Wally Funk (2:43)

I was preemptively hitting it.

Patrick O'Shaughnessy (2:45)

Okay, yeah, yeah, he did make it all back. He's made almost $100 billion twice. I think maybe there was a moment when he had, he had the title of making $100 billion twice. One on Alibaba and then the second one on ARM. He's made money on Nvidia and lots of other things. The idea of an American softbank, especially one focused on revitalizing American manufacturing, I like that idea. There are a million reasons why this is an important project. Job creation, economic independence, national security. And you might just get more cool stuff like as manufacturing gets cheaper, like the tools that you use, the cars that you drive, the washing machine in your home, the tires on your cars, all these different things get better, not just cheaper, but actually unlock new capabilities and new things that people, people enjoy. And so I'm in favor of more manufacturing, more, more economic development, basically. And so the question about like, you know, Jeff Bezos, his role, like he's a great operator and I think he's the right person to take the reins and actually deliver here. So like Masa, Jeff Bezos has been through the ups and downs of the dot com boom and bust. At one point, Jeff Bezos lost 85% of his net worth in like two years.

Wally Funk (3:51)

But he made it back.

Patrick O'Shaughnessy (3:52)

He did make it back and more. He was worth like 8 or 9 billion and got down to his last 1 billion basically because of the stock drop in Amazon. But he built it. But, but he not only kept Amazon alive, which I think everyone knows that, you know, Amazon went up during the dot com bubble and then crashed and then built back up. But he also kept Blue Origin alive during that time. Cause he's founded Blue Origin in 2000.

Wally Funk (4:15)

Wow.

Patrick O'Shaughnessy (4:15)

Before the crash.

Wally Funk (4:16)

I didn't know that.

Patrick O'Shaughnessy (4:16)

Yeah, before the crash. So he was.

Wally Funk (4:19)

Was it before SpaceX?

Patrick O'Shaughnessy (4:20)

Yeah, before SpaceX.

Wally Funk (4:21)

Whoa.

Patrick O'Shaughnessy (4:22)

Yeah.

Wally Funk (4:23)

So Elon, I assume that Blue Origin was just memetic with Elon?

Patrick O'Shaughnessy (4:29)

No, no, he did it earlier.

Wally Funk (4:30)

Wow.

Patrick O'Shaughnessy (4:31)

And so he. So he kept Blue Origin alive. And can you Imagine how stressful it is. You're like, okay, I'm worth 10 billion. Certainly I can have a little side project as a treat. And you're like, okay, I just lost 85% of my money.

Wally Funk (4:44)

I deserve, I deserve a side project that loses, yes, 20 million a month.

Patrick O'Shaughnessy (4:49)

Exactly. Yeah. I don't know how much they really. But like, but that doesn't seem unreasonable. But he was able to keep it going. Of course, Blue Origin was a slow story all the way up until like last year when they landed New Glenn. And so he kept both alive and he's never given up on the project. Blue Origin, that always has felt behind SpaceX for, to the two decades that has been operating, but is now sort of unlocking new capabilities and is.

Wally Funk (5:15)

They were going heels more in turtle mode.

Patrick O'Shaughnessy (5:17)

