Stripe's Billion Dollar Crypto Deal, AI for Police, Elon's Diablo Addiction

50:24So you can actually bet on it. So you can actually bet on arrests. And what's going to happen. Chases. Yeah, yeah, yeah. and um yeah we're in pursuit of this person will they pull over will they make a run for it yeah okay i see a hellcat engine he's he's breaking for it um yeah yeah the other company that's done really well here is uh are you familiar flock safety yeah yeah they are crushing it and uh and is that a founder's fund yeah and they made that another big acquisition oh yeah yeah they did aerodrome yeah yeah yeah and and and everyone thought it was really really hard to build like the ender role for the local government because it's just so fragmented and you have to go jurisdiction by jurisdiction.

51:03But some people have cracked it. And so if he can figure that out, it's going to be good. It's going to be good. I'm excited. So congratulations to Daniel, the brother of the week. Brother of the week. Should we do some tweet reactions? I like this one. So Elon Musk has been playing Diablo relentlessly. I mean, the guy is one of the top 30 Diablo players in the world right now, something like that. And so Alex Lieberman over at Morning Brew says, how does this man have time to play video games? I would absolutely love to see a screenshot of Elon Musk's calendar. Would be a fascinating window into elite time management prioritization and delegation.

51:46and so yeah i mean he's running spacex tesla neural link boring company all pretty serious efforts um then also serious campaigning constantly and doing tons of interviews he's also running twitter x yeah constantly and then apparently becoming one of the greatest Diablo players ever in the world. Yeah. Which I love. And then aren't there people that are saying that he's not actually playing and maybe he has a whole team of people that are playing, so they're warming up the account for him. Exactly. Yeah. So one of the other great Diablo players did kind of a breakdown and said that Diablo basically has new season content every quarter where there's a new final boss and new levels and stuff.

52:37So even if you're maxing out your account when the new season drops, like you have several hundred hours of content in front of you just to get to the right level to beat the final boss. And so in order to be where he is, which is beating, because in this tweet he says like five minute T150 clear, which is like the hardest thing you can possibly do right now. hope there's some mid-season content because he basically like finished the expansion pack like in like a month and a half and it's supposed to take you like three months or maybe longer and so uh so one one of the diablo like you know fans says like in order to do this like you literally have to be playing like 40 hours a week or something like that maybe more yeah and so now there's like this theory that maybe elon has a team of interns or something like playing on his account doing a lot of like the grinding and leveling and then he can just log on for the best which is which is like amazing delegation if that's true yeah it's the other it's giving maybe just playing it's giving ammo to i mean the guy spends a lot of time on jets right sure starlink i'm sure starlink testing starlink making sure it's working what better way to test the product than to play you know diablo um i think that this is potentially giving some ammunition to the folks out there that say elon's not a real he didn't build spacex he didn't do this or that he hires team that's like the that's the number one gotcha that people like try to get elon for is like take that yeah it's like you didn't do that yeah other you hired people that did that which is like okay okay you should you should hire people you should hire people and build neural link too yeah uh i think everybody would benefit if you could do that um But yeah, this is giving some real, you know, ammo to those people who are going to do a takedown piece, which I'm sure journalists will find a way to paint this in a, Elon's deceptive video game practices apply to much more than just, you know, online games.

54:39Elon's treating the entire world like an online game. He thinks leveling up is all that matters when. Yeah. I mean, I think it's, I think it's human, humanizing. it's good like the idea of you know this very powerful and wealthy person like not having fun or like letting off steam at any point is like very blackmailing to me do you think that he is over having kids and now it's just like i'm gonna be a kid he was joking about it recently right he was saying he was gonna have taylor swift's baby that would be that would be or he was like offering i can't wait yeah yeah yeah that part of the simulation i think he's i think he's down and i think he's hit such economies of scale with the with the children that like i would be surprised if it ever stops i have this theory that like there's a lot of there's a lot of like old dudes who i don't know there's a lot of like old billionaires who are like constantly getting divorced and remarried and i think at a certain point it's like they just like having weddings because weddings are just like big parties and like an excuse to yeah to through because you because you look at you look at i forget it was like maybe the founder of news corp rupert murdoch like he had like three weddings in the course of like nine years or something he's getting remarried every couple years and it's like okay why doesn't he just like date or like not get married but at a certain point it's like he probably has some legal team that can like structure the perfect like prenup and then he just gets to throw a wedding and yeah his girlfriend likes that and so he's just like yeah okay run it back we'll do another one it's not a good deal and then when they break up it's like yeah they get divorced but to him it's just like breaking up with someone it's like very like low stakes i think yeah but it's like an excuse that would be that would be i don't see it that way but yeah if elon elon should should open source his entire you know family building playbook including even if he's not getting married to these women i'm sure they're signing documentation that basically says if we have a child you get taken care of yeah yeah these are the terms well he gets he sends a term sheet well he got destroyed by pavel durov recently because pavel has like 50 kids because he was not only he got mogged oh he got totally mogged because pavel it came out that he has like 50 kids because he's been like donating sperm at sperm banks and stuff and just doing like all this crazy stuff that's that's it feels a It's not a cool way to have 50 kids.

