AWS Outage, Musk's MASSIVE Tesla Payday + Will OpenAI's Atlas Crush Chrome? | PBD Podcast | Ep. 670

Summary

PBD Podcast Ep. 670 Summary

Date: October 22, 2025
Title: AWS Outage, Musk's MASSIVE Tesla Payday + Will OpenAI's Atlas Crush Chrome?

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Episode Overview

This episode of the PBD Podcast, hosted by Patrick Bet-David alongside Tom, Adam, and Brandon, dives into a fast-paced, dynamic roundtable discussion on several high-impact stories. The team covers tech industry disruption (notably OpenAI's AI browser Atlas and its threat to Google), Elon Musk's unprecedented new Tesla compensation package, major geopolitical deals (Trump's rare earth mineral agreement with Australia), critical stories in finance and social issues (homeless fraud in California, Argentina's financial rescue), and more. Throughout, the hosts offer business insights, big-picture analysis, and lively banter packed with memorable quotes.

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Key Discussion Points and Insights

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1. OpenAI Launches Atlas: The AI Browser War Is On

[10:23–21:18, 31:20–32:56]

• OpenAI's Atlas debuts as a new AI-powered web browser with built-in ChatGPT, directly challenging Google Chrome’s dominant position.

• Sam Altman, OpenAI CEO [12:09]:

  "AI represents a rare, once-a-decade opportunity to rethink what a browser can be... Tabs were great, but we haven't seen a lot of browser innovation since then."

• Atlas aggregates and summarizes information, providing users with direct, conversational responses combined with source links—contrasting with Google’s traditional link-heavy approach.

• The hosts note the staggering user base: 800 million weekly active ChatGPT users.

• Demo Comparison: [14:50–15:54]

  • Searching “what's the latest on the government shutdown?”: Atlas provides a summary and links; Google provides just links.

• Tom [16:12]:

  “This is pretty big. And ChatGPT is right now the reigning king of AI... It's intent and conversation, not keywords.”

• Brandon [19:59]:

  “Google and ChatGPT is streaming and cable... Google dropped below 90% of search engine market share for the first time in 10 years.”

• Monetization Threat: The team discusses how Google's AdSense revenue (ads linked to keyword searches) is threatened by AI tools that focus on user intent, breaking the old keyword-bidding model.

• Adam [22:25]:

  “The world has changed so fast... overnight, ChatGPT replaces Google.”

• Patrick [23:26]:

  “Only 52 companies have been on the Fortune 500 since 1955... That’s 10%. 90% are gone.”

Memorable Takeaway:

• Patrick [21:18]:

  “If you’re running a business, and you don’t treat it like war, you’re eventually going to be where Google is.”

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2. Elon Musk’s $1 Trillion Tesla Payday

[24:52–32:56]

• Cathie Wood (ARK Investments) defends Musk's new incentive package, projected to make him the world’s first trillionaire if Tesla achieves $8.5 trillion market cap by 2035.

• Cathie Wood [25:39]:

  "This was the first voiding of Elon’s pay package… I believe the Delaware court decision...is un-American, an assault on investor rights."

• Skepticism voiced about Musk not yet receiving the previous $56B award.

• Patrick [29:09]:

  “He has to. The company needs to achieve a valuation of $8.5 trillion—two and a half times higher than the biggest one today.”

• Adam [31:37]:

  “Less than 18 months. I think less than 18 months, he’ll be a trillionaire.”

• On social ramifications:
  What will happen politically when the first trillionaire emerges?

  • Tom [32:09]:

    “They don’t have to say ‘trillionaire,’ just ‘that guy.’”

Notable Line and Advice:

Patrick [32:56]:

“Help someone become a trillionaire—you’ll become a billionaire.”

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3. Tariffs and Trump’s Supreme Court Battle

[34:16–44:59]

• Discussion over Trump’s warning that if the Supreme Court restricts presidential tariff powers, the US will “be struggling for years.”

• Patrick [34:18]:

  “How the hell are you supposed to negotiate?... The President needs leverage to negotiate.”

• Details how current manufacturing booms (e.g., pharmaceuticals returning to Virginia) and over $1.25T of domestic investments relate to Trump-era trade tactics.

• Role of Congress and the courts: Congressional delegation of tariff power is contentious; Supreme Court weighs in on limits.

• Adam [41:47]:

  “This is a win-win situation for Trump, regardless of what happens... He’s either going to win the narrative or the case.”

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4. Rare Earth Minerals: US-Australia Deal to Counter China

[46:32–56:14]

• Trump and Australian PM Anthony Albanese sign an $8.5B agreement to lessen reliance on China for rare earths.

• Significance: China refines 90% of the world’s rare earths; past US dominance lost to environmental regulation and globalization.

• Brandon [52:11]:

  “America…had this great big plant in California... Then the EPA comes in...makes it unprofitable...and [China’s] Deng Xiaoping said, ‘The Middle East has oil. We’ll have rare earth elements.’”

• Concerns raised about US environmental policy ironically enabling China’s dominance.

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5. California’s $50M Homeless Fraud Scandal

[60:43–66:50]

• DOJ indicts two LA area real estate developers for allegedly embezzling $50M from homeless grants.

• State Attorney General [61:56]:

  “California has spent more than $24 billion...with little to no progress in solving our homelessness epidemic.”

• The hosts critique inefficient government intervention versus enabling private developers.

• Brandon [65:48]:

  “You could probably talk for 10 hours about all the things that are wrong with California’s real estate market…”

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6. Argentina’s $20B Bailout and US Bank Involvement

[72:31–78:41]

• US banks (JPM, BofA, Goldman) seek federal guarantees on a $20B loan to Argentina—Trump administration seeks to “backstop” libertarian President Javier Milei’s reforms.

• Brandon [74:49]:

  “They want just an instant, like student loans. No risk.”

• Patrick [77:29]:

  “In June, inflation in Argentina was 39.4%, today it’s 31.8%...before Milei it was over 200%.”

• Discussion of South American geopolitics; concerns that failure could empower renewed socialism in the region.

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7. AWS Outage Disrupts Internet; Elon Musk Trolls

[87:29–94:54]

• Major AWS cloud services outage impacts top websites; highlights fragility and centralization of critical infrastructure.

• Tom [89:25]:

  “Now we can see that the internet itself is a matter of national security… We need redundancy.”

• Elon Musk (via X, relayed by Patrick) [90:46]:

  “Pretty weird that an AWS outage caused Signal to fail...it means AWS is in the loop and can take out Signal at any time.”

• Broader concerns about government and corporate power over digital communications.

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8. Media Mega-Deals: Warner Brothers Discovery Open to Sale

[94:54–105:42]

• After rejecting Ellison/Skydance offer, Warner Bros Discovery reopens itself for sale, seeking to trigger a bidding war.

• Tom [96:02]:

  “They’re trying to create an auction… It’s like a McDonald’s menu. You can buy the fries, the Big Mac, we’ll sell off the soda.”

• Analysis of streaming/media consolidation and financial pressures; flywheel business models (using Disney as case study) highlighted.

• Patrick [105:34]:

  “Whoever has the right idea can do good with the assets...a company with the right flywheel can get the most out of it.”

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9. Wealthy Families & Estate Planning: The Rise of Family Missions

[107:56–117:03]

• Growing trend of writing family mission statements alongside legal documents to prevent fighting and squandered inheritances.

• Adam [107:56]:

  “If you can’t define what you are, someone else will do it for you... The greatest thing you could possibly do is say, this is what we stand for.”

• Patrick recommends The Ultimate Gift by Jim Stovall as essential reading on this topic.

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10. Retirement Crisis: Americans Unprepared for Longer Lives

[117:03–128:53]

• Study finds Americans generally underprepared for longer retirements; sharpest gap in funding long-term care.

• Tom [119:21]:

  “We have a huge shortage of nurses and senior care… automation will be part of it.”

• Lively debate on generational responsibility and the importance of financial education—especially about 401(k)s and Roth IRAs.

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11. Community Q&A: The True Cost of “Free” Search

[129:00–133:17]

• Listener question prompts a philosophical debate about data privacy and control in the age of AI search.
• Tom [130:37]:

  "People are discovering in living color what’s been happening for 40 years... Now it's just leveled up."

• Brandon [132:32]:

  “Data is the new oil... Sure, but AI is building the new world. Sometimes choose the positive to look at.”

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Notable Quotes & Memorable Moments

• On Google vs. AI browsers:

  "Google’s going to get destroyed. Why would I go to Google? This is scary." — Patrick [15:42]

• On trillionaire entrepreneurs:

  “Help somebody become a trillionaire, you’ll become a billionaire.” — Patrick [32:56]

• On government inefficiency:

  “This is when the government gets involved in things it doesn’t know how to do.” — Tom [63:08]

• On data privacy:

  “The question isn’t who wins the race between ChatGPT and Google. The question is: When the dust settles, will you still own yourself, or just your login?” — Listener question [129:00]

  • Tom responds: “If you’re really concerned, be proactive about what’s on your phone... you can ask the app not to track.”

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Suggested Timestamps for Segment Listeners

• AI Browser Wars (OpenAI Atlas vs Google): 10:23–21:18
• Elon Musk’s Payday & Tesla Incentives: 24:52–32:56
• Tariffs and the Supreme Court: 34:16–44:59
• China, US, and Rare Earths: 46:32–56:14
• California Homeless Fund Fraud: 60:43–66:50
• Argentina Bailout & South America Dynamics: 72:31–78:41
• AWS Outage & Centralization Risks: 87:29–94:54
• Media Deal-Making (WBD, Skydance, Flywheels): 94:54–105:42
• Family Mission Statements/Estate Planning: 107:56–117:03
• Retirement Funding Crisis: 117:03–128:53
• Data Privacy and the Future of You: 129:00–133:17

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Tone and Language Highlights

• Candid, conversational, at times irreverent; business-centric but with heavy pop culture and political overlap.
• Frequent use of analogies (sports, music, history) keeps the pace lively; quotes directly attributed to speakers.

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For Listeners Who Missed the Episode

This podcast delivers a wide-ranging, insight-packed discussion on today’s top business, tech, and geopolitical issues, from the battle for control over internet search and browser dominance (and the AI revolution), to the personal fortunes at play in Silicon Valley, all the way to the deep-rooted challenges in US public policy, finance, and estate planning. If you want real-world analysis of current events, delivered with wit, business depth, and a skeptical eye for power, this episode is for you.

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End of Summary

Transcript

[Tom]

Did you ever think you were making.

[Patrick Bet-David]

Adam?

[Tom]

What's your point?

[Patrick Bet-David]

The future looks bright. My handshake is better than anything I ever saw. It's right here. You are a one of one.

[Tom]

My son's right about.

[Patrick Bet-David]

I think I've said this before. All right, we got a big announcement to make here today, which is pretty exciting. I'll make that here shortly to you guys. But before we do so, Tom, if you can turn off your phone, please. All morning long, Tom's been watching these hip hop videos. I'm like, turn off the hip hop videos. And he's going old school. Like he's watching gangster rap. Get off your phone.

[Adam]

He was listening to hip hop by Tupac.

[Patrick Bet-David]

By the way, can you imagine being a teacher today? Like, being a teacher today and kids all have phones and you're trying to tell the kids to stay off their phones. What do you do if you're like, take. I would ask the school. I will teach at your school if you allow me to take everybody's phones away. No, at this school, the parents are rich, so they're paying 40 grand a year. They can keep a phone. Not in my class. Take that phone away. I would throw all the phones aside and we'd be teaching. Not up in here, class. Not up in here.

[Tom]

Anyways, I'm married to a teacher.

[Patrick Bet-David]

I know you are.

[Tom]

I have to stay after class all the time.

[Patrick Bet-David]

Not only are you married to a teacher on that, I have a kid in your teacher in your teacher's wife's class, just so you know that. All right, anyways, so let's keep going through some of these stories. And by the way, we're doing something new. Some of you guys, if you want to ask us a question, all you have to do is go on Manect Circle PVD podcast. Post your question at the end. We will answer two questions, whatever questions you may have. All you have to do is go on Manect Circle throughout it. I'll remind you, you may think about a conversation we have. I have a question about this. We'll address it at the end. We're going to take two of you and we're going to mention your name on the podcast when we go to your questions on my next circle. Okay, some stories to go through. Number one. California homeless. Homeless crisis. DOJ accuses real estate developers of $50 million funding fraud. US banks are hunting for collateral to back $20 billion. Argentina bailout. It's a Wall Street Journal story. Trump warns us will be struggling for years. This is big. By the way if Supreme Court rules against him on tariffs, by the way. If they do. Oh my God, it'll be so annoying. If they do. If they do. I don't even know what the likelihood if they do or not. But if they do, it'll be massive. It'll say that the president's bringing $300 billion of revenue. No, no. Send the money back. What do you mean, send the money back? Anyways, the President loses all negotiation abilities if he can't use the tariff card. The game changes. What's the point of being a president if you can't use a tariff card to negotiate on behalf of your country to get more revenues in, but other countries can against you? How the hell is that equal playing field? It's not. Anyways, we'll talk about it.

[Tom]

Even more numbers, maybe.

[Patrick Bet-David]

Trump. Australian PM signs $8.5 billion critical mineral deal to counter China's dominance in rare earths. And by the way, one of the guys in front of Trump says, I don't like you. You should see how Trump reacts to him. Cathie Wood says Elon Musk's $1 trillion pay deal will pass decisively despite opposition from proxy firms. You know what Brandon's asking? Did you pay him his first payday? We don't know if they paid him that. 54, 55, $56 billion. We'll talk about that. Merck begins construction of a $3 billion manufacturing facility in Virginia. That's good news. Interest in American MBA programs shrink, but schools across Asia are booming. Why is interest in US MBA programs shrinking? We will definitely talk about that. Runway insurance cost brings back talk of price gaps. Americans underprepared for longer lifespans and extended retirement years. Study fines. We have to address that today. We didn't do it on Monday, but we will today. Rare earth shares soar as US and China battle over export controls. Wealthy families are writing mission statements to avoid fights. Lost fortunes, in other words, estate planning, which is very necessary. We can talk about that heavily. AWS is down again. Amazon ring Reddit among sites impacted. We were impacted by it on one of our business units. But we'll talk about it. Warner Brothers Discovery says it's now open to sale. Shares jump 10%. What do you mean open? You said no to the Ellison's. Now you're saying open because nobody else is interested. Just one person. Tom made a good point about this yesterday. We'll talk about it. NBC Universal made a $27 billion bet on the NBA. Will it pay off? Paramount, Skydance, the new king of Media stock rises over 1% pre market after report says first layoff post merger would come in late October. And then we got a couple other stories. Michael Jordan is back.

[Adam]

Yeah, baby.

[Patrick Bet-David]

And he's going to be doing analysis on the NBA. I have a reason why I think he is back. I think it's brilliant. I think 25% of the reason why he's back is the reason I'm going to give you. And I don't think anybody else is thinking about this one here. But I think that's why he's back. And maybe I'm wrong. I don't know. I want to get. Maybe we'll do a poll. But Michael Jordan's NBA broadcasting is a way to give back to the game. The promo Rob just showed me this morning is sick. They're asking all these new NBA players what was the NBA like in the 90s? Like I wasn't even born yet. That's if you know that song, you're above 40 years old. That's just what that means, right? And then OpenAI launches AI browser Atlas in latest challenge to Google route. What are they calling this? They're calling the search engine war.

[Tom]

You said web browser wars.

[Patrick Bet-David]

The web browser wars is here. It's a multi trillion dollar war. If you want to really kind of break it down. And then why shares of Alphabet Google are falling today. Maybe those two kind of go hand in hand. I'm going to give you a couple things here before we go into the stories is number one, okay, Wednesdays we do the business podcast. Okay. For a lot of people. Rob, I don't know if you have the businesses war merch items. So the collection for the folks on Wednesday, if you run a business, if you're in the hunt, you know what business is. It truly is a war. You just heard me tell this story about ChatGPT and Google going to war together. You know, for. For a web browser war that's taking place. Business is war. The more you realize is people are trying to take market share away from you. If you are somebody that's running a business and you've never purchased any of the businesses where there's businesses wore a hat, sweaters, shirts. If you're looking at it right now, there's different colors. The gold ones you got the mugs and then also all the way at the bottom if you love the Tommy, is it up there yet, Rob or no? Do we have the ones for Tom's mugs yet or no? I don't know if they do or not. There Is put the words talks if that's up there and this one here, if you love Tom, $10, add that. Words Talk, Number screen. Listen, I am curious to know how many of you guys go pick up this, you know, mug right here. Words Talk number screen. We definitely look at the numbers afterwards. Go to vtmerch.com businesses war. You'll see it all the way at the top and on the COVID of it where it says that and I just type in Words talk. You'll find a mug as well. Anyways, aside from that, the other announcement I want to make to you is the following. Rob, if you can go to America Business Forum website, don't go down yet. This is possibly the greatest star studded list of speakers they've ever put together. It's an event that's coming up in Miami. You have President Trump. Okay, if you go a little bit lower, Rob, with the pictures, just lower. Go a little bit lower. You got President Trump speaking. You got Messi speaking. I can't think of the last time he was at an event speaking. He's going to be interviewed. You got Will Smith being interviewed. Go to the next one. You got Nadal, one of the greatest tennis players of all time. Javier Milei, Argentina president. You got Jamie Dimon. Go to the next lineup. You have Patrick Bed David.

