SpaceX IPO Day, We Won The Iran War Again, & US Tops Oil Export List | The Tom Bilyeu Show Live

What's up, everybody? It's Tom Bilyeu here: If you want my help... STARTING a business:join me here at ZERO TO FOUNDER https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show: https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show SCALING a business:see if you qualify here. https://tombilyeu.com/call: https://tombilyeu.com/call Get my battle-tested strategies and insights delivered weekly to your inbox:sign up here. https://tombilyeu.com/: https://tombilyeu.com/ ********************************************************************** If you're serious about leveling up your life, I urge you to check out my new podcast,Tom Bilyeu’s Mindset Playbook https://open.spotify.com/show/47VE90Cittmo6TGGFqg2xf —a goldmine of my most impactful episodes on mindset, business, and health. Trust me, your future self will thank you. ********************************************************************** FOLLOW TOM: Instagram:https://www.instagram.com/tombilyeu/ Tik Tok:https://www.tiktok.com/@tombilyeu?lang=en Twitter:https://twitter.com/tombilyeu YouTube:https://www.youtube.com/@TomBilyeu Ketone IQ: Visit https://ketone.com/IMPACT for 30% OFF your subscription order Quince: Free shipping and 365-day returns at https://quince.com/impactpod Plaud: Get 10% off with code IMPACT at https://plaud.ai/impact Whatnot:Download the Whatnot app today and get free shipping on your first order. AT&T Business: Switch to AT&T Business at business.att.com http://business.att.com Shopify: Sign up for your one-dollar-per-month trial period at https://shopify.com/impact Truemed: Check your eligibility and start saving at https://truemed.com/impact Incogni: Take your personal data back with Incogni! Use code IMPACT at the link below and get 60% off an annual plan: https://incogni.com/impact Pique: 20% off at https://piquelife.com/impact In this Friday edition of The Tom Bilyeu Show Live, Tom and Drew dig into a packed news day spanning geopolitics, markets, tech, and a long philosophical tangent on immortality. They open on Iran, breaking down the leaked 14-point "deal" circulating via Iranian state media — the $24 billion in frozen assets, the naval blockade, the Strait of Hormuz, and reconstruction demands — and why Tom is deeply skeptical that anything beyond a memorandum of understanding gets signed, plus what a bad deal could cost Trump heading into the midterms. From there, they pivot to a heated exchange over the SpaceX IPO and the Globe and Mail's "how to properly hate Elon Musk" headline, using it as a springboard into the psychology of resentment, the mechanics of transformational-tech bubbles, and a warning to retail investors about becoming "exit liquidity." The conversation moves through California's voting rules, ballot harvesting, and Trump's Save America Act and reconciliation push (with an extended back-and-forth on states' rights, the Constitution, and the Supreme Court), the UK's proposed device-level content-scanning law and the surveillance-state implications, a DOJ child-smuggling indictment tied to border policy, and the Epstein/Zorro Ranch mystery. They close on AI — unpacking Yann LeCun's argument against LLMs and AGI in favor of specialized world models — before spinning off into a wide-ranging debate about whether you'd actually want to live forever, the disposable-male hypothesis, and a contentious Alex Karp clip about GDP and gender. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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

• 0:00Tom Bilyeu?

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• 0:45Tom Bilyeu?

  Their dashboard tracks what comes next based on what your business actually needs. So EIN number, registered agent, licenses and permits, bookkeeping, business banking. I tell every founder the same thing. Just make it official. Click the link in the show notes to check out Taylor Brands and get started on your business today. This is a paid advertisement. Good morning, everybody. Welcome to another episode of the Tom Bilyeu Show Live. We have got a lot to cover today. It's going to be a very interesting day. Whiplash is setting in, at least for me, as Trump announces for the, and this is a literal number, for the 38th time that we're close to a deal with Iran. And they, of course, deny it.

• 1:30Tom Bilyeu?

  Sort of, kind of, we're going to go through all the details. The SpaceX IPO is today and is set to make Elon Musk the first trillionaire. We're definitely going to cover the Globe and Mail's response to that, which is fascinating. And if you guys have been paying attention to Times Square, you know that there's plenty going on there. Racial tensions in the wake of the Carmelo Anthony conviction continue to flare on social media. It has been wild if you guys have been seeing some of the clips. I will definitely be talking about that. The beginning of June has seen some absolutely breathtaking breakthroughs in health and longevity. I am here for it. We're talking about massive age reversal, potentially. Man, would that be cool. Some great news for young people. This really is interesting.

• 2:15Tom Bilyeu?

  I think some people are going to respond negatively to this, or they're going to think I'm kidding. I am not, at least, but kidding. This is good news. California professors claim they're having to dumb their classes down. Young people, I have a message for you. So, parents, if you've got kids, at least for that section, bring them in. I am going to be going ham on that one, as there's real opportunity. And the UK continues to usher in a 1984-style dystopia by calling for censorship instead of addressing the growing immigration crisis, which makes me very sad. Now, we've got to get on to the brutal reality of whatever is going on in Iran. And let's call it breaking news, you guys. We're close to a deal. Can you believe it?

• 2:58Tom Bilyeu?

  That would end the war in Iran, except for the fact that we have heard that a literal 38 times before. This is getting, this has gone through like the stages of grief. At first, it was like, okay, I was really getting hopeful. Then it was like, all right, this is the boy who cried wolf. Then it just plain got boring. Now it's back to, this is just funny. I'm not even sure what to make of this. Maybe it really is true, but this is what happens when you have somebody cry wolf over and over and over. The only rational response at this point is to be skeptical, given that if you believe the other 37 times, you would have been wrong. Now, let's hope it's true. Obviously, people should want an end to the hostilities, but the reality is that even if the current messaging

• 3:42Tom Bilyeu?

  about a deal getting close is correct, I want to be very clear about the only thing anybody is talking about is a MOU, which is a memorandum of understanding. So it's just like, hey, this is basically where we're at. This is kind of what we agree to. And Iran's semi-official Mer News published what it claims is the draft, draft, 14-point agreement, including the US releasing $24 billion in frozen Iranian assets during a 60-day ceasefire extension, with half of it needing to be upfront.

• 4:17Tom Bilyeu?

  So I think there are so many things in this agreement that would put us in a weakened position that I think actually getting the deal across the finish line would basically be impossible at that point, but let's go through the 14 points. Now, I advise you to take all of this with a huge grain of salt. Nobody knows if these are the actual deal points. There is so much miss this malinformation floating out there on this. But this is the 14 points per mer. Again, the semi official state media for Iran. Okay, one, a permanent and immediate cessation of the war on all fronts, including Lebanon.

• 4:57Tom Bilyeu?

  So that means that they're not letting Israel be their own thing as much as the US has tried to separate that out. It's gotta be all part of one thing. Two, US commitment to non-interference in Iran's internal affairs and respects for its sovereignty. Now, for me, hiding in that is sovereignty over the Strait of Hormuz, which they have claimed many times. So we'll see how that goes. Three, lifting the US naval blockade within 30 days, which obviously weakens our leverage tremendously. Four, withdrawal of US forces from around Iran, which that one is, I think, very interesting.

• 5:38Tom Bilyeu?

  At one point, Iran was saying that a part of the deal for them was that they would completely leave the Gulf. So are they saying only on states that border Iran or all across the region? If we agreed to that, that would be shocking. Five, reopening the Strait of Hormuz within 30 days with Iranian arrangements. I do not know what that means. If that just means in coordination with Iran, we'll see. Six, suspension of sanctions on Iranian oil and petrochemical revenues, making Iranian financial resources fully accessible. So basically letting them get back up on their feet. Now, unless there are major concessions in terms of visibility into the nuclear program,

• 6:21Tom Bilyeu?

  this would be an obvious step backwards for the US. We would end up being in a much weaker position. So again, we'll see. Seven, US and allies to draw up reconstruction plans for Iran worth at least $300 billion.

• 6:38Tom Bilyeu?

  Now, if they're saying this is the agreement that we've agreed to in principle, that one is going to cost Trump a massive amount of political capital. Eight, 60 days of negotiations to reach a final agreement based on nuclear issues and the complete lifting of sanctions. That one to me just tells you the deal's not going to get done, but maybe I'm being cynical. Nine, Iran's reaffirmation of its commitment to the Nuclear Nonproliferation Treaty and its obligations not to produce nuclear weapons. Okay, we'll say. Ten, Washington unfreezing 24 billion of Iranian funds during the 60-day negotiation period with half made available before the talks even begin.

• 7:20Tom Bilyeu?

  Again, a lot of give right off the jump. Eleven, a monitoring mechanism to implement the agreement. Yes. Twelve, final agreement to be approved by a U.N. Security Council resolution. Thirteen, final negotiations start only after half of Iran's funds are unfrozen, oil sanctions are suspended, and the maritime blockade is lifted. So basically, we've got to see that all of these things are real and that these are not just words. Fourteen, discussions about Iran's missile program and support for resistance groups have been definitively removed from the agenda.

• 7:58Tom Bilyeu?

  Okay. Now, there's still a mountain of negotiating that has to be done, and given the clown show that this has been so far, I cannot imagine in any universe that the negotiations will actually go smoothly and we will get across the finish line. Plus, Galli Baffs, which is Iran's lead negotiator, has said very directly, "We have no trust in guarantees or words, so only action are the measure that we're going to judge this by." So no action, opening the Strait of Hormuz, accepting limitations on his nuclear program, etc., will be taken before the U.S. acts. So lift the blockade of Iranian ports, ease the sanctions, just for instance. So. We've also had pushback, by the way, from Iran's foreign minister,

• 8:43Tom Bilyeu?

  ministry spokesperson, excuse me, Ismail Bakay, I don't know if that's actually how you say it, but hopefully that's close. He said Tehran has reached no final conclusion. He did, however, say that most of the text is already finalized. So assuming that those 14 points are the texts he's referring to, there really is something here. It doesn't seem to be totally made up. But the question is one of degree. So, hey, yeah, we have these 14 points, which is littered with things that say, we'll talk about this later, subject to this, et cetera, et cetera. Now, the holdup, according to him, is that the US keeps changing their position and adding new demands. So the US, of course, has said the same thing about the Iranians.

• 9:26Tom Bilyeu?

  So nobody right now is saying that a deal doesn't exist, but I think everybody is leaving themselves plenty of room to wiggle out. Now, the crazy thing is, from where I'm sitting, the stock markets have reacted to this very positively. Brent crude has dropped 4% on Friday, today, to about $87, still above the $70 pre-war level, but it is a huge drop from where it's been recently, which around the peak was 110. So for my money, the big looming question remains whether the deal will actually get across the finish line. I'm going to say no way. Khomeini's sign-off also is still required. And early Friday, near the Strait of Hormuz, the US shot down Iranian drones.

• 10:08Tom Bilyeu?

