$9M Buffett Dinner, AI Monets, Patek Scarcity, Late-Career Founder, WSJ Mansion Section, 𝕏 Timeline Reactions | Rahul Sonwalkar

Summary

TBPN Podcast Episode Summary

Podcast: TBPN (The Best Possible Network)
Hosts: John Coogan & Jordi Hays
Special Guest: Rahul Sonwalkar (Founder, Julius)
Date: May 15, 2026
Episode Theme:
A relaxed, freewheeling Friday show with tech news, cultural commentary, AI debates, luxury watches, founder stories, and live reactions to trending timeline posts. Special guest Rahul Sonwalkar joins to share insights on startup life, AI, and product building.

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Main Topics Breakdown

1. Warren Buffett Charity Lunch: The $9M Mystery Bidder

• [00:55] Buffett’s annual charity lunch returns, attracting a $9M winning bid from an anonymous buyer (sharp decline since the $20M+ bidding peaks).

• "Originally in 2003, it was just a couple hundred K, but then it spiked to almost $20 million and now is sitting right around nine." — John [01:29]

• The appeal: celebrity attendees like Steph Curry and Aisha raise speculation on the real motive (Buffett, the company, or basketball).
• Notable Buffett quotes:
  • "The spirit remained eager, but the flesh became progressively weaker." — Recounted by John [03:45]
  • "Both the money and the message remain important."
• Previous winners include hedge fund managers and crypto founder Justin Sun (who gifted Buffett bitcoin and Tron at their meeting).

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2. AI in the Workplace – Talking to AI is the New Typing

• [05:20] WSJ article: Employees now “whisper” or dictate to AI instead of typing, creating a “high-end call center” vibe.
  • At Ramp, engineers wear gaming headsets to “talk” to Claude/Codex.
• Rahul’s take:
  • Pro: Easier for management to “audit” if employees are working.
  • Con: No one wants to hear everyone’s prompts. Embarrassing.
• Prompting evolution:
  • "My May 2026 approach to prompting is... more like cognitive behavioral therapy with AI now. I reassure the AI." — Rahul [07:13]
• Technical note: AI communication style has matured; less yelling/over-specifying, more focus on outcomes.

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3. AI Art: Can You Tell Monet from Midjourney?

• [16:01] Schloam’s viral post: “Is this Monet AI-generated?” (tricked respondents, it was a real painting).
• Community feedback:
  • Critical of “AI” for lacking depth, texture, “mess of humanity.”
  • One wrote, “It lacks the texture, the rugged edges, the folds, the crevices and creases... the AI version is granulated pixelation and it looks that way. It lacks the mess of humanity.” — [18:46]
• Discussion: Most people can’t distinguish real art vs. AI, yet are confident in their “diagnosis.”
• Sony AI camera fail: [19:30] A new Xperia AI photo feature worsened images (official account blasted). “Maybe it’s a psyop from Sony” to kill off AI features, joked the panel.

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4. Startup Schemes & “Revenue Laundering”

• [11:36] “RevSwap AI” meme: Founders trading dollars as fake revenue. Joke or not, half a million views stoked confusion/fear about startup “circular deals.”
• Real-life parallels: Nvidia invests in clouds, clouds buy Nvidia GPUs—where’s the line between healthy ecosystem and “larping” (founder roleplaying)?
• Classic example:
  • ASML “customer coinvestment” (Intel/TSMC/Samsung collectively funded next-gen lithography) [14:44]
  • Transparent, disclosed circularity can drive real innovation.
• "If you're disclosing it, like, we have this weird circular deal, you should probably discount it to zero... that's not wire fraud, right?" — John [14:15]

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5. AI Monetization and Slide Deck Generation

• Julius Update (Rahul Sonwalkar, 25:20–28:00): New “Slides” feature auto-generates decks from messy data. GPT-4o’s advanced image gen now enables single-slide infographics but multi-slide decks demand a code harness to preserve style/brand.
• Rahul:
  • "Generative imagery for slides was just not great until GPT... [now] the text rendering is so good it completely changes the game." [26:16]
  • Automated multi-slide/brand-consistent decks best handled with programmatic tools, not pure image models.

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6. Data Center NIMBYism, Political AI Battles

• [28:12] Legislation to pause AI data center construction (Sanders & AOC) debated. Side effects:
  • AI data centers defined as those >20MW/using liquid cooling.
  • Utility upgrades billed to locals fuel NIMBY backlash; some suggest moving centers to remote areas.
• Elizabeth Warren:
  • "A single AI data center uses as much electricity as 100,000 households."
• Water usage debated: "Almonds catching strays" as data center and almond farm water use compared [32:01].
• How to build a “80% community approval” data center? Remote, clean energy, low-impact facilities.

---

7. Luxury Watch Scarcity & Retail Moves (Patek Philippe Section)

• [51:12] CEO Thierry Stern, Patek Philippe, on weathering luxury watch market storms:
  • Firm output at ~75,000 watches/year, $3.2B revenue estimate.
  • Strategic global allocation, non-flashy branding; “You don’t come to Patek because it costs more.”
  • Comparing to Rolex certified pre-owned program.
  • Store expansion via historic Zurich retailer Bayer; resisting “retail grab” trend.
• Market consolidation: AP, Rolex, Richard Mille, Patek now own ~50% of luxury segment.

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8. Late-Life Entrepreneurship & “Serial Renovators"

• [59:56] Wall Street Journal profiles couple endlessly renovating Tulsa houses (“serial renovators” not “flippers”).
  • Quote: “I go through withdrawal without a home project.” — Anne Farrow, 63 [60:18]
  • Renovation as relationship glue.
• Founder at 67 starts a publishing business:
  • “Starting a business in retirement may sound like an oxymoron, but the idea has quite a few virtues... you can decide for yourself whether to keep things small and casual or build yourself a modest empire.” [82:36]

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9. Timeline Reacts: Meme Posts & Tech Zeitgeist

• [43:59]–45:49 AI lab funding now dwarfs NIH neuroscience research.
• River AI: New X.ai co-founder startup – “the naming singularity.”
• Riff: “Country Intelligence” as a concept — a model trained on “cold beer, lifted trucks, boots in the mud.”
• Meme: "Wake up at 4am is squirrel mode, not lion mode—hibernate, sleep all day, work like a lion." [111:00]
• LLM generalization cartoon: It follows surface pattern, not underlying intent [112:41].

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10. Markets, Finance, and Founder News

• [95:00] SpaceX IPO accelerates to June 11 (NASDAQ listing).
• Ackman’s Pershing Square buys into Microsoft on AI optimism.
• Figma Q1: 46% YOY growth, $12B valuation.
• Large orgs: Accenture now has 786,000 employees.
• The cost of AI: Some companies’ token spend is outpacing opex savings from layoffs [101:27].

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11. Cars, Creators, and Luxury Brand Collabs

• [87:23] Lamborghini launches limited Roadster—hosts question why there’s still no onboard supercomputing as a flagship feature.
• New Bentley “Chalet Edition” creator collab (Stad Guy): Only 25 units, high leather and wood content. Panel compares to Dale Earnhardt edition Monte Carlo.
• Waymo “religion” meme: AVs congregate, circle cul-de-sacs in Atlanta.
• Ferrari F44/Hamilton rumors—would need to win a championship for a tribute edition to work [109:51].

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Notable Quotes & Memorable Moments

• "The spirit remained eager, but the flesh became progressively weaker." — Warren Buffett (via John) [03:45]
• "My May 2026 approach to prompting is...I do more CBT. I try to, like, reassure the AI." — Rahul [07:13]
• "It's not solvable with better prompting...the physical object. A real Monet is a thing before it's an image." — Discussion on AI art [18:18]
• "If you're disclosing it...that's not wire fraud, right?" — John on startup circular revenue [14:15]
• "I go through withdrawal without a home project." — Anne Farrow, serial renovator [60:18]
• "You don't come to Patek [Philippe] because it costs more." — Thierry Stern, CEO, Financial Times [51:22]
• "Senior citizen launches business at 67: It's much better than retiring."
• "Wake up at 4am...that’s squirrel mode. Don’t be a squirrel. Hibernate, sleep all day. Work like a lion." — Timeline meme [111:00]
• "If every person in San Francisco left and Accenture brought their entire team, you'd need to build more houses." — Jordi [103:23]

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Timestamps for Key Segments

• Buffett $9M Lunch & Mystery Bidder: [00:55–05:11]
• Talking to AI in the Workplace: [05:20–08:59]
• AI Art & Monet Community Bait: [16:01–19:30]
• Startup Circular Revenue / RevSwap AI: [11:36–15:44]
• Julius Product / AI Slide Generation: [25:20–28:00]
• Data Center NIMBYism & AOC/Sanders Bill: [28:12–35:04]
• Patek Philippe & Watch Market: [51:12–55:45]
• Serial Renovators & Later-Life Founders: [59:56–66:00]
• Car News (Bentley, Lamborghini, Waymo): [87:23–94:27]
• Market Moves (SpaceX, Ackman): [95:00–100:00]
• Timeline/Meme Reacts: Throughout, esp. [43:59–46:27] and [111:00–112:49]

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Final Takeaways

• Tech news is increasingly meme-driven – separating signal from noise (and jokes from wire fraud) is part of the modern founder's job.
• AI is pervasive: changing how we work (from whispering in offices to how founders prompt models), how we create (art and presentations), and what it means to “build” in the age of weak moats and easy slop.
• Luxury, scarcity, and “taste” debates thread through both old markets (watches, real estate) and new (watches as “Labubu”, Patek as meme).
• Reinvention isn’t just for the young—founders, renovators, and even Buffett himself are in the news for late-stage audacity.
• Timeline culture and tech punditry is now as much about community dunking and instant feedback as “official” product launches.

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For those who missed it: This episode is a rapid tour of 2026’s tech and cultural obsessions—equal parts market gossip, generational advice, and live-tweeted meme debate, with frequent lapses into self-aware humor. If you crave news, analysis, and jokes about AI art, charity lunches, or home data centers, this is a must-listen.

Transcript

[A]

You're watching DBBN. Today is Friday, May 15, 2026. Are we live?

[B]

Yeah, we're live.

[A]

Okay, good.

[C]

We're live.

[A]

We bumped it. We have a special guest today. Rahul Sundwalkar. Introduce yourself for everyone who doesn't know.

[B]

Hello, guys. I'm Rahul Sunwalkar, friend of John and Jordi, founder of Julius.

[A]

Yeah. How are things going?

[C]

I don't personally think he needs an introduction.

[A]

I don't think so either. But we're very happy to be joining. Under this Friday, we have a bit of a mellow show. No guests. Where's my camera? Over here. Am I back here now? Am. Okay, we're good. We're figuring it out. It's Friday. Bunch of tech news, bunch of random posts. The mansion section. The who is.

[C]

They're saying you're not hyped enough. They're saying you're not hyped enough. Why don't you go hit the gong?

[A]

Go hit the gong.

[C]

Warm up.

[A]

Wake up. Yeah, hit the gong.

[C]

Little gong. Warm up.

[A]

Coming to la, hanging out with us. Boom.

[C]

All right. You gotta hit it. You gotta.

[A]

Terrible. Big smash.

[C]

Big one, big one.

[A]

Smash it. That's a good God, dude. Come on. CEO Patek Philippe did an interview with the Financial Times. We can go into later, but we got to kick it off with Warren Buffett. Warren Buffett is stepping out for his famed charity lunch again. He's done these for years. A mystery bidder. I wonder if we'll. If the mystery bidder will be unmasked at some point. Mystery bidder just bid over $9 million to win an auction with the Oracle of Omaha. Which would you pick? $9 million in your bank account or lunch with the Oracle of Omaha?

[B]

I'm taking lunch with Oracle of Omaha any day.

[A]

Any day.

[B]

Any day. What would I do with $9 million?

[A]

You could buy Berkshire shares. Let him. Let him work for you forever.

[C]

Rahul lives in sf, right?

[A]

Yeah. So you come.

[C]

You're going to get outbid.

[A]

Okay. Yeah. So what are you doing with nine? Well, nine is down. So if you look at the chart, there was a sort of a slow takeoff in the price of these winning for Buffett lunches. Mystery bidder just paid over 9 million to win an auction with the Oracle of Omaha, who last participated in the event in 2022. He took a couple years off. 2020. Of course, Covid took it off 2021. Made a comeback in 2022, and there was massive demand because previously, this was a $2 million lunch. Originally in 2003, it was just a couple hundred K, but then it spiked to almost $20 million and now is sitting right around nine. The year's winning bid is a steep drop from the last time Buffett participated

[C]

in the call, but the trend is quite positive.