[Adam]

Who's that guy?

[Patrick Bet-David]

That's Patrick Bed David. I'll be speaking at the American Business Forum. You got Stefano Domenicali, who is the president and CEO of Formula One. And you got Johnny Infantino, president of FIFA. And if you go a little bit lower, you got a couple others. Adam Newman, Mario Corino, Machado, who just won a Nobel Peace Prize. Ken Griffin. Yes. And last but not least, Eric Schmidt. Just remember, I don't know, Google guy. I, I don't know if I've seen a conference that has all of these speakers speaking at the same place. But here's the announcement, guys. If you go to the ticket prices for this in Miami, if you're in South Florida, the top one is sold out. Lowest level is what, 100 bucks, $200 and a thousand dollars a ticket. But if you use the code Patrick when you register, by the way, it's going to be at the Miami Heat Arena.

[Adam]

Yeah.

[Patrick Bet-David]

And there's going to be 12,000 people at this place at this event. If you use the word Patrick in it, I believe you get a 25% discount. So if you're in Florida, you're trying to come to a place to hear Messi speak, the President speak. This thing's probably going to sell out in no time. Okay. If it hasn't already sold out. If you want to hear Messi, Jamie Dimon, Ken Griffin, everybody, and network with others, President Trump, I would highly recommend even if you get the nosebleed seats, upper bowl, 100 bucks, 25% discount, $75 or the silver at $200 or the gold early bird floor seats, I would highly recommend you go to America Business Forum, get registered, get yourself a ticket before this thing sells out. It's, it's possibly there's different types of business events to be put together. There are those that you go to to learn. There's a manual you're learning how to and there's those you go to to learn from 20 different speakers. I don't know if there's ever been an event put together with a lineup of speakers like this one that range from politics to business to sports to Hollywood, all of it. If you're looking to be around other people and network, I think this date is going to be what, Rob?

[Adam]

November coming up soon. November.

[Patrick Bet-David]

It's November 5th and 6th. It is eight days away. Can you look up the date all the way at the top, 20 days away, two weeks away. What does it say? What's the date, Rob? November 5th and 6th. There you go. November 5th and 6th go to America Business.

[Adam]

Less than two weeks away.

[Patrick Bet-David]

America Business.com Rob if you can put the link below and then use the Patrick just award Patrick to get a 25 discount.

[Adam]

I think Mayor Francis Suarez is involved in this.

[Patrick Bet-David]

Mayor Francis Suarez, a businessman from Uruguay I believe is also involved in this. It's a very exciting thing that they're doing and I can't wait to see everybody. I'm going to be there myself as well. Okay. Having said that, let's get right into it. Okay, so stories to be talking about. Stories to be talking about. I say we go with the web service war that is taking place. Let's go with that first. All right, so OpenAI launches AI Browser Atlas and latest challenge to Google. OpenAI launches AI Browser Atlas and latest challenge to Google. What does this mean? Who should be worried? Why did shares of Alphabet fall yesterday? Motley Fool. So let me read this and Rob, I think you got a couple clips on this that we'll get to open a on Tuesday, unveiled Chat GPT Atlas, a long anticipated artificial intelligence power. And by the way, we're going to show it to you right now is what it looks like powered web browser built around this popular chatbot and a direct challenge to Google Chrome dominance. The launch marks OpenAI's latest move to capitalize on 800 million. You ready? Weekly active ChatGPT users. Guys, let me say that number again. 800 million. You know what that means? A tenth of the world uses chat GBT. That's what that means. And imagine of the tenth of the world, how many are above 80, how many are under, you know, 15 years old? Everybody, everybody up in the club using ChatGPT right now and nobody I use in this thing right now.

[Tom]

United States.

[Patrick Bet-David]

Yes. It could accelerate a broader shift towards AI driven search as users increasingly turn to conversational tools that synthesize information instead of relying on traditional keyword results from Google. Intensifying competition between OpenAI and Google. Here's Sam Altman making the announcement. Go for it.

[Adam]

Today we're going to launch ChatGPT Atlas, our new web browser. This is an AI powered web browser built around ChatGPT. It's something we've been super excited about and working hard on for a long time and really excited to share with you today. We think that AI represents a rare once a decade opportunity to rethink what a browser can be about and how to use one and how to sort of most productively and pleasantly use the web. Tabs were great, but we haven't seen a lot of browser innovation since then. So we got very excited about the opportunity to really rethink what this could be. And in the same way that for the previous way people used the Internet, the URL bar of a browser and the search box where a great analogy.

[Patrick Bet-David]

The way that we hope people will.

[Adam]

Use the Internet in the future and.

[Patrick Bet-David]

That we're starting to see is that.

[Adam]

The chat experience and a web browser can be a great analog. So we got to work designing a browser based around this kind of experience. The browser's already where a ton of work and sort of life happens. And we think that by having ChatGPT.

[Patrick Bet-David]

Be sort of a core way to.

[Adam]

Help you use that, that you can chat with a page, you can use ChatGPT to.

[Patrick Bet-David]

Pretty crazy, Rob, if you want to pause it there. So when they made this announcement, we'll show it to you in a minute. Apple, Google's share fall despite a strong day in a broader market. So the market did well. However, shares of Alphabet, aka Google, traded roughly 2.8% lower. The move after Chad GPT's parent company OpenAI teased the launch of its artificial intelligence ChatGPT Atlas earlier today. Rob, is that the clip you have of price dropping? Because the announcement go for it well, we've got a news alert on Open AI.

[Tom]

Mackenzie Sagalos has that story. Matt. Hey there John. So OpenAI is announced, announcing live right now that it is launching Chat GPT Atlas, an AI powered web browser. And we've known that Sam Altman wanted to take on Google Chrome and now he is. So OpenAI wants to be your front door to the Internet and if they own the browser, they can theoretically cut Google out entirely. This is OpenAI's first full browser product. In January it debuted a browser based agent called Operator, but that was just a demo. Atlas. It is standalone and it's launching globally Today on Mac OS, Windows iOS and Android. Coming soon as designed John Atlas goes head to head with both Google and Perplexity who are already battling it out for AI browser dominance. Earlier this month, Perplexity released its free comment browser designed to act like a personal assistant, search shop, organize tabs, even draft emails. And of course Google has been ramping up Gemini, integrating it directly into Chrome since September to help users navigate tabs, understand pages.

[Patrick Bet-David]

Okay Rob, can you show us what it looks like? If you want to just go to ChatGPT and show us what it looks like. The new the Atlas. So I think you just did it. So that's what it looks like.

[Tom]

Yeah.

[Patrick Bet-David]

Okay, can you just play around with it and let's just see what we know. Just do anything and let's see if it's anything different than what Google does. What is the latest on the government shutdown? Okay, great. Also it's like a chatgpt. Oh, got it. So first the stories come up.

[Brandon]

So up here you have your links.

[Tom]

So you can go and search through.

[Brandon]

The news articles that it's posting.

[Tom]

But here it gives you the Chat GPT feature where it's all the information that you would get if you had just plugged that same question into ChatGPT.

[Patrick Bet-David]

So Google now let's do the same thing. Rob, take, go back, copy paste your question that you did and just do it on Google. What's the latest with government shutdown? And let's see what the experience is with Google. So all it does is gives you the links go a little bit lower. Yeah, Google's going to get destroyed. You can't do that.

[Tom]

Hey.

[Patrick Bet-David]

Oh, that's what's the difference? Are you kidding me? Go, go back to Chad gbt the Atlas one. So on Atlas I not only get the links but it tells me like zoom in a little bit so I can read.

[Tom]

That gives you a quick summary.

[Patrick Bet-David]

Yeah, here's a Here's a summary of what's going on. The Shutdown began at 12:01, October 6th. It has been stretched to 22 days. Second largest history, major sticking points. Congressional it's get roughly 900,000 federal workers. So now go to Google. Why would I go to Google, by the way? This is scary. Tom, how do you feel about this?

[Tom]

So there's a couple things going on here. Everybody's been asking about is what, what is up with the AI level browsers? Because you've been seeing in Google and Google has a different tab and you in Google Chrome there's a, you know, they, they say you do want news, images, all that, right? You've seen that, right Brandon?

[Brandon]

Yeah, yeah, yeah.

[Tom]

But then the first thing you'll notice is AI summary. And so that's there. And when people indicate, look at all the money. If you look back at the history of Google, Google took off with AdSense. AdSense, like you know, 0304. We're now 20 years into this. AdSense was huge. And people are buying keywords, I mean from our industry. Pat, remember the most expensive keyword and all.

[Patrick Bet-David]

Insurance. Insurance, $52.

[Tom]

Exactly $52 just for insurance. So, so now the question people are asking is, okay, well where's the ad layer going to come? Is there a new ad layer coming? Because people go to AI because they want this, they hope kind of a neutral, objective summary of what's going on and to understand things. Well now is the ad layer going to move? And does this basically just take keywords out? Because suddenly keywords is what you actually are searching for. But when you use AI, it's intent and conversation. Oh, I think I know what you mean. I'll get it for you. I know what you mean. And they even sometimes it'll rephrase your prompt. If this is what you meant, then here, I got this for you. Whereas Google keywords, remember the days of you would just retype it, retype it, retype it. You were also, you were, you were the AI engine because you had to kept refining your prompt. I think this is pretty big. And ChatGPT is, is right now the reigning king of AI. I use, I use all four of them. I use Perplexity, I use gemini, I use ChatGPT and I also use Julius. And I've got pro level subscriptions to all of them and I correlate them. I look back and forth on stuff when I do research, but I think this is pretty significant. And the Bing on Google that we saw in the stock market is Right in the heart of AdSense. Because the market is saying, really, Google, what are you going to do about AdSense? You've been getting paid for keywords. What if it goes this way?

[Adam]

Tom, why do you use all four of those ChatGPT large language models? What's the purpose of all four? You testing it out? You find one to be better than the other. What's the purpose?

[Tom]

Well, yeah, well, I, I, I don't trust one. So whenever you do research, you, if you look at great research, there's a bunch of footnotes because you're going to a bunch of different sources so that you can ac correlations, b, see synchronizations and, and see if maybe something you searched for was an outlier stat that really needs to be challenged so that you don't rely on something extraneous for your research. And so I'll look at and I'll say, take says, what's the take on this? What's the take on this? All the stuff like today I've got a whole bunch of stuff that I synthesized out on rare earths, and this came from Perplexity, this came from ChatGPT and I synthesized all my takes into a document and then I hand that document back into there and I say, can you summarize and synthesize this for me and find any additional links and it finds additional sources? So that's what I do. And then, you know, what have you.

[Adam]

Found to be the best?

[Tom]

I don't think there, there is a best. They're all very different. Perplexity goes out there and seems to get more links faster and there's like a, like a real plethora of links visible. Now that may be the same thing ChatGPT is doing, but they're not telling you where all of it comes from.

[Adam]

Who owns Perplexity?

[Tom]

Perplexity. Perplexity.

[Adam]

Is Perplexity just okay, but Gemini is Google. Chatbots is open.

[Patrick Bet-David]

Yeah, okay, gotcha. Brandon, what do you think?

[Adam]

Grok is X.

[Brandon]

So remember that media chart I showed you the other day where it showed from 2020 to 2025 how streaming and cable changed? It went from Cable, had like 40, 50% market share five years ago than today. It's like under 15%. So I think that Google and ChatGPT is streaming and cable, like, I mean, it's just a product and I don't think there's anything they could do about it. Google dropped below 90% of the search engine market share for the first time in 10 years. And I just can't see a way in which like the task that people used to do on Google is going to be. Isn't going to be better on ChatGPT because people want a quick summary. ChatGPT is doing audio now. So you could literally ask a question via audio, listen to it via audio, get exactly what you want. Stuff having to go through like research documents and like news articles and stuff.

[Patrick Bet-David]

I mean, this is what you were talking about. Which is, which is concerning what's going to happen to Google.

[Brandon]

Kill them. Like imagine losing 25% of their revenue in the next three years.

[Patrick Bet-David]

Can you tell the audience what this means, Brandon?

[Brandon]

So 57% of their Google's revenue comes from search results like searching online.

[Patrick Bet-David]

That's billion dollars.

[Tom]

AdSense.

[Patrick Bet-David]

Yeah. And 8.1 billion comes from YouTube. 7.1 billion. 4 billion comes from their Google Ad network. 8.7 comes from Pixel. 9.6 comes from Cloud. But 57 is coming from Ads and Atlas is about to take that away from them.

[Brandon]

It's amazing. Like that's like a disruptor really comes out of nowhere. It's like the Apple BlackBerry, the Netflix cable, the. Not Netflix blockbuster. I think it's that type of a situation.

[Patrick Bet-David]

How did Google not know? Like, how long did Google have to be able to. It's not that complicated of a thing to add to their current search engine. Do you miss the mark? This big. This isn't that challenging.

[Tom]

They're trying to do it and they want you to stay on Google Chrome, but you're also over on Google Gemini. So at some point you see what has to happen.

[Patrick Bet-David]

Pat, two steps.

[Tom]

At some point you have to say who's going to be my favorite son?

[Patrick Bet-David]

The key to a CTA call to action. If you notice what happened to Amazon, what's one of the biggest things Amazon did that was a game changer? One click to buy. Remember when the one click announcement happened? Boom, you bought. You didn't need to go one step, second step, third step, four step. Google is step number one. Google two Gemini, Chad, GPT is what? One ask the question. Boom, you get the whole thing. When Amazon came up with the one click, what was the date on that? That was. That was. I don't know when it was, but when it came out, it was a game changer. Adam, how do you process this? This isn't your space, but how do you process this yourself?

[Adam]

Well, I. It is my space because I do Google things from time to time and now you know, it's synonymous. Hey, just Google it. Hey, order an Uber. Hey, do you have a Q tip? These are brands. These aren't actually things that you do. So we, we need to understand this. The world has changed so fast. 25 years ago, I remember 2000, it was literally a competition between Google when it wasn't a verb at that point. And Yahoo. Yahoo was bigger than Google. Where's Yahoo now? Like, try getting onto a Yahoo page at this point. And I remember being like, oh, just Yahoo. It. They're like, dude, it's all about Google these days. I'm like, what? It's kind of like when Facebook was still a thing and then Instagram came out. You're like, you're still doing Facebook. What we realize is this. Remember the chart where it says, you know, in the 1980s, what percentage of Fortune 500 companies are still at the top of the Fortune 500? And it's like 90% are gone. The, the, the, the market, as you always say, is, is so competitive, and you might think that you're the biggest, baddest company in the world. And then, boom, overnight chat GPT replaces Google.

[Patrick Bet-David]

Something like that.

[Adam]

And that's realistic.

[Patrick Bet-David]

That's a good point. But the thing with this is it is moving. Yeah. Only 52 companies have been on the Fortune 500 since 1955. That's 10%. Right.

[Adam]

So 90% are gone.

[Patrick Bet-David]

That is really ridiculous. So, but right now I just pulled up something, I pulled up right now comparing how many active monthly users does Google get versus Yahoo and Chad gbt. When you pull up the number of users, I don't know why it says visitors, 85.2 billion is Google. So Google is still King Kong. Yahoo, 700 million visitors per month. But, but Chad GBT doesn't say visitors. It says 800 million weekly active users. That's 800 million different active accounts using Chat GPT. It'll be interesting to see what happens here with this, by the way. This is why, when you think about business, Rob, if you go back to the merge, this is why today's merch is called Business is war. Because you're just seeing it yourself. This is exactly what's going on. Go to the hat prop a little bit lower. It's one of my favorite items on here businesses war. If you're running a business, you don't treat it like this. You're eventually going to be experiencing what Google and many other companies are experiencing today. Let's go to the next story. Cathie Wood says Elon Musk's $1 trillion payday will pass decisively despite opposition from Proxy firms. So Cathie Wood, she's from arc. What is it called this ark. Ark, right.

