White House BTS, Google buys Wiz, Treasury vs Fed, Space Rescue

24:27He has an incredible track record. And by the way, like Trump picking him, I'm gonna give Trump a little bit of flowers here. Obviously, folks know I'm an independent and an ever -Trumper who is, you know, supporting the administration to do the best they can. What does it mean to be independent, but also have another label that says you refuse to consider somebody? I don't understand what's happening. Even options open. No, I mean, I didn't, I had my own issues with... What's up? You know, what Trump did on January 6th, we don't need to get into it, overturning Roe Vue, we don't have to get into the things that I don't agree with what he did.

24:54putting all those things aside, I think he's done a great job with the team he's putting here. And this is, you know, my message to I think some of the Americans or the people on the left is, I would look at what he's doing and some of these individuals. These are really high -functioning individuals. The last time I think he had a cast of characters around him, who I think were kind of dark, and I didn't care for a lot of them. With Besen, this guy is like a bi... I think he, you know, was previously a Democrat who gave to a ton of Democrats. And he is a powerhouse. And I think he really understands financial, let's think of the big donor to Hillary.

25:29And then our K was a Democrat. Tulsi was a Democrat. Front was a Democrat. I mean, you know, this is my point. That was a Democrat. You were a Democrat. Yeah. So I think that's, you know, Bessent is, I came away from it saying this guy's super qualified. And the chaos that I think Trump has been creating with like back and forth with the tariffs and his communication style, it made me feel better to know that there was somebody who was rock -solved like him in there and who was really thoughtful. Because right now, when you talk to 50 people who are knowledgeable about the markets and say, what is the strategy here that Trump has, you get 10 different answers, five different vectors for it.

26:09People are trying to figure out exactly what he's trying to do. And there's a lot of non -consensus. But hearing that, he's got somebody like him there and you talking to him for an hour, I felt much better about the situation. And that made me there is a fun year. I think it was a solid interview, yeah, absolutely. And I mean, the access level, you know, most of the time he's on something like Meet the Press or the PlayStation Nation, and it's 11 minutes, and the guy can't breathe. And for him to go an hour, and you kinda, you did a good job from off of sort of giving his history with a, which I think the context most Americans don't have.

26:45So I was very proud of the job, the two of you did. I wish I was there. I'm also in a great job, by the way, because Jamat T, he had a very incredible, Jamat, by the way, I gotta give you flowers for having good intuition on some of the questions you asked both Lutnik and Besen, that I think revealed a little bit more about their character and who they are as people, which I was not on. I'm all about, like, what are the questions I wanna ask related to policy and agenda, but you did a great job bringing that out of them. And that actually, I think created a lot of texture for both interviews that I was not thinking about.

27:15It's a great job. I'm looking forward to the next one. I don't know when that drops, but that should be really good. Oh my God. I did the one they could have used. I mean, it's gonna go through. He's a hardcore New Yorker and like he really, I just talked about tariffs. Let me tell you, we did talk about their stuff. The thing you need to know about Howard Lutnik is he is an incredibly resilient and resourceful businessman. This guy has built himself up literally from nothing. Good human. I'm a little biased, but he's a great guy. And you're going to hear some really incredible stories. But again, another one who traded money for purpose.

27:56Look, I just want to say real quick. We don't do ads on the show, but we did have three sponsors that actually helped fund our DC trip and set this thing up for us. So I really want to say thank you to hymns hymns .com and for hers, Gemini and I Trust. everyone listening to the show, please go to the description, whatever player you're in, check them out. These three sponsors help make this trip happen. We're really appreciative. Please take a look at their websites, give their products a shot. Thank you to Hymns, Gemini, and I Trust. You guys are the best. We really appreciate it. All right, everybody.

28:26We got a full docket today. Lots of docket and, you know, just hey, welcome back to the show, Syanna. I just wanted to start. You had a really great announced this week, Maul and Sharon Adventures, your venture capital firm, announced $180 million. Bottom line, tell us a little bit about that. Well, 181 -181 -181 -181 -181. 18 stands for life to people who are Jewish, and my partners are Jewish. And it was something that was very important to them and to me, to stand up after October 7th. and take a very public stance. And so we announced our funding announcement on Bloomberg yesterday and our office is on 18th street.

29:13Oh, congrats. Yeah, that's awesome. What is the mission of the venture fund? What stage are you gonna do? You and I started as angel investors together 14 year old. Yeah, so we took this on early stage, seed checks, first check in, and this fund is our fourth fund. We institutionalized more. In the beginning, it was high net worth individuals. And then now we're going to kind of what Shemoth was speaking about earlier as aligning what we do with our higher purpose. And so now we're helping institutions help people go to school, solving cancer, and things like that. So every day that we get up in the morning, we're aligning what we do.

29:52Our mission is to chase them magically weird. We're looking for alpha in things when everybody is consensus investing and they're doing the same thing and talking about the same things. We're thinking six to eight years in the future. When our fund three, we invested in a company in the chip space and we were thinking ahead about what's going to power AI and crypto and now that everybody's investing in the application layer, we're going into the next thing, which is like, what is that going to enable and what's coming down the road and looking for founders that are thinking differently that most other of my peers would look at it and say, That's crazy.

30:28I don't want to put any money into that. So that's what we focus on. This is such a hard thing for people to get their heads around. The non -consensus bat and why that's so important. I'm training new associates at our firm. And they always are going to safety. So they're looking at a vertical. They're looking at a startup and saying, well, this makes the most sense. And then they look at the ones that don't make sense, but that are like intriguing. And they are like, yeah, I don't know if I want to place a bet on that because I'm saying, I'm like, that's where the gold is. Is the car on consensus bet when you and I did Uber, was a room of 21 people, three people decided to invest, 19 didn't.

31:06Yeah, that was a magically weird company at the time. If you remember, I sent it around to multiple investors and they came back with the stupidest excuses I ever heard, but it was their excuse, which is, you know, not everyone wants a black car. The car doesn't come to my house yet. No one wants to get into a stranger's vehicle. The list goes on and on. but it takes a vision of seeing the future and seeing how it plays out and believing in all the miracles that are going to happen and getting in early as where all the alpha is, you know, before the thing is defined as a category. So that's where I like to play is I don't want it to even have a market name yet.