[A]

I think it's pretty good. If you interpolate this, he's still raising multi million every year. The setup.

[C]

So here's what I'm curious about. It's a mystery bidder. We have no idea why they bid. We just know they want to go to lunch. We know they want to be at lunch.

[A]

Delicious lunch.

[C]

There's different groups in attendance. You have Steph Curry and his wife Aisha. And so there's a possibility that this person just wanted lunch with them. They could come in and say, you know, Warren keeps kind of like, he wants to be friendly. Right. So they paid a lot. So he's trying to engage, and they're just like, really, dude, I paid $9 million to have lunch with Steph Curry. And you're trying to constantly get a word in what's going on could happen. And so, yeah, we don't know if this is just a basketball enthusiast, someone that wants to talk about how the game is.

[A]

Yeah. Hard to sort of disentangle until you figure out who the mystery bidder is. Are they courtside every game, or are they. At the shareholders conference at 92, Warren Buffett said he ran out of gas. The spirit remained eager, but the flesh became progressively weaker. That's a wild quote from Warren Buffett.

[C]

And what about this one?

[A]

He said both the money and the message remain important. That's not that crazy.

[C]

The money and the message. I mean, if you say it. If you say it like he's selling,

[A]

like, course, yeah, yeah, yeah.

[C]

Then it sounds significant.

[A]

Ted Welsher, now a Berkshire investment manager, won the auction twice when he was a hedge fund manager. Oh, so it's sort of like a job opportunity, potentially. Like, you have to pay all this money up front, but you get to know the big guy, eventually he cuts you in on the business.

[C]

Justin's son was another previous winner.

[A]

Interesting. What did he do? Tron.

[C]

That was the 20. Wait, I don't understand.

[A]

He gave Buffett a bitcoin as well as several Tron, the digital blockchain he had founded during their meal in 2020. I thought there wasn't one in 2020. I guess something around there. Five bidders participated in this year's auction on ebay, which opened at 50K. Other items were up for sale, including a $1 bill signed by Buffett and sold for $9,100. And a signed Curry jersey that sold for $1,547.99. I thought that was a million dollars. The auction moved online in 2003, allowing Buffett fans around the world to participate. The winning price for the lunch has held above $1 million since 2008. I wonder if any tech VCs will copy Warren Buffett, start selling lunches. Some of them are on.

[C]

Very cool. I had some concerns around doing this on ebay just because of the fees, which can be. They probably wave it for charity, but they do.

[A]

There you go. There you go. Okay. Well, we have a question for you. So there was a article in the Wall Street Journal earlier this week. Typing is being replaced by whispering, and it's way more annoying as a CEO. As a startup founder, I want your take on workplaces that are starting to resemble high end call centers. Only these employees are talking to AI. And so they start with an anecdote about working from home. Normally, this couple would be typing on the keyboard, but now they're dictating to Codex and Claude code. And over at ramp, engineers sit at their desks wearing gaming headsets so they can talk loudly to their AI assistants. What do you think? Should the future of the office sound more like a sales floor? What do you think?

[B]

I think on one side, I'm pro this trend of like talking to your AI over typing, because I can audit what people are typing in the office. You know, what are they? What if they're typing on Instagram or a Twitch live stream?

[A]

Okay. So if you're just walking.

[C]

So if you just see and they're saying, scroll, scroll, scroll, yeah, scroll, scroll, yeah. Then there might be an issue.

[B]

Yeah, yeah.

[A]

Why?

[B]

Why are you doing that on the company time?

[A]

Sure, sure, sure.

[B]

If they're like talking to the AI, like, hey, make me like a.

[A]

It's more. More accountability.

[B]

More accountability.

[A]

Yeah.

[B]

On the other hand, it's like, I don't want to hear your prompts.

[A]

Sure.

[B]

Like, if. If somebody read my prompts, I would be so embarrassed.

[A]

Okay.

[C]

It's kind of like, you know, what's your. What's your May 2026 approach? Approach to prompting?

[B]

My May 2026 approach to prompting is I've completely given up on like yelling at AI. Like, just freaking do this. I've come to stop doing that.

[A]

Okay. And I'm just good now.

[B]

Yeah. I do more like cognitive behavioral therapy with. With AI now. Like, I do more cbt. I try to, like, reassure the AI.

[A]

Oh, set it up for success.

[B]

Yeah, yeah, yeah. You can do this. Like, think about, think about. You know, you're like, palmer Lucky.

[A]

Yeah.

[B]

And you can design this, like, new piece of hardware that's never existed before. So I do more of that. You know, up until 2025, I was more yelling at the AI.

[A]

Yeah. I've completely dropped out of the whole. Like, don't make mistakes, don't hallucinate. I feel like all that's been either baked into the pre training or post training or it's like, even in the system prompt already.

[B]

Yeah.

[A]

I used to have. The thing that annoyed me for a while was. What is it? Antithetical parallelism. So it's not this, it's that or hyphens. Those types of things were just tells of AI written content. And I had a special prompt that would inject that in every thing. It would say, hey, don't use the. It's not this, it's that. Don't use contrastive parallelism or antithetical parallelism. But I since ripped that out and just went back to default. And it feels like all the firms sort of fixed the base training so that it's not as, like, clankery, I guess.

[B]

Yeah, absolutely. I mean, I feel like Warren kind of ripped one of the models too. You know when he said, the spirit is eager but the body is weaker.

[C]

He's subtweeting. Yeah, the models, the labs.

[A]

What was the quote he said? He said, it's not just that the spirit remains eager, but also that the flesh has become progressively weaker. No, he said, I ran out of gas. The spirit remained eager, but the flesh became progressively weaker. It has a nice. It's a bar. It has some rhyming to it.

[C]

It's not just about the money, it's about the message.

[A]

I think Warren needs a Drake dude.

[C]

He needs a mastermind.

[A]

He needs a verse on a Drake song who just launched three albums today. Is that right? Drake launched three albums? Isn't it like six hours?

[B]

I like some of his music. I'm not. I wouldn't call myself a fan. Yeah, yeah.

[C]

Brutal. Brutal.

[A]

What about this idea for a gym that's themed like the Rainforest Cafe, and there's even a thunderstorm every minute. Every 20 minutes. Have you ever been to the Rainforest Cafe?

[C]

No.

[B]

Where's the Rainforest Cafe?

[A]

Rainforest Cafe is a themed restaurant where you walk in and there's rainforest all around you and there are statues of animals. And the special thing about the Rainforest Cafe is that it's not just like you Know, you go to some steakhouse and they have some pictures on the wall because. Showing the lineage. Or you go to an Italian restaurant and you see pictures of celebrities that came in and signed. It's not purely decorative, it's actually interactive. And at the Rainforest Cafe, every 20 minutes there's a thunderstorm and it plays very loudly and it actually, like draws your attention away from whatever you're talking about. It's a Brainrot restaurant. Basically. That's what Rainforest Cafe is. I can't believe you haven't been. You should go, Tyler. Have you been to Rainforest Cafe? Yeah, I've got. Here we go. I want to go though. They really go over the top of the decor. Look at the table. It looks like AI slop, honestly, on the table. Is this a real image?

[C]

Well, I think because many of the leading labs trained almost exclusively content from the Rainforest Cafe.

[A]

Have you ever been to the Rainforest Cafe, Tyler?

[C]

No.

[A]

Has anyone been to the Rainforest Cafe? Okay, we got a couple Rainforest Cafe enjoyers in the TV panel today. But a gym with a theme. Would you go?

[B]

I feel like we're kind of reinventing, like, nature from first principles right now.

[A]

You know, you might just want to go to the Rainforest lift.

[B]

Just like lift heavy things, like go outside, like lift rock.

[A]

Yeah, lift rock. So this poster suggests that all the machines would be painted to look like they're made of bamboo. Is fake leopard print. Someone get me in touch with the mayor of Miami. This would go crazy over there. Men are allowed or perhaps required to wear loincloths, et cetera. It goes other places. And then he starts drawing out what it would look like. The gym that we worked out in today has a little bit of a theme to it, but it's not too on the nose, but there is. You notice the machines have, like some decorative stuff on it, and it feels like they went one notch further than just the standard gym equipment.

[B]

It's a little flamboyant, I would say.

[A]

Yeah. Well, I wanted to ask you about schemes that are allegedly taking place in Silicon Valley these days. RevSwap AI. This seems like a joke. This seems like a drop designed to go viral. Harry Raghavan says, in case you're wondering, this is the stage of the market we are at. And the idea is that you trade dollars with other startups and you book it as random revenue. So RevSwap AI is the first, the world's first peer to peer revenue laundering platform. See, it's got to be a joke at that point. For. For SF startups, you give us $1 million. We give you 1 million back. Now you have 1 million. ARR math. Start swapping. How?

[C]

Yeah, the problem, the problem of the problem with these is it's funny for people that are like, maybe closer to the inside, but this got half a million views.

[A]

Yeah.

[C]

So that means there's hundreds of thousands of people that think this is like a real thing.

[A]

Yeah. They either, they either think they're, they're doing a startup and they should do this, or they think they're outside and they're like, this is how bad startups are.

[C]

Yeah.

[A]

I don't think many startups are doing this, but if you talk to VCs is like quality of revenue coming up, revenue concentration, circular revenue deals. Is any of that coming up these days?

[B]

I think investors deeply care about all of those things and good investors still do their due diligence when investing in companies, especially when they're at a mid to later stage. Right, sure. But really, where do you draw the line? You see Nvidia investing a lot of neo clouds that go buy their GPUs, they help start these new, new clouds and then you have of course like Nvidia investing in AI labs that end up being like downstream consumers of these GPUs. And so I think in a way, yes, it's kind of like a revenue swap where you're investing in a company and then they're kind of like buying your product, trading dollars. So I think there's like in some places it makes sense in some certain context if you're a founder though, and if you're an early stage founder, if you're just going for this, you have to ask yourself, okay, what am I really in this for? Am I here to build a business and build the thing that people want, or am I here to just larp. Larp. Yeah. And a lot of people do play founder as opposed to building a business, building a company.

[C]

Yeah. But this is also a crime. So it's not just LARPing.

[A]

Like I don't, I actually think you disclose it. If you're just like, yeah, we have this weird circular deal, you should probably discount it to zero. That's not wire fraud. Right? Like if you're disclosing it, like the, the wire fraud is only when you are stating one thing as another, like you're lying if you're not lying about it and you're just like, yeah, we have this weird circular deal where we pay this company, they pay us. You should probably not give us any credit for that in our valuation.

[C]

Their Entire life is a larp. Maybe should we talk about Monat circular deals though?

[A]

There's an interesting anecdote of when they worked out do you know this? ASML 2012 they had a customer co investment program where Intel, TSMC and Samsung pitched in $6.8 billion across R& D funding and equity purchases in order to help ASML pull forward euv lithography and 450 millimeter wafer technology. And so the deal would look like an odd round trip of cash from the non semiconductor pilled. But it worked and the customers effectively financed the creation of a new technology that they wanted and everyone came out just fine. And so we're 14 years in. ASML is a great company, we have EUV technology and it worked even though it was this weird circular deal where TSMC and Intel and Samsung were like we want you to go make this machine. We're going to be the buyers of it and we'll also be the investors and the financiers of it. So it can work out, but probably not as simple as going to rev. What is it? RevCycle? AI or something?

[B]

As long as it is closing AI.

[A]

Yeah. And this was disclosed both by TSMC, Intel, Samsung and TSMC at the time and everyone reacted positively because they were working together. We need your take on this Sloam's post this Monet AI.

[C]

Can we get this on the big screen?

[A]

Let's get this on the big screen because Schlomes here says I just generated an image in the style of a Monet painting using AI. Please describe in as much detail as possible what makes this inferior to a real Monet painting. What do you think?

[C]

Break it down.

[A]

What makes this inferior? Me art expert Rahu putting me on

[C]

the museums on the weekend.

[A]

Let's see. He adds the made with AI tag, but there is a community note here and I'll spoil it. This is an actual Monet. Water lilies.

[C]

No, no, no. So let me read some of the responses so far from people. Okay, I'm disappointed I have to even point it out. There is no cohesion to the depth and color choices. The reflection of the tree bleeds into the lily pads with no regard for spatial depth or contrast. The background lily pad algae amalgam is egregiously vague like most AI art. And let's read some of the others. People have started deleting their responses.

[A]

No, really.

[C]

The choice of color in places that is the purple around the lily pad sticks out to me as decidedly worse than most Monet. I get a sense that the artist failed to connect their eyes to the brush palette. Almost as if it's an AI. No frame, no sense of the threshold between subject and object, just colors.

