All-In's 2026 Predictions

27:37So you end up with a 10 or 20-year occupation. And then third, you have nation building, which is you end up spending trillions of dollars basically trying to turn them into us so that our troops can leave. That was the mistake of Afghanistan and Iraq. But look, what has Trump done that is like any of those things? There's been no invasion, no occupation, and no nation building. This war, I guess, with Venezuela, if you want to call it that, it was a flawless operation. It lasted three hours. I mean, I woke up and it was like, you know, the meme where it's like, wake up, honey. It's like, Jacob, honey, Trump's won another war.

28:11It was over before it even started. They went in there and they basically captured Maduro. No Americans were killed. It was an absolutely flawless operation. And they are bringing him to justice. By the way, he begged for it. And he's on tape talking a lot of smack at rallies saying, come get me, you know, calling the Americans chicken and so on. So in any event, he was begging for it. We can go into a lot more of the reasons for doing it and defending it. But I just don't think this is a neocon policy. And in fact, it's the Democrats who've been calling to put in this Nobel Prize winner that you interviewed, Freeberg, right?

28:50What's her name? Maria Conchito Alonso? Machado. Machado. Okay. Anyway. Hector Elizondo. I think it's Hector Elizondo. I think he did somebody from the Brad Pack. No, she was in Running Man, I think. Anyway. Exactly.

29:10You're talking about the Cuba-Venezuela actress? I thought her name was Maria Conchita Alonso. Okay. Maria Karina Machado. Sorry. That's just what I thought of. You mean Miss World Venezuela 1975 winner, Maria Conchita Alonso? Look, the Democrats are criticizing the administration for not putting her in power. But look, here's the problem. Nobel Prizes don't keep people in power. Men with guns keep people in power. And she doesn't have the men with guns. So it'd be American GIs there. We'd have to be the guns to keep her in power. And the administration has not done that. They're looking to basically work with the existing regime.

29:50And the big reason why we got sucked into Iraq is because of that whole de-bathification process where we didn't just get rid of Saddam. we took out the entire elite of the country, which created a huge insurgency. So there's been nothing like that, J. Cal, is what I'm trying to tell you in this case. It's a whole different paradigm, is what I'm trying to tell you. We're going to need a new name for it. Maybe Chamath is right. It's definitely not Neocon. Yeah, we might need a new branding for it. It depends on if Trump is cosplaying Neocon when he says he's going to take Greenland, when he says he's going to take Columbia next, when he says he's going to take Cuba.

30:21He's certainly playing the character of neocon publicly here. And who knows, that could be Trump just positioning himself and anchoring future negotiations. But if I was telling you, you know, before the election, when you were saying, hey, do not let certain people become president, Nikki Haley, etc, because they're neocons, and they're going to go to war with Venezuela, they're going to go to war with Iran. Well, that's exactly what Trump has done. And as flawless as our troops did, and my Lord, We have the greatest military ever, so just incredible job and shout out to them. To do this and lose no American lives was just unbelievable.

30:57And it just says something about the dedication of these individuals. But things can go wrong no matter how good you are. We could be sitting here right now with 12 captured Delta Force. We could have 50 dead Americans. Where's the war? But if that did, this is where you have to be intellectually honest. If we were dealing with a situation where they didn't pick up the target and we had lost American troops and God forbid they had taken hostages, we would be sitting here with a much different discussion. And so we have to be very careful. I give we're not. I give Trump. But that is an equal possibility.

31:29This is like certainly a nonzero possibility. Things can go sideways. You sound like when Sam Harris was saying that imagine if COVID actually killed a lot of people. Then the conversation would be different. Well, it didn't. There was no war here. And by the way, with Denmark... And let's hope there isn't. And let's hope there isn't. You know, this is why I'll give Trump a lot of credit. He has been strategic. I do give you that. Stick and move. Stick and move is the game. I pray that he can continue this record streak. First of all, even if we took Greenland, it's not going to be... There's 30 ,000 people who live there.

32:00But I think it's more likely that we'll make a deal. I think we're going to make an offer they can't refuse. Okay. Ken Howery. Shout out to our guy, Ken Howery. Maybe you can make a deal. Let's make a deal. Make him an offer they can't refuse. Yeah. I mean, how much could it cost? I mean, there's nothing there. Biggest business winner for 2025. Looks like Freeberg picked robots and autonomous hardware, year of the robot, I think. If you include RoboTaxi there, you nailed it. Certainly next year will be the year of Optimus, 2027. Chamath, you said dollar-denominated stablecoins. I think given what we've seen with regulation, That was spot on.

32:39Gavin, shout out to our friend, Gavin. He said, big businesses that use AI thoughtfully. Another great one. I pick Tesla, which is at an all-time high. And Google, which of all of the Mag 7. Crushed. Is the biggest winner. And they did 65%. So I nailed both of those. We did, I think all of us crushed that one. Who do you have, Freeberg, as your biggest business winner prediction for 2026? Go ahead, Freeberg. I couldn't decide. My number one is Huawei, which I've mentioned in the past. Out of China, I think Huawei's effort to partner with SMIC to go deeper in the chip stack, and they're just firing on all cylinders.

33:16I do think keep an eye on Huawei over the next year. It's going to outperform expectations, at least the Western expectations. And the second is a polymarket. I think polymarkets evolved from being kind of this one-off quirky prediction market to actually really providing insights into current events and the news in a way that none of us anticipated. And I do expect that after the deal we saw with NYSE that all of the exchanges, and we're already seeing this with Robinhood and Coinbase, and we should expect something from NASDAQ this year. Dina Friedman talked to us about this. But I do think that prediction markets could become not just markets, but also news.

33:53And I think poly markets just in such a position to have a breakout year. Okay, great one. Chamath, biggest business winner for 2026 after yourself. Who do you got? Yeah, it's hard. I mean, I will pick me. Yep. It's already done. It's already in the books. Don't hurt your elbow. Don't hyperextend your elbow. Already in the books. So it's all downhill from here. Nick, we need to use that meme of Obama giving himself a medal. Jamal is giving himself. I will pick copper. Okay. Copper. We are still completely underestimating how short we are in terms of the global demand supply dynamics of a handful of critical elements that we need.

34:44Again, in the Trump doctrine view of the world, that is no longer as multilateral as it was, and we need to have unilateral national security. And if you look through that lens, the asset that is set up to go absolutely parabolic is copper. And the reason is that it is, at least as it stands today, the most useful, cheap, amenable, conductive material that we have. that material manifests in everything from our data centers to our chips to our weapon systems it's just everywhere everywhere everywhere and right now jason we are on a path by 2040 where we will be short about 70 of the global supply at current course and speed and uh so i will pick copper.

