Warren Buffett & Charlie Munger LIVE on TBPN, Intel Stock Crashes, WSJ Mansion Section | Darren Rovell, Will Manidis, David Senra

(00:10) - Warren Buffett & Charlie Munger LIVE on TBPN 🎃 (09:01) - Binance Faces $6.3B Hack Fallout (15:09) - Intel Stock Crashes (17:35) - Polymarket Hit by Wallet Breach (19:36) - WSJ Mansion Section (23:29) - Darren Rovell discusses his passion for sports, business, and historical collectibles, drawing on his expertise as a collector and entrepreneur. He explores rare Warren Buffett memorabilia, autograph values, shipping risks, preservation strategies, and the booming market for high-end items such as sports cards, jerseys, and dinosaur fossils. (53:26) - Will Manidis discusses *Commanding Heights*, his new book co-authored with Joe Roberts, which examines how rapidly advancing AI could reshape national power, currencies, financial markets, businesses, and labor. He argues that the United States and China may dominate frontier AI, global transactions could increasingly rely on the dollar, and firms positioned to benefit from scaling intelligence—such as Meta—could gain significant advantages. (01:11:42) - 𝕏 Timeline Reactions (01:31:51) - David Senra is the creator and host of Founders, a popular business podcast where he studies the biographies of history’s greatest entrepreneurs, including Steve Jobs, John D. Rockefeller, and Estée Lauder. Through hundreds of episodes, he explores the habits, strategies, and philosophies behind building enduring companies, with a particular focus on founder psychology and the lessons of business history. He also launched a second podcast, David Senra, featuring long-form interviews with living founders and business leaders such as Daniel Ek, Michael Dell, and Jimmy Iovine. TBPN is made possible by: Ramp - https://ramp.com Public - https://public.com Cisco - https://www.cisco.com Console - https://www.console.com CrowdStrike - https://www.crowdstrike.com Figma - https://www.figma.com MongoDB - https://www.mongodb.com NYSE - https://www.nyse.com Railway - https://railway.com Shopify - https://www.shopify.com Codex - http://openAI.com/codex Follow TBPN: https://TBPN.com https://x.com/tbpn https://open.spotify.com/show/2L6WMqY3GUPCGBD0dX6p00?si=674252d53acf4231 https://podcasts.apple.com/us/podcast/tbpn/id1772360235 https://www.youtube.com/@TBPNLive

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:05Speaker 00

  Good morning. Thank you for being here.

• 0:09Speaker 01

  You're watching TVPN. Today is October 30th, 2026. We're live in the TVPN UltraDome from Berkshire Hathaway and shareholders meeting, of course.

• 0:22Speaker 00

  That's right.

• 0:23Speaker 01

  It's Friday, October 30th. Halloween is tomorrow, but this is our last show before Halloween. So we decided to play a little prank on you. Everyone's dressed up. Jordy, of course.

• 0:34Speaker 00

  Look, and it was, it was pretty hard to top last year.

• 0:36Speaker 01

  Yeah.

• 0:37Speaker 00

  We went pretty hard. Um, so we kinda, I know we phoned it in a little bit this year.

• 0:41Speaker 01

  Yeah.

• 0:42Speaker 00

  Uh, but we did our best.

• 0:43Speaker 01

  Yeah.

• 0:44Speaker 00

  We did our best.

• 0:44Speaker 01

  People were saying like the tailoring wasn't perfectly identical, but I think we got close. Uh, let's take a look over at Tyler. Did Tyler get a chance to put on?

• 0:54Speaker 00

  I know.

• 0:54Speaker 01

  Is that Greg Abel?

• 0:55Speaker 02

  I know people recognize me.

• 0:57Speaker 01

  Of course, people recognize you. You're the most iconic of everyone here.

• 1:01Speaker 02

  The successful.

• 1:01Speaker 01

  Around the table. Um, and, and some of the other team members dressed up as well. We got Jackson.

• 1:06Speaker 00

  I got my son over there.

• 1:08Speaker 01

  Yeah.

• 1:08Speaker 00

  There he is.

• 1:09Speaker 01

  You're in the suit with the, uh,

• 1:10Speaker 00

  Looking sharp.

• 1:11Speaker 01

  The name tag. We got a bunch of folks chiming in. Uh, there we go. Some of you guys don't necessarily

• 1:17Speaker 00

  Hey, look at, look at,

• 1:18Speaker 01

  Berkshire employees.

• 1:19Speaker 00

  Look at Brandon over there. Just too locked in to put a costume on.

• 1:21Speaker 01

  No, no, he has a costume. That's a perfect Brandon Gurrell costume. It's amazing. He must've gotten up at 2:00 AM to start putting on the Brandon Gurrell makeup from scratch.

• 1:30Speaker 00

  Oh, well.

• 1:30Speaker 01

  He's locked in.

• 1:32Speaker 00

  I got something I want to know.

• 1:33Speaker 01

  What?

• 1:34Speaker 00

  How many days till Christmas?

• 1:35Speaker 01

  How many days till Christmas? That is important. No? Do we not have it? Team's working on it. While we do that, can I tell everybody about ramp.com?

• 1:44Speaker 00

  Please do.

• 1:45Speaker 01

  Say both. It is easy to use corporate cards, bill pay accounting and a whole lot more all in one place. You want to hear about another wonderful business? I can tell you about MongoDB. What's the only faster than the AI market? Your business on MongoDB. Don't quit.

• 1:59Speaker 00

  That's right.

• 2:00Speaker 01

  AI own the data platform that

• 2:01Speaker 00

  That is right.

• 2:04Speaker 01

  Yes. Uh, so we got a couple of days till Christmas. We're counting it down here in the TVPN UltraDome.

• 2:10Speaker 00

  Can't come soon enough.

• 2:11Speaker 01

  Can't come soon enough.

• 2:12Speaker 00

  Can't come soon enough. But the best part about Halloween?

• 2:14Speaker 01

  Yeah.

• 2:14Speaker 00

  Christmas is right around the corner.

• 2:16Speaker 01

  Exactly. Exactly. Same number of days.

• 2:19Speaker 00

  Here we go.

• 2:20Speaker 01

  Between Halloween and Christmas, there are 55 days until Christmas. Mark Andreessen is 55 years old. Our guest from last year, of course. Uh, fantastic. Uh, well,

• 2:33Speaker 00

  Oh, boy. We got a fun show today.

• 2:36Speaker 01

  Yep. Uh, chaos in markets.

• 2:38Speaker 00

  Yeah. I mean,

• 2:39Speaker 01

  Bloodbath.

• 2:40Speaker 00

  Bloodbath out there.

• 2:41Speaker 01

  Some people are being fearful.

• 2:42Speaker 00

  Most people I would say are fearful.

• 2:44Speaker 01

  Uh, it seems like that.

• 2:45Speaker 00

  That made me start feeling a little greedy.

• 2:47Speaker 01

  I think so.

• 2:48Speaker 00

  I don't know about you.

• 2:48Speaker 01

  It might be time.

• 2:49Speaker 00

  Uh, but we have a fun lineup today. We have, uh, Darren Revel, uh, who I believe has the largest, uh, uh, collection of collectibles.

• 2:58Speaker 01

  Yeah.

• 2:58Speaker 00

  Um, in the Berkshire universe.

• 3:01Speaker 01

  Yep.

• 3:02Speaker 00

  And of course we have David Senra coming on to talk about a few of his favorite things about Buffett and Munger.

• 3:09Speaker 01

  Yep.

• 3:09Speaker 00

  And we're going to close it out with none other than Will Manidis.

• 3:13Speaker 01

  Yeah.

• 3:13Speaker 00

  Who's been tearing up the timeline.

• 3:15Speaker 01

  Might be looking at the next Warren Buffett right there.

• 3:17Speaker 00

  Yeah. Yeah.

• 3:18Speaker 01

  Potentially.

• 3:19Speaker 00

  Yeah, yeah. Hopefully he doesn't, hopefully he doesn't tell the world that he's building the next Berkshire Hathaway.

• 3:26Speaker 01

  Oh, yeah.

• 3:26Speaker 00

  Like the, the curse.

• 3:27Speaker 01

  Yeah, a lot of people have done that.

• 3:29Speaker 00

  Curse yourself if you do that, so.

• 3:30Speaker 01

  Done that, but.

• 3:31Speaker 00

  Never claim that. Just don't.

• 3:33Speaker 01

  Sort of incomparable. Don't even try.

• 3:35Speaker 00

  Let's, let's leave it on this. Let's take a look at, let's take a look at John here. I mean, John, lean back. Yeah.

• 3:41Speaker 01

  When I lean back, it's really

• 3:46Speaker 00

  Just incredible, incredible work. This is only possible in Hollywood.

• 3:50Speaker 01

  I know.

• 3:51Speaker 00

  AI could never do this.

• 3:52Speaker 01

  No, no. And, and it is,

• 3:54Speaker 00

  Never.

• 3:54Speaker 01

  It feels like next year the AI will be so good, more people will be skeptical, but we started in the pre-AI era. So you know it's real. You know, we're, we're, we're sticking with it.

• 4:04Speaker 00

  We showed up at, uh,

• 4:04Speaker 01

  Sticking with it.

• 4:05Speaker 00

  We were, we were here at the studio at 6:00 AM this morning. It took, uh, just under four hours to get, uh, suited up.

• 4:12Speaker 01

  But let's give it up for the team that helped us. This is really incredible. Look at that Greg Abel spitting.

• 4:18Speaker 00

  For Greg.

• 4:18Speaker 01

  Greg is looking great. Early white teeth too. Did they give you veneers? Or are those your natural teeth? Looking

• 4:25Speaker 00

  That's just

• 4:26Speaker 02

  All natural.

• 4:27Speaker 00

  All natural.

• 4:27Speaker 01

  All natural.

• 4:28Speaker 00

  Looking serious. Greg, you look fantastic.

• 4:31Speaker 01

  And you've been working on your Greg Abel impression? Can you give us a little bit? A little taste?

• 4:35Speaker 02

  Uh, hey guys, it's, uh, it's me, Greg.

• 4:43Speaker 01

  You nailed it. You nailed it. Yeah. Uh, yeah. So these are going to clean up and trick or treating later. You go around in these. Um, well, uh, the market's all over the place.

• 4:53Speaker 00

  I FaceTimed

• 4:54Speaker 01

  Yeah.

• 4:55Speaker 00

  A friend of the show.

• 4:56Speaker 01

  Yeah.

• 4:56Speaker 00

  And he said, don't wear that out later. You're going to scare people.

• 4:58Speaker 01

  Yeah, yeah. You look so much like Warren Buffett. It's crazy.

• 5:02Speaker 00

  Uh, it's, it's unnerving.

• 5:08Speaker 01

  It is so, so funny, especially when you get the moves going.

• 5:11Speaker 00

  Should we see how I can hit the gong?

• 5:13Speaker 01

  When you start moving like a young guy in there. It's great. Oh, your stock. Oh, his back's going out. It was an older guy, older gentleman on the, on the set. Let's see, let's see a gong hit for old Berkshire. The stock is up, by the way. Everything's, everything's down, but Berkshire's doing great. It's a 1.17 trillion dollar company.

• 5:35Speaker 01

  To everyone over in the Berkshire Hathaway universe.

• 5:39Speaker 00

  Absolute bloodbath.

• 5:40Speaker 01

  These young whippersnappers.

• 5:42Speaker 00

  Bloodbath in the market today.

• 5:43Speaker 01

  Market, but Berkshire doing well.

• 5:45Speaker 00

  Only company that I've found.

• 5:47Speaker 01

  Yeah.

• 5:48Speaker 00

  That's looking green.

• 5:49Speaker 01

  Is this gong ringing longer than usual? Does it always ring?

• 5:51Speaker 00

  I think it was just a strong hit.

• 5:53Speaker 01

  Strong hit. Strong hit for Mr. Buffett. Uh, well, the US economy is up, interestingly. The, the US economy grew 3.4% this summer. Consumer spending, business investment powered the fastest expansion in a year. Um, 3.4% annual rate. The, the, the latest reading of gross domestic product, the value of all goods and services produced across the economy beat analysts' expectations. They were expecting 3.1, came in at 3.4. Uh, the report from the Commerce Department is the last major accounting of the US economy before the midterms election, uh, midterm elections on Tuesday. So a big referendum on, do you vote GDP numbers or do you vote stock market numbers?

• 6:34Speaker 01

  A lot of, uh, a lot of voters have, uh, their wealth in the stock market and they're, they're seeing a lot of red today. So.

• 6:39Speaker 00

  Well, and of course I think voters care more about, uh, vibes than anything else.

• 6:44Speaker 01

  Yeah, true. And the vibes are down. Uh, the NASDAQ is down something like 3% today. Let's see, uh, 3.34%. But the Dow is also down 1.13%. Uh, a lot of it has to do with earnings. Uh, we talked about it yesterday, but Google search struggles, reignite AI anxiety. They suffered the worst day on record Thursday as investors confronted the reality that a company has, that the, that a company that has long been a dynamo of growth and profits faces painful trade-offs in the artificial intelligence transition. A headline that could have been written three years ago, but is now being digested in reality in a data-backed way.

• 7:27Speaker 01

  Because the first three years, everything's continued to look good like business is normal. And that's the nature of these, these technology trends. It takes a while for it to actually show up in earnings. There's a lot of, uh, there's a lot of inertia in every business in the economy. Even if you're a high growing tech, high, high growth tech company. The slide raised

• 7:46Speaker 00

  Still got to be painful. Uh, obviously Berkshire, uh, recently

• 7:50Speaker 01

  Backed up the truck.

• 7:51Speaker 00

  Backed up the truck.

• 7:52Speaker 01

  Yeah.

• 7:52Speaker 00

  Uh, for Alphabet, but for good reason. There's a lot of ways that they can be an AI winner.

• 7:57Speaker 01

  Yeah.

• 7:58Speaker 00

  They sell great chips. They, uh, have, you know, an incredible cloud business.

• 8:03Speaker 01

  That's also

• 8:04Speaker 00

  A lot of, um, they have a frontier-ish lab.

• 8:08Speaker 01

  Yeah.

• 8:09Speaker 00

  Um, but, um, yeah, it'd be interesting to know what, what the business would be trading at if they had, uh, revenue ramp from their own model.

• 8:18Speaker 01

  Sure, sure. Yeah, yeah. So, uh, yeah, on the front page of the, of the journal, you got Google search struggles, reignite AI anxiety. They're losing, uh, 500 billion, uh, and, and you know, their earnings analysis is here, but on the back of the business section, business and finance section, you have Alphabet can still win in an AI pullback, more of a bull case, uh, saying it's the closest thing in tech to a one-stop AI shop with a frontier model, a fast-growing cloud computing business, a major in-house chip effort and large core advertising businesses. They are diversified across the AI stack. And so that could be a, a cause for optimism even among some jitters in the market.

• 9:01Speaker 00

  Well, yeah, we got to talk about Binance.

• 9:03Speaker 01

  Okay.

• 9:04Speaker 00

  They had a rough one yesterday in the journal. How Binance is racing to cover losses in the biggest heist in crypto history. Uh, we will weather this storm, the company says, as it taps reserve funds and its founder gets into a confrontation on X with Elon. Binance executives are racing to cover billions in losses from the biggest crypto heist in history. A breach that blew past everything the exchange had set aside to cover such an incident. So they've had a fund set up that had roughly a billion.

• 9:35Speaker 01

  Is that the Safu fund?

• 9:36Speaker 00

  Safu.

• 9:37Speaker 01

  Secure asset fund for users.

• 9:40Speaker 00

  Yeah.

• 9:40Speaker 01

  They set up for exactly this.

• 9:42Speaker 00

  They were sort of planning for a worst case scenario. Turns out the worst case scenario

• 9:46Speaker 01

  Was three times or six times what

• 9:47Speaker 00

  Yeah, much, much greater. The hackers plundered 6.3 billion from the exchange's digital wallets by breaking into a Binance engineer's laptop, among other breaches, Binance said. So yeah, I think a big question that everyone has is like, yeah, how, how does it, how is it possible that like?

• 10:05Speaker 01

  Single engineer needs to be breached.

• 10:07Speaker 00

  You would think it would be a number of, uh, you, you would think it would be a number of, of engineers that need to all sign off on something like this

• 10:15Speaker 01

  for that much money to move. You know, even sending a wire these days from a traditional bank is usually a couple of phone calls, two factor. There's a bunch of different stuff that needs to happen. It's rarely just one person signing off, but, uh,

• 10:28Speaker 00

  Anyway, stablecoin issuers Tether and Circle, along with other crypto firms, managed to freeze about 3 billion of that sum, leaving roughly 3.3 billion under the hackers' control. Binance has had, has an emergency. There's some questions around that too. It's possible that they were able to take a loan out against those assets. And so the assets are frozen now, but they already got some more liquid.

• 10:49Speaker 01

  Oh, interesting. Okay. Yeah, yeah.

• 10:51Speaker 00

  Still, still happening in real time.

• 10:54Speaker 01

  Was, was live tweeting about it, saying that, you know, he has some SpaceX stock that he can sell off. There's assets around.

• 10:59Speaker 00

  Well, he was saying that because Elon was, uh, not, not being the most friendly.

• 11:05Speaker 01

  Yeah, kind of. I mean, Elon was calling it like it is. It's really bad.

