DOGE vs USAID, Crypto Framework, Google's $75B AI Spend, US Sovereign Wealth Fund, GLP-1s

25:57And one of them was to pause foreign aid for 90 days. Okay, this seems reasonable. We gotta take care of our country that was part of his mandate for becoming the 47th president of the United States. So a couple of days later, the White House said, Hey, this USAID leadership is trying to circumvent the executive order. They're in other words, they're just going to keep paying people even though the executive order came out. That alerted the doge team. So Elon confirmed this on X. He said, quote, all doge did was check to see which federal organizations were violating the president's executive orders the most turned out to be USAID.

26:35So that became our focus. And according to NBC, security officials at USAID tried to prevent doge from even getting into the building or accessing the systems to your point, Antonio. The person probably who's got the most to hide is the one who's going to fight the most over the weekend. Doge gained access to USAID and then people started tweeting out all of this you know crazy spend and things that any American who looks at it and says, wait a second, if we haven't fixed the goddamn water in Flint, Michigan, Why are we sending money to Galway or an Ireland to do a DEI musical? This makes no sense.

27:13And that's, I think, the key piece of this Antonio is, can you win the hearts and minds of Americans? Because some of this stuff, I don't know if it's legal or it's not legal or it's against protocol or it is protocol. We're going to find out there's been tons of legal cases and lawsuits that have been filed. But to your point, this is how Elon found out about USA. say. Jake, let me ask you a question. Where does that place you in your political philosophy around the importance of human rights abroad? Great question. You know, I've always felt that the West should act in unison and if the United States is the greatest economy or the strongest, we should lead.

27:57There is something called the universal declaration of human rights, the United States, Eleanor Roosevelt, wrote this at the UN and everybody tries to to hit those notes. I think it's great that we try to reduce suffering in the world, but I think we should be doing it not unilaterally and not to try to manipulate governments. And that's the piece of this that USAID is obviously a grift where people are trying to steal money for their pet projects. And I don't think they're acting in unison and above board to look and say, okay, where's the most suffering in the world? How can we help that? You know, that to me seems like a noble thing to do.

28:32So if the United States has the budget to help fight AIDS in Africa or poverty, do you think there's a chance that some of these human rights issues were embellished to try to get more money? Well, I do think that I did this tweet recently. So yes, is the answer. If you look at Amnesty International, Amnesty International, where I worked was one of my first jobs. They were working on people who were imprisoned, tortured, raped, murdered, systematic murder of dissidents for freedom of speech, freedom of assembly, religion, etc. And then somewhere along the line, the Amnesty International was tweeting about trans rights and that's the big focus.

29:12This is a very small amount of people on the planet and I don't think that those human rights violations in any way relate to the tragedy we're seeing of people being murdered, tortured, raped, and camed and beheaded in certain places in the world. So there is a way to look at suffering and say we should handle this first. And yes, somebody who, you know, feels they got misgendered. Maybe that's way down the priority list compared to systematic rape of women in these, you know, war zones. Those will be the high order bits. And so this thing has gotten... The other fascinating thing I think about USAID, which I like to get your thoughts on too, which Moth is, at what point did this switch from being the left saying we should not intervene, right?

30:04The left's position always in the 80s, 90s when we were growing up was we shouldn't be doing these operatives in other countries. We should let democracy flow, let these countries figure it out for themselves. We shouldn't be doing empire building. We shouldn't be doing imperialism. And then all of a sudden, now it's just such a griff that I think everybody's got their hands on the pie. I mean, I think that's the biggest thing that we will have to confront is that many of the things that we thought were issues or problems. may have actually been somewhat embellished because of this money cycle.

30:58Sure. And I think that that's gonna cause a lot of people to feel really, they'll probably feel really foolish about some of the decisions they made, all the attempts at cancellation are gonna look really dumb in hindsight. Yeah. All right. I'm going to use some gratitude for our friend David Sacks here who's coming online. Oh, okay, here he is. David's getting good. And the one thing I want to point out this goes way back. I think maybe when the decade ago, David betrayed explain to me that Neocons had taken over American foreign policy. And they were your question about why did the Democrats change, why did Republicans change et cetera.

31:34The Neocons took over foreign policy in both sides, Democrats and Republicans and populated out this for activists, most of their stance, which is bad for America. And I think Dyson, that answered your questions to why the Democrats shifted. All right. With us is David Sacks. How are you doing, brother? Are you literally in the White House? I'm in the EOB. Oh, okay. There's like a podcast video actually in the EOB. Oh, fantastic. And you're wearing a suit every day. Yeah, you're right after we're a suit and tie every day. I was just listening on your conversation about Doge. Jacob, I'm surprised that you never figured out a way to get involved in this USA.

32:10I mean, everybody's on the take except you. I had no idea. I would have started an NGO. Where's my NGO? You had everything except the money laundering. you had the grids, you had the virtue signaling, huh? You had it all except the actual money. Let me up level this for a second. Okay, so we knew the US government runs a $2 trillion deficit every year. We're in debt almost $40 trillion. And we also knew that anytime anyone tries to cut anything in Washington, the whole city screens bloody murder. Okay, so the question is just why? Well, now we know the money is all going to them. It's like round tripping to them.

32:45New York Times. raising getting paid political getting paid bill crystal perennial war monger getting paid Ukraine getting paid like 11 out of 12 publications Ukraine getting paid incredible Victor Orban who's the prime minister of Hungary was saying that you're very popular and hungry his political opposition funded by USAID in Poland the left wing political opposition funded by USAID and on on and on and on it goes. BBC, but BBC, you wonder why everyone in the UK, so yeah, yeah. Like, I can't believe the BBC is getting paid. Every left -wing organization in the world seems to be getting paid by this slush fund, a USAID, which disburses about 50 billion a year.

33:29That's a billion dollars a week. That's actually a lot of money. And so it just, it makes you wonder, you know, the left in general tricer portray itself as a movement of the people, that it's grassroots. roots. This is the exact opposite. This is Astro turf. This is basically money coming from the top down out of Washington to fund all these groups, maybe not even in the United States, like all over the world. So it makes you wonder, what is the real level of local support for these left -wing policies all over the world? Yeah, crazy. So you did a big announcement this week on crypto and creating a framework work finally.

34:05I caught some of it. Maybe you could just tell us, you know, from the bottom up, what is the mandate from the president and what is your advice to him on how to make crypto move out of the shadows offshore, ICOs craziness to legitimacy. What's the plan here to legitimize and regulate crypto? Well, the plan was really spelled out by President Trump in his week one, EO on crypto. And it's all spelled out in there. The principal's administration on crypto, the president said he wants to support the responsible use and growth of digital assets and blockchains across every sector of the economy. So the principles are all there and yesterday I was invited up to Capitol Hill to meet with the chairman of the important committees that will be that basically govern crypto.

