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TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays from 11–2 PT on X and YouTube, with full episodes posted to Spotify immediately after airing.
Described by The New York Times as “Silicon Valley’s newest obsession,” TBPN has interviewed Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella. Diet TBPN delivers the best moments from each episode in under 30 minutes.
You're watching to TBPN.
Speaker 2:And today is Friday, 05/15/2026. Are we live? Yeah. We're live. Okay.
Speaker 2:Good.
Speaker 1:We're live.
Speaker 2:It says we're live. We bumped it. We have a special guest today, Rahul Sonwalkar. Introduce yourself for everyone who doesn't know.
Speaker 3:Hello, guys. I'm Rahul Sonwalkar, friend of John and Jordy Yeah. Founder of Julius.
Speaker 2:Yeah. How are things going?
Speaker 1:I don't personally think he needs an introduction.
Speaker 2:I don't think so either, but we're very happy to be joining Great one. You're this Friday. We have a bit of a mellow show. No guests. Where's my camera?
Speaker 2:Over here? Am I back here now? Am I over here? Okay. We're good.
Speaker 2:We're figuring it out. It's Friday. Bunch of tech news, bunch of random posts, the mansion section, the, who is this?
Speaker 1:Hyped enough. They're saying you're not hyped enough. Yeah. Now you go hit the
Speaker 2:Go hit the gong. Warm up. Wake up. Hit it. Yeah.
Speaker 2:Hit the gong.
Speaker 1:Little gong warm up.
Speaker 2:Coming to LA hanging out with us.
Speaker 1:You gotta hit it. You gotta
Speaker 2:Terrible. Big one. Big
Speaker 1:Big one. One.
Speaker 2:Smash it. That's a good job. Come on. Nothing. CEO Patek Philippe did an interview with the Financial Times.
Speaker 2:We can go into later, but we gotta kick it off with Warren Buffett. Warren Buffett is stepping out for his famed charity lunch again. He's done these for years. A mystery bidder. I wonder if we'll if the mystery bidder will be unmasked at some point.
Speaker 2:Mystery bidder just bid over $9,000,000 to win an auction with the Oracle of Omaha. Which would you pick? $9,000,000 in your bank account or lunch with the Oracle of Omaha?
Speaker 3:Oh, I'm taking lunch with Oracle of Omaha Yeah. Any day.
Speaker 2:Any day. Okay.
Speaker 3:Any day. What would I do with $9,000,000?
Speaker 2:You could buy Berkshire shares. Let him let him do work for you forever.
Speaker 1:He Rahul lives in SF. Right?
Speaker 2:Yeah. So Oh.
Speaker 1:You come
Speaker 2:to the nine, you're gonna get outbid. Okay. Yeah. What are you gonna do with 9? Well, 9 is down.
Speaker 2:So if you look at the the the chart, there was a sort of a slow takeoff in the price of these winning bids for Buffett lunches. Mystery bidder just paid over 9,000,000 to win an auction with the Oracle of Omaha who last participated in the event in 2022. He took a couple years off 2020. Of course, COVID took it off 2021. Made a comeback in 2022, and there was massive demand because previously, this was a $2,000,000 lunch.
Speaker 2:Originally, in 2003, was just a couple 100 But then it spiked to almost $20,000,000, and now is sitting right around 9. The year's winning bid is a steep drop from the last time Buffett participated in
Speaker 1:the But the trend the trend is quite positive.
Speaker 2:I think it's pretty good if you interpolate this. He's still he's still raising multi here's what I'm curious about. Yeah. Yeah.
Speaker 1:So it's a mystery bidder.
Speaker 2:Yeah.
Speaker 1:We have no idea why they bid.
Speaker 2:Yeah.
Speaker 1:We just know they wanna go to lunch.
Speaker 2:Yeah.
Speaker 1:Right? We know they wanna be at lunch. Right?
Speaker 2:But Delicious lunch.
Speaker 1:There's a there's a different groups in attendance. Right? You have Steph Curry
Speaker 2:Yeah.
Speaker 1:And his wife Ayesha. Yeah. And so there's a possibility that this person just wanted lunch with them. Right? They could come in and say, you know, Warren, you know, keeps kind of like He wants to be friendly.
Speaker 1:Right? So they paid a lot. He's trying to engage and they're just like, really dude? I paid $9,000,000 to have lunch with Steph Curry and you're trying to constantly get awarded. What's Could going happen.
Speaker 1:And and so, yeah, we don't know if this is just a a basketball enthusiast. It could Someone that wants to talk about how the game
Speaker 2:is Yeah. Hard to disentangle until you figure out who the mystery bidder is. Are they courtside every game or are they at the shareholders conference? At 92, Warren Buffett said he ran out of gas. The spirit remained eager, but the flesh became progressively weaker.
Speaker 2:That's a wild quote from Warren Buffett.
Speaker 1:And what about this one?
Speaker 2:He said both the money and the message remain important. Wait. Woah. Woah. That's not that crazy of
Speaker 1:The money and the message. Mean, if you say it if you say it like he's selling like a Yeah. Course Yeah. Yeah. Yeah.
Speaker 1:Then it sounds significant.
Speaker 2:Ted Welsher, now a Berkshire now a Berkshire investment manager, won the auction twice when he was a hedge fund manager. Oh, so it's sort of like a job opportunity potentially. Like, you have to pay all this money upfront, but you get to know the big guy. Eventually, he cuts you in on the business.
Speaker 1:Justin Sun was another previous winner.
Speaker 2:Interesting. What did
Speaker 1:he do? Tron? That was the 20 wait. I don't understand what
Speaker 2:that Buffett He a Bitcoin as well as several Tron, the digital blockchain he had founded during their meal in 2020. I thought there wasn't one in 2020, I guess. Something around there. Five bidders participated in this year's auction on eBay, which opened at fifty k. Other items were up for sale, including a $1 bill signed by Buffett and sold for $9,100 and a signed Curry jersey that sold for $1,547.99.
Speaker 2:I thought that was a million dollars. The auction moved online in 2003 allowing Buffett fans around the world to participate. The winning price for the lunch has held above a million dollars since 2008. I wonder if any tech VCs will copy Warren Buffett, start selling lunches. Some of them are on
Speaker 1:Very cool.
Speaker 2:I was
Speaker 1:I had some concerns around doing this on eBay just because of the fees Mhmm. Which can be pretty significant.
Speaker 2:They probably waive it for
Speaker 1:two years.
Speaker 2:But they do. Okay. There you go.
Speaker 4:So There
Speaker 2:you go. Okay. Well, we have a question for you. So there was a article in the Wall Street Journal earlier this week. Typing is being replaced by whispering and it's way more annoying As a CEO, as a startup founder, I want your take on workplaces that are starting to resemble high end call centers.
Speaker 2:Only these employees are talking to AI. And so they start with a they start with an anecdote about working from home. Normally, this couple would be typing on the keyboard, but now they're dictating to codex and Claude code. And over at Ramp, engineers sit at their desks wearing gaming headsets so they can talk loudly to their AI assistants. What do you think?
Speaker 2:Should the future of the office sound more like a sales floor? What do you think?
Speaker 3:I think for on on one side, I'm pro this this trend of like talking to your AI Yep. Over typing because I can audit what people are typing in the You know, what they what they typing on Instagram or Twitch a Twitch live Okay.
Speaker 2:So if you're just walking scroll.
Speaker 1:Scroll. Scroll. Scroll. Scroll. Yeah.
Speaker 1:Then there might be an issue.
Speaker 3:Yeah. Yeah. Why why are you doing that on the company time?
Speaker 2:Sure. Sure. Sure.
Speaker 3:If they're like talking to the AI Yeah. Like, hey, make me like
Speaker 2:more accountability.
Speaker 3:More accountability. Yeah. On the other hand, it's like, I don't want to hear your prompts. Sure. Like, if if somebody's read my prompts, I would be so embarrassed.
Speaker 3:Okay.
Speaker 1:It's kind of like, you know your May 2026 approach to prompting?
Speaker 3:My May 2026 approach to prompting is I've completely I've completely given up on like yelling at AI. Like, just freaking do this. I've I've completely stopped doing that.
Speaker 2:Okay.
Speaker 3:And I'm like
Speaker 2:Does that just be as good now?
Speaker 3:Yeah. I do more like cognitive behavioral therapy with with AI now. Like, I do more CBT. I try to like reassure the AI. Oh.
Speaker 3:Like it up for success. Yeah. Yeah. Yeah. You can do this.
Speaker 3:Like, think about think about, you you know, you're you're like Palmer Lucky. Yeah. And you can design this like new piece of hardware that's never existed before.
Speaker 2:Yeah.
Speaker 3:I I do more of that. You know, up until 2025, I was more yelling at the AI.
Speaker 2:Yeah. I've completely dropped out of the whole, like, don't make mistakes, don't hallucinate. I feel like all that's been either baked into the pre training or post training or it's, like, even in the system prompt already. Yeah. I used to have the thing that annoyed me for a while was, what is it, antithetical parallelism.
Speaker 2:So Mhmm. It's not this, it's that, or hyphens. Those types of things were just tells of AI written content. Yeah. And I had a special prompt that would inject that in every thing.
Speaker 2:It would say, hey, don't use the it's not this, it's that. Don't use contrastive parallelism or antithetical parallelism. But I since ripped that out and just went back to default, and it feels like like all the firms sort of fixed the the base training so that it's not as like clankery, I guess.
Speaker 3:Yeah. Absolutely. I mean, I feel like Warren kind of ripped one of the models too, you know, when he said the spirit is eager but the body is weaker. I
Speaker 1:could just He's subtweeting Yeah. The models. Yeah.
Speaker 2:Yeah. Yeah. What was the quote he said? He said, it's not just that the spirit remains eager, but also that the flesh be has become progressively weaker. No.
Speaker 2:He said, I ran out of gas. The spirit remained eager, but the flesh became progressively weaker. It has a nice it's a bar. It has some rhymes rhyming to it.
Speaker 1:It's not just about the money. Yeah. It's about the mess.
Speaker 2:I think I think Warren needs a Drake Dude, needs a he needs a mastermind. He needs a verse on a Drake song Yeah. Who just launched three albums today. Is that right? Drake launched three albums.
Speaker 2:Isn't it Are like you a Drake fan? Hours?
Speaker 3:I I like some of his music. I'm not a I wouldn't call myself a fan.
Speaker 2:Yeah.
Speaker 3:Yeah. Brutal.
Speaker 2:Brutal. What about what about this idea for a gym that's themed like the Rainforest Cafe, and there's even a thunderstorm every minute every twenty minutes. Have you ever been to the Rainforest Cafe?
Speaker 3:No. Where's the where's the Rainforest Cafe?
Speaker 2:Rainforest Cafe is a themed restaurant Mhmm. Where you walk in and the there's rainforest all around you, and there are statues of animals. And the special thing about the Rainforest Cafe is that it's it's not just like, you know, you go to some steakhouse and they have some pictures on the wall because showing the lineage or go to an Italian restaurant and you see pictures of celebrities that came in and signed. It's it's not purely decorative. It's actually interactive.
Speaker 2:And at the Rainforest Cafe, every twenty minutes, there's a thunderstorm, and it plays very loudly. And it actually, like, draws your attention away from whatever you're you're talking about. It's a it's a brain rot restaurant, basically. That's what Rainforest Cafe is. I can't believe you haven't been.
Speaker 2:You should go. Tyler, have you been to Rainforest Cafe?
Speaker 1:Yeah. I have. Here we
Speaker 4:go. Mean, I wanna go though.
Speaker 2:It is they really go over the top of the decor. Look at the table. It it looks like AI slop honestly on the table. It's the real
Speaker 1:image. Because many of the leading labs trained almost exclusively
Speaker 2:Yes. Content from the Rainforest Have you ever been to the Rainforest Cafe, Tyler? No. Has anyone been to the Rainforest Cafe? Okay.
Speaker 2:We got a couple Rainforest Cafe enjoyers in the TBPN Ultra today. But a gym with a theme, would you go?
Speaker 3:I feel like we're kind of reinventing like nature from first principles right now,
Speaker 1:you know.
Speaker 2:You might just want to go to the rainforest Yeah.
Speaker 3:To lift. It's like lift heavy things like go outside Yeah. Like lift rock.
Speaker 2:Yeah. So so this this poster suggests that all the machines would be painted to look like they're made of bamboo. The leather is fake leopard print. Someone get me in touch with the mayor of Miami. This would go crazy over there.
Speaker 2:Men are allowed or perhaps required to wear loincloths, etcetera. It goes other places. And then he starts drawing out what it would look like. Our the the gym that we worked out in today has a little bit of a theme to it, but it's not too on the nose, but there is you notice the machines have, like, some decorative stuff on it, and it feels like they went one notch further than just the standard gym equipment.
Speaker 3:It's a little flamboyant, I would
Speaker 2:say. Yeah. Yeah. Well, I wanted to ask you about schemes that are allegedly taking place in Silicon Valley these days. Revswap.ai, this seems like a joke.