[A]

Are you an AI art enjoyer? Do you play around on midjourney ever for fun? You do your cognitive behavioral therapy? Because a lot of people use midjourney as sort of like art therapy, you know? Yeah. They'll go in and they'll prompt it. It's less about making an image that they will sell or making an image for a commercial purpose or even sharing their images with anyone else. They just enjoy the game of they have an idea and they want to see it, you know, on the screen. And so they play around and then they are satisfied. It's like playing a video game. Like, no one cares that you finished Dark Souls except you. You had fun.

[C]

All right, we gotta give. There's some great feedback here on why it's. Why it's bad. Okay, fair warning before I dig in. This image is actually a very competent rendition. Oh. It's doing more right than most AI Monet.

[A]

Okay.

[C]

But you asked what makes it inferior to a real Monet. So here's the honest breakdown. What's missing? The physical object. A real Monet is a thing before it's an image. This is the biggest gap and is not solvable by better prompting.

[A]

Huh.

[C]

And it just goes on and on

[A]

and on and on and on and on and on and on. You're triggered.

[B]

It's not solvable with better prompting. Until. That's like in the terrain data.

[A]

Yeah. Also, I mean, like, LLMs with tool use can just. If you ask for a Monet, they can just go get you the PNG of a Monet.

[C]

It feels less lively. It lacks the texture, the rugged edges, the folds, the crevices and creases and bevels and topology of plastic art. The fine, calculated highlights. The AI version is a granulated pixelation, and it looks that way. It lacks the mess of humanity. And someone else says the fact that it looks like S H I T and is S H I T slop doesn't look anywhere, in quotes, near like a Monet. Looks exactly like somebody trying to replicate the style and achieving, like 20% of it. Not as vibrant as Monet's typical choice of colors looks dull. So a lot of people are dunking on this. Of course, he posts. This is a real Monet. He baited them all.

[A]

It is. Someone took all of their feedback and turned it into an AI generated Monet to try and improve it. Interesting. The Other AI art thing that's going on, which is very, very funny, is, did you see Sony launch this new AI camera assistant with Xperia intelligence to bring stories to life? We have to pull this image up because I don't know what they were thinking. It's one of the craziest, like, attempts at shipping an AI feature. And I don't know what they were. I don't know what they were thinking. When you see these images. Look at this. Like, this is. I don't know if you can tell on the screen, but, like, it's not our. Our camera is not like the camera that you're watching this. This on is not, like, miscalibrated on the contrast. It just adds, like, a ton of contrast and makes everything look way worse. And the sandwich is so blown out. It's just. All they did was just increase the brightness. The original looks great and you have less detail on the right. And I cannot believe this is from the official Gold Check Sony Xperia account. Like, this is not a joke. What do you think this is?

[C]

The product manager working on Sony Xperia hates AI. They wanted to botch the launch so they get so much pushback that they don't have to work on AI anymore.

[A]

Something like that. Yeah. Michael Browren here says I could be wrong, but I suspect this is a joke. If so, props to Sony for rage banning the Internet so hard. Just look at the sandwich. MKBHD made two videos about this kind of stuff being bad, and Google announced something similar earlier this week. I mean, obviously there are ways to integrate AI uprising and AI color grading at a much more intuitive level without doing this, but I don't know what they were thinking. How could they possibly approve that post? Maybe they had their own. Their monitor contrast set, like, wildly wrong. Because to actually ship this like, your monitor would have to be woefully miscalibrated to think that the one on the right looks better. This one is the closest. Like, it did sort of amplify the streak of light. This one is. If I had to pick one where the AI camera assistant did not completely degrade the image. This actually, I mean, I can't.

[C]

I can't get behind that. Look at the. Like, what is the subject of the photo? Is it that light streak at the

[A]

bottom or the flower itself? I would say the AI camera assistant version is only 10% worse here, whereas the other ones make it like 200% worse. What do you think, Rahul?

[C]

No, it's way better if you had

[A]

to pick one, but if you had to pick one AI camera assistant image. Which one's the least chopped? Which one's the least botched?

[B]

Probably this one.

[A]

There you go. You're going with this one. No way. No way. This is so much worse. This is atrocious here.

[B]

The original looks more AI than like it does.

[A]

Wait, is it some sort of prank? Is this the Schloam's thing all over again where they're like, big reveal. The left is actually AI and the right is out of the camera.

[C]

You mean inverted?

[A]

No, no, what I'm saying is that. So a lot of people were saying, like, the tags at the top were accidentally swapped and what. That's intentional. What if they're saying, like. Like we took the bad photo on the. On the right. That's overblown, over. Too contrasty, too bright. And with our AI, we got you to a reasonable photo on the left. And big reveal tomorrow or whenever Sony puts this out and says, actually, we were able to restore the highlights, bring the contrast more natural and make the photo on the right look better with AI. That would be. That would be a good pitch.

[C]

But I do think they might have. I think this might have been an accident. They must have posted it.

[A]

Have they. Have they commented since? I think they're just following the post about AI camera Assistant, we'd like to explain the feature in more detail. It doesn't edit photos after shooting. It suggests four settings.

[C]

They're doubling down.

[A]

Oh, no. The originals look so good by comparison. What are you doing? Oh, wow. This is. I don't know what's going on. You can choose any option. How about no option in this case?

[B]

Maybe this is like a psyop from Sony to maybe.

[A]

Well, there was a big reveal with the Swatch AP collab. I know you were looking at some watches earlier today at breakfast. Are you in the market for the collaboration between Audemars Piguet and Swatch?

[B]

Oh, absolutely.

[A]

Come with a wristband. You are in the market for this.

[B]

We're going to go stand in line for the.

[C]

After the show. Right after.

[B]

You're going to go. I think that's the plan. No.

[A]

Yeah, yeah. People are calling it the new Labubu. You will see this on Birkin's Goyard Twix.

[C]

We don't know yet that this is not an AI wearable. That could be the missing element here.

[A]

Could be. Yeah.

[C]

I think this is going to be a hit. I think this is going to be a hit. Seemingly more and more likely that they're not releasing any type of strap themselves. So people are going to do aftermarket straps. I think those will be frowned upon.

[A]

Phone case.

[C]

Oh yeah, like the Hailey Bieber, you know.

[A]

Yeah, the makeup case, the watch there. What do you think?

[B]

The thing is, a lot of people are wearing fitness wearables on their wrists, which kind of competes on real estate with these fancy watches.

[C]

I know, but you got a lot of arm.

[A]

You got a lot of arm and you got two wrists.

[B]

You got iced up.

[A]

Yeah, just keep going up and up and up. Anyway, give us the update on Julius. How are things going?

[B]

These are going good. We just launched Slides last month. Slides is going well, so thank you. So Julius is slowly becoming the platform where you can bring your messy data and then analyze it, get insights. And not just that, but actually do the stuff after it, like create reports, dashboards, slides, and then very soon you'll be able to email Julius and assign tasks for data work. And so if you work in finance, operations, marketing, you check out Julius.

[A]

How do you think about the trade off between generative imagery for slide generation versus some sort of harness that generates a slide in sort of a traditional Software platform like PowerPoint or Google Slides?

[B]

Absolutely. So the generative imagery for slides was just not great until GPT,

[A]

the latest launch images too.

[B]

And the text rendering of the images is so good that actually it completely changes the game. It's not just for creative assets. It actually cannot be used for whole slides. And you can actually.

[A]

A lot of times I'll go to ChatGPT and I will dictate. I was wondering about the performance of different ETFs as they relate like as they're more indexed to the semiconductor as you get narrower from an S&P 500 to a NASDAQ to a QQQ Focus Tech ETF, all the way down to like a semiconductor ETF. What's the performance of the last year? I just wanted like a bar chart and so instead of asking for like a table deep research report, I said go, pull all the data, put it together into like an infographic. It did it pretty well. I feel like it's a little bit of a leap of faith because I don't know where the data is coming from. It's a little messy. And then I would be very hesitant about like maintaining a consistent style throughout a full presentation. But for something where I just want like a one off thing. So where's the demand from the customer on like slide deck versus single slide generation?

[B]

Yeah, so the image gen is great if you want a single infographic or single graphic. If you want like a multi slide deck, a whole story. You want to maintain brand consistency across the deck. And that's where using a code harness.

[A]

Sure.

[B]

Like JavaScript or HTML to generate slides

[C]

actually much more optimal.

[B]

And so depending on what the user wants, Julius will choose whether to use Image 2.0 or use like a code harness to generate like multiple slides. But to answer your question, like the image model is really, really good for graphics single slides and then you can combine that with a code hardness to generate multiple slides.

[A]

Yeah, yeah, that makes a lot of sense. Jordy, anything else? Thanks for coming on the show.

[C]

It's been an honor.

[B]

Yeah, thank you guys.

[C]

Great hanging out this morning.

[A]

We'll talk to you soon.

[B]

Likewise.

[A]

Yeah, have a good rest of your day.

[C]

We'll see you soon.

[A]

Another one. The big news today is of course Bernie Sanders and AOC introduced a big bill to pause all AI data center construction. I want to know within this bill how they are defining AI data center. Of course, GPUs are graphics processing units. You wire a bunch of them together, you can do AI, you can do machine learning, you can render CGI films. There's a lot of different uses and I wonder how they're grappling with that definition. But 300 local bills have been 300 plus local bills have been filed. Half of planned 2026 data centers are facing delays or cancellation. Each one brings billions to local economy, says Gary Tan. The people who say they want American jobs are trying to block the biggest job creation engine since the interstate highway system. Sanders and AOC are straight up sabotaging the economy, says no Nick Davidoff. No spy or rival country agent can achieve what local useful idiots can. And so people are going back and forth about the data center construction ban. I wonder how this will pencil out. Elizabeth Warren says a single AI data center uses as much electricity as 100,000 households. And utility companies are passing the upgrade costs to you, not to the trillion dollar tech giants. That of course was attempted to be addressed by the ratepayer protection pledge, but it is early days and so we'll have to see how that pans out.

[C]

Yeah, and this is the same bill that was introduced in March, but it's continuing to pop up again obviously as they try to move it along. But it hasn't pass committee yet. It doesn't obviously have like bipartisan support. Very unlikely.

[A]

And there's a lot of geopolitical considerations. Anthropic put out a big essay today around different resolutions to US China competition in age of AI. Some very obviously they are very aggressive about, don't lose the lead, continue to build data centers. But the NIMBYism, the noise complaints, the environmental concerns, like all of these things do have to be addressed in a democratic society if we are to move along smoothly. Tyler.

[C]

Yeah, so just for like the definitions, how it's defined. So a data center is defined as a building that has more than 20 megawatts maximum power capacity or total peak power that are used to deliver 20kW or more to a single server rack or to use liquid cooling to individual hardware components.

[A]

So yeah, I'm just wondering if we're going to get some weird, some weird workaround where okay, Instead of like one big building, you get 1,000 smaller buildings that are all.

[C]

It also says like a building that's contiguous or adjacent to another building, that's okay. So I think they, that.

[A]

So I have to put some like trees in between them or something. I don't know. I just like every time there's a law, people will find a way around the law. And so I'm very interested to see how this winds up changing. It could change it for good. You know, it could be like, okay, yeah, like clean energy and it's underground and it doesn't, it's not noisy and it doesn't create. It feels like the real, the real issue at debate is like passing the cost on to people who don't benefit. A negative externality which the government has been internalizing negative externalities since its inception. And so there's certainly a good outcome, but it will be.

[C]

Almonds are catching some heat from JCal. Oh yeah, he is showing almond versus almond production versus data center water consumption from 1999 to 2026. And yeah, everyone has been saying for years, even prior to the AI boom, just how much water almonds use. This was particularly top of mind when California was in a massive drought. And you drive through different parts of California and it's just almond trees as far as the eye can see. And so anyways, almond, Almonds catching strays.

[A]

Yeah, I don't know. I mean you look at this and you think about the growth rate in this year. Like you can see the blue line is ticking up and you can see that the red line for almonds is flatlining. And so if you are extremely aggressive about counting the ooms and you project this out a couple years, you could see these two things flip. But of course there are ways to avoid situations like that with water use increasing, such as what Blake Shull proposes, which is closed loop Cooling and booms, superpower turbines that don't need any water. And you can avoid all of that. But the whole water debate seems like not the focus of the Sanders AOC proposal. It seems much more focused on generation and upgrading the grid, which is expensive and is real. Everyone knows that data centers do use a lot of power. No one's saying that the high energy intensity is fake news. Even though the water debate was a little bit thrown, you know, it was sort of quickly debunked. The energy debate has not been debunked. And so there is a need for more clean energy, more power and more grid upgrades that are not visited upon local communities. The big question that we were trying to answer, and we're going to try and get someone on the show maybe next week to talk about this, is like, what is the. If you were attempting to build a data center that had 80% approval, like, what would that look like? What is the Ezra Klein abundance vision for a data center? It's probably powered by clean energy. It's probably somewhere very remote. Brandon was talking about the 40 minute commute. The 40 minute commute is something that many Americans do and it is not insurmountable. And he was just reflecting on if you've ever driven in or around Las Vegas. If you drive 40 minutes in any direction, you get to a lot, a lot, a lot of empty land where certainly a big building is not going to be an eyesore. You're not going to be able to hear 60 decibels from 20 minutes away. And there is a lot of land. But that hasn't been the default construction methodology for a lot of data center constructors.

