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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.
Good morning. Thank you for being here.
Speaker 2:You're welcome to TBPN. Today is 10/30/2026. We're live in the TBPN UltraDome from the Berkshire Hathaway Annual Shareholders Meeting, of course.
Speaker 1:That's right.
Speaker 2:It's Friday, October 30. Halloween is tomorrow, but this is our last show before Halloween, so we decided to play a little prank on you. Everyone's dressed up. Jordy, of course.
Speaker 1:Look, and it was it was pretty hard to top last year. Yeah. We went pretty hard. So we kinda... I know we phoned it in a little bit this year.
Speaker 1:Yeah. But we did our best. Yeah. Did our best....
Speaker 2:Saying like the tailoring wasn't perfectly Yeah. Identical. But I think we got close. Let's take a look over at Tyler. Did Tyler get a chance to put on?
Speaker 1:Know. Is that
Speaker 2:Greg Abel? Recognize me. Of course, people recognize you. You're the most iconic of everyone here
Speaker 3:The successor.
Speaker 2:Around the table. And and some of the other team members dressed up as well. We got Jackson.
Speaker 1:I got my son over
Speaker 2:there. Yeah.
Speaker 1:There he is.
Speaker 2:On the suit with the
Speaker 1:Looking sharp.
Speaker 2:With the name tag. We got folks chiming in. There we go. Some of you guys don't necessarily Hey.
Speaker 3:Look at look
Speaker 2:at sure employees.
Speaker 1:Look at Brandon over there just too locked in to put
Speaker 2:a
Speaker 1:costume.
Speaker 2:No. No. He has a costume. It's a perfect Brandon Guerrelle costume. It's amazing.
Speaker 2:He must have gotten up at 2AM to start putting on the Brandon Guerrelle makeup from scratch.
Speaker 4:Oh, well.
Speaker 2:He's locked in.
Speaker 1:I got something I want to know. What? How many days till Christmas?
Speaker 2:How many days till Christmas? That is important. No? Do we not have it? Team's working on it.
Speaker 2:While we do that, can I tell everybody at route ramp dot com? Please do. Say both. Easy easy to use corporate cards, bill pay accounting, and a whole lot more all in one place. You wanna hear about another wonderful business?
Speaker 2:I can tell you about MongoDB. What's the only faster than the AI market? Your business on MongoDB. Don't build AI. Own the data platform that...
Speaker 1:That is
Speaker 2:right. Yes. So we got a couple days till Christmas. We're counting it down here in the TBPN UltraDome.
Speaker 1:Can't come soon enough.
Speaker 2:Can't come soon enough.
Speaker 1:Can't come soon enough. And the best part about Halloween Yeah. Christmas is right around the corner.
Speaker 2:Exactly. Exactly.
Speaker 4:Exactly.
Speaker 2:Same number of days Here we go. Between Halloween and Christmas.
Speaker 1:Are Here
Speaker 2:we fifty five days until Christmas. Mark, he said he's maybe five years old. Our guest from last year, of course. Fantastic. Well
Speaker 1:Oh, boy.
Speaker 3:Absolutely. We got
Speaker 1:a fun show today.
Speaker 2:Yep. Chaos in the markets.
Speaker 1:Yeah. I mean
Speaker 2:Blood bath.
Speaker 1:Blood bath out there.
Speaker 2:Some people are being fearful.
Speaker 1:Most people, I would say, are fearful.
Speaker 2:It seems like that.
Speaker 1:That made me start feeling a little greedy.
Speaker 2:I think so.
Speaker 1:I don't know about you.
Speaker 2:It might be time.
Speaker 1:But we have a fun lineup today. We have Darren Rovell who I believe has the largest collection of collectibles Yeah. In the Berkshire universe. Yep. And of course, we have David Semra coming on to talk about a few of his favorite things about Buffett and Munger.
Speaker 1:Yep. And we're gonna close it out with none other than Will Manidis Yeah. Who's been tearing up the timeline.
Speaker 2:Might be looking at the next Warren Buffett right there. Yeah. Yeah. Potentially.
Speaker 1:Yeah. Yeah. Hopefully he doesn't tell the world that he's building the next Berkshire Hathaway Oh yeah. Or like the the curse.
Speaker 2:Yeah. A lot of people have done that.
Speaker 1:Curse yourself...
Speaker 2:Done that but...
Speaker 1:Never claim that. Don't. Sort of... Don't even try. Let's let's leave it on this...
Speaker 1:Let let's take a look at let's take a look at John here. I mean, John John, lean back. Yeah.
Speaker 2:When I lean back, it's really... Oh.
Speaker 1:Just incredible. Incredible work. And this is only possible in Hollywood.
Speaker 2:I know.
Speaker 1:AI could never do this.
Speaker 2:No. No. It is Never. It feels like next year the AI will be so good, more people will be skeptical, but we started in the pre AI era, so you know it's real. Know we're sticking
Speaker 1:with We showed up at
Speaker 2:We're sticking with it.
Speaker 1:We were we were here at the studio at 6AM this It took just under four hours to get suited up.
Speaker 2:But let's give it up for the team that helped us
Speaker 1:with this.
Speaker 2:It was really incredible. Look at that, Greg. Is looking great.
Speaker 1:Looking good.
Speaker 2:Really white teeth too. Did they give you veneers or those are your natural teeth? Looking... That's just... All natural.
Speaker 1:All natural. All natural.
Speaker 2:All natural.
Speaker 1:Serious. Greg, you look fantastic.
Speaker 2:And you've been working on your Greg Abel impression. Can you give us a little bit? A little taste?
Speaker 3:Hey, guys. It's it's me, Greg.
Speaker 1:That's a
Speaker 2:matter of luck.
Speaker 3:That's That's a
Speaker 2:of luck. Nailed it. You nailed it. Yeah. Yeah.
Speaker 2:So these are gonna clean clean up and trick or treating later. You go around in these. Well, the market's all over the place.
Speaker 1:I FaceTimed Yeah. A friend of the show Yeah. And he said don't wear that out later. Gonna scare people.
Speaker 2:Yeah. Yeah. You look so much as Warren Buffett. It's just Crazy.
Speaker 1:It's it's unnerving.
Speaker 2:Really is so so funny especially when you get the moves going.
Speaker 1:Should we see how I can hit the gong?
Speaker 2:When you start moving like a young guy in there. It's good. Oh, your stock... Oh. His back's going out.
Speaker 2:It was an older guy, older gentleman on the on the set. Let's see let's see a gong hit for old Berkshire. The stock is up by the way. Everything's everything's down, but Berkshire's doing great. It's a $1,170,000,000,000 company.
Speaker 2:To everyone over in the Berkshire Hathaway universe Absolutely. These young whippersnappers in the market today. Market, but Berkshire doing well.
Speaker 1:Only company that I've found Yeah. That's looking green. Is this
Speaker 2:gong ringing longer than usual? Does it always ring
Speaker 1:I think it was just a strong hit.
Speaker 2:Strong hit. Strong hit for mister Buffett. Well, The US economy is up, interestingly. The The US economy grew 3.4% this summer. Consumer spending, business investment powered the fastest expansion in a year.
Speaker 2:3.4% annual rate. The the the latest reading of gross domestic product, the value of all goods and services produced across the economy beat analyst expectations. They were expecting 3.1, came in at 3.4. The report from the commerce department is the last major accounting of The US economy before the midterms election... Midterm elections on Tuesday.
Speaker 2:So a big referendum on do you vote GDP numbers or do you vote stock market numbers? A lot of a lot of voters have their wealth in the stock market and they're they're seeing a lot of red today.
Speaker 1:Well, of course, I think voters care more about vibes than anything else.
Speaker 2:Yeah. True. And the vibes are down. Nasdaq is down something like 3% today. Let's see.
Speaker 2:3.34%, but the Dow is also down 1.13%. There... A a lot of it has to do with earnings. We talked about it yesterday, but Google search struggles reignite AI anxiety. They suffered the worst day on record Thursday as investors confronted the reality that a company that has long been a dynamo of growth and profits faces painful trade offs in the artificial intelligence transition.
Speaker 2:A headline that could have been written three years ago but is now being digested in reality in a data backed way. Because the first three years, everything's continued to look like business is normal. And that's the nature of these these technology trends. It takes a while for it to actually show up in earnings. There's a lot of there's a lot of inertia in every business in the economy even if you're high growing tech high high growth tech company.
Speaker 2:The slide erased...
Speaker 1:Still got a bit painful. Obviously, Berkshire Yeah. Recently
Speaker 2:Backed up the truck.
Speaker 1:Backed up the truck.
Speaker 2:Yeah.
Speaker 1:For Alphabet but for good reason. There's a lot of ways that they can be an AI winner. Yeah. They sell great chips. They have, you know, an incredible cloud business.
Speaker 2:That's also They
Speaker 1:have a frontier ish lab. Yeah. But... Yeah. It'd be interesting to know what what the business would be trading at if they had revenue ramp from their own model.
Speaker 2:Sure. Sure. Right. Yeah. Yeah.
Speaker 2:Yeah. So yeah. On the front page of the of the journal, you got Google search struggles reignite AI anxiety. They're losing 500,000,000,000 and and you know, their earnings analysis is here. But on the back of the business section, business and finance section, have Alphabet can still win in an AI pullback, more of a bull case, saying it's the closest thing in tech to a one stop AI shop with a frontier model, a fast growing cloud computing business, a major in house chip effort, and large core advertising businesses.
Speaker 2:They are diversified across the AI stack, and so that could be a cause for optimism even among some jitters in the market.
Speaker 1:Well Yeah. We got to talk about Binance.
Speaker 2:Okay.
Speaker 1:They had a rough one yesterday in the journal, how Binance is racing to cover losses in the biggest heist in crypto history. We will weather this storm, the company says, as it taps reserve funds and its founder gets into a confrontation on x with Elon. Binance executives are racing to cover billions in losses from the biggest crypto heist in history. A breach that blew past everything the exchange had set aside to cover such an incident. So they've had a fund set up that had roughly a billion
Speaker 2:Is that the fund?
Speaker 1:Yeah. Safu.
Speaker 2:Secure asset fund for users. Yeah. They set it up for exactly
Speaker 1:They were sort of planning for a worst case scenario. Turns out the worst case scenario
Speaker 2:Was three or six times what Yeah.
Speaker 1:Much they were planning for. Greater. The hackers plundered 6,300,000,000 from the exchanges digital wallets by breaking into a Binance engineer's laptop among other breaches, Binance said. So yeah, I think a big question that everyone has is like, yeah, how how does it how is it possible that like...
Speaker 2:A single engineer needs to be...
Speaker 1:Single point
Speaker 2:of failure. You would think it would be a number of you would think it would be a number of of engineers that need to all sign off on something like this for that much money to move. You know, sending a wire these days from a traditional bank is usually a couple phone calls, two factor, there's a bunch of different stuff that needs to happen. It's rarely just one person signing off. But...
Speaker 1:Anyways, stablecoin issuers, Tether and Circle, along with other crypto firms managed to freeze about 3,000,000,000 of that sum leaving roughly 3,300,000,000 under the hacker's control. Finance has had has an... There's some questions around that too. Possible that they were able to take a loan out against those assets and so the assets are frozen now, but they already got some more liquid
Speaker 2:Oh interesting. Frozen assets. Okay. Yeah.
Speaker 1:So still Easy. Happening in real time.
Speaker 2:Was was live tweeting about it saying that, you know, he has some SpaceX stock that he can sell off. There's assets around.
Speaker 1:Well, he was saying that because Elon was not not being the most friendly Kind of.
Speaker 2:You know what mean? Elon was calling it like it is. It's a really bad hack. Yeah.
Speaker 1:But the hack attributed by cyber security researchers to North Korea's Trader Trader hacking group has rattled the overall crypto market knocking down Bitcoin's price. This means the emergency fund is already a 100,000,000 lower. You would think... You would almost think they would keep the emergency fund in good old fashioned
Speaker 2:USD?
Speaker 1:USD or Yeah. More diversified basket of assets because it is kind of predictable that like Yeah.
Speaker 2:You'd go after that.
Speaker 1:There's a massive hack, crypto will trade down. You don't also want your...
Speaker 2:Yeah. But if but if the market goes way up and then you get hacked, you haven't actually appreciated. So, yeah, it's a trade off. Interesting. So if 3,000,000,000 does make it to North Korea, that's like 5% of...
Speaker 2:Or almost 10% of their GDP. Their GDP in 2025 for all of North Korea was 26,600,000,000. So that's like pretty material to the country, which crazy to think about. High stakes in the in the modern cyber security era era. Tyler, did you see anything else...
Speaker 2:Any other interesting details about what happened with this hack, like technically or any other color that you wanna add?
Speaker 3:I I haven't seen anything specifically about like how it actually happened but I I do think it was interesting that like Bitcoin only went down like a few percent. Yeah. So in 2014 when Mt. Gox got hacked, I think in like the two weeks after Bitcoin price went down like, I think it was like 25, 27%. Yeah.
Speaker 3:Kinda surprising that it's it's really like, you know, yeah, it's like, you know, almost 4%.
Speaker 2:Yeah. It's only 4% of the past five days. That's like Surprising... That's better than SpaceX, better than Yeah. You know, Google for example.
Speaker 2:It's... Yeah. It's... That is interesting that there's so many people that are still holding. It kind of shows you that the median the median holder at this point is maybe more along self custody, maybe more along, know, less less worried about the the...
Speaker 2:What's going on with the centralized exchanges. What you got for me, Warren?
Speaker 1:Anyways, let's look at this response. Yeah. So Mert is saying he just wants one boring day. Yeah. All he's asking for.
Speaker 1:CZ said, Elon, I have a lot of respect for you but bad time to be a troll. He was commenting emojis back. Please stop. Our SpaceX shares are worth more than 1,000,000,000. Would appreciate if you show a little support.
Speaker 1:Thanks. I think that's a fair fair stance.
Speaker 2:Wait. Wait. Which one? I think the Elon reaction's a fair stance... He's not doing crying laughing.
Speaker 2:He's not doing... He's doing the... This is really rough. He's doing the...
Speaker 1:Yeah.
Speaker 2:I don't know. It didn't... This doesn't seem like him like totally grape dancing in
Speaker 1:this Yeah.
Speaker 2:Yeah. In this in this way.
Speaker 1:And then someone over at Binance says reporting to the major shareholder. Of course, talking about CZ. Our company's revenue for the year is sufficient to cover the losses. So we don't need to sell the SpaceX shares you are bullish on.
Speaker 3:So I
Speaker 1:think Okay. Of course, I think CZ was making more of like a kind of
Speaker 2:Yeah.
Speaker 1:A bit more like a like a regret.
Speaker 2:That's what Merck called it. Full stack dump, his shares that helped him buy eggs. Merck goes on to say, Normies aren't aware yet, but we're actually living through the movie Terminator at the moment for cyber security without exaggeration. Just absolutely relentless revenge of the machines. Revenge of the...