Speaker 2:This seems like a like a drop designed to go viral. Harry Raghavan says, in case you're wondering, this is the stage of the market we're at. And the idea is that you trade dollars with other startups and you book it as revenue. So RevSwap AI is the first the world's first peer to peer revenue laundering platform. See, it's got to be a joke at that point.
Speaker 2:For SF startups, you give us 1,000,000 we give you $1,000,000 back. Now you have $1,000,000 ARR. Math, start swapping. How Yeah.
Speaker 1:The problem the problem with these is it's funny for people that are like maybe closer to the inside, but this got half a million views. Yeah. So that means there's hundreds of thousands of people that think this is like a real thing.
Speaker 2:Yeah. They either they they either think they're they're doing a startup and they should do this or they think they're outside and they're like, this is how bad startups are. Yeah. I don't think many startups are doing this. You've talked to VCs, is like quality of revenue coming up, revenue concentration, circular revenue deals?
Speaker 2:Is any of that coming up these days?
Speaker 3:I think I think investors deeply care about all of those things and investors still do their due diligence when investing in companies, especially when they're at a mid to later stage. Right? Sure. But really, like, where do you draw the line? Right?
Speaker 3:You you see NVIDIA investing a lot of neo clouds. They go buy their GPUs. They help start these Neo Neo Clouds, and then you have, of course, like, NVIDIA investing in AI labs that end end up being, like, downstream consumers of these Mhmm. Of these these GPUs. And so, like, I think in a in a way, like, yes, it's kind of like a revenue spot where you're investing in a company and then, like, they're kind of like buying your product.
Speaker 3:Yeah. You can only use it like trading dollars. But so I think there's, like in some places, it makes sense in some southern context. In the if if you're a founder though, and if you're an early stage founder, if you're just like going for this, you have to ask yourself like, okay, what am I really in this for? Am I here to like build a business and build a thing that people want or am I here to just like LARP.
Speaker 3:LARP. Yeah. And a lot of people do play like founder as opposed to like building a business, building a company.
Speaker 1:Yeah. But this is also like a crime. So it's not just LARPing. Like, don't know. I actually think
Speaker 2:You just close it. If you're just like, yeah, we have this weird circular deal, you should probably just count it to zero. That's not wire fraud. Right? Like, if you're disclosing it like, the the wire fraud is only when you are stating one thing as another.
Speaker 2:Like, you're lying. If you're not lying about it and you're just like, yeah, we have this weird circular deal where we pay this company, they pay us, you should probably not give us any credit for that in our valuation.
Speaker 1:Their entire life is a LARP. Maybe. Should we talk about Monets?
Speaker 2:Circular deals though. There's an interesting there's an interesting anecdote of when they worked out. Do you know this? ASML 2012, they had a customer co investment program where Intel, TSMC, and Samsung pitched six point pitched in $6,800,000,000 across r and d funding and equity purchases in order to help ASML pull forward EUV lithography and 450 millimeter wafer technology. And so the deal would look like an odd round trip of cash from the non semiconductor pilled, but it worked.
Speaker 2:And the customers effectively financed the creation of a new technology that they wanted and everyone came out just fine. And so we're fourteen years in. ASML is a great company. We have EUV technology and it worked even though it was this weird circular deal where TSMC and Intel and Samsung were like, we want you to go make this machine. We're going to be the buyers of it and we'll also be the investors and the financers of it.
Speaker 2:So it can work out but probably not as simple as going to rev, what is it, revcycle.ai or something?
Speaker 3:Hey. As long as it is yeah.
Speaker 2:This was this was disclosed both by TSMC, Intel, Samsung and TSMC at the time and everyone reacted positively because they were working together. We need your take on this This Monet? Schlom's post, this Monet AI
Speaker 1:Can we can we get this on the big screen?
Speaker 2:Let's get this on the big screen because Schlom's here says, I just generated an image in the style of a Monet painting using AI. Please describe in as much detail as possible what makes this inferior to a real Monet painting. What do you think?
Speaker 1:Break it down.
Speaker 2:What makes this inferior? Me? Art expert Rahul.
Speaker 1:I was not in museums on the weekend. Let's let's see.
Speaker 2:Yeah. It's the made with AI tag but there is a community note here and I'll and I'll spoil it. This is an actual Monet, Water Lilies
Speaker 1:No. No. 19 read some of the responses so far Okay. From I'm disappointed I have to even point it out. There is no cohesion to the depth and color choices.
Speaker 1:The reflection of of the tree bleeds into the lily pads with no regard for spatial depth or contrast. The background lily pad algae amalgam is egregiously vague like most AI art. And let's read some of the others. People have started deleting their responses.
Speaker 2:No, really?
Speaker 1:The choice of color in places, I. E. The purple around the lily pad sticks out to me as decidedly worse than most Monets. Get a sense that the artist failed to connect their eyes to the brush palette almost as if it's an AI. No frame.
Speaker 1:No sense of the threshold between object. Just colors.
Speaker 2:Are you an AI art enjoyer? Do you play around on Midjourney ever for fun? You do your cognitive behavioral therapy? I because people a lot of people use Midjourney as sort of like art therapy, You know? They yeah.
Speaker 2:They'll go in and they'll prompt it. It's it's less about making an image that they will sell or making an image for a commercial purpose or even sharing their images with anyone else. They just enjoy the game of they have an idea and they want to see it, you know, on the screen. And so they play around and then they are satisfied. It's like playing a video game.
Speaker 2:Like, no one cares that you finished Dark Souls except you. You had fun. Alright. We gotta give some
Speaker 1:there's some great feedback here on why it's why it's bad. Okay. Warning before I dig in. This image is actually a very competent rendition. Oh.
Speaker 1:It's doing more right than most AI Monets. Okay. But you asked what makes it inferior to a real Monet, so here's the honest breakdown. What's missing? The physical object.
Speaker 1:A real Monet is a thing before it's an image. This is the biggest gap and is not solvable by better prompting. And it just goes on and on and on and on and on and on and on.
Speaker 3:It's not solvable with better prompting until that's like in the training data.
Speaker 2:Yeah. Also, mean, like like LLMs with tool use can just if you ask for a Monet, they can just go get you the PNG of a Monet.
Speaker 1:It it feels less lively. It lacks the texture, the rugged edges, the folds, the crevices and creases and bevels and topology of plastic arch, the fine calculated highlights. The AI version is a granulated pixelation and it looks that way. It lacks the mass of humanity. And someone else says, the fact that it looks like s h I t and is s h I t, slop, doesn't look anywhere some quotes.
Speaker 1:Near like a Monet. Looks exactly like somebody trying to replicate the style and achieving like 20% of it. Not as vibrant as Monets typical choice of colors. Looks dull. So a lot of people are dunking on this.
Speaker 1:Of course, he posts this is a real Monet. He baited them all.
Speaker 2:It is. Someone took all of their feedback and turned it into an AI generated Monet to try and improve it. Interesting. The other the other AI art thing that's going on, which is very, very funny, is do you see Sony launch this new AI camera assistant with Xperia intelligence to bring stories to life? We have to pull this image up because I don't know what they were thinking.
Speaker 2:Like, it's it's like one of the craziest, like, attempts at shipping an AI feature, and I don't know what they were I don't know what they were thinking. When you see these images, look at this. Like, this is I don't know if you can tell on the screen, but, like, it's not our our camera is not like, the camera that you're watching this this on is not, like, miscalibrated on the contrast. It just adds, like, a ton of contrast and makes everything look way worse. And the sandwich is so blown out.
Speaker 2:It's just all they did was just increase the brightness. The original looks great, and you have less detail on the right. And I cannot believe this is from the official gold check Sony Xperia account. Like, is not a joke. What do you think this is?
Speaker 1:The product manager working on Sony Xperia hates AI. He wanted to botch the launch so they get so much pushback that they don't have to work on AI anymore.
Speaker 2:Something like that. Yeah. Mike O'Brien here says, I could be wrong, but I suspect this is a joke. If so, props to Sony for rage baiting the Internet so hard. Just look at the sandwich.
Speaker 2:MKVHD made two videos about this kind of stuff being bad, and Google announced something similar earlier this week. I mean, obviously, there are ways to integrate AI uprising and AI, AI color grading, like, much at a much more intuitive level without doing this, but I don't know what they were thinking. How could they possibly approve that post? Maybe they had their their monitors contrast set, like, wildly wrong because to actually to actually ship this, like, monitor would have to be woefully miscalibrated to think that the one on the on the on the right looks better. This one is is the closest.
Speaker 2:Like, it did sort of amplify the streak of light. This one is if I had to pick one where the AI camera assistant did not completely degrade the image, this actually
Speaker 1:I mean, I can't I can't I can't get behind that. Look at the like, what is the subject of the photo? Is it that light streak at the bottom or
Speaker 2:I the flower would I would say I would say the the AI camera assistant version is only 10% worse here, whereas the other ones make it like 200 worse. What do you think?
Speaker 1:Oh. No. It's way
Speaker 2:If you had to pick one It's one way one AI camera assistant image, which one's the least chopped? Which one's the least botched?
Speaker 3:Probably this one.
Speaker 2:There you go.
Speaker 3:But but but Least you're You're
Speaker 2:going with this one? No way. No way. This is so much worse. This is a joke.
Speaker 2:Here
Speaker 3:the the original looks more AI than like
Speaker 2:It does. Wait. Is it some sort of prank? Is this the Schlom's thing all over again where they're like big reveal, the left is actually AI and the right is out of the camera. You
Speaker 1:mean inverted?
Speaker 2:No. No. What I'm saying is that so they they so a lot of people were saying like the tags at the top were accidentally swapped. And what if that's intentional? What if they're saying like like we took the bad photo on the on the right that's overblown over too contrasty, too bright.
Speaker 2:And with our AI, we got you to a reasonable photo on the left and big reveal tomorrow or whenever Sony puts this out and says, actually, we were able to restore the highlights, bring the contrast more natural, and make the photo on the right look better with AI. That would be that would be a good pitch.
Speaker 4:But I
Speaker 1:do think they might have axed I I think this might have been an accident. They they must posted it.
Speaker 2:Have they have they commented since? I I think they're just following the post about AI camera system. We'd like to explain the feature in more detail. It doesn't edit photos after shooting. It suggests four settings.
Speaker 2:Wow. They're doubling down. Oh, no. The originals look so good by comparison. What are you doing?
Speaker 2:Oh, wow. This is I don't know what's going on. You can choose any option. How about no option in this case?
Speaker 3:And maybe this is like a sign up from Sony just to
Speaker 2:Maybe. Well, there was a big reveal with the Swatch AP collab. I know you were looking at some watches earlier today at breakfast. Are you in the market for the the the collaboration between Adamar Piguet and Swatch? Oh, absolutely.
Speaker 2:Come with a wristband. You are in the market for this.
Speaker 3:We're gonna go stand in line for
Speaker 2:Yeah.
Speaker 1:The for AB after after the show. Right? Yeah.
Speaker 3:I think that's the plan. No?
Speaker 2:Yeah. Yeah. People are calling it the new Lububu. You will see this on Birkins, Goyard, Tweaks. And you We don't call that know yet
Speaker 1:that this is not an AI wearable. That could be the that could be the the missing element here.
Speaker 2:Could be.
Speaker 3:Yeah. Well, so I
Speaker 1:think this is gonna be a hit. I think this is gonna be a hit. It's seeming more and more likely that they're not releasing any type of strap themselves. Yeah. So people are gonna do aftermarket straps.
Speaker 1:I think those will be frowned upon.
Speaker 2:Phone case.
Speaker 1:We should the Hailey Bieber, you know Yeah. The makeup case. Yeah.
Speaker 2:The watch there. What do think?
Speaker 3:The thing is a lot of people are wearing fitness wearables on their wrists, which kind of competes on real estate with these fancy watches.
Speaker 1:I know, but you got a lot of arm.
Speaker 2:You got a lot of arm and you got two wrists.
Speaker 3:You got iced up.
Speaker 2:Yeah. Yeah. You could just keep going up and up and up and up. Anyway, give us the update on Julius. How are things going?
Speaker 3:These are doing good. We're we're we just launched slides last month. Slides is going well, so thank you. So Julius is slowly becoming the platform where you can bring your messy data and then analyze it, get insights, and not just that, but actually do the stuff after it, like create reports, dashboards, slides.
Speaker 2:Mhmm.
Speaker 3:And then very soon, you'll be able to, like, email Julius and assign tasks
Speaker 2:Mhmm.
Speaker 3:For your data work. And so if you work in finance, operations, marketing Yeah. You check out Julius.
Speaker 2:How do you think about the trade off between generative imagery for slide generation versus some sort of harness that generates a slide in sort of a, you know, traditional, like, software platform like PowerPoint or Google image or Google Slides?
Speaker 3:Absolutely. So, the the generative imagery for slides was just not great
Speaker 2:Yeah.
Speaker 3:Until GPT
Speaker 2:the the the The latest launch. Image as well. Images Yeah.
Speaker 3:Too. And the the text in the the the text rendering of the images is so good Yeah. That actually it completely changes the game. Yeah. It's it's not just for creative assets.
