Ferrari's EV Disaster + Mamdani's Asset Seizure

Patrick Bet-David, Tom Ellsworth, Jeff Snider, and Humberto Boellert break down Ferrari’s EV rollout backlash, Mamdani’s “transfer ownership” proposal, Pope Leo’s warning about artificial intelligence, Iran peace deal developments, Trump’s undefeated 118-0 primary endorsement record, Canada-Alberta succession tensions, teen summer hiring struggles, and Elon Musk ally Antonio Gracias’ massive $100 billion investment bet. --------- 🦁 THE VAULT 2026: AUG 31ST TO SEPT 1ST: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4mZdLhD⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4mZdLhD Ⓜ️ CONNECT ON MINNECT: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4kSVkso ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4kSVkso Ⓜ️ PBD PODCAST CIRCLES: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4mAWQAP⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4mAWQAP 👔 BET-DAVID CONSULTING: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4lzQph2 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4lzQph2 🥃 BOARDROOM CIGAR LOUNGE: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4pzLEXj⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4pzLEXj 🇰 KALSHI: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://kalshi.com/pbd⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ http://kalshi.com/pbd⁠

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

• 0:13Patrick Bet-David?

  My handshake is better than anything I ever signed, right here. You are a one of one? My sundry, yeah.

• 0:19Speaker 01

  I think I've ever said this before.

• 0:26Patrick Bet-David?

  Alright, here we go. Business Wednesdays, a lot to talk about. Tom saw the latest model of the Ferrari that just came out for $640,000. He's been upset for about a couple of days.

• 0:37Tom Ellsworth?

  Can't hold your period.

• 0:38Patrick Bet-David?

  Had to take two days off, but Rob knew Tom wasn't happy. So guess what Rob chose to do? Rob chose to wear a sweater today with the color of the Ferrari just to bother Tommy. You guys will see him when we show this car. And people are wondering, is this a massive flop of a decision Ferrari made? By the way, did you guys see how the chairman, the former chairman and CEO that was the assistant to Enzo of 20 years came out and what he said about it?

• 1:02Tom Ellsworth?

  Look at my son.

• 1:03Patrick Bet-David?

  We have to play that clip, what he said about it. And this kind of goes with what Porsche did last year when in the first nine months of the year of 2025 versus 2024. In 24, their EBITDA was 4 billion. In 2025, their EBITDA fell from 4 billion to 40 million dollars, 99% drop off. And some blamed it on the, is it the Taycan and some of the decisions that they made? Of course, there's the tariff and other things, but we'll get into that.

• 1:30Tom Ellsworth?

  It was exactly that.

• 1:31Patrick Bet-David?

  And then the other part is a guy in, in New York City, this guy named Zoran. Okay, he's kind of a big deal to socialists and communists, comes out and is giving a speech about transferring ownership of real estate from bad landlords to noble people, maybe even giving it to some charities.

• 1:53Tom Ellsworth?

  Forcing.

• 1:54Patrick Bet-David?

  Yeah, forcing them. This is what you call, not capitalism, not socialism. This is as close to communism as it gets, and we'll play that clip for you, especially New Yorkers. I know how you feel about it. Uh, this guy named Al Green, remember Al Green that was not happy with Elon Musk and all this other stuff? Guess what? He lost yesterday. In the last couple of days and then John Cornyn, who was there for 40 plus years, who had a massive lead on John Paxton. And all of a sudden, Trump endorses John, I'm sorry, Ken, John Paxton is a shooter, Ken. And Ken ends up beating John Cornyn by 27 points, a massive blowout. And now Ken Paxton is going to be going up against Tellerico, if I'm not mistaken. Tellerico is the

• 2:36Patrick Bet-David?

  the Christian socialist that thinks about transgenders all the time. I think that's what it was when he said in one of the interviews. So that's going to be an interesting one. The Pope comes out. And we have a representative on behalf of the Pope here with us, Humberto. I wish. Who, yeah, who is going to be defending the points that the Pope made, which by the way, I largely, I don't even know I disagreed with anything he said. On his opinion and thoughts on AI, this is the first time where they're coming out and giving thoughts and opinions on AI, the Pope. I think it's worth talking about.

• 3:03Tom Ellsworth?

  People pick on him too much. They pick on the Pope too much.

• 3:06Patrick Bet-David?

  What role, Tom, you just offended 36% of our audience that's Catholics and you're talking like that. I mean, this is just inappropriate right now. So we'll talk about that. That's on page 17. Oil prices. Snyder's not happy. Well, what's going on with oil prices? There's some numbers right now. We're looking at $88, but the moment Tom said oil is at $88, lowest since April 17th. And March 23rd. Jeff says, I don't care. It needs to stay there and go lower. That was specifically the words he used. Maybe he'll stay more eloquently. No bounce. That's right. And then in Canada, this guy named Mark Carney is not happy because the folks in Alberta, Alberta is like the Texas of Canada. They want to, they want to separate. They want to be their own country and they're kind of a

• 3:50Patrick Bet-David?

  putting it in vote and some people are wondering, is this even possible? Humberto, that this can happen or not? Who knows? Nobody knows, but we'll see. It is definitely a discussion and, and you know, Tom's got some Canadian blood in him, so he strongly wants to give his thoughts on this. There's some pride there for him. He won't be voting, rooting for the Canadian soccer team in a World Cup. He'll be rooting for most likely US and a couple of other countries, but in this situation, he's not happy with it. And then Trump and Iran, you know, apparently yesterday there was a tax.

• 4:20Patrick Bet-David?

  That took place while the negotiation is going on, multiple attacks, Israel to apparently South Lebanon, if I'm not mistaken, over a hundred attacks that they had, I think thirty-one killed, and people are wondering, why are you doing that while we're in the negotiation? And then the president saying, hey, in order to get this deal done, I need the Abraham Accords to be signed by everybody, and few people already have, but Pakistan said absolutely not, Saudis not too interested in doing that, but they haven't publicly said it. There's a few others that are entertaining it, maybe we'll talk about that. Teens, the worst summer job season ever, they can't find jobs. We'll have that to talk about. And you got Ben and Jerry's founder, who says, one of the worst decisions you can ever make is sell your company. Is he right? Is he not right?

• 5:02Patrick Bet-David?

  We know he's a socialist, we know he likes to go out there and protest and get arrested. He and I did a podcast together, and we actually shared the ice cream, I don't know if you guys saw that closely. We literally, did you, do you remember this? I was there. I shared an ice cream with a socialist, and we actually had a great time together. We laughed our asses off. And I learned about the dirt cake, ice cream of Ben and Jerry's, which is ridiculous. The best, the best. And then we got a couple of the stories that we'll get into outside of that. One story I got is a, one of Elon's friends, I don't know if you heard about the story or not, Tom, one of Elon's friends decides to lend Elon a million dollars when Elon needs help with Tesla and SpaceX at the beginning stages of it. SpaceX is about to go public. You know what that million dollars turned into?

• 5:47Patrick Bet-David?

  Do you know the number? I want you to take a while, guess what it turned into?

• 5:51Tom Ellsworth?

  About four hundred million?

• 5:52Patrick Bet-David?

  Okay, so how about I just talk about it when we, when we get into it? I'll show, it's, it's that unbelievable of a number, and Tom, do me a favor, don't chat GPT it and search it, I just want to get your reaction on this story when we get into it. Couple other stories I want to get into is chip soccer ball, is it a good idea to put a chip in a soccer ball with World Cup being around the corner? Some people are saying, is this going to manipulate? Is it for data? I don't know if I want to chip into soccer ball or not, who knows? But it is a topic of discussion, and we'll discuss that here in a minute. Having said that, folks, if you're running a business and you're hiring people, there is nothing more annoying than when you hire people. And it doesn't go your way and often it ends up costing you a ton of money. Rob, go ahead and play this clip.

• 6:36Patrick Bet-David?

  So the average bad hire small business owner makes costs the company $17,000. The worst hires could cost you $240,000. Why? It's not just losing the employee. Many times you lose them, they're sitting next to somebody, they've already infected the negativity on them. They draw that person out. Imagine that person was with you for two years. And many times you knew this was not a good fit. You knew this wasn't going to be somebody that was going to work with you culturally, but you looked the other way. You didn't have a system on who to hire. You didn't have a system on what questions to ask. Your calibration wasn't in place. So one of the best things we're going to do this year at the Vault Conference, live in front of 12,000 people. We're going to bring a few of our employees up there and show you how we calibrate quarterly on how we score people on five different metrics.

• 7:18Patrick Bet-David?

  And why this has helped our company's retention go higher as well as grow exponentially in ways we've never experienced before. And this will only happen at the Vault Conference that we host once a year. 12,000 people from 60 plus countries will be attending the MGM Grand Arena in Las Vegas. August 31st through September 3rd, going through this 296 page manual together. And if you haven't yet registered, click on a link above or below. Get registered. You may want to bring your team with you. It'll be a very special event this year. Looking forward to seeing you there. There you go. Go to vault2026.com again, vault2026.com. Speaker Stephen Bartlett from the Dyer D C O, he'll be there. Logan Paul will be there to talk about how to create a brand.

• 8:00Patrick Bet-David?

  Then we'll have Joe Montana and Jerry Rice simultaneously interview on how to find a running mate. When you get a running mate, what happens to you? And last but not least, Dan Martel, author of Buy Back Your Time, who has exited multiple companies. We'll discuss how to leverage AI today. Go to vault2026.com, get registered. Cannot wait to see all of you guys there. With that being said, let's get right into the first story. Ferrari two days ago announces their latest car, Luce.

• 8:26Patrick Bet-David?

  And when I saw this car, at first, I thought it was a spoof. I thought it was a joke. But it was real. Rob, if you want to play this clip here while you're playing this clip, I'll kind of give some thoughts on it. $640,000 to get this car, okay? The interior design is by the former chief design officer of Apple, head of design, John Ive, which worked with Steve Jobs. So that's a big part of the story. 330 mile range that it goes, 0 to 60, I think 2.5 miles, 2.5 seconds. 0 to 100, I think it's 6.8 seconds. Top speed, maybe 194 if I remember these numbers correctly. And it's 100% EV. This is not the SF90 that they came up with, which was a hybrid.

• 9:07Patrick Bet-David?

  This is 100% EV. And the market is watching this, saying, was this the right move? Was this the wrong move? You know, it looks like an IA. There was a bunch of criticism. Why would I buy this? Instead of buying this, I can buy 10 Bitcoins. Instead of buying this, you know, I can buy, you know, 10 Teslas, or 7 Teslas, or 8 Teslas. Instead of buying this, I can go do something else with this. Why would I want to buy a Ferrari like this at this price point? Lots of criticism. Tom, as somebody that's owned Ferraris for decades, yourself, and you've restored one of them, if I'm not mistaken, back in the days, you restored one of the Ferraris that you had.

• 9:41Tom Ellsworth?

  That's correct, 1989 through 28.

• 9:43Patrick Bet-David?

  And Tom's daily drive right now is a Ferrari. Tom drives his Ferrari on a daily basis here. Tom, what is your opinion on this? Was this a good move or bad move?

• 9:51Tom Ellsworth?

  This, I don't think is a good move at all. I, you look back at the, the record recently with Ferrari hybrids. And recently, right here at Boca and in Palm Beach, we had Cavalino. So not too many months ago, there was a wonderful Cavalino, looking at all these rare historic Ferraris and people celebrating the history of the brand. And there was a lot of talk there about the SF90 and the 296. The SF90, people were up there talking about cataclysmic loss of value, that the depreciation was incredible because they couldn't get people to buy it. And it was not, because the higher end cars, you'll buy them, you'll keep them as a, the ones that are limited production, say 1,000 units, people keep them, collect them.

• 10:35Tom Ellsworth?

  Well, guess what? The 296 Hybrid also had a hard time and it's been discontinued. So the Ferrari audience has spoken about these and the people that had SF90 or 296 suffering, you know, depreciation of the cars, it's beyond what normally they experience. And I think this was a bad idea, but I think it was already on the product plan. And Pat, you've consulted, we've consulted with companies. You know, sometimes we ask them, "Why did you do that?" "Well, we've been planning it for three years. All the effort went into it. We just went through with it." And it's like, "But if you knew it was a bad idea." "Well, we had invested so much. We just kind of stayed with the plan and hoped." You've heard those kind of words, right?

• 11:15Patrick Bet-David?

  Of course.

• 11:15Tom Ellsworth?

  Well, I think that's what happened. I think this was on the product plan and it went over.

• 11:19Patrick Bet-David?

  That's a very good point. I want to go to this, Tom. The former chairman of Ferrari, who was Enzo's assistant in his twenties, later on becomes the CEO. Rob, if you want to go to the clip of the Ferrari former CEO giving his comments, giving his thoughts on this, they asked him a question and they said, "What do you think about it?" And you can tell Italians, they're not very good poker players. If they don't like you, you can tell. If they're angry, you can tell. If they have a reaction, you can tell. This was him on when he was asked about the Luce. Go ahead, Rob.

• 12:11Tom Ellsworth?

  That last one just did it. By the way, I love this guy.

• 12:15Speaker 03

  That's a dig.

• 12:15Patrick Bet-David?

  Go back to, go back to, by the way, he says, "This is certainly a machine that the Chinese at least won't copy from us. They won't need to." Meaning the product is such a bad product. Now, Tom, to people that don't know who he is, how important was he to the Ferrari brand?

• 12:29Tom Ellsworth?

  This is Luca Montezemolo and Luca was absolutely critical to the brand. He was, the return of Ferrari to F1 glory with the signing of Michael Schumacher and then five

• 12:45Tom Ellsworth?

  consecutive championships they haven't won a championship since 2007 he was kind of you know moved out by the DEI crowd and I this guy is a legend and I I think that was reserved for Luca that was a reserved reaction because he could have just gone off and he knows what's going on at Cavallino he knows what the market has been saying there's no secrets here and this guy this guy I put him in one of the the top 20 auto executives of all time

• 13:16Patrick Bet-David?

  so he's a heavyweight so

• 13:17Tom Ellsworth?

  in the modern era not like

• 13:18Patrick Bet-David?

  now let me ask you a question Tom you're running Ferrari today you're you're you're you're the board you're the developer you're the designer you see him saying something like that how is Ferrari right now in we've been to their headquarters multiple times we've toured a headquarter we've driven Ferraris in their headquarters multiple times great I think we just went there a few months

• 13:36Tom Ellsworth?

  you and I took a tour together in 2015 and we walked right by him and didn't know it Kim told me later did you know Luca walked right by you guys

• 13:43Patrick Bet-David?

  stop it when we were there in 15

• 13:45Tom Ellsworth?

  correct when you and I took a picture

• 13:46Patrick Bet-David?

  LaFerrari

• 13:47Tom Ellsworth?

  very front door and we had Ferrari shirts on he walked out and Kim says that was Luca

• 13:52Patrick Bet-David?

  how does how does how does Ferrari react to it go to their home office how are they reacting to this

• 13:56Tom Ellsworth?

  okay you've got you've got the DEI folks you know we have to do this it's modern we have to keep going forward all the progressives right and any crowd is progressive and then you then you've got the diehards whose blood is boiling I I think I think I literally believe there's like a split board there's the traditionalists that say hey hybrid technology is here we can do things hybrid that we can do things here but our buyer doesn't want it look the SFID didn't sell this didn't sell

• 14:25Patrick Bet-David?