35:39Saks, what do you got? Biggest business winner of 2026, your prediction? I said the IPO. I think 2026 is going to be a big year for IPOs. I'm not going to say which ones. I think there's going to be a bunch of them, a bunch of successful ones. And I think we could see trillions of dollars of new market cap created of public companies. For a while, people were concerned that the number of public companies were shrinking. Public companies were actually being taken private. This is going to be a big reversal of that trend. so I think this is going to be part of that Trump boom will be the idea. I love that one.

36:10I like that one. Great one. I went with, since I nailed the Mag 7 for last year and picked the highest performer with Google and I placed a bet on that so I'm feeling pretty good about it my prediction for 2026 is that Amazon is going to have a massive year as they continue to replace humans with robots that's why. Here's a chart for you I've been talking about this a little bit I think this is the most important company to watch because Zook's Their self-driving is working. They're making great progress with it. And here, when you look at this chart, you can see they're essentially flat in terms of hiring humans and they're surging in deploying robots.

36:46And they did their whole PR comm strategy of calling them cobots and donating to Toys for Tots, et cetera. I think they'll be the first corporate singularity, which is to say the first company to have more robots driving their bottom line than humans. So that's my prediction for 2026 is Amazon. And I'm going to place a bet on that. My prediction is that Jcal is such a luck box that he'll end up being right about Amazon, but not having anything to do with the reason he gave. Yeah, right. They'll hire a billion humans to go do something and it'll be for a different reason. I am a luck box. That is true.

37:22It'll just be better free cash flow. And all of a sudden, more people using AWS and Jcal will be right. Well, actually, I think the reason is, if you think about it, I don't know if you guys have had this experience, but with the delivery business, which was kind of a dog for a long time, obviously AWS is crushing it. But that delivery business here in Austin, we get everything the same day. You're going to experience this, David. There are, because of the, I think the geography here and the ability to have depot centers very close. Everything you order on Amazon comes within the same day. You know, I've noticed that already.

37:54I've already started ordering things from Amazon. You're right. It was all same day. I'm like, wait, what is going on? That's what it is, is we have a lot of space 15 miles outside of the city center 20 cent and they built these huge um warehouses so you just get everything within four hours they're like we'll be right there it's very bizarre so jason you'll buy like virtues at like 8 a.m and it arrives by noon yes absolutely absolutely and uh when you put your order in for ethics and morality it just never shows up i don't know it's lost again who knows it's just incredible we're just both ends of the spectrum here moral it's like X-Roc's like, hello, customer support?

38:31I ordered a moral compass two years ago. Still hasn't arrived. Okay, biggest business loser. I love each month. It hit behind the 20 billion. It did? It did. Absolutely. I couldn't see it. All I know is I got my beak wet, so I hope your compass never shows up. You got your beak wet on that deal? Well, Sandeep came to Besties, and he wanted to collect all Besties. We all got to place a little bet. Well, by the way, I divested my Rock shares as part of joining the government back in like February or March. Oh, God. Oh, by the way, by the way, would that cost you like what? The last triple up? No, it was a small position that came from Grok acquiring Sonny's old company.

39:13We didn't invest in Grok. So it wasn't big, but the point was. Yeah, it's just another example of you sacrificing from the country, which I give you a lot of credit for. It's good for Sachs to put that on the record. Yeah. Well, it's just so ridiculous because I'm accused of somehow doing this job for money when it just keeps costing me money. It's negative money. XAI just raised an up round at twice the valuation from the last round, and we had to divest that too. No, no, we didn't sit it out. Hold on. Let's be clear. We didn't sit it out. He divested it. We divested it. So you place the bet, and then before you get to collect the ticket, you lose the last double up or triple up.

39:49The economic cost to Sachs will probably exceed a billion dollars by the time he leaves. Personally, this is crazy. I mean, people need to know this. It's a very important thing to put on the record. I think it's important for people. I think everybody should know. All these dumb reporters don't get it, but Sachs has sacrificed financially an enormous amount to work on behalf of the government and the people. That's really amazing. It's fine. I wouldn't even say anything about it if it weren't for the fact that we got these mainstream media reporters lying and saying the opposite, that somehow this job is making me money.

40:18Right. I wouldn't say a word about it otherwise. Anyway, keep going. Business loser 2025. Gavin said federal government service providers, I guess because of Doge and them being held to the fire, feet to the fire there to give us a better deal. Old guard defense contractors like Bowen and Lockheed was yours, Friedberg. And Chamath, you said the MAG-7, you expected a decrease in the record concentration. I said OpenAI, which would see a peak valuation. and obviously I got that wrong. What do you got this year, Freeberg? Who do you think is going to be the biggest business loser of this year? To follow up on Chamath and my conversation at the Christmas dinner, I think the state governments are going to have a real problem with finding financing because what's going on with the exposés that are underway on waste, fraud, and abuse in state agencies, I think is going to lead to a conversation that's going to cause folks to question the long-term solvency in operations, because the response won't be, hey, let's cut out the waste fraud and the abuse.

41:22The response is going to be, we got to keep it going. And that is what is going to give people fear, is that if they did respond, call it equivocally to the discoveries that the governments did, then I think that there's an opportunity to continue to be able to borrow and access capital markets. But I do worry a lot about state governments borrowing. I think the other thing that's going to hit the fan this year in state governments is all of these unrealized pension liabilities. I think when these numbers start to come out this year and a lot of people are now digging deep into it, folks are gonna wake up and be like, holy shit, there's a ginormous hole in these states and their obligations.

41:58Why does the government have to do these pensions? Why can't we do superannuation like Australia does? We have to get this out of the, I love that pick. That's called a defined contribution instead of a defined benefit. And if you get this defined contribution model and then just have good management, it all works out. So this is basically the problem with social security. Social security is a defined benefit. And then all the money just doesn't sit anywhere. It doesn't exist. Right. If it was a defined contribution. It's just a liability. And let me give a shout out. If it was a defined contribution, like Invest America accounts or Trump accounts, as they're being called, and you put the money in and you see how much you have and every year you track it.

42:31And that's what your retirement is going to be, just like we might have with our 401ks or our IRAs. That is a system that actually has true solvency. Otherwise, it becomes this runaway train of liability. And that's effectively what the states have set up. And it's very dangerous. And if we were to take government out of it, and then every American just had to put 10, 12, 14 % into their retirement account, and it was forced, you would have happy people who feel some agency in their lives, which the people of Australia do. Chamath, who's your loser 2026? I will pick the software industrial complex.