[Brandon]

ARK Investments.

[Patrick Bet-David]

Yeah. ARK Investments. This is her talking about why Elon's trillion dollar package will pass swiftly. Go ahead, Rob.

[Tom]

When we saw this pay package, we had a similar reaction to the very first time that Elon proposed a pay package. Our expectations were high and everybody thought we were crazy out there when we put our expectations out there and in the last package accomplished those expectations two years earlier than we expected him to.

[Adam]

Just to give you a sense, if.

[Tom]

You take sort of the midpoint of the schedule for EBITDA goals, that would be a 49% compound annual rate of increase in EBITDA. I don't think there are very many.

[Patrick Bet-David]

Companies that have accomplished that.

[Tom]

And I'll just conclude by saying this was the first voiding of Elon's pay package. This is what I put on X. I believe the Delaware court decision forcing Tesla to void the March 2018 vote on Elon's performance based pay package is un American. An assault on investor rights.

[Patrick Bet-David]

End up getting paid on it to.

[Tom]

The board of directors of one of the most stunningly successful companies in the world. And I would add this is a win win for all of us if Elon succeeds this time around the way that he did the last time around. And I do hope that the appeals court does do the right thing actually and, and reward.

[Patrick Bet-David]

So here's the problem. I have a problem with this. I'll come to you and I'll give you the problem. Go ahead, Brandon.

[Brandon]

Yeah, no, so I mean I like, I agree with her that that's the right thing to do. But why are we even talking about this before getting the other one?

[Patrick Bet-David]

Exactly.

[Brandon]

Like that's like the court way overstepping. And you know how many businesses registered Delaware. 73% of LLC is register in Delaware. So in the reason that that took place in Delaware is because like a small amount of shareholders made a like a fuss about it saying that he shouldn't get that much and they didn't know the terms of the agreement so that a judge took it on and ruled that so like one judge could throw off this whole thing. That's like how many people want to do business in Delaware.

[Patrick Bet-David]

Yes, but think about if you're Elon Musk, you're like hey, we're going to give you a trillion dollar pay package, guys. I don't have my previous 2018 one yet, so why would I get most like telling somebody, by the way, if you sell this house we're going to give you an 8% commission. But you haven't paid me on the commission on the last house I sold. Yeah, where is my enthusiasm for this, Tom? Where are you at with this one?

[Tom]

I'll tell you where I'm at with this one. You know, let's think of this. Let's think of season ticket holders. Season ticket holders want to go enjoy a baseball team. And then the baseball team says, we're going to give Aaron Judge or Shohei Ohtani two of the largest. The top two of the top three largest contracts ever. So now the shirt, the season ticket holders say, wait a minute, but the price of hot dogs will go up. And how is that guy worth it? Well, Aaron Judge has got four MVPs. He's captain. He won a batting title. Shohei Otan has done what Shohei Otan has done. And apparently the Dodgers made back his contract on merchandise the first year, $700 million worth of that. So. But all of a sudden, the issue is the proxy advisory board, Pat. The proxy advisory firms are out there saying, we recommend this, we recommend that, and in a certain way it adds efficiency. But Cathie Wood and others and me say, these guys are out biasing the vote. If the board, the board can be sued. Board of directors now can be sued. So if you're on the board or you're a large institutional investor, you know, like Kathy, and you say, hey, you know, we think is worth it. And she correctly points out, he's 2.4% of the S and P. And if you can find me another CEO that's done the following things. And by the way, people should remember it's not a trillion dollars like in a paycheck. So if Americans see this number and they think, wow, that's a big paycheck, that's a huge paycheck, that's not what it is. This is long term interest, additional stock and other things in the company. And so I think that Cathie Wood's doing the right thing here and she's asking the court. Now you've got these Chancery courts that are in there with the proxy firm saying, oh, you can't let it do this. This is unfair. Wait a minute. Season ticket holders don't get to vote.

[Patrick Bet-David]

That's right. But check this out, Rob, if you can pull it back up, what he had to do to get that trillion dollar package you just added up a minute ago. So he has to. The company needs to achieve the valuation of $8.5 trillion, which is two and a half times higher than the biggest one today. Let's just say Nvidia is a $4 trillion company, 2.2 times more to get to 8 and a half trillion dollars by 2035. That's eight times the current valuation. Musk would receive new shares that could push his ownership stakes significantly to 25%. And other operational milestones are obviously in there. But Tesla's estimate fair market value of the award to be around $87.75 billion today, though the full payout potentially is much higher. Adam, your thoughts?

[Adam]

So let me understand something. In order to reach his incentives, the market cap of Tesla today is almost a trillion.

[Patrick Bet-David]

It's a trillion. He's got to do.

[Adam]

Okay, that's an incentive package if you ask me. I'm just simplifying this. Hey, if you want to know how people make money, you say, here's it. I don't need a salary, I don't need you to give me any sort of, you know, bonus. Just pay me a percentage of whatever I'm able to generate results and accountability. What's the number one company with more market cap today? Is it Nvidia? Is it Microsoft? Three trillion bucks. What is it for?

[Patrick Bet-David]

Almost four.

[Adam]

Oh, it's already four?

[Brandon]

Yeah.

[Adam]

I thought we just said it announced it was three, like a month ago, this Nvidia. So they wanted. If Tesla becomes eight and a half trillion dollars in 10 years, is that the number one company in the world.

[Patrick Bet-David]

If it gets eight? Well, it depends on what everybody else is going to be then. But the reality of it is you got 10 years to get to eight and a half trillion. We're going to give you a trillion bucks.

[Adam]

Where was this? Where was Tesla 10 years ago?

[Brandon]

Well, they looked just as crazy last time in 2018 when they gave him the incentive. Then it's like, oh, that's never going to happen. But it did happen. And then, then they're trying to pull the money away from them now.

[Patrick Bet-David]

So, pat, Tesla's market cap 10 years ago. Tesla's market cap 10 years ago was 311 1/2 billion dollars. So it's 30x in 10 years, and they're asking him to 8x and they're going to give him a trillion dollars. Wow. So do you remember when I started saying, Elon's going to be a trillionaire in two years? I said that two years ago. Yeah, I made a video about it. This guy's going to be a trillionaire in no time. And then there's going to be multiple of these guys. Out there. Ellison and others will follow suit as well.

[Tom]

Well, keep in mind he's got like 25 kids and college is going up 14% a year.

[Adam]

13. Let's have a look.

[Patrick Bet-David]

It's a very good point. Very good.

[Adam]

So when do you think hard? When do you think over, under and they're all going to become a trillionaire.

[Patrick Bet-David]

When do I think Elon becomes over, under? What's the trillionaire?

[Tom]

Yeah.

[Patrick Bet-David]

Less than 18 months. I think less than 18 months. He's got too many. The difference between him and everybody else, all his peers. He's got way too many things that are going at the same time. SpaceX, Starlink, Tesla, you know, boring. He's got so many different things that are moving.

[Adam]

Let me ask you one more question on this. You know how like Bernie Sanders railed against the millionaires and then he became a millionaire. He's like, it's the billionaires. Can you imagine someone like Bernie or AOC's brain if Elon Musk or anybody comes a trillionaire?

[Patrick Bet-David]

Yeah.

[Tom]

Oh, they don't have to say trillionaire, they just have to say that guy.

[Patrick Bet-David]

Yeah.

[Adam]

No, I mean that's billionaires crazy.

[Patrick Bet-David]

There's going to be a handful of them the next five years. There's going to be a handful of trillionaires the next five years. Yes. By the way, as much as I'm telling you this, like if you notice certain people are in the hunt in every league somebody here plays and everybody who's watching this falls in a handful of different positions. Let me tell you what it is. You're either one in a position where you're the operator, go into this next 10 year era, you better be ready or go jump on with somebody that you know is going places and bring a ton of value to them. I remember a saying was, help somebody become a billionaire, you'll become a millionaire.

[Adam]

Yeah.

[Patrick Bet-David]

Now to help somebody become a trillionaire, you'll become a billionaire. Like literally. That's what the formula is. By far the worst time to go into 2026. Winging it. By far the worst time going into 2026 without a clear business plan. And by the way, Rob, if you can pull it up. December 12th, we're running a business planning workshop. December 12th, business planning workshop. 12 hour. We sit there and we put a plan together for you. Obviously we're going to give you the format, a 200 page manual that will go through if you haven't yet registered. And you wonder why some other people keep climbing and changing their lives and creating new opportunities for themselves. They're going into New Year's being more intentional than others are. Look at Elon. Elon's already negotiating his next 10 year package. It's very, very important to be prepared right now going into 2026. Go to bpw.business planning, business consulting.com or rob, put the link below for people to get registered to spend an entire day with us on December 12th, which is less than two months from now. Looking forward to that. We'll see you guys there. Let's go to the next one. Tariffs. President Trump warns us will be struggling for years if Supreme Court rules against him on tariffs. Trump warns us will be struggling. Rob, if you want to play this clip, go ahead. Rob, if we win the tariff case, which hopefully we will, it's vital to.

[Tom]

The interests of our country.

[Patrick Bet-David]

We're the wealthiest country there is. If we don't, we'll be struggling for years to come. Okay? So he says, let me read this to you as he's going through the tariff situation, which by the way, I fully, fully agree with him. And a bigger part why I agree with the president is the following. How the hell are you supposed to negotiate? How are you supposed to threaten your enemies when they're using that same thing against us? So another country is putting tariffs on us, but the president can't. The president needs to go to the Supreme Court and say, hey, can I please get permission to use tariffs? Are you kidding me? Like, how does that make any sense? You have to have ways to have leverage to negotiate. You're cutting the person out. It's like, it's like a person that's running a business and they're not getting the right data to see how people are performing. Say, hey, can you go drive the sales team? Give me some data, give me some stats so I can drive the sales team. I don't have it. Well, guess what, President? What's that? Moving forward, he can't use tariff to negotiate with other countries. Guess who is sitting there begging, praying to every single God in the world for the Supreme Court to not allow him to use tariffs?

[Tom]

China.

[Patrick Bet-David]

Who else, you think? All our enemies.

[Adam]

Russia.

[Patrick Bet-David]

Who else?

[Tom]

You?

[Adam]

Everyone betting against America.

[Patrick Bet-David]

Everybody is rooting for Supreme Court. Everybody is rooting for Supreme Court. Fortune 500 companies, a ton of them. So President Trump said this on Sunday in the ruling. Now the pharmaceutical, there's a bunch of different things going on with this year where he says, freedom, we don't pay for the wealth of wealthiest countries, but warned that the Supreme Court striking down his tariffs Rule could hurt the US Economy over the long call. If we win the tariff case, which hopefully we will, it's vital to the interests of our country. We're the wealthiest country there is. If we don't, we'll be struggling for years to come. The President said that his threat of imposing 200% tariffs helped stop a war between India and Pakistan and also said that the tariffs are the main reason companies are investing in facilities in the US to make pharmaceuticals, chips, and other products domestically. The pharmaceuticals are coming back again. Already again. Already again, tariffs. So essentially, I'm putting tariffs on pharmaceuticals. Unless they're made here, they're all coming back. Trump said, chips. I put a big tariff on chips. Unless they're made here, there's no tariffs. They make them here. And all those companies are coming back from Taiwan. They're coming back from all over the world, and they're coming back fast, he added. The President said that the US will have brought in $17 trillion in investments over the first eight months of his term and could be over $20 trillion by the end of the first year, saying it's a miracle. What's happening, Tom, your thoughts on the story?

[Tom]

Well, first of all, Brandon, want to play a game?

[Brandon]

Yeah.

[Patrick Bet-David]

Okay.

[Tom]

I've been using steroids for a decade. That's a tariff.

[Patrick Bet-David]

Can't tell.

[Tom]

I'm the pitcher, you're the battery.

[Adam]

Okay.

[Tom]

Brandon's been using steroids for a decade. He's pitching, and I'm the baseball player. I'm at bat, and all of a sudden they do a test and they said he's using steroids. But they don't suspend you. They just say, you know what, Tom? You can use steroids. And I'm like, great. But then everybody screams, you can't let Tom use steroids and juice. Wait, Brandon's been using it for a decade. Some of these tariffs have been against the United States for a decade or more. And now the President is saying, I want to swing a bigger bat with a bigger market, and I want to get their attention to say we're playing a different game. We're going to bring this playing field back and we're going to level it. And can we. Since you just mentioned pharmaceuticals, can we blend in the Merck story?

[Patrick Bet-David]

Of course.

[Tom]

Merck has announced going to go next construction of a $3 billion manufacturing facility in Virginia. Virginia. Wow. How did that happen? We're going to make medications here, and we already have the progress he's made on the cost of medications. We saw that. And, Rob, check this Out. He's talking about 17 trillion in his first term. Let's go find the chart that we had here. Guess how much is in play right now. No, no, I sent you the.

[Patrick Bet-David]

Tom, keep going. Guess how much is in play right now?

[Tom]

Right now that is being. Dirt's being moved, steel being poured. There it is right there. What we have is $1.268 trillion. The Trump effect already. And take a look at what's happening. Some people say, well, Apple's only going to put half of that. Okay, ignore that. Look at Micron building factories in Idaho and Virginia. IBM, TMSC, that's Taiwan Semiconductor Building 100 billion. Arizona. That one actually started under Biden. Look at Tex, Johnson Johnson, Astro Center, Rose. Look at all this. This is since March 1st. These are greenlit projects. It's not just an estimate. The estimate of 17 trillion for the first term is very real, Pat. This is a half a million jobs that are coming as a result of just what's the 1.5 trillion that's being invested since March? Since March 1st. And by the way, you know what the estimate is? The estimate is that there's 70,000 construction jobs that are being created because of these things that need to be built. This is called the Trump effect. This is not bs. This is words. Talk number, scream. Look at what's already happening. Just give these jobs time to get here.

[Patrick Bet-David]

Does the Supreme Court have the ability to do that to prevent the President from using tariffs?

[Tom]

Well, I think the Supreme Court, none. The Supreme Court doesn't walk into a room and say, hey, I think I'm going to rule on something. Somebody has to bring a suit to the Supreme Court and you have to go take a look. It's the Dems put forward an act and they're asking, are the tariffs unconstitutional in terms of the President's power? And so why on earth would people in our own government want the Supreme Court to rule on this unless they had China money in their own power?

[Brandon]

Yeah. So there actually is a historical precedent for this that explains this. So it used to be Congress that got to decide when to impose tariffs and one not to. But then they gave the power to the President for matters of national security to impose tariffs, which, you know, all of this is a matter of national security, whether, like for economically and for manufacturing, for weapons, for pharmaceuticals. So that's what it's really the decisions being made on is whether or not this is a matter of national security. And I believe the reason it got to the Supreme Court is because a lot of Courts tried to block Trump doing it. Like all these federal courts are getting in the way. But I've heard a lot of people say the founders would be appalled with the way that the judges are using their power to like of all the branches, the judges have gotten far too much power I think over the last decade. Decade or last century.

[Adam]

Yeah.

[Patrick Bet-David]

It says your tariffs power belongs to Congress but delegated to the President. Congress has the power to lay and collect tax duties and impose an excises, meaning Congress controls tariffs. Over the past century, however, Congress has delegated broad authority to the President to adjust tariffs under specific laws. The Trade Expansion act of 1962, the Trade act of 1974, International Emergency Economic Power Powers Act. Supreme Court can't directly stop the President but can rule on legality. Supreme Court cannot preemptively block it, but it can review such actions that are being challenged by other courts. If Trump steal aluminum tariffs. So they did that in 2018 in US against George S. Bush and company. 1930 later trade related cases, the court recognized Congress right to delegate limited trade power. Anyways, I don't know about this. Adam, your thoughts?

[Adam]

Yeah, well, I think Trump this is backing up a second. This is a win win situation for Trump. Regardless of what happens, it might not be a win win situation for the American people. Why we can officially put to rest this whole king and fascist thing. Trump's making these executive orders, making these plans. And here comes the third branch of government. The judicial says, no, no, no, no, no, no, not so fast. King, king Trump, not so quick. So one thing, one of two things is going to happen. Either he's going to win this case and it's going to validate what he's doing and the tariff things are going to happen or he's going to lose the case and he's going to officially be able to say, dude, I can't even as a king make the decisions on the executive branch to what we're going to do with tariffs. So to me, he's going to win either way. He's either going to win the narrative and completely dismantle the left's woke no kings perspective, or he's going to win both and say I went through the courts, the courts ruled in my favor. You see, I'm not a king and the tariffs uphold. You know what it reminds me of? In business, you're doing sales.

[Patrick Bet-David]

Yeah.