  Humberto

• 14:26Tom Ellsworth?

  we need to follow the consumer their blood is boiling meanwhile on the other side people that were like forcing it and you're seeing Porsche Ford Honda all back off of EV plans in a big way billion dollar write offs multi-billion dollars

• 14:40Speaker 04

  I want to get on that point if we see the numbers you know what I mean Ferrari they make and you know deliver 13,000 cars a year that's all they do this is $600,000 EV all right how many units are they gonna do this is not this is not a Jaguar level of like we're gonna cut all the lines and just with electric one this is an experiment I was watching the video yesterday with her name is oh my god I forgot her name she does Cleo Adams she interviewed the guy who designed the interior the guy that used to work at And I really like some of the design philosophies that were used inside the car. I think it's revolutionary, going away from screens, having tactile functions. I think there's a lot of technology that's going to be inside of the car.

• 15:24Speaker 04

  I think the interior of the car is a work of art. I can't say much about the exterior. It looks like a Ferrari 8, an SUV. It's the ugliest thing, but you know, that's, that's, some people will like it. I think at $600,000, if they move 100 units, some people will see the cool factor on it. Maybe for the average Ferrari owners that want, you know, they want a mid mountain V8. It's not going to be their cup of tea, but I, I don't think they're going to lose, lose money on this. Like if you look at Ferrari, they mostly sell T-shirts. How many people actually buy a Ferrari? You know what I mean?

• 15:56Patrick Bet-David?

  Well, Rob, run a poll, run a poll. Have you ever owned a Ferrari before? Have you ever owned a Ferrari before? Jeff, do you have any thoughts on this?

• 16:03Speaker 03

  No, I mean, I'm not a car guy by any means, but when I first saw that picture, I thought it was a Tesla. I really did.

• 16:09Speaker 04

  Immediate reaction.

• 16:09Speaker 03

  Immediate reaction was like, it's a Tesla.

• 16:11Patrick Bet-David?

  Yeah. So it's interesting.

• 16:14Patrick Bet-David?

  When, when you, when you look at this, when you, Tom, let me ask you a question here. This is an interesting one that I didn't know. Can you tell me, Tom, what do you think is Ferrari's EBITDA percentage? I want you to think about this and I want the audience to guess what is Ferrari's EBITDA?

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• 19:29Tom Ellsworth?

  I thought Ferrari's EBITDA was two times the auto average. I thought they were up at like 16% and auto average was like...

• 19:36Patrick Bet-David?

  Are you ready? Are you ready for this? Ferrari's EBITDA is 35 to 40%.

• 19:42Tom Ellsworth?

  Okay, is that clothes and licensing or just cars?

• 19:45Patrick Bet-David?

  Tom, just purely EBITDA, 35 to 40%. Clothes and licensing is nothing. It's the cars that mainly brings the revenue. 39.1% is their EBITDA. By the way, you know who number two is? Number two historically in EBITDA, most profitable automotive companies in the world. You know what number two is?

• 20:00Tom Ellsworth?

  Toyota?

• 20:01Patrick Bet-David?

  Porsche, 25 to 30%. Number three is Lamborghini. And guess who number four is? Guess who number four is? This is where it gets interesting. Number four is Tesla. Then it's everybody else. So, meaning when Ferrari, like, and then when you think about Porsche, the greatest day-to-day supercar ever produced is the Porsche 911 Turbo S. It's not even close. You can drive it every day. I will, for the rest of my, as long as they don't go woke, you will always find a Turbo 911 Turbo S in my garage for the rest of my life, even when I'm not driving nowadays. I only drive once or twice a week. And for Porsche, they produce 311,000 cars. Tom, you own a Ferrari and you own a Porsche, right? And I owned an SF90 before and I've owned a few different cars. But specifically, when you were talking about SF90,

• 20:45Patrick Bet-David?

  we went through the process together when I was trying to sell it, if you remember that. So there was a personal experience when I'm talking to you and I'm saying, "Hey, what the hell is going on with this SF90? 1,000 horsepower, incredible car. You can go 200 miles an hour. Doesn't feel like you're even pushing at 200." Not that we would ever do such a thing because I always drive 65 miles an hour. You don't break the laws.

• 21:05Tom Ellsworth?

  Or be texting at the same time on a turnpike.

• 21:07Patrick Bet-David?

  Never, never do such a thing. So you wonder if they watched on what happened with Porsche when they went to produce certain cars that the audience simply didn't want. Do you know when they, by the way, the profile of a Porsche driver versus a Ferrari driver? Here's some interesting facts. Do you know what the average Ferrari driver age is? The average Ferrari driver age, give me the age.

• 21:29Tom Ellsworth?

  I thought it was fifty-five now.

• 21:30Patrick Bet-David?

  Fifty-one years old.

• 21:31Tom Ellsworth?

  Yep.

• 21:32Patrick Bet-David?

  Okay. Porsche is around the same age. But the average income earner that buys a Porsche is making three seventy to five hundred thousand dollars a year. The average Ferrari driver makes a million to thirty million dollars a year. The average guy that buys a Ferrari. What percentage of Porsche drivers are males versus females? This one is tricky. What percentage of Porsche drivers?

• 21:54Tom Ellsworth?

  I would say ninety-five percent.

• 21:55Patrick Bet-David?

  Okay, so Porsche is eighty-five percent. Okay. What do you think it is with Ferrari? Male to female. It's a crazy number.

• 22:03Tom Ellsworth?

  It's not the same?

• 22:04Patrick Bet-David?

  No, it's a crazy number. What do you think the percentage of male to female drivers are in Ferrari?

• 22:10Tom Ellsworth?

  I don't know, I saw a lot of women driving Romas.

• 22:13Patrick Bet-David?

  Let's see it, I wanna see it from Tom, cuz I was shell shocked. I was, it's an extreme, it's one of the two extremes, so what do you think it is?

• 22:21Tom Ellsworth?

  Well, I, I, this is a wild guess based on just looking around, but the Roma's moved a lot and I think it's like eighty-twenty.

• 22:30Patrick Bet-David?

  Tom, ninety-eight percent of Ferrari buyers are men. Ninety-eight percent, like they know their customers. Like if they hired the I percent and they say, what can we do? This is kinda like Romney hired a consultant that says, stop going after Obama so strong, after Benghazi, after the second debate and start talking about salads.

• 22:50Tom Ellsworth?

  You look mean.

• 22:51Patrick Bet-David?

  Talk about single women and they're like, uh, that's why he lost the debate. If they try to win over customers, that's not their customers, it's a big mistake. I hope Ferrari stays put and gets clear on what the customers are and just stays right there.

• 23:04Speaker 04

  As, as Tom described and the profiles, like Ferraris are religion, you know what I mean? Some people swear by Ferraris, they will buy cars, I know a guy, he just bought a car, you know, million dollars and he's gonna put it away for posterity. Like he's never gonna drive it.

• 23:19Patrick Bet-David?

  No.

• 23:19Speaker 04

  He's just gonna put it away to save it for the future. Like Porsche, you know, I, shout out to the PCM, the Porsche cop here. Those guys, if you show up on any car that's not air-cooled, they wouldn't even talk to you. Like, that's, that's how resistant they are to change.

• 23:34Tom Ellsworth?

  But isn't that an element of progressivism, thinking about this bigger? Like, you know, Bud Light, they brought in that consultant for Bud Light and.

• 23:41Patrick Bet-David?

  What was his name? Dylan Mulvaney?

• 23:42Tom Ellsworth?

  Yeah, we need to change our audience. There's this element of progressivism that says we don't need to listen to our customer because they're old, they're backwards, they're all straight white males. We need to tell our customers what they need to do. That's, I think you've seen this time and time again, and not just Ferrari, but you know, a lot of other businesses, Cracker Barrel, oh my God.

• 24:01Patrick Bet-David?

  It is true.

• 24:02Tom Ellsworth?

  They, they say, they stop listening to their core business and say, the element of progressivism is we need to tell people what they need to think.

• 24:09Patrick Bet-David?

  That is so dumb. That is so dumb. But by the way, if a Porsche produces, what's the number? 311,000? They went from $4 billion on EBITDA the first nine months of 2024 to 40 million in 2025. The CEO immediately said, we're not producing 311,000 Porsches. That's what they produce per year. He dropped it down to 250, if I'm not mistaken. They lost $784 million due to tariffs in 24. They had to write off a bunch of things that they bought. With AI, technology, chips, all this other stuff that was a pure write-off. They came out with a car, Taycan, what was it called?

• 24:42Tom Ellsworth?

  Taycan.

• 24:43Patrick Bet-David?

  The Taycan, which was one of the biggest flops. First year sold 32,000, second year sold 43,000, third year dropped.

• 24:52Patrick Bet-David?

  49%, then it dropped another 40% or 30%. And these cars you buy for 150 to 200,000 dollars. Within a year to two years, you already lost 50% of valuation of the car, within two years. So I've seen these cars. They're pretty, they're pretty nice.

• 25:06Tom Ellsworth?

  I drove one. They don't turn. It wasn't a Porsche anymore. It was a sled. You put your foot down, it just went, but there was nothing to it. There was style to it, but it didn't move, it didn't turn. It was, it was the most horrible driving experience.

• 25:20Patrick Bet-David?

  Know your customer, Tom. Know your customer. That is the key. Know your customer.

• 25:24Tom Ellsworth?

  This goes back in history. There's a guy named Sergio Zaiman that was part of the New Coke decision. He pulled back on it and said, we never should have done that. We never should have talked ourselves into believing that there was another hill to climb for our customers. He wrote a book called The End of Marketing as We Know It. Sergio Zaiman, you know, if he's still around, we should get him on.

• 25:42Speaker 04

  I quickly want to defend Porsche because this is not only their bad decisions, they had tremendous. pressures pressure from the EU from Brussels, you know, because they have this fleet limits. So they need to have some EV cars. The funniest example of this is Aston Martin. I don't know if you guys heard this story. They made a little like a smart car to offset their CEO emissions. So that's one thing and the situation in Germany is not good. The price of energy and you know, you know about this Jeff, the price of energy there makes any industry not profitable.

• 26:11Patrick Bet-David?

  This is a 430 horsepower Aston Martin. Go to that Rob, what you just had up right now, a minute ago?

• 26:16Speaker 04

  This is what regulation does, Pat.

• 26:18Patrick Bet-David?

  Stop it.

• 26:19Speaker 04

  They had to make this.

• 26:20Patrick Bet-David?

  They made this because of regulation.

• 26:22Speaker 04

  Because of regulations to break down the average of the fleet.

• 26:24Patrick Bet-David?

  I've, wait a minute, that car has 430 horsepower.

• 26:28Speaker 04

  Oh, it's crazy.

• 26:28Patrick Bet-David?

  I mean, that's a suicide mission if you drive that car.

• 26:31Tom Ellsworth?

  That's exactly right. You, you, you hit a deer or, or a, or a 40 pound dog.

• 26:36Patrick Bet-David?

  Let me see the photos, Rob. Go a little bit more into the photos aside from just that. Wow, that is an ugly car.

• 26:42Speaker 04

  But they had to do it.

• 26:43Tom Ellsworth?

  They call it the signet, signet, which is.

• 26:46Speaker 04

  Just for regulations, they had to have one, one car in the fleet.

• 26:49Patrick Bet-David?

  It is what it is. Like we're advertising for these guys. So let's just see if it's going to work. You guys are going to go by it or not. Let's go to the next story. So here's Mom Donnie, comes out with a story in front of people. He's standing up there and he's trying to sell that if you're a bad landlord, you know what we're going to do to you? We're going to transfer your ownership. Wait, did, did he just? Did he say transfer of ownership? He did. What, what do you mean to who? Do you mean you're going to force us to sell? No, no, transfer of ownership to who? To non-profit, there's no way, this has to be AI. Well, here's Mom Donnie for you. Go for it.

• 27:21Speaker 04

  Through our new citywide campaign, Fix the City, we will focus on the worst landlords in New York City.

• 27:29Patrick Bet-David?

  Listen, it's coming up right now.

• 27:31Speaker 04

  When necessary, we will take aggressive legal action to remove negligent owners and property managers.

• 27:39Speaker 04

  And for buildings that have suffered chronic neglect. We will work to transfer ownership to responsible stewards.

• 27:47Patrick Bet-David?

  Wait, go back again, Rob? Go back 10 seconds, please. Yeah, right there.

• 27:52Speaker 04

  And for buildings that have suffered chronic neglect.

• 27:54Patrick Bet-David?

  Yeah.

• 27:55Speaker 04

  We will work to transfer ownership to responsible stewards.

• 28:00Patrick Bet-David?

  That's, if you've ever read Atlas Shrugged.

• 28:04Speaker 04

  Stewards that include community land trusts, nonprofits.

• 28:10Patrick Bet-David?

  Nonprofits.

• 28:13Patrick Bet-David?

  Notice he said that twice. Or even the tenants themselves.

• 28:18Patrick Bet-David?

  Look at that smile. Oh Lenin would be so proud, Stalin would be so proud, Karl Marx would be so proud, these people would be so proud. Let me read this to you. "The plan includes a number of other lifelines to struggling landlords of affordable housing such as making it easier to finance property improvements, secure tax exemptions and clear their housing code variations. The city is also launching a $5 million loan program to landlords to help pay tenants overdue rent and avoid evictions." So they're paying you the rent and that's exactly the step towards communism. "The roughly 300,000 apartments financed through the city's housing agencies are potentially eligible for the rent increase. Once they are empty, along with other assistance, this is about a third of the city's overall rent stabilized housing stock, but includes large affordable housing owners like related."

• 29:03Patrick Bet-David?

  Jeff, when you hear this message that he's given, how do you process this information?

• 29:07Speaker 03

  It's not surprising, first of all, but I mean, look, it's a typical playbook, right? I mean, government policies created this mess to begin with. You're not allowed to build in New York City, so there's a housing supply shortage. There's rent control, which means you're not allowed to price anything based on market, which means that properties necessarily, I mean, property owners necessarily have to skimp on repairs and everything. What ends up happening? You end up with a housing crisis that government then comes in and says, "We're magically gonna fix it." So you create the problem so that you can fix it and the solution ends up being collective control, which is playbook as old as progressivism, communism, whatever you want to call it. It's all basically the same thing. The real key here is when you give government authority, who gets to decide who's a bad landlord and who's a good landlord?

• 29:51Speaker 03

  And what standards are we gonna use? And how are those standards gonna change over time? And how are they gonna be used as political leverage? I mean, because that's ultimately where all these things go. Once government comes in and takes over control, the results are not positive. Do people not remember the push for a public housing in the 50s and 60s into the 1970s? And how that actually ended up in New York City most of all? Public housing was a nightmare and a mess. Why would this be any different?

• 30:19Patrick Bet-David?

  Tom, thoughts?

• 30:20Tom Ellsworth?

  So, I have a lot of thoughts here and I'm gonna dive down here and so if you need to stop me, please stop me. So, let me tell you how this works. I, because I looked into the things he's setting up and I looked into his words and they didn't like hand out, you know, a PDF of their playbook, but they basically told you. They have a board that will collect complaints, Pat, from renters. And guess what? No complaint too small, they'll build it up and say, "Oh, this bad landlord, Humberto, the terrible slumlord of Jamaica, Queens, you know, he, 700 complaints." And you'll hear words like that, Pat. That'll be the first thing. Some of those will be, you know, they, "Hey, we had a snowstorm, they didn't shovel the driveway soon enough, didn't shovel the front door."

