2022 Predictions

Scott discusses his predictions for the year ahead and reviews the ones he got right and wrong in 2021. Scott also shares his thoughts on Apple’s big milestone of reaching a $3 trillion valuation. Algebra of Happiness: stay in touch. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

• 0:01Scott Galloway?

  Support for the show comes from Northwest Registered Agent. Your business identity is everything that makes your business legitimate and professional. With Northwest Registered Agent, you don't just form a business, you start a complete foundation built for privacy, credibility, and growth. That includes registered agent service, a business address, operating agreement, domain, website, professional email, phone number, and built-in privacy. In other words, your home address, personal email, and phone number stay private. Don't pay hundreds or thousands of dollars for what you can get from Northwest for free. Visit northwestregisteredagent.com/profgfree and start using free resources to build something amazing. Get more with Northwest Registered Agent at northwestregisteredagent.com/profgfree.

• 0:49Speaker 01

  This episode is brought to you by Michelob Ultra. Good times mean competitions between you and your friends, like seeing who can throw some pigskin the farthest or rush the field the fastest. Winner gets an Ultra. Because it's not just a superior light beer, it's also giving fans superior access to their favorite sporting events. Superior is worth playing for. Visit michelobultra.com/superioraccess to enter. Enjoy responsibly. Copyright 2026 Anheuser-Busch InBev Michelob Ultra Beer, St. Louis, Missouri.

• 1:18Scott Galloway?

  Episode 128. Amelia Earhart became the first woman to fly across the Atlantic in 1928. I learned how to fly so I could overcome my biggest fear. What is that, fear of flying? No, dying alone.

• 1:39Scott Galloway?

  Go, go, go!

• 1:49Scott Galloway?

  Welcome to the 128th episode of the Prob G Pod, the first episode of 2022. It's becoming surreal, the years. They just, they just keep coming. They just won't stop. It's like the news. It's like the FedEx guy dropping off more and more shit and more packaging that we consume. I've gotten very Northern European as I've gotten older, and I hate knickknacks and shit all around me, candles and... Crap and packaging anyways, or maybe I'm just getting older and want simplicity in my life. The simple things, it's the little things that matter going into 2022. I'm also going to biohack. I've decided I'm going to turn back the clock. I want to feel, I want to feel 56 again. Supposedly, supposedly,

• 2:34Scott Galloway?

  you somehow cement or ossify the image of yourself when you're 38 or 39. And that is, you decide when you look in the mirror when you're 38 or 39, that that's how you are supposed to look and that's how you look. And so from that point on, every time you look in the mirror, you think, Jesus Christ, what the fuck? How did, I must be tired or this is a very bad photo day. No, you're just getting really old and ugly. I find, I find it's awesome to be young and good looking, which is redundant. I wasn't especially good looking as a young man, but I was young and I had hair and I was in good shape. So, you know, see above, young, good looking. And now that I have totally like leaned into the ugly, I'm down with it. I'm down with it.

• 3:15Scott Galloway?

  It was in between that it was tough. It was trying to hold on to some semblance of good looks and hair. That was the hard part. But now I've just literally crossed the chasm of grossness and I'm down with it. Just lean into the nose hair, lean in to the spare tire, no matter how many times I work out, lean in to the triple chin, lean into being skinny fat. I am skinny yet fat, uh, which is a really gross combination. Anyway, anyway, let's talk about what's going to happen in today's episode. Every year we make predictions about what's to come in the year ahead. And we take a look back at the predictions we made the year before to acknowledge the ones we got right and the ones we got wrong. And let's be honest,

• 3:56Scott Galloway?

  uh, making predictions is a shitty business. The events that lead up to the realization of any prediction you make, make it seem less extraordinary. For example, I predicted that AT&T was going to divest its Time Warner assets. At the time when I made that prediction, AT&T was saying that no, there was a ton of synergy and on earnings calls, they were saying how well it was going. Uh, but then it was obvious as they moved forward that there were probably, and there were rumors, they were planning to circular, they were trying to sell it. So by the time it happened, it didn't seem surprising at all. I said Bitcoin would hit $50,000 when it was at $18,000. And at the time, uh, that was a bold prediction. Any asset you predict within the next

• 4:37Scott Galloway?

  Whenever 12 months is gonna go up almost threefold is bold, but because it incrementally crept up there when it happened, it was like, it felt like kind of a giant thought. Anyways, a shitty business, but as Eisenhower said, "Planning is essential, plans are useless." Or I think he said in reverse order, "And predicting, or predictions are useless." But predicting helps us imagine a future, helps us damage the muscle in between our ears such that it grows back stronger, and also holds us accountable for thinking what kind of world we want to live in, and if we predict stuff, what can be done to either accelerate that good change, or do things to get in the way of what might be a bad prediction?

• 5:18Scott Galloway?

  Anyways, I absolutely love predictions, and we're going to take responsibility for decisions we make in the present, also revisiting a prediction and asking why it did or didn't come to fruition provides insight, as referenced before, into the machinations of our world, and whether we are progressing or regressing. What you're about to hear is our predictions livestream that took place on Tuesday, January 4th, with our higher education startup, Section 4. I started this company about two years ago. I'm sick of barking at the moon about how expensive graduate education has become, and I decided to help the world while trying to make a shit ton of money. Let's be honest, not in that order, not in that order. But we are a mission-driven organization.

• 6:03Scott Galloway?

  We do sprints around strategy, marketing, supply chain analytics, storytelling, try to kind of cherry pick the best props in the world. If this sounds like an ad, trust your instincts, and deliver it at 10% of the price with 0% of the friction. By the way, if you can't afford one of our sprints, we have a very rigorous scholarship process where you send us an email saying, "I can't afford this," and we grant you a scholarship. So, that's us feeling good about ourselves. That's my dog, lying on my chest, and I think, "Everything's alright with the world. Everything's alright." By the way, I have a Great Dane and a Dachshund, and I saw the most adorable TikTok today of a Great Dane and a Dachshund. I think there's a unique bond, not only between man and beast, but between Great Dane and Dachshund.

• 6:48Scott Galloway?

  I think it's a really unique peanut butter and chocolate combination. In case you're in the market for two dogs, find a Puerto Rican rescue dog that's somewhere between an Italian or a miniature Pinscher and a Dachshund, and a Great Dane. Let's talk about their respective personalities before we bust into "Why You're Here." Doxins are very deliberate. They will come up to you and say, okay, it's time to play. I feel like playing. And they'll bring a toy over and they'll ask you to throw it around for a little while and then they're done. And then they'll come up to you and say, okay, it's time for dinner. They also love to burrow. The power of instinct is just so incredible. My dachshund is so happy, just jumping on bed and burrowing well into the covers.