[Adam]

You're doing marketing, you're trying to drive revenue. And all of a sudden someone from compliance comes in and goes, well, not so fast because you have to understand the due diligence of the compliance and your OSJ and your broker dealer. And you're like, dude, I'm trying to drive a million dollars worth of revenue here.

[Patrick Bet-David]

You.

[Adam]

You're blocking that.

[Patrick Bet-David]

The difference is, it's a major issue. It is, but when do you need compliance and when do you not? Like, I remember one time I had a call with one of my board members. This is 10 years ago, something like that. Eight years ago. And he says, look, I need you to call me every time you make a decision above quarter of a million dollars. I said, no, I'm not doing that. He says, no, no. Tom, you remember this? I said, no, I'm not going to call you. It was the biggest call. He says, why are you not going to call me? I said, we just gave you 10 million bucks.

[Adam]

He's a board member.

[Patrick Bet-David]

No, no, he gave me the 10 million bucks. He says, you got to. So I'm not calling you. He says, why? I said, do you realize I make decisions swiftly? You want me to wait for you for something like this? I'm not calling you. He says, can you at least tell Tom to tell me? I said, no, we're going to raise that to half a million. And Tom's just going to tell you, I'm not calling for permission. I got to go now. That's.

[Adam]

Well, you raised it from a quarter million to a half a million.

[Patrick Bet-David]

Yeah, I raised it.

[Adam]

So you said, at a half a.

[Patrick Bet-David]

Million, I will call you, but I don't know. I don't need to call you. Tom will tell you. I'm not calling you. We're just going to tell you we're doing this. So you know about it. Right? The decision that we're making, however, there needs to be controls on presidents, because today you trust the president's decision making. What if you don't and it's another guy in there that you're like, wait a minute, I don't like what this guy's doing. He's approving something for LGBT and all this other stuff. And you're like, hey, wait a minute. So there needs to be a little bit of that. This is why the Founding Fathers created something so special that we are the recipients and the beneficiaries of. But at this point, it's working. You have $300 billion of revenue that's coming in potentially in the first year. Why would you get in the way of something that's working and it's bringing jobs back to America? Why would you do that? Let it roll Let it keep going. You have data, you have stats. Do you know when would have been a good time to do something like this month? One you don't have data. Now he's got proof. Hey, look at you saying the Supreme.

[Adam]

Court should have done. Yeah, I mean, Liberation day.

[Patrick Bet-David]

Rob, show how much, how much tariff revenue came in in September? It was at 64 billion. The number. How much was.

[Tom]

I think there was a 31 billion. Correction that you saw Trump talking about yesterday, I believe yesterday on the news late in the day.

[Patrick Bet-David]

What was the tariff revenue that came in in September? September, yeah.

[Brandon]

And while he's looking it up, I don't think the Supreme Court's proactively doing this against him. I think they're doing as a result of other courts.

[Patrick Bet-David]

I know, I know they are. I know they are.

[Tom]

I have the starting point while we're looking this up. Don't hear the starting point.

[Patrick Bet-David]

Go ahead, Tom.

[Tom]

It was a coalition of state attorney generals from the following states. I'm going to read them fast. You say red or blue. Okay. Oregon blue. Okay. Connecticut blue. Delaware blue. Illinois blue. Maine blue. Minnesota blue. Nevada blue. New Mexico blue. New York blue. Vermont blue. Those states came together and filed the injunction. The injunction was filed by that federal court, that judge, and now we have to escalate it. But so look who's trying to do it. It's not the interest of the United States. It's the interest of a coalition of blue attorney generals who are never Trump.

[Adam]

Yeah, I mean, if you look at this stat, by the way, a great, great point to you. Trump has signed the most executive orders in almost 100 years. I want to say so I think in his first term, I think he signed up to this point 50 executive orders. 20, 25, it says 210 use 4x executive orders is most since FDR, which was, sorry in the 30s. So less than 100 years. So perhaps this is pushback against this. How do you, how do you.

[Patrick Bet-David]

I don't know. Those are two different things. I think tariffs is. Listen, don't get me wrong, some people are being impacted by it. I'm not sitting here telling you it's 100 good for everything. Sometimes when you introduce a new comp or something, you're changing. Some people quit and some people leave and some just simply say, I can't do that. Then later on, many of those guys come back and they're like, man, I made a mistake. I knew, you know, too late, you missed the momentum. Right. But some people go, but whenever you change comp for the first three, six months, there's a little bit of disruption. Of course that's for a company, for a country. Guess how long that lasts? Probably 12 to 24 months. So we're still in it, we're still kind of going through it, but people have to adjust. A lot of companies are starting to realize this is not something that's temporary. This is probably going to be here unless of these guys choose to change this up. Now let's go to the next story. Next story is Trump meets with Australian PM and signs an 8 and a half billion dollar critical minerals deal to counter China's dominance in rare earths. Rob, if you want to pull this video up and it was a very unique moment because this old man is sitting old man, younger than Trump, but this older man that's sitting in front of Trump says this is. He doesn't like you. So. President Trump and Australian Prime Minister Anthony Albanese on Monday signed an agreement rare earth minerals deal to stabilize global supplies amid China's efforts to clamp down on its controls over the market. Trump's remarks follow China's recent export controls restricting sales of critical minerals. Trump and Albanese met at the White House for their first summit of. Trump said the deal was negotiated over the past four or five months. Ahead of the announcement, Albany sets an eight and a half million dollar pipeline that we have to go to go ready to go. Reuters reported. According to copy of the agreement provided by the prime minister office, the two countries have reached each invested $1 billion over the next six months into mining and processing projects as well as set a minimum price floor for critical minerals in about a year. Now from now we'll have so much critical minerals and rare earths that you won't know what to do with them. But this was the unique moment of Trump with the gentleman right across from him to the left of the bald man with the glasses on. Go ahead.

[Brandon]

Rob said in Australia that it's taken.

[Patrick Bet-David]

Nine months to get this meeting. Have you had any concerns with this.

[Brandon]

Administration with a stance on Palestine, climate change or even things the ambassador said about you in the past?

[Patrick Bet-David]

The Australian ambassador? I don't know anything about him.

[Adam]

I mean, if he said bad then.

[Patrick Bet-David]

Maybe he'll like to apologize. I really don't know. Did an ambassador say something bad about you? Don't tell me.

[Adam]

I don't.

[Patrick Bet-David]

Where is he? Is he still working for you? Yeah, yeah, he's right in front of you. You said bad before I took this position. Mr. President.

[Adam]

I don't like you either.

[Patrick Bet-David]

I Don't.

[Adam]

And.

[Patrick Bet-David]

And it probably never will.

[Tom]

Go ahead.

[Patrick Bet-David]

Tom. Why is this important?

[Tom]

I'll tell you why it's important. China controls 90% of the global refining of these rare earth minerals, meaning they control the refineries. A lot of times they have funded debt for countries to build refining, processing. So the 1 billion each is just a start to build refined refining capability. Now, that means now that you've dug them out of the earth, they have to be refined. Unlike gold and silver, you don't just find lithium laying around a lot. You have to process it through the dirt. And there's these things that are very complicated that you have to go through and do. So that's very important. Also you've got source, and now you've got the government making the equity investment in MP materials. And which you. And I don't like that the government actually owns that however it gets it off and going. And then there's the Mountain Pass deal, the 10x to the manufacturing of the magnet stuff. And so this is important because for three, three reasons. One, you have to source the raw earth minerals somewhere. Then after you dig them up, you have to process them so that they're into their rare earth state, so they'd actually be used. And there's things that are like gallium. Gallium arsenide is used making a component called a fet. Fet. And those are very important for signal processing. Gallium arsenide. So you have all these things coming together. And now this deal with Australia is in the second box, which is the processing. And then you'll get to the third box, which is the commercialization availability so people can actually go build things. And EVs aren't ridiculously expensive or hard to. Or you end up stuck. Remember what happened with chips during COVID Oh, yeah, yeah. That was manufacturing. That was a manufacturing issue.

[Brandon]

You know, who Was the number one refiner of rare earths in the 70s and 80s?

[Patrick Bet-David]

Who?

[Brandon]

America. So we had this great big plant in California where we were refining a bunch of them. And then the EPA comes in and starts regulating it, makes it unprofitable. They have to shut it down. And Ding Xiaoping, the king or president of China, whoever, whatever his role was, said, all right, the Middle east has oil un. Monopolized. We're going to monopolize rare earth elements. So, yeah, they have a big reserve of it, but we have a pretty big reserve of it too. We just don't refine it. We lost all that manufacturing and refining capability when we shut it all down. Made unprofitable. Do it here. So they've been spending the last 40 years perfecting it, and that's why we're in the situation now. So this like, is a story of tariffs or that type of mindset in the same way as, well, you know, we stopped producing it here. And that's catching up to us now.

[Patrick Bet-David]

The Mountain pass site produced 70% of the world's rare earth supplies until the early 80s.

[Brandon]

Yeah.

[Patrick Bet-David]

It continued supplying most of the world rare earth Metals consumption between 1965 and 1995, though the mine later closed its separation from the plant in 1998. During the 80s and 1990s, it was a dominant source. Do we know why it closed?

[Brandon]

Yeah, the reasons I saw is because of environmental regulations.

[Patrick Bet-David]

Stop it.

[Brandon]

I swear to God.

[Patrick Bet-David]

Yeah, stop it. Which they'll say, yeah, unbelievable. Environmental regulation burdens. Wow. That's why you shut it down. So who. Who was the president that this happened? So, Rob, can we. 98. 98 Clinton. So, Zuman, is there a president tied to it? Can you ask which president or politician led the shutdown and the regulations of this?

[Brandon]

Right around the time we let China into the World Trade Organization.

[Patrick Bet-David]

So, so then what I'm trying to go with this is exactly what. So who was a tie to Rob? Do you see it?

[Tom]

No Clear politician leading to the shutdown.

[Patrick Bet-David]

There's no way in the world there's. So then who. Who was the main influencer that shut down that refinery? Who was the main influencer?

[Tom]

It was epa.

[Patrick Bet-David]

But there's an. There's a person tied to the epa.

[Tom]

I want to know who led the epa.

[Patrick Bet-David]

Yeah, I want to know the Clinton administration. Okay, so then go and see who led the EPA during that time. If there's. It's not giving you any names. Who let the EPA in 1998 that led to the shutdown of the refinery. Go a little bit deeper with the question. Who led the EPA in 1998 that led to the shutdown.

[Tom]

By the way, look, when she was shot out of her chair January 20, 2001.

[Patrick Bet-David]

Hang on one second. Let's just see here. Who let the original of 1998. Carol M. Browner. Can we go look her up? Let's study who this person is. Who is Carol M. Browner? Who is Carolyn Brown?

[Adam]

She was obviously appointed by the Clinton administration at the time. And then as soon as George W. Bush took over, he gave her the kicker to the curb.

[Patrick Bet-David]

So let's see. This woman was a businessman, White House energy, climate policy, Obama administration, 2009. 2011 Clinton administration so this was her she's the one that was responsible she went to University of Florida Florida ones go Gators somebody's She's the longest serving administrative EPA though both terms laws Lawton.

[Tom]

Charles and Al Gore There it is.

[Adam]

Lawton Childs I think he's the governor.

[Patrick Bet-David]

Here in Florida Go a little bit lower Albright Capital Management 2001 early life education so she was agricultural related and became an advocate for nuclear energy in response to the dangers of global warming so she's a global warming person can you do me a favor and ask Chad GBT what are her ties to China? What are her ties to China?

[Tom]

I want to know what that investment.

[Patrick Bet-David]

Fund is here Sometimes you don't represent China she's listed as a member of the National Committee of United States China relationship She's also been noted as a member of the board of leadership organizations producing influencing international policies including relations for China for example NC USR is one of the oldest US organization promoting U S China understanding she has extensive experience in global engagements with China involves engagements China In a blog post it is stated she's a member of the Council of Foreign Relations National Committee U S China Relations I did not find anything else yeah, so to me that's so interesting There has to be a motive.

[Tom]

To do that she was removed the second George W. Bush sat down in.

[Adam]

His chair what do you mean the motive?

[Brandon]

The second well, you should know why.

[Patrick Bet-David]

Would you do that? Why would you shut it down if what a world leader for that many years, 30 years. Why would you all of a sudden vote to shut it down for climate change or regulatory. Why would you do that?

[Tom]

Maybe someone else is playing the long game and influencing liberal politicians and actually influenc green energy policy in the United States China has been a green energy meddler in the United States for a.

[Brandon]

Long time Paris climate accord well, isn't it.

[Adam]

Can you ask the exact.

[Patrick Bet-David]

What's her name again? Give me the exact name. Carol Browner.

[Tom]

Yeah, Carol Browner B R O W.

[Patrick Bet-David]

N E R okay, go ahead Adam, you had a question can't you just.

[Adam]

Ask the exact same question right around the same time about where all the manufacturing went from the United States? Isn't it a similar correlation here? We've basically outshored all our manufacturing to China so it's very ironic here that we helped create the issue that we're dealing with today. We helped create China whether it was Nixon, whether it was Clinton, whether it was the World Trade Organization, whether it's this mineral deal or whatever it is. It seems like for cheaper goods here, we outsourced all our manufacturing and in this capacity, our minerals and any capability of making anything to China. And now we're basically have to have sort of this cold war detente with China to be like, don't hurt our economy. Don't shut everything down. Don't cut off the supply chain. And we have to cut these deals with Australia, apparently, or whatever, India to make the phones or all these things because we've created the monster. It's kind of, you know, like the. The call is coming from in the House. Did we not help create the issues we're dealing with today with China?

[Brandon]

Oh, yeah.

[Adam]

Is that not true tomorrow?

[Tom]

Yes.

[Brandon]

The thing that makes uncomfortable, too is nobody remembers if there was a whole scandal called China Gate between the Clintons and China. And so the fact that that administration helped China gain this power more than anybody else, you know, makes a lot of interesting questions.

[Patrick Bet-David]

What do you mean? What do you mean by that?

[Brandon]

So just there's a lot of allegations that China might have been giving the Clinton administration or the Clinton campaign money during their election. There's a whole scam. Yeah, you remember that, Tom, Right. There's a whole scandal called China Gate that nobody talks about. Talks about. And China got all these favorable tech transfers and got allowed in the World Trade Organization during Clinton. So, you know, there's a lot of back and forth that it looks like.

[Adam]

I hear you on that. I feel like if we want to go looking down the China rabbit hole for people who have ties to China, I think both parties have been guilty. What was the whole situation with Mitch McConnell a few years ago where, like, his wife. His wife, whatever it was, was tied to China. It's like we can go down the rabbit hole. The reality is this, you know, we hear this term with China, that we're going to decouple from China. I don't even know if that's possible at this point, but certainly we've created this monster. Now we got to pay the price.

[Patrick Bet-David]

This is her, by the way, when she was asked the question 16 years ago if she had read the climate change bill and this is her response. I. The video quality of this video will tell you how old this is, but. Go ahead, Rob.

[Tom]

I know the bill's over a thousand pages long. Have you read it? Oh, I'm very familiar with this film.

[Patrick Bet-David]

We have been watching this for a very long time.

[Tom]

I'm sure you've got an idea of it, but have you read it?

[Patrick Bet-David]

I've read major Portions of it? Absolutely.

[Tom]

So the answer, no, you haven't read it, but you've read a big chunk of it.

[Patrick Bet-David]

Oh no, no, no, no, no.

[Tom]

That's not fair.

[Patrick Bet-David]

That's absolutely.

[Adam]

I'm just asking if you read the thousand pages. Nobody's.

[Patrick Bet-David]

I've read vast portions of it.

[Brandon]

Okay, now who wrote it? That's the question too. Like which lobbyists were writing that.

[Tom]

So by the way, let's just. Great question, quick. EPA and everything. So Three Mile island sat idle because the EPA wouldn't let anybody touch it after the cleanup.

[Adam]

Where's that? Three Mile Island.

[Tom]

Three Mile island is the nuclear power plant which was a nuclear accident in the United States. It is being reopened in 2027. It is owned by Constellation Energy. And who is funding Constellation Energy to help them reopen it? Microsoft. Pat, what percent of the energy that will come out of their updated Three Mile island nuclear power plant build with new safety standards and new small 6th generation reactors. How much of the power that will come out of Three Mile island operated by Constellation Energy is Microsoft contracting for how much? 100%.

[Patrick Bet-David]

Wow.

[Tom]

In other words, they need it to power a data center. And Microsoft openly said we don't want to create a Microsoft backlash because we use up all this power and it makes it more expensive for homeowners. So guess what? We're going to help Constellation Energy. We're signing a contract. We want 100% of the power. But that sat there all this time because the EPA and now we're just finding out, wow, all these EVs, all these data centers, man, we need more energy. What are we going to do? And all of a sudden it gets the Democrats attention. Cuz power cost is going up for average Americans. When there's guess what shortage of supply, price goes up.