34:56And so we had a press conference there to announced the legislative plan. You can see there there's Chairman Tim Scott, who's the Chair of the Senate Banking Committee to my left and then to my right as French Hill, who's the Chair of the House Financial Services Committee. And then to his right is John Bozeman, who's the Chair of the Senate Agriculture Committee. And then to the left of Tim Scott is GT Thompson, who's the Chair of the House Agriculture Committee. He's out of frame right now. But those are the four committees that govern crypto and you may ask why is the agriculture committee involved in crypto And the reason is because the ad committee Supervisors the CFTC the Commissaries futures trading commission because commodities all came out of agriculture So it's interesting you need four committees across the House and Senate to get legislation done on crypto It's not just House and Senate is actually two committees in each of the House and Senate and so this is the first time where we've had four chairman of the four key committees all come together and say that they're ready to support crypto legislation.

36:04There were a lot of people on X who felt like this wasn't a mind -blowing announcement. They wanted something that they could trade on right away. That's not what this was. This was basically a statement of commitment from the chairs, the four committees that we're going to get legislation done this year, maybe in the next six months. I mean, that's really the goal. And we've never had that before. So that is pretty monumental. I used to work in this Because when I first launched Climate Core back in the day, we actually were selling commodity contracts online. So, we set ourselves up as an exempt commodity trading platform.

36:38And so I remember all this old legislation. There was the commodity futures modernization act, if I remember, when they deregulated the energy markets. But one of the features of the commodity futures modernization act was that they created this concept of an exempt commodity contract, which was where you're not delivering a physical good. And that's basically what weather derivatives were and energy derivatives and other kind of indices were created that didn't have a tangible physical supply. And it was still kind of shoveled in the commodities world. That's why the legacy of all the stuff kind of sitting with agriculture is that the way this is likely going to move forward?

37:15It's going to look like a new extension of exempt commodities and kind of treated like that versus being securities. The question you're describing is called market structure. You know, what are the definition is going to be because digital assets can be many things. You can have some digital assets are crypto currencies. They're actually currencies. Then there's things that are crypto securities. Then there's things that are commodities. Bitcoin actually is regulated as a commodity right now. Then you've got things that aren't securities or commodities or like collectibles, like NFTs, things like that.

37:48There's all these different categories. One of the things that the market needs is just clarity around the definition so that founders know what the rules of the road are and they can actually just comply with them. So giving them those definitions and describing how a crypto project could start, for example, as a security and eventually the protocol could become decentralized enough or maybe it becomes a commodity. That whole idea that's called market structure. And there was a bill in the last Congress by French Hill who is the chair of the House Financial Services Committee now. Now, that past, the House, was 71 Democratic votes, so it was fairly bipartisan, but then it went nowhere in the Senate.

38:31Because frankly, the Bank Committee at that time was run by Sherrod Brown, who was Anticripto. So it got stopped in the Senate right away. Now, we have Republican control of the Senate, and Tim Scots, the new chair of the Senate Banking Committee, and he's expressed support. So I think now we could get a bill on market structure like Fit 21, again, which was Frontiers Bill last Congress. I think we could do a revised and updated version of this Congress. And that was one of the things they all, the Chairman expressed support for. So I think there's a pretty good chance we could get this done in the next six months.

39:02What's the opposition, SACs? I guess it feels to me like with the market structure question being addressed and answered, you would have also more protection for consumers. Because now businesses know the rules of the road. They follow them through structure that protects consumers, et cetera, et cetera. Why would people be opposed to moving this forward, moving the legislation forward, getting this all behind us. Well, I think this is an area where there's a really good chance of having bipartisan support. We did in the last Congress, like I mentioned, that the House bill got over 70 Democratic votes.

39:33I think in the Senate, we're going to need seven votes, seven Democrat votes to get to 60, right, which is the number you need if you don't go through the reconciliation process. And I think there's a good chance this past was significant and democratic support as well as Republican. It's not gonna be unanimous or anything like that because there are still forces that are hostile to crypto in Washington. And you think it's gonna be a discreet bill? Or do you, I mean, it seems like you're gonna have to get a border security and energy and budget bill passed. So it seems like everything's looking towards reconciliation, in which case, Would this be an ad junk like an ad on?

40:17The question is what you can get through reconciliation. So in order for a bill to go through the reconciliation process, where you only need basically 50 votes, it has to have a budgetary impact or predominantly a budgetary impact. I think it's called the bird rule. And that rule was definitely pushed pretty hard in the last administration. Remember that the Biden administration got the inflation reduction act passed through reconciliation and all those subsidies for clean energy or whatever. So they've opened the window pretty wide on what can go through reconciliation, but that's the question.

40:52There's one other bill that I think is going to move pretty quickly here too. So I just mentioned the Market Structure Bill. The other area is stablecoins and Senator Haggardy, he's on the banking committee. He just released a stablecoin bill. There's counterparts in the house and what the four chairman indicated is actually they're going to take up stablecoins first and then market structure will fall over very quickly. So I think we could see a stablecoin bill pass Congress in the next several months. Zach, I guess the question is the SEC was and Gary Gensler were the blocker previously with crypto and they just said, hey, listen, there's an existing set of rules here.

41:32Just follow those rules. Obviously those rules don't exactly apply to the innovation happening in crypto. So the question I think after stablecoins, which feels like a layup in a great place to start, that'll be a great early win. And it just makes people I guess that would just reinforce the dollar supremacy right if it's tied to the dollar. So that's good for America. But maybe you could talk to protecting consumers because we all saw in the first couple of generations of crypto, all kinds of grips and ICOs and things that were never delivered. So how do you balance those two things, protecting consumers who may get really enthusiastic about this versus, you know, people who might try to prey upon them.

42:14Well, the first thing you want to do, if you're going to protect consumers, is you want to bring the activity on shore. Okay. Because obviously, when all the activity gets driven offshore, then it's hard for regulators to supervise it. And more over, it's hard for the market to know who's a good actor, who's a bad actor, what's a good project, what's a bad project. So the first thing you want to do is have the innovation happen on shore in the United States. By the way, it's probably not a coincidence that the biggest fraud in the history of crypto, which was FTX, was based in the Bahamas. Probably a reason.

42:44A little bit of a tell, a little bit of a tell. And it'll be an even stronger tell when the good projects feel like they can come back into the United States and then you've got the shady ones in the Bahamas or in other countries, they're going to stick out like a Swarthum and everyone's going to be able to understand that, oh, those guys are too shady to operate in the United States. So the number one thing we need to do is just bring the innovation onshore. In terms of the framework, I think the market structure bill is kind of defined. Here's a security, here's a commodity, here's what you have to do.

43:11Here are the disclosure requirements around creating a crypto project. So all of that will be in the bill. And then in the meantime, the SEC has created a new task force under Hester Purse who's a SEC commissioner. and she is already starting to do work in that regard to define a better regime at the SEC for crypto projects. You mentioned that Gensart said that the SEC's doors were open to crypto companies and they should come in and talk to us and work with us. That was very disingenuous. Crypto companies would tell me they would go see the SEC. The SEC would tell them nothing about what the rules were, but they would have enforcement people in those meetings, does writing down everything they would say.