• 11:10Speaker 00

  But the hack attributed by cybersecurity researchers to North Korea's trader trader hacking group has rattled the overall crypto market knocking down Bitcoin's price. This means the emergency fund is already 100 million lower. You would think, you would almost think they would keep the emergency fund in good old fashioned.

• 11:28Speaker 01

  USD.

• 11:29Speaker 00

  USD or a more diversified basket of assets because it is kind of predictable that like, you know, if there's a massive hack, crypto will trade down. You don't also want your.

• 11:39Speaker 01

  Yeah. But if, but if the market goes way up and then you get it hacked, you haven't actually appreciated. So yeah, it's trade off. Interesting. So if three billion does make it to North Korea, that's like 5% of, or almost 10% of their GDP. Their GDP in 2025 for all of North Korea was 26.6 billion. So that's like pretty material to the country, which is pretty crazy to think about. High stakes in the, in the modern cybersecurity era, era. Tyler, did you see anything else, any other interesting details about what happened with this hack, like technically or any other color that you want to add?

• 12:18Speaker 02

  I, I haven't seen anything specifically about like how it actually happened, but I do think it was interesting that like Bitcoin only went down like a few percent. So in 2014, when Mt. Gox got hacked, I think in like the two weeks after Bitcoin price went down, like, I think it was like 25, 27%. It's kind of surprising that it's, it's really like, you know, yeah, it's like, you know, almost 4%.

• 12:41Speaker 01

  Yeah. It's only 4% of the best five days. That's like, that's better than SpaceX, better than, you know, Google, for example. It's, yeah, that is interesting that there's so many people that are still holding, like it kind of shows you that the median, the median holder at this point is maybe more along self custody, maybe more along, you know, less, less worried about the, what's going on at the centralized exchanges. What you got for me, Orin?

• 13:11Speaker 00

  Anyways, let's look at this response. So Mert is saying he just wants one boring day. All he's asking for. CZ said, Elon, I have a lot of respect for you, but bad time to be a troll. He was commenting emojis back, please stop. Our SpaceX shares are worth more than a billion. Would appreciate if you show a little support. Thanks. I think that's a fair, fair stance.

• 13:38Speaker 01

  Wait, which one? I think the Elon reaction is a fair stance.

• 13:41Speaker 00

  I don't even think he's, he's not.

• 13:42Speaker 01

  He's not doing crying, laughing. He's doing the, oh, this is really rough. He's doing the, I don't know. It didn't, this doesn't seem like him like totally grape dancing in this, in this, in this way.

• 13:55Speaker 00

  And then someone over at Binance says, reporting to the major shareholder, of course, talking to CZ, our company's revenue for the year is sufficient to cover the losses. So we don't need to sell the SpaceX shares you are bullish on. So I think, of course, I think CZ was making more of like a, kind of a, yeah, a bit more like a, like a threat.

• 14:13Speaker 01

  That's what Mert called it, the full stack dump of his shares that helped him buy X. Mert goes on to say, normies aren't aware yet, but we're actually living through the movie Terminator at the moment for cybersecurity without exaggeration, just absolutely relentless revenge of the machines, revenge of the, but North Korea is in charge of these machines in this case. Like this is not a rogue swarm. This is not an accident by.

• 14:38Speaker 00

  There are some pretty interesting, people have been posting graphics of like all the, all the stolen funds, like how they've been moving and it's, looks like an insane spider web that only a, only like.

• 14:50Speaker 01

  Only a machine could, could understand. Yeah. I mean, full employment for the, the chain analysis team and some of the other folks like the crypto fraud prevention groups. There's a bunch of these.

• 15:02Speaker 00

  Over in Intel land, Intel looks like it's trading like they just had a $6 billion heist.

• 15:09Speaker 01

  Incredibly rough. They're down more than 22% now, right? Or have they bounced back a little bit? Where are they? They're down 30% today, 27% over the last five days. Still a $336 billion company, but totally round tripping. The, the, the big jump in Intel started about a year ago with the investment by the US government and a lot of, a lot of optimism around hyperscalers starting to buy from Intel, use their fabs, jump all at the same time to, you know, get the fab off the ground. The stock is pretty close to where it was before all of that started. March of 20, March 27th of this year, it was $43 a share.

• 15:53Speaker 01

  Now it's $63 a share, but that's down from a high of $140 a share. So it's down 50% since the peak.

• 16:00Speaker 00

  Nick Dorsey says, I actually can't believe how bad that Intel call was. I just finished listening to it. Lipoo sounded lost. I didn't even know what to think after that. That seems to be resonating. Even Jim Cramer says, yes, I am disappointed in Intel actually furious about it.

• 16:17Speaker 01

  Well, whether you're long, you're short, you're moving everything into fixed income, you're moving everything into Berkshire, whatever you're doing, do it on public. Invest across all asset classes, automate anything with AI agents, run trading strategies, risk management, money movements, and monitor markets with AI agents for investing on public. Kramer's not happy.

• 16:38Speaker 00

  Yeah, no one's, no one's happy.

• 16:40Speaker 01

  Yeah, I saw some viral Instagram of someone being like.

• 16:44Speaker 00

  This is a company that people, people want Intel to win.

• 16:47Speaker 01

  Totally.

• 16:48Speaker 00

  Like it's, this is, it's, it's losing money sucks, but also we want Intel to be a great company. And again, Lipoo has his work cut out for him. You laughing at me?

• 17:00Speaker 01

  I'm laughing at the way you look.

• 17:01Speaker 00

  You're laughing at the way I look.

• 17:03Speaker 01

  It's, it's very, it's just such a ridiculous thing to look.

• 17:07Speaker 00

  You know, when I, when John and I were, were facing each other this morning and I was just having these visions of the future when we're 80s, 90s, et cetera. And we're still going to be here. We're still going to be doing this.

• 17:20Speaker 01

  We're not leaving.

• 17:21Speaker 00

  We're not leaving.

• 17:22Speaker 01

  We're not leaving.

• 17:23Speaker 00

  Gonna retire on the mics.

• 17:26Speaker 01

  Let me tell you about Figma. Agents, meet the candace. Your AI agents can now create and modify your Figma files with design system context. The Black October continues with polymarket, but to a much smaller effect. The numbers are way, way smaller. I mean, three orders of magnitude, instead of talking about six billion, three billion. I believe the, the amount of money that was stolen from polymarket wallets was 3 million. So this is in Wired, trading has resumed on polymarket's flagship international platform already. After a hack that drained money from wallets of some traders, third party vendor based in the UK was breached, not the prediction markets website itself. Law enforcement in the UK have been notified of the incident. Trading was initially paused while the company investigated for several hours. That's got to be really disruptive because some people are like, this is resolving right

• 18:11Speaker 01

  now. I would have sold, I would have sold in the next 30 minutes, but not in the two hours point. So I'm sure there's going to be a lot of people that are upset, but still seems like they got through it. 700 users appear to have been affected with approximately 2.7 million stolen. So be safe out there if you're on one of these platforms.

• 18:28Speaker 00

  I mean, just the craziest time ever to be operating any kind of financial institution. Like you have to be, I mean, especially digital assets, right? Because there's much less recourse, but, but yeah, you have to be operating in total fear right now.

• 18:44Speaker 01

  Yeah.

• 18:45Speaker 00

  And I look at this and even, you know, dressed the way that I am, I don't even think about getting greedy on a lot of these news. So.

• 18:53Speaker 01

  I love it. Well, Minecraft creator Marcus Person Notch, if you know him from Minecraft, do you play Minecraft growing up?

• 19:04Speaker 02

  Yeah, of course.

• 19:05Speaker 01

  You're a big Minecraft guy?

• 19:06Speaker 02

  Yeah, yeah.

• 19:07Speaker 01

  Yeah.

• 19:08Speaker 02

  That was like my.

• 19:09Speaker 01

  Was your childhood?

• 19:10Speaker 02

  That was peak, yeah.

• 19:11Speaker 01

  Yeah. 60 years ago, something like that. The way Tyler laughs, there's so much on your face with the prosthetics. It's really fantastic, but, so the creator of Minecraft, Minecraft, you know, was kind of solo dev story, sold it to Microsoft for billions of dollars, got a ton of liquidity and moved to LA and was like, I'm buying the most expensive house in town. And so he outbid. Get in the castle, get in the castle. Exactly. He outbid Jay-Z and Beyonce and paid a record at the time, 70 million for Beverly Hills, California spec home. I feel like the market in Beverly Hills, like 70 million is closer to median now. It's a certain tier.

• 19:54Speaker 01

  There are, we've seen houses go up for 200 million. There was the one that was trying to get half a billion dollars. It's not uncommon to see properties up in this territory, but back in 2024 or 2014, actually, back in 2014, 70 million was record breaking and it made the headlines because he came in and swooped in, Jay-Z and Beyonce wanted it and he said, no, I'm outbidding you. So he got outbid. But yeah, in the years that followed, it was a unique home because it was the most expensive. It kind of lost that superlative as developers came in and built, built bigger and pricier homes. I've actually been to this house. It's really, really crazy. There's a room dedicated just to candy.

• 20:39Speaker 01

  There's a, there's a music studio, but I don't know if they have the candy room here because the candy room is one of the craziest things that it shipped with. Like, like the developers were like, let's put a candy room in this thing and it might, it might've gotten taken out at some point. It doesn't look like it's in these pictures, but it's very crazy. He would throw these like huge parties in LA and, and, you know, try and, you know, they would all be themed. I went to one that was like Mars themed or something. Everyone was in like astronaut suits or something. It was like, it's a, it's a perfect entertainer's house. And so he had a lot of fun, had like the garage with the glass so you can see the cars through it.

• 21:17Speaker 00

  Tyler's asking, did you, in the chat, did you see any Sees candy when you're in the candy room?

• 21:22Speaker 01

  No, not a lot of Sees, oh, maybe unbox Sees candy because the whole conceit of this, of the candy room is that it has these, these silver tunnels. Let me see if I can actually find a Notch candy room. Yeah, candy wall. This is, it's here, it's here. I got it. Let me see if I can drag that in. It's uploading. Yeah. Boom, right there, guys. Pull this one up. Yeah, it has these like tubes that you fill with the raw ingredients or like with the, with the packaging. So you actually can't really see the brands. You see this, Jordy? On the left there, maybe zoom in a little bit on the left and you'll see that's the wall of candy. So you can go there and just create whatever bag of candy you want. There's a bar with a bunch of TVs down there and I believe some, some, there's some other

• 22:07Speaker 01

  crazy feature where it has like something, giant wine cellar, home gym, 16 car garage, and then the enormous candy wall, of course. There's something else, but I, I don't remember. But anyway, this is, where, where would you put this home? What tier are you going?

• 22:28Speaker 00

  S tier.

• 22:29Speaker 01

  S tier.

• 22:29Speaker 00

  But it's gotta tear it down.

• 22:31Speaker 01

  You gotta tear it down.

• 22:32Speaker 00

  You gotta tear it down.

• 22:33Speaker 01

  How can it be S tier?

• 22:34Speaker 00

  S tier. Well, no, it's clearly, you know, incredible piece, you know, property.

• 22:39Speaker 01

  You, you, you calling it S tier makes no sense. You should call it F tier because you still live in your family home, remember?

• 22:43Speaker 00

  No, but I think, I think, I, I think that, um, the actual dirt matters more than anything.

• 22:49Speaker 01

  Okay. So you would build a, uh, like a 1500 square foot, two bedroom home to mimic your Omaha, Nebraska property?

• 22:57Speaker 00

  I think so.

• 22:57Speaker 01

  Okay. Something like that. Something a little more humble, but in the same footprint, maybe.

• 23:02Speaker 00

  Crazy.

• 23:02Speaker 01

  Same footprint. Uh, what, what, what's going on in Malibu, Jordy? There's this drama going on.

• 23:06Speaker 00

  There's a lot going on.

• 23:07Speaker 01

  The priciest neighborhood. Yeah.

• 23:09Speaker 00

  I hate to cut you off.

• 23:10Speaker 01

  Okay, okay.

• 23:11Speaker 00

  I hate to cut you off.

• 23:12Speaker 01

  Well, before we bring in our next guest, let me tell you about Codex. Codex is a powerful workspace for getting work done with AI agents. Whether you're writing code, analyzing data, creating content, or automating business workflows, Codex helps you move projects forward from start to finish. Uh, you were cutting me off because we got our next guest. Darren is back on the show, third, fourth time. I lost track.

• 23:32Speaker 00

  There he is.

• 23:32Speaker 01

  Good to see you. How, how you doing? Happy Halloween.

• 23:35Speaker 00

  How are you doing, buddy?

• 23:37Speaker 03

  So you guys got dressed up for like, it took six or seven hours?

• 23:43Speaker 01

  Yep.

• 23:43Speaker 00

  Something like that.

• 23:44Speaker 03

  Put on a, I just had to put on a pair of headphones and I could be Nathan Fielder.

• 23:49Speaker 01

  Yeah. Oh yeah. You're Nathan Fielder. There you go. That's, oh, that's a great Halloween costume. Yeah.

• 23:55Speaker 03

  Are you tall? Are you, are you truthful right now with me?

• 23:59Speaker 01

  Yes, yes. Yes.

• 24:02Speaker 03

  Okay.

• 24:02Speaker 00

  Why would we deceive you?

• 24:03Speaker 01

  Slow zoom in.

• 24:04Speaker 03

  Why would I deceive? Yes.

• 24:05Speaker 01

  Yeah, yeah. Why, why would I deceive you?

• 24:07Speaker 00

  Uh, how do you, how do you rank, how do you rank, uh, honestly, John? He was looking like Mitch and then all of a sudden he started looking like Mitch McConnell to me a little bit.

• 24:17Speaker 01

  Nah.

• 24:17Speaker 00

  But I still, I, when he leans back like this.

• 24:20Speaker 01

  Warren, I don't want to hear that.

• 24:22Speaker 00

  When he leans back, it's great.

• 24:23Speaker 03

  You guys, you look, you guys look great. I mean, this is, this is an A plus effort from, from the entire staff, including the Berkshire Hathaway hanging sign.

• 24:32Speaker 00

  What did you, what did you think about, uh, what do you think about our friend, uh, Tyler over here?

• 24:37Speaker 01

  Greg Abel?

• 24:38Speaker 00

  Tyler?

• 24:39Speaker 02

  Can you recognize me?

• 24:40Speaker 03

  Amazing.

• 24:41Speaker 00

  I don't, I was thinking, do you think anyone has ever done this level of, of a Greg Abel costume?

• 24:47Speaker 01

  I don't think anyone's done this much. Warren Buffett.

• 24:51Speaker 01

  People have definitely.

• 24:51Speaker 03

  Greg, Greg Abel is called not Warren.

• 24:54Speaker 01

  Yeah.

• 24:54Speaker 03

  So he's like, you know, that this is the first ever Greg Abel costume.

• 24:58Speaker 01

  But we're putting him on the map today. We're putting him on the map. Everyone's going to know Greg Abel after this stuff.

• 25:02Speaker 00

  Yeah.

• 25:03Speaker 01

  Let's do it.

• 25:03Speaker 03

  Do you, you, you guys don't have a, a Becky Quick in the office?

• 25:07Speaker 01

  No, no, we, we should, uh, we should, we, we, uh, maybe, maybe dress up as the CNBC anchors next year would be good. Get you in the full Kramer. That could be really good.

• 25:17Speaker 00

  Oh yeah. Full Kramer.

• 25:19Speaker 01

  Full Kramer would be pretty good.

• 25:20Speaker 00

  Crazy.

• 25:21Speaker 01

  There's a lot of, there's a lot of places you can go. It's fun that it only comes up once a year because you can go really, really big. We got it. We got it.

• 25:26Speaker 00

  And I'm, and we could only really do this once a year.

• 25:28Speaker 01

  It's a lot.

• 25:29Speaker 00

  It is, uh.

• 25:30Speaker 01

  It's a lot.

• 25:31Speaker 00

  At some point last year.

• 25:32Speaker 03

  Talking, I feel like you feel the, the weight of everything on your face.

• 25:36Speaker 01

  100%.

• 25:38Speaker 00

  And what were you doing there with your mouth?

• 25:39Speaker 01

  I'm just trying to stretch out all the, our hysterics that are on my mouth. It's rough, but.

• 25:46Speaker 00

  The crazy thing is the process starts months before Halloween. So we had locked in the costumes.

• 25:51Speaker 01

  3D scan of the face, all this stuff.

• 25:53Speaker 00

  Basically in summer.

• 25:54Speaker 01

  Yeah. Real artists.

• 25:55Speaker 03

  So I, I did this once actually, uh, when I was at Pep, I, I did something for Pepsi for Kyrie. Um, uh, and, uh, when he did.

• 26:05Speaker 00

  You dressed up as Kyrie Irving?

• 26:06Speaker 03

  No, no, no, no. He was Kyrie. He was, um, we were talking about Uncle Drew. And so I got dressed up as an old journalist. We called me, me Dr. Hookshot. And he didn't know I was dressed up at first. So it took forever.

• 26:22Speaker 00

  Yeah. I honestly, uh, I could go out in the real world and especially if I had a pair of sunglasses on. Like you would not be able to tell.

• 26:31Speaker 01

  Yeah.