Speaker 2:But North Korea's in charge of these machines in this case. Like this is not a rogue swarm. This is not an accident by...
Speaker 1:There are some pretty interesting people have been posting graphics Yeah. Of, like, all of the all of the the stolen funds, like, how they've been moving. Mhmm. And it looks like an insane spider web Yeah. Only a only like
Speaker 2:Only a machine could could understand. Yeah. I mean, employment for the chain analysis team and some of the other folks like the crypto fraud prevention groups. There's a bunch of these.
Speaker 1:Over in Intel land, Intel looks like it's trading like they just had a $6,000,000,000 Yeah.
Speaker 2:Heist. Incredibly rough. They're down more than 22% now. Right? Or have they bounced back a little Where are they?...
Speaker 2:Down 30% today. 27% over the last five days. Still a $336,000,000,000 company, but totally round tripping. The the the big jump in Intel started about a year ago with the investment by the US government and a lot of a lot of optimism around hyperscalers starting to buy from Intel, use their fabs, jump all at the same time to, you know, get the fab off the ground. The stock is pretty close to where it was before all of that started.
Speaker 2:March '20... March twenty seventh of this year, it was $43 a share. Now it's $63 a share, but that's down from a high of a $140 a share. So it's down 50% since the peak.
Speaker 1:Nick Dorsey says, I actually can't believe how bad that Intel call was. I just finished listening to it. Lip boost sounded lost. Rough. I didn't even know what to think after that.
Speaker 1:That seems to be resonating. Even Jim Cramer says, yes, am disappointed in Intel actually furious. Mhmm. About it.
Speaker 2:Well, whether you're long, you're short, you're moving everything into fixed income, you're moving everything into Berkshire, whatever you're doing, do it on public. Invest across all asset classes, automate anything with AI agents, run trading strategies, risk management, money movements, and monitor markets with AI agents for investing on public. Yeah. Kramer's not happy.
Speaker 1:Yeah. No one's no one's happy.
Speaker 2:Yeah. I saw some viral Instagram of someone being like...
Speaker 1:This is a company that people people want Intel to win. Totally. Like, it's this is it's it's losing money sucks but also we want Intel to be a great company. Yeah. And again, Lip Bu has his work cut out for him.
Speaker 2:He does.
Speaker 3:You laughing at me?
Speaker 2:I'm laughing at the way you look. It's ridiculous.
Speaker 1:You're laughing at the way I look. It's...
Speaker 2:It's scary. It's such a ridiculous thing to
Speaker 1:look at. You know, when I when
Speaker 2:it Cross the table.
Speaker 1:John and I were were facing each other this morning Yeah. And I was just having these visions of the future when we're eighties This
Speaker 2:old, yeah.
Speaker 1:Etcetera. Yeah. And we're still gonna be here. Yeah. We're still gonna be doing this.
Speaker 2:We're not leaving.
Speaker 1:We're not leaving.
Speaker 2:We're not leaving.
Speaker 1:Gonna retire on the mics.
Speaker 2:Let me tell you about Figma. Agents meet the canvas. Your AI agents can now create and modify your Figma files with design system context. The Black October continues with Polymarket, but to a much smaller effect. The numbers are way, way smaller.
Speaker 2:I mean, three orders of magnitude instead of talking about 6,000,000,000, 3,000,000,000. I believe the amount of money that was stolen from Polymarket wallets was 3,000,000. So this is in Wired. Trading has resumed on Polymarket's flagship international platform already after a hack that drained money from wallets of some traders. Third party vendor based in The UK was breached, not the prediction market's website itself.
Speaker 2:Law enforcement in The UK have been notified of the incident. Trading was initially paused while the company investigated for several hours. That's got to be really disruptive because some people are like, this is resolving right now. I would have sold it. I would have sold in the next thirty minutes, but not in the two hours point.
Speaker 2:So I'm sure there's gonna be a lot of people that are upset. But still, seems like they got through it. 700 users appear to have been affected with approximately 2,700,000 stolen. So be safe out there if you're on one
Speaker 1:of The craziest time ever to be operating any kind of financial institution. Mhmm. Like you have to be... I mean, especially digital assets. Right?
Speaker 1:Because there's much less recourse. Yeah. But but yeah, you have to be operating in total fear right now. Yeah. And I look at this and even, you know, dressed the way that I am.
Speaker 1:I don't even think about getting greedy on a lot of these news.
Speaker 2:So... I love it. Well, Minecraft creator Marcus Person Notch, if you know him from Minecraft. Mhmm. Do you play Minecraft growing up?
Speaker 3:Yeah. Of course.
Speaker 2:You're a big Minecraft guy?
Speaker 3:Yeah. Yeah. Yeah. That was like my...
Speaker 2:That was your childhood?
Speaker 3:That was peak. Yeah. Yeah.
Speaker 1:Peak?
Speaker 2:Sixty years ago. Something like that. The way Tyler laughs, there's so much on your face with the prosthetics. It's really fantastic. But so the the creator of Minecraft, Minecraft, you know, it's kind of solo dev story, sold it to Microsoft for billions of dollars, got a ton of liquidity and moved to LA and was like, I'm buying the most expensive house in town.
Speaker 2:And so he outbid Get in the castle. Get in the castle. Exactly. He outbid Jay Z and Beyonce and paid a record at the time 70,000,000 for Beverly Hills California spec home. I feel like the market in Beverly Hills, like 70,000,000 is closer to median now.
Speaker 2:It's a certain tier. There are... We've seen houses go up for 200,000,000. There was the one that was trying to get $500,000,000. It's not uncommon to see properties up in this territory.
Speaker 2:But back in 2024 or 2014 actually, back in 2014, 70,000,000 was record breaking and it made the headlines because he came in and swooped in. Jay Z and Beyonce wanted it and he said, I'm outbidding you. So he got outbid. But yeah, in the years that followed, it was a unique home because it was the most expensive. It kind of lost that superlative as developers came in and built built built bigger and pricier homes.
Speaker 2:I've actually been to this house. It's really really crazy. There's a room dedicated just to candy. There's a there's a music studio. But I don't know if they have the candy room here because Nothing.
Speaker 2:The candy room is one of the craziest things that it shipped with. Like like the developers were like, let's put a candy room in this thing. It might have gotten taken out at some point. It doesn't look like it's in these pictures. But it's very crazy.
Speaker 2:He would throw these like huge parties in LA and and you know, try and you know, they would all be themed. I went to one that was like Mars themed or something. Everyone was in like astronaut suits or something. It was like a bit... It's a perfect entertainer's house and so he had a lot of fun.
Speaker 2:Had like the garage with the glass so you can see the cars through it and...
Speaker 1:Tyler's asking did you... In the chat, you see any See's candy when you were in the candy room?
Speaker 2:No. Not a lot of See's. Oh, maybe unboxed See's candy because the whole conceit of this of the candy room is that it has these these silver tunnels. Let me see if I can actually find a Notch candy room. Yeah.
Speaker 2:Candy wall. This is... It's here. It's here. I got it.
Speaker 2:Let me see if I can drag that in. It's uploading. Yeah. Boom. Right there guys.
Speaker 2:Pull this one up. Yeah. It has these like tubes that you fill with the raw ingredients or like with the with the packaging. So you actually can't really see the brands. You see this, Jordy?
Speaker 2:On the left there? Maybe zoom in a little bit on the left and you'll see that's the wall of candy so you can go there and just create whatever
Speaker 1:Look at that.
Speaker 2:Bag of candy you want. There's a bar with a bunch of TVs down there and I believe some some... There's some other crazy feature where it has like something giant wine cellar, home gym, 16 car garage, and then the enormous candy wall of course. There's something else but I don't remember. But anyway, this is where would you put this home?
Speaker 2:What tier are you going?
Speaker 1:S tier.
Speaker 2:S tier.
Speaker 1:But has... Tear it down.
Speaker 2:You gotta tear it down. You gotta tear it down. How can it be S tier?
Speaker 1:Well, It's clearly, you know, incredible piece of, you know, property.
Speaker 2:You you calling it s tier makes no sense. You should call it f tier because you still live in...
Speaker 1:I I think that the actual dirt matters more than anything.
Speaker 2:Okay. So you would build a like a 1,500 square foot two bedroom home to mimic your Omaha, Nebraska property?
Speaker 1:I think so.
Speaker 2:Something like that. Something little more humble. But in the same footprint maybe.
Speaker 1:Crazy.
Speaker 2:The same footprint. What what's going on in Malibu, Jordy? There's this drama going
Speaker 1:on. The
Speaker 2:priceless neighborhood. Yeah.
Speaker 1:I hate to cut you off.
Speaker 2:Okay. Okay.
Speaker 1:I hate to cut you off. Well But
Speaker 2:Before we bring in our next guest, let me tell you about Codex. Codex is powerful workspace. We're 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. You were cutting me off because we got our next guest.
Speaker 2:Darren is back on the show. Third, fourth time. I lost track. Darius. Good to see you.
Speaker 2:How you how you doing? Happy Halloween.
Speaker 1:How you doing, buddy?
Speaker 5:So you guys got dressed up for like, it took six or seven hours.
Speaker 2:Yep.... Put on a...
Speaker 5:I just had to put on a pair of headphones and I could be Nathan Fielder.
Speaker 2:Oh, yeah. You're Nathan Fielder. There you go. There you go. That's a great Halloween costume.
Speaker 5:Yeah. Are you you you truthful right now with me?
Speaker 2:Yes. Yes. Yes.
Speaker 1:Okay. Why would we deceive Slow
Speaker 5:zoom in. Why would I deceive? Yes.
Speaker 2:Yeah. Yeah. Why why would I deceive you?
Speaker 3:How do you
Speaker 1:how do you rank how do you rank... Honestly, John,
Speaker 3:He was looking like Mitch and then all of a sudden he started looking like Mitch McConnell to me a little bit.
Speaker 1:Nah. But I still I still... When
Speaker 3:he leans back like this.
Speaker 2:Warren, I don't want to hear that.
Speaker 5:When he leans You back it's guys you look you guys look great. I mean this is this is an a plus effort from from the entire staff including the Berkshire Hathaway hanging sign.
Speaker 1:What do think about what do you think about our friend Tyler over here?
Speaker 2:Greg, he
Speaker 1:shot at Tyler?
Speaker 3:Can you recognize me?
Speaker 5:Amazing. I
Speaker 1:don't... I was thinking do you think anyone has ever done this level of a Greg Abel costume?
Speaker 2:I don't think anyone's done this much. We weren't Buffett. People have done it.
Speaker 5:Greg Abel is called not Warren. Yeah. Like you know, this is the first ever Greg Abel
Speaker 2:comes But we're putting him on the map today. We're putting him on the map. Everyone's gonna know Greg Abel after this stuff. Yeah. Let's do it.
Speaker 2:Do you
Speaker 5:you guys don't have a Becky Quick in the office?
Speaker 2:No. No. We should we should... We we... Maybe dressing up as the CNBC anchors next year would be Get you in the full Kramer.
Speaker 2:That could be really good.
Speaker 1:Oh yeah. Full Kramer.
Speaker 2:Full Kramer would be pretty
Speaker 1:would be crazy.
Speaker 2:There's a lot of there's a lot of places you can go. It's fun that it only comes up once a year because you can go really really big. We got it. We got a bunch
Speaker 1:of And we could only really do this once a year.
Speaker 2:It's a lot.
Speaker 1:It is It's a lot.
Speaker 5:I feel like you feel the the weight of everything on your face.
Speaker 2:100%. And what were you
Speaker 3:doing there with your mouth?
Speaker 2:I'm just trying to stretch out all the prosthetics that are on my mouth. It's rough. But
Speaker 1:The crazy thing is the process starts months before Halloween. So we had locked in the costumes.
Speaker 2:Three d scan of the face, all this stuff. Basically in summer. Yeah. Real artists on...
Speaker 5:I did this once actually when I was at pep... I I did something for Pepsi for Kyrie when... Wait. You
Speaker 1:dressed up as Kyrie Irving?
Speaker 5:No. No. No. No. He was Kyrie.
Speaker 5:He was... We were talking about Uncle Drew. And so I got dressed up as an old journalist. We called my... Me Doctor Hookshot.
Speaker 5:He didn't know I was dressed up at first. Stand by. It took forever.
Speaker 1:Yeah. I honestly, I could go out in the real world and especially if I had a pair of sunglasses on, like you would not be able to tell Yeah. That you you would just assume that's Warren Buffett. He's at Air Of course, Warren Buffett at Air One.
Speaker 2:Yeah. You know,
Speaker 1:grabbing a smoothie or something.
Speaker 2:Yeah.
Speaker 1:Can do some... But anyways, we wanted you to come on specifically because of of your collection that you've been building for so long. So maybe introduce yourself even though it's your third or fourth time on the show and then talk about
Speaker 2:The
Speaker 1:collection. The Berkshire universe.
Speaker 5:So yeah, so I I I love to have great collectibles like collect Apple stuff, I collect business collectibles, sports collectibles, and about you know ten years ago, I just thought that Warren in particular and Berkshire Hathaway were so under collected.
Speaker 2:Mhmm.
Speaker 5:There weren't many things out there. The biggest thing that was out there was for charities, he would sign uncut, uncirculated dollar bills in blocks of six, eight, and 10 usually. And those sold on the market, you know, put... He he autographed it in Sharpie. Those sold on the market for like 2 to $3 for a while.
Speaker 5:And in the past five years, it went up to like 10 or 15. Then last year, one sold for 24.
Speaker 1:Woah. Okay.
Speaker 5:And so I think...
Speaker 2:And what's the break up value? Like if you sold it as cash, it's worth a couple... A dollar... They're dollars. Oh, they're dollars.
Speaker 2:Okay. Okay.
Speaker 5:Yeah. Literal dollars.
Speaker 2:Yeah. Okay.
Speaker 3:So so those have been... So I have... This is the... This is $12,345.67. These are...
Speaker 5:This is $16. And that signature of Buffett is a foot and a half long.
Speaker 2:A huge signature. That's amazing....
Speaker 5:Largest Warren Buffett in the world. So Wow. Ken Griffin or whoever wants to, you know, be like Goodfin and be, oh, that's me grabbing the bulls by the horn. Whoever in your office, who's ever watching right now, this will one day be available so you could say you have the largest. But.
Speaker 2:That's really cool.
Speaker 1:Isn't your favorite holding period forever? Are you are you are you...
Speaker 3:I would say I'm a... You like
Speaker 1:to collect but you don't like to adopt their principles, is that what you're saying?
Speaker 5:No. I would... No. No. I would...
Speaker 5:Hey, collect what you like. Invest in what you like, right? Mhmm. And I I do I do sell. I do sell.
Speaker 5:I'm willing to sell. So that that will be on that will be on the market Order at some
Speaker 2:in bound.
Speaker 5:This might be my favorite. This is the Woodrow Wilson 1947 high school yearbook.