43:55And the next day, they would get sent a Wells notice. So the truth is the SEC was not cooperating. They were not providing any clarity. They were just honeypotting founders basically to come in and then they would immediately investigate them. I mean, it was really terrible. Look, we expect founders to play by the rules and abide by the law and be compliant. But when you won't tell them what the rules are and then you prosecute them, there's no fair way for them to comply. So the most important thing is to give them a framework. I think the SEC now is doing that. They're starting to do that already.

44:26And then legislatively, we're gonna have a bill that does that, moving through Congress over the next few months. This is absolutely awesome. We're super encouraged that you're doing this and we really appreciate you coming on the pod. Wish you could participate in the other three or four crazy discussions we're about to have, but we understand you've got to stay focused on the mission. Anything on the AI front that we can look forward to in the coming weeks that you're working on, And I know that's the other part of your mission. Well, the big thing is, like I talked about last time, the president rescinded the Biden EO, which was this 100 -page monstrosity, it burned some regulation on our AI companies.

45:02I think that decision's been proven even more right in the wake of deep seek, because we know that China has basically caught up or they're very, very close to catching up. It felt like that Biden EO is written in a vacuum in which the US was the only player in AI, and that if we've imposed a bunch of burn some rules on our companies that somehow that wouldn't allow China to catch up right and I think it's pretty clear The China is very very competitive if we hobble our AI companies. It's gonna run down to China's benefits So I think that was a very good decision and what the president said in his EO is that We should devise a new AI action plan to replace that by an EO and we're working on that right now All right, Jay back to any panic doats from doach you want to share?

45:45I'll give you one anecdote, which is I've been working late here a number of nights at the EOB And I won't tell you where the doge guys are based, but you know, I know where their offices So I just went by there to say hi. The whole room was full of young coders. I think they were engineers, but they were wearing like suits and ties So that's a little different, but they were all working really late. I mean, they're working there late at Friday night and The facilities people don't know what to do because they've never had people like ask to stay So that's a great new facilities access for these guys.

46:20They're like, you're coming to the office and doing work. We don't have a protocol for that. What, how does that work? I'm gonna be to get you in here or a badge to come to the building. Well, it's absolutely awesome to see the progress you're making in the first two weeks and continued success. We're so proud of the effort. All right, thanks guys. All right. Do you guys think the Democrats are gonna lose people over their opposition to doge. Like, is doge really viewed as oppositional to Democrat party interests? This is for the average person. It's a war shot task. I think the thing is that there was a coalition that the Democrats had, and there was a coalition that the Republicans had.

47:03The Republicans did a better job of reforming that coalition. And now I think what you're gonna see is a shrinking. I actually got this totally wrong. I don't know if you remember a couple of years ago, But my thought at the time was if the Republicans don't figure out how to fix themselves, they were going to go and lose for the next 10 or 15 years. And the reason I said that was they would walk into every midterm and they would just get their ass handed to them. But I think they figured it out that this is sort of this thing that I've been thinking about a lot is there's a fight in Western societies and it's a pendulum between labor and capital.

47:41And it used to be the thought the conventional wisdom was that the Republicans were pro -capital and Democrats were pro -labor. And the brilliance of Trump is he took over the Republican Party and made it totally populist, which is to say pro -labor. And the crazy thing about the Democrats is that they are the most sophisticated liars. Because if you look at what happened under Biden. You had record high stock markets. So it was purely in favor of acid owners, record high deficits, record high illegal immigration, record high wage suppression. All of these things are massively pro capital, but they tried to present themselves as pro labor.

48:27That entire ruse is now being undone. And all of this data, what that does is it'll consolidate the Democrats to a shell of their former self. It'll take a year or 18 months, but I think unless they figure out how to totally hard reset, they're going to be in a really difficult struggle to find a cohort of people beyond 15 or 20 % of the population for a long time. Well, and it's so dumb to come out against waste fraud and abuse. So the best argument the Democrats Democrats had, it seems, was that, oh my God, people's social security numbers, where people's privacy was being violated because they went in and looked at the data and how the money was wasted.

49:10This is the, like, height of not getting the point and not reading room. 100 % of Americans don't want their tax payments stolen. They don't care if you looked at their social security number. This isn't a privacy issue that doges looking at some database. And that's what AOC and Schumer were doing. Oh my God, these people are looking at your social security number. They have access to your records. Who cares? What matters is how much money is being stolen from the American public and anyone at any point in time could have picked up this issue. This has been going on. I think you pointed out the last time somebody really addressed this in earnest was Clinton.

49:49So this has been going on. Obama, Trump 1 .0, Biden. everybody has been raising the debt, all of this script has been going on. It's only this time around that somebody picked up the free money and said, here's an issue. Now we see what happens when somebody picks up the issue of stop wasting money. It is a popular issue. This is only going to make Trump more popular. So Jason, I'm going to add what you and Chimaltz said. I think you're both right. Now I'll give you a very concrete example. Rahm Emanuel is not back in Japan. Okay, he was chief of staff in both the Democratic White House's post -Rose Valt, Clinton and Obama.

50:29And he wrote an op -ed this weekend, this past weekend. They basically said the Democrats have lost their way because they have forgotten what he calls kitchen table issues. The things people, the regular people care about, and Jamaat, you're right. I mean, the reality is they forgot about inflation. They forgot that inflation is terrible for the average person. It's terrible for middle class America. It's okay for people that own productive assets because they just go up and value, but it's terrible for people that are wage earners and then have any savings. It's terrible for older people that are living off savings.

50:59Terrible. You know, Rob makes this point that if the Democrats are going to reconform in some way, reform in some way, they're going to have to recapture these kitchen table issues. And if they don't, they'll just be about these fringe social issues, DI, transgender, whatever, and that will never work. They'll never come back in power. Well, I mean, the crazy thing is like the democratic policies are meant to favor capital holders, but capital holders by and large deeply dislike the Democrats because of all of these other issues. So they have no home. There is no base from which to build from right now unless they go through a great recent.

51:34And part of it is that they have to understand that they are actually not pro labor. they are have been pro capital, but that requires such a schism from the deepest believers of the democratic party who thought, you know, eat the rich. You wear it on your dress. It's so important to you. In fact, actually, you were feeding the rich. You just, and the fact that you didn't even know that is just pathetic. Yeah, what's funny is that, you know, Mark that your famous is said that the problem of socialism you eventually run out of other people's money and you run deficits, right? And you just or the country.

52:07This happened in Venezuela. It's always the end of socialism. It's how it finishes, how the movie ends. We've seen it around the world. Just look, look south in this South America. We were ahead in that direction. That's when I said earlier, I was, I'm afraid we might become a cleptocracy if this doesn't stop. And I'm so grateful to all the great patrons at Doge and the government, the president for making happen because we were ahead in that direction. So the Democratic Party has lost. They'll continue to be lost. Interesting thing came up this week on Monday. President Trump signed an executive order laying out a plan to establish the first sovereign wealth fund for the United States.

