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Civility and Civilization

Jan 26, 2024 ยท 2024 #4. Read the transcript grouped by speaker, inspect word-level timecodes, and optionally turn subtitles on for direct video playback

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Civility and Civilization

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Speaker 4

I've got sunshine on a cloudy day When it's cold outside I've got the month of May Everybody say I guess you'd say Hello everybody it is Friday January the 26th 2024 and amazingly enough for a Friday

Words and timings
I'vegotsunshineonacloudydayWhenit'scoldoutsideI'vegotthemonthofMayEverybodysayIguessyou'dsayHelloeverybodyitisFridayJanuarythe26th2024andamazinglyenoughforaFriday

Speaker 2

This is the first That Was The Week show of 2024. Last week I was in Mississippi, the week before DLD and the week before Keith was somewhere else. So Keith, Happy New Year.

Words and timings
ThisisthefirstThatWasTheWeekshowof2024.LastweekIwasinMississippi,theweekbeforeDLDandtheweekbeforeKeithwassomewhereelse.SoKeith,HappyNewYear.

Speaker 1

Thank you. And by the way, I just want to say this. If you weren't there, it didn't happen. But actually, it isn't the first That Was The Week of 2024. It's just the first Andrew.

Words and timings
Thankyou.Andbytheway,Ijustwanttosaythis.Ifyouweren'tthere,itdidn'thappen.Butactually,itisn'tthefirstThatWasTheWeekof2024.It'sjustthefirstAndrew.

Speaker 2

And you said that you spoke to camera For 24 Minutes

Words and timings
AndyousaidthatyouspoketocameraFor24Minutes

Speaker 2

Good Opportunity To Talk All Things Tech. But I was slightly disappointed, Keith. Of course, you've got this horrible AI art, which always looks the same, doesn't matter what the subject is. But there's not a lot of tech this week, certainly in the editorial. Civility and civilisation, what's happening? What are you writing about this week?

Words and timings
GoodOpportunityToTalkAllThingsTech.ButIwasslightlydisappointed,Keith.Ofcourse,you'vegotthishorribleAIart,whichalwayslooksthesame,doesn'tmatterwhatthesubjectis.Butthere'snotalotoftechthisweek,certainlyintheeditorial.Civilityandcivilisation,what'shappening?Whatareyouwritingaboutthisweek?

Speaker 1

Well, it kind of is tech. The TED conference, which

Words and timings
Well,itkindofistech.TheTEDconference,which

Speaker 2

Listeners may or may not know about but the TED conference everybody knows about Ted even they even know more about it than that was the week, right?

Words and timings
ListenersmayormaynotknowaboutbuttheTEDconferenceeverybodyknowsaboutTedeventheyevenknowmoreaboutitthanthatwastheweek,right?

Speaker 1

So the TED the TED conference has had a bit of a brouhaha because it invited a couple of Speakers Barry Weiss and What's his name Bill Bill Ackman who are both very vocal in their support of Israel to speak at the conference and that led to some TED fellows as they're called which is just basically people who pay TED a lot of money to resign, very loudly resign which then led to 30 other TEDers writing a letter to the curator and owner Chris Anderson and his director complaining about these pro-Israeli views being present and being invited. I won't repeat the language that was used by the opponents of Ackman and Barry Weiss, but suffice it to say that they're accusing them of supporting genocide, which is a word that I think one must be especially careful when one uses to make sure it's accurate.

Words and timings
SotheTEDtheTEDconferencehashadabitofabrouhahabecauseitinvitedacoupleofSpeakersBarryWeissandWhat'shisnameBillBillAckmanwhoarebothveryvocalintheirsupportofIsraeltospeakattheconferenceandthatledtosomeTEDfellowsasthey'recalledwhichisjustbasicallypeoplewhopayTEDalotofmoneytoresign,veryloudlyresignwhichthenledto30otherTEDerswritingalettertothecuratorandownerChrisAndersonandhisdirectorcomplainingaboutthesepro-Israeliviewsbeingpresentandbeinginvited.Iwon'trepeatthelanguagethatwasusedbytheopponentsofAckmanandBarryWeiss,butsufficeittosaythatthey'reaccusingthemofsupportinggenocide,whichisawordthatIthinkonemustbeespeciallycarefulwhenoneusestomakesureit'saccurate.

Speaker 2

Although, and I don't want this to degenerate into another conversation about Gaza, but if you're going to use that word, what's happening in Gaza these days is about as good an example as you can probably find, certainly in the 21st century.

Words and timings
Although,andIdon'twantthistodegenerateintoanotherconversationaboutGaza,butifyou'regoingtousethatword,what'shappeninginGazathesedaysisaboutasgoodanexampleasyoucanprobablyfind,certainlyinthe21stcentury.

Speaker 1

Well, I see, I disagree with that. I think I care about the word a lot. I mean, and I think it describes a self-conscious intent to wipe out a people, I mean, kill a people based on their specificities. And honestly, Andrew, no matter how terrible what's happening in Gaza is, and it is terrible, I don't think that even Netanyahu, who I have no time for, is self-consciously trying to eradicate... And I don't want to turn this into a Gaza conversation.

Words and timings
Well,Isee,Idisagreewiththat.IthinkIcareaboutthewordalot.Imean,andIthinkitdescribesaself-consciousintenttowipeoutapeople,Imean,killapeoplebasedontheirspecificities.Andhonestly,Andrew,nomatterhowterriblewhat'shappeninginGazais,anditisterrible,Idon'tthinkthatevenNetanyahu,whoIhavenotimefor,isself-consciouslytryingtoeradicate...AndIdon'twanttoturnthisintoaGazaconversation.

Speaker 2

I actually strongly disagree with you, but that's another issue. So let's talk about, I think, when you allow people to starve to death, that's a form of genocide. May not be using concentration camps, but... maybe indirect genocide. Anyway, that's my opinion. You have a different opinion. This is not a show on Gaza.

Words and timings
Iactuallystronglydisagreewithyou,butthat'sanotherissue.Solet'stalkabout,Ithink,whenyouallowpeopletostarvetodeath,that'saformofgenocide.Maynotbeusingconcentrationcamps,but...maybeindirectgenocide.Anyway,that'smyopinion.Youhaveadifferentopinion.ThisisnotashowonGaza.

Speaker 1

Yeah, and my editorial actually is, I do state my opinion in the editorial, but I only do it for effect because the primary point in the editorial is the need for discourse. And the reason I put the Greek debating chamber on the front is going all the way back to the early days of civilization. It's been well understood that civil discourse is a requirement of knowledge and the idea that you know somebody should The All In Podcast

Words and timings
Yeah,andmyeditorialactuallyis,Idostatemyopinionintheeditorial,butIonlydoitforeffectbecausetheprimarypointintheeditorialistheneedfordiscourse.AndthereasonIputtheGreekdebatingchamberonthefrontisgoingallthewaybacktotheearlydaysofcivilization.It'sbeenwellunderstoodthatcivildiscourseisarequirementofknowledgeandtheideathatyouknowsomebodyshouldTheAllInPodcast

Speaker 1

that mock people they disagree with. And, you know, I disagree with all kinds of things. And I have other opinions. And I put my opinions in the editorial, almost to say, look, you probably disagree with me. But does that mean you want to ban me? You know, and you and me are talking now, as you just said, you strongly disagree with me. But we can talk about things.