• 31:05Tom Ellsworth?

  No complaint too small, it'll be a stack of complaints, number one. Number two, they will then go into seizure and then what, that's transferring ownership to a responsible steward. Yeah, that's just code for seizure of assets, ladies and gentlemen, seizure of assets. They will seize that, "Oh, we'll give it to a responsible party or a nonprofit." Those nonprofits will be PACs, they'll be Democrat PACs. But now let me ask you a question. On Monday, all these people were paying the landlord rent and the landlord couldn't afford to both pay the property tax and pay taxes to the city because he's operating a commercial enterprise called renting a asset, and then also pay JP Morgan

• 31:48Tom Ellsworth?

  for the loan that he has on the building. He had a hard time doing that and putting brand-new granite kitchens in for a bunch of low-income people. He can't do that. So, how is it that on Tuesday, Pat, when they say, "Evil Humberto had 700 complaints and we're now transferring it to the low-income trust of New York," how are they gonna do it? Pat, this is what happens. Now, the low-income trust and the city, you're the VP of commercial real estate in New York, Pat, you are now. And I'm Mandami and I walk in and I'm like, "You know those loans you got?"

• 32:27Tom Ellsworth?

  10 of those loans are now under the stewardship of the state of New York, city of New York. Pat, you need to reduce these payments or reduce the interest rates. What do you mean? It says, "Or we're just gonna write this down by force." Because the loan is still intact. The loan is the last survivor. And you'll have Mondami and the Islamists attempting to use you-know-what law to say that interest, charging interest, which is anti-theoretical to Islamists, they're gonna put the pressure on the banks. And Mondami made comments about the banks and the Jews that run them, or mostly Jews that run them. So you are now gonna have the loans cratered. Now then, the stewards own the property and are collecting the rent.

• 33:12Tom Ellsworth?

  They lower the rent for people, but they no longer have the large payments, Pat. Now they've got tens of millions and billions of dollars because the city has now seized it. They suspend the taxes on it. They collect the rent on it. And then all that money gets filtered out to DSA. And they do it at Philadelphia, they do it at the next city. This is a Marxist step-by-step playbook. And what people need to pay attention to is just because you seize it, you can't pay all those things unless you kill the loan with the bank or you force them by force to renegotiate it down. And now you have a profitable housing, money going to the Dems. Do you think that circle of life, to me, looks different than operating an illegal daycare

• 33:55Tom Ellsworth?

  and then skim off the top back to the politicians and some for yourself?

• 33:59Patrick Bet-David?

  What a brilliant strategy.

• 34:00Tom Ellsworth?

  It's not, this is what's gonna happen.

• 34:02Speaker 03

  It sounds brilliant, but the downside, the market check on it is you can't ever meet expectations.

• 34:07Patrick Bet-David?

  No, no, when I, listen, brilliant strategy to me. This isn't a playbook we would ever do. We're capitalists. But what a brilliant strategy to sell the folks in the back that are rooting for it. Yes, I'm gonna give it to nonprofits or maybe to some of the tenants. What is that about? That's like, hey, I'm gonna take from the rich and I'm gonna give to the poor. Mondami is officially Robin Hood. What a hero. What an incredible guy doing it to the financial capital of the world. Number one city in America when it comes down to economy, if you can do it to that city, what other cities are you able to do that to? You can do it anywhere.

• 34:42Tom Ellsworth?

  You'll fund Philadelphia and you'll do the next one.

• 34:45Speaker 04

  This is how modern socialism looks like, alright? The Jacobin magazine, one of the biggest publications on the left, everyone, you know, like there is somebody on the intellectual side of the left. I'm saying left and intellectual very lightly. They're saying this market socialism, this, what they did with the daycares, what they, what they're doing with rent, what they're doing with everything. They're using this mechanism to stay in power perpetually, like they're cash cows. And, and as Jeff said, like this is not gonna work, but they're gonna milk it until it doesn't work.

• 35:14Patrick Bet-David?

  Of course.

• 35:14Speaker 04

  You know what I mean?

• 35:15Patrick Bet-David?

  Of course.

• 35:15Speaker 04

  So, and I don't know, I'm very worried about it. If it works kinda well, you're gonna see this in Philadelphia, you're gonna see this in Minnesota.

• 35:23Patrick Bet-David?

  And their timing.

• 35:24Tom Ellsworth?

  New York will fund it happening in those cities.

• 35:26Patrick Bet-David?

  Their timing is so phenomenal. If I had a chart right now to write, you know, if we had like the, what is that board that we use?

• 35:34Tom Ellsworth?

  The vibe board.

• 35:34Patrick Bet-David?

  Vibe board. I think, Rob, in the future, let's just have the vibe board here for, anytime we wanna jump on and write, let's do that, Justin, let's make a note of that.

• 35:40Tom Ellsworth?

  A modern version of Glenn Beck.

• 35:42Patrick Bet-David?

  Yeah, yeah, if we, if we had the, if we had the vibe board, just to show it. But, uh, to, to show that this model of what you're doing and how to go about, uh, uh, uh, doing it, what the step process becomes, like, at first, they're gonna say, well, the current economy to like my whole thing with AOC having a shot at winning in 2028. I've, I've been saying this and I get a lot of minx with people being upset. Why would you say that? Well, cuz I think it really has a shot. Why? Cuz AI is gonna do what it's gonna do and, you know, whether some people are thinking are gonna take jobs or it's not gonna take jobs. It's impacting the economy. So, Tom and I were talking last time on the podcast, what's the best case scenario where unemployment will be in 2028? He said five to seven percent. I said, what's the worst case? He said 10 plus percent.

• 36:25Patrick Bet-David?

  If that were to happen, if home prices don't come down, the average home price right now in California is $906,000. In Florida, I think it's 340, 350, if I'm not mistaken, something like that, 337. You can look it up, the average home price by state, yeah, we're at 376. Hey, can you go, 344 Central Florida, can you type in California, the average home price in California? So, if you type in California, average home price, 776, 854, story came out last week that it's 906. How the hell can the average person afford an 854? Home, you can't. Chad Bianco yesterday was here on the podcast, was running for governor. And he said, when he moved from Utah to LA, he worked construction. Within one year, he could afford to buy a house.

• 37:09Patrick Bet-David?

  You're not gonna be able to do that today. So all of these things are gonna be used as leverage for them to say, this is why you do need government's help. So the more you're seeing Mamdani saying, Mamdani is simply setting one person up. It's like that volleyball player. You know that guy from CSUN that's all over the place? The phenomenal gay volleyball player that's just very, very good at what he does. And he makes his move at the end when he, you know, slams the ball. Mamdani is simply setting him up. And then AOC is coming, okay? AOC, Mamdani is setting up, and look at this, AOC is gonna come and boom. Okay, hang on a second. This is not even the one, Rob. I don't know which clip you found. But there is one that he gets set up, and then he comes and crushes it. That's what's gonna happen in 2028. And so,

• 37:54Patrick Bet-David?

  my worry is for people to have enough common sense, boom, look at that. Guy's a frickin' stud on how he's not a stud like that. I'm just saying he's a stud the way he plays volleyball. I don't wanna confuse people here.

• 38:04Tom Ellsworth?

  You make a really good point. Underneath all of the mannerisms and everything he does is a phenomenal athlete. And if people think that underneath everything they see on the surface from AOC, there isn't a phenomenal politician, they're making the same mistake.

• 38:17Patrick Bet-David?

  Yeah, yeah. If only the paranoid survive. And right now, if you're not seeing what's happening, they're doing it to the biggest city. What do you do if you wanna take a gang out? What do you wanna do if you wanna scare the living crap out of everybody in the gang? Who do you go after first?

• 38:30Tom Ellsworth?

  The boss.

• 38:30Patrick Bet-David?

  The boss. And who's the boss of financial capital in America?

• 38:33Tom Ellsworth?

  New York.

• 38:34Patrick Bet-David?

  That's exactly who they're going after. If they can get New York City, they can come to a city near you. Now, let's go to the next story. The Pope. The Pope comes out

• 38:45Patrick Bet-David?

  and drops a message about AI. And it's not what you think. But the Pope comes out and says, issues a warning about AI and autonomous weapons. Is this all the 13 points in this 1 minute and 19 seconds, Rob? Or is this just something he's saying there?

• 39:00Tom Ellsworth?

  Just something he's saying. I do have the 13 points.

• 39:02Patrick Bet-David?

  Okay, go to that, and then we'll go to the 13 points. Here's the Pope, the leader of roughly, what is it, 1.4 billion people? Humberto, am I saying it correctly?

• 39:11Speaker 04

  And growing.

• 39:12Patrick Bet-David?

  And growing 1.4. They've been flat last couple of years, but they've been growing the last 12 months on what they're doing. But here's the Pope. Go ahead, Rob.

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• 42:16Patrick Bet-David?

  Artificial intelligence needs to be disarmed. The word is strong, I know, but deliberately chosen because this moment needs words capable of attracting attention, awakening consciences, and indicating paths forward for humanity. The Church has long been working for nuclear disarmament, aware that every great technical power can affect people's lives, and so must be accompanied by adequate moral discernment and public control. Nuclear disarmament remains a service to peace and the dignity of the human family.

• 42:57Patrick Bet-David?

  In a similar sense, artificial intelligence now demands to be disarmed, freed from logics that turn it into an instrument of domination. AI needs to be disarmed, said by one of the most powerful men in the world, the Pope. And here's what he said. I'll read him. And I want to get your thoughts. Comment in the comments section of what he's saying here with the points. I think he's making very good points, but I want to open it up and I hope there's some disagreements here to see different angles. Number one. AI must serve humanity, not replace it. Okay, common sense. Number two, human intelligence is unique. The Pope argued AI can process information, but cannot truly possess conscious empathy, moral judgment, wonder, or a soul. Number three,

• 43:42Patrick Bet-David?

  big tech concentration is dangerous. He warned against a handful of companies controlling the future of intelligence and data. Number four, AI needs strong regulation. He called for democratic oversight and international guardrails instead of self-regulation by tech companies. Okay, some people would disagree with that. Many would disagree with that in the tech industry. AI could destroy jobs at massive scale. He warned governments to prepare for labor disruption and protect workers displaced by automation. Six, workers must not be treated like machines. He repeatedly connected AI to worker dignity, similar to how Pope Leo XIII addressed the Industrial Revolution in the 1890s.

• 44:22Patrick Bet-David?

  Number seven, AI-generated misinformation threatens democracy. He warned about deep fakes, manipulation, propaganda, and the collapse of trust in truth itself. Okay, we know that. Eight, AI weapons could become uncontrollable. One of the strongest warnings about autonomous warfare and AI directed weapon systems. Number nine, children's development must be protected. He warned AI and screen could damage critical thinking, emotional development, attention span, and interpersonal growth in young people. Number 10, AI must not become a new religion. Number 11, algorithms are not neutral. He argued AI systems inherit the values and biases of the people who build them. True. 12, human relationships matter more than efficiency. And last but not least, society must choose

• 45:05Patrick Bet-David?

  between power and dignity. The Pope framed AI as a civilizational crossroads. Humberto, your thoughts on this?

• 45:13Speaker 04

  I think he makes some, and it's, it's very funny that the last Pope during a big, you know, the Industrial Revolution, his name was Leo as well. I think he makes some very valid points. For example, the morality part to AI. You can't rely on AI for morality. You have all this San Francisco, some of them, they're not my favorite people, injecting their Moral standards to AI, you know what I mean? Creating new religions, there's a few AI-based religions that have this. Some of the bigger points, I think them, you know, not having AI-controlled weapons. I think human life, I might be on the wrong, but human life is too valuable for an algorithm to decide between life or death.

• 45:58Speaker 04

  What else did he say? Like, AI must serve humanity. That's, I think that's the main point right here. Like, we can't let AI, we can't get to the point, and it's very possible that we'll get to the point that we start serving AI. I don't know if you guys seen, there's an app where AI can hire you to do human jobs. We're getting to a point, and we're getting very close. Now, about the oversight part, it's just so difficult. Personally, I think we're in an arms race with every country. So if we get moral and stop doing something, somebody else will do it.

• 46:31Patrick Bet-David?

  Who disagrees? Who disagrees with the Pope? Do you disagree with him? Do you agree with him, Tom?

• 46:35Tom Ellsworth?

  Can I reread one of his quotes?

• 46:37Patrick Bet-David?

  Yeah, of course.

• 46:38Tom Ellsworth?

  Calling for prudence, rigorous evaluation, and at times a slower pace in adopting the internet does not mean opposing its progress. Quote, "It is essential that the use of the internet, especially when it touches our public and our children and public goods and fundamental rights, be guided by clear criteria and effective oversight." You see what I just did? I took two quotes and I removed AI and I used the word internet. So I think that there's some things he's saying that maybe have some merit and some time for consideration. But every technological leap has included this. Now, I will tell you that AI is very significant. I believe we need certain guardrails on it. And we're seeing what happened. And I think having the sensing technologies out there to make sure that you're not plagiarizing

• 47:23Tom Ellsworth?

  or you're not cheating on an exam, or that those photos that you created of your political opponent are fake. I think that there's an underlying point that the Pope is making, that everybody else is making, like about deepfakes. Like, if we think we have enemies now, Pat, just wait another year for things to advance. You and me are gonna be shown in pictures dating back to the 80s, saying terrible things, doing terrible things. On that day, it'll be very important that the that the opposite technologies are out there to ensure that we can say, wait a minute, wait a minute. That's fake. That's not, yeah. And I think the Pope is making good points about that stuff, but there's also a, here we go again.

• 47:59Patrick Bet-David?

  Jeff, by the way, before I come to you, I'm gonna come to you, Rob, I want you to see this here. Pull up the two things I just sent you. One is the tweet by David Sacks, which I shared. He says, how are job postings for software engineers rising rapidly despite AI agents automated coding?

• 48:15Patrick Bet-David?

  Because there's far more code to manage than ever before. We're already seeing a 14x year-over-year increasing GitHub comments and it's accelerating. Click on that link, Rob, to make that image bigger. Watch this.

• 48:27Tom Ellsworth?

  And GitHub is the storage of a new program.

• 48:30Patrick Bet-David?

  The baby blue, the light blue is indeed job posting, software engineers. The dark blue is overall indeed job posting, so any job than that. So you notice the number of jobs specifically for software engineers is skyrocketing back up. It went down March 25, May 25, and then all of a sudden it's like, no, we need these guys. Now, it's too early to tell. It's like when they start, hey, GLP-1s, you know, three-year research shows it's so good for you. We don't have a 20-year research. We don't have a 10-year research. We don't have a 30-year research. There was a book that came out about steroids 40, 50 years ago. It was called the Steroids Bible, and they had edition 1, 2, 3, 4. Studies show that it's very good for you. Well, you need decades and decades of research to be able to see, so we don't know yet.

• 49:16Patrick Bet-David?

  But this highlights that it's not as bad as people think it is. It's actually creating new jobs. Having said that, Rob, go to the clip about David Sacks, what he said would have happened if Kamala Harris wasn't with data centers and AI. Go ahead.

• 49:29Tom Ellsworth?