Yeah, Turtle mode for sure. But it's working. Regardless of the fact that, you know, SpaceX is still ahead of Blue Origin, you have to give him credit for like operating that company efficiently and actually delivering a product that we all saw go up and come back. And so like the rockets did go up and land and come back and he's delivered people to space and back. And so he's like achieved the goal and not lost all the money and not put the company in jeopardy. And so like clearly there's some operational. That's a narrative violation. It is a narrative violation. What makes Bezos uniquely equipped to take on this type of project is the nature of his business over the last few decades. So he's never really had the zero marginal cost luxuries afforded to other pure play Internet founders. Amazon's just always interfaced with the physical world. So it's been, even though it's a software company and a tech company, it's always interfaced with the physical world and they've had to focus on operational efficiencies to scale. So in 2012, Amazon bought Kiva Systems, which turned into Amazon Robotics. And that's a big risk to buying a big company. And we think that, you know, if this turns into, if this $100 billion fund turns into sort of a private equity roll up, you're going to ask the question to can Bezos buy a company for 1 billion, 5 billion, 10 billion, 50 billion, who knows? And operate it and scale it and actually continue to deliver value. And he certainly did that with Kiva Robotics, which turned into Amazon Robotics, which delivered over a million robots that are deployed across the operations network. So from fulfillment centers, warehouse automation, inventory flow, last mile delivery, all of these require tight integration between hardware and Software to run smoothly. Bezos clearly loves this stuff and you can actually see it when you look at his face. Whenever he gives a tour of an Amazon warehouse or an or blue origin facility, he's just beaming. And he's absolutely obsessed with, with this technology and the physical world. And so the question I had was like, what should he buy? Yeah.

Wally Funk (7:13)

The other thing is like, you know, seeing all the different volume across Amazon and being like, well it'd be pretty convenient if that was made here or this was made here or at least the, some of the components were made here and it wasn't, you know, you didn't just have assembly here.

Patrick O'Shaughnessy (7:28)

Yeah, I mean, yeah, there isn't. I hadn't considered that narrative, but there is a different flow where you're, he's

Wally Funk (7:35)

not sitting there being like, great, I love that so much of our volume is having to be shipped or flown across the ocean.

Patrick O'Shaughnessy (7:41)

Ton of that. Yeah. And then also he's seen attacks from TEMU and Shein and Alibaba and AliExpress and a whole bunch of direct from manufacturing plant to customer. And how do you respond to that? Maybe getting into the deeper in the supply chain makes sense. Although I'm not entirely sure that there's so little reporting at this point. The only line is that he'll be buying manufacturing companies. So there's a lot in the supply chain. So I wanted to dig through some stuff that could potentially be in the crosshairs for Bezos. The first is learning they manufacture seats and electronic systems for the automotive industry. And a lot of these companies have huge revenues and small market caps. So Lear did 23 billion in 2025 revenue. The market cap is around 5 billion. And so the business is operationally complex. I mean on A, on a PE ratio it trades at like I think 13 price earnings. And so like you have these high revenues because you're in the manufacturing business but you're low margin.

Wally Funk (8:43)

But yeah, and this has been some of the concern around Cs investing in manufacturing businesses and just a general concern that you know, they might today be getting valued on a revenue multiple. But as they get to the public markets, people expect them to be valued on, on earnings. And that is very different story.

Patrick O'Shaughnessy (9:02)

Borgwarner is another example. They're a scaled auto supplier. 14 billion in 2025 revenue. Market cap is 9.5 billion. They're more focused on propulsion and power related systems. They literally make turbochargers for internal combustion engines. Although they have shifted their business a lot to be focused on electronic components. Both in terms of making battery packs, motors, but they're actually already getting into selling turbine generator systems for data centers. They're part of the AI boom already. Hexcel is another company. They're guiding to 2 billion in revenue. But the market cap is 5 billion. So a little pricier on a price per price to sales ratio. Here's a fun one. Good year. Not only do you get blimps, which has got to be important if you're trying to go blimp for blimp with Sergey Brin, you just, just jump to the front of the line. It's only a 1 point.

Wally Funk (9:55)

This revenue multiple is criminal.

Patrick O'Shaughnessy (9:57)

Yeah. So the market cap for Good here is 1.8 billion and revenue was 18 billion. So they're, they're trading at a point somewhere.

Wally Funk (10:07)

There's like a VC funded tire company.

Patrick O'Shaughnessy (10:10)

It's like 100x revenue. Like we're going to go through a thousand x multiple compression over the next decade. Yes, you will. But Goodyear's sort of the classic AI for manufacturing kit.