  So while I could definitely see a world in which an MOU gets signed, I will be absolutely shocked if we get an actual final signed agreement. And if those 14 points are the agreement that gets signed, I think this will be a catastrophic loss for Trump that will cost him politically in ways that, at this point, cannot even begin to be calculated. Loss of the midterms, Republicans being in a much weaker position coming into the next election. So, yeah, this, if these are the points, this feels like a concession largely of defeat, unless he pulls a rabbit out of his hat.

• 10:50Tom Bilyeu?

  With just, we get every fleck of nuclear dust. That Iran allows for some sort of hyper aggressive monitoring of their. Go forward nuclear program. It would have to be something like that for him to even have a leg to claim. Even something remotely akin to victory. So, I mean, he'll claim it no matter what, but yeah.

• 11:16Speaker 01

  I don't know if nuclear dust is worth 300 billion when he was talking shit about Obama's 1.7.

• 11:22Tom Bilyeu?

  That will be the ringing refrain over and over and over and over. It will make him look so clown show absurd that, yeah, it will be a devastating. It will be blunt force political trauma to the head like. Yeah, this is, again, if those 14 points are the real 14 points. This is such an obvious loss for Trump in just all capital letters, like what the actual fuck were you doing? So, yeah, again, the only hope he has is if there's like some really truly ironclad thing about. They now don't have nuclear weapons and won't into the future.

• 12:04Tom Bilyeu?

  And then he'll bang that drum that'll give his supporters something to parrot, which do not downplay how useful that is. But anybody paying attention is just like, this was ridiculous. We have ended up in a much worse situation than we were. Especially if you rewind the clock to the JCPOA. So you can, it's too nuanced of an argument to say that the JCPOA wasn't really being adhered to and all that. It's just, it looks so cataclysmically dumb right now. So.

• 12:35Speaker 01

  Simon Dixon, our friend of the show, Black Pillar, says that all of this is just to ensure that the markets are stable. So that way we can pump and dump SpaceX, which I've been hitting refresh. I still can't trade. If anybody has traded it, let us know in the chat.

• 12:48Tom Bilyeu?

  You can't trade because it's just like, there's too many transactions.

• 12:50Speaker 01

  It hasn't started yet. Like, it was supposed to start at 10 Eastern, which is 7 o'clock our time. It's 7:18. I hit refresh, nothing hit. But apparently this is to calm the markets. Stock markets were up, oil prices were down. Gas prices are still up though, so you know, you guys have now been bought in. This is another re, uh, re-floor establishing. It happened in 2001 under George Bush. We went and I ran the first time, um, but I don't want to get into my.

• 13:13Tom Bilyeu?

  I think the same thing happened with the 1973 oil embargo.

• 13:16Speaker 01

  It just steps up and now for now on, gas prices are this price. They don't go down anymore regardless. They're no longer tied to the price per bill like. But okay, that's a fracture, that's a fracture. I want to get back to this other thing.

• 13:28Speaker 01

  It seems like this was to calm the market in order to pump up SpaceX. Because we've seen this in the past. Trump makes an announcement, the market reacts positively. Iran says, I've never said.

• 13:37Tom Bilyeu?

  Thirty-eight times, thirty-eight times, bro. It is so wild. You, yup, yup.

• 13:44Speaker 01

  And every time there's an insider who goes on the inside and, uh, makes a buy, Trump tweets, then they make a sell, so.

• 13:52Tom Bilyeu?

  They just skim a little bit more of that wealth up the top.

• 13:54Speaker 01

  Skim a little bit more off the top.

• 13:55Tom Bilyeu?

  A little more off the top.

• 13:56Speaker 01

  Okay, so you said that the only thing that can give Trump some monocle of like, a success is clearing out the nuclear program. Is that deep, like, that, is that the thing that's on the table? Is there anything else he could possibly do?

• 14:07Tom Bilyeu?

  It's the propaganda, so is there anything else? There are other things that he could do. Okay, let me, uh, as a means of having a document of my own thinking for my sake, if nobody else's. Here's how I expect this to play out.

• 14:21Tom Bilyeu?

  We're gonna get a memorandum of understanding. There is going to be a breakdown in the negotiations. And during that time, whether it's, we're not willing to give them all the things that we want, like they'll give them some things and then they'll say Iran has not responded in the way that they were supposed to. Um, I don't, the one thing I don't think Trump will do is begin drawing down his military forces. He might break the blockade, uh, but I would be very surprised if he actually draws down the military forces in the region. And so he'll keep that posture and then I think it, things will just re-escalate. But this is gonna buy, will he be able to buy himself time to get on the other side of the midterms? They might be able to drag it out that long.

• 15:06Tom Bilyeu?

  So 60 days becomes 120 days. And we find ourselves, you know, trying to get to the other side of the midterms with it as a quagmire, but nothing finished him being able to give his supporters something to pare it back so that they can still feel good about voting for him. Yeah. Maybe something like that, but I really think we're gonna see a re-escalation. But Trump has to do what he can to A, make space for the markets, B, create. He has to decide, am I trying to close this before the midterms or am I gonna try to push this till after the midterms? But I don't see this being anything other than in the final analysis, a complete and total clusterfuck.

• 15:45Tom Bilyeu?

  So now it's just, is there a way somehow for us to spin enough of a tail that we can maintain our position in the House and the Senate? That and whatever weird calculus they run there, I think will ultimately be fruitless. I think that this is, if he cannot show a very concrete win, gas prices being very low, just a complete and total victory on the nuclear front, normalizing relationships with Israel, getting the big investment from the GCC countries,

• 16:24Tom Bilyeu?

  the, the actual investments from the GCC countries, turning into infrastructure, NAI, that turning into actual manufacturing jobs. If he can't pull all of that together, this just goes down as ridiculous. I don't think him being able to say, we stopped them from getting a nuclear weapon is going to be enough. There are just way 38 times. There's just way too many people that now are running an algorithm, speaking personally, now running an algorithm that, like, this is just handled completely poorly, tons of market manipulation, saying that we're close when we're clearly not close, over and over and over and over and over and over and over again is, yeah, just dumb.

• 17:05Tom Bilyeu?

  And so it reaches a point where people just began to solidify a way of thinking about this that will become so hard to undo, like, the victory would need to be so big that the process itself can be forgotten because right now, the process will just create a feeling in people that this was mishandled from top to bottom.

• 17:28Tom Bilyeu?

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• 18:14Tom Bilyeu?

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• 18:43Tom Bilyeu?

  Thanks for sticking around. Let's get right back into the action.

• 18:46Speaker 01

  You and Bustamante had a conversation that's coming out next week for the audience. But it was very interesting that you guys talked about the second order consequences of all this. The fact that, you know, we did bomb a girl's school and 130-something women, young girls are dead. So we created a whole generation of terrorists because one of those 137, 12 of them got older brothers. And 12 of them are going to be like, the older brother, my little sister was killed by America. So now I will never love America. And then they're going to have kids, you know, say you can go wherever you want in the world, but hate America. And so as much as Trump is worried about the midterms and to be honest, he'll be dead in five, six years. Nobody will care. Like, he's going to be on his way out. It's just old age, sunsetted in that way. But for the next 20, we're going to now have a destabilized Middle East because of the consequences of this war.

• 19:29Speaker 01

  Is there anything we can do on a global scale or something like that to kind of mitigate those issues? Because it's easy to say market manipulation, but that's some other stuff we can fix. It's easy to talk about gas prices, that's some of the stuff we can fix. But the other nuances of war that we don't talk about as often, do you think there's anything he can do to justify those or remedy those?

• 19:47Tom Bilyeu?

  Well, so let's run the extreme sort of flip example of going all the way to Republicans lose. It's all blue all the time in America and we take a completely different approach to the Middle East. And we are apologetic, we pay war reparations. Even in that scenario, do I think that we get to the other side of America being hated by Iran? I do not. And one of the things that I think people have to be really honest about is that that will be perceived as weakness. Now, we're getting into like the cultural debate and how people see things and I think I'm just gonna have to welcome that that's gonna be a big part of my life for the next

• 20:31Tom Bilyeu?

  couple of years, as I think this is gonna be an increasingly important discussion where people have to understand what is the cultural mindset of somebody. And if you understand the cultural mindset of the US, well, you can get a better sense of how we're going to act in the future. If you get a better sense of the cultural mindset of Iran, you're gonna get a better sense of how they're gonna move forward in the future. Given that they are an Islamic republic, I don't think that you can understand where they're gonna go without understanding that ideology and how that drives them. One of the people that has to sign off on this is the supreme religious leader who believes

• 21:11Tom Bilyeu?

  that he is speaking on behalf of God and saying like, listen, this is how this is meant to play out. And so I think that the if we go and we acquiesce and we are falling over ourselves and we're saying, oh my God, I'm so sorry, they're gonna see that as an opening to assert their authority. They're not gonna be like, oh my God, thank you, like that really, I feel seen, I feel heard. That is not gonna be the response. And so that is not going to protect us from acts of aggression. The only thing that will protect anybody from acts of aggression is if somebody is thinking economically into the future. And if they're thinking economically into the future as like their highest priority, then they're gonna behave very differently. And the problem is historically Iran has not played the economic

• 21:57Tom Bilyeu?

  Economic card first and foremost, they have played the theological card first and foremost. And so when you have.

• 22:04Speaker 01

  What do you mean by that?

• 22:05Tom Bilyeu?

  So the reason that Trump is completely confused about why Iran behaves the way that they behave is because when he is sanctioning them to near oblivion, when he is building up a military force and saying, I'm gonna blow up all your shit. That the average country would go, okay, live to fight another day. That's the most important thing that we need to do here. How do we come to a negotiated settlement so that we don't end up there by ourselves time? We can figure this out in a diplomatic way down the road. Iran does not do that. Iran says, nope, we will meet you with violence. We will meet you with force and we will do everything that we can to back you down.

• 22:46Tom Bilyeu?

  And so if that means that we have to create hardship for the people inside of our country, then we will absolutely do that. But we are simply not going to back down to these threats. We don't let anybody bully us, et cetera, et cetera. Also, we have God on our side, so we are going to do what Allah wants of us. And so if that means that we must suffer in the short term in order to be victorious in the long term, then we will absolutely do that. That's not somebody thinking economically. The easiest way to look at that for me is if you look at what's going on in Israel, Palestine. So Israel, Palestine, there's obviously a million different ways to look at this. You can say, okay, you've got Israel.

• 23:25Tom Bilyeu?