Speaker 1:Wow. Wow.
Speaker 5:Have you guys ever seen this?
Speaker 2:No. Never. Please. Wow. So there's
Speaker 5:Warren in the upper right quadrant. Wow. And is... See if I can...
Speaker 2:Buffett. Oh, there you go. Warren Buffett. A
Speaker 1:sportsman. Basketball and golf. The favorites likes math. A future stock broker.
Speaker 2:Wow. A future stock broker. That's incredible.
Speaker 5:Yeah. And and the girl the girl next to him wanted to be referred to as piglet. What? Right there. Burton.
Speaker 5:I I think that's a 1947 thing. I'd like to know how the other three
Speaker 2:That's remarkable.
Speaker 5:Fared in this box. But...
Speaker 2:Yeah. Yeah. Yeah. Where are they now? So Yeah.
Speaker 2:What is the... Is there is there a second layer to collecting where you're off the internet and you're trying to grab Buffett at a public event, go to a Hathaway meeting, Berkshire Hathaway meeting, meet... Get signatures on that?
Speaker 5:Haven't I have never I've been with Warren twice.
Speaker 2:Mhmm.
Speaker 5:Never, but in a CNBC capacity. Sure. He did not ask for an autograph.
Speaker 2:Mhmm.
Speaker 5:And I've never never asked for an autograph. Over time, I've probably had maybe eight to 10 of them. Mhmm. He has not signed in a while. He used to sign in and around Omaha Mhmm.
Speaker 5:So you could get him. And he used to sign by mail, which he hasn't signed in pretty much ten years.
Speaker 2:Oh, interesting.
Speaker 3:Now, one
Speaker 5:thing that's interesting is there were a bunch of Buffett's that started coming up three or four years ago and the authenticators, JSA and PSA started failing them. And I went to them and I said, is there really people doing a Warren? And and one of the authenticators said, there is in New York a fake Warren Buffett autograph ring.
Speaker 2:Someone is impersonating Warren Buffett. That would... I can't believe that would happen. That's that that's so disrespectful.
Speaker 1:It's only when PSA comes in that you see who's swimming naked. Yeah.
Speaker 3:And then and then so there's so there's and there's so there's
Speaker 5:not much. There's a couple things you can get and then Mhmm. So the other things you can get are the passes are each year.
Speaker 3:Yep. So I I have
Speaker 5:every pass... I think they started in '97.
Speaker 3:Woah.
Speaker 5:I have I have every pass since '97. That's incredible.
Speaker 2:Woah. The pass spread. That's better than the money spread.
Speaker 3:And they're
Speaker 5:not they're not they're not hard They're to cool, you know. They're, you know, so if anyone wants to, you know, collect them
Speaker 2:Yeah. They're they're
Speaker 5:doable. Munger Munger actually, you know, is Yeah. A tougher... Has been a tougher signature because people haven't collected him.
Speaker 2:I'm sure. I'm sure. Can you explain to me the the etiquette and the anatomy of pursuing a signature of someone? I've seen some... I've celebrities do these videos where they they don't want to sign it anonymously, so they'll they'll write t o to immediately.
Speaker 2:Oh, who should I make it out to? And they kind of force the the the collector to, you know, say their name or say a name.
Speaker 5:So I saw this firsthand. Yeah. I saw this firsthand in 2001 when Jerry Colangelo, the owner of the Arizona Diamondbacks, told the players they had to sign. So Randy Johnson and Curt Schilling had to sign on a Monday. Mhmm.
Speaker 5:Luis Gonzalez had to sign on a Tuesday, whatever. Now, they also had autograph deals. So if they had autograph deals, they had to either have a different signature or devalue it in some And the t... The devaluing it was the two. Now the issue is a real autograph guy says, my name's Ed, my name's Jim
Speaker 2:Mhmm.
Speaker 5:My name's... You know, two or three letters.
Speaker 2:Yeah.
Speaker 5:If you can get to a sharpie with rubbing alcohol in five seconds Mhmm. You could pretty much take it off anything.
Speaker 2:Got it.
Speaker 5:So so... But that but that is the how do we Not to
Speaker 1:not to.
Speaker 2:Devalue it. By
Speaker 5:having by having the two, and you know, then the only person you can sell it to is another Mike, another Ed, another Jim.
Speaker 2:Yep. That makes sense.
Speaker 5:They cut... People can cut around it too. Sure. So it, you know, it depends.
Speaker 2:What about the color of the pen, the method of the instrument? You only have some BIC on you. You see someone, you wanna get a you wanna get a signature. What's the tier list or, like, ranking for the the priority? If you have your pick of the litter, what instrument are you going with for the signature?
Speaker 2:Does it matter on the material?
Speaker 5:Depends on the material. Depends on the material. If it's a shiny material, you'd like to try to get some baby powder on it or wipe it off with a shirt or something like that. That actually does make a difference. All else being equal, you want a a black sharpie.
Speaker 5:If it is, you know, some sort of surface that you think will hold that sharpie. Mhmm. If if it is on a piece of paper, I would rather even a pencil, I swear, than than a sharpie because it's gonna bleed through and it has xylene in it, means that it will turn yellow in a couple years.
Speaker 2:Oh,
Speaker 5:interesting. Don't don't go too crazy with the pens. Mhmm. You know, that's where people really really Yeah. And then there's some people who sign who just...
Speaker 5:Like Marilyn Monroe, I don't think she ever picked up a pen that worked. Look at all her signatures, they're Yeah. You know, so it's like, I think because of the slant or whatever it is, lefties obviously, JFK has a tough signature like Mhmm. So you know, signatures are amazing. And I also love the intricacies of the rarries as a signature.
Speaker 5:Like Paul Revere is rare because he was never a politician. Mhmm. He was just a silversmith.
Speaker 2:Yeah.
Speaker 5:So so he's much more rare than George Washington.
Speaker 2:Yeah.
Speaker 5:You know, and for my JFK collection, have an Abraham Zapruder signature, which is like the guy was a tailor
Speaker 2:Yeah.
Speaker 5:And he shot the video, and then he didn't like that he shot the video and he became a recluse even more. Interesting. And then he died before autograph collecting was... So the nuances of who has, you know, the most interesting autograph.
Speaker 2:Mhmm. Yeah. We saw...
Speaker 1:That PSA heist last week. Mhmm. I immediately clocked it as as foul play. I I was making things up on the spot, but I'm never wrong.
Speaker 5:I I did I did see that. I clipped your clip on my Instagram. I believe that's true. Mhmm. If...
Speaker 5:Listen. Some... It's an inside job. It's gotta be a FedEx inside job.
Speaker 1:Mhmm.
Speaker 5:I don't know. They they do have to figure out how to not have $17,000,000 cards on one, you know...
Speaker 1:Feels like if you're transporting $17,000,000 of merchandise, should transport it yourself or work with like a Brink's, you know? A style service.
Speaker 5:By the way, when I've had some really valuable stuff to PSA, I've flown from New York, I've gotten it graded on the site and I've flown back.
Speaker 2:Mhmm.
Speaker 5:What what is really interesting and this is an interesting business story is that FedEx is now cheaper to send something than UPS, than than USPS, than the postal service.
Speaker 2:Wow.
Speaker 5:And... But the issue is you... For... If you say you have a collectible, you can only get $1,500 of insurance. So let's say I show up to FedEx with a $30,000 item.
Speaker 5:Mhmm. Am I gonna tell them it's a collectible? No, because it is a max of 1,500. So what happens if I say it's something else? Well what happens if it gets lost?
Speaker 5:And now I've I've I've I've... It's like they don't even know the class of what it is. And what happens if I say it's $30,000? The most likely thing is for someone in the store to steal it.
Speaker 2:Sure.
Speaker 5:So it's very hard for collectors now given the price of everything To really...
Speaker 1:How the watch world solved this?
Speaker 5:I don't... Well, the watch world solves it in a way because the people who originally received the watches fly to places to their dealer, you know, at least originally.
Speaker 2:Pick them up on sites. Yeah.
Speaker 5:Secondary, you know, I know a guy here in New Jersey who flies to, you know, Saint Louis because he's one of five guys on the Rolex list and he has to buy another $100,000 in jewelry every time, but at least he's flying. Mhmm. But there there is so much money going on these things and there really is no solution. I mean, theft is theft, but like lack of insurance and not understand like it's it's it's hard for a collector now.
Speaker 2:Yeah. We saw a bunch of the tech leaders sign autographs at one of these White House dinners. They're kinda all over the place. Jensen has like a fantastic beautiful signature. Greg Brockman just signed some initials in No, no, cursive.
Speaker 2:Yeah. Some people are all over the place.
Speaker 1:That's gonna be one of the most rare pulls that you can get.
Speaker 2:The GDB? Twenty fifty. The GDB. It's GDB original? GDB.
Speaker 2:Reaction to the wide variety? If you imagine yourself, if you're manifesting becoming the type of tech leader that signs autographs all the time, where do you want your signature to go to be interesting to a collector? Do you want something cursive, iconic, flowery, huge? Do you want something more unique?
Speaker 5:How do think about... Honestly, I think they're pretty... They're all pretty similar. You know, if you look if you look... I'm I'm not Yeah.
Speaker 5:Getting political here, but Trump is very similar to Mussolini.
Speaker 2:Okay.
Speaker 5:You know, these these guys, they're probably either gonna have something very large Yeah. Which is, you know, typical of ego. Sure. Or something crazy, which is typical of being all over the place and being ADHD.
Speaker 2:Okay. So you can read into the person's psyche Yeah. Whatever. Signature. It's a window to the soul.
Speaker 5:Donald Trump is a like Sure. A complete heartbeat, you know, up and
Speaker 2:down. Yep. Yeah.
Speaker 5:But but Elon's interesting. So I stayed away from collecting Elon Mhmm. Because I think he'd be crazy enough to maybe have an autograph signing one day.
Speaker 2:Oh, interesting. Oh, yeah. Yeah. Yeah. If you come to the Tesla launch or something, I'll just sign everything.
Speaker 2:And that would devalue everything.
Speaker 5:Bezos. Bezos, once he... The day I bought a piece of his, the day he was done at Amazon, I'm like Mhmm. This guy is gonna go from private plane to private island. Yep.
Speaker 5:You're never gonna find him.
Speaker 2:Yeah. Yeah. That's been the case.
Speaker 5:Yeah. Yeah. Just have... You you have to figure out who you want. But it's it's...
Speaker 5:And Jobs obviously has gone like, it's been unbelievable, his his rise. Because he almost didn't sign anything. Yeah. So now that all these checks came out... Let me just tell you this quick one.
Speaker 5:His the... So there were 50 checks that came out, like the initial Apple checks.
Speaker 2:Mhmm.
Speaker 5:They found them. They had a... They found a desk in the original garage, and they found the checks in the drawer. Those checks, the 50 combined are gonna be worth about 3,800,000.
Speaker 2:Wow. Woah. That's crazy. With with some of these tech leaders, is there more value to getting them to sign their product? Like, do you want Steve Jobs to sign the iPhone or Yes.
Speaker 2:An iPod or... I mean, but at a certain point, like, if I have a Elon Musk signed Cybertruck, it's like it's a truck.
Speaker 5:He signs... He does sign mini Teslas
Speaker 2:Okay.
Speaker 5:That go
Speaker 2:for it. Mini Teslas. That's insane.
Speaker 5:8 to $10, like a die cast Tesla.
Speaker 2:Okay. Yeah. But at a certain point, like like a like a a signed rocket fuselage by Elon is just gonna be so inconvenient that a collector is gonna say, what am I gonna do with that? Right?
Speaker 3:No. You put it on the wall.
Speaker 5:The size could be
Speaker 1:a problem.
Speaker 2:Size could be a problem. Could be a benefit. Yeah.
Speaker 5:The size could be a problem which which was this week when the the dinosaur at Sotheby's sold. Mhmm. It was a nano Tyrannosaurus.
Speaker 2:Yes. Yes.
Speaker 5:And the nano part of it is why it sold for 47,000,000 even though the estimate was 7. Sure. Why? Because you could fit it in a normal room. Yeah.
Speaker 5:You don't have to build a room around it. And that's why things... Sometimes the reason why cards are more valuable than jerseys Mhmm. It's totally a size thing. You can carry it around.
Speaker 2:Yeah. Yeah. No. That makes a lot of sense. It's very good.
Speaker 1:Any any success stories you've heard of people financing dinosaur explorations? Mhmm. So, you know, I I imagine like... So... I I imagine if I wanted to spend $30,000,000, I could probably find a nano Tyrannosaurus.
Speaker 1:True
Speaker 5:or The issue is the issue is domain who owns what. Oh yeah. And whether you have right...
Speaker 1:Countries they'll just... You could dig it up but they're like that's ours. Thank you.
Speaker 5:Even in The United States, in Montana and Utah and it is not clear.
Speaker 2:Okay.
Speaker 5:And so so the guy who dug up the the Nanotyrannosaurus, that that actually happened to be his right. But but in a lot of places, I would say Where was that dug up? That a backyard? Me find my own cheaper. It's...
Speaker 5:It it gets very complicated.
Speaker 2:Yeah. Interesting.
Speaker 5:And then by the way, then you need to have what percentage of real bone is it when you build the skeleton. That's how you analyze a dinosaur....
Speaker 1:Are LARPing. They got like some scraps of bones and they string them together and they're like, look, I got a dinosaur. And it's only like 10% dino.
Speaker 5:Yeah. Most most of the ones that you see that are great, the best of the best are like 70%.
Speaker 2:Sure. Yeah. That makes sense. How are you thinking about collectibles in the context of these new up and coming sports leagues? You...
Speaker 2:Just yesterday, we talked to Ice Cube about the big three, three on three basketball. We talked about the curling league. There's people doing pickleball, Padel, slam balls coming back, the XFL. Like, everyone has a play. They're all real small scale right now.
Speaker 2:But is that... Does that actually mean there's some optionality there if you have the storage and you can, you know, pay a dollar for something and throw it
Speaker 5:in storage? So my company, Collect, helps teams, leagues, brands do this type of stuff. So we are we are like going into these leagues and like helping them build things that look professional for collectors. Yeah. Even though there's not, you know, because if someone doesn't want a licensing deal, do it yourself.
Speaker 2:Mhmm.
Speaker 5:Right? Store all this stuff yourself. I couldn't believe when I went to Dude Perfect and I said to them, hey, where's all your record breaking balls? And they go, we put them all back on the ball rack. That's Really?
Speaker 2:Even like... Even the ghinnom ones? That's crazy. Everything.
Speaker 5:You have so many subscribers.
Speaker 2:Yeah.
Speaker 5:Just put each one in a bag Yeah. And give... This is the one where we hit the biggest shot.
Speaker 2:This is one... You can go watch the video.
Speaker 5:Yeah. I was really surprised about that. So I think storage is certainly something that a lot of brands and teams don't think about and...