[C]

Yeah, there's like the, the TSMC plan in Arizona is like basically 30 minutes north of like Central Phenix.

[A]

Yeah. It didn't seem like any house.

[C]

You basically go over a little like hill and then it's just like completely empty land. Yeah, there's a massive fab. It's sick.

[A]

I like that. I learned an interesting fact which is that Apple has a secret fab. They have a Silicon Fab in Silicon Valley. They bought a fab for. I sent you the. Where did I pull this up? I had to fact check this because I saw it and it was framed as this secret, terrible thing. It's not that scary. They bought it for $18.2 million. It's a 70,000 square foot facility owned by Maxim previously. They bought it maybe in 2015 and it was controversial because they were fined by, I believe the EPA for some mislabeling of waste and air emissions controls. But it was a pretty small fine. It was something like a couple hundred, maybe $200,000. And it seemed like they might have just had a mistake.

[C]

They brought down the hammer on them.

[A]

Yeah, well, I think it was like, you know, the air conditioning duct was slightly misconfigured. It was not like a nuclear waste spill like destroying the whole town. But it was controversial obviously because Apple wants to be as clean and environmentally friendly as possible. Which is why I lean into. They don't want a massive. Like they're not even a scaled chip manufacturer. This is a prototype facility. They manufacture between 600 nanometers to 90 nanometers. Way different than what's happening at TSMC with 2 and 3 nanometers. So it's not a secret facility in the literal sense. The secret fab framing comes mostly from critics and whistleblower coverage. Not because it was unknown to government or industry with license. The EPA says the Apple facility on Scott Boulevard. So maybe that's your next trip. Tyler, you're going over to. Where is it? It's in Santa Clara. In Santa Clara. On Scott Boulevard in Santa Clara. Generated hazardous waste and had RCRA violations in 2023 and 2024 which they made fixes for and they paid a $261,000 penalty. It's 3250 Scott Boulevard. If you're in Santa Clara, go stop by.

[C]

Let's give it up for Scott. I didn't know you had a boulevard named after you.

[A]

That's very funny. So the interpretation at the time is that it could support prototyping, testing or heavy R and D, not mainline production. So your iPhone is not made in Santa Clara. It is made abroad.

[C]

It is made right here.

[A]

Apple designs the chips while TSMC and Samsung manufacture actual advanced processors. And the acquired fab does not necessarily mean Apple would manufacture its own chips. So interesting story.

[C]

Anyway, we covered this a little bit yesterday, but Figma crushed their Q1. 46% year over year revenue growth accelerating for the second straight quarter. They had net dollar retention rate of 139%, our highest rate in over two years. And they raised their 2026 revenue guidance. Yeah, Dylan says design matters more than ever. I agree. Yeah, I agree.

[A]

Everyone's going to be building more software at some point. We're going to need to make breakfast.

[C]

This morning we were looking at a website. I showed this website to Rahul and he said that's the classic taste is the new Moat website. The website that looks the tasteful looking website that looks like every other website, which inherently means it's not.

[A]

The prompt was like, make it look tasteful and it ripped some shameless thing. It didn't feel inspired. And it is interesting.

[C]

Figma is up 14% today. Back up to 12. Yeah, 12 billion. 12 billion.

[A]

Fantastic. A year ago, Fig would be trading at 30x rev on those numbers, but since all the algos have zeroed out terminal multiple, it's only up 8% says Dolly Bali. And yeah, people are going back and forth on this, but two guys making sandwiches at the Wawa loudly discussing their profits on semi trades just now. Is that a top signal? I was looking back through the timeline and Martin Shkreli called the top on Semis, I think May 1st, something like that. And Tyler's shaking his head. He thinks we're still going up, up only right.

[B]

When do we.

[C]

He was effectively wrong.

[A]

Right? I mean, it's been two weeks. It's like if you call it top, I expect you to call it top day. Like, you know, he's like, it's a rough call. I think you get like, you get

[C]

like plus or minus a month. That's a long time.

[A]

Plus or minus, like two months even. Yeah, two months. Yeah. I mean like the big, the big macro narrative on semis is like, is like a multi year.

[C]

So end of June is kind of the cutoff.

[A]

Yeah. And end of the end of June I'd be like, you need to update this. You need to give us an update on whether or not you still think the early May was the top of the semiconductor cycle. There are some companies in semis that are trading ahead. I mean intel we were talking about with Doug o' Laughlin yesterday. Intel has a lot of good news and good plans, but now they have to actually execute. There are a bunch of other semiconductor stocks that are essentially, the multiple on forward earnings is actually compressing. So Micron, I think was One that's up 790%, but forward earnings are up 2,000%. And so they're going to be growing a ton next year. They have a ton of demand and so the market's moving on that. But they haven't realized that yet. And so, I mean, I think that they will. But the question is how far can they go? How far can they take it?

[C]

Well, we're waiting for the situational awareness Q1 30 drop. Not yet.

[A]

Okay.

[C]

Yeah. But to figure it out should be in the next.

[A]

Yes.

[C]

Few hours.

[A]

Well, Xai co founder Igor Babushkin is planning to raise up to 1 billion at an up to $5 billion valuation for a new AI research startup with General Catalyst possibly leading. Why is Tyler laughing so much?

[C]

Rule had a good post earlier.

[A]

Oh, yeah. Okay.

[C]

GC has a very high moral bar, so I don't think Igor will be continuing to work on Ani maybe. And some of the other features that

[A]

the X might be focused on might be pivoting. I think that, that that whole debate did sort of quiet down. Like we were wondering if there's gonna be an escalation, if we were gonna see Reggie and Eric like going at it or Hammont jumping in. But it's sort of, you know, it felt like a lot of the A16Z folks came out and put the line in the sand.

[C]

Say you've never closely followed a rap battle before. Cause there can often be a one or two day gap.

[A]

They're in the studio.

[C]

They're in the lab. They're in the lab studio.

[A]

Cooking up the next response video. I would love the new meta to move away from the vibreal, the podcast appearance, the tweet, and the one minute polished scripted ad firing back attack ads. This is great. I do think we should get more into just straight up political attack ads. Like, Marc Andreessen wants to fund a robot dog. He wants to put your dog out of business. General Catalyst is for real dogs and Andreessen is for fake dogs. Vote. Like, raise money from General Catalyst.

[C]

Marc Andreessen wants to shut down your local veterinarian, turn it into a dog robot workshop.

[A]

Exactly, exactly. There's a certain aesthetic to the political attack ad that we all know and love, and no one has taken that and appropriated it as a full form of marketing. So Greenfield opportunity over there. Well, the research startup from the XAI co founder is called river AI. I like that name. I think that the drop the AI, the recursive, the general intelligence, applied intelligence, accelerated intelligence. There's one that's like indescribable, ineffable intelligence. It was getting a little crowded in that namespace. River. River just sounds good. I like it. I think it's a good name.

[C]

How about anyway, conventional. Conventional intelligence.

[A]

Conventional intelligence. Midwit intelligence. No one.

[C]

You know, mid curve intelligence.

[A]

Yeah. You do sort of have like, you know, more left leaning AI labs. More right leaning AI labs. There's no like, you know, good old boy southern intelligence. Like a model that's explicitly trained to focus on like a cold beer, a lifted truck.

[C]

That's true.

[A]

You know, getting your boots in the mud.

[C]

That's true. Like, kind of like country Intelligence.

[A]

Country intelligence.

[C]

Country intelligence.

[A]

Country intelligence is an opportunity where it just constantly.

[C]

It can't stop talking about cold beer.

[A]

Yeah, yeah.

[C]

Not cold beer. It'll just slip in like cold beer

[A]

on a Friday night.

[C]

You did great on that task.

[A]

Why don't you go have a cold beer?

[C]

Why do you deserve a cold beer?

[A]

No one's working on country intelligence.

[C]

It just can't stop. It's like goblins, right? Or telling you to go to bed. It just is like, how about that new F150? It's like, what does that have to do with what we're working on?

[A]

Yeah, exactly. It's like Dario talks about having a country of geniuses in the data center. I want country geniuses.

[C]

What about a Country of Ford F150s in a data center?

[A]

Exactly. I want country geniuses.

[C]

Well, this is an interesting data point from David. He says the entire NIH annual budget for neuroscience research for all scientists across the US is about 3 billion a year. Now, there are something like dozens of neolabs that have all raised zero to a billion within months of being founded, and they are all doing the same thing. I guess the solution here is to give $3 billion to a neolab working on neuroscience.

[A]

The solution is always more neoloid to for profit. Has anyone thought about going the other way?

[C]

Well, I do think a lot of these neolabs could end up being nonprofit.

[A]

Potentially. Potentially. You never know. Well, you know what's not a nonprofit? Benchmark capital. Because When Benchmark invested 6.7 million eBay in 1997, the auction company's valuation was $20 million. By next spring, the company was valued at more than $21 billion. The value of benchmark stake had grown 100,000% in less than two years.

[C]

I'm doing the Chad sound effect.

[A]

I know. I can see. I can. I see it. I know what's happening. It's actually better without the IEMs.

[C]

Somebody commented on Spotify yesterday that somebody needs to talk to Jordi about the soundboard. And then a bunch of other people commented and said, yeah, that he's not using it enough. Sorry, Sorry.

[A]

What do you think about that?

[C]

That's like asking a musician, like, hey, don't make music.

[A]

Yeah. You know, how would you react if some enterprising author, journalist came in and. And said, hey, we want to write the definitive story about tvpn. We're gonna profile Tyler and Jordi and John, Ben, Brandon, the whole crew. We're gonna tell the story. And you're like, that sounds amazing. I would love to be in a book. That's so cool. What we're doing is so important. And then you're like, what's the book gonna be called? And the author's like, I'm gonna call it E Boys. Would you be down for that? Or would you be like, oh, damn it. I kind of was hoping you would refer to me as a man.

[C]

I like this stuff for an adult.

[A]

You like this?

[C]

Yeah. The subtitle subtitles Hilarious.

[A]

Tall men. Yeah, yeah. Yeah, yeah, sort of. You had me in the first half there. But then the. But then the subtitle comes back because it's the true story of the six tall men who backed ebay, webvan and other billion dollar startups. It's the book about Benchmark by Randall Strauss.

[C]

I've read this book.

[A]

If you haven't read it, it's probably

[C]

been a review six or seven years that I've read it.

[A]

Benchmark's financial exit on ebay was known as a kegel in the VC industry. That's like the term triple double being associated with Oscar Robinson. Because of this historic season average in June 1997, when the Internet auction site was in its infancy, the executives each pledged 6.9 million shares as collateral for two $750,000 loans from Benchmark Capital. Their stock wasn't yet publicly traded and the shares were valued at 11 cents apiece. I remember meeting Bob Cagle at Benchmark in 1999, says Trent Griffin, and talking to him about ebay. He believed in early that online marketplaces could be important. Yeah, I'd say so. Investing in a category creating business required variant perception. Consensus doesn't identify unknown unknowns. A priori. Anyway. All right, interesting.

[C]

Let's pull up this video you posted this morning that is completely flopping. Yeah, it is flopping, but it's funny to me.

[A]

We got one, Nick. Thank you, Nick. Carpentino said Carpento says banger.

[C]

Can we put it on the big screen?

[A]

If we play this, we're going to get demonetized and we're going to have to cut it out. But you can just go enjoy it on my timeline.

[C]

I can send without the music.

[A]

Nah, it doesn't hit then. Anyway, it's Fast and the Furious, plus Jerome Powell. It's fun. Anyway, moving on. Who was. Scott Besant was on CNBC talking about meeting with the Chinese vice premier. They're saying it's one of the wettest and purplest appearances in television history. I suppose. I'm not saying that, but Uncle Doomer is. I guess we Are going to talk about forming a board of trade for

[C]

the bilateral trade between the US and China. And we're going to talk about the board of investment that will be responsible for investment in non sensitive areas. That's a lot of jargon.