Wally Funk (10:22)

They got to focus, they got to get investing about their advertising blimp monopoly and scaling that business.

Patrick O'Shaughnessy (10:30)

Quality control is really critical. There's opportunities for downtime optimization. So if you can have better systems that limit downtime, you can produce more tires. The tire market is extremely competitive. You see Chinese tires on cars more and more. And so these are thin, thin, thin margin companies. And that's why the multiple so low. But getting good.

Wally Funk (10:52)

Scariest moment of my life in a car.

Patrick O'Shaughnessy (10:54)

Chinese, Chinese tires. Old Chinese tires.

Wally Funk (10:56)

Old Chinese tires.

Patrick O'Shaughnessy (10:57)

But you know, a lot of people go in, they say, I need new tires, just give me whatever's cheapest. And so if you're competing on price and you're a low cost supplier, every dollar counts. On the bigger side, you have Rockwell Automation. I don't know if you've ever seen those videos for the Rockwell Turbo encabulator. Have you ever seen these? Look at this.

Rockwell Automation Narrator (11:13)

Research has been proceeding to develop a line of automation products that establishes new standards for quality, technological leadership and operating excellence. With customer success as our primary focus, work has been proceeding on the crudely conceived idea of an instrument that would not only provide inverse reactive current use in unilateral phase detractors, but would also be capable of automatically synchronizing cardinal gram meters. Such an instrument, comprised of Dodge gears and bearings, Reliant electric motors, Allen Bradley controls, and all monitored by Rockwell software, is Rockwell Automation's retroencabulator. Now, basically the only new principle involved is that instead of power being generated by the relative motion of conductors and fluxes. It's produced by the modial interaction of magnetoreluctance and capacitive interactance passive interaction. The original machine had a base plate of pre famulated ammolite surmounted by a malleable logarithmic casing in such a way that the two spurving bearings were in a direct line with a panametric fan. The lineup consisted simply.

Patrick O'Shaughnessy (12:18)

It's just like such a funny in joke for electrical engineers because it's just a whole bunch of like slop basically. Like, oh, none of those terms mean

Wally Funk (12:25)

anything good startup launch, video concept.

Patrick O'Shaughnessy (12:27)

Yeah, yeah, yeah. It really, I mean it helps you detect like, are you in group out group basically. Very, very fun. But they are. What? Well, were you able to clock it or were you like, oh, that sounds good.

Wally Funk (12:40)

I mean it sounded silly.

Patrick O'Shaughnessy (12:41)

It sounds silly. So Rockwell Automation's on the bigger side, but they sit right at the intersection of factory automation software and control. So although that video is a joke, Rockwell does work on automatic on factory automation already. So the thesis with this one is that the business is already, already dedicated to industrial automation. And so it's less of a turnaround, but it's a control point for pushing AI to thousands of other factories here. Deeper in the supply chain. It's expensive at 40 billion, but potentially in the budget.

Wally Funk (13:14)

Do you think there's a world where he just buys a Ford Motor company? It would obviously. I mean, yeah, wouldn't. He would have to lever up what is Ford now. I thought 40 is 45, but I, but I'm not. But he's not going to just drop like raise 100 billion and then, and then buy a company entirely with equity.

Patrick O'Shaughnessy (13:33)

I feel like it will be deeper in the supply chain than a brand, but I don't know. It's possible. It's possible.

Wally Funk (13:41)

But he might say, isn't he already

Patrick O'Shaughnessy (13:42)

a big investor in Rivian?

Wally Funk (13:43)

Yeah, sure.