Speaker 1:Well isn't it isn't it people are either like collectors or not? Like on our like Dylan has been building out the Museum of Business. He's obsessed with collecting. Yeah. I don't get very attached to things at all even though I love things.
Speaker 1:Right? But I just don't have that.
Speaker 2:I don't
Speaker 1:have the bug. Yeah. Dylan. And so there's like organizations out there where people just don't realize the opportunity.
Speaker 5:When you see that the ticket to UFC number one this week went for $82,000. Right? I mean, a comp ticket from 1993 went for $82,000. I think even if you're not a collector at this point, if you're a business person, you do wanna start saving things.
Speaker 1:Where does collecting cross the line though? Like, does anyone have like blood... The bloody canvas from the first, UFC event? Like, at what point is it like... At what point are you saying you've gone too far?
Speaker 1:Like, did you ever try to pinch a hair off of Warren's...
Speaker 5:I I I bid on Ty Cobb's dentures.
Speaker 2:Woah. Okay.
Speaker 5:I didn't win. Yeah. I didn't win.
Speaker 1:That's my line.
Speaker 2:No dentures.
Speaker 5:No. Don't I don't bid on hair. There's a there's a guy who's the largest hair collector in the world.
Speaker 2:That's weird. Yeah. I'm not into that.
Speaker 5:Yeah. Yep. He he has folders and folders and folders of hair.
Speaker 2:Wow. Yep. Future cloning potential.
Speaker 5:No option.
Speaker 2:The option out. Clone everyone maybe. Maybe that's where he's going. What else is up in that Tyrannosaurus, nano Tyrannus territory? Because the only thing I can think that transaction the tens of millions is cars and art, but is there...
Speaker 2:Are there other collectibles that are starting to try and play in that super super premium crazy category? Because...
Speaker 5:Well, there's a there's a deal in principle on the table for a 1952 Mickey Mantle PSA 10 for $50,000,000.
Speaker 2:Wow.
Speaker 5:You know, there's only three tens, and everyone said no, and one of the three guys died, and his kids, know,
Speaker 2:are... Yeah.
Speaker 5:It's it's up. So I think that's the card thing. I mean, I think dinosaurs are the biggest like, you know, that's the biggest thing going. Obviously, like, there's nothing else.
Speaker 2:Yeah. The
Speaker 5:art has really... Has held, but I can't really think of, know, there's jerseys, game used jerseys are now in the, you know, there was a Jordan jersey that sold for $14,000,000. Yeah.
Speaker 2:Okay.
Speaker 5:If anyone wants, I have something in Sotheby's right now that is... Could look beautiful in their house. Yeah. Yeah. So yeah.
Speaker 3:There's so so there's there's there's a
Speaker 5:lot of things. I think big things to rich people are you know, something that's so grand and a piece of something is is where the bragging rights are, where you actually have to build a room to to house it.
Speaker 2:Yeah. Yeah. And I mean, that's the thing with the the the t rex skeletons. It's like the ultimate statement piece in a house that, you know, you get up past a $100,000,000 house, there's not that much more the house that you can buy. You can only be in one room at a time if you have a 100,000 square feet.
Speaker 2:You're never going to see the other side of the house. But if there's a t rex...
Speaker 1:I'll show you the outcome.
Speaker 2:Yeah. Yeah. Yeah. That's it. That's it.
Speaker 2:People
Speaker 5:want to build museums in their house for sure.
Speaker 2:Basically. Yeah. Yeah. Well, thanks so much for coming on the show. Happy Halloween.
Speaker 5:Happy Halloween. Don't eat too much candy.
Speaker 1:Do you... I I don't wanna I don't wanna impose but if you wanna collect the masks, add them to your collection.
Speaker 5:Oh, that
Speaker 2:would Game worn that would
Speaker 5:be great.
Speaker 1:Game worn
Speaker 2:Game worn prosthetics. Yeah. Technology lives
Speaker 1:for prosthetics.
Speaker 2:I'll I'll think
Speaker 5:it goes to Dylan should collect those.
Speaker 2:Yeah. Think we'll we'll leave that with Dylan. Wait. Last question. You can see everything.
Speaker 2:You dressed up as Nathan Fielder. Give us your review. Out of 10, how'd you like the movie?
Speaker 5:10 out of 10. Ten Ten. It was it was not only... And you can't give it away because it's so complex, so I couldn't give it away.
Speaker 2:Yep.
Speaker 5:But not only was it brilliant, you know, as a journalist, I'm jealous Mhmm. Of going into the lion's den
Speaker 2:Mhmm.
Speaker 5:And acting the way that Nathan could, right? As you know, totally not you know getting into it, but then obviously he gets into it a little bit. Yeah. I just think the device and the switch that happened midway is what enables someone not to look at their watch when it hits two hours and fifty six minutes. Yeah.
Speaker 5:I mean, it it it is just so well done. So I'm I'm excited for for what that is. I think it's awesome. It's getting lauded everywhere. And then on Monday, I'm seeing a movie that I'm looking just as forward to.
Speaker 2:What's that?
Speaker 5:Which is I Play Rocky which I'm really...
Speaker 2:I saw a trailer for that today. I... Yeah. That was on the TV. I gotta check that out.
Speaker 2:Well, thank you so much for coming on
Speaker 1:the show. Great to hang.
Speaker 2:We'll talk to you soon.
Speaker 1:Thanks for the insights.
Speaker 2:Always great.
Speaker 1:Cheers to you.
Speaker 2:Have a good one.
Speaker 1:Have fun out there.
Speaker 2:Let me tell you about CrowdStrike. Please do. Your business is AI. Their business is securing it. CrowdStrike secures AI and stops breaches.
Speaker 1:John, take a look at that public ticker. They're calling it out in the chat.
Speaker 2:What we got?
Speaker 1:It's a blood bath out there. Down 2%. Microsoft 2%. Nvidia almost 6%. Amazon almost three.
Speaker 1:Yeah. Berkshire Hathaway
Speaker 2:on Saturday. Is Berkshire Hathaway not on the ticker yet? Can we
Speaker 1:add Berkshire
Speaker 2:Hathaway to the ticker?
Speaker 1:6% and where's Meta at? Meta is, only 2%. Yeah. They're holding
Speaker 2:up. They're doing well.
Speaker 1:They are holding up. So...
Speaker 2:Yeah. I kinda wanna do a you know, Buffett themed ad reads. Your business is mumbo jumbo. Their business is mumbo jumbo. Their business is securing your mumbo jumbo.
Speaker 2:CrowdStrike secures mumbo jumbo and stopping breaches. Warren Buffett, we got some breaking news here in Business Insider. This actually dropped today. It's not every day you get some breaking news about the Oracle of Omaha, but we do have one. Warren Buffett hasn't had a glass of water since at least the nineteen seventies.
Speaker 2:Can you believe this? Is that real? This is real. So so Business Insider is reporting on a conversation that happened between the 96 year old business icon Warren Buffett and Bill Ack Ackman. This is what they what they recall during an episode.
Speaker 2:So Bill Ackman and Warren Buffett had a conversation a long time ago, and then Bill Ackman brought it up on a podcast and said, oh, remember I talked to Warren, and he said he hadn't had a glass of water since the seventies. So Ackman said that Buffett came over for a dinner at Ackman's house years ago and he'd made sure to stock up on the legendary investor's favorite drink, Cherry Coca Cola. Cherry Coke. The Pershing Square founder, that's Bill Ackman, CEO. Calling
Speaker 1:it Petey. Petey. Yeah.
Speaker 2:Yeah. No. It's true. Once they were sitting at the table, he asked Buffett whether he'd like still or sparkling water. Like I have your cherry coke but do you want still or sparkling before you get into your soda?
Speaker 2:And Buffett politely declined opting for his preferred soda instead. But I said, you know, don't you drink water? Ackman recalled. And he said, Bill, I haven't had water in forty eight years. That is remarkable.
Speaker 2:He quipped that in 2025 or 2015, he was one quarter Coca Cola as it accounted for 25% of his daily calories. That is extremely peedy. Not drinking water might sound unbelievable but Buffett who retired as Berkshire Hathaway's CEO after sixty years, Greg Abel took over. Let's cut to Greg. There he Still going strong.
Speaker 2:Spitting image How over
Speaker 3:do you feel, Greg? I'm feeling great. I'm ready to to be here for another forty years, you know. Mhmm.
Speaker 1:No. But Tyler, on a personal note, how do you feel? Because the last year last year was about one hour in, I felt like the walls were closed. Like, you really feel like you feel there's a lot of layers. That like one of these outfits is like a...
Speaker 1:It's like a... A lot of pressure. Yeah. They're taking you to deep water here in Hollywood. It's a lot of pressure.
Speaker 1:It feels very intense. Yeah. I almost I almost had to get up and leave, but then I just powered through.
Speaker 2:At the same time, I feel like the fact that this is round two
Speaker 1:Show business above all else.
Speaker 2:This is round two. I I could wear this every day now. I'm feeling confident.
Speaker 1:No, I know. Know. I'm getting I'm getting I'm getting I'm kind of thinking I got dinner with some friends later. I'm kind of thinking
Speaker 2:Keep it on.
Speaker 1:Why not keep it on?
Speaker 2:Maybe the whole weekend.
Speaker 1:Why not keep it on? That friend did tell me, I FaceTimed him before this, said take it off, do not come to dinner like that. He's testing. You're gonna scare people.
Speaker 2:He's testing.
Speaker 1:He's clearly testing me. So if you're listening out there, I'm not taking it off.
Speaker 2:I'm not taking off. I'm taking
Speaker 1:it off. I'm going out like this.
Speaker 2:We gotta we gotta surprise someone in person. Actually,
Speaker 1:where I wanna go, I wanna go to the val... I wanna go drive over real quickly to the valet at the gym Yeah. And just pull up and just say say what up to the boys.
Speaker 2:For sure.
Speaker 1:Our friends over there. Yeah. I was explaining to him yesterday that we were gonna dress up and he's like, you know.
Speaker 2:Yeah. Special shirt. Yeah. Something. Cool.
Speaker 1:Cool stuff.
Speaker 2:Well, we're a little bit differently around here.
Speaker 1:We are keeping our first guest of the show. We have a little scheduling switch up here. David Senra.
Speaker 2:Coming on...
Speaker 1:Nowhere to be found
Speaker 2:He's right locked in. Is
Speaker 1:probably podcasting on one of his multiple podcasts. But we have...
Speaker 2:Will Manidis. Will Manidis. Let's bring
Speaker 1:him in.
Speaker 2:The author of the commanding heights, the hottest Here
Speaker 1:he is.
Speaker 2:To hit
Speaker 1:Sert it up.
Speaker 2:The internet in years. Congratulations. Omaha.
Speaker 1:It's great to have you.
Speaker 2:It's great to have you. I think we're looking at future future one of us. Future one of the
Speaker 1:Allocator.
Speaker 2:Future allocator potentially.
Speaker 4:In the Ultra Dome. Yeah.
Speaker 2:You are the only the only person that has fully co hosted this show from start to finish as a guest as a guest host who's not actually on the team. So thank you for your service.
Speaker 3:It is
Speaker 4:a tour de force. It's a terrifying thing to do.
Speaker 2:It is. But you pulled it off.
Speaker 1:You were you were sweating by the end. It's a lot. You kinda...
Speaker 3:No one warned me. No one warned me.
Speaker 1:No. No. It is as much as it doesn't look like work. It is. It's a real it's a real job.
Speaker 1:It's a real profession.
Speaker 2:Yeah. Only when the water goes out do you see who's swimming naked.
Speaker 1:That's right.
Speaker 2:That day Right. You did have some swim trunks on, so you you made it through.
Speaker 1:You survived.
Speaker 2:I will
Speaker 4:be applying for union benefits very shortly.
Speaker 2:Open AI. Yes. Yes. Yes. That's for sure.
Speaker 1:How's week been? Yeah. How's week been? Know this has been in the works for...
Speaker 2:Are you signing autographs yet? Are you getting recognized on Print the
Speaker 4:copies are en route. Mhmm. Commanding-heights.com request a physical copy. We have a thousand of them going out today.
Speaker 2:Cool.
Speaker 4:Leather bound? Leather bound, hardback, hand sewn, not America. You can't hire American folks anymore.
Speaker 1:Me too. Wow. There you go. Interesting. What...
Speaker 1:Talk about the process.
Speaker 2:Yeah.
Speaker 1:We've been hearing about it for for months now. Lighter's been...
Speaker 2:Well, it's been quiet.... Couple of things. Because for a while you were on a generational run of these essays that would go mega viral and it felt like chapters in a book and then you went quiet for a while. That was the book writing process?
Speaker 4:That was the book writing process. Joe and
Speaker 1:I have
Speaker 4:been convinced that AI is real. Right? Scaling laws are going to continually uphold us correct about almost everything. Mhmm. And we've been kind of shocked at how little discussion there's been about what this means for currencies and what those means for nations and what this means for populations.
Speaker 4:So about a year ago we said, what is kind of... What does the East Coast have to say about the the coming scaling laws that are going to happen? What is the finance take on everything that's going to happen? And we set out to write this manuscript. Joe Roberts and I, Farrell Gregory sat down, spent the last year drafting this thing and published this week.
Speaker 4:Very exciting.
Speaker 2:And what is the what is the TLDR on the knock on effects? Because everyone knows the bottleneck constraints like the the the situational awareness thesis has been digested. You're saying AI is real, but what are some of the knock on effects?
Speaker 3:Yeah. I mean, I think we need to
Speaker 4:move past bottlenecks and start to think about who is uniquely advantaged as a result of this technology. Permanently. It's staggering to me. Permanently. Yeah.
Speaker 4:Right? Like, it's staggering to me that you can use instinct every day at work and not process of like millions of people's jobs are within the capabilities cone of the models we have today. And if take the epoch AI scaling curve seriously, I think we should, these models are going to get so expensive that it gets to a point where there's only kind of one or two states that can continue to maintain a sovereign tier, meaning models that are kind of world class and continue to be trained. Yeah. So if we have a world where the best models are held inside of American skiffs, where the national security community is given Fable 5.5, right?
Speaker 4:Maybe some unreleased TBPN episodes, really kind of high security stuff. Yep. And the Chinese are able to maintain their own sovereign frontier in the East. Then what does this mean for the populations that are within the diffusion net? And we introduced a couple of new ideas as part of this PDF.
Speaker 4:The sovereign frontier is the big one. What I think is a really obvious idea that you will not soon be able to buy the best models, that labs will become something much closer to the defense industrial complex, that they will have models that are available to nation states for national security purposes. You will not be using them. Know, harkens back to the GPT-two release when Anthropic said, you know, it's too dangerous to release, but much more seriously. And then two, more importantly, as we think this will manufacture huge amounts of demand to transact on American payment rails.
Speaker 4:We introduced the concept of the neo dollar. Yeah. Which is this idea that if models are transacting neo dollar was going on. Yeah. If these models are transacting in the dollar, if all of agents are transacting in the dollar, if the thing that is backing US sovereignty is dollar denominated models, then the rest the world is going to dollarize quite quickly.