31:41Such a great observation like when when an associate or some research company says, oh, it's the on demand economy. That's when you know that opportunity. That's sail. You can let That's where all of my peers can go lose all their money in an ocean of dead bodies because like I don't want to play there. Yeah. And you had a price advantage too, right? If you enter early, before I'm into buying category, you're taking on a lot of risk. So I'm getting deals anywhere from like five to 10 posts while all of my peers are playing in the 20 to 30 range. And so obviously literally you and I are the product of our early bats and what the lessons we learned and like one of those lessons was to be in early, um, it's literally what I'm doing.

32:24Founder University now is just trying to do 100. It's just like a pre accelerator. If I find two or three founders, who I like, I give them their first 25K check or 125K check where they can just come, you know, do it with me. We're starting next Friday. So people want to come founder. University. But it's just like what we used to do in the old days trying to get in. Congrats. Be the first investor and it's really working and it's super fun. Hey, listen, there is great news, I think, for the venture industry. This Google acquiring whiz, I think this could be the starter's pistol. Yeah, it's absolutely fantastic.

33:00Google has acquired whiz for $32 billion in cash. If you don't know what whiz is, just imagine you have cloud services like Microsoft's Azure, Amazon Web Services, Google's Cloud, Oracle's Cloud. You need to have security between these things. They help do that. It's the largest deal in Google's history. David was there, I think for some of the other big acquisitions. There haven't been a lot of acquisitions. Obviously, no, the wrath of Lena Cahn was pretty acute for the last four years, but looking back in history sales force, buying Slack, which our bestie, Chimoff here was an early investor in for 27 billion that occurred in 2020.

33:41And then we had a couple of things get blocked. HP and was a juniper, I believe, for 14 billion last year got blocked. And so - Adobe Figma. Adobe Figma got blocked. Blocked in the UK. Blocked in the UK. Blocked in the UK. But they assumed it was going to happen here. And this is actually, we talked about this on episode 189, Schumacht, with turned down $23 billion from Google. They said at the time was because they wanted to IPO, but now reporting is saying - I mean, that's just because of the antitrust stuff under Biden. plus the UK obviously, go ahead, you can take it from there. I think this is the Trump premium.

34:15I mean, the problem when that deal was being looked at back then was there was still a chance that there could be a Democrat administration. And it was very clear that they were anti -MNA and anti -tack quite honestly. And when Trump won, I think it basically said, okay, we can now look at these deals. There's another important part of this though. and this is part of our interview with Howard Luttec. I'd love to just play this quick clip. What I'm doing is I'm saying, okay, I got to collect tariffs, right? So I go to one of the great software companies of the Earth and I say, I want you to give me, you're going to build for me for America.

34:58You're going to build the greatest customs processing ever. But what's incredible is you're convincing these companies to basically do right for America and build a software for you. Do you think that's gonna be a movement throughout the government or is that? Here's the idea. I say, build it for me for free. Yeah. I put it in for free. I don't know. What other countries in the world do you think it'll buy now? Right. If it works for us. Well, remember, you have to connect to me. Yeah. So every country's gonna lie. Right. This is also. What is he really saying? What he's really saying is there are all kinds of companies that are doing all kinds of work who Google famously has this 20 % time.

35:39Could you imagine if some of this 20 % time was allocated to rebuilding the core infrastructure of America and giving back to the country that gives you the ability to have a multi trillion dollar company? That's about one example. So when you connect the dots, the way that I interpret it is that I think companies will be much more aggressive on M &A. Jason, it's what you've been asking for. I think you're going to get it. And I think the reason why you're going to get it is you're going to have a very open -minded administration that'll let the M &A happen. But also, there are ways where you can build goodwill by doing the kinds of things that Howard is talking about.

36:14I mean, could you imagine if somebody volunteered, let's say, volunteer and said, hey, we can build the following software for the IRS so that we can just completely automate tax returns. And it's okay for Poundger. There's still a $200 billion company. They could allocate a small amount of time and get that done. If Oracle stepped up and said something. So, and all of that goodwill will then allow America to just grow faster and then under that economic umbrella, a little consolidation is not necessarily a bad thing. So, I'm really interested in how all of these pieces move together. That's the one thing I get.

36:49But I'd like to say something else very narrowly about Wiz, which is Wiz does not do something that's necessarily unique, meaning there are other products in market. But they have done one thing better than everybody else. And I think it's really worth rewarding, which is they have incredible taste. So if you use it and all my engineers at 80 90 live inside of this regime, when I ask them, hey, we need to implement something, they all picked was. And if you ask them why and if you ask our this admin, why did we implement it? Not only is it good, but it is the most beautiful, it is the most intuitive, it's the most well integrated.

37:33And it's just an incredible lesson where even when other people do this other thing, you can build $32 billion of value by just doing that thing in a more coherent way. I mean, design matters, right? I think I haven't tasted and having tasted. It's an perspective. It's so great that that was rewarded. Sayon, what do you think of what I'll call Latinx lighthouse customer approach? In other words, make this piece of software for the US government will become your first customer, the lighthouse that pulls in other customers for free and for free. So we get it for free. We help you set the standard and then you get to use us as your reference client.

38:15Let's start with that thoughts on that and then we'll get into M &A. I think that the government has long relied on private industry to solve some of its biggest problems and that's what sets us apart from other countries in the world. And so, you know, you look at some of the best companies like SpaceX, Androle, etc. We need more companies like this if we're going to compete. And so doing this absolutely makes sense. And it's just going to help the sales cycle to get that sort of stamp of approval that, you know, our government is using that software. freeberg your thoughts on Latinx lighthouse strategy could it work?

38:53Yeah I think this is what makes it good to have you know as we talked about earlier folks with high executive function and business experience and acumen in key leadership positions in the government so they know how to drive kind of better economic outcomes negotiating the price of a contract down and saying, in this case, give it to us for free. One of the things Lutnik said in the interview, which you didn't see in this clip, is that the government can actually accept for free contracts. He's got us contracts and you don't need to go get approval to do it. So they can operate in the executive branch.

39:31Oh, that makes total sense. You don't need approval if it's grottish. That makes total. That's right. Yeah, that makes it to that. That's also a big unlock. Yeah. Well, then I guess we can contrast this, Jamal with Tim Waltz, you know, VP, potential VP candidate. I have a real problem with this clip, Jason. This was the most infuriating thing I've ever seen from a politician. I mean, Tim Waltz gets on stage, holds out his stock app and starts mocking the greatest American car company ever created and that it's stock is down. This is Disgraciaad .com to me play the clip. I know somebody know this on the iPhone.

