Fixing the American Dream with Andrew Schulz

all right everybody welcome back to the number one podcast in the world the all in podcast and uh you can subscribe to us on YouTube Apple podcast yada yada you know the drill we're going to go to Miami for an epic F1 weekend all in podcast live on stage Saturday May 3rd couple special guests go to allin.com events to buy a ticket and we're really excited today because For the First Time In All in history we have a comedian we have somebody ented on the program ain't that the trth real comedian someone that knows how to make good jokes all right true Andrew I feel like that was a dick to me but okay Andrew Schultz is here how we do boys thank you for having me Schultz pleasure you just you go a you're on a heater right now you took time to come on the all-in Pod thank you for doing that of course your Netflix special yes is crushing it top 10 around the world it's called life l i pretty cool it's about your low sperm tell us yeah I I am the face of sperm so which that's kind of like crazy because you've got a mustache of a 70s porn star how is I think I'm overcompensating you know I think I got to trick people with the stash but in reality yeah yeah the balls you're firing blanks dude just pure it's bad yeah it's h this special is so good this special thank you for watching man I appreciate it we all watched it we it's hilarious and um you got three old guys here who also have had to deal with some of these issues we've all had you guys have IVF you guys do IVF for the babies chamat do you want to be honest here or you are you on natural did you hit the three from hefc Court logo shot what happened my first four kids were natural my fifth was IVF okay yeah I don't think we're surprised there's like two billion of you guys you know it it's it's easy to get the job done bro you know there was a there was a period there was a period after the Facebook IPO I swear to God I would look at chicks on Instagram and get him pregnant it was really it was brutal are they coming to collect hope not how many settlements you got your how many ndas uh all right freeberg like yeah we're off to a hot start here freeberg you look like you have a low sperm count but you have a fourth kit on the way but uh apparently what's the story are you own natural this is for the first time ever nobody knew this breaking news freeberg own natural with your 3.5 babies 100% 100% wow a vegan who's shooting with a sniper rifle I love I don't believe it I don't believe it I'll find you guys a great study about veganism and libido is that right yeah very impressive what does it do reduce the woman's exactly exactly oh my God I know a place with the best roast cauliflower let your winners ride Rainman David and inste we open sourc it to the fans and they've just gone crazy with [Music] iten by the way can I just tell you how much I hate cauliflower everywhere I go that is the dish I had it for dinner last night main course yeah it's the main course La except it's disgusting there's two things they offer you portabello mushroom and roasted cauliflower that's what Sean does every time you show up at the house are you are you a impossible meat guy no I don't like that stuff it's gross not for me okay okay yeah by the way want to hear a quick science corner so you know how we talked about yamanaka factors there's a roaring yes wow he's like yeah I don't care Andy this is anyway sure let me let me let me hit this real quick because I know we're never goingon to get to it because you guys just [ __ ] around talking about politics science talk Shel usit us you know how you can use yanaka factors we talked about these to basically turn a cell into a stem cell right of course what goes on the lab Andrew you're familiar with the yamanaka everybody knows about the yamanaka factors you've been all over it for a while dude I've seen squid game yeah absolutely now there's you think I don't know about the yamanaka factor come we're not gonna get I can tell you we're not yamanaka Factor everybody knows you didn't visit the yamanaka factory when you were in Koto I went to the yamanaka factory and I swear to God I guy showed up 15 minutes late and he stabbed himself in the stomach right there right there he killed himself right there yeah it's called s exactly s Soko in under a minute okay never mind we'll come back to theal so the interesting work going on right now is you basically can take any cell from a person's body turn it into a stem cell and then turn that stem cell ultimately into an egg cell so you no longer need to go Harvest eggs and so you don't need to actually go get the eggs from the woman you can make eggs from skin cells for example so in the next couple of years there's you know there's a few little technical breakthroughs that are happening right now that will enable this where F fertility clinics may end up just taking a little bit of your skin cell creating stem cells creating egg cells and that's how we're going to end up doing IVF in the future at any age so you can make eggs at any age and you can ultimately produce Offspring at any age you don't need to actually have active healthy eggs and this you like that one right fantastic because this is a work around for the people that are trying to uh ban IVF because of the abortion protocol they're Bas because they basically light Bel uh begins a conception is part of their belief right but and the idea you could take one egg cell you could take one SP make a fered egg yeah but those people don't know but like what you do with IVF is you try to harvest as many as you possibly can because not all of them are viable and it's a pretty brutal process for the woman to go through but if you could just grab something from the skin you'd have almost unlimited when a woman is born she has all her eggs in her body and as she ages those eggs get depleted and eventually she doesn't have very good viable eggs left over so this gets around that problem of not having viable eggs we can be very selective about the eggs and so there's a future here in the next couple of years where fertility becomes a simpler hopefully easier and more widely available service than it is today where it's really challenging technically and you've got to go do something that's invasive and you know you've got to hope that there's good healthy eggs and there's a good number of eggs and so on and so forth so really interesting awesome this is awesome SCH did they sit you down and give you like the embryos that that were viable in the grades and the gender and you pick one and what did you pick we just pick the best so this is a lot of pressure on that first one like all the other kids afterwards I feel like don't have as much yeah come out of the gate strong have a good first quarter and then whatever 100% it's all good so I gotta ask you wait you didn't say if you had I was about to I'm about to put it out there I didn't have IVF okay but the first time we had the first kid wife says hey we're ovul I'm ovulating I said put me in the game boom first shot half court logo pregnant wow bang then she says I want to wait before I have the next one you know it's a little traumatic to have a kid and she waits six years then we try for a year nothing for one year so now I'm like man we waited too long it's a lot of pressure you you talk about this in the special it's like for women this is anxiety producing so she's like you you got to go get checked out and this is when the most humiliating day of my life occurred I don't know Andy what what it was like when you went but uh they found all these grifters can they can they identify grifters through the microscope no no no I walk in and the thing opens and there's three women at the counter at at the reception and they're like hey Jason calacanis you're here to give a you know to and I'm like yeah I am and then they walk you to a room oh that's the spookiest thing yeah yeah they walk you to a room and then they open it up and it's like some nightmare scenario where there's a Motel Eight room and there's a couch that's about three feet three feet wide and there's a towel on it and there's a towel on it and that sofa is not cloth for a reason no it needs to be cleanable it needs to fact looks very much like the hotel you're in shelsea I don't know what's going on with the Netflix budget why think maybe they could put you in the Four Seasons or the peninsula it's so brutal so you did this right you had go the grainy television with the porn it's like oh you're lucky you got the TV I had I went to the phone I went to the phone I I had no nothing I didn't even have have any service in there which was like another thing that was it was annoying so what did you do you roll itex it no spank bank you have to go that's what I'm talking about the Rolodex you roll through all the memories think about the memories man of my wife and only my wife nobody else that's was all those great moments with your wife all those great moments maybe there was accidentally one or two that got left in from when you were on the road it's possible some like absolute would jump into the dreams that I had with my wife that might be possible I would never want them to be there but obviously now it's the director's C there's nothing I could do but yeah it's it is also funny how like we dramatize our experience we got the easiest thing to do in the whole thing we just got to go into a room and jerk off as if that's hard for us but we're like the room is destitute and brutalist and the the furniture was uncomfortable you speaking of jerk offs uh yeah speaking of jerk offs Kavin new's got a podcast this is uh so I think that this is like this is a great idea despite what you think about his politics is he a plastic bag in the wind yes but it is a great demonstration of like how Americans admire bravery or courage and we don't like [ __ ] and I think that's what the Democrats kind of displayed in the last I don't want to get too political about this like no right your opinion one man's opin it's more just like I I respond just culturally I don't give a about the tribalism and politics but I'll just be honest with you so having him have like