[A]

Look, being purple on cnbc. That's on cnbc or whoever his lighting technician is for this. Call in. If you're calling into a television show or tvpn, check your lighting. Put a big light off to the side right here. Make it nice and soft. Make sure you look normal. Adjust the white balance. These things can be fixed. Ask ChatGPT if you're having problems.

[C]

Is this on Air Force One?

[A]

Yeah, it's probably in a very temporary setup, like just curtain, flag. What else do you need? Like it's not that much, but also powder. I don't do this because we have a temperature controlled facility and we're, you know, like take showers before the show and dry off. But if you are moist, you can use some sort of powder that a lot of people put on before big interviews. It's sort of one step away from like a full hair and makeup setup. But it is recommended if you are moist and you're doing press. These are the things you learn from doing content anyway. The CEO of Patek Philippe, Terry Stern, says you don't come to Patek Philippe because it's more expensive. Well, why do you come to Patek Philippe? We will have to figure it out. It's in today's Financial Times. I want to read it on paper, but you can follow along on the actual article, so. Oh, no, this is the wrong one. Here we go. You don't come to Patek because it costs.

[C]

John, what's up? Chat's loving the casual show today. Yeah, they're enjoying order food. Oh, should we try not to eat? We try not to eat.

[A]

Doesn't really work here. You get a lot of dead air. It doesn't quite. But you know, it does work going to Patek Philippe, but not because it costs more, but because of their approach to retail and production. Apparently these are stormy times for luxury watchmakers. We've talked about this with Quaid from Bezel, talked about all of the tariffs and whatnot. But the waves have not yet crashed into Patek Philippe. Do you say Patek or Patek? It's supposed to be Patek. I think the real ball knowers say Patek. But the war is there, but we are still selling, says Terry Stern. Stern is the fourth generation of his family to lead Patek, the privately owned high End Watchmaker does not report on its financial performance and the 55 year old Swiss scion of the Stern family is not about to break with convention and go into detail. But Morgan Stanley estimates its revenue has jumped by more by about 25% over the past two years to. How much do you think they're making per year?

[C]

Gross revenue?

[A]

Gross revenue for Patek Philippe in a full year. What do you think they're making?

[C]

Wow, I actually have no idea. Is it like 5 billion?

[A]

Not bad. 3.2 billion is the estimate for Morgan Stanley. You divide that by what, $100,000 on average for a watch? Because they have a lot that are higher, but they have some that are 60, 50 or something, but not moving a ton of watches. But don't forget Patek Philippe doesn't produce that many watches. Patek produced about 75,000 watches last year and expects output to remain at the same level. We have good balance around the world and we have been very cautious about allocation. If one part of the world doesn't work well, we can always shift the watches. Patek is clearly active in securing its own retail footprint. In March it acquired the multi brand retailer Bayer Chronometri for an undisclosed sum. Bayer, a Zurich based jeweler founded in 1760. Overnight success there is thought to be the world's oldest watch retailer and oldest Patek dealer. Stern said it would become the brand's fourth owned and operated boutique style salon, adding outlets in Geneva, London and Paris and will only sell Patek watches. But he's quick to quash suggestions. The move marks the beginning of a retail grab in the same vein as Rolex's acquisition of the luxury watch retailer Boucher. Boucher, I don't know how to pronounce that. In August of 2023. I'm a watchmaker, not a retailer. I still need the retail. Patek has taken a strategic approach. Are you doing the voices on me? I imagine you are. I like made one joke about it being too much and people were like, oh, John doesn't have a good sense of humor about it. I'm fine, don't worry. According to analysts at Every Watch, which I guess is the semi analysis of the watch industry, the Rolex move generated revenue of almost $600 million last year for Switzerland's largest watchmaker. This is the certified pre owned business model that Rolex launched in 2022. 10% of the global watch watch market for secondhand Rolex watches. When everybody started they thought they could make a lot of money. Then they realized it's not that Easy. Stern doesn't rule it out though. I'm thinking about something, but it's too early to talk about it.

[C]

Vague posting.

[A]

He's vague posting about potentially certified pre owned Pottex. At a retail store, you go and you buy something. Can't afford, can't get an allocation. The latest watch or something comes in that's special and needs to go on the second hand second market. He can take a piece of that. For now, he seems content with the shape and strategy of the business. Morgan Stanley's figures indicate that the top four privately owned Switch Switch Swiss watchmakers Patek Philippe, together with Rolex AP and Richard Mille control about 50% of the luxury watch market last year, up from 37% in 2019. There's consolidation in the market. Smaller players are fighting for survival. I don't need to have more brands sharing this market. But he does recognize the problem. I don't want anybody going down either, but a lot of people will be out of business. Look, it'd be a shame if my competitors were destroyed and burned to the ground. I don't want that.

[C]

But it's very likely it's going to happen.

[A]

Some of those struggling with increased competitive pressures have already turned to new markets to generate sales, particularly India. And also the Swatch collab might be an answer to this. Stern won't be following though. Why should I go there? It's too early. Most of the Indian clients that want Patak are living in London or traveling to Geneva in the Middle East. So it's not my priority. What access they might have to his watches when they travel is also unclear. The tourist doesn't really have the chance to buy a Patek. He says the retailer has to sell to the local client. So he's like, the folks in India who want a Patek can just go to Switzerland. But then he's like, but also, I will never sell the tourists. You have to be a local. So I imagine he's talking about like Indian billionaires that have homes in the Middle east or Switzerland or Geneva or

[C]

yeah, if you have an enemy that's getting into watches and they don't really know the game yet, tell them to book a trip to Geneva. Because all the major brands are presence at stores and they should just go there. If they want a nice watch, they should just go there and ask for one. I'm sure they'll be very successful.

[A]

Interesting. So the US is shifting away. Patek's US retailer network has been reduced by 2/3 to 38 stores. But it still accounts for 16% of the the company's total revenue. So they're not doing too poorly. There's a certain category of clients who may be like this, he says when asked about the perception of his watches as elite status symbols. But you don't come to Patek because it's more expensive. He says his family's company is not aimed at the kind of customer who wants to flaunt an expensive watch to command attention. This is not me. They won't be doing the iced out from the factory anytime soon, I suppose. The auction.

[C]

Mark, you talk about the Cubitus? No.

[A]

Almost two decades. No, dodged entirely. Didn't talk about it.

[C]

Well, they're not asking hard questions at the Financial Times.

[A]

Yeah, real missed opportunity. I don't know the Cubitus. I feel like the Cubitus was advertised in here though. Isn't it on the back of this? I feel like I saw it in this Financial Times. There's a lot of ads in here. I don't know. No, I feel like I saw an ad for Cuban

[C]

Card.

[A]

I got a lot.

[C]

You have a cubit as ad over there.

[A]

What about this in here? In here? No. What about in the Journal? Is it in the Journal? I feel like I saw an ad for the cube of this somewhere. Anyway, we should go over to the Journal because the Mansion section has a very interesting story Today about a 40 year marriage built one gut renovation at a time. If you want a successful relationship, buy 10 houses over four decades and constantly be renovating. I think there's a lot of truth in this. Let's read the story. I'll give you my take. So one Oklahoma couple spent decades and roughly $14 million buying, redoing and selling eight properties around Tulsa. For their ninth production, they built from the ground up. They say for them, it's an adventure. Ann and Mark Farrow are a real estate wild card. Always at home, never settled. Over 40 years, they've gutted and lived in eight houses around Tulsa. They built the ninth. They built together. Their house transactions have totaled about 14 million. A portfolio market by A portfolio market by reimagined floor plans and high end finishes. Their latest, a 7200 square foot build draws on everything they have learned since their first renovation in the 1980s. Now even the pharaohs wonder whether the journey is over. This house would be hard to duplicate, says Mark. 67. 67. The Wall Street Brain Rot Journal at it again.

[C]

Turning 67 in 2026 is nightmare. Brutal.

[A]

They also profiled an entrepreneur who's 67 who just started a company. Weird, but company's ripping. Doing well. Never too late to start a company. Let's get him some. Let's have him on the show. We'll read that later. Yet resisting another fixer upper won't be easy for the couple who rejected being called flippers, instead identifying as serial renovation lovers. I go through withdrawal without a home project, says Anne, 63, who's retired. While nine home projects would send most couples into mediation, the Pharaohs view logistical nightmares as a shared thrill. Their secret radical honesty and speed. For us, it's an adventure, mark says.

[C]

These are real operators.

[A]

This is a team. You're looking at the Collison brothers, the family business, builders of real estate. We should scroll through the actual images of the house because they got started pretty small. $86,000. In 1986, they bought the starter home. They sold it in 1993 for 97,000. Held for nine years. Only made 10%. But that was where the adventure began. In 1986 with a Cape Cod style house. It was 2,000 square feet. Interior was complete with lavender Formica countertops and a wet bar. Their first construction project closing in an office to make an extra bedroom. Interesting. You know how alcohol sales are falling off a cliff?

[C]

Yes.

[A]

And there's like, oh, who was it? Derek Thompson had a good post about this and he sort of enumerated all the different reasons why alcohol is falling off a cliff. He posts a lot. He posts a lot of good stuff. Where can I find it? Alcohol. Alcohol. Wow. He does post a lot. He said something to I'm like days by. Okay, here we go. So off the top of his head, secular anti Alcohol Trends GLP1's post 1970s rise of helicopter parenting. Although I feel like you can drink on a helicopter as long as you're not piloting it. Reaction to the binge drinking spike of the late 20th century there was a binge drinking spike in the late 20th century. Oh, that was like the CKY, you know, Johnny Knoxville era. I suppose that probably led to a lot of.

[C]

There's also a power law in binge drinking, right?

[A]

Yeah. They say what 1% of the binge drinkers do. 99% of the binge drinking. Something like that.

[C]

No, I think it's actually like 10% of people that consume alcohol consume like 90% of the alcohol.

[A]

This is true even for the. Like, you think about like the market for Budweiser or beer brands and you think about like the college party getting a 30 rack. But in fact, the vast majority of the Revenue is driven by the like Johnny six pack, which is like a guy who gets off of work at 5 and picks up a six pack on the way home, on the drive home. And doesn't go, doesn't buy in bulk because if he gets the 12 pack, he won't be able to stop drinking after 6 and he'll be hungover for the workday the next day. And so it's six pack every single day. And this was like a thing in America for a very long time, but it doesn't seem to be happening. You gotta keep those agents running at all times.

[C]

All right, guys.

[A]

Yeah, let's cut it out and let's see. So phones are apparently killing teenage partying because everything's on video, I suppose. So you don't wanna be in compromising situations. In the surveillance state. Supposedly surge in young adult fitness. Dancing clubs down, running clubs up. And the general rise of health maxing culture among both liberal yuppies and maha devotees. So huge collapse in drinking among high schoolers. It fell in the 1980s. It was 92% of 12th graders who had ever consumed alcohol. This year, 47%. That is remarkable. There's also a substitution effect between alcohol and cannabis. Significant portions of cannabis use led to less alcohol sort of mixed bag there. And I think non alcoholic beers getting pretty good is a small part in this too. So there are lots of reasons why it's down. And I wonder if we will see the next generation of real estate development. Stay away from the wet bar. As you look at houses, wet bar is not at the top of a lot of people people's lists. You know, they want home office because of COVID work remote. They want sauna, pool, playroom, maybe movie theater. No, I think I'm weird on that one.

[C]

But wet bar, clearly movie theaters still.

[A]

I would say movie theater is above wet bar for most people.

[C]

Yeah.

[A]

But wet bar used to be like, you gotta have it like it was in a. It was in a 2,000 square foot house. Like it was in like a starter home that cost $86,000. And the builder or whoever lived in this house was like, well, we gotta have a wet bar here, so let's do that.

[C]

2026 was the year that wet bar and home home data center swapped.

[A]

Oh, you think the home data center thing is gonna take off? The tiny boxes are gonna be stacking up? Yeah, yeah. I was watching a reel from Markplier.

[C]

Home cluster. Yeah, cluster in the basement.

[A]

Do you know the story of markiplier?

[C]

No.