57:07No. for pavel yeah that makes sense over a hundred that's just to me reckless and weird just like yeah you am he is a dripped out technology brother though so no i support i support i guess i support i just think that why not just have 50 children with 50 women if you're gonna i don't know i guess he does he just doesn't he doesn't fuck yeah uh well let's move on to this one so uh will who i think was a open ai for a while i follow this guy uh he says i don't understand the recent trend of college dropouts specifically raising some insane 10 20 100 million dollars at 100 250 500 million dollar valuations pre-product or pre-revenue often for idiotic shit are people unable to see how they're fucking themselves it's not just free money my brother and he kind of went on to say like yeah he knows a lot of people that were young and they raised too much money and now they're buried under a pref stack and it's kind of well so this is generation this is the dark side of pattern matching yeah where pattern matching zach who had been in fintech for over a decade building at square his own company then square then coinbase and then um brex to go then build another fintech company but pattern matching oh mark zuckerberg dropped out to build the social media app and then go on to make a a plethora of devastating you know mistakes and mishaps with people and that you know the government all these different things and then when i saw this tweet the number one that the company i was thinking about is a company called mock which is making um i let's oh wait uh mock industries mock industries which is like an mit dropout and you know they're building uh i think they're building hypersonics it's like hydrogen weapons hydrogen powered cannons he was gonna shoot down weather balloons and yeah drones and just defense so the issue is is but yeah i got a lot of money very quickly running um in in some of these industries that where the stakes are a lot higher like defense tech yep you're seeing some of those issues with mock where one of their employees like was hospitalized with like devastating injuries because something blew up and um there's a real i i i don't think uh i'm all for giving smart young people lots of money to to do ambitious things but it's almost like they're find the balance of it right so but so bet on bet on the kid bet on the dropout but go get them somebody from lockheed martin well that's the under their chaperone that's the under discussed thing about facebook they had some like vp of engineering who was like 45 who was there very early i forget what this guy's name is but he was like allegedly like very important in like stabilizing the company early on when it was a bunch of crazy kids running around and and he had like just the right level of respect to be like okay when he speaks up we should listen but he's not trying to like be like oh we got to bring in net suite Yeah, he wasn't like he wasn't slowing anything down, but he was providing like just enough like, you know Basic rules because at one point like Facebook was all just like one file on On a web server and like when you wanted to make a code change You would just be like everybody I'm pushing the code like nobody make any changes I'm gonna update the file or whatever like the files on the web servers like it was big crazy And he like brought in like cool stuff that like cool process that everyone's like, okay yeah this process actually makes it makes sense yeah just cool it's it's interesting because I think there's there's two things that are kind of on a collision course with these like crazy high valuations and high early checks and it's one that the funds are bigger than ever and even though we went through the Zerp era and and VC fundraising went down there's still so many more billion dollar funds out there than there were ten years ago so there's just more money to deploy and you got to deploy it to get the fees so there's all these These incentives align with like, we gotta deploy big money.

1:01:36So let's push out the IPO window, do more growth stuff. Let's put more money into earlier stage companies, like write bigger checks, that's fine. And then simultaneously, the two hot industries are immensely capital intensive. AI, so I'm gonna come in and say, yeah, I'm gonna do a training run. I need to hire a bunch of engineers that are gonna want a million dollars a year. And I'm gonna also need to buy a bunch of NVIDIA GPUs and do a bunch of CapEx and build out a training center. And even if I'm not capital intensive, even if I'm capital light, a training run might still cost$10 million for my first thing.

1:02:10So like there's just higher computing costs and we're not in the zero marginal cost era of AI. And then defense is the same thing. Yeah, I'm going to need to buy a bunch of CNC machines, a bunch of like a bunch of aluminum, like all this stuff has cost. It's not just this, oh yeah, your YC, you get 100K and you're going to go spin up a web server and your cost is going to be perfectly matched with your revenue. Like when your website blows up and starts getting a ton of traffic, well, yeah, you're going to have paying customers then. So all of a sudden we have the two hottest categories are highly capital intensive, at least in theory.

1:02:43And then you have funds that are perfectly set up to fund those capital intensive businesses. So it's just like anyone with an idea, let's get a big check in there. But the problem is that if you wind up pivoting to something that isn't as capital intensive or doesn't find the immediate product market fit, you wind up buried under this huge capital stack. I think that's the pain people are feeling right now. But yeah, they'll probably get a call from Jeremy Giffon soon. Yeah, yeah, yeah. Jeremy, Mach Industries is... Jeremy's like, oh, not opposed. um no i think that the challenge is um so this happens with with uh let's say the i think the the the rule is maybe it's depuse law which is the faster you get a lot of money like the dumber you will be with it yeah right and so if you win the lottery yeah you're going to just spend that money horrendously and that's almost always what happens because you didn't have to learn how money works you didn't have to learn how hard it is to make it and so you're just doing like crazy crazy stuff and this happens even with angel investing people like oh i'm going to do angel investing and their worst five investments sometimes you get these people that are like oh yeah my first two angel investments are unicorns and that's because of the networks they were in But more often it's somebody starts angel investing and makes like a, they're the worst five investments that they'll make in the first five deals that they do.