[Patrick Bet-David]

Yeah. Okay. All right, so let's go to the next story. Rob, let's go to the next story which is. Yeah. California homeless crisis. DOJ accuses real estate developers of $50 million funding fraud. I mean fraud would never happen in California. But let's read it. I mean this is especially. Yeah, especially when it comes down to homeless type of stuff. They were all very honest about it. As part of a special federal task force investigating where a staggering $24 billion designated for homelessness in California has ended up. Department of justice has revealed initial findings on Thursday announcing new criminal cases against two LA area real estate developers who the federal government says misused roughly $50 million in a combination of federal, state and local dollars earmarked for homelessness. This is not A victimless crime, said Akhil Davis, FBI LA Assistant director in charge, as the millions of dollars lost to could have been used for housing for the homeless or other local priorities funded by California taxpayers. Cody Holmes, 31 years old, Beverly Hills, was arrested and charged with federally federal felony fraud Thursday morning for allegedly receiving $25.9 million in grand money intended for a homeless housing project that was never built. Is this it, Rob?

[Tom]

Yes, this is the Attorney General for the state of California discussing the charges.

[Patrick Bet-David]

Go for it.

[Adam]

California has spent more than $24 billion over the last five years with little to no progress in solving our homelessness epidemic. California state officials failed to provide meaningful oversight over the individuals who received most of these funds and they had little to no answers to the public's demand for accountability.

[Tom]

Well, that accountability starts today.

[Adam]

Today we are announcing significant developments into our investigation.

[Tom]

We are making public two criminal cases.

[Adam]

Relating to two separate real estate developers who are involved in misappropriating millions of state funds intended to combat homelessness. The investigations that led to the Holmes arrest and Taylor indictment are just the beginning. We will continue to go where the evidence takes us. This also includes public officials who may have enriched themselves at taxpayers expenses contributing to the fraud that we're seeing.

[Tom]

We're looking at everyone. If you steal money or allow it to be stolen, we will find you and we will prosecute you.

[Patrick Bet-David]

Okay, Tom, thoughts?

[Tom]

So this is when the government gets involved in things it doesn't know how to do. The state of California doesn't know how to build a rail. The state of California has put all sorts. You should see the millions of dollars that have only gone for, you know, architectural design and early studies on the rail. And there's no, there's no high speed rail between Southern and Northern California. And these guys receive grant money because the state said, oh my gosh, we need to build a homeless shelter. I know. We'll build a homeless shelter in Thousand Oaks, California, where there's a lot of middle class housing. And that's where Amgen has a massive offices. Wow. Okay, we'll do it out there and we'll give a grant to somebody. Pat, here's your grant. What is a grant? Grant is like a gift, but we gift with earmarks about what it's supposed to be spent for. And now go build houses. Instead of saying, hey, let's get all the developers together. That's one developer. Right? Let's get all the developers together and say, what would help you guys build houses faster? How about permitting processes? How about faster inspections how about this? How about that? How about you invest in utility, get sewer lines built on these streets so we can get these homes built. Got it. So I could do that and you guys could build. But instead the state goes to these guys and gives them a bunch of money to build homes. The far more efficient thing to do would be to reduce the friction so that all kinds of developers could be building. That's not what they did. They did this. And, oh, guess what happened with a bunch of free money. Somebody spent $2 million on American Express cards buying luxury goods. Basically, they went to the mall and they spent $2 million. American Express.

[Patrick Bet-David]

Believable.

[Tom]

And that's what this guy is. That's. And I'm not making this up, I'm saying according to the indictment, according to what's been brought forth, he used up to $2 million of it toward American Express cards. And, and the name of it was Shangri La Industries. It doesn't even sound like a serious business name. And he received a grant. This is not a victimless crime. They say, no, no, you're boneheads. This is the wrong way to do it. Go upstream and say, hey, what are the odds that maybe these builders don't build it? What are the odds that these builders maybe misappropriate it or just give themselves a bigger profit per house? What are the odds? I would say those odds are pretty high. And then the state went and did it. So now the state attorney general, not the governor or any of the legislators that approve this, the only people at the microphone is the law enforcement people, you'll notice.

[Patrick Bet-David]

Brandon, thoughts?

[Brandon]

Yeah, we just talked about the other day. This housing thing's like the biggest national crisis, I think, with the affordability nationwide. But in California, like the. The average price of a house is $880,000, where the national average is like 435. So. So if you're going to have the most regulated, strictest stay with all of that, and then you're looking like a money laundering pit, let's be honest. It feels like when we give money to Ukraine, it just gets sent into a black hole. When it goes to California, there's no trace or anything to show for whatever the project they do there. And I saw a study that said 95% of the land in California is zoned for single family use only. So they can't do duplexes, triplexes, condos. So. So in like a state of crisis where you need more housing, where you have homeless people, where the cost of a house is 880,000. And the median income is like 65,000 a year. Why are you being so restrictive with what could be built? And then you're gonna. You have the audacity to like, steal money and embezzle money that gets given to you. So, I mean, like, it's. You could probably talk for 10 hours about all the things that are wrong with California's real estate market and the way they do the regulations.

[Patrick Bet-David]

Makes sense. Adam.

[Adam]

I just feel like this is a symptom of a larger problem in California. California is like the richest, brokest state. It's like the guy who has the nicest car, the nicest house, but he's borrowing 100 bucks from you. You're like, what are you doing, dude? I mean, this is a telltale sign of go woke go, bro. California. Tommy, I think you're the person that pointed this out. You're saying that state governments cannot fail. Meaning, like, you actually legally written in your state guidelines or bylaws or constitution, have to balance the budget. You might not do it because I think in California, you sell a bunch.

[Tom]

Of bonds or you go to the government and said, hey, my shortfall was due to a disaster. You got to bail me out.

[Adam]

Exactly. So I think they have a $68 billion deficit, according to our friends at Chat GPT, just this year, this fiscal year. So you remember when that's going to get Covid happened and all these airline companies did all these stock buybacks and then they reached out back to the government like six months later like, hey, we need money. And then Chamath is the first time I actually even heard about Chamath. He said, let them fail because if you're going to make stupid decisions, you have to let them fail. You have to have ramifications for your bad decisions. So you know me, I'm not the. I'm not bullish on California. I'm very bullish on Florida. I'm like the most anti California person because I don't have the empathy or the sympathy for stupid decisions that they made in California. So what's wrong with just letting California fail and then just sort of building back up?

[Patrick Bet-David]

Why can't we do that to let it fail? No, I mean, listen, why did they not let GM fail? Why didn't let AIG fail? Why didn't let a lot of these companies fail? It's too big to fail. If there is a state that is too big to fail, that everybody will feel it. California is at the top of the list. They're not going to let California Fail, of course. Policies are destroying the place. Policies are destroying the place. And Newsom is getting up there acting all tough and say, hey, you know what? Why isn't Rogan having me on? You know, what are you afraid of? You're a tough guy. Just see how we spoke, by the way, towards Rogan. Are you a tough guy? Are you at this? What are you doing, buddy? One kick in the stomach, you're peeing for the rest of your life. Yeah, but peeing blood. Is this it, Rob?

[Brandon]

Yes.

[Patrick Bet-David]

Can you go exactly to the part where he starts being acting tough? I don't know if you hear it or not. I got a lot of shit for this.

[Adam]

I love that you didn't ask if you could curse.

[Tom]

Oh, sorry, you can't.

[Patrick Bet-David]

Well, you start with Joe Rogan.

[Tom]

So I'm gonna start cursing.

[Adam]

Joe, why won't you have me on the show?

[Patrick Bet-David]

He won't have me on the show.

[Adam]

It's a one way. And he has guests coming and attacking.

[Patrick Bet-David]

And bashing, but he will not have.

[Adam]

Me on the show, period. Full stop.

[Patrick Bet-David]

You should have me on the show. Come on my show.

[Tom]

Joe, would you let him say some.

[Patrick Bet-David]

Of the things that he said without any type of pushback or debate? Yeah, I just told you, I, I'm.

[Adam]

I'm, I'm not afraid to go, I'm.

[Patrick Bet-David]

Punching Joe Rogan, okay? That son of bitch. Not used to that. And he's going to dismiss it, he's going to laugh it off.

[Adam]

I mean, you know, tough guy, all that.

[Patrick Bet-David]

But he's going to have me on.

[Adam]

I don't know, certainly punching back and Trump everyone else.

[Patrick Bet-David]

I'm debating these sons of bitches.

[Adam]

I'm out there on these right wing shows, so I'm not scared to do that.

[Patrick Bet-David]

Where the hell is the Democratic Party?

[Tom]

Where's our equivalent of Turning Point usa?

[Adam]

Nowhere to be found. This isn't working.

[Patrick Bet-David]

Yeah, you can pause it.

[Adam]

It's called Hollywood. It's called the universities. It's called every major institution Constitution. That's the turning point of the left, by the way. It's so funny to me with Joe Rogan, how quickly the Democratic Party has just completely dissipated. Ten years ago, maybe even less than that, Joe Rogan was a Bernie Sanders supporter. Can we just stop there for a second and recognize Joe Rogan was a progressive leftist almost. And because of the ridiculous ideology of people like Gavin Newsom literally pushing Joe Rogan out of California, he's now a quote unquote, right winger extremist.

[Tom]

Yeah.

[Adam]

So at some point they're gonna have to look in the mirror and be like, ah, maybe we've created these issues and they're just responding to our ridiculousness, not the other way around. That's how I perceive Gavin Newsom on this account.

[Patrick Bet-David]

Yeah, I mean, listen again, badly. But, but going back to when you said, why don't you just let them fail? You can let them fail. This is a great thing about politics to see what happens and who's going to come in and replace Newsom in California. Of course, most likely it's going to be somebody on the left. But where what things are going to change? I don't know. Adam Carolla was giving some thoughts on who he sees going there and changing things up. We're going to see what's going to happen with California. But the fact that this type of money is being funneled into guys that are just taking 50 million bucks just tells you how politics are being treated In California. Today. U.S. banks are hunting for collateral to back $20 billion Argentina bailout. This is a Wall Street Journal story. So a group of banks, including JPMorgan Chase, B of A Goldman Sachs is struggling to put together a $20 billion loan for Argentina without leaving themselves too exposed to the financially distressed South America country. People familiar with the matter said the bank loans would be part of the Trump administration's plan to backstop the finances of libertarian President Javier Milei's government with a $40 billion package, including $20 billion currency swaps with the U.S. treasury Department and the separate $20 billion bank led. The group of banks, which includes Citigroup, is seeking some type of a guarantee or pledge to ensure they will get their money back. The people said bankers are waiting on guidance from the Treasury Department on what collateral Argentina would be able to provide for them or if Washington would plan to backstop the facility on its own. The people been controlling the broader package and banks feel they can't act without backing from Washington. Some of the people said the loan facility hasn't been finalized and might not come together if the bank's collateral question isn't resolved. They said. Tom, thoughts?

[Tom]

I'll tell you what the thoughts are. These banks don't give a rip about Argentina's collateral. You know what? They want the backstop to be you and me. They want the United States to say, oh, I've got it. We'll give Argentina a student loan. And if they can't pay it back, don't worry about colleges. You'll still get your money. And so in this case, the banks are kind of like the US Colleges who are gonna put it out there and they want the backstop to be here. Now, does Milay need some help? Yes, he does. Does he need a little bit of a gap here with what he's doing, the cuts he's done and what's happening? Yes, he does. He needs some help and he needs some international help. And does he have rare earth minerals or a bunch of things that they could naturally use as collateral? I'm sure there is some stuff down there. This is a country. This is a country. There's tremendous. They've got real estate. They have all kinds of things to be there. And 20 billion on the scale of a country, Pat, that's not much.

[Patrick Bet-David]

No, not at all.

[Tom]

Not at all.

[Brandon]

Nothing.

[Tom]

So what do the banks really want? Oh, all right. If something happens, United States will backstop it. And they're all but saying that out loud. I don't think we should. I think the bank should be forced to negotiate because what does the bank want? They want the loans out there as soon as possible so they can make interest on them as soon as possible. And what's the easiest way to do it? Nevermind the underwriting. We'll back you up if something bad happens. That's what they want, and I think they should be.

[Patrick Bet-David]

Then where's the risk?

[Tom]

There is no risk for the banks. They want just an instant, like student loans. No risk.

[Brandon]

Are they afraid of Argentina defaulting? But I mean, I was going to say, like the audacity of them to nickel and dime about this. Like, I'm pretty sure they owe us $800 billion from the last time we built them out. So, you know, why can't the government say, like call that up and say, hey, no, you didn't actually do what we told you to do with this. So, yeah, go ahead and give the 20 billion because, yeah, it's like the probably the safest loan to give out there is to give it to a country, whereas tax, a tax base and minerals and everything. But quick thing about Argentina, like, like only 45% of their GDP or their government budget went to entitlements. Historically 69, I think percent of ours goes towards entitlements. So keep that in mind for how our country's going.

[Patrick Bet-David]

45 for them, 69 for us, and.

[Brandon]

Look where they're at.

[Patrick Bet-David]

Yeah. Adam, thoughts to me?

[Adam]

I'm just going to take a different angle on this. I feel like Trump and Javier Milei have probably been the closest of any Latin American country. Maybe naive Bukele, you want to put in that category. But I feel like every single Latin American country is a leftist, socialist, progressive ideology. Whether it's Lula in Brazil, whether it's. You see what the hell's going on with this Petro guy in Colombia these days. We know what's going on in Venezuela, which we're essentially at war with. But Javier Milei and Trump have a personal relationship, so don't forget that. Trump, like in the last clip where he's like, oh, you said bad things to me.

[Tom]

I hate you.

[Adam]

Oh, you said nice things about me. I like you. So to me, I don't know the mechanics behind this, but I do know that Trump and Melaye have a personal relationship. And there's something there. I mean, and we were sitting right there. I remember you were talking with Javier Millay at. Was it CPAC when Trump was on stage?

[Brandon]

Yeah.

[Adam]

So I don't know. I feel like this guy's the biggest disruptor in Latin American politics and we need a more Javier malaise in the world, especially in Latin America. Unless this Petro guy in Colombia, unless Maduro's in Brazil.

[Tom]

I have an idea.

[Adam]

Venezuela, what's your idea?

[Tom]

Take a couple military ships, put Russian flags on them and scream, the Russians are offshore. They're coming for me. And $50 billion will show up tomorrow morning, Special congressional allocation.

[Patrick Bet-David]

Tom, what happened with Argentina needing $20 billion?

[Tom]

It's it the $40 billion, it appears that what. So they need a stopgap because remember, they have runaway inflation. They had things going and he's got this. He needs this. There's a currency swap involved with it. And then there's also a debt facility. They need liquidity. And they're not a giant gdp. And so this is what. And he's eliminated a lot of costs. And it's. As their economy grows and as things come back, they need liquidity. And they've gone to the biggest banks in the world. Now the biggest banks in the world are turning and saying, yeah, we'll loan it to them, but we're a little nervous about them. And what they're really nervous about, to be honest with the bank's nervous about, is runaway inflation again, because then you never get your money back. And then there. And the economy goes haywire. So I completely understand the US Banks, but I also think they're just taking the easy way out. They just say, hey, never mind the underwriting, you know, Uncle Sam, can you just back this? If something bad happens, just pay us.

[Patrick Bet-David]

Well, I mean, listen, his reforms were so massive, but if you look at inflation, what happened from June. June in Argentina, inflation was 39.4%.

[Adam]

That's ridiculous.

[Patrick Bet-David]

Today it's 31.8%. In September of 2025, it's a drop of 8%. Right.

[Adam]

So where was it before Malay took.

[Brandon]

Off a couple hundred?

[Patrick Bet-David]

Yeah, it was massive.

[Adam]

So it's improving.

[Patrick Bet-David]

It is.

[Adam]

20 billion dollar investment is to help an improving economy. Bridge, not a sinking ship.

[Brandon]

No, because they got. He's doing.

[Adam]

What he has been doing is working. Is it fair to say?

[Patrick Bet-David]

Yeah, but the way he's doing it is he's taking all the pressure off the government and kind of saying, go figure it out. I'm not going to give you more entitlement program. You guys go find a way to be standing up independently for.

[Adam]

That's what Malaya is saying to us.