Speaker 4:And we introduced kind of two competing financial systems in
Speaker 3:the RMB and the dollar Yep.
Speaker 4:As two kind of different abilities to produce huge amounts of dollars to train the sovereign frontier.
Speaker 2:So how do you take that thesis into some of the more low risk mundane AI enabled technologies? I'm thinking of just like website builders. Like that's something like are you gonna have to go... Does Lovable have to go to the government for their inference or can they just use current models?
Speaker 1:These use cases are like pretty saturated.
Speaker 2:They are saturated. Yeah. But do they continue? Okay.
Speaker 4:Think like if you think like the the you know, the the the vast majority of workloads in The US Mhmm. Very soon will be kind of Chinese open source models. Open router makes this data very obvious.
Speaker 1:Mhmm.
Speaker 4:A bigger and bigger share of Frontier Lab revenues are just going to be from USG. It's the only possible way you can kind of finance these training runs with this So cost and the if you imagine kind of a a Chinese Open Frontier powering most US commercial operations, at the same time you imagine incredibly proprietary, incredibly close frontier intelligence powering kind of the the tip of the spear for US hegemony. I think you end up with a pretty stable market equilibrium. Like, I think it's all going to work. Right?
Speaker 4:Like, most discussions of this as a bubble, think, really miss the fact that this is the central economy of The US at this point. The entire empire is hinged on this. We got to make this work.
Speaker 2:So what are some of the other knock on effects? I mean, by dollars that be beyond that?
Speaker 4:I mean, dollar dollar devaluation seems really obvious, right? We will have to print huge amounts of dollars in order to fund those build out. Mhmm. One of our very strong convictions is that we will dollarize the entire world at the same time the dollar is inflated to basically zero.
Speaker 2:Okay.
Speaker 4:You probably want to own equities, right? A long equity is short to the dollar. Mhmm. And we've become particularly obsessed with the class of businesses we call commanding heights, is Yep. You know, where the title of the piece comes from, which are businesses that get better as intelligent scale.
Speaker 2:So you can
Speaker 4:think of it as kind of a mixed sleep shared economics or share of economics shared to the customer. But in the context of continuing AI improvement, what kind of businesses get better and better with size?
Speaker 2:Mhmm. And what are some examples of those types of businesses that should get better in the AI era? There's a article in the journal today saying that despite Google being down, Alphabet can still win in an AI pushback. How are you thinking about the different markets, the different tiers?
Speaker 1:Yeah. Thought I thought it was interesting that that this week we had commanding heights and we had Cliff's episode Oh, post episode on invest like the vest which was like somewhat complementary Yeah. In some ways, talking about the comp... What are the compliments of intelligence Mhmm. Which results...
Speaker 4:Yeah. I think Cliff and I are both like giant meta bowls at this point. Right? Like it's really hard to imagine a business that is better fit to diffuse intelligence to the global economy than Meta. All right.
Speaker 4:You have payment rails, you have WhatsApp which reaches the entire global South, you have frontier capabilities through Meta Super Intelligence Labs. Right. It is just an unbelievably well positioned business to both oversee the dollarization of the world and oversee the intelligence frontier across the world. Mhmm. We really like meta.
Speaker 4:In the piece we also support hyper...
Speaker 1:Yes. In all in all the conversations that you're having, you know, especially with people that you were giving early copies to, like how many... Like what is your estimate on on the number of people in the entire world that are truly like AGI pilled? Right? Like, it feels like it feels like especially today in the, you know, the markets this week and and, you know, the way that people question certain business models like exposes their real beliefs around the technology and how it's gonna diffuse.
Speaker 1:Right? And it it still feels like there's maybe like 10,000 people in the whole world that like are are truly bought in to let's say like, you know, the the situational awareness. Right?
Speaker 4:Yeah. I mean, I I jokingly say that New York is maybe more AGI pill today than San Francisco. And I think part of that is a willingness to accept on a big piece of the street right now that every equity is mispriced. If you think about kind of Leopold's progression through the markets, there was some sense in which like every six months we would determine something was mispriced, right? We were memory bros and we were storage bros and we were VRAM bros and you got the sense of this giant beast underlying the market could only eat one piece of it at a time and we would update our pricing on whatever and then we would sell it off rapidly to move on to the next thing.
Speaker 4:I think post SI blowup part one, there is some sense that we need to reprice all of this in a much more systemic way and we're seeing a lot more intelligence on the New York side of things taking the ASI pill and realizing that these things are going to have to move in big chunks. Right? And you're starting to see this happen with big sell offs and names like Reddit Mhmm. That are not just purely bottleneck trades.
Speaker 3:Yeah. Certainly, a lot of more
Speaker 4:New Yorkers pill today than it was six months ago.
Speaker 1:Talk about the push back so far in the piece. Think with some of the push back that I saw was this just feels dark so therefore it must be wrong.
Speaker 4:Yeah. I mean one of my favorite pieces of push back we got five minutes after we published the essay. It's a 140 pages. We got an incredible six page push back generated by AI, which means criticism itself is, you know, contained within the cast net of the models. Yeah.
Speaker 4:Look, it's not a rosy picture, but it's a picture that I think is inevitable. Technology progress has never been a thing that has happened easily. Technology progress has never been a thing that has diffused into economies without some degree of upset and turmoil. I think any kind of positive AI futurism is just going to have to process that these things have drag on effects. We've certainly seen pushback on how dark pieces of the piece are.
Speaker 4:We do think this technology will be massively destabilizing for Southeast Asia in particular in a way that is not rosy. And we've also seen pushback on particularly where command economics will happen. I think our exuberance for things like hyper liquid are not universally shared. I do think hyper liquid is an important primitive for where we're going, but certainly pushed back across the board and really fun to engage in it.
Speaker 2:Yeah. How are you taking this thesis to some of those more adjacent, less like bottleneck trades, but still like real world economy businesses? I'm thinking about like trucking, home building, lumber, things that aren't in the path of the data center construction, but aren't really affected by AI in an obvious way in the short term. How do you think about those?
Speaker 4:Yeah. I mean, like, a really great example trade was Thrive buying ADT. Sure. Sure. Right?
Speaker 4:ADT probably has the greatest sensor network on Earth. Right? Cameras, more infrastructure
Speaker 2:Yep.
Speaker 4:On the edge being able to capture novel data than almost anyone Mhmm. Else has. And I think the reaction to that has been very telling Also between who realizes. Yeah.
Speaker 1:Also, think that the upsell opportunity for ADT, I I believe really strongly that like robots are are gonna have like home security applications before they have like laundry applications. Mhmm. It just feels like much easier to... For a robot to like make it more difficult to break and enter a home than it is for a robot to be like extremely effective at like cleaning...
Speaker 2:Yeah. Not breaking your wine glass. Right.
Speaker 4:Like one... Mutual friend in the group chat this morning. I'm sure you saw it. He was in San Francisco asking people why they bought unitary robotics and this kid who had spent like $6,000,000 of his seat around buying unitary robots. Friend asked him what he has done with it and he said, don't really know.
Speaker 4:The robots can just kind of karate chop me. They can kick me, but they can't really do anything else. And, you know, Jeremy's riff on this. It's like, you know, singularity is here. Right?
Speaker 4:The robot can beat you up. Who knows what else it can do? So certainly, like, a karate chopping robot kicking people is probably the first use case. But like you have to be a d p... ADT pill even on the sensor modalities.
Speaker 4:Like, even if they're not able to get any lift out of the core business, that has to be the most valuable data set in the world.
Speaker 2:What's your view on interest rates in this neo dollar inflationary regime?
Speaker 4:Well, you can certainly track the great stagnation ending in treasury rates. Right? Like, you can literally look at the treasury yield curve and see kind of the twenty year stagnation that we lived through.
Speaker 2:Was it twenty or was it fifty? I feel like people go back to 1979 often or, like,
Speaker 3:forty years. I mean, I feel like the
Speaker 4:last time rates were at this level... I mean, yeah. Certainly, if if...
Speaker 2:Yeah. We did have high rates in the nineties. You're you're correct. High rates in the... But but at the same time, like, the stagnation thesis starts with, like, the moon landing in many tellings of it.
Speaker 2:Right?
Speaker 4:It's probably true. Probably not, you know, not adequately. We didn't have the Bloomberg terminal then,
Speaker 2:so it probably
Speaker 4:took twenty years to price in or something. Right now, Twitter.
Speaker 2:Sure.
Speaker 4:But certainly, like, if if the rate of technology progress continues at the rate that we think it will, then rates are gonna have to go much much higher.
Speaker 2:Yeah. And is that a crowding out effect, like just piling into AI investment that's driving up rates or something that's going on with the neo dollar specifically?
Speaker 4:I think partially neo dollar, partially I think a thing people have not totally processed is that when the risk free rate increases, the rate that risk demands does not increase linearly with the increase in the risk free rate. These things are actually exponentially related. So in a world where kind of yield increases two x, you may see a four to five x increase in risk rate on top of that. But certainly, just there's so much productive use for dollars at this point, where even the data center build out alone could saturate the monetary supply. Like, it's it's just...
Speaker 4:It's really important to be clear eyed about where all these dollars are going to go.
Speaker 2:How do you think the shape of the median or average firm changes in America or globally?
Speaker 4:We think there will be a lot less public companies in The US. A piece we developed at the end of it is what we call the forced settlement, which is if you can think about all of history as negotiated compromises between management, capital, and labor as kind of the three countervailing forces that make up the firm. Capital and management are going to become much more similar over time. You're going to see smaller management teams that are comped as if they are capital. You already see this with things like Meta where you have Alex Wang, basically a $20,000,000,000 employee.
Speaker 4:Certainly not a down, you know, 20,000,000,000 employees. Yeah. And you're going to see labor leave the firm, right? In the same way that The US offshored in the nineties and two thousands. I think we're going to see an offshoring two models, right?
Speaker 4:Maybe an onshoring into data centers Mhmm. Which will mean that firms will have probably much stronger but much leaner balance sheets as they push labor out of their doors and onto the models. And that means that capital management can begin to merge.
Speaker 2:And do you buy that returns
Speaker 4:to scale are really high.
Speaker 2:Yeah. Do you you buy that there will be more firms in the future?
Speaker 4:Probably more single proprietor firms. Right? You can imagine the the the kind of bottom end of that curve, like 1,000 entrepreneurs in a data center kind of thing. Mhmm. But certainly, we think in regulated industries, healthcare, banking, etcetera, there will be massive consolidation as a result of cyber vulnerabilities.
Speaker 4:But it just seems obvious that there's going to be a huge amount of merging happening in community banks, community hospitals, etcetera.
Speaker 1:Yeah.
Speaker 4:Just because the models are are so so good at security.
Speaker 2:At security. Yeah. And so you you you don't wanna... You wanna amortize the cybersecurity combating cost across the largest organization possible. Is that the theory?
Speaker 4:Well, yeah. Largest possible defense against the large... Biggest possible threat and right now it's too fractured to have a meaningful chance. Yeah.
Speaker 1:How do you think the investment community is doing underwriting cyber security risk? Because like right now, people are like, oh, I should own cyber security stocks.
Speaker 5:Mhmm.
Speaker 1:But, it feels like there's some risk of like broad internet shutdown, whether that be, you know, a day.
Speaker 3:I mean, I still
Speaker 4:think it's underrated that like internet banking is probably a thing that was like we're going to live to see the end of. Right? Like I could really imagine a world where you have to like go to the bank to get dollars out again just because it's it's too easy to clone your voice, it's too easy to break to a fight. Like, it's just... It's all too easy.
Speaker 4:You know, Corgi sells cyber insurance now, so maybe we should all feel good that Corgi is underwriting this risk at civilizational scale.
Speaker 2:Yes. Yes. It's a Fellow.
Speaker 1:Of the guys.
Speaker 2:Cornerstone of the market. Yeah. Where does it go next? Are you selling the rights? Is there gonna be a movie?
Speaker 2:Command and Plate's play?
Speaker 4:You know, the book's coming out. We will try to distribute the thing as much as possible. We're gonna try to produce it on stage as a fourteen hour production in New York City. Currently, Aaron Sorkin's bidding on the movie rights. Okay.
Speaker 4:Yeah. But the the book the book, you know, John Furrino has been even making bootleg copies of it. Sure. It's really incredible. You can buy kind of bootleg Commanding Heights copies.
Speaker 2:Yes. Yes. That's great selling them in Canal Street. I I think I saw a couple copies on laid out on the pavement there.
Speaker 4:I've been leaving copies around Central Park. You can go and get them.
Speaker 2:That's great. Well, congratulations on on the the launch and Yeah. Bring forth the most discussed... Yeah. A
Speaker 1:lot of text flying around yesterday. Cranding heights? Question mark question mark?
Speaker 2:It's great.
Speaker 1:Good stuff.
Speaker 2:Thank you so much for coming on the show. Happy Halloween.
Speaker 1:Congrats on the launch
Speaker 2:of Halloween.
Speaker 1:Great stuff.
Speaker 4:Have a good
Speaker 2:one. Have a good one.
Speaker 1:Should we go?
Speaker 2:We should go to the New York Stock Exchange. Wanna change the world? Raise capital at the New York Stock Exchange. We will be at the New York Stock Exchange on Monday and we have a fantastic lineup. We're we're catching up with a bunch of our New York friends on Monday.
Speaker 2:So tune in.
Speaker 1:Let's head over to the timeline.
Speaker 2:Yes. What do we
Speaker 1:got? DoorDash. Mhmm. Well, maybe we start here.
Speaker 2:Mhmm.
Speaker 1:Philip Jackson says, I hired Muse to sue someone on my behalf. I won while they caved. Within twenty minutes of being served papers, the company offered a settlement within ten days. They paid me with additional compensation for recovery expenses. Muse filed the motion to dismiss.
Speaker 1:This seems crazy actually taking it all the way.
Speaker 2:I was joking about this where if I if I steal your drink like our agents are just gonna be suing each other transfer like... Shows up.
Speaker 1:Maybe DoorDash should get into the the serving business.
Speaker 2:Oh, yeah. Wait. They have... They they can certify everyone as process server. Yeah.
Speaker 2:And and you could just with a click of a button or over an API. Yeah. An agent could dispatch a server. I still don't understand when you need to serve someone in person versus digitally. Like what like why...
Speaker 1:I think it's like somebody has to accept it digitally.
Speaker 2:They have to
Speaker 1:physically accept it.
Speaker 2:Okay. Okay. So they could be like out of sight, out of mind, see no evil.
Speaker 1:But I believe like if it's in person and I'm you've been served, you can't be like I do not accept.
Speaker 2:Oh, I'm not aware that this court case is going on or something. Okay. I I have to appear
Speaker 1:in court. But oftentimes
Speaker 2:Interesting.