1:04:17Yeah. And so I think the challenge here is when money comes really fast and easy, like you're an MIT dropout that raises$50 million in the first year. You're just going to make a bunch of really bad decisions. It's everything from you're going to spend$400 ,000 on a brand identity because your VC connected you to a top agency and you're not thinking about the real cost of that. You're going to make a hire that's not a good culture fit because they just care about cash comp and you're going to just overpay for them. And then now you're dealing with this person that... Not holding the bar on hiring.

1:04:57Yeah, you're not. I just need to hit my hiring quota. Yeah, exactly. Yeah, or you optimize... You're telling, you know, these people get excited about being like, oh, yeah, we're a 20-person team. And it's like, well, you don't even know what you're building yet. You don't even need to be, like, fully starving. But just, like, a year or two of, like, being somewhat cash-constrained is going to set the culture up for years where you're going to go back. And, like, the CEO is just going to be when some VP comes to them and is like, I want to spend$500 ,000 on a branding package. They're going to be like, what?

1:05:31Like I did our first brand myself like yeah, like why do we need to jump there? Let's just do a half step and then and then all of those are gonna add up to like saving money and being a little bit more judicious Yeah, a little bit less like frivolous and then you won't have a culture of frivolousness Which I think yeah, it's like the real danger with like yeah overall when people are I Don't think I don't think it's bad for the world that this stuff happens to be honest and in fact in fact the entire model is predicated on if you back 20 mit dropouts and one of them builds a generational firm yep then it worked yep that's the entire model of venture capital so will i i think it's a funny tweet and and i respect that point of view but he's not really realizing what the real game of venture is which is if one of these companies becomes 10 % as big as SpaceX, then the entire investment strategy worked.

1:06:29That's true. But he's not talking to venture capitalists here. He's talking to entrepreneurs. His brothers. Yeah, he's talking to the brothers. And so what he's saying is not that, like, yes, all of these deals could add up to plenty of funds doing well. And even the bad funds, they're going to return capital. They're going to be 1x funds, maybe 2x funds. They'll be okay. It's not like the cash will really get totally incinerated. The problem is that I think he's trying to just raise a flag to college dropout young people that it's like, yes, you can go and do the fake work of twisting your idea into something that fits a VC narrative and say, oh, well, like we could be asset light, but we can raise more money if we say we're going to train our own model.

1:07:15or we could do this, but if we say that we need to buy this huge manufacturing plant and put up a big American flag, we'll be able to raise more money. So let's go with that path, even if it's not the right path for our business, even if that's not what the capital structure of our industry demands. And so you wind up building for the VCs instead of for the market, for the customer and for yourself. And so I think that's kind of the meta take here to some degree. But yeah, got to kiss a lot of frogs. game should you do this one I love this one Evan Armstrong writes obviously I am excited for my child but also really wish I had like two more months to write just today pre one pre-priotic pre-product robotics company raising a two billion valuation to bridge getting bought at 90x revenue three rumors about new models coming can't help but want to publish on this amazing I know this This is a man who prioritizes work over everything else.

1:08:14Skip paternity leave, brother. Yeah, it is the most important thing that keeps the society, keeps capitalism grinding. The relentless march of techno capital is nothing without those who are willing to put their family to the side. I took off 36 hours when my son was born. Not necessarily proud of that. He was born Saturday, like, you know, in the early, early hours of the morning. 12 a.m on Monday. 12 a.m on Monday. You're on call with the interest. I legitimately had a 12-hour meeting of back-to-backs on Monday. But we had to feel like that was the only way we had to do that. I didn't do that with the second one.

1:08:59But yeah, I mean, I think that that's just a sign that Evan loves his work. That's great. And there's a lot of big stuff. We wouldn't have this podcast if there wasn't stuff to talk about. Also, I mean, underrated about this tweet, work-life balance always goes viral. So I don't know if this got dunked on, but like if you're rage baiting, like this is the best possible rage bait. If you're just trying to grow your account, like because people will fight about this forever. Yeah, because he could have tweeted, while I'm a big fan of organic intelligence being my new child, I'm really a fan of artificial intelligence.

1:09:36and the child that I'm having today, I could have had the same child 400 years ago, but AI and large language models didn't exist 400 years ago. Exactly. So if you just dial this up, if he just rewrites this, he's like, I haven't seen my child in months, but I've been writing. Boom. Yeah, they're actually, so every is chugging along. I've subscribed to their stuff forever. I think that they are too nice of guys to be in the media business. They now, they spun out a word processing product, which seems cool. But they're not like Eric Newcomer, who's putting up seven figures of Evita because, you know, maybe they are now.