52:41For those of you who don't know, a sovereign wealth fund is essentially an investment fund for a country. It's almost universally based on natural resources. So Norway, Saudi, UAE, they all have Australia, sovereign wealth funds based upon minerals or typically oil. The United States is not known for having the oil reserves of the Saudis or UAE or Norway. This public investment fund would be apparently anchored by potentially the TikTok shares that Trump said he wanted to get half of by giving a license. A lot of that is unclear what this license would be. It's never existed. But this is the concept.

53:32The Treasury Secretary and Commerce Secretary have been tasked with developing a plan over the next 90 days. And the plan should include quote, recommendations for funding mechanisms, investment strategies, fund structure, and governance model. Chamath, you were tweeting about this. What is the point of having a sovereign wealth fund in the United States if we're $36 trillion in debt. And we just pay down. Or I think it's not. It's not as money going to come from. Yeah. Well, it's not an either or thing. And I think the point is that if there are assets that are minted effectively overnight, which I think the 50 % share of TikTok would be.

54:12So call it a hundred, hundred and fifty billion dollars. The question is, what should you do with it? And who should govern it? And I think this idea that if you had a group of five elder statesmen, so I'm just going to throw some names out there, David Tepper, Stan Druckenmiller, Ken Griffin, John Doer, or Mike Moritz, Bill Gross, or some other bond guy. My point is what you get are five people that are very sophisticated across all market categories. One of them could be the rotating CEO for some number of years. People should rotate in and rotate out. But these are unpaid jobs because everybody that has these slots should be mega billionaires so they shouldn't be doing it for their own personal advancement.

54:52And they should deploy that capital. So as you sell down the TikTok shares, maybe as you sell federal lands and you generate more oil revenue, take it all and invest it on behalf of America into American companies. I think that's a great and incredible idea. And Tony, you think the government should be in this business? So I have, I think it, I think it should, but and I agree with Shemoth that the governance is very, very important. I think he's got a good idea there. I think it, for a different reason, is that we don't have an industrial policy in America. Many of our strategic competitors around the world, in particular China, have a long -term industrial policy, and they put enormous amounts of capital behind the industrial policy.

55:35A sovereign wealth fund, I think, would be a stealthy way to create industrial policy in America. So, it doesn't have industrial policy in this country. So, example. In China, they want to build chipfabs and they want to catch up to a two TSMC. So what do they do? They take the dollars of trade surplus, they get from us every year and they pour it back and to making that stuff inside their country. And for decades, part of the problem we've had with China is that it's capital is free. Because the banking system just pushes money out to manufacturers and they move the manufacturing because the WTO from the US to China.

56:08That's industrial policy. People say the Chinese have a long -term under your vision. The way it manifests is this industrial policy. We don't have that here at all. When we try to do it, we do like the chips act that it goes through commerce. We have government bureaucrats deciding how to spend $200 billion to modernize Intel, which needs to happen. I'd much rather have Ken Griffin, Bill Gross, any of the guys to come off mentioned deciding, okay, we have five industries in America we want to invest in. Let's make great investments. Let's make great investments in America. They got to be economic.

56:39They got to make money for us, but they got to be good for the country. I think that's what most you saw in Welflons do. Some of them make more full investments, but many of them, like the sovereign Welflons and Saudi Arabia, the PIF, they're making enormous investments domestically to remake the economy toward tourism example. And I think this is a great thing. They're literally building cities in the... They've got, you know, dozen cities being constructed and trying to take an oil economy and shift it to a tourism economy, a technology economy, a private equity economy. Antonio is totally right.

57:09Like Scott Besson, part of his congressional testimony, you guys probably saw this was he laid out this thing that he has that's called the 3333 plan. Right in the 3333 plan says we want to see GDP growth of 3%. We want to see deficits that are no greater than 3 % and we want to have 3 million bears of oil, right, produced domestically in the United States. But if you double click on that, if If you look at the total energy reserves in the United States, there are three times greater than the total energy reserves of Saudi Arabia, three times across all forms. So not just oil, if you oil that gas plus coal.

57:46If we actually go, as Antonio said, towards an industrial policy that's pro -energy, where the incremental cost of energy is effectively zero, where we want just a gross abundance of electrons flowing in America for all the great ideas that could pop up, it is by definition, going to generate an enormous amount of revenue for the federal government. And so I think having the sovereign wall fund be the rainy day fund, if you will, right? That can bank a percentage of all of that. I think starts to do a lot of really good for the long -term strategic guidance of the US. Freiburg, what do you think here?

58:23Is this something where we're making the government too big? And now we've got the government competing with BlackRock and Sequoia and injuries and and they're going to be on the board of technology companies and energy companies and investing in it and then what happens when You know Obama Biden Trump Bush to get different people running these things and then they want to do their pet projects It seems to be like this could be get awfully conflicted awfully quick. What do you think should this be a business our governments in? I think one of the things the government sucks at is capitalism So I wouldn't make capitalism the mandate of a sovereign wealth fund And certainly not when we have $40 trillion of federal debt, it doesn't make economic sense.

59:03Our cost of capital is 5%. That's how much the interest is on this 10 to 30 year debt right now. So it's very hard to actually make real risk adjusted returns when our cost of capital is so high. So I don't think the mandate should be, hey, let's put a bunch of capital in a pool, go and invest it and probably make money for the United States. That seems silly. But my point about the government being really bad at capitalism is that the United States government owns and has access to and will acquire through other means, significant assets and resources that should be monetized in a smarter way.

59:38And so I would kind of think about the sovereign wealth fund as being more of a strategic vehicle for monetization of high value government assets. So for example, if Trump does actually negotiate a 50 % equity position in TikTok US, that needs to sit somewhere. It should not sit in the department of whatever. It should sit with a capitalist manager that then ultimately makes the decision on when and how to monetize that asset, return that cash to the treasury and pay down the debt. Similarly, the US has large amounts of land, has access to other large assets that get transferred in seizures, etc.

1:00:13I don't know if you guys remember all this, but there was bit coin seizures that have happened over the years. The government has cracked down on criminal enterprises. Then the government owns this bit coin. And giving the smartest people are making the decisions on where and how to sell down that Bitcoin, I guarantee you not. I would much rather have a capital that's making that decision. So I would view the sovereign wealth fund being less about raised capital from other means in the government, which effectively means borrowing money through treasuries because of the debt level we have and trying to invest it.

1:00:42And much more being about, okay, what strategic assets can the US government monetize and use this as the mechanism for doing that? And then ultimately, I think the objective should be to return that capital. I do think there's also an opportunity for managing social security in a smarter way. So social security is functionally going to be bankrupt in eight years, the way the trust is set up, the cash that's there, the assets that are there, and the demand on social security given the aging population and the rising payouts every year. So one of the other ways to think about this is what are the long term debt obligations, which is ultimately the point that he saw in World Funds and can maybe invest in his motorway.