Words and timings
thatmockpeopletheydisagreewith.And,youknow,Idisagreewithallkindsofthings.AndIhaveotheropinions.AndIputmyopinionsintheeditorial,almosttosay,look,youprobablydisagreewithme.Butdoesthatmeanyouwanttobanme?Youknow,andyouandmearetalkingnow,asyoujustsaid,youstronglydisagreewithme.Butwecantalkaboutthings.

Speaker 2

Yeah, I have to admit, There's a certain kind of commentator, Ackman, Barry Weiss, and I'm sure you can find people on the other side, too, who are just, for better or worse, profoundly offensive. So true. And that somehow reflects our age. We're going to talk about Musk. You like Musk. I don't. I see him as a manifestation of our age and how profoundly offensive he is. I don't know what's wrong with, I mean, so if they quit, I mean, I would have quit. I'm not going to show up and listen to Atman.

Words and timings
Yeah,Ihavetoadmit,There'sacertainkindofcommentator,Ackman,BarryWeiss,andI'msureyoucanfindpeopleontheotherside,too,whoarejust,forbetterorworse,profoundlyoffensive.Sotrue.Andthatsomehowreflectsourage.We'regoingtotalkaboutMusk.YoulikeMusk.Idon't.Iseehimasamanifestationofourageandhowprofoundlyoffensiveheis.Idon'tknowwhat'swrongwith,Imean,soiftheyquit,Imean,Iwouldhavequit.I'mnotgoingtoshowupandlistentoAtman.

Speaker 1

What's wrong with that? Well, actually, you not showing up is fine. I would quit if I was associated with Ted.

Words and timings
What'swrongwiththat?Well,actually,younotshowingupisfine.IwouldquitifIwasassociatedwithTed.

Speaker 2

And Barry Weiss and Bill Ackman got invited, I would disassociate myself as quickly as I possibly could. I don't think there's anything wrong with that.

Words and timings
AndBarryWeissandBillAckmangotinvited,IwoulddisassociatemyselfasquicklyasIpossiblycould.Idon'tthinkthere'sanythingwrongwiththat.

Speaker 1

I think there's something profoundly wrong with it, because it's an illiberal instinct that doesn't want, you know, it's almost like saying, let me live in my bubble where everyone agrees with me. Why would anyone want to do that?

Words and timings
Ithinkthere'ssomethingprofoundlywrongwithit,becauseit'sanilliberalinstinctthatdoesn'twant,youknow,it'salmostlikesaying,letmeliveinmybubblewhereeveryoneagreeswithme.Whywouldanyonewanttodothat?

Speaker 2

But I think that By quitting from TED, you're not putting an end to civilized debate, civility and civilization. You're saying, I don't want to be involved with this organization. There's something, again, with TED, there's something offensive in itself about TED, about all these happy people talking about happy things and everyone clapping their hands.

Words and timings
ButIthinkthatByquittingfromTED,you'renotputtinganendtocivilizeddebate,civilityandcivilization.You'resaying,Idon'twanttobeinvolvedwiththisorganization.There'ssomething,again,withTED,there'ssomethingoffensiveinitselfaboutTED,aboutallthesehappypeopletalkingabouthappythingsandeveryoneclappingtheirhands.

Speaker 1

You're right, Andrew, but that's a different point. TED is essentially elitist by definition due to the price to go.

Words and timings
You'reright,Andrew,butthat'sadifferentpoint.TEDisessentiallyelitistbydefinitionduetothepricetogo.

Speaker 2

But it's not just elitist, it's the sort of, it's the nature, the sort of, the kumbaya attitude of talking and everyone applauding at the end. I actually think it would be good. Actually, let me reverse it. If I was involved with Ted and I had a ticket, I would show up and boo Atman or Barry Weiss. I think that would probably be more effective than actually quitting.

Words and timings
Butit'snotjustelitist,it'sthesortof,it'sthenature,thesortof,thekumbayaattitudeoftalkingandeveryoneapplaudingattheend.Iactuallythinkitwouldbegood.Actually,letmereverseit.IfIwasinvolvedwithTedandIhadaticket,IwouldshowupandbooAtmanorBarryWeiss.Ithinkthatwouldprobablybemoreeffectivethanactuallyquitting.

Speaker 1

I think that's a better instinct and even better still would be stand up and say why you disagree with them and make them lose the debate if that is the case.

Words and timings
Ithinkthat'sabetterinstinctandevenbetterstillwouldbestandupandsaywhyyoudisagreewiththemandmakethemlosethedebateifthatisthecase.

Speaker 2

Well, there is no debate. I mean, one of the problems with TED is there is no debate. There are no questions afterwards. So that's one of the problems. But there are other events where you can have audience participation, although after a speech by Weiss or Atman, can you imagine what sorts of... But the key is, Andrew, that

Words and timings
Well,thereisnodebate.Imean,oneoftheproblemswithTEDisthereisnodebate.Therearenoquestionsafterwards.Sothat'soneoftheproblems.Butthereareothereventswhereyoucanhaveaudienceparticipation,althoughafteraspeechbyWeissorAtman,canyouimaginewhatsortsof...Butthekeyis,Andrew,that

Speaker 1

Ted clearly is not a proxy for the State of Israel. It just isn't. So whatever the State of Israel is doing, by Ted inviting its supporters to a discussion does not make Ted you know, a partisan. It isn't a partisan. It's a discussion forum. And so the whole spirit of and you included the whole spirit of the times, which is I don't want to talk to you because I disagree with you. That is neither progressive nor civilized.

Words and timings
TedclearlyisnotaproxyfortheStateofIsrael.Itjustisn't.SowhatevertheStateofIsraelisdoing,byTedinvitingitssupporterstoadiscussiondoesnotmakeTedyouknow,apartisan.Itisn'tapartisan.It'sadiscussionforum.Andsothewholespiritofandyouincludedthewholespiritofthetimes,whichisIdon'twanttotalktoyoubecauseIdisagreewithyou.Thatisneitherprogressivenorcivilized.

Speaker 2

I wonder whether if this is I mean, it did kind of happen 20 years ago with Israel's invasion of Lebanon. There were lots of other controversial subjects in the 90s before the particularly before the internet. I wonder how we resolve these sorts of things back then because people were just as outraged, for example, by the the the massacres at the Beirut refugee camps, but it didn't generate This Sort Of Controversy. I wonder why, whether it's, I mean, it's easy to blame it, and I've been guilty of this, blame everything on the internet. But I mean, the other thing about what I would be critical of your idea is that somehow the Greeks were civil and civilised, although, you know, Greek civilisation, if that's the right word, was just as bloody. I'm not sure they were capable of having objective debates about The Invasion of Persia or Persian Invasion of Athens. So I'm not even convinced that there was a great deal of civility back Well it may have been at points but in many ways the classics of Greek political philosophy and literature reflected a longing for civility which didn't actually exist in the world.

Words and timings
IwonderwhetherifthisisImean,itdidkindofhappen20yearsagowithIsrael'sinvasionofLebanon.Therewerelotsofothercontroversialsubjectsinthe90sbeforetheparticularlybeforetheinternet.Iwonderhowweresolvethesesortsofthingsbackthenbecausepeoplewerejustasoutraged,forexample,bythethethemassacresattheBeirutrefugeecamps,butitdidn'tgenerateThisSortOfControversy.Iwonderwhy,whetherit's,Imean,it'seasytoblameit,andI'vebeenguiltyofthis,blameeverythingontheinternet.ButImean,theotherthingaboutwhatIwouldbecriticalofyourideaisthatsomehowtheGreekswerecivilandcivilised,although,youknow,Greekcivilisation,ifthat'stherightword,wasjustasbloody.I'mnotsuretheywerecapableofhavingobjectivedebatesaboutTheInvasionofPersiaorPersianInvasionofAthens.SoI'mnotevenconvincedthattherewasagreatdealofcivilitybackWellitmayhavebeenatpointsbutinmanywaystheclassicsofGreekpoliticalphilosophyandliteraturereflectedalongingforcivilitywhichdidn'tactuallyexistintheworld.

