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1:20

Today, jumpstart your genius with

1:23

Clod3 by Anthropic. Hi,

1:31

everyone. This is Pivot from New York

1:34

Magazine and the Vox Media Podcast Network.

1:36

I'm Cara Swisher. And I'm Scott Galloway. And

1:38

we are in Germany. Perfect.

1:48

We are in, in fact, Hamburg,

1:50

Germany at the Finance Forward Conference.

1:52

We're also part of OMR. We've

1:55

had some great conversations here so far. Let

1:57

me get the hold on. Okay. You get to interview.

2:00

Kim Kardashian. I get to interview a

2:02

guy who's injecting gorilla semen into his

2:04

eyes trying to fill 14 again.

2:06

Yeah. Who's in charge? How

2:08

did she get Kim Kardashian? By

2:12

the way, did she ask about me? No, no,

2:14

no. She didn't ask about you

2:16

at all. She could stay

2:18

at any hotel in Hamburg,

2:20

but she stays in my

2:22

hotel. Coincidence? No, she doesn't know

2:24

who you are. I think she's

2:27

a little hot for the dog. I think she's never

2:29

thought of you a day in her life. Anyways,

2:32

how was your conversation? You were Brian

2:34

Johnson. You know, he's

2:36

one of these tech bros who's spending, so

2:38

this guy Brian Johnson spending 2 million bucks

2:40

a year to try and live forever. Good

2:43

luck with that. Yeah. Yeah.

2:45

So, so interesting. I just go where they tell

2:47

me to go. It was fine. Did you find

2:50

anything out about living forever? Don't

2:52

smoke. Okay. What else? Don't

2:54

drink alcohol. Yeah. Yeah.

2:57

That's pretty much it. That's it. Really?

3:00

And live forever. Would you

3:02

want to live forever though? Anybody? There's already

3:04

too many old people. Yeah. We don't need

3:07

people to get any older, but

3:09

you're healthy and old and contributory to

3:11

society. Why? Yeah. But most don't most

3:13

are expensive and unproductive. No, I'm going

3:15

to get shit for that. So yeah.

3:17

So ice flows as you're like, well,

3:20

look, we should, I think

3:22

we should be focusing on health span, not life span.

3:24

I think the problem is people are living longer

3:27

and longer lives, but they're not living more

3:29

and more rewarding lives. Yeah. And so I'm

3:31

more focused on health

3:33

man than life span. Interesting.

3:35

Interesting. You know, my next book's about this. That's

3:37

what I'm writing about. I'm going to do

3:40

all these things. Yeah. Kara's brother is

3:42

a very impressive doctor. And you're writing

3:44

a book on health tech, right? Well,

3:46

health tech and cancer research and

3:49

living on Mars and Zempek, everything,

3:52

all the, all the sort of, so living

3:54

on Mars is what I would refer to

3:56

as suicide. Yeah. Yeah. Yes. But a lot of people

3:58

want to go there. You know, Elon Musk. wants to go

4:00

to Mars. Let's let

4:02

him. Yeah, that's what I say.

4:04

He should leave as soon as possible and write

4:07

back on what it's like. That would be

4:09

great. That would be fantastic. So

4:11

I again I spoke with Kim. Do you have any interest in

4:13

anything she said? What

4:16

did she say, Kara? A lot of

4:18

things. She was, it was really interesting. She just come

4:20

from the Met Ball where she had a lot of

4:22

controversy over her corset. She

4:24

was wearing a corset that made her super

4:26

skinny. I didn't even know about the corset.

4:29

And then previous to that she'd been at a roast where

4:32

she got kind of pillory. Weirdly enough they

4:34

roasted her over Tom Brady who

4:36

I think is somewhat of a, I

4:38

know you like him but I think he's kind of a dope in

4:40

real life. Tom Brady? IRL. He behaved badly

4:43

during this thing I thought. Why do you? Because

4:45

it was roast of him and he just kept, what

4:47

he did is insulted Kim Kardashian's.

4:50

He got insulted at his roast? Yes. She was like

4:52

I can't believe you're here. Did you have to leave

4:54

the kids with Kanye? I think that's off-limits.

4:57

Yeah but, oh no they said

4:59

worse things about him. No they did but why tell

5:01

it to her? I mean she divorced him. So anyway I

5:03

just was irritated. I'm not on her

5:05

behalf. She's fine. He's beautiful which I

5:07

think counts her a lot. Okay. And

5:11

then, but one thing we talked about was interesting.

5:13

She has a lot, she has skims. She's an

5:16

entrepreneur which is interesting. But one

5:18

of the things, she had gone to the Met Ball

5:20

and one of the things that was happening as a

5:22

phenomena, the Met Ball for those who don't know it

5:24

here in Germany is this big event where all the

5:26

celebrities dress up in outlandish outfits.

5:28

They're beautiful actually and it's kind of a

5:31

marketing event. It really is a marketing event

5:33

in a lot of ways for celebrities to

5:35

show off themselves in some way, interesting way.

5:38

And Rihanna and

5:41

Katy Perry did not go but there

5:43

was AI imagery of

5:45

them in these really fantastic dresses. Yeah. There,

5:47

so much so that Katy Perry's mother was

5:50

like, oh that dress is beautiful. Did you

5:52

have a good time at the Met Ball?

5:54

Yeah. And she's like, I didn't go. And

5:56

so it was kind of interesting to think

5:58

about that. you may not

6:00

someday need a metball. It

6:02

was all sort of fake deep fakes

6:05

all over the place, which is funny and

6:07

fun in that context. But right now, we'll

6:09

talk about it in a minute where deep

6:11

fakes are, but it was somewhat disturbing to

6:15

see the possibilities of what could

6:18

happen. The thing I

6:20

keep, so it's a huge spectacle. The

6:23

stuff I keep reading about

6:25

is that these individuals showed

6:27

up in dresses that

6:30

were so complex and so

6:32

over the top that they literally couldn't move, that

6:34

it was dangerous to move. And there's been

6:36

a lot of articles saying that this is

6:38

a metaphor for a larger society where we

6:41

become so obsessed with our aesthetics that

6:43

it's literally impairing our day-to-day lives, that

6:45

we are willing to not be able

6:48

to move such that we draw

6:50

attention to ourselves. That's what I've

6:52

been reading a lot about. Yeah, and I think

6:54

the amount of money they're spending right now given the

6:56

world, they get that every year. It's like,

6:58

it sort of feels like hunger games in a lot

7:00

of ways, the sort of outfits and stuff like that.

7:03

We're gonna talk about

7:05

deep fakes, actually, in a more serious way in a

7:08

minute. But first, we're gonna start with TikTok. TikTok

7:10

and parent company ByteDance are suing the US

7:13

government to stop a potential ban of the

7:15

app. Our Congress in the United States passed

7:17

a bill last month saying ByteDance would have

7:19

to either sell TikTok or have it banned

7:22

in the country. TikTok's lawsuit,

7:24

which they just waged, says

7:27

it would be a violation of the First

7:29

Amendment of the Constitution and that national security

7:32

concerns aren't a big enough reason to violate

7:34

free speech. We expected this to happen, this

7:36

lawsuit. But it's

7:38

expected to go all the way to our Supreme Court

7:40

and it probably must in many ways, sort of

7:42

that kind of case. How do you think it'll go?