1:10:21I don't know. I have no idea. But I think that Evan is too nice to rage bait, you know? Like he only went 50 % of the way there. Yeah, what is the actual, it's Evry? Yeah, it's a media company. I think they're focused on AI. Yeah, I've never seen them get absolutely raked over the coals by tech or the communists. And you've got to have an enemy. If you don't have an enemy, you don't have an ally. The only reason people rally together. The enemy of my, yeah. No, seriously, you have to have an enemy. If you don't have an enemy, there's no reason for someone to be your ally. We should, we need to pick an enemy.

1:11:00The working class, obviously. There you go. Yeah. We all know that the working class gets too much credit and respect for the financial professional. Specifically blue collar. Yeah. Blue collar. Yeah. Yeah. They're clearly the enemy. Yeah. And we haven't done our jobs until people are calling us billionaires in a sort of negative. Exactly. A pejorative. Yeah. A pejorative. I mean, unironically, the enemy that I always focus on in the tech stuff is China, essentially. And the foreign governments. That's an easy enemy. And that's so authentic to my lived experience because I studied abroad in Shanghai.

1:11:42I studied while I was there at basically the Harvard of China. I worked at a tech accelerator while I was there. and within 48 hours of setting foot in that country i knew that i wanted to do everything i wanted to spend my life making sure that we contained china yeah and that and that they didn't export the their sort of way of life to the world um so i don't have any issues with the people of china of course but their way of life yeah certainly yeah and and i feel like that's I always try and remind people in tech when there's these little feuds like, oh, Miami versus San Francisco, like which is cooler?

1:12:29Or like the gundo versus SF, like AI versus hard tech, or even like the intro fights between like the VC firms, like Andreessen, Sequoia, Founders Fund, like they're all beefing or whatever. And I'm like, okay, like there might be good reasons for these beefs, but like let's refocus on like the real battle here, which is like America versus - They're all gonna enjoy a conversation at Milken. Yeah. Everyone's on the same team here. And I try and refocus, especially when the Gundow bros start going hard on SF. I'm like, do you think China is having these fights over Wuhan versus Shanghai? No. They say, what is Wuhan good at?

1:13:09Biotechnology. Bioweapons development. What is Shenzhen good at? Copying American consumer electronics. They're both excellent in their own ways, in the same way that the gundo is great at hard tech and San Francisco is great at AI. They're not fighting. Couldn't have said it better myself. They're working together as one team. We need to be one team over here in America. Yeah, who's the LP? We need to find the LP in Sequoia, Andreessen, and Founders Fund. This is probably Saudi. Oh, there's tons. Not even Saudi. That's going to be like, who's the one person that can put all the GPs on one group chat and be like, stop this squash this right now in front of me you know who it is i i think it's zucks family office you know that yeah i forget what they're what they're called but i'm pretty sure they're lp and everything yeah um but there's a bunch of others you know endowments and whatnot dad the gps are fighting again yeah i i do think that i i love the idea of like you know uh being a founder became high status so it was like oh i gotta i gotta graduate from college and get on the track and you know start a company drop out i gotta get into a good school then it was like drop out and oh like i'm just gonna go straight to angel investing or like start a vc firm and it's like okay like kind of odd and then we talked about that one guy who is like uh he's starting like uh fund management software it's like one layer of abstraction pretty soon it's just gonna be like i'm just gonna go be an lp i'm gonna go straight to be straight to be an lp yeah the investing is something that I feel like I grew up in the so immersed in the Silicon Valley ethos and you can just do things you can do anything that the number one way in which I've felt that experience really matters is in angel investing because I just started angel investing and I didn't know you know there was no I didn't go to Jason Calacanis school like I didn't didn't do that i just started investing in cool ideas with smart people and it's overall been very you know fruitful that strategy but there's been a number of it's like okay i talked with zach yeah within six months of him incorporating bridge didn't invest i met shane from polymarket like we would dm back in like 2021 and i didn't go back up the brinks truck and uh and now having had those experiences i'm like next time when i meet people like that now i just figure out a way to give them money as fast as possible yep and experience matters like my returns from this era of my investing life will be better than the prior era because of that learning yeah well are you going to invest in any fentanyl vaccines you saw this article oh yeah this is the i i think i texted this to the group being being this is in bloomberg it says a fentanyl vaccine is a long shot that just might work what did you find interesting about this so i just think it's funny because it's the private markets doing what they do best which is finding solutions to problems that the government is not capable of solving i just think that the government is probably a lot more able to tackle the fentanyl issue than uh then then they have a monopoly on violence and they should enforce that at the ports right right right um and and but at the same time yeah i mean if you if you sell this through medical clinics potentially people come in when they're not at or they're just a funny it's just a hilarious yeah they're at rock bottom and they say like i'm literally going to buy some sketchy cocaine right now please can i get this vaccine so will it will it kick in in the next two hours yeah you know because i just i don't i don't know but i but i i think it's um i really don't know who the customer is for this uh i mean i can imagine but it seems like sort of a very i don't know like people that think like i'm very happy to report that i don't ever expect to encounter fentanyl in my life yeah um and so this vaccine i'm you know what i need i need an ayahuasca vaccine so then i can go into the jungle with all the tech billionaires and be like yeah let's go on this ayahuasca retreat totally like and they're all getting one-shotted and i'm just sitting there like a demigod getting stronger you're having to fake you're having to fake i'm like oh yeah it's so crazy like the world's open like oh my god brilliant idea like it's a nicotine company you should invest and you're like wow yeah that's what that's what the demon told you i was like yeah it told me told me that nicotine pouches are a big big category 20 on 20 on 200 exactly exactly um yeah yeah i just think getting like if you're gonna do that vaccine just start doing start back start creating vaccines for everything i mean the vaccines are a great business model so it is i want a vaccine for uh low testosterone yeah that's one another one would be like inbox zero you know it's like a vaccine that what if there's a microplastics vaccine take that just your body just deflects the plastics yeah force field force field anyway i don't know how we're going to cover this but the cover of the economist this week is fantastic it's the spacex rocket taking off the the starship but instead of the the core tube it's just the dollar and it's yeah america's economy is the envy of the world.