40:13They've got that little stock app. I added test Latout to give me a little boost during the day 25 and drop this so

40:27And if you own one if you own one we're not blaming you you can you can take dental floss and pull the test with and off you know and take out the challenge. Shema, if you want to talk about this communist scumbag and what he did there. Now, I'm not going to say anything personal except to say that I think that it is incredibly low brow. At the end of the day, he represents the American people. He needs to be firmly on team America. I don't think he understands this because he's never actually had a real job, but the auto industry is a vibrant part of how many, many, many Americans earn their living.

41:07Tesla employees 125 ,000 plus employees. There is no reason a politician should be wishing any American company to fail. Period. I just think that should be the price of entry. And so to lack the basic decorum and understanding and then to whip people up into wanting any American company to fail. There are many American companies, sure I like or dislike, whatever. It's not the point. Go some that I'll buy this talk up. Go some that I would not. That's not the point. You cannot openly and actively be cheering as a politician at least for these things to fail. I think it's just incredibly low, bro.

41:47I think it's the bottoming out of the Democratic Party. That moment will be looked at as the bottom. Sian, any thoughts? I think it's incredibly low, bro. I agree with Chimath. And I think it's just so distasteful for a public official to do something like that, in especially for an American company. And you know, if you hear the people cheering in the background, it's obvious that there's a base that supports this, and that frightens me even more. Because he's saying these things because it's constituent, his constituents believe it. And you know, a politician says these things because they think it's going to motivate them to vote for them in the future, and that really frightens me.

42:22You know, that we are riling people up to cheer on the destruction of American company and possibly go out and burn cars. You know, I think that's the out one. That's the out one, Sian. Yeah, but because whenever you incite like this kind of aggressiveness, and by the way, both sides do it, you get a contingent who takes it too far free bird. Yeah, maybe we wrap up on this and then we can jump back to this. Sorry for the diversion. I think the Democratic Party has split into two parties. There's the Democratic Party with beliefs and there's the Democratic Party without beliefs. I think that the Democratic Party with beliefs is the one that's very far left and their beliefs are fundamentally rooted in concepts of socialism, Marxism.

43:06Yes. And they're very clear about those beliefs that traditional power structure is need to be dismantled and assets and influence need to be commonly redistributed. The rest of the Democratic Party, which people call the moderate part of the party, actually don't really know what their beliefs are. When you talk to anyone in the Republican Party in a leadership position, you hear very clearly what their beliefs are. We saw it this week in D .C. Every member of the cabinet that we met with, and there were quite a number of them, had the exact same message and the exact same set of beliefs of what this administration stands for and what they're trying to do.

43:40You may agree with those beliefs or you may not, but they have stated their beliefs. The problem is that because the moderates in the Democratic Party have not stated a set of beliefs, a set of objectives, a vision for the country, a vision for their party, the party is effectively being represented by this part of the party that does have beliefs, the deeply socialist Marxist beliefs. And they have basically subsumed the message. And as a result, this is why people have lost interest in the Democratic Party because the moderate aspect has not been really clear on what their beliefs are. There is an opportunity for some of these moderate leaders in the Democratic Party like Dean Phillips Like and people may not like me saying this but like Gavin Newsom who I don't think is all the way over on that far left side of the The spectrum to be really clear and paying to pet her vision and really state the beliefs of the party and what the beliefs are that differentiate them and those beliefs Recently the only thing that underscores what that party stands for is we're not the other guys We're not the Republicans and that's it.

44:42And so people that don't like the Republicans are like, well, I don't know, because then I'm subsumed by the socialist Marxist rhetoric. So I don't know if I want to be a part of that either. And that's why I think a lot of people feel left out. And that's why I think the recent polling data, if you pull it up on the Democrats, it's like 23 % or something in this country now. It was like 30 or something. Did you see the crazy clip that did the racial demographic split on some key issues like things like the AI? Is this the one that says white college age women in our just like this weird. Anyway, I think Tim Waltz, like a lot of others, because there's no other beliefs to stand for, you end up being subclaimed by the part of the Democratic party that does have beliefs.

45:18And you don't have anything else to say, to stay and to show what you're for. And I think here's an idea too. It's a really good, it's a really good framing. I really like that. Well, and here's another framing. Like, is it so hard to agree on something? Like I think this is one of the brilliant things that Trump did was he's like, here are some things we can agree on and he just subsumed those. It's like fighting for the working class person, saying no tax on tips. Like these were democratic positions. I think this just proves that meme where it's like standing here and left just went too far left.

45:50Let me give you a few, everybody. Yeah. Let me give you a list of advice. But to the Democratic Party leadership that might be listening, the advice I would give you is basically take away the opportunity for the distinction that the Republicans have right now, which is a more efficient government, a more fair government where money isn't waste where your taxpayer dollars aren't being destroyed. The Democratic Party has an opportunity to stand up and say, we don't want to have things like regulatory capture or this pork or inside stuff going on. They have an opportunity to make that the core set of beliefs that still aligns with reducing government and increasing efficiency in government.

46:26Efficiency in government should not be a party issue. By allowing the Republicans to say we're for efficient government, it implies that the Democrats now to be opposite of that or saying we're for inefficient government. And if the Democrats want to win this, they can actually take that message and say, you know what, we're for more efficient government. And the way we're going to do it is get rid of things like regulatory capture and inside deals and all the other sort of stuff. It may, you know, it may not kind of go, but there's an opportunity for the Democrats, I think, to really stand up and take the country in the direction that we all, as Americans, need it to go to, which is to have a sustainable federal government.

47:01And that's going to require some degree of fiscal conservatism and action. It's. But they could take a different point of view on how they do it. They could have core beliefs about that. It's really, and by the way, Dean Phillips were inviting back on the program as we're climbing Sam Harris. We want to have some more people on the left come on here and maybe talk about this very issue. It's really three things they can work on. Number one, build 10 million homes in this country that are affordable. That's a really key issue. Rich people should pay their fair share of taxes and reform the tax code.

47:29And then third, healthcare for everyone. Those three would get this party back on track. We're going to make a more efficient government. You're going to be able to buy a home. You're going to get health care. And rich people are going to start paying their taxes, which they're not. And we're going to stop with these crazy Trump tax breaks. That would be the perfect positioning. And it's not personal. It's just, hey, we're a rich enough country that people should get health care. Why shouldn't people have health care in the modern world? Why can't these rich people who are donating tens of millions of dollars to Trump just pay some more taxes and make sure poor people have basic health care, or say in your thoughts and then let's get back to the docket.