Speaker 1:Something like this in a more
Speaker 2:So incredible incredible model capabilities, but DoorDash is not seeing incredible adoption. Is that is that the two two two sides of this coin right now? DoorDash... DoorDash earnings call. You
Speaker 1:can read through it.
Speaker 2:So it says DoorDash says they've only received several 100 orders in total from personal agents like Muse. They say, you're right. Everything going great with the core business. This only adds to it. Your second question was around AI agents.
Speaker 2:I would say that this is something that is still a very dynamic area. I'm reading that as like we're early. My take on these... On all things technology is you never wanna fight gravity. That's why DoorDash has an API, a CLI, right?
Speaker 2:They're leaning in like a Walmart, like a Shopify. But at the same time, you do not want to be delusional. What I mean by that is if you look at where AI agents are today, we are seeing maybe several 100 orders in total from some of these third party agents. And some of which you have cited in terms of whether or not paying customers or placing orders. DoorDash is interesting.
Speaker 2:Like, the models might need another leg up because tell the robot to push the DoorDash, the get burrito button is not a great use case. It's more for, like, once it learns how much you're ordering, then it can be like... It feels like it is not valuable to hand over DoorDash to a personal agent on a case by case basis.
Speaker 1:I just think it's it's it's so incredibly easy to order food. Yes. And people are very habitual. Yeah. It's possible that you could be a power user of Muse and not even care to use it to order DoorDash.
Speaker 2:Yeah. Totally. Totally. At the same time, I think that there are certain
Speaker 1:buttons in all the delivery apps Yeah. Just says like reorder. Yeah. So if have you a favorite order
Speaker 2:But there are still there are still workflows where you could say, look, I'm ordering lunch for my office every day, and I want you to pick something, insert a little bit of variety, and I'm deputizing my agent to do it on a daily basis. And then there's the value because you're not just saving, okay, I opened this app and typed a prompt. And instead of opening the DoorDash app and clicking a button, you're like, you set it up once, and then it just runs for a full year, and you're just happy all the time in theory. But Yeah. Again, maybe the model capabilities aren't aren't aren't quite there yet, but I think people will eventually do this.
Speaker 2:What else is going on in the timeline?
Speaker 1:Tharik is out at Anthropic. I think we're all want... We're all wondering what he's gonna do next, but he hit the timeline yesterday with the post.
Speaker 2:He says he's playing Wow forever. He's playing video games. He's gaming. He's locked in. That is a Went
Speaker 1:on a generational run. Very curious to see what
Speaker 2:he Right before the IPO, you're about to get some liquidity, just just lock in. Get the turtle beaches on.
Speaker 1:He said there's a 100% of kind of mania you can get into with coding agents where it feels like you're getting a lot done and working all the time, but nothing is really happening. I think it's a form of avoidance of something else in life. When he wrote this, I immediately thought to myself, I can think of four or five people that that applies to Mhmm. Correctly. Mhmm.
Speaker 1:Like, sort of manically vibe coding
Speaker 2:Yeah.
Speaker 1:And not sort of giving enough attention to maybe something else in their life that like probably deserves that attention.
Speaker 2:Oh, there's that. And then there's also just like you can just spend a ton of time just adding extra parameters and decision trees and using the models to to like overthink things and not just like go with your gut and and and you can you can have all the agents doing so much work and then the answer was just like, you should have said no to that that opportunity or And and your gut was right all along. Anyway, do know what's going on in Malibu? We we we got cut off on this. The priciest neighborhood in The United States is unraveled.
Speaker 1:Question for you. Yeah. Senra Senra can join. Okay. Good.
Speaker 1:He's gonna join
Speaker 2:Bring him in?
Speaker 1:In about fifteen minutes.
Speaker 2:Let's bring
Speaker 1:him in. No. No. No. You you can start.
Speaker 2:With what? This? Okay. Yeah. We got fifteen minutes while David Senra will come in.
Speaker 2:That's great. That's great. I got time. We're hanging out. Just a couple old guys.
Speaker 2:So the priciest neighborhood in The United States is unraveling and it's not even finished. Developer Scott Gillen's ultra exclusive Malibu enclave is in bankruptcy as he battles a partner in court. And so I want you to see... This is $24.08 per parcel. It...
Speaker 2:How do you like this particular area where this is? Have you seen the case? Have you driven by it?
Speaker 1:I think that's an area that is would be highly desirable
Speaker 2:Okay.
Speaker 1:If as maybe a second or third home.
Speaker 2:Okay.
Speaker 1:But I don't know anybody that that
Speaker 2:Wants to live there.
Speaker 1:Resident that would wanna live there.
Speaker 2:And is that because it's closer to Los Angeles? I I don't actually don't know where it is on that.
Speaker 1:It's You know? It's a nice... It's nicely perched. Yeah. Beautiful views.
Speaker 1:A wonderful view of the city. Yeah. But ultimately doesn't, I believe, have very good beach access. Oh. Kinda feels important.
Speaker 1:Yeah. That's rough. Malibu.
Speaker 2:So it says it it was supposed to be the most expensive new neighborhood in The United States. A cluster of five mid century inspired mansions perched on top of a hilltop overlooking the Pacific Ocean. The ambition was to sell them for nearly $500,000,000 to some of the world's est people. That was 500,000,000 in total. You can see some video there.
Speaker 2:But nearly a decade in the making, the ultra luxury development known as The Case is facing collapse. Four of its five houses are unsold. Entities tied to 66 year old developer Scott Gillen filed for chapter 11 bankruptcy protection this summer. We're we're subbing in the old Greg Abel taking a seat. Greg, how you doing?
Speaker 3:It's great to see you. Great
Speaker 2:to see you. Thanks for being here. Let's get going. In an age where reality shows like Million Dollar Listing Los Angeles and Selling LA have turned agents and developers into celebrities, Gillen overcame a criminal history to make a name for himself as a design visionary. But local agents and industry leaders said it was ultimately his perfectionism and reluctance to lower his ambitions and acting for act asking prices that undermine it.
Speaker 2:He's a perfectionist. He's a vibe coder. He's addicted. It's the same it's the exact same problem as we've seen with people who code code code and never ship. He just couldn't bring himself to ship this and actually wrap up the project.
Speaker 2:Gillen isn't the first spec home developer to stumble at such a scale. Developer, Nile Niami. Do you know who that is?
Speaker 3:I do not.
Speaker 2:So he created The One.
Speaker 3:Okay.
Speaker 2:Yeah. A billion dollar property in Beverly Hills. The biggest house in The United States, I believe. And it was sold out of bankruptcy at a 120,000,000. So they...
Speaker 3:Not a great track record.
Speaker 2:Terrible ROI. But but again, he... Nile is not linked to this deal. They're just... The is giving an extra example Okay.
Speaker 2:Of of of when when these crazy spec projects can go wrong. And of course, it's the similar similar target valuation, although this is of course spread over five homes, not a single one. Let me tell you about Shopify. Shopify is the e commerce platform that grows with your business, lets you sell in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents. Oh, where'd Greg back?
Speaker 2:We're back to Warren. Well, how would you how would you... What tier would this go in? Is this above Notch's house? One of these homes, Jordy?
Speaker 2:Is this above? I mean you already put the Notch house in s tier, so I don't know if you can go up. But what what tier would this go in if you were to put it in a tier list?
Speaker 1:I don't know. I mean it's tough because it's personal. I've I've never driven by there Mhmm. And thought that's Where you want to live. Yeah.
Speaker 1:And especially Location, location, also tough because you have you're you have like a bunch of... This is the one. Yeah. That's one. That's not not the the one.
Speaker 2:This is the this is the...
Speaker 1:You have a terrible problem. If you're buying a home in that price range Yeah. And then you're basically sharing a driveway Yeah. Like with two other people.
Speaker 2:You better like who else is going in there.
Speaker 1:Yeah. Which is hard to roll the dice on.
Speaker 2:Yeah. So it looks unfinished at this point. The he... The Wall Street Journal says he has humble beginnings. A marketing video for the case shows Gillen driving onto the site in a classic 1936 Ford three window coupe hot rod wearing a biker jacket and sunglasses.
Speaker 2:A prolific car collector. Let's give it up for car collectors. Known for his gruff personality. He's more likely to be seen in flannel shirts and work boots than in a designer suit. He's often smoking a cigar.
Speaker 1:Infinity pool.
Speaker 2:Kinda like
Speaker 1:Chat says s tier.
Speaker 2:S tier. In the video, he talks about making a better life for his family. He's married with a daughter. His own father left when he was a year old, he says, while his mother worked three jobs to get by. His past also includes multiple run ins with the law according to the Wall Street Journal.
Speaker 2:Among them was a previously unreported murder charge in connection with the killing of a reputed drug dealer in 1987 when Gillen was in mid twenties. Gillen was then going by the name Scott Ashley was ultimately convicted in a jury trial of a lesser offense of being an accessory to a felony. He was placed on felony probation after awaiting trial in LA. County jail records show Gillen and his lawyer declined to discuss the charges. In various interviews over the years, Gillen has described a difficult childhood saying he was born in Laguna Beach, grew up in Sherman Oaks, a car obsessive.
Speaker 2:He said he taught...
Speaker 1:Laguna Beach is not sweet. It's not a... Last you would not last a day in Laguna Beach.... Pull
Speaker 3:up to Laguna Beach.
Speaker 1:Do not pull up.
Speaker 2:He taught himself how to cut... Do complex repairs on cars and and landed a job at a hot rod shop in the San Fernando Valley. He said he also worked as a stunt driver including for the movie Dukes of Hazzard. He was jumping cars off dirt ramps. Then he had a successful career in directing television car commercials.
Speaker 2:He told the Wall Street Journal in 2018, I shot everybody. I shot Mercedes. I shot Ford. I shot Lincoln. I shot Vulcan.
Speaker 1:Better use of language considering
Speaker 2:that You're up front of all history. Saying I shot Lincoln. Sounds like you killed the president. He rolled his cash into small real estate investments. He said then bigger ones over time building four homes, which he named the Who, why, what, and where in a small Malibu community.
Speaker 1:Whoville.
Speaker 2:Yeah. Big for Whoville. He's a Whoville 10. In mid... In the mid twenty tens, Gillen joined with Shy to build a large Malibu estate known as the New Castle with a gym, wine room, cigar room, and a $1,500,000 teak staircase.
Speaker 2:If you got a wine room and you got a cigar room, I feel like there's an opportunity to have some synergy and just kind of merge those into one room. What do you think? I don't know. You think the wine needs to be separate?
Speaker 1:Don't want wine... Coca Cola room.
Speaker 2:Jackson put a funny cigar story in the newsletter today. Go sign up, tvpn.com. JP Morgan frequently stayed at the exclusive Jekyll Island Club in Georgia where he reportedly enjoyed smoking cigars on his private porch early in the morning. According to local legend, we got a ghost story for you pre Halloween. This is a good ghost story.
Speaker 2:Guests who stay in today in his former apartment at the Jekyll Island Club, they report still waking up to the smell of cigar smoke even when nobody is smoking it. So haunted by the cigars of JP Morgan.
Speaker 1:Look at
Speaker 2:that. Well, he... JP Morgan smoked something like 10... 15, 20 cigars a day. And he went to his doctor and his doctor said, you gotta you you gotta cut back.
Speaker 2:And I I forget. He like the doctor's recommendation was like cut back to 10 cigars a day. Something like that's how they back Very in
Speaker 1:most most It's a very doctor ever, man.
Speaker 2:Yeah. Yeah. Yeah. Yeah. Not quit.
Speaker 2:Not one.
Speaker 3:Not special occasion. I'm even asking you
Speaker 1:to use him in moderation.
Speaker 2:Something like that. Just...
Speaker 1:Heading over to TJ Parker. Always contrarian. You never know with this guy. Yeah. That's what I love about TJ's takes.
Speaker 1:You just don't know what you're gonna get. TJ is giving his iPhone dual review. He says, my seven day iPhone dual review, you can pry this thing from my cold dead hands dot dot dot. When you look at that, Berkshire's gotta be feeling good about that Yeah. Review.
Speaker 1:Josh Gray says, what's the best thing about it? He's... TJ says, bifurcates you... Use Yeah. On my phone less when I'm out and about, amazing screen when I'm melting into the couch.
Speaker 2:Yeah. He says it's worth it if you don't use an iPad at home already. He's a one device guy, so he loves it. Yeah. I've never been into the home iPad.
Speaker 2:So now we have back to back glowing reviews for the Duo. Maybe maybe we're gonna see a fast take off.
Speaker 1:Two people I trust.
Speaker 2:I know. The Germinator.
Speaker 1:Time to go. We should go get in line at the Apple Store like this.
Speaker 2:Yeah. I think I think they might
Speaker 1:I think that actually might be the
Speaker 2:biggest right to the front of the line.
Speaker 1:Yeah. See you next one shareholders then. Here.
Speaker 2:Couple of shareholders. Well, you can...
Speaker 1:Interesting news. So I had been kind of aware that something like this was in the works.
Speaker 2:What's what's in...
Speaker 1:Jason, over at, Fintech Biz Weekly, He's highlighting that Bolt, the one click checkout startup has sold their domain.
Speaker 2:You clocked that early.
Speaker 1:I had seen the domain
Speaker 2:Up for
Speaker 1:sale. For sale from a broker, popular broker, about I wanna say like six to eight weeks ago. Mhmm. So I think this had been in the works for a while. Mhmm.
Speaker 1:Bolt is now, Bolt is the, I I believe European, sort of regional Uber player. So anyways, looks like, they wanted the cash. I don't see why else they would do that. But I would be... It's kinda hard to...
Speaker 1:It's pretty hard
Speaker 2:to rebrand, do a different name or or they're just gonna go to a different domain name like...
Speaker 1:We're gonna be going to boltapp.com.
Speaker 2:Okay.
Speaker 1:So anyways, it feels like it's... It feels like maybe the end of the road but I don't think...
Speaker 2:That's gotta be really tough because even if you have dedicated customers who are who are built in, you're gonna lose the redirect. Like you you you can't... It's it's a downgrade so your customer...
Speaker 1:It's a last resort.
Speaker 2:It's rough. If it's a website that people just go to through Google or through social media, like I was clicking on Business Insider earlier. Like if Business Insider all of a sudden was like businessinsider.news, like I don't... My my portal into Business Insider is not type in businessinsider.com. So that wouldn't be the end of the world for my business insider experience.
Speaker 2:But it certainly would for a lot of SaaS companies.
Speaker 1:What's going on over here?
Speaker 2:What's going on over here in the Pumpkin corner? Up to speed. Are there some microphones on these guys? Can they tell us what they're doing?
Speaker 3:We we got Howard Graham Buffett
Speaker 2:Okay. On the
Speaker 3:left here.
Speaker 1:Howard Buffett looking sharp.
Speaker 2:Who else we got?
Speaker 3:Brendan... I don't know who he's dressed as. I I think he's general counsel Andrew Johnson.
Speaker 2:Oh, he's general. Oh, I see it now. I see it now. Yeah. You're the general counsel Berkshire Hathaway.