1:19:05And it's a deep dive on the resilience of the American economy, often hated on, but extremely resilient. And Robert Sterling posts this like mega thread of all the things that he loves about America. And it's just amazing. I'll read some of this. Culture that celebrates risk-taking, ingrained hatred of bureaucracy, robust capital markets, Starbucks nitro cold brew, cheap and abundant oil. You can just do stuff. Investment bankers that work till 2 a.m. Low Barriers to Entry for Entrepreneurship, Manifest Destiny, Private Equity, Delaware C Corporations, M &A Markets, Meritocracy, Low Capital Gain Tax, McDonald's, New York City, University Greek Life System, Walmart, GPU Clusters, Sand Hill Road, Michael Jordan, 50 States Competing for Business, The Homestead Act, Old School DARPA, No Union Reps on Corporate Boards, like the entire state of Texas, like you just riffed for so long and just sent this massive list of cool things.

1:20:00and how are you not bullish how are you not bullish after reading that you really you really have to be but i love that uh it's it's two it's two lenses on the same idea like you know that the economist wasn't writing like this right the economist is gonna have this very thoughtful article that explains basically the same thing inclusion in a much more complicated in a much more complicated way much more nuanced and i like how it almost every single thing listed off was like like intense american consumerism yeah and then and then and then finance finance yeah ability to get filthy rich even if you're born poor state school and engineering programs pickup trucks yeah it's just amazing it really it really is such a wonderful country uh i always like that that that teal line where they're like oh are you gonna leave he's like to where yeah it's the least bad option like you might complain about america but it is the best we're just number one yeah i I never, I think we grew up in the period where young people thought that America was bad.

1:21:11Very good. We, I don't know what, I don't know what was the cause of it, but it's almost like things were so good here that people were trying to find reasons to not like it for some reason. um but in i've been to i've been to 40 plus countries many of which i've spent you know a week plus in and the closest thing i got to wanting to live there was i i would buy a vacation home in switzerland just because switzerland is outside of the united states like i would say switzerland is my favorite country that's not the united states yeah right yeah i just love being there i could see spending a lot of time there but i never once in my life was thinking i want to spend three quarters of the year every time i traveled i would always just come back to like oh like i went to thailand and i was like oh this is russia's mexico like i went to cape town cape town south africa it's just la like there's beach and there's mountains it's beautiful it's amazing people drive around on freeways it's very similar to LA yeah like you go to all these I think the countries and it's like there's like America is so unique in that we have we have Manhattan so that's like your Tokyo your high finance like really dense city you have LA SF unrivaled Miami but then you also have Hawaii like a chain of islands so it's like all of a sudden like underrated underrated Fiji's Fiji's great but it's a lot farther and it's not 10x better than in Hawaii.