Speaker 1

Well it's a symbolic use and you know it doesn't really matter that much whether it was literally that civil but symbolically looking backwards from the 20 21st century we recognize

Words and timings
Wellit'sasymbolicuseandyouknowitdoesn'treallymatterthatmuchwhetheritwasliterallythatcivilbutsymbolicallylookingbackwardsfromthe2021stcenturywerecognize

Speaker 1

A Whole History of Democracy Emerging

Words and timings
AWholeHistoryofDemocracyEmerging

Speaker 1

you know, the Enlightenment was a big part of that, the rise of nation states and parliaments, voting, the end of slavery, the right of women to vote. All of those things represent the human race maturing into a body of people who are prepared to discuss debate

Words and timings
youknow,theEnlightenmentwasabigpartofthat,theriseofnationstatesandparliaments,voting,theendofslavery,therightofwomentovote.Allofthosethingsrepresentthehumanracematuringintoabodyofpeoplewhoarepreparedtodiscussdebate

Speaker 1

Make Decisions and Move On. You could talk about the attempt to get Trump off the ballot as similarly out of step with those trends. The belief that democracy is important and that open discussion is important is being replaced by, you know, you're not like me, so I don't want to talk to you. That is not good.

Words and timings
MakeDecisionsandMoveOn.YoucouldtalkabouttheattempttogetTrumpofftheballotassimilarlyoutofstepwiththosetrends.Thebeliefthatdemocracyisimportantandthatopendiscussionisimportantisbeingreplacedby,youknow,you'renotlikeme,soIdon'twanttotalktoyou.Thatisnotgood.

Speaker 2

Yeah, I'm the last person to defend that. I wonder also whether somebody like Atman, who seems to me to be a sort of a 21st century version of an 18th century aristocrat completely out of control with his own egoism and power and financial clout and ignorance, whether he's a symptom of Everything That's Wrong With The... Because if he wasn't a billionaire, no one would have any interest in anything he thinks or says.

Words and timings
Yeah,I'mthelastpersontodefendthat.IwonderalsowhethersomebodylikeAtman,whoseemstometobeasortofa21stcenturyversionofan18thcenturyaristocratcompletelyoutofcontrolwithhisownegoismandpowerandfinancialcloutandignorance,whetherhe'sasymptomofEverythingThat'sWrongWithThe...Becauseifhewasn'tabillionaire,noonewouldhaveanyinterestinanythinghethinksorsays.

Speaker 1

Well, the thing is, he's also a symptom of some things that are right, like him standing up to Harvard. That was a good thing, in my view. I mean, Harvard was covering up

Words and timings
Well,thethingis,he'salsoasymptomofsomethingsthatareright,likehimstandinguptoHarvard.Thatwasagoodthing,inmyview.Imean,Harvardwascoveringup

Speaker 1

Left and Right and trying to preserve its leadership body when the leadership body had clearly stepped over some ethical lines.

Words and timings
LeftandRightandtryingtopreserveitsleadershipbodywhentheleadershipbodyhadclearlysteppedoversomeethicallines.

Speaker 2

That's another complicated thing. So what about on tech, Keith? What does or doesn't this reflect about tech? I've had all sorts of people on the show talking about still how tech can solve all our problems. Can we blame tech for some of this stuff?

Words and timings
That'sanothercomplicatedthing.Sowhataboutontech,Keith?Whatdoesordoesn'tthisreflectabouttech?I'vehadallsortsofpeopleontheshowtalkingaboutstillhowtechcansolveallourproblems.Canweblametechforsomeofthisstuff?

Speaker 1

Well, I think the politicization is somehow trumping the kind of collective optimism about tech. So when tech gets politicized, and it has been politicized really since before COVID, it's been strongly politicized. And you can see in Silicon Valley, you could probably date it back to people leaving to go to Miami as the first steps in that. And Miami, you know, last week, Keith Reboy rejoined Coastal Adventures as their Miami person, and left the Peter Thiel's Founders Fund.

Words and timings
Well,Ithinkthepoliticizationissomehowtrumpingthekindofcollectiveoptimismabouttech.Sowhentechgetspoliticized,andithasbeenpoliticizedreallysincebeforeCOVID,it'sbeenstronglypoliticized.AndyoucanseeinSiliconValley,youcouldprobablydateitbacktopeopleleavingtogotoMiamiasthefirststepsinthat.AndMiami,youknow,lastweek,KeithReboyrejoinedCoastalAdventuresastheirMiamiperson,andleftthePeterThiel'sFoundersFund.

Speaker 1

He's the beacon in Miami. That was basically libertarians breaking away from what they perceived as San Francisco socialists. So tech has become politicized. However, I agree with you. Tech and politics are not related. Tech stands alone, like science does, as being either useful or not based on its merits. Let's Focus On Tech

Words and timings
He'sthebeaconinMiami.ThatwasbasicallylibertariansbreakingawayfromwhattheyperceivedasSanFranciscosocialists.Sotechhasbecomepoliticized.However,Iagreewithyou.Techandpoliticsarenotrelated.Techstandsalone,likesciencedoes,asbeingeitherusefulornotbasedonitsmerits.Let'sFocusOnTech

Speaker 2

The Fact That People Don't Want To Have Anything To Do With Ted, is that right? And I think it might actually manifest a degree of civility. I mean, they're not throwing bombs at Chris Anderson at Ted. They're just simply saying, I don't want to have any more to do with you because you've invited these people who I find profoundly immoral to your event.

Words and timings
TheFactThatPeopleDon'tWantToHaveAnythingToDoWithTed,isthatright?AndIthinkitmightactuallymanifestadegreeofcivility.Imean,they'renotthrowingbombsatChrisAndersonatTed.They'rejustsimplysaying,Idon'twanttohaveanymoretodowithyoubecauseyou'veinvitedthesepeoplewhoIfindprofoundlyimmoraltoyourevent.

Speaker 1

Actually, the critique isn't that they have chosen not to go. The critique is they asked the organizers to prevent others from going.

Words and timings
Actually,thecritiqueisn'tthattheyhavechosennottogo.Thecritiqueistheyaskedtheorganizerstopreventothersfromgoing.

Speaker 2

Hmm. Well, it certainly reflects an illiberalism at the core, perhaps, of the 2020s. What about tech, Keith? Enough Ted Ackman. Every time I hear the guy's name, Bill Ackman, I want to have a shower. Barry White as well. What's happening in tech? We haven't talked for three weeks. Anything interesting? How's the year open? The big tech companies are more and more powerful, the big seven in particular, or is it the big six now? Because Tesla, amazingly enough, is slowing down.

Words and timings
Hmm.Well,itcertainlyreflectsanilliberalismatthecore,perhaps,ofthe2020s.Whatabouttech,Keith?EnoughTedAckman.EverytimeIheartheguy'sname,BillAckman,Iwanttohaveashower.BarryWhiteaswell.What'shappeningintech?Wehaven'ttalkedforthreeweeks.Anythinginteresting?How'stheyearopen?Thebigtechcompaniesaremoreandmorepowerful,thebigseveninparticular,orisitthebigsixnow?BecauseTesla,amazinglyenough,isslowingdown.