43:06So these are the companies that sell licensed SaaS to the corporations of America. It's about a$3 to$4 trillion a year economy that is separated into three buckets. Bucket one, which is the smallest, is the initial licensing. That's probably 5 % to 10%. Buckets two and three, where all the money is made, is what's called maintenance and migration, which is, how do I just maintain this big, bulky license that I just bought for$300 million, as an example? or how do I migrate it from product A to product B? Those last two buckets represent 90 % of all the dollars in revenue that's generated in software.

43:52And because of the advancement of these models and the advancement of these technological techniques that we are all uncovering, building agents, building systems, I think you're going to see that total economic opportunity shrink and contract aggressively. The companies will still be able to do their business. It'll just be at a much, much lower incremental revenue. The customers will be able to do their business. They'll have a lot more flexibility and a lot of upstarts, I think, will have opportunities. I'm speaking my book, obviously, but I'm seeing it on the ground. Because you have a company building software.

44:32Our entire business, 80, 90s business, has basically migrated to disrupting maintenance and migration patterns. I cannot describe how much opportunity there is. It's very tactical, mundane, not very sexy work, but it's incredibly lucrative. And so I expect that that thing is going to shrink. It's going to impact SaaS companies, public SaaS companies particularly, quite severely. Who do you got sacks for your biggest business loser of 2026 prediction? For me, we already talked about this, but it was California because of the wealth tax and also the onerous regulations driving business and capital out of the state.

45:05I hope you guys are right that it does not make the ballot. If it does, I think there will be a panic and rush for the exits. Regardless, there's two major refineries closing by the spring. Higher gas prices will be the result. I just think that the politicians are not doing a good enough job in California dispelling the fears and the actual hostility of the business environment. That's a great one. And I went with young, young white-collar workers in America, I think they're going to be the biggest business loser. I think it's getting really hard for them to get entry-level jobs. I'm seeing that all over the place because companies are having an easier job just automating with AI than training up Gen Z graduates.

45:48That's my belief. That's why I'm launched, founded University of Three Continents. If you are a young person, you got to be resilient. You're going to have to be self-reliant, independent of what Mondami says about collectivism. It's easier to use AI than it is to train up. And we don't have professional development that needs to come back. I just did an interview with the CEO of McKinsey, which you may have seen on the feed. And this is the big challenge in corporate America is they're taking out the bottom two or three rungs and automating stuff. And we really need to develop young people so that they have a path to take the CEO jobs eventually.

46:23And I don't think they're going to have an easy time doing that. That's why I think all young people should start companies. I am talking my own book. I am talking about founder.university. Please apply. Japan, Saudi, and in America, we're going to help you build companies. Thank you for my promo. Jason, I got a text last night from a friend, and it's in response to your comments about young people not being able to find jobs because of AI, which is the statement you've made a couple times. He said, went to around about 50 CEOs of public and private companies and asked everyone if they're hiring junior engineers.

46:54everyone said they are still, but not as much as before, because during COVID, every college lowered the bar on admissions and the talent just isn't as good anymore. My friend went on and he said, you should talk about this to counter J. Cal's point about AI taking young people's jobs. We see this with financial analysts and we see this with salespeople we hire. The Gen Z kids are all really challenging to hire because of cultural issues, not because we're not hiring them due to AI. So we try and hire older people primarily to fill those roles. So there's a real interesting point that he was making.

47:29I texted a couple of their friends to ask them their opinion. And I've heard this concurrence shakeout, which is like, a lot of people think that recent grads out of college, and this may be a COVID era phenomenon, they just don't seem to have the temperament, the motivation, the organizational skills, executive function, executive function. And by the way, some of our friends who I've talked to who have kids graduating college, there's even a conversation about none of these kids are motivated to get jobs or to make money. There's a very weird phenomenon in the youth right now. And this may be a COVID phenomenon.

48:00And it may be a cultural thing that's part of the long form of what's going on in our society. Or it may be a socialist trend, or it may be a populist trend, or it may just be that people have gotten too wealthy, and the nation has truly split and you can't climb the ladder anymore. There's a bunch of things going on here. but I do not think, and I think a lot of people are echoing this, J. Cal, that challenges that young people are having finding employment is purely rooted in an AI and automation phenomenon, but it may be a cultural phenomenon. And so I just put that on the plate for you to consider that there's something else going on here.

48:30I do think it's both. I do think it is partially what you're saying is that maybe these young folks have, you know, they're just either entitled or their parents have enough money for them to skate and go sideways and maybe not BS career motivated. It could be a social thing. It could be a COVID thing. It could be all of those. And it's certainly multi-factor. I just know what I see on the ground, which is, you know, so many companies coming to me saying, we can replace the bottom third of these tasks and that those bottom third of tasks are typically done by young people out of school. So I think both things are probably true to a certain extent and time will tell.

49:08I do think it's going to be challenging and continue to be challenging. And you see that in the numbers from Google, Uber, Coinbase. All these companies are doing more with less. And maybe that's just the nature of AI. Maybe the first thing you do is cut costs. And maybe the second thing you do is hire people who know how to use these tools. If you are a young person who uses AI tools, you're going to find a job. If you're a young person who isn't motivated and doesn't use AI tools, you're going to have a hard time. Let's go with the biggest deal. Last year's predictions for biggest deal for 2025, traditional auto OEM consolidation.

49:41That was you, Chamath. I think that we haven't seen exactly the consolidation, but we have seen those businesses come apart. So I think I give you definitely two-thirds of our credit there. Gavin said a tidal wave of M &A. I think he's not wrong there. That has started to happen, certainly. Freeberg, you said massive compute build-out deals. Of course, you nailed that one. I said consolidation amongst the on-demand economy. me that hasn't happened but we do see a lot of deals occurring and i said also apple would buy warner brothers i got that like a i guess that wound up going to netflix so i'll give myself a half point for that what do you have as your biggest deal for 2026 david sacks well i don't want to get too specific here in terms of names of companies and that sort of thing yeah but what i would say is that i think there was a breakthrough in the last couple of months in terms of these coding assistants, where they've been around for a while, but there seems to have been another level of quality achieved just in the last month or so.

50:39And you're really starting to hear, I mean, maybe a lot of it is hype, but there is, I think a lot of people are getting very excited about the potential here. And part of it is coding, part of it is just tool use, you can download the programs and so it has access to your file drive, and it can take actions on your computer. This trend feels to me like chatbots did at the end of 2022 going into 23, where it's like people were really hyped about it, but then it continued to play out in the next year. And so I think these, let's call it coding assistance slash tool use, I think will get bigger and bigger this year.