1:22:50What's the next Hawaii? Alaska. Like, okay, I never need to go to Russia. Yeah. And America really just did a good job of capturing like every single biome. So there are tropical areas, there are desert areas, there are mountainous areas, forest areas, tundra, like we have it all. Whereas very few countries have every single biome covered. Russia doesn't have tropical areas. They got to go to Thailand. Yeah. The thing that you need to do if you're american and i think a lot of our listeners right now yeah are american is as you go about your day-to-day life or you go on a work trip or you go on a vacation within the united states view it from the eyes of some italian kid who grew up in a small village and is visiting like los angeles right like we're sitting here recording with a straight shot view of skyscrapers of that are home to some of America's greatest companies right if you're from a small fishing village and you get to look out and see KPMG I mean that is that's like a core memory yeah right if you're and so it's our duty to view our world through their eyes and when I drive back and I'm passing uh you know the other Jonathan club the um the beach club the beach club and seeing you know this this Ferris wheel like on a pier or i'm driving on pch uh or i'm i see that i'm on the 405 and i see the hollywood sign you know really in turn chateau moment uh you know these iconic places it's important to try to don't just have your eyes glaze over and look back at tiktok you know enjoy it enjoy it enjoy it yeah america's undefeated it's not going anywhere

1:24:46sorry sorry uh this this one i have a i uh i have this riff with uh you know how josh steinman tweets good morning we're gonna win yeah every day and i was thinking about like what is a mantra that you know you could tweet every single day and mine was just listing out every single country that's not america and calling them un-american yeah canada is un-american france is un-american greece is un-american un-american is a good that's that's a potentially a a phrase that we could that we could coin yeah that we could own it's literally true canada is almost everything that i don't like is un-american yeah should we talk about tim ferris tim ferris is un-american i like tim ferris is the most american no no i'm just saying i liked him but this specific video a clip from his podcast where he did a 30-day dopamine detox no caffeine alcohol sex or sweetness he didn't which sounds like it sounds like i'm not going to hug my wife or something but he was saying that he would not consume any sugar anything that was sweetened yeah the funny thing with this is i could do all i can Yeah, one, I could do all those things.

1:26:03But whatever dopamine release that I negated from skipping coffee or nicotine or any of these other, or a nice piece of chocolate cake in the evening would immediately be undone by picking up my daughter and getting her a hug. You know, like the same whatever feeling. I mean, I think that, like, to, you know, steel man him, like, that is the point of the dopamine detox, is that you will proportionally get more dopamine from picking up your daughter. Right, right, right, right. you're not like okay this is like you know like 110 percent of tiktok it's like tiktok isn't even in the equation so it's just like the purest of the pure yeah for you it would just be waking up in the morning and being like i have three sons yeah exactly um i do wonder if he stopped posting during this detox yeah because that's the real for a content creator yeah did he stop capital allocating did he stop investing because the rush i do think i do think tim i think tim stopped angel investing oh really like it was too much too much dopamine yeah i mean the angel investing is deeply addictive it is it makes no sense to do yeah financially yeah i just i always wonder with these dopamine detoxes if if like when you cut something out like usually you find yourself finding a crutch like i noticed like if i if i stopped using one like i stopped using a lot of the endless feeds but then i find myself just opening up like the wall street journal more and that's probably better but i'm still like using that still a rat on the treadmill exactly going to hit the so i wonder what his what his like cheat meal was during this dopamine detox like what was he doing to get yeah i don't i don't the only probably post the only video that i would watch it's funny i don't think either of us watched the video i i did it was him talking to uh um kevin rose the guy right dig yeah so uh i would watch i would watch a 30 day long video of tim doing a dopamine detox yeah that's the real dopamine detox is just to watch tim's extremely boring life in monk mode i love it it takes 30 days and you can sleep when he sleeps but you have to let you have to be woken up by his alarm that's pretty sick so that's probably the that's a whole that's a whole category of content where you just live someone else's life i feel like that's something like jaco premium subscribers would like pay for some sort of live stream like come live my life with me like tap tap into this live stream and you're just gonna like come along for this whole thing like when i wake up you wake up when i go to the gym you go to the gym it's kind of people morning person yeah virtually it's pretty scale you can scale Scale it.

1:28:41Yeah. That's definitely a high. There's definitely like a lot of his on his like offsite events, obviously very bounded by like the number of people that can attend. But if you just put out the 30 day video, like imagine anyone can do it. Falling, falling asleep, listening to Jocko effectively tell you a bedtime story. Today was a great day. Tomorrow is going to be a better one. And then, and then he just like is sort of rambling and you sort of fall asleep. and then he says morning sweetheart it's 4 a.m it's 4 a.m i don't want to be up right now you don't want to be up right now i gotta start posting the jocko wake ups with the patek at 4 a.m because he has like the really athletic like navy seal watch g-shock yeah and it's just the patek at 4 a.m be like time to go to work it's the best i love jocko he's incredible i love jaco uh jaco as soon as he's a billionaire he can call in and be on the show for sure he's gonna be close he has multiple products that are like the top on amazon his his business is insane he has so many different monetization methods did sender ever send you that like breakdown oh it's great it's like yeah it's looking like in a single in a single long jaco episode like all of the ad reads and all the monetization that's going on there were like 10 or 15 different products and calls to action so it's like an athletic greens competitor an LMNT competitor a protein powder but then it's also like a subscription to the premium service uh and then i bought his book yeah the books and then it's like and it's like there's a hundred dollar tier for like a course that you buy and you watch there's like a thousand dollar tier for like going to a big conference there's a ten thousand dollar tier for going to like the vip conference getting kicked in the nuts by jock there's a fifty thousand so so like no matter what you're willing to spend he does really really good at like price laddering and price discrimination because that's one of the hardest things with with podcasting and why it works with ads is that you you have some billionaires in your audience with us it's like mostly billionaires but but then you also have some people that are like they're not billionaires yet and so they don't have the ability to drop you know a hundred thousand dollars on you know a private private event with the technology brothers but yeah how do you get money out of both of those audience cohorts.