  AI, I think we're really lucky that he's the president who's in the White House when this AI revolution is happening. I mean, do an alt-history, Sacks. What would happen if Kamala Ding Dong was in right now and we'd have like no data centers? We'd have no data centers and they'd be using AI to censor us and they'd be promoting DEI values through AI.

• 49:48Speaker 05

  Was in the Biden executive order. President Trump just wants the country to win and be successful. And he doesn't have these like doomer neuroses about it. That's not to say we don't support any regulation at all, but we should have specific solutions for specific problems. As opposed to being cowering in fear over this and just trying to call to all progress.

• 50:10Patrick Bet-David?

  So that's the complete opposite. So there is a very big, there's a big argument right now between two sides on what could happen. Jeff, what are your thoughts on this?

• 50:17Speaker 03

  I don't necessarily think there's two sides to it. I think there's a ton of nuance here on the economic part of it. I mean, what Tom showed exactly, you pointed out with the internet. The internet, people were worried about the internet. I mean, people have been talking about robot takeover since the civil war. Every, every new technological wave that we go through unleashes a, a period of almost mass hysteria. And it's understandable because the world completely changes. However, on the economic side of it, what you're seeing with the, with the programmers is exactly what we should expect from AI in the economics. It makes people more productive. The more productive people and businesses become, the more activity we have, the more economic growth we have. That's the good side of AI. Now go on the complete opposite side, the politics side of it. You know, we've got a bunch of autonomous robots running around.

• 51:01Speaker 03

  How easy would it be to arm one and then have complete plausible deniability when you say, go murder my neighbor? There's definitely some guardrails, as Tom said, that needs to be put up here. However, there's another argument there too. How do you regulate that? How do we get together and say, we're going to, we're going to make sure that AI can never be armed? I, I'm sorry, you can't do that. That's just impractical. So there's, there's a whole ton of nuance here. It's not one side or another.

• 51:25Tom Ellsworth?

  What is that? And who defines that?

• 51:27Speaker 03

  Yeah, exactly.

• 51:28Tom Ellsworth?

  And then, right.

• 51:29Speaker 03

  And once you, once you, oh, we're gonna have.

• 51:31Tom Ellsworth?

  Hate speech and all of a sudden the right, guess what? New president, oh.

• 51:34Speaker 03

  Yeah, we're gonna set up, we're gonna set up a government board.

• 51:37Tom Ellsworth?

  Opinion anymore, that's hate speech.

• 51:38Speaker 03

  We're gonna set up a government board that decides what qualifies as bad AI. And then that government board is going to be taken over by various different factions through time. And the definitions are always going to change. So I, I mean, there is a number of issues that need to be worked out, but they're going to be solved not by from the, not from the top down, but from the bottom up.

• 51:55Tom Ellsworth?

  I, I, I agree with both. Like I couldn't agree.

• 51:58Speaker 04

  More with David Sacks, David Sacks, like the thing is, can you imagine a scenario where this this technology is emerging? It was under another administration, the level of censorship and the level of like virtual signaling that it would be coded into AI. And this is forever because it's generative, like whatever seed you put in there, it just drags on forever. You know, you can undo things there, you can always progress forward. And when it comes to the laws, I don't know if you guys know the Asimov laws of robotics.

• 52:26Patrick Bet-David?

  Yeah, but Isaac Asimov.

• 52:28Speaker 04

  Yeah, on I robot, like a robot can never hurt a human being. I don't know if we can put guardrails in, but we should have some basic laws and understanding there, you know, like that we should agree on.

• 52:40Patrick Bet-David?

  Yeah, you know, you know what is crazy, think about it this way, this is one way to describe it to the average person so they they don't panic panic. If you live in the state of Florida, what percentage of people in Florida, Rob, carry, okay, have a license to carry? What percentage of people in Florida have a license? Matter of fact, type in the top five biggest states with license to carry.

• 52:59Speaker 04

  Well, right now in Florida, you need a license to carry, it's constitutional carry.

• 53:03Patrick Bet-David?

  Perfect, so let's let's just look at this, top five states. Florida, the clear leader with two and a half million active residents, concealed weapon license, permits are valid for seven years and offer broad reciprocity, Texas, more than 1.2 million, Pennsylvania, 1.28 million, Georgia, 1.1 million, and then you get Alabama, which by the way, we're in the state with the most people licensed to carry. How often do you go to restaurants and you panic?

• 53:26Speaker 04

  Never.

• 53:26Patrick Bet-David?

  How often do you go to restaurants, do you know what are the chances of a person at a restaurant carrying a gun with them? When I'm when I'm going to a restaurant, I'm carrying, when we go, we're carrying all the time, so how worried are you? Are people emotional human beings? Very, people are emotional human beings, maybe they get into an argument, maybe they had a bad day. How come we're not that worried about the guns that people are carrying in certain states? What does that do? So then that goes to the robot part, but the difference is I'm the one that's deciding what to do with this gun, right? The conversation you just brought up with the point that if Jeff gives me the vibes of one day owning 20 robots. Okay, so imagine Jeff comes to the podcast here with 20 robots around him, right? And that's a security, let's just say.

• 54:11Patrick Bet-David?

  And one of the robots, all of a sudden, has a glitch and he whispers something to the robot and the robot's going around dropping N words. Okay, and he says, "I didn't say it, the robot said it." And I'm like, "No, no, that's your robot." "No, no, that's not what I said, the robot said it." "But you're the programmer, you're the brain, you're the one that's getting it to think this way." "Why did it hit the window?" "I didn't do it, my robot did it." "I didn't do it." So, it's gonna be very interesting when we go in that direction, because it's like the conversation and the debate that we have that if a young kid does something, the parents should be held liable. You know that debate that some states, I don't know which one it was, where one of the kids went and killed three different kids, and then his parents were going to jail. Was it Michigan? Yeah. His parents were going to jail. I'm like, "Wait a minute, what are you talking about, right?"

• 54:55Speaker 03

  This transition period is going to be messy, because we're gonna have to adopt

• 54:59Patrick Bet-David?

  I agree.

• 54:59Speaker 03

  We're gonna get new customs, new laws, new forms of responsibility, because you're, you know, my robot comes in and starts wrecking the place, am I responsible for the robot? Well, we need to settle that.

• 55:08Patrick Bet-David?

  We're gonna hold you accountable, I'm telling you right now in advance, just be ready for it.

• 55:11Speaker 04

  If you go back to guns, like, you're personally liable for anything that comes out of your gun. That's why they have serial numbers, you have to register them, they're under your name. You can't let a friend borrow it, you can't, you know, like, if you're a felon, you can't carry one. So I think we're gonna get to the same level of regulation eventually, but it's gonna be very messy.

• 55:27Speaker 03

  It's gonna be messy.

• 55:29Patrick Bet-David?

  When the left gets in, the regulation you're gonna see with them. So, the reason why all these guys are playing off against the way they are right now, because they got a two and a half year run rate to create a ton of wealth, you better believe, if a Newsom or an AOC gets in, watch what happens with the stock market November 7th or 6th or whatever it is, 2028. The sell-off that'll happen once they find out if one of those guys got elected because of possibilities of regulation changing. Let me get to the next story here. Next story I wanna get to is with what's going on with Iran and the president. So, a report just came in from, is it Kobashi Letters? Is that the one that you have, Rob? Kobashi Letters? I keep thinking Kobashi is like the one from The Usual Suspects when he's saying something at the end. So, breaking, this just happened a few minutes ago, maybe an hour ago.

• 56:13Patrick Bet-David?

  Iranian state media announces initial details of memorandum on understanding for the US-Iran peace deal. Initial details of the deal, per Iran, US military forces will withdraw from vicinity of Iran. The US Navy will lift its blockade of Strait of Hormuz. Iran has committed to restoring the number of commercial transit ships through Strait of Hormuz to pre-war levels within one month. Iranian state media says military vessels are not included in this draft.

• 56:39Patrick Bet-David?

  The management of routing of ship traffic through the Strait of Hormuz will be handled by Iran in cooperation with Oman. If a final deal is reached within 60 days, this agreement will be approved in the form of a binding UN Security Council resolution, US oil prices extend losses to drop below $89. You notice one word wasn't mentioned in any one of those. And what is that one word?

• 57:03Tom Ellsworth?

  Uranium.

• 57:03Patrick Bet-David?

  That's right. I didn't see it one time there. Now that's them saying that. We've heard it from our end on what's gonna happen. Oil prices right now, if you go back to that, 8980, hasn't been prices like that since April 13th. I thought that was the day, Tom?

• 57:18Tom Ellsworth?

  April 17th, it got down, and also got down on March 23rd. But every other point in there, we've been 90 to 108.

• 57:25Patrick Bet-David?

  So yeah, every day we're hearing, well, it's gonna be this, well, it's gonna be that. And I have the reports here of the dates going back and forth on how the deal was taking place, which I'll get to that here in a minute. I gotta find what page it was on, which one minute is like, yeah, we got the deal. Oh, we don't have the deal. Oh, they're doing this. Oh, they're doing that. And then while this is happening, Israel overnight yesterday attacks Lebanon, I think South Lebanon, and they killed 31 in South Lebanon as Israel expands ground operation.

• 57:53Patrick Bet-David?

  And this report came out, Rob, is this it? Yes, sir. Go for it. Go for it. If you want to play that.

• 57:58Speaker 04

  Rubble and destruction in the city of Tyre in the wake of Israeli attacks across southern Lebanon. With a ceasefire supposedly in place and peace talks planned, this is the reality on the ground.

• 58:12Speaker 05

  When the warning of the attack came, people panicked because there were children and women and old people. And they all wanted to leave their homes because they were afraid of being killed or injured.

• 58:23Patrick Bet-David?

  Devastating, devastating.

• 58:25Speaker 04

  Israel's army released this-

• 58:27Patrick Bet-David?

  Keep playing that?

• 58:29Speaker 04

  ...on Tuesday, saying it struck more than 100 sites linked to Hezbollah, the militant group backed by Iran.

• 58:35Patrick Bet-David?

  Israeli Prime Minister Benjamin Netanyahu said the Israeli army's offensive was deepening. Under my and the Defense Minister's. So you see that, you see oil prices, you see every day, hey, negotiating, getting closer. And then you're seeing stories, if they don't, we're going to retaliate. And Rob, if I'm not mistaken, there was some strikes in Tehran, Iran, or something like that, that just happened. You want to play that? Go for it.

• 58:59Speaker 01

  The US strikes inside Iran. The Pentagon says multiple targets were hit in the southern part of the country. It's called the action self-defense. In time, Iran says it shot down a US drone overnight, also in self-defense. It's not clear what all this means for the peace talks, but Tzadziah has the latest from Tel Aviv and joins us now. Tzadziah, good morning.

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• 1:02:14Patrick Bet-David?

  But very good morning to you. Well, after weeks of intense diplomacy between the US and Iran, these overnight strikes by US forces really threatens this already fragile ceasefire between Washington and Tehran, who did seem to be heading towards some kind of an agreement to end the war. Now, in a statement to CBS News from CENTCOM, it said, and I'm quoting here, "Targets included missile launch sites and Iranian boats attempting to emplace mines."

• 1:02:44Patrick Bet-David?

  U.S. Central Command continues to defend our forces while using restraint during the on Okay, so then, again, I'm giving all of this and then I'm gonna come to you guys. Trump comes out and says, in order for this deal to get done, we gotta do the Abraham Accords and tie to Pakistan and others. And wait a minute, they're like, we're not open to this. Pakistan flat out said, I'm not open to it. So let me read this. Therefore, I am mandatorily requesting that all countries immediately sign the Abraham Accords and that if Iran signs the agreement with me, as President of the United States, it would be an honor to have them also be part of this unparalleled world coalition. If he's able to pull this off, okay, if he's able to pull this off, but by the way, Pakistan

• 1:03:28Patrick Bet-David?

  already said they're not interested. If he's able to pull this off, Jeff, how big of a deal would this be if he pulls this off?

• 1:03:34Speaker 03

  Oh, the whole thing would be huge. I mean, it would be world changing. If he can pull, I mean, that's always been the question. The goal here has been, this could be absolutely historic and seismic. So the question is, can he actually get there? Because think about what the Middle East would look, hell, think about what their entire world would look like if Iran is a functioning democratic state.

• 1:03:54Patrick Bet-David?

  Ninety-two million people.

• 1:03:55Speaker 03

  Huge opportunity, huge potential, not just around though, but the spillover effects across the rest of the Middle East where you don't have constant tensions and terrorism and security issues and all that kind of stuff, you know, political scuffles and the conflicts. You take all that stuff away and everybody gets down to business, the world looks very, very different. The world looks a lot better. So if he can pull it off, it would be absolutely huge. And I think that is the, as I said it from the very beginning, Trump sees the long run goal here as worth whatever the short run pain is. And the short run pain could be pretty substantial. We're starting to see some of the evidence for that already showing up. But it would be worth it if he can pull it off. That's the issue. Can he actually pull it off?

• 1:04:36Patrick Bet-David?

  Your thoughts?

• 1:04:36Tom Ellsworth?

  I think there's a couple of things in here. What's interesting is that

• 1:04:42Tom Ellsworth?

  UAE and Bahrain were the two that broke ranks of the Arab coalition. I think they signed on to the Abraham Accords, right? Or they signed letters of intent that said, hey, we're in. Am I correct? Those two. And it's very interesting that those two have been targeted quite a bit, right? Also because we've got things there. But if this got pulled off, it's not just the signing of the Abraham Accords. It's got to be everything that goes with it. And if that happens, I think this would be amazing. Because what are the key parts of the Abraham Accords? You recognize that Israel is a sovereign nation. That is usually the core. Help me, Humberto. That's the core that the Islamic countries don't want, right?

• 1:05:27Tom Ellsworth?

  By signing the Abraham Accords, you recognize. But the majority of the ones that refused to sign, Egypt refused to sign for other reasons, but they'd already recognized them. They have the Camp David Peace Accords.

• 1:05:38Speaker 03

  Right.

• 1:05:39Tom Ellsworth?

  And so Egypt said, well, we're not signing the Abraham Accords because they didn't want to be on the opposite side of everybody else. But I think this would be huge, Pat. This would be huge. And when you've got UAE and Bahrain already in there, then you've got the Saudis in the background, you know, just waiting to step across the line. Because the Saudis want Western economic entanglements and deals. The Saudis don't want this protracted thing going on right now.

• 1:06:06Patrick Bet-David?

  Yeah, last time I heard of what entanglement, it was Jada Pinkett talking about different things. Humberto, your thoughts with this?

• 1:06:13Speaker 04

  Pat, this is gonna sound very selfish, but I'm sick and tired of this. I just want a deal. Like, I can't keep on paying, like, I drive a big Ram truck. I can't pay for 25 forever at the gas pump. You know what I mean? Trump got voted in because he's a dealmaker. Never count him out. I think he's gonna come out swinging with a deal. I don't know how long it's gonna take, but I just want a deal. Like, I literally have tuned out out of all this news cycle until we have a deal on the table and it's signed. Like, that's the only...

• 1:06:48Speaker 03

  Well, Trump has taken the opposite approach, right? What he's saying is, I'm not gonna just...

• 1:06:52Patrick Bet-David?

  Sign a deal. I'm only gonna sign the deal that I think works long run. That's why, you know, both sides have kind of dug in here and it's a game of chicken right now.