Charlie Kirk right there who's like a professional arguer that he is whatever you know how like some people are like autistic for dinosaurs he's that for arguing right and to like sit across from him to even address The French Laundry I was like okay this is actually the right thing thing to do so as as as easy as it is for us to sit here and go okay this guy want just wants to be president like this is a dumb thing like blah blah blah it's actually what the Democrats should be doing so I think we need to reward I think we need to reward this Behavior we want more conversation we want conversation with people especially that like you may disagree with and like the second podcast he put out I thought was the most impactful there was one piece that was incredibly impactful he's talking to some guy I don't know who he was some guy grew up in like San Francisco he's like you know he was talking about the taxes and like he's paying all this money in taxes in California and what does he get from it and then Newsome said that like yeah rich people are going to pay more but your actual like functional tax rate if you're middle class would be more if you lived in Florida because of the other stuff you get taxed on this is the type of information that like you guys might be privy to but the average person doesn't they hop on an inter like being human and addressing real issues instead of like culture War issues and just talking like I think he's going culture War like that's culture War but he's actually putting out valuable information that defends the positions he may have taken in government that the average person doesn't really know like the average person like me just goes all right I'm in New York I'm getting clipped at 50% and 5% city tax like I'm getting crushed but if I lived in Florida or Texas I'd save 133% and it be a complete wash when there might be someone making 50 Grand a year and they move from California to Texas and they lose money and they don't know that because they're just listening to Rich guys on podcast talk about how much money they save when they move to Texas well you don't have to take a shot at us but yeah okay A little personal I moved to Texas this year it's more of a shot at me and freeberg but go okay uh Cham your thoughts on Gavin's new podcast what do you think you you know you were there was famously a little um dip of the toe where somebody made a a a podcast I'm sorry a landing page that you were going to run for governor we we had a little fun with that what do you think of Gavin what do you think of his podcast I think he's an excellent politician it's clear he's starting the 2028 campaign okay I think he's done a really good job so far I think Schulz is right he is unwinding all of the kind of like landmines that the Democrats have stepped on I think he's learned what Kamala did wrong and now he's taking this very narrow path which is like I'm going to basically disavow all the stuff that people don't care about so all the gender woke ideology stuff I don't think you're going to hear him talk about he'll try to drive a narrow wedge on these economic issues so I don't know I mean I think it's going to create a really Dynamic 2028 campaign if he gets momentum by the way his popularity has gone up which is insane which after the fires and all of the ineptitude in California all of the corporations that have run away all of the people that have left the chaos in San Francisco after all of that he started a podcast and his popularity's gone up it's really incredible coming around the horn freeberg what do you think of Gavin Nome look I think the podcast was brilliant I think when I watched it I was hooked because there were two things that I think were critical in how he runs it firstly is he is showing the first time I think that I have ever seen a Democrat do or a republican in modern politics active listening to the other side it seems so crazy that this is some sort of special event and special concept but this active listening moment where you see a politician it totally breaks down the Walls where you immediately feel on guard or on offense against that person because if someone's actively listening to you you actually feel like you're on the same side somehow and you're trying to come to a conclusion together and so what that does is it invites the person on the other side in this case the audience The Listener to be with Gavin part of the kind of coming together the second thing I think he did that's really brilliant is so much of the modern political by modalism where you're in one camp or the other means that everything is a one or a zero you know Andrew talked about this we're all generally I think none of us would consider ourselves political party Affiliates we are all generally people that like to to think for ourselves on a topic or an issue and we don't care about what party is associated but the way modern politics has evolved is you don't debate the topics you debate the one or the zero because of what the party says my party says this is the position therefore I'm a one and you're a zero and the other side says I'm the one you're the zero meaning everything has to be binary I'm completely right you're completely wrong and I think what Gavin has done is he's shown that these are not ones and zeros they're 8020 or 6040 or 5545 and he's willing to acknowledge that he's showing that you know what we might be only 45% right and on so many topics the Democratic party has ended up slightly wrong they're 4555 it's not that they're a zero or a one they're slightly off on taxes they're slightly off on social issues and they're off just enough that they lost the election they're off just enough that they lost tax breast tax Andrew 2028 Trump's running for his third term versus Gavin Newsome who do you vote for I mean we gotta run it back for a third term for Trump doubt course uh no obviously I believe the it wasn't a third term Gavin versus Trump who would you go I it's it's I mean I gota see what his like policies are and I gota see where America is I think that like the big misunderstanding with this last election is that at least the Democrats who are still trying to like vilify these figures on the right what they don't understand is they think that this was like some populist election where like people just fell in love with Trump and they just loved it for so much they would just do whatever he says what I think is harder for them to Grapple with is the self-reflection of a rejectionist vote so I think people rejected the Democratic proposal 100% And they went with what the other alternative was which was Trump and exact correct that's a way tougher pill to swallow you have to look back at everything you've done and go wow we're off we're not listening to the people this guy listens to the people I mean it seems like I'm fluffing Trump here but like I would say that his greatest skill is listening to what people say and I think a lot of times there's this IV league pretentiousness in the Democratic party where it's like we know it's better for you yeah and I know you say you want these things you don't really want that let us we we we've studied and we've talked about it in our little thought experiments in class so we know what you need what you just shut up condescending it's condescending exactly so I think that like when people go ah the food is giving me cancer and then he appoints the guy who says the food is bad to run the food the American people go well that kind of seems like a good thing I I like that you know it it is like an acute understanding and listening to what people are saying and sometimes to his disadvantage like he came out against that um they were putting some like tax on people who drive into Manhattan or whatever like yeah congestion pricing and ini pricing initially people really rejected it right and then uh so he was like we're getting rid of congestion pricing and like two weeks after they put that congestion pricing thing everybody I knew with a car was like this is the greatest thing the city has yeah you can actually move right you can take a taxi and it's faster than government overreach is good bureaucracy nice like yeah you want a car stay in the Burrows exactly so it's you don't get a car in Manhattan explain this to people it's a little bit egregious I mean you and I do Jason but Body El have it exactly Our Lives should be different you know what I mean absolutely absolutely but mean what's the point of us having nice cars if we can't drive them whenever we want yes yes and you know we grew up at a time on the lower e side uh you know you could go to Tribeca we could go to Club Limelight you could park outside the Limelight at night you could go to Palladium you could park on 14th Street I park right on 14th Street okay I go used to be a church right and then you know I sniff pop ecstasy you do a little whatever the morning listen you goofballs between your stupid mustache and your OIC turkey neck I am totally turkey go to something useful are we GNA let Chamas sit there in MacGyver's funeral outfit tell us that we're goofballs this guy's wearing a vest with a collar he looks like he's going to a Punjabi wake I can't believe that he would even talk about the way that you're dressed and how you look this is custom Laura piano boys this is Laur really what does it look like you got it at Zara all right listen um but more importantly let's stay on track yes yes we got to stay on track can I tell you guys something about uh tariffs from a Layman yes please like you guys are cutely aware of maybe how these things affect markets and yada yada yada and most people don't have any [ __ ] clue so the the the average person right I look at this and I'm like man it kind of sucks that you got to like negotiate your like your bid for a car you're going to buy publicly right so this is my assumption and maybe I'm like a little bit more optimistic than most about the administration but if I go to buy a car and the car is let's said 100K and I go offer the guy 80 right I don't want everybody around me yelling out like how can you insult him by offering him 80 this is an insult and then I I can't go