1:30:59Well, you gotta have an affordable product. NetJets is a really good example, right? Where you might not be able to afford a private jet. And we certainly have friends who are billionaires who own their own jets. Yep. They'll still use NetJets, right? It's not one or the other. Yeah. But it's also a reason why you might hear some ads on this show for things that have lower ticket prices. Because we want to - Eight sleep, right? Yeah, we want to monetize every single listener here. That's the goal of the show, to be the most profitable podcast in history. And that means that no matter who you are, no matter how much, what your W-2 says, no matter what your Roth IRA says, we want to get the most money out of you.

1:31:40Should we move on to Corey Levy? Oh, I tried to keep it together. So Corey Levy, I mean, it's funny because this got dunked on, but I mean, I love everyone involved in this. And is this Ben from Vesto here? I don't know. It looks like some of my friends. I don't know. But Ramp held an event with Kostla, with Keith, called The Art of Hiring. And it featured Brian Chesky, Mike Shebbitt, and Keith talking about how to hire and founder mode. And Corey Levy, who runs Z Fellows, prolific early stage angel investor, essentially. I don't know, incubator, accelerator. I don't know what term he likes, but he wrote kind of a breakdown, some notes from the Art of Hiring event earlier today.

1:32:29And he starts with Keith. I mean, so he adds Keith. And the first line that gets cut off when you see the tweet is just, don't hire anyone over the age of 30. And then there's like 25 other things that are all like super reasonable, but he led with the most controversial thing. And so there's a community note now that says age discrimination in hiring is illegal in the US. Anyone who follows the advice from the first point is potentially committing a crime, which I just love. But obviously he wasn't saying that literally. He's saying that like - Well, I could see Keith saying that literally. But he's also, he understands the art of rage bait.

1:33:07Yes. Right? Yes. And using, saying controversial things to generate attention, which does other things. He's compressing the idea of like, you need young energy in your organization. You need people that are hungry, who aren't resting, investing, who aren't already millionaires, who want to make their equity work. And so you need people that show up and are hungry. And so how do you compress that down into something that will stick in someone's mind? Oh, well, don't hire anyone over the age of 30. Now, it's probably a lot more nuanced than that. And I think that Keith, if you talk to him for an hour, he would get into that.

1:33:40And there's a million reasons why. And if you look at his companies and all the other companies, I'm sure there's people over the age of 30 at these companies. but it's a great way to get that to stick in someone's mind. So it's funny because there's a... Here, just turn the mic towards you. I was talking with a founder that used to work for Keith and raise money from Keith on the way over here today. And running a business for the first time, it's absolutely crushing. He's about to raise a very hot Series A. Cool. and he has taken every almost all of keith's advice i don't know about this advice but he certainly has learned so much from keith yeah and the only thing that he didn't follow was the miami thing he really he originally started the company in miami and at one point it was probably the scariest day of his life telling keith that he was going to go back to sf but almost everything else he's followed to a t and it's just working with this company it's worked so well it's worked so well uh this is dara yeah yeah so it's worked so well for dara like yeah ignored the hype yep building in a very like hot space which is like consumer ai has ignored the hype stayed focused focused on customers like all these things that that um that that keith has parroted and reiterates and things like that and it's just worked extremely well like it it it um and so the funny thing with um uh i will say that dara hired one of my old uh engineers who is over 30 who does have children uh but that guy's a fucking grinder uh so so um yeah i mean i think overall i do think about this sometimes where as a 28 year old that has the lifestyle of some something that's more found from somebody in their mid-30s at least in tech or mid-40s uh depending on how late to yeah mid-50s um i do that is a almost like a recurring nightmare of like if i was competing against myself without children what how much more would i be getting done things like that I do think that the counter side to that is when people are in their 30s, they can't afford to lose in the same way.