[Patrick Bet-David]

When I was in Argentina and I would talk to people, they would say 12 million of US work. It was 20 million of US work to take care of 12 million people that don't work. People are not working and we're having to take care of them. So this guy's change it. Yeah. So 2023, before he took over, monthly inflation was 8 to 12%. Annual inflation was 160 to 180% is what it was. December of 2023, it hit 211. So he's taking it from 211 to 160 to 104 to 90 to now 31.8.

[Adam]

Okay, so it, so it is working.

[Patrick Bet-David]

Yeah, it is, but at the same time it's like, it's like you just got off of steroids that you've been on for 10 years. Yeah. And your body has to learn how to reproduce testosterone. And your wife is telling you, babe, what's wrong? And it's what's wrong? What's wrong?

[Adam]

I'm gonna need a minute.

[Patrick Bet-David]

Yeah, you're gonna be like, babe, maybe a year.

[Adam]

So isn't this from, from a macro perspective, isn't this a great sign for the rest of South America to say, guys, get off the quote unquote steroids, get off the socialism, get off the communism. Here's a case example, if this is done right, of how Argentina, in five years, 10 years, whatever it may end up being, has turned around their economy so they're not reliant on these massive welfare programs. You know how they say, like Tommy Robinson, we got to protect them at all costs. Like we got to protect at all. Isn't this someone that they need to protect at all costs? If this works Out Here's.

[Patrick Bet-David]

Here's the problem. You're making the right point that if they don't, then guess what a Lula and the Colombia president and others are going to be saying. They're going to be saying, I told you that libertarian bullshit doesn't work. Look what it did to Argentina that they needed to get bailed out. If I'm Lula right now, a hardcore socialist criminal, I went to jail and you know, Alexandre de Moraes brings me back and then puts Bolsonaro in jail or whatever they're doing to him. I'm going to be using this and screaming it off the top of my lungs. Matter of fact, did you hear about the back and forth between the Columbia president and President Trump? Here's Columbia president is doing an interview. Okay. And in the interview, they're asking about Trump. Here's what he had to say about Trump in the interview. Is sitting there with his legs crossed. Yeah, that one right there. No, go a little bit lower, Rob. It's that one right there. Okay. How long is that? Buck 20. No, it's a shorter version of that. If you find a shorter version, that's go a little bit.

[Adam]

You can even just go to the middle of that clip because it gets.

[Patrick Bet-David]

Juicy towards the end. Okay. Just use any one of those. Rob. That's that first one.

[Adam]

Rob.

[Patrick Bet-David]

Oh, no, we have to read what is there is something. Go ahead.

[Tom]

El Mundo.

[Patrick Bet-David]

Says what he says, if Trump disagrees, Keep going, keep going, keep going. Says, what are you going to do to him if Trump doesn't do this?

[Adam]

Yeah, that's not the case.

[Patrick Bet-David]

And he responds back. Now, I'll find it for you and send it your email.

[Adam]

If you go up, I can tell you.

[Patrick Bet-David]

By the way it was sent in. Humberto has it. Humberto.

[Adam]

Can I just summarize what I think he's about to say in some capacity? He goes, one way or another, we're going to eliminate Trump. And then he makes this gun.

[Patrick Bet-David]

I'm texting it to you.

[Adam]

This gun hand motion. Did he not? That's how I interpreted it. If we can find that clip, I think it'd be very useful.

[Patrick Bet-David]

Check your text right there if you want to pull it up. Yeah. When you see this. But all I'm saying, Melei and Argentina has to be protected because he needs another year and a half for that philosophy to be proven. Right. And if it doesn't, you're given all the socialists and communist power to use that for decades to come. Go ahead, Rob. Your mission is not to change Trump he's sitting like a drug dealer, not a president.

[Adam]

To change Trump. Do you see?

[Patrick Bet-David]

No.

[Adam]

Can we just see those hand motions?

[Patrick Bet-David]

Put the last 10 seconds. Go back a little bit. Watch this. Go ahead.

[Adam]

Is that a gun? What is that?

[Patrick Bet-David]

He's going like this. You cannot get rid of Trump.

[Adam]

How do you interpret this? Ppd Because I'm going way dark with this threatening.

[Patrick Bet-David]

No, you're right. Where you went is exactly where he went. But what I'm saying is if Milei. The economy doesn't work right, which it takes two years to turn around a hardcore socialist country. If that doesn't happen south and Central America, you're going to have a ton of new Castros, Maduros, Lula's, Petros. You're going to get a ton of these new guys being born. Cuz they're all going to point a finger and say, you see Trump's puppet, Milei? Look what happened to him. He failed. And that's why we're going to save you, Tom.

[Tom]

And it's not a giant problem. The GDP of Argentina is about $650 billion. You know what the GDP of Virginia is? 707. So it is a country with a rich history and a ton of real estate and land and resources. And the math problem is roughly the same GDP as Virginia.

[Adam]

Yeah.

[Tom]

So this is not like you're trying to prop up, you know, Germany or something. Yeah, this is, this is a solvable problem. And I agree with you. We need to give this guy protection from. And we need to give this guy time. And these banks are trying to get in and help and I just think that they should own up to some of the.

[Patrick Bet-David]

I know, yeah, I'm with.

[Tom]

And just not assume that I'm going to back them up.

[Patrick Bet-David]

I'm with that on the same page. Let's go to the next story here. Next.

[Adam]

Guy's an absolute piece of shit. Who this, this the.

[Patrick Bet-David]

I know he is.

[Adam]

He just threatened the President United States with a what it seems a gun hand motion and then snapped his fingers to eliminate Trump. I don't know if I've been this annoyed or upset by anything in recent years. I mean, we've heard that the, the ayatollahs have tried.

[Patrick Bet-David]

Did you hear what Trump said about him? Did you hear what Trump said?

[Adam]

I would assume it would be very.

[Patrick Bet-David]

Did you see Trump's response to Petro Rob?

[Adam]

I would love to see it. No.

[Patrick Bet-David]

Okay, so, so there, there is a response he gave.

[Tom]

That's from January.

[Patrick Bet-David]

No, there was a response he gave to him, which was ice cold response. Fairly immediately. You may want to go to.

[Adam]

If we can find that this is it. President Gustavo Petro of Colombia is an illegal drug leader strongly encouraging the massive product of drugs in big and small fields all over Colombia, which he spelled with a U. It has become the biggest business in Colombia, which at this point I don't know if he's going against Columbia the university or Columbia the country, but either. Either way we know Trump is going against his woke progressive drug dealing ideology has become the biggest business in Colombia by far and the PETRA does nothing to stop it. Disparaged large scale payments and subsidies from the US that are nothing more than a long term to rip off America. As of today in all caps, these payments or any other form of payment or subsidies will no longer be made to Colombia. You know that Trump is not getting anyone to fact check his text if. Or his tweets if he's spelling Colombia wrong this many times. So this is on him.

[Patrick Bet-David]

So no, no, this could be simply he's doing this intentionally because Trump just would do something like trolling him troll the university and to troll the country.

[Tom]

This guy better be careful. I mean CIA is going to come down there and give him some of that polonium cologne that the Russians gave to Alexander Litvinenko.

[Adam]

Yeah. Is it true that this guy. I mean maybe our friend Humbert on the back. This is the first quote unquote like left wing socialist president in Colombia history. That to me, can we find that out? Because I feel like he's very aligned with Lula and Maduro and he's seeing what's going on geopolitically and sort of defending his woke progressive brethren on the.

[Brandon]

Left spread from Cuba to Venezuela.

[Adam]

He's the first left wing socialist progressive president in the history of Colombia. Gustavo Petrov.

[Tom]

All right.

[Adam]

It makes a lot of sense. Do you remember his speech at the un? Was that not him? What did he say when he came outside? They were basically protesting Trump. I want to say it was during the United Nations a couple weeks ago. Alberto, maybe you know about that. But he came out there was sort of like it wasn't. I don't, I don't remember the speech he gave. I think it was like a rally outside of the United Nations. Anyway, we got to keep our eye on this guy. This guy just threatened the President. United States piece of shit.

[Patrick Bet-David]

Yeah, okay. All right, let's go to the next story. AWS down again. Amazon ring, Reddit among sites impacted. Rob, if you want to play the clip on this one here AWS significant API errors around 10:14am Eastern Standard Time impact and services in its East US East 1 region, with services being marked as degraded. In another post at 11:43, the company said it narrowed down the source of the issue and was actively working on mitigation efforts. Online tracker Down Detector saw reports of outages spike again around the same time, with over 8,200 instances reported at 12pm the company has previously stated the DNS issue has caused. The initial outage was fully mitigated in a post around 6:35am but acknowledged it was still working to resolve some errors. When asked for comment, AWS referred Forbes to its Service Health page. Go ahead Rob.

[Adam]

Amazon's cloud services unit.

[Patrick Bet-David]

AWS was recovering on Monday from a widespread outage.

[Adam]

It knocked out thousands of websites, disrupting businesses and some of the world's most popular apps, including Snapchat and Reddit.

[Tom]

The issue lasted roughly three hours, but.

[Adam]

Systems were gradually coming back online. As of early morning Eastern US Time, AWS said it was seeing significant signs.

[Patrick Bet-David]

Of recovery for some impacted services.

[Adam]

It marked the largest Internet disruption since.

[Patrick Bet-David]

Last year's crowdstrike malfunction.

[Adam]

AWS provides on demand computing power, data.

[Patrick Bet-David]

Storage and other digital services to a range of customers. Those include companies, governments and individuals.

[Adam]

Disruptions to its servers can cause outages across websites and platforms that rely on its cloud infrastructure. Coinbase, Roblox and Robinhood were some of.

[Patrick Bet-David]

The big names affected.

[Adam]

Epic Games owned Fortnite was also down for a time.

[Patrick Bet-David]

AWS directed Reuters to its status page.

[Adam]

When asked for comment on the outage. Amazon didn't respond to a request for comment.

[Tom]

Tom I think we need and this is so the capitalist side of me says to the victor, however, we now can see that the Internet itself is a matter of national security. I mean I've known it for a long time, but now the average person can see oh my goodness, this is all connected. You're not running on a server in your own little server room. Right now I think we need redundancy and we need not reselling on the same network, but we need different networks. Back in the long distance wars, Sprint built its own network using Sonnet Ring technology, so it was fully redundant and you could move from AT and T over to Sprint and there were two different networks. I just think we need more storage and network redundancy because when you see how big Amazon is, that makes it so easy for bad actors in an international environment to take a cyber terrorist attack on us to shut things down. And so now systems don't talk to each other. This is, this is a glimpse of what a cyber war could look like. And if it was a cyber war, it'd be far greater.

[Patrick Bet-David]

Yeah. By the way, and you know who jumped on top of this when? When Elon, the moment AWS went down, he tweeted first he said, x works. So meaning we're not on aws. Then he tweets this out. Pretty weird that an AWS outage caused signal to fail. Okay. And if you go a little bit lower, Signal uses end to end encryption. Messages are encrypted to advice only, including cloud servers like aws. Like clip her text and can't read kipper text. Kiffer text and can't read content. Signal doesn't claim to be decentralized. Only E2EE or open source. Go a little bit lower. Elon response again and says it means that AWS is in the loop and can take out Signal at any time.

[Tom]

Brandon, see the point he's making there? Tell me if Biden was there and could influence aws, you could take down Signal. If you don't, if you don't like those people are using it to communicate with each other. Now you have a button that the government can push at the same way. Remember what happened with Parler? They didn't like the conservatives.

[Adam]

I was just going to say that.

[Tom]

And so they went after their. They went, okay, who's providing power to Parlor? Well, it's these servers in the system. Hit them.

[Adam]

Bingo. I was just gonna say that. I remember when Parlor was during 2020, it was right after the election, right after January 6th, and Parlor became a thing. And we know some of the guys that are recreating Parlor now, and I remember when they didn't like what they were saying or doing and they just shut Parlor down. They just took them down, took them off aws. And if you want to know how powerful AWS is, they're owned by, if you don't know, it's Amazon Web Services. Right. And this is right around the time where Jeff Bezos, I believe, stepped down as CEO and they took out of anybody in the world. The, the, the, the guy that was running Andy Jassy, and he is now, I believe is the current acting CEO of Amazon.

[Tom]

More than acting.

[Adam]

So this is a massive, massive company. And this is all under what, what would be considered cloud services, cloud storage.

[Brandon]

But I mean, the thing is, they didn't even build it with the intention of being the provider for all the Internet. Like now they're, I think, like they're over 30% of the cloud storage market share. But they built it originally to house their own stuff. Like they just needed a big cloud storage for their own web services. But I mean the fact that they didn't put that foundation in place with the idea of like housing the Internet for the entire world, I think that's like a flawed start. I mean Signal, I never trust Signal. I think we saw who started that with like government money with I think an ngo. But I don't know why the whole government uses that.

[Patrick Bet-David]

Whoever started signal started WhatsApp. It's the same people. Yeah, it's telegram. That was by Pavel, if I'm saying his name correctly. But the people that started Signal. Signal was started on a nonprofit engine, I believe a 501C3. I may be mistaken. Whereas WhatsApp is. Is the founder of Signal and WhatsApp the same people? Can you ask that question? Is the founder of WhatsApp and Signal the same people?

[Brandon]

Yeah, I think that's right.

[Tom]

It. Yeah. Brian Acton, I think.

[Patrick Bet-David]

Let's see this here. No, they're not exact same person. Brian Acton, co founder of WhatsApp. He later co founded what's in Signal Technologies foundation, which backs Signal. It's the same thing.

[Brandon]

Yeah.

[Patrick Bet-David]

Yeah, it's the same person. So, okay, so there you have GBT.

[Tom]

Just gave an answer to.

[Adam]

Remember the director?

[Tom]

No Senator, this looks exactly like him.

[Adam]

And they have the exact same name.

[Brandon]

Remember the director of the CIA said that they day one they came in, told and put a signal on all of his devices. So that's like the thing that the government's using communicate with each other. So I don't know what the hell the back end of that looks like.

[Patrick Bet-David]

Yeah, listen, a lot of people are on the same page with you. This is why some people have two phones and one literally one for a that they feel they can hack into. There's a lot of businesses for that right now, but. All right, let's get to the next story. Warner Brothers Discovery says it's open again for sale. Shares jump 10%. So. So the Ellison's make an offer to buy them. They say no, we're not interested at that price. Ellison's go quiet for 10 days like Tom said and then they come back and they say we are officially for sale again. Rob, can you please play this clip?

[Tom]

Warner Brothers Discovery, as we reported at.

[Patrick Bet-David]

9 o' clock, has put itself up for sale.

[Adam]

Doesn't mean it's going to necessarily be sold, but it's exploring all options including the sale of the Entire company.

[Tom]

Now it gets complicated.

[Patrick Bet-David]

And the sense of.

[Adam]

They've also changed the potential structure of spin off, so to speak, or split.

[Tom]

So that any interested party in just.

[Adam]

The studio and streaming business would be.

[Patrick Bet-David]

Able to bid now and then the.

[Adam]

Global networks business would be spun off prior to the close of that transaction. As I said, it could get complicated. I'm hearing that the tax leakage from.

[Tom]

That would not be that significant. Maybe two, two and a half billion, but not even when you net certain things out.

[Patrick Bet-David]

Did want to add a couple of.

[Adam]

Other things at this point, given the press release that we got from Warner Brothers Discovery.

[Tom]

My reporting indicates that both Netflix and our parent company Comcast, as I've said.

[Adam]

Earlier, but can say with more conviction now, are certainly among the interested parties.

[Patrick Bet-David]

Perhaps the most interested parties.

[Adam]

Will there be others?

[Tom]

We'll have to wait and see.

[Adam]

But it is my understanding, according to people familiar with the situation, Comcast and Netflix.

[Patrick Bet-David]

Okay, Tom, thoughts?

[Tom]

Well, first of all, they're trying to create an auction. Second of all, they're letting people know, look, if you want to marry my daughter, but you don't want her student loans, we'll figure out the student loans before wedding day. And literally, that's what they're saying, Pat, this is literally what they're saying. I'd love to marry your daughter. She's going to be a gifted doctor, highly valuable in the Future. But that $300,000 of student loans, why didn't you cover it? Well, the family didn't have enough money, so we went out and got this bond and everything. But tell you what, we will go refinance it or we will figure out what we're going to do and we will sell that. That's called Global Networks. We will sell that off before the close so you guys can get all the library and all the stuff that you want out of it. So now they're not only saying to the Ellisons, no, we're not interested in the sale. Now, they've gone back and thought about it. Not only are they interested in the sale, they're putting up like a McDonald's menu. Okay, the French fries are over here, the Big Mac's over here. How would you like to buy this thing? We'll help you out. Don't. Oh, don't drink soda. No problem. You can here, buy the burger and the fries, and we'll sell off the soda. That's literally what they've come to say here while they're trying desperately to create an auction. And that's why the stock Went up a little bit because people said, hey, guess what? You know, I think the. Where's the stock right now, Rob? Because didn't the Ellisons and Skydance say $20 minus. $20 minus fees? Yeah. Now they're 1655. So they're desperately trying to get that to 18 and a half, $19 a share and to get someone like a Comcast who would be big enough. But Comcast got a lot of debt, but they're trying to create an auction and they're trying to get their stock price up pat to put pressure on the $20 that Skydance Ellison's floated.