48:03Well, I disagree with all those points, obviously, but sure, they could run on them. They have tried. They've definitely said we're going to have health care for all, selling the American dream of home ownership. I actually think it's flawed in many ways. We're putting people into debt and for things they can't afford and they get screwed. So I just actually think they need to find a unifying, figure out who their moderates are and there's also politically homeless people. We didn't include them. You know, there's these people who are just like, well, I can't vote right and I'm not left either anymore.

48:38So we've got to bridge this divide somehow and they've got to figure out the messaging, but I don't think going back to what they used to do is going to work because they promised universal healthcare and it hasn't happened and they had plenty of opportunity to do so. All right, let's get back to the whiz deal and the and the docket here. Let's see if we did anything. We didn't. Well, I think you just talked about the price they paid and we should talk about the strategic rationale and how others are going to respond. All right. So looking at this, the deal got sweet and massively over the year between when the first offer was made for 23 billion and then went up to 32 billion.

49:18The revenue roughly doubled since the time of the first offer. And then there's some really interesting things in the details. There is a huge breakup fee. We saw the breakup fee with Adobe and Figma. This one is tremendous. It's 10 % of the deal size, $3 .2 billion in cash. They don't get an investment. If this deal doesn't go through, Google has to give Wiz $3 .2 billion in cash. Let that sink in. This company is massively high growth, zero to 100 million in 18 months when they started. and last year they passed 500 million an ARR. You know, that puts the deal at roughly 60 times their run rate, and that is a high price.

50:00However, they're supposed to hit a billion an ARR this year, which would put it at 30 times forward looking for 32 times, which isn't outrageous because Google probably has free some concept or alphabet rather, some concept of how they could increase the velocity of that of that revenue, yeah, or that it would be a defensive position. One of those two, yeah. Yeah, I mean, just to put it in context, right, Google's cloud revenues about 40 billion a year and Microsoft and Amazon, so both kind of plus or minus a little bit around 100 billion a year. And so Google has kind of been, as we know, lagging a little bit in the cloud market.

50:43The thing about kind of enterprise sales is there's a common strategy, which is you kind of land with a beachhead and then you kind of expand from there with additional products and services. This has been the reason so many enterprise software companies over time from Oracle to Salesforce, to Microsoft have been acquisitive and can make acquisitions very synergistic. What that means is you can acquire a new product or a new service and then sell it into your install base or acquire the customers and then cross sell your existing products or services into their install base. And so you can increase the overall revenue by putting the two together and combining sales teams and being able to offer a combined offering.

51:29And so the theory here, and I think this is something I don't understand well enough is that security has become such a kind of top requirement and product category that it now effectively enables a beachhead type model to be successful meaning you can cross sell the security into all of your existing customers or there's enough new customers that Google might be acquiring from the Wiz acquisition that they can now bring new GCP services to and cross sell into. Now to figure out how this actually has to make sense. So Google's ROIC is about 30%. That means that when they make an investment, a CAPEX investment or a capital investment, they expect to see about 30 % of incremental profit per year come back at some point from that capital investment.

52:17The capital investment they're making here, again, this doesn't hit their income statement, goes on their balance sheet. It gets marked mostly as goodwill. So Google's going to have a 32 billion move from cash down to goodwill. So now they've got this asset on their balance sheet. and they've got to make an incremental $10 billion a year profit. So you kind of got to do the math. $10 billion a year of incremental profit against 40 billion of cloud revenue and against one billion of with revenue. There's a lot to be kind of built here to make this make financial sense. So then it becomes, okay, well, that's a really hard one to kind of think that they're going to get there very soon.

52:53But remember, Google's made some investment. I think it's more... I think it's a very tricky... You said it earlier, actually. It's a Trojan horse into the other clouds. There, you know, the reason Wizz exists, and Jason mentioned this upfront is because of the value that it creates in a multi -cloud, multi -tenant environment across Azure and GCP and AWS. And when the deal was done, one of the things that Wizz said is, hey, don't worry, we're not going to prefer GCP. And it was interesting because I thought, wait, people actually thought that they would just prefer GCP. Note, it's the exact opposite of why Google would want this.

53:28Because now what you have are your tentacles, like think of any other service that any cloud provider provides, where most of your revenue is coming from the other clouds. Can you name one? Well, it didn't exist until now. And so I think the strategic rationale is quite clever, which is you start to gain customer traction and workloads in all of these other environments. And I suspect that TK is smart enough to try to pull these workloads back into GCP. So that's like, I think probably like because they were you're saying, Jamal, they would have the data they would be able to see from Wiz, like, hey, look, of course 90 % of this this type of job is just to do a waricle or it's over here on AWS or actually, if you do that, if you're running Google cloud, Thomas Cori and a smart enough and they're not going to pay.

54:15And David, by the way, the other thing that I would say is, I think this is where bankers get this totally wrong as the observer watching a deal like this is, It's never about the rate of change when you're trying to do a deal. It's always about the rate of change of the rate of change. The most incredible thing that Wizz had going for itself was that they were basically doubling in months. The time to double at that scale, you can do any kind of fantastical model with that kind of raw input because when that boundary condition is true and you're trying to de -escalate scale down or weigh down a model, you're still going to get crazy gargantuan numbers that when you discount the back, get some to this price.

54:57So I mean, congrats to these guys. I don't, you know, I would love to find out how does whiz, because this is, I mean, I'm sure you guys have this question too. How do you build a sales infrastructure that can scale that productively, that quickly? That's an incredible thing, you know? Yeah, I wonder if, how do you do that? I wonder if it's a lot of self -serve. It's got to be some percentage of it. I mean, I'll tell you our experiences. We had a guy that had to come in and sell it into us And we had a little bit of a bake off and I don't know. Maybe we were unique and there's a simpler lower scale product.

55:28That's just more Pego Consumption. Yeah, who knows sayon looking at this I'm curious your take on big VC because the series a hundred million dollar round We don't have the valuation for it. The B was at 1 .7 billion a year later. So maybe we assume it was a $500 million valuation for 20 % something like that. I would guess maybe a 600 million post. Sequoia, insight, index, cyber starts, all did that series. A when you look at the BC DNA, those same players all participated. This is another example of sometimes your best next investment as a VC firm is the highest growth outlier in your existing portfolio.

56:09your thoughts on what this means in terms of venture capital and maybe the long jam that we saw over the last four years, five years of no M &A. Because you and I came up when like was a golden era of M &A and then the IPO market started to open up with Airbnb Coinbase and of course Uber. Now we're sitting here, hmm, if this is the starter's pistol, what could it look like for the VC industry, which is just been dead. Yeah, I'm going to start with my thoughts on whizz. I think this is really exciting for me because this is a great example of a contrarian investment. When this investment was initially made, there was not a lot of money going into security.