to them and I go I'm actually trying to settle it 90 I'm just saying 80 so he comes down a little bit but the unfortunate thing when you litigate these things in front of the entire world is that they look at that first measure there 200% taxes and Trump can't bulk at it he can't go yo I'm just [ __ ] I'm just playing around with that number I actually just getting them to come down 20% or 10 getting to come down anything is a win he can't say that because he loses all his leverage so he's got to sit here and then get criticized by I don't know if it's half the country I don't know you know who really ends up caring about what these tariffs do obviously they're repercussions in the market I got a buddy of mine building a hotel out in Joshua Tree and he's like I don't even know if I can get brought into the country from Canada so it does affect people in real time but it's impossible to do these negotiations with any leverage if you have the people within your own country questioning your ability to negotiate in real time that is what the Layman would think well I do think you're right in the sense that in the early days when Trump was talking about tariffs initially everyone was like oh my God he's going to use tariffs he's unpredictable and then the narrative became he's using it as a negotiating tactic the problem is just like in poker once everyone knows that there's this kind of action it's exploitable and so this is now kind of an exploitable mode of negotiation where everyone now assumes he's just trying to negotiate so no one actually takes him seriously the question now is the response going to be that he's going to be serious about it or is he actually exploitable and you saw what China's response was I kind of view China as like AI like stuff goes into China the AI processes it and it comes back out China is like obviously the way they're kind of structured you have very little psychosocial bias like you do with other democratic governments it's very systematic it's systematically processed every piece of data is systematically processed every action is systematically processed and so I think when you look at how the Chinese Ambassador responded to Trump on Twitter a few weeks ago where they're like you want war we'll give you War this is a hot war or a cold war whatever you want we've never seen that from an ambassador to the United States president before done on Twitter like this let alone the Chinese Ambassador so I think it says a lot about how the Chinese AI is processing the Trump negotiating tactic or the Trump positioning statements on tariffs which indicates that there may be now I mean we can talk about what game theory optimal play might be in this kind of poker game What's going to come next but there's a a real assessment that they've made on how far he is willing to take it they've got a conclusive statement and they believe that this is the fastest way to kind of win their negotiating position but it says a lot about where this is all going everyone now understands or views this as an exploitable moment which unfortunately means that tariffs may not work or they're actually going to have to stick which can be really yeah it could be painful could be painful for every your thoughts on the to and Andrew's position what is the I think it's it's like 120 some odd years Nick maybe you can find this tweet that I had but almost the majority of years as a nation or close to a majority of the years as a nation we had no income tax and the way that we would fund the programs that we needed was not from insiders but from Outsiders and that's where the Tariff was born right it's people domestically in America don't pay any taxes on the things that they do and instead if you'd like to sell into the United States you pay a reasonable tax so this is the so how many years so it's 126 years from 1776 to 1861 then we paused it for a few years because of the Civil War we restarted again in 1872 and you notice when it stopped when it stopped was right around World War I where this entire War Machine broke out and and we've never looked back so I don't know I think that one way to think about this is we're probably going to go back and Explore isn't it better if we have this incredibly vibrant and rich country of 330 million people with a ton of purchasing power what happens if we put the burden not on them to fund the American infrastructure and social programs and safety net but if we put the burden on all the companies in the other seven .7 billion people in the world in the 185 plus countries that want access to these folks should there be exceptions probably should there be waivers in very specific and narrow cases absolutely but I think that that's where these guys are going and I think that you heard this by the way yesterday from Howard lutnick I don't know if you guys saw this but he said the Trump tax plan is going to cut federal income taxes to zero for anybody making 150k or less saw that it's crazy what would the vulnerability in that be like putting the burden on all of these expenses that we would incur on other countries what would that vulnerability for us be there are two the first we keep the expenses that's that's the key if we keep the tars if we charge them to come into the market we charge them an extra 25% but it's we we talked about this last week if you cut the budget then it's it can be net neutral that's part of what they said got it but he's saying what is the Strategic vulnerability I think the Strategic vulnerability is too the the thing with tariffs is and you're pointing out this let's just say today you say there's a tariff and then tomorrow you say oh we've found an agreement and we're going to take it off the table one piece of logic would say wow that's great we're able to change our mind on a dime the problem for countries and companies is that they can't think in 24-hour blocks of time right they're making decisions in five and 10 year blocks of time it's like I'm going to go and borrow a billion I'm going to go and build a data center I'm going to borrow 10 billion I'm going to build tanks once you start that you can't just stop it and then restart it so that's one strategic problem which is that if you are not careful some of these markets that are really crucial I'll give you one which we talked about last week right now 95% of all of the energy we generate in America is from Renewables whether you like it or not that's just what it is the reason why that's possible is because America has a very sophisticated Market where all these people come from all corners of the world insurance companies life insurance companies Banks and they fund all of it and the reason is they can take a tax credit they can lower their effective tax rate they get a higher rate of return it's all super complicated but the point is these incentives exist if all of a sudden you play around with that market half that energy would go away electricity prices would rise inflation goes up and then if we have to go and compete against China for AI and a bunch of other stuff where is the energy going to come from you're going to Brown out people you're going to just turn their energy off so that you can fund a data center so that the Tik Tock algorithm is better that's literally what we would have to decide so that's that's one way and then the second way is if you're providing a critical service or a good to American people for which there is no alternative that becom really problematic because that person can then pull that product and say I can't afford to make it the obvious example is if you make pharmaceutical drugs for rare diseases what do you do and again those are all things that are like multi- deade long decisions yeah you'd love to make them and unchange them at every 24 hours but it's just not possible because like you just make these decisions and you're stuck with them for a long time that's where the tarff thing becomes problematic if you change them often enough if you implement them and you're like this is what it's going to be the world can adapt and people can figure it out I mean the other problem is just the communication of this has been terrible we were on the program last week or two weeks ago Joe lale is like this is about fentanyl so is it about fenol is it about getting rid of income tax at the federal level is it about supply chain resiliency these guys get like a D in my grade book for communication it's terrible communication and this idea that you can't take Trump too seriously about his claims like well he said he was gonna overturn roie Wade he did it he said he was gonna close the border and send people home he did that you know yeah he said he'd do a Muslim ban he actually did that so for every time he says something and you're like that's cap no way he's going to do that I actually think people are starting to realize he's going to do something here with these tariffs they're not just a negotiating position and the other problem I think a lot of people have with this is it's centralize his power anybody can go to Trump now and say I want an exception I'm you know a car company I want an exception I'm a Solar Company I you know I need an exemption and then now you've got everybody going to Mar Lago to Kiss the Ring to give him a donation to bow down and it centralizes more power with them as opposed to having rules yes and we need to have rules in this country that apply to everybody not just people who give a million dollars like Bezos and Tim Cook and everybody and Zuck The Weather Vein gave him we don't want to live in that world where you're just bribing Trump to get your tariff and that's how people feel that's how the business Community feels that's the reality right now people are bribing Trump giving him a million dollars to the inauguration to get close to him to go to Mara Lago and it looks really bad you need to have a a clear strategy here for what the rules of the game are and he's changing the rules so you have to go to him and he's he loves that that's actually I think what he's trying to do is get everybody to go through him it's a really clever hack I think yeah and perception is reality so you have