1:01:22Why is the social security entity is ultimately owning 3 % yielding bonds when they could be owning interest in equities? So I would kind of think about that strategic pool of capital being managed by this as well and less about the mandate of go be a capitalist investor for the United States, raise money and make money. I think leave that to the markets but when it comes to strategic assets, I think this could be a good vehicle for that practice. I got shut down. Yeah, we seized a hundred and forty four thousand Bitcoin and that's sitting somewhere in some department of justice Yeah, they saw I think they saw that.

1:01:57No, I think we still have I think that was like the idea was that was gonna become the Bitcoin Strasier sir. I mean you could also come up with the new taxes to fund the DOJ the DOJ cells these so like who do you think of the DOJs making the Bitcoin market Decisions and is that the right person to be monetizing these assets? I mean David Minnish, you can point out security. I got a 24 -hour bond, which is, when you think about security, it's $6, $12 of our 36 -hour bond debt, and it's actually a fake treasury bill. So just to, one of the things we've figured out in early days before the inauguration, I was like, that $6, $12 sits on the ledger, it's just a paper ledger over.

1:02:36So actually, if it gets paid out, it's also going to be very inflationary. It's just a fake treasury that ledgered over that pays a very low rate. And here at Valorant, my partner, John Schulkett has been reading to try to help the only thing that we find in this audit in the government, the social administration actually hasn't audit. It hasn't audit. And when you go through the audit, it's crazy the material weakness is going back to Doge that you find, yeah, it'd be way better to have that invest in a way that was economic it for people with real money. That's it. As we're asking for this, guys, as we're speaking, the federal judge just put a temporary restraining order on Doge and has barred Elon and his team from accessing US treasure payments data.

1:03:17All right. So now we're going to have a real grudge match between the public. The federal, which judge was it? Federal judge? Federal judge. You know why? You want to say why? No, but Elizabeth Warren is doing a victory lap. So I'm sure that, you know, So she's part of it. So the government agency set up by the president can't look at the database of the treasury? So just to be double click here, Doge is not new agency. It's the renaming of existing agency. I can't remember the name of it, what to find it. Elon tweeted about this some weeks ago that was set up under Obama actually to do this, to create an audit function to the government.

1:04:02What's crazy about this, ruling to me, is Congress basically, the Constitution delegates to the executive, the bill to spend the money, and they go through Congress because it gets actually appropriate and Congress in the executive spends it. How can you spend money if you don't know where it went? How can you be responsible? You have the authority to spend it, but not the responsibility to spend it if you actually can't go look and see where it goes. Guys, this is flying fast and furious. is President Trump just unveiled his framework for his tax plan. No tax on tips, no tax on senior social security, no tax on overtime pay, renew the middle class tax cuts, adjust the salt cap.

1:04:43So again, very pro, as I said, pro labor, pro populist, eliminate all special tax breaks for billionaire sports team owners. I'm longer already sold. I already sold my fees.

1:04:58close the carried interest tax deduction loophole, which allowed you to claim carried interest all right. Antonio, I'll try to catch this. I better run. I'll be back in a few hours and sell some things.

1:05:15Isn't that incredible? I mean, he is really going for the jug. Wow. Amazing. I support this 100%. The salt deduction is coming back. Is that right? marginally though, I don't think he's going to give it the way that it was before, but isn't this incredible? I mean, who's going to stand up and lay on the railroad tracks for being able to amortize a multi -billion dollar sports team purchase or that when you make a fund investment you should get long -term cap gains treatment. Who's going to be that person in this admit? Nobody's going to stand up for these things. I think we should just stop doing venture and just start NGOs.

1:05:52We just start a whole rat'sness of NGOs ship money around. You could have an incubator. Yeah, absolutely. And you could give it there. Come, if you've got a great idea for an NGO, why did you launch launch in every single random developing country in the world? I mean, if I had known, you would have had 8 billion of AUAB because of a USAID. Just launch one in Vietnam and we could have, yeah, I can launch. Go launch. I love it. We could have had a launch accelerator in Vietnam for transgender. Yeah. The Jason Calcanist launch fund of Equatorial Guinea. It is so crazy though, to come out and, you know, watching the Democrats just the self -own of coming out and being like, we have to stop people from stopping wasteful spend.

1:06:45Like they just don't seem to understand how unpopular. These are kitchen table issues like Ram said. I mean everyone cares about that and if you don't care about that You care about these fringe issues and not the things people care about on the kitchen table. Well and if you think about the transgender sports issue biological males playing in female sports leagues That issue that Trump just did in EO yesterday for was such an obvious issue of fairness and Has nothing to do with transgender just has to do with like biology if a if a biological male plays basketball on a biological female team.

1:07:25Somebody's going to get hurt and that person's going to score 100 points. It's just obvious. And the fact that the Democrats couldn't see that issue being 100 % for more 95 % makes no sense. Like it's just such an obvious litmus test of logic. I mean, look, man, the Constitution is a document about fairness. The people that found of this country, the patrons found this country. They did it because you're treated on a affiliate home. All of us here are one generation away, right? Or two generations away from immigration and the round is that's why people come here, man. It's un -American. It's un -American.

1:08:02You got two people here who are immigrants. Yes. I'm reading the TRO and it looks like this TRO means temporary restraining order and it's actually narrows who from Doge can get read access down to two people. Two people. and Marco Elez. Oh, okay. So they don't want to have the whole team be able to see what's that treasury. They just have to have a process and some sign off. Okay. That sounds not unreasonable. I just want to point out two people to look at, how good they are. I'm saying we're 24 -7. Look at all the payments in the US government is not a lot. Yeah, it does seem like it needs me more than two, but it doesn't seem like they're saying you can't look at it.

1:08:43They just want to have some controls in place. I mean, feels to me, that's an administrative block. That's like the narrowest thing you could do. Okay, yeah, you come in, but you can just send two people, and just these two people. So they get sick or something happens, no one else comes in. That seems to me to be truly, to administer your block to slow it down. Yeah. Well, we're interpreting this in real time. The facts will come out over time. Let's wrap up on Google. Google dropped 7 % after reporting earnings on Tuesday, Chimath, revenue up 12 % year over year to 96 .5 billion. Wow. Cloud revenue was up 30 % year over year, 12 billion, YouTube ads, searching 14 % to 10 .5 billion net profit was around 26 .5 billion, up 28 % year over year.

1:09:30So they are really focusing on profitability. Obviously, 4 year numbers, this is just a short note. Total revenue, 350 billion with 100 billion in net profit. Cloud in YouTube finished 2024 with a combined run rate of $110 billion YouTube is basically Netflix inside of Google and their Google Cloud is essentially AWS inside of Google. The thing that made investors get concerned, Chimoff, is that Google said it would invest 75 billion in CapEx in 2025, 42 % jump over 2024, 29 % more than analysts expect. Obviously, this has to do with data center servers and the AI build out. What do you think about that?