56:51There still isn't. It's an under -invested category. And with AI and the threat of the types of things that can people can build and vibe coding and everything in between, you're going to need better security. And so I'm excited to see that maybe this might become an industible category. I think this is the largest exit ever in the security space. Am I am I wrong? I mean, I think I think you're probably correct. Yeah, I don't think of anything this large. M &A was absolutely. Yeah. So, you know, how does this impact M &A? I mean, it's still pretty slow out there. You know, some actions better than no action, but like Niantic was just bought by Scopely.

57:29We're starting to see some. You were an angel investor in that, right? I was the Pokemon Go folks, I remember you showing me Pokemon Go over a decade ago. Yeah, so amazing. That's a Saudi company that bought it. It's like a Saudi conglomerate. Yeah, that's a Saudi conglomerate. That accident for 3 .7 billion. I think we're going to start seeing some movement, especially with the new administration. How will you end that deal? How many years will you end that deal? As soon as they spun out, when Alphabet formed and spun them out as their own entity, There's a funny story for another time about how I got into the deal.

58:04But I realized it was my only opportunity to get as early as possible. And so I've stocked the founder and sat at a door and - Oh, tell us the story. Okay. Well, permission granted. You can't say it's a great story. Yeah, that's a great story. So before Pokemon Go, they had this game called Ingress. And I started playing it with my friends. And I started noticing that my friends were doing some really unusual things. They were like charting helicopters and like traveling all over the world to cast these invisible triangles over their earth. Basically, it's a game of green versus blue and who can cast the biggest triangle.

58:38I was like, why are these people spending so much time and not only that, but why are they going around taking pictures of points of interest for Google? Like, what is Google actually doing with this asset was my number one question. So I realized that Ingres was part of a bigger mapping plan. And if you look at the team, you look at John Hanky, they all come from Keyhole, and they're obviously part of the maps team and help build Google Earth. So this wasn't just a game. Pokemon Go was a joke. It was basically an April Fools joke where the founder of Pokemon said, wouldn't it be cool if we put Pokemon on the map and we just tried to find them?

59:13And John Hanky's like, yeah, let's turn this into an ingress like game. I went around telling everybody, if I had a chance to invest in anything, it would be

59:29and I was like,

59:33I don't know anyone at Google, how do I reach John Hankey? And I realized I'd invested in this company called Hentwater, and they were giving out game codes on the bottle cap. And I was setting up her ticketing system one day and helping her out in her office, and I saw all these tickets coming in with the subject line that said, Ingress game code. And I was like, what is this all about? And I just connected the dots, and I was like, and she introduced me to John Hanky. And then I went there with two engineers because I figured I gotta show out with some value here. Two badass engineers who were players, we sat on the front stairs and basically sat there and said, please take our money.

1:00:06He's like, I don't need you, I've got Nintendo, I've got Google, I've got, and we're like, no, you really need us. And he gave one of those engineers a job offer pretty much that day. He gave me a key card to the office. So I can come and go from Niantica's I please, which is pretty awesome. I'm just saying, congratulations on the say greats. No, I mean, this is what it takes to get in deals in Silicon Valley. All right. The Fed held rate steady on Wednesday. Markets have been digesting this pretty flat. The second consecutive meeting, of course, where are the Fed held rates steady. This is after the two consecutive cuts in September, 50 basis points in September and then obviously 25 in December.

1:00:47and we had this high hopes that there would be, you know, four or five of these cuts this year and there are apparently none right now. Trump posted on truth social that he urged the Fed to cut rates to create a smoother transition for his tariffs. The tariffs are taking place. I believe on April 2nd is that date that's gonna change the history of the United States forever. And so there were some other interesting takeaways. They lowered expectations on rate cuts. They expect two quarter point cuts for the rest of 2025. So take us down to about 4 % your thoughts. Shema. Let's add some color from Scott Besson.

1:01:24One of the biggest mistakes that I think Janet Yellen affected was this continued issuance of money on the short end of the curve to finance these deficits, which gives you you inherit an incredibly difficult challenge I think over the next nine months, I think there's like nine or 10 trillion that has to get refinanced. Do you want to talk about that? Yeah, look, I thought that it, that when rates were low, you're supposed to turn out rate. Exactly. And instead, the treasury for the past few years has pulled rates in. And I think part of that was to keep rates lower, that they change the issuance schedule when rates move back up towards 5%, I have maintained that policy, but I'm maintaining it because it's going back to David's question.

1:02:23When are we going to see the results from this, getting the government spending under control? And I don't think the market for recognize it yet. Okay, translated for just a month. Yeah. So he's saying a couple of things. He is inherited a problem that he hasn't quite yet changed. What is that problem? That problem is that when rates are low, you want to borrow for as long as possible, right? You don't want to borrow for the shortest amount of time. And now that rates are high, you're in this difficult position where you have to refinance all of it at a much higher rate. that's effectively the net of it.

1:03:02What I took away and you can see more and understand more when you watch this whole interview with Freebrug and I, but I think that there has been a fundamental disconnect and break from the Fed and the rest of Treasury and the government. And I think that Scott was very clear, like he views that as an independent organization and it should continue that way, but it was very clear to me that they are singing from their own hymn book. And it just doesn't seem to me that Powell really understands the gravity of this situation. And I don't think that he's really willing to play ball. So he's probably on the margins.

1:03:40Again, this is my total interpretation of this would rather wait longer than necessary, because I think it's almost like a political gambit. And I think that that's very dangerous. That's again, just my own interpretation. I just do not think that Powell A has the data to make a very clear decision and B will act unless it's totally necessary. So I think there's an over correction here that's happening, which I think is dangerous. And I think it's going to slow down the pace of cuts, which I think will then create a lot of other pressure in the economy. Well, Dave, I'll drop it to you. The Fed's mandate as an independent organization is a full employment and that 2 % target, which we talked about before here, was just a number that was picked by an economist in New Zealand of all places.

1:04:33It's not like it's some specific dosage that is perfect, but it is their mandate. They're not supposed to be a political organization. So what are your thoughts on this situation and these high rates, which we have to pay for our debt? We've never been in a situation where in a hundred days a Federal government is setting out to cut their spending by a trillion dollars, which has a significant effect, a recessionary effect on the economy because there's less federal dollars flowing out, which goes as revenue into various businesses and income for a lot of people that are employed as contractors or directly by federal government agencies, coupled with, for the first time in 100 years, a significant change in the policy for tariffs for goods flowing into the United States, and whether that will reduce spending by consumers or drive up the cost of products by consumers, and we talked extensively about both of these issues with Bessent and Lutnik in DC this week.