to react to people's perception like we can throw data points all we want at people and we can throw research and all this other [ __ ] but if people aren't meeting you there then you're not going to be communicating with them effectively and I think that uh that's something that like you know especially you guys need to know you guys have pretty information that the average American probably is not and we can [ __ ] and complain about how they don't read or how they're not looking up you know what happened in 1913 to change the course of American history and how we started te or we can go okay we need to find a way to disseminate this information so that they can make these decisions and I guess or feel comfortable with the results of these decisions do you think America would be okay with this idea of taxing Outsiders and then relying on it versus income tax paid by its own citizens I think that the second half is really all that would matter I think that people are fig I think the majority of people are thinking about the next week so if you say that I don't have to pay taxes like and I think this is what Republicans are doing way better than Democrats right now is like Democrats don't have build the wall they don't have slogans they don't have things that immediately tap into like core emotional feeling regardless if you're going to do it or not we want Greenland okay that's cool Democrats need eggs or a dollar Democrats need things that like Echo their sentiments and how they want to like take care of people and provide for the disenfranchise but it has to be done in a way where it's digestible you can chew on it if you want to make housing more affordable then you say yeah we're seizing public land we're building 10,000 units like you have to tap into what Americans need which is a feeling of not just Comfort every American thinks they're going to be a millionaire that's what this country drives off of right it's every poor American that hope that hope yeah and the second they stop thinking they will be they or they can be or they can be it falls apart and then some healthcare CE gets shot and people celebrate they're they're celebrating because they no longer feel the hope that they could be in that position yeah they feel so disenfranchise they they and this is what like I'm telling you like the you guys of the world need pay close attention to because there's going to be no empathy if anything bad happens oh the stock market is down no Americans are invested in the stock market like all you I've been saying it no no no I've been saying this for months country I've been saying it for months nobody cares about the stock market nor should we and the reason is because we people who own these assets have overly benefited more than we've deserved for the last 15 years ever since the great financial crisis in the United States people who as Jason said could cozy up and by the way Jason I think the the the claim that you made which is is is severely true for how from 2007 up until now has played out because if you look under all the programs if you could have lobbied Obama in those critical years of the GFC yep oh my God the amount of money that was no because we we took interest rates literally to zero anybody like us who could have gone and gotten levered up and gone into the stock market was richly rewarded and the problem is we left everybody else behind and I think the great thing about Trump is he is going to reset that he is going to take a lot of wealth away from asset holders you're seeing it every day 500 billion 500 billion there is no sympathy I think it's fantastic that's that's great to it's great to hear you even saying that because I feel like a lot of people that are in maybe your guys position don't understand that disconnect and that is important to understand there like even what happened in the Palisades like in LA with like the fire the second people heard it was like rich people's houses there was no empathy for it they didn't a million dollar house you yeah was like and it it is I don't even have a house I can't find a house you burned your house down and you move you went back you went to your vacation house now oh I'm sorry you're living at your ski house that's a tragedy like literally you're right it probably explains why we don't hear anything in the news anymore about anything that's happening with respect to reconstruction or any of the disrup it's a rich person problem people and you know I think putting together what you just said schultzy and and uchim off Trump is a master at connecting with people and listening to them I thought the one of the greatest things he he he he did during this last election is when he said no tax on tips when he said no tax on tips he was going right for Nevada he was going right for that swing state you know to get those those folks who live off tips but what he was also doing is saying I know that there's a bunch y'all that sometimes get cash tips you put in your pocket it's the gray Market I get it you know I run a you know I I got caddies who get a hyy from you know whatever taking somebody out on the course we're just going to make it official you don't get tax on tips because we know that you're you know you're the bottom third of the country in terms of your economic power those kind of statements really do connect with people Trump has just mastered this this party is Trump is the Democratic party that we grew up with it's kind of crazy it's kind of crazy right and then the Democrats became this elitist group that seem to be in the pocket of business interest I don't know what Bizarro World we're living well that I think you tapped into it right there it's like uh I think that they they could easily win the next election if they made it a class war but they don't because it feels like they're in the pockets of these billion dollar corporations so they can't really I mean Bernie did it really effectively right like this random Jew in Maine or something like that is like yo we got to get some money from these rich people give it back to the poor and all of the sudden all of America turned him into like our surrogate grandfather so you can and then he got shived by Hillary and the Machine and and I mean what did they say about his fans like they went very specifically they're like he has a his the Bernie Bros have a sexism and bigotry problem right they made him radioactive right so now you killed the working class now the working class is no longer supporting the Democratic party so who do they have left they have the identity politics groups so they can't piss off the identity politics groups because they're like that's all we got left they did the same [ __ ] with us during the election right they're like the podcast Bros have a sexism amb bigotry problem they they try to make people radioactive and it's like that card's been played so many times that people are desens anymore I think there's one big shoe left to drop I think we've started the process of really really taking a bunch of heat out of the asset markets like equities so we've taken trillions and trillions of dollars of wealth away I think we're going to take trillions more but the next big market and this is actually where Andrew to your point we reestablish some hope I think for a lot of people is we are going to whack the housing market it's just going to happen and let me just say something about how is that GNA happen J explain it because there's 7 million homes that we still need to build to to service just current demand how does that actually happen with the supply demand problem in your mind there are a bunch of mechanisms that have to get cleaned up right now okay so one mechanism is that there are a whole host of mortgages that are basically being propped up they it was a program that's that really got out of control under the Biden Administration Nick you can find this article is in the Wall Street Journal we are going to figure out how to get these two government related agencies Fanny May and Freddy Mack out of what's called conservatorship and these are the folks that are responsible for essentially wrapping guarantees around mortg so that the mortgage Market can function the details don't particularly matter that much but the point is that what we are doing is we are unwittingly propping up with American taxpayer dollars the US housing market why is that bad it is locking an inordinate number of people from that first critical step that actually makes them feel like they are winning and they're on their way to achieving their dreams which is can I make a it on a home and then can I live this out and you have these artificially inflated prices all around the country as a result of this so I think this next wave is deeply beneficial to the middle class which is there is no reason like you guys see it when you read The Wall Street Journal I think it is the dumbest [ __ ] in the world when I see an article which is like this house just is $65 million on4 acres in some Rando place in Miami I was thinking Malibu but yeah but what is this this makes no sense and so when you rationalize a bunch of equity values and you rationalize the cost of a home I think what you're going to do is you're going to allow a lot more people to find a more reasonable way to enter the housing market and I do think that that's a really big step in allowing them to feel like they're part of the dream so you lower asset prices you can own some stocks maybe you own a 401k or if you've never had a 41k but your employer offers it for the first time it may actually make Financial sense to put a small amount of it in there you've never been able to own a home all of a sudden home prices are whacked 30 or 40% you're able to do that because of how Trump goes after the budget when his rate of borrowing for the US government goes down your mortgage rate goes down now all of a sudden you can enter in because home prices are less and you can actually get a mortgage they may all seem very random but they can come together in giving 50 60 million people a shot that they have been screaming since the great financial crisis they don't have this is so huge because