7:45

What are your thoughts on that? Well, right

7:48

away, it goes to the DC Circuit. This

7:50

is really a battle of two really powerful

7:52

concepts legally in the United States. On the

7:54

one hand, you have First Amendment and on

7:56

the other, you have Defense Threat. And

7:58

the First Amendment basically... if you're going

8:00

to shut down First Amendment, and this is the

8:03

argument that TikTok will make, you have to show

8:05

that you have tried everything

8:07

else. You've tried to find a bunch

8:09

of alternative remedies. But we do have

8:11

a lot of restrictions around media ownership

8:13

by foreigners. Rupert Murdoch became a US

8:15

citizen in 1995 to get around this

8:18

percent limit on ownership of

8:20

a broadcast company. So we do have

8:23

these limits. So it'll be a

8:25

battle between First Amendment and defense

8:27

threats. Typically, though, the reason why

8:29

I believe that the government

8:31

will prevail is that if

8:33

you look at court history or decisions,

8:35

they're usually somewhat remiss to

8:37

weigh in against the side of

8:40

a law that was passed in

8:42

a bipartisan majority way. So

8:44

the thing that probably seals the deal here

8:46

is also written slightly differently than the

8:49

previous around defense and

8:51

trade asymmetry, as opposed to when Trump

8:53

tried to do it, he didn't have the

8:55

power of a bipartisan passage by Congress. And

8:57

it was full of errors, always

9:00

with him. So this feels, the

9:02

way they're handicapping it, you can now bet on

9:04

anything in the US, the way they're betting on

9:06

it right now, the line, if you will, is

9:09

72% believe it'll pass 28% believe it'll not be

9:11

ratified. They

9:14

will go to the Supreme Court. They will appeal. You think it'll be appealed and go to

9:16

the Supreme Court? I do, because I think it's one of those

9:18

issues we have to make a point on. I think

9:20

the bigger issue, as we've discussed, is that, and I

9:23

think they're going to use this in their argument, is

9:25

that it doesn't apply across social media,

9:27

it just applies just to them. And so

9:29

they're singled out. And then the

9:32

issue is once, I think they are going to

9:34

lose, is what happens to

9:36

it and what happens to the algorithm,

9:38

which China will not allow to be

9:41

transferred into ownership. And what China

9:43

does, so far, China has been relatively, you

9:45

know, just beating up the Apple store a

9:47

little bit. But what is China going to

9:49

do? Take the money and run, which is

9:51

going to be a lot of money. There's

9:54

certainly not, as we said, give

9:56

us their algorithm because it'll prove what they were up

9:58

to if they were upset. The thing and they,

10:01

I'm certain they probably works and so

10:03

it'll be interesting to see who buys

10:05

it and whether it's worth anything at

10:07

all. And the you know could be the decline of

10:09

tic toc after this. But here's the thing. The.

10:11

Government or Two or by down. Neither are

10:14

going to win or lose. the up and

10:16

was devastated. Get Rich! This.

10:18

Will be saddled a few days before

10:20

the first opening arguments. Writers that what

10:22

I believe through the course between now

10:24

and and nine and twelve months right

10:26

you're going to have a series of

10:28

legal opinions. They convinced by Dance that

10:30

they're probably gonna lose and if they

10:32

tested and lose it's going be very

10:34

ugly. could still be forced to rush

10:37

to do something instead between now and

10:39

man, and this is where people don't

10:41

got there's a lotta lights. Between.

10:44

The. Force divestiture in a band and that

10:46

is the Chinese. A very smart the

10:48

by the administration as a lot of

10:50

very smart people and they can negotiate

10:52

bilaterally with each other instead of negotiating

10:54

through the courts so they will come

10:56

to some sort of accommodation that gives

10:59

the White House comfort and gives by

11:01

dance. There you know something they feel

11:03

comfortable with because as we get closer

11:05

to the court date the same thing

11:07

is gonna happen here that happened with

11:09

him on mosque in the Chancery court

11:11

threat. As they get closer to the

11:13

day the the Ccp. Is mosque. In

11:15

this case they're gonna realize are likely

11:17

gonna lose and the day before they'll

11:20

settle down south else. So to give

11:22

me to stay on the them as who

11:24

would be the buyers and as it cannot

11:26

be Steve the new Chin for those it

11:28

out now he was the Treasury Secretary and

11:30

Trump and his persistent sounds like an even

11:32

look it up What? What is what do

11:34

you think the owners can have? It has

11:36

to be. A technical out are correct with

11:39

lots of computing power. It's

11:41

gonna have to have such massive compute bit

11:43

of the same time. Every one that has

11:45

the computer probably immediately raises F T

11:47

C or D O J concerns Anti Trust

11:49

concerned. So if you think about ai. They're.

11:52

Making investments and different companies and put so

11:55

they can pretend it's not them. Right

11:57

open. A I might as well because

11:59

Microsoft. The I. If. You look

12:01

at the biggest Ai companies, Whether it's

12:04

Anthropic, where there's perplexed at all of

12:06

these things are either being funded or

12:08

controlled by the same juggernauts and the

12:10

reason they're making corporate V C investments.

12:13

So. The amount of money to Microsoft

12:15

has invested in Ai is greater

12:17

than all B C investments in

12:19

A globally. And. The reason why they're

12:22

doing these investments is so they can pretend

12:24

that are not as big and as powerful

12:26

as they are. So this is the dangerous

12:28

thing here is the concentration of wealth and

12:30

power is aggregating to a small group of

12:33

players. But with a try to pretend oh

12:35

it's not me, it's open A I oh

12:37

I don't have a seat on the boards.

12:39

Oh Sam Smith fired by that boards. You

12:41

know, even though I don't have even seen

12:44

on the board, I'd like him back. What

12:46

do you know? He's backed. Make no mistake

12:48

about it, it's the same concentration of power

12:50

we recognize. Of the last twenty years,

12:52

the same players control a I

12:54

yeah as of Control Diktat and.

12:56

Assault us. Owners says. She's

12:59

right where without any regulatory thing so

13:01

it's it's gonna be a big issue

13:03

for Europe going for it. I suspects

13:05

and I suspect is getting Microsoft getting

13:08

his remarks on exorcist. I.

13:12

Know valuable company in the world and

13:14

dad's dead Most descended platforms right now

13:16

said thought they up but as think

13:18

they look they own. All.

13:20

Those gaming companies. Young save on

13:23

that. They just have a lot of stuff said

13:25

it said slit really well. I.

13:27

Don't think of it in terms of linked

13:29

fence. I think of it is one company

13:31

being that powerful. Is it a bit? Six

13:34

awesome us to send a platform in the

13:36

world. Most companies. Will. Try and

13:38

dress up there objects and they

13:40

will try and slate and present

13:42

their best foot by dance. In.

13:45

my opinion is sandbagging their numbers i

13:47

think their numbers are actually stronger than

13:49

they want to release they would have

13:51

gone public know company would be this

13:54

big without going public in less it

13:56

had different objectives the objective of the

13:58

ccp here is fine If you want to

14:00

get rich, we'll let you do some secondaries. We

14:03

have the ultimate propaganda tool that

14:05

has never, never been implemented before.

14:07

This is the most odd, the

14:09

CIA, the NSA, the GRU coming

14:11

together and seeing their wildest dreams

14:13

come to fruition in terms of

14:15

a surveillance and a propaganda tool,

14:17

mostly a propaganda tool. The

14:20

thought that they would have to go public and

14:22

then start disclosing just how powerful they are, it's

14:24

the only reason I can see that they're not

14:26

public. Yeah, and it's a global company. I think

14:28

Microsoft is a global company. They're going to get it and

14:30

they're going to, that's what I would do and then they

14:32

will dominate the next year. And

14:35

you think that clears the FTC and DOJ? Why not? It

14:38

doesn't own it. They don't know. They own

14:40

LinkedIn. It's not like there's anything

14:42

else they own and there's powerful interests

14:44

allied against them, Facebook and Instagram. So

14:48

there's plenty of, and whatever Elon's doing

14:50

at Twitter. What about an investor group that

14:52

comes up with pens or hundreds

14:55

of billions of dollars? They need to compute

14:57

power. It's just they have to do with them. Microsoft

15:00

is also moving into search. For

15:03

those who don't know, Bill Gates is quite

15:05

involved at Microsoft with, he's back advising

15:07

such and a dollar. When you say search,

15:10

you don't mean Bing. They are

15:12

trying to do AI search around Google and

15:14

then they'll get Apple's AI

15:16

contract maybe if

15:18

Google doesn't. That'll be the next big competition

15:20

between Microsoft and Google and then we'll

15:22

see. Microsoft, I don't think

15:25

it's going to be an investor group unless

15:27

Elon decides to do something. Anyway,

15:29

let's talk about Reddit. Speaking of another

15:31

company, smaller, much smaller, it beat revenue

15:34

expectations in its first quarter, just went

15:36

public. Reporting over $200

15:38

million in ad revenue, pretty impressive. Shares propped

15:40

on the news. That was one of the

15:42

most successful IPOs of the year back in

15:44

March. You said there were a lot of

15:46

opportunity here as long as they sorted out

15:48

their terrible monetization and got their advertising in

15:50

line. CEO Steve Huffman is

15:52

saying Reddit is, quote, commercial by

15:55

nature. Ad

15:57

revenue is not enough. They've been trying other things.

15:59

Obviously, they've been trying. Later, they've got to

16:01

trying a range of things. Any

16:03

at additional thoughts on that. They're.