1:05:43And if I'm the Fed, I don't really have a great proxy historically for saying when this was done in the past, here's what the effect would be on GDP, here's what the effect would be on inflation, here's what the effect is going to be on employment. In fact, folks like Lutnik are making the case that the current measure of GDP is probably not even correct. The way we measure it, the way we count it. And so the traditional economist's point of view on making rate adjustments as a function of economic contraction or growth may be wrong. So I think there are quite a lot of these kind of confounding factors that the Fed is in a very weight and C mode.

1:06:30What I would look to is the bond market, which also seems to be in a kind of wait and see mode. So remember right before the election, the bond market traded the 10 year up, so that rates went down to about 3 .65%. About a month ago, the 10 year was at 4 .5%, and today it's at 4 .22%. And so in the last month, we've seen rate on the 10 year decline by about a quarter point, or about 30 basis points. And so the bond market is giving some kind of opening to the Fed saying, look, we expect that this is going to be deflationary, this is going to be recessionary. We are expecting you to cut rates to the Fed.

1:07:13And so that's what the bond market is saying. And now I think we're going to start to wait for the reports that are going to start to come out, that are going to show the impact. I don't think we're going to know immediately. So I think the first 100 days of this presidency and this administration's actions are going to be pretty telling on what's going to happen going forward in terms of the effect on employment, on inflation and on GDP contraction or growth. And then I think the market will know how to handicap those numbers in the future based on actions by the administration. Right now we're still in a like, I don't know how when you put all these things together or what it does.

1:07:52And it's a lot happening real fast. So wait and see. Yeah, say it. I'm not sure if the Fed and you know the people in the administration can't communicate the strategy Perfectly well and the Fed can interpret it. I don't know that we're gonna solve it here But any thoughts on this. Well, I don't have to not communicating it well. Besson did that It's the effect that it will have ultimately on the economy and over what time scale. That's what's uncertain right now Sorry, the tariffs I mean, you know if they're on they're off to what extent you know I don't, it doesn't feel like the entire administration is on the same page.

1:08:27That's just, you know, based on everybody I've talked to. The Fed is not part of the administration. Of course not. Yes. They're independent. And the quote today in the Wall Street Journal, Nick, you can look for it. Is Powell's statement basically blamed rising inflation in this short term period on exogenous factors. He said our job was getting the job done. And now there's exogenous inflation. And I think what he's pointing to are these potential tariffs or something. So I think it's, it's the less that they're not coordinated. I think that they are on very different pages and I don't think the Fed wants to play ball.

1:08:56Sorry, Simon. And then I have the story at the end. Just quickly, one of the things that really concerns me is how we've been so high on cheap supply for so long. Like, if you look at she and in T -Mode, before this podcast, I wouldn't look up that their prices are up by 27 % or something like that. And so when you used to be able to get a garment for $18, you're now paying $37 in Zara's like 75 for an equivalent. And I think people really like getting packages and the mail and feeling like their dollar went further and it's not going far. And so when you have a bunch of people who can't buy anything and consumerism is a big part of our unfortunately in some ways our culture, you know, what does that do to our country?

1:09:37You know, if you're looking around, there's urban blight everywhere in retail and you know, we can't fill our malls, we don't have brick and mortar stores, they're shutting down forever 21, just shut down. You know, these are the types of things that you know people really care about is whether especially in a time where You know you do have a recession People want to buy a tube of lipstick or or address to feel better about their life and Right now they can't even do that So that's that's what concerns me is thinking about the retail future and then you know the consumer landscape of how this all affects everybody Yeah, and consumer confidence is not good right now people feeling a little bit concerned about it and this immigration plays into this.

1:10:20So it's supposed to be deporting 20 million people. Maybe it's only going to be a million who knows about that issue, who's going to actually work in these factories? Are people getting laid off? Or are they not getting laid off? There's just a soup of issues here that makes the Fed's job extremely difficult. So in an extremely difficult, confusing storm, what is the best thing to do when you're driving the storm is just maybe try to keep the car going straight, not hit the brakes or not hit the gas. And that's what they're doing. They're taking a weight in C. And let's see if the administration can be a little bit crisper, I think, in their delivery of what their plan is because it does seem chaotic to me.

1:10:55And people here might disagree. So, Mathew, you said you had an anecdote? Well, I kind of disagree with you in one way. I just think the Fed has totally lost a script and I don't think they're... I don't think they're doing what they're supposed to be doing. What should they be doing? What they should be doing is actually observing the fact that there's some very complicated money flows. The front end of the curve makes no sense. The back end of the curve hasn't gone down long enough. They sat around and they allowed treasury to basically pump trillions of short -term paper. So they were complicit in what Yellin did.

1:11:28And it's inconceivable that they didn't understand that strategy. And so it's inconceivable. So what's the future? Yeah. So what do you do when you have a, is recalcitrant the right word? You know, like let's just say you just have an organization that refuses to play ball. Again, there was a really interesting anecdote where Bessent talked in the interview about how he really wants to deregulate and loosen up bank lending standards, particularly at the community level. And I think that this is one very interesting thing that is a workaround to the fed. Why? Because if you think about where money gets transacted on a 10 to 20 to 30 year duration, Those are the big boys.

1:12:10They're making big capital plays, right guys? But where do you play for the two -month to two -year kind of thing? It's smaller stuff. It's the stuff that's required to get small businesses off the ground. It's the community lending standards that actually allow communities to thrive. So I think Scott realizes that if the Fed's not going to really play ball, how do you loosen credit? How do you make sure that that money's available, Jason, to make sure that you can fight off recession. You have to give it to these smaller banks. And he was pretty clear about that. So I think that that's it's almost as if the Fed is just going to get relegated to this like random organization like yeah they'll control reverse repo but they just won't have any credibility and maybe that's not a bad thing actually in the end.

1:12:57FreeBurg, it's your chance to shine. We have not won but we have two amazing space stories in science corner. First up SpaceX successfully rescued two astronauts and when they landed there were dolphins breaching around the capsule. It was absolutely magical to see. Congratulations to the SpaceX team on that. And then Firefly Aerospace completed its moon mission after achieving the first commercial soft -mooner landing. Take it whichever way you want free. Berg, which one of these do you want to start with? And then maybe we'll open the discussion up to a little bit broader discussion about the moon itself.