on like a core emotional level you want as many Americans as possible invested in American success and Excellence totally and the the greater the Delta between like them and their first home or their first investment at stock the greater that distance the more disillusioned they become in America in general when they feel like like you said earlier like the way you guys got into the market when you could basically take out loans for nothing and then you saw these incredible gains they feel left behind the second they feel like they're in on it they own apartment they own some shares of Tesla that's why crypto is so popular is because they're feel like it's their only access I got yeah it's like yeah it's like comedy in some ways like all I need is a microphone or music like there's a path for me and crypto obviously is a giant [ __ ] scam it's a scam Shore but I can get a piece of this I can get a piece of this this American dream and I would rather that they were invested in uh you know a Vanguard account or something like that I would rather they're invested in the entire Market I mean there's this this idea and I'm sure you poke holes and tons of holes into it and but this idea like every American Born gets a thousand bucks put into a friend of ours Brad gersner with this of invest America is the concept and regardless if the concept is good or not the emotional connectivity to the success of American industry is really important when you know at 22 that you could get this thing that's compounding for 22 years you could pay off some college loans you could put something down on a house you could pay for trade school whatever it is I think you have a different energy towards America and its success and then you have a lot less of these kids who are just like America is this horrible place and capitalism is bad yeah capitalism is bad when you're left behind when you're invested in capitalism it's the [ __ ] baby absolutely we're on the express train let me give you guys um I did an analysis I was I wasn't sure if I should put it out but I'll tell you guys the numbers the US Social Security program is meant to be kind of the retirement program for folks that don't have access to private retirement accounts okay and this program was set up in the 1930s after the Great Depression and there's a trust fund the OASDI which is the the fund that they invest to Capital so every year we all put money in with our social security taxes out of our paychecks goes in there and it gets invested you know what it gets invested in it gets invested in one thing us treasuries which have averaged about 4.8% return since the beginning of the program per year meanwhile what if you put it into the market meanwhile the S&P has been averaging 11% so here's the math if in 1971 which was the year that we went off the gold standard in the United States if we invested the Social Security trust fund in the S&P the balance of the Social Security trust fund today would be $15 trillion that would be roughly onethird of the value of the total S&P 500 which would be jointly owned by all Americans who took their Capital now here's what's Fed Up what's fed up is that the middle class people who had access to private retirement accounts benefited by buying the S&P 500 and the wealthy were able to access it so all of the equity value that accured from American Enterprise and the prosperity of the American system accured to the people that had access to the private accounts meanwhile the people that only had access to the Public Accounts got stuck owning treasuries today the Social Security trust fund has $2.7 trillion balance and based on the outflows and inflows it's going to go bankrupt in 2032 that means Social Security is either going to get cut or the fed's goingon to print a ton of money to keep Social Security benefits retirement age goes up a little bit Yeah there a lot of levers yeah wow so I did the math if you assume that the S&P 500 continues to grow at 10 and a half% a year on average there's ups and downs and sure there could be basically draw downs and all these other sorts of things but here's the important point we could put about $500 billion in the trust fund today and it will not go bankrupt again and it will continue to grow every year and then all Americans have participation in American Enterprise and importantly this becomes the world's largest Sovereign wealth fund ever you don't need a separate Sovereign wealth fund we already have one it's it's called It's called The Social Security trust fund and what we've done is we've totally mismanaged it and I went back to trying to understand why this is the case why have we only ever bought treasuries early on the US needed someone to loan money so they basically forced the citizens to loan the government money the form of treasuries but today the Social Security trust fund owns only less than 10% about 8% of the total treasury bonds outstanding the rest are owned by the fed and foreign investors and private investors and others that want to own it so why are we forcing all the American citizens toing up for no reason and and we're we're discouraging access so basically we've created through the Social Security System we've created the Deep inequity we see in this country If instead we had allowed the social security system to invest in the S&P 500 to buy American Enterprises to fund American businesses then every American would be wealthy and that middle class that uniquely participated by basically arbitraging the market where they forced the treasury bond yields on the poor and they got to take access to the equity yields would have not happened yeah they had 401ks rightt and they were able to participate by with brokerage accounts and buying the market what we can do right now is we can fix it and here's the important Point people will then argue oh what if there's a down year or two down year in a row you know what we're already going to be printing money to make up the hole in Social Security we're not going to let Social Security go bankrupt we're not going to let it dry out so we're already going to print money to make the Social Security whole so if that's the case we can create a a back stop for Social Security we're g to have to do it either way but we might as well we might as well take on the go yeah no no no chth you were gonna say something the reason why we didn't do it goes back to what you said before which is we have a bunch of we had a bunch of very quote unquote well-educated ivy league trained people running these institutions and the feedback I don't even know what it said but I can tell you what the memo said there's too much risk we've sensitized this model it doesn't make sense this is the safest thing to do so it goes back to just like we need a little bit more practical thinking like at the end of the day why the S&P 500 exists is of all the thousands and thousands and thousands of companies in the world you know how many companies in the world make more than a billion a year more than 20,000 and of that 20,000 the S&P 500 is just the 500 best it's the best of the best of the best so to your point freeberg it didn't take a PhD from Harvard to figure out that if you just owned an index of the absolute 500 best things happening at any given point in it would have gone up so since when do America since when are Americans risk intolerant like there's something baked in into the DNA of the people that decide to leave their families and move here totally immigrant country and to your point imagine logging in like like we've all had I'm assuming a 401k account and I remember how exciting it is to log in and see the account and Schult I want to say something that's really important like you talk about us people like you know earlier on the commentary which is something I hear a lot my first job was making $425 an hour cleaning toilets in a pool hall in Upstate New York jamath has similar stories jcal has similar stories like any of us that that 455 Canadian working at Burger King yeah and I had like and then well the worst part about my job in the pool hall was that then the manager made me go play poker at his house and he took all the money back which I stole I stole the chicken fingers at night bring them home my mom would my mom would whip him up but it was so exciting in my career in my life to be able to like go from that moment to the moment where I had a 401k and I could log in I could see the businesses that I owned and I understood that and I saw the value go up and I got to participate that imagine if every American when when you get your Social Security statement today all it tells you is a dollar amount and how much you're going to get in the future imagine if you logged in and you got to see all the businesses you own a piece of and you got to participate conect every single day be lighting a Tesla we can fix this and by the way we can solve both The Sovereign wealth fund question and the Social Security trust fund question every dollar that's going into these Sovereign wealth fund ideas or if they come to fruition or in my opinion and obviously I haven't spoken facts about this but the crypto fund and all this other sort of stuff every dollar that should go into the social Social Security trust fund and that Social Security trust fund should be for the benefit of all Americans and it should be equities it should be ownership it should be participation in what the American dream the American dream enabled us all to succeed and it should enable everyone else to participate in shares and equity in American Enterprise that can come to Market so it's not about a thousand bucks on your born it's about an ongoing participation putting your money in and having that money allocated in a way that America that smart and Wealthy Americans get to allocate it which is into owning and businesses that's it Shelty yeah go no I I think it's great I hopefully you guys don't feel like I'm Like discrediting You by saying you guys but I'm just trying to give you guys I think a great it's an important framing because it's like it you're you're 100% right but like I you know we see comments on YouTube like oh you guys and