[Brandon]

How's that not market manipulation by the by, Was that cnbc by trying to push the price up like that? Like, clearly that's not true. What they're saying it not most likely going to be Comcast or Netflix that do. Like, everybody knows who it's most likely to be. So why don't they get in trouble for that? I've always wondered about that.

[Tom]

You know, I think David Faber couched that fairly. What he had to say is Comcast the owner of this network, and I stand by my reporting that they're a potential bidder. So he had to say that because they. They own it. He said that to reduce everybody's fear. That there was something.

[Brandon]

That there was something with Skydance.

[Tom]

No, that there is. That, that, that he's trying to. He. If. If he on cnbc tries to make the deal sound dull and the price goes down, that helps Comcast, that owns NBC in their purchase. He can't do that. Right.

[Brandon]

But like, I guess he's reporting in a way that's gonna like, move the price in a certain way. Right.

[Tom]

I don't think that's what he was trying to do there.

[Brandon]

No, I'm just saying, like, it felt like he had.

[Adam]

Brandon, are you coming at Tom right now?

[Tom]

Dude? No.

[Adam]

I would hope that you're not trying to test the biz, doc.

[Tom]

And the other other way it would be.

[Adam]

I would hope not.

[Tom]

If, if CNBC wants to cause Ellison some money. We did the magnificent asset Warner Brothers discovery that we think is horribly undervalued in the market. He'd be saying that to make. Make the price go up, to make The Ellisons pay 21, 22 or $23 a share.

[Brandon]

Yeah, well, I, I guess I personally think that it's inevitable that the Ellisons get it because I, I think that they're in the best situation to do it. I don't think that Netflix or Comcast are going to. But I, I guess they're trying to create maybe a streaming platform because I think that the content library is the only valuable thing from Warner Brothers. Like what are they going to do with a bunch of film studios and cable networks? You know, so I think they're going to overpay for something that they're going to discard the vast majority of because they want to, I guess, take the stuff they could use and discard most of the stuff.

[Patrick Bet-David]

Yeah. Adam, thoughts?

[Adam]

Well, I guess a question for you. How much is this? This is just like the reshuffling of old media versus the new media, you know, the Googles and the YouTubes of the world and everything that we're doing on social media. How much of this sort of reshuffling between Warner Brothers and Comcast and Paramount is just basically saying we've lost X amount of market share, we need to reshuffle, we need to rebrand, we need to restructure. And this is sort of just like the lay of the land at this point.

[Patrick Bet-David]

Yeah, I mean listen, there are certain assets that somebody buys that if it goes to you, if it goes to him. If it goes to him, he can take that and turn it into a, from a 20 billion dollar company into an 80 billion dollar company. He will take it from 20 billion to 40 billion the dollar company and you will take it from 20 billion into 15 billion dollar company. Whoever has the right idea can do good with the assets. A lot of these assets keep moving right from one place to another place to another place. If the operator doesn't have the right ideas to maximize the assets. I used to always ask this question. I used to say to my brokers, I would sit him down and I was, would ask, I said, this was the question I used to ask in 2006, 2007. If I recruit a new insurance agent to the company. I would ask myself, am I the best leader for this guy? Am I, am I that good of a leader that can help this guy become a good broker versus if he was on that guy or. This gets a very tough question to ask because you're almost asking, man, if this guy was over there, he would have made more money. And sometimes we would recruit a new talent that would come to one of our brokers teams and I would say, oh man, I wish he was on somebody else's team because that guy doesn't know how to build people. He's selfish. Oh, I wish, I wish, I wish he was on that guy's team. I wish they were on this Person's team. I wish they were on that person's team. But you can't do anything because that person's not a builder. So if assets go to a company that has the right flywheel, they can automatically inject valuation into it. But if the flywheel, like right now, we're like, tom just showed me something this morning. He came and he went like this. Boom. They finally signed the NDA. Great. We're talking to a company. It's a very big company name. We'd like to buy the company. Right? Because we feel in our Flywheel, we can grow that business to another level. Okay. Now the market will decide whether we can or not. So I believe Skydance and David Ellison, what he's been doing the last 15 years, I believe they're poised for what they believe. They can drive an incredible flywheel into their business. Whether they'll do it or not, I don't know. By the way, if you go back to it, Rob, where you were at Flywheel, go to images. And for some of you guys that are watching us, go to the second one. Second picture right there. Zoom in a little bit on that. Our ecosystem, that's a flywheel. Like, if you look at all our businesses, they feed each other.

[Adam]

Got it.

[Patrick Bet-David]

You know, like valuetainment, pbd, podcast feeds, Manect, Manek feeds Merch, it feeds, Feeds Vault Conference, it feeds. If you go to Rob Doom.

[Tom]

And that's not a business plan. That's what's in play right now, today. Yeah.

[Patrick Bet-David]

So if you go to Disney Flywheel, if you've never seen this, just type in Disney Flywheel and go to the first flywheel. Oh, go not. Not to that one, Rob. Go to the first one, which is the second one. That one, Right. Okay. Zoom in, zoom in. That picture right there, you have. That's their first flywheel in 1957. Okay, that's the first flywheel. What do you see? Merchandising, comic strip, Disneyland, music, TV publication. Go to the 1969 flywheel, Rob. Okay, go to the third one. The third one right there. Close it. Go to the third one right there. Then that's them. Ten years later, now they have Disney World. They've opened up a little bit. And then go to the flywheel today, which you just had a minute ago. That's them now, the companies that they own. Okay? So a company with the right flywheel can get the most out of it. A company without a flywheel and without a good operator and without good ideas, you just got the assets, and it gets Transferred from you to somebody else, Tom.

[Tom]

And there's something else. When you think about the buyers. Warner Brothers Discovery has $34 billion of total debt. Comcast just went over 100. There are now $101 billion of total debt. And now you've got. Skydance is in a much different position. And so I look at Comcast and, you know, how is Comcast gonna swallow that rock? And the girl that comes with another $34 billion of debt can't even help himself after time.

[Adam]

Well, let me just clean this up.

[Patrick Bet-David]

That was like a little Kim moment. But go ahead.

[Adam]

First you get the money, then you.

[Patrick Bet-David]

Get the power, then you get the Go ahead. Go ahead. But it's almost too.

[Adam]

Tell me if this is a decent equivalent. It's like, you see how in the NFL right now, like the quarterback from the. For the Giants, Daniel Jones, now he sucked. They let him go, and now he's on Indianapolis Colts are the number one team in the afc. Boom. Or even like Pal Gasol, he was on whatever was on Memphis and then he wasn't that good. And then he came to the Lakers. Boom. Winning championship. Is that a symbol?

[Tom]

Yeah.

[Adam]

Even Mac Jones. Is that a similar analogy? When you pick up these companies and say, all right, you didn't work for Comcast in this capacity or with Warner Brothers right now, but it might be a plug and play at a different company? Is that what you're saying? Plug it into the flywheel?

[Tom]

I don't know. What do you think, Pat?

[Patrick Bet-David]

It goes back to the same point I made. If you have a flywheel, the insurance company buys a distribution. They're the product developer, but they don't have distribution. They're having a hard time them selling insurance. You buy distribution with 50,000 agents. Now, you make the 50,000 agents sell the product. So this maybe stays the same valuation of the company you bought, but your insurance company's valuation just went from 5 billion to $25 billion. They may have not gone up valuation more than 30%, but this just 5x. So it's worth adding it to your flywheel. If you have the flywheel. If you really want to know what people are competing for next two decades in a media company is who can build the best flywheel really? Well, you'll see.

[Adam]

I'm glad that we got Tom, because. Want to know why? Tom, you're pretty fly for a white guy.

[Tom]

Thank you.

[Adam]

You're welcome, buddy. I think that's a flywheel.

[Patrick Bet-David]

It's a good.

[Adam]

You know.

[Patrick Bet-David]

All right, let's do a couple other stories here. By the way, gang, remember we already have a couple questions on Manek that we're going to go to. If anybody that's been listening to the podcast, if you have any question you want to ask at the end of the podcast, we will address two of your questions. But you got to post your question not on YouTube. You got to post it on Manect Circles. Go there. That's the QR code. Go to the Manect circle, post whatever question you have on the stories that we talked about today. We will address them at the end of the podcast and recognize the individual, the name who asked the question. Okay, couple other stories here before we wrap up. I like this story here. Wealthy families are writing mission statements to avoid fights, Lost fortunes, a Wall Street Journal stories. Rob, if we want to go to this next story, I don't know if we have a video on this. I don't think we do. But let me read this to you. Serial entrepreneur and investor James Harold Webb has done careful investment in estate planning to pass down as well to his five children, their three spouses, not his three spouses, his five children's three spouses and six grandchildren. He also got everyone together to write a family mission statement. The entire goal is to preserve the family and to preserve the wealth, said Webb, 65 years old. Those ventures include buying and building 33 Orange Theory Fitness franchises in Texas that he sold to private equity. The mission statement for 16 person blended family life is a gift that cannot be wasted. Family is the essence of that life and as a family we will work hard, we will play hard, we will live in the pursuit of knowledge. We will love our family unconditionally. We will give more than we take to ensure a better world. Great mission statement A family mission statement lays out principles and goals in a few sentences. The aim is to avoid the fighting that has destroyed fortunes and left relatives battling in court or just make sure younger generations don't squander the fortune. Behind the trend is the extraordinary wealth creation in recent years and a boom in family wealth and concierge services catering to it. Sometimes known as declaration of purpose or vision, mission statements aren't legally binding. Some advisors embrace the statements as a way to increase a family's chance of what they consider success preserving their wealth for a century or more. Adam, thoughts?

[Adam]

I absolutely love this. I feel like every wealthy family, any normal person, family, any company should have a mission statement. Any brand where, you know, things are happening so fast in the world today, you know, we're not, we're no longer in the information age, we're transitioned to what's called the validation age. Information is a dime a dozen these days. We just went down the whole rabbit hole of how many different search bars are there? Chat GPT. But if you can't define what you are, someone else will do it for you. So if you're a family or if you're a company, the greatest thing you could possibly do is say, this is what we stand for. I think that's incredible. Like, you have your. Your four family values that you always talk about.

[Tom]

Right.

[Adam]

You put that out there into the world.

[Patrick Bet-David]

Right.

[Adam]

Ppd. I think that's incredible. You know, I go to this state tax planning conference heckerling every year, and there's thousands of estate planners, tax planners, legacy planners, philanthropic planners, all this. What about mission planners? These family missions? Saying what you stand for, I think is the most important thing you could possibly do. We have our core values at valuetainment. Didn't we spend, like, literally a year figuring that out?

[Patrick Bet-David]

Of course.

[Adam]

Yeah. And, like, there's nothing more important. This is what we stand for.

[Patrick Bet-David]

Respect to you guys. It's so important. And, Tom, you know, we went through this the last. What would you say, 18 months that we started at 5100. We've been going. We've been doing estate planning for almost 10 years, but it's gotten more and more and more in depth as the kids are getting older and you're getting to point to decide what you have to do with them to prevent them from making bad mistakes in the future and how people take advantage of them. This weekend, I'm in Miami, and this guy comes up to me trying to get a guy to get him on the podcast. And then while I'm talking to him, he introduced me to his dad. His dad's a divorce attorney. And we start talking for a good 20, 30 minutes. And I'm telling. Tell me all the stories you got. How long you been doing divorce, you know, prenups and all this stuff? For 40 years. So tell me what works, what doesn't work, how many prenups got divorced? I've probably done about a couple thousand prenups. How many led to a divorce? He says, maybe eight. I said, really? Out of all of them? Yes, eight. And I'm asking these questions. It's unfortunate when you see the one story when, you know, Anderson Cooper's mother says to Anderson Cooper, we're Vanderbilts.

[Adam]

Yeah.

[Patrick Bet-David]

And it's like, oh, my God, we're Vanderbilts. But don't expect Vanderbilt money because the kids say we wasted all of it. So think about if you go to the Biltmore Hotel. Rob, can you type in the. Is it the Biltmore Miami? Yeah, not Biltmore Miami. What is the town? What is the North Carolina? No, the North Carolina. The Vanderbilt vacation home. Type in Vanderbilt vacation home. It's like150,000 square foot vacation home they built. Yeah, right there. Rob, if you can go to that one, go to images. If you go to images, that's a vacation home that they built. Okay, that's one of them that they built. Yeah.

[Adam]

Biltmore, Asheville, North Carolina.

[Patrick Bet-David]

The money went in just a couple generations. Tom, how do you process this story?

[Tom]

Well, I think this is good. If we don't have life, liberty and pursuit of happiness in our Constitution, you don't have the essence of what the Supreme Court has to interpret, because every now and then they have laws and things come up there. They have to interpret it. Trustees have to interpret. In your will and in your trust, there may be a bequeath. Here's a bequeath. I hereby set aside up to half a million dollars per child for any educational expense, provided that it's for college, bachelor or master degree. Pretty tight, right? Very tight. Well, now, later, one of the kids wants to take part of the trust and he wants to invest in a business. But the business is a set of convenience stores that sell alcohol, tobacco and firearms. Now, the trustee says, well, how do I read between the lines what these mission statements helps it do? And it says, well, your dad, Patrick bet David the first said that we will invest in education, we will invest in personal development, and we will invest in companies that support these pursuits, including the enablement of the betterment of small businesses in America. Sorry, I, as the trustee, cannot get your request to start a bunch of convenience stores that sell alcohol, tobacco and firearms. That's not aligned with the mission that great grandpa Patrick put together here. These are critical because it's like a constitution. It'll give the trustee something to work with and interpret, because otherwise it's just, well, you got. You got $420,000 for your education because it said here you could have up to 500, but you can never predict every single question. So it's like putting a constitution in place and then letting the trustee interpret the alignment of your intent.

[Adam]

You brought up a very unique term. You said trust and trustees. I remember the first time that I heard the term trust fund kid. And it was when I went from public school and I went to private School on a sports scholarship, by the way. And I remember meeting these two different kids, and they were all very rich kids. Just kind of like how, you know, you said, I think Tico, whatever, got in a fight about rich kid stuff. And these two kids had the exact opposite trajectories. They were both trust fund kids. One kid, I don't know what the ramifications or what were the bylaws of the trust fund, but he. He became a worker. He worked for the family company. He did not go out, he had a party, didn't squander the money. I mean, this kid still to this day, you would know the family name is running one of the biggest real estate companies in the history of Miami. And trust fund, I love that. Separate. There was this one guy where I'm talking, he's been in rehab 10 times. He's partying, drugs. Great guy to hang out with, you know, after college, but I have no clue what he's doing. And the family has completely distanced himself from this kid. So these trust fund kids, it comes down to what you talked about, the mission statement, the family planning enablement. Exactly. If you just enable a kid to just be rich, they're going to squander the money. I mean, how impressive is what Eric Trump does or what Donald Trump does? You know, that Donald Trump would never in a million years let his kids squander everything that he worked for. He did such a good job that, in fact, Hillary Clinton on the debate stage had to give him props for what he's done to his kids. How many billionaires out there are wealthy families have just basically said, ah, whatever, do what you want. And the kids, grandkids, squander all the money.

[Tom]

Drinking, no smoking, no tattoos.

[Patrick Bet-David]

I wish there's a video of that, by the way. I wish I could find the interview I did with a guy who dealt with wealthy families in Seattle. And I brought this guy on board, and we spoke for about a couple hours on the podcast, and he told me he was dealing with the Franklin Templeton family is what he was dealing with.

[Adam]

It's a big name.