1:36:11Right. So it's like there is this whole other side of it and they have the benefit. And so when you when you look at this tweet saying don't hire anyone over the age of 30 combined with young college dropouts, raising 30 to 50 million dollars pre product. the combination of those two things is terrible right and you brought this up with facebook earlier being like facebook having a really veteran engineer who brought structure and experience and all these different things so anyways i i would say that overall keith's advice i'm i'm like very bullish on any founder that takes like 90 of keith's advice to heart yep and follows it i think it's a really good framework but um but again the uh don't don't take anything too literally it's even miami is giving i mean miami is like a state of mind in many ways and also i mean miami is still like i think we've talked about this before but i mean it still is just like a phenomenal place to go meet a lot of extremely wealthy people yeah yeah Like like it I think everyone agrees that it is behind on on hiring engineering talent But in terms of just like lots of capital powerful people having money there like if you're if you're a If you're a founder and you're doing a fundraising trip like stopping in Miami and meeting a bunch of people is like very doable and very beneficial Yeah, it's also just like an awesome place to live or awesome place to visit when you're a founder You've been grinding in some like, you know tenderloin complex in San Francisco and you get to like you don't just have to go down to Sand Hill Road which is like even more boring you just go to Miami and hang out at all these houses I know that I will absolutely own property in Miami at some point in my life I'm not in a huge rush to do it but I really enjoy there and we're going next week yeah it's fantastic but yeah I'm excited for this video to drop I'm sure that they're going to record it and put it out I think it'll be good I think I think they're all really great it's funny we're giving we're giving him the benefit of the doubt and keith is like literally telling all these young kids i swear to god do not like i i cannot be i cannot be more explicit about this if somebody is 30 years old and one day disqualified write it into your hr dot like write it into your hiring policies put it on your wall yeah yeah um i don't even know where this is from but you dropped this in the in the group chat and i just wanted to read it because i thought it was a funny quote from maybe like a sub stack or something this guy says i look for the type of guy in london who gets up at seven o 'clock on sunday morning when his kids are still in bed and logs on to a poker site so that he can pick off the u.s drunks coming home on a saturday night i hired a guy like that he usually clears five or ten grand every sunday morning before breakfast taking out the drunks playing poker because they're not very good at it but their confidence has gone up a lot someone who understands an edge i love that i don't even think we have to add commentary yeah it's just like cheers it's just cheers to that yeah it's great yeah find an edge the hard thing the hard thing with people like that is they they usually end up making so much money they're really hard to hire yeah exactly if you're making 10 grand a week that's 500k a year like what job are you offering them i mean i guess this is probably for like a hedge fund position or something um or somebody who understands that like yeah this is maybe not uh not going to stick around forever maybe i don't know should we close with the the new king of podcasting harry stebbings harry 400 million dollar i i i i will say i think that that that picture could come back to bite so the story is uh podcaster harry stebbings raises one of europe's biggest venture funds The British firm 20BC pulls in$400 million to invest in early stage tech startups.

1:40:05And he claims it's to make Europe great again. Is he a Trump guy? Or is he just like riffing on that? I bet he's a Trump guy. He appreciates great entrepreneurs. Yeah. Right? Trump is effectively an entrepreneur. I feel like he's pretty like non, like apolitical. Yeah. Because like if you go super hard one way or the other, it's hard to get people on the show. than being not living in the U.S. but being obsessed with U.S. politics. It's like get a life, you know? Like get a life. So yeah, no, I think it's amazing for podcasting. It's amazing for Harry. He's now, we kind of have him, if we want to build the most profitable podcast in the world, he's pulling down 80 million of management fees on that fund.

1:40:49Yeah. Big shoes to fill. big shoes to fill target on his back right target on it's not that but we're positive some right exactly we'll do a 500 million dollar fund exactly um so yeah congrats to harry congrats to harry um it is interesting i think do you think his audience is primarily entrepreneurs or vcs because he he really focuses he does get some entrepreneurs on the show but it's mostly VCs that go on the show. So he probably has an incredible network. So he can get into, he can get small checks into deals, but like what happens when, you know, yeah, he's interviewing like Sequoia guys, but then they're not going to let him like steal a hot round from them.

1:41:32So how does that work in terms of deal flow? Yeah. The reason that I'm bullish overall on I'm not bullish on the European focus. Sure. um oh yeah i mean i guess that he's gonna invest the conduit if he's gonna invest the full 400 million in europe that's concerning yeah it seemed like the real alpha here was just he is probably one of the greatest bridges between european lps and u.s investments because he's he's a name brand in america and if you are wealthy in europe you can't necessarily just call up an american vc firm and lp and do it yeah so so i've seen this happen a couple times where people have raised really big funds because it's like oh they they happen to be super connectors in like brazil and so they can go around and just pull all brazilian capital together and then they come in and they invest in america but they're providing that service to the brazilian high net worth individuals and institutions yeah the the reason to be bullish on harry is that what David Senra has done for founders.

1:42:44Yeah. Harry has done for contemporary VCs. So in the same way that David will be talking about founder and then tie in, oh, here's how these other three founders also thought similarly and applied this way of thinking to their business. He's doing the same thing with VCs, you know, where, where he will be talking with one VC and be like well that's similar to how you know Peter thought about the initial investment in SpaceX or whatever so I think that being a student he's now a student and a player right and he's drawing on I think it's a very real thing that he could text probably 50 of the best GPs and get a response within you know a day of like hey and they can be like well here are the traps in aerospace yeah here's why this won't work sure oh this is actually really interesting let's look at it together yeah you know like that's