51:16Freeberg, what do you got? Biggest deal? Russia, Ukraine. I think it's going to settle out this year. I think there's a lot of motivating factors to get it settled out this year, economic and other political factors. But I do think it's going to settle out this year and it's going to bring a bit more stability to that region. And there's a whole reset that's underway this year, I think, in terms of geopolitics and where the powers all sit. Trump can stop that war. He would be two for two. That's a good one. I think this one's going to settle. That would be that would be great. He may not have done it on day one.

51:46But if he gets it done in, you know, year two, that's good enough for me. Jamal, biggest deal in 2026, what do you got? It's not a specific deal, but it's an approach. I think that M &A cannot happen. And so it's the IP license M &A workaround. And I think you're going to see hundreds of billions of dollars of these kinds of deals. So this is the deal that Google did with Character AI. It's the same thing that they did. Microsoft did it, yeah. Microsoft did it. It's obviously what NVIDIA did with Grok. Why are these deals happening? Well, if you just look at what Facebook tried to do, they tried to buy Manus for$2.5 billion.

52:23Manus was a Chinese company that then left China and essentially rebuilt itself as a Singaporean business. The Chinese have now said, we're going to look at this. They are going to actively import export controls. They're going to actively look at which technologies and even which researchers are working on things that are critical enough that it just can't go abroad in this existential fight that they believe they're in with the United States. The United States is in equivalent such position. All of this leads me to believe that traditional M &A is effectively dead. I think it's going to be impossible to get a large transaction done.

52:55So how will you do it? You'll do what Sundar did. You'll do what Satya did. You'll do what Jensen did. You'll do what Mark did with Scale AI. These huge licensing deals that basically replace M &A. And I think that that as a deal type will get better and more refined and tighter and better executed. We were the third or fourth of these kinds of deals. And even the third or fourth iteration was quite good. By the time that you're into the middle part of next year, and you've done 15 or 20 of these things, I think the lawyers that work on these things and the accountants will just be bulletproof.

53:31The tax treatment is not ideal, but the speed at which you can do them is phenomenal because the next day, somebody like Sandeep can be working for Jensen, which is what Jensen wants. They want the talent. Zuckerberg wants the talent working there the next day. And the IP. And the IP, of course. You know, for 2026, I think we're going to see some massive M &A. It doesn't matter to me how it occurs, but I do think we're going to see a$50 billion plus deal. And I think it could be one of the Mag7, an Apple, a Meta, a Microsoft, or an Amazon going out and trying to buy XAI, Mistro, Perplexity, Anthropic.

54:07One of those four comes to mind. I know most of them probably want to go public and go it alone but i think an offer could come in and during that race for which six or seven large language models and man it is a it is a battle where they are moving up and down the rankings and beating each other out you know i'm gonna ask you a question and i think one of them's gonna i think one of them's gonna go for it i i think it could wind up being apple i meta or amazon who buys an anthropic or a perplexity i started where you were, but this is why I went to this deal type as the biggest business winner.

54:40Because if any of those companies tried to buy, let's just say Anthropic, I think it's three years of antitrust minimum. It's worse than when Microsoft tried to buy Activision, because that was a niche product. And even that took almost two years and like three or four months, if I'm getting it right. It was about two years. It's a huge slog, because it's about of global coordination of multiple regulators. Yeah, did you have to get through the EU? And eventually one of them takes the lead pole position. But in the Microsoft case, it wasn't just one. You had to navigate China, you had to navigate Europe.

55:19So I agree with you because I think there's companies with so much cash on their balance sheets that are effectively getting debased every day. The markets will start to punish these companies. It just seems like you're right. There's going to be a$100 billion transaction. I just suspect it'll end up as an IP license. Yeah, and I think President Trump, one of his great strengths is that he moves quickly. Man, what a first year. Whether you like the decisions or not, he makes decisions. I think this is one of the things that Democrats are learning is that you got to actually get things done for the American people.

55:52I think he might instruct our government to let M &A be great again. and that would be great for american exceptionalism these companies do need to merge and to continue to grow and we should go try to get from a mag 7 to a mag 17 we need more bigger companies with bigger footprints taking on global markets most contrarian belief most contrarian belief people like this one i said open ai loses its lead in the ai race uh and in fact that has happened if you look at the arenas and you look at their market share, they are being challenged. Shamath, you said the banking crisis in one of the major mainline banks.

56:33Gavin said one year of 5 % plus GDP growth at one point over the next couple of years. Well done to Gavin. Freberg, you said socialism runs back. Another amazing prediction. What's your prediction for this year since you crushed it last year, Freberg? Go ahead. My prediction is based on the premise that I think there is going to be this revolution in Iran and the Ayatollahs are going to be out. That's not the contrarian belief. I think that's the standard belief. And I think that is going to happen. And that's the premise. But a lot of people think that Iran is part of the destabilizing force in the Middle East.

57:07And I do think that there is already in anticipation of the turnover with the ruling parties in Iran, there is already this brewing conflict amongst the other Arab states. So I think that between UAE, Saudi, Qatar, and this fraction in Yemen, and then I don't know if you guys have followed, but there's this kind of emerging independence movement for Somaliland, which is kind of north of Somalia, that there may be more conflict brewing in the Middle East than anyone anticipates for this year, that will not necessarily involve Israel and or Iran, it will actually be amongst the other Gulf states as they vie for influence and power.

57:48And that the contrarian point may in fact be that Iran has been a stabilizing force in that region. And by removing Iran and by changing over Iran, they become this kind of independent democratic state. And this particularly is going to be heightened as there's going to be this battle for who's going to take care of the Palestinians as the two-state solution emerges. And what's the role that Jordan's going to have to play versus Egypt versus Saudi, and it's going to lead to a lot of questions about resource allocation. So I think that this year could end up being a little bit nastier than folks anticipate in the Middle East as Iran turns over.

58:23It's actually got a contrarian belief for 2026. Yes. I said that AI will increase demand for knowledge workers, not decrease it. I would refer you to Aaron Levy's post called Jevons Paradox for Knowledge Workers. And the point of Jevin's paradox is that as the cost of a resource goes down, the aggregate demand for it actually increases because you discover more and more use cases. So I think this will certainly happen with code. In the past, it's been very expensive to generate code. You have to hire engineers. There's not enough of them. It's an expensive resource. So the amount of software generated in the economy was limited by that.