• 7:29Scott Galloway?

  Or when we go to the beach, he will dig up, just start digging and then lie in the hole. They're also incredibly aggressive or territorial dogs. I think they were initially bred to hunt vermin and they will not back down. And it's almost kind of dangerous. We have a German shepherd that lives next door to us that is not neutered and this thing could kill our little gangster and gangster just won't back down, which is kind of dangerous. So let's talk about the Great Dane. So our Great Dane, Lea, she is, I would best describe, what's the term, a really needy bitch. It's just always about her. From the moment you come downstairs and she body blocks you and says, you're going to pet me for the next

• 8:11Scott Galloway?

  10 minutes. And it's more of that the rest of the day. And they're very sensitive, very emotional. And I find the Great Dane is a little bit more selfish than gangster, that she's, it's just kind of all about her. But they are very loving, sweet, kind of dopey dogs. And it's an interesting contrast to their size because they look scary. I mean, when this, when Lea growls, the entire house shakes. Anyways, anyways, good for you. What a thrill. What a thrill here with the dog whisperer. So we'll start off this podcast by reviewing our 2021 predictions, review, hold ourselves accountable, and then bust into what we think will play out in 2022. By the way, hands down, best year ever, our

• 8:54Scott Galloway?

  2021 predictions in terms of what we got right. Never, that means this year, you should not do anything I'm predicting or invest across any of it because it probably means we're going to get all of it wrong. So before that, we want to note a staggering and not surprising stat from big tech. Bloomberg reported that in 2021, Apple, Amazon, Alphabet and Meta, that is Facebook, trying to create another weapon of mass distraction from what is Facebook, the company that depresses our teens and weaponizes our elections and makes our discourse more coarse. But hey, let's talk about the metaverse where none of us have legs. That sounds great. So they added approximately $2.5 trillion in market valuation with Microsoft, Apple

• 9:34Scott Galloway?

  and Alphabet leading the way in the S and P's 2021 gains. Back in July, I actually predicted that Amazon would be the first $2 trillion stock, and I got that wrong. As a matter of fact, Apple just breached $3 trillion, which is so impressive. It took less than two years since it reached 2 trillion, and it took about 42 years to get to 1 trillion, and then another 24 months to get to 2 trillion, and then just 12 months to get to 3 trillion, which by that math, if that math is linear, it should be 10 trillion in about 72 hours. Not going to happen. Pretty comfortable predicting that's not going to happen. So this is, I think, what happens when you take, and they're the first to do this, a tech company, and you take processing power, and you take network effects, and the power of

• 10:18Scott Galloway?

  software and hardware in an increasingly digital world, and you do what Apple has done and no other firm in technology has been able to do, and that is you combine it with a luxury quotient. That is, essentially, they've become the only luxury brand in technology, and they've taken a page, I should say they've taken several hundred pages because it's not easy, out of the luxury handbook, and they've spent tremendous time and effort and human capital around design. I mean, do you know who the head designer is at Microsoft? No, but everyone knows John Ive. Their stores, they went vertical before it was cool, and they thought about the brand as an experience, and they are meticulous, and arguably, it's

• 11:02Scott Galloway?

  the strongest brand in the world. I've never bought that. The strongest brands in the world are educational brands. Another talk show, another talk show. But anyways, the Cupertino firm certainly didn't start out as a luxury brand. It pivoted here, and it was, it was the best. House in a shitty neighborhood in tech hardware was born in the world of cables, a barefoot Steve Jobs, geekware, acronyms, and low margins. Then Jobs looked across the tracks at the luxury part of town and thought, why can't I be the best house in the best neighborhood? It sort of saved their bacon because I would argue just until the last, until maybe the turn of the millennium, Apple was notoriously overpriced and underpowered. But these core associations of aspiration and thinking different made it such that

• 11:47Scott Galloway?

  you bought an Apple laptop, even if you're like me, had a small business, and every time you went to a client, it was a shit show trying to get the thing connected. But everyone thought it was crazy for a tech company to open stores. None of these guys had stores. And actually, that's not true. Gateway had stores, but they were not executed very well. Do you remember those going cow spots, buy Gateway Computer? Right idea, wrong execution. I was on the board of Gateway Computer, which is about the weakest flex in the world. I was also on the board with Rick Snyder, who went on to be the governor of Michigan, and Ted Wait, who was at one point one of the wealthiest men in America. And this guy named Michael Dell decided to go small and medium-sized business. Ted went consumer, and we kind of know how that went.

• 12:30Scott Galloway?

  So now Ted is only, I think, worth several billion instead of 70 billion. But he's doing just fine. Interesting guy. Interesting guy. Enjoyed Ted. Anyways, this was crazy to open stores to go vertical, but Apple did it. And Apple owned this luxury positioning and created these temples to the brand and took $7 billion out of pre-purchase branding and put it into distribution and opened stores that LVMH and Cartier envied. I would like to, if they opened a coffee store in an Apple store, I would go hang out there. I just think it's, what they have pulled off there is so incredible, the human capital, the fluke, the feel, the design. And Apple stores embody, for me, what is something I'm constantly pulling out, or was constantly pulling out as a consultant.

• 13:13Scott Galloway?

  And that is the hardest thing about retail and merchandising and design is not what you include, but what you don't include. And I find that everything they pick probably is one of eight things they could have had, but they decided the other seven were good enough and they took it out. There's just a simplicity, a ease, a fluidity of purchase, whether it's giving your credit card to the person in front of you so you don't have to go to, why is there ever a cash register? Why with contactless payments? Why on earth would you ever go to a cash register? And why would you ever need to go somewhere to find customer service? They're there, they come up, they help you, they clean wood. They just done such an amazing job. It's easy to think of Apple in the context of retail right now, but they absolutely broke entirely new ground. So what is this?

• 13:58Scott Galloway?

  What do we learn from Apple? A few things in terms of their march to three trillion. One, it's great to be a tech company. Two, zigging when other people are zagging. They went into stores when others didn't. I do think it brings up the two biggest innovations in business model over the last 20 years. One, a recurring revenue bundle. Almost 20% of their revenue is now recurring revenue through services like Apple Music and Arcade. They've also consistently innovated around product development, the AirPods. If a standalone business would be, I think, the 53rd biggest business in the world. But at the same time, they were brave enough to disrupt themselves. They took essentially the iPod, was it called?