16:05

Just disclosure: Almost zero. I'm a small several

16:08

the bomb, a shareholder in Reddit or this

16:10

is a great earnings report and what he

16:12

did. Every awesome ad revenues afford a person.

16:14

I've user growth beat expectations.

16:16

Their monetization there are two.

16:18

Average revenue per user surpass

16:21

that of Snap. So.

16:23

It's doing and there's this kind of

16:25

this unknown that's playing their advantage and

16:27

that is remember year Two years ago

16:29

Twitter was supposedly had this on recognizer

16:31

on lockable sports source of revenue and

16:33

as everyone thought their day it would

16:35

be great for now. Lamb and a

16:37

yeah the monetize that they haven't been

16:39

able to do it. Reddit has shown

16:41

as shown some signals that they might

16:43

be able to monetize what looks like

16:45

sand sasser. they'd reading the yellow and

16:47

I'm making deals And so this was

16:49

a dream earnings report for off. For.

16:51

Reddit for a clown. Everything it was there. There's

16:53

one company. One of the things it's

16:56

interesting that it is that's as decentralized

16:58

content moderation. They had time to and

17:00

as she's very early Anders Bosman he

17:02

dealt with some the didn't pretend they

17:04

weren't there and and a decentralized content

17:06

moderation is a lot less expensive and

17:08

a lot less toxic. It's distiller issues

17:10

on the platform, but for the most

17:13

parts very strong video and everything else.

17:15

It's a really interesting small company. again

17:17

one I thought would get thoughts before

17:19

anything and support it might at some

17:21

point and the consolidation will continue in.

17:23

Tact in those areas but it's one

17:26

of those unsung and companies that a

17:28

very good cel who is one of

17:30

the founders who doesn't. You know,

17:32

doesn't do a lot of jazz hands around

17:34

themselves and and is building seven it got

17:36

a number. They they they are. It's dependent

17:38

on advertising and some. List: eighties or whatever.

17:40

It's an enormous part of their. And.

17:44

Disease. And death for their very

17:46

much like media companies. That's where their

17:48

weaknesses as they don't. Come up with

17:50

other revenue streams. And they've been trying, but

17:52

up until now they haven't had a number.

17:55

of other things he was talking about but

17:57

most of them have no up. A

17:59

plus! Yeah, we'll see if the data thing works.

18:01

He's been making deals but a small. I

18:05

think he's one of another unsung Ceo

18:07

who is again the the disease we

18:09

haven't Silicon Valley is all these C

18:12

E O's who have a personal trauma

18:14

that they take out on everybody else

18:16

loudly. This week's candidate is Jack Dorsey

18:18

who is quit blue Skies Board and

18:21

dark Blue Sky and now is back

18:23

on Twitter as a. As

18:26

a sack totem for you on

18:28

and is suddenly retreating. A lot

18:30

of conspiracy theories and everything else

18:33

around then pr everything else is

18:35

for so it eats eat insects

18:37

case sad. Most people around him

18:39

a including old friends and everything

18:42

call me all the time. And

18:44

or sad about his, I would call it

18:46

a decline. And

18:48

he's sort of isolating themselves. And

18:50

today he's continuing to do. It

18:53

is been retreating. What? Are

18:55

essentially conspiracy theories Zone. It's

18:57

sad is that he was an

18:59

interesting person. And so you see

19:02

either of the there's a bipartisan

19:04

between people leaders of Silicon Valley.

19:07

Some of whom are selling like Steve Huffman,

19:09

such. And Adela, Tim Clark and in some

19:11

who are just losing their ever love and

19:13

minds as far as I can tell. A.

19:16

Apparently I'm not a doctor. But

19:18

they definitely have. There's something happening in

19:21

the water there that's causing them to

19:23

seem insane. But. I don't

19:25

or agreed on of young seeking. Someone who

19:27

isn't insane and other very good executive.

19:29

Although he had some issues with the

19:32

earnings disney earnings Ceo Bob Iger soda

19:34

stream, part of his business is on

19:36

track to profitability. Not quite there yet,

19:38

but they only last eighteen million on

19:40

streaming this quarter. Compared over this numbers

19:42

and credible six hundred million dollars

19:44

in the same quarter last year,

19:46

that's a good thing actually, because

19:48

it looks like it's just like

19:51

Netflix. it's moving to profitability. Investors

19:53

weren't sold on that. New shares

19:55

some ten percent. based on some

19:57

theaters around the park, business growth

19:59

is expected. The flat there and

20:01

que three to see if always

20:03

blaming higher operating costs, insulation and

20:05

quote global moderation from peak poses

20:08

a puppy cove it travel for

20:10

that people went to the parks,

20:12

jam them in our back to

20:14

normal behavior Scotland Focus on the

20:17

streaming. This business is leaning into

20:19

password crackdowns and sequels. Passer crackdowns

20:21

have worked really well for Netflix.

20:23

They. They've

20:25

been taking away pass from my kids are

20:27

depressed now because they case my pet my.

20:30

Netflix thanks and know as to pay

20:32

for more of them. Either.

20:35

That that have helped netflix the

20:37

lot of Password Am and making

20:39

sequels. They've got a Milan as

20:41

sequel one for Inside Out and

20:43

our favorite Deadpool. There's to Frozen

20:45

coming up soon. They've sort of

20:47

leaned out of the Marvel universe

20:50

is it's gotten the M C

20:52

You? because it's it's It's a

20:54

little tired so. Talk a little bit

20:56

first that streaming and then where every I

20:58

did the park for the fine they'll be

21:00

fine of this is ruined Usual because if

21:02

you are just read their earnings report I

21:04

wouldn't have guess it's usually not a very

21:06

volatile start and last ten percent of it's

21:08

earnings in November cent of it's value. One

21:10

point and one trading day. And what's interesting

21:12

is arnold they they saw this coming because.

21:15

The markets in focus on their streaming

21:17

losses and effectively their of now break

21:19

even. The street market is just an

21:21

amazing case study in economics. be as

21:24

overspending built a huge margin but there

21:26

was people were spending too much capital.

21:28

Now it's been massively rationalize. An incredible

21:30

quip. What they weren't expecting was a

21:32

D. Analysts would get so jittery about

21:35

the gifts that was sort of the

21:37

consistent gifted kept on giving him and

21:39

was the parks and manager for guidance.

21:41

Same work, the sugar high of covert

21:43

or people wanting to get. Out postcode

21:46

is wearing off and the parks my

21:48

not produce the massive either. Dust and

21:50

it's at the stock way down. This

21:52

might. This

21:55

might create some on Mastro. Accept.

21:57

The company because the bottom line. That

22:00

is. this stock goes sub a

22:02

hundred and underperforms. I'd. Only

22:04

Nelson's going away. The activists. This is

22:07

an activist investor who was trying to

22:09

get a scene. Or it's typically what

22:11

happens with activists as the first board

22:13

meeting, they lose. And then management

22:15

has a year to get the stock

22:17

back up and if they get a

22:19

sock back of everyone's happy if they

22:21

don't get the start back up. The

22:23

activists gets a couple seats at the

22:25

second board meeting. That's where we are

22:27

now and so I would imagine This

22:30

is a really ugly earnings call for

22:32

Bob because of the stock does decline

22:34

over the next two quarters. Nelson's back

22:36

certain. Nelson's back. And

22:38

and I think the board is gonna

22:40

get very serious about a succession plan

22:42

and trying to present a new strategies

22:44

that a be interested in. The

22:47

this is did this is no

22:49

getting around at the markets. Reaction

22:51

to this was surprising an ugly.

22:54

Ugly for Bob because the only thing

22:57

that keeps Nelson off the board and

22:59

must nelson's already sold as I doubt

23:01

is if the stocks a is if

23:03

their strategy they put in place seems

23:05

to be getting traction. Yeah, and they've

23:07

got a lot of by allies. it's

23:10

it's Nelson helps I from under a

23:12

lot as involved with them. As

23:14

a whole bunch this all task of people that. Are

23:16

going to start agitating. A

23:18

disease. That said, They. Did

23:20

streaming business is done it is done.

23:22

It decline in in losses and then.

23:24

Become very possible I suspect as the others

23:27

in a yep we have a coming up

23:29

Paramount that's in L A right now may

23:31

or. May not South spent a big

23:33

mess and there's a whole bunch says

23:35

streaming consolidation about to happen in the

23:38

People that Are Me Standing or Netflix

23:40

Disney. Some Warner

23:42

and site will hcl an even

23:44

layer and have some problems going

23:46

for. It's we'll see what would you do you

23:48

are him with the the movie would make. Besides.