59:03I think it's going to increase massively now because the cost of generating code is coming down so much. But there's other examples too. You take a field like radiology. That's frequently cited as a profession that AI is going to put out of business. That's not what the data shows. The data shows that the number of radiologists is increasing. Why? Because the number of scans that people want to make is increasing. And it's true that AI can do some of the work, but you still need a doctor to prompt the AI, to interpret the AI, to validate it. So you get more efficient. The cost of scans goes down.

59:34And instead of it being a super speciality that happens very rarely that you need like a referral on top of a referral to get, it becomes something that's normalized and everyone starts doing it and you start getting more and more scams that leads to better and better outcomes. So I think there's gonna be a lot of those examples through the economy and we're going to look back and see that the job loss narrative was not only wrong, but we actually got job gains. Okay. And for those of you who want to understand Jevin's paradox a little more. You can look at something like electricity or steel or concrete.

1:00:07When we lowered the cost of those things, people didn't use less of it. They built skyscrapers and we had more routes for more airplanes to take you on more vacations. And that went from being something only rich people did to everybody. So Jevin's paradox is definitely at work. What do you got, Chamath? What's on your contrarian belief? Gosh, I have two. Well, I'll give you them both and you can just see. My contrarian belief, number one, One is I don't think SpaceX will IPO. I think that it will reverse merge into Tesla. And I think Elon will use it as a moment to consolidate control and power of his two seminal assets into one cap table.

1:00:42Oh, my God. I love that. Wow. Well, he's talked about that before. He's talked about having a holding company for years of all of the collection. You could put Neuralink in there too, right, Jamal? You could put in the Boring Company as well. Sure. I'm just giving you my contrarian take. There will be no IPO for SpaceX. I think it specifically will be a reverse merger. There you go. The second contrarian take is that I think the central banks will realize that there are limitations to gold and limitations to Bitcoin. and will, as a result, seek out a completely new cryptographic paradigm that they can control on their balance sheet, that is fungible, that is tradable, and that is completely secure and private.

1:01:34And I think the reason why that privacy needs to exist is that for the sovereignty of a country, you need to be in a position where you have assets that are not easily disclosed to anybody else, friends or enemies alike. And then separately, cryptographically, if you're going to own a currency, you need to hedge against the eventual risk in the next five to 10 years that there's a quantum chip that can challenge the existing cryptographic schemes that are used. And for my contrarian, And I was thinking about going with OpenAI, losing their lead and not being the number one company again, because I do think that will be the trend, that they will continue to give up their market share to other players, including Google and Gemini and XAI, etc.

1:02:32But I'm going to go with a pretty wild card here. I think the standoff with China is going to be largely resolved. And I think President Trump, when he makes his visit there, I don't know if you're going to go on that one, Sax, but I think he should be included in it, obviously. because of the AI race. I do think that the standoff and the issues around Taiwan are going to be resolved. And I think this could be the signature issue of Trump's second term is that we work out a working relationship where both China and America win without one of us losing. Best performing asset. Best performing asset.

1:03:08Last year's prediction, I said MAG 7, which was up 22 % versus the S &P 500 at plus 17. Chamathie were long CDS for a potential run on a major bank. He said it was a long shot. Gavin said high bandwidth memory makers like Micron, which was up 230%. That was a great call. And Friedberg, you said Chinese tech stocks and ETFs, Alibaba was up 85%. Chinese tech ETF up 47 % versus the S &P 500 at plus 17. So I guess that That means Gavin Friedberg and then myself. What do you got for this year's best performing asset, Friedberg? Polymarket. Polymarket's on a tear. Network effects, replacing media, replacing markets.

1:03:54Congrats to Shane at Polymarket. Do you have a best performing asset for 2026? Go ahead, Shema. I would pick a basket of critical metals. Okay. Basket of critical metals. What do you got, Sachs? It's getting a little bit redundant for me, but I just said the expanding super cycle in tech. I mean, again, this is just another facet of the boom. But actually, let me just show you some data that literally just came out. I feel like this is breaking news. Oh, breaking news. Nick, can you pull this up? US productivity just surged 4.9%, the strongest reading in nearly six years. And this is the news item, is that the Atlanta Fed, their forecast for Q4 GDP just climbed to 5.4%.

1:04:37Can that be right? Yes. Can we get a fact check on that? Five to six is I think where we're going to see it, guys. We're going to see some sixes get printed. i mean january 8th 2026 the atlanta fed's gdp now model estimate for real gdp growth in the fourth quarter of 2025 is 5.4. 4 % significant jump from the previous estimate of 2.7 % on January 5th. You have to remember that there's going to be 150 basis point correction in Q4 GDP because of the government furlough. Okay. So let's say that GDP was probably, call it four, you're going to see a print of two and a half. So you need to readjust that because now all the government workers are back.

1:05:16They're recounted in GDP. If you look through 2026, there's a handful of things that I think people do not understand well. Number one, all of nonfarm payrolls has been completely reset and rebased. And the reason why is because of immigration. So what used to be 100 to 150 number print is now a 40 to 50 number print. Why is that important? Because when you look through earnings and you look at the lower 25 % quartiles of earnings growth, they're off the charts. there's all of these anecdotal examples now of earnings just exceeding expectations there was an article in the front page of the wall street journal yesterday about ford trying to pay mechanics 160 000 a year and having 5 000 openings so to sax's point we are a coiled spring closing the border plus adding productivity lifts through ai and other things have created a growth dynamic in the United States that will really start to show itself in 26.

1:06:23So I think that you should be not short the US economy here. It is ready to rip. And adding to all that, and just giving my pick, I think if we are in a rate cut environment, and the tailwinds keep happening, and people have a little bit of cash laying around, my pick for best performing asset will be the Robinhood Polymarket prize picks, gambling, wagering space because people will be able to have a little cash around to make some Bitcoin base in there too, I guess. By the way, the corollary to what we just talked about, if you see five and a half and six and a half prints and these employment numbers, a lot of this affordability stuff may be not as accurate as we think it is.

1:07:08Everybody right now is trying to figure out, okay, well, where are the pockets of unaffordability? And there are clearly some, but those are narrow and they can be fixed. But on a broad-based basis, what Sachs says is right. You have this combination of earnings growth, productivity growth, and now this overlay where you have these tax cuts that are going to hit in 26. My gosh, I mean, asset prices in general, I think will do well. Now, you'll also see potentially home prices correct because if the president is successful in making sure Blackstone can't buy houses, but on the other side, people are earning more and they can enter with interest rates that are now 100 to 150 basis points lower, you'll see a boom in housing where it's not the corporations that are buying the houses, but individuals.