• 26:31Speaker 00

  That, uh, you, you would just assume, oh, that's Warren Buffett. He's at Air One. Of course Warren Buffett's at Air One.

• 26:38Speaker 01

  Yeah.

• 26:38Speaker 00

  Grabbing a smoothie or something.

• 26:39Speaker 01

  Yeah.

• 26:40Speaker 00

  Um, but anyways, uh, we wanted you to come on specifically because of, um, of your collection that you've been building for so long. So, um, maybe introduce yourself, even though it's your third or fourth time on the show and then talk about, um, you're collecting in the Berkshire universe.

• 26:56Speaker 03

  Yeah. So yeah, so I, I, I love to have great collectibles. I collect Apple stuff. I collect business collectibles, sports collectibles. And about, you know, 10 years ago, I just thought that Warren in particular, and Berkshire Hathaway were so under collected. Um, there weren't many things out there. The biggest thing that was out there was for charities, he would sign uncut, uncirculated dollar bills in blocks of six, eight and 10 usually. And those sold on the market, you know, he put, he'd autograph it in Sharpie. Those sold on the market for like,

• 27:36Speaker 03

  two to three grand for a while. And in the past five years, it went up to like 10 or 15. And then last year one sold for 24.

• 27:45Speaker 01

  Whoa.

• 27:46Speaker 00

  Okay.

• 27:46Speaker 03

  And so I think.

• 27:48Speaker 01

  And what's the breakup value? Like if you sold it as cash, it's worth a couple hundred bucks.

• 27:53Speaker 03

  Dollars.

• 27:54Speaker 01

  Oh, they're dollars. Okay. Okay.

• 27:55Speaker 03

  Yeah. Literal dollars.

• 27:56Speaker 01

  Yeah. Okay.

• 27:56Speaker 03

  Um, so, so those have been, so I have, this is the, this is one, two, three, four, five, six, seven. These are, this is $16. And that signature of Buffett is a foot and a half long.

• 28:10Speaker 01

  That's a huge signature. That's amazing.

• 28:12Speaker 03

  Largest Warren Buffett in the world. So Ken Griffin, or whoever wants to, you know, be white Goodman and be, oh, that's me grabbing the bulls by the horn. Whoever in your office is ever watching right now, this will one day be available. So you could say you have the largest.

• 28:28Speaker 00

  But.

• 28:28Speaker 01

  That's really cool.

• 28:29Speaker 00

  Isn't your favorite holding period forever? Are you, are you, uh, are you?

• 28:34Speaker 03

  I would say.

• 28:35Speaker 00

  You like to collect, but you don't like to adopt their principles? Is that what you're saying?

• 28:38Speaker 03

  I know. No, I would, no, no. I would, uh, hey, collect what you like. Invest in what you like. Right? Uh, and I, I do, I do sell. I do sell. I'm willing to sell. Um, so that, that will be on, that will be on the market at some point. This might be my favorite. Um, this is the Woodrow Wilson, 1947 high school yearbook.

• 29:05Speaker 01

  Wow.

• 29:05Speaker 00

  Wow.

• 29:06Speaker 03

  Have you guys ever seen this?

• 29:07Speaker 01

  No, never. Please.

• 29:11Speaker 03

  So there's Warren in the upper right quadrant.

• 29:15Speaker 01

  Wow.

• 29:16Speaker 03

  And is, see if I can do this.

• 29:18Speaker 01

  Buffett. Yeah, there you go.

• 29:19Speaker 03

  Okay, let's read it.

• 29:21Speaker 00

  A sportsman, basketball and golf, the favorites likes math, a future stockbroker.

• 29:26Speaker 01

  A future stockbroker. Wow. That's incredible.

• 29:31Speaker 03

  Yeah. And, and the girl, the girl next to him wanted to be referred to as Piglet.

• 29:37Speaker 01

  What?

• 29:38Speaker 03

  Right there.

• 29:39Speaker 01

  Yeah, Mark Ruffian.

• 29:41Speaker 03

  I, um, I think that's a 1947 thing. I'd like to know how the other three.

• 29:46Speaker 01

  That's remarkable.

• 29:47Speaker 03

  Fared in this box, but.

• 29:49Speaker 01

  Yeah, yeah. Where are they now? So what is the, uh, is there, is there a second layer to collecting where you're off the internet and you're trying to grab Buffett at a public event, go to a Hathaway meeting, Berkshire Hathaway meeting, meet, get signatures on that?

• 30:09Speaker 03

  I have, I have never, I've, I've been with Warren twice, uh, never, uh, but in a CNBC capacity. So did not ask for an autograph. Um, and have never, never asked for an autograph. Over time, I've probably had maybe eight to 10 of them. Um, he has not signed in a while. He used to sign in and around Omaha. So you could get him. Um, and he used to sign by mail, which he hasn't signed in pretty much 10 years.

• 30:36Speaker 01

  Oh, interesting.

• 30:37Speaker 03

  Now, one thing that's interesting is there were a bunch of Buffett that started coming up three or four years ago. And the authenticators, JSA and PSA started failing them.

• 30:46Speaker 01

  Hmm.

• 30:47Speaker 03

  And I went to them and I said, is there really people doing, uh, Warren? But, and, and one of the authenticators said, there is in New York, a fake Warren Buffett autograph.

• 30:58Speaker 01

  Someone is impersonating Warren Buffett. That would, I can't believe that would happen. That's, that, that's so disrespectful.

• 31:04Speaker 00

  It's only when PSA comes in that you see who's swimming naked.

• 31:08Speaker 03

  Yeah.

• 31:09Speaker 01

  Yeah.

• 31:10Speaker 03

  And then, and then, so there's, so there's, and there's, there's not much. There's a couple of things you can get. And then, so the other things you can get are the passes are each year.

• 31:18Speaker 01

  Yep.

• 31:18Speaker 03

  So I, I have every pass. I think they started in 97.

• 31:22Speaker 01

  Whoa.

• 31:23Speaker 03

  I have ev- I have every pass since 97.

• 31:27Speaker 01

  That's incredible. Whoa. The pass spread. That's better than the money spread.

• 31:31Speaker 03

  And they're not, they're actually, they're not, they're not hard to get. They're cool. You know, they're, you know, so if anyone wants to, you know, collect them, they're, they're out there. Munger, Munger actually, you know, is a tougher, has been a tougher signature because people haven't collected him.

• 31:46Speaker 01

  I'm sure, I'm sure. Um, can you explain to me the, the etiquette and the anatomy of pursuing a signature of someone? I've seen some, I, I've seen celebrities do these videos where they, they don't want to sign it anonymously. So they'll, they'll write TO to immediately. Who should I make it out to? And they kind of force the, the, the collector to, you know, say their name or say a name.

• 32:11Speaker 03

  So I saw this firsthand.

• 32:13Speaker 01

  Yeah.

• 32:14Speaker 03

  I saw this firsthand in 2001 when Jerry Colangelo, the owner of the Arizona Diamondbacks, told the players they had to sign. So Randy Johnson and Kurt Schilling had to sign on a Monday. Luis Gonzalez had to sign on a Tuesday, whatever. Now, they also had autograph deals. So if they had autograph deals, they had to either have a different signature or devalue it in some way. And the T, the devaluing it was the two. Now, the issue is, a real autograph guy says, my name's Ed, my name's Jim, my name's, you know, two or three letters.

• 32:46Speaker 01

  Yeah.

• 32:47Speaker 03

  If you can get to a Sharpie with rubbing alcohol in five seconds, you could pretty much take it off anything.

• 32:55Speaker 01

  Got it.

• 32:55Speaker 03

  So, so, but that, but that is the, how do we devalue it? By having, by having the two, and you know, then the only person you can sell it to is another Mike, another Ed, another Jim.

• 33:08Speaker 01

  Yep, that makes sense.

• 33:09Speaker 03

  They cut, people can cut around it too.

• 33:11Speaker 01

  Sure.

• 33:12Speaker 03

  So it, you know, it depends.

• 33:14Speaker 01

  What about the color of the pen, the method of the instrument? You only have some bic on you. You see someone, you want to get a, you want to get a signature. Wha- what's the tier list or like ranking for the, the priority? If you have your pick of the litter, what instrument are you going with for the signature? Does it matter on the material?

• 33:33Speaker 03

  Depends on the material. It depends on the material. If it's a shiny material, you'd like to try to get some baby powder on it or wipe it off with a shirt or something like that. That actually does make a difference. All else being equal, you want a, a black Sharpie. If it is, you know, some sort of surface that you think will hold that Sharpie. If, if it is on a piece of paper, I would rather even a pencil, I swear, than, than a Sharpie because it's going to bleed through and it has xylene in it, which means that it will turn yellow in a couple of years.

• 34:08Speaker 01

  Oh, interesting.

• 34:08Speaker 03

  Don't, don't go too crazy with the pens, you know? That's where people really, really miss.

• 34:15Speaker 01

  Yeah.

• 34:15Speaker 03

  And then there's some people who sign who just, like Marilyn Monroe, I don't think she ever picked up a pen that worked. Look at all her signatures. They're garbage.

• 34:25Speaker 01

  Yeah.

• 34:26Speaker 03

  You know, so it's like, I think because of the slant or whatever it is, lefties, obviously JFK has a tough signature, like, so, you know, signatures are amazing. And I also love the intricacies of the rarities of the signature. Like Paul Revere is rare because he was never a politician. He was just a silversmith.

• 34:47Speaker 01

  Yeah.

• 34:47Speaker 03

  So, so he's much more rare than George Washington.

• 34:51Speaker 01

  Yeah.

• 34:51Speaker 03

  Um, you know, and for my JFK collection, I have an Abraham Zapruder signature, which is like, the guy was a tailor.

• 34:58Speaker 01

  Yeah.

• 34:58Speaker 03

  And he, he shot the video and then he didn't like that he shot the video and he became a recluse even more. And then he died before autograph collecting was, so the nuances of who has, you know, the most interesting autograph.

• 35:13Speaker 01

  Mm-hmm.

• 35:14Speaker 03

  Um.

• 35:15Speaker 01

  Yeah, we saw.

• 35:15Speaker 00

  I just have to speed up what happened with that, uh, that PSA heist last week. I immediately clocked it as, as foul play. I, I was making things up on the spot, but I'm never wrong.

• 35:26Speaker 03

  I, I did, I did see that. I clipped your clip on my Instagram. I believe that's true. Um, if, listen, um, some, it's an inside job. It's got to be a FedEx inside job. Um, I don't know. They, they do have to figure out how to not have 17 million dollar cards on one, you know.

• 35:49Speaker 00

  Yeah, it feels like if you're transporting 17 million dollars of merchandise, you should transport it yourself or work with like a Brink's, you know?

• 35:57Speaker 03

  Yeah. And by the way, I, when I, when I've had some really valuable stuff to PSA, I've flown from New York. I've gotten it graded on the site and I've flown back. What, what is really interesting, and this is an interesting business story, is that FedEx is now cheaper to send something than UPS, than, than USPS, than the postal service.

• 36:17Speaker 01

  Wow.

• 36:18Speaker 03

  And, but the issue is, you, for, if you say you have a collectible, you can only get $1,500 of insurance. So let's say I show up to FedEx with a $30,000 item.

• 36:29Speaker 01

  Mm-hmm.

• 36:30Speaker 03

  Am I going to tell them it's a collectible? No, because it has a max of 1,500. So what happens if I say it's something else? Well, what happens if it gets lost? And now I've, I've, I've, I've, it's like, they don't even know the class of what it is. And what happens if I say it's $30,000? The most likely thing is for someone in the store to steal it.

• 36:47Speaker 01

  Sure.

• 36:48Speaker 03

  So it's very hard for collectors now, given the price of everything, to really like.

• 36:54Speaker 00

  How is the watch, how is the watch world solve this?

• 36:57Speaker 01

  Hmm.

• 36:59Speaker 03

  I don't, well, the wa- the watch world solves it in a way because the people who originally received the watches fly to places to their dealer, you know, at, at least originally. I'm not talking about.

• 37:12Speaker 01

  On site, yeah.

• 37:13Speaker 03

  Secondary, you know, I, I know a guy here in New Jersey who flies to, you know, St. Louis because he's one of five guys on the Rolex list and he has to buy another $100,000 in jewelry every time. But he's flying. But there, there is so much money going on these things and there really is no solution. I mean, theft is theft, but like, lack of insurance and not understand, like, it's, it's, it's hard for a collector now.

• 37:40Speaker 01

  Yeah. Uh, we saw a bunch of the tech leaders, uh, sign autographs at, uh, one of these White House dinners. They were kind of all over the place. Jensen has like a fantastic, beautiful signature. Greg Brockman just signed some initials in not even cursive. Yeah, some people are all over the place.

• 37:57Speaker 00

  That's going to be one of the most rare polls that you can get.

• 38:01Speaker 01

  The GDB?

• 38:01Speaker 00

  2050, the GDB.

• 38:03Speaker 01

  The GDB original?

• 38:04Speaker 00

  GDB.

• 38:05Speaker 01

  Uh, but yeah, what, what's your reaction to the wide variety? If you imagine yourself, if you're manifesting, becoming the type of tech leader that signs autographs all the time, where do you want your signature to go to be interesting to a collector? Do you want something cursive, iconic, flowery, huge? Do you want something more unique? How, how do you think about it?

• 38:26Speaker 03

  Honestly, I think they're pretty, they're all pretty similar. Um, you know, if you look, if you look, I'm, I'm not getting political here, but Trump is very similar to Mussolini.

• 38:36Speaker 01

  Okay.

• 38:36Speaker 03

  Um, you know, these, these guys, they're probably either going to have something very large, which is, you know, a, a typical of ego.

• 38:44Speaker 01

  Sure.

• 38:45Speaker 03

  Or something crazy, which is typical of being all over the place and being ADHD.

• 38:50Speaker 01

  Okay, so you can read into the person's psyche through their signature. It's a window to the soul.

• 38:55Speaker 03

  Donald Trump is a, you know, like a complete heartbeat, you know, up and down.

• 38:59Speaker 01

  Yep, yeah.

• 39:01Speaker 03

  But, but Elon's interesting. So I've stayed away from collecting Elon because I think he'd be crazy enough to maybe have an autograph signing one day.

• 39:10Speaker 01

  Oh, interesting. Oh, yeah. Yeah, yeah. If you come to the Tesla launch or something, I'll just sign everything.

• 39:17Speaker 03

  Now.

• 39:17Speaker 01

  And that would devalue everything.

• 39:18Speaker 03

  Bezos, Bezos, once he, the day I bought a piece of his, the day he was done at Amazon, I'm like, this guy is going to go from private plane to private island. You're never going to find him.

• 39:30Speaker 01

  Yeah, and that's been the case. Yeah, yeah.

• 39:32Speaker 03

  So you just have, yeah, you have, you have to figure out who you want. But it's, it's, and Jobs obviously has gone, like, it's been unbelievable, his, his rise. Because he almost didn't sign anything. So now that all these checks came out, let me just tell you this quick one. His, the, so there were 50 checks that came out, like the initial Apple checks. They found them, they had a, they found a desk in the original garage and they found the checks in the drawer. Those checks, uh, the 50 combined are going to be worth about 3.8 million.

• 40:04Speaker 01

  Whoa, that's crazy. Uh, with, with some of these tech leaders, is there more value to getting them to sign their product? Like, do you want Steve Jobs to sign the iPhone or an iPod or, I mean, but at a certain point, like, if I have an Elon Musk signed Cybertruck, it's like, it's a truck.

• 40:22Speaker 03

  He signs, he does sign mini Teslas.

• 40:24Speaker 01

  Okay, mini Teslas, that's.

• 40:26Speaker 03

  Eight to 10 grand, like a diecast Tesla.

• 40:29Speaker 01

  Okay, yeah. But at a certain point, like, like a, like a, a signed rocket fuselage by Elon is just going to be so inconvenient that a collector is going to say, oh, what am I going to do with that, right?

• 40:39Speaker 00

  No, you put it on the wall.

• 40:40Speaker 03

  The size could be a problem.

• 40:42Speaker 01

  Size could be a problem. Could be a benefit. Yeah.

• 40:44Speaker 03

  The, the size could be a problem, uh, which, which was this week when the, uh, the dinosaur at Sotheby's sold. Um, it was a nano tyrannosaurus.

• 40:54Speaker 01

  Yes, yes.

• 40:55Speaker 03

  The nano part of it is why it sold for 47 million, even though the estimate was seven.

• 41:00Speaker 01

  Sure.

• 41:00Speaker 03

  Why? Because you could fit it in a normal room. You don't have to build a room around it. And that's why things, sometimes the reason why cards are more valuable than jerseys, it's totally a size thing. You can carry it around.

• 41:13Speaker 01

  Yeah, yeah. No, that makes a lot of sense.

• 41:15Speaker 00

  Uh, any, any success stories you've heard of people financing dinosaur explorations?

• 41:24Speaker 01

  Hmm.

• 41:24Speaker 00

  You know, I, I imagine like, I, I imagine if I wanted to spend $30 million, I could probably find a nano tyrannosaurus. True or false?

• 41:34Speaker 03

  The issue is, the issue is, uh, domain, who owns what?

• 41:40Speaker 01

  Oh, yeah.

• 41:41Speaker 03

  And what, and whether you have rights.

• 41:43Speaker 00

  Some of these countries, they'll just, you could dig it up, but they're like, that's ours. Thank you.