• 1:06:59Speaker 04

  Well, the thing is that you can't undo the past. You can't turn time back. If you do any deal right now, we might end up in a worse position than we started. You know what I mean? So it needs to be a deal that is better than the Obama deal. So that's a baseline to have a deal better than the Obama deal. It needs to leave us in a position or leave Iran outside of position of power that they have right now at the Strait of Hormuz. So they need to dismantle that for oil supply and they need to close the deal. So like we're between a rock and a hard place. It's not an easy deal to make, you know?

• 1:07:30Patrick Bet-David?

  No, no. This is, by the way, let me just tell you when you're saying this. So May 23rd, Trump says, "Deal largely negotiated." Oil goes down five and a half percent. Sunday, May 24th, not even fully negotiated yet. Oil bounces up one and a half percent. May 25th, proceeding nicely, new US strikes, oil spikes 3%. Tuesday, May 26th, "Good deal or deal another way." Brent goes to 99.58. Now it comes down, there's a deal taking place. Then on top of that, when you're thinking about the Abraham Accords, UAE already signed, September 2020. Bahrain already signed, September 2020. So did Morocco, which I hear Morocco's got a pretty good soccer team going into the World Cup. Sudan signed January of 2021. These are Gulf states

• 1:08:13Patrick Bet-David?

  that we're going through, right? With Abraham Accords. Saudi Arabia, not signed, reportedly reluctant. They're the key mediator in the Iran deal, reportedly reluctant.

• 1:08:24Speaker 04

  And the bigger producer.

• 1:08:25Patrick Bet-David?

  That's right. Turkey not signed, no public response. So Qatar-

• 1:08:29Speaker 04

  Of course.

• 1:08:30Patrick Bet-David?

  And Turkey haven't made any response. Iran's deal intermediary is Qatar and Turkey is a NATO member, Erdogan called. Pakistan rejected under no impulsion, they're saying compulsion. We're not interested for nothing. Whatever you do, we're not even gonna deal with this. And Pakistan's the army chief in Tehran for the Iran talks. Egypt not signed, already they said, "We already have peace treaty with Israel since 79." A noise Cairo separate treaty and Jordan said, "We're not signing because we've already had a peace treaty with Israel since 1994." So same issue. So take Egypt- And Jordan out.

• 1:09:03Speaker 03

  Take Turkey out.

• 1:09:04Patrick Bet-David?

  Take Turkey out.

• 1:09:05Speaker 03

  Yeah.

• 1:09:06Patrick Bet-David?

  Maybe you get Qatar and Saudi, then you got Pakistan that's saying no.

• 1:09:09Tom Ellsworth?

  I think you get Qatar and Saudi because remember Qatar cooperated with the US request to freeze assets. They have the largest frozen asset stack of over $6 billion. Qatar cooperating with our government saying, okay, I'll freeze the assets and I'll hold court.

• 1:09:22Patrick Bet-David?

  How do you get Pakistan? How do you get Pakistan?

• 1:09:24Tom Ellsworth?

  Pakistan and Turkey to me be are the two toughest. Turkey is doesn't want to talk about Israel going back a million years.

• 1:09:32Speaker 03

  That's a no, I think it's a no deal for them.

• 1:09:33Patrick Bet-David?

  For Turkey, no deal whatsoever.

• 1:09:35Speaker 03

  They can never do that, not under the current government there. Turkey's a no go.

• 1:09:40Patrick Bet-David?

  Got it. So, so then, then do you think Trump knows this?

• 1:09:42Speaker 03

  Of course he does.

• 1:09:43Patrick Bet-David?

  Okay, so is he just buying time right now? Is that what you said earlier that he's buying time?

• 1:09:47Speaker 03

  That's what it sounds like to me. He's pushing it off by saying, I have a deal done, but all these other countries are not going along. So I can't sign the deal. I can't even tell you what it is because, you know, Pakistan is being, they're not going along with the Abraham. Oh, Saudi Arabia is objecting and I haven't been on the phone with Turkey just yet, so I can't say that they're. By him saying that they all have to sign up, it, it sounds like a delay tactic.

• 1:10:09Patrick Bet-David?

  Okay, so let me, let me go to this. Let me go to this while you're talking, right? So we're saying all this stuff with, you know, what's going on there. At the same time, if you go look at how the market is reacting, what, you know, JP Morgan predicts negative growth shock. Uh, Goldilocks is leaving the building JP Morgan predicts. There's two stories here about the economy. I'm coming to you with Jeff. So first one is from JP Morgan Chase.

• 1:10:33Speaker 03

  Well, let's, let's hit oil first. I think that's an important point.

• 1:10:36Patrick Bet-David?

  Go for it. Go, go.

• 1:10:37Speaker 03

  With oil, what we want to look for is, um, and from the oil market specifically, but as a place to start. What we're really looking for is oil to make an aggressive move that is, that is signals that the market itself believes that this is actually happening. So it's, you know, prices have been bouncing around. If you do the math, the 10th percentile for the last two months is about $91 per barrel. And the high side's 106.

• 1:10:57Tom Ellsworth?

  Right.

• 1:10:58Speaker 03

  So it's been in a pretty, it's not a tight range, but it's been that range for the last couple of months. What we're looking for is the market to get to a tipping point where it's, okay, we don't have complete information, but we're, we're reasonably assured that this thing is going to get done. What you're going to see is oil prices. Go down and then stay down. They're probably going to bounce around a little bit, but once they go down below ninety dollars per barrel, then go, you know, early eighties or low eighties. And then if they keep going into the seventies, that'll be the signal that this thing is actually happening. So right now it's sort of like, okay, could possibly happen. The probability is not zero.

• 1:11:29Patrick Bet-David?

  Seventy-nine, seventy-eight.

• 1:11:31Speaker 03

  Somewhere around there. We've been as low as eighty-three, eighty. That was, uh, what you're talking about in April seventeenth. That's the closing price on April seventeenth, then it bounced right back higher. Now, there's some other factors to consider, including what ends up happening after the war. How much damage has been done to oil supply, which might, you know, push oil prices back up. But for the oil market to tell you that we believe this thing is getting done, we need to see low eighties, if not high seventies. And then not just a bounce for a day or two in those levels. We need to see oil prices drop down and stay there. They need to stick there.

• 1:11:59Patrick Bet-David?

  So what does this mean to the economy, to the average person?

• 1:12:03Speaker 03

  Means gasoline prices, it means, um...

• 1:12:05Patrick Bet-David?

  Won't be going down anytime soon?

• 1:12:06Speaker 03

  Not, I mean, there's gonna be some, I mean, prices are sticky, especially with, when you get down further down the supply chain.

• 1:12:11Patrick Bet-David?

  Tom, are you in the same place with them?

• 1:12:12Tom Ellsworth?

  Yeah, the, uh, pricing of the barrel of oil will move, uh, quickly. We have to remember where we were. Um, we were between sixty-two and sixty-seven. Remember New Year's? I think it was right around fifty-seven, fifty-eight.

• 1:12:27Speaker 03

  Fifty-seven December was the low.

• 1:12:29Tom Ellsworth?

  Yeah, fifty-seven December, and it was New Year's weekend. And then we jumped up to sixty-two to sixty-seven, where we stayed basically until the war started at the end of, um, uh, February. I think that's where we stayed. So I agree that seventy-nine is a key point, because seventy-nine, Pat, is only ten bucks from sixty-seven, where we were in February before everything started. So I agree with that marker. However, it goes like this. You know, if, once I sell you land so that you can feed your family, now it's gonna take time to grow crops. And right now, the supplies are so low that now we gotta get oil through the system to do it. Now, the good news is here in the U.S., you know, we've been able to do some of that, not all of it.

• 1:13:13Tom Ellsworth?

  But the commodity price of oil will come down, but then it's gonna take, it's the same thing we talked about, Pat, on, uh, about, uh, about June fourteenth. You need about, I think you need seventy-five days, two and a half months, to start to see prices really shift because you can get everything processed. And now cheaper diesel is being bought. It's cheaper diesel in the truck carrying apples, cheaper diesel in the truck...

• 1:13:37Speaker 04

  Stable diesel, that's the main thing.

• 1:13:39Speaker 03

  Yeah.

• 1:13:40Tom Ellsworth?

  Yeah, no, I mean, it gets back down to

• 1:13:42Speaker 04

  Yeah, back down to a stable

• 1:13:43Tom Ellsworth?

  Where we right now

• 1:13:43Patrick Bet-David?

  But let me read this

• 1:13:44Tom Ellsworth?

  Five fifty diesel

• 1:13:45Patrick Bet-David?

  Let me read this to you, though, Tom. So, consumer sentiment hits fresh record low in May as Iran war fuels inflation worries. Okay, this is a CNBC story. Index consumer sentiment fell from forty-four point eight from a preliminary reading of forty-eight point two. It also well below the forty-nine point eight levels. We saw at the end of April, consumer sentiment fell for the third straight month as supply disruption in the state of Hormuz continues to boost gasoline prices. And sentiment is now just below the previous historical trough seen in June of 2022. Critically, consumer peer worried that inflation will increase. Now, while you're seeing numbers like this with the consumer, okay? And where they're at with the market, Trump knows this. Trump's paying attention to numbers like this.

• 1:14:28Patrick Bet-David?

  He knows, you know, he is dealing with this, whether it's going into midterm or whatever you want to call it. If this is happening, report comes out yesterday, which is very interesting, Rob. If you want to play this clip, not this one, the one that shows how many of Trump's endorsements have won? Because this wasn't the case with midterms in 2022 when it happened. This wasn't the case earlier, but a video comes out yesterday. I don't know if it was Fox or CNN, it was one of the two, that showed a hundred and seventeen. Not this one, Rob, that one right there. But can you make that bigger? Watch this, go ahead, press play. Watch this.

• 1:15:05Tom Ellsworth?

  This is his scorecard, okay? He has endorsed eight governors. Now, some of these races weren't real close, didn't have a lot of competition, but some of them did. I mean, we saw what happened in Louisiana, the primary of Bill Cassidy. We saw what happened a week ago tonight with Tom Massey in Kentucky. And now we're seeing it again tonight, okay, in Texas. Governor level, Trump endorsed eight. He won eight times. U.S. House, a hundred and one endorsed. He won, yeah, sorry, a hundred and one endorsed in the House, and he won a hundred and one. Let me put on the pencil right here and show you this. U.S. Senate, Sean, he has endorsed eight candidates. And prior to tonight, he had won eight times.

• 1:15:43Tom Ellsworth?

  And now you can take the endorsement from eight to nine endorsed, and from eight to nine winner. Ken Paxton was outspent nine to one. Got the endorsement from Trump, got the endorsement of Wesley Hunt, a congressman who got knocked out two and a half months ago. And now we got the setup in Paxton and Telerico. Many Republicans felt if John Cornyn could win tonight, that he could

• 1:16:09Speaker 04

  be an easy winner over Talarico. We'll never know that now.

• 1:16:12Patrick Bet-David?

  You can pause it right there. 118 endorsements, 118 won. So this whole message that Trump doesn't have the, you know, influence he won't longer at. I, I had, I had Ken Paxton on on a podcast, what, two weeks ago, Rob? It was probably two, less than two weeks ago.

• 1:16:27Tom Ellsworth?

  Last week.

• 1:16:28Patrick Bet-David?

  Last week. We're talking to the guy. He was down. While we had him on, he was down to Cornyn. Nine times more spent. And then all of a sudden, the day after the podcast, he gets the endorsement from the president. He be, you know how much he beat him by? Can, can you pull up by how much Ken Paxton, the AG, beat Cornyn, who has been in the system for 40 plus years? He's been the system. He beat him by 27 points. You're talking about a landslide victory, not something small. So Humberto, I'll come to you. For all these people that keep criticizing and say, well, you know, the economy and this and this and that, why do his endorsement, right there? Look at this.

• 1:17:09Patrick Bet-David?

  62 to 37, he won by 134,000 votes, 204,700 to 341.

• 1:17:16Tom Ellsworth?

  That was, that was early, they had called that. That was 33% of the vote. It was worse than that.

• 1:17:21Patrick Bet-David?

  Yeah. So, and he had, he had a, he had a massive lead at the beginning. So Humberto, where are you at with this? Economy on one end, but there's still endorsement has carries, carries weight.

• 1:17:29Speaker 04

  The, the thing is that President Trump has something really special because what, sometimes you will see that he picks not the obvious candidate. So this is part of his likability and the weight he carries. But he's also very observant. He knows talent. You know what I mean? For example, the race in, in, in California. You know, you will think that the obvious candidate would have been Sheriff, um.

• 1:17:52Patrick Bet-David?

  Bianco.

• 1:17:53Tom Ellsworth?

  Bianco.

• 1:17:53Speaker 04

  Yeah. Sheriff Bianco, but he picked, you know.

• 1:17:56Patrick Bet-David?

  Steve Hilton.

• 1:17:56Speaker 04

  Steve Hilton.

• 1:17:57Patrick Bet-David?

  Yep.

• 1:17:57Speaker 04

  You know what I mean? So it's part, you know, his likability and it's part skill. Like he won't pick anybody. He will learn about them, be like.

• 1:18:04Patrick Bet-David?

  Yeah, but his record wasn't this good in 2022. His record has never been this good. He's undefeated right now.

• 1:18:10Speaker 04

  I think he's making better picks.

• 1:18:12Patrick Bet-David?

  You think it's because he's making better picks? I, some people would say, if he would have picked Cornyn, Cornyn would have won. If you meaning if he would have said corner, corner is winning.

• 1:18:21Speaker 04

  But this was a very good pick. It's a it's a beat down.

• 1:18:23Patrick Bet-David?

  It's not about it's not about a good pick. He picked the underdog. No, I understand that, but he picked the underdog. So to to the people that keep criticizing him, you can say whatever you want. The market is reacting to his endorsements.

• 1:18:36Speaker 04

  Oh, they are.

• 1:18:36Patrick Bet-David?

  The market's reacting to his endorsement.

• 1:18:38Speaker 04

  Is it gonna work? Is it gonna be enough to work in California?

• 1:18:40Patrick Bet-David?

  I don't know. I know Al Green is out. If you know who Al Green is.

• 1:18:43Speaker 04

  I know. That's wonderful. Very happy about that.

• 1:18:45Patrick Bet-David?

  Al Green lost yesterday and the market couldn't believe that this guy, an establishment guy is gonna be gone. The guy that pulled up with signs got kicked out of the thing twice. Right there, Rob? Go to the one above. Go to the one above. Uh, uh, yeah, that one right there, right there. If you can play that. It's only 38 seconds. Go for it.

• 1:19:02Speaker 07

  A jarring one to see, I think, just in terms of where expectations were. Green won for Bend in a landslide in the preliminary, getting crushed by uh, by Menifee here in his home base. And again, that's Harris County. And so our decision desk is saying.

• 1:19:17Patrick Bet-David?

  You can pause that. Some interesting people are out. It'll it'll be interesting to see what happens next, but Trump's still carrying that weight. Now going into Canada, Tom, I'm gonna come to you with this one here. Carney's got a little bit of a interesting thing. He's dealing with Alberta. Alberta's coming out saying, hey, I I we want to do a vote to see if we can do a Brexit style and Alberta leaves Canada. What do you mean? Yeah, we just kind of want to leave and do our own thing because, you know, we don't like the way you're governing. And Mark Carney is reacting to it, saying, wait a minute, what are you guys talking about? You know, Prime uh, Prime Minister Mark Carney has warned Alberta's push for separation from Canada is a dangerous bluff that it, its supporters would regret, much like the UK's Brexiteers who want to rejoin the EU.