Speaker 1

Yeah, Tesla, Tesla, while, you know, there's a conspiracy theory here that Elon Musk is purposefully saying things which reduce the share price of Tesla.

Words and timings
Yeah,Tesla,Tesla,while,youknow,there'saconspiracytheoryherethatElonMuskispurposefullysayingthingswhichreducethesharepriceofTesla.

Speaker 2

There's a bit of... Maybe it's Bill Ackman and Barry Weiss.

Words and timings
There'sabitof...Maybeit'sBillAckmanandBarryWeiss.

Speaker 1

Well, there's a back story here, which is that Musk's board want him to do AI through Tesla. And he said, well, I'll only do it if I have 25% of the company, and I only have less than 15% today. and there's a bit of a standoff. And of course, Musk has a separate company called X AI. So, Musk and the Tesla board are at a moment of disagreement. And the earnings call Musk said 2024 is gonna be a difficult year because we're re-gearing everything for new models in 2025. And the stock has lost about 25%

Words and timings
Well,there'sabackstoryhere,whichisthatMusk'sboardwanthimtodoAIthroughTesla.Andhesaid,well,I'llonlydoitifIhave25%ofthecompany,andIonlyhavelessthan15%today.andthere'sabitofastandoff.Andofcourse,MuskhasaseparatecompanycalledXAI.So,MuskandtheTeslaboardareatamomentofdisagreement.AndtheearningscallMusksaid2024isgonnabeadifficultyearbecausewe'rere-gearingeverythingfornewmodelsin2025.Andthestockhaslostabout25%

Speaker 1

It's around $180.

Words and timings
It'saround$180.

Speaker 2

And they've reduced their prices. So a lot of criticism from the rest of the auto industry. I was in Mississippi last week and we rented a Tesla 3 driving around Mississippi. I think we were the only Tesla in town. But you can drive around. It gave me more faith, I think, in EVs and the infrastructure and indeed the quality of Tesla cars. We have two here and I think they're excellent cars.

Words and timings
Andthey'vereducedtheirprices.Soalotofcriticismfromtherestoftheautoindustry.IwasinMississippilastweekandwerentedaTesla3drivingaroundMississippi.IthinkweweretheonlyTeslaintown.Butyoucandrivearound.Itgavememorefaith,Ithink,inEVsandtheinfrastructureandindeedthequalityofTeslacars.WehavetwohereandIthinkthey'reexcellentcars.

Speaker 1

Yeah, and they're getting better. There's a new model three for 2024. That is a significant upgrade to the 2023 one.

Words and timings
Yeah,andthey'regettingbetter.There'sanewmodelthreefor2024.Thatisasignificantupgradetothe2023one.

Speaker 2

So are you saying that? I mean, presumably by reducing the price of Tesla stock, you shoot me, we've got the image of Magnificent Seven being now reduced image of cowboys for people just listening. I mean, Musk is shooting himself in the foot as well. It doesn't benefit him for Tesla stock to crash, does it?

Words and timings
Soareyousayingthat?Imean,presumablybyreducingthepriceofTeslastock,youshootme,we'vegottheimageofMagnificentSevenbeingnowreducedimageofcowboysforpeoplejustlistening.Imean,Muskisshootinghimselfinthefootaswell.Itdoesn'tbenefithimforTeslastocktocrash,doesit?

Speaker 1

Well, you know, they sold 1.8 million Teslas last year, partly because of price reductions. And even though they reduced the price, the margin on a Tesla is still, I think it's about 18%. Whereas, for example, Ford loses money on every EV it sells. So Tesla is, you know, the only EV company that's in good shape to make a profit from selling EVs. The Model Y is the world's largest selling car now. It beats Toyotas.

Words and timings
Well,youknow,theysold1.8millionTeslaslastyear,partlybecauseofpricereductions.Andeventhoughtheyreducedtheprice,themarginonaTeslaisstill,Ithinkit'sabout18%.Whereas,forexample,FordlosesmoneyoneveryEVitsells.SoTeslais,youknow,theonlyEVcompanythat'singoodshapetomakeaprofitfromsellingEVs.TheModelYistheworld'slargestsellingcarnow.ItbeatsToyotas.

Speaker 2

Yeah, my street, we have a white Y. There are more white Ys on my street in San Francisco than there are on all the other cars put together. Sometimes it's hard to distinguish that may be San Francisco. Meanwhile, the other big tech companies are doing extremely well. You have one article you're featuring in the newsletter about Google's new AI video generator looking incredible. Is the reason why Google stock and Microsoft stock is doing so well is because investors are beginning to realize that they are really the future of AI?

Words and timings
Yeah,mystreet,wehaveawhiteY.TherearemorewhiteYsonmystreetinSanFranciscothanthereareonalltheothercarsputtogether.Sometimesit'shardtodistinguishthatmaybeSanFrancisco.Meanwhile,theotherbigtechcompaniesaredoingextremelywell.Youhaveonearticleyou'refeaturinginthenewsletteraboutGoogle'snewAIvideogeneratorlookingincredible.IsthereasonwhyGooglestockandMicrosoftstockisdoingsowellisbecauseinvestorsarebeginningtorealizethattheyarereallythefutureofAI?

Speaker 1

Well, I think that's true at a high level, but I think there's some micro reasons. Basically, for the last two years at least, It Hasn't Made Sense to Invest in the S&P 500 because only seven companies have been driving it. So if you just invested in those seven, you would do better than if you invested in the index.

Words and timings
Well,Ithinkthat'strueatahighlevel,butIthinkthere'ssomemicroreasons.Basically,forthelasttwoyearsatleast,ItHasn'tMadeSensetoInvestintheS&P500becauseonlysevencompanieshavebeendrivingit.Soifyoujustinvestedinthoseseven,youwoulddobetterthanifyouinvestedintheindex.

Speaker 2

Yeah, it's a Professor Galloway. He's been doing that for years, or at least sending that message. And I'm sure he's getting obscenely rich through that.

Words and timings
Yeah,it'saProfessorGalloway.He'sbeendoingthatforyears,oratleastsendingthatmessage.AndI'msurehe'sgettingobscenelyrichthroughthat.

Speaker 1

But underneath that is this whole question of leaders and indexing. which I find fascinating, and I do think... Explain what you mean, leaders and indexing. Well, instead of buying 100% of a group, you try to figure out the top 10% of those 100% and just invest in those, and that's your index. The index is higher quality, smaller number of players. And in any index, there's a range of values.

Words and timings
Butunderneaththatisthiswholequestionofleadersandindexing.whichIfindfascinating,andIdothink...Explainwhatyoumean,leadersandindexing.Well,insteadofbuying100%ofagroup,youtrytofigureoutthetop10%ofthose100%andjustinvestinthose,andthat'syourindex.Theindexishigherquality,smallernumberofplayers.Andinanyindex,there'sarangeofvalues.

Speaker 2

But you get there all that. I mean, you hear of all these people make living, many people make livings on stretches for the stock market. But over the last couple of years, if you just bought the stock of the top six tech companies, you'd become horribly rich. Why do we need all these fancy tech investors when a lot of it seems obvious?

Words and timings
Butyougetthereallthat.Imean,youhearofallthesepeoplemakeliving,manypeoplemakelivingsonstretchesforthestockmarket.Butoverthelastcoupleofyears,ifyoujustboughtthestockofthetopsixtechcompanies,you'dbecomehorriblyrich.Whydoweneedallthesefancytechinvestorswhenalotofitseemsobvious?