I'm like dude I remember like it feels like yesterday when I was in fraking debt I graduated college with a bunch of debt and I went and like found a job and worked my ass off and I was working 20 hour days and never slept and like you know it wasn't easy I mean I feel like very emotional about this right now sorry hang on um listen it it wasn't easy bro it wasn't given to you none of us inherited none of us inherited we we we came to America and to see the joy to to see what we all benefited from I'm getting emotional about this but it's like well it's because the American dream's broken we got to fix it to have people talk about it as if as if being successful and and getting there is a crime it a bad person it's a Dream It's a dream schy go I think the the framing this is very important like my mom is also an immigrant right she came here from Scotland she has no education I think she stopped going to school at like 14 or something like that comes to America and she's this massive success here in terms of like where she came from where she got to right and what she was able to buy she was able to buy a home in the East Village of New York City she able to buy a beach house like just off of like grind and hard work yeah what she saw here which I'm sure a lot of you guys also saw is opportunity she had ambition and opportunity and I I think that that's what I think a lot of times that's what immigrants see when they come here because they probably come from places where they feel absolutely no opportunity so the second they feel like there's a little of it if they work those 20 hours a week I mean I saw my parents grind totally like my work ethic just comes from watching them you know what I mean just watching them just kill it every single day so what I think that you guys are speaking to which is really important and I think it's important that people know your story as well because it becomes more accessible when they see you guys and they know what you came from and they know you're working at Burger King and now you guys are worth billions of dollars it's very important that Americans know that that's possible for them maybe not to hit a billion but maybe to hit a million maybe hit 300,000 maybe to buy a house that's $100,000 that they're really proud of own it outright and the fact that this is accessible like what you just said to me is just hope and abundance like that's the message of what you just said you said something that made it seem very simple to me we put this money here everybody's now invested in the success of the American economy and now when we see the Stock Market ticker look green which is all the average person sees green or red we don't really know anything but when we see green we get excited we go and now we goes up and we start rooting Jam feels that way too yeah but think he's getting excited right now if you're saying it he's gonna start crying oh wait it's green today it's been red for a week but think like CEOs right like these people uh have become villainized right and it's because we're not attached to the success of their companies that's right when if you if your biggest holding is Tesla please believe you're not upset yeah I think people think that their success now works against your best interests yes instead of and the system's rigged and the system's rigged and you can't be part of it and you're being ground down this is a I think really good proposal freeberg and and if you look at housing that's the other one I I when I if I run for president you know what my position is going to be Shela what's that I'm going to build five cities with 3 million homes in each and you can only buy them if you make under x amount per year it's not going to be like the projects or like you know subsidized housing in New York talking about it's not going to be sty town okay it's gonna be nice house that's pretty good if you can get it yeah St Town's not bad but not like projects I'm talking about like proper homes like bu we are the most Innovative country Society ever created created I mean since the Greeks they were pretty great too but we could build five new cities why the can't we build five new cities with 3 million homes in it let's do some like Manhattan project for housing and then healthare how the hell do we not have like good healthare for everybody in this country the richest country in the world greatest economy whatever we should be able to solve those problems and that's why people don't feel like they're part of this is because basic housing basic health care and your retirement it's not like it's rigged against you this sounds crazy but for young people I think they would forgive healthare if they were invested in the market and I think being invested in the market is just so daunting but the feeling that everybody else is getting rich when you're not is the reason why I bought crypto not knowing anything about it it's a reason why everybody else bought it it's this feeling that the train is running away and you're not going to be part of it so how do we get them to feel part of that success I think really importantly you know today just just to give you guys some other statistics 60% of middle class households net worth is in their home only 10 10% of their net worth is in owning the S&P 500 in in index funds or whatever in their retirement accounts and so by creating this American Dream around housing and allowing the federal government to provide loans on housing we've increased the cost of housing we've created a very like destructive housing bubble in the sense that it has reduced people's exposure to participation in productive value creation and that's through the ownership of businesses instead we've stored our net worth in the house and in order to keep the economy and the social structure stable we've created policies that allow the continuation of the growth in the value of houses so people feel like their net worth is incrementing and 100% right and that's unfortunately very making new housing which makes it worse with the restrictions have you guys heard of Warren Buffett's most public failure no Warren Buffett's most public failure was when he was brought on as an adviser to Arnold Schwarzenegger when schwarzen was running for governor and Buffett kind of looked at the laws in California and there's a law in California when you own a home that when you pass on you can pass it off to your kids and you can basically keep the cost that you paid in terms of setting the real estate taxes and it's had an enormously negative effect in unlocking turnover of homes and that's a large driver of why homes are so expensive in California so Buffett looked at this and there was a lot of fanfare Schwarzenegger is like here's my economic genius and first thing he said was guys I think we should repeal this law he was gone two days later wow he's not popular and by the way there's a lot of other policies like this you know two days later he had to resign if you do the if you do the true kind of like macroanalysis as an investor you should probably have about 20% of your net worth in the US in real estate not 60% and so we need to give people the ability and we need to think about all the follow on trickle effects of creating a set of laws a set of policies that basically incentivize almost all of your net worth to go into a single asset your home and what that then means in the fact that we have to keep pumping up the value of that home and we have to have a system in order for people to feel like they're getting ahead keep inflating and eventually people can't afford homes and that's where we are today when did you guys first started start your education in in the markets like at what age did you feel like you sought out I bought my first stock in the company I was working for or the parent company the company I was working for in 1989 when I was 18 years old so 18 what about you did I bought $300 in stock um I signed up for an E Trade account in college uh because I saw that TV show called bull do you remember that TV show was about Investment Banking during the.com bubble it was such a no one knows that show and I was like man Wall Street is so cool I want to learn about stocks because I was an astrophysics major I didn't like I didn't know what I was going to do after I was going to go to graduate school or whatever and then I got caught up in the.com bubble and I started reading the Wall Street Journal every day I would take it down to the freaking Plaza and I would read the journal at school during lunch and I tried to learn about tech and business and markets because i' always been a tech guy and I'm like man there's all these startups and this is how the markets work so I set up an E Trade account I put some money in it and I started and I bought some stocks and I read the investor business business daily on what stocks to buy they had a rating and I bought those stocks and they went up and I'm like man this is awesome like I love owning stocks and that kind of kicked me off and then got an investment banking job after college and it totally changed my career trajectory I was like I want to go work in the tech industry and work in business what about you and it shifted up for me you buy your first Equity but by the way that I sorry let me just say one thing what you asked is a really important question I just realized this Andrew because my um my interest in that stock market thing at that time actually changed my career trajectory and it really reset what I was going to do with my life to get involved in business and go work in the tech industry as opposed to work in science as a researcher and that was a really shift for me so it it gave me that kind of feeling of like oh I got to learn more and then that that kind of changed my career sorry go ahead Jam I was 14 or 15 years old and there was a this is when Rodney King had the kicked out of him and almost died all these race riots in LA and nothing had changed actually in America but where I was growing up in Canada the provincial government created a program that said if you're a minority and you're on welfare we'll pay for you to get a job I I was a minority on