  They are a nation that is just completely enslaving, imprisoning the population of Gaza. And so of course they're going to rise up and do violence to their oppressors. But the other way to look at that, that I think is a more utilitarian view would be to say they tried the whole, we're gonna back out. And if that, and I mean, all of this stuff about two-state solutions, all the times that Palestine had an opportunity to say, okay, yeah, it's not the exact thing that we want, but we're gonna take it. Just leave us be. We're gonna build our state. If like with my value system, my advice to them would be, hey, you've just gotten all this aid

• 24:07Tom Bilyeu?

  from around the world, you're sort of peak, everybody wants to see something great happen for you guys. Don't build terror tunnels, don't try to get back. Whether you think they're the little Satan, the big Satan, whatever, literally just focus on how do we become a thriving economy. And so part of that's going to be, we're going to need to do business with Israel. They're local, they have a thriving economy, they're plugged into the rest of the world. I see what's going on with the normalization of relationships with Israel across the Arab nations in the Gulf. Let's join in that. There are going to be tentative moves in the beginning. We're going to have to like really be over the top to be welcomed into this new world.

• 24:49Tom Bilyeu?

  And it is, from their perspective, undoubtedly seen as just grotesquely unjust that we have been put through this and that we're not going to get, you know, any sort of either literal reparations or karmic reparations, right? And that would be a very bitter pill to swallow, but that would be the, I just care that my kids have an economic future that we have not had so far. And when you see it all play out, instead, they build terror tunnels and what they seek is some variation of, some will say, it's just justice, I'm just seeking justice. Some will see it as divine retribution, others will just see it as cold, hard revenge, all of it.

• 25:31Tom Bilyeu?

  But if, if your loudest noise is, we want to see normalization with the, the larger area so that we can have a positive economic future, that is a very different lens than what we're actually looking at. So if Iran takes the stance of, no, no, no, fuck you kids, you are going to pay. You are going to pay, you're going to pay literal reparations, you're going to rebuild Iran. And we will continue to damage you, your allies, even if there are potential allies, our neighbors, we, fuck all of you. Like you're all going to pay. It is Allah's will. That's the thing that plays out, then this is just eternal madness.

• 26:14Tom Bilyeu?

  And from my perspective, with my value system, this is eternal madness. Of course, they would look at me and say, the way, like, you're so weak that you're trying to be conciliatory after that? Don't be ridiculous. So that's what I'm saying. That cultural mindset is, uh, they're incompatible. And they will collide like two atoms in the Large Hadron Collider. And they will explode. So what actually ends up playing out is going to be a question of what is the dominant cultural narrative that takes hold of the people who are making decisions? And if that is, um, a version of religious theocracy that demands retribution,

• 26:57Tom Bilyeu?

  then it will be an untenable situation. So that is in my, call it, early stages of diving into, um, the culture in Iran. Based on their behaviors over this time, that is the more likely outcome.

• 27:15Speaker 01

  And I think Trump is trying to hedge his bets because ahead of the midterm elections that he's probably not going to win, he is now adding the Save America Act to be attached to the Budget Reconciliation Bill 3.0. So he's porking up the bills, everybody. The reconciliation package only requires a simple majority in the Senate. This means that it could secure our elections with 51 votes, a majority of the Senate. This is Donald Trump's tweet. No other president has ever been more to, has been more committed to both rebuilding our great military and saving our great country. And now is the time to make it happen for generations to come. I am hereby calling on Republicans in Congress to immediately advance and pass the forthcoming $350 billion reconciliation bill, RECOM 3.0, which at the request of our great Department of War will include the Save America Act as well.

• 28:00Speaker 01

  No games, no delays, and no weak compromises. Do this ASAP.

• 28:04Tom Bilyeu?

  To me, it is self evident that if we don't shore up what is going on in our elections, we are toast. So, um, yeah, he's very right that we've got to do something to protect our democracy. Now, the only thing that I can see as the pushback against the Save America Act is it is too onerous to make somebody prove that they're a citizen. Um, I think that I would have bought into that argument before I started looking at what is going on in California. And now I'm like, yeah, we, we've got to do something. And

• 28:42Tom Bilyeu?

  given that we have erased a driver's license in terms of proving that you're actually legally viable to vote.

• 28:51Speaker 01

  Mm hmm.

• 28:52Tom Bilyeu?

  That won't work. So it becomes what then is the secondary thing? And the only secondary thing I can think of is proof of citizenship. And so if we can at least have the debate and stop talking about, oh, it's too onerous and just start saying, should people have to prove that they're a citizen? Just if people give me an answer to that, like, okay, we're all gonna say that, um, making people drop in a, uh, like a document that shows that they're a citizen, that's too much. But what's gonna be, we've got this other thing that we can do that proves that they're a citizen. Let's just have that argument. Should people need to be a citizen to vote? And if people say, no, then it's like, all right, gotcha bitch. Like, I see now where you're at. And I think that's the

• 29:35Tom Bilyeu?

  reality of the debate is there are, there is so much incentive to use immigrants, illegal immigrants, ballot harvesting in order to get the side that is willing to offer more free things to get them into power and to keep them into power, uh, that that will happen. So either we're all gonna step back and go, actually, you know what? Charlie Munger was wrong. Uh, if you show me the incentives, I still can't show you the outcome. I think we can all agree, certainly, I haven't heard any pushback on it till now, that if you show me the incentives, I will show you the outcome. And the incentive right now is for one party to say, we're just gonna give access.

• 30:13Tom Bilyeu?

  To every free social service that you can imagine and that's going to attract people to the country. We're going to get them in as easily as we can. We're going to promise them all of these things. We're going to get them to vote for us. We're literally going to canvass the streets with ballots and say, hey, here, these people are promising this. Go ahead and sign here or let me sign on your behalf. And it's certainly working in California. Again, you don't even have to assume fraud. You just have to assume that they're using that tactic from a ballot harvesting perspective. If you don't require a signature, if you don't require ID, in fact, if it's illegal to ask for ID

• 30:53Tom Bilyeu?

  and you're carrying a stack of ballots, it doesn't take a genius to figure out that there's going to be some percentage of people that end up being invalid for voting purposes that are still ending up voting. So the incentive structure is there. It is way too strong. They end up controlling trillions of dollars of spend. So it's way too strong of an incentive to think that people will just not use it. So we have to do something. And until I hear the other side put forward something that's even better, that's more protective of our democracy, great, use reconciliation, use whatever you have to, but we've got to have something to protect our democracy, period.

• 31:35Speaker 01

  Are you like a constitutional, like absolutist? Are you, do you believe in constitutional amendments? Should we stick to the constitution?

• 31:41Tom Bilyeu?

  Well, the constitution allows for amendments. So if you're a constitutional absolutist, you would of course say, we have a mechanism by which we're able to get amendments. So yes, a thousand percent. Am I, I've never thought of the phrase constitutional absolutist.

• 31:56Speaker 01

  Like, we should abide to the constitution?

• 31:58Tom Bilyeu?

  A thousand percent.

• 31:59Speaker 01

  I'm not acting, I'm not trying to get you.

• 32:01Tom Bilyeu?

  Here's, if with all of my definitions, that sounds perfect. Now.

• 32:06Tom Bilyeu?

  The Constitution as written, A allows for change, B allows for the Supreme Court to interpret. It's like there are all of these mechanisms put in place to make sure that we're adhering to that. So, yes, I believe in the three branches of government. I believe that they should be held in dynamic tension.

• 32:26Speaker 01

  But even going to the federal-state divide, because federal elections are held, are overseen by federal people. State elections are overseen by the states. States can then implement their own institutions, like however they want to do to organize how they arrange states. Do you think that that should be removed and federal oversight should be on each of the states?

• 32:44Tom Bilyeu?

  Well, so we have the federal super session, I'm not sure what it's called. But it's like federal law is over the top of all state laws. So you can't have a state law that violates federal. So my understanding of the way that the Constitution is written currently allows California to do what it's doing.

• 33:08Speaker 01

  Yeah.

• 33:09Tom Bilyeu?

  And my thing is, you have something that is both legal and immoral. So would I want to see a change such that the states are not doing something that is immoral? Something that is violating the, I'll say, the spirit of the Constitution, even if not the letter of the Constitution? Do I want to see this go all the way to the Supreme Court to get a read on it? A thousand percent.

• 33:31Speaker 01

  But hold on, just so I can understand what you just said. You would want the Supreme Court to get a read on the federal can then dictate what states do?

• 33:38Tom Bilyeu?

  I, I wouldn't say it like that. What I want the, so the whole idea of the Supreme Court is that.

• 33:43Speaker 01

  They interpret the.

• 33:44Tom Bilyeu?

  Yes. That the Constitution is written in like a really light touch, very few words way. So that we have a mechanism by which we go, okay, the world is changing, things are different. Now we have to figure out what was the spirit of this versus the letter of this, which is why the letter is so light. So then you go to the Supreme Court. I want this, I want what California is doing from a ballot harvesting perspective, from not allowing ID, all of that stuff, to make its way to the Supreme Court. Given that, you're not.

• 34:14Speaker 01

  But the, the thing, the thing is. Wouldn't just be California, it would then be federal, like the like federal level can they control what the states do.

• 34:22Tom Bilyeu?

  The federal level already controls what states do.

• 34:24Speaker 01

  They just can't, they just can't conflict because if they did, then Trump could just say, hey, California do it this way and California have to say yes. But California, you, there's a separation between those two things. So what I'm asking is, it sounds like you would prefer if federal sets the tone and all the states then have to acquiesce to that tone.

• 34:39Tom Bilyeu?

  That already is the truth. So the federal government, as a state.

• 34:43Speaker 01

  There's freedom.

• 34:44Tom Bilyeu?

  There's an easy way to say it. As a state, you can only give more rights. You cannot take rights away. And so the states, in my layman's interpretation of what I think the Supreme Court will rule, do not have the right to violate the like stability of the democracy. And so what I'm saying is.

• 35:05Speaker 01

  The states don't have the vibe that the.

• 35:07Tom Bilyeu?

  The right to violate the sanctity of democracy. So right now, you're allowing states to let foreigners vote in your national elections. That's just a hard pass from where I'm sitting in terms of the constitution, my read, which is irrelevant, and this is why it needs to go to the Supreme Court. But the states can't, like a state cannot go, oh, I'm going to violate the constitution. That doesn't exist. That is not a provision. So what I'm saying is, given that that already exists, given that I think there's enough in the constitution already for this to go to the Supreme Court and the Supreme Court to rule, you guys can't do this for the reasons that I just laid out. It violates the sanctity of our democracy. So you, I would like to believe that that will escalate to the Supreme Court, that they will shut this down.

• 35:53Tom Bilyeu?

  We'll see. That is not something, I'm not in any way, shape or form a constitutional scholar, nor have I followed the Supreme Court closely enough. So that is me very much looking at what's happening in California and feeling like, okay, they've created a situation that is true to California state law. I'll just assume that it's true to California state law, but is also wildly immoral. So, yeah, I'll spend more time looking at this to see like along what lines this would actually get a reasonable legal challenge from the Supreme Court. But from that perspective, I'm not looking for a change where it's like, okay, now the federal government by decree gets to tell the states what to do. I'm not looking for that.

• 36:37Tom Bilyeu?

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• 37:22Tom Bilyeu?

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• 37:55Tom Bilyeu?

  Thanks for staying tuned. Now, let's get back to it.

