Tech Stock Bloodbath, Binance Hacked, The Mansion Section | Diet TBPN

Diet TBPN delivers the best of today’s TBPN episode in 30 minutes. TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays 11–2 PT on X and YouTube, with each episode posted to podcast platforms right after. Described by The New York Times as “Silicon Valley’s newest obsession,” the show has recently featured Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella. TBPN is made possible by: Ramp - https://ramp.com Public - https://public.com Cisco - https://www.cisco.com Console - https://www.console.com CrowdStrike - https://www.crowdstrike.com Figma - https://www.figma.com MongoDB - https://www.mongodb.com NYSE - https://www.nyse.com Railway - https://railway.com Shopify - https://www.shopify.com/ Follow TBPN: https://TBPN.com https://x.com/tbpn https://open.spotify.com/show/2L6WMqY3GUPCGBD0dX6p00?si=674252d53acf4231 https://podcasts.apple.com/us/podcast/technology-brothers/id1772360235 https://www.youtube.com/@TBPNLive

• 0:03Speaker 00

  Good morning. Thank you for being here.

• 0:06Speaker 01

  Everyone's dressed up. Jordy, of course.

• 0:08Speaker 00

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

• 0:11Speaker 01

  Yeah.

• 0:12Speaker 00

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

• 0:16Speaker 01

  Yeah.

• 0:17Speaker 00

  Uh, but we did our best.

• 0:18Speaker 01

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

• 0:30Speaker 02

  I know people recognize me.

• 0:31Speaker 01

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

• 0:35Speaker 02

  The successor.

• 0:36Speaker 01

  Around the table.

• 0:37Speaker 00

  The best part about Halloween?

• 0:39Speaker 01

  Yeah.

• 0:39Speaker 00

  Christmas is right around the corner.

• 0:40Speaker 01

  Exactly, exactly. Same number of days.

• 0:44Speaker 00

  Here we go.

• 0:45Speaker 01

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

• 0:58Speaker 00

  Oh, boy. We got a fun show today.

• 1:00Speaker 01

  Yep. Uh, chaos in the markets.

• 1:03Speaker 00

  Yeah, I mean.

• 1:04Speaker 01

  Bloodbath.

• 1:04Speaker 00

  Bloodbath out there.

• 1:05Speaker 01

  Some people are being fearful.

• 1:06Speaker 00

  Most people, I would say, are fearful.

• 1:08Speaker 01

  Uh, it seems like that.

• 1:09Speaker 00

  That made me start feeling a little greedy. So let's leave it on this. Let's take a look at, let's take a look at John here. I mean, John, lean back. Yeah.

• 1:18Speaker 01

  And I lean back. It's really.

• 1:22Speaker 00

  Uh, just incredible, incredible work. This is only possible in Hollywood.

• 1:27Speaker 01

  I know.

• 1:27Speaker 00

  AI could never do this.

• 1:29Speaker 01

  No, no. And, and it is.

• 1:30Speaker 00

  Never.

• 1:31Speaker 01

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

• 1:39Speaker 00

  We showed up at, uh.

• 1:40Speaker 01

  We're sticking with it.

• 1:41Speaker 00

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

• 1:48Speaker 01

  But let's give it up for the team that helped us with this. It was really incredible. Look at that.

• 1:53Speaker 00

  Let's give it up for Greg.

• 1:55Speaker 01

  Greg is looking great.

• 1:56Speaker 00

  Looking good.

• 1:57Speaker 01

  Early white teeth, too. Did they give you veneers or are those your natural teeth?

• 2:01Speaker 00

  That's just.

• 2:02Speaker 02

  All natural.

• 2:03Speaker 00

  All natural.

• 2:03Speaker 01

  All natural.

• 2:04Speaker 00

  All natural.

• 2:04Speaker 01

  Serious.

• 2:05Speaker 00

  Greg, you look fantastic.

• 2:07Speaker 01

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

• 2:11Speaker 02

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

• 2:18Speaker 01

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

• 2:28Speaker 00

  I FaceTimed.

• 2:29Speaker 01

  Yeah.

• 2:30Speaker 00

  A friend of the show.

• 2:31Speaker 01

  Yeah.

• 2:31Speaker 00

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

• 2:34Speaker 01

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

• 2:38Speaker 00

  Uh, it's, it's unnerving.

• 2:43Speaker 01

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

• 2:47Speaker 00

  Should we see how I can hit the gong?