welfare so I got a job and it was at a startup that was just going parabolic and their stock was going nuclear and I lived in this shitty part of town and I would see the controller of that company drive past me every day while I was waiting for the bus and one day he stopped and I went with this guy Sam leg he drove me that whole summer and he taught me what does the company do why is the founder a billionaire what the hell does this even mean he unpacked it and so I saw firsthand what it meant to work not for a salary but to get a stake in the thing that you're working for I bought a couple shares it went up and it was great but then I really fell in love with this idea that I could understand something and own a piece of it and then it really accelerated when I graduated from college because I was like freeberg I was in debt and I was like how the do get out of debt and I traded stocks on behalf of my boss this guy Mike fer who I thank to this day and I made so much money right before the do crash he gave me the money to pay off my student loans wow wow and then ever since then I was hooked I was like okay I can learn this and I can deal with the vicissitudes of this look the markets are brutal there are moments where you just wake up and it looks like everything's working and then there are moments and this is what everybody needs to understand though if some of these programs work where it literally looks like the bottom is falling out and I cannot describe to people the pressure you will feel on behalf of you and your family when it looks like you're taking a 30 or 40 or 50% negative downturn to your net worth yeah it inflicts a level of psychological damage that I cannot describe to you and the the bigger the numbers get by the way I told this story on Tucker there was a period where I would would wake up and I could just tweet and the markets would go up they were like what's he going to say next and then it all stopped and then there was a two and a half year period where I gave it all back and then some wow that's frustrating yeah the mest Touch goes away it's beyond frustrating it shakes you to your core so if we do these programs I think the freedberg idea is is just beautiful it's lovely what about you sh when did you make but I just to finish if we do it we have to try to teach people how to deal with the draw Downs because that's where if you don't teach them how to deal with the the volatility of losing money it's great when everything's green but those red days man how you comport yourself how you act how you treat other people in the red days are the only days that matter yeah it's a Growing Experience what about you Shelty when did you buy your first Equity I was probably 35 ohine so my my I mean my parent how old are you I'm 41 so I maybe even a little bit later now I might have like owned stock without even realizing it type of thing where like I had like a business manager who set up some retirement fund or something like that but not me actively choosing a stock and buying it um my w my wife's father-in-law is a very uh successful businessman and uh he's he's he's I I don't want to say like predicted the markets really well but he has he was in Nvidia like super early early early early and uh a bunch of others and we were like sitting down and like aspin somewhere and he like said Hey listen what do you mean you don't own anything he goes hey can you take a you know I don't know if he said 10 grand or 100 Grand or something like that he goes can you just put it in these different stocks I go okay sure I open up this like E Trade account or whatever the it was but an interesting thing right there is like you guys were so young was 18 22 14 and to me I think like the education of this is really important like my parents did really well but they're financially like there was no passing on this like knowledge of like investing when what it means to invest like they made their money by like working every single day for it not like you guys don't but like they were teaching dance lessons so it's like this is how much the dance lesson costs and you pay me and maybe I'll have 40 people in the class okay more people are paying and now other teachers can also teach but it was intimidating to them it was int intimidating to me it still is intimidating to me well this is the I think the upside of crypto in some ways also the upside of prize picks or the you know gambling poker it's the upside of Robin Hood and and coinbase and all these things being available this generation generation bet like they love to gamble these young kids this is my concern they're no but they're learning they're learning how to take the the downdrafts I Lear I think they are learning so maybe like the barrier of Entry is less but my concern is that they're treating it more like gambling than investing and I think that we've almost like tricked the American public into thinking that investing is gambling when the way that you guys are describing is it's not it's like investing in the S&P and then leaving it there and taking those downturns and waiting for it to come back up yeah but here's the thing you have to learn these lessons at the poker table you cannot play poker without real money or else you're not going to get the burn you're not going to stay up at night how do we how do we so that's what these kids are doing they're how do we educate them it's not every kid right it's the education comes from doing and if you let these kids trade they will figure it out over time and then what happens is like you they get married they get they get a baby they want to get a house and then they say you know what I I'm going to I'm going to stop buying meme coins I'm going to start buying Bitcoin I'm going to stop buying Bitcoin I'm going to buy Nvidia and things with real R they just get addicted to get happen all the time exactly I agree with I agree with SCH I don't think that I I think you're being super reductive like oh they'll get on the the all of a sudden understand Dave Swenson's Yale endowment asset allocation model [ __ ] I've seen they won't I have seen thousands and thousands and thousands of guys over time who deeply steeped in this business wash out yeah and each to a one the more sophisticated they get they all fall to the same pressures which is they don't know how to simplify and they don't know how to be patient these are things that every human being needs to learn and I don't think time in the market actually solves those two traits those are psychological traits that you have to go and figure out in a different way you look inside yourself and you have to figure those out okay yeah fair enough but but between the choice of hey we're going to grow up blue collar we have no access to these markets we have no way to trade in them we have no way to learn and then today I think the system we have today is better can people go off the you know jump the fence and lose all their money of course they can but they could go to Vegas and do that prior to that they could work with a bookie they could do football sheets I I think they're learning and when you use some of these modern apps and you look at the strategies and you see people on Reddit working on these stocks and their thesis I think it's trending the right there can always be more education but this is don't bet on the Jets right you said it before I americ doesn't even know what compound interest is I agree with you in fact I'll tell you I'll tell you a great story work to do I one of the best things that happened when I invested in the Golden State Warriors I bought 10% of the team in 2011 or something I got to meet all of them and I got to meet a lot of my heroes and I remember one meeting where I sat with a go like play let's just put it that we'll bleep it out we'll bleep it out no I don't want to say his name but okay fair enough and he asked me the most incredible question he's like jat can you explain compound interest and Schulz I can tell you I still have this spreadsheet I just showed him a compound interest table and he had no idea how 8% versus 10% is like gargantuan over 50 years over 20 years yeah and to your point it was Illuminating that you're right unless you unless you go and you jump into it and you live it and Jason I agree with you like there's nothing like look Stan dram Miller says the same thing invest then investigate like there's nothing like putting the risk on okay there's nothing like playing a hand in poker there's nothing like taking a shot at a different strategy in blackjack win or lose you get feedback but my point is most people don't get better and so that's what you have to solve is like how can you make it interesting fun how can you talk about the losses like this is a thing that I had immense trouble with I still do today I think I've gotten better with it is to be able to talk about the losses how do you talk about getting whacked for $4 billion I can do it now but it's brutal yeah it stung for a while for you you saw you're a better person since you saw me go through it how ashamed was I for the two years that I had to unwind that how bad it was hard for you yeah yeah yeah it was hard I mean you're imagine your whole identity is built into you know you being successful in these markets and you measure it the wrong way like you point to the number in the bank account not the way your wife treats you not the way your kids treat you not the way your friends treat you and then you're like okay well I'm 30 40 50 60 70 80% poor so I'm just that much less of a human being yeah but that's a good reality check to lean into family and those things that matter so my point is like if you can if we can get people more into the market I think it's an incredible thing but you have to to wrap it in these guard rils that have nothing to do with the market they everything to do with who you are as a person and I think like the first step is showing like what is the most simplistic version of the benefit of the market and I think it's compound interest I I really think that that is if we start there like remove the stock market don't even talk about it just like what happens if I left it in a