1:07:53There's a lot of variables here that can break in America's favor. This is why I think 6 % is not unrealistic, which would be absolutely nuts. Okay, let's move on to the worst performing asset. Last year's predictions for worst performing asset of 2025, I said legacy car companies and real estate. Both of those turned out to be correct. Chamath, you said enterprise SaaS and the software industrial complex. Again, that looked correct as well. Gavin said enterprise SaaS. And Freeberg, you said vertical SaaS. So we had three SaaS and I had legacy car companies. Real estate, we all nailed those. Yeah, let me just give you some numbers on that to show you ServiceNow down 30%, Workday down 18%, DocuSign down 23%, Dropbox down 9 % and Box down 6 % while the S &P was up 17%.

1:08:40I think it's worth highlighting like it was a challenging year for this enterprise aspect. Especially with the per seat pricing, as opposed to consumption based pricing, if you have a static number of employees or less employees like many of these companies do, there's just less seats to sell. So their whole growth was based on land and expand, you land the client and then you expand the client because they're adding staff. If you're not adding staff, you don't have more people using Salesforce. Okay. So let's talk about our worst performing asset predictions for 2026. Who do you got? SAC's worst performing asset of 2026.

1:09:15Well, I just said California luxury real estate because of the overhang of the wealth tax and all the things we're talking about. Yeah. That one hits close to home, I think. Now, yes, it does, actually. What I'm hoping for is a dead cat bounce. If you guys are right that the ballot initiative fails, then the overhang will be lifted and maybe I can clear some real estate. It's not easy being right sometimes. Freyberg, what do you got? I mean, Zach, what's your discount price on that asset right now? I mean, like I might make a bid, you know, if you give me a good clearing price. You got$100 million laying around?

1:09:56Yeah, I'm not paying$100. Okay, here we go. Bestie negotiations are current. All right. Give them the bestie price. The buy it now bestie price. No, no, no, no. Okay, by the way, you know, San Francisco has that insane luxury tax, which they have in LA too. You got to pay 5 % on any piece of real estate over$25 million. Oh my God, it's like 6 % in San Francisco. 6%. Do you know that? Which makes it even harder for these high-end places to trade. So wait, you're saying if I bought Sax's house for$100, I'd have to spend$106. Oh, he has to pay 6%. 6 ,1? And then you've got to pay your broker 6%. I mean, they're just basically freezing the market.

1:10:30Okay, not the buyer. Well, you can negotiate who pays it. The 5 % quote-unquote mansion tax has just killed LA real estate. You talk to brokers down there. Because people used to flip houses a lot more. Now you just can't afford to do that. Unintended consequences, folks. Really bad for the market. Wait, you're telling me taxes slow down transaction volume and reduce the growth of the economy? That's crazy. I have no idea. Zach, you should write that down. We should do a whole thing on that. Yeah, maybe we should write that down. That is crazy. I didn't know. Yeah, somebody make a note. Yeah. So worst performing asset, Chamath, what do you think?

1:11:03Worst performing asset? I won't say the worst performing, but I think a very poor performing asset will be hydrocarbons. I just think that the trend in oil is inexorable and it's down. And the reason it's down is irrespective of your thoughts on climate change, the trends on electrification and energy storage are just unstoppable. And so what that does is it shrinks the surface area where oil is useful. it's not like a cataclysmic thing but it's sort of a melting iceberg where does it see 65 or 45 and i would say on a per barrel basis i think it's more likely to see 45 than 65 okay i went with the u.s dollar in different permutations of how you can buy it because our debt continues to grow unabated and you know the debasement trade jcal jcal I just think it's going to be hard for the USD because we're talking about, I think we're going to add$2 trillion in debt this year.

1:12:12And then if we're increasing, and again, I know President Trump says a lot of things, but if we're increasing the military budget by 50%, that means that's going to be straight to our deadline. So it's going to be harder and harder for the dollar. It doesn't mean that America is not going to do great, but the value of the American dollar is going to be a challenge, which we see in people moving to gold. and silver, and perhaps copper. Okay, if you could give us your worst performing asset of 2026. It would be Netflix if they don't close the Warner Brothers deal. I do think Netflix's service is being challenged from all sides with deep content libraries.

1:12:51And I think we're seeing a great commoditization happening. I've also heard directly from folks in Hollywood, the creators of new content, that people would prefer not to work with Netflix, they only pay creators cost plus 10 % now. And so as a creator, you're actually better off not doing deals with Netflix anymore. So their content library is going to shrink because of the natural economic forces underway. Alternative, if they do close on Warner Brothers, I think they've got some good runway in terms of that content library, and they'll be fine. And in that case, my worst performing asset would be traditional media stocks.

1:13:23And I do think that they're going to underperform there is just such an incredible variety of high quality content that's emerging from independent creators that are leveraging their own distribution platforms through YouTube and others. And I think that traditional media is going to continue to be deeply challenged, as we've seen, for example, just in the news segment with the rise of citizen journalism. So that's the that's what I would Yeah. And, you know, the Netflix observation, I think is was well founded, because they're also in terms of expanding their library, they just did a deal with Bill Simmons, I see and with Barstool Sports to move over their sports shows, podcasts, video shows from YouTube, and they're going to take them off YouTube and put them on Netflix exclusively.

1:14:07So that's a really interesting trend as well to keep an eye on. Okay. By the way, before we move off asset, just on best performing asset, there's one category we didn't talk about, but I think it's kind of interesting, which is the category of assets that qualify for accelerated depreciation capital equipment. Yes, yes, yes, yes. That includes things like planes, so forth. There's now 100 % accelerated depreciation for certain kinds of capital equipment because of the big, beautiful bill. And, you know, it kind of goes along with some of the tax cuts that we talked about. But man, that is making those markets super hot right now.

1:14:39Absolutely. Try buying a plane these days. Very difficult. No, Jason, it's not planes. It's like caterpillar. No, no, it's everything. It's tractors. Yeah, it's generators. It's Siemens. This is why Siemens stock is through the roof. All of this capital equipment, you get to write it off 100 % year one. It's creating a massive infrastructure build out in the US. So there's some companies that are huge beneficiaries of this, obviously, because they're the sellers of the capital equipment. And of course, this is one of the reasons GDP is going up is people are actually investing in business again.

1:15:10Okay, most anticipated trend. By the way, this is the corollary of the statement that if you reduce taxes, the economy grows. So here we go. Yeah. Most anticipated trend of 2025. I said the wrath of Lina Khan ending and M &A and IPO is being back. You get some credit there. Chamath, you said the end of the deep state. I think you get a lot of credit there. Gavin said AI makes more progress per quarter in 2025 than it did in 2023. That's a great one. Freeber, you said the nuclear power build out. I think you get some credit there too, yeah? Not sure. Not sure. We got some work to do there. Massively, a massively short nuclear.