Speaker 3:It actually cannot be used for for whole slides. And you can A actually
Speaker 2:lot of times I'll go to TBP and I will dictate. I was wondering about the performance of different ETFs as they relate, like, as they're more indexed to the semiconductor as you get narrower from an S and P 500 to a Nasdaq to a QQQ focused tech ETF all the way down to like a semiconductor ETF. What's the performance of the last year? I just wanted like a bar chart. And so instead of asking for like a table deep research report, said, pull all the data, put it together into like an infographic.
Speaker 2:It did it pretty well. I feel like it's a little bit of a leap of faith because I don't know where the data is coming from. It's a little messy. And then I would be very hesitant about, like, maintaining a consistent style throughout a full presentation. But for something where I'm just want, like, a one off thing so where where is the where where's the demand from the customer on, like, slide deck versus single slide generation?
Speaker 2:Generation?
Speaker 3:Yeah. So the image gen is great if you want a single infographic or single graphic. If you want, like, a multi multi slide deck, a whole story, you want to maintain brand consistency across the deck. And that's where we're using a code harness Sure. Like JavaScript or HTML to generate slides actually much much more optimal.
Speaker 3:And so depending on what the user wants, Julius will choose whether to use image two point o or use like a code harness Yeah. To generate like multiple slides. Yeah. But to answer your question, like, the image model is really really good for like graphics Yep. Single single slides, and then you can combine that with like a code harness to generate like multiple slides.
Speaker 2:Yeah. Yeah. That makes a lot of sense. Jordy, anything else? Thanks for coming on the show.
Speaker 1:It's been an honor.
Speaker 3:Yeah. Thank you guys.
Speaker 1:Great hanging out this morning.
Speaker 3:We'll talk to you Likewise. Yeah.
Speaker 2:Have a good rest of your day.
Speaker 1:We'll see you soon.
Speaker 2:Another one. The big news today is of course Bernie Sanders and AOC introduced a bill to pause all AI data center construction. I wanna know within this bill how they are defining AI data center. Of course, GPUs are are graphics processing units. You wire a bunch of them together.
Speaker 2:You can do AI. You can do machine learning. You can you can render CGI films. There's a lot of different uses, and I wonder how they're grappling with that definition. But 300 local bills have been 300 plus local bills have been filed.
Speaker 2:Half of planned twenty twenty six data centers are facing delays or cancellation. Each one brings billions to local economy, says Gary Tan. The people who say they want American jobs are trying to block the biggest job creation engine since the interstate highway system. Sanders and AOC are straight up sabotaging the economy, says Nick Davidov, no spy or a rival country agent, can achieve what local useful idiots can. And so people are going back and forth about the data center construction ban.
Speaker 2:I wonder how this will pencil out. Elizabeth Warren says a single AI data center uses as much electricity as a 100,000 households, and utility companies are passing the upgrade cost to you, not to the trillion dollar tech giants that, of course, was attempted to be addressed by the rate payer protection pledge. But it is early days, and so we'll have to see how that pans out.
Speaker 1:Yeah. And this is the same bill that was introduced in March. Mhmm. But it's continuing to pop up again, obviously, as they try to move it along. Mhmm.
Speaker 1:But it hasn't passed committee yet. It doesn't obviously have like bipartisan support. Yeah. Very unlikely.
Speaker 2:And there's a lot of geopolitical considerations. Anthropic put out a big essay today around different different resolutions to US China competition in the age of AI. Some very obviously, they are very aggressive about don't lose the lead, continue to build data centers, but the the nimbyism, the noise complaints, the environmental concerns, like all of these things do have to be addressed in a democratic society if we are to move along smoothly. Tyler.
Speaker 4:Yeah. So so just for like the definitions Yeah. How it's defined. Yeah. So a data center is defined as a building that has more than 20 megawatts maximum power capacity or total peak power that are used to deliver 20 kilowatts or more to a single server rack or to use liquid cooling to individual hardware components.
Speaker 2:Mhmm. So Yeah. I'm just wondering if we're getting at some weird some weird workaround where, okay, instead of like one big building, you get a thousand smaller buildings that are
Speaker 4:It also says like a building that's contiguous or adjacent to another building that's
Speaker 2:Okay.
Speaker 1:So I think they Okay.
Speaker 4:Know that.
Speaker 2:So they'll have to put some like trees in between them or something? I don't know. I I I just like every time there's a law, people will find a way around the law. And so I'm I'm very interested to see how this winds up changing. It could change it for good.
Speaker 2:You know? It could be like, okay. Yeah. Like like clean energy and it's underground and it doesn't it's not noisy and it doesn't it doesn't create it feels like the real the real the real issue at debate is like passing the cost on to people who don't benefit, a negative externality, which the government has been internalizing negative externalities Yeah. Since its inception.
Speaker 2:And so there's certainly a good outcome, but it it it will be
Speaker 1:Almonds are catching some heat from Oh, yeah? JCAL.
Speaker 2:Oh, yeah.
Speaker 1:He is showing almond versus almond production versus data center water consumption from 1999 to 2026. And, yeah, everyone has been saying for years, even prior to the to the AI boom Mhmm. Just how much water almonds use. This was particularly top of mind when California was in a massive drought. Yep.
Speaker 1:You drive through different parts of California and it's just almond trees Really? As far as the eye can see. I don't see any almond tree. And so anyways, almond almonds catching strays.
Speaker 2:Yeah. I don't know. I mean, you look at this and you think about the growth rate in in this year. Like, you can see the blue line is ticking up, and you can see that the red line for almonds is flatlining. And so if you are extremely aggressive about counting the oooms and you and you project this out a couple years, you could see these two things flip.
Speaker 2:But of course, there are ways to avoid situations like that with water use increasing, such as what Blake Scholl proposes, which is closed loop cooling and booms superpower turbines that don't need any water, and you can avoid all of that. But the whole water debate seems like not the focus of the Sanders AOC proposal. It seems much more focused on generation and upgrading the grid, which is expensive and is real. Everyone knows that data centers do use a lot of power. No one's saying that the that the high energy intensity is fake news even though the water debate was a little bit thrown, you know, it was it was sort of quickly debunked.
Speaker 2:The energy debate has not been debunked. And so there is a need for more clean energy, more power, and more grid upgrades that are not visited upon local communities. The big question that we were trying to answer, and we're gonna try and get someone on the show maybe next week to talk about this is like, what what what is the if you were try if you were if you were attempting to build a data center that had 80% approval, like, what would that look like? What is the Ezra Klein abundance vision for a data center? It's probably powered by clean energy.
Speaker 2:It's probably someone somewhere very remote. Brandon was talking about the the the forty minute commute. The forty minute commute is something that many Americans do, and it is not insurmountable. And he was just reflecting on if you're if you ever driven in or around Las Vegas, if you drive forty forty minutes in any direction, you get to a lot of lot a lot of empty land where certainly a big building is not going to be an eyesore. You're not going be able to hear 60 decibels from twenty minutes away.
Speaker 2:And there is a lot of land, but that hasn't been the default construction methodology for a lot of data center constructors.
Speaker 4:Yeah. This is like the the TSMC plant in Arizona is like basically thirty minutes north of like Central Phoenix.
Speaker 3:Yeah. It didn't seem like there were any houses.
Speaker 4:So you basically go over a little like hill and then it's just like completely empty land. Yeah. There's a massive fab.
Speaker 1:It's sick.
Speaker 2:I like that. I learned an interesting fact, which is that Apple has a secret fab. They have a silicon fab in Silicon Valley. They bought a fab for I sent you the where did I where did I pull this up? I I I had to fact check this because I saw it and it was framed as like this secret, like, you know, terrible thing.
Speaker 2:It was not that it's not that scary. It's they bought it for $18,200,000. It's a 70,000 square foot facility owned by Maxim previously. They bought it maybe in 2015, and it was controversial because they were fined by, I believe, the EPA for for some mislabeling of waste and air emissions controls, but it was a pretty small fine. It was something like a couple 100 maybe $200,000, and it seemed like they might have just had a mistake.
Speaker 1:They brought down the hammer on them.
Speaker 2:Yeah. Well, I I think it was like like, you know, the air conditioning duct was slightly misconfigured. It was not like a nuclear waste spill, like, destroying the whole town, but it was controversial obviously because Apple wants to be as clean and environmentally friendly as possible, which is why I I lean into they don't want a massive like, they're they're not even a scaled chip manufacturer. This is a prototype facility. They manufacture between 600 nanometers to 90 nanometers, way different than what's happening at TSMC with two and three nanometers.
Speaker 2:So it's not a secret facility in the literal sense. The secret fab framing comes mostly from critics and whistleblower coverage, not because it was known unknown to government or industry with license. The EPA says the Apple facility on Scott Boulevard. So maybe that's your next trip, Tyler. You're going over to where is it?
Speaker 2:It's in Santa Clara. In Santa Clara. On Scott Boulevard in Santa Clara generated hazardous waste and had RCRA violations in twenty twenty three, twenty twenty four, which they made fixes for, and they paid a $261,000 penalty. It's 3250 Scott Boulevard. If you're in Santa Clara, go stop by.
Speaker 1:Let's give it up for Scott.
Speaker 3:For their service.
Speaker 1:I didn't know you had a Boulevard named after you.
Speaker 2:That's very funny. So the interpretation at the time was that it could support prototyping, testing, or heavy r and d, not mainline production. So your iPhone is not made in Santa Clara. It is made abroad. It
Speaker 1:is made right here Right.
Speaker 2:Tyler's desk. Yes. Apple designs the chips while TSMC and Samsung manufacture actual advanced processors, and the acquired fab does not necessarily mean Apple would manufacture its own chips. So interesting story. Anyway, moving on.
Speaker 1:We covered this a little bit yesterday, but Figma crushed their q one Yeah. 46% year over year. Yeah. Revenue growth accelerating for the second straight quarter. They had net dollar retention rate of a 139%, our highest rate in over two years.
Speaker 1:And they raised their 2026 revenue guidance. Yeah. Dylan says design matters more than ever. Yeah. I agree.
Speaker 1:Yeah. I agree.
Speaker 2:You're everyone's gonna be building more software. At some point,
Speaker 1:we're gonna need to make we're looking we're looking at a website. I showed this website to Rahul and he said, oh, that's the that's the classic like taste is the new moat website. Yeah. Just like website that looks the tasteful looking website that looks like every other website which inherently means it's not
Speaker 2:Yeah. The prompt was like make it look tasteful and it like ripped some shameless thing. It didn't feel inspired. It is it is interesting.
Speaker 1:FIG rises up 14% today. Back up to 12. Yeah. There we go.
Speaker 2:12,000,000,000?
Speaker 1:12,000,000,000.
Speaker 2:Fantastic. A year ago, Fig would be trading at 30 x rev on those numbers, but since all the algos have zeroed out terminal multiple, it's only up 8%, says Dolly Bali. And yeah. People are going back and forth on this. But, two guys making sandwiches at the Wawa loudly discussing their profits on semi trades just now.
Speaker 2:Is that a top signal? I was looking back to the timeline, and Martin Screlly called the top on semis, I think May 1, something like that. And Tyler's shaking his head. He thinks we're still going up. Up only.
Speaker 2:Right?
Speaker 1:I mean, it's been
Speaker 2:two weeks. It's like Yeah.
Speaker 4:If you call it tough
Speaker 2:call it tough day, like, you know, he's like it's a it's a rough call. Yeah. I think you get like
Speaker 4:You get like plus or minus a month? That's a long time.
Speaker 2:Plus or minus like two months even.
Speaker 4:Yeah. Two months?
Speaker 2:Yeah. I mean like the big the big macro narrative on semis is like is like a multi year.
Speaker 4:So June is is kind of the cutoff?
Speaker 2:Yeah. End end of end of June, I'd be like, you need to you need to update this. You need to give us an update on whether or not you still think the early May was the top of the semiconductor cycle. There are some companies that are in semis that are trading ahead. Mean, Intel is like we were talking about with Doug O'Laughlin yesterday.
Speaker 2:Intel has a lot of good news and good plans, but now they have to actually execute. There are a bunch of other semiconductor stocks that are essentially the multiple on forward earnings is actually compressing. So Micron, I think, was one that's up 790%, but forward earnings are up 2000%. And so they're going to be growing a ton next year. They have a ton of demand, and so the market's moving on that.
Speaker 2:But they haven't realized that yet. And so I I mean, I think that they will, but the question is how far can they go? How far can they take it?
Speaker 1:Well, we're waiting for the situational awareness q one Do drop. Not yet. Okay. Not yet. But We'll to figure it out.
Speaker 1:Should be in the next
Speaker 2:Yes. Few hours. Well, XAI cofounder Agor Babushkin is planning to raise up to 1,000,000,000 and up to $5,000,000,000 valuation for a new AI research startup with general catalyst possibly leading. Why is Tyler laughing so much?
Speaker 4:Rahul had a good post earlier.
Speaker 2:Oh, yeah. Okay.