23:51

Milan and Deadpool. I

23:55

would probably shared the table business and

23:57

glad someone role about about that's a

23:59

bargain see the best seller tv business

24:01

and sending a tv business the broadcast

24:03

tv business A B C, etc and

24:05

I would I would on focus on

24:08

streaming in the parks parser cash out

24:10

screaming as a problem there. Cbs will

24:12

also be on the market but I

24:14

think what the opportunity air and I

24:16

served a private equity firm to come

24:18

and take all of them and cut

24:20

costs and go bad banks and consolidate

24:22

all of them into strength. Her bastard

24:24

in the business to sell those us

24:27

all that dough and he has to

24:29

and everything that. Because right now those

24:31

businesses would they do is they create

24:33

a lower multiple on entire business Because

24:35

typically when you have been a conglomerate

24:37

when you have a bunch of businesses.

24:40

The. Ceos love it because it creates

24:42

a lack of volatility and the bigger

24:44

the business I or compensation but investors

24:47

don't like it is I don't need

24:49

Bob Iger. To. Put me in

24:51

the parks business. I can go buy stock

24:53

and apart business. I can go buy stock

24:55

in a pure place streaming company called Netflix

24:58

so investors don't like it and typically the

25:00

weight investors punish Ceos for being in a

25:02

bunch of businesses the may or may not

25:05

be. I'm elated in some people would argue

25:07

Disney has a flywheel that typically and a

25:09

conglomerate. Investors. Will find the

25:11

worst business with the lowest multiple and

25:13

they will assign that business. They.

25:16

Will sign that multiple to the entire business

25:18

are often times them down and I would

25:20

imagine if the stock goes real at the

25:23

start was down to say seventy or eighty.

25:25

Nelson will switches complex into. This company needs

25:27

to be broken up right and. Else have

25:29

to sell by. He's got a cell that semi

25:31

hard to sell a broadcast network right now because

25:33

there's so many and that the money to calling

25:35

so perspective to make a lot of money. As

25:38

you've noted on. The Decline and Leisure

25:40

Networks You. Can soak them till the

25:42

very end in and keep them in business

25:44

at this as like Yahoo every play innovative

25:46

Cel is doing rather well now and. People

25:49

are very businesses. they're just and decline their

25:51

doors. They still hemorrhage, cast their job and

25:53

decline. Yep, yep or you can do something.

25:55

then the costs in line. And then it's

25:57

not even in decline it says maintaining. The

26:00

want a way that was happening at

26:02

yahoo will see what's happened sick me

26:04

one ceo. For that company asked. Anybody

26:06

that says nice Disney one, not the

26:08

ones that are necessarily in contention within

26:10

with Dana Walden. Who's

26:13

had some problems that A D C. Chase

26:16

Jimmy Potato. has had some problems.

26:18

that e S P N the parks guy who

26:20

now has some problems. Anyone

26:22

outside the company Evan Spiegel or of

26:24

a Geiger rooms to bow who go

26:27

to be some pretty bright moon. Okay,

26:29

someone like that. Won't. Happen

26:31

is incredibly talented, incredibly creative. I think

26:33

it's pretty good research holders. Snap is

26:35

actually doing pretty well. I

26:37

think they need concord some juice at

26:40

the senior management level. Or

26:42

in I'm in Agony one that you're gonna

26:44

love. Sheryl Sandberg shows how murder and doesn't

26:46

see was on the board. Why I like

26:49

I think calm down enough around her sub

26:51

from with you. I think anyone who does

26:53

that kind of damage to the mental health

26:55

of young teen girls said to have that

26:58

type of opportunity as assists. I'm

27:00

to sell and yes get operators who

27:02

all those businesses. Said

27:05

test. Yeah, you got all the

27:07

men returns. he's gonna returned as like the

27:09

rest. Of them. Anyway, let's go on

27:11

a quick break, only come back. We'll

27:13

talk about ai an election year and

27:15

a four day work week experiment we've

27:18

heard about here in Germany. Supports.

27:24

It is episode comes from. How

27:27

they I affecting how you learn work

27:29

and socialize and would need to know

27:31

to make responsible use that as a

27:34

business leader worker and suman in the

27:36

world find out when you listen to

27:38

pondering A I applied taciturn, candid conversations

27:40

with experts from across the day. I

27:43

ecosystem pondering A I was the impact

27:45

in implications of Ai for better and

27:47

for worse. With a diverse group of

27:50

innovators, advocates and data scientists, check out

27:52

pondering Ai wherever. You get your podcast.

27:57

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29:31

bad was more from the Finance

29:33

Forward conference in Hamburg, Germany. Here.

29:46

For the audience back home I made. The meow

29:48

and they complied. They're much better behaved

29:50

than American audiences. Anyway, it's a big

29:53

year for elections around the globe. Oh,

29:55

by the way, Kim Kardashian didn't ask

29:57

about you at all, just reminder it's

29:59

a. Here for a leg. While I'm just

30:01

saying I. Expose myself to you and

30:03

you jab jab. Because he doesn't It's

30:06

I mean it's literally swap. Ashwin, Know

30:08

your. Use you as you know

30:10

me, right? Sonos is no mere. Ah, now. Seen.

30:13

As me dry. Yeah. Okay, are

30:15

a It's a big year for elections

30:17

around the globe. Roughly two billion people

30:19

are heading to the polls and over

30:21

sixty countries including in the United States.

30:23

You might have heard of our election.

30:25

It's it's de Salvo of. A Twenty

30:27

Whatever. Twenty twenty with our land of

30:29

a dead. End of

30:31

the Old and The Dead. And and score And

30:34

the the court found A and of

30:36

course one of the biggest concern is

30:38

how artificial intelligence and the fakes will

30:40

be used Influence people said a seat

30:43

Microsoft and open A I say they're

30:45

putting aside to melt. Couldn't believe this

30:47

number. I thought it was V but

30:49

it's m two million dollars to fight

30:51

the threat of a I being used

30:53

to quote, deceive the voters and undermine

30:56

democracy Google in medicine they're already restricting

30:58

election related content or on their chat

31:00

bots. When I saw that number I.

31:02

It was laughable. Two million dollars to

31:04

fight. One of our biggest

31:06

problems? the United States. And by the

31:09

way, it's such as he takes his

31:11

actual presidential candidates who lie on a

31:13

daily basis including and court. And he's

31:15

about to go to jail for that in

31:17

court, which I thought I predicted. It looks

31:19

like he is as soon enough, So

31:22

what are your thoughts on this? The

31:24

money they spent? Any thoughts on the

31:26

election and the steaks? Sir,

31:28

there's. There's a general practice

31:31

in business that it's not where you do with how you

31:33

do it. And yes, he

31:35

decided to make a concerted effort have

31:37

a to send group. There. Would

31:39

try and side misinformation are deep folks around.

31:42

the election is absolutely the right thing

31:44

to do. Somebody.

31:46

Did not shocked by how. The.

31:48

Fact that these people who are so

31:50

smart would be so stupid. As

31:53

to say where allocating basically the security

31:55

budget for saw I bet they spend

31:57

more on security. Further, See.

32:00

I bet they said more uncomfortable shot. At

32:02

the headquarters, see a million is

32:05

literally. A good at a

32:07

Vp doesn't even see that number. So

32:09

this is speaking of Sheryl Sandberg and

32:11

attempt to convince people that they care

32:13

when they don't. Write. This

32:16

is what I call a sandberg in move.

32:18

I'm going to pretend that I care about

32:20

you. I'm going to pretend that Us, I

32:23

hear you. Were. Proud of our

32:25

progress and we need to do better. And

32:27

it's clear. When. They create a

32:29

distinct unit, put out a press release,

32:31

and allocate. The. Same budget that

32:33

they spend on diet Dr Pepper

32:35

across organizations. that what they were

32:37

saying is. Try. And

32:40

try and do a headset. Try

32:42

and convince people that we care

32:44

when we don't. Because we're

32:46

not going to put anything behind us for put

32:48

out a press release and somebody didn't ask a

32:50

question of. Don't. You think they're

32:52

going to see through this? Where Microsoft we

32:55

have a three trillion dollar market cap. And.