• 41:47Speaker 03

  Even in the United States, in Montana and Utah, and it is not clear.

• 41:53Speaker 01

  Okay.

• 41:54Speaker 03

  And so, so the guy who dug up the, the nano tyrannosaurus, that, that actually happened to be his right. But, but in a lot of places, I would say.

• 42:04Speaker 00

  Where was that dug up? In his backyard?

• 42:06Speaker 03

  Ahead of time, like, let me find my own cheaper. It's, it, it gets very complicated.

• 42:11Speaker 00

  Yeah.

• 42:13Speaker 01

  Interesting.

• 42:13Speaker 03

  And then, by the way, then you need to have, what percentage of real bone is it when you build a skeleton? That's how you analyze a dinosaur.

• 42:21Speaker 00

  Oh, so people, you're saying people are LARPing. They got like some scraps of bones and they string them together and they're like, look, I got a dinosaur. And it's only like 10% dino.

• 42:30Speaker 01

  Hmm.

• 42:31Speaker 03

  Most, most of the ones that you see that are great, the best of the best are like 70%.

• 42:37Speaker 01

  Sure. Yeah, that makes sense. Uh, how are you thinking about collectibles in the context of these new up and coming sports leagues? You, just yesterday, we talked to Ice Cube about the big three, three on three basketball. We talked about the curling league. There's people doing pickleball, padel, slam balls coming back, the XFL, like everyone has a play. They're all real small scale right now, but is that, does that actually mean there's some optionality there if you have the storage and you can, you know, pay a dollar for something and throw it in storage?

• 43:09Speaker 03

  Yeah, that, that, so my company, Collect, helps teams, leagues and brands do this type of stuff. So we are, we are like going into these leagues and like helping them build things that look professional for collectors.

• 43:21Speaker 01

  Yeah.

• 43:21Speaker 03

  Even though there's not, you know, cause if someone doesn't want a licensing deal, do it yourself, right? Store all this stuff yourself. I couldn't believe when I went to Dude Perfect and I said to them, hey, where's all your record breaking balls? And they go, we put them all back on the ball rack.

• 43:36Speaker 01

  That's crazy.

• 43:38Speaker 03

  Really?

• 43:38Speaker 01

  Even the, even the Guinness ones?

• 43:41Speaker 03

  That's everything. There's so many subscribers.

• 43:44Speaker 01

  Yeah.

• 43:44Speaker 03

  Just put each one in a bag.

• 43:46Speaker 01

  Yeah.

• 43:46Speaker 03

  And give ev- this is the one where we hit the biggest shot. This is the one.

• 43:50Speaker 01

  And you can go watch the video.

• 43:51Speaker 03

  Yeah, I was, I was really surprised about that. So I think storage is certainly something that a lot of brands and teams don't think about and.

• 44:01Speaker 00

  Well, isn't it, isn't it, the people are either like collectors or not? Like on our team, like Dylan has been building out the Museum of Business. He's obsessed with collecting.

• 44:10Speaker 01

  Yeah.

• 44:10Speaker 00

  I don't get very attached to things at all, even though I love things, right? But I just don't have that. I don't have the bug.

• 44:16Speaker 01

  Yeah.

• 44:16Speaker 00

  And so there's like organizations out there where people just don't realize the opportunity.

• 44:21Speaker 03

  When you see, uh, that the ticket to UFC number one this week went for $82,000, right? I mean, a comp ticket from 1993 went for $82,000. I think even if you're not a collector, at this point, if you're a business person, you do want to start saving things.

• 44:41Speaker 00

  Where does collecting cross the line though? Like, does anyone have like blood, the bloody canvas from the first, uh, UFC event? Like, at what point is it like, at what point are you saying you've gone too far? Like, did you ever try to pinch a hair off of Warren's?

• 44:56Speaker 03

  I, I, I, um, I, I bid on Ty Cobb's dentures.

• 45:00Speaker 01

  Whoa.

• 45:01Speaker 03

  I didn't win. I didn't win.

• 45:03Speaker 00

  That's my line.

• 45:05Speaker 01

  No dentures.

• 45:06Speaker 03

  I don't, I don't bid on hair. There's a, there's a guy who's the largest hair collector in the world.

• 45:11Speaker 01

  That's weird. Yeah, I'm not into that.

• 45:13Speaker 03

  Yeah. Yep. He, he has folders and folders and folders of hair.

• 45:18Speaker 01

  Wow.

• 45:19Speaker 00

  Yep.

• 45:19Speaker 01

  Future cloning potential.

• 45:21Speaker 03

  Not there.

• 45:22Speaker 01

  Optionality, clone everyone, maybe. Maybe that's where he's going. Uh, what else is up in that, uh, Tyrannosaurus nano tyrannus territory? Uh, uh, because the only thing I can think that transaction that tens of millions is cars and art, but is there, are there other collectibles that are starting to try and play in that super, super premium crazy category because?

• 45:44Speaker 03

  Well, there's a, there's a deal in principle on the table for a 1952 Mickey Mantle PSA 10 for $50 million.

• 45:52Speaker 01

  Wow.

• 45:52Speaker 03

  Um, you know, there's only three 10s and everyone said no. And one of the three guys died and his kids, you know, are, are, are, yeah, it's, it's up. So I think that's the card thing. I mean, I think dinosaurs are the biggest like, you know, that's the, that's the biggest thing going, obviously like there's nothing else.

• 46:12Speaker 01

  Yeah.

• 46:13Speaker 03

  The art has really, yeah, art, art has, is, has, has held. Um, but I can't really think of, you know, there's jerseys, game used jerseys are now in the, you know, there was a Jordan jersey that sold for $14 million.

• 46:26Speaker 01

  Yeah.

• 46:26Speaker 03

  Uh.

• 46:28Speaker 01

  Okay.

• 46:28Speaker 03

  If anyone wants, I have something in Sotheby's right now that is, could look beautiful in their house.

• 46:33Speaker 01

  Yeah.

• 46:34Speaker 03

  Uh, uh, yeah. So, yeah, there's, so there's, there's, there's a lot of things. I think big things to rich people are, you know, something that's so grand and a piece of something is, is where the bragging rights are, where you actually have to build a room to, to house it.

• 46:50Speaker 01

  Yeah, yeah. I mean, that's the thing with the, the, the T-Rex skeletons. It's like the ultimate statement piece in a house that, you know, you, once you get up past a hundred million dollar house, there's not that much more house that you can buy. You can only be in one room at a time. If you have 100,000 square feet, you're never going to see the other side of the house. But if there's a T-Rex.

• 47:09Speaker 00

  Yeah, show me the incentive. I'll show you the outcome.

• 47:11Speaker 01

  Yeah. Yeah, yeah. That's it. That's it.

• 47:13Speaker 03

  People, people, people want to build museums in their house for sure.

• 47:18Speaker 01

  Basically, yeah. Yeah. Well, thanks so much for coming on the show. Happy Halloween.

• 47:22Speaker 03

  Don't eat too much candy.

• 47:23Speaker 00

  Do you, I, I don't want to, I don't want to impose, but if you want to collect the masks, add these to your collection.

• 47:30Speaker 03

  Oh, that would, that would, that would be great.

• 47:32Speaker 00

  Game worn.

• 47:33Speaker 01

  Game worn prosthetics. Yeah.

• 47:34Speaker 00

  Technology livestream.

• 47:36Speaker 03

  I'll, I'll give those to Dylan should collect those.

• 47:38Speaker 01

  Yeah, I think we'll leave that with Dylan. Wait, last question. Uh, you can see everything you're dressed up as, uh, Nathan Fielder. Give us your review, uh, out of 10, how'd you like the movie?

• 47:50Speaker 03

  10 out of 10. It was, it was not only, and you, you can't give it away because it's so complex. So I couldn't give it away.

• 47:58Speaker 01

  Yep.

• 47:58Speaker 03

  But not only was it brilliant, you know, as a journalist, I'm jealous of going into the lion's den and acting the way that Nathan could, right? Um, uh, as, you know, totally not, uh, you know, getting into it, but then obviously he gets into it a little bit. I just think the device and the switch that happened midway is what enables someone not to look at their watch when it hits two hours and 56 minutes. I mean, it, it, it, it is just so well done. So I'm excited, I'm excited for, for what that is. I think it's awesome. It's getting lauded everywhere. And then on Monday, I'm seeing a movie that I'm looking just as forward to.

• 48:38Speaker 01

  What's that?

• 48:39Speaker 03

  Which is I, I play Rocky, which I'm really.

• 48:41Speaker 01

  Yeah, I saw a trailer for that today. I, uh, yeah, that was on the TV. I gotta check that out. Well, thank you so much for coming on the show.

• 48:47Speaker 00

  Great to hang.

• 48:49Speaker 01

  We'll talk to you soon.

• 48:50Speaker 00

  The insights.

• 48:51Speaker 01

  Always great.

• 48:51Speaker 00

  Cheers, dude.

• 48:52Speaker 01

  Have a good one.

• 48:52Speaker 00

  Fun out there.

• 48:53Speaker 01

  Let me tell you about CrowdStrike.

• 48:55Speaker 00

  Please do.

• 48:56Speaker 01

  Your business is AI, their business is securing it. CrowdStrike secures AI and stops breaches.

• 49:01Speaker 00

  John, take a look at that public ticker. They're calling it out in the chat.

• 49:06Speaker 01

  What we got?

• 49:06Speaker 00

  It's a bloodbath out there. Tesla down 2%. Microsoft 2%. Nvidia almost 6%.

• 49:12Speaker 01

  Oof.

• 49:12Speaker 00

  Amazon almost 3.

• 49:14Speaker 01

  We gotta add Berkshire Hathaway on there today. Is Berkshire Hathaway not on the ticker yet? Can we add Berkshire Hathaway to the ticker?

• 49:20Speaker 00

  6%. And where's Meta at? Meta is, uh, only 2%.

• 49:26Speaker 01

  Yeah, they're, they're holding up. They're doing well.

• 49:28Speaker 00

  They are holding up, so.

• 49:30Speaker 01

  Yeah, I kind of want to do, uh, uh, you know, Buffett themed ad reads. Your business is mumbo jumbo, their business is mumbo jumbo. Their business is securing your mumbo jumbo. CrowdStrike secures mumbo jumbo and stopping breaches. Uh, Warren Buffett, we got some breaking news here in Business Insider. This actually dropped today. It's not every day you get some breaking news about, uh, the Oracle of Omaha, but we do have one. Warren Buffett hasn't had a glass of water since at least the 1970s. Can you believe this?

• 50:02Speaker 00

  Is that real?

• 50:03Speaker 01

  This is real. So, so Business Insider is reporting on a conversation that happened between the 96 year old business icon, Warren Buffett, and Bill Ackman. This is, uh, what they, what they recall during an episode. So Bill Ackman and Warren Buffett had a conversation a long time ago. And then Bill Ackman brought it up on a podcast and said, oh, I remember I talked to Warren and he said he hadn't had a glass of water since the seventies. So Ackman said that Buffett came over for a dinner at Ackman's house years ago and he'd made sure to stock up on the legendary investor's favorite drink, cherry Coca-Cola, cherry Coke. The Pershing Square founder, that's Bill Ackman.

• 50:43Speaker 00

  Yeah, they're calling it Peedy.

• 50:44Speaker 01

  Peedy.

• 50:45Speaker 00

  Yeah.

• 50:45Speaker 01

  Yeah, yeah, it's true. Uh, was said that once they were sitting at the table, he asked Buffett whether he'd like still or sparkling water. Like, oh, I have your, I have your cherry Coke, but do you want still or sparkling before you get into your soda? And Buffett politely declined, opting for his preferred soda instead. But I said, you know, don't you drink water? Ackman recalled. And he said, Bill, I haven't had water in 48 years. That is remarkable. He quipped that in 2025 or 2015, he was one quarter Coca-Cola as it accounted for 25% of his daily calories. That is extremely peedy. Not drinking water might sound unbelievable, but Buffett, who retired as Berkshire Hathaway's CEO after 60 years, Greg Abel took over.

• 51:30Speaker 01

  Let's cut to Greg. Still going strong. Spitting image over there.

• 51:34Speaker 00

  How do you feel, Greg?

• 51:36Speaker 02

  I'm feeling great. I'm ready to, to be here for another 40 years, you know?

• 51:40Speaker 01

  Mm-hmm.

• 51:40Speaker 00

  No, but Tyler, on a personal level, how do you feel? Cause the last year, last year was about one hour in, I felt like the walls were closing.

• 51:50Speaker 00

  Like you really feel like you feel there's a lot of layers that like one of these outfits is like a

• 51:57Speaker 04

  It's like a deep underwater. It's a lot of pressure.

• 52:00Speaker 00

  Yeah, they're taking you to deep water here in Hollywood. It's a lot of pressure. It feels very intense.

• 52:06Speaker 01

  Yeah.

• 52:06Speaker 00

  I almost, I almost had to get up and leave, but then I just powered through.

• 52:09Speaker 01

  At the same time, I feel like the fact that this is round two.

• 52:12Speaker 00

  Show business.

• 52:13Speaker 01

  The fact that this is round two, I, I could wear this every day now. I'm feeling confident.

• 52:17Speaker 00

  No, I know, I know.

• 52:18Speaker 01

  I'm getting cocky. I'm getting cocky.

• 52:20Speaker 00

  Thinking I got dinner with some friends later. I'm kind of thinking, why not keep it on?

• 52:25Speaker 01

  Maybe the whole weekend.

• 52:26Speaker 00

  I know, keep it on. That friend did tell me, I FaceTimed him before this. He said, take it off. Do not come to dinner like that.

• 52:33Speaker 01

  He's testing you.

• 52:33Speaker 00

  You're gonna scare people. He's clearly testing me. So if you're listening out there, I'm not taking it off.

• 52:39Speaker 01

  I'm not taking it off.

• 52:40Speaker 00

  I'm not taking it off. I'm going out like this.

• 52:43Speaker 01

  We got to, we got to surprise someone in person.

• 52:45Speaker 00

  Actually, so you know where I want to go? I want to go to the Val, I want to go drive over real quickly to the valet at the gym.

• 52:53Speaker 01

  Yeah.

• 52:53Speaker 00

  And just pull up and just say, say what up to the boys.

• 52:56Speaker 01

  For sure.

• 52:57Speaker 00

  Our friends over there.

• 52:58Speaker 01

  Yeah.

• 52:58Speaker 00

  I was explaining to him yesterday that we were going to dress up and he's like, you know.

• 53:01Speaker 01

  Yeah.

• 53:02Speaker 00

  Yeah.

• 53:03Speaker 01

  You're throwing a special shirt or something.

• 53:05Speaker 00

  Cool, cool, cool stuff. Uh, well, we're keeping.

• 53:08Speaker 01

  A little differently around here.

• 53:10Speaker 00

  Uh, we are keeping our first guest of the show. We have a little scheduling switch up here. David Senra.

• 53:16Speaker 01

  Coming on later.

• 53:17Speaker 00

  Nowhere to be found right now.

• 53:18Speaker 01

  He's locked in.

• 53:19Speaker 00

  He is probably podcasting on one of his multiple podcasts, but we have, uh.

• 53:25Speaker 01

  Will Manidis.

• 53:27Speaker 00

  Will Manidis.

• 53:28Speaker 01

  The author of The Commanding Heights, the hottest.

• 53:31Speaker 00

  Here he is.

• 53:32Speaker 01

  To hit it up. The internet in years. Congratulations.

• 53:37Speaker 04

  Omaha.

• 53:38Speaker 00

  It's great to have you.

• 53:39Speaker 01

  It's great to have you. I think we're looking at a, at a future, future one of us, future one of the.

• 53:45Speaker 00

  Allocator.

• 53:45Speaker 01

  Future allocator potentially.

• 53:47Speaker 04

  In the Ultra Dome.

• 53:48Speaker 01

  In the Ultra Dome. Yeah, you are the only, the only person that has fully co-hosted this show, uh, from start to finish as a guest, as a guest host, who's not actually on the team. So thank you for your service.

• 53:59Speaker 04

  This is a tour de force. It's a terrifying thing to do.

• 54:01Speaker 01

  It is. But you pulled it off.

• 54:02Speaker 00

  You were, you were sweating by the end.

• 54:05Speaker 01

  It's a lot.

• 54:05Speaker 00

  You kind of.

• 54:06Speaker 04

  No one warned me. No one warned me.

• 54:08Speaker 01

  No, no.

• 54:09Speaker 00

  It is, as much as it doesn't look like work.

• 54:12Speaker 01

  It is.

• 54:12Speaker 00

  It's a real, it's a real job. It's a real profession.

• 54:14Speaker 01

  Yeah, only when the water goes out do you see who's swimming naked.

• 54:17Speaker 00

  That's right.

• 54:17Speaker 01

  That day, you did have some swim trunks on, so you, you made it through.

• 54:21Speaker 04

  You survived.

• 54:21Speaker 01

  You made it through.

• 54:22Speaker 04

  But I will be applying for union benefits very shortly.

• 54:25Speaker 01

  That's good.

• 54:26Speaker 04

  Yes. I'll give you a small check.

• 54:27Speaker 01

  Yes, yes, yes, for sure. Uh, but take it through.

• 54:30Speaker 00

  How's the week been?

• 54:31Speaker 01

  Yeah.