• 1:19:59Patrick Bet-David?

  Carney, who was the Bank of England's governor during Britain's Brexit referendum in 2016, said many proponents who wanted to leave the bloc now regret the decision. I saw firsthand what happened in UK when the view was, vote for this, it'll be soft, and then we'll negotiate. They'll they're still 10 years later trying to undo what people didn't think they were voting for, but what they ended up having. Alberta's premier, Daniel Smith, on Thursday. Go to hers first, Rob, if you can, before we go to Carney's. Announced plans to hold a public vote on October 19th to decide whether to pursue a referendum for the province to separate from Canada. So if you type in Danielle Smith, Alberta, it'll come up.

• 1:20:43Patrick Bet-David?

  She was all over the place yesterday. It's a short video that they have.

• 1:20:51Patrick Bet-David?

  No, that's not the one. Go a little bit lower. Not that one. Okay, I'll find it. I'll text it to you if you want. That's one right there, Rob. That's one right there. Yeah. Go to the top one. Go to the top one if you can. Yeah, go for it.

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• 1:23:56Speaker 01

  Have a very clear understanding of what the duty to consult really means and what it doesn't mean, and I think at the moment, there's a lack of clarity on that. And you've talked a lot about-

• 1:24:06Patrick Bet-David?

  I'd like to respond. Is this the one? Zoom out a little bit. So I think we know that that is not correct. Is that the one with Alberta wanting to leave from Redondo some time regarding- Specifically, and we spoke about this, so I don't mind- Yeah, go back to Mark Carney's and then we'll come back. I'll send you the one that I have. Go for it.

• 1:24:23Speaker 07

  Question, in terms of the specifics of the question, we have an obligation as the federal government to look at the question and determine whether it's consistent with the Clarity Act that is underway. Ultimately, if there are questions around that, questions about the clarity of the question, if you follow, that would be a role for parliament. I'm not saying that's the case, but I'm just, we're just in the process of doing our due diligence. I will say, I will make the following observation, though, about the question, and it's, this is an observation from experience.

• 1:24:59Speaker 07

  In these separation issues, it is often advanced that vote for this and it's a free option. Vote for this and we will strengthen your, our hand in future negotiations. That is a very dangerous bluff. That is a very dangerous bluff. Saw, I saw firsthand what happened in the United Kingdom when the view was vote for this.

• 1:25:21Patrick Bet-David?

  Tom, why, Tom, what is, how likely is it that this could possibly happen?

• 1:25:25Tom Ellsworth?

  Well, let me show you the tale of the tape in Canada. First of all, it's not likely it can happen, but why are Albertans upset? This is the Texas of Canada. Equalization payments, this is where they take tax dollars and they give them to the provinces who are more liberal and the provinces that do better are the ones that have to take their excess dollars and get given to everybody else. Will you please look at the Canadian provinces and the bar chart that says AB? You see that, Pat? That's Alberta. Look how high it sticks up. Alberta makes tax dollars. Look who gets the tax dollars. Nova Scotia, New Brunswick, Quebec, Manitoba. Look at that.

• 1:26:09Tom Ellsworth?

  This is why the people of Alberta are upset. They're, the equalization payments are going to the other provinces. In other words, the ones, they can't carry their own weight with liberal policies and look at that. It sticks up, it's just shocking. You find that shocking, Jeff? It's crazy. I mean, why do you think they want to secede? We're making money. We have, we're making with oil and agriculture and, and, and everything we do, we're the Texas of Canada. I, I look at it this way. The reason it's unlikely is because Ottawa could, even if they wanted to say, okay, we'll trade you Minnesota for, which is like another Quebec, but weirder, we'll change you Minnesota for Alberta.

• 1:26:51Tom Ellsworth?

  I'd make that trade in a heartbeat. Take a look this, and they'd have to take the Timberwolves. So the, take a look. This is why they're upset. It's not likely, Pat, but this chart right here is why the people of Alberta are pissed off. You see that chart? That's their tax dollars and the red is tax dollars that go to other people that can't carry their own weight. That's why Alberta's pissed.

• 1:27:13Speaker 03

  It's not gonna happen because the constitutional process in Canada is dragging. I mean, the vote is just the start of the process. And even the premier of Alberta, Ms. Smith, she's not for it either. She's saying, I mean, she's actually a good politician here saying, look, I'm not for independence, but I think we need to put it to a vote just to put this issue to rest. But it's, it's gotta go through parliament, it's gotta go through all sorts of, it's, it's never gonna happen.

• 1:27:34Tom Ellsworth?

  I agree.

• 1:27:35Speaker 03

  But the issue goes beyond.

• 1:27:36Tom Ellsworth?

  The chart is why the Albertans are upset.

• 1:27:38Speaker 03

  That's where it starts.

• 1:27:39Speaker 04

  Yeah, I know. They have a recent agreement.

• 1:27:40Speaker 03

  It goes beyond that, though. It goes, it's, it's, you know, it's like Iowa being governed by New York City. There's different value systems in Alberta. The Midwest of Canada is a lot like the Midwest of the United States. There's very different value systems, very different political identities, very different political philosophies. It's almost like they're two different countries at this point. And so the independence movement, it's like you're seeing in places like Oregon, where parts of Oregon want to secede from the-

• 1:28:05Speaker 04

  Quebec wants to be independent for a long time, you know. It's very unlikely the call sheet just and Rob, it's 20% chance that the referendum goes through. If the referendum goes through, they will need to win by a large, Pat, large margin, like 60% plus, so they get taken seriously.

• 1:28:22Patrick Bet-David?

  They only have 35% support right now for this. 25 to 40% support will separate.

• 1:28:26Speaker 04

  It will need to be a very clear signal, like 60% plus, so Congress, so Congress takes it seriously. They need to see if it's clear enough of a signal to put it to vote. If they put it to vote, they can, they might succeed and join the United States. But we don't need to train Minnesota. I like Minnesotans.

• 1:28:43Patrick Bet-David?

  You don't, you don't need to what?

• 1:28:44Speaker 04

  Trade, trade them for Minnesota.

• 1:28:47Patrick Bet-David?

  For Alberta.

• 1:28:47Speaker 03

  Well, that's a whole, they've said they don't want to join the US either. Even if they do secede from Canada, they want to be a separate state. But I mean, that's, it's just, I think the most important part of this is that it's registering the voter.

• 1:29:00Speaker 04

  Sentiment.

• 1:29:01Speaker 03

  Yeah, it's, it's more than dissatisfaction. We've gone past dissatisfaction. We've gone way past apathy. Apathy is where it always starts. You go way past apathy. Now we're into voter dissatisfaction to the point that we need to fight back. It's getting to the point where people are tired of being governed by people who don't take you seriously. In fact, it's the same thing, you know, flyover country, the, the idea of flyover. People on the coast in the United States, it's not that they don't, they don't necessarily agree with people in the middle of the country. They don't even like them. And it shows in a lot of the policies that come up. Same thing in Canada. Ottawa does not govern for Alberta. Ottawa governs for Ontario and Quebec and maybe, um, um, what is it? British Columbia over there in the West.

• 1:29:39Tom Ellsworth?

  And 60% of the Cubicua are, are hyper liberals.

• 1:29:42Speaker 03

  Yes, they're, they're not Alberta.

• 1:29:45Tom Ellsworth?

  Yeah, that's the, the residence, that's the residence of Quebec and Montreal.

• 1:29:51Patrick Bet-David?

  Say it again, one more time, how do you say it?

• 1:29:52Tom Ellsworth?

  Cubicua.

• 1:29:53Patrick Bet-David?

  Cubicua, I love it. Well, let's go to another possible person that would be from Cubicua. Ben & Jerry's founder, who says selling your business is a shitty goal. Okay, Ben & Jerry's founder, Ben Cohen, whom I've had on, which by the way, I actually liked him. I don't like his policies, but I liked him. We had a good time together. He says, selling your business is a shitty goal. What does this mean? So Ben Cohen said, many founders wrongly treat selling their company as the ultimate goal. Arguing businesses should instead focus on long-term purpose, profitability and shared values. Cohen spoke while promoting the Free Ben & Jerry's campaign, which urged current owner Magnum Ice Cream Company to spin off the brand to investors willing to preserve its local mission, social mission.

• 1:30:38Patrick Bet-David?

  The campaign has gathered, gathered more than 130,000 petition signatures and staged public protests, including a boycott Magnum demonstration outside the company's annual meeting, why activism resonated with customers. Cohen argued Ben & Jerry built unusually strong customer loyalty because it connected with his customers. Through shared values, not just products, he criticized corporations focused solely on maximizing short-term profits at the expense of workers, communities, and the environment. He said consumers are eager to support companies whose value align with their own, especially during the, what he described as the age of Trumpism. Why Cohen opposed selling the Unilever? Cohen said he opposed selling Ben & Jerry to Unilever in 2000 because he believed the company's values would not survive under ownership that did not share its mission.

• 1:31:23Patrick Bet-David?

  He now sees the ongoing dispute with Unilever as proof that concern was justified. He encouraged entrepreneurs to build meaningful businesses rather than aiming to eventually sell the company to the man. Brand purpose must be ready, not trendy. So Tom, do you, do you agree with them on this? Because they act, didn't they end up selling their company, Rob?

• 1:31:40Tom Ellsworth?

  Yeah.

• 1:31:41Patrick Bet-David?

  Yeah. I, I thought they sold the company for a billion dollars, if I'm not mistaken.

• 1:31:45Tom Ellsworth?

  They did.

• 1:31:46Patrick Bet-David?

  Yeah, they sold it for a good amount of money, sold it for 326 million dollars. With one condition, the new owner broke it and now the co-founder wants it back. Tom, do you agree with Ben Cohen on this?

• 1:31:56Tom Ellsworth?

  So capitalists on Monday cash a check from Unilever, back to liberal on Tuesday. Who, this guy is funny. He was here, he had the interview, ate ice cream together, you, you guys did, and it was, that was really funny and it was entertaining. But really, I, I take issue with his position. It's like, okay, you want to buy the company back because you don't think Unilever did a real good thing with it. Are, are you going to give your original check back? What are you going to do? Are you going to help do that? Do you want to buy it back? Use all the money that you've got to buy it back? So I find it very ironic that on one hand, they take the check, Pat, but then on the other hand, he's criticizing capitalist system and then wants the brand back and things like this.

• 1:32:40Tom Ellsworth?

  Look, you're not the first person that sold your company to private equity or someone and saw changes. But once you've sold, the new owner has it. You want to protect your employees, you want things to happen. But for him to come out and say, oh, I, you know, I don't like this, you know, because Unilever is, is, is, you know, coming out with spinning turd swirl and that, you know, I think that's against the, the, the values of the company. Well, look, it's not your company anymore and you sold it. And so I see what he's saying, but you got to remember, if you were this altruistic, why did you cash the check way back when? Even if you say you, you were against it, why did you do it?

• 1:33:16Patrick Bet-David?

  Yeah, they sold for 326. Apparently Ben got 40 million, Jerry got 10 million because had a very small percentage of it. The company's today worth one and a half billion to 2.5 billion dollars. And you know, now you're coming back saying it wasn't a good idea to sell it. Jeff, where are you at with this?

• 1:33:30Speaker 03

  I agree with Tom here, except I think it's a little more than it's sour grapes kind of a thing. It's, I mean, in many ways, Unilever, especially more recently, has stifled some of the political activism that Ben and Jerry's, the brand, was trying to undertake. And you can understand why Unilever would do that because I mean, smartest thing in business is not to

• 1:33:46Tom Ellsworth?

  We don't buy it in our house because of this.

• 1:33:48Speaker 03

  Exactly. And Unilever says, look, we want to maximize our profits and there's nothing wrong with doing so. So we're not going to engage in political activism and we're going to tamp that down. So I think, you know, some of this has just been saying, we didn't think that was going to be the case. And either he was, either he's lying about that or he's just naive.

• 1:34:05Speaker 04

  I don't think he's the first on the list of people that regret, you know, selling their businesses. You know, the founder of Instagram that sold for one billion, the company, what was the valuation? Steve Jobs went through this, you know, after exiting Apple and then coming back. And then again, there's different, there's no, like, the way he put it, I think there's no wrong reason to start a company, all right? I think there's companies that they have your vision and what you want to achieve. You want to build an institution for the future. You want to build a way of thinking, a way of designing, a way of inspiring people. That is pretty much what we're doing here. But having a company and exiting, you know, having plans to exit at some point to build your dream business, you can't fault anybody.

• 1:34:49Speaker 04

  I don't know what the main reason, the rule they broke, but it's probably the really bad ice cream collaborations they've done. They gave Jimmy Fallon an ice cream flavor, all right? If they do that to my company, I'm out, all right? I'm going to try to buy them back.

• 1:35:04Patrick Bet-David?

  Yeah, I think a part of it, when you're buying a business that has got this big of a social justice, the buyers knew what they were dealing with, okay? The buyers knew what they were dealing with when they bought the company. They knew these guys are socialists, they knew these guys are hippies, they knew these guys are not the traditional, you know, operator that's selling the business. And by the way, I don't know how old Ben is, Rob, type in Ben Cohen age, he's got to be in his seventies, maybe late sixties, early seventies.

• 1:35:29Tom Ellsworth?

  Terry Garcia.

• 1:35:30Patrick Bet-David?

  Seventy-five years old and the guy is still out there. So he is, you know, he has his beliefs that are core beliefs when he and I sat down and talked. When you sell your business. There are certain things that happen when you sell your business as the founder. You have the emotional touch. You built the company. The people miss the founder because there's safety with the founder. The founder did certain things that you were protected of. The new company now comes in, may make certain changes that you may or may not like. Now typically, when you buy a business, the new owner can do whatever the hell they want to do. They literally can do whatever they want to do. Sometimes they do too much and the company collapses. Sometimes they empower people to keep running the company.

• 1:36:13Patrick Bet-David?

  And that also continues, but the founder coming back and constantly saying what went right, what went wrong, constantly needing that attention. If you're at a phase, if somebody's watching this right now, they tell me they're 42 years old, they're 35 years old, they're 53 years old. Man, I'm so excited about selling my company. You know what's the first thing I ask them? What do you think's the first thing I ask them? What do you think's the first thing I ask them?

• 1:36:36Speaker 03

  What are you gonna do afterwards?

• 1:36:36Patrick Bet-David?

  Exactly.

• 1:36:37Speaker 03

  Yeah.

• 1:36:38Patrick Bet-David?

  What are you gonna do afterwards?

• 1:36:39Speaker 03

  Same thing with retirement.

• 1:36:40Patrick Bet-David?

  Yeah. What are you gonna do afterwards? Go ahead. You sold the company, got 60 million in the bank. Go ahead. What are you doing now? How long you think you can go golf every day? How long you can go? I'm gonna go on a 90-day cruise with my wife. By the eighth day, you guys want to kill each other if you go on a cruise. You think it's gonna be like every day having a blast when you retire and sell your business? No. So half the battle is, if you don't yet know what you're going to do after you sell, do not sell. Now, does timing go into it? Does other? Of course. We felt, Tom and I, when we sat through when we sold the business, we sold June 27th of 2022.