1:10:16Number 75 billion, obviously, in relation to what we saw with deep seek doing it with maybe Maybe a little bit less, maybe they're lying, is this just an absolute waste of money or a gargantuan number, or is it something they can easily with that amount of profitability and cash they have absorb and use in the future? I think I should stipulate that Google's models are probably the best of all the models across a broad base of capabilities if you test for them. And so let's start there, which is whatever they're doing is working. The thing that they need to do is be able to translate those models now into better products.

1:10:58And I think that that will happen slowly. Like, for example, if you look at deep research, most of the people online that are evaluating deep research would now say that OpenAI is both faster and just better on the margins. All of these things can be improved. I don't think that's a comment on the base model. I think it's a comment on post -training and how they're attempting to productize these things. So the other thing that Google has is a money machine that directly benefits from these AI -driven optimizations on ad targeting. The only other company that has anywhere close to the same credibility is Meta.

1:11:36So I think what both of these two companies need to do is do a better job of explaining how that 75 billion gets segregated. How much of that goes to these AI -enabled models that actually do better ads optimization. There's a really interesting discussion by a former meta machine learning engineer on X about how they did it. It's pretty amazing. It's staggering. But if they could say half the money goes to that and the other half goes to more speculative pre -training and post -training, I think the market would have eaten it up. So it's probably more of a disclosure issue for Google because I would say right now their model quality is the best.

1:12:13You have thoughts on this buildout in Tony O 'Obviously? I think you've been involved with XAI and obviously you're involved with Twitter and X previously and Colossus' colossal buildout that was extraordinary to watch in such a short period of time. Do you have concerns that, like some people do, that this buildout is too expensive and there will be too hard to monetize all that expense or is it maybe a little bit of hand ringing and the opportunity and AI is so obviously huge that you just got to take the leap of faith and if you build it the revenue will come. Yeah, I think your mouth has the right framework here, which is Return of us to Capital.

1:12:52And what he's saying by, you know, if Google had said, hey, half the money is for ads and half the money is for bush bucket post training, the market was seen that half the money has a higher trend capital. And Google's trend capital is actually going up after the invitation of AI models into their into their company. And I think that's what abstracts the entire market, which is people waking up that return invested capital in data sensual matter, that the models are basically commodities and super competitive. And in best case, it's kind of a land run asia, it's a melee. In a worst case, it's just total commodities.

1:13:24What does matter is the return of capital in data center, which influenced by how good the data centers are. So you mentioned the XAI data center, it's a 100 ,000 -dp cluster. It's the most dense coherent cluster in the world. and it will just train faster and better than other clusters. And it's also built for the most cheaply and the fastest. So XAO have the highest trend in capital and biosynthes best trained data and therefore win. I think Google will also win because they have their TensorFlow chips, they have made some of their own chips. They do focus on ROIC and they have a great monopoly to kind of fund it all.

1:13:58So I don't think it's over, don't blow it. I think this is gonna be as you guys said before in the podcast, you know, bigger than industrial revolution. but it's also true that you need to have a good ROIC. And if you don't, you're not transparent about it, you can see what happens. Yeah, I would argue Google's probably been the most frugal, thoughtful, and well -managed computing infrastructure investor of all time. You know, the 98 to 2005 era at Google, it was all about just cheap throwaway racks. That was the big advantage they had is they weren't using the expensive Oracle servers. and they had a two to three year kind of depreciation timeline on those, but they were super cheap and so the ROIC was quite good.

1:14:40Then they got into energy efficiency, which they realized was a big driving cost. They started to build systems that were more energy efficient as a result they lasted longer. And then their depreciation schedule moved up to three to four years, meaning they could kind of write down the value of the servers over three to four years. And then from 2010 to 2015 era, their hardware system for cloud allowed them to kind of extend through repurposing the utilization and they increased their depreciation to four to five years. And then in 2021, I don't know if you guys remember this, they made this kind of big change to their depreciation schedule on data center infrastructure to six years.

1:15:20So when they invest capex in a data center, they would write down the servers over a six year cycle because of AI optimization on maintenance. So they started using AI just for internal management of the infrastructure. So I would view the $75 billion cap ex actually as a very positive signal for the company. I think that it means that they have a really strong line of sight on how they're going to have full utilization and great return on this. If you do the math, the ROIC math on the $75 billion, assume a 20 % ROIC. You've got to be generating, call it roughly an incremental $15 billion of profit a year, plus the amortization of the $75 billion.

1:16:02So take the $75 billion divided by six, that's $12 billion plus $15 billion. So basically they would need to make an incremental $27 billion of operating profit a year on the $75 billion for this to meet their ROIC performance. That doesn't seem crazy because that's just under 20 % of their annual operating profit. This is a very important point, which is Google doesn't just do this to build at AI in the future. They have a really strong line of sight on how this can increment. And you don't have a huge hurdle for them for this to pay back. So I don't know. I would say Antonio's point. I'd view this as a positive.

1:16:36I think if you use their historical ability to manage infrastructure and make predictions on investments as an indicator of the future, this is a strong and positive indicator. And I do think that for all the naysayers out there, the thing that search is going to evolve to chat, you could look at this as being a really important proof point that Google has the confidence that they're going to be able to move from search to chat. And as Jamal points out, they've got great performative models. And then I would view this more of its positives than the negative. If they were under investing, I would be worried that they didn't know where to invest.

1:17:05But to see them make this degree of investment highlights the confidence in the strategy. And Tony, I don't know if you've been watching the agent space or deep research that came out from Google and then closed AI and you know, open AI, lunch there, copycat version of this product. Sorry. Better for feelings on it. I'm curious your thoughts on job displacement. We're looking at self -driving. Obviously, Waymo's got cars on the road. Obviously, Tesla, which you were previously on the board of, and I know you were the first institutional investor in Tesla. Self -driving is pretty good. I only get like one or two disengagement per hour and they tend to be the ones where I just want to take the turn a little sharper kind of thing.

1:17:45So that's getting pretty close. BYD is very close. You got a lot of job displacement that occur. Millions and millions of drivers in 10 years can lose their jobs. Researchers working at Gartner Group, whatever, Boston Consulting Group, it feels like there could be massive job displacement. Do you have concerns about that in the American economy and globally? There's not a hand in the about this. And it's real. In prior moments of large disruption that there have been job displacements because there's no generous people to get retrained for something else to keep retrained. So, I think there were studies, I'm not sure if it did, of the steel industry, in Pittsburgh, in the 70s that the cost of each steel worker job loss was about a million dollars to the economy because these people can be retrained.

1:18:32And that might happen here, but I have a more than nine -out look personally. What I think is going to happen is that you will have job loss, but the amount of productivity that will be released in the US economy is going to be extraordinary. So GDP growth is a function of the number of people working times productivity. It's very simple. Economists want to make it more complex than that, but it's a number of people working times productivity. If you go, if productivity goes up to 5, 6, 7, 8%, you get a massive boost in GDP growth. And then what happens? Well, people can get retrained, they can get different jobs, different services happen.