[A]

Okay. Youtuber, filmmaker, online crazy Edward Fishback. Exactly. So Markiplier, he does these let's Play videos for indie horror games. So he would essentially like a Twitch streamer, but on YouTube and would upload the full let's Play. He was listed by Forbes as the third highest content creator on the platform in 2022, won four Streamy Awards, spun off his YouTube fame into a notable media career. And then in 2023 he signed with UTA and starred in a series called Edge of Sleep and then made his theatrical debut directing, producing, writing and starring in and basically financing horror film iron lung in 2026, which was a breakout hit for a $3 million budget. The box office is $51 million. Real narrative violation on can YouTubers cross the chasm? They can if they bring their audience into the theater. But Hollywood doesn't want to play nice with them at all because he still had to sort of go around in this weird way where this seems like an obvious thing. If you were a studio executive that you would have been able to predict this. But they didn't in this case, and he financed it himself. Anyway. Markiplier was talking about the process of doing one particular visual effects shot with I think, a lot of blood, like pouring everywhere. And so he's not in the AI era. He's also not in the practical era. He's going to be using visual effects for this simulation of fluids, which is extremely computationally intensive. You have to create the. The system that shows with the gravity, simulate the gravity, simulate all of the different 3D meshes where the geometry is where the blood will be spilling in this particular scene. And he was working with an outsourced visual effects house that was very, very costly. And most importantly to him, it required a lot of back and forth. And there was he mentioned as an international group, so there was a little bit of like Lost in Translation where he would say, I want, want the blood to be more red or darker. And then they would say, okay, we'll re render. And that would take days. And then they would come back and he'd be like, no, I actually want it to be splashier or thicker or something like that. And so those notes were going back and forth. And he wound up converting a bathroom in his house to a supercomputer. Like he basically got a whole bunch of racks and a whole bunch of GPUs and wired them all together and was able to do the rendering his own. And he actually put in 220 volt power into his bathroom. Like it's where you charge an electric car. And he said that the electricity was actually somewhat expensive. But it sped up the development so much that even though this bringing it in house process was extremely expensive, it was still worth it. So I think get rid of the wet bar, put in a home data center. If you're building a new house and you want it to, if you're doing a flip, it's going to be the hottest trend of the next couple of years. Place to stack up, Mac, Minis, it, cabinet, otherwise. So they moved on to the heartbreaker. They were moving up 1992, they bought a house for 173, sold it two years later for 225. Little bit more of a bump. 3,000 square foot traditional brick house. Then they get into the rambling ranch. They actually stepped back in terms of price. This one was only $140,000, but they sold it in 1999 for 250. Then they move into the architectural anchor. And then there's something interesting. They were in this estate. Mark bought a house, I bought a rose garden. They paid 785,000 in 2007. That's right before the housing collapse. So they were probably underwater for a little bit. But they wound up getting out with a good gain in 2014 for 1.675 million. And it was 6,000. House needed a gut renovation. They added the best of everything, included basement, sports bar. They went back to the bar. No data center. Back in 2007, four televisions, I don't know local compute existed then. You could have a LAN center. You could be lanning, you could be playing cod, you could be playing rust outside. They enlarged the rose garden. Then in 2014, said, why did I even answer the phone? Six hours later, their real estate agent brought an innocent looker by the house and they committed to a sale. So then they dramatically downsized in 2014, they moved into an apartment for $320,000. They sold that for a gain of 375. Then they moved to the penthouse in the same building, got renovated it again, and then finally they moved to the Tulsa Picasso. And then they built their massive new home, which they actually bought the land for just 740,000. But then they put a construction budget of 5 million. A huge ratio of house to land prices. But they have paid for everything. Prepaying for windows and H vac units a year in advance just to stay ahead of the supply chain. The result is a home that balances grand scale with the warmth that has become the Pharos trademark. The interior has walnut floors, mahogany trim, And a dramatic marble fireplace with graphite and amber veining. Though it does have what Anne considers her biggest ever design blender, a swim jet, which creates a current for swimming in place in the pool. It's a treadmill pool and she doesn't like it. She says, I just don't like using it. Have you ever used a swimming. Have you ever felt the urge to go on a swimming treadmill?

[C]

I've never been a big swimmer. I did rent a house at one point.

[A]

That more of a surfboard guy. What about wave pool? That would be an option.

[C]

Yeah. There is this company that makes a device that allows you to mimic paddling on a surfboard.

[A]

But you can't stand up and actually surf.

[C]

No, it's just for training this motion. And yeah, it's pretty. They pitch it as like, you don't live near the beach and you're going on a surf trip and you want to be in peak.

[A]

Oh, so it's truly for working out. Okay. Well, anyway, did they do a wet bar? Let's find out. I don't think so. They did a baby kitchen for catering, a wine room leveling up, and an office that feels perfect perched in the trees. The couple remains unsentimental about the bricks and mortar. We'd never move back into a house we've sold. We're always looking to what's next. For now, they say they're having too much fun with their current house. Hosting parties, golf, friend get togethers, board meetings, and even a wedding to think about what's next. Those who know them best are skeptical. I give them three to five years. There is this one elusive neighborhood that keeps slipping through their fingers. I predict they will do a house project one more time. Famously, there was Bob Hope in Adam.

[C]

In the chat, I used a swim jet. It was like trying not to drown in a controlled manner.

[A]

Yeah, doesn't sound fun. Bob Hope was a radio star, talk show host, traveled the world, did USO tours, always on tour, world famous. Must have been very difficult for his relationship with his wife. But they worked together for decades. And I think part of the secret was that they were constantly renovating this massive estate in Burbank. And they would renovate it from start to finish, back and forth constantly. And he had this amazing office there with a vault that you could walk in. And he had every joke that he. He'd ever written cataloged in filing cabinets there and had a whole studio basically where his writer's room could come to him. And then eventually, when they got older, they built an elevator. And this whole time they had a project that they could work on while he was also doing his project and everything else. So never bored and it stood the test of time anyway. Have you heard of Smashbox Cosmetics? Has anyone heard of Smashbox Cosmetics? What is the story of this company? Because the co founder has one of the greatest names I've ever heard. His name is Dean Factor. Dean Factor. It's a powerful name. And he is selling an estate in Los Angeles for just shy of $50 million. It's in Sullivan Canyon. It was inspired by the architecture of classic California ranches, including San Isidro Ranch, where John F. Kennedy and Jackie Kennedy honeymoon. I didn't know JFK was up in San Isidro Ranch. Cosmetics scion Dean Factor and his wife Shannon Factor knew they had their work cut out for them in 2011 when they purchased a neglected piece of property in Los Angeles. Sullivan Canyon. The modest, dilapidated house on the roughly eight and a half acre parcel that's a huge parcel for this part of town was filled with asbestos. The driveway was cracked. The landscaping was barren and dry for six years. It was kind of used as a dog park. So it was just beat up. Do you think robot dogs would do more damage because they're heavier? Right. And also the EMF might fry all the local fauna, all the local bushes are just getting roasted by the Boston Dynamics radio waves. Just as it's stepping through the grass, the grass is just wilting and dying around.

[C]

You can put a microwave on top of the robot dog, plug it in, just be running it constantly.

[A]

Like it doesn't pee on the grass. There's going to be no damage. Have we studied it? Do we know that that's.

[C]

Have we looked at the data?

[A]

Have we looked at the data?

[C]

So we looked at the data.

[A]

We looked at the data and it's actually 10 times worse than just having a dog running around. I don't know.

[C]

The robot dog's only 75 pounds. Okay, so that's like a big dog.

[A]

That's my dog.

[C]

Yeah.

[A]

There's dogs that are bigger. Okay. Are there any other environmental damages that could happen from letting a robot dog run wild on an abandoned property? Let's figure it out. Undeterred, the factors brought the land for 8 million, according to property records. Unable to salvage the home, they kept knobs, fixtures and other hardware, using it in the new, roughly 17,000 square foot home with a private lake. Private lake that is insane. Fruit trees and medicinal herb garden. Now, with the two oldest of their five children, college, they are listing the property for 50 mil or 48.5. Dean's great grandfather co founded the cosmetics company Max Factor. What are we doing here? That is an insane name. Dean co founded Smashbox Cosmetics, which Estee Lauder acquired in 2010. He's now a private investor. Wow. The the Factor spent years rehabilitating the land, installing irrigation, regenerating the soil, replanting seeds, and caring for trees.

[C]

It looks fantastic.

[A]

Their eight bedroom home was inspired by the architecture of San Yosidro Rance, which we mentioned. It does look fantastic. So, ooh. The downstairs is pretty cool. The basement level entertainment hub. They call it the lounge. It has a wet bar. It also has a pool table and a game center. Nice little rustic vibe. This feels straight out of like Montana or something. And the rest is very, very modern Californian. Really, really nestled in there. The property has indoor and outdoor fireplaces, private hiking trails, and a sports court. Over the years, every inch of the house and land has been enjoyed by the children, friends, and many animals. So they're letting the animals run wild. No robots on site. We needed extra quiet spaces for studying and working. Other amenities include a gym and elevator and a massage and yoga room. And this last one, the treehouse. Magical little inspiration portal set in nature. This thing's cool. I like a big. Is that even a tree house? That here's a house that's adjacent to a tree. I feel like a tree house needs to not touch the ground and be built entirely around the tree to qualify.

[C]

Slurping, right?

[A]

Yeah. Because you see these houses where they put the tree inside the house. This is like, this is more that than a full tree house.

[C]

It looks like the tree is going through the porch, not the.

[A]

So yeah, I think this is a little bit of fall house.

[C]

That's a tree porch.

[A]

This is a tree porch. This isn't a tree house. This is a house that's built adjacent to a tree. Nice try. Nice try.

[C]

Could be a great place for a home data center though.

[A]

It could be. It could be inside of a tree. Do you think? You know how, like with AI, a lot of people are building, like, useless stuff? Like, you see a lot. This happens all the time where someone will like, vibe, code something and you'll be like, but I could just use the real thing. Do you think? Like during like the metallurgy revolution, people were like, I made a tree out of iron. And people were like, but why can't I just use it? Why can't I just have a tree? People are like, it's an iron Tree. And then they had to explain like, oh, we're going to have to be more creative here. We're going to have to do something new with this. And then people were like, okay, like rails for trains or boilers for steam

[C]

engines, they were kind of doing that. They're like, I made wood out of metal.

[A]

Yeah. I think there's a little bit of that. You got to be. There's a lot of. When a new technology comes around, you just sort of reinvent everything. This was the same thing with a lot of. You know, you see it in media all the time, where the new platform comes and it's. The old thing on the new platform doesn't quite fit.

[C]

But did you see that Matthew McConaughey once exiled himself from Hollywood and lived as Mateo?

[A]

What?

[C]

In Peru?

[A]

No. Is this real?

[C]

For 22 days without electricity. Ooh. He said I needed to get my feet on the ground. So I clicked out. Boom. Go to Peru. I needed to find it to check the validation. I knew I had it. I just had to go prove it.

[A]

Hmm.

[C]

But I did question. Now that I just got famous, I've got all this affiliation for this and that and the other, and I'm trying to decipher which part's real and which part's bs. I needed to meet people who knew me as Mateo. And at the end of 22 days, the tears in their eyes and the tears in my eyes and the hugs we had on the sadness and happiness of saying goodbye were all based off of the man they met named Mateo, who had nothing to do with the celebrity. It reaffirmed my own identity that, oh, I still got it. This is based on me. There might be alpha in going to Peru, adopting a fake name, and living for 22 days without electricity.

[A]

Yeah.

[C]

Because every time I hear Matthew speak, there's always. There's always some wisdom that comes through.

[A]

How did he pull this off?

[C]

Tyler, you missed your opportunity to go to China this week and just simply post a picture and say thank you for. Thank you to China for allowing me to be here in your incredible country during this incredibly significant visit. But it's not too late to go to Peru.

[A]

When did he go to Peru? Do we know what year this was?

[C]

Let's find out.

[A]

Because he's married with three kids, I'm imagining it's a big ass to be like, honey, I'm going to be gone for a month and I won't have electricity. Good luck with the three children. But clearly it worked out. They're still together, so, you know it landed. Wait, it was in 97. Okay, that was before he was married. Anyway, another option, if you, if you're feeling burned out at 67, you don't want to renovate your house. Start a business. This entrepreneur started a business at 67, says it's been much better than retiring. So many of my retired friends are bored, but I'm constantly learning new things and meeting new people. So my late father in law. This is a piece by Daniel Oxt. He says my late father in law loved organizing.

[C]

They're saying Matthew is larping as well. Mateo.