32:57

We're announcing that we're spending two million

32:59

dollars. You know, think people are going

33:01

to see through the fact that we

33:03

are being a totally disingenuous and creating

33:05

a weapon of mass destruction and trying

33:07

to pretend that we care about this?

33:09

You are going to see the bigger

33:11

sort something out of a ice. Is.

33:13

Not what I would even call

33:16

deep sake said shallow fakes. It'll

33:18

be a little videos it or

33:20

that that the their ai odds

33:22

are just incrementally to stand for

33:24

sensibly the don't make biden like

33:26

eighty one. It. Makes them look eighty

33:28

three or eighty four. The. Makes Vice

33:30

President Harris seem just a touch more

33:32

awkward. like you wouldn't even pick up

33:34

on it. Does most deep vague see.

33:36

kind of figured out that it's a

33:38

eyes but it's gonna be these little

33:40

tiny thanks and they are gonna flood

33:43

the zones and then I love yeah

33:45

I'll give you. you deserve credit for

33:47

this or. Three. Or four days

33:49

before the election. Spine.

33:51

Swings, The swing states, and the swing districts.

33:53

This crazy thing about the American election is

33:56

it's literally going to be tens, tens of

33:58

thousands. of those are our. Voters in

34:00

one thousand in several counties in America

34:02

that are going to side the selection.

34:04

What did they decide? One of those

34:06

swingtown is therefore of the some encounters.

34:09

Are in fact meaning the way we

34:11

don't wanna go. So they put out

34:13

a bunch of deep sake videos the

34:15

day before showing shootings at those polling

34:17

places and by the time people's word

34:19

gets out that this didn't actually happen

34:21

your save with this bowling both people

34:23

to see them going. You know I

34:25

don't really love voting. anyway it's cold

34:27

out and it suppresses turn you're going

34:29

to see a bunch of shallow fakes

34:31

leading up to it's them. As you

34:33

could see a bunch of very severe

34:36

did say it's an all it is

34:38

it's just insane that. These companies wouldn't

34:40

get together and say are I'd for

34:42

thirty days, Sixty days, Ninety days before

34:44

the election. We. Are going to

34:46

come to a multilateral industrywide self imposed ban

34:49

wearing a trying to get rid of anything

34:51

that say i altered and if your cat

34:53

videos on is cute we're sorry if it

34:55

gets the way some your content if is

34:58

it diminishes experience where sorry if it hurts

35:00

our revenues will deal with it we are

35:02

hundreds of billions in but they won't do

35:04

that The. In your of, say, stop doing

35:07

stuff before. An election. They do all kinds of

35:09

daily show announce. A So down. It

35:11

is interesting that front page of the

35:13

was imposed today's with states are taking

35:16

control in at least the United States

35:18

of this especially states that now controlled

35:20

by democrats that used that. Didn't.

35:22

Used to base because they're worried about

35:25

the Republicans are quite good at the

35:27

tags easing and especially Steve Bannon his.

35:29

His talks about it. Incessantly. But this

35:31

is a story in in Arizona

35:34

election workers train with the sex

35:36

here. For Twenty Twenty Four in

35:38

Islam he reads in This year's

35:40

election officials across the country is

35:42

a extraordinary pressure from rampant conspiracy

35:45

theories and violent threats. but Twenty

35:47

Twenty Four present something more widely

35:49

available on highly convincing A I

35:51

generated deep sakes The F B

35:54

I director told the Nasa Security

35:56

conference their than malign foreign influence

35:58

campaigns and pass this. During election

36:00

cycle advertisers air series will move faster

36:02

enable by new technologies such as generates

36:05

a I and local officials on the

36:07

front lines of this one of the

36:09

things it's also been happening in our

36:11

country's there's a good agency called Sys

36:14

as I think it's sister maybe that

36:16

helps state and local. Governments.

36:19

Deal with these kind of things

36:21

and it's been under deep attacked

36:23

by all kinds. Of public officials

36:25

Republican all reports E O P Officials.

36:28

Who want to take the power away

36:30

from anything to be able to they

36:32

want? They want to call the election

36:34

sake by making is. Problematic.

36:37

So that you can't six the problems

36:39

they would like to be confusing. and

36:41

it's a real it's the it's so

36:43

anti democratic, it's really kind of astonishing. But

36:45

the guy the most famous first and

36:47

I just recently interviewed him. Chris Krebs's

36:49

fired by President Trump for saying the

36:51

Us election was not stolen, His terrific

36:53

guy and he's been trying to help. but

36:56

even I just ran into the Director

36:58

of Cicero the other day and sue

37:00

to try to block for helping. Or

37:02

election officials all across the country. It's

37:04

really it's it's is borderline

37:06

it as fast. As the footed as

37:08

of Fascism What. They're trying to do control

37:11

the elections in that way or but

37:13

that doesn't matter. A lot of these

37:15

states are pushing back so it'll be

37:17

on the frontlines that local officials who

37:19

already under attack for violent threats against

37:21

them by that's been ginned up by

37:23

right wing media. I can't. Underscore.

37:25

How dangerous it is to the election official.

37:28

In the United States feels like we're

37:30

in like some country. You know that?

37:32

You were used to Go help have

37:34

better elections in some cases are terrified.

37:37

In any case, You.

37:40

Know so we'll see what happens. It's a

37:42

very important thing. So we move on to

37:44

our last topic during it's predictions. Moving on

37:46

to a major controversial topic, the four day

37:49

work week. Young people in the U S

37:51

love the idea. The new Cnbc survey found

37:53

that eighty one percent of workers eighteen to

37:55

thirty four think it will be, make them

37:58

more productive. and forty five companies. In

38:00

Germany or in the middle of a six

38:02

month period where they're trying it out. This

38:04

experiment started in response to a labor

38:07

shortage here Other countries have done. The

38:09

four day work week trials include Spain,

38:11

Portugal, and South Africa. also the Uk.

38:13

We're about ninety percent of the companies

38:16

who tried it made it permanent, scott

38:18

yes or No and a four day

38:20

work week. Let's talk about ago,

38:22

but my Germany's I'm trying to bring back

38:25

the six day workweek young birds. New.

38:27

I have a seven day workweek. Read about

38:29

a minute or bravo. Company

38:31

should be free to do with Iran and

38:34

there's different ways to track human capital. And

38:36

right now. There's. There's

38:38

a labor shortage I believe in the

38:40

Us and in Germany. Harris Sir giving

38:43

people flexibility and maybe saying work we

38:45

do a four day work week more

38:47

power to. I liked the idea of

38:49

a different classification of worker called the

38:51

care worker. Who. Has taken care

38:53

of kids taking care of parents

38:55

and map person gets additional compensation

38:57

or flexibility said so they can

38:59

work remotely. Have. More flexible

39:01

hours, whatever it might be, but there

39:04

are there, it should be up to

39:06

the companies with this really impacts his

39:08

government organizations. Ride. Because small I

39:11

believe private businesses to be able to

39:13

do whatever they want. Some company say

39:15

we're good company You come here to

39:17

you don't live to work He worked

39:19

to live. That's great Will you be

39:21

a four day work week? Or other

39:23

companies basically say you're super ambitious. You.

39:25

Want to work all the time and we're

39:28

going to pay a lot of money because

39:30

you're super ambitious and Sir Brander it's companies

39:32

across at specs him should be allowed to

39:34

do whatever they want. I like the idea

39:36

from a government level. Of instituting

39:38

a four day work week because

39:40

I would like to see government

39:42

figure out new ways to increase

39:44

their compensation said. so we attract

39:47

more talented young human capital into

39:49

our government agencies which had consistently

39:51

said great talent to private organizations

39:53

so I acted act. You know,

39:55

I call colleges sort of government

39:58

adjacent, but I like the. India

40:00

of creating additional compensation through flexibility

40:02

to government agencies for private organizations

40:05

should just assess the market and

40:07

figure out what works for them.