Speaker 1:Hailed it. Didn't even
Speaker 2:Spit need an image.
Speaker 1:Yeah. Need a mask.
Speaker 2:Yeah. No. He looks great. You guys are carving for some pumpkins getting in the Halloween spirit. Fantastic.
Speaker 2:Don't don't get too don't get too...
Speaker 1:Yeah. We're gonna... We'll come back to that.
Speaker 2:Halloween. We wanna... You
Speaker 1:guys have about fifteen minutes. Yeah. So
Speaker 2:We will...
Speaker 1:Speed run these pumpkins. And be safe. Please be safe. You got... Don't don't don't move too...
Speaker 1:I mean, that kind of looks like potentially too fast. Slow down. See, look at that. Alright. Out of control over there in the pumpkin zone.
Speaker 1:Please be safe. You can leave a tip. You can tip
Speaker 2:Okay.
Speaker 1:Your robotaxi.
Speaker 2:Interesting.
Speaker 1:Jay bowl over here says
Speaker 2:Is this real?
Speaker 1:Took my first robotaxi classic Elon. I don't know. I feel like the community notes come pretty fast and I'm not seeing a community note and I do feel like this is something... One, believe there's Tesla fanboys out there that would tip.
Speaker 2:Yeah. Why not?
Speaker 1:So... But but asking for the tip and you you can't... You have to ask for it in a joking way.
Speaker 2:Right? So he... That's what he did.
Speaker 3:He says if you actually try to do it, it says just kidding. And it doesn't actually... That's cool.
Speaker 2:That's interesting.
Speaker 1:That's cool. So it's just just a meme. Tip your robot.
Speaker 2:That's good. Yeah. Counter positioning. You don't have to tip but we're gonna remind you that we're not asking for a tip with a joke. Marshall
Speaker 1:Haas Yeah. Has a new company called Final Lap.
Speaker 2:Very cool.
Speaker 1:It is, they're doing their first... Final Lap is a new kind of car auction. Mhmm. And instead of, you know, like on... What's that's Charlie up to over here.
Speaker 1:You're sneaking a little...
Speaker 2:Sneaking an upper decky.
Speaker 1:Don't mind if I do myself. Yeah.
Speaker 2:Some couple of lip pillows. You know, what's wrong with that?
Speaker 1:What was I saying?
Speaker 2:You were talking
Speaker 4:about final.
Speaker 1:So anyway, so I'm very excited about this concept. I had created a I had created a deck for kind of like TBPN for auctions prior to...
Speaker 2:And the format worked for car for car dealership guy. Like, he he had been doing...
Speaker 3:Oh, well, I wasn't not not... But that's different.
Speaker 1:But what I
Speaker 2:was saying... It
Speaker 1:still works. Auctions are incredibly entertaining Totally. Whether you're bidding or just watching. Yeah. Right?
Speaker 1:It's like especially if you're bidding it it it... Something comes... Washes over you and...
Speaker 2:Blood memory.
Speaker 1:Yeah. And and something like that.
Speaker 2:Yeah.
Speaker 1:And so what what Marshall is doing, right now you basically on Bring a Trailer Mhmm. You have like some... I think it's a week that the car's up and then and then all the action happens in the last twenty minutes or something
Speaker 2:like that.
Speaker 1:And so what he's saying is like we're basically gonna have starting minimum bid but then there's... I think they're like three minute auctions. Oh, interesting. And so... And you know, bid...
Speaker 1:Each new bid adds like another minute or something like that.
Speaker 2:Cool. Yeah.
Speaker 4:So it's really...
Speaker 1:So basically condensing it down and so they'll they'll run through a bunch of cars in the span of I think one hour. So anyways, cool concept. I'm sure he'll have great execution.
Speaker 2:Yeah.
Speaker 1:And yeah, I'm excited. The first auction is gonna be 10AM Pacific next Thursday. So keep an eye out
Speaker 2:for that. Put it on the calendar. Let me tell you about Railway. Railway is the all in one intelligent cloud provider. Use your favorite agent to deploy wireless service, get this, and more while Railway automatically takes care of scaling, monitoring, and security.
Speaker 2:And our next guest is here. We got David Senra, host of David Senra. David. To see you.
Speaker 3:My bad guys. You're good. I'm a little late.
Speaker 2:You're good. You're good.
Speaker 1:You're good. Where are you?
Speaker 2:At least you didn't keep the red ones waiting.
Speaker 3:Can I tell you, I'm in the room that you guys gave this hilarious talk at? I don't know if you remember about Heredicon about that...
Speaker 2:Cool. Yeah.
Speaker 3:Should take as much I think PEDs as possible. Yeah.
Speaker 1:It was a bit of a joke. It was a bit of a joke. We were gesture maxing. It's almost like we've been the the class clowns of the industry our whole Two
Speaker 2:years now.
Speaker 1:Going on more like more like 20.
Speaker 2:Yeah. 20.
Speaker 3:The funny part was that most people in the audience didn't get that it was a joke.
Speaker 2:Oh, yeah. No. We we we got some people coming up debating us, all sorts
Speaker 3:of stuff.
Speaker 1:Yeah. We had people coming up like trying to make the case for Ayahuasca. Ayahuasca is performance enhancing. No. There
Speaker 2:was a girl There's a in front row talking
Speaker 3:about everybody should do ketamine because Elon and I'm just like, oh, no. No.
Speaker 2:We don't like that. No. Still well.
Speaker 1:Anyways...
Speaker 2:Give us some give us some
Speaker 1:more about our characters than than Matt. I I
Speaker 3:put on the stream today and I just started dying laughing.
Speaker 2:Go ahead. That's what we're here for. Honestly,
Speaker 1:when we were set up in the... This morning, John and I were facing each other and every time I would look over and even catch a single glance, I would start laughing so hard that the the the full mask started like peeling off and so I just didn't look at him basically for like three hours.
Speaker 3:You're so ridiculous. I hope you guys filmed it like you did last year.
Speaker 2:You had a great time lapse. We did. We got
Speaker 5:we got
Speaker 2:tons of stuff. It's great.
Speaker 3:Hold on. I should have my phone on D and D. This is bad. Okay. Sorry for that.
Speaker 3:Oh.
Speaker 2:Yeah. You're
Speaker 1:good. You're good. Alright. It's Friday.
Speaker 2:Yeah. We're hanging out.
Speaker 4:Alright, guys.
Speaker 3:So what do you wanna... What was the question though? The original question before I started laughing about your...
Speaker 2:Favorite quote from the two goats.
Speaker 3:Well, no. Here's actually an
Speaker 1:interesting question to kind of, know, sort of ease into it. I'm curious like, you know, Buffett and Munger, like, their careers are... And their partnership is so like, it's like the most aspirational partnership and and careers that I think most of us can imagine. Right? Just like doing it together until the very end.
Speaker 1:Like Yeah. So... And I'm almost wondering like, what do you think the longevity of of... Like, do you imagine in the same, you know, recording podcasts in the same way that they do their annual meeting? Like, when you're in your nineties?
Speaker 1:Or do you think you're you're gonna get to the point where you'll just have those conversations offline with friends?
Speaker 3:Well, okay. So there's a couple interesting things there. When I went to Munger's Health for dinner right before about six months before he died, I... We asked him like, hey, how often do you talk to to Buffett now? And he says, never.
Speaker 3:And his point was that they talked, they used to talk on the phone, you know, every day for hours. And they got to the point where they just understood how each other thought so deeply. He'd be like, Buffett could like simulate picking up the phone to Munger and ask him a question, he's already gonna know what Munger is gonna say. Crazy. I'm very interested in like building I'm very interested in like building friendships and partnerships.
Speaker 3:Hold on, I'm at a bar, and they're like, throwing crazy pipes right now. I'm drinking water though. I'm not drinking. But yeah, think, I mean, you guys are definitely in that camp. I think we have a handful of mutual friends that, know, we've been friends for a while, and I hope we have like a...
Speaker 3:We have deep friendships, we're doing life, we're doing business, you know, together till we die. That was his... I went there, it was me and two other founders that were in their 30s at the time. And Munger's main advice was that your job now is to build a seamless web of deserved trust, because that's one of the things he said. He goes, everybody knows that I was 28 when I met Buffett, and he was 35.
Speaker 3:He goes, but they don't... He doesn't know there's like a... There's a group of guys, and we did deals and worked together, you know, for the rest of our lives. And I think at that point that I was talking to Charlie, I think he was... Him and Buffett might have been the only one that were still alive, maybe one other guy.
Speaker 3:But most of it passed on. But he said, you know, that's what really made life valuable. But that was I think one of the main lessons I took from a personal lesson. Obviously, do business with these people, but I think that's the most important thing. We talk about all the time, like we're all going to make more money than we can spend in our lives.
Speaker 3:So like what really matters is like the relationships that we're building. One of our mutual friends has a great line that your life is your relationships, and I think Munger would would agree with that. And Buffett too.
Speaker 2:Yeah. No. I love it.
Speaker 1:It's... You think it's like, why do you think they never why do you think they never were like, let's live in the same place?
Speaker 3:I mean, you guys both live in Southern California. Would you pick that over? Would you rather live in Omaha, Nebraska?
Speaker 2:So Munger had
Speaker 3:Yeah. He grew up... They both grew up in Omaha. They both worked at Buffett's grandfather's grocery store. They both fucking hated working for Buffett's grandfather's grocery store.
Speaker 3:And then he comes out, I think... I forgot the exact biographical details, but he comes out, I think they studied meteorology in Southern California. And he's just like, you know, very similar, you guys had Jimmy Ivean on your show a few weeks ago. And Jimmy Ivean tells this great story too, where he had never been on a plane before, never never stayed at a hotel, never left Brooklyn. And he's like 19 or 20, I think he might be 20 years old at the so I worked for John John Lennon flies him out to the Beverly Hills Hotel.
Speaker 3:Immediately, you know, it's December, it's like 70 degrees, walks downstairs to the doorman, he goes, hey, you regular people live here? And the doorman's like, do mean? I'm a regular person, I live here. He goes, you got docks here? He's like, what do you mean docks?
Speaker 3:He goes, dad's a longshoreman, works for the docks, he unloads the boats. Does that happen? Goes, port at Los Angeles, one of the biggest ports in the world. Goes back upstairs, calls his mom.
Speaker 2:He's like, how did
Speaker 3:we get this so wrong? Like, how did you guys pick the wrong place to live? So I mean, I think it's why all three of us spend a lot of time in Southern California. It's just like like, where else would you wanna live?
Speaker 2:Yeah. Pasadena, it's undefeated. That's why that's why he lived there. Clearly. You gotta move.
Speaker 2:You know? You're talking a big game living in the same place. Come over to Pasadena, the home of Charlie Munger. It's a great experience.
Speaker 3:There there is an interesting thing. I put this clip out from one of my latest episodes, it's guy named Ken Ricky who's the founder of Flux Ships. Love that.
Speaker 1:He's a
Speaker 3:very good...
Speaker 1:He's been on the show too.
Speaker 2:Yeah, he's so good.
Speaker 3:He's awesome dude. After the recording he actually... I rode with him to the airport. But he had this very unusual decision to give his wealth away to the kids before, essentially before the value appreciated, very much like Sam Walton did. And one of the clips that is now like spreading around X that is about Charlie Munger's advice about this, where he would...
Speaker 3:One of the funniest things he said, he's just like, well you know, we both read a ton of the same biographies. You know, he read hundreds of biographies. I've done the same. And I was like, Charlie, you read all the same books as me. There's just always this big problem where it's like in these books these people have been struggling with two hundred years.
Speaker 3:It's like, I was the son of a poor man, now my kids are the son of a rich man. What do I do? Do I give them the money? Is that going to ruin them? And there's like, you know, this appears in a lot of biographies.
Speaker 3:And Munger had a very straight no bullshit answer. He was just like, you give them the money. And he was like, why? And he was like, because if you don't they're going to resent you. And he's like, what's point in building all those wealth and building relationships with your kids, and then for at the end of your life for them to resent you?
Speaker 3:And then the follow-up question was, yeah, but won't that make them less ambitious? And he's like, some of my kids have, you know, a couple $100,000,000. Yes. They're less ambitious. So what?
Speaker 3:That was like a funny way to... So he's like, yeah, of course. But like, what's the alternative?
Speaker 2:Yeah. I love that matter of fact response from Munger so often. Like, he doesn't take the bait when somebody is like asking him to fall in line on anything he says. It's great.
Speaker 3:I mean, could you imagine if you could get... If Munger if Munger had Twitter in his day?
Speaker 2:Yeah.
Speaker 3:Like, he'd he'd be the best at it. Just like very... I mean, he's very Ben Franklin s.
Speaker 2:Yeah. Totally. Yeah.
Speaker 3:He's just a Ben Frank. He he naturally speaks to Maxims, very precise Yeah. You know, no bullshit.
Speaker 1:He would say take a simple idea and take it seriously, and it would do like 40,000 likes.
Speaker 3:Well, mean, I think you guys, Jordan, I'm pretty sure you've treated that a bunch when people were asking like about this, you know, the This success of is one thing, I hate this because I go on here every time I'm on, and I talk about how talented I think you guys are. Yeah. And I just genuinely believe it. Look, I glanced at this, I told you as soon as I, within two seconds of looking at the stream, was like, this is why all these other fucking livestreamers, they're just hopeless. They're just never gonna catch these guys.
Speaker 3:It's like they're more talented. It's like...
Speaker 1:Well, we also are willing to be completely insane, but also we realize like a core sort of tenant of everything that we do is just go a 100 times harder than you would assume somebody would do in our situation. So like we have a project in the works now that I don't even think that... I don't even think we've talked with you about, but like it's so... It's it's just like completely ridiculous. And I think people will be very entertained by it.
Speaker 1:But we're so obsessed with the details and that like, we could... It could release like, you know, next week or something like that. But we're gonna spend another like three or four months on it. One, because we don't feel like crazy urgency because no one else would be insane enough to like do something like this. Yep.
Speaker 1:But like we're taking that extra time because we're like, we just want to make it as great... Can you give
Speaker 3:me one second, man?
Speaker 1:Mhmm. So...
Speaker 3:Sorry. I'm just on a call. My bad, though.
Speaker 1:So, yeah. Even like Halloween is like, are are we gonna dress up this year? Yeah. We're gonna dress up, but, you know... Fully.
Speaker 1:Fully.
Speaker 3:But that idea of like, when he did say this, like, you take a... You find a supplier and and take it very seriously. You know, you you guys obviously did that with There's the a second part of that that he says that's awesome, where he says that we oftentimes in business, we find the winning system goes ridiculously far maximizing and or minimizing one or a few variables.
Speaker 2:Yeah.
Speaker 3:And I think, you know, that's an example, obviously, like I took a very simple idea. We just had a... I just had a ten year anniversary of Founders Podcast. It's like, what's the idea? We'll read a biography Overnight success.