• 37:58Speaker 01

  Cool. I lost my place. We have...

• 38:05Tom Bilyeu?

  Really fast before we move on, because...

• 38:07Speaker 01

  I was gonna tangential go to this Chuck Schumer Save America act thing.

• 38:12Tom Bilyeu?

  Before, love it, but before we move to that,

• 38:18Tom Bilyeu?

  what... You're asking great follow-up questions, but hiding in those questions from where I'm sitting, and maybe I'm misinterpreting it, but hiding in that question is, the way that the California elections are being done is completely justified. Glad to see states give new things a try. Is that a misread? Like, do you think that I am wrong about the incentive structure? Or do you just think I'm attacking states' rights?

• 38:46Speaker 01

  No, I'm trying to understand what the end goal is and I'm looking at it from the level of policy.

• 38:50Tom Bilyeu?

  So I'll give the-

• 38:51Speaker 01

  Supreme Court can challenge California on how they do voting. Supreme Court can challenge any state because it's the precedent. Once you set the precedent with the court, you can do it to all of them.

• 38:59Tom Bilyeu?

  Yep.

• 38:59Speaker 01

  So at that point, federal, the federal government can then dictate how each individual state runs their elections. So that's why I went to the end goal of like, alright, would you just prefer that the federal government can then dictate how each state runs its government? So you can say, everybody does ID, everybody did this, everybody did this, it's one day. All the things that Trump is doing in the Save America Act, no mail-in voting. Everybody follows this, everybody counts it one day and like that.

• 39:19Tom Bilyeu?

  To get to that level, we would have to have a constitutional amendment. So would I want that? Yes. But it would need to go through the normal process of a constitutional amendment, which there's no way that we have the votes to pull that off. So we'll set that aside in terms of Tom wants a thing that isn't going to happen.

• 39:35Speaker 01

  But that's why he's doing the reconciliation act with the Save America Act, which it will, to your point of, once there's a federal law, the states can't contradict the federal law. That's a way that you can kind of backdoor that. So at least it can then require everybody to have an ID, everybody to be, or I'm sorry, let me rephrase that. Everybody to verify their citizenship. So although you don't have to necessarily show ID in California anymore, your citizenship will have to be verified, which is a passport, a birth certificate. And that would help the illegals that are massively voting in California.

• 40:01Tom Bilyeu?

  But this is how legislation works. So the whole idea behind federal legislation is you have the House and the Senate so that you can pass laws. You pass laws all the time.

• 40:12Speaker 01

  Yeah.

• 40:12Tom Bilyeu?

  Now, if what you're saying is, I don't like the way that laws can be passed in this way through a reconciliation bill, that's a totally different conversation. But then now you're making a policy that applies to everybody. We no longer want things passed via reconciliation. Is that the idea?

• 40:28Speaker 01

  Are you trying to communicate my position? I'm confused now.

• 40:31Tom Bilyeu?

  Yes, I am trying to find out the, um, the underlying assumptions that led to that series of questions.

• 40:40Speaker 01

  I was just trying to process your idea from start to finish. There was no assumptions in there. So you want this to happen. Well, if this happened, like the cause and effect. So if California gets challenged, it's going to go up to the Supreme Court. If it goes to the Supreme Court, then every state will have to be, um, right, will have to be, uh, changed.

• 40:55Tom Bilyeu?

  Okay.

• 40:56Speaker 01

  That's why I was doing the one, two, three, four.

• 40:57Tom Bilyeu?

  Great, great follow ups. I will, instead of aiming it at you, I will aim it at the camera. Uh, right now, in no uncertain terms, the economic situation that you have, have will destroy America. And it will destroy America in roughly nine years, and it will do it in a very knowable fashion. Uh, because you opened the borders and you let so many new bodies in, I don't give a fuck what color their skin is. You let so many people in this country and they have an incentive to get access to free things. It could be healthcare, it could be unemployment, it could be housing, it could be federal loan guarantees to get a house.

• 41:38Tom Bilyeu?

  You've created an incentive structure where people all over the world want to flood into your country to get those benefits. They would be stupid to not come and get those benefits. We are the wealthiest nation on earth. We are the freest nation on earth. So of course, people that are in a worse economic position are going to flock to America. That is the incentive structure that you've created. You have a way of creating the power structure in your country where the congressional seats that a state gets are not based on citizens in your country, they are based on bodies in your country. Legal, illegal, documented, undocumented, doesn't matter.

• 42:19Tom Bilyeu?

  If there are people in that state, you will get congressional seats based on that. The way that people get re-elected is by promising things to their constituents that they want. The easiest thing, historically, we see it all the time, that people get promised, always and forever, is I'm gonna give you free things. We are now at a point in America where we are giving so many things away for free. Every dollar we raise in taxes, we spend an additional dollar and fifty-eight cents. Given that mechanism, you are going to go broke and it will be a catastrophe. There will be blood, there will be pain, there will be suffering. And when this kind of thing happens, it tends to last for a hundred years or more.

• 43:02Tom Bilyeu?

  You need only look at Argentina, but there are countless examples that you can look at. It happens over and over again throughout history. And people have somehow built a mental model that America is going to be fine forever. And what I'm saying is the math shows you that that simply is not true. That every country with the exception of Japan, that is an extremely complicated example that America has nothing in common with whatsoever. Once you cross 130% debt to GDP, the country goes into open violence. I'm talking revolution or warfare. It tears itself apart from the inside over and over and over. Every time this has happened and we are on an absolute collision course with that. And the incentive structure is for it to keep happening.

• 43:45Tom Bilyeu?

  And so you have to have some way to break that incentive structure. And one very simple way to break that incentive structure is to make sure that only citizens can vote. And I would say a bonus would be that only citizens count in the census. And that way, the power structure inside of the country is in such a way that it is looking after its citizens. And if we want to create a path to citizenship for people that come here legally, great. And as long as our immigration policies are sensible and attract the best and the brightest and the most likely to contribute to the economy, wonderful. It will make things better for everybody. But economics exists in a system of fucking physics.

• 44:29Tom Bilyeu?

  And if people do not understand that right now, we are on a suicide course, that we are attempting to accelerate for reasons that are patently absurd. It has to do with staying in power and suicidal empathy. It is wild and we are watching it happen in real time and we have people championing it and voting for it. And it is their actual own downfall. And so all I'm saying is whatever we've got to do to have integrity such that only citizens are voting, let's make sure that we do that. I am not trying to complicate it. I'm not trying to hide anything in my messaging. I'm saying we have a system of government that allows for legislation. Find a way to get something like the Save America Act passed so that only citizens are voting. Period.

• 45:15Speaker 01

  Richard Dark in the chat just dropped a article in the Constitution that technically the Senate can change state rules. The Congress can overrule state elections. So the Save America Act would be legally justified and it would apply to all states and stuff, so.

• 45:30Tom Bilyeu?

  Let's go.

• 45:31Speaker 01

  There it is. No constitutional amendment needed. Okay, so I feel like you kind of covered the Chuck Schumer thing, so I feel like we don't need to hit it.

• 45:39Tom Bilyeu?

  Alright.

• 45:40Speaker 01

  How you feeling?

• 45:41Tom Bilyeu?

  Yeah.

• 45:42Speaker 01

  Alright, it is Exit Liquidity Day.

• 45:44Tom Bilyeu?

  Jay Mayer, 7068, is saying in the chat, "Freest country in the world, my ass. Tell me which one is freer?" I'll wait. Because, please do not think for a second I'm saying America doesn't have problems, but I am saying as somebody with plenty of money, I'm looking around the world going, "Where else can I go?" And it's fucking stark, man. It is stark. And America really is a beacon of hope the world over. There is a reason that on the Statue of Liberty, it says, "Give me your poor, tired, huddled

• 46:27Tom Bilyeu?

  masses yearning to breathe free." Not yearning for free shit, yearning to breathe free. That is what America was founded on, and right now, it sure as hell isn't Europe. Europe's a fucking catastrophe.

• 46:42Speaker 01

  Argentina got that surplus?

• 46:45Tom Bilyeu?

  Argentina is going in a great direction economically, but are they... Do I trust that a country that has been socialist for the last 100 years is a bastion of freedom? No, I do not. So we'll see if they come out the other side.

• 47:00Speaker 01

  El Salvador? Bukele liked about a bad guy?

• 47:02Tom Bilyeu?

  Jesus Christ. So, right now, Bukele, hey, cleaning it up, it's amazing, and if he's willing to hand power over in a democratic fashion, that'll be very exciting. And maybe in the future, America won't be the freest place on earth, or at least we will have people that are close second and third. But the reality is that if we get dismissive about what America is, then people stop fighting for a vision of this country as a place that prioritizes freedom, that wants us to be free. And remember... While we are not a quote unquote Christian country because we believe in separation of church and state, we were founded on the back of a culture that is indeed Christian.

• 47:44Tom Bilyeu?

  The only part of that that you need to get excited about, because I don't even believe in God. The only part that you need to get excited about is the idea that there is divinity in the individual. And therefore, the individual is the level of analysis. So we think about freedoms at the level of the individual. We think about decision making at the level of the individual. It allows for property rights and things like that that allow for our economy to thrive. This is not me being naive about America not having problems. America has horrendous problems and they are very nameable, by the way, you can point to them. You guys have heard me rail endlessly about central banking. I think that that really is the foundation and we have to get rid of that.

• 48:28Tom Bilyeu?

  You've heard me bang on about the problem that central banking has now caused, which is people going farther and farther left towards socialism and communism, which is the single most evil ideology that has ever gained hold in the world. Uh, so yeah, I'm happy to elucidate each and every one of the problems. But if we don't have an exciting vision to point to, to be excited about, to pursue doggedly, then we're going to wander around aimlessly being mad about everything instead of saying, hey, look, I want to create that thing. I sum mine up as I want human flourishing, which I will define as a thriving middle class. Thriving middle class is a middle class that is growing economically in real terms,

• 49:13Tom Bilyeu?

  where we are holding people accountable at the personal level. It's all personal accountability, work hard, get better, perform in a free and fair marketplace based entirely on meritocracy and build a light touch government that creates the rules where that can happen and stops capitalists who will tend towards pathology and being evil, keep them from doing that and insider trading and all the horrific bullshit that you see happening right now as a part of the Trump administration. And then stop people from making this collectivist bullshit, um, from rewarding somebody for being in one ethnicity versus another. It's, it is all fucking absurd.

• 49:55Tom Bilyeu?

  And by the way, breaking the economy to steal from people that know how to produce, to spread it to people that will be further incentivized to not produce. When you give people handouts, it breaks the system. It does not give them any incentive to go and get better, to innovate, to become strong, which is the very thing that evolution, or God, if you believe that, to get us to do. We are designed under great pressure, designed to adapt, grow, and get better. That's the whole thing about being a human. And when you give people things for free, then you weaken that. That association doesn't form. People wait for the next handout, and it completely fucking deranges. So, these are not mystical problems.