Speaker 1

You know, it's interesting. I have a wealth management company that Tesla, Apple and Netflix.

Words and timings
Youknow,it'sinteresting.IhaveawealthmanagementcompanythatTesla,AppleandNetflix.

Speaker 2

Are you going to give us the name of them, Keith?

Words and timings
Areyougoingtogiveusthenameofthem,Keith?

Speaker 1

No, because they're risky and instead invest in some ETFs that are much broader. And I said no. I hope you doubled down. I said no. And except for Netflix, I let them sell Netflix. Netflix is the best performer of the whole group.

Words and timings
No,becausethey'reriskyandinsteadinvestinsomeETFsthataremuchbroader.AndIsaidno.Ihopeyoudoubleddown.Isaidno.AndexceptforNetflix,IletthemsellNetflix.Netflixisthebestperformerofthewholegroup.

Speaker 2

I've always been bullish on Netflix. Every time it's happened. Year after year after year every time people write them off they come back. There's something remarkable about Netflix It's a good story there. Yeah, I think it's because The CEO has been there from the beginning and and and they're always one step ahead of everybody else They're never gonna become Apple or Google or Microsoft But they are a genuine tier below and there aren't many excusing the pun Keith there aren't many There aren't many companies in that tier below. Look what's happened, for example, to PayPal. Absolutely decimated recently.

Words and timings
I'vealwaysbeenbullishonNetflix.Everytimeit'shappened.Yearafteryearafteryeareverytimepeoplewritethemofftheycomeback.There'ssomethingremarkableaboutNetflixIt'sagoodstorythere.Yeah,Ithinkit'sbecauseTheCEOhasbeentherefromthebeginningandandandthey'realwaysonestepaheadofeverybodyelseThey'renevergonnabecomeAppleorGoogleorMicrosoftButtheyareagenuinetierbelowandtherearen'tmanyexcusingthepunKeiththerearen'tmanyTherearen'tmanycompaniesinthattierbelow.Lookwhat'shappened,forexample,toPayPal.Absolutelydecimatedrecently.

Speaker 1

Yeah. And well, going back to your point about isn't it obvious? Well, clearly it isn't obvious. Otherwise, my advisors wouldn't have said that.

Words and timings
Yeah.Andwell,goingbacktoyourpointaboutisn'titobvious?Well,clearlyitisn'tobvious.Otherwise,myadvisorswouldn'thavesaidthat.

Speaker 2

Maybe I should get in the business of being a tech advisor. Anyone want my advice? I charge $200,000 a minute.

Words and timings
MaybeIshouldgetinthebusinessofbeingatechadvisor.Anyonewantmyadvice?Icharge$200,000aminute.

Speaker 2

And then, speaking, you've always been very, very bullish on OpenAI. I have to admit, I'm slightly warier, but you have a piece in the newsletter about OpenAI being a relative steal. Are you still bullish in 2024, given all the controversy about Altman and the management of the company and all the lawsuits against them?

Words and timings
Andthen,speaking,you'vealwaysbeenvery,verybullishonOpenAI.Ihavetoadmit,I'mslightlywarier,butyouhaveapieceinthenewsletteraboutOpenAIbeingarelativesteal.Areyoustillbullishin2024,givenallthecontroversyaboutAltmanandthemanagementofthecompanyandallthelawsuitsagainstthem?

Speaker 1

Well, this is coming from the information and it's a story about multiples. It says there that OpenAI's valuation is 54 times its revenue. But then if you look to the left, Perplexity AI is 150 times its revenue. It's at an earlier stage. Perplexity AI, you should all try it. It's a replacement for Google.

Words and timings
Well,thisiscomingfromtheinformationandit'sastoryaboutmultiples.ItsaystherethatOpenAI'svaluationis54timesitsrevenue.Butthenifyoulooktotheleft,PerplexityAIis150timesitsrevenue.It'satanearlierstage.PerplexityAI,youshouldalltryit.It'sareplacementforGoogle.

Speaker 2

Yeah, we've heard about it or someone was mentioning it actually at DLD. I think it was Albert Banger, who's quite impressed with it.

Words and timings
Yeah,we'veheardaboutitorsomeonewasmentioningitactuallyatDLD.IthinkitwasAlbertBanger,who'squiteimpressedwithit.

Speaker 1

Yeah, no, I mean, it is just a search engine. So it isn't as good as ChatGPT, but it does include ChatGPT within it. So if you I did a search this morning for Andrew Keen on perplexity hour, and it knows a lot about you.

Words and timings
Yeah,no,Imean,itisjustasearchengine.Soitisn'tasgoodasChatGPT,butitdoesincludeChatGPTwithinit.SoifyouIdidasearchthismorningforAndrewKeenonperplexityhour,anditknowsalotaboutyou.

Speaker 2

It told me all about your background. I'm not going to go on it then. A lot of talk at DLD, Albert Wenger, for example, believes that there is going to be a crash. Well, what's your take, Keith? Is there going to be... I mean, you look at these numbers, I don't know about... perplexity, hugging face, fast data, anthropic, glean, Harvey, some of these people weren't even heard of. Are they going to be around in a couple of years, do you think?

Words and timings
Ittoldmeallaboutyourbackground.I'mnotgoingtogoonitthen.AlotoftalkatDLD,AlbertWenger,forexample,believesthatthereisgoingtobeacrash.Well,what'syourtake,Keith?Istheregoingtobe...Imean,youlookatthesenumbers,Idon'tknowabout...perplexity,huggingface,fastdata,anthropic,glean,Harvey,someofthesepeopleweren'tevenheardof.Aretheygoingtobearoundinacoupleofyears,doyouthink?

Speaker 1

Oh, yeah. These are all... This is a long-term transformation of technology.

Words and timings
Oh,yeah.Theseareall...Thisisalong-termtransformationoftechnology.

Speaker 2

And that doesn't mean that the first wave of AI companies are going to be around.

Words and timings
Andthatdoesn'tmeanthatthefirstwaveofAIcompaniesaregoingtobearound.

Speaker 1

Well, any individual company, we shouldn't predict what will happen to it because we don't know, but we can predict that the user interface to knowledge is going to change from typing in keywords to get results to conversational style with increasingly excellent Answers. And that just is the way it is.

Words and timings
Well,anyindividualcompany,weshouldn'tpredictwhatwillhappentoitbecausewedon'tknow,butwecanpredictthattheuserinterfacetoknowledgeisgoingtochangefromtypinginkeywordstogetresultstoconversationalstylewithincreasinglyexcellentAnswers.Andthatjustisthewayitis.

Speaker 2

Yeah, I mean, I think it reminds me of the shift from the closed gardens of the closed wall gardens of AOL to the open world of Google in the late 90s, which seemed obvious that it takes time for it to happen. You had an interesting piece on Instagram. Lots of one of the big stories, of course, 2023 and 2024 will be regulation and Instagram now

Words and timings
Yeah,Imean,IthinkitremindsmeoftheshiftfromtheclosedgardensoftheclosedwallgardensofAOLtotheopenworldofGoogleinthelate90s,whichseemedobviousthatittakestimeforittohappen.YouhadaninterestingpieceonInstagram.Lotsofoneofthebigstories,ofcourse,2023and2024willberegulationandInstagramnow

Speaker 2

supposedly can scan under 18s messages to protect against inappropriate images. Does that bristle your libertarian soul, Keith? Are you troubled by this sort of thing?