Speaker 1:GC has a very high moral bar. So I don't think Igor will be continuing to work on Ani. Maybe. And some of the other features that the x AI Might
Speaker 2:be pivoting.
Speaker 1:Focused on.
Speaker 2:Might be pivoting. I think that that that whole debate did sort of quiet down. Like, we were wondering if there's gonna be an escalation, if we were gonna see Reggie and Eric like going at it or Hamant jumping in. But it sort of you know, it felt like a lot of the a 16 z folks came out and and put the line in the sand on top
Speaker 1:closely of followed a rap battle before. There can often be a one or two day gap.
Speaker 2:Studio.
Speaker 1:They're in the lab. In lab.
Speaker 2:Cooking up the next response video. I would love the new meta to move away from the vibe real, the podcast appearance, the tweet, and the one minute polished scripted ad firing back attack ads. This is great. I do think we should get more into just straight up political attack ads. Like, Marc Andreessen
Speaker 1:wants to
Speaker 2:fund a robot dog. He wants to put your dog out of business. General Catalyst is for real dogs, and Andreessen is for fake dogs. Vote like, raise money from General Catalyst.
Speaker 1:Mark Andreessen will Just a Shut down your local veterinarian. And turn it into a dog robot workshop.
Speaker 2:Exactly. Exactly. Like, there's a certain aesthetic to the to the the the political attack ad that we all know and love, and no one has taken that and appropriated it as a form of marketing. So greenfield opportunity over there. Well, the research startup from the x AI cofounder is called River AI.
Speaker 2:I like that name. I think that the the
Speaker 1:Drop the
Speaker 2:AI. The recursive Just the river. General intelligence, applied intelligence, accelerated intelligence. There's one that's like indescribable, ineffable intelligence. Like it it was getting a little crowded in that namespace.
Speaker 2:Unconventional? River River just sounds good. I I like it. I think it's a good name.
Speaker 1:How about Anyway. Conventional conventional intelligence.
Speaker 2:Conventional intelligence. Midwit intelligence. No one that,
Speaker 1:you know
Speaker 2:Mid curve intelligence. Yeah. You do sort of have like, you know, more left leaning AI labs, more right leaning AI labs. There's no there's no like, you know, good old boy southern intelligence. Intelligence.
Speaker 2:Like a a model that's explicitly trained to focus on like a cold beer, a lifted truck.
Speaker 1:That's true.
Speaker 2:You know, getting your boots in the mud.
Speaker 1:That's true. Like kind of like intelligence.
Speaker 2:Country intelligence.
Speaker 1:Country intelligence.
Speaker 2:Country intelligence is not
Speaker 1:Where it just constantly it can't stop talking about cold beer.
Speaker 2:Yeah. Yeah. A cold beer.
Speaker 1:It'll just slip in like
Speaker 2:Cold beer on a Friday night.
Speaker 1:You did great on that task.
Speaker 2:Why you have
Speaker 1:a You cold deserve a cold beer.
Speaker 2:No one's working on country intelligence.
Speaker 1:It just can't stop. It just it it it it's like like goblins. Right?
Speaker 2:Or Yeah. Are telling
Speaker 1:you to go to bed. It's like it just is like Yeah. How about that new f one fifty? Yeah. It was like Yeah.
Speaker 1:What does that have to do with what we're working on?
Speaker 2:Exactly. It's like Dario talks about having a a country of geniuses in the data center. What about Country geniuses
Speaker 1:in the data country of Ford f one fifties in a data center.
Speaker 2:Exactly. I want country geniuses. Well This is an interesting What's going on?
Speaker 1:Data point from David. He says the entire NIH annual budget for neuroscience research for all scientists across The US is about 3,000,000,000 a year. Now there are something like dozens of neo labs that have all raised 0 to 1,000,000,000 within months of being founded and they're all doing the same thing. I guess the solution here is to give $3,000,000,000 to a neo lab working on neuro neuroscience.
Speaker 2:You know This solution is always more profit neo. To for profit. Has anyone thought about going the other way?
Speaker 1:Well, I do think a lot of these NeoLabs could end up being nonprofit.
Speaker 2:Eventually. Eventually, you never know. Well, you know what's not a nonprofit? Benchmark Capital. Because when Benchmark invested 6,700,000
Speaker 3:in bed
Speaker 2:in 1997, the auction company's valuation was $20,000,000. By next spring, the company was valued at more than
Speaker 3:$21,000,000,000.
Speaker 2:The value of Benchmark's stake
Speaker 3:had grown a 100000%
Speaker 2:in less than two years time.
Speaker 1:I'm doing the Chad sound effect.
Speaker 2:I know. I I can see it. Can I see it on my I see it? Know I I know what's happening. It's actually better without the IEMs.
Speaker 1:Somebody somebody commented on Spotify yesterday that that somebody needs to talk to Jordy about the soundboard. Yeah. And then a bunch of other people commented and said, yeah, that he's not using it enough. Yeah. Sorry.
Speaker 1:Sorry. It's What do you
Speaker 2:think about
Speaker 1:That's like asking a musician like, hey, don't make music. Yeah. You know?
Speaker 2:What what how would you react if if if some enterprising author, journalist came in and said, hey, we wanna write we wanna write the definitive story about TBPN. We're gonna profile Tyler and Jordy and John, Ben, Brandon, the whole crew. We're gonna tell the story. And and you're like, that sounds amazing. I would love to be in a book.
Speaker 2:That's so cool. Like, what we're doing is so important. And then you're like, what's the book gonna be called? And the author's like, I'm gonna call it e boys. Would you be down for that?
Speaker 2:Or would you be like, oh, damn it. I kind of was hoping you would refer to me as a man.
Speaker 1:I I like this.
Speaker 2:For an adult. You like this?
Speaker 4:Yeah. You Also is The subtitle
Speaker 2:Subtitle is hilarious.
Speaker 4:Tall men.
Speaker 2:Yeah. Yeah. Sort of you had me in the first half there, but then the but then the subtitle comes back because it's the true story of the six tall men who backed eBay, web van, and other billion dollar startups. It's the book about Benchmark by Randall Strouse.
Speaker 1:I've read this book.
Speaker 2:If you haven't read it
Speaker 1:It's probably been
Speaker 2:look at it, a review.
Speaker 1:Six or seven years that I've read it.
Speaker 2:Benchmark's financial exit on eBay was known as a kegel in the VC industry. That's like the term triple double being associated with Oscar Robinson because of this historic season average. In June 1997, when the Internet auction site was in its infancy, the executives each pledged 6,900,000 shares of collateral for 2 seven hundred and fifty thousand dollar loans from Benchmark Capital. Their stock wasn't yet publicly traded, and the shares were valued at 11¢ apiece. I remit I remember meeting Bob Cagle at Benchmark in 1999, says Trent Griffin.
Speaker 2:And talking to him about eBay, he believed in early that online marketplaces could be important. Yeah. I'd say so. Investing in a category creating business required variant perception. Consensus doesn't identify unknown unknowns a priori.
Speaker 2:Anyway. Alright. Interesting.
Speaker 4:Let's pull
Speaker 1:up this video you posted this morning that is completely flopping.
Speaker 2:Yeah. Is flopping.
Speaker 1:But it's funny to me.
Speaker 2:We got one Nick. Thank you. Nick Carpentino said Carpenito says banger. Both
Speaker 1:Can we put it on the big screen? I
Speaker 2:if we play this, we're gonna get demonetized and we're gonna have to cut it out. But you can just go enjoy it on my timeline.
Speaker 4:I can send the without the music.
Speaker 2:Nah. It doesn't hit then. Anyway, it's Fast and the Furious plus Jerome Powell. It's fun. Anyway, moving on.
Speaker 2:Is Scott Besson was on CNBC talking about meeting with the Chinese vice premier.
Speaker 3:They're saying it's one of
Speaker 2:the wettest and purplest appearances in television history, suppose. I'm not saying that, but uncle Doomer is, I guess. We're going to talk about forming a board of trade for the bilateral
Speaker 5:trade between The US and China, and we're going to talk about the board of investment that will be responsible for investment in non sensitive areas. That's a lot of jargon.
Speaker 2:Look, being purple on CNBC, that's on CNBC or whoever his lighting technician is for this call in. If you're calling into a television show or TBPN, check your lighting. Put a big light off to the side right here. Make it nice and soft. Make sure you look normal.
Speaker 2:Adjust the white balance. These things can be fixed. Ask ChatGPT if you're having trouble.
Speaker 1:Is this on Air Force one?
Speaker 2:Yeah. It's probably in a very temporary setup, like just curtain, flag, what else do you need? Like, it's not that much. But also powder, I don't do this because we have a temperature controlled facility and we're, you know, like take showers before the show and dry off. But if you are moist, you can use some sort of powder that a lot of people put on before big interviews.
Speaker 2:It's sort of one step away from like a full hair and makeup setup. But it is recommended if you are moist and you're doing press, these are the things you learn from doing content. Anyway, the CEO of Patek Philippe, Terry Stern, says you don't come to Patek Philippe because it's
Speaker 3:more expensive.
Speaker 2:Well, why do you come to Patek Philippe? We will have to figure it out. It's in today's Financial Times. I want to read it on paper, but you can follow along on the actual article. So Oh, no.
Speaker 2:This is the wrong one. Here we go. You don't come to Patek because it costs John.
Speaker 3:What's up?
Speaker 1:Chad's loving the casual show today.
Speaker 2:Yeah. They're saying trying?
Speaker 3:Order food.
Speaker 2:Oh. Should we
Speaker 1:We try not to eat. We try not to
Speaker 2:eat Eating doesn't really work. Yeah. You get a lot of dead air. It doesn't quite work. But you know what does work going to Patek Philippe, but not because it costs more, but because of their approach to retail and production apparently.
Speaker 2:They these are stormy times for luxury watchmakers. We've talked about this with Quaid from Bezel, talked about all of the tariffs and whatnot. But the waves have not yet crashed into Patek Philippe. Do you say Patek or Patek?
Speaker 1:It's supposed
Speaker 2:to be Patek. I think the real ball knowers say Patek. But the war is there, but we are still selling, says Terry Stern. Stern is the fourth generation of his family to lead Patek. The privately owned high end watchmaker does not report on its financial performance, and the 55 year old Swiss scion of the Stern family is not about to break with convention and go into detail.
Speaker 2:But Morgan Stanley estimates its revenue has jumped by more by about 25% over the past two years to How much do you think they're making per year? Gross revenue? Gross revenue for Patek Philippe. In a full year, what do you think they're making?
Speaker 1:Wow. I actually have no idea. Is it like 5,000,000,000?
Speaker 2:Not bad. 3,200,000,000 is the estimate from Morgan Stanley. You divide that by what? A $100,000 on average for a watch because they have a lot that are higher, but they have some that are sixty, fifty or something. But not moving a ton of watches.
Speaker 2:But don't forget, Patek Philippe doesn't produce that many watches. Patek produced about 75,000 watches last year and expects output to remain at the same level. We have good balance around the world, and we have been very cautious about allocation. If one part of the world doesn't work well, we can always shift the watches. Patek is clearly active in securing its own retail footprint.
Speaker 2:In March, it acquired the multi brand retailer Bayer Chronometry for an undisclosed sum. Bayer, a Zurich based jeweler founded in 1760, overnight success there, is thought to be the world's oldest watch retailer and oldest Patek dealer. Stern said it would become the brand's fourth owned and operated boutique style salon, adding outlets in Geneva, London, and Paris, and will only sell Patek watches. But he's quick to quash suggestions. The move marks the beginning of a retail grab in the same vein as Rolex's acquisition of a luxury watch retailer, Boucher Boucher.
Speaker 2:Boucher. I don't know how to pronounce that. In August 2023, I'm a watchmaker, not a retailer. I still need the retail Patek has taken a strategic approach. Are you doing those voices on me?
Speaker 2:I imagine you are. I I, like, made one joke about it being too much, and people were like, oh, John doesn't have a good sense of humor about it. I'm fine. Don't worry. According to analysts, every watch, which I guess is the semi analysis of the watch industry, the Rolex move generated revenue of almost $600,000,000 last year for Switzerland's largest watchmaker.
Speaker 2:This is the certified pre owned business model that Rolex launched in 2022. 10% of the global watch watch market for secondhand Rolex watches. Everyone when everybody started, they thought they could make a lot of money then they realized it's not that easy. Stern doesn't rule it out though. I'm thinking about something but it's too early to talk about it.
Speaker 1:A vague posting.
Speaker 2:He's vague posting about potentially
Speaker 1:Financial time.
Speaker 2:Certified pre owned Patek's at a retail store. You go and you buy something, can't afford, can't get an allocation, the latest watch, or something comes in that's special and needs to go on the second hand, second market. He can take a piece of that. For now, he seems content with the shape and strategy of the business. Morgan Stanley's figures indicate that the top four privately owned switch switch Swiss watchmakers, Patek Philippe, together with Rolex, AP, and Richard Mill, control about 50% of the luxury watch market last year, up from 37 in 2019.
Speaker 2:There's consolidation in the market. Smaller players are fighting for survival. I don't need to have more brand sharing this market, but he does recognize the problem. I don't want anybody going down either, but a lot of people will be out of business. A wild
Speaker 1:plan. Pretty cool.