• 54:31Speaker 00

  How's the week been? I know this has been in the works for.

• 54:33Speaker 01

  Are you signing autographs yet? Are you getting recognized on the street?

• 54:36Speaker 04

  Print copies are en route. Um, commanding heights.com requests physical copy. We have a thousand of them going out today.

• 54:44Speaker 01

  Cool.

• 54:45Speaker 00

  Uh, leather bound?

• 54:47Speaker 04

  Leather bound, hardback, hand sewn. Not America. Can't hire American folks anymore.

• 54:53Speaker 00

  Wow, there you go.

• 54:54Speaker 01

  Interesting.

• 54:54Speaker 00

  Uh, what, uh, talk about the process.

• 54:57Speaker 01

  Yeah.

• 54:57Speaker 00

  We've been hearing, we've been hearing about it for, for months now. Later's been.

• 55:01Speaker 01

  Well, it's been quiet because for a while you were on a generational run of these essays that would go mega viral and it felt like chapters in a book. And then you went quiet for a while. That was the book writing process?

• 55:13Speaker 04

  That was the book writing process. Joe and I have been convinced that AI is real, right? Scaling laws are going to continually, a poll is correct about almost everything. And we've been kind of shocked at how little discussion there's been about what this means for currencies and what this means for nations and what this means for populations. So about a year ago, we said, what is kind of, what does the East Coast have to say about the, the coming scaling laws that are going to happen? What is the finance take on everything that's going to happen? And we set out to write this manuscript. Uh, Joe Roberts and I, Farrell Gregory, uh, sat down, spent the last year drafting this thing. Um, and published this week. Very exciting.

• 55:48Speaker 01

  And what is the, what is the TLDR on the knock on effects? Because everyone knows the bottleneck constraints, like the, the situational awareness thesis has been digested. You're saying AI is real, but what are some of the knock on effects?

• 56:02Speaker 04

  Yeah. I mean, we, I think we need to move past bottlenecks and start to think about who is uniquely advantaged as a result of this technology, right? It's staggering to me permanently.

• 56:11Speaker 01

  Yeah.

• 56:11Speaker 04

  Right? Like it's staggering to me that you can use instinct every day at work and not process that like millions of people's jobs are within the capabilities cone of the models we have today. And if you, if you take the epoch AI scaling curve seriously, which I think we should, these models are going to get so expensive that it gets to a point where there's only kind of one or two states that can continue to maintain a sovereign frontier. Meaning models that are kind of world-class and continue to be trained.

• 56:34Speaker 01

  Yeah.

• 56:34Speaker 04

  So if we have a world where the best models are, you know, held inside of American SKIFs, where the national security, uh, community is given, you know, Fable 5.5, right? Maybe some unreleased TPN episodes, really kind of high security stuff.

• 56:46Speaker 01

  Yep.

• 56:47Speaker 04

  And the Chinese are able to maintain their own sovereign frontier in the east, then what does this mean for the populations that are within the diffusion net? And we introduced a couple of new ideas as part of this PDF. The sovereign frontier is the big one. The, uh, what I think is a really obvious idea that you will not soon be able to buy the best models. That, uh, labs will become something much closer to the defense industrial complex, that they will have, uh, models that are available to nation states for national security purposes. You will not be using them. You know, hearkens back to the GPT, GPT two release when Anthropic said, you know, it's too dangerous to release, but, uh, much more seriously. And then two, more importantly, is we think this will manufacture huge amounts of demand to transact on American payment rails.

• 57:30Speaker 04

  We introduced a concept of the neo-dollar, which is this idea that if models are transacting, neo-dollar was going on.

• 57:35Speaker 01

  Yeah.

• 57:35Speaker 04

  Um, if these models are transacting in the dollar, if all of agents are transacting the dollar, if the thing that is backing US sovereignty is dollar-denominated models, then the rest of the world is going to dollarize quite quickly. And we introduced kind of two competing financial systems in the RMB and the dollar.

• 57:52Speaker 01

  Yep.

• 57:52Speaker 04

  As two kind of different abilities to produce huge amounts of dollars to train the sovereign frontier.

• 57:57Speaker 01

  So how do you take that thesis into some of the more, uh, low-risk, mundane AI-enabled technologies? I'm thinking of just like website builders. Like that's something like, are you going to have to go, does lovable have to go to the government for their inference or can they just use current models?

• 58:14Speaker 00

  Use cases are like pretty saturated.

• 58:15Speaker 01

  They are saturated, but did they continue? Okay.

• 58:19Speaker 04

  I think like, if you think like the, the, you know, the, the, the vast majority of workloads in the US very soon will be kind of Chinese open source models. Like Open Router makes this data very obvious. Um, a bigger and bigger share of frontier lab revenues are just going to be from USG. It's the only possible way you can kind of finance these training runs of this cost and the size. So if you imagine kind of a, a Chinese open frontier powering most US commercial operations, at the same time, you imagine incredibly proprietary, incredibly close frontier intelligence powering kind of the, the tip of the spear for US hegemony.

• 58:54Speaker 04

  I think you end up with a pretty stable market equilibrium. Like I think it's all going to work, right? Like I, most discussions of this as a bubble, I think really miss the fact that this is the central economy of the US at this point. The entire empire is hinged on this. We got to make this work.

• 59:07Speaker 01

  So what are some of the other knock on effects? I mean, buy dollars that beyond that?

• 59:14Speaker 04

  I mean, dollar, dollar devaluation seems really obvious, right? We will have to print huge amounts of dollars in order to fund this build out. Um, one of our very strong convictions is that we will dollarize the entire world. At the same time, the dollar is inflated to basically zero.

• 59:28Speaker 01

  Okay.

• 59:28Speaker 04

  Um, you probably want to own equities, right? A long equity is short to the dollar. And we, we've become particularly obsessed with the class of businesses we call commanding heights, which is, you know, where the title of the piece comes from, which are businesses that get, uh, better as intelligence scales. You can think of it as kind of a Nick's Leap, um, shared economics, uh, share of economics, uh, shared to the customer, but, um, in the context of continuing AI improvement, what kind of businesses get better and better with size?

• 59:56Speaker 01

  And what are some examples of those types of businesses that should get better in the AI era? There's a article in the journal today saying that despite Google being down, Alphabet can still win in an AI pushback. How are you thinking about the different markets, the different tiers?

• 1:00:12Speaker 00

  Yeah, I thought, I thought it was interesting that, that this, this week we had commanding heights and we had, uh, Cliff's episode, uh, most episode on Invest Like The Vest, which was like somewhat complimentary.

• 1:00:22Speaker 01

  Yeah.

• 1:00:22Speaker 00

  In some ways, talking about the comp, what are the compliments of intelligence, uh, which results.

• 1:00:27Speaker 04

  Yeah, I think Cliff and I are both like giant meta bulls at this point, right? Like it's really hard to imagine a business that is better fit to diffuse intelligence to the global economy than meta. All right. You have payment rails, you have WhatsApp, which reaches the entire global south. You have frontier capabilities through meta, uh, super intelligence labs. Right? It is just an unbelievably well-positioned business to both oversee the dollarization of the world and oversee the intelligence frontier across the world. We really like meta. Um, in the piece, we also explore hyper, yes.

• 1:00:56Speaker 00

  And in all the conversations that you're having, you know, especially with people that you were giving early copies to, like how many, like, what is your estimate on, on the number of people in the entire world that are truly like AGI pilled? Right? Like, cause it feels like, it feels like especially today in the, you know, the markets this week and, and, um, you know, the way that people question certain business models like exposes their real beliefs around the technology and how it's going to diffuse, right? And it, it still feels like there's maybe like 10,000 people in the whole world that like are, are truly bought in to let's say like, you know, the, the situational awareness, right?

• 1:01:40Speaker 04

  Yeah, I mean, I jokingly say that New York is maybe more AGI pill today than San Francisco. And I think part of that is a willingness to accept on a big piece of the street right now that every equity is mispriced. If you think about kind of Leopold's progression through the markets, there was some sense in which like every six months, we would determine something was mispriced, right? We were memory bros and we were storage bros and we were, you know, V RAM bros. And you got the sense of this like giant beast underlying the market could only eat one piece of it at a time. And we would like update our pricing on whatever. And then we would sell it off rapidly to move on to the next thing. I think kind of post SI blow up part one, there is some sense that we need to reprice all of this in a much more systemic way.

• 1:02:25Speaker 04

  And we're seeing a lot more intelligence on the New York side of things, taking the ASI pill and realizing that these things are going to have to move in big chunks, right? And you're starting to see this happen with big sell offs and names like Reddit that are not just purely bottleneck trades.

• 1:02:42Speaker 01

  Yeah.

• 1:02:42Speaker 04

  Certainly a lot of more New York is pill today than it was six months ago.

• 1:02:47Speaker 00

  Talk about the pushback so far on the piece. I think some of the pushback that I saw was this just feels dark, so therefore it must be wrong.

• 1:02:56Speaker 04

  Yeah, I mean, one of my favorite pieces of the pushback we got five minutes after we published the essay, it's 140 pages. We got an incredible six page pushback generated by AI, which means criticism itself is, you know, contained within the cast and out of the models.

• 1:03:14Speaker 04

  Look, it's not a rosy picture, but it's a picture that I think is inevitable. Technology progress has never been a thing that has happened easily. Technology process progress has never been a thing that has diffused into economies without some degree of upset and turmoil. And I think any kind of positive AI futurism is just going to have to process that these things have drag on effects. We've certainly seen pushback on how dark pieces of the piece are. We do think this technology will be massively destabilizing for Southeast Asia in particular in a way that is not rosy. And we've also seen pushback on particularly where command economics will happen. I think our exuberance for things like hyper liquid are not universally shared.

• 1:03:58Speaker 04

  I do think hyper liquid is an important primitive for where we're going, but certainly pushback across the board and really fun to engage in it.

• 1:04:05Speaker 01

  Yeah. How are you taking this thesis to some of those more adjacent, less like bottleneck trades, but still like real world economy businesses? I'm thinking about like trucking, home building lumber, things that aren't in the path of the data center construction, but aren't really affected by AI in an obvious way in the short term. How do you think about that?

• 1:04:29Speaker 04

  Yeah, I mean, like a really great example trade was thrive buying ADT.

• 1:04:34Speaker 01

  Sure, sure.

• 1:04:35Speaker 04

  ADT probably has the greatest sensor network on earth, right? More cameras, more infrastructure on the edge, being able to capture novel data than almost anyone else has. And I think the reaction to that has been very telling between who realizes, yeah.

• 1:04:49Speaker 00

  Also, I think that the upsell opportunity for ADT, like I believe really strongly that like robots are are going to have like home security applications before they have like laundry applications. It just feels like much easier to for a robot to like make it more difficult to break and enter a home than it is for a robot to be like extremely effective at like cleaning.

• 1:05:13Speaker 01

  Not breaking your wine glass.

• 1:05:14Speaker 00

  Right? Like one is just like, I need to like.

• 1:05:16Speaker 04

  Our mutual friend in the group chat this morning, I'm sure you saw it. He was in San Francisco asking people why they bought Unitree Robotics and this kid who had spent like, you know, $6 million of a seed round buying Unitree Robots. You know, our friend asked him why, what he has done with it. And he said, I don't really know. The robots can just kind of karate chop me. They can kick me, but they can't really do anything else. And, you know, Jeremy's a rep on this. It's like, you know, chingularity is here, right? The robot can beat you up. Who knows what else it can do? So certainly like a karate chopping robot kicking people is probably the first use case. But like you have to be ADP ADT pill even on the sensor modalities. Like even if they're not able to get any lift out of the core business, that has to be the most valuable data set in the world.

• 1:06:01Speaker 01

  What's your view on interest rates in this neo-dollar inflationary regime?

• 1:06:06Speaker 04

  Well, you can certainly track the great stagnation ending in treasury rates, right? Like you can literally look at the treasury yield curve and see kind of the 20 year stagnation that we lived through.

• 1:06:17Speaker 01

  Was it 20 or was it 50? I feel like people go back to 1979 often or like 40 years.

• 1:06:23Speaker 04

  I mean, I feel like the last time rates were at this level. I mean, yeah, certainly if if.

• 1:06:28Speaker 01

  Yeah, we did have high rates in the 90s. So you're correct about that. But at the same time, like the stagnation thesis starts with like the moon landing in many tellings of it, right?

• 1:06:36Speaker 04

  It's probably true, probably not, you know, not adequately. We didn't have the Bloomberg terminal then, so it probably took 20 years to price in or something, right? No Twitter.

• 1:06:44Speaker 01

  Sure.

• 1:06:45Speaker 04

  But certainly like if if the rate of technology progress continues at the rate that we think it will, then rates are going to have to go much, much higher.

• 1:06:52Speaker 01

  Yeah. And is that a crowding out effect, like just piling into AI investment that's driving up rates or something that's going on with the neo-dollar specifically?

• 1:07:01Speaker 04

  I think partially neo-dollar, partially, I think a thing people have not totally processed is that when the risk free rate increases, the the rate that risk demands does not increase linearly with the increase in the risk free rate, that these things are actually exponentially related. So in a world where kind of yield increases two X, you may see a four to five X increase in in in risk rate on top of that. But certainly just there's so much productive use for dollars at this point, where even the data center built out alone could saturate the monetary supply. Like it's just, it's really important to be clear eyed about where all these dollars are going to go.

• 1:07:37Speaker 01

  How do you think the shape of the median or average firm changes in America or globally?

• 1:07:46Speaker 04

  We think there will be a lot less public companies in the US.

• 1:07:51Speaker 04

  A piece we developed at the the end of it is what we call the forced settlement, which is if you can think about all of history as negotiated compromises between management, capital and labor as kind of the three countervailing forces that make up the firm. Capital and management are going to become much more similar over time, right? You're going to see smaller management teams that are comped as if they are capital, right? You already see this with things like Meta, where you have Alex Wang, basically a $20 billion employee, certainly not a day on, you know, $20 billion employees. And you're going to see labor leave the firm, right? And the same way that the US offshored in the 90s and 2000s, I think we're going to see an offshoring to models, right?

• 1:08:33Speaker 04

  Maybe an onshoring into data centers, which will mean that firms will have probably much stronger but much leaner balance sheets as they push labor out of their doors and onto the models. And that means that capital management can begin to merge.

• 1:08:47Speaker 01

  And do you buy that there will be more?

• 1:08:49Speaker 04

  Returns to scale are really high.

• 1:08:51Speaker 01

  Do you buy that there will be more firms in the future?

• 1:08:55Speaker 04

  Probably more single proprietor firms, right? You can imagine the the kind of bottom end of that curve, like 1,000 entrepreneurs in a data center kind of thing. But certainly we think in regulated industries, healthcare, banking, et cetera, there will be massive consolidation as a result of of cyber vulnerabilities. But it just seems obvious that there's going to be a huge amount of merging happening in community banks, community hospitals, et cetera. Just because the models are so, so good at security.

• 1:09:23Speaker 01

  At security, yeah. And so you you don't want to, you want to amortize the cybersecurity combating cost across the largest organization possible. Is that the theory?

• 1:09:33Speaker 04

  Well, yeah, largest possible defense against the large, biggest possible threat. And right now it's too fractured to have a meaningful chance.

• 1:09:40Speaker 00

  How do you think the investment community is doing underwriting cybersecurity risk? Because like right now, people are like, oh, I should own cybersecurity stocks. But it feels like there's some risk of like broad internet shutdown, whether that be, you know, a day.

• 1:10:01Speaker 04

  I still think it's underrated that like internet banking is probably a thing that was like, we're going to live to see the end of. Right? Like I could really imagine a world where you have to like go to the bank to get dollars out again, just because it's it's too easy to clone your voice. It's too easy to break to a FA. Like it's just, it's all too easy. You know, Corgi sells cyber insurance now, so maybe we should all feel good that Corgi is underwriting this risk at civilizational scale.

• 1:10:24Speaker 01

  Yes, yes. It's a cornerstone of the.

• 1:10:27Speaker 00

  Insurance guys.

• 1:10:28Speaker 01

  Cornerstone of the market.

• 1:10:31Speaker 01

  Yeah. Where does it go next? Are you selling the rights? There going to be a movie? The Commanding Heights play?

• 1:10:36Speaker 04

  The book's coming out. We will try to distribute the thing as much as possible. We're going to try to produce it on stage as a 14 hour production in New York City. Apparently Aaron Sorkin's bidding on the movie rights. Yeah, but the book, the book, I know John Furino has been even making bootleg copies of it. It's really incredible. You can buy kind of bootleg Commanding Heights copies.

• 1:10:59Speaker 01

  Yes, yes, that's great. Selling them in Canal Street. I think I saw a couple of copies on laid out on the pavement there.

• 1:11:07Speaker 04

  They've been leaving copies around Central Park. You can go and get them.

• 1:11:09Speaker 01

  That's great. Well, congratulations on on the the launch and bring forth the most discussed PDF.

• 1:11:17Speaker 00

  A lot of texts flying around yesterday. Commanding Heights, question mark, question mark.

• 1:11:22Speaker 01

  It's great.

• 1:11:23Speaker 00

  Good stuff.

• 1:11:23Speaker 01

  Thank you so much for coming on the show. Happy Halloween.

• 1:11:26Speaker 00

  Congrats on the launch.

• 1:11:27Speaker 01

  Happy Halloween.