• 50:37Tom Bilyeu?

  These are things that you can point to at a policy level and say, "That policy is deranging things in that way." And so, if we can both set a place that we want to go, round it to a thriving middle class, and if we can point to the policies that are creating problems, the one that kicked all of this off, the fact that we do a census based on just bodies and nothing else matters, and that we harvest ballots, certainly here in California, and we're doing absolutely nothing to protect from, in certain states anyway, from people voting that are illegal and should not be voting. So, we can just, policy after policy, I can point to the stuff that they're doing with

• 51:20Tom Bilyeu?

  the central bank, I can point to the stuff they're doing on the left, like, this is all knowable, and it's all completely nonpartisan. It's just different flavors of stupidity, evil, and the like. But, I really am going to remain optimistic that if we have an exciting enough vision of our future, which is one where our kids are doing better than us, where our kids are growing smarter and better educated by the day, they feel that they have more opportunity, not less, that they weep that their parents grew up in the age before them, because there was just so much less opportunity, so much less exciting things going on, that they didn't have the kind of economic joy in their future that they have, that their parents just had it way weaker.

• 52:03Tom Bilyeu?

  That is what we should be getting back to. And there are knowable things, like, a house needs to be affordable, not because it's the greatest investment of all time, a house needs to be affordable. Because it is the only asset that people psychologically understand you don't have to communicate anything else. A woman wants it because she wants a nest. A man will read it immediately as a nest egg. And so now, when the dynamic between men and women is even working right, the woman is pressuring the man to make sure that they can get a house. Now, he's got the incentive that he wants to go out, to be ambitious, to drive forward. And no, this is not me calling for trad wives. I don't have a fucking trad wife and my wife is the greatest thing in my universe and she is my business partner.

• 52:46Tom Bilyeu?

  But I'm just telling you, that dynamic is put there by evolution. It's very useful. So, anyway. A wonderful, exciting vision of the future, followed by the litany of exact knowable policies that are causing the derangement. Lower the debt to GDP and get back to growth.

• 53:04Speaker 01

  Well said. Where's the applause? Let's go.

• 53:09Speaker 01

  And I'm sure headlines like this don't help on Exit Liquidity Day. I've been hit refresh and SpaceX is really not trading yet.

• 53:16Tom Bilyeu?

  Excellent liquidity day. That's dark and accurate.

• 53:19Speaker 01

  This is a real headline from a Canadian newspaper. SpaceX is set to make Elon Musk the first trillionaire. Here's how to properly hate him.

• 53:24Tom Bilyeu?

  This makes me so mad. This is, if you want to truly understand socialism and communism, you must understand that they are ideologies of resentment. They are ideologies of resentment. They want to take away from the people who understand how to innovate and produce and make things. And they want to take and they want to punish and they want to see somebody like Elon hated. It is a level of absurdity. The only right way to meet a character like Elon is with absolute joy and an overwhelming sense of what can be created. And then, a nice heap of skepticism that he will be benevolent.

• 54:09Tom Bilyeu?

  And if you only have one and not the other, if you only have skepticism that he won't be benevolent, then you become the left-leaning asshole. And if you only think, oh my God, he can do everything, well, whatever, just give him more and more space, let him do his thing. Then you're gonna let it become pathological on the right. If, on the other hand, as a marketplace, we go, hey, you can make as much money as you want, as long as you're building something that people actually want. That that's the dynamic, right? Trust but verify. This guy has done things that are just unbelievable from an innovation standpoint. I think at this point, it's pretty safe to say he's unparalleled in human history in terms of his ability to actually get it across the finish line. There have been plenty of people smarter than Elon,

• 54:54Tom Bilyeu?

  but nobody has been able to get across the finish line, the amount of engineered products that this man has been able to do. It's just, it's unbelievable. So anyway, he is making the world a better place. He is creating things of extraordinary value. Think about the fact that in countries where they have no internet and the amount that that is holding them back, even if just from access to commerce. From if you're just purely like, I really want to see everybody in the world do well. The micro loans that are possible in Africa are only possible because of the internet. And he's making the internet available to more and more and more and more people through what he's doing with now SpaceX, but Starlink specifically.

• 55:40Tom Bilyeu?

  And so, listen, this moment is both incredible and people need to be very careful. I'll lay out like this is a complex moment. But to to lead with a headline of, let me tell you the right way to hate this guy is so fucking grotesque. It is somebody so locked in pettiness and jealousy and resentment, they will quite literally tear the West apart. Now, having said that, if you want to understand what is most likely going to play out, I do not have a crystal ball. I can't see the future, but this is me looking backwards at history and going, hmm, we've seen moments like this play out and this is how they play out. So if you're thinking about investing, please consider this.

• 56:23Tom Bilyeu?

  When you have a transformational new technology, it a very knowable sequence happens and it goes something like this. There's a massive amount of expense that goes into the infrastructure. That infrastructure is so expensive that you end up soaking up all the capital into building out that infrastructure. And then that first generation of investors end up going bust because the delay between the

• 56:54Tom Bilyeu?

  Money needed for that build out, which is almost always a huge chunk is debt. And the time when the revenue actually starts coming in, because it takes time to actually take these technologies, whether we're talking about railroads, internet, fiber optic cable, or we're talking about AI. It takes a while for those to become productized and actually solve problems that people are willing to pay for. And so you lose that first generation of investors and the second and the third and the fourth generation are the people that actually make the money. The technology doesn't go away. It actually does end up delivering on that promise. It's very extraordinary. Everybody that's thinking that AI is going to be the greatest thing since sliced bread, you are almost certainly correct. But the key, if you want to win in this moment, is to understand the dynamic that's at play.

• 57:39Tom Bilyeu?

  The reason that Drew is saying that this is exit liquidity day is because all of the people that have spent all that money, taking a huge risk on these companies, building out the infrastructure to make these companies great. By IPOing, that is their moment of exit. They are selling their shares, okay? This is not the moment where the value is created as it's put out into the world. They've spent years and years and years doing a thing that we should all be grateful for, which is creating the capital structure where this company could exist. But I want all of you, now that you have your moment, and I have all kinds of beef about the way that investors are treated, the savvy ones that are allowed to invest early,

• 58:22Tom Bilyeu?

  and then the people that are only allowed because they're unaccredited investors to invest once it goes public. Beef with that. But nonetheless, the stock market is a modern miracle. And so you're going to now have an opportunity to participate in this. And if you do it without any debt and you know that, okay, as long as I can leave my money in here for 20 years, I am almost certainly going to be fine, great. I would highly encourage you to think across sectors instead of a given company. But I understand it. A concentrated bet on one company that ends up running is exactly how people get rich. The stock market is very volatile. If the historical thing holds true, there is going to be a very big gap between when the debt

• 59:04Tom Bilyeu?

  comes a call in for these companies before the actual revenue comes in. And so we are likely to see some real distress. And so if you go in and buy and aren't able to hold for an extended period of time, you're going to ride that volatility wave. Again, I can't see the future. I don't know for sure that that's what's going to happen, but that is highly likely, given the things that have happened before. So be very careful that you don't just become the exit liquidity for the people who are going to build. They know that this moment is going to be ultra, ultra, ultra hypey. And they're going to use this moment to get out, make themselves even wealthier because they were all sophisticated investors before. So this is, you know, basically nobody is going from broke to wealthy in this moment. They're going to go from wealthy to wealthier, right?

• 59:48Tom Bilyeu?

  We've all heard that the rich get richer. This is one of those moments. They get richer on the back of dumb money who's riding on all the excitement. Now, again, the excitement is very understandable, but I would think in much longer timeframes. So if you can hold for that longer timeframe, great. This could end up being a phenomenal win for you, but please don't miss the dynamic happening here. So if you're hoping that you're going to get this quick pop, you're going to sell out in six months, you've got a debt ticking time bomb, you've got a liquidation floor, like just be careful with all of that. That is how people end up getting obliterated. So these guys are very savvy. They're going to make a ton of money. They've played this moment wonderfully. They're building a real company.

• 1:00:33Tom Bilyeu?

  Elon really is that guy. Elon is himathy in all capital letters. So I understand why people want to be invested in Elon. I am an Elon fanboy. I get all of it. I just want to make sure you guys are being careful. You're thinking long term. You understand the market dynamics that are likely to play out here and you've planned for that. And that's going to be the win down the road in the long term and you're not going to get liquidated. That's it.

• 1:01:00Speaker 01

  All right, we gotta go to the UK because they are trying to ban everything.

• 1:01:04Tom Bilyeu?

  The UK. What is with these fucking guys? Oh, it's with these guys.

• 1:01:07Speaker 01

  The UK is drafting a law to scan every photo, video, and message on every phone in the country. Tech CEOs who refuse to implement this could face up to five years in prison. The proposal would force companies to build device-level scanners that inspect content before encryption. This means every image, every message, every video, all directly on your phone. Government and companies pushing these safety systems already have a terrible track record protecting user data. Last month, Europe's new age verification app promoted as a way to keep children safe was hacked in under two minutes. In another case, 70,000 IDs and selfies linked to online verification systems were exposed in a major breach. Now, the UK wants even deeper access directly inside your device.

• 1:01:43Tom Bilyeu?

  I can't believe the thing that people are worried about is that they're gonna be able to see and leak your selfies. That is bad, but it's nothing compared to the level of control that this is going to give them. It will allow them to reach into your phone and be like, yeah, you can't have a photo like that, or you can't have a video like this, we don't like the thing you were talking about in that Google document, we're gonna delete it. Google has done that. So, Google already has done shit like that. So, you can imagine what the government is gonna do. This is insane. People, how, how do you trust your governments? This is wild. The government should be accountable to the people. Period. Period. And we are just over and over and over, giving the government more and more power as if it won't break bad.

• 1:02:26Tom Bilyeu?

  It is wild. Have you, like, followed that out to its extreme? We already know where that ends up. It ends up in Mao and Hitler. Like, what the fuck? So, yeah, kids, your government should be afraid of the people. Your government should be like, how can I serve you better? At all times, it should be asked in that question. And anybody that wants to wield it as a hammer against their fellow citizens immediately cannot be trusted. Immediately cannot be trusted. And yet, we are giving power over to them in droves. This is crazy. Distrust your government. Ensure that they are taking you to an endpoint that you think is actually worthy of achieving. It's crazy. People are trading safety like they're giving up everything in exchange for

• 1:03:10Tom Bilyeu?

  safety. And the bad news is you won't get safety in that exchange. There's that famous quote from, I think it's Benjamin Franklin. I really need to memorize it because it's so apt and he says it so well and I'm gonna fumble it, but it's something like, those who trade freedom for safety will obviously lose their freedom and get little safety in return. Oh god, it's so much better than that. But that's the idea. Yes, pull it up, Drew.

• 1:03:34Speaker 01

  Those who trade liberty for safety deserve neither.

• 1:03:37Tom Bilyeu?