Speaker 2:Look, it'd be a shame if my competitors were destroyed and burned to the ground. I don't want that.
Speaker 1:But it's very likely.
Speaker 2:It's going to happen. Some of those struggling with increased competitive pressures have already turned to new markets to generate sales, particularly India, and also the Swatch collab might be an answer to this. Stern won't be following though. Why should I go there? It's too early.
Speaker 2:Most of the Indian clients that want Patek are living in London or traveling to Geneva in The Middle East, so it's not my priority. What access they might have to his watches when they when they travel is also unclear. The tourist doesn't really have the chance to buy a Patek, he says. The retailer has to sell to the local client. Yeah.
Speaker 2:So he's like he's like the the the folks in India who want a Patek can just go to Switzerland. But then he's like, but also I will never sell the tourists. You have to be a local. So I I imagine he's talking about like Indian billionaires that have homes in The Middle East or Switzerland or Geneva or
Speaker 1:Yeah. If you have an enemy that's into that's getting into watches and they don't really know the game yet, tell them to book a trip to Geneva because all the major brands Yeah. Are presence there and stores and they should just go there. If they want a nice watch, they should just go there and ask for one. I'm sure they'll they'll be very successful.
Speaker 2:Interesting. So The US is shifting away. The Patek's US retailer network has been reduced by two thirds to thirty eight thirty eight stores, but it still accounts for 16% of the company's total revenue. So they're not doing too poorly. There's a certain category of clients who may be like this, he says, when asked about the perception of his watches as elite status symbols.
Speaker 2:But you don't but you don't come to Patek because it's more expensive. He says his family's company is not aimed at the kind of customer who wants to flaunt an expensive watch to command attention. This is not me. They won't be doing the iced out from the factory anytime soon, I suppose. Auction market
Speaker 1:talk about the Cubitus?
Speaker 2:No. Almost two decades. No. Dodged entirely. Doesn't didn't talk about Well
Speaker 1:They're not asking hard questions at the Financial Times.
Speaker 2:Yeah. Real real missed opportunity. I don't know. The I I feel like the Cubanese was advertised in here, though. Isn't it on the back of this?
Speaker 2:I feel like I saw it in this Financial Times. There's a lot of ads in here. I don't know. No Xena. No.
Speaker 2:The time. I feel like I saw an ad for Cubanese.
Speaker 5:What
Speaker 3:about this? In here? In here?
Speaker 2:No? What about in the journal? Is it in the journal? I feel like I saw it after the cube of this somewhere. Anyway, we should go over to the journal because the mansion section has a very interesting story today about a forty year marriage built one gut renovation at a time.
Speaker 2:If you want a successful relationship, buy 10 houses over four decades and constantly be renovating. I think there's a lot of truth in this. Let's read the story. I'll give you my take. So one Oklahoma couple spent decades and roughly $14,000,000 buying, redoing, and selling eight properties around Tulsa for their ninth production they built from the ground up.
Speaker 2:They say for them, it's an adventure. Anne and Mark Farrow are real estate wildcard, Always at home, never settled. Over forty years, they've gutted and lived in eight houses around Tulsa. They built the the ninth they built, together, their house transactions have totaled about 14,000,000, a portfolio market by a portfolio market by reimagined floor plans and high end finishes. Their latest, a 7,200 square foot build draws on everything they have learned since their first renovation in the nineteen eighties.
Speaker 2:Now even the pharaohs wonder whether the journey is over. This house would be hard to duplicate says Mark 60 '7. 06/07. The Wall Street Brain Rod Journal at it again?
Speaker 1:Turning turning 67 in 2026 is They
Speaker 2:they also profiled an entrepreneur who's 67 who just started a company. Weird. But company is ripping, doing well, never too late to start a company. Let's get him some let's have him on the show. We'll we'll read that later.
Speaker 2:Yeah. Resisting another fixer upper won't be easy for the couple who rejected being called flippers instead identifying as serial renovation lovers. I go through withdrawal without a home project says Anne sixty three who's retired. While nine home projects would send most couples into mediation, the pharaohs view logistical nightmares as their as a shared thrill. Their secret?
Speaker 2:Radical honesty and speed. For us, it's an adventure, Mark says.
Speaker 1:These are real operators.
Speaker 2:They're you know, no. This is a team. This is you're looking at the Collison brothers, the the the family business builders of of real estate. We we we should scroll through the actual images of the house because they got started pretty small. $86,000 in 1986.
Speaker 2:They bought the starter home. They sold it in 1993 for 97,000, held for nine years, only made 10%. But that was the that was where the adventure began in 1986 with a Cape Cod style house. It was 2,000 square feet. Interior was complete with a lavender formica countertops and a wet bar.
Speaker 2:Their first construction project closing in closing in an office to make an extra extra bedroom. Interesting. You know how alcohol sales are falling off a cliff? Yes. And there's like oh, who was it?
Speaker 2:Derek Thompson had a good post about this, and he sort of enumerated all the different reasons why alcohol is falling off a cliff. He posts a lot. He posts a lot of good stuff. Where can I find it? Alcohol, alcohol.
Speaker 2:Wow, he does post a lot. He said something to I'm like days back. Okay. Here we go. So off the top of his head, secular anti alcohol trends, GLP ones, post nineteen seventies rise of helicopter parenting.
Speaker 2:Although I feel like you can drink on a helicopter as long as you're not highlighting it, reaction to the binge drinking spike of the late twentieth century. There was a binge drinking spike in the late twentieth century? Oh, that was like
Speaker 3:the
Speaker 2:CKY, you know, Johnny Knoxville era, I suppose. That probably led to a lot
Speaker 1:of that. There's also a power law in binge drinking. Right?
Speaker 2:Yeah. They say what 1% of the binge drinkers do 99% of the binge drinking, something like that?
Speaker 1:No. I think it's actually like 10% of Yeah. People that consume alcohol consume like 90% of
Speaker 2:Yeah. No. No. This is the alcohol. This is this is true even for the like, you think about like the market for Budweiser or beer brands and you think about, like, the college party getting a 30 rack.
Speaker 2:But in fact, the vast majority of the revenue is driven by the, like, Johnny six pack, which is, like, a guy who gets off of work at five and picks up a six pack on the way home, on the drive home, and doesn't go for doesn't buy in bulk because if he gets the 12 pack, he won't be able to stop drinking after six and he'll be hungover for the work day to the next day. And so it's six pack every single day and this was like a thing in America for a very long time, but it doesn't seem to be happening. Andrew Hooperman agents running at all times.
Speaker 1:Hooperman said drunk. Alright, guys. Yeah. Let's cut it out.
Speaker 2:And let let's see. So phones are apparently killing teenage partying because everything's on video I suppose. You get so you don't want be in like compromising situations in the surveillance state supposedly. Surge in young adult fitness, dancing clubs down, running clubs up, and the general rise of health maxing culture among both liberal yuppies and maha devotees. So huge collapse in drinking among high schoolers.
Speaker 2:It fell in the nineteen eighties, It was ninety two percent of twelfth graders who had ever consumed alcohol. This year, forty seven percent. That is remarkable. There's also a substitution effect between alcohol and cannabis. Significant proportions of cannabis use led to less alcohol, sort of mixed bag there.
Speaker 2:And I think non alcoholic beers getting pretty good as a small part in this too. So there are lots of reasons why it's down. And I wonder if we will see the next generation of real estate development stay away from the wet bar. Like you like like as you look at houses, wet bar is not at the top of lot of people's list. You know, they want home office because of COVID, work remote.
Speaker 2:They want sauna, pool, playroom, maybe movie theater. No. I think I'm weird on that one. But Clearly, theater is
Speaker 3:still I would
Speaker 2:say movie theater is above wet bar for most people. Yeah. But wet bar used to be like, you gotta have it. Like it was in a it was in a 2,000 square foot house. Like it like it was in like a starter home though that cost $86,000 and the and the builder or whoever lived in this house was like Yeah.
Speaker 2:Well, we gotta have a wet bar here. Yeah. So let's
Speaker 1:'20 do '26 was the year that wet bar and home home data centers swapped.
Speaker 3:Oh, you think the home data center thing
Speaker 2:is gonna take off? The tiny boxes are gonna be stacking up.
Speaker 1:Yeah.
Speaker 2:Yeah. I was I was watching reel from Markiplier. Home cluster.
Speaker 1:Do do you know Cluster in the basement.
Speaker 2:Do you do you know the story of Markiplier? No. Okay. YouTuber, filmmaker, online You know he had a crazy work movie. Exactly.
Speaker 2:So Markiplier, he does these Let's Play videos for indie horror games. So he would essentially like a Twitch streamer but on YouTube and would upload the full Let's Play. He was listed by Forbes as the third highest content creator on the platform in 2022, won four Streamy Awards, spun off his YouTube fame into a notable media career. And then in 2023, he signed with UTA and starred in a series called Edge of Sleep and then made his theatrical debut directing, producing, writing, and starring in and basically financing horror film Iron Lung in 2026, which was a breakout hit for a $3,000,000 budget. The box office is $51,000,000 real narrative violation on can YouTubers cross the chasm.
Speaker 2:They can if they bring their audience into the theater but Hollywood doesn't want to play nice with them at all because he still had to sort of go around in this like weird way where this seems like an obvious thing if you were a studio executive that you would have been able to predict this but they didn't in this case and he financed it himself. Anyway, Markiplier was talking about the process of doing one particular visual effect shot with I think a lot of blood like pouring everywhere. And so he's not in the AI era. He's also not in the practical era. He's going to be using visual effects for this simulation of fluids which is extremely computationally intensive.
Speaker 2:You have to create the system that shows with the gravity, simulate the gravity, simulate all of the different three d meshes where the geometry is, where the blood will be spilling in this particular scene. And he was working with an outsourced visual effects house that was very, very costly. And most importantly to him, it required a lot of back and forth. And there was he mentioned it was an international group so there was a little bit of like lost in translation where he would say, I want the blood to be more red or darker. And then they would say okay, we'll rerender and that would take days and then they would come back and he'd be like no, I actually want it to be splashier or you know thicker or something like that.
Speaker 2:And so those notes were going back and forth and he wound up converting a bathroom in his house to a supercomputer. Like he basically got a whole bunch of racks and a whole bunch of GPUs and wired them all together and was able to do the rendering his own. And he actually put in 220 volt power into his bathroom like it's a like it's where you charge an electric car. And he said that the electricity was actually somewhat expensive but it sped up the development so much Yeah. That even though this bringing it in house process was extremely expensive, it was still worth it.
Speaker 2:So I think get rid of the wet bar, put in a home data center. If you're building a new house and you want it to if you're doing a flip, it's going be the hottest trend over the next couple of years, a place to stack up Mac Minis, IT cabinet otherwise. So they moved on to the heartbreaker. They were moving up. 1992, they bought a house for $1.73.
Speaker 2:Sold it. Two years later for $2.25. A little bit more of a bump. 3,000 square foot traditional brick house. Then they get into the rambling ranch.
Speaker 2:They actually stepped back in terms of price. This one was only a $140,000, but they sold it in 1999 for $2.50. Then they move into the architectural anchor. And then there's something interesting. They they were in this this estate.
Speaker 2:Mark bought a house. I bought a Rose Garden. They paid 785,000 in 2007. That's right before the housing collapse. So they were probably underwater for a little bit, but they wound up getting out with a good gain in 2014 for 1,675,000.
Speaker 2:It was 6,600 square feet. House needed a gut renovation. They added the best of everything. That included basement sports bar. They went back to the bar.
Speaker 2:No data center back in 2007. Four televisions. I don't know. Local computing existed then. You could have a LAN center.
Speaker 2:You could be LANning. You could be playing COD. You could be playing Rust. Outside, they enlarged the Rose Garden then in 2014. Said, why did I even answer the phone?
Speaker 2:Six hours later, their real estate agent brought an innocent looker by the house and they committed to a sale. So then they dramatically downsized. In 2014, they moved into an apartment for $320,000. They sold that for a gain of $3.75. Then they moved to the penthouse in the same building, got renovated again.
Speaker 2:And then finally, they moved to the Tulsa Picasso, and then they built their massive new home, which they actually bought the land for just 740,000, but then they put a construction budget of 5,000,000, a huge ratio of house to land prices, but they have paid for everything, prepaying for windows and HVAC units a year in advance just to stay ahead of the supply chain. The result is a home that balances grand scale with the warmth that has become the FAROUS trademark. The interior has walnut floors, mahogany trim and a dramatic marble fireplace with graphite and amber veining. Though it does have what Anne considers her biggest ever design blender, a swim jet, which creates a current for swimming in place in the pool. It's a treadmill pool She and doesn't like it.
Speaker 2:She says, I just don't like using it. Have you ever used a swim jet? Have you ever felt the urge to go on a swimming treadmill?
Speaker 1:I've never been a big swimmer. I did rent a house at one point that Or a
Speaker 2:surfboard guy. What about Wave Pool? That would be an option.