40:10

At know you have to sort of begin

40:12

to think about the lack of workers. Certain

40:14

markers I just didn't interview to thing is

40:16

appearing today with the guy sounded to bolt

40:18

lay your favorite eating place see up and

40:20

he had a problem getting worker and mean

40:22

he's not there anymore he sounded it's and

40:24

his new businesses club colonel it's of the

40:27

again. Robotic easing robotic arms

40:29

to clock. His into

40:31

a printing technology throughout it as a hub

40:33

and spoke message we're all the workers are

40:35

an essential kitchen where prep happens. He couldn't

40:38

find enough people in stores to prep the

40:40

foods for Aaa when he was running at

40:42

that. People didn't wanna do that. Road

40:44

keeps them in the hub. Doing that

40:46

and doing really high quality. That

40:50

work prep work there and then he

40:52

uses bicycles to send them out to

40:54

the stores which have no back kitchen

40:56

really a small one and the front

40:58

is a is a wall and your

41:00

stuff comes out behind glass small essentially

41:02

the snow workers our friends he ordered

41:04

on and apps and there's three workers

41:06

as opposed to twenty that were there

41:08

before and he because that and then

41:10

they can focus of they want to

41:13

being in the front and customer service

41:15

making sure that and they and they

41:17

prep the things once the robot. Cook

41:19

them and a robot is very exact. The

41:21

red system is just an. Arm. It's

41:23

not a very complex robotic device.

41:25

So it puts the vegetables. That were already

41:27

prepped into. The stove. Pulls

41:30

them out exactly the right time, Know

41:32

person gets burnt, not anything else and

41:34

then they dumped them and then the

41:37

people that together whatever it is that

41:39

comes in vienna up and so it's

41:41

instantly made such. Press is very well

41:43

known for that for fast food that

41:45

stress and healthy and it's doing rather.

41:48

Well in New York it's just started. And

41:50

so it'll be interesting to see if.

41:52

We can create all kinds of

41:54

technological solutions to the lack of

41:56

employees. In the Us at least and

41:59

here to and. Though I don't know, I think

42:01

it's fine. If you can get your work done in a four

42:03

day work week if you're more says. Since I think

42:05

close it is already accelerated that. Significantly.

42:08

I think companies are already doing the four

42:10

day work. Week. In a weird way, if

42:12

you think about all sorts of flexibility. I

42:14

i dated someone who isn't there, an internship

42:17

for surgery and choose to go in for

42:19

thirty six hours straight rape you serve on

42:21

on oil platform in the North Sea. Go

42:23

on I think for two weeks and basically

42:26

work around the clock right? and then he

42:28

gets really soft Firemen: There's all sorts nuclear

42:30

power read a bit, there's all sorts of

42:32

jobs, or whereas you have weird unusual flexibility

42:35

as. I. Think it's a fantastic

42:37

thing. I am not a fan of automation. A

42:39

To Parlay Escobar as my man at the To

42:41

Parlay at Soho and is one of the see

42:43

people my life and makes eye contact with man

42:45

is very nice to me every guy and. He's.

42:48

Like a prophecy. He knows me, He likes

42:50

me. He asked no robots. Yeah.

42:53

Really, I think it's all going to be robots

42:55

And said service. Why

42:57

wouldn't. They it makes they can't find the employees

42:59

and keep them that. They.

43:02

Finally, I am savory. I think it's gonna

43:04

take longer than we think are. The moments

43:06

are obese. Thing is employees that he

43:08

has and is plenty at this is

43:10

Hop. This is real people cutting is

43:12

that robots getting but he's taste now

43:15

he can now pay his workers disease,

43:17

your workers and you are real estate

43:19

costs and twenty everyone makes even a

43:21

bicyclist. Make twenty seven dollars now with

43:24

health care benefits and all kinds of

43:26

other benefits, educational benefits, And View images.

43:28

This isn't about flexible work and making an

43:30

argument for automation. Yes, but some automation

43:32

and the stuff. You can get workers for of and.

43:34

With flexible works, I think if people can

43:36

work that many days and eight he notes

43:38

there is an argument and it's different here

43:41

in Europe. Is you know we work too much in

43:43

the United States? We. Really do people and

43:45

we're starting to become. I think the

43:47

young people are becoming more or less

43:49

hard charging and less and more European

43:52

and orientation or than you and I

43:54

for. Example: I think that's Er Doctor Manning's

43:56

Both you and I have extraordinary lives because

43:58

we work our ass the Roka and are

44:01

you don't get to enjoy that, But go

44:03

ahead. By. The way that I've been

44:05

molesting the earth the last thirty years. My

44:07

reductive analysis as make your Money in the

44:09

U S and spend it in Europe and

44:11

says and more specifically. More

44:13

specifically, Is. Young

44:16

people need have a sober conversation themselves, regardless of

44:18

whether you find a company that's a four day

44:20

work week. You

44:22

can have it, I can have a want a at

44:24

all at once in my senses. If you. Desire.

44:27

To be economically. Very

44:31

successful. Are you want real

44:33

influence? The Marketplace or

44:35

just figure out a way that the people

44:37

who would say matt. Are

44:39

both talented. And work

44:41

extremely hard for a large portion of

44:43

the working years. I just I think

44:46

we keep looking for this notion that

44:48

somehow were going to get to this

44:50

new point. Where. We can have it

44:52

all where we don't need to work that hard, but we

44:54

make a lot. Just a shit ton of money. I don't

44:56

know any of those people. Beyond. Say

44:58

works sixty hours a week if you wanted

45:01

it. If you want to move to a

45:03

low cost neighborhood and you and those people

45:05

that wants to work to live, god bless

45:07

you. There's nothing wrong with that. The be

45:09

clear, you just have to have an honest

45:12

conversation when you're young. where do you expect

45:14

to be economically and from irrelevant standpoint and

45:16

if you expect to be in a top

45:18

ten percent and when you really talk to

45:20

young people in you, ask them hard numbers

45:23

around where they expect to be by the

45:25

time there for days. Often times it's in

45:27

the top one percent. One.

45:29

Percent the top one percent of the Us for

45:31

your i think seven hundred fifty thousand dollars a

45:33

year or inherited. The guy had. Many.

45:36

Of inheritance it is. It's a top one percent,

45:38

but I had as a lot and I mean

45:40

top one percent income earners sink them. Ending is

45:42

about seven Sixty or a lot of people expected

45:44

some point in their lies. To. Be at

45:46

that level. If. You. I don't

45:48

know anyone that didn't start with rich parents

45:50

who got to that level without devoting a

45:53

great I don't care what the government says

45:55

what, there's a four day work week or

45:57

whatever it is. The people I know you

45:59

work. All the time. Yes I do.

46:01

You work all my or a four day

46:03

work we had. I don't I do not

46:06

work very are only works at thirty to

46:08

forty hours a week now. Because.

46:10

I work know joke. sixty to

46:12

eighty for twenty to thirty years

46:14

and the Marketplace figures out a

46:16

way to reward people who are

46:19

both talented and work hard. Am

46:21

I have found? I have found

46:23

that hard work and grits trump's

46:25

talents. And. Everyone likes to

46:27

six or more talented than their average bear. Sit

46:29

are going to have a better quality of life

46:31

and everyone else. I think it's pretty simple trade

46:34

off: When do you want balance in your life?

46:36

You. Want balance Now find your trading off balance

46:38

from your a little bit older. I have

46:40

a sits on a balance now because I

46:43

had almost none. When. I was your

46:45

eyes oh those pick your poison. he. Did not

46:47

do work a lot but I happen to like working

46:49

and I don't like to vacation. Very much. but

46:51

I work all that sounds. Like

46:53

is great and about their money. It's

46:56

not for anything. I enjoy it. For

46:58

this but the notion that you can

47:00

get to some level of success such

47:02

a return or soy the fruits of

47:04

the world that as you get to

47:07

enjoy so we get to enjoy such

47:09

amazing things as anything we both have

47:11

in common is that we worked our

47:13

asses off for extended periods of time

47:15

and I challenge you to find anybody

47:17

that has it sees a certain level

47:19

of influence and success but it only

47:21

have been any other little for weaknesses

47:23

that but there is as a ceiling

47:25

and I feel it in else know.

47:28

It's I have four kids that. The. Two of

47:30

them are older. one is going to be. A Heart

47:32

that works all the time is very works of

47:35

the. Understands. It takes the other it

47:37

does. It is not lazy is. Does he

47:39

works really hard when he works? But he is

47:41

much more committed to. Not.

47:44

Is like to being a parent to doing

47:46

in L. Saw started saying this I would

47:48

say and it's it's it's and his. Some

47:50

of his friends are like that. Nice. I

47:52

don't detect laziness in the my detects wires.

47:55

Were different Broward sets, right? Yeah. I.