  There's one that goes even further than that, but yes, so I am very sad.

• 1:03:43Speaker 01

  Franklin, those who give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety. Amen. Amen, Ben Frank. He from Philly, that's why he wrote one.

• 1:03:52Tom Bilyeu?

  There it is.

• 1:03:55Speaker 01

  All right. Yeah, I feel like this is, this is the thing that I think we talk about AI utopias and futures and, you know, the techno future and tech socialism and all these other things. But I think that we're forgetting about one, crony capitalism and two, big government. And as much as we love AI and all this utopia thing, there is gonna be people that are like, nope, we need to kill switch. Nope, you're doing that, but we need to install this. And nope, and the people who are buttoning the kitchen while the cooks are cooking. So I think that's gonna be something that's gonna impede our progress when it comes to AI and all these other things.

• 1:04:24Tom Bilyeu?

  Yeah. Yeah. Or maybe it doesn't impede our progress and AI just really does become a weapon where you don't have to worry about the AI, you have to worry about the people wielding the AI against you to just scan everything. It's so crazy. So crazy. Resist it all.

• 1:04:43Speaker 01

  Yep. All right. In breaking news, AG Todd Blanch just announced indictments for three individuals involved in the massive child smuggling ring. But the real bombshell is what he said next. The DOJ has officially uncovered over 15,500 super sponsor cases. Because of the Biden administration's disastrous and broken border policies, thousands of innocent children were essentially handed over to criminal networks, traffickers and abusers. They completely turned a blind eye while the worst of the worst exploited the system right in our own backyard. Absolutely sickening. Where is the mainstream media?

• 1:05:18Tom Bilyeu?

  Yeah.

• 1:05:18Speaker 01

  Let's hear from him.

• 1:05:19Speaker 02

  Today, we are announcing the indictments of three individuals. Maritza Kawik Coke, her brother Carlos Augustin Kawik Coke, and Gladys Marina Kal Chen. This was out of the Northern District of Ohio. All three are illegal aliens from Guatemala, who allegedly took part in a wide-ranging conspiracy to smuggle more than a dozen children into the United States by scamming the system and exploiting the loopholes created by the last administration. This is one example, one indictment, but it is not unique. There are over 15,500 super sponsor cases that we have identified, along with DHS.

• 1:06:04Tom Bilyeu?

  When they say "super sponsor", I assume they mean like, we'll take control of these kids that have no guardian? Is that what they mean?

• 1:06:11Speaker 01

  People that are sponsoring them to bring them inside the America.

• 1:06:14Tom Bilyeu?

  Oh my god. That's so horrific, man. That's one of those where, uh, not only am I mortified by the people that bring them across, I'm mortified by the fact that they know that there's going to be a market when they get here. That shit is crazy.

• 1:06:29Speaker 01

  Somebody said smuggle them where, to Mar-a-Lago?

• 1:06:31Speaker 03

  I always, whenever they talk about children, I'm like, "Come on." You know, like, it's at this point, y'all should know.

• 1:06:36Speaker 01

  The call is coming from inside the house.

• 1:06:38Speaker 03

  Exactly.

• 1:06:38Speaker 01

  It's calling from inside the house.

• 1:06:40Speaker 03

  I'm like, "Wait, you're gonna pin this on immigrants? You're gonna keep going, 'Oh, these children in child trafficking rings.' What about the one the president ran? What about the one he ran with fucking Jeffrey Epstein?"

• 1:06:52Tom Bilyeu?

  So, wait a second. You're, you're saying that he ran?

• 1:06:56Speaker 01

  Right. It turned on unhinged mode.

• 1:06:58Tom Bilyeu?

  Damn.

• 1:06:59Speaker 01

  You know how Ryan has, you know how Grok got the unhinged mode? We have the unhinged mode for Ryan now.

• 1:07:02Tom Bilyeu?

  It's like, I didn't, I didn't realize that he had been like, keeping it under wraps until now.

• 1:07:06Speaker 03

  I just, I just feel like we, not us, but like, we as a country have forgotten Jeffrey Epstein existed. Like, we're, we don't talk about it anymore. And there's so much that is still, there's a whole library in New York dedicated to it now that's free. And it's just like... We just kind of moved on from it. It bugs me. I don't know.

• 1:07:24Tom Bilyeu?

  It should bug you. It should bug everybody. But the, yeah, the reality is this is going to survive long after Jeffrey Epstein because this is a core glitch in the human psyche. The abuse of children thing has always been bizarre to me. I cannot wrap my head around the evolutionary answer to how that could be. But nonetheless, here we are. We see it over and over and over and over. So the real question is, how do you defuse that bomb? Like, how do you make it such that there's no appetite for it? I mean, obviously, you punish the shit out of it, and that'll help, but it's still strange.

• 1:08:02Tom Bilyeu?

  There's just so many people ready and waiting. One of the kids said that she was raped 600 times. I mean, this is like, it is a level of freakish. And this is part of the reason why people don't pay attention to it. Like, when you start, when you listen to, I don't think we've ever played it, but there is a Rupert Lowe clip where he just reads claims from the investigation into the rape gangs in the UK. Dude, it's so, it's so crazy, truly. Some part of your brain goes, I need this to be a lie. Not, I hope it's a lie. I need it to be a lie. Because some of them were, like, there's one in my mind now. I'm

• 1:08:45Tom Bilyeu?

  sure people have heard the claim. I can't bring myself to say it out loud, because I need it to be a lie. And so, the fact that if those things, given what I know about history, humans are really are capable of, like, insert the most unimaginable thing you can imagine. Humans are not only capable of it, they probably did it for hundreds of years. So, yeah, because some part of our brain needs it to be a lie, people are going to pull back when they start hearing this stuff. That's why there's only going to be so much appetite for dealing with the Epstein stuff, because it's like, do I want to feel all that stuff again?

• 1:09:24Tom Bilyeu?

  But if you don't, it just keeps happening.

• 1:09:28Speaker 01

  Yeah, um, speaking of the Epstein case, the New York Times has released a new reporting that shows involvement as high as the vice president. This is a FBI intake form that said that Donald Trump knew and funded underage sex parties at the Donald Trump golf course. And in the recordings, Trump stated he was aware of the underage sex parties and charged the house money of the golf course to fund the sex parties. Witness Robin Leach strangled a young girl during a sex party. He claimed she's buried behind the 19th hole at the Trump, Donald Trump golf course. Link is aware of these three separate occasions in which girls were and then continued abuse.

• 1:10:05Tom Bilyeu?

  So, nothing that anybody does will ever satiate people who believe this, but here's what I would love to see. That shit can be scanned. You don't even have to dig like a single scoop of dirt. You can just scan that shit. Scan that shit. Scan it from space.

• 1:10:25Speaker 03

  Blog idea.

• 1:10:27Tom Bilyeu?

  Like, I just, because if it's there, boom, done, finished, game over.

• 1:10:32Speaker 01

  And new reporting reveals that Trump administration officials demanded that the New Mexico AG closes the investigation into Jeffrey Epstein's Zoro Ranch in 2019. And they were probably gonna do those scams.

• 1:10:42Tom Bilyeu?

  So, listen, if, if you insist on shutting down an investigation, and then you want to investigate somebody and people are like, "Shut this down," and then you're like, "Oh my God, like, I can't believe that they're telling us to shut the investigation. What do they have to hide?" Yeah, exactly, motherfucker. So, this is that I, I don't understand. Like, if you have credible reporting, and given what we know about Jeffrey Epstein, I would say at this point, just assume it's credible.

• 1:11:07Speaker 01

  I feel like it's more credible than election fraud.

• 1:11:09Tom Bilyeu?

  So, do the, I'm gonna let that go. Do this investigation. I don't understand what the, this is, see, everybody, if you want to have a great weekend, make sure that you get.

• 1:11:20Speaker 01

  Humble House hot sauce. We can give you hot takes all day.

• 1:11:23Speaker 03

  I'll ramble about Epstein, we'll talk.

• 1:11:25Tom Bilyeu?

  That's right. You guys are hot when it is.

• 1:11:27Speaker 01

  Takes all day. Shout out to Humble House.

• 1:11:29Tom Bilyeu?

  We gotta, we gotta get these guys a new tagline. Would you like hot takes? Get hot sauce from Humble House.

• 1:11:36Speaker 03

  What is the ranch though?

• 1:11:37Tom Bilyeu?

  Do the fucking investigation, I don't get it.

• 1:11:39Speaker 03

  I might be out, I'm sorry. I was curious what the ranch is though, because I feel like that's part of the Epstein stuff I don't know.

• 1:11:44Tom Bilyeu?

  Yeah, so. It's all like, there's a whole bunch of question marks around what is it really? When asked directly, Jeffrey Epstein says, "I bought this ranch because it's near the Los Alamos Center where we had all of these great scientists, but they were shutting it down. And so I wanted to, or they had shut it down, so I wanted to come in." And, and then it's like, his reasoning doesn't really make a lot of sense. But what he's intimating is, "I wanted to give a place for these great scientists to go and continue to do great work. But as far as I know, that's not actually what happened." So it's like this bizarre cover story, but he doesn't end up actually doing, invites them to parties and shit like that. He clearly was trying to collect scientists for some reason, uh, which I've never looked closely enough at this.

• 1:12:26Tom Bilyeu?

  Um, I believe Eric Weinstein has talked about this several times, so anybody that wants to do a deep dive, just type in, um, Eric Weinstein's Zoro Ranch. And you'll get a, a whole walkthrough, but in Eric Weinstein fashion, it's sort of more questions than it is answers. I don't think he ever gives like a stated hypothesis. But the idea being that that was a cover story, there's something else going on, what the fuck is happening? So yeah, the fact that they are like black boxing this, just makes me want the investigation that much harder. It's like, the more you push back, the more I'm like, yeah, yeah, yeah, like, we gotta get in there, fucking find out what is going on. Cause, bro, the, if they're, and I mean, look, by now, I can only imagine what has been tampered with.

• 1:13:09Tom Bilyeu?

  But at the time, if they had just gone in, again, done the scans, see like if there's something, or you, I don't know, maybe it's too many years have gone by, but like cadaver dogs, I know can smell remains and shit like. They should a hundred percent have treated this like, like you would a serial killer's house. Just be like, cool, bring in the dogs, excavate, look around, see what you find. But alas.

• 1:13:32Speaker 01

  All right, taking it down to AI, Yann Leclerc, who I feel like has an interesting reputation in the AI community. Some people love him.

• 1:13:41Tom Bilyeu?

  Nice way to say it.

• 1:13:42Speaker 01

  Yeah, some people love him. Some people say he's, you know, AI person 1.0 and there's now like 3.0 and people have different like levels of thought and things like that. He put out a paper that is saying, I'm giving his positions. Position one, human intelligence is not general in any meaningful way. Position two, generality is not a requirement for an intelligence to be extremely useful. Number three, there is no consensus on the meaning of the term AGI in industry or academia. Number four, existing definitions are insufficient. Number five, we should instead focus on superhuman adaptable intelligence, which points toward SSL and world models.