• 14:42Scott Galloway?

  Yeah, the iPod, and they turned it into a button on the iPhone rather than trying to hold on and protect those legacy assets at the cost of innovation. And then the other big innovation, or I think the biggest innovation, which is at the center of, I think, every huge accretion in shareholder value is supply chain. And that is they forward integrated into stores, just as Amazon's big win, I think, was Amazon Prime, a fulfillment. I think it's an interesting experiment to go through the entire supply chain of your company, whether you're a consulting firm and the supply chain there is more about how you recruit and deploy human capital and what it means to have a remote labor force. Or if you're Urban Outfitters, which I was also on the board of, thinking about the supply chain around sourcing and how you need more heterogeneous supply chain because

• 15:25Scott Galloway?

  in a market where people aren't quite as price sensitive, but if you can't get any tops into your 550 stores because 80% of them are coming out of a district in China. And also, what does it mean to have a company, a connected fitness device that when COVID happens, you know, one part creates or kind of basically disrupts the entire supply chain? And of course, talking about Peloton. But thinking about everything from the moment of inspiration and design to how the customer gets customer service, and then thinking, A, what can technology liberate us from, and B, how does COVID and the dispersion of the way we interact with products to our smartphones, our smart speakers, but more specifically our home, how does that change the way we think about supply chain?

• 16:10Scott Galloway?

  Anyways, first, the $3 trillion, I think that's absolutely dramatic. I think this is going to be a year, well, I'll make one kind of big prediction, I think we're going to see fundamentals reunite. We're already seeing it. I was supposed to do a predictions event a couple of weeks ago. We didn't use Zoom, total shit show, AWS went down, there's always a good excuse for failure, and 12,000 people wasted a half an hour of their time waiting for me to come on and tell them that AMC and GameStop stocks are going to collapse, which I'm convinced they're going to. By the way, I said Virgin Galactic was going to collapse about four months ago, and it's off 60% since then. I also said that Alibaba was a great buy, and it's off 30% since then.

• 16:52Scott Galloway?

  So anyways, tune in, I'll make a bunch of predictions, including predictions about sort of clean energy, i.e. nuclear energy, which I think is going to be a big deal in 2022. We're going to talk about stocks, we're going to talk about the metaverse. By the way, the metaverse is not going to be the zuckerverse, give me a fucking break, give me a break, thank God. Thank God they are not innovative at Facebook. They're incredible acquirers, probably the best acquirers in the world, but I wouldn't describe them as innovative. Anyways, I think it's going to be hilarious what's going to happen to the zuckerverse. All right, enough of that. Right after the break, right after the break, we're going to bust into our live stream around predictions for 2022. It's so good to be with you, it's good to be back. Let's embrace the future, let's party like it's 2022.

• 17:36Scott Galloway?

  I think COVID is coming to an end, I'm not saying be lazy, I'm saying go get a vaccine, I'm saying distance. I'm going to live my life, I'm going to live my life, I don't have a ton left, and it's going much faster than I would like, but I am going to embrace the shit out of my needy bitch, that Great Dane, that Burling Doxson, and these other beasts in my household, call my sons. Onward!

• 18:03Scott Galloway?

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• 18:47Scott Galloway?

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• 19:20Scott Galloway?

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• 20:05Scott Galloway?

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• 20:40Scott Galloway?

  Let's revisit 2021. So these were our predictions from last year. From December of 2020, we made the following 10 predictions and we'll review them.

• 20:52Scott Galloway?

  Apple acquires Peloton. We did not get that right. So so far that is wrong. However, however, I am doubling down and one thing I'm not certain it'll be Apple. I think it most likely will be Apple or Nike. But Peloton is not going to be an independent company by the end of 2022.

• 21:09Scott Galloway?

  Peloton is now about 90% less expensive than when I made this prediction the last time. Why is that? Because Apple's stock is up 50% and Peloton's is off 60 to 80%, meaning the dilution that a company like Apple would incur has gone from being a 3% to 5% dilution to less than a half a percent. In other words, they can pick this up right now for kind of spare change in the couches. It used to be not a bet the ranch acquisition, but an acquisition that would be a real blight if they got it wrong. In addition, Nike, which has a $250 billion market cap, Peloton's a 12 billion. It's no longer a bet the ranch

• 21:50Scott Galloway?

  acquisition for a firm like Nike. It's an acquisition that if they got wrong would be an injury, but not a career ending injury. So put another way, Peloton's incredible shedding of market capitalization makes it an even more attractive target. And I do not believe this will be an independent company by the end of 2022. Why is Apple the most attractive acquirer? Because most of Peloton's problems have come from supply chain. Who has the most robust supply chain in the world? Apple.

• 22:19Scott Galloway?

  Twitter hit $60 a share and Dorsey is ousted by June 2021. Okay, we got this right. Twitter's CEO, essentially incredibly negligent, deciding to spend 48 hours a week. What is, in my opinion, one of the most influential companies in the world. Once Elliott management got on the board here, and once there were real investors slash adults on the board, Mr. Dorsey was walking the green mile. I think it's incredibly innovative. I think he's a great CEO of Square, i.e. Block. I love that. Who do you work for? Block. Anyways, but he should have, the fact that it went on this long was ridiculous. I think this is a victory for corporate governance and ultimately a victory. For Twitter. So this is a company that has been a 10-year experiment in how it cannot

• 23:02Scott Galloway?

  compete with Google and Facebook. It needs to go to a subscription model. It needs to dramatically clear out all the toxicity and venom and bullshit in the bots and stop hiding behind bullshit like the First Amendment and command the space it occupies. This is the most influential company with the greatest reach that is trading at such a low market capitalization, maybe with the exception of PBS or the New York Times. But this is a real opportunity for the new CEO to embrace a new business model and clean up the venom and toxicity in the sewer that is Twitter right now. It did hit 60 bucks a share and Dorsey was ousted, so we're giving ourselves that. Airbnb hits $200 a share and enters commercial real estate. Airbnb is my biggest holding financially. I love the company. I

• 23:47Scott Galloway?