• 2:48Speaker 01

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

• 3:10Speaker 01

  To everyone over in the Berkshire Hathaway universe.

• 3:14Speaker 00

  Absolute bloodbath.

• 3:15Speaker 01

  These young whippersnappers.

• 3:17Speaker 00

  Bloodbath in the market today.

• 3:18Speaker 01

  Market, but Berkshire doing well.

• 3:20Speaker 00

  Only company that I've found.

• 3:22Speaker 01

  Yeah.

• 3:22Speaker 00

  That's looking green.

• 3:24Speaker 01

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

• 3:26Speaker 00

  I think it was just a strong hit.

• 3:27Speaker 01

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

• 4:12Speaker 00

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

• 4:17Speaker 01

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

• 4:57Speaker 01

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

• 5:17Speaker 00

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

• 5:21Speaker 01

  Backed up the truck.

• 5:21Speaker 00

  Backed up the truck.

• 5:23Speaker 01

  Yeah.

• 5:23Speaker 00

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

• 5:28Speaker 01

  Yeah.

• 5:28Speaker 00

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

• 5:34Speaker 01

  That's also.

• 5:34Speaker 00

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

• 5:39Speaker 01

  Yeah.

• 5:39Speaker 00

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

• 5:49Speaker 01

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

• 6:30Speaker 00

  Well, yeah, we gotta talk about Binance.

• 6:33Speaker 01

  Okay.

• 6:34Speaker 00

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

• 7:04Speaker 01

  Is that the Safu fund?

• 7:06Speaker 00

  Safu.

• 7:07Speaker 01

  Secure asset fund for users.

• 7:09Speaker 00

  Yeah.

• 7:10Speaker 01

  They set it up for exactly.

• 7:11Speaker 00

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

• 7:16Speaker 01

  Or six times what.

• 7:17Speaker 00

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

• 7:32Speaker 01

  Single engineer needs to be breached.

• 7:34Speaker 00

  Single point of failure.

• 7:34Speaker 01

  You would think it would be a number of, uh, you, you would think it would be a number of, of engineers that need to all sign off on something like this for that much money to move. You know, even sending a wire these days from a traditional bank is usually a couple of phone calls, two-factor. There's a bunch of different stuff that needs to happen. It's rarely just one person signing off, but, uh.

• 7:55Speaker 00

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

• 8:16Speaker 01

  Oh, interesting. Okay, yeah, yeah.

• 8:19Speaker 00

  Still, still happening in real time.

• 8:21Speaker 01

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

• 8:26Speaker 00

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

• 8:32Speaker 01

  Yeah, kinda. I mean, Elon was calling it like it is. It's a really bad hack.

• 8:35Speaker 00

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

• 8:56Speaker 01

  USD.

• 8:56Speaker 00

  USD or a more diversified basket of assets, because it is kind of predictable that, like.

• 9:02Speaker 01

  You'd go after that.

• 9:02Speaker 00

  If there's a massive hack, crypto will trade down. You don't also want your.

• 9:07Speaker 01

  Yeah. But if the market goes way up and then you get hacked, you haven't actually appreciated. So, yeah, it's trade-off. Uh, interesting. So if 3 billion does make it to North Korea, uh, that's like 5% of, or almost 10% of their GDP. Their GDP in 2025 for all of North Korea was 26.6 billion. So that's like pretty material to the country, which is pretty crazy to think about. High stakes in the, in the modern cybersecurity era, era. Um, uh, Tyler, did you see anything else, any other interesting details about, uh, what happened with this hack, like technically, or any other color that you want to add?

• 9:45Speaker 02

  I, I haven't seen anything specifically about like how it actually happened, but I do think it was interesting that like Bitcoin only went down like a few percent.

• 9:51Speaker 01

  Yeah.

• 9:52Speaker 02

  So, um, in 2014, when Mt. Gox got hacked, I think in like the two weeks after Bitcoin price went down, like, I think it was like 25, 27%.

• 10:01Speaker 01

  Yeah.

• 10:02Speaker 02

  Kind of surprising that it's, it's really like, you know, yeah, it's like, uh, you know, almost 4%.

• 10:07Speaker 01

  Yeah, it's only 4% of the best five days. That's like, that's better than SpaceX, better than.

• 10:12Speaker 02

  Yeah.