Patrick O'Shaughnessy (13:44)

So like looking deeper into that supply chain and there's a few other car companies that he'd been involved in. I just don't know that there's that like that's where the big opportunity is. It might be deeper in the supply chain, like bending the metal that goes into the bumper, that this and that. And like, you know, it's 12 steps deep. It's more boring, but it's even thinner margins, less, you know, brand risk and brand value, but really focused on, you know, applying that actual like commercial excellence. And then there's also the option that we get some sort of Elon style megacorp with Blue Origin involved at some point, like, you know, Xai and SpaceX merged. It's possible that Blue Origin and this vehicle come together with project Prometheus in some. In some way, and then that goes public as a new entity. A lot of these. He's. He's actually mentioned the whole space data center thing before. I think a while ago. Wasn't it like more than a year ago? I don't.

Wally Funk (14:37)

Yeah. I think they also just filed something with the fcc.

Patrick O'Shaughnessy (14:40)

Okay. Yeah. For the new cloud. Yeah, yeah.

Wally Funk (14:42)

It was like 50,000 satellites.

Patrick O'Shaughnessy (14:44)

Yeah, yeah, yeah. So he wants like a direct Starlink competitor. And so when you think about the full AI stack, if he's really, you know, off planet, you know, pilled and thinks he can get there, even if it's like a year or two behind or I guess what's the timeline for his Starlink competitor? That would be like three years behind. Four years.

Wally Funk (15:05)

Yeah. I mean, for the moon, he's supposed to be ahead, right?

Patrick O'Shaughnessy (15:08)

Oh, yeah. So maybe this will all go on the moon. Well, either way, it's a big move from an experienced operator with lots of opportunity ahead and it'll be fun to follow along.

Wally Funk (15:16)

And I'm glad he's back in the game in a big way. Yeah. Just doing random, you know, side projects.

Patrick O'Shaughnessy (15:23)

Bottle service or Bottle service? Yes.

Wally Funk (15:26)

He's got to be spending more time and energy securing America's future.

Patrick O'Shaughnessy (15:31)

Yeah.

Wally Funk (15:31)

Securing bottle service.

Patrick O'Shaughnessy (15:32)

Well, you know, I mean, the guy can take a weekend off, but one photo from his weekend flies a lot further than, you know, he could be completely locked in and just grinding 80 hours. And then he goes, gets bottle service just one time. And let's head over to Jensen on

Jensen Huang (15:48)

the all in podcast Engineer at the end of the year, I'm going to ask him, how many tokens? How much did you spend in tokens? And that person said $5,000. I will go ape. Something else.

Patrick O'Shaughnessy (15:59)

Yeah, right.

Jensen Huang (16:01)

If that $500,000 engineer did not consume at least $250,000 worth of tokens, I am going to be deeply alarmed. Okay. And this is no different than one of our chip designers who says, guess what? I'm just going to use paper and pencil. I don't think I'm going to need any CAD tools.

Guest Speaker (16:20)

This is a real paradigm shift. Thinking about these all Star employees, it almost reminds me of what we learned in the NBA when LeBron James started spending a million dollars a year just on his health of his body, like maintaining it.

Jensen Huang (16:33)

That's right.

Guest Speaker (16:33)

Here he is at age 41, still playing. It really is. Hey, if these are incredible knowledge workers, why wouldn't we give them superhuman abilities?

Jensen Huang (16:42)

That's exactly right.

Guest Speaker (16:43)

Where does that go? If we extrapolate out two or three years from now, what is the efficiency of that all Star at Nvidia and what they're able to accomplish? What they look like.

Jensen Huang (16:53)

Well, first of all, things that, wow, this is too hard. That thought is gone. This is going to take a long time. That thought is gone. We're going to need a lot of people. That thought is gone. This is no different than in this, in the last Industrial Revolution. Somebody goes, boy, that building really looks heavy. Nobody says that. Nobody, wow, that mountain looks too big. Nobody says that. Everything that's too big, too heavy, takes too long. Those ideas are all gone.

Guest Speaker (17:22)

You're reduced to creativity.

Jensen Huang (17:23)

That's right.

Wally Funk (17:24)

What can you come up with?