  think the dispersion of hospitality to these fallow assets called apartments. I think the CEO is fantastic. I think the move to relocate Afghani refugees or resettle was probably the most brilliant philanthropic move. It was needed. It was bold, did a lot of good, and it perfectly foot to the company's capacity to do something like that. You have a company that is probably the strongest brand in the history of hospitality. Nobody says, oh, I got a Hilton in Chicago. They say, I got an Airbnb. And it's been able to exit the stranglehold of Google and Facebook to a car customer's online. I think this is a juggernaut, and I think it'll continue to rip higher. I have not sold any shares. So the stock performance

• 24:31Scott Galloway?

  here has been pretty outstanding since the IPO where it priced at 68 bucks a share. We predicted Restoration Hardware and other home stocks, including Sonos, would hit $1,040. I did not get this right. I got it partially right. Restoration Hardware is up 18%, which feels good, but let's be honest, underperformed the S and P. It had gone up substantially the year before. In sum, you have the GDP of Germany. You have $2 trillion to $3 trillion dispersing from commercial real estate, a $12 trillion asset class, to the home. We are not going back to work in anything resembling the same cadence or duration as we did pre-pandemic. So the result is that ratty carpet is going to become insufferable. You're going to decide to take advantage of low interest rates and upsize.

• 25:15Scott Galloway?

  For the first time in the history of the U.S., we have double-digit year-on-year housing prices increases in a low-interest-rate environment. I think it's only going to get worse. I would hate to be buying a house right now, or a first-time house. If you're selling a house and moving, fine. You get, it's great to sell, it's terrible to buy right now. But I only seeing getting, I only see it getting better or worse, depending on how you look at it. And we're going to see just this massive dispersion of that capital that was going into commercial real estate into residential. And Sonos did quite well. They were up, they did hit forty bucks a share and up thirty-three percent for the year. We predicted that AT&T would divest Time Warner assets. This may not seem that bold now. It was bold when we made the prediction.

• 25:58Scott Galloway?

  AT&T had stated publicly they had no intention of shedding these assets and that they found tremendous synergy and opportunity in their content assets. And then what do you know, a few months later, they decide to sell. I think this was absolutely the right thing to do. I can't think of a more cultural or a better example of a cultural misfit than Texas phone guys trying to deal with media execs in Los Angeles or New York. There was never any synergy here. They overpaid for the property. Taking a step back from the wrong direction is a step in the right move. So AT&T leadership should be lauded for recognizing the mistake. We'll see how the new Discovery Plus, I think it's going to be called, shapes up. I believe this company will again be broken up. Why? Why?

• 26:42Scott Galloway?

  Because most media companies are either too expensive to buy or dual-class shareholder. The assets that include CNN and HBO and other iconic assets will be in play. They will be the only assets of this aspirational value that can be acquired. In addition, the shareholder base, which is constantly overlooked in terms of how important to a company, is going to be the island of misfit toys. It's going to have legacy AT&T shareholders that are used to dividends. It's going to have some people looking for growth and willing to incur losses, but they'll be mixed together. And the first time the Mr. Zaslove announces... The calories of the expense of what's required to build a streaming network with

• 27:22Scott Galloway?

  the terrible taste of low growth, he'll pull off both of those things in one quarter. And his, his Island of Misfit Toys shareholder base will throw up on that. The stock will be taken down and somebody will move in and want either a breakup or want to acquire bits and pieces of what is the most iconic assets that are available in the universe over the next 12 months. We predicted that CNN would go behind a paywall. Again, it doesn't seem that interesting now, but back then, uh, they were stating that they had no interest in going behind a paywall and the general conventional wisdom is that no one will pay for news. Well, we're about to find out and not only that, not only that, who's following them behind a paywall? That's right. That's right.

• 28:05Scott Galloway?

  Chris Wallace, Hallie Jackson, Anderson Cooper. I have no idea what they are thinking. No idea. Okay. Next prediction, we might work. So I was a WeWork bear, to say the least, uh, and thought the $48 billion valuation was consensual hallucination between WeWork shareholders and the markets, which quickly unraveled, but they brought in, um, a very seasoned real estate manager, Sandeep Matrani. I think it's a great concept. They got rid of sort of desk rental Jesus, cut a lot of costs and also COVID came and COVID plays the hybrid work where a lot of companies, especially smaller companies,

• 28:50Scott Galloway?

  are going to want more flexible aspirational workspace with the fractured glass and the IPA beer, uh, and reclaimed wood. I think this, I think the world is coming to WeWork, if you will, and we saw that and said at its recast valuation in the single digit billions, this company made sense and we were right. The company did get public. It's considered, it's doing quite well. It's flat since the offering to a little bit down, but let's be honest, this is a victory. There was a risk this company was going to go bankrupt. There is an enormous structural shift around remote. Um, I think we're underestimating what a huge impact that's going to have on society, whether it's our ability to meet people, whether it's how much time we spend with each other, the empathy we feel for people from different income or ethnic groups.

• 29:34Scott Galloway?

  I went to the movies the other night solely because I wanted to see, I want my boys to see more people that don't look, smell, and feel like them. And you are part of a collective when you share a sporting experience or a movie together. And I think that connective tissue is really important. That's not what we're here to talk about, although I did go to the Chelsea Everton game and the Tottenham Liverpool game. Hello, awesome. Uh, when I was in London, it just struck me how important it is for people who don't know each other to be in proximity with one another. And I think we really miss that. But having said that, these amalgams of steel, glass, and asbestos called office buildings are going to be like Peter Drucker reference. They're going to be like the great pyramids, and that is we'll come to marvel at them, but they won't serve any functional purpose.

• 30:17Scott Galloway?

  Think about this, only 23% of Americans are back to work. Think about that. Our ability or our skill at renting our human capital to an organization has improved by leaps and bounds, whether it's through Zoom, whether it's through different accountability metrics that the organization plays on you or puts on you. And think about the unlock here. Everybody thinks about this through the lens of what are the downsides of not being in the same room together? And there are some real downsides in terms of creativity, in terms of the kind of joie de vivre of being in the same room with people, and especially for the creative community or for high intensity jobs. But for the most part, you start from such a place of productivity.

• 31:01Scott Galloway?