• 1:14:16Tom Bilyeu?

  So here's the great news. I don't think anything that he's saying is necessarily wrong. Really, ultimately, I think what he's trying to do is get people to stop investing money in the LLMs and start investing it in these other models. And it may require so much money that he may be right that we're holding the field back in some way. But I would say, hopefully, there's a way to begin exploring these things without having to pull away from the industry that is currently being built. LLMs do extraordinary things and I don't see anything slowing down in terms of their output getting better. So I'm certainly not, from a daily user perspective, I'm not looking at this going, oh, LLMs are a waste of time. I'm like, damn, like every three months, I'm getting better and better

• 1:15:00Tom Bilyeu?

  stuff. This is incredible. Please keep going. So if you take his things one by one, so human intelligence is not general in any meaningful way, that I think is nonsensical. So the argument that I would put there is he may have a definition of general that if I were to adopt his definition that I would agree. But if I could put forward my definition, I think people will see, ah, humans are really a phenomenal example of generalized intelligence. The reason I say that humans are generalized intelligence and AI is not yet is because a human can learn very quickly a very wide range of things. Think about the things you do on a daily basis. So. I understand how to interface with my computer. I understand how to interface with this microphone.

• 1:15:44Tom Bilyeu?

  Um, I understand how to drive a car. I understand how to play a whole host of video games. I understand how to run a company. I understand how to interact with my wife. I understand how to interact with my friends and employees like the, the, I know how to swim. The breadth of things that I know how to do and that you can teach me very quickly with very little energy cost is insane. That I'll call generalized intelligence. You can point my type of intelligence, my ability to learn at a lot of different things. Now, when he starts talking about there are aspects of the universe that we can't even interface with and therefore we're not generalized. All right, fair enough. I take your point. We only see zero point zero zero three, five percent of the electromagnetic spectrum.

• 1:16:27Tom Bilyeu?

  From a sensory input perspective, if you want to take that kind of definition of generalized. Yes, our inputs make it so that we're already interacting with such a tiny sliver of the world. Can we really consider ourselves generalized? But that's not what people mean when they say that we want AI to become generally intelligent. What we mean is we want it to be able to do the things that a human can do. So now, going beyond that into some of the other things where we should start talking about how deep an AI can go that being generalized doesn't matter at all. If you can train, and he talked about Magnus Carlsen. Uh, compared to an AI is just a god awful chess player.

• 1:17:11Tom Bilyeu?

  Now, he's the best chess player that humanity has ever produced, but he is terrible when you compare it to an AI. So Yan's point, and it's a great point, is why the fuck are you guys worried about something that can do him? And then be doing things in medicine the same way that a human would and playing tennis as a robot, the same way that a human would. Forget all that bullshit. Like create AIs that are psychotically deep and that can understand the world like down to the level of physics, down to the level of chemistry in a way that humans are never going to be able to. That can track shipping patterns and the movement of satellites and things that are just existing at a level that humans are never going to be able to. To compete with, we don't even think about that stuff. I don't want him to be generalized. I want him to be deeply specialized.

• 1:17:56Tom Bilyeu?

  I think he's right about that, and I think ultimately we will realize that's what we've been building all along anyway. Is just this thing is really good at this. This thing is really good at that. Like I pay more attention to the game engine AI than you can imagine. I don't give a fuck if it can also be the same engine that is gonna clean my kitchen. Don't care about that. Make those separate things that are good in their own ways. That's perfectly acceptable. I think we're already headed down that line. Now, his biggest claim, and the one that's the most interesting, but he just cannot get people to bite on yet. Is that L L Ms will never be able to understand physics. They'll never be able to understand chemistry. They'll never be able to understand biology.

• 1:18:38Tom Bilyeu?

  I don't think we've hit the ceiling yet, but maybe he really does see something that other people don't. The thing about this that I find interesting is he's putting forward a new idea. He's not just poo pooing L L Ms. He's saying, hey, instead of just putting all your investment dollars in L L Ms, you should also be looking at, what do you call them, S S Ls? So whatever the term is, I don't know enough about it to take people down that road yet. But that's at least interesting that, hey, we have these ones that are hyper specialized. And they'll be able to understand the world at a fundamental level of physics. That would be incredible. And that, by the way, is precisely what AI will have to do if it's going to drive energy costs to zero. Uh, if it's going to drive labor costs to zero, it needs to truly understand physics. Needs to truly understand chemistry.

• 1:19:22Tom Bilyeu?

  If you get that, now you're talking about the fast takeoff scenario where it will become uh self improving. It'll get crazy.

• 1:19:31Speaker 01

  And this is on the heels of a breakthrough week of so many things that have been happening. We covered the um anti aging uh drug that's gonna make boomers live forever. We also have a child.

• 1:19:42Tom Bilyeu?

  Also gonna make you live forever, Drew. And more importantly, Lynn live forever. So these are good things.

• 1:19:47Speaker 01

  Yeah.

• 1:19:48Tom Bilyeu?

  Oh, interesting. That gets a sideways glance.

• 1:19:50Speaker 01

  I don't know.

• 1:19:53Tom Bilyeu?

  That's so weird. I'll never understand people's response.

• 1:19:55Speaker 01

  You want to live forever?

• 1:19:56Tom Bilyeu?

  Obviously.

• 1:19:58Speaker 01

  Okay, what if just you can live forever, but everybody around you dies?

• 1:20:00Tom Bilyeu?

  Yeah, that's always where people go. That would be worse.

• 1:20:02Speaker 01

  Okay, you and Lisa can live forever, everybody else is gonna die at their normal timeframes. Maybe they'll live to, everybody will live to a hundred and they die after that, but you get to go to one seventy-five.

• 1:20:10Tom Bilyeu?

  Do the Pete, I get to go to one seventy-five?

• 1:20:12Speaker 01

  You and Lisa get to go to one thirty-five, everybody around you gets to go to eighty, ninety, they all die.

• 1:20:15Tom Bilyeu?

  Obviously, I would take that. Every single day of the week. I would take that even if Lisa were going to die at eighty-five.

• 1:20:21Speaker 01

  Oh.

• 1:20:22Tom Bilyeu?

  Like that, my wife wouldn't, and she hates that I would.

• 1:20:24Speaker 01

  Yeah.

• 1:20:25Tom Bilyeu?

  She want, like, whatever's about to happen, like, if she's, um, if I'm dying, I'll put the clean one. If I'm dying, she just wants to go with me.

• 1:20:32Speaker 01

  Got you.

• 1:20:33Tom Bilyeu?

  And that, to me, is foolish. I don't know why she thi, I mean, I know why she thinks like that. That's not a wise way to think. Uh, she will have very instructions, should I die before her, to live her life, to fall in love again. Like, these are all the joys of the human experience. I get it, you're gonna mourn, take that time.

• 1:20:47Speaker 01

  You're not gonna be in the streets at a hundred, I feel like. So it's gonna be like seventy-five years of, like, solitude.

• 1:20:51Tom Bilyeu?

  In the streets. Uh, I don't, I really hope you don't interface with the world like that. Even I, as a self-isolator.

• 1:20:56Speaker 01

  No, but, no, but I'm saying Tom specifically, if, in this hypothetical scenario, Lisa falls off.

• 1:21:03Tom Bilyeu?

  Have you ever had a pet?

• 1:21:04Speaker 01

  Yes.

• 1:21:04Tom Bilyeu?

  You know you're gonna out.

• 1:21:05Speaker 01

  Well, not really.

• 1:21:05Tom Bilyeu?

  Okay, I've had many pets. You know you're going to outlive them.

• 1:21:08Speaker 01

  Yeah.

• 1:21:08Tom Bilyeu?

  It is the most heartbreaking thing about having a pet, is I know you're going to die. And I'm gonna keep living, and when you lose them, I thought I would be, um, sort of non-moved by it, at least as an adult. And it rocked me. Like, when Lisa and I's first dog died, it fucked me up. I couldn't believe how emotional I was over it. It was crazy. Uh, so I'm like, wow, this really sucks. And then a year later, we got another dog. And it's like, yeah, and I'm glad that we have them. And I know that I will lose them again, and it will be mortifying.

• 1:21:41Tom Bilyeu?

  But it's still the joy that you get from being able to interact with people and love people, knowing, I'm, I mean, theoretically, my parents will die before me.

• 1:21:51Speaker 01

  Yeah.

• 1:21:51Tom Bilyeu?

  But it's still worth it. And I get the one over the kids thing, like, you'd never wanna live longer than your kids. That one I get. There's a particular algorithm that I think makes that one particularly difficult, but. Plenty of people get beyond that and go on to love and laugh again and all that. So for me, I don't see any moment where I'd want to tap out. The only things that scare me are decrepitude. Decrepitude? Yeah. So that my body begins like deteriorate. Yeah, like I don't want to sit there and be like, I don't even mind being a brain in a vat. If I can think interesting thoughts. If I'm like a brain in a vat and I'm super fucking confused and all that, like, okay, that doesn't sound very interesting.

• 1:22:29Speaker 01

  Got you.

• 1:22:31Speaker 01

  Okay, so assuming you have your agencies and stuff like that. And Lisa passes away and you know you have seventy five more years. You're gonna be like, all right, well, time to get back out there and you'll just be.

• 1:22:41Tom Bilyeu?

  No, because I'm at this stage in my life, I'm not super driven by that.

• 1:22:44Speaker 01

  Yeah, I feel like you'll be more, you'll be isolationist.

• 1:22:46Tom Bilyeu?

  Yes, now, do I have a running hypothesis that eventually I'll be like, part of the reason that I could self isolate is because I was in a loving marriage. And now without that, the self isolation does not feel the same way that it used to. That's my default assumption.

• 1:23:01Speaker 01

  That's interesting.

• 1:23:02Tom Bilyeu?

  So, but I wouldn't be like rushing back out. I'm not a person who has a hard time being alone. Uh, also for me, I'm like, maybe even more prone to this than my wife. I would have a real need to honor her in death. And so that would be like a very meaningful thing to me. So I have a tattoo of her name on me. I'm sure I've told that story before. I would be defiant about that as I move forward in my life. Anybody who asked me to remove it or anything like that, I'd be like, that is, you, you now are, uh, you've ruled yourself out. If you don't understand that I'm honoring somebody with whom shaped me as a human, whatever you've fallen in love with, you have fallen in love with somebody who's been tremendously shaped by this woman.

• 1:23:47Tom Bilyeu?

  So, um, yeah, that would be, so I don't know how quickly I would move beyond that.

• 1:23:55Speaker 01

  Uh, I just threw it in the chat, pull in the chat. Do you want to live forever? Do you want to live forever, Ryan?

• 1:23:59Tom Bilyeu?

  I think we've asked this one before.

• 1:24:00Speaker 03

  The Queen song told me I shouldn't.