[A]

He was larping around, just larping it up. My late father in law loved orchids. And in his decade log, decades long passion, he built and maintained two large greenhouses. an age when most people were retired or worse, he was still breeding new hybrids, knowing full well that they wouldn't blossom for years. He wasn't a man to sit idly in death's anteroom awaiting the Grim Reaper. I take heart from his example when I wonder in moments of doubt or exhaustion, why in the world have I launched a demanding business in what otherwise might have been a leisurely dotage? In some ways, the nature of our undertakings is similar. Mine is a publishing venture, but I was more motivated by the flowers, which is to say the books we bring forth, than any prospect of financial gain. Some oh, so he's launching a Stripe Press competitor. Shots fired. Call Tammy Winter, tell her to double down because there's a 67 year old who's coming and he's going to eat Stripe's lunch. Potentially, no, it seems like this is more of a labor of love. Starting a business is a lot of work, but for an older entrepreneur, that can be more of a feature than a bug, he says. Some of my friends, retired from impressive careers, now find themselves bored or under occupied. Meanwhile, I deal with a continual barrage of challenges, great and small. Most of them welcome. People assume that I'm the one keeping my little business going, but the opposite is probably equally true. Starting a business in retirement may sound like an oxymoron, but the idea has quite a few virtues. First of all, it's up to you if you want to do it. You don't have to apply for a job you don't need. You need worry about age discrimination. Unless you plan to fire yourself in favor of someone younger and cheaper, you can decide for yourself whether to keep things small and casual or build yourself a modest empire. Either way, you'll be just as busy as you want to be. Wasn't Workday founded by a senior citizen? I believe the founder was 60 something when he founded that company. There are a number of breakout companies that have.

[C]

How old was he?

[A]

Workday founder. I said senior citizen.

[C]

I think 65.

[A]

65. So yes, he was. I don't know.

[C]

Dave Duffield.

[A]

Do they move the senior citizen designation when they move the national retirement?

[C]

Dave was born. The founder of Workday was born in September 21, 1940. Wow. Imagine being born during World War II and having the opportunity to build Enterprise SaaS. Build Enterprise SaaS.

[A]

It's electric.

[C]

Electric.

[A]

It's like you see the moon landing when you're 30 and you're like, in 50 years, I'm going to make it easy.

[C]

I'm going to do my own moon. My version of the moon landing.

[A]

My version of the moon landing to pay employees. What age does senior citizens start? Let's see about that. 65. Okay, so that has not been changed, but senior design.

[C]

And he had started PeopleSoft at age 4.

[A]

Wow. Legend. Legend. There's another good thing about a retirement business. It doesn't really need to make money as long as it doesn't lose much. In the case of my publishing venture, I considered launching it as a nonprofit, but I didn't want a board or anyone else telling me what to do. Doesn't want to wind up in Oakland in a courtroom dealing with stuff. If he winds up coming up with the next generational technology, he doesn't want him to defend himself. Running it as a business means you have skin in the game and an easy way to keep score. Even if remuneration isn't the primary goal. Whether you make money or not, your business will still deliver all kinds of additional benefits. For instance, nothing could be more educational. Even though I have written lots about business in my career, I was astonished when I launched my own at the age of 67 to discover the range of tasks and skills and involved in running a small enterprise. You may think you are a book publisher or soap maker or a dealer in vintage telephones, but inevitably you are also a bookkeeper, a shipping clerk, a marketing specialist, and a navigator of government regulations. Interesting. Well, I like this idea. I think it's a good idea, he says. I wish I had started this venture years earlier, but was busy earning a living and writing books of my own. Now our children are well launched and my wife, a passionate lifelong reader, has time to help. Old age, subsidized by Social Security Medicare, turns out to be an ideal opportunity for a stunt like ours. And never mind the Nearness of the end. All of life is lived in the shadow of mortality. Humans have always thrived there. And starting a business can help. Are you thinking what I'm thinking, Jordy?

[C]

I don't know.

[A]

Hostile takeover, leverage, buyout. We make friends with this guy, we bring him on the show, we say, oh, we just want to. We love what you're doing. It's an inspirational story. We'd love to just like acquire just a small interest in the business and then we'd like to lever it up.

[C]

So what are your stance on including ads in books?

[A]

This is such a good idea.

[C]

Well, you know, I've always thought I wanted to maintain the purity of the text the author intended. I go, yes. Okay.

[A]

Pure, pure slop book. We're going to use open source models that are run on commodity hardware. Just let. We're going to figure out how to run it on that old Xbox and just let it cook for a week to churn out a slot book. And then we're going to stuff it with ads and monetize this puppy, take it to the moon, flip it, sell it on to the next to the next person. Sorry about your business.

[C]

I really do, I joke about it, but I really do think that ads supported business books is a great idea. Specifically, I think it'd be a great idea for one company to release a bunch of books and basically charge a dollar a book or whatever the actual cost and then print it around the book. So you can imagine sort of a book jacket. It's like E Boys, but it has a ramp jacket.

[A]

Oh, okay.

[C]

Right.

[A]

Yeah. Maybe you could get old, run books that are out of print, bring them back in some sort of anthology or something. I'd be interested in that. Well, I need your review of the new Lamborghini. Lamborghini says they are proud to announce Lamborghini. I cannot pronounce this Roadster. It's the most powerful open top ever created by Lamborghini, limited to 15 units. Look at this, Jordy. Tell me what you think.

[C]

I'm looking.

[A]

Okay. Powered by an iconic 1080 CV. Sounds like an Nvidia graphics card. Naturally aspirated V12 hybrid HPEV. Sorry about that. Got a little bit too much Diet Coke. Engineered with an aerospace inspired carbon fiber mono fuselage, advanced active aerodynamics, and capable of 0-100km an hour in just 2.4 seconds, the Roadster delivers pure performance with uncompromising driving emotion of V12 Symphony.

[C]

Pretty odd in 2026 to release a supercar and not talk about onboard supercomputing.

[A]

Okay,

[C]

what kind of models can I expect to run locally?

[A]

True.

[C]

While I'm driving. Right, so that's the first question.

[A]

Unironically, Tesla has great onboard compute and it is a lagging feature. Have we talked about this? Like it is so crazy that the LLM like chatbot race is so intense and you open up the app store and it's ChatGPT, Claude, Gemini, ChatGPT, Gemini, Claude and then even Grok is in the game. Meta has meta AI now like everyone is training a foundation model and, and, or wrapping something and having a chat interface and every company is like, has a, has an answer, has a solution. Apple is like the most far behind. They still have a ChatGPT integration, they're solving the Gemini thing and they're maybe like a year or two behind in terms of like the knowledge retrieval use case that is in so in such high demand. And if you have an iPhone, you get the ChatGPT app, the Claude app, the Gemini app, like you, you, you check that box really, really quickly, right? And so every tech company, Microsoft Copilot, like every company has had like an answer to like how are you integrating LLMs? How are you answering questions? What's your chat interface like? Ramp has a chat interface. It's really good actually and it works and it's implemented and they're not five years behind, ten years behind. But every car company is like ten years behind Tesla. It's crazy that no one that they haven't been able to figure out how to just like clone FSD into Rivian. And GM has Super Cruise which is nowhere near as effective because it only works on certain roads and so you can't just use it on a normal street. And then it'll be like oh well we mapped this part of the freeway and this part of the freeway, but not the traffic transition between those two freeways. So we're disengaging like every self driving technology in any other car is just 10 years behind Tesla still. And I don't know, data advantage, I don't know, I mean just throw the cameras on something and like, like every other company has figured out how to get data for LLMs, like do a new web scrape, like just go and spend the money on it. But there's something where they, the LLMs with the superintelligence narrative, the coding narrative, all these things are much more easy to underwrite. Whereas I think if Ford said we actually need to spend Tesla level money to get on the trend here, people would just say, well people are still buying Mustangs and they don't really care about self driving. If they wanted self driving they just get a Tesla. But it seems like a huge miss. I don't know. Also huge opportunity to just work with Open Pilot which from George Hot's comm. I like that system is better than everything else except for Tesla.

[C]

Yeah.

[A]

And no one can figure out how to work with it effectively. Maybe it's a regulatory thing.

[C]

It might be nhts Anderson, they're laurel maxing.

[A]

They are laurel maxing. They are definitely resting on their laurels.

[C]

They're blowing. I did, yeah. I talked to a guy who owns a couple Porsche dealerships and I said do you have clients come in that tell you hey, I love this, I love this car, I love the Macan but it doesn't have self driving. And he said no right now. Which I was surprised by because you look at these commuter focused cars and you assume that commuters are going to start to care a lot. But I think it's going to be very location dependent. So there's places like if you live in la, friends in LA that can't possibly drive anything but a Tesla because. Because they want to be able to just set autopilot and forget it. But if you live somewhere where you're driving like five, ten minutes a day, then it just matters way less.

[A]

Yeah. Yeah, maybe that's it. Interesting. Well, what's your final say on the new Lamborghini? This limited thing which I think is just almost like a body kit on the Revuelto, which is the V12 platform, like it has all the same specs so it seems like it's a tuned and modified Revuelto like they've done before with the Revinton for example. So this is probably like a million dollar car. These special Lamborghinis have never been interesting to me. What do you think? Do you like?

[C]

I think I think it looks great. I like better than the Ghost. I don't personally like roadsters over their counterparts but I think it's a great car. It's not the spec for me but I'm sure it's a spec for someone. Someone in the chat said it looks like a McLaren. It sort of does the.

[A]

There's a little bit of that in

[C]

there rear end a little bit.

[A]

Also the colors are doing. If it was a yellow Lamborghini I think you'd be much more tied to yellow. You tend to see these different colors on McLarens more often. Well, in other car news, Waymo is maybe, maybe going crazy or something. What's happening in Atlanta. So dozens of empty waymos have invaded an Atlanta neighborhood and circle the cul de sac for hours with no passengers. And Brooks Otterlake says, oh, so it's wrong for cars to invent religion. And I don't really get that one. Is that like going door to door evangelizing, or is that.

[C]

It's like a cult?

[A]

Like, oh, they're circling. Oh, they're just circling. Crazy. Yeah. And then apparently someone put out like a yellow sign to try and like deter the waymos, and that only made them more aggressive. I don't know what's real here. I'm all over the place with this one. But very, very weird. I thought that Waymo, the ratio is like one to four or something like that on teleoperators, maybe something along those lines. So you would think that the teleoperators would see this and intervene. So something must have gone wrong in the, in the organizational structure. But these things are bound to happen. At least no one was hurt, you know. But it is annoying if you live there and you just see a ton

[C]

of breaking from Raghav in the chat. SpaceX accelerates IPO timeline targets June 11th pricing on the NASDAQ. So they went with 12th. Maybe they went with. It says, it says June 11th. And Reuters, we're less than a month out and interesting that they're going with nasdaq. This would, I imagine, get them allocated into QQQ really quickly. And I know that was a priority.

[A]

Bunch of ETFs.

[C]

Yeah. During this. During this process. But let's see if there's any.

[A]

Can't wait for the filing. It's going to be so interesting to dig into the numbers.

[C]

Yeah. It's now aiming to flip its prospectus public as early as next Wednesday.

[A]

That's going to be a big day

[C]

with a roadshow launch targeted for June 4 and a market debut as early as June 12.

[A]

That will be exciting.

[C]

The process had originally been planned for around late June, around Elon's birthday. A faster than expected SEC review. The company's filing partially drove the timeline for forward.

[A]

The whole market is selling off. The Nasdaq is down 1.2%. Russell 2000 down 2.18%. S&P down 1%. And Dow Jones down 1% as well. The US 10 year sitting at 4.5999-9999, something like that. Well, Bill Ackman is doubling down on MAG7 stocks that have sold off. He's going long. Microsoft. Bill Ackman's Pershing Square bets on Microsoft's AI ambitions with new stake. He says the tech company is underpriced and will disclose the stake in regulatory filings later on Friday. So Microsoft is up 3.62% today, and Ackman said in a post on X that Pershing has started building a position in Microsoft. We will disclose a new position in Microsoft because Microsoft shares are down 15% this year and have lost more than a quarter of their value since they peaked last fall. The drop has been part of a wider software industry sell off and investor concerns over hefty investments in AI. The shares were little changed in premarket trading. Ackman said investors underestimate the resilience of the Microsoft 360365 subscription suite, given its deeply embedded role across enterprises and highly attractive price value proposition. So if you look at what's happening with Figma and then you think about how that might translate to Microsoft 365 subscriptions. Not that crazy to imagine that there's more resilience here than maybe the market is pricing in. Ackman cited Microsoft's partnership with OpenAI, which gives the software giant access to the startup's models and products, which he said he believed Wall street hadn't factored in the company's interest in OpenAI, which has been valued at approximately $200 billion because of the 27% stake. And with the trial coming to a close any day now, Jessica Lesson over at the Information was saying that it's all good news for OpenAI shareholders. The call she has Will Elon win his case against OpenAI down at 20% today. On the back of the closing statements, the closing arguments from both sides and Microsoft's lawyers and I'm sure we'll have more to dive into on the court case next week as the trial wraps up.

[C]

High yield, Harry says. I like how Bill Ackman's whole thing now is just buying Mag 7 names that have traded off.

[A]

There's a whole thesis on this.

[C]

Yeah. So he did this with Meta.

[A]

Are you brave enough?