1:19:08People start companies. The application layer of LLAMs is just starting. The barrier to start a company is quite low. Things like launch probably explode because there's always people who don't have jobs anywhere that work countens and want to start something. It's hard to know what happens. I believe in American agility. I believe in this country. I believe that we will fair out of it and make this all work. There's enough productivity and money and economy that's flowing. People will find new jobs. They will find new businesses to start, they will find you through to do, we have to get out of the way, take regulation down and let Americans be creative and unleash the American productivity machine.

1:19:44Let's make that happen. Yeah, that's really strong thoughts. That's the game we're seeing on the field. How many companies are we seeing? Hit a million dollars in revenue with five employees where that used to take 25. So the efficiencies there, you're outlook on this issue since it seems to be coming up again specifically with truck drivers and Uber drivers and all kinds of other research jobs that seem to be doing pretty well or can be done pretty well by AI. Where do you stand on this issue today? I think it's a process. Buffett wrote about this in an annual letter and what he described was the changing nature of jobs during the agrarian revolution.

1:20:26and what you saw was a large cohort of people who supported themselves through farming. And then the total quantum of those jobs shrank by 90 % when you had industrialized farming and tractors and whatnot. But the economy to Antonio's point grew around that business and added other kinds of businesses that didn't make sense in that moment. And I think what you see is that when And economies get more and more evolved. You see the growth of services, businesses, that sort of are these things that can only happen when you have excess, right? The person that you pay for closet organizing would not have had a job in the turn of the agrarian revolution or the industrial revolution.

1:21:10But they can exist in 2020 something and frankly they can make a good job, the life coach. There are all these jobs that just kind of come out of nowhere. Podcast or influencer, all of that. venture capital is capital Alicator absolutely Mutant strawberry creator. So I think that I think that you're cut that Waiting for this next turn of creativity like the big problem that we all have maybe I'll take the more Glass -at -MT version of what Antonio said is We really haven't been unlocking people's creativity over the last 15 years We've been trundling we're around except safe of a few companies, which we all know, and we can just repeat them endlessly, but we know which ones they are that are truly innovating and at the edge.

1:21:56Everybody else is kind of diddling around naval casing. So the real problem is that we have not had a lot of reps in being created. I'll give you just a very simple example, Nick, can you find this? Even extremely state industries. Did you see the BYD clip of the car? Yes. And I thought to myself. Yes, with a little swipe. It's a tragic is it that You look at this and you're blown away Yeah, and you're blown away for two reasons one is a I didn't think that that was possible and B why doesn't exist in America? But the reality underneath the hood is Extremely benign how this is implemented and so I think that the problem is we spent so much time losing the script.

1:22:45I think Antonio is right. When you unshackle people to not focus on the mental load of getting the pronouns right or the visor of that, you won't be so overwhelmed by things like this because you will have already been pushing the boundaries of human creativity. We need to get back to that. We need to let these creative people cook. And I hope that that happens. I think that that will happen. free, can you do a science corner on the FDA approval for the non opioid painkiller? I know today. No, I can't. I know, but could you do it like in a couple weeks? Yeah. No, the one I wanted to do is that new macro study on GLP ones, which I think is super interesting.

1:23:28Oh, tell us. You guys remember I talked a while ago about how they were able to mine VA data. So the VA, right, they take care of veterans and they have all the medical records. And on an anonymized basis, they can make that data available to researchers. And so if you guys remember this, this is how they identified that the Epstein Bar virus, or the virus that causes mono, as being statistically certain to be the trigger for multiple sclerosis. In the cohort of hundreds of thousands of patients that were in this data set, no one got MS that didn't get Epstein bar virus. If you did not get Epstein bar virus, you did not get MS.

1:24:07I don't know if you guys remember I did the science corner a while ago. Anyway, so the data set that you can mine at the VA is incredible. So they pulled all the data from everyone that's been on the GLP1 agonists and they identified all of the health effects across multiple indications, the statistical difference between the cohorts. Okay, so this research team out of St. Louis pulled all the data from the VA database. And basically they looked at 1 .2 million people with diabetes that didn't take anything compared to 215 ,000 that took the GLP1 receptor agonists and another 600 ,000 people that took other drugs for diabetes.

1:24:43So basically, this cohort segmentation allows them to isolate the effect of the GLP1 drugs. And as you can see here, this shows across hundreds of thousands of patients, the effect of the GLP1 on a hazard ratio, which means like how likely are you to have the following health condition versus the population that's not taking the GLP1s. And then on the right, if you scroll to the right, Nick, are the increase in risk and on the left are the things that go down. So the only thing that increased is like, you know, 8 % or 10 % increase in nausea and vomiting. Yeah. Can confirm. Musculoskeletal complications, GRD, which is, you know, gastric reflux from, you know, Sleep is in the description.

1:25:30Sleep disturbance is dominated in the description. It's all abdominal stuff. If you go over here to the benefit side, what conditions did you see a decrease in? You have a decrease in shock, a decrease in hepatic failure, so liver failure, respiratory failure, cardiac arrest. In fact, on cardiac arrest, you see a 30 % decrease in the probability of having cardiac arrest from the cohort that's on the GLP1. get some of those. Yeah. Wow. So this goes to the point, if you guys remember the interview I did a couple months ago with the CEO of Eli Lilly that they have all these clinical trials going on right now for different indications for the GLP1 receptor agonist that they're seeing that there's health benefits beyond just the weight loss in reducing things like kidney disease.

1:26:18Let me ask you some liver problems, mental problems and so on. Do we know why and if we don't know why, do you think it's because this is suppressing the food and it's the lack of food or the change in the food consumption that's creating this? Do you know what I'm asking? Like do you think the drug is actually? Yeah, so you should watch the interview I did with Rick's. In fact, this is a good moment to call it out if you haven't seen it. It's actually, I think he highlights that this class of drugs, there are, you know, genes get turned on and off. So there's a, you know, what's called a gene expression cascade that occurs with certain compounds.

1:26:55So we know that the GLP1 receptor agonist means that it binds to these GLP1 sites. And there's a cascading effect of genes that then get expressed. And what that seems to do is turn off things like inflammatory markers. It turns on things like circuit genes, which can actually increase cellular repair. So there seem to be other benefits from these drugs beyond just the appetite control. and it's not the appetite control itself, but there seems to be other effects. Let me ask you a question. From these receptors being activated. Would you put your kids on this? No. Okay, would you put your wife on this?

1:27:31I would consider it, and I would consider it for myself, too, just for the anti -inflammatory effects. How will you make that decision? Well, for me, personally, and the thing that I weigh against is the muscle loss and the bone density loss. So I think that if you look at the biggest kind of effect on these on a on the downside basis is You should increase your protein in your diet. You have to do weightlifting. There's things that you would do And frankly if you do those things anyway if you increase protein in your diet and do more weightlifting You're actually going to see very good health benefits from just doing those things that may actually outweigh the benefits Yeah, this is my job.