Speaker 1:Yeah. There is this company that makes a device that allows you to mimic paddling on a surfboard.
Speaker 2:But you can't stand up and actually surf?
Speaker 1:No. It's just for training this And, yeah, it's pretty it's pretty Yeah. They pitch it as like you're you live you you don't live near the beach and you're going on a surf trip and you want to be in peak.
Speaker 2:Oh, so it's it's truly for working out. Okay.
Speaker 1:But Okay.
Speaker 2:Well, anyway, did they do a wet bar? Let's find out. I don't think so. They did a baby kitchen for catering, a wine room leveling up, and an office that feels perched in the trees. The couple remains unsentimental about the bricks and mortar.
Speaker 2:We'd never move back into a house we've sold. We're always looking to what's next. For now, they say they're having too much fun with their current house hosting parties, golf golf friend get togethers, board meetings and even a wedding to think about what's next. Those who know them best are skeptical. I give them three to five years.
Speaker 2:There is this one elusive neighborhood that keeps slipping through their fingers. I predict they will do a house project one more time. Famously, there was Bob Hope in
Speaker 1:Adam in the chat. I used a swim jet. It was like trying not to drown in a controlled manner.
Speaker 2:Yeah. Doesn't sound Bob Hope was a radio star, talk show host, traveled the world, did USO tours, always on tour, world famous. Must have been very difficult for his relationship with his wife, but they worked together for decades. And I think part of the secret was that they were constantly renovating this massive estate in Burbank, and they would renovate it from start to finish back and forth constantly. And he had this amazing office there with a vault that was that you could walk in, and he had every joke that he'd ever written cataloged in in, like, filing cabinets there and had a whole studio basically where his writer's room could come to him and then eventually when they got older they built an elevator and this whole time they had a project that they could work on while he was also doing his project and everything else.
Speaker 2:So never bored and it stood the test of time. Anyway, have you heard of Smashbox Cosmetics? Has anyone No. Heard of Smashbox Cosmetics? What is the story of this company?
Speaker 2:Because the co founder has one of the greatest names I've ever heard. His name is Dean Factor. Dean It's a powerful name. And he is selling an estate in Los Angeles for just shy of $50,000,000. It's in Sullivan Canyon.
Speaker 2:It was inspired by the architecture of classic California ranches including San Ysidro Ranch where John F. Kennedy and Jackie Kennedy honeymooned. I didn't know JFK was up in San Ysidro Ranch. Cosmetics scion, Dean Factor and his wife, Shannon Factor, knew they had their work on their work cut out for them in 2011 when they purchased a neglected piece of property in Los Angeles' Sullivan Canyon. The modest dilapidated house on the roughly eight and a half acre parcel, that's a huge parcel for this part of town, was filled with asbestos.
Speaker 2:The driveway was cracked. The landscaping was barren and dry. For six years it was kind of used as a dog park so it was just beat up. Do you think robot dogs would do more damage? Because they're heavier.
Speaker 2:Right? And also the EMF might fry all the local fauna. All the local bushes are just getting roasted by the by the Boston Dynamics radio waves. Just as it's stepping through the grass, the grass is just wilting and dying
Speaker 1:put a microwave on top of the robot dog, plug it in, just be running it Yeah. Constantly.
Speaker 2:They're like, it doesn't pee on the grass. There's gonna be no damage. Have we studied it? Do we know that
Speaker 1:the data?
Speaker 2:Have we looked at the data?
Speaker 1:So we looked at the data.
Speaker 2:We looked at the data and it it's actually 10 times worse than just having a dog running around.
Speaker 1:Don't know.
Speaker 4:The robot dog's only 75 pounds.
Speaker 2:Okay.
Speaker 4:So that's
Speaker 1:like a big dog. That's my dog.
Speaker 4:Yeah. There's dogs that are bigger than that.
Speaker 2:Okay. Are there any other environmental damages that could happen from letting a robot dog run wild on an abandoned property? Let's figure it out. Undeterred, the factors brought the land for 8,000,000 according to property records. Unable to salvage the home, they kept knobs, fixtures, and other hardware using it in the new roughly 17,000 square foot home with a private lake.
Speaker 2:Private lake. That is insane. Fruit trees and medicinal herb garden. Now with the two oldest of their five children in college, they are listing the property for 50 mil or 48.5. Dean's great grandfather co founded the cosmetics company Max Factor.
Speaker 2:What are we doing?
Speaker 1:That is an
Speaker 2:insane name. Dean co founded Smashbox Cosmetics which Estee Lauder acquired in 2010. He's now a private investor. Wow. The factor spent years rehabilitating the land, installing irrigation, regenerating the soil, replanting seeds and caring for trees.
Speaker 1:It looks fantastic.
Speaker 2:Their eight bedroom home was inspired by the architecture of San Ysidro Ranch, which we mentioned. It does look fantastic. So oh. The downstairs is pretty cool. The basement level entertainment hub.
Speaker 2:They call it the lounge. It has a wet bar. It also has a pool table and a game center. Nice little rustic vibe. This feels straight out of like Montana or something, and the rest is very very modern Californian.
Speaker 2:Really, really nestled in there. The property has indoor and outdoor fireplaces, private hike hiking trails and a sports court. Over the years, every inch of the house and land has been enjoyed by the children, friends, and many animals. So they're letting the animals run wild. No robots on on-site.
Speaker 2:We needed extra quiet spaces for studying and working. Other amenities include a gym and elevator and a massage and yoga room. And this last one, the tree house, magical little inspiration portal set in nature. This thing's cool. I like a big that that is that even a tree house?
Speaker 2:That here's a house that's adjacent to a tree. I feel like a tree house needs to not touch the ground and be built Yeah. Entirely around the tree to qualify.
Speaker 1:Slarping.
Speaker 2:Right? Yeah. That because you see these houses where they put the tree inside the house. This is like this is more that than a full tree house.
Speaker 4:It looks like the tree is going through the porch. Yeah.
Speaker 2:Yeah. So Yeah. I I think there's a little bit of false That's
Speaker 1:a tree porch.
Speaker 3:This is a tree porch. This isn't
Speaker 2:a tree house. This is a house that's built adjacent to a tree. Nice try. Nice try.
Speaker 1:Could be a great place for a home data center though.
Speaker 2:It could be. It could be. Inside of a tree. Do you think you you know how like with AI a lot of people are building like useless stuff? Like you see a lot of things.
Speaker 2:This happens all the time where someone will like vibe code something and you'll be like, but I could just use the real thing. Do you think like during like the metallurgy revolution people were like, I made a tree out of iron. And people were like, but why can't I just use it? Why can't I just have a tree? People were like, I mean, it's a it's an iron tree.
Speaker 2:And then they had to explain like, oh, we're gonna have to be more creative here. We're gonna have to do something new with this. And then people were like, okay, like rails for trains or, you know, boilers for steam engines. They were kinda
Speaker 1:doing that. They're like, I made wood out of metal.
Speaker 2:Yeah. I think there's a little bit of that. You gotta be there's a lot of when a new technology comes around, just sort of reinvent everything. This was the same thing with a lot of, you know, you see it in media all the time where the the the the new platform comes and it's the old thing on the new platform doesn't quite fit.
Speaker 1:But Did you see Yeah. That Matthew McConaughey once exiled himself from Hollywood and lived as Matteo What? In Peru.
Speaker 2:No. Is this real?
Speaker 1:For twenty two days without electricity. Oh. He said I needed to get my feet on the ground, so I clicked out. Boom. Go to Peru.
Speaker 1:I needed to find it to check the validation. I knew I had it, I just had to go prove it. I wonder But I did question now that I just got famous, I've got all this affiliation for this and that and the other and I'm trying to decipher which part's real and which part's BS. I needed to meet people who knew me as Matteo. And at the end of twenty two days, the tears in their eyes and the tears in my eyes and the hugs we had on the sadness and happiness of saying goodbye were all based off of the man they met named Matteo, who had nothing to do with a celebrity.
Speaker 1:That reaffirmed my own identity that, oh, I still got it. This is based on me. That's might be Alpha and going to Peru adopting a fake name and living for twenty two days without electricity. Yeah. Because every time I hear Matthew speak, there's always there's always some wisdom that comes through.
Speaker 2:How did he pull this off?
Speaker 1:Kyle, you missed your opportunity to go to China this week and just simply post a picture and say, thank you for thank you to, China for allowing me to be here in your incredible country during this incredibly significant visit. But it's not too late to go to Peru.
Speaker 2:When did he go to Peru? Do we know what year this was?
Speaker 1:Let's find out.
Speaker 2:Because he's he's married with three kids. I imagine it's a big ass to be like, honey, I'm gonna be gone for a month and I won't have electricity. Good luck with the three children. But clearly worked out. They're still together.
Speaker 2:So, you know, it landed. Wait. It was in '97? Okay. That was that was that was before he was he was married.
Speaker 2:Anyway, another option if you're feeling burned out at 67, you don't want to renovate your house, start a business. This entrepreneur started a business at 67. Says it's been much better than retiring. So many of my retired friends are bored but I'm constantly learning new things and meeting new people. So my late father-in-law, this is a piece by Daniel Oxt.
Speaker 2:He says, my late father-in-law loved orchids.
Speaker 1:They're Matthew is LARPing as Mateo.
Speaker 2:He was
Speaker 1:LARPing around? Actually.
Speaker 2:He was LARPing it up. My late father-in-law loved orchids and in his decade long decades long passion, he built and maintained two large greenhouses. At an age when most people were retired or worse, he was still breeding new hybrids knowing full well that they wouldn't blossom for years. He wasn't a man to sit idly in death's anteroom awaiting the grim reaper. I take heart from his example when I wonder in moments of doubt or exhaustion why in the world have I launched a demanding business in what otherwise might have been a leisurely dotage.
Speaker 2:In some ways, the nature of our undertakings is similar. Mine is a publishing venture. But when I but but I was more motivated by the flowers, which is to say the books we bring forth than any prospect of financial gain. Some, so he's launching a Stripe press competitor. Oh.
Speaker 2:Shots fired. Call Tammy Winter. Tell her to double down because there's a 67 year old who's coming, and he's gonna eat Stripe's lunch potentially. Now it seems like this is more of a labor of love. Starting a business is a lot of work, but for an older entrepreneur, that can be more of a feature than a bug, he says.
Speaker 2:Some of my friends retired from impressive careers now find themselves bored or under occupied. Meanwhile, I deal with with a continual barrage of challenges, great and small, most of them welcome. People assume that I'm the one keeping my little business going, but the opposite is probably equally true. Starting a business in retirement may sound like an oxymoron, but the idea has quite a few virtues. First of all, it's up to you if you wanna do it.
Speaker 2:You don't have to apply for a job. You don't need you didn't worry about age discrimination unless you plan to fire yourself in favor of someone younger and cheaper. You can decide for yourself whether to keep things small and casual or build yourself a modest empire. Either way, you'll be just as busy as you wanna be. Wasn't Workday founded by a senior citizen?
Speaker 2:I believe the founder was 60 when he founded that company. There are a number of breakout companies that have How old was he? Workday founder? I said senior citizen, I think.
Speaker 1:65.
Speaker 2:65. So, yes. He was a was I I don't know
Speaker 1:what Dave Duffield.
Speaker 2:Do they move the senior citizen designation when they move the national retirement
Speaker 1:was born the founder of Workday was born in 09/21/1940. Wow. Imagine being born during World War two
Speaker 3:Be it like
Speaker 1:and having the opportunity
Speaker 2:To build enterprise SaaS.
Speaker 1:Build enterprise SaaS.
Speaker 2:It's electric.
Speaker 1:Electric.
Speaker 2:It's like you see the moon landing when you're 30 and you're like, in fifty years, I'm gonna make it easy.
Speaker 1:I'm gonna do my own moon my version of the moon landing.
Speaker 3:My version of the moon landing to
Speaker 2:pay employees. What what age what age does senior citizens start? Let's see about that. 65. Okay.
Speaker 2:So that has not been changed. But senior discount
Speaker 1:PeopleSoft at age 47.
Speaker 2:Wow. Legend. Legend. There's another good thing about a retirement business. It doesn't really need to make money as long as it doesn't lose much.
Speaker 2:In the case of my publishing venture, I considered launching it as a nonprofit, but I didn't want a board or anyone else telling me what to do. Doesn't want to wind up in Oakland in a courtroom dealing with stuff if he winds up coming up with the next generational technology. Doesn't want him to defend himself. Running it as a business means you have skin in the game and an easy way to keep score even if remuneration isn't the primary goal. Whether you make money or not, your business will still deliver all kinds of additional benefits.
Speaker 2:For instance, nothing could be more educational. Even though I have written lots about business in my career, I was astonished when I launched my own at the age of 67 to discover the range of tasks and skills involved in running a small enterprise. You may think you are a book publisher or a soap maker or a dealer in vintage telephones, but inevitably, you are also a bookkeeper, a shipping clerk, a marketing specialist, and a navigator of government regulations. Interesting. Well, I I like this idea.