1:15:46You're still short nuclear, but I know my guy, Howard Lutnick, when I talked to him, I talked to Howard Lutnick as well. He said he's all in on nuclear. Freeberg, can I tell you why I'm short nuclear? I think that we're in the very delicate part of the cycle where they've missed the window. So by the time that they deliver working SMRs at scale, the problem is that the marginal cost of electricity will effectively be zero, and it'll have gone to zero because of a combination of solar and storage, as well as coal and oil. And so it's just in a very delicate place where the large form factor nuclear reactors make zero economic sense by 2032 or 2035, which is when through the Byzantine permitting and building, they get it done.

1:16:29And then the SMRs, by the time that they get it done, they may not be able to meet the market either. So I think it's a very complicated moment for nuclear, actually, not scientifically, economically, just does not hang together mathematically. I think that's if you assume no shift in the demand curve. And I think that if you look at China going to 8 terawatts of production by 2040 or whatever it is, and we're sitting at 1 and we're not moving, we are going to have a big catch-up to do. And the question is, can we really build out two, three terawatts of electricity generation? How are we going to build out two to three terawatts of electricity generation?

1:17:05The amount of land that you would need with solar and what's it going to take to get all of that installed and so on. And by the way, there's a lot of this stuff in China. If you look at all the big solar buildouts that they did where they're ripping it up now, this is a longer conversation, but I really do question whether we can pin everything on solar. It's going to be a mix of stuff. And so your point may be right that in the near term to meet the current kind of demand curve. Nuclear is going to be economically challenged. But at some point here, there's an inflection that we have to meet.

1:17:33So what's your most anticipated trend of 2026, Friedberg? Iran becoming an independent democratic state. I'm just speaking generally anticipated. I think a lot of people are anticipating that that's going to happen this year. There's an uprising in the streets. There is a weakening of the Ayatollahs. And there seems to be a moment underway. And the demographics are destiny. There's a lot of young people in Iran, and they do not want to live under the current rule. They want to be free. But there is a major economic problem in Iran in terms of affordability. You think we have an issue of affordability in the US.

1:18:07In Iran, it's very hard for people just to buy their basic necessities, basic needs, and the majority of people. So that's why they are taking to the street. There is a real economic crisis underway that is motivating this turnover. Every year, everyone anticipates some big change in the Middle East, but this could be the biggest rewriting of the Middle East in a long time. Okay. Sachs, what do you got? For what category? Most anticipated trend of 2026. What do you got, Sachs? I said auditing government spending at all levels. That's a good one. Decentralized Doge. Yes! Let a thousand Nick Shirley's bloom.

1:18:43Let's do it. Audit everything. Audit everything. We need to normalize independent audits across the board. Whistleblowers. Let's go. It is not acceptable for For Gavin Newsom, for example, to prohibit audits, as he did with homeless spending, all government spending needs to be opened up and audited by the public. We need to be able to see where it's going. And that's just got to happen. Love it. The Pentagon. When's the Pentagon's... When are they going to pass an audit, right? I mean, that's one of our biggest line items. Let's get them to be audited. Hey, there's something President Trump could do.

1:19:11They're actually at least trying. They're at least failing the audit. They're at least failing the audit. Gavin Newsom's prohibiting the audit. Start where you're prohibiting them first. How about that? Yeah. I mean, just audit everything, I think, would be, I love it. What do you got, Jamal? I have a corollary to Freeburg's, which is, I think it's the expansion of this Trump doctrine. Independent of your politics, if you are an economic actor, you own a business, you invest in the stock market, whatever it is, you speculate cryptocurrencies, you must understand the movements on the chessboard in 2026.

1:19:44The best framework that I have used to organize myself is this idea of unilateralism, economic resilience. It's just a ginormous trend. And I think the output of it is going to be massive GDP prints on top of everything else. Yeah. And I think I'm going to stick with my last year's prediction going into 2026 again, the Wrath of Luna Khan ending. We saw the M &A train start with Grok, obviously Netflix and Warner Brothers, Google and Wiz. so many deals are ready to be done and they're starting to pop off in M &A. We can debate what structure they are and regulators, et cetera, but they're happening.

1:20:24But I'll go with IPOs coming back. Right now, you've got to anticipate one of the following two will file, SpaceX, Andro, Stripe, Anthropic, and OpenAI. I think two of those file and it is going to be gangbusters. The public wants these shares. They're buying them in the secondary markets. We have half as many publicly traded companies. The public would like to participate, and this is something Trump can uniquely do that the Democrats were trying to stop and slow down, which was M &A and IPOs. I think this will be the year of the mega IPO. It's going to be very exciting for Silicon Valley. It's going to be very exciting for the employees at these companies and for the pension funds and the endowments that own shares in these companies.

1:21:06They're going to be able to take that money and put it to good use, hopefully. So, SpaceX, Andoros, Stripe, Anthropic, OpenAI, those are on the short list, obviously, of ones that could go public this year. All right, fun one we like to do is the most anticipated media. That's a fun one, you know? What are you looking forward to in 2026? Last year, I said Superman and Andor, season two. Turns out, Superman did great. Andor did amazing. It's the best TV show of the 21st century, I think. Chamath, you said, enormity of the files that will be declassified. Epstein files, halfway there. JFK files, we haven't seen those.

1:21:43Gavin said 1923 season 2. I don't even know what that is, but okay. That's a Taylor one. Oh, that's the Taylor one, yeah. You watching Landman? Landman's pretty great. I have not watched that. You said AI video games. What do you got this year, Freeberg? You love the media. You're a cinephile. What are you looking forward to in media in 2026 this isn't as much as what i'm looking forward to but i do think the big trend in media is going to be the citizen journalism doing exposés i think that we're just at the beginning of the expose man on the street man on the street pushing stuff getting cameras in people's faces the work of journalism has been decentralized and i think there's going to be so much more that's going to be kind of shared and covered this year okay do you have one uh And by the way, the difference I would say in terms of what Nick Shirley is doing and what we've seen maybe in the past, but it's going to be the new trend, is much of the citizen journalism in the past has been to some degree a little bit more passive.