1:28:05I have a question you Davich is and this is the question is when you look at that data and you talk to the CEOs How much do you think really long term and the long term size are out is going to be that it was the drug or just being obese is very bad for you. And so when you take your body fat down dramatically, all these other gene expressions happen anyway, right? So do you think it which one will this is this is what they're starting to isolate and I was saying in Tonyo that they are starting to see that there are other expressions that are not related to the obesity and people that don't have obesity that they're using that are using these drugs.

1:28:37So they're seeing that cohort data now, a clinical studies phase two were published, and I think we're gonna see phase three in some of these indications soon, but it is looking very positive that it's not just the loss of obesity. Now to your point, being obese, not exercising, eating poorly, destroys your health, you stop that shit right? Everything gets better. If you lift weights, free brick, can you tell us when you decide to do this? I will, yeah, if I do do a GLP one receptor, I'm going to let you guys know right now. I actually feel like I want to go through a process of increasing my weightlifting routine more.

1:29:14I've been trying to create a more kind of rigorous schedule, just sucks, so that's been the hardest thing for me. But I actually want to go through that first before making that decision. Yeah, I'm going to cool, David. I'm sorry. No, I was just curious why that order. I don't understand. I want to measure the effects because I do think that if you actually get into a regular weightlifting routine and you increase protein in your diet, which is another thing I've been making a concerted measured effort to do, which is hard as a vegetarian, by the way. You see pretty significant health effects, and so I'm trying to get through the process of increasing muscle composition before I'll make the decision on whether or not to add GLP one.

1:29:52I don't want to kind of confound the two factors. You know, and I did that made it super easy for me, is I got egg whites in a carton. And then I have this incredible, crunchy, spicy garlic thing that everybody in Moomofuku and everybody makes and everybody's crazy about. Just in the mornings, I'll eat whatever it is, 10 ounces, 12 ounces of egg whites with that spicy stuff. It's delicious. It's awesome. And I just try to, you know, get that whatever, 30, 40 grams of protein first thing in the morning. And then doing the rucking, well, this is easy. Like you just wear a 35 pound weight vest freeberg and you walk a mile or two and you will get my problem Jason with all of this is that Every time I see something so I saw Gary Brecka on the Sean Ryan podcast recently and Sean Ryan asks him like what are a handful of things that you recommend for everybody right and he recommends mineral salt and then he recommends a Methylated vitamin he recommends amino acids whatever.

1:30:53There's a protocol Then if you happen to catch a clip on X of Andrew Huberman, he'll have a protocol and then Brian Johnson has a protocol. And the problem is all these protocols are slightly the same, but they're just different enough where it creates a huge cognitive load in a normal person like myself to your point free bird who's busy, who's got a job, who's got kids, how do you decide? And so I would really love something to be sort of like, I don't want to say gold standard because you can't say that, but that is like, what's the real bank for your buck? What Antonio said? Are you just better off just losing the 50 pounds?

1:31:30And then this is why these products are successful and I think will be continued to grow pretty dramatically Antonio is because it is pop a pill and it solves all those problems. It doesn't require the cognitive load. And it will be in a tell format soon, right? I mean, the pills are almost here. I love you very cool. Actually, David, if you do this, such a vast point about, people being confused. If you did the every person's kind of story around this journey and you documented it. Totally. You did like, this is my way, I did wait looking first, then I did the JLP one and you actually did like a weekly thing when you checked in and even it was 10 minutes up on X or something where you just gave people the journey in a way that wasn't so complicated because I think people are confused.

1:32:14Jim Maserami, I have, you know, five very good doctors, you guys are good doctors, but if you don't, you don't know what to do. By the way, the problem for me just to give you a sense of it, I had a doctor in LA, I had a doctor in San Francisco, I would have them do their own versions of things. Then I would have somebody else help me compare. It cost me way too much money and all that complexity did was make the quality of my healthcare as she go down. And instead what I really wanted was just a very simple protocol that said, take them at Foreman because it's good for you. Take the vitamin D, take the omega -3 fatty acids, otherwise just eat this meal plan and it would help me a lot more than then I've had to cobble it together myself.

1:32:53Because by the way, when you see something like Gary Brecki's very, very articulate, very smart. But when I see him on the Sean Ryan podcast, the first thing I do is I go and populate an Amazon cart with all the things that he said because my instinct is, well, I should do the right thing for myself. This is a couple hundred bucks. It's worth the investment. But then the day after somebody else has something else. You know, so I'll be really interested to it. I've known you for a long time. You get very obsessive with my father's died because of poor health, my best friend died of poor health.

1:33:24I feel like you should at least do the things that are preventable. Have you guys seen it? But we met that post -chamatted with you. He was like half -naked in the mirror. He looks great in bed. Oh, God. What are you talking about? He looks great. If you would look like that, you'd do it too. No, no, no, I'm talking about like, when you had the glucose monitor. I'm sitting with him at the poker table. He's got the glucose monitor and he's taking a sip of wine. He's checking the glucose. He's having like a piece of brujou, then he's checking the group. Go smarter. And just like literally becomes obsessed.

1:33:54That's what the people are saying. We had a problem. There you go. I don't know. If that's what this a stop this chair. Funny about this picture. All these all these clums on the internet are like, they don't understand that when you're six foot two, these are big legs when you're so big. So when you're When you're lucky, when you're short and down, when you're like five, seven, five, eight, I get it while you guys, because you guys are all stubby and short. I don't get it. This is the problem with gender to VAI. You can tell it's a fake photo. You can tell that that was gender to VAI because nobody has legs that day.

1:34:33How could you have biceps and then legs that make stomach upset? It's a month of blood. Unbelievable. What a first track. Now you guys are going to find photos of Antonio and I. We're gonna throw him on the leaves. I have four pieces of advice for people. Number one, get good sleep. Number two, exercise. Number three, diet. Number four, meditation. And if you wanna do that, it's very simple. You get the calm meditation. You get the eight sleep sleep. You get the fit -bod for fitness. And then you get nutrition sense. You're ready to do nutrition sense. You got to give one to do nutrition sense.

1:35:08You're dying. Do something for a thing. You're focused on what you put make sure you have a little thing. You know, you get a good a few new system. All of this is brought to you by my NGO, which is all in NGO USA gave us 18 million left. You guys forgot to tell you about it. But don't worry. It's in an offshore account for all of us. When we get back to Ethiopia and Vietnam, we have an all -in -pass on belts there. Okay? We built with our NGO. We'll see everybody next week. Love you boys. We love you. You guys meant Great job Antonio. Bye bye.

1:36:09We're at all. Oh, man. My ham is the actual meat. We should all just get a room and just have one big hug. Because they're all just like this like sexual tension. They just need to release that out. What? You're the beef. What? You're the beer of beef. We need to get mercy. I'm going on, Lee.

1:36:41Time to wash and hair