• 1:11:28Speaker 00

  Great stuff.

• 1:11:29Speaker 04

  Have a good one.

• 1:11:29Speaker 01

  Have a good one.

• 1:11:33Speaker 00

  Where should we go?

• 1:11:34Speaker 01

  We should go to the New York Stock Exchange. Want to change the world? Raise capital at the New York Stock Exchange. We will be at the New York Stock Exchange on Monday. And we have a fantastic lineup. We're catching up with a bunch of our New York friends on Monday. So tune in.

• 1:11:51Speaker 00

  Let's head over to the timeline.

• 1:11:52Speaker 01

  Yes. What do we got?

• 1:11:55Speaker 00

  DoorDash.

• 1:11:57Speaker 00

  Well, maybe we start here. Philip Jackson says, I hired Muse to sue someone on my behalf. I won while they caved. Within 20 minutes of being served papers, the company offered a settlement. Within 10 days, they paid me with additional compensation for recovery expenses. Muse filed the motion to dismiss. This seems crazy, actually taking it all the way.

• 1:12:23Speaker 01

  I was joking about this, where if I steal your drink, like, our agents are just gonna be suing each other and transfer like

• 1:12:29Speaker 00

  Immediately some guy just shows up. Maybe DoorDash should get into the serving business.

• 1:12:36Speaker 01

  Oh, yeah. Wait, they can certify everyone as a process server? And you could just, with a click of a button or over an API? An agent could dispatch a server. I still don't understand when you need to serve someone in person versus digitally. Like, why?

• 1:12:52Speaker 00

  I think it's like somebody has to accept it digitally. They have to physically accept it.

• 1:12:57Speaker 01

  Okay, okay. So they could be like, out of sight, out of mind, see no evil.

• 1:13:00Speaker 00

  But I believe, like, if it's in person, and I'm like, you've been served, you can't be like, I do not accept.

• 1:13:05Speaker 01

  Oh, yeah. I'm not aware that this court case is going on or something? Okay. I have to appear in court.

• 1:13:11Speaker 00

  But oftentimes, something like this.

• 1:13:13Speaker 01

  So incredible, incredible model capabilities, but DoorDash is not seeing incredible adoption? Is that the two sides of this coin right now?

• 1:13:23Speaker 00

  Yeah, from the DoorDash earnings call. You can read through it.

• 1:13:27Speaker 01

  So it says, DoorDash says they've only received several hundred orders in total from personal agents like Muse. They say, you're right, everything going great with the core business. This only adds to it. Your second question was around AI agents. I would say that this is something that is still a very dynamic area. I'm reading that as like, we're early. My take on all things technology is you never want to fight gravity. That's why DoorDash has an API, a CLI, right? They're leaning in like a Walmart, like a Shopify. But at the same time, you do not want to be delusional. What I mean by that is if you look at where AI agents are today, we are seeing maybe several hundred orders in total from some of these third-party agents.

• 1:14:10Speaker 01

  And some of which you have cited in terms of whether or not paying customers are placing orders. DoorDash is interesting, like, the models might need another leg up because tell the robot to push the DoorDash, the get burrito button is not a great use case. It's more for, like, once it learns how much you're ordering, then it can be, like, it feels like it is not valuable to hand over DoorDash to a personal agent on a case-by-case basis.

• 1:14:36Speaker 00

  I just think it's so incredibly easy to order food.

• 1:14:41Speaker 01

  Yes.

• 1:14:42Speaker 00

  And people are very habitual.

• 1:14:45Speaker 01

  Yeah.

• 1:14:46Speaker 00

  It's possible that you could be a power user of Muse and not even care to use it to order DoorDash.

• 1:14:51Speaker 01

  Yeah, totally, totally. At the same time, I think that there are certain

• 1:14:55Speaker 00

  There are literally buttons in all the delivery app that just says, like, reorder. So if you have a favorite order.

• 1:14:59Speaker 01

  But there are still workflows where you could say, look, I'm ordering lunch for my office every day, and I want you to pick something, insert a little bit of variety, and I'm deputizing my agent to do it on a daily basis. And then there's the value because you're not just saving, okay, I opened this app and typed a prompt, and instead of opening the DoorDash app and clicking a button, you're like, you set it up once, and then it just runs for a full year, and you're just happy all the time, in theory. But again, maybe the model capabilities aren't quite there yet, but I think people will eventually do this.

• 1:15:32Speaker 01

  What else is going on in the timeline?

• 1:15:34Speaker 00

  Thariq is out at Anthropic. I think we're all wondering what he's gonna do next, but he hit the timeline yesterday with the post.

• 1:15:43Speaker 01

  He says he's playing WoW forever. He's playing video games. He's gaming. He's locked in. That is a dream.

• 1:15:49Speaker 00

  Went on a generational run. Very curious to see what he does next.

• 1:15:51Speaker 01

  Right before the IPO, you're about to get some liquidity, just lock in. Get the turtle beaches on.

• 1:15:56Speaker 00

  He said, there's 100% of kind of mania you can get into with coding agents where it feels like you're getting a lot done and working all the time, but nothing is really happening. I think it's a form of avoidance of something else in life. When he wrote this, I immediately thought to myself, I can think of four or five people that that applies to correctly, where they're like, sort of manically vibe coding and not sort of giving enough attention to maybe something else in their life that probably deserves that attention.

• 1:16:27Speaker 01

  Oh, there's that, and then there's also just like, you can just spend a ton of time just adding extra parameters and decision trees and using the models to overthink things and not just like, go with your gut. And you can have all the agents doing so much work, and then the answer was just like, you should have said no to that opportunity or whatever, and your gut was right all along. Anyway, do you know what's going on in Malibu? We got cut off on this. The priciest neighborhood in the United States is unraveling.

• 1:16:56Speaker 00

  Question for you. Senator can join. Okay, good. He's gonna join.

• 1:17:01Speaker 01

  Bring him in?

• 1:17:02Speaker 00

  In about 15 minutes.

• 1:17:03Speaker 01

  Let's bring him in.

• 1:17:03Speaker 00

  No, no, no. You can start.

• 1:17:05Speaker 01

  With what? This? Okay, yeah, we got 15 minutes, and while David Senator will come in, that's great, that's great. I got time, we're hanging out. Just a couple guys. So, the priciest neighborhood in the United States is unraveling and it's not even finished. Developer Scott Gillan's ultra-exclusive Malibu enclave is in bankruptcy as he battles a partner in court. And so I want you to see, this is 24/8 for Parcel.

• 1:17:30Speaker 01

  How do you like this particular area where this is? Have you seen the case? Have you driven by it?

• 1:17:36Speaker 00

  I think that's an area that is, would be highly desirable if, as maybe a second or third home. But I don't know anybody that is a full-time resident that would want to live there.

• 1:17:46Speaker 01

  And is that because it's closer to Los Angeles? I actually don't know where it is on that.

• 1:17:50Speaker 00

  It's a nice, it's nicely perched.

• 1:17:53Speaker 01

  Yeah, beautiful views.

• 1:17:55Speaker 00

  Wonderful view of the city, but ultimately doesn't, I believe, have very good beach access. Kind of feels important.

• 1:18:02Speaker 01

  Yeah, that's right.

• 1:18:03Speaker 00

  In Malibu.

• 1:18:03Speaker 01

  So it says, it was supposed to be the most expensive new neighborhood in the United States. A cluster of five mid-century-inspired mansions perched on top of a hilltop overlooking the Pacific Ocean. The ambition was to sell them for nearly half a billion dollars to some of the world's richest people. That was half a billion in total. You can see some video there. But nearly a decade in the making, the ultra-luxury development known as The Case is facing collapse. Four of its five houses are unsold. Entity is tied to 66-year-old developer Scott Gillan, filed for Chapter 11 bankruptcy protection this summer. We're subbing in the old Greg Abel taking a seat. Greg, how you doing?

• 1:18:45Speaker 02

  It's great to see you.

• 1:18:46Speaker 01

  Great to see you. Thanks for being here.

• 1:18:50Speaker 01

  In an age where reality shows like Million Dollar Listing, Los Angeles, and Selling LA have turned agents and developers into celebrities, Gillan overcame a criminal history to make a name for himself as a design visionary, but local agents and industry leaders said it was ultimately his perfectionism and reluctance to lower his ambitions and asking prices that undermined He's a perfectionist! He's a vibe coder! He's addicted! It's the same, it's the exact same problem as we've seen with people who code, code, code and never ship. He just couldn't bring himself to shift this and actually wrap up the project. Gillan isn't the first spec-home developer to stumble at such a scale. Developer Niall Niami, do you know who that is?

• 1:19:32Speaker 02

  I do not.

• 1:19:33Speaker 01

  So he created The One. It's the half-a-billion-dollar property in Beverly Hills, the biggest house in the United States, I believe. And it was sold out of bankruptcy at 120 million.

• 1:19:46Speaker 02

  Not a great track record.

• 1:19:48Speaker 01

  Terrible ROI. But again, Niall Niami is not linked to this deal. The Office of the Journal is just giving an extra example of when these crazy spec projects can go wrong. And of course, it's the similar target valuation, although this is, of course, spread over five homes, not a single one. Let me tell you about Shopify. Shopify is the commerce platform that grows with your business and lets you sell in seconds, online, in-store, on mobile, on social, on marketplaces, and now with AI agents. Oh, we're Greg back. We're back to Warren.

• 1:20:23Speaker 01

  Well, uh, how would you, how would you, what tier would this go in? Is this above Notch's house? One of these homes, Jordy? Is this above? I mean, you already put the Notch house in S tier, so I don't know if you can go up. But what, what, what tier would this go in? Uh, if you were to put it in a tier list?

• 1:20:42Speaker 00

  I don't know. I mean, it's tough because it's personal. I've never, uh, I've never driven by there and thought that's.

• 1:20:50Speaker 01

  Where you want to live?

• 1:20:50Speaker 00

  Yeah. And especially homes like that, it's also tough because you have, you're, you have like a bunch of, this is the one.

• 1:20:57Speaker 01

  Yeah.

• 1:20:58Speaker 00

  Not the one, uh, that's not.

• 1:20:59Speaker 01

  This is the, this is the comparable.

• 1:21:01Speaker 00

  If you're buying a home in that price range and then you're basically sharing a driveway.

• 1:21:04Speaker 01

  Yeah.

• 1:21:05Speaker 00

  Like with two other people.

• 1:21:06Speaker 01

  You better like who else is going in there.

• 1:21:08Speaker 00

  Yeah, which is hard to roll the dice on.

• 1:21:10Speaker 01

  Yeah, so it looks unfinished at this point. Uh, the, he, the Wall Street Journal says he has humble beginnings. A marketing video for the case shows Gillen driving onto the site in a classic 1936 Ford, three window coupe hot rod, wearing a biker jacket and sunglasses. A prolific car collector, let's give it up for car collectors, known for his gruff personality. He's more likely to be seen in flannel shirts and work boots than in a designer suit. He's often smoking a cigar.

• 1:21:40Speaker 00

  Infinity Pool.

• 1:21:41Speaker 01

  Kind of like.

• 1:21:41Speaker 00

  Chat says S tier.

• 1:21:43Speaker 01

  S tier. In the video, he talks about making a better life for his family. He's married, uh, with a daughter. His own father left when he was a year old, he says, while his mother worked three jobs to get by. His past also includes multiple run ins with the law, according to the Wall Street Journal. Among them was a previously unreported murder charge in connection with the killing of a reputed drug dealer in 1987, when Gillen was in mid twenties. Gillen was then going by the name Scott Ashley, was ultimately convicted in a jury trial of a lesser offense, uh, of being an accessory to a felony. He was placed on felony probation after awaiting trial in LA. County jail records show Gillen and his lawyer declined to discuss the charges.

• 1:22:25Speaker 01

  In various interviews over the years, Gillen has described a difficult childhood, saying he was born in Laguna Beach, grew up in Sherman Oaks, a car obsessive. He said he taught.

• 1:22:33Speaker 00

  Laguna Beach is not sweet. It is not. You would not last, you would not last a day in Laguna Beach.

• 1:22:39Speaker 01

  In the rough streets of Laguna Beach.

• 1:22:40Speaker 00

  Do not pull up to Laguna Beach. Do not pull up.

• 1:22:42Speaker 01

  He taught himself how to do complex repairs on cars and, uh, and landed a job at a hot rod shop in the San Fernando Valley. He said he also worked as a stunt driver, including for the movie Dukes of Hazzard. He was jumping cars off dirt ramps. Um, then he had a successful career in directing television car commercials. He told the Wall Street Journal in 2018, I shot everybody. I shot Mercedes, I shot Ford, I shot Lincoln, I shot.

• 1:23:11Speaker 00

  Could have a better use of language considering that.

• 1:23:14Speaker 01

  You're up front of felony charge. Saying I shot Lincoln, sounds like you killed the president. Uh, he rolled his cash into small real estate investments. He said then bigger ones over time, building four homes, which he named the who, why, what, and where in a small Malibu community.

• 1:23:30Speaker 00

  Whoville.

• 1:23:31Speaker 01

  Yeah, big for Whoville. He's a Whoville ten. Um, in mid, in the mid 2010s, Gillen joined with Shy to build a large Malibu estate known as the Newcastle with a gym, wine room, cigar room, and a 1.5 million dollar teak staircase. If you got a wine room and you got a cigar room, I feel like there's an opportunity to have some synergy and just kind of merge those into one room. What do you think?

• 1:24:00Speaker 00

  I don't know.

• 1:24:00Speaker 01

  You think the wine needs to be separate? You don't want the wine being smoky?

• 1:24:03Speaker 00

  Coca-Cola room.

• 1:24:04Speaker 01

  Jackson put a funny cigar story in the newsletter today. Go sign up, tbpn.com. JP Morgan frequently stayed at the exclusive Jekyll Island Club in Georgia, where he reportedly enjoyed smoking cigars on his private porch early in the morning. According to local legend, we got a ghost story for you pre Halloween. This is a good ghost story. Guests who stay in today in his former apartment at the Jekyll Island Club, they report still waking up to the smell of cigar smoke, even when nobody is smoking. So haunted by the cigars of JP Morgan.

• 1:24:42Speaker 00

  Look at that.

• 1:24:42Speaker 01

  Allegedly, he, uh, JP Morgan smoked something like 10, 15, 20 cigars a day. And he went to his doctor and his doctor said, you gotta, you, you, you gotta cut back. And, uh, I, I, I forget, he like, the doctor's recommendation was like, cut back to 10 cigars a day. Something, that's how they did it back in.

• 1:25:01Speaker 00

  Very, the most, most realistic doctor ever, man.

• 1:25:04Speaker 01

  Yeah, yeah, yeah, yeah. Not quit, not one, not special occasion.

• 1:25:08Speaker 00

  I'm not even asking you to use them in moderation.

• 1:25:09Speaker 01

  Something like that, just, just.

• 1:25:11Speaker 00

  Heading over to TJ Parker, always contrarian. You never know with this guy.

• 1:25:16Speaker 01

  Yeah.

• 1:25:17Speaker 00

  That's what I love about TJ's takes. You just don't know what you're going to get. TJ, uh, is giving his iPhone, do a review. He says, my seven day iPhone, do a review. You can pry this thing from my cold dead hands, dot, dot, dot. When you look at that, uh, Berkshire's got to be feeling good about that review.

• 1:25:33Speaker 01

  Yeah.

• 1:25:33Speaker 00

  Um, Josh Gray says, what's the best thing about it? He's TJ says, buy for Kate's you, use on my phone less when I'm out and about. Amazing screen when I'm melting into the couch.

• 1:25:45Speaker 01

  Yeah, he says it's worth it if you don't use an iPad at home already. He's a one device guy, so he loves it. Yeah, I've never been into the home iPad. So now we have back to back glowing reviews for the duo. Maybe, maybe we're going to see a fast take off.

• 1:26:00Speaker 00

  Two people I trust.

• 1:26:01Speaker 01

  I know, the Germinator.

• 1:26:03Speaker 00

  Time to go, we should go get in line at the Apple store like this.

• 1:26:06Speaker 01

  Yeah. I think, I think they might.

• 1:26:08Speaker 00

  I think that actually might be the move.

• 1:26:09Speaker 01

  Take us right to the front of the line.

• 1:26:10Speaker 00

  Yeah. Got a couple of shareholders here.

• 1:26:13Speaker 01

  Couple of shareholders, well.

• 1:26:15Speaker 00

  Um, interesting news. So I had been kind of aware that something like this was in the works.

• 1:26:21Speaker 01

  What's in?

• 1:26:22Speaker 00

  Uh, Jason, uh, over at, uh, Fintech Biz Weekly, um, he's highlighting that Bolt, the one click checkout startup, has sold their domain.

• 1:26:33Speaker 01

  You clocked that early.

• 1:26:34Speaker 00

  Uh, I had seen the domain listed for sale from a broker, popular broker, um, about, I want to say like six to eight weeks ago. So I think this had been in the works for a while. Um, Bolt is now, uh, Bolt is the, um, I, I believe European, uh, sort of regional Uber player. Um, so anyways, looks like, uh, they wanted the cash. Let's see why else they would do that. Um, but I would be, it, it's kind of hard to, it's pretty hard to continue.

• 1:27:07Speaker 01

  Do you think they're going to rebrand, do a different name or, or they're just going to go to a different domain name like?