• 1:37:21Patrick Bet-David?

  When we were in Monaco, we felt we sold at the most perfect time. We knew what we want to do later. We had all, I had already moved to Florida. We already knew we were gonna build a media company and a consulting firm. So there was a transition. From the day I sold to the day before and the day after, Tom and I talked, and Jennifer, Tom, you'll remember this. Me, you, Jen, and Marla and Tika, we talked. We said, listen, guys, when we sell the business, we're gonna go get a yacht in Monaco and we're gonna be on it for 90 days. You know, till today, we haven't done that yet. A few other things. We haven't done that yet.

• 1:37:55Patrick Bet-David?

  But we're not gonna talk about that one. Okay, so, so what's the point? The point is the day we sold, the next day I was at the office, same time I was a day before. There wasn't a difference because we already know what we're gonna do next. So, I think he's playing a little bit of politics, but I think he's also got a touch with the brand. His name's in the brand.

• 1:38:11Speaker 03

  Yeah, but there's one last point here. I mean, he's, it's capitalism for me, socialism for thee.

• 1:38:16Patrick Bet-David?

  True, yeah.

• 1:38:16Speaker 03

  The total hypocrite here, right? It's I'm gonna get rich being a capitalist and then I'm gonna argue.

• 1:38:20Patrick Bet-David?

  Well-deserved criticism to him. It's well-deserved criticism. Now, let's go to some teenagers who may be working for Ben and Jerry's this summer. Teens' worst summer ever in getting jobs. This is according to Barron's. Why teens are facing the worst summer job market on record, on record. So what does this mean? The worst job market on record. One of the most common rites of passage of young Americans is spending the long summer hours working as a camp counselor, lifeguarding at the pool, stocking shelves, or serving up diners at regulars. But for many teens, these opportunities have been scarce in recent years, and this summer may not be all different. Despite the overall labor market looking a bit stronger in recent months,

• 1:39:05Patrick Bet-David?

  the employment outlook for teenagers remains challenging. Job placement agency Challenger Gray and Christmas predicts that teens only will gain a cumulative 790,000 jobs in May, June, and July 2026, slightly down from last year's 801,000 jobs at the same period. If that proves true, it would be the lowest rate of summer employment among teens on records. Inflation and rising fuel costs are squeezing the same households and small businesses that hire teens, such as amusement parks, restaurant retailers, and summer camps. When margins tighten, summer hires will wait for demand to dictate hiring, Andy Challenger said. Teen unemployment, which typically runs much higher than the national average, has been choppy so far this year.

• 1:39:48Patrick Bet-David?

  As of April, the unemployment rate among Americans ages 16 to 19 was 14.4% compared to the national average of 4.3%. Tom, your thoughts on the story?

• 1:39:57Tom Ellsworth?

  So, to me...

• 1:40:00Tom Ellsworth?

  Thank you, Wall Street Journal. This is just a simple story that shows a downstream effect. And it's unfortunate. There's a lot of kids out there that want to make the extra dollars to, you know, put some in the bank and have that extra money when school starts, or, you know, you know, buy the, buy the kicks that they want versus the sneakers that their parents want to buy them. And it's very simple. We are in a spike of affordability driven by oil and the war. And so, parents are spending less on summer camps, less on vacations to amusement parks and theme parks. And so, all of those extra summer jobs are not there. It's very simple. And it's tragic. It's not tragic, it's unfortunate, it's bad.

• 1:40:43Tom Ellsworth?

  But that's what it is. I mean, this is a downstream effect. You have 45 days ago to talk about it, if, if, if June 14th had been April 14th, Pat, and then things were shifting back, guess what? These kids would have their summer jobs. But take a look, you're talking only about an 11,000 job difference from

• 1:41:03Patrick Bet-David?

  That's right.

• 1:41:04Tom Ellsworth?

  From last, from last year?

• 1:41:05Patrick Bet-David?

  801 to 790.

• 1:41:06Tom Ellsworth?

  So, they like to use headlines to say, so, you know, stock goes up a percent and a half. Nvidia soared today. So, the headlines tend to play it that way.

• 1:41:15Patrick Bet-David?

  By the way, let me ask you a question, Tom. Let me ask you a question.

• 1:41:16Tom Ellsworth?

  This sucks if you're that teenager and you're just trying to make the next 5,000 in the summer.

• 1:41:20Patrick Bet-David?

  Could that be that at 801 to 790 is because the kids are creating content, making money, doing Uber, doing Uber Eats, using those gig apps, and that's one of the reasons why those numbers don't translate to jobs?

• 1:41:34Tom Ellsworth?

  I'd love to see a deeper dive into it, because frequently, the business trades take one stat, connect it to two other stats, and then make their, their story on it. But I'd like to see everything. Like, what about the 1099 kids that are

• 1:41:48Patrick Bet-David?

  That's right.

• 1:41:48Tom Ellsworth?

  just doing social media or helping other people?

• 1:41:51Speaker 04

  Now, can I add something? These are very important jobs, Pat. All right? There's a few studies that were made on summer jobs for teenagers. They reduce crime. There was a study done in, in Chicago. It reduces crime 18% when the kids are employed. It also prepares them, there's another study, prepares them for their future. They have Higher prospects of getting a future job, higher wages along their career. Like, you know, they become more responsible, more punctual. So I think it's in the best interest of companies to, if they can, to open up jobs for teenagers. You know what I mean? Because it's such an important developmental stage in their career that losing this job, even though it's 10,000, is a tragedy, you know?

• 1:42:32Speaker 03

  This is not a US problem. This is a worldwide. And I'm going to disagree with you, Tom. This is not just headline shopping. This is actual data. If you go to something like Jolt's Hiring. Jolt's is another BLS survey. The BLS is the Bureau of Labor Statistics. They do the payroll report as well as the household survey where the unemployment comes from. They also keep a third survey, which is called Jolt, which is job openings and labor turnover. And in job openings and labor turnover, they also keep a hiring rate. Well, they do a hiring level, and then you have to convert it to a rate. The hiring rate has been falling for years. It has gotten down to the point where the hiring rate this year was about equal to where it was in late 2008. Late 2008.

• 1:43:10Tom Ellsworth?

  So this is new job hiring rate?

• 1:43:13Speaker 03

  New hiring. So then you add that with quits and layoffs and discharge, and then you get the labor turnover, and it matches up with the...

• 1:43:19Tom Ellsworth?

  Split out non-farm and all that.

• 1:43:20Speaker 03

  Hiring has been collapsing for years, and collapsing. But again, this is not a US issue, nor this is not a Trump thing. It's the economy after, for the last couple of years, coming off the high in '21 and '22, off the sugar high from all the government issues. Hiring has absolutely collapsed. And in an economic system where nobody's hiring, who suffers first? Youth unemployment rises. One of the key signs to a very sick economy is when youth unemployment rises a lot. Again, it's not US. There's studies in Canada that show youth unemployment has spiked. In China, youth unemployment is a huge issue. Youth unemployment is at a record high in China, and that was after they changed the definitions of what youth unemployment was. So what we're seeing is a worldwide phenomenon where, post-2021, businesses can't afford

• 1:44:05Speaker 03

  to hire risky employees. Instead, what do they do? They stick to the workers that they have because they're productive, they're known quantities, I can work with them, I don't have to take the risk of hiring some kid not knowing whether or not they're going to actually work, what they're going to look like. But in the economic system... Requires that kind of risk taking for sustained economic growth. So this is a multi-layered, multi-year problem, multinational issue. It's not just something that just sprung up here in 2026. This has been happening for several years now. And this also answers the question that we started with, with why is Mondami running around New York City talking about stealing of housing? Because from the perspective of youth, and this is college graduates, college graduates are living with their parents.

• 1:44:50Speaker 03

  Why are they living with their parents? Because they have nobody to hire them. And so when Mondami comes along and says, I'm going to get you a brand new apartment that you're going to own because it's going to be collectively owned, that message resonates. Nobody is hiring. Everybody who's out here saying the economy is good, it doesn't, it doesn't line up with especially younger peoples, what their perceptions of how reality is, how reality is right now.

• 1:45:12Patrick Bet-David?

  Tom, your reaction to that?

• 1:45:14Tom Ellsworth?

  So I, I see what you're saying, but I'll, I'll stand by the fact that I, we could talk about jolts or we could debate headlines. You can see the way the Wall Street Journal has been playing, playing headlines. And so this may be a seed or, you know, the iceberg above the water and the iceberg below the water is much bigger and more complex. I'll give you that and I'll agree with that. My thought is, I really want to understand beyond the hiring, what else, what else they're doing. So if hiring has been in a collapse, like if you go take a look at, if we go to Fred out of St. Louis, the Federal Reserve Economic Database, and we go take a look at second jobs and you look at full-time, full-time, full-time, part-time, part-time, part-time, and yeah, that's a three.

• 1:45:59Tom Ellsworth?

  Then you look at those charts and you see that second jobs are up, you say, well, either that's a sign, and they're even up more on Gen Z, is that a sign of entrepreneurial enthusiasm? Or is that a sign of I have to have a second job to make ends meet? And so I think you can look at it, look at it both ways.

• 1:46:17Speaker 03

  I look at it the second way.

• 1:46:19Tom Ellsworth?

  Yeah, exactly. I agree, Pat, with what he's saying that if you have long-term systemic issues with youth hiring, that it is a symptom that more often than not is related to economic issues. You know, I agree with that part. I also think that anything to make this economy look not as sweet gets played up by the current business.

• 1:46:43Speaker 03

  That is absolutely true. Absolutely true. But again, I think the problem there is that it... What ends up happening is you...

• 1:46:50Tom Ellsworth?

  Maybe obscure stories that are really true.

• 1:46:53Speaker 03

  Right. And then everybody, you know, everybody gets into their partisan team. It's Biden versus Trump, and whose economy is it? And it's neither. The issue is, this has been happening for several years now, and it explains a hell of a lot, from political dissatisfaction to social disintegration, a whole bunch of issues are wound up in it. Hiring is the single biggest problem that we have across the entire global economy. Nobody wants to hire.

• 1:47:18Patrick Bet-David?

  It's gonna get, it's gonna change. It's not gonna get any better. I think we're gonna see, it's gonna get good for the guys that are performing. Those guys are never gonna be struggling. Look, I'll give you an idea. There's a Kevin O'Leary story, Rob, if you want to pull this up. Kevin O'Leary slams people who want work-life balance. "I hope they work for my competitors," is what he said in this clip. If you have it, play this clip. Go for it, Rob. Guys, we need audio.

• 1:47:43Tom Ellsworth?

  People that shut down their laptop at 5, want that balance in life, want to go to the soccer game, 9 to 5 only, they don't work for me. I can tell you that. I hope they work for my competitors.

• 1:47:54Patrick Bet-David?

  Yeah, and by the way, simple statement, right? "I hope they work for my competitors." This is a guy that's worth a half a billion dollars. Maybe in the talent of communication, he's one of the best. There's guys that are worth $200 billion that don't communicate as well as this guy does. He talks better than 99.9% of the guys on TV. At one point, I think he wanted to run for Prime Minister of Canada, if I'm not mistaken. He had some political aspirations, I think 10 years ago, 5 years ago. If you look it up and fact-check me on that. So you'll see, you'll see stories like this. In today's market, if you're somebody that's becoming, did he want to, or no? Was he president or prime minister or something? He wanted to, political run. Yeah, there you go, 2017, 10 years ago, yeah. So if you

• 1:48:39Patrick Bet-David?

  are somebody... That at this age, without a lot of options, so a guy yesterday on one of our masterminds asked me a question. He said, hey, my buddy wants to know how he can accelerate hiring better quality people for his company. I said, really? Yeah. I said, great. How much did he make in profits last year? He says, $200,000. I said, what type of quality people does he want to get? High quality people. Great schools, great this, great experience, great background. I said, well, listen, I would like to be the majority owner of the New York Yankees. How do I do it? And I want to do it today. The guy's like, I don't know. How do you do it? I said, why don't you go look up what the Yankees are worth today?

• 1:49:24Patrick Bet-David?

  Rob, can you pull up Yankees valuation today? By the way, I think the Yankees are worth somewhere between 12 to 20 billion dollars when somebody buys them because you're not going to get a brand like this for a while. But the Yankees right now, Forbes number is eight and a half billion dollars. When I went in, I think it was 3.7 billion dollars. So we've done pretty okay with the Yankees. Yeah, pretty okay with it. So, and I went two times, by the way, two rounds because I bought two rounds of minority owners that were selling and I jumped on it and it's been a great investment so far. But I'd like to be a 51% owner today. He says, well, you need 4.3 billion dollars. I said, I know, but I want to be that today. That's not how it works. You, I said, well, but I'm telling you, I want to be minority today. Now, I don't want to be in 10 years. I don't want

• 1:50:08Patrick Bet-David?

  to be in, I want to be today. You can't. What's the point? If you don't have the luxury today of being picky and choosy with your job and you see where it's going, do not be the person that's overly negotiating for their jobs. Be the guy that comes in or the gal that comes in and goes above and beyond and let the company ask themselves and say, dude, are we going to get somebody that's going to work like this guy? Holy freaking moly, this guy goes above and beyond. Who is this guy? What is this guy all about? I like this guy a lot. I like what this guy's doing. When I worked at Bally's, I was telling a story yesterday, Brandon texted me on one of our Conversations we had, I remember going to a Bali, I started off at Bali's at Culver City. I don't know if you guys remember Bali Total Fitness. Do you remember Bali Total Fitness?

• 1:50:50Tom Ellsworth?

  Mm-hmm.

• 1:50:50Patrick Bet-David?

  Tom, did you ever train at a Bali Total Fitness when you were squatting four plates?

• 1:50:54Tom Ellsworth?

  No, no, I've been there a few times as a guest, but I never was.

• 1:50:57Patrick Bet-David?

  Okay, so I, I used to work at Bali Total Fitness Culver City, down the street from Fox Hills Mall. And within 30 days, they put me in, and I was a terrible salesperson first couple of weeks. Eventually Cisco says, "I want you to go sell memberships at Fox Hills Mall." I said, "Cisco, respectfully, if I can't sell memberships in the gym, while the equipment is here, how the hell am I gonna sell memberships at a mall, where I have nothing to show for it? There was no phone to show. Here, let me give you a virtual tour." We didn't have stuff like that. You're just kinda talking. Says, "I'm telling you, this is your last chance, because I think if you go learn how to sell there, you can sell anywhere." So I go to Fox Hills Mall, I'm right by the escalator, if you know which one I'm talking about. I'm right by the escalator, I'm working with this guy named Gabriel and Jaime, they're brothers.

• 1:51:42Patrick Bet-David?

  And these guys were hustlers, two Mexican brother hustlers that are going around the table, talking to everybody, "Let me tell you about the corporate membership stuff that we have." And for two weeks, guess what I'm standing? I'm standing right behind the table that we have. Within two weeks, I went around, this one African-American girl was walking by. I went to her, I talked to her, I brought her over, we started having a conversation. And she right there bought a membership, $75 a month, $75 down, $32 a month, it was a corporate discount. And she got a premier membership to all clubs. I could not believe she said, "Yes, I signed the contract." I'm literally sitting there saying, "Either this lady's crazy, or I just got lucky." Next thing you know, two weeks later, I'm the number one guy, then I became Rookie of the Month, and then Rookie of the Quarter, and then they moved me to Bali Total Fitness Hollywood,

• 1:52:27Patrick Bet-David?

  which was the biggest club we had. And then from Hollywood, I moved to Chatsworth, and I'm working at Chatsworth Club. Now, if you guys are old enough, if you're above 40, people should know what Chatsworth was known for in the 90s and 2000s. Do you know what it was known for?