  Think about how long it takes you to get ready to go to work when you were going to work, whether it's putting on a suit or a pantsuit, blow drying your hair, putting on a clean shirt, getting to the mode of transportation, transporting yourself. It used to take me, when I worked at Morgan Stanley at 1251 out in the Americas, it took me 12 minutes from the moment I entered the building to get to my desk. Conservatively, all of that, all of that can take up to two hours a day. Times five through the week, that's 10 hours. Times 52, that's 520 hours. That's 13 weeks of time you're getting back if you can figure out a way to rent your human capital remotely. In addition to costs between somewhere, somewhere between $20,000 and $30,000 for the corporation to house you in an office. So you're starting on January 1.

• 31:45Scott Galloway?

  With potentially three to four months of time, of additional time, and twenty to thirty thousand dollars to try and figure out how to bridge that delta between the lost productivity of working remotely. I think that we're getting better at that. Bitcoin surpasses fifty thousand dollars. Okay, that seems boring. It was twenty-two thousand when we made this prediction. And it could have easily gone to two, and everyone would have said, oh, well, of course it did. There was so much energy surrounding Bitcoin, and so many smart people seemed so excited and so much capital had gotten in and said, I don't want to be, sort of fear of being an idiot, phobia, is that what it's called? That I saw that, okay, you're about to get a whole entirely different asset class

• 32:29Scott Galloway?

  of investors who are going to invest in what will be the iconic property here. And that is, a lot of people, I felt, were going to dip their toe into the crypto market. And the shallow end of crypto is Bitcoin. It feels like the iconic cornerstone asset, where you're unlikely to lose it all, but still gives you some exposure. We got that one right. I think it peaked at about sixty-eight thousand dollars. Roblox stock doubles from its offer price within six months. True story, I tried to find the CEO and invest in this company when it was a private company. One, because I read some incredible stats about Roblox. Get this, fifty percent of our kids under the age of sixteen are on Roblox. I also was very impressed with the amount of resources and people they were devoting towards content moderation.

• 33:13Scott Galloway?

  It's not perfect, but I think it's a lot better than some of the other social networks. And I love the idea of this distributed creator model, where you essentially can create a game, and it's up to the users to decide what games, they're the arbiters of truly decentralized gaming. I think this is an incredible company and wanted to invest. And before the IPO, said that this company was going to double in value. Well, I was wrong. Well, I was wrong. This company is up about fifteen X in value since its funding round in the private markets in 2020, when I was trying to get in. By the way, I did not get in. Video games, the entire video game sector is going to increase in value. Why?

• 33:54Scott Galloway?

  Because as the Zuckerberg fails, and all these people get all hopped up and horny for the metaverse, they're going to realize the linchpin of the content that drives the metaverse is gaming. Fintech will be the deep pockets, but gaming will be the hook. Or sort of the hero product and every gaming company is going to increase in value because it'll be rumored to be a great acquisition. The acquisition, the FTC and DOJ should not let happen, but would be the gangster acquisition for Facebook would be if they tried to acquire, they acquired Epic, which I think will probably be the biggest or most successful IPO of 2022. But in sum, gaming is about to increase in value. There's really only two mediums growing that are of any real size and that is streaming and video games.

• 34:39Scott Galloway?

  So let's talk about the following year, the next year, 2022. Can you get over that 2022? Anyways, anyways, first off, our first prediction, and I'm making the same predictions I was about to make when we were unable to deliver this a few weeks ago. I'm not editing it because I think that's cheating. But one of our predictions was the Time's Person of the Year, which had not been announced yet, would be Francis Haugen. And I was so certain of this. Oh my God, hello, wrong already, wrong already. Who is Person of the Year? Yippee, it's Elon Musk. And at first I thought, okay, that makes no sense. And the more I thought about it, it in fact makes sense.

• 35:24Scott Galloway?

  Elon Musk does in fact mark the age and Time's Person of the Year isn't someone, it's not meant to be someone who's aspirational or even popular or well liked or even good for the world. Stalin and Hitler were both a Person of the Year for Time, as was Donald Trump. I'm not comparing any of them to the other. I think that's an insult to Stalin. Anyways, does that make any sense? Anyway, you get my meaning. But he does mark the age, right? Whether it's rockets, whether it's solar, whether it's EVs, incredible shareholder returns, Elon Musk, there's just no getting around it, marks the age. We have Tesla, which has a commanding share of the EV market, which is the fastest growing

• 36:08Scott Galloway?

  market and the most exciting market in manufactured goods. And we're seeing a change in business models and I don't think you can underestimate the vision here specifically. My rap around brand strategy, the sun has passed midday. And that is, I would argue, the 90s, 80s and the 90s were the brand era, where you took a mediocre car, mediocre shoe, a mediocre salty snack, and you wrapped it in amazing brand codes of American patriotism, or European elegance, or young and hot, whatever it might be, paternal love, maternal love. Choosing moms choose Jif, pay $3 for this 30 cents of peanut butter paste. And that was how you printed money. The icons of yesteryear, whether it was P&G, Unilever,

• 36:50Scott Galloway?

  or General Motors, adopted this algorithm of a mediocre product with incredible brand codes that they then pounded away using this incredibly efficient medium called broadcast media. Stop the channel with your 60 to 80 points of margin and print money. That algorithm no longer holds. And it's really all about the product again, and about innovation that's been unlocked with digital technologies. Next prediction, the Zuckerverse fails. This will be the biggest tech fail of 2022, hands down. And about in July or August, we're going to start seeing all sorts of stories, second guessing, meta strategy, meta's name change. And they will probably leap for a huge acquisition

• 37:31Scott Galloway?

  in the second or third quarter when they realize this just isn't working. If you were able to establish a true metaverse, and right now, we have metaverses, whether, or mini metaverse, call them mini-verses, we have Twitter, we have FIFA, we have Fortnite, we have Roblox. But if there was one meta-universe, the person who was in charge of that would effectively be the closest thing we have to a scientific god. So the idea that this might be a sociopath and his lipstick on cancer at Facebook, basically being our god and goddess, is not only frightening, it's dangerous.

• 38:07Scott Galloway?

  Coming up after the break. The 2022 business term of the year will be Super App. And that is, there will be a race for super, or specifically, a company that tries to bring together several applications under one operating system. And that is the Swiss Army knife of the internet.

• 38:28Scott Galloway?

  Stay with us.

• 38:36Scott Galloway?

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• 39:21Scott Galloway?

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• 39:43Speaker 01

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• 40:13Scott Galloway?

  The 2022 business term of the year will be Super Act. And that is there will be a race for super, or specifically, a company that tries to bring together several applications under one operating system. And that is the Swiss Army knife of the internet, mostly around transportation, mobility, food delivery, and payments, in addition to social, right? So we might have an operating system across everything from getting services...