• 1:27:12Speaker 00

  They're using, they're saying we're going to be going to boltapp.com.

• 1:27:16Speaker 01

  Okay.

• 1:27:16Speaker 00

  So anyways, it feels like it's, it feels like maybe the end of the road, but I don't think.

• 1:27:22Speaker 01

  That's got to be really tough because even if you have dedicated customers who are, who are built in, you're going to lose the redirect. Like you, you, you can't, it's, it's a downgrade, so your customers.

• 1:27:34Speaker 00

  It's the last resort.

• 1:27:34Speaker 01

  It, it, it's rough. Uh, if it's a website that people just go to through Google or through social media, like I was clicking on Business Insider earlier, like if Business Insider all of a sudden was like businessinsider.news, like I don't, my, my portal into Business Insider is not type in businessinsider.com. So that wouldn't be the end of the world for my Business Insider experience, uh, but it certainly would for a lot of SaaS companies, so.

• 1:28:00Speaker 00

  What's going on over here?

• 1:28:01Speaker 01

  What's going on over here in the pumpkin corner? Can you guys get us up to speed? Are there some microphones on these guys? Can they tell us what they're doing?

• 1:28:07Speaker 00

  We, we got Howard Graham Buffett.

• 1:28:09Speaker 01

  Okay.

• 1:28:09Speaker 00

  On the left here. Howard Buffett looking sharp.

• 1:28:11Speaker 01

  Who else we got?

• 1:28:12Speaker 00

  Brendan, um, I don't know who he's dressed as.

• 1:28:19Speaker 00

  I, I think he's general counsel, Andrew Johnson.

• 1:28:21Speaker 01

  Oh, he's general counsel. I see it now, I see it now. Yeah, you're the general counsel of Berkshire Hathaway.

• 1:28:26Speaker 00

  Nailed it.

• 1:28:27Speaker 01

  Spitting image, spitting image.

• 1:28:29Speaker 00

  Didn't need a mask.

• 1:28:30Speaker 01

  Yeah, no, he looks great. You guys are carving for some pumpkins, getting in the Halloween spirit. Fantastic. Um, don't get too, don't get too.

• 1:28:38Speaker 00

  Yeah, we're going to, we'll come back to that for reviews. You guys have about 15 minutes.

• 1:28:43Speaker 01

  Yeah.

• 1:28:44Speaker 00

  So we'll speed run these pumpkins and be safe. Please be safe. You guys, uh, don't, don't, don't move too quick. I mean, that kind of looks like potentially too fast. Slow down, see, look at that. All right. Out of control over there in the pumpkin zone. Please be safe. Um, apparently you can leave a tip, you can tip your robot taxi.

• 1:29:07Speaker 01

  Interesting.

• 1:29:08Speaker 00

  Jay Bull over here says.

• 1:29:12Speaker 01

  Is this real?

• 1:29:12Speaker 00

  Took my first robot taxi, classic Elon. I don't know, I feel like the community notes come pretty fast and I'm not seeing a community note. And I do, I do feel like this is something, one, I believe there's Tesla fanboys out there that would tip.

• 1:29:25Speaker 01

  Yeah, why not?

• 1:29:25Speaker 00

  Uh, so, but, but asking for the tip and you, you can't, you have to ask for it in a joking way, right? So he says if you actually try to do it, it says just kidding and it doesn't actually. Oh, that's cool.

• 1:29:35Speaker 01

  Interesting.

• 1:29:36Speaker 00

  So it's just, just a meme. Tip your robot.

• 1:29:40Speaker 01

  That's good, yeah, counter positioning. You don't have to tip, but we're going to remind you that we're not asking for a tip with the joke.

• 1:29:47Speaker 00

  Uh, Marshall Haas.

• 1:29:50Speaker 01

  Yeah.

• 1:29:51Speaker 00

  Has a new company called Final Lap.

• 1:29:53Speaker 01

  Very cool.

• 1:29:53Speaker 00

  It is, uh, they're doing their first, Final Lap is a new kind of car auction. Uh, and instead of, you know, like on a, that's, that's Charlie up to over here, you're sneaking a little.

• 1:30:06Speaker 01

  Sneaking an upper decky.

• 1:30:11Speaker 00

  Don't mind if I do myself.

• 1:30:16Speaker 01

  Yeah, a couple of lip pillows. What's wrong with that?

• 1:30:21Speaker 00

  What was I saying?

• 1:30:22Speaker 01

  You were talking about final.

• 1:30:23Speaker 00

  So anyway, so I'm very excited about this concept. I had created a, I had created a deck for kind of like TBPN for auctions prior to.

• 1:30:31Speaker 01

  And the format worked for, for Car Dealership Guy. Like, he, he had been doing.

• 1:30:37Speaker 00

  Well, and I wasn't not, not, not in that way, but what I was saying is like.

• 1:30:40Speaker 01

  It still works.

• 1:30:41Speaker 00

  Auctions are incredibly entertaining.

• 1:30:44Speaker 01

  Totally.

• 1:30:45Speaker 00

  Whether you're bidding or just watching, right? It's like, especially if you're bidding, it, it, something comes, washes over you and.

• 1:30:52Speaker 01

  Blood memory.

• 1:30:53Speaker 00

  Yeah, and, and something like that.

• 1:30:55Speaker 01

  Yeah.

• 1:30:56Speaker 00

  And so what, what Marshall is doing, right now, you basically on Bring a Trailer, you have like, I think it's a week that the car's up. And then, and then all the action happens in the last 20 minutes or something like that. And so what he's saying is like, we're basically going to have a starting minimum bid, but then there's, I think they're like three minute auctions.

• 1:31:15Speaker 01

  Well, interesting.

• 1:31:16Speaker 00

  And so, and you know, each bid, each new bid adds like another minute or something like that. So basically condensing it down. And so they'll, they'll run through a bunch of cars in, in the span of, I think, one hour. So anyways, cool concept. I'm sure he'll have great execution.

• 1:31:32Speaker 01

  Yeah.

• 1:31:32Speaker 00

  And yeah, I'm excited. The first auction is going to be 10 a.m. Pacific next Thursday. So keep an eye out for that.

• 1:31:41Speaker 01

  On the calendar. Let me tell you about Railway. Railway is the all-in-one intelligent cloud provider. Use your favorite agent to deploy rail服 servers and bases more, while Railway automatically takes care of scaling, monitoring, and security. And our next guest is here. We got David Senra, host of David Senra.

• 1:31:57Speaker 00

  Here he is.

• 1:32:00David Senra?

  My bad, guys.

• 1:32:01Speaker 01

  You're good.

• 1:32:02David Senra?

  I'm a little late.

• 1:32:03Speaker 00

  You're good. You're good. Where are you?

• 1:32:05Speaker 01

  At least you didn't keep the rail ones waiting.

• 1:32:07David Senra?

  Can I tell you, I'm in the room that you guys gave this hilarious talk at. I don't know if you remember about Heretic on about that.

• 1:32:14Speaker 00

  Oh, no way.

• 1:32:14Speaker 01

  Oh, you're in Miami. Cool, yeah.

• 1:32:16David Senra?

  They should take as much, I think, PEDs as possible. Was that what happened?

• 1:32:21Speaker 00

  It was a bit of a, it was a bit of a joke, but generally, we were Jester maxing. It's almost like we've been the, the class clowns of the industry our whole career.

• 1:32:30Speaker 01

  Going on two years now.

• 1:32:30Speaker 00

  Going on, more like, more like 20.

• 1:32:33Speaker 01

  Yeah, 20.

• 1:32:34David Senra?

  The funny part was that most people in the audience didn't get that it was a joke.

• 1:32:38Speaker 01

  Oh, yeah. No, we, we got some people coming up debating us, all sorts of stuff.

• 1:32:41Speaker 00

  Yeah, we had people coming up like trying to make the case for ayahuasca. Ayahuasca is performance enhancing.

• 1:32:47David Senra?

  No, there was, there was that girl, there was that girl sitting in the front row talking about, everybody should do ketamine because Elon, I'm just like, oh, nah.

• 1:32:56Speaker 01

  No, we don't like that. Stay away.

• 1:33:00Speaker 00

  Uh, anyways.

• 1:33:01Speaker 01

  Give us some, give us some fuck back.

• 1:33:02Speaker 00

  You know more about our characters than, than me.

• 1:33:08David Senra?

  I, I put on the stream today and I just started dying laughing.

• 1:33:13Speaker 01

  That's what we're here for.

• 1:33:15Speaker 00

  You should have, you should have, honestly, when we were set up in the, this morning, John and I were facing each other. And every time I'd look over and even catch a single glance, I would start laughing so hard that the, the, the, the full mask started like peeling off. And so I just didn't look at him basically for like three hours.

• 1:33:32Speaker 01

  You look so ridiculous.

• 1:33:35David Senra?

  I hope you guys filmed it like you did last year. You had like three time laps.

• 1:33:38Speaker 01

  We got tons of stuff.

• 1:33:38Speaker 00

  We did. We got, we got time lapse.

• 1:33:40Speaker 01

  It's great.

• 1:33:42David Senra?

  Um, hold on, I should have my phone on D and D. This is bad. Okay, sorry about that. Oh.

• 1:33:48Speaker 00

  You're good. You're good. It's Friday.

• 1:33:51Speaker 01

  Yeah, we're hanging out.

• 1:33:53David Senra?

  All right, guys. Um, so what do you want to, what was the question though? The original question before I started laughing about your.

• 1:34:00Speaker 01

  Favorite quote from the two goats.

• 1:34:02Speaker 00

  Well, no, here's actually an interesting question to kind of, you know, sort of ease into it. I'm curious, like, you know, Buffett and Munger, like,

• 1:34:14Speaker 00

  their careers are, and their partnership is so aspirate, like, is like the most aspirational partnership and, and careers that I think most of us can imagine, right? Just like doing it together until the very end. Like, so, um, and I'm almost wondering, like, what do you think the longevity of, of, uh, like, do you imagine in the same, you know, recording podcasts in the same way that they do their annual meeting? Like when you're in your 90s? Or do you think you're, you're going to get to the point where you'll just have those conversations offline with friends?

• 1:34:51David Senra?

  Well, okay, so there's a couple of interesting things there. When I went to Munger's house for dinner right before, uh, before he died, I, we, we asked them like, hey, how often do you talk to, to Buffett now? And, uh, he says never. And his point was that they talked, they used to talk on the phone, you know, every day per hours. And they got to the point where they just understood how each other thought so deeply. He'd be like, Buffett could like simulate picking up the phone to Munger and ask him a question. He's already going to know what Munger is going to say. So I'm very interested in like building, I'm very interested in like building friendships and partnerships. Uh, hold on, I'm at a bar and they're like, I'm crazy about it right now.

• 1:35:28David Senra?

  Uh, I'm drinking water though. I'm not drinking anything. Uh, but, uh, yeah, I think, I mean, you guys are definitely in that camp. I think we have a handful of, um, of mutual friends that, you know, we've been friends for a while and I hope we have like, uh, we're, we have deep friendships. We're doing life. We're doing business, you know, together till we die. That was his, um, I went there, it was me and two other founders that were in their 30s at the time. And Munger's main advice was that your job now is build a seamless web of deserved trust. Uh, cause that's one of the things he said. He goes, everybody knows that I was 28 when I met Buffett and he was 35. And he goes, but he doesn't know, there's like, there's a group of guys and we did deals and worked together, you know, for the rest of our lives. And I think at that point that I was talking to Charlie,

• 1:36:13David Senra?

  I think he was, him and Buffett might've been the only ones that were still alive. Maybe one other guy, but most of it passed on. But he said, you know, that, that's what really made, uh, life valuable. But that was, I think, one of the main like lessons I took from, uh, like personal lessons. Obviously you do business with these people, but I think that like, that's the most important thing. We talk about all the time, like, we're all going to make more money we can spend on our lives. So like, what really matters is like the relationships that we're building. One of our mutual friends has this great line that your life is your relationships. And I think Munger would, uh, would agree with that and Buffett too.

• 1:36:40Speaker 01

  Yeah. No, I love it.

• 1:36:44Speaker 00

  It's, you think it's like, why do you think they never, why do you think they never were like, let's live in the same place?

• 1:36:52David Senra?

  I mean, you guys both live in Southern California. Would you pick that over, would you live in Omaha, Nebraska?

• 1:36:58Speaker 01

  So Munger had, uh.

• 1:36:59David Senra?

  Yeah. He, he grew up, they both grew up in Omaha. They both worked at Buffett's grandfather's grocery store. They both fucking hated working for Buffett's, uh, grandfather, grandfather's grocery store. And then he comes out, I think, I forgot the exact biographical details, but he comes out, I think to study meteorology in Southern California. And he's just like, you know, very similar. You guys had Jimmy Iovine on your show a few weeks ago. And Jimmy Iovine tells this great story too, where he had never been on a plane before, never, never stayed at a hotel, never left Brooklyn. And he's like 19 or 20, I think he might be 20 years old at the time, working for John Lennon. John Lennon flies him out to, puts him out to Beverly Hills Hotel. Immediately, you know, it's, it's, it's December. It's like 70 degrees, walks downstairs to the doorman and he goes, hey, you regular people live here?

• 1:37:40David Senra?

  And the doorman's like, what do you mean? I'm a regular person. I live here. He goes, you got docks here? He's like, what do you mean docks? He goes, my dad's a longshoreman. He works at the docks. He unloads the boats. Does that happen? He goes, Port, Los Angeles, one of the biggest, uh, ports in the world. Goes back upstairs, calls his mom. He's like, how did we get this so wrong? Like, how did you guys pick the wrong place to live? So, I mean, I think it's why all three of us spent a lot of time in Southern California. It's just like, like where else would you want to live?

• 1:38:01Speaker 01

  Yeah.

• 1:38:03Speaker 01

  Pasadena, it's undefeated. That's why, that's why you live there. Clearly. You gotta move. You know, you're talking a big game, living in the same place. Come over to Pasadena, the home of Charlie Munger. It's a great, it's a great town.

• 1:38:15David Senra?

  There, there is an interesting thing. I put this clip out, uh, from one of my latest episodes. It's a guy named Ken Ricky, who's the founder of Flex Jets.

• 1:38:21Speaker 00

  Yeah, he's been on the, he's been on the show too.

• 1:38:23Speaker 01

  Yeah, he's so good.

• 1:38:23David Senra?

  He's, he's awesome, dude. After the recording, he actually, I rode with him to the airport, but, um, he had this very unusual decision to give his wealth away to the kids, uh, before, essentially before the value appreciated very much like Sam Walton did. And one, one of the clips that is now like, uh, spreading around X, uh, that, uh, is about Charlie Munger's advice about this, where he, one of the funniest things he said, he's just like, well, you know, we all, we both read a ton of the same biographies. You know, he read hundreds of biographies. He, uh, I've done the same. And I was like, Charlie, you read all the same books as me. There's just always this big problem where it's like, in, in these books, these people have been struggling with 200 years. Like, I was a son of a poor man.

• 1:39:03David Senra?

  I, uh, now my kids are the son of a rich man. What do I do? Do I give them the money? Is that going to ruin them? And there's like, you know, this appears in a lot of the biographies. And Munger had a very straight, no bullshit answer. He's just like, you give them the money. And he was like, why? He's like, cause if you don't, they're going to resent you. And he's like, what's the point in building all this wealth and building relationships with your kids? And then for at the end of your life for them to have to resent you. And then the follow-up question was, yeah, but won't that make them, uh, less ambitious? And he's like, some of my kids have, you know, a couple hundred million dollars. Yes, they're less ambitious. So what? That was like a funny way to, so he's like, yeah, of course. But like, what's the alternative?

• 1:39:37Speaker 01

  Yeah. I love that matter of fact, uh, response from Munger so often. Like he doesn't take the bait when somebody is like asking him to fall in line on anything he says. It's great.

• 1:39:47David Senra?

  I mean, could you imagine if you could get, if Munger, if Munger had Twitter in his day? Like, he'd be the best at it. Like very, I mean, he's very Ben Franklin-esque.

• 1:39:55Speaker 01

  Yeah, totally.

• 1:39:57David Senra?

  He's just a Ben Frank, he naturally speaks to maxims, very precise, uh, you know, no bullshit.

• 1:40:02Speaker 00

  He would say, take a simple idea and take it seriously and it would do like 40,000 likes.

• 1:40:09David Senra?

  Well, I mean, I think you guys, Jordy, I'm pretty sure you've tweeted that a bunch when people are asking like about this, you know, success of TPBN. This is one thing, I hate this because I go on here every time I'm on and I talk about how talented I think you guys are. And I just genuinely believe it. Like, I glanced at this, I told you, as soon as I, within two seconds, looking at the screen, I was like, this is why all these other fucking live streamers, they're just hopeless. They're just never gonna catch these guys. It's like, they're just more talented.

• 1:40:35Speaker 00

  Well, we also are willing to be completely insane, but also we realize like a core sort of like tenant of everything that we do is just go

• 1:40:46Speaker 00

  a hundred times harder than you would assume somebody would do in our situation. So like, we have a project in the works now that I don't even think that, um, I don't even think we've talked with you about, but like, it's so, it's just like completely ridiculous. And I think people will be very entertained by it, but we're so obsessed with the details and that like, we could, it could release like, you know, next week or something like that, but we're gonna spend another like three or four months on it. One, because we don't feel like crazy urgency because no one else would be insane enough to like do something like this. But like, we're taking that extra time because we're like, we just want to make it as great as it possibly can be.