• 1:24:01Speaker 01

  The Queen song.

• 1:24:02Speaker 03

  Or is it, is it the Queen's song?

• 1:24:03Tom Bilyeu?

  Who wants to live forever? Yeah.

• 1:24:04Speaker 01

  Eric, live forever?

• 1:24:07Speaker 01

  Yeah, fifty fifty. It's like depends how much it costs.

• 1:24:09Tom Bilyeu?

  That's wild.

• 1:24:11Speaker 01

  Depends how much the payment plan is. I might do it.

• 1:24:13Speaker 03

  Yeah, like if I won the lottery, I'd stick around.

• 1:24:15Tom Bilyeu?

  No, no, no. Assume that. So if you live forever guaranteed, you'll be rich, sometimes broke, other times. And there's no way to have an only up phenomenon without just like wild corruption. So, or to be the best trader of all time, like maybe, maybe, maybe Warren Buffett could pull it off, but probably not. So certainly when I imagine my future, it is a combination of sometimes rich, sometimes poor. It's a combination of sometimes in love, sometimes, you know, emotionally devastated. Uh, it's the world may change. The world will change so much that eventually becomes unrecognizable. So it's like, if you're gonna really contemplate living forever, you really have to start thinking like a science fiction author. That's where it becomes far more interesting to me, but

• 1:24:59Tom Bilyeu?

  if you actually put the button in front of me and said, you can hit the button, you're gonna live forever. I would say, do I have the ability to kill myself? If the answer is no, I would never hit that button. Never, ever, ever. Because you, it's too many unknowns. The world is a desolate, um, uh, nuclear waste dump and for ninety thousand years or whatever, your flesh is constantly melting off from the radiation poison and then you reboot. And then it melts off and you reboot for ninety thousand years. Yeah, not interested. I'd rather die. So it's one of those, or the loneliness becomes so profound, you can feel your psychology cracking up because, um, you know, everybody dies or it's the Cape of Great Hope where a meteorite hits the earth.

• 1:25:43Tom Bilyeu?

  And so human civilization exists, but you're not a part of it. You're on some other fucking place. And now you've got to wait, you know, whatever, two hundred and fifty thousand years for people to like repopulate. Fuck all that. So that's the one caveat. I don't want to end up putting myself in some weird torture chamber.

• 1:25:59Speaker 01

  Um, somebody in chat said you will have like an Erica Kirk funeral for Lisa. You'll have fireworks and stuff at her funeral and

• 1:26:05Tom Bilyeu?

  That's why.

• 1:26:06Speaker 01

  You'll be on stage.

• 1:26:07Tom Bilyeu?

  That is, yeah, look.

• 1:26:08Speaker 01

  Liquid coffee and drinks. Red streamers popping it like.

• 1:26:12Tom Bilyeu?

  We don't parse the world the same, but would I do a unhinged Celebration like that at like a year, maybe. Cause the Greeks do this whole thing where every year on their anniversary of their death. It has a name. I forget what it is, but you do like you pay your respects and all that. Uh, given that I wouldn't be going to a church because neither my wife nor I are religious. Doing something to celebrate that, that I could definitely see.

• 1:26:35Speaker 01

  Got you.

• 1:26:36Tom Bilyeu?

  Streamers probably not.

• 1:26:38Speaker 01

  Alex Karp was getting some crap yesterday because he says that the GDP is generated by men despite most graduate degrees.

• 1:26:44Tom Bilyeu?

  This is some headline bullshit, boys and girls. You were being bamboozled by my man Drew here.

• 1:26:48Speaker 01

  What do you mean?

• 1:26:48Tom Bilyeu?

  Play it. Let him speak for himself because he does not say that.

• 1:26:51Speaker 01

  Okay. I read, I read the caption. My bad. Sorry. AF post. Stop, stop.

• 1:26:55Speaker 04

  For mentioning that, you know, forty, thirty seven percent of our GDP is female. Fifty percent of Americans, fifty two roughly are female. There's a dislocation there. Sixty seven percent of people who have, uh, who have gone into graduate school are female. These parts of the market are going to be put under massive pressure. It doesn't help to pretend we're not going to have these problems. In fact, the progressive position is progressive because you speak about problems like.

• 1:27:23Tom Bilyeu?

  Correct.

• 1:27:24Speaker 04

  People, I got in trouble for.

• 1:27:26Tom Bilyeu?

  So he is a hundred percent right.

• 1:27:27Speaker 01

  Yeah. The GDP is generated by mostly men. He said thirty eight percent. He said thirty eight percent by women.

• 1:27:32Tom Bilyeu?

  Let me, let me give you an alternate take of what he just said.

• 1:27:34Speaker 01

  Okay.

• 1:27:35Tom Bilyeu?

  Uh, women account for fifty two percent of the population and thirty seven percent of GDP, which is already women clap for yourselves. That's fucking awesome. However, you're going to, right now, you're sending so many women into like PhD degrees and things. And you're gonna, he doesn't say these words, but this is what he's trying to get at. That is overproduction of elites, like by definition.

• 1:27:58Speaker 01

  Agreed with all of that.

• 1:27:58Tom Bilyeu?

  So the fact that there is this gap, there's going to be more and more resentment coming where AI is going to take out their very fragile jobs, which aren't actually generating GDP, even though they're being trained and trained and trained for it. And so there's gonna be a social like flare up about that and women are gonna feel adversely affected, they'll feel targeted by AI. Yeah. And so you're gonna start seeing things like men are using AI as a method to hold women down. In fact, mark this fucking clip because that will happen. And the story isn't gonna be, there's already a disconnect, which is why female jobs or roles in the economy are more fragile to AI.

• 1:28:43Tom Bilyeu?

  And by not having the conversation and saying things like, for instance, evolution has made men and women different, and the reason that women account for less of the GDP than men do is evolution said, men, go innovate, go do those things. Women, make sure you're there to nurture and to care for the young. And so that, just from an evolutionary standpoint, tells you there's gonna be some difference. Now, the thing, the reason I hated the way that you summed that up was GDP is not male. Men contribute more to GDP for reasons that I think are self evident from an evolutionary standpoint. Now, what people will do is they'll say, uh, GDP is a terrible measure. Cool, no problem. Yeah. No disagreement.

• 1:29:24Tom Bilyeu?

  Uh, women's value, if you assigned an economic, um, indication for the things that they do at home raising kids, you would see a very different number. I totally agree. That's why, like, one of the things I'm most proud of my wife for, one time we were on vacation, she's in line with this woman at a buffet and the woman is like, oh, what do you do? And Lisa tells her and she's like, oh my God, that's incredible. I'm just a mom. And Lisa goes, whoa, hold on, what do you mean, just a mom? She's like, one of the most important jobs anybody could do is to raise kids well, like you should feel so good about yourself, what a huge contribution you're making to the world, like that's so wonderful. You know, and my wife has chosen not to have kids, but she recognizes that that really

• 1:30:05Tom Bilyeu?

  is like an extraordinary, man or woman, that's an extraordinary thing that you do. Women, by the way, are the only ones that can do it biologically. So already just, uh, God has anointed you as the, um, you know, the, the.

• 1:30:19Tom Bilyeu?

  Pro generator of civilization itself. There's a reason I believe in the disposable male hypothesis that men ultimately aren't as important as women, which is why I believe that we should be prepared to keep women out of combat, be prepared to die for them in a intimate conflict. If somebody shows up, I'm going to step in front of my wife. Like, all of those things make all the sense in the world to me. But to deny that because women can procreate, that they do have an elevated sense in like our evolutionary brains is dumb. And then to deny that men are, to a larger degree, not that women don't do it, but to a larger degree, men are going to be more at the forefront of entrepreneurship, more

• 1:31:04Tom Bilyeu?

  innovative, those kind of things. Like, I don't understand why we derange. Yes, we need to account for things other than GDP to explain why women are exactly our peers, why they are completely necessary, why they should be loved and respected and revered and all of that, but ultimately taken for their individual contributions. All of that makes sense. But like, we're in this weird fucking world where merely pointing out what is self-evidently true has people like freaked the fuck out.

• 1:31:35Speaker 01

  I know, but I feel like you just freaked out on me because I said more men contribute to the GDP. He's like, no, no, that's not what he said. And I'm like, we're saying the same thing. You said 32% of women contribute to the GDP, so that means 68%.

• 1:31:45Tom Bilyeu?

  Immediately rewind the clip and play what he just said.

• 1:31:48Speaker 01

  I read, I read the tweet and it's not even my words. So now I'm like, I'm getting, I'm getting cancelled for somebody else's.

• 1:31:53Tom Bilyeu?

  Rewind.

• 1:31:54Speaker 01

  Alex Karp said the most of, most of GDP is generated by men.

• 1:31:57Tom Bilyeu?

  Rewind the clip.

• 1:31:59Speaker 01

  Okay.

• 1:32:00Tom Bilyeu?

  And if, no, no, not, not that. This fucking show. Rewind this show and play back Drew's words.

• 1:32:08Speaker 01

  Alex Karp says that.

• 1:32:09Tom Bilyeu?

  No, no, no.

• 1:32:10Speaker 01

  Because I've read it over, I've read it over here.

• 1:32:11Tom Bilyeu?

  Drew, the number of times in my marriage that this has happened, where I'm like, if we had a recording of this, I would be able to go, oh shit, I was wrong. I actually misinterpreted that. If we are about to find out that I'm incorrect, I will say unequivocally, wow, crazy, Drew is right, I was wrong.

• 1:32:29Speaker 03

  Actually rolling back the clip.

• 1:32:31Tom Bilyeu?

  Yeah, no, this is great. I love this. Go back to the very beginning. Mad respect, Drew.

• 1:32:36Speaker 01

  Alex Tarp was getting some crap yesterday because he says that the GDP is generated by men despite.

• 1:32:41Tom Bilyeu?

  Oh, oh, motherfuckers. The GDP is generated by men. Those were the fucking words you said. God, I feel so vindicated. This has happened in my marriage so many fucking times. That is what I'm replying to. The GDP is generated by men. That's how people sum up the shit that he said, which he did not fucking say that.

• 1:33:00Speaker 01

  Mostly men, mostly men.

• 1:33:02Tom Bilyeu?

  That's a very different fucking statement.

• 1:33:04Speaker 01

  Mostly men.

• 1:33:05Tom Bilyeu?

  That is a very different statement.

• 1:33:06Speaker 01

  This is where we are right now.

• 1:33:08Tom Bilyeu?

  His energy.

• 1:33:09Speaker 01

  Most, most.

• 1:33:11Tom Bilyeu?

  That is hilarious. This is how people, and I don't think you did it on purpose, clearly, because even you were convinced that you didn't say it. So trust me when I say, I believe you that you did not mean to misrepresent it. Nonetheless, it was misrepresented, which is what I replied to.

• 1:33:27Speaker 01

  Cool. I lost that one.

• 1:33:28Tom Bilyeu?

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