47:57

Agree more power to him and I'm not saying that

47:59

person. Be happy. But. I'm

48:01

saying that person will probably need to live

48:03

in a low cost neighborhood and will have

48:06

a smaller select some sad of potentially very

48:08

hot mates. You. Want if

48:10

you wanna like kill it If you

48:12

want to kill it. Fuck.

48:14

Off folks are the only one I can promise.

48:17

You have a ton of hard work beyond and

48:19

I promise you in your allies is a series

48:21

of victories and tragedy. That's the only thing I

48:23

noticed waiting for you. But if you expect to

48:25

be up here, I'm

48:28

being redundant. I think I'd as an

48:30

individual choice but have a sober conversation

48:32

about the trade offs. I can't get

48:34

over how many people in my class.

48:37

Will. Say they'll tell me what

48:39

the revenue and income expectations are.

48:42

And. And okay and and also what's most

48:44

important about your job. They don't say it's

48:46

management or doing something and same as a

48:48

balance. My. Let. Me: Get this.

48:50

You expect to be making this amount

48:53

of money and usage you're gonna have.

48:55

Balance Sam. Zell. Macias student

48:58

states. As soon as the as

49:00

as I guess but when you think about

49:02

that it's into but I do believe that

49:04

it's that young people in this is a

49:06

very different as I think we're be going

49:08

to become less productive in that regard in

49:11

the United States I was us I just

49:13

at it says it is to say think

49:15

we're moving to a more European mentality in

49:17

a lot of ways and that where they

49:19

and it's not leave is just as a

49:22

different way of living longer vacations. More

49:24

I mean agreed. That's what is this.

49:26

a different way of thinking about at

49:28

there is there Is there's a cohort.

49:31

By. Increasing way sir year of by

49:33

would save my adopted what are called

49:35

work the lives to this is very

49:37

reductive to take this many countries but

49:40

generally speaking. You know, various

49:42

stores closed in Spain from two to

49:44

four? That just doesn't happen in the

49:46

U S, right? The notion that an

49:48

entire continent would take most of an

49:50

entire months off? That does not happen

49:52

to us. But I do see, I

49:54

think the Us and Europe or melding

49:56

a bit. I see a covert of

49:58

entrepreneurs in Europe. They're bringing the

50:00

same intensity, the same laser like all and

50:03

saw it. As I would agree that is

50:05

more typical of American start ups. I see

50:07

of more about here and I see more

50:09

younger people in the Us and I'm gonna

50:12

cash out a little early on. going to

50:14

lower my burn, I'm going to focus on

50:16

my emotional and mental well being of my

50:18

relationships in my house. there. I feel like

50:21

that. See, we're sort of converging a little

50:23

bit. Yes, Louis wants to marry at at

50:25

highly successful woman. It works all the time

50:27

and he must take care of Lewis. Has

50:30

terrorists. A lot of money is like I got

50:32

a whole plan. Mom and I was like oh

50:34

great and the gold digger. by the way, that

50:36

sister really damn farming us about Radha. Okay, authentic

50:39

Italian is gonna go though. it can be great.

50:42

In any case we'll see what happens. it'll be interesting.

50:44

I do think one of the things that is that

50:46

the in the Us right now is a lot of

50:48

the Ai companies getting funded. There's a lot of startup

50:50

activity and so we mates. One of the things you

50:53

as people are in love with is. A. Gold rush

50:55

and. So at it it's feels that

50:57

like another gold us again so you're

50:59

going to see adding a lot more

51:02

activity. Everyone who had moved to Austin

51:04

or Miami are all coming back to

51:06

San Francisco. There's an intensity happening again

51:09

around. The Views on A but you're such

51:11

a fan of San Francisco during our it's The

51:13

Numbers as Amazon Appstore. Housing. Is going

51:15

up numbers coming back, people leading

51:17

our sin and Miami coming back.

51:20

There are people really leaving Saturday numbers are

51:22

that. I'm coming back to San Father's it.

51:24

I'm definitely. That having they may go to

51:26

Miami, but that a lot of people are the

51:28

Nazi. but there's most of the Ai activities in

51:30

San Francisco. There's butler said you're on study and

51:33

loves Yeah housing. Is back up again

51:35

as tax revenues or back up again.

51:37

It's just that's where the lesser open

51:39

ai is that. swear. Anthropic. That's

51:41

are all the companies are. Again, I would

51:44

argue the California is got a little bit

51:46

of a. An ai boom rely

51:48

on now with the Amara while others isn't

51:50

so much is at an all time. I.

51:52

Get it says. I'm to say it's a

51:54

fantastic. We're We've also the wealthiest

51:56

people in the world. Choose.

51:58

To live in California, The New York and

52:01

it's a place to people complain about the

52:03

mouse to the people of the most options

52:05

of anyone in the world in two places.

52:07

And that's the places that everyone complains about.

52:09

California: New York. So we'll see what

52:11

happens anyway and we're going to finish at the

52:13

start. One more quick break. Will be

52:15

back for predict sense. Euros.

52:21

Isn't this year? This

52:24

year's contest gets underway this week

52:27

in Sweden, but this is not

52:29

as comes with a dose of

52:31

controversy. I'll give you one guess

52:33

as to what people are mad

52:36

about. Yes, correct itself. Organizers

52:39

of the others and some. Comes as say

52:41

they are assessing whether Israel and Trees

52:43

breaks the rules on political neutrality. To

52:46

say I think. There's

52:48

no way that stuff is

52:51

rosso be able to participate

52:53

in throat housing and protesters

52:55

are taking to the Swedish

52:57

streets. More than a thousand

52:59

Swedish artists, including Robbins have

53:01

called for an Israel ban.

53:03

Some European politicians are joining

53:05

them. Charlie Harding from Switched

53:07

On Pop joins us this

53:10

week on today explained to

53:12

help us figure out if

53:14

Europe syncing it's way out

53:16

of the situation. It's. This.

53:19

Week on the pitch. Were. Breaking form.

53:22

And. Introducing a new segment on our

53:24

show. Called. The

53:26

exit. You

53:29

had your first exit at eighteen

53:31

years old, your second twenty four.

53:33

and then six months later you

53:35

start another company. This one's touch.

53:37

The company just exploded over knives

53:39

and then you realize I will

53:41

be more money. So you announce

53:43

Sand Hill Road. I'm not a

53:45

west coast time. I didn't have

53:47

silver game but I figured it

53:49

out really fast. What did you?

53:51

Synchrony throughout the number of seat

53:53

is very easy to get distracted

53:55

and aside. As and thinking about what you're

53:58

going to do with your million rand. Company

54:00

out of money I know my

54:02

see fo and everybody was Cygnus

54:05

is nuts. oh. Have

54:09

any regrets. About shift. How

54:12

Bill Smith, a high school

54:15

dropout from Birmingham, Alabama, started

54:17

scaled and sold his start

54:19

up for five hundred and

54:21

fifty million dollars in three

54:23

years. Just. This week. Go.

54:26

Right now and subscribe to The

54:28

Pits wherever you listen to podcasts.

54:35

And we're back as a finance for

54:37

a conference here in Hamburg with our

54:39

lovely live audience. Hello everybody! Oh,

54:50

isn't a synthetic sense says the energy

54:52

of predicts. In today's I do

54:54

lotta Europeans and they're all telling

54:56

me sale a sickly well when

54:59

Trump's gonna win and I'm gonna

55:01

go the other direction today or

55:03

yesterday in Indiana. Nikki

55:06

Haley who is not running for

55:08

President in case you're interested, got

55:11

twenty one percent of the votes

55:13

in the Republican primary. She broke

55:15

twenty percent. She hasn't run for

55:17

months. There is a anti Trump

55:19

back last with in the Republican.

55:21

Party Paul Ryan's to stop and said

55:24

he wasn't gonna vote for for Trump.

55:26

Explicitly, it's They usually say something

55:28

quisling like, well, I'll vote for

55:30

the Republican candidates. That's what they

55:32

usually say, which is Trump's There

55:34

is a weakness in the Trump

55:36

campaign that I think is gonna

55:38

be really clear. Increasingly, the polls

55:40

are starting to move any other

55:42

directions. Nobody's happy with Bidens Age,

55:45

but Trump is not acquitted himself

55:47

in his court. He falls asleep

55:49

and he has other issues around,

55:51

apparently flatulence allegedly, but I have

55:53

reporters there. they say it is

55:55

actually accurate. Is

55:57

now. cannot use the sleepy joe thing

55:59

anymore. Cognitively, he's been losing a

56:01

lot of voices. He's old. Let's just

56:04

be clear. that's and he has of

56:06

his. His family has a history of

56:08

cognitive decline. By the way, I think

56:11

he is a week. We treat Donald

56:13

Trump like he's a winner when he

56:15

is lost every election. Since.