savings account that's getting 4% and I don't touch it right now you know the rule of 72 that was the one that opened my brain up so the rule of 72 is whatever the percentage you grow uh per month divide it into 72 so let's say you were growing 7.2% in the market per year divide that it takes 10 years to double your money so it's a time to double your money okay if you were growing 7% a month you know on whatever your Investments are let's say you got a great business that's growing like Facebook or something like that that means you double the number of users or Revenue every 7.2 months once you understand that you can do it quickly just like in poker you know the number of outs each card represents roughly 2% chance because there's 50 of them right so they each count for about 2% then you can start doing this stuff in the back of your head I I I had this idea I think I talked about it here on the program of doing a kids investment club and I bought the domain kids investment Club I actually need to do this I got to prioritize this and find a CEO for it or do it as a nonprofit or something just kids need to learn this early Robin Hood or somebody should make an app where they can invest like a shadow but it's you know like with their parents maybe they can make the trade the par approves it something like that there's something where we should be learning all this in high school this should be like this what's more important than this remove the fear remove the fear and and the reason it's important is what we were saying earlier get the American people invested in American success and you will find so much more patriotism you will not find us nitpicking on all these little things that a lot of us maybe go why is this such a big deal like the bathroom like most of us aren't unaffected I cannot begin to explain how quick will forget about the bathrooms when the S&P is up 15% and you're looking at your portfolio and you're like I you could take a sh wherever you want okay absolutely yes I have you got something else to focus on absolutely look at this hey fredberg here's your time machine check it out there's your favorite show I don't want to make you more emotional but there he is your guy Stanley Tucci from bull I think it only made I think it only made it one season one season but Tucci gang in full effect I was such a tech ner growing up but I never thought about the business of technology and then the startup boom happened and you got this bull show on TV and I'm like man this is so much more exciting than sitting in a freaking lab doing mathematical modeling where I was like pulling my freaking hair out I'm like I want to get after that yeah and the rest is history you know have you guys watched Stanley Tucci on HBO where he tours Italy and he does his little so great and on SE seen it and I've seen cook on Tik Tok he's like today is it rolling it's rolling today I'm going to make you FR it's got but I'm doing it in the capacho base and we're going to put and I'm like I just can this guy do ASMR or put me to bed at night the best I I got a man crush on Tucci tui's the best I mean he's I would like to roll with tuchi can you imagine if we went to Italy and just had like a just roll with Tui through Italy I love that guy any dream is possible J you could pull it I know we're all dreaming here we're all dreaming here all right we're still dreamers by the way really important everyone should know that I think like there's no the thing that the thing that a lot of people assume this is the true about humans in general is there's an end to the rainbow but there isn't you ride the rainbow till you die that's it and there's always hope there's always dreams there's always more and it doesn't stop that's what makes it fun are you taking the ketamine in Austin or something what happened you just got all full I'm a little hung over today I started drinking at 10 a.m. yesterday we went to um we went to the Mothership last night and we well we hung out with a couple of your boys I think who you hang out with Tony Tony ton was very nice and um met Shane Gillis was there Shane Shane Gillis was there but he was big time he was big time there was a mob around and we didn't get to meet him the guy Bert who take I didn't recogniz yeah he had a shirt on so I didn't recognize he was course yeah I was like but then I saw the body shape and I was like yeah that's that's probably probably him when did you start in comedy I was uh I think it's almost been like 18 years or something like that so you started in your early 20s in New York going to the funny bone or what I have a question actually how did you get into it how do you keep your like how do you pay for your life before you make it how like what like is it that you have a normal day job I lived I lived with my parents for like a very long time like my parents lived in the East Village so I was walking distance from like multiple comedy clubs it was you know incredibly uh I mean I worked like with my parents for a little bit then I managed restaurants and like just managed them you manag restaurants in Manhattan yeah I did I started in Santa Barbara when I was going to college that's where I did my first comedy gig and then I manage a restaurant out in Brooklyn and um not called biscuit barbecue was in Park Slope Brooklyn and then um then I started to make a little money in standup and it was like enough to like buy a m Moon's Falafel I like had like a five to FF money I had I had A5 to $10 a day budget and I like I could eat cereal for breakfast and then I just and I saved some money cuz I was going to school was when I was going to school I was working at that restaurant and I like saved some money and like I had a little pipe dream Ving up a bar with a friend of mine in New York and then I was like you know what I'm just GNA spend this money trying to be a comedian and I hope by the time I get rid of the money I'm making money a comedy and it came down to like $700 in my bank account I was like renting out the room where I slept in and I would sleep in a closet in my apartment and uh it just and it worked out it just worked out I started making a couple money do a couple gigs started touring got on a TV show and then it then it kind of worked out was there a moment that where because when you when you know when the cancel culture was alive and well that's when I first encountered you it was initially on Tik Tok actually sure and you were on fire because you were saying stuff nobody else was saying and I thought how does he even dare to pull this [ __ ] off and was was there moment that where you broke or you tipped or no so I you kind of like it's interesting you kind of break and then you go away like so I so I broke on like some MTV shows and I was you know doing all these things on MTV had my own shows and all that kind of stuff and then I kind of you know the MTV thing kind of dried up and then I kind of went away but I was luckily doing this podcast with Charlamagne and the podcast was very popular and that was like providing for me and then I was doing some shows on the road and you know people would come out from the podcast but um and then I really couldn't get any traction in standup world so when I was doing like comedy stuff with MTV it wasn't really in the standup world and it's because my standup maybe wasn't of the ilk of what was like popular at the time and I have a lot of empathy by the way for like the people who are just working at a network they're producing these shows like they their kids in private school I want to tell a crazy joke about women or gays or whatever the it is and they're like I'm not trying to get fired and like I'm just trying my kids in private school we just got them into Dalton I don't want to rock the boat like you know reason you understand like I don't think that they're self-preservation exct but I didn't want to changed my comedy so I was like okay where can I put it out and luckily we were putting the podcast out on YouTube it was successful and I just started putting things out on YouTube and I started doing these shows and these shows started selling out it was like really weird like the first thing I put out I sold out the next weekend and I was never gu sold out how many seats where these are like 300 seat clubs and you do maybe four or five shows a weekend and you get 50 bucks a seat 20 bucks a seat no not even you get a flat rate you get two grand to do the weekend or something like that and a lot of these times the comedy clubs would just like call people and say hey do you want to see this guy and give away the tickets for free it was really the old model was basically it's like a bar so you just get the people in and they sell the drinks so the weekend would sell out then another one would sell out and I was like holy maybe maybe there's something there's a conversion rate that I didn't see and I kept putting stuff out on YouTube I would do a new clip every week for a year on YouTube then I put these a special on YouTube instead and then I learned very quickly that there was this huge like white space in the market like the comedy on TV was corny and people didn't really like it and nobody was putting out like the quote unquote like real comedy there's different versions of Comedy but I'm being very simplistic and the more edgy stuff I put on YouTube and it just exploded and um yeah my career kind of really took off from there and then covid came around and there was a I was able to be a little bit more honest because I wasn't tied to a network and worried about maybe losing my job at the network yeah and then it just I think in America we reward bravery yeah you just signed a Netflix deal right I mean you did this the show yeah we're actually doing the show in Austin tonight where we're going to talk with some folks about this General concept where you start out as kind of an independent yeah say whatever you want you're totally free it's your own platform it's your own voice yeah and then you go sign a deal with another platform like are you now you know did you find it hard to trade the money for whatever might come along with that there's restrictions there's you