Words and timings
supposedlycanscanunder18smessagestoprotectagainstinappropriateimages.Doesthatbristleyourlibertariansoul,Keith?Areyoutroubledbythissortofthing?

Speaker 1

I think it's outrageous.

Words and timings
Ithinkit'soutrageous.

Speaker 2

I mean, you know, even with your own kids, you don't want your own kids. I mean, I don't think you have you do have one under 18 year old. You want them to let's just have access to inappropriate images.

Words and timings
Imean,youknow,evenwithyourownkids,youdon'twantyourownkids.Imean,Idon'tthinkyouhaveyoudohaveoneunder18yearold.Youwantthemtolet'sjusthaveaccesstoinappropriateimages.

Speaker 1

I think all healthy under 18 year olds already have access to inappropriate images and we shouldn't we shouldn't try to change the course of human history by cleansing our under 18 year olds of anything.

Words and timings
Ithinkallhealthyunder18yearoldsalreadyhaveaccesstoinappropriateimagesandweshouldn'tweshouldn'ttrytochangethecourseofhumanhistorybycleansingourunder18yearoldsofanything.

Speaker 2

Well you never will I mean just as porn mags got banned or put on the top shelf in our day then they're always going to find ways around it. Is this just Facebook or Instagram's marketing department telling people what they want to hear and not really doing anything.

Words and timings
WellyouneverwillImeanjustaspornmagsgotbannedorputonthetopshelfinourdaythenthey'realwaysgoingtofindwaysaroundit.IsthisjustFacebookorInstagram'smarketingdepartmenttellingpeoplewhattheywanttohearandnotreallydoinganything.

Speaker 1

Yeah, but I think there'll be a backlash against it. You know, people are already flocking to Signal for messaging and other end-to-end encrypted platforms. If you can't trust Meta to host your life, Even when your life includes what may be considered inappropriate images, which are let's be honest Not that inappropriate human beings are kind of interested in each other including the naked Form, there's nothing inappropriate about that. It's normal. So the idea that you demonize These images is inappropriate and the 17 or 16 year olds who look at them Yeah, we do have laws on that.

Words and timings
Yeah,butIthinkthere'llbeabacklashagainstit.Youknow,peoplearealreadyflockingtoSignalformessagingandotherend-to-endencryptedplatforms.Ifyoucan'ttrustMetatohostyourlife,Evenwhenyourlifeincludeswhatmaybeconsideredinappropriateimages,whicharelet'sbehonestNotthatinappropriatehumanbeingsarekindofinterestedineachotherincludingthenakedForm,there'snothinginappropriateaboutthat.It'snormal.SotheideathatyoudemonizeTheseimagesisinappropriateandthe17or16yearoldswholookatthemYeah,wedohavelawsonthat.

Speaker 2

You're not allowed to show each other images of Yeah, exactly. But I think Instagram is crossing the line into that realm. We're not talking about legality. We're just we're talking about taste.

Words and timings
You'renotallowedtoshoweachotherimagesofYeah,exactly.ButIthinkInstagramiscrossingthelineintothatrealm.We'renottalkingaboutlegality.We'rejustwe'retalkingabouttaste.

Speaker 2

So we talked about open AI, you still think it's a relative steal. What about Sam Altman's other company, WorldCoin? Is this going to become a big story? Or is this I'm a bit perplexed by the story because you and I have spoken about it before and I made the point that this orb which is an eye scanner, a retina scanner

Words and timings
SowetalkedaboutopenAI,youstillthinkit'sarelativesteal.WhataboutSamAltman'sothercompany,WorldCoin?Isthisgoingtobecomeabigstory?OristhisI'mabitperplexedbythestorybecauseyouandIhavespokenaboutitbeforeandImadethepointthatthisorbwhichisaneyescanner,aretinascanner

Speaker 1

seems to be huge overkill. What they're trying to do is to create a unique representation digitally of a single human being, where no other human being can claim to be more than one person. And the reason they need to do that is they want to give free cryptocurrency to everyone in the world, but they only want to give you it once. They don't want you to masquerade as two people. So, they're using eye scanning. It's very hard for me to believe that these... You came up with this idea.

Words and timings
seemstobehugeoverkill.Whatthey'retryingtodoistocreateauniquerepresentationdigitallyofasinglehumanbeing,wherenootherhumanbeingcanclaimtobemorethanoneperson.Andthereasontheyneedtodothatistheywanttogivefreecryptocurrencytoeveryoneintheworld,buttheyonlywanttogiveyouitonce.Theydon'twantyoutomasqueradeastwopeople.So,they'reusingeyescanning.It'sveryhardformetobelievethatthese...Youcameupwiththisidea.

Speaker 2

I mean, I'm not sure if Altman came up with it first, but you had this idea of giving out free crypto in exchange for personal details. It's not that different from the Web 2.0 model, is it?

Words and timings
Imean,I'mnotsureifAltmancameupwithitfirst,butyouhadthisideaofgivingoutfreecryptoinexchangeforpersonaldetails.It'snotthatdifferentfromtheWeb2.0model,isit?

Speaker 1

Yeah, no, I actually started building something that was

Words and timings
Yeah,no,Iactuallystartedbuildingsomethingthatwas

Speaker 1

a universal form of universal basic income that everyone could have. But you have to recognize that most of the world is poor. Many people don't even have a smartphone or a network to connect it to. And so you need to identify people using different methods. And this seems to be a super expensive overkill And now they're changing it. That's the story. The story is they're changing this device to be less frightening. Apparently, it's been frightening for people.

Words and timings
auniversalformofuniversalbasicincomethateveryonecouldhave.Butyouhavetorecognizethatmostoftheworldispoor.Manypeopledon'tevenhaveasmartphoneoranetworktoconnectitto.Andsoyouneedtoidentifypeopleusingdifferentmethods.AndthisseemstobeasuperexpensiveoverkillAndnowthey'rechangingit.That'sthestory.Thestoryisthey'rechangingthisdevicetobelessfrightening.Apparently,it'sbeenfrighteningforpeople.

Speaker 2

I mean, it's quite literal. You're not selling. I mean, it's the old idea of selling your soul. You're selling your body, essentially. Well, you're giving the network a way to identify you as you.

Words and timings
Imean,it'squiteliteral.You'renotselling.Imean,it'stheoldideaofsellingyoursoul.You'resellingyourbody,essentially.Well,you'regivingthenetworkawaytoidentifyyouasyou.

Speaker 1

That's the problem they're trying to solve and it's you know, I can't believe this is the best way to solve that problem and about you and and so then I Start to doubt the whole thing.

Words and timings
That'stheproblemthey'retryingtosolveandit'syouknow,Ican'tbelievethisisthebestwaytosolvethatproblemandaboutyouandandsothenIStarttodoubtthewholething.

Speaker 2

Yeah, I doubt world coin not because of the idea but because of the orb It's as almost as if some novelist read Shoshana Zuboff surveillance capitalism and then invented world coin it seems the logical conclusion to what Zuboff, at least, identified as surveillance capitalism. So there'll be more stories about that. I mean, more chilling stories, more of a reaction. I wonder, like Musk, Altman runs more than one company. How committed do you think he is to Worldcoin?