Speaker 2:I think it's a good idea. He says, I wish I had started this venture years earlier but was busy earning a living and writing books of my own. Now our children are well launched and my wife, a passionate lifelong reader, has time to help. Old age subsidized by Social Security and Medicare turns out to be an ideal opportunity for a stunt like ours, and never mind the nearness of the end. All of life has lived in the shadow of mortality.
Speaker 2:Humans have always thrived there and starting a business can help. Are you thinking what I'm thinking, Jordy?
Speaker 1:I don't know.
Speaker 2:Hostile takeover. Leverage buyout. We make friends with this guy. We bring him on the show. We say, oh, just wanna we love what you're doing.
Speaker 2:It's an inspirational story. We'd love to just like acquire just a small interest in the business. What are what are And then we'd like
Speaker 1:to So lever it what are your stance on including ads and books?
Speaker 2:That's a
Speaker 1:He's like
Speaker 2:It is such a good opportunity.
Speaker 1:Well, know, I Yes. You know, I've always thought I wanted to, you know, maintain the purity of the text Yes. The author intended. Go Yes. Okay.
Speaker 2:Pure pure SlopBook. We're going to use open source models that are run on commodity hardware. Just let we're gonna figure out how to run it on that old Xbox and just let it cook for a week to churn out a slot book. And then we're gonna stuff it with ads and monetize this puppy, take it to the moon, flip it, sell it sell it on to the next to the next person. Sorry about your business.
Speaker 1:I really do. I I joke about it, but I really do think that ad supported business books
Speaker 2:Yeah.
Speaker 1:Is a great idea. Yeah. Specifically, I think it'd be a great idea for one company to release a bunch of books and basically charge, you know, a a dollar a book or whatever whatever the actual cost Yeah. And then print it around the book. So you can imagine like
Speaker 2:Sort of a book jacket.
Speaker 1:It's like e boys, but it's it has a jack a ramp jacket. Oh, okay. Right?
Speaker 2:Yeah. Maybe you could get old run books that are out of print, bring them back in some sort of anthology or something. I'd be interested in that. Well, I need your review of the new Lamborghini. Lamborghini says they are proud to announce the Lamborghini I cannot pronounce this.
Speaker 2:Roadster. It's the most powerful open top ever created by Lamborghini limited to 15 units. Look at this, Jordy. Tell me what you think. I'm looking.
Speaker 2:Okay. Powered by an iconic ten eighty CV. Sounds like a NVIDIA graphics card. Naturally aspirated v 12 hybrid HPEV. Sorry about that.
Speaker 2:Fell off with too much Diet Coke. Engineered with an aerospace inspired carbon fiber monofuselage advanced active aerodynamics and capable of zero to a 100 kilometers an hour in just two point four seconds. The Roadster delivers pure performance with uncompromising driving emotion of v 12 symphony, So you
Speaker 1:pretty odd in 2026 to release a supercar Yeah. And not talk about onboard supercomputing.
Speaker 2:Okay.
Speaker 1:Where what what what kind of like models can I expect to run locally True? While I'm driving. Right? So that's the first question.
Speaker 2:And ironically, Tesla has great onboard compute, and it is a lagging feature. Have we talked about this? Like, it is so crazy that the LLM, like, chatbot race is so intense, and you open up the App Store and it's ChatGPT, Claude, Gemini, ChatGPT, Gemini, Claude, and then even Grock is in the game. Meta has Meta AI now. Like, everyone is training a foundation model and and or wrapping something and having a chat interface.
Speaker 2:And every company is like has a has an answer, has a solution. Apple is like the most far behind. They still have a ChatGPT integration. They're solving the Gemini thing, And they're maybe like a year or two behind in terms of like the knowledge retrieval use case that is in so in in such high demand. And if you have an iPhone, you get the ChatGPT app, the Cloud app, the Gemini app.
Speaker 2:Like, you you you check that box really, really quickly. Right? And so every tech company, Microsoft Copilot, like, every company has had, like, an answer to, like, how are you integrating LLMs? How are you answering questions? What's your chat interface?
Speaker 2:Like, Ramp has a chat interface. It's really good, actually, and it works, and it's implemented. And they're not five years behind ten years behind, but every car company is, like, ten years behind Tesla. It's crazy that no one had that they haven't been able to figure out how to just, like, clone FSD into Rivian, and and GM has Super Cruise, which is nowhere near a fast effective because it only works on certain roads. And so you can't just use it on a normal street, then it'll be like, oh, well, we mapped this part of the freeway and this part of the freeway, but not the transition between those two freeways.
Speaker 2:So we're disengaging. Like, every self driving technology in any other car is just ten years behind Tesla still. And I don't understand why. Dated advantage. I don't know.
Speaker 2:I mean, just throw the cameras on something and and like like every other company has figured out how to get data for LLMs. Like, do a new web scrape. Like, just go and spend the money on it. But there's something where the LLMs with the super intelligence narrative, the coding narrative, like, all these things are much more easy to underwrite. Whereas I think if Ford said, like, we actually need to spend Tesla level money to get on the trend here, people would just say, well, people are still buying Mustangs.
Speaker 2:They don't really care about self driving. If they wanted self driving, they just get a Tesla. But it seems like a huge miss. I don't know. Also, I mean, huge opportunity to just, like, work with OpenPilot, which from George Hott's, ComAI, like, that system is better than everything else except for Tesla.
Speaker 2:Yeah. And no one can figure out how to work with it effectively. Maybe it's a regulatory thing. It might be NHT itself.
Speaker 1:Tanner says they're laurel maxing.
Speaker 2:They are laurel maxing. They are definitely resting on their laurels.
Speaker 1:They're blowing. I did Yeah. I talked to a guy who owns a couple of Porsche dealerships
Speaker 2:Mhmm.
Speaker 1:And I said, do you have clients come in that tell you, hey, I love this I love this car. I love the Macan, but it doesn't have self driving. Mhmm. And he said no right now, which I was surprised by.
Speaker 3:Mhmm.
Speaker 1:Because you look at these like commuter focused cars and you assume that commuters are gonna start to care a lot. But I think it's very I think it's gonna be very location dependent. So there's places like if you live in LA, friends in LA that like can't possibly drive anything but a Tesla because they wanna be able to just set autopilot and forget it. But if you live somewhere where you're driving like five, ten minutes a day Mhmm. Then it just matters way less.
Speaker 2:Yeah. Yeah. Maybe that's it. Interesting. Well, what's your final say on the new Lamborghini, this limited thing?
Speaker 2:Which I think is just like a almost like a body kit on the Revolto, which is the v 12 platform. Like, it has all the same specs. So it seems like it's a tuned and modified Revolto like they've done before with the Reventon, for example. So this is probably like a million dollar car. These special Lamborghinis have never been interesting to me.
Speaker 2:What do you think?
Speaker 1:Do you like the style? I think it looks great. I like the
Speaker 2:Better than the Rivuelto though?
Speaker 1:I don't personally like Roadsters over their counterparts. But I think it's a great car. It's not the spec for me, but I'm sure it's a spec for someone. Someone in other cars looks like a McLaren. It sort of does.
Speaker 2:Yeah. There's a little
Speaker 3:bit of that in there.
Speaker 1:Rear end a little bit.
Speaker 2:Also, the colors are doing if if it was a yellow Lamborghini, I think you'd be much more tied to yellow. You you tend to see these different colors on McLarens more often. Well, in other car news, Waymo is maybe going crazy or something. What's happening in Atlanta? So dozens of empty Waymos have invaded an Atlanta neighborhood and circled a cul de sac for hours with no passengers.
Speaker 2:And Brooks Otter Lake says, oh, so it's wrong for cars to invent religion? I and I don't really get that one. Is is that like going door to door evangelizing? Or is that
Speaker 4:No. It's like a cult. Like, oh, they're circling.
Speaker 2:Oh, they're circling. Center. There's the Crazy. And then apparently, someone put out, like, a yellow sign to try and, like, deter the Waymos, and that only made them more aggressive. I don't know what's real here.
Speaker 2:I'm all over the place with this one. But very, very weird. I I thought that Waymo, the ratio is, like, one to four or something like that on teleoperators, maybe something along those lines. So you would think that the teleoperators would see this and intervene. So something must have gone wrong in the in the organizational structure.
Speaker 2:But these things are bound to happen. At least no one was hurt, you know. But it is annoying if you live there and you just see a ton of Breaking.
Speaker 1:What's breaking? From Raghav in the chat. SpaceX accelerates IPO timeline targets June 11 pricing June 11? The Nasdaq. So they went June with
Speaker 2:twelfth, maybe.
Speaker 1:They went with it says June 11 Okay. Reuters. We're less than a month out. And interesting that they're going with NASDAQ.
Speaker 2:Mhmm.
Speaker 1:This would, I imagine, get them allocated into QQQ really And I know that was a priority.
Speaker 3:But during ETFs?
Speaker 1:Yeah. During this during this process. But let's see if there's
Speaker 2:Can't any wait for the filing. It's gonna be so interesting to dig into the numbers.
Speaker 1:Yeah. It's now aiming to flip its prospectus public as early as next Wednesday.
Speaker 2:Oh. That's gonna be a big day. With
Speaker 1:a roadshow launch targeted for June 4 and a market debut as early as June 12.
Speaker 2:That will be exciting. Well
Speaker 1:Now the process had originally been planned for around late June, around Elon's birthday. A faster than expected SEC review the company's filing partially drove the timeline forward.
Speaker 2:The whole market is selling off. The Nasdaq is down 1.2%. Russell two thousand down 2.18%. S and P down 1%, and Dow Jones down 1% as well. The US 10 sitting at 4.5999999, something like that.
Speaker 2:Well, Bill Ackman is doubling down on mag seven stocks that have sold off. He's going long. Microsoft, Bill Ackman's Pershing Square bets on Microsoft's AI ambitions with new stake. He says the tech company is underpriced and will will disclose the stake in regulatory filings later on Friday. So Microsoft is up 3.62% today.
Speaker 2:And Ackman said in a post on x that Pershing has started building a position in Microsoft. We will disclose new pike position in Microsoft because Microsoft shares are down 15% this year and have lost more than a quarter of their value since they peaked last fall. The drop has been part of a wider software industry sell off and investor concerns over hefty investments in AI. The shares were little changed in premarket trading. Ackman said investors underestimate the resilience of the Microsoft three sixty five subscription suite given its deeply embedded role across enterprises and highly attractive price value proposition.
Speaker 2:So if you look at what's happening with Figma and then you think about how that might translate to Microsoft three sixty five subscriptions, not that crazy to imagine that there's more resilience here than maybe the market is pricing in. Ackman cited Microsoft's partnership with OpenAI, which gives the software giant access to the startup's models and products, which he said he believed Wall Street hadn't factored in the company's interest in OpenAI, which has been valued at approximately $200,000,000,000 because of the because of the 27% stake. And with the trial coming to a close any day now, Jessica Lesson over at the information was saying that it's all good news for for OpenAI shareholders. The Khalshi has Elon win his case against OpenAI down at 20% today on the back of the closing statements, the closing arguments from both sides and Microsoft's lawyers. And I'm sure we'll have more to dive into on the court case next week as the trial wraps up.
Speaker 1:High Yield Harry says, like how Bill Ackman's whole thing now is just buying MAG seven names that have traded off. And There's
Speaker 2:a whole thesis on this.
Speaker 1:Yeah. So he did this with Meta.
Speaker 2:Are you brave enough?
Speaker 1:He did this with Meta based around their the response to their CapEx guide. Yeah. He did this with Google during the the ChatGPT
Speaker 2:Yeah.
Speaker 1:Post ChatGPT.
Speaker 2:Did you see the new feature that Meta launched on Instagram, Reels or Instagram something or other? It's called it's in the DM tab, and it's called, like, instance disappearing photos, no viewer list, reactions, and replies are private. So they made they made something that's, like, more disappearing than stories, I suppose. So you can click through this stack of instance. And the whole idea that Adam Messeri was pitching was that they launch a product.
Speaker 2:It's very authentic. This was the original Instagram. It was like, oh, photos of the run clubs. Right? And just like photos from your life.
Speaker 2:People would just put hard post them on the grid because that's all there was. Then Snapchat came out with stories and all of a sudden stories were more ephemeral. And Instagram, of course, cloned stories into the the the top feed with all the circles. But then those became places that were monetized and places where people were more thoughtful about what they posted there. And so you wound up with this, again, the same anxiety over, are you gonna post that photo?
Speaker 2:Is it polished enough for the Stories feed? And so by launching Instance, Instagram is trying to rebuild that casual sharing of their user base so that people don't just purely consume or pick between do I never post or do I go full editor, professional camera setup, you know, scripted, like full post because that's what's happened to Stories. Everything is very, very calculated. But I don't know. Reason to be bullish on Instagram, Ben Thompson had a bunch of takes about why he's a perma perma bull for Meta is that every pixel of their entire family of apps is monetizable.
Speaker 2:They just have to choose to monetize them. And he he he opines that Mark Zuckerberg has never been that interested in ads. He likes products. He likes new technologies.
Speaker 1:But he's willing to post some ads to service other interests.