56:17

Two Thousand and Sixteen. He lost

56:20

the Two Thousand and Eighteen elections,

56:22

He lost the Twenty Twenty elections,

56:24

He lost the Twenty Twenty Two

56:27

elections, and as series of elections

56:29

in the United States around abortion

56:31

and other issues including I'm I'm.

56:35

In Vitro fertilization. I d

56:37

s There's been a dozen

56:39

elections the United States that

56:41

he has lost badly in

56:44

deep ruby red states Ohio,

56:46

in Alabama, In A and

56:48

now Indiana in his. Let. Me

56:50

to sell you. I drive around in the. And

56:52

I don't wanna go and again as a gay

56:54

person with i'm from the east coast they just

56:56

tell this is not have faith is very welcoming.

56:58

To anyone Nikki Haley that twenty

57:00

one percent of the Republican vote

57:03

at his teammates. We treat some

57:05

some like a winner when he

57:07

is a stone cold loser. Every

57:09

single time I think women the

57:11

United States have had it. I

57:13

don't think immigration is the biggest

57:15

issue. New polls are showing that

57:17

abortions continue. Abortion rights continues to

57:19

be a big issue. I have

57:21

a lot of Trump relatives who

57:23

I barely tolerate in the United

57:25

States. All the men go on

57:28

and the women. Sidle up to me

57:30

afterward and said. I'm not voting

57:32

for that person. And they are.

57:34

There is a quiet majority of people who.

57:37

May. Say the Republicans, but will either

57:39

sit it out or not. Though I don't

57:41

think young people are the big change in

57:43

the agents in our country at all. I

57:45

think they. Don't vote in the first place although

57:47

I just made my son register in Michigan. Where

57:50

he goes to school and he better voter is not

57:52

going to school next year. And

57:54

and I think we're. Going to be surprised

57:56

by the. Caught. In

57:58

his electoral. And. Ah,

58:02

freedom to mock decline of Donald

58:04

Trump. Or yeah, I

58:06

did this point. It's impossible to tell the

58:08

two things that I don't think people are

58:10

talking enough about his. I believe the two

58:12

things that will probably decide the election or

58:15

one of the two things are one. Biology

58:17

We have one person who seventy seven and

58:19

obese. We have one person who's eighty one

58:21

and doesn't appear to be that robust. We

58:23

have. Ah, seven months and

58:25

so are six months until the

58:28

election. There's probably a one in

58:30

three chance. Than. One of i'm

58:32

i'm not saying about dies but has

58:34

a house incident, seven seven and eighty

58:36

one year old slip and fall and

58:38

the first health incident. That

58:40

happened some one of these people. It

58:42

takes amount of the race because they're

58:44

gonna live really old and will star

58:46

lying and people around them will cover

58:48

up and the news will come out.

58:50

Whatever am I being said as a

58:52

non zero probability that one of them

58:54

has a health incidents. The other thing

58:56

that we're not talking about in it's

58:58

unfortunate is whoever Rfk Junior pulls the

59:00

most votes from. Is. Probably going

59:02

to lose. The latest story today. About

59:05

the went Mormonism or and in his brain

59:07

get a parasite. It. Eight houses brains

59:09

parent late. That Okay sir. Andrew

59:12

Isis polling a ten percent. And

59:15

so my my my projects with us is

59:17

my verdict Cynicism This is a bit around

59:19

the it's a bear with me and my

59:22

for death sentence and it's and forty seconds

59:24

but that. My. Prediction is book

59:26

highest. Soccer. So. Anyone know

59:28

Buckeye? A Soccer. And. I'll get

59:30

there around about why. I.

59:33

Have had the best time here! Was so beautiful

59:35

here today that I thought I'd walk around Homburg.

59:37

I'm super instead. World War Two history. Homburg played

59:40

a big. Role. In World War

59:42

Two, it was actually the largest

59:44

port for you boats. Ah, the

59:46

Allies firebomb Homburg. Forty four thousand

59:48

people died. Forty three thousand civilians

59:50

on the other side of Europe.

59:53

My. Mom was five and

59:55

first living in London. And

59:58

her nine year old sister was killed in the blood. And

1:00:01

for me to be here. Eighty

1:00:03

years later, Is. As such, I

1:00:06

think. Of us to

1:00:08

be here is such a symbol of

1:00:10

our progress. Democracies. Find

1:00:12

each other. Think. About it I

1:00:14

would say the Us. And. Europe

1:00:17

is arguably the strongest alliance.

1:00:20

Literally. In history. And

1:00:22

i think about my mom past twenty years ago

1:00:24

but of see know. That. Over the

1:00:26

last twenty years. I. Had

1:00:28

come to Germany. Thirty. Times.

1:00:31

I've. Been Oktoberfest three times. I

1:00:33

meant a deal. The five

1:00:35

times I've been to Omar

1:00:37

four times I was snowboarding

1:00:39

and start earlier than your

1:00:41

i will be adults this

1:00:43

summer And most importantly. Most.

1:00:46

Importantly, the love of my life and

1:00:48

her mother, my children as German and

1:00:50

was raised in Munich. And even more

1:00:52

importantly than that as to what I'm

1:00:55

doing this summer. Tara, what am I

1:00:57

do? Any discomfort, stasis? some going to

1:00:59

can. On get have

1:01:01

a great time for those lines as well.

1:01:03

That's not what I'm looking for most or

1:01:05

I'm going to Greece. And. A a

1:01:08

boat that but that's not what I'm most

1:01:10

looking for. do their thing. I'm most looking

1:01:12

forward to buy a long. Slow. not wait

1:01:14

to see what the sense. Is in

1:01:16

July. I'm. Coming to

1:01:18

the first semifinal of the

1:01:20

European Nationals and Munich's and

1:01:22

then I'm going to the

1:01:25

second European finals with my

1:01:27

two sons in Dortmund, which

1:01:29

I'm most excited about. Those

1:01:31

people are fucking crazy! I

1:01:33

can't wait to go Said

1:01:35

Dharma and Than. And

1:01:39

man and man I am going to

1:01:41

the finals in Berlin with my two

1:01:43

sons. Put another way. I. Love

1:01:46

Germany! Ah. You

1:01:56

are such as. Such as up

1:01:59

the Ass. Loud! Throw out Zero

1:02:01

see as I can do this.

1:02:03

Scott is and suck up. I'd.

1:02:06

Suck. I'm suck up the off. I

1:02:08

lived in Germany, he didn't I lived in

1:02:10

Berlin for six months many years ago when

1:02:13

the wall cell site. we really appreciate it.

1:02:15

We. Do loves the the

1:02:17

democratic alliances. That we

1:02:19

form his correct and.will be here seal

1:02:21

see more of him here in Germany

1:02:24

and we really thanks here with been

1:02:26

a really fun time here and we

1:02:28

really appreciate the audience. We love our

1:02:30

live events and and thank you for.

1:02:32

Being part of our. Lives. Have a

1:02:34

taping Scott, that's the show. Will be

1:02:36

back on Tuesday with more pivot. Read

1:02:38

us out. Susan Margaret is that a body

1:02:41

to close the circle because soccer I believe

1:02:43

will be man of the match in the

1:02:45

finals between Germany and anymore. I'm I'm sorry

1:02:47

I believing what's going to win as long

1:02:49

as it's not. Gonna

1:02:51

sit now he says. What's

1:02:54

in we agree on as long as

1:02:56

it's not France okay as long as

1:02:58

it's not last as anyways today show

1:03:00

was produced by were a Name and

1:03:02

Zoe Marcus and fairly driven earning inside

1:03:04

engineer the suburb. Thanks also to do

1:03:06

boroughs of new of the barrier to

1:03:08

sort through our as Vox Media is

1:03:10

executive producer of audio makes use of

1:03:13

started a show ever a listen to

1:03:15

podcasts Thanks are listening to Pivot from

1:03:17

Box media even subscribed to the magazine

1:03:19

at N Y mag.com/pod Will be back

1:03:21

next week for another breakdown. Of

1:03:23

all things tech and business, say something

1:03:25

cool and German ask as I said

1:03:28

thank you very much.