Words and timings
Yeah,IdoubtworldcoinnotbecauseoftheideabutbecauseoftheorbIt'sasalmostasifsomenovelistreadShoshanaZuboffsurveillancecapitalismandtheninventedworldcoinitseemsthelogicalconclusiontowhatZuboff,atleast,identifiedassurveillancecapitalism.Sothere'llbemorestoriesaboutthat.Imean,morechillingstories,moreofareaction.Iwonder,likeMusk,Altmanrunsmorethanonecompany.HowcommitteddoyouthinkheistoWorldcoin?

Speaker 1

I think he's philosophically very committed because he understands that AI is going to reduce the working day, possibly to zero, and that people will need to have value distributed to them so that they can spend that value on living.

Words and timings
Ithinkhe'sphilosophicallyverycommittedbecauseheunderstandsthatAIisgoingtoreducetheworkingday,possiblytozero,andthatpeoplewillneedtohavevaluedistributedtothemsothattheycanspendthatvalueonliving.

Speaker 2

And so I think he's philosophically very, and as Albert, that's Albert Wenger's A World After Capital. So it'd be interesting to see certainly be something we cover in 2024 and onwards. We're finishing Keith with our favorite Conclusions to That Was The Week. Firstly, Startup of the Week is a loyalty startup built. Tell me about them. Why are they interesting?

Words and timings
AndsoIthinkhe'sphilosophicallyvery,andasAlbert,that'sAlbertWenger'sAWorldAfterCapital.Soit'dbeinterestingtoseecertainlybesomethingwecoverin2024andonwards.We'refinishingKeithwithourfavoriteConclusionstoThatWasTheWeek.Firstly,StartupoftheWeekisaloyaltystartupbuilt.Tellmeaboutthem.Whyaretheyinteresting?

Speaker 1

They're mainly interesting because in a time of depressed valuations, down rounds and write-offs, they have raised a lot of money at a unicorn times three valuation. For Rewards.

Words and timings
They'remainlyinterestingbecauseinatimeofdepressedvaluations,downroundsandwrite-offs,theyhaveraisedalotofmoneyataunicorntimesthreevaluation.ForRewards.

Speaker 1

Companies With Traction Still Get Big Valuations and Can Raise Money.

Words and timings
CompaniesWithTractionStillGetBigValuationsandCanRaiseMoney.

Speaker 2

Well, that's a bit of a boring. I mean, it's an old model. It's a bit of a boring. Does that reflect the fact that the market now is rather conservative and that VCs have been burnt on so many fronts, are only willing to invest in proven models?

Words and timings
Well,that'sabitofaboring.Imean,it'sanoldmodel.It'sabitofaboring.DoesthatreflectthefactthatthemarketnowisratherconservativeandthatVCshavebeenburntonsomanyfronts,areonlywillingtoinvestinprovenmodels?

Speaker 1

Yeah, it's interesting that there's a big brouhaha at Andreessen Horowitz this week because Connie Chan left.

Words and timings
Yeah,it'sinterestingthatthere'sabigbrouhahaatAndreessenHorowitzthisweekbecauseConnieChanleft.

Speaker 2

Yeah, you're featuring that story also.

Words and timings
Yeah,you'refeaturingthatstoryalso.

Speaker 1

Yeah, and the context there is that she's their consumer person. And Andreessen has decided that consumer is going to be all about AI. She probably disagrees with that, I'm guessing. And Andreessen wrote a long piece, which I put in the newsletter about why they believe that. Now at the same time, Lara Hippo in New York, Ken Lara, is one of the founders there with Eric Hippo. They announced that they're moving from consumer to B2B.

Words and timings
Yeah,andthecontextthereisthatshe'stheirconsumerperson.AndAndreessenhasdecidedthatconsumerisgoingtobeallaboutAI.Sheprobablydisagreeswiththat,I'mguessing.AndAndreessenwrotealongpiece,whichIputinthenewsletteraboutwhytheybelievethat.Nowatthesametime,LaraHippoinNewYork,KenLara,isoneofthefounderstherewithEricHippo.Theyannouncedthatthey'removingfromconsumertoB2B.

Speaker 2

Which is a classic move in times of bust. You also, I think this is after the newsletter went to bed, you sent me a link to an FT piece on light speed tapping the private equity playbook, suggesting this is a sign of the times. How does this tie into what's happening on InVenture?

Words and timings
Whichisaclassicmoveintimesofbust.Youalso,Ithinkthisisafterthenewsletterwenttobed,yousentmealinktoanFTpieceonlightspeedtappingtheprivateequityplaybook,suggestingthisisasignofthetimes.Howdoesthistieintowhat'shappeningonInVenture?

Speaker 1

Well, this is Lightspeed, which is an excellent investor, selling 10 of its prize assets that it values at a billion dollars into what's known as a continuity fund. Now, what that means is the investors in Lightspeed want their money back, which is a common refrain from limited partners in funds. We want our money back. And Lightspeed doesn't believe it's the right time to sell. So what they do is they put these assets into a new fund. They transfer them to a new fund. They get someone else to put the money into that new fund. And that money goes to the investors in the old fund. And so it's like a relay race where the old investors are passing the baton to some new investors in what's called a continuity fund, meaning we're keeping going with these 10 assets, but we've found a device to let you guys get your money back.

Words and timings
Well,thisisLightspeed,whichisanexcellentinvestor,selling10ofitsprizeassetsthatitvaluesatabilliondollarsintowhat'sknownasacontinuityfund.Now,whatthatmeansistheinvestorsinLightspeedwanttheirmoneyback,whichisacommonrefrainfromlimitedpartnersinfunds.Wewantourmoneyback.AndLightspeeddoesn'tbelieveit'stherighttimetosell.Sowhattheydoistheyputtheseassetsintoanewfund.Theytransferthemtoanewfund.Theygetsomeoneelsetoputthemoneyintothatnewfund.Andthatmoneygoestotheinvestorsintheoldfund.Andsoit'slikearelayracewheretheoldinvestorsarepassingthebatontosomenewinvestorsinwhat'scalledacontinuityfund,meaningwe'rekeepinggoingwiththese10assets,butwe'vefoundadevicetoletyouguysgetyourmoneyback.

Speaker 2

Is this, do you think these people who want their money back, it strikes me that often they will regret it. When the going gets tough, it's always the people who want their money back that regret it, and the tough win out in the end, the people willing to take risks.

Words and timings
Isthis,doyouthinkthesepeoplewhowanttheirmoneyback,itstrikesmethatoftentheywillregretit.Whenthegoinggetstough,it'salwaysthepeoplewhowanttheirmoneybackthatregretit,andthetoughwinoutintheend,thepeoplewillingtotakerisks.

Speaker 1

That will probably end up being true, although I will say that the pressure to get your money back is enormous right now because of the vast amount of capital sitting frozen in companies that were invested in between 2020 and 2022. So that pressure is enormous. And the LPs who want their money back, their source of capital is typically pension funds or endowments. So they're dealing with the people's money, if you will, often. And and and so wanting it back isn't a self-serving thing. It's it's so that the ecosystem can can continue they're not doing it because of the people they're doing it because They have their own particular interest Well, the the fund has its interest. Yeah, but if you're managing, you know, the California State Pension Fund Your interests should be aligned to you the employees of the California State

Words and timings
Thatwillprobablyendupbeingtrue,althoughIwillsaythatthepressuretogetyourmoneybackisenormousrightnowbecauseofthevastamountofcapitalsittingfrozenincompaniesthatwereinvestedinbetween2020and2022.Sothatpressureisenormous.AndtheLPswhowanttheirmoneyback,theirsourceofcapitalistypicallypensionfundsorendowments.Sothey'redealingwiththepeople'smoney,ifyouwill,often.Andandandsowantingitbackisn'taself-servingthing.It'sit'ssothattheecosystemcancancontinuethey'renotdoingitbecauseofthepeoplethey'redoingitbecauseTheyhavetheirownparticularinterestWell,thethefundhasitsinterest.Yeah,butifyou'remanaging,youknow,theCaliforniaStatePensionFundYourinterestsshouldbealignedtoyoutheemployeesoftheCaliforniaState

Speaker 2

Although they were never asked in the first place about whether they should invest in speculative tech ventures. This story will run and run around. Finally, you got the X of the Week. I have to say, Keith, maybe we should change this to Something Else.