Jensen Huang (17:24)

Exactly. Which means now the question is, how do you work with these agents? Well, it's just a new way of doing computer programming. In the past, we code. In the future, we're going to write ideas, architectures, specifications. We're going to organize teams. We're going to help them define how to evaluate the definition of good versus bad. What does it look like when something is a great outcome? How to iterate with you, how to

Wally Funk (17:50)

brainstorm, you know, so says guy that sells shovels says you should spend 50% of your salary on shovels. But of course, Jensen's point is generally correct, which is that you should give your best people a lot of leverage.

Patrick O'Shaughnessy (18:04)

Yeah. I do wonder what the leverage ratio is in other industries. If you're a crane operator and you're making, I don't know if you should

Wally Funk (18:15)

give him the best possible crane.

Patrick O'Shaughnessy (18:17)

Yeah. Is it possible that if you're operating a $10 million crane or something, I don't know how much crane costs. Or like a cargo ship that's ferrying oil across the world, how much does that crew cost? And then how much does the ship cost? And then what's the depreciation on that ship? Because it might be like $100 million ship that will last 20 years. So you're looking at $5 million a year. And if the crew, total cost of the crew is like 1 million, well, then you're actually spending more on the capital asset than the underlying talent, and you're getting leverage on top of that. And for a long time, software engineering has not been that. It's been $100 worth of Internet and a couple thousand dollars on a MacBook and a lot of open source software because you're using Python and Linux and these things. And I mean I guess you could maybe burden like your cloud budget once you actually deploy the app. Like if you think about if you're a Facebook engineer or Instagram engineer, you could push a feature that consumes a ton of compute. But this is also going back to like the AI talent war where you get back into if you're an elite software engineer and you're like, look, I'm going to be, I'm going to be in charge. I'm going to be managing half a million dollars worth of token budget over the next year. Well, I want comp that's higher than that or something like that. It'll be very interesting to see how the value works there. A reasonable ballpark for the annual cost of a fully loaded cargo ship is around 4 to 18 million dollars. So including the cash operating cost plus the depreciation. So I don't know.

Wally Funk (19:55)

In other news, the U.S. department of justice announced yesterday three charged with conspiring to unlawfully divert cutting edge U.S. aI technology to China. The indictment unsealed today details alleged efforts to evade US export laws through false documents, staged dumm servers to mislead inspectors and convoluted trans shipment schemes in order to obfuscate the true destination of restricted AI technology. China. Said John Eisenberg, Assistant Assistant Attorney General for National Security. These chips are the product of American ingenuity and NSD will continue to enforce our export control laws to protect that advantage. So the company SMIC Super Microcomputer Inc. They caught him. They caught him red handed, Wally.

Patrick O'Shaughnessy (20:46)

He's arrested today or yesterday. He personally holds half a billion dollars of Super Micro stock. Still risked it all and now he's facing 30 years in federal prison. That is crazy. He was charged with smuggling billions in Nvidia servers to China. Use Southeast and Southeast Asian shell company to funnel two and a half billion in servers to Chinese buyers. 500 million worth shipped in just three weeks in spring of 2025. That's a lot. Two and a half billion in servers feels like enough for like a frontier training run. Like that's a big big. That's a big push. Built thousands of fake dummy servers to fool US compliance auditors. Caught on surveillance camera using a hairdryer to switch swap serial number stickers. And so Ox Geegee says this man is a billionaire and was removing labels with a hairdryer. Personally, you're simply not grinding hard enough.

Wally Funk (21:43)

There's always a grind set lesson in any Story.

Patrick O'Shaughnessy (21:46)

Let's take this over to LinkedIn.

Wally Funk (21:48)

It's also notable because there's the export tax, or tip, that you're trying to bring chips out of the country. The U.S. government kind of flips over the square terminal and they say, tip, please, 25%. So you're looking at at hundreds of millions of dollars if these were. Even if these were chips that were able to be exported.