1:13:35SpaceX was able to rescue the two astronauts that were stranded by the Boeing Starliner debacle nine months ago. We talked about it on the show. You can go back and watch the episode. 192, in August. Episode 192. And so having spent far more on the Starliner program than on the Crew Dragon program, The Starliner program is gone now. It's basically done. And the Crew Dragon program has now done 16 crewed flights to space, 11 for NASA for private commercial flights and continues to perform. So congratulations to the SpaceX team on making it to ISS and bringing the astronaut home, another successful mission for SpaceX.

1:14:23Here's a lot of hand -ringing. Oh my God, you know, conflict of interest, Elon would SpaceX and Doge and being close to the administration. When we look at what SpaceX has accomplished, I'm not a shareholder, but I know you are a chim off and that's where we're going to focus on the panel. You are as well, Saiyan. I am as well. Okay, congratulations, everybody. Putting aside our personal investments, when you look at how much they reduce the cost, is anybody even close to matching their cost to getting to space? Great question. It's just kind of like takes out the whole hand -ringing around the conflict of interest with SpaceX, both on Starlink and on this, seems ridiculous because their price is so cheap.

1:15:08It makes no sense to even complain about it. We should just be giving Elon on high five and saying, thanks for charging us such a low rate. It's a great question. Say, and you want to take it? Well, obviously Boeing is the big loser here. You've barely got a, you know, it's interesting to me how bad they just fumbled this and then there's the political element I don't know if we want to get into it About how we weren't able to save these astronauts and they were stuck up there You know, we we were seeing it landing in the water But what you're not seeing is they couldn't walk when they got out and they were only supposed to be there for what like pin days and Eight days and it ended up eight months or something.

1:15:44Yeah eight months, which is horrendous Because one of the things that I believe that America stands for is we don't leave people like that and it's an American issue not a political one and so there's no reason why we shouldn't have engaged SpaceX sooner It was offered and they turned it into a completely political issue and Boeing fumbled the ball And so you know I I think hopefully this is a message that's loud and clear and one of the things I'm so excited about is little kids watching this and seeing this and what it means for the future of our country because they're looking up to people like Elon and they're going to be the next political class in the future and that will matter.

1:16:22You know, this is the equivalent of the moon landing and to see somebody in private enterprise, do what Elon has done is just outstanding. So that's basically my comment on it. And he thought it's on the cost versus conflict of interest, I guess, hampering me. Look, there's a couple of startup alternatives. I put alternatives in quotes because they're not really G8, they're not generally available, they're not really launching. They're still in this early experimentation phase. One is Blue Origin and the second is Relativity Space. The problem with both of those two approaches, well, the feature of both of those two approaches is theoretically that there's a different economic model there.

1:17:02But the reality is that SpaceX is the only company that has consistently been able to take these costs and just crunch them down to like more than one launch a day. This year, I think, it's just an incredible scale and pace. So no, there is no economic alternative. They are the absolute cheapest in the market. I mean, I'll tell you a very quick story. I was also an investor in relativity. I think I owned about 10 % of the company. And I just got recapped out of that business because they needed a lot more money than folks were we're going to give it and then Eric Schmidt just stepped up and offered, I think $3 billion to the business.

1:17:40And I kind of said, no, I'm done. I'm out of here. So you know, I think the caps are painful. You put that many in. I think I took like a $380 million dollar loss. It was not a good week two weeks ago. But anyways, that's not the point. The point is SpaceX is the best. There is nobody even close. The next close is alternative is years and years away. Would we benefit from more capacity? Sure. But the reality is they are the only solution and they're safe and they're reliable. And what science is so true, when the hell does America just abandon people? Why do you do that? Especially in space of all places.

1:18:20I mean, that is really dark. You would think this would be a marketing story, like the Martian. Look, you have WNB players that get put in Russian jail, we're willing to swap them for arms dealers. In the last administration. Okay, yeah fine. So we didn't abandon her But then we let these two people flounder I just think it's really inexcusable that makes sense There definitely needs to be an investigation into what happened there a lot of speculation It doesn't look good. I'm gonna take Elon as a word that he offered I mean, I don't see any reason why he would the astronaut even confirmed that he offered oh they did okay I mean, I know that people were saying like Unconfirmed if the Biden administration They they're like that's their way of saying come get me.

1:19:07Yeah, please come get me. They're like I'm literally withering away in space Please come get me put their thumbs up. Okay come pick us up Freeberg take us to the next story and then we get we'll get it up here This is basically what I think is gonna end up being the story over the next couple of years is the space race between mean effectively SpaceX is platform and technology versus China, which has effectively ripped off SpaceX as this is kind of being described here in this article. So you can kind of take a look at the long March 9 rocket is what they call it. Fully reusable first stage powered by 30 of their particular engines, which is comparable to SpaceX's first stage being powered by 33 Raptor engines.

1:19:52also fueled with methane and liquid oxygen, each with a thrust of about 280 tons compared to the Chinese at 200 tons. This is kind of a very kind of equivalent design. Here's a look at it. Yeah, there's the model of the reusable. Yeah, so this is the Long March 9. This is their super heavy lift rocket that they kind of first started talking about calling it decade ago. The rocket has three stages, solid motors. They've recalibrated the design and it effectively has now kind of become a clone of Starship. And so this whole system is gonna be the big race. And as we know, the way the Chinese operate when it comes to kind of industrialization is they can move fast, they can move big, they can move heavy, they can dedicate resources, they can dedicate an entirely vertically integrated supply chain to achieving an objective.

1:20:40So this will end up being kind of, I think, the big race over the next couple of layers. Layer labor. I think we've got a lot of resources at their fingertips. You can kind of say that, but I don't know, you know, a lot of people use slave labor in China as kind of a hand -wavy way of describing their competitive advantage. But I think this is really important. China has actually much more of an advantage in automation. And so if you look at many Chinese factories that everyone assumes are cheap because they have cheap slave labor, which is kind of the Western and general kind of media perception of what goes on over there, There's actually a lot of automation and engineering that's gone into building these systems that allow them to have much higher throughput at much lower cost.

1:21:22And I think that this is a really kind of key point that the Chinese kind of industrial base and their manufacturing base is so superior to the United States in this moment in time that the US has to figure out a way to build its manufacturing base up to be competitive in an age of automation, not on a kind of labor -to -labor system, but on a system of production and a system of production basis. And so this is really where we are lagging deeply as a country. And it is part of you saw JD Vance's speech this week on revitalizing kind of manufacturing in the United States, but it has to be advanced manufacturing.