Words and timings
Althoughtheywereneveraskedinthefirstplaceaboutwhethertheyshouldinvestinspeculativetechventures.Thisstorywillrunandrunaround.Finally,yougottheXoftheWeek.Ihavetosay,Keith,maybeweshouldchangethistoSomethingElse.

Speaker 1

Well, you'll remember that Musk was accused by the Anti-Defamation League of being anti-Semitic at one point.

Words and timings
Well,you'llrememberthatMuskwasaccusedbytheAnti-DefamationLeagueofbeinganti-Semiticatonepoint.

Speaker 2

What happened this week is... Well, because, and let's be clear, because he promoted some neo-Nazis on X. Not just promoted, not just allowed them to broadcast their horrible comments, but actually retweeted or approved them in some way.

Words and timings
Whathappenedthisweekis...Well,because,andlet'sbeclear,becausehepromotedsomeneo-NazisonX.Notjustpromoted,notjustallowedthemtobroadcasttheirhorriblecomments,butactuallyretweetedorapprovedtheminsomeway.

Speaker 1

I don't know if they were Nazis, but they were probably neo-Nazis, shall we say.

Words and timings
Idon'tknowiftheywereNazis,buttheywereprobablyneo-Nazis,shallwesay.

Speaker 2

There are many Nazis left, they're all dead, but people who approve of the Nazis.

Words and timings
TherearemanyNazisleft,they'realldead,butpeoplewhoapproveoftheNazis.

Speaker 1

Anyway, the point was he was accused, whatever the merits of the accusation, This Week He Visited Auschwitz. He may have been at DLD where you were.

Words and timings
Anyway,thepointwashewasaccused,whateverthemeritsoftheaccusation,ThisWeekHeVisitedAuschwitz.HemayhavebeenatDLDwhereyouwere.

Speaker 2

Yeah, he wasn't at DLD, but I'm sure he was at Davos.

Words and timings
Yeah,hewasn'tatDLD,butI'msurehewasatDavos.

Speaker 1

It's probably Davos. And he visited Auschwitz with Ben Shapiro, who obviously is Jewish. And who's Ben Shapiro? Ben Shapiro is an ideologue, a very pro-Israel, self-declared Zionist. So a very articulate version of Ackman. very articulate, intellectual, right wing on most issues. Anyway, he took Musk to Auschwitz, they toured and then they did an interview and the interview was, it's worth watching. I mean, Musk was almost unable to speak due to the impact it had on him to be there.

Words and timings
It'sprobablyDavos.AndhevisitedAuschwitzwithBenShapiro,whoobviouslyisJewish.Andwho'sBenShapiro?BenShapiroisanideologue,averypro-Israel,self-declaredZionist.SoaveryarticulateversionofAckman.veryarticulate,intellectual,rightwingonmostissues.Anyway,hetookMusktoAuschwitz,theytouredandthentheydidaninterviewandtheinterviewwas,it'sworthwatching.Imean,Muskwasalmostunabletospeakduetotheimpactithadonhimtobethere.

Speaker 2

Well, he could have gone to the zone of interest and just watched it. It's not as if The Story of Auschwitz. It shouldn't be something that's unknown to him.

Words and timings
Well,hecouldhavegonetothezoneofinterestandjustwatchedit.It'snotasifTheStoryofAuschwitz.Itshouldn'tbesomethingthat'sunknowntohim.

Speaker 1

No, he actually says in the interview that he knew all about it, but that seeing it and the scale of it and the scope of it with your own eyes is very different to watching it on a two-dimensional screen.

Words and timings
No,heactuallysaysintheinterviewthatheknewallaboutit,butthatseeingitandthescaleofitandthescopeofitwithyourowneyesisverydifferenttowatchingitonatwo-dimensionalscreen.

Speaker 2

So... I've never... Keith is sympathetic. The New Republic, which is no great fan of Musk, says that he essentially used his, and I'm quoting the New Republic here, he used his visit to the Nazi death camp to try to promote his own failing social media company. Is there any truth to that?

Words and timings
So...I'venever...Keithissympathetic.TheNewRepublic,whichisnogreatfanofMusk,saysthatheessentiallyusedhis,andI'mquotingtheNewRepublichere,heusedhisvisittotheNazideathcamptotrytopromotehisownfailingsocialmediacompany.Isthereanytruthtothat?

Speaker 1

I think he was trying to do something very personal for himself, actually.

Words and timings
Ithinkhewastryingtodosomethingverypersonalforhimself,actually.

Speaker 2

I don't think... So why didn't he do it without the press? He could have gone on his own.

Words and timings
Idon'tthink...Sowhydidn'thedoitwithoutthepress?Hecouldhavegoneonhisown.

Speaker 1

Actually, I don't think he did it with the press. Ben Shapiro asked to interview him afterwards and he said yes.

Words and timings
Actually,Idon'tthinkhediditwiththepress.BenShapiroaskedtointerviewhimafterwardsandhesaidyes.

Speaker 2

Well, you know, accidentally he wanted to go privately and then Ben Shapiro.

Words and timings
Well,youknow,accidentallyhewantedtogoprivatelyandthenBenShapiro.

Speaker 1

Look, I don't think you can complain that Musk speaks publicly. The tweet, if you go back to the tweet, what the tweet says is, I wish more leaders Spoke For Themselves. It's down below, you've got the top one, this one here. It's only me doing these posts on X and I would recommend leaders of the world just literally post their own stuff. So actually, he's against the PR layer that sits between people and believes that direct messaging, like this is me, this is what I think, is better. And I agree with him on that. I think it's okay that he did what he did this week, even good, and quite moving when you listen to the interview.

Words and timings
Look,Idon'tthinkyoucancomplainthatMuskspeakspublicly.Thetweet,ifyougobacktothetweet,whatthetweetsaysis,IwishmoreleadersSpokeForThemselves.It'sdownbelow,you'vegotthetopone,thisonehere.It'sonlymedoingthesepostsonXandIwouldrecommendleadersoftheworldjustliterallyposttheirownstuff.Soactually,he'sagainstthePRlayerthatsitsbetweenpeopleandbelievesthatdirectmessaging,likethisisme,thisiswhatIthink,isbetter.AndIagreewithhimonthat.Ithinkit'sokaythathedidwhathedidthisweek,evengood,andquitemovingwhenyoulistentotheinterview.

Speaker 3

I've got sunshine on a cloudy day.

Words and timings
I'vegotsunshineonacloudyday.

Speaker 4

When it's cold outside, I've got the

Words and timings
Whenit'scoldoutside,I'vegotthe

Speaker 4

Everybody sing! I guess you'd say What can make me feel this way? It's my girl, my girl, my girl I'm talking about my girl

Words and timings
Everybodysing!Iguessyou'dsayWhatcanmakemefeelthisway?It'smygirl,mygirl,mygirlI'mtalkingaboutmygirl