Patrick O'Shaughnessy (22:06)

We were debating the flipping the iPad around, asking for a tip earlier today. And I think our joint stance was if the iPad is turned around, you got a tip. Yeah, it's just the etiquette is that you got a tip, but is there anywhere where that line crosses and you say, I can't. I can't possibly push something.

Wally Funk (22:28)

Funny thing is, Erewhon asks for tips on orders, online orders.

Patrick O'Shaughnessy (22:34)

Wait, but there will be a human delivering it or.

Wally Funk (22:36)

No, there's two separate tips.

Patrick O'Shaughnessy (22:38)

Okay.

Wally Funk (22:39)

There's the person in the store who puts the things in the bag, and then there's the delivery person, and they flip it over twice.

Patrick O'Shaughnessy (22:48)

Yeah. The game theory of this stuff is always hard because I feel like, I don't know, there's regulations on, like, taxes on tips. But it's very unclear if companies actually funnel how they distribute the tips. Like, are you tipping the person? Are the tips grouped together? Were your tips pooled when you were. Yeah, they were pooled. So even if you did a great

Wally Funk (23:10)

job at the hotel, the valets, they pool.

Patrick O'Shaughnessy (23:14)

Yeah.

Wally Funk (23:15)

Bell staff, the people that, like, take you down to your room do not pool.

Rockwell Automation Narrator (23:19)

Huh.

Wally Funk (23:20)

And that was just the rules.

Patrick O'Shaughnessy (23:21)

Oh, it's because I might be the one who parks the car. You might be the one who gets.

Wally Funk (23:25)

Well, in a dynamic where you have a bunch of valets that are waiting for cars, it would be a bad experience for the guest. If the valets are, like, they see a nice car pull in and they're, like, fighting over themselves.

Patrick O'Shaughnessy (23:36)

Sure.

Wally Funk (23:36)

To deliver a service.

Patrick O'Shaughnessy (23:38)

Right.

Wally Funk (23:38)

It should just be like, whoever's available should deliver the best possible service. Whereas Bell work is much more one on one.

Patrick O'Shaughnessy (23:45)

Okay.

Wally Funk (23:45)

It's like, I'm kind of your guide on the property. I'm going to, like, you know, you might have the person's cell phone, they might be texting you, etc.

Patrick O'Shaughnessy (23:53)

Interesting.

Wally Funk (23:54)

And so it makes more sense to not pool.

Patrick O'Shaughnessy (23:56)

When. When a broker who had bought Nvidia powered servers from the Southeast Asian company sent Sonny a text message containing a link to an announcement about Chinese nationals being arrested for smuggling AI chips into China, Sonny allegedly responded with sobbing emotions.

Wally Funk (24:15)

Scroll Up. Scroll up so people can see.

Patrick O'Shaughnessy (24:17)

Morning. Bruce says, hey, man, you're probably going to jail. Super Mo co founder Cry cry cry emoji. And scroll down and you'll see Nick Carter. Literally this. Your son has passed away. It's the warthog explosion. I'm sorry, but the Super Micro thing is awful. But parts of it are genuinely hilarious. They literally used a hairdryer to move serial numbers from real servers to dummy servers to throw in a warehouse and got caught on camera. And the pictures have actually leaked.

Wally Funk (24:44)

Literally caught red handed.

Patrick O'Shaughnessy (24:46)

Yes, it's a red. It's a red hair dryer. That is. That is remarkable. Trung Fan says do things that don't scale. Classic founder energy. In January, twisted by Beijing based entrepreneur

Jensen Huang (24:58)

Sudhi on the Chinese social media platform Douyin has sparked.

Wally Funk (25:02)

Wait, it's literally. You can see. Watch this, watch this. Look at that. Rewind for a second. You can see a Super Micro logo.

Patrick O'Shaughnessy (25:09)

Entrepreneur Sudi on the Chinese social media

Jensen Huang (25:12)

platform DO has sparked significant discussion. In the video, sue boasts a. Oh my God.