1:22:45It's sort of like, hey, I caught this thing and I observed it. But now there are people that are going to actively take a camera and say, hey, I'm going to go discover this thing. I'm going to go deep on it. And that's what I think we're going to see happen in a big way this year. Well, and there's a monetization path. You have Substack where people can give donations, GoFundMes, and on top of that, YouTube allowing you and X allowing you to share revenue on this particular category, which they previously did. And as Nick Shirley pointed out, it means there is a path to profitability there. Get more clicks, get more views, you make more money, and then you can reinvest it.

1:23:15So I think I like your choice a lot. Chamath, you have something you're anticipating? The exact same thing as Freebrook. I'll just double down. and okay and what about you sex you got something you want to double down on investigative journalism no i thought we were talking about entertainment here well yeah i thought it's okay these guys went these guys zigged where we zagged but one of my weird like things that i watch on tiktok that i got stuck on and tiktok just keeps showing me them is these auditing videos have you guys ever seen these first first amendment auditors so these are people who take a camera they stand on the street and they just point the camera into someone's store or into a bank's window and they just film the people in the bank and then they wind up spraying each other there's always people that come out they're like you can't do that you're not allowed to do that they're like okay i think i would like you to leave i don't want to talk to you and they just do this and they instigate people to call the police and what they're doing is they're auditing whether the police understand first amendment rights and then how the police react is basically the end of the video sometimes the police are like you can't do that and they're like yes i can call a supervisor and then they teach the police officer that you're allowed to stand in public places and film otherwise they're just like hey they go to the business owner and they tell the business owner this guy's allowed to do this leave him alone i don't know why but these videos are so entertaining yeah there's well there's tension there's a lot of tension there and there's something freedom of speech which is the first amendment for the store owner the store owner comes out sometimes tries to physically confront the guy but then you'll have like a woman walking with her like two-year-old child and then she'll get into it and she'll be like hey exactly don't violate his constitutional rights he's allowed to be that's the best it's the best yeah it's so good you never know what's gonna happen each one of them is like a whole new adventure yeah i don't know why it's such an interesting form of content i like love watching it it's a uniquely american phenomenon to yeah um establish your freedom your first amendment rights and they even go into like the really dicey ones or where they go to like the parking lot of a prison or into the lobby of a police station and do it, and it gets pretty spicy.

1:25:17What do you got, Sachs? You got any media you're looking forward to? These guys are going First Amendment, investigative journalism, yada, yada. What do you got, Sachs? Well, the new Christopher Nolan movie is coming out, The Odyssey. Looks interesting. Ah, great call. Great call. Yeah. That's mine. Great call. What is it? What is it? What is that about? The Odyssey? Oh, come on. No, Homer's Odyssey? Yes, but as interpreted by the great director of our time, Christopher Nolan. Have any of you idiots actually read The Odyssey? This is not great. I'm sorry, but... The Odyssey is a terrible book.

1:25:52All right. Okay, so we're going to get some good comments there. You guys are all such wannabe poser intellectual. No, it's just Christopher Nolan is just great. It's IMAX. It's going to be epic. It's trash. That book is blech. Okay. You don't like iambic pentameter? so so the idea of some confused person making a movie about it is also just how do i short that okay that is actually can i short that can i short that movie i'm on a poly market i'm sure there will be okay well somebody should bet on the box office pull it up nick i bet zero okay it's gonna be a lot more than zero i'm sure i i'm uh also a um a big fan of timothy chalabay and Doom Part 3 is coming out.

1:26:36I also like Avengers Doomsday. Wait, Doom 3 is coming out? Oh, I love Doom. Doom Part 3 is coming out. I love Doom 1 and 2 so much. 2 was great. I think 1 was a little bit of slow burn, but 2 was fantastic. Doomsday will be good. Doomsday, actually, I go with that. Avengers Doomsday is going to be, I think, fantastic. Robert Downey Jr. as Doctor Doom setting up Secret Wars and then you're going to tie up all the previous Marvel strings into one bow. Look at the Odyssey, Zero. They're going to use Doomsday to bring back all the characters they killed hey uh besties uh here's a little something i think we're about to hit today one million youtube subscribers before we do our netflix deal and take the show off of youtube we hit a million um before we took so long wasn't it supposed to happen like a year and a half ago we're gonna have like a million subscriber party a year and a half ago you know why ask me ask me what i think tell me why tell me why sex because we never tell our subscribers to hit the like button or smash the subscribe button whatever yeah every other podcast i watch on youtube and i watch them all they're always like hit the like button hit the like button oh god well you know what they're doing now too is the the big trend now is to just do 10 minute quick hits as news breaks so you you this is people are flooding the channels ask me what i think about getting to a million subscribers any thoughts on this seminal moment for the all-in pod hitting one billion subscribers on you.

1:27:59I'm sorry, one million. You're welcome. You're welcome. You're welcome. You're welcome. What's this week at? Oh, this week in Star Wars is quarter million. Don't worry about it. It's a niche show. Don't worry about it. Not bad. Hey, listen, I love doing it. So there's four of us. One of you, so we have four times the subscribers. yeah something like that yeah hey listen one of the great things you you learn in media is when you build a super team a super band you know you can actually do better than everybody individually so collectively we can do better and listen it's not for me to say listen you i think you've adjusted to being ringo star incredibly well listen i everybody says the same thing to me without the show, this would be propaganda and it would be Trump's personal Who says that to you?

1:28:56Everybody. Everybody says I'm the stir in the drink. I'm the thing that stirs the drink. You're keeping the private equity wives watching. Great job. Absolutely. I'm keeping them in. All the private equis love it. For every left winger that you keep watching the pod, we probably lose five MAGA people. If we were just a MAGA show. The people, the MAGA people, they love hating me. They love hating me. And they love to come back every week to hate watch me and my takes. They do. Just like they hate watch you, Chamath. But it's for a different reason. They tune in to hate you and hate me. Well, listen, it's been a great year.

1:29:36It's been a great year. Great job, besties. We kept the band together for one more year. Let's do a polymarket. Chances, the All It Podcast makes it to 2027. honestly it's not 100 % it's never 100 % it's never 100 % we'll do the best we can you guys love the show smash the like button comment links subscribe whatever you want to do write a review tell everybody how much you love Jamal Sweaters and we'll see you next week on another amazing All In Podcast bye bye we'll let your winners ride Rain Man David Sack I'm going all in And it said We open source it to the fans And they've just gone crazy with it Love you Wes I'm going all in

1:30:32Besties are gone That's my dog taking an audition Your driveway sex Oh man My abitacher will meet me at what's up. We should all just get a room and just have one big huge orgy because they're all just useless. It's like this sexual tension, but they just need to release them out. Wet your feet. Wet your feet. We need to get merch. I'm doing all in.

1:31:05I'm doing all in.