1:21:56It's not just about opening a warehouse and putting it in a box. Which means robots. Not humans in it because it means both. It means both. But it's about smarter systems. It's about designs on how you do manufacturing. It's about using new things like 3D printing, like automation, coupled with great labor, coupled with great people working. But it's about designing entirely new ways of doing manufacturing. And we've stalled out over the last three decades in the United States as we globalized and we handed off all manufacturing to the East and the United States basically just imported manufactured goods while they invested in all of the infrastructure to deliver advanced manufacturing at scale.

1:22:34And so we've got a lot of catching up to do. Otherwise, China will get ahead of us in any product faster than we will ever be able to kind of stay ahead of the game on. And I think we're seeing that in a space race now, and it's definitely worth taking note that this is kind of one core example of this advantage that they've developed for themselves. I'm concerned about the cultural stuff of this. Like America is so ill equipped, especially with this wave of the last eight years of DEI and how it's infiltrated all of our institutions and how we raise our children in this country. like we taught them that math is racist, while China is, you know, their kids are the leaders in AI, you know, deep seek should show us that, you know, we have underestimated China every step of the way.

1:23:17And I think it's just a tragedy. You know, I'm working on a book that's coming out called The War on Science, which will actually expose a friend of mine wrote it, it's a collection of essays, it exposes just how entrenched this became in every institution from medical science, et cetera, like how do we recover from that is how we can compete with China because otherwise we can't. You know, I really honestly don't understand how we're going to do it. If we don't, and part of it is seeing these space launches, you know, obviously the next generation of children will be inspired by that. But we have a gap of about eight to ten years where we lost that advantage.

1:23:53I mean, in San Francisco, we saw it up close in person, right? Right. They banned AP math. I mean, what lunatics could ever, I mean, I guess the lunatics in San Francisco could literally justify that it was, you know, some massive inequality that the smart kids got to take harder courses. Flash the thing lunatic from NBC, Nick. We know who was responsible for it. Are you blaming white women college educated white women? I'm just saying, look at the data. Okay, what is going on here? like for those of you not watching it's a voters opinion white men no degree white men college degree white women no degree white women college degree and yeah DEI plus 53 plus 31 yeah the way for white women in college yeah NBC News probably yeah so this is not from yeah like a writing and the organization here, just to build on what you were saying.

1:24:51It's math that was told was racist. In one of the best private schools here in Silicon Valley, they taught the girls, these are girls in the best all girls private school in Silicon Valley. That reading was racist. Could you imagine? There was a spreadsheet that these kids had to memorize every day that had every other kids pronoun. And if you didn't get it right, you'd get in trouble. Well, not only that, but they are taught that you're either an oppressor or you're oppressed and there's no other option. And so like if you go to one of these private, nice schools, then you're automatically an oppressor.

1:25:27So think about that. If you're a kid and you're born bad, inherently bad, evil from birth, what does that do? What does that do? What does that do to yourself? Yeah. You're desired actually. Do anything. We have to fix that. I actually think it's one of the number one issues in our country is to get kids excited about being Americans again. We were talking about the Democrat Party. They don't love America on the far left. They hate America, and they're very loud and vocal about it. And so I'm glad that their base is shrinking, but it needs to shrink further. And we need to have more unifying messages.

1:26:05And I think SpaceX could be one of those unifying messages where we bring people together and we encourage kids to think bigger about the future. I'll tell you one anecdote. I have been hanging out at UT a little bit at the University of Texas and I've had three or four people of mean salsa, you know people who could afford to go to any college. Ask me, do you have any hookups at UT? I want to take a tour, I want to check this out And I'm like, oh, and they're like, yeah, I just don't want to send my kids to, you know, these as Chema has called them previously in the program, Wilk Madrasas. I want to send them to the sound to be educated in Texas or somewhere, you know, where they're not going to learn to be part of Hamas or, you know, Al -Qaeda.

1:26:55So they have it folks. Send your kids, yeah. And send them to a place that values free speech. Look there first. Just look at the fire rating and then that should tell you everything you need to know. It's a huge trend. It's a huge trend that people want to go to these schools. Getting back on track, I'll just give a quick shout out as well to Firefly, the Blue Ghost, Lunar Lander, landed on March 2nd, lasted on the lunar surface for 14 days, launched on January 15th. They are launching two additional missions, mission two and mission three. mission two is going to launch in 2026 back to the moon 28 for mission three all of which are doing kind of geologic surveying of the lunar surface obviously the long term goal here is is to establish the base to your mission five is going directly to your Diggleberry.

1:27:49They're going to I'm sorry. I'm sorry. I'm sorry. I'm sorry. Sorry. I shouldn't have heard that. That was just saying. No, it's fine. I don't care. It's our tradition to talk about free version. I have a 13 year old boy since a humorous eye. Is this fine? You do. Do you always have actually? Would you guys be willing to go to your room for a week? Would that be something you guys would be interested in? 100%. I talked to my guy. 100 % where you got a guy. I'm saying I got a guy. I talked to my guy. He said I could go up with him. So you guys have an interest in that like is that something that you'd be motivated?

1:28:22100 % 100 % 100 % gonna do it when I'm not sure I have it's a great question about a week a week seems like a very Wow, I would go for a month What about a day like just a lunar day like you go there like a lunar picnic? Yes, yes a little picnic and then you come back. Oh, yeah, what would you bring? What are you gonna bring? You bring a little shard and I what do you think it would be would pair well with the dark side of moon there? What are you gonna bring? What should you try and make us when we go? 2020 on the phone, I'd bring like a white burgundy. I probably made you make an image of some of the moon drinking wine.

1:28:55Can you figure out a way to do that please? What should we serve on the moon? What would you think we should go with fish? A little surf in terms? Maybe a surf in terms? People don't realize that white burgundy tastes great with me. I know that people think you should always drink a very heavy red, but it's not true. I just want everybody to know the more you know the more you know thanks for tuning into the all -in -pork as she's I am master on jay cow he's from my hot potia and of course you're Sultan of science David Friedberg and of course thanks to CEO John and producer Nick everybody who puts so much effort into it and thanks to our partners for yeah supporting the show we'll see you all next time

1:29:43What like your winners ride? Rainman David Sack I'm going on a win And it said we open source it to the fans and they've just gone crazy with it Lumbia West, I squee a kinwap I'm going on a win What what your winners ride? I'm going on a win Besties are gone I'm going through it That's my dog taking it away I wish you drive away

1:30:14We should all just get a room and just have one big hug or two because they're all just just like this like sexual tension but we just need to release that out.