Patrick O'Shaughnessy (25:18)

That's like the biggest logo for Super Micro ever.

Wally Funk (25:24)

Wow. Bone. Bone is. Bone is absolutely crazy.

Patrick O'Shaughnessy (25:28)

And this is from January. No, I'm telling you, like a lot of. I mean, I'm sure the Justice Department were working on this like earlier than this, but a lot of times, like legal action will happen like downstream of like YouTube drama videos.

Wally Funk (25:43)

So almost a year and a quarter ago, somebody responded to BONE and says it's SMIC packaged and Bone says, do you think SMIC is smuggling chips?

Patrick O'Shaughnessy (25:53)

Wow.

Rockwell Automation Narrator (25:54)

And

Wally Funk (25:58)

family owned business in Taiwan. I won't be surprised if there are some family members who want to make this money by setting up fake shell entities and smuggling chips for business partners in China.

Patrick O'Shaughnessy (26:06)

Wow.

Wally Funk (26:06)

It's good money.

Patrick O'Shaughnessy (26:07)

Wow. Kevin Kwok has a good meme that everyone enjoyed. They expect one of us in the wreckage, brother. And it's not Jensen. The Bane meme. It's very, very funny.

Wally Funk (26:19)

And yeah, the SMIC founder, I believe was at GTC just a few days ago, hanging out.

Patrick O'Shaughnessy (26:26)

No way.

Wally Funk (26:27)

I saw a picture of him with Jensen.

Patrick O'Shaughnessy (26:29)

Until the music stops playing, I suppose we will be watching Bruce Lee fight Chuck Norris in the Way of the Dragon because this is the way that we pay our respects to Chuck Norris, who of course passed away at the age of, I think 86. And this is one of the most iconic fight scenes in movie history. Have you seen the Way of the Dragon?

Wally Funk (26:50)

Of course not.

Patrick O'Shaughnessy (26:50)

Of course not. This scene was unique. It was set inside Rome's Colosseum and it was often cited as a turning point for how martial arts were portrayed on screen, particularly because they didn't use use actors. So both Bruce Lee and Chuck Norris were legitimately high level fighters. Norris was world karate champion at the time. They cast him in part because of that. And it has a much more like grounded, credible feel as opposed to like previously more stylized kung fu films. And, and you can see this with the. Bruce Lee actually directed and choreographed this himself. So Lee had full control so the director didn't say anything. And they do these cool like punch in shots. Look at this. So you're seeing nice wide. You can see exactly where he is. There's no body double. And then we're going to zoom in and then what are we going to do again? We're going to zoom in again. And so we see his face and he's just sitting there waiting. Brilliant shot. So so much time to breathe and understand and feel what he's feeling. The music, footsteps, breathing, clothing, movement. The cat, of course.

Wally Funk (27:58)

Any snakes?

Patrick O'Shaughnessy (27:59)

Yeah, no snakes. I don't think I haven't watched the whole thing. The camera often stays wide. This stands in contrast to something like the Bourne Identity. Very like fast cuts, close ups. Much easier to get something that feels intense when you're cutting and chopping. It's much harder to make something like this where you see the full body. You see, now we're in slo mo. They're shotting back and forth. The empty arena gives a gladiatorial vibe, a sense of ritual combat. Visually frames the fight as mythic, not just physical. Increases his mobility, switches his rhythm. We got to talk over it or else we get demonetized and banned. So let's move over to Montana. One and only Moonlight Basin. There's a property that made it into the timeline. Ooh, indoor pool.

Wally Funk (28:43)

New.

Patrick O'Shaughnessy (28:43)

Okay.

Wally Funk (28:44)

This is a new hotel. Got to visit the property a few weekends ago with.

Patrick O'Shaughnessy (28:49)

I saw some promotional material for the.