[Patrick Bet-David]

At the time, it was a five billion dollar family, and it was 16 grandkids. And he said they gave me the permission to openly talk about it. Listen, if I butcher it, please go back and reference the interview. I'm just paraphrasing what some of the things he said to me. The interview is out there somewhere, live. You just got to go find it. And I said, so what was the one thing you found out? He says, by the time I got to the families, it was already too late. They were already drug addicts, they were gambling, they were doing this, they were doing that. It was too late for me to do anything with them, unfortunately, he said. But I eventually got a hold of somebody. Do you know what is the greatest book to read on this, folks? It's one of the books. The first time I read it, I bought a thousand copies. And I gave it to all of my sales guys for many years to come. It is hands down the greatest book ever written on estate planning. That ended up becoming a movie. But don't watch the movie. Read the book. It's called the Ultimate Gift by Jim Stovall. Just do yourself a favor, buy the. I have my boys read this book. My kids have read this book. It's a story about a guy named Rhett Stevens. It was written by a man who's blind and deaf. Jim Stovall. Do whatever you can. I have. How many reviews does that thing have? 2,000, 750. I've probably, over the years, about 10,000 copies of this book and given it to every one of my sales guys. We got 60,000 people we've licensed over the years. This is one of the greatest books you'll ever have your kids read. And you read because it breaks down. It's a story of a man who moves to Texas, I believe, works for this guy that owns this land. Eventually, the land strikes oil. The man dies, gives him the land, the guy becomes a billionaire. And then when he dies, he creates 13 videos that his best friend, who's a lawyer, play in front of his kids that the video explains. If you're watching this video, it's because I'm dead. That's how the video starts. I'm not even going to go any further. You just have to watch. Read this book. It's like 100 pages. Rob. Can you go all the way down? 190 pages is what it is. It's a very easy read. Every father, every mother, especially if you're somebody that's successful, don't just read it. Have every one of your kids read this book. Because they'll understand the concept of the ultimate gift where if you just hand the money over. By the way, earlier we showed that video that. That house. Rob, what is that house called? The Biltmore Estate. When Vanderbilt, you know, was the richest man in the world.

[Tom]

Asheville.

[Patrick Bet-David]

Biltmore. Yeah. He has eight or nine kids. You know how big that house is? It's a hundred and seventy five thousand square feet. 250 rooms, 35 bedrooms, 43 bathrooms, 65 fireplaces. And this was just a vacation home. This was just a vacation home that they built. Look how big it is. And look at all the people that are in front of the house. This is a massive property. So you gotta, you gotta teach this to the family. It's a hard thing to do. It's a great story. Anyways, let's go to the next story here. The next story I want to go to is Americans Underprepared for Longer Lifespan and Extended Retirement Years Study fines. So this is, this is a, this is a story that most people will read. They're like, oh, give me a flip and break. Who cares about this? It's going to impact almost every single one of you that's watching this. And you'll see here why, okay, so adults are living longer, but there's a caveat. The retirement funds aren't keeping up with their longer lifespan. According to a recent study by John Hancock. Longevity Preparedness Index, which can develop, which was developed with MIT Age lab, revealed the US Adults are largely underprepared to live well as they age. The index measures how much Americans are going to thrive later in life across eight key domains. Social connection, daily activities, care, home, community, life, transitions, health, and finance. Based on a survey of more than 1300 adults, respondents scored an average of 60 out of 100 overall, indicating that most adults are not adequately prepared for longer lives. They are falling short in critical areas such as care, housing, finance and health. Some groups, particularly women and caregivers, had stronger preparedness across several of these dimensions. The population of people at least 65 years or older is estimated to rise from 58 million to 82 million by 2050. However, the index shows that almost 4 in 10 people will face financial instability as they age. The biggest blind spot identified in the LPI study was that few American adults who know will care for them as they age and how they'll afford to care. And many haven't had conversations with family or loved ones about it. The study found that respondents scored a 42 in care preparedness, which was the lowest score of the eight domains analyzed. Tom thoughts?

[Tom]

Well, there's two things about it. There's health insurance policies and life insurance policies that provide long term care. Like if you get into a situation with dementia and it's gonna take three, four, five years, like a really healthy person in dementia. It could take five, six, seven years sometimes for Alzheimer's or dementia to run its course with a person that had no other health issues. And the question is, who's gonna take care of it? So we have two problems in this country. One is being able to afford the care and the second is we have a huge shortage of nurses and senior care. And there is a, I read an article a week ago about, and it showed a picture of a robot cleaning a bathroom. And that video has been seen on Twitter and everywhere. It's this little square robot that goes in and cleans this bathroom, does such a good job. And it's talking about how automation is actually going to be part of it. You want to find, Rob, it's a square robot that cleans a bathroom in an office building. But what people are going to need is the amount. They're going to need money and then they're going to need resources in terms of the people that care for them. And right now we have a shortage of savings by people and we also have a shortage of nurses and people that are actually going to give the care. There it is.

[Patrick Bet-David]

A robot.

[Tom]

Yeah, check him out. Look at this. He's got cameras and everything. He does all this stuff and they say he has sensitivity down to one ounce, like a pressure, like, wow. Like it'll know if it's putting an ounce of pressure or a pound of pressure on something. And it does all this. It knows.

[Patrick Bet-David]

So it's like, how much is this robot?

[Tom]

I, I, I, I didn't, I don't see the, the price or anything. This is, I think, was a proof of concept and showing you that it works. But it like knows where certain things are and it recognizes them. It's got a camera. And so imagine if basically one person just goes down.

[Adam]

Wow.

[Tom]

Goes down the street.

[Patrick Bet-David]

Crazy Rob.

[Tom]

And the robot goes in and cleans your, the person's house. So these are all the services of care of someone like an elderly person not being able to do all this. But it's gotta be. People need to start savings. And we also need, you know, good wages for great nurses to take care of, you know, people at this age. And long term care policies are part of it. So the insurance industry has to be part of this. We need to provide on ramps for people to be caregivers, get a job being caregivers. Because, you know, everybody says, what about all these, these people that are displaced? And it says, well, what if you're displaced from a $75,000 analyst job and you can be a $75,000 caregiver? Robots can't do everything, right? Robots can do a lot. And you can wear an Apple watch that gives Your biometrics and stuff. But we also know that there's these things with companionship.

[Patrick Bet-David]

These guys are going to be 22,500. Is that.

[Tom]

Is that what it's looking at for the home version? Yes.

[Patrick Bet-David]

Can you go to lokirobotics.com@brand. I'm coming to you next. Go to Loki Robotics. Is this their website?

[Tom]

Yes, sir.

[Patrick Bet-David]

So let's see, what products do they have? Can you go to the top on products?

[Tom]

20,000 is 100,000, Brander. We could buy five of them and open a maid service, just you and me, with a truck that drops off the robot. It goes and does the work at the house. We pick up our robot at the end of the day.

[Patrick Bet-David]

Are you pitching it like a side business?

[Tom]

No, I'm just saying. I'm just.

[Brandon]

No. So, I mean, this. This topic really pisses me off. Like, the whole boomer thing, like, the audacity to say you don't have money. Give me a freaking break. If you're a boomer and you don't have money, you were irresponsible as hel at some point in your life. Like, you like the $100 in the S P, 500. A hundred dollars in the SB 500 1970s, $32,000 today. What were you doing just lighting money on fire in the 70s if you're a boomer now? I mean, come on.

[Tom]

No, they were snorting it, actually. Accurate. I mean, at Studio 54, I have.

[Brandon]

All the sensitivity in the world for people who, like, are genuinely in an unfortunate position because of, like, an unlucky turn of events or where, whatever. But if you just. If you just end up being poor after extracting $36 trillion of wealth from the future, putting everybody else in a worse position. Like, what, we're supposed to feel sorry for you now? We spend a ton of money on Medicare. That goes to you. You benefit from Social Security more than we ever will. So what, you want us to feel bad for you now that, like, what, you're in a tough spot because you're living longer because of all this great care? I don't know. I was holding that in for a while. I was holding that in for a while.

[Tom]

Yeah.

[Patrick Bet-David]

Adam, thoughts?

[Adam]

I mean, this is something that gets me fired up in a different way than Brandon does. Brandon clearly hates grandmas and grandpas, and I love them all that. But this comes down to the failure of the system to educate people on how money works. I say this all the time. Personal finance is called personal finance for a reason, because it's your money at the end of the day, whether it's your finance, whether it's your health, whether it's your family, you have to look in the mirror and take personal accountability. That's why it's called personal responsibility or self esteem. It's on you. So the problem is there's this company called the three legged stool of retirement. And I'll come to that in a second, Rob. There's a three legged stool of retirement that every single person in America should understand. And you might understand this, but your mom or your grandpa, someone that's older than you is going to have to learn this the hard way. There's Social Security, which is basically going bankrupt. Maybe you're going to have half or three quarters of it by the time you retire. There's pensions, which in 1980, I think 60% of America had pensions. Now it's less than 15%. You tell me if you have a pension and the last component is your personal savings and your personal retirement accounts. So in, in retirement accounts, this is kind of inside baseball nerd ass stuff. But there's defined benefits, which is basically your employee says you're going to get this money, that's a pension. And there's defined contribution, which is basically what most of us have, which is 401ks and Roth IRAs. Most of us are going to have to learn those letters IRA or 401K. And if you don't, your retirement might get very, very ugly. There's so many people that I talk to that have a doge crypto account, whatever, or a crypto account, but they have no clue what a 401k is and no clue what a Roth IRA is. I tell people all the time, if you don't know where to start just looking at a Roth ira. They talk about American Americans can't even keep up with retirement. Well, stop keeping up with the Kardashians. Start keeping up with your Roth ira. Here's the challenge and I'll go to this picture right here. I remember when this is when our old friend Marcelo was working for valuetainment and we were writing this episode of saucecast and Marcelo, who's on SNL and is a massive star, and I start telling to him about how important retirement accounts are, how important saving for the future is, and he's like, Bro, I'm 24 years old. Do you think I give a shit about retirement right now? And I go, you might not not, but your, your mom's gonna know about it.

[Patrick Bet-David]

Tells me he's doing okay. With retirement, he's gonna do okay.

[Adam]

And we did, we did this whole skit about how a 401k is not sexy. It's not going to help you pick up a girl at the bar. But you best believe down the road that people are going to want that for 1k. There's this girl going viral right now about, about having a 401k in a retirement home. Makes you like the most eligible bachelor in the, in the, in the retirement home. But you know, your dad is how old?

[Patrick Bet-David]

83.

[Adam]

83 years old. My mom is 75. Tom, how old is your, your mom, Babs?

[Tom]

89.

[Adam]

She's 89. So I always say this. Whether you're 83, whether you're 75, whether you're 89, people are living longer. You know, they said that life is short, not so much. Life can be very long these days. My grandma's 94. I have another grandma who's 99. Thank God that they put money in retirement. Thank God that your dad has you. I know he was a cashier at a 99 cent store. If your dad didn't have you, what would happen with Gabriel? If your mom didn't have you, what would happen with her? Thank God I'm looking out for my mom. There's so many people in retirement that are retiring now with no money. That's basically what this thing says. And the last thing that they have is the lowest score is long term. Long term care. You sell stocks, you sell bonds, you sell annuities, you sell life insurance. Long term care for people in the, in the insurance world, the financial planning world is by far and away the most expensive and the most complicated product. Have you heard that?

[Tom]

Yep.

[Adam]

It's crazy because to the point that.

[Patrick Bet-David]

A lot of them got rid of long term care products because they didn't.

[Adam]

Have the product anymore.

[Patrick Bet-David]

80 of products that's not that. Adam, let's go back. We've been on the story for too long. I don't want to be on this story for. Well, you told the story.

[Adam]

I'll let you get, I'll give you, let you chime in. I always say sacrifice your wants to today for your. For your needs tomorrow. You always tell the story about how you're the old wolf. The new, the young wolf needs to protect the old wolf. What is that? You know you talk about me?

[Patrick Bet-David]

Yeah. That you'll be take care of the old wolf one day. You're going to be old. Take care of that person. And that person is relying on the young you to Take care of that person. And too many times a young version of you is playing a little bit careless. And you never think you're going to be that age. I was telling this to a guy yesterday. I'm 47. I can't believe I'm 47. Talked to one of my friends yesterday when I worked with him at Burger King. He's calling me, telling me, you won't believe it. We're running a business. We got five employees. We're making money. I've never made this kind of. I said, that's awesome. You finally understand what it is to be a business owner. It's hard, it sucks, but it's awesome. It's exciting. You're going through it and we're telling stories of when we worked at burger king at 15 years old. And I said, that was 20 years ago now. It was like 32 years ago. Holy shit. 32 years ago.

[Tom]

Not.

[Patrick Bet-David]

Not 30. That's insane. To be able to say 32 years ago is when I worked at Burger King.

[Adam]

Crazy.

[Patrick Bet-David]

I can't believe that. Okay, Michael Jordan's new show is coming up. We're not going to get to. We'll react to probably on Friday. And they're asking these players, what did you think about the 90s NBA? I wasn't born yet. I don't know what happened during that era. Right. But let's go to one question before we wrap up in time. I'm going to bring this question to you. So I got to go to max 7 because they're waiting. So this fellow here, Terence Kohler, asked this question. It's a long question. With Chad GPT rising to rival Google, I can't help but ask, does anyone still grasp what's actually on the auction block? The illusion is concerning. You think you're searching, but what you're really doing is surrendering. Every scroll, click, copied word feeds a digital phantom of you. You're becoming a data your mind mind, your patterns mapped, your impulses sold. The modern startup scene has become a masquerade of innovation. Masking, extraction. So I'll go to the last part of it. 82% of iOS apps track you, a third of which link directly to your identity and a nearly fifth record your location. The FTC admits big tech services are little more than surveillance systems in a in pretty wrappers, data brokers hold billions of human profiles, each containing thousands of behavioral points ready for sale. Europe at least pretends to guard privacy under gdpr. California tries. But America question mark the year the marketplace feeds you on consent you never gave. Big Tech builds its fortunes not on innovation, but on the quiet theft of intimacy. The question isn't who wins the race between Chad, Japan and Google. The question is, when the dust settles, will you still own yourself or will you just own your login?

[Tom]

TOM so what's really interesting about this is people are discovering in living color what has been happening for 40 years. Credit card companies. And I saw a study. This goes back when I was getting my MBA, 1993-95. Pat, check this out. This credit card company took all the transactions and they built a map of where you go and what time you go and how often you go there and how often you spend and the kinds of things that you bought. Now, they didn't know what was, was in your grocery basket, but they knew all the stores you were at. They knew things. And by the way, your bank also knew where your, you know, your, your car payment and where you used your debit card. So your bank, if it was also your credit card, had even more data. And so that was out there. And people say, oh, my gosh, we're concerned about our privacy. You know, Visa knows all this, this stuff about me. Well, now it's just leveled up. And if, if a certain person wants to really be conservative, the answer is back office. There are people that, in the mid-90s, you, we started hearing the phrase, and this is when you were young, son.

[Brandon]

I was, yeah, I wasn't, I don't know if I was alive yet.

[Tom]

Yeah, well, it was called, it was called get off the grid. And people would say, I'm getting off the grid for a while. And what that really meant was I'm just, you know, you're not going to see me emailing. I'm not going to do that. And so people really want, want privacy. That's where it goes. But everything you put on your phone, you have more control than you think on notifications and data and stuff. And the person, Terence, is making a very good point. And if you're really, really super concerned about it, as many, many people are, you can be really proactive about exactly how many apps and stuff you put on your phone. And yes, startups use your data so they can optimize service to you, but you can ask the app not to track.

[Patrick Bet-David]

And I'm not saying, where are you at?

[Brandon]

There's a positive to it, too, that we're missing. And I think that people are failing to recognize what the term data is. The new oil means, like the way that oil built a new world from the 1800s to the 1900s. The way semiconductors built the world from 1900s to 2000s, data's building the world in the next hundred years. Like data is what fuels AI. AI is what's going to build a new world. So I mean, yeah, sure there's definitely going to be some unfortunate negative stuff that happens from them knowing everything about us, but I think it's really convenient sometimes that ChatGPT remembers our whole history because I could reference back to things, say, hey, remember when I asked about that, like, what do you think about this, etc. Etc. So I, I really like some things about it and it's less painful to focus on the positives rather than the negative. So sometimes choose the positive to look at.

[Patrick Bet-David]

Interesting. Adam?

[Adam]

No, I, I've exceeded my talk time today, so I'm good.

[Tom]

Right back to you.

[Patrick Bet-David]

Okay. Rob, where are you at with that question?

[Adam]

I agree with Adam. Thank you, sir.

[Tom]

Oh wow, that Adam has exceeded his talk times.

[Patrick Bet-David]

I, I, I, I appreciate everybody gang. For those of you guys, I don't know what participate in these questions in the future, do go to Manect circles and be more active. It's a great place for you to meet each other and network with each other as well and talk throughout issues and sometimes stories that are coming out that you want us to talk about. You get to comment in there and tell us talk about this, please, on the podcast tomorrow. We are paying attention to what you have to say. God bless everybody. We will see you guys on Friday. Take care everybody. Bye bye bye bye.