• 1:52:40Tom Ellsworth?

  I don't.

• 1:52:41Patrick Bet-David?

  80% of all porn in the world was produced in Chatsworth, California. And I was the manager of the gym where all the porn stars. They had a house there, did he? Okay?

• 1:52:51Tom Ellsworth?

  No, it's terrible.

• 1:52:52Patrick Bet-David?

  It was terrible. It was everywhere. They're everywhere.

• 1:52:54Tom Ellsworth?

  What was that canyon up there? Bell Canyon?

• 1:52:55Patrick Bet-David?

  Bell Canyon, yes.

• 1:52:57Tom Ellsworth?

  It was terrible.

• 1:52:57Patrick Bet-David?

  Lot of movies would be. I love Bell Canyon, by the way. Bell Canyon. Don't say anything about Bell Canyon. Joe Rogan is still living in Bell Canyon. We almost bought a house in Bell Canyon. It changed. You're thinking about the Bell Canyon days of... The nasty Bell Canyon days, Tom, because we don't want to age you here.

• 1:53:10Tom Ellsworth?

  When they made those Christmas movies.

• 1:53:12Patrick Bet-David?

  Right.

• 1:53:12Tom Ellsworth?

  Not So Tiny Tim.

• 1:53:13Patrick Bet-David?

  You would go to El Toritos and guess who's eating right next to you? A guy named Ron Jeremy. And Ron Jeremy was not a hockey player. I've been on flights with Ron Jeremy. I can tell you plenty of stories. Again, but here's the part. This is the part I'm trying to get to. To the youth that's listening to this. I was a young guy at a choice of going back in the Army or making this job work at Bally's. When whatever chance I got to improve myself with any opportunities, I took it. Nobody wanted to go to Chatsworth Bally's. Nobody. That was the worst club to go to. Would never hit numbers. It was always horrible. We went there. I went and talked to this one guy named Big Oliver. They called him Big O, 320-pound linebacker. He says, "Hey, yo Pete, I don't want to burst your bubble, but nobody hits numbers at Chatsworth." You know what we ended up doing?

• 1:53:59Patrick Bet-David?

  Within 30 days, we broke the records at Chatsworth. We had 115%. Robbie Solomon comes in, cannot believe what's taking place. Tony Wilson is surprised. J.C. Carrera, Ricky Wilson, all these guys. Ricky Woods, all these guys. We blew it up. It was a great experience. I was 21 years old. I didn't have a lot of options. I didn't have a four-year degree. I didn't have a two-year degree. You know where I went and worked after Bally's? Morgan Stanley Dean Witter. And my career took off in financial services. So you never know what's going to happen. No matter where you go, contribute and give your best. Stop bitching, stop whining. Have a good attitude. Come early, stay late, read the books. Do everything you can to... That community, you will always have a job.

• 1:54:39Patrick Bet-David?

  There will always be a demand for you. But the people that are complaining, whining, and always seeing the bad and everything, you're always going to have problems for the rest of your life. You pick and choose what direction you want to go to. So... I fully agree with Kevin O'Leary is saying. And our last story, I'll come to you guys here before we wrap up, is the following. Entrepreneur Magazine comes out with a story of a friend... Don't pull it up yet, Rob, but I think you have it ready. Where one of Elon's friends... Gave him a million dollars to invest in Tesla early on and eventually got into SpaceX as well. And that million dollars, Rob, if you want to pull it up, this is, this is the kind of stuff that it did in 10x. It did in 100x. Watch this. He loaned Elon a million dollars

• 1:55:21Patrick Bet-David?

  and that million dollars now is worth over a hundred billion dollars. Look at this. Elon Musk's best friend, Antonio Gr- Gracias, bet early on Musk, his 7.3% SpaceX stake could soon make him one of the 50 wealthiest people in the world. They're saying it's going to be worth a hundred and 50 billion dollars. By the way, if you do some math, you know what 100x is? You know what 100x return on an investment is on a million dollars? You have 100 million dollars. A billion is 1,000x. 10 billion is 10,000x. 100 billion

• 1:55:59Patrick Bet-David?

  is 100,000x. This guy 150,000xed. The loan he gave to Elon Musk for 7.3 billion dollars. Tom, your thoughts on this story?

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• 1:59:06Tom Ellsworth?

  Well, it just goes to show you, you can be at the right place at the right time, and you can be around the right people. And it also proves that, I'm gonna make an adjustment. There used to be an old adage that said, you know, your position in life, and even your net worth, will be influenced by the top five people you choose to have in your orbit as your close associations or friends. So you take all the 20 people you know, who are the five that were really in there close? What are they all about? Are they racist? Are they cool people? Are they trying to grow out of their youth? Are they working hard? Are they successful? Whoever those top five are, it'll influence where you go. People have said that a lot, right, Pat? Okay, this shows you that it only takes one.

• 1:59:51Tom Ellsworth?

  You know, he takes one, that you have one guy who is, was at the time, was a genius microdosing EV founder, who was worried that he's gonna lose it, and he really needed a bridge loan, and you say, okay, I'll do it, I'll do it for this, and who knows what he got? He got something, some percent, because over time, you know, if you own a percent of something, Humberto, and over time, they raise 50% in capital. You get dividend. In round, round, round, round, round, no, your 1% now is a half a percent. But it's diluted as a percent, but the total value of the company has skyrocketed. So wherever this guy went, it went. And it goes on the heels of the story that, you know how every now and then, and this

• 2:00:33Tom Ellsworth?

  guy, God bless Antonio Gracias, you know, he scored. But you know what also is, your friend Elon Musk is just tough, and he's brash. He went to the federal government to be deposed and to go through things, because he sent out a tweet, and he says, "I've got money for Tesla. Funding has been secured." Remember that? The famous tweet? Yep. Well, yesterday, you know what he was musing yesterday? And he says, "Well, maybe by 2027, I'll just merge Tesla and SpaceX, because we have the battery technology, we've got the satellite communications to the cars, maybe I'll just merge both of them." And now, everybody today was like, "Oh, my gosh, could that be a $4 trillion company?"

• 2:01:15Tom Ellsworth?

  Suddenly, we're not talking about a $1.7 trillion SpaceX, we're suddenly talking about a $4 trillion company, which just goes to show you, Musk being Musk, and it's very good to be a friend of Musk.

• 2:01:25Patrick Bet-David?

  Snyder.

• 2:01:27Speaker 03

  Risk-taking. I mean, that's what really, well, a lot of successful, you guys know this, I mean, successful people take risk. Yeah, I mean, loaning Elon Musk a million dollars is not necessarily a huge risk, but I mean, that's-

• 2:01:40Speaker 04

  People will make a line to that.

• 2:01:41Speaker 03

  But I mean, that's, the point is, risk-taking and making good bets is what really separates people out. It's about taking calculated risks that, you look at a guy like Elon Musk and say, "He's gonna make it." So, a million dollars, yeah, maybe painful in the short run, but this is a bet worth taking. I think that's the ultimate lesson.

• 2:01:58Speaker 04

  Well, I think identifying- And betting on talent.

• 2:02:02Patrick Bet-David?

  Talent.

• 2:02:02Speaker 04

  It is so important. You just, you look at people and you're like, okay, this guy is going places. He's, he gets it earlier. He works harder, he stays longer, he innovates, he's coming up with ideas. And you were like, all right, I'm willing to lose a million dollars on this guy.

• 2:02:18Patrick Bet-David?

  Yep.

• 2:02:19Speaker 04

  And you know, like, I don't know, I've been betting on talent for the last, you know, few months and it's been paying off massively.

• 2:02:26Patrick Bet-David?

  Yeah, and by the way, you're, you're a pretty good developer, you're a pretty good manager as well. You, you, you pick him, you develop him, you teach him, you have that ability. I think a part of this, I did a video, Rob, if you can pull it up in Creator Studio, see if you can find it, is about Musk and I said, what's more important, the, the horse or the jockey? Right? The horse or the jockey? Because so many times you'll, you'll, you'll sit there and you're like, you know what? I think I'm gonna bet on the jockey, I'm gonna bet on the horse, I'm gonna bet on this. Here's the reality of it, never bet against a guy like Elon Musk. Never do so. You know who learned the hard way? A lot of short sellers. You know who learned the hard way? A lot of his competitors.

• 2:03:07Patrick Bet-David?

  This, this, if you've ever read his book by Walter Isaacson, which if you haven't, I highly, if you really want to understand this guy, go read that book and you'll see where this guy was and what he did. Many, many years ago, people were saying, the, the debate was, what's better to invest in? Is it, is it better to invest in Tesla or Elon? Long term. I said, listen, I'm betting on Elon, whatever he's operating. I'm betting on Elon on what he can operate and drive. So you get judged, you said something about risk. You and I get judged based on our instinct and intuition. And investing in certain things, I know a lot of guys that are very, very smart, Humberto, but my God, they choose the wrong investments.

• 2:03:48Patrick Bet-David?

  I know a lot of guys that are so smart, brilliant, have read all the books, have all the fancy degrees. But when it comes down to investing and picking the right jockeys, they're horrible at it. They, they can't see. They can't see the BS factor of the individual. They can't see that this guy's not a serious guy. They can't see through it. They're easily naive. And they kind of will be like, "Yeah, that's a guy to do this." And by the way, none of us are 100%. Everybody's gonna fall for the trap. It's not like anybody's gonna make the right investments or not. It's not like, you know, everyone's gonna go out there and get it 100% of the time. There's never been a person that's 100% of the time. Rob, were you able to find that clip or not? I can't even find it myself. Yeah, I can't find it. It's a clip I did 10 years ago, nine years ago.

• 2:04:30Speaker 04

  If you're 60% of the time, you're above average.

• 2:04:33Patrick Bet-David?

  You are, you are. But you have to have a... You have to make a decision early on on your relationship with risk, like Jeff said. And then at the same time, like, one very easy exercise to do is the following. One very easy exercise to do is the following. Take a sheet of paper and write down the list of people in your life that went well and didn't go well. Okay? Investments you made, people you went to business with, people you befriended, decisions you made, investments you made, and then score yourself on that. What happened there with that relationship? And that's a failure, 3.2. Man, that's a diss. And then right next to it, you know what I do, Humberto?

• 2:05:18Patrick Bet-David?

  Did I have any early signs that this wasn't gonna work out? And then if I took the risk, guess what? At least I took the risk knowing there was still early signs. But then if I knew the early signs and it was a horrible sign, why did I still go with it? Why did I make that decision for it? Why'd I do that? It wasn't worth doing that. Why did I do it? And then what can I do differently for the next time this comes around to see the pattern? And things like, there was a kid that came to our house with one of my kids. And from the beginning, I just didn't like the way this guy handled himself. I didn't like the way he talked to my wife. I didn't like the way he talked to my kids. And he was one of the new guys that had come in town. And I'm like, "Hey." I told one of my kids, "This is not a guy that's gonna come to our house."

• 2:06:02Patrick Bet-David?

  And all of a sudden, the kid, a couple of years later, gets into massive trouble with the school he's in. What happened? There's a gut feeling, you know, women typically have this gift, you know how, you know, women can, your mother can kind of tell somebody, my dad had a very good instinct with some of the friends as well. But that instinct intuition, you cannot teach it. Some people get this thing very, very wrong with their instinct and intuition. If there's a muscle in life that you want to have your kids and yourself get better at, it's instinct intuition. If you don't measure yourself and sit down and go through it, you will make a lot of wrong hires. There's this book right here that, you know, I've read now, this is the third time I'm going through this book, 5X, and I've listened to the audio and I'm going through it for a third time.

• 2:06:44Patrick Bet-David?

  It talks about the hires you made that were good and bad. Why did you make those bad hires? Why is it reoccurring? Why, why, why does this continue happening to you? This book right here, not a lot of reviews. If you're an entrepreneur, do yourself a favor and go buy this book. I don't know the author. I know there are two private equity guys that talk about CEOs that on average got 5X plus on investments. So private equity invested 10 million dollars in the company. The company exists, that 10 million becomes 50 million dollars. The average CEO that did 5 plus X. It shows you patterns. You know what the whole pattern is? Decision making, intuition, instinct, focus, being able to say no, bringing the right person in, hiring the right person, firing the right person, not lagging on a fire, all of that stuff.

• 2:07:27Patrick Bet-David?

  So it goes down to instinct and intuition. And this guy that gave a million dollars to Elon, I just looked him up to see what else he did. He also invested in Tesla, SpaceX, Neuralink, boring company. And he made his money early on because, early on, he was hired to scale a plant, plating manufacturing company, metal plating and manufacturing company that he grew from 10 million to 125 million dollars. So it's not like this is a schlep.

• 2:07:49Speaker 03

  He was already good.

• 2:07:50Patrick Bet-David?

  Yeah, he was already good. He founded a company called Valor Equity Partners in 1995. He's also a winner. And now you know him as a multi-billioner. Patiently, long-term, eventually he had his hit, so more-

• 2:08:00Speaker 03

  One of the hardest things for people to do is just, what you just did, on a self-evaluation. It's very difficult for people to do that for themselves. And I think that's one of the skills that a lot of people are lacking. Can you sit down? It is, because you're- You should be your own worst critic.

• 2:08:13Patrick Bet-David?

  It's tough. And when we did the survey and the audience reacted to the podcast and saying this and that, it's tough to kind of go through it and get it. But every once in a while you have to do, the more often you can do it, you'll have an edge over your peers and the competition. Anyways, having said that, another great podcast story. Today's stories were actually exciting. Sometimes you've got stories that's just boring stories. Today's stories were exciting. Humberto, great job. Jeff, great to have you back on. Tom, the folks out there, if, if, if there's last thoughts I'll give you on this, do yourself a favor and recruit a better community around you. Do yourself a favor and go recruit a better community around you. The ways I did it is by going to business conferences. If you haven't yet registered for the Vault Conference, bring your husband, bring your

• 2:08:57Patrick Bet-David?

  wife, bring your kids, bring your peers, bring your coworkers. Like I said, there's a company from France, I believe, that's bringing 500 people with them of their salespeople. And, and I think this 12,000 is going to sell out the fastest we've ever had in the history of the company. CEO tickets are about to sell out. People are buying tickets online from around the world. If, if you want to be around a different community, because my audience is people like me, strong capitalist, family, values, principles, they like kids, they want to make money, they want to create wealth, and they want to talk a little bit of politics and all the other stuff, that's the types of people that show up to the Vault Conference. Go to Vault 2026, get yourself a ticket again. Vault 2026. Rob, you said 9 a.m. Is tomorrow Chad Bianco?

• 2:09:36Speaker 03

  Yes, sir.

• 2:09:37Patrick Bet-David?

  Tomorrow, 9 a.m. Chad Bianco, the gubernatorial race for California. We're trying to help either Chad Bianco and Steve Hilton. Tomorrow's going to be fiery right off the bat, 9 a.m. tomorrow morning. Take care, everybody. Bye bye, bye bye. God bless.

• 2:10:21Speaker 01

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