Wally Funk (28:52)

It is absolutely stunning. I want to have Sam, the founder of Cross harbor, who's the developer on the show because he's basically in my view, felt like he was the mayor of Big Sky. He's developed and all these incredible properties. Donated a hospital to Big sky too. Just said, here's the hospital.

Patrick O'Shaughnessy (29:14)

That's cool.

Wally Funk (29:15)

For the local community, which is amazing.

Patrick O'Shaughnessy (29:17)

Does it have zebras?

Wally Funk (29:19)

Not no zebras.

Patrick O'Shaughnessy (29:20)

Does it have tortoises?

Wally Funk (29:22)

For 5.1 million, this safari like estate comes with zebras.

Patrick O'Shaughnessy (29:25)

Oh, you got a solution to my problem? I need zebras.

Wally Funk (29:28)

Animals roam three at California's 137 Oak Hill Preserve, which has a five bedroom lodge and a helipad.

Patrick O'Shaughnessy (29:35)

I feel like anything that has zebras and tortoises should be up in the double ditch.

Wally Funk (29:40)

Zebra. I don't know how much it costs to get a zebra, but you should get like a 10x multiple player on it.

Patrick O'Shaughnessy (29:44)

Yeah, for sure.

Wally Funk (29:46)

So it's like, it's like having an

Patrick O'Shaughnessy (29:48)

AI researcher visited Africa for the first time in the 80s, he said. But his heart never left.

Wally Funk (29:53)

He.

Patrick O'Shaughnessy (29:54)

He proposed to his now wife Bernadette Kraft in a hot air. In a hot air balloon that's elite above the Serengeti National Park. The couple got married in Nairobi, Kenya in 1990. In 1988 and two decades after taking their three sons to Victoria Falls in Zimbabwe, Brian started wondering how he could bring some of the African experience closer to home. Can I recreate a mini Africa that's a short distance away from our house? Thus began a years long process of developing a roughly 137 acre safari like sanctuaries in Ion California. So now approaching the age of 70, Kraft, who is a commercial real estate broker, entrepreneur and aspiring screenwriter, is listing the vacation property for $5.1 million. Approximately 15 animals are included in the offering. That's only less than a 10x multiple per animal flat.

Wally Funk (30:41)

2 hours right now from San Francisco, but get this by train. Yeah, it'll only take you six hours. Wait, did you guys miss this line? It says one of his friends discovered what he believes to be a century old gold mine.

Patrick O'Shaughnessy (30:56)

Wait, really?

Wally Funk (30:58)

Okay, he's just prank, he's pranking everyone right now.

Patrick O'Shaughnessy (31:00)

This is crazy.

Wally Funk (31:01)

He just, I think he wanted to just show off his. I think he just wanted to show off his ranch. So he's like, yeah, I'm selling, I'm selling.

Patrick O'Shaughnessy (31:07)

He's not selling this thing.

Wally Funk (31:08)

There's no way, zero chance. He just wanted the Journal feature.

Patrick O'Shaughnessy (31:12)

We do. We do need to get this guy on the show though. He seems like he's just had a great life and a great time. There is a culture here which companies will officially announce an IPO this year. Jersey Mike's is running away with it at 73%. OpenAI's at 48%. Anthropics at 42. SpaceX at 88. Jersey Mike Cerebras is at 91.

Wally Funk (31:35)

We got to do the Jersey Mike's IPO.

Patrick O'Shaughnessy (31:37)

Jersey Mike's IPO. If they don't get on the New York Stock Exchange, we're not doing our job. We got to have the founder on the show. Skims at 31% deal at 23% Skims IPO is interesting. Databricks 22% shein 21% beast industries at 14% anduril at 13%. This is an interesting I'm really into this. Thank you for watching Big weekend. I will see you all on Monday. Leave us five stars on Apple podcasts and and Spotify. Is there anything else we got to do? No. Sign up for the newsletter.