Speaker 2:Yes. Yes. And and and And you get
Speaker 1:to do a pickle.
Speaker 2:Been fantastic at launching ads and and monetizing and everything's going well. But it just feels like it's not the core. Like, there are some CEOs that would get up every day and say, not just senator, we sell ads, but every day on the or every quarter on the earnings call talk about only ads and say, oh, the VR thing. Yeah. We'll we'll address that when we can advertise in it because we are an advertising company.
Speaker 2:That hasn't always been the ethos of Meta for better or for worse. But what else is in the timeline that you want to go through, Jordy?
Speaker 1:Another from High Yield Harry. Everyone loves the DocuSign has a quarter million employees
Speaker 3:You don't.
Speaker 1:Bit. By the way. But can we talk about how Accenture has 786,000 employees? This is true. The first one about DocuSign was was not.
Speaker 1:Yeah. Accenture does actually have 786,000 employees.
Speaker 2:That's
Speaker 1:a That's city's worth.
Speaker 2:Yeah. There's this interesting the the the latest bear thesis on the AI boom has hit the timeline. I think Axios summed it up well here. AI can cost more than human workers now. This is a quote from unusual whales citing Axios.
Speaker 2:And there's an interesting bit here where if you look at the token spend at some of the tech companies and then you match that with their stories about AI efficiency and layoffs, they've they're actually growing their total OpEx. So they might be saying, okay. We're gonna lay off thousands of employees, shrink the headcount 5%. That will save us $2,000,000,000 in OpEx a year. But then you look at their token bill and it's 5,000,000,000.
Speaker 2:Hopefully, they're doing more. I think a lot of CEOs are starting to ask the questions about ROI on the token spend, and that will probably be the next big hurdle, the next big question on were you just running useless scripts overnight to TokenMax? Or did you actually ship a feature that moved the needle and is conversion rate up? Is retention up? Is revenue up?
Speaker 2:Is profit up? This is the key question for anyone who whose organization has flipped to the token maxing meta. It is very funny to imagine, like, when you think of KPIs, anything that is a cost, the KPI should usually be going down, and token maxing really flipped that. A a slight aberration. But you would never at a startup say, one of our KPIs that we're tracking is headcount and we want it to go up.
Speaker 2:You would never say, one of
Speaker 1:our Yeah. And oftentimes, founders can get a little too Yeah. Sort of tying their own Yeah.
Speaker 2:Oh, I run a 200 person company. Yeah. Oh, I run a 500 person company. You know, and it's like, okay, well, is that is that the right size for your business? Yeah.
Speaker 2:You wanna be maximizing revenue and So minimizing costs.
Speaker 1:If if every single if every single person in San Francisco left
Speaker 2:Yeah.
Speaker 1:And Accenture brought their entire team to San Francisco, you would actually need to build more houses. There could be there's there would actually be overflow
Speaker 2:There'd be overflow.
Speaker 1:If every person had basically one bed that currently exists in San Francisco.
Speaker 2:Wait. There's only 750,000 beds in San Francisco.
Speaker 1:809,000 Okay. People live in San Francisco.
Speaker 2:Wow. That's not a lot. I I always think of San Francisco.
Speaker 1:That's not a lot.
Speaker 2:I always think of San Francisco as like a city of 10,000,000, but that's obviously the Greater Bay Area.
Speaker 1:Yeah. The Greater Bay Area.
Speaker 2:Well, there's some bad news for The US Dollar. Hedgeye says the US dollar has lost 30% of its purchasing power over the last six years. And Brian says, damn. That's what I purchased my stuff with.
Speaker 1:Speaking of purchasing stuff, ChatGPT launched personal finance features.
Speaker 2:Yes. And this was in partnership with Plaid. Right?
Speaker 1:Yeah. I think Plaid's under the hood.
Speaker 2:Is really cool because we
Speaker 1:were talking I'm gonna layer on with it.
Speaker 2:We were talking to Zach about we were like, oh, like like, I have to imagine that a lot of people are starting to use Plaid alongside alongside LLMs to suck in all of their personal financial data and sort of understand what they're spending things on and and doing a lot of the you know, there's a mint.com. There there there's different services that can do little pieces here and there. There's a whole service that just figures out if you're subscribed to multiple things. I mean, I have two Netflix subscriptions. Let me consolidate that down.
Speaker 2:Even just knowing, okay, you're spending a lot on gas now or groceries. Is this what you expected? All that can be helpful. And and and Zach was sort of quietly admitting that he has clearly been very AI pilled in conjunction with Plaid and had been wiring up all of his personal finances to dashboards that he'd been building. And so I imagine that a lot of that was brought into this product.
Speaker 2:Excited to see people play around with it and ask questions.
Speaker 1:There is a new partnership between Stad Guy and Bentley.
Speaker 2:Really?
Speaker 1:Yes. He introduced the chalet edition.
Speaker 2:Okay. What is this? Is this
Speaker 1:actually something Can you think of a time where a creator partnered with a major car manufacturer for a special edition car?
Speaker 2:Yes. I can
Speaker 1:think of like the the, you know, McLaren Senna. Right? Yes. Like
Speaker 2:I was gonna say the Dale Earnhardt edition Monte Carlo.
Speaker 1:Oh. Alright. Well, pull up the chalet edition.
Speaker 2:And then pull up the 2002 Chevy Monte Carlo SS Dale Earnhardt edition.
Speaker 1:The odd guy was in LA around Coachella. It's possible that his alter ego Colton was going to Coachella. Were trying to get him on the show but the timing didn't overlap because he was podcast Okay. Acting himself Okay. With his own show.
Speaker 2:Explain the alter ego thing. Is he one of these single creators that runs two accounts?
Speaker 1:No. It's it's one it's one account.
Speaker 2:One account. But there's Oh, plays a
Speaker 1:character. God guy and then you know this sort of like elevated Okay. Kind of character. Yeah. And then there's like Colton who's like new rich, you know
Speaker 2:Oh. New money Okay. Yeah.
Speaker 1:Character. But I think they did an excellent job with this car. A lot of wood and and tan leather
Speaker 2:something that you can like, is this limited allocation?
Speaker 1:Yeah. They're they're making 25 of them.
Speaker 2:Wow. And he's gonna sell 25 Bentleys? And how much does he make off of this? 20
Speaker 1:I bet this looks more like a
Speaker 2:The million dollar
Speaker 1:brand deal. Not a
Speaker 2:Yeah. But probably a million dollar brand deal. Right?
Speaker 1:Yeah. 20 it's a really it's a really smart. I think it's great for both.
Speaker 2:I I I think it's a little derivative of the 2002 Chevy Monte Carlo SS Dale Earnhardt edition.
Speaker 1:But Yeah. Let's pull let's pull up that.
Speaker 2:Yeah. If I if I had to pick one, I'm going Dale Earnhardt edition probably.
Speaker 1:You know what I'd pick.
Speaker 2:We'll see. Yeah. Pull up the 2002 Chevy Monte Carlo SS Dale Earnhardt edition. Is that it? That does not look like it.
Speaker 2:No. No. That's an AI image or something. That is that doesn't have the right wheels. Google it again.
Speaker 1:Gabe says when TBPN Nissan Murano Cross Cabrio live.
Speaker 2:Oh. That would rip. I'll put this in here. Yeah. This is the this is the image.
Speaker 2:Here we go. Stodd guy. Yeah. The the McLaren Senna. Has there been another one?
Speaker 2:I feel like
Speaker 1:been waiting I've been waiting for the for the Murano Cross Cabriolet to fall in value and they're holding strong.
Speaker 2:They're holding strong?
Speaker 1:John, guess the price on this. 87,000 miles, two owners. It's a 2014.
Speaker 2:$20,000.
Speaker 1:$16.
Speaker 2:$16? They hit the floor and they're only going out from here. You can
Speaker 1:get a white one. You can get a white one, a 2011. Okay. It has a 137,000 miles for just under 7,000.
Speaker 2:There were rumors of a collab that might I don't know. I wanna know what you think if this would be a if this would be a great partnership. But Lewis Hamilton, driving for Ferrari now, famous Mercedes f one driver. He would has been spotted multiple times. In his reveal that he would be joining Ferrari, he posed in front of the Ferrari f 40, an iconic supercar.
Speaker 2:There has been there have been rumors about a bespoke Ferrari project dubbed the f 44, which was supposed to be a modern v 12 powered manual shift tribute to the legendary f 40. It's allegedly been scrapped. It's it it it's still only in the rumor. It's been potentially canceled. But do you think that would work?
Speaker 2:Do you think that would be successful with him still racing, him still, you know, in the throes of his career? Would he need to retire? Would he need to would this need to be, like, a posthumous tribute at some point? What do you think it takes for a Lewis Hamilton Ferrari special edition car to be successful?
Speaker 3:I think you would have
Speaker 1:to win a championship.
Speaker 2:With Ferrari?
Speaker 1:Yeah. Otherwise. Okay.
Speaker 2:Can't just Orifarm with Kim K on eighties vibe reels. You've seen that video. Right?
Speaker 1:Yeah.
Speaker 3:So sick. It's such
Speaker 1:a Yeah. I think you gotta win.
Speaker 2:You gotta win. Well, what else is going on? Is there anything else? We talked about a lot of this stuff. There's there's some bigger articles, but we can get to them tomorrow.
Speaker 2:All the longer articles we need to get to.
Speaker 1:2014 Nissan Murano Cross Cabriolet for $9. It's only only has a 116,000 miles on it in one accident.
Speaker 2:What accident? How are you modifying it for the TBPN edition?
Speaker 1:You got a four owner 2011 with a 109,000 miles for $8. Mhmm. I mean, these things are a store of value. I think we're actually kind of at the bottom of the j curve and we'll start seeing it tick up
Speaker 2:from here. Well, there's one more post here we should go through. There might be a few. YouTubers be like wake up at 4AM and run. That's alpha.
Speaker 2:No, it's not. Look at apex predators. They're all lazy. Bears hibernate. Lions sleep all day.
Speaker 2:You know who wakes up at 4AM and runs? Squirrels. Don't be a squirrel. Hibernate. Sleep all day.
Speaker 2:Work like a lion. Naval Ravikant said it best.
Speaker 1:Yeah. It's good advice, but depending on where you're at in life
Speaker 2:Sometimes you do have to wake up early.
Speaker 1:Sometimes you gotta wake up early and you gotta work really hard.
Speaker 2:Yeah. But 4AM, maybe not maybe not always optimal. Depends on your flow. But in general, I think the the YouTubers that say, like, get some energy in your life. I I heard one one of these inspirational guys talking about, like, if you want something, you need to use more of it.
Speaker 2:If you want more of something, you need to use more of it. So if you want more energy, you have to use more energy. If you want more muscle, you have to use more muscle. And it was sort of a pithy, doesn't apply to everything, but, sort of you gotta spend money to make money. Yeah.
Speaker 3:The issue is if you
Speaker 1:wake up late, you don't get to start winding down when the sun goes down. You haven't earned it yet.
Speaker 2:Oh, sure. Sure. Sure. Night owl mode. Some people go night owl mode.
Speaker 2:Night owl mode. Some people go squirrel mode. Some people go bear mode. Just depends to each their own. I like this this cartoon from Dilip Rao in context learning in LLMs.
Speaker 2:Tyler, you can probably explain this. So the man walks out with his robot to paint the fence, paints two full planks, starts painting the third plank, gives the paint bucket to the robot and says continue. The robot says got it. And as you scroll down, what did the robot do? Repeated the patterns perfectly, not painting the third thing.
Speaker 4:Yeah. Doesn't generalize. Doesn't generalize.
Speaker 2:It's a
Speaker 4:joke, I guess.
Speaker 2:Do you think this is possible? Do you think this is solvable?
Speaker 1:Yes. Time what time do eagles start hunting?
Speaker 2:What time do eagles start hunting? I don't know.
Speaker 1:Just after sunrise.
Speaker 2:Just after
Speaker 1:What time do sharks start feeding?
Speaker 2:Just after sunrise? Dawn. Dawn. Okay. Okay.
Speaker 1:So do you want if you want to be a shark or an eagle
Speaker 3:Okay.
Speaker 1:Get up and get after it.
Speaker 3:Well, so what is PE? Unus enhancement?
Speaker 2:Andrew Reid says, send this to all your private equity friends immediately.
Speaker 1:What is the because they asked what is PE?
Speaker 2:Yeah. And he says something that's uncouth.
Speaker 1:Alright. Well, that's a great place to end it.
Speaker 2:Yes. Is the flashbang working?
Speaker 1:Think so. Perfect. Thanks for hanging out.
Speaker 2:Yeah.
Speaker 1:It's been a really classic show. This feels like a fall twenty twenty four
Speaker 2:It's a great show.
Speaker 1:Episode. We hope you enjoyed it.
Speaker 2:Leave us five stars on Apple Podcast and Spotify. Sign up for newsletter tvpn.com. Hope you have a wonderful Monday.
Speaker 1:Weekend.
Speaker 2:Another week. Flashbang. Yeah. Goodbye.