• 40:43Scott Galloway?

  To how we pay and receive and remit money, to how we order groceries, deliveries, you name it, right? It all might be under one operating system that has one data set which is very powerful. Now, why is this so powerful? It's an attention economy. For every additional minute you get of an economy's time, or of a nation's time, you get somewhere between 3 billion and 200 billion, depending upon the wealth of that nation and that cohort whose time you are capturing. American firms recognize this, and they are now, just as firms, American firms, who are recruiting people out of big tech, big tech, or the four, are now recruiting people out of super apps.

• 41:22Scott Galloway?

  At Google alone, they've hired 300 people from Alibaba and Tencent, just in the last five years, and 2/3 of those people, or 200, have been hired in just the last 24 months. So they get how important super app is, and they're now starting to poach from the true center of innovation, and that is India and China. I believe a key component of a super app will be some sort of social application, and that makes Twitter and Pinterest very ripe for acquisition. Pinterest is overvalued, but it's coming down. Twitter has come down. It's now at 40 bucks. If it goes into 30 range, you're going to see a lot of people start to sharpen their pencil. Specifically Salesforce.

• 42:04Scott Galloway?

  The chairman of Twitter now is the co-CEO of Salesforce. My speculation is that it's no accident that Marc Benioff, one of the most talented executives in the corporate world, decided to make a co-CEO about the time it was announced they were looking for a CEO. I would bet that Mr. Taylor, who's a very talented executive, was offered the CEO position at Twitter, went back to Marc, and Marc said, "Be chairman, and I'll make you co-CEO here." We know Marc Benioff wants the firm. He was talking about acquiring it when it was worth about 35 billion, and his firm was worth about 80, meaning it was a "bet the ranch" acquisition. But what's happened since then? Again, similar to Peloton, Twitter has gotten a lot less expensive because its stock has gone nowhere.

• 42:49Scott Galloway?

  Meanwhile, Salesforce is worth 275 billion, meaning they can acquire it now for a 10% to 15% dilution instead of a 30% to 40%. So Twitter is now 60% off where it was the last time they thought about acquiring this firm.

• 43:05Scott Galloway?

  This means, this means that Twitter and Pinterest are likely acquired, one or both of them, in 2022. And it'll be the nexus and one of the pillars for the first American company that'll claim super app status. So what would be unusual is if Jack Dorsey decided to reunite his sister wives and tried to acquire Twitter and said, "We're the new Tencent." The company that says, "We are, in fact, the super app," would get huge momentum in its stock. I think the most likely acquirers will be fintech companies that have evaluations that the marketplace is very excited about, but lack customer acquisition costs or lower customer acquisition costs, need to lower their customer acquisition costs, and they lack people.

• 43:47Scott Galloway?

  In other words, Twitter sits on an incredibly shitty business model. What the fintech companies have is an amazing business model that the markets love, but they don't have the engagement or the customer basis of some of these social companies that sit on shitty business models. And I think they can solve, they can both solve those problems by reuniting. Open sea valuation doubles. I'm actually a big believer in NFTs. A lot of people are calling it a scam. I think that Bitcoin and Ethereum survive, but the 90-plus percent of coins go away. And there's going to be a lot of SEC and a lot of lawsuits filed around this. Now, why? Why am I bullish on NFTs? I think it comes down to sex.

• 44:31Scott Galloway?

  Or simply put, art and collectibles are a function of signaling value through artisanship and power and money and resources. In pre-pandemic, this is how we met potential mates and friends. It's changed dramatically post-COVID. And that is, all of a sudden, almost one in two relationships are starting online instead of one in five. And how do you signal value when you can no longer pull up? In your, you know, in your Maserati with your Rolex or however it is you try and signal value. The way you'll do this is with NFTs and that is if you buy land on, is it Intraland? I forget what it's called. You'll be able to buy an NFT and signal your power and your

• 45:16Scott Galloway?

  worth as a made online with NFTs. And just as we decided that having one Mona Lisa wasn't enough, so we would create limited edition lithographs, two of 300, three of 300, the same thing's gonna happen here. It's gonna be all about signaling. It's gonna be very powerful. I don't see why it's any less a store of value of crypto. And I'm actually more bullish on NFTs. The thing I'm most bullish on is DAOs, the ability to decentralize the collection of capital for sole purpose or special purpose vehicles. I think is very exciting and we're gonna see a lot more of it as long as, as soon as the kind of the gas fees or the transaction fees go down. This is how we used to signal, right? Order

• 45:55Scott Galloway?

  the 1942. I'm a total douchebag, but because I order $120 tequila, it makes me interesting, right? Or I'm gonna buy a really nice watch that I never look at, that I look at my iPhone for time, but I'm trying to signal masculinity. This is $2,000 of movements, steel and rubber that I paid $11,000 for so I can fill 56 again, or a Birkin bag, what have you. NFTs are the new signaling. And we're gonna see it across these metaverses. There'll be sort of a symbiotic relationship between these metaverses and NFTs. Both will rise in value together. We're gonna see an explosion in the value of open seas and we're gonna see an explosion in the value of iconic media and sports franchises. I think the value

• 46:40Scott Galloway?

  of everything from the Glasgow Rangers, go Rangers, go, most storied football club in the United Kingdom. We're gonna see the value of every football team, that's what they call it over there, and every iconic media company that has assets, whether it's the still of Samuel Jackson and John Travolta pointing a gun at somebody. But these assets have probably increased 20 or 30% in value just because the, they're so NFT rich. I think Real Madrid, you're gonna see record prices paid for sports teams and anything. That a visionary says, I can probably begin extracting or mining an entirely new source of cash flow in the form of NFTs. I think DAOs are very exciting.

• 47:24Scott Galloway?

  We talked about the opportunity, the public or the private to public pop is basically you increase the potential supply of investors and the same type of pop will probably happen to DAOs where you can gather 10,000 plus people to organize around a sole objective around acquiring something. Okay, let's talk about the, the world of Elon Musk. I think effectively, effectively you have Boom and Boring are going to increase in value. Virgin Galactic are going to go down. That's not Zuckerberg, but I think in terms of transportation, Boom, a supersonic company and the boring company are going to go up in value.

• 48:06Scott Galloway?

