaker 2:what hedge funds do anyway. They have someone trading, like, the Asian hours
Speaker 6:or
Speaker 2:So whatever, you're just meeting them where they are.
Speaker 5:Yeah. That's great.
Speaker 2:Well, congratulations.
Speaker 6:Thank you.
Speaker 2:Thank you so much.
Speaker 6:Seeing you guys.
Speaker 1:The show with us?
Speaker 2:Yes. Sure. Yeah. Leave us five stars on Apple Podcasts. Sign up for our newsletter, tbpn.com, and we will see you tomorrow at 11AM Pacific.
Speaker 1:Cheers. Thanks for having us,
Speaker 6:Lynn. Bye.
Speaker 1:We'll see you tomorrow.
Speaker 2:Here we go. Thanks so much.
Speaker 6:You.