• 1:41:25David Senra?

  Sorry, I just want to call. My bad, Tom.

• 1:41:26Speaker 00

  So yeah, even like Halloween is like, are we gonna dress up this year? Yeah, we're gonna dress up, but, uh, you know.

• 1:41:32Speaker 01

  Fully.

• 1:41:33Speaker 00

  Fully.

• 1:41:34David Senra?

  But that idea of like, when he did say that, he's like, you take us, you find a supply and take it very seriously. You know, you guys obviously did that with the podcast. There's a second part of that that he says it's awesome where he says that we oftentimes in business, we find the winning system goes ridiculously far maximizing and are minimizing one or a few variables. Um, and I think, you know, that's an example, obviously, like, I took a very simple idea. We just had, I just had the 10 year anniversary of Founders Podcast. It's like, what's the idea? We'll read a biography.

• 1:42:03David Senra?

  There's somebody that had a 40 year career and was spending 40 hours reading and I'll give you the best insights that you can listen to in 45 minutes. Like, this is a very, very simple idea. It's just you gotta do it 400 and I think 39 times. Now 440, it's actually working on the episode 440. I should record it tomorrow. So yeah, it's just like, you see that happen over and over and over again. It's just, it actually like works very well. When are you guys, I want to do an episode with you guys on my show. When can we record together?

• 1:42:31Speaker 00

  How about this afternoon? Call Ken Ritchie.

• 1:42:38Speaker 00

  We're ready.

• 1:42:38Speaker 01

  We're, we're, we're in professional makeup already. We look great on camera.

• 1:42:44David Senra?

  You know, we should do that though. We should do it in costume.

• 1:42:46Speaker 01

  How about both of us David Senra makeup?

• 1:42:48Speaker 00

  We'll do the full David Senra.

• 1:42:50Speaker 01

  Everyone in the David Senra makeup.

• 1:42:54Speaker 01

  Three David Serrers talking about the power of podcasting for seven hours.

• 1:42:58David Senra?

  It's gonna get seven views. It's gonna get seven views.

• 1:43:02Speaker 01

  But the seven people that watch will be the most important people in the world. Change their life right there.

• 1:43:08Speaker 00

  I hope, I hope I never get to the point where I don't call you or we don't grab lunch because I know what you're gonna say because I, I still, oftentimes I know what you're gonna say. And I still, it's like, I needed that every time.

• 1:43:21David Senra?

  Yeah, I think, uh, our friend Patrick O'Shanty has this great, because he grew up Catholic and he has this great line that he learned from Catholicism, which is like repetition doesn't spoil the prayer. And my version of this on the show is like repetition is persuasive. It's just like, well, you know, I was like searching for the new ideas. Well, I'm searching for the ideas that don't change. Like, I'm searching for the daring ones that you can build like a life and a career around. And I take way more inspiration from like growing up in these kind of like, somewhat like psychotic, like the churches my mom would go to, you know, my mom was basically a fundamentalist Christian. I told a story before, but unfortunately, like when she got breast cancer 10 years ago, she tried, she was so fundamentalist, she tried to pray her cancer away, which is devastating. She died, you know, younger than she needed to as a result.

• 1:44:01David Senra?

  But there is something, the fact that I was forced to go to these, these like super evangelical churches, you know, every Sunday and most Wednesdays. And there's something to be taken away from the fact that, you know, they, they study, you know, one leader, one book, you know, and they go over the lessons in that book, you know, every week or their entire lives. Um, I think there's a reason that, you know, religions endure more than almost any other thing that, that, you know, mankind has created. I'm a huge fan. So, uh, and there's also like always like little different wrinkles, like me and Jordy just had lunch. What, like two weeks ago, a week ago? You know, there's all kinds of stuff that you were going through that day that, that was new.

• 1:44:40Speaker 00

  Yeah, yeah, yeah, always.

• 1:44:42Speaker 01

  Has there been any big?

• 1:44:43Speaker 00

  This is new. You've never seen that.

• 1:44:45Speaker 01

  Yeah, yeah, yeah, yeah, yeah. Answer this question. Buffett, Munger, they're so rich, but I've never seen them do a money spread. Do you think it actually broke? Is that possible that they're actually broke? I've never seen them do money. They're always talking about like, oh, yeah. Dollar saved is a dollar earned. It's like, maybe you don't have enough.

• 1:45:03Speaker 00

  Yeah, some people, you know, Morgan Housel likes to say wealth is what you, what you don't see, but I just.

• 1:45:10Speaker 01

  Yeah, sometimes it's what you see. This is movie money.

• 1:45:14David Senra?

  I guess he would just say.

• 1:45:16Speaker 00

  To be clear, this is prop money.

• 1:45:18Speaker 01

  Yeah, but it looks good.

• 1:45:20David Senra?

  Dude, I, I went to, um, I've been to Mr. Beast's place in, in North Carolina or South Carolina, wherever it is.

• 1:45:26Speaker 01

  Incredible amount of prop money, right?

• 1:45:28David Senra?

  We, we actually recorded, oh shit. Um, we recorded an episode for the new show. It'll be, I think, the first week in December.

• 1:45:34Speaker 00

  I think you swore, what, what did you say?

• 1:45:36David Senra?

  No, I said.

• 1:45:39Speaker 01

  There we go.

• 1:45:41David Senra?

  Dag nabbit. I'm cursing way less, by the way. I think this is only the third one. I've been cognizant of it.

• 1:45:47Speaker 01

  You can teach an old man any tricks.

• 1:45:49David Senra?

  I, I went to, how dare you call me old. Uh, I went to.

• 1:45:56David Senra?

  We, we shot in this crazy, let me tell you the story because, you know, I mean, people, you just had mentioned about like find a supply and take it very seriously. You guys had this idea, you're like, okay, we're not gonna release next week. We're gonna freaking spend four more months. It's gonna be like absurd that we do this. For, for Beast Games, uh, the show that he does for, for Amazon Prime, man, he built an entire city. And like, I went to the city. There's like, I think 2,000 people working there. Like, the production is insane.

• 1:46:23Speaker 01

  They shot with like 1,500 cameras. They had a single camera on every contest. It's insane.

• 1:46:29David Senra?

  We, so he, he was talking about all the data that, that produces everything. It's on, it's in the episode. So I, I don't want to like ruin that part. But what was cool was that we shot it in like, you built, looked like a, almost like a, like a colosseum. It's like, it's like where the contestants, like, a lot of them live and they, a lot of like the, the contests take place there, but, uh, in the shot should be, I think it was like a five, I forgot how much it was, like $5 million. It's like a pyramid of like $5 million cash. So, uh, yeah, that, that, uh, I think it's prop money that he has, but, um, that'd be hilarious if like you rolled up to, if I rolled up to Munger's house and he just had, you know, a pyramid of cash instead, instead of, you know, a giant library.

• 1:47:08Speaker 00

  You should make, uh, you should create, you know, Disneyland for, an invite only Disneyland for podcasters. It's sort of like a city, a city on its own.

• 1:47:19David Senra?

  So you want to hear a funny story? Um, that's gonna go counter, you know, I'm not gonna do anything other than podcasting. So, uh, so I had Ari Emanuel on the show. And, um, he got there 90 minutes early. We were hanging out, talking and it was just like, it was incredible to be able to like pick that guy's brain. He's like unbelievably still extreme. He's like, yeah, you know, I took, uh, DMT and ayahuasca. I'm a lot calmer now. And I'm like, Ari, you were just yelling at somebody in the bathroom. Like, I could hear you under that door. But afterward, then we did the episode and then I was talking to him about his podcast that he's doing. And then we went into like, you know, all the stuff I know about podcasting. And he goes, hey, man, can we like get you signed for WME or whatever?

• 1:47:56David Senra?

  And I look at him and we're, we're out front in the yard where you guys have been. And I go, Ari, I go, there's not a god, there's not a goddamn thing I can learn from you about podcasting. And I'm not doing any, and, and I'm not doing anything else. And he just laughed and laughed and laughed. I was like, oh, he's like, will you take the call? I was like, yeah, I'll take the call. It's fine. It was like, I'm not doing anything other than podcasting. So somebody else is gonna have to build Founders Disneyland. Or, you know, that, that Mecca, that, you know, everybody going to the, to, to, I, I do wonder what like our generation's version of the Berkshire shareholder meeting will be.

• 1:48:29Speaker 00

  The TBPM Annual Shareholders Meeting.

• 1:48:32Speaker 01

  Yeah, we've been thinking about that. That might be good.

• 1:48:34Speaker 00

  Yeah, we, we've been thinking about a conference just for shareholders that's hosted annually.

• 1:48:39Speaker 01

  Yeah.

• 1:48:40David Senra?

  I mean, if you think about what they did up there, they, they basically were live streamers for a day, just like, and you guys already masters this craft. Like, why couldn't you do that?

• 1:48:47Speaker 01

  Yeah, we got a lot in common with them, actually.

• 1:48:50Speaker 00

  Tons. Mostly in the, the sort of looks.

• 1:48:57David Senra?

  That's hilarious.

• 1:48:58Speaker 01

  It's great. Well, have a great weekend.

• 1:49:01Speaker 00

  Sorry to interrupt your, your day. We know you gotta go back to your own podcast.

• 1:49:05David Senra?

  This is, I feel really bad. Uh, my phone's always on D and D and I don't have any, I think I had one thing on my calendar this week, the whole week. So you guys know I don't use calendar and my phone's on D and D. And I'm like, fuck, I looked at my text messages and Dylan, and Dylan's like, yo, where are you?

• 1:49:21Speaker 01

  He's an artist. You gotta trust the process for sure. Well, thanks so much for coming on the show.

• 1:49:26Speaker 00

  Great to see you.

• 1:49:27David Senra?

  Love you guys.

• 1:49:27Speaker 01

  Enjoy the fun.

• 1:49:28Speaker 00

  Excited to do your show soon. Love you.

• 1:49:30David Senra?

  Yeah, let's do it soon. Let's do it like next week.

• 1:49:32Speaker 01

  I can't wait. Goodbye.

• 1:49:33Speaker 00

  You're the man.

• 1:49:34Speaker 01

  Let me tell you about console. Console built AI agents that automate 70% IT, HR and finance support, giving employees instant resolution for access requests and password resets. Reddit is down. You saw this. Reddit's selling off. I think Will mentioned it. Uh, the, the quotes from the earnings call are a little rough. Google is crawling us as hard as ever. The reality is AI mode does not drive traffic. So, uh, people go, they used to just say, cite Reddit, click on the Reddit, click, see some of those ads over there. Now, uh, people are getting the answer directly in AI mode, not for us and not to anybody as far as I know. So traffic is way down.

• 1:50:13Speaker 01

  Used to be a traffic driver. Now it's not. People still want Reddit. It's just Google is not sending them to Reddit the way they used to. Huffman says Reddit isn't counting on Google traffic returning. We don't control Google. We only control Reddit. And so they're going, uh, login only. You can only use the service if you're logged in. So they're putting up a paywall basically.

• 1:50:35Speaker 00

  A social network.

• 1:50:36Speaker 01

  Oh yeah, registration wall. Yeah, it's a social network, which is probably the, the, the natural form of this. Uh, also Salesforce bought Rune Technologies.

• 1:50:45Speaker 00

  Yeah, this is cool. We've had Rune on the show before. Seemed like a smart business.

• 1:50:48Speaker 01

  Should we get a Munger gong for this one?

• 1:50:50Speaker 00

  Munger gong.

• 1:50:51Speaker 01

  The Mungerator.

• 1:50:58Speaker 00

  Oh, great stuff. Great stuff. But yeah, it seems like it was a fantastic outcome for the Root team.

• 1:51:05Speaker 01

  Yeah, very exciting.

• 1:51:07Speaker 00

  Yeah, and I can see how it makes sense in Salesforce's business. You know, Benioff and Karp have this incredible tension. And yeah, it looks like Salesforce wants to try to eat more of their lunch. We'll see how that goes. The account Odd Stats has some odd stats for us today.

• 1:51:29Speaker 01

  Give it to us. What you got?

• 1:51:32Speaker 00

  Odd Stats says, "For absolutely no reason whatsoever, here's a list of every time in QQQ history where it gapped down 2.5% or worse on a Friday. It's currently down almost 3.5% following a negative 1% day, and it happened three times in 2001, once in June 2002, October 2008, twice at the beginning of COVID, and then Liberation Day, and possibly today. And of course, that has turned out to be the case. And yeah, crazy, crazy day in the markets."

• 1:52:11Speaker 01

  Yeah. You gotta have a margin of safety in this time.

• 1:52:14Speaker 00

  I think so.

• 1:52:15Speaker 01

  Yeah. Never been a better time to go brush up on your Buffett and Munger, understand the greats.

• 1:52:22Speaker 00

  Yeah, when your favorite holding period is forever, days like today.

• 1:52:26Speaker 01

  Not really that scary when you're in the value investor mode.

• 1:52:29Speaker 00

  Yeah.

• 1:52:30Speaker 01

  Buy something that has cash flow, has value.

• 1:52:32Speaker 00

  Yeah, price is what you pay, value is what you get.

• 1:52:35Speaker 01

  Exactly. Couldn't have said it better myself. Fantastic.

• 1:52:39Speaker 00

  I think that's our show.

• 1:52:41Speaker 01

  I think Chad was asking for a Greg Abel money spread. We wanted to see if Greg Abel was breached. And in fact, he is.

• 1:52:47Speaker 00

  He looks like he is.

• 1:52:48Speaker 01

  You've never seen a Greg Abel money spread, but now you have. We got it.

• 1:52:52Speaker 00

  Ten months into the job.

• 1:52:53Speaker 01

  Breached. Thoroughly breached. Well, let me tell you about Cisco. Critical infrastructure for the mumbo jumbo era. Unlock seamless real-time experiences and new value with Cisco. Well, seamless experiences for the AI era. First and foremost tech show, but we like to imagine the legends.

• 1:53:17Speaker 00

  Well, you said mumbo jumbo, but you know what Charlie once said?

• 1:53:21Speaker 01

  What'd he say?

• 1:53:22Speaker 00

  "You got to have models in your head." So I think what he meant like that. He was traveling to the future.

• 1:53:27Speaker 01

  Large language.

• 1:53:28Speaker 00

  Saying like, exfiltrate the weights.

• 1:53:29Speaker 01

  Sure.

• 1:53:30Speaker 00

  Upload, memorize them.

• 1:53:31Speaker 01

  Yep. Distill them.

• 1:53:33Speaker 00

  Distill them down into something that you can use yourself.

• 1:53:36Speaker 01

  Yeah.

• 1:53:37Speaker 00

  And deploy them.

• 1:53:38Speaker 01

  That makes sense. Should we check in on the pumpkin carving contest? Who wins?

• 1:53:43Speaker 06

  We have three pumpkins.

• 1:53:45Speaker 01

  Okay, what do you got?

• 1:53:46Speaker 06

  I'll showcase mine first, and Brendan can get in with his. So I have a heart here with CNW for Charlie and Warren.

• 1:53:53Speaker 01

  Love it.

• 1:53:54Speaker 06

  You can see that over there.

• 1:53:55Speaker 01

  That's very cute. Memorializing their partnership decades in the making.

• 1:53:59Speaker 00

  I think this one's supposed to say TVPN. Is that like covered in mold? What's going on there?

• 1:54:04Speaker 01

  What happened on the side of that pumpkin?

• 1:54:06Speaker 00

  You got a different angle.

• 1:54:07Speaker 01

  Okay.

• 1:54:08Speaker 00

  I think we might have to disqualify that pumpkin. That looks a little sus.

• 1:54:12Speaker 01

  Not quite up to the top. Yeah. And then the last one, the Christmas tree pumpkin. Because of course, we're only five, six days away.

• 1:54:20Speaker 00

  That is perfect. You guys, you guys both win. Incredible work with the moldy pumpkins.

• 1:54:26Speaker 01

  Yeah, you guys did a good job.

• 1:54:27Speaker 00

  Yeah, what a show. What a show. I, yeah, the last thing I would say is, is, you know, we've been joking around today, but I think Buffett and Munger are two of the greatest role models that the business community could ever have. And as, as much fun as we're having, we, we, you know, we wanted to honor them.

• 1:54:49Speaker 01

  100%.

• 1:54:50Speaker 00

  In our own little TVPN way. So we hope you enjoyed it.

• 1:54:53Speaker 01

  So go grab a Coca-Cola, go grab some seeds candy, enjoy yourself this.

• 1:54:57Speaker 00

  Sign up for GEICO. 15 minutes could save you 15% or more on car insurance.

• 1:55:03Speaker 01

  Send some freight on the Burlington Northern Railroad. Why not?

• 1:55:06Speaker 00

  Yeah, why not? Why not? Tyler or Greg, can you take us out with a, with a trouke?

• 1:55:13Speaker 01

  Oh, yeah. Leave us five stars on Apple Podcasts.

• 1:55:16Speaker 00

  Have a wonderful weekend. Be safe out there this weekend. We love you. We'll see you Monday.

• 1:55:21Speaker 01

  And we will see you on Monday. Goodbye. Goodbye. Goodbye.