  I think Virgin Galactic could potentially go bankrupt or be sold for its IP. I think this company has demand constraints. I don't think there's that many people who pay $400,000 to go up 60 miles and float back down over eight minutes and a supply constraint. If they execute perfectly, they'll have capacity of 1,600 seats in 2025. And I don't say this lightly, but that entire industry could be over in a flash. I predicted Virgin Galactic was a train wreck. I did get this one right. The same day I said Alibaba was undervalued, that's gone down 30%. So I got that one wrong. And I think that the opportunity in transportation is about fast, not far. And we're going to see supersonic make a comeback. I'm trying to invest in Boom.

• 48:48Scott Galloway?

  I think getting to New York in three and a half hours from London is a huge value proposition. The richest people in the world have effectively built time machines that unlock our ability to spend more time with our families. Boom says it can get you from New York to London. The technology is much better in three and a half hours versus six and a half hours, which I think is an enormous market to reunite the continental shelf. I also think Boring moving underground and decreasing our commute time. Again, another time machine and unlock is super, super exciting. I'm going fast because I'm running out of time. I also think the last mile is incredibly exciting. Companies like Joker, Hive, there's just some amazing last mile companies. It's sort of a reinvention, just as the Concord was too early.

• 49:32Scott Galloway?

  Urban Fetch and Cosmo were good ideas, but they were too early. I think what's really interesting is the notion of a 10 minute city, which Seoul is trying to produce through your 10 minutes from everything you need. Another prediction, I think fundamentals and valuations reunite. GameStop and AMC are below 10 bucks a share. And the entire EV market is cut in half. I think there's a decent chance it could go down 80%. If Tesla went down 80%, it would still be worth more than Ford and General Motors. There are three reasons companies trade. They trade because of fundamentals, or technicals, or stories, or movements, which has been total bullshit. I still can't find any of these young people who supposedly their parents lost their house, and this is their way of screaming or howling at the moon.

• 50:13Scott Galloway?

  All I see is a bunch of rich rowers from Harvard and the wealthiest man in the world pumping and dumping based on quote unquote them being William Wallace. They're not, they're the king's guard. These stocks were the most talked about stories in all of news. Keep in mind, right, the top searches for Google were these stocks. I don't think that's sustainable. And once they no longer become movements or brands, people are going to look at the fundamentals. And the bottom line is AMC and GameStop are shitty businesses, and they will reunite their valuation with the above term shitty. The EV market dramatically overvalued. I have been so wrong on this for so long, but I'm doubling down. Call me a broken clock.

• 50:56Scott Galloway?

  Okay, when you don't have anything resembling a rational valuation, increase your TAM to climate change. Lucid is combating climate change. Rivian is sustaining life and enchanting our future generations. So they must change. This is where Rivian's potential lies. Give me a fucking break. They're producing, they're bending steel and producing cars. By the way, I ordered a Rivian. I got 1.4 thousand likes. Very exciting. Even funnier, VC Braggs said rest in peace based on my purchase Rivian, and I got 4,000 likes. That's funny. Anyways, space hauling is the exciting part of the space ecosystem. Space tourism is a ridiculous business that will end in tears if not a flash.

• 51:40Scott Galloway?

  I think Virgin Galactic continues to tank. It's already off 70%. And I think SpaceX is going to be worth more than Tesla by 2025. The morning news was breathless with these ridiculous faux launches of, you know, for all humanity. As a matter of fact, they spend more time covering these launches in the climate crisis. And as a result, these companies are tremendously overvalued. And the people that know these companies, specifically Virgin Galactic, are doing one thing. They're selling, and they have been selling. Space tourism, space is a dangerous business. It has mortality rates. 550 people have gone into space, 11 are not coming back. That means it's more dangerous than getting COVID, climbing Everest,

• 52:21Scott Galloway?

  or base jumping. Oh, and by the way, space exploration is space execution. It's 41 degrees in New York. It's a balmy minus 102 in Mars. I will give you this, the view will take your breath away. Literally, there's no oxygen on Mars and the radiation means slowly but surely your bones melt. This is a ridiculous premise. Space tourism, space exploration are stupid ideas. The real money is around space hauling. Why? We're going to go from 3,000 satellites to 50,000, and we need to put that stuff up as efficiently as possible. And SpaceX is blowing away the

• 52:59Scott Galloway?

  competition prediction SpaceX worth more than Tesla by 2025. We're going to see fintech firms acquire a lot of media companies. I believe that PayPal had the right idea going after Pinterest. I think it still might happen. They're just going to wait till Pinterest becomes less expensive and they go up in value, again, making Pinterest less expensive on a dilution value. We talked about the firms, what they need from one another. We're going to see a lot of acquisitions of smaller content companies and things like newsletters, or there will be very few independent content companies as they'll be snapped up for their passion, their NPS, and their engagement, which fintech companies can better monetize. I think we're going to see a Lux coin emerge. I think

• 53:44Scott Galloway?

  the ultimate gift from that midlife crisis guy to his fourth wife would be a coin that says you can have any 10 Chanel products out at any given time, plus a stylist. How much would that coin go for? I don't know, 100,000, 500,000? It'd be an easy way, literally an easy way for Chanel to raise half a billion or a billion dollars overnight. I also think this might happen to universities. I don't think this is a good thing, but I can see an organization like Stanford saying, if you pass certain entry requirements, because the hardest thing about Stanford is getting in. One person in your family can be pursuing a degree from Stanford at any time. You get lifelong learning, access to our community, access to the incredible content of our campus. What would a Stanford coin go for?

• 54:28Scott Galloway?

  We're only going to issue 100,000 and then that's it. We'll grow 4% a year. You'd say, "Well, that would just be all rich people. Rich people could buy coins and then designate them for low-income families. There'd be a way to try and make it more diverse." But I think overnight, Stanford, think about, what would that coin go for? Anyone in your family can get a degree from Stanford if they meet certain entrance conditions. Not the bullshit that our rejectionist culture goes through now, but just say you have to be competent enough to get a degree, which isn't that competent. But right now, we have a business model where people spend a ton of money over four years and then we don't hear from, we don't contact you, and then we ask you for millions of dollars when you hit your 40s or 50s if we do a Google search and it ends up you work for a tech company. This will stretch over a lifetime. It'll change to lifelong learning,

• 55:12Scott Galloway?

  and we're going to try and figure out a way to monetize what are the strongest brands in the world. It's not Apple or Google or Amazon. It's MIT, Stanford, and Harvard. I also think you could see a health coin. And that is Langone or Jackson Memorial or Cedars or Mayo would say, "Cradle to grave, your entire family, all the healthcare, the best healthcare. What a great gift for your family, for your kids. Give them a Langone coin and you know the entire family has healthcare. Gets rid of the development department, gets rid of admin, gets rid of paying, gets rid of insurance. What would that coin go for? Overnight, these organizations could raise tens, if not hundreds, of billions of dollars. A Stanford endowment overnight could go from $42 billion to $142 billion. Not saying it's a good thing. I think it's going to happen.