• 10:12Speaker 01

  You know, uh, uh, Google, for example. Um, it's, uh, yeah, it, it, that is interesting that there's so many people that are still holding. It kind of shows you that the median, the median holder at this point is maybe more along self-custody, maybe more along, uh, you know, less, less worried about the, the, what's going on at the centralized exchanges. What you got for me, Orin?

• 10:37Speaker 00

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

• 11:04Speaker 01

  Uh, wait, which one? I think Elon reactions are fair stance.

• 11:07Speaker 00

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

• 11:08Speaker 01

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

• 11:21Speaker 00

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

• 11:37Speaker 01

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

• 12:02Speaker 00

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

• 12:14Speaker 01

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

• 12:26Speaker 00

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

• 12:33Speaker 01

  Incredibly rough. They're down more than 22% now, right? Or have they bounced back a little bit? Where are they? They're down 30% today. 27% over the last five days. Still a $336 billion company, but totally round tripping. Uh, the, the, the big jump in Intel started about a year ago with the investment by the US government and a lot of, uh, optimism around hyperscalers starting to buy from Intel, use their fabs, jump all at the same time to, you know, get the fab off the ground. Um, the stock is pretty close to where it was before all of that started. March of 20, uh, March 27th of this year, it was $43 a share. Now it's $63 a share, but that's down

• 13:17Speaker 01

  from a high of $140 a share. So it's down 50% since the peak.

• 13:21Speaker 00

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

• 13:40Speaker 01

  Kramer's not happy.

• 13:41Speaker 00

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

• 13:43Speaker 01

  Um, yeah, I saw some viral Instagram of someone being like, um.

• 13:46Speaker 00

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

• 13:50Speaker 01

  Totally.

• 13:50Speaker 00

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

• 14:02Speaker 01

  I'm laughing at the way you look. It's ridiculous.

• 14:03Speaker 00

  You're laughing at the way I look. You're mocking me.

• 14:07Speaker 01

  It's just such a ridiculous thing to look.

• 14:09Speaker 00

  You know, when I, when, John and I were, were facing each other this morning and I was just having these visions of the future when we're 80s, 90s, et cetera. And we're still going to be here. We're still going to be doing this. We're not leaving.

• 14:23Speaker 01

  We're not leaving.

• 14:24Speaker 00

  Going to retire on the mics.

• 14:28Speaker 01

  I believe the, the amount of money that was stolen from polymarket wallets was 3 million. So, uh, this is in wired. Trading has resumed on polymarket's flagship international platform already. After a hack that drained money from wallets of some traders, third party vendor based in the UK was breached. Not the prediction markets website itself. Law enforcement in the UK have been notified of the incident. Uh, trading was initially paused while the company investigated for several hours. That's got to be really disruptive because some people are like, this is resolving right now. I would have sold, I would have sold in the next 30 minutes, but not in the two hours point. So I'm sure there's going to be a lot of people that are upset, but still seems like they got through it. Uh, 700 users appear to have been affected with approximately 2.7 million stolen. So be safe out there if you're on one of these platforms.

• 15:12Speaker 00

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

• 15:27Speaker 01

  Yeah.

• 15:29Speaker 00

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

• 15:37Speaker 01

  I love it. Uh, well, Minecraft creator Marcus Person, uh, Notch, if you know him from Minecraft. Do you play Minecraft growing up?

• 15:47Speaker 00

  Yeah, of course.

• 15:48Speaker 01

  You're a big Minecraft guy?

• 15:49Speaker 00

  Yeah, yeah. That was like my, uh.

• 15:51Speaker 01

  That was your childhood?

• 15:52Speaker 00

  That was peak, yeah.

• 15:52Speaker 01

  Yeah.

• 15:53Speaker 00

  Peak?

• 15:53Speaker 01

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

• 16:34Speaker 01

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

• 17:18Speaker 01

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

• 17:59Speaker 00

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

• 18:04Speaker 01

  No, not a lot of Sees. Oh, maybe unbox Sees candy because the whole conceit of this, of the candy room is that it has these, uh, these silver tunnels. Let me see if I can actually find a Notch candy room. Yeah. Boom. Right there, guys. Pull this one up. Yeah. It has these like tubes that you fill with the raw ingredients or like with the packaging. So you actually can't really see the brands. You see this, Jordy? On the left there, maybe zoom in a little bit on the left and you'll see that's the wall of candy. So you can go there and just create whatever bag of candy you want. Uh, there's a bar with a bunch of TVs down there. And I believe some, some, there's some other crazy feature, um, where it has like, uh, something giant wine cellar,

• 18:45Speaker 01

  home gym, 16 car garage. Um, and then the enormous candy wall, of course, there's something else, but, uh, I, I, I don't remember. But anyway, this is, uh, where, where would you put this home? What tier are you going?