[C]

He did this with Meta based around their the response to their capex guide. He did this with Google during the ChatGPT post.

[A]

ChatGPT did you see the new feature that Meta launched on Instagram reels or Instagram something or other? It's in the DM tab and it's called Instance Disappearing photos. No viewer list. Reactions and replies are private. So they made something that's like more disappearing than stories I suppose. So you can click through this stack of Instance and the whole idea that Adam Mosseri was pitching was that they launch a product. It's very authentic. This was the original Instagram. It was like, oh, photos of the run clubs, right? And just like photos from your life, people would just hard post them on the grid because that's all there was. Then Snapchat came out with Stories, and all of a sudden Stories were more ephemeral. And Instagram, of course, cloned stories into the top feed with all the circles. But then those became places that were monetized and places where people were more thoughtful about what they posted there. And so you wound up with this. Again, the same anxiety over, are you gonna post that photo? Is it polished enough for the Stories feed? And so by launching Instants, Instagram's trying to rebuild that casual sharing of their user base so that people don't just purely consume or pick between do I never post? Or do I go full editor, professional camera set up, scripted like full post? Because that's what's happened to Stories. Everything is very, very calculated. But I don't know. Another reason to be bullish on Instagram. Instagram. Ben Thompson had a bunch of takes about why he's a perma bull for Meta is that every pixel of their entire family of apps is monetizable. They just have to choose to monetize them. And he opines that Mark Zuckerberg has never been that interested in ads. He likes products, he likes new technology.

[C]

He's willing to post some ads to serve his other interests.

[A]

Yes, yes, he gets pickle. Been fantastic at launching ads and monetizing and everything's going well, but it just feels like it's not the core. Like there are some CEOs that would get up every day and say, not just Senator, we sell ads, but every day on the or every quarter on the earnings call, talk about only ads and say, oh, the VR thing, yeah, we'll address that one. We can advertise in it because we are an advertising company. That hasn't always been the ethos of Meta, for better or for worse. But what else is in the timeline that you want to go through?

[C]

Jordi, another from High Yield. Harry. Everyone loves the DocuSign has a quarter million employees bit, by the way. But can we talk about how Accenture has 786,000 employees? This is true. The first one about Docusign was. Was not. Accenture does actually have 786,000 employees. It's a lot. That's a city's worth.

[A]

Yeah. There's this interesting. The. The latest bear thesis on the AI Boom has hit the timeline. I think Axios summed it up well, here I can cost more than human workers. Now this is a quote from Unusual Whales citing Axios. And there's an interesting bit here where if you look at the token spend at some of the tech companies and then you match that with their stories about AI efficiency and layoffs, they're actually growing their total opex. So they might be saying, okay, we're going to lay off thousands of employees, shrink the headcount 5%. That will save us $2 billion in opex a year. Year. But then you look at their token bill and it's 5 billion. Hopefully they're doing more. I think a lot of CEOs are starting to ask the questions about ROI on the token spend and that will probably be the next big hurdle. The next big question on were you just running useless scripts overnight to token max or did you actually ship a feature that moved the needle? And is conversion rate up? Is retention up? Is revenue up? Is profit up? This is the key question for anyone who. Whose organization has flipped to the token maxing meta. It is very funny to imagine like when you think of KPIs, anything that is a cost, the KPI should usually be going down. And token maxing really flipped that. A slight aberration. But you would never at a startup, say, One of our KPIs that we're tracking is headcount and we want it to go up.

[C]

You would never say one of oftentimes founders can get a little too.

[A]

Yeah.

[C]

Sort of tying their own.

[A]

Yeah. Oh, I run a 200 person company.

[C]

Yeah.

[A]

Oh, I run a 500 person company. You know, and it's like, okay, well is that, is that the right size for your business? You want to be maximizing revenue and so minimizing costs.

[C]

If. If every single. If every single person in San Francisco left.

[A]

Yeah.

[C]

And Accenture brought their entire team to San Francisco, you would actually need to build more houses. There could be. There would actually be overflow. There'd be overflow if every person had basically one bed that currently exists in San Francisco.

[A]

Wait, there's only 750,000 beds in San Francisco?

[C]

809,000 people live in San Francisco.

[A]

Wow, that's not a lot. I always think of San Francisco. That's not a lot. I always think of San Francisco as like a city of 10 million. But that's obviously greater. Yeah. The greater Bay Area. Well, there's some bad news for the US dollar hedge. I says the US dollar has lost 30% of its purchasing power over the last six years. And Brian says, damn, that's what I purchased my stuff with.

[C]

Speaking of purchasing stuff, ChatGPT launched personal finance features.

[A]

Yes. And this was in partnership with Plaid, right?

[C]

Yeah, I think Plaid's under the hood.

[A]

This is really cool because we were talking.

[C]

I'm going to play around with it.

[A]

We were talking to Zach about. We were like, oh, like, I have to imagine that a lot of people are starting to use plaid alongside LLMs to suck in all of their personal financial data and sort of understand what they're spending things on and doing a lot of the. You know, there's a mint.com, there's different. Different services that can do little pieces here and there. There's a whole service that just figures out if you're subscribed to multiple things. I have two Netflix subscriptions. Let me consolidate that down. Even just knowing, okay, you're spending a lot on gas now or groceries, is this what you expected? All that can be helpful. And Zach was sort of quietly admitting that he has clearly been very AI pilled in conjunction with Plaid and had been wiring up all of his personal finances to dashboards that he's been building. And so I imagine that a lot of that was brought into this product. So excited to see people play around with it and ask questions.

[C]

There is a new partnership between Stad Guy and Bentley.

[A]

Really?

[C]

Yes. He introduced the Chalet edition.

[A]

Okay. What is this? Is this.

[C]

Can you think of a time where a creator partnered with a major car manufacturer for a special edition car? Yes, I can think of, like, the, you know, McLaren Senna, right? Yes.

[A]

I was going to say the Dale Earnhardt edition Monte Carlo.

[C]

Oh, all right. We'll pull up the Chalet edition and

[A]

then pull up the 2000 to Chevy Monte Carlo SS Dale Earnhardt Edition.

[C]

Shodkai was in LA around Coachella. It's possible that his alter ego Colton was going to Coachella. We were trying to get him on the show, but the timing didn't overlap because he was podcasting himself with his own show.

[A]

Explain the alter ego thing. Is he one of these single creators that runs two accounts?

[C]

No, it's. It's one account.

[A]

One account.

[C]

Oh. But he plays a guy guy, and then, you know, this sort of, like, elevated kind of character. And then there's, like, Colton, who's, like, new rich, you know, new money character. But I think they did an excellent job with this car. A lot of wood and. And tan leather.

[A]

Is this something that you can like? Is this limited allocation?

[C]

Yeah, they're making 25 of them.

[A]

Wow. And he's going to sell 25 Bentleys. And how much does he make off of this? 25.

[C]

Good question. I bet this looks more like a

[A]

million dollar brand deal.

[C]

Not a. Yeah, but probably a million

[A]

dollar brand deal, right?

[C]

Yeah, 25. No, but it's, it's a really, it's a really smart. I think it's great for.

[A]

I think it's a little derivative of the 2002 Chevy Monte Carlo SS Dale Earnhardt Edition.

[C]

But yeah, let's pull up that.

[A]

Yeah, if I had to pick one, I'm going Dale Earnhardt Edition. Probably.

[C]

You know what I'd pick?

[A]

We'll see. Yeah. Pull up the 2002 Chevy Monte Carlo SS Dale Earnhardt Edition. Is that it? That does not look like it. No, no, that's an AI image or something. Something that doesn't have the right wheels. Google it again.

[C]

Gabe says when TVPN Nissan Murano Cross Cabrio Live.

[A]

Ooh, that would rip. I'll put this in here. Yeah, this is the image. Here we go. Stod guy. Yeah, the McLaren Senna. Has there been another one?

[C]

I feel like I've been waiting, I've been waiting for the, for the Murano Cross Cabriolet to fall in value. And they're holding strong. John, guess the price on this. 87,000 miles, two owners. It's a 2014.

[A]

$20,000.

[C]

16 grand.

[A]

16 grand. They hit the floor and they're only going up from here.

[C]

You can get a white one. You can get a white one. A 2011. It has 137,000 miles for just under 7,000.

[A]

There were rumors of a collab that might. I don't know. I want to know what you think. If this would be a great partnership. But Lewis Hamilton, driving for Ferrari, now famous Mercedes F1 driver, he has been spotted multiple times. In his reveal that he would be joining Ferrari, he. He posed in front of the Ferrari F40, an iconic supercar. There have been rumors about a bespoke Ferrari project dubbed the F44, which was supposed to be a modern V12 powered manual shift tribute to the legendary F40. It's allegedly been scrapped. It's still only in the rumor it's been potentially canceled. But do you think that would work? Do you think that would be successful with him still racing him still, you know, in the throes of his career? Would he need to retire? Would he need to. Would this need to be like a posthumous tribute at some point? What do you think it takes for a Lewis Hamilton Ferrari special edition car. To be successful, I think you would

[C]

have to win a championship with Ferrari. Yeah. Otherwise okay.

[A]

Hmm. Can't just Aura Farm with Kim K on 80s vibe reels. You've seen that video, right? Yeah. So sick.

[C]

Yeah. I think you gotta win.

[A]

You gotta win. Well, what else is going on? Is there anything else? We talked about a lot of this stuff. There's some bigger articles, but we can get to them tomorrow. All the longer articles we need to

[C]

get to 2014 Nissan Murano Cross Cabriolet for nine grand. It only has 116,000 miles on it in one accident.

[A]

How are you modifying it for the TVPN edition?

[C]

You got a four owner 2011 with 109,000 miles for eight grand. I mean, these things are a store of value. I think we're actually kind of at the bottom of the J curve. And we'll start seeing it tick up from here.

[A]

Well, there's one more post here we should go through. There might be a few YouTubers. Be like, Wake up at 4am and run. That's alpha. No, it's not. Look at apex predators. They're all lazy. Bears hibernate, lions sleep all day. You know who wakes up at 4am and runs? Squirrels. Don't be a squirrel. Hibernate, Sleep all day. Work like a lion. Naval Ravikant said it best.

[C]

Yeah, it's good advice, but depending on where you're at in life, sometimes you

[A]

do have to wake up early.

[C]

Sometimes you gotta wake up early and you gotta work really hard.

[A]

Yeah, but 4am Maybe not. Maybe not. Always optimal. Depends on your flow. But in general, I think the YouTubers that say like, get some energy in your life. I heard one of these inspirational guys talking about like, if you want something, you need to use more of it. If you want more of something, you need to use more of it. So if you want more energy, you have to use more energy. If you want more muscle, you have to use more muscle. And it was sort of pithy. Doesn't apply to everything, but sort of. You gotta spend money to make money.

[C]

Yeah. The issue is if you wake up late, you don't get to start winding down when the sun goes down. You haven't earned it yet.

[A]

Oh, sure, sure, sure. Night owl mode. Some people go night owl mode. Night owl mode. Some people go squirrel mode. Some people go bear mode. Just depends. To each their own. I like this cartoon from dlip Rao in context Learning in LLMs. Tyler, you can probably explain this. So the man walks out with his robot to paint the fence, paints two full planks, starts painting the third plank, gives the paint bucket to the robot and says, continue. The robot says, got it. And as you scroll down, what did the robot do? Repeated the pattern perfectly. Not painting the third thing.

[C]

It doesn't generalize.

[A]

Doesn't generalize. Do you think this is possible? Do you think this is solvable?

[C]

Yes. What time do eagles start hunting?

[A]

What time do eagles start hunting? I don't know.

[C]

Just after sunrise.

[A]

Just after.

[C]

What time do sharks start feeding?

[A]

Just after sunrise.

[C]

Dawn.

[A]

Dawn. Okay. Okay.

[C]

So if you want to be a shark or an eagle.

[A]

Okay.

[C]

Get up and get after it.

[A]

Wow.

[B]

So what is PE Penis enhancement?

[A]

Andrew Reed says, send this to all your private equity friends immediately.

[C]

What is. Because they asked, what is pe?

[A]

Yeah. And he says, something. Something. That's uncouth.

[C]

All right, well, that's a great place to end it.

[A]

Yes. Is the flashbang working?

[C]

I think so. Thanks for hanging out.

[A]

Yeah.

[C]

It's been a really classic show. This feels like a fall 2024. It's a great show episode. We hope you enjoyed it.

[A]

Leave us 5 stars on Apple podcast and Spotify. Sign up for our newsletter tvpn.com Hope

[C]

you have a wonderful Monday weekend.

[A]

Another rolling flashbang. Goodbye.