• 55:55Scott Galloway?

  We're going to see a luxury brand leverage its scarcity in these technologies to produce a lux coin. Clean energy reconsidered. A little bit of a crusade here. If I told you there was a carbon-free, reliable energy, proven energy 24 hours a day and that it was containable in terms of its externalities or its emissions and a single generator could produce enough electricity to power all the homes in Philadelphia. We have it, it's called nuclear. Unfortunately, it's been terribly branded. We need about 115,000. Thousand square miles of solar panels to get to power Earth. Or basically, we need to cover France in solar panels to fuel the Earth.

• 56:37Scott Galloway?

  I got a lot of shit for this because people are just so in love with solar and wind. I think they're great, but I don't think it's enough. And I think we should reconsider nuclear. And like that bumper sticker in the seventies said, more people have died in Ted Kennedy's car than a nuclear power plant. That is no longer true. More people have died in nuclear, but it's still one of the safest energy producing technologies. And I think it needs a rebrand and I think it's part of any serious sober conversation or how we attack climate change. The new Miami and Austin, I like cities. I think they're fascinating. Twenty super cities will be responsible for two thirds of economic growth. One of the, one of the piece of advice I give to any young person is get certified and get to a city as soon as possible.

• 57:21Scott Galloway?

  It's the best place to find something interesting to do, the best place to find a mate, the best place to rally with people better than you on the court, which will make you a better player. I think the new city, if you will, are the city that's going to become very hot. It's not Miami, it's not Austin. I think it's Mexico City. Travel and leisure's destination. I'm biased. I absolutely love Mexico and I've been going there four or five times a year since I was a kid. But I think Mexico is about to have its moment in the sun. Specifically, Mexico City, which has a huge population, an educated population, dense population, also is attracting a ton of visitors and want a lower cost of living. They don't have their head up their ass. They haven't politicized vaccines.

• 58:02Scott Galloway?

  Ninety-nine percent, get this, ninety-nine percent of residents in Mexico have had at least one dose of the vaccine. We're also seeing it's essentially COVID free at this point. Dangerous words to say. Also, as companies look to diversify their supply chain, they will look for a greater proximity. Mexico offers a great cocktail of lower regulation, lower wages, but greater, obviously much, much better proximity to the United States.

• 58:29Scott Galloway?

  So let's summarize. The Zuckerberg fails. The business of fast exceeds the business of far. Open C valuation doubles. Twitter or Pinterest is acquired. Space hauling dramatically outperforms space tourism or space exploration. The value of the EV industry gets halved. Meme stocks reunite with fundamentals and decline. The new city is Mexico City. Some form of Lux coin emerges. Fintech becomes the ultimate acquirer of a lot of media firms. Francis Haugen is the Times Person of the Year. Wrong. And our biggest regret will be what we have done to our teens at the hands of big tech or letting it happen. Mark top stock picks Twitter again. Open C SpaceX and I'm going to throw in Alibaba.

• 59:12Scott Galloway?

  As I believe Xi Jinping is wrapping the knuckles, not cutting the hands off of Chinese tech firms. And right now Alibaba is essentially Amazon at 70% off. I think it's going to come ripping back.

• 59:31Scott Galloway?

  Algebra of Happiness. I wrote in my blog that my cousin Andy had passed away last week and people have been very nice and supportive. So thank you. I was not close with Andy. I was closer with him when I was a young man. Andy was 52, tall, strapping, handsome guy who was in perfect health, diagnosed with COVID along with his 80 year old mother and 55 year old sister. His sister and mother were fine. He was admitted to the hospital with pneumonia and it looked like things were getting better and then crashed and died one morning. And you know, entire family shocked. Andy chose not to be vaccinated. And this is not a lecture about getting vaccinated. If you're not vaccinated, I don't think there's any reaching at this point.

• 1:00:14Scott Galloway?

  What it struck me and I hope that people take away from, or I'm taking away from this tragedy is that Andy and I really liked each other and we were friends. Very similar, both are kind of the oldest boys of that generation. He lived with me between my first and second year of graduate school. Came over from London and lived with me in Los Angeles when I was doing my internship at business school. And we just liked each other a lot. And we lost touch and I kept thinking, well, why did we lose touch? And I think some of it is that because my career, I've been very fortunate. I've had a rewarding career and I've had a little bit of fame and people stay in touch with me. And that is they reach out and I've become very spoiled.

• 1:00:59Scott Galloway?

  And that is people tend to make more of an effort with me because they see something I've written and they ping me. And as a result, I don't make much of an effort to stay in touch with people because I assume everyone else is going to stay in touch with me. And the majority of people aren't going to do that because why would they? Why would they make all the effort? And I think that's what happened with my relationship with Andy. Life gets in the way and I never made kind of the requisite or the reciprocal effort to maintain that friendship. And nothing gets in the way like death. And I will never speak to, see, or spend time with Andy again. The real tragedy here is not my friendship or relationship with Andy being capitated, but that he leaves a nine-year-old son or survives a nine-year-old son.

• 1:01:41Scott Galloway?

  But the lesson that I take away, and I hope all of us take away, is that, and I'm doing this, is I'm running down a list of people that I care about and I think I would really enjoy extending and cementing the relationship. But I'm going to not assume that the responsibility for staying in touch is entirely on them. So if you have the time, put together a list and it can be a small list of people that you, for whatever reason, have lost touch with, but you would enjoy reaching out to and re-engaging with because you just, you had just more than, or not more, but as much as this tragedy, the thing that was so just striking about it was just how shocking it was. No one, no one saw this coming.

• 1:02:26Scott Galloway?

  Our producers are Caroline Chagrin and Drew Burrows. Claire Miller is our assistant producer. If you like what you heard, please follow, download, and subscribe. Thank you for listening to the Prop G Pod from the Vox Media Podcast Network. We will catch you next week on Monday and Thursday. 2022.

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