• 19:02Speaker 00

  S tier.

• 19:02Speaker 01

  S tier.

• 19:03Speaker 00

  But it's got to tear it down.

• 19:05Speaker 01

  You gotta tear it down.

• 19:05Speaker 00

  You gotta tear it down.

• 19:06Speaker 01

  How can it be S tier?

• 19:08Speaker 00

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

• 19:12Speaker 01

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

• 19:18Speaker 00

  I, I think that, um, the actual dirt matters more than anything.

• 19:22Speaker 01

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

• 19:30Speaker 00

  I think so.

• 19:30Speaker 01

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

• 19:34Speaker 00

  Great.

• 19:35Speaker 01

  Same footprint.

• 19:36Speaker 00

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

• 19:40Speaker 01

  What we got?

• 19:40Speaker 00

  It's a bloodbath out there. Tesla down 2%, Microsoft 2%, Nvidia almost 6%, Amazon almost 3.

• 19:48Speaker 01

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

• 19:54Speaker 00

  6% and where's Meta at? Meta is, uh, only 2%. So they're holding up.

• 20:02Speaker 01

  They're doing well.

• 20:02Speaker 00

  They are holding up. So.

• 20:04Speaker 01

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

• 20:37Speaker 00

  Is that real?

• 20:37Speaker 01

  This is real. So, so Business Insider is reporting on a conversation that happened between the 96-year-old business icon Warren Buffett and Bill Ackman. This is what they, what they recall during an episode. So, Bill Ackman and Warren Buffett had a conversation a long time ago, and then Bill Ackman brought it up on a podcast and said, "Oh, I remember I talked to Warren and he said he hadn't had a glass of water since the 70s." So, Ackman said that Buffett came over for a dinner at Ackman's house years ago, and he'd made sure to stock up on the legendary investor's favorite drink, Cherry Coca-Cola. Cherry Coke. The Pershing Square founder, that's Bill Ackman, CEO.

• 21:17Speaker 00

  Yeah, they're calling it PD.

• 21:19Speaker 01

  PD. Yeah, yeah, it's true. Said that once they were sitting at the table, he asked Buffett whether he'd like still or sparkling water. Like, "I have your, I have your Cherry Coke, but do you want still or sparkling before you get into your soda?" And Buffett politely declined, opting for his preferred soda instead. "But I said, you know, don't you drink water?" Ackman recalled. And he said, "Bill, I haven't had water in 48 years." That is remarkable. He quipped that in 2025, or 2015, he was 1/4 Coca-Cola, as it accounted for 25% of his daily calories. That is extremely PD. Not drinking water might sound unbelievable, but Buffett, who retired

• 22:00Speaker 01

  as Berkshire Hathaway's CEO after 60 years, Greg Abel took over. Let's cut to Greg. Still going strong. Spitting image over there.

• 22:08Speaker 00

  How do you feel, Greg?

• 22:10Speaker 02

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

• 22:14Speaker 00

  No, but Tyler, on a personal level, how do you feel? Because the last year, last year was about one hour in, I felt like the walls were closing. Like, you really feel like, you feel, there's a lot of layers. Like, one of these outfits is like a, you know, 10-layer cake.

• 22:32Speaker 02

  It's a lot of pressure.

• 22:33Speaker 00

  Yeah, they're taking you to deep water here in Hollywood. It's a lot of pressure. It feels very intense. I almost, I almost had to get up and leave, but then I just powered through.

• 22:41Speaker 01

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

• 22:44Speaker 00

  Show business, above all else.

• 22:46Speaker 01

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

• 22:49Speaker 00

  No, I know, I know.

• 22:50Speaker 01

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

• 22:52Speaker 00

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

• 22:57Speaker 01

  Maybe the whole weekend.

• 22:58Speaker 00

  Why not keep it on? That friend did tell me, I FaceTimed him before this, he said, "Take it off. Do not come to dinner like that."

• 23:05Speaker 01

  He's testing.

• 23:05Speaker 00

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

• 23:15Speaker 01

  We gotta, we gotta surprise someone in person.