Speaker 3:There's somebody that had a forty year career, we spent forty hours reading, and I'll give you the best insights that you can listen to in forty five minutes. Like, this is a very, very simple idea. It's just you gotta do it 400 and I think 39 times. Now 440, it's actually working on the episode four forty. I should record it tomorrow.
Speaker 3:So yeah, it's just like, it's just... You see that happen over and over and over again. It's just... It actually like works very well. When are you guys...
Speaker 3:I wanna do an episode with you guys on my show. It'll be awesome. When can we record together?
Speaker 1:How about this afternoon?
Speaker 2:Yeah. Yeah. She...
Speaker 1:Call Ken Richie.
Speaker 2:We'll we're do it
Speaker 1:we're ready. We're we're... In
Speaker 2:professional makeup already. We look great on camera.
Speaker 3:You know, we shouldn't do that though. We should do it in costume.
Speaker 2:How about how about both of us David Senra makeup?
Speaker 1:We'll do the full David Senra.
Speaker 2:Everyone in the David Senra makeup. Three David Centers talking about the power of podcasting for seven hours. He's gonna get seven views. He's gonna get seven views. One's gonna reach.
Speaker 2:But in the seven people that watch will be the most important people in the world. Change their life right there.
Speaker 1:I hope I never get to the point where I don't call you or we don't grab lunch because I know what you're gonna say because I Yeah. I I still... Oftentimes, I know what you're gonna say. Yeah. And I still...
Speaker 1:It's like I needed that every Yeah. Think I need Yeah.
Speaker 3:I think our friend Patrick O'Shaughnessy has this great... Because he grew up Catholic, and he has this great line that he learned from Catholicism, is like, repetition doesn't spoil the prayer. Mhmm. And my version of this on on the show is like, repetition is persuasive. It's just like, everybody's searching for the new ideas.
Speaker 3:Well, I'm searching for the ideas that don't change. I'm searching for the enduring ones that you can build a life and a career around. And I take way more inspiration from growing up in these kind of like... I mean, they're somewhat psychotic. The churches my mom would go to, you know, mom was basically a fundamental Christian.
Speaker 3:I've told a story before, but unfortunately like when she got breast cancer ten years ago, she tried, she was so fundamentalist, tried to pray her cancer away, which is devastating. She died you know, younger than she needed to as a result. Mhmm. But there is something, the fact that I was forced to go to these like super evangelical churches you know, every Sunday and most Wednesdays, and there's something to be taken away from the fact that you know, they study you know, one leader, one book, you know, and they go over the lessons in that book, you know, every week for their entire lives. I think there's a reason that, you know, religions endure more than almost any other thing that that, you know, mankind has created.
Speaker 2:Yeah.
Speaker 3:I'm a huge fan. So... And there's also like always like little different wrinkles, like me and Jordy just had lunch what, like two weeks ago, a week ago? Mhmm. You know, there's all kinds of stuff that you were going through that day that that that was new.
Speaker 2:Yeah.
Speaker 1:Yeah. Yeah. Always.
Speaker 2:Has there been any big
Speaker 1:This is new. You've never seen that.
Speaker 2:Yeah. Yeah. Yeah. Yeah. Answer this question.
Speaker 2:Buffett Munger, they're so rich, but I've never seen them do a money spread. Do you think it actually broke? Is that possible that they're actually broke? Because I've never seen them do money. They're always talking about like, oh, yeah.
Speaker 2:Your dollar saves is a dollar earned. It's like maybe you don't have enough...
Speaker 1:Yeah. Some people, you know, Morgan House all likes to say wealth is what you what you don't see but I just...
Speaker 2:Yeah. Sometimes it's what you see. This is movie money by
Speaker 3:the way. I guess he
Speaker 2:would just say...
Speaker 1:To be clear, this is prop money.
Speaker 2:Yeah. But it looks good.
Speaker 3:Dude, I I went to... I've been to Mr. Beast's place in in North Carolina or South Carolina
Speaker 2:incredible, a few times. Prop money. Right? We we actually record...
Speaker 3:Oh, shit. We recorded an episode for the new show. It'll December. What?
Speaker 1:I think you swore. What what did you say?
Speaker 3:No. I said
Speaker 2:There we go.
Speaker 3:Dagnabbit. There you go. I'm cursing way less by the way.
Speaker 1:I've been cognizant of it.
Speaker 2:You can't teach an old man any tricks.
Speaker 3:I I went to... How dare you call me old?
Speaker 2:I went to... I trust as a 100
Speaker 3:year old
Speaker 2:man. We
Speaker 3:we we shot in this crazy... Let me tell you this story because you know, I mean people... You just had mentioned about like finding somebody and taking it very seriously. You guys had this idea, you're like, okay, we're not going release next week, we're going to freaking spend four more months. It's going be like absurd that we do this.
Speaker 3:Yeah. For for Beast Games, the show that he does for
Speaker 2:for
Speaker 3:Amazon Prime, man, he built an entire city. Yeah. And like I went to the city. There's like I think 2,000 people working there. Like the production is insane.
Speaker 2:They shot with like 1,500 cameras. They had a single camera on every... It's insane.
Speaker 3:We... So he he was talking about all the data that that that produces everything. It's on... It's in the episode, so I I don't wanna like ruin that part. But what was cool was that we shot it in like, you built...
Speaker 3:Looked like a almost like a coliseum. Like It's like where the contestants like... A lot of them live, and a lot of like the contests take place there. But in the shot should be, I think it was like a five... I forgot how much it was, like $5,000,000.
Speaker 3:It's like a pyramid of like $5,000,000 cash. So, yeah, that that I think is prop money that he's has, but that would be hilarious if like you rolled up to... If I rolled up to Munger's house and you just had, you know, a pyramid of cash instead instead of you know, You giant should
Speaker 1:you should make a... You should create, you know, Disneyland for... An invite only Disneyland for podcasters. It's sort of city a city on its own.
Speaker 3:So you wanna hear a funny story that's gonna go counter... No, I'm not gonna do anything other than podcasting. I had Ari Emmanuel on the show. Mhmm. And he got there ninety minutes early, so we were hanging out talking, and it was just like, it was incredible to be able to like pick that guy's brain.
Speaker 3:He's like unbelievably still extreme. He's like, yeah, you know I took DMT and Ayahuasca, and I'm a lot calmer now. And I'm like, Ari, you were just yelling at somebody in the bathroom. Like, I could hear you in that door. But afterward, then we did the episode, and then I was talking to him about his podcast that he's doing.
Speaker 3:And then we went into like, you know, all the stuff that I know about podcasting. And he goes, hey man, can we like get you signed for WME or whatever? And I look at him, and we're we're out front in in the yard, where you guys been? And I go, are you? I go, there's not a god there's not a goddamn thing I can learn from you about podcasting.
Speaker 3:And I'm not doing any and and I'm not doing anything else. He just laughed and laughed
Speaker 1:and laughed.
Speaker 3:I was like, he's like, will you take
Speaker 1:the call?
Speaker 3:I like, yeah, take the call. It's fine. It's like, I'm not doing anything other than podcasting. So somebody else is gonna have to build Founders Disneyland. Okay.
Speaker 3:Or you know, that Mecca, know, everybody going to the to to... I do wonder what like our generation's version of the Berkshire shareholder meeting will be. Sure.
Speaker 1:Yeah. The TBPN shareholders meeting.
Speaker 2:Yeah. We've been thinking about that. That might be good.
Speaker 1:Yeah. We we've we've been thinking about a conference just for shareholders that's hosted annually.
Speaker 2:Yeah.
Speaker 3:I mean, if you think about what they did
Speaker 4:up there, they they
Speaker 3:basically were live streamers for a day. Just like... And you guys already mastered this craft. Like, couldn't you do that? Yeah.
Speaker 3:We can definitely do
Speaker 2:come with them actually. Tons.
Speaker 1:Most mostly in the the sort of looks part.
Speaker 3:That's hilarious.
Speaker 2:It's great. Well, have a...
Speaker 1:Sorry to interrupt your your day. We know you gotta get back to your own podcast.
Speaker 3:This is... I I feel really bad. My phone's always on D and D and I don't have any... I think I had one thing on my calendar this week, the whole week. So you guys know I don't use calendar and my phone's on D and D and I'm like, fuck.
Speaker 3:I looked at my text message and Dylan... You... And Dylan's like, yo, where are you? Yeah. Classic.
Speaker 2:You gotta trust the process for sure. Well, thanks so much for coming on the show.
Speaker 1:Great to
Speaker 3:see Love you guys.
Speaker 2:Enjoy the... Excited to do
Speaker 1:your show soon. Love you.
Speaker 2:Have a good one.
Speaker 3:Yeah. Let's do it like next week.
Speaker 1:Goodbye. You're the man.
Speaker 2:Let me tell you about console. Console built AI agents that automate 70% IT, HR and finance support, giving employees instant resolution for access requests and password resets. Reddit is down. You saw this? Reddit's selling off.
Speaker 2:I think Will mentioned it. The the quotes from the earnings call are a little rough. Google is crawling us as hard as ever. The reality is AI mode does not drive traffic. So people go, they used to just say, site Reddit, click on the Reddit, click...
Speaker 2:See some of those ads over there. Now, people are getting the answer directly in AI mode. Not for us and not to anybody as far as I know, so traffic is way down. Used to be a traffic driver, now it's not. People still want Reddit.
Speaker 2:It's just Google is not sending them to Reddit the way they used to. Huffman says Reddit isn't counting on Google traffic returning. We don't control Google. We only control Reddit. And so they're going log in only.
Speaker 2:You can only use the service if you're logged in. So they're putting up a paywall basically or so
Speaker 1:It's a social network.
Speaker 2:Yeah. Registration wall. Yeah. It's a social network which It's
Speaker 4:probably an intranet.
Speaker 2:The the natural form of this. Also, Salesforce bought Rune Technologies.
Speaker 1:Yeah. This is cool. We've had Rune on the show before. Seemed like a smart
Speaker 2:business.... For this one?
Speaker 1:Munger Gong.
Speaker 2:Munger Gong. The Munger nator.
Speaker 1:Oh, great stuff. Great stuff. Oh. But, yeah, it seems like it was a fantastic outcome for the Rune team.
Speaker 2:Yeah. Very excited.
Speaker 1:Yeah. And, I can see how it makes sense in Salesforce's business. Yeah. You know, Benioff and Karp have this incredible tension. And, and...
Speaker 1:Yeah. Looks like Salesforce wants to try to eat more of their lunch.
Speaker 2:We'll see
Speaker 1:how that goes. The account odd stats has some odd stats for us today. Mhmm.
Speaker 2:Give it to us. What you got?
Speaker 1:Odd stats says, for absolutely no reason whatsoever, here's the list of every time in QQQ history where it gapped down two and a half percent or worse on a Friday. It's currently down almost three and a half percent following a negative 1% day and it happened three times in 2001. Once in June 2002. October 2008. Twice at the beginning of COVID.
Speaker 1:And then Liberation Day, and possibly today. And of course, that has turned out to be the case. And, yeah. Crazy, crazy day in the markets.
Speaker 2:Yeah. You gotta have a margin of safety in this time.
Speaker 1:I think so.
Speaker 2:Yeah. Never been a better time to go brush up on your your Buffett and Munger, understand the greats.
Speaker 1:Yeah. When your favorite holding period is forever, it tastes like today.
Speaker 2:Not really that scary. When you're in the value investor mode.
Speaker 1:Yeah.
Speaker 2:Buy something that has cash flow, has value.
Speaker 1:Yeah. Price is what you pay, value is what you get. Exactly.
Speaker 2:Couldn't have said it better myself. Yeah. Fantastic.
Speaker 1:I think that's our show.
Speaker 2:I I I think Chad was asking for a Greg Abel money spread. We wanted to see if Greg Abel was breached and in fact,
Speaker 1:he is.
Speaker 3:Looks like he is.
Speaker 2:You've never seen a Greg Abel money spread, but now you have. We got Ten months into the job. Breached. Thoroughly breached. Oh.
Speaker 2:Let me tell you about Cisco. Critical infrastructure for the mumbo jumbo era. Unlock seamless real time experiences of new value with Cisco. Well, seamless experiences for the AI era, first and foremost tech show, but we like to imagine the the...
Speaker 1:You said mumbo jumbo, but, you know what, Charlie once said?
Speaker 2:What'd he say?
Speaker 1:You got to have models in your head. So I think what he meant like that, he was traveling to the future Large language saying like, exfiltrate the weights Sure. Upload memorize them. Yep. Distill them.
Speaker 1:Distill them
Speaker 2:To yourself.
Speaker 1:Down into something that you can use yourself Yeah. And deploy them.
Speaker 2:That makes sense. Should we check-in... The pumpkin harvest.... Contest.
Speaker 3:Who wins? We have three pumpkins.
Speaker 2:Okay. What do you got?
Speaker 3:I'll I'll showcase mine first Brendan can get in with his. Yes. So I have a heart here with c and w Okay. For Charlie and Warren.
Speaker 2:Love it.
Speaker 3:You can see that
Speaker 2:over there. That's very cute. That's That's decades in the making. I think this one's supposed to say TBPN.
Speaker 1:Pretty... Is that like covered in mold? What's going
Speaker 2:on there? Yeah. What happened on the side of that pumpkin?
Speaker 3:You got a different ankle.
Speaker 2:Okay. A rough on that one.
Speaker 3:Have to disqualify that pumpkin. That looks a
Speaker 1:little succulent.
Speaker 2:Up to the top. Yeah. And then the last one, the Christmas tree pumpkin because of course, we're only
Speaker 3:There we go.
Speaker 2:Three years away. That is perfect.
Speaker 1:You guys you guys both win incredible work with the moldy pumpkins.
Speaker 2:Yeah. You guys did good job.
Speaker 1:Yeah. What a show. What a show. Yeah. Good show.
Speaker 1:I... Yeah. The last thing I would say is is, you know, we've been joking around today but I think Buffett and Munger are two of the greatest role models Truly. That the business community could ever have. Yeah.
Speaker 1:And as as much fun as we're having, we we we know, wanted to honor them. A 100%. In our own little TBPN way.
Speaker 4:A 100%.
Speaker 1:We hope you enjoyed it.
Speaker 2:So go grab a Coca Cola, go grab some C's candy, enjoy yourself this...
Speaker 1:Sign up for GEICO. Sign up for... Fifteen minutes could save you 15% or more on car insurance.
Speaker 2:Send some freight on the Burlington Northern Railroad.
Speaker 3:Why not?
Speaker 1:Yeah. Why not? Why not? Tyler or Greg, can you take us out with with a a troop?
Speaker 2:Oh, yeah. Leave us five stars on Apple Podcast.
Speaker 1:Have a wonderful weekend. Be safe out there this weekend. We love you. We'll see you Monday.
Speaker 2:And we will see you on Monday. Goodbye. Goodbye.
Speaker 5:Boeing flashbang.