• 23:17Speaker 00

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

• 23:25Speaker 01

  Yeah.

• 23:26Speaker 00

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

• 23:28Speaker 01

  For sure.

• 23:29Speaker 00

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

• 23:33Speaker 01

  Yeah.

• 23:34Speaker 00

  Yeah.

• 23:35Speaker 01

  You're throwing on a special shirt or something.

• 23:37Speaker 00

  Yeah, cool, cool, cool stuff.

• 23:39Speaker 01

  We'll take it. We'll get things a little bit differently around here.

• 23:42Speaker 00

  Let's head over to the timeline.

• 23:43Speaker 01

  Yes. What do we got?

• 23:44Speaker 00

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

• 24:13Speaker 01

  I was joking about this, where if I, if I steal your drink, like, our agents are just going to be suing each other, transfer like, micro payments.

• 24:21Speaker 00

  Maybe DoorDash should get into the, the serving business.

• 24:26Speaker 01

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

• 24:41Speaker 00

  I think it's like somebody, you can, somebody has to accept it digitally. They have physically accepted.

• 24:46Speaker 01

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

• 24:50Speaker 00

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

• 24:55Speaker 01

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

• 25:00Speaker 00

  But oftentimes, something like this, and a more.

• 25:03Speaker 01

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

• 25:13Speaker 00

  Yeah, from the DoorDash earnings call.

• 25:15Speaker 01

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

• 25:57Speaker 01

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

• 26:20Speaker 00

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

• 26:24Speaker 01

  Yes.

• 26:25Speaker 00

  And, uh, people are very habitual.

• 26:28Speaker 01

  Yeah.

• 26:28Speaker 00

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

• 26:34Speaker 01

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

• 26:38Speaker 00

  There's literally buttons in all the delivery app. It just says, like, reorder.

• 26:40Speaker 01

  Uh, Reddit is down. You saw this? Reddit's selling off. I think Will mentioned it. Uh, the, the quotes from the earnings call are a little rough. "Google is crawling us as hard as ever. The reality is AI mode does not drive traffic." So, uh, people go, they used to just say, "Site Reddit, click on the Reddit, click, see some of those ads over there." Now, uh, people are getting the answer directly in AI mode. Not for us and not to anybody, as far as I know. So, traffic is way down. Used to be a traffic driver, now it's not. People still want Reddit. It's just Google is not sending them to Reddit the way they used to. Uh, Huffman says Reddit isn't counting on Google traffic returning. We don't control Google. We only control Reddit. And so, they're going, uh, "Log in

• 27:25Speaker 01

  only. You can only use the service if you're logged in." So, they're putting up a paywall, basically.

• 27:31Speaker 00

  It's a social network.

• 27:32Speaker 01

  Oh, yeah, registration wall. Yeah, it's a social network, which is probably the, the natural form of this.

• 27:38Speaker 00

  The account Odd Stats has some odd stats for us today.

• 27:43Speaker 01

  Give it to us.

• 27:44Speaker 00

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

• 28:19Speaker 01

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

• 28:23Speaker 00

  I think so.

• 28:23Speaker 01

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

• 28:30Speaker 00

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

• 28:34Speaker 01

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

• 28:37Speaker 00

  Yeah.

• 28:37Speaker 01

  Buy something that has cash flow, has value.

• 28:41Speaker 00

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

• 28:43Speaker 01

  Exactly. Couldn't have said it better myself. Uh, fantastic.

• 28:47Speaker 00

  I think that's our show.

• 28:49Speaker 01

  I, I think Chad was asking for a Greg Abel money spread. We wanted to see if Greg Abel was breached, and in fact, he is. You've never seen a Greg Abel money spread, but now you have. We got it.

• 29:00Speaker 02

  10 months into the job.

• 29:03Speaker 01

  Breached.

• 29:04Speaker 00

  Yeah, the last thing I would say is, is, uh, you know, we've been joking around today, but I think Buffett and Munger are two of the greatest role models that the business community could ever have. And as, as much fun as we're having, we, um, we wanted to honor them in our own little TVPN way. We hope you enjoyed it.

• 29:24Speaker 01

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

• 29:28Speaker 00

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

• 29:34Speaker 01

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

• 29:36Speaker 00

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

• 29:44Speaker 01

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

• 29:47Speaker 00

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

• 29:51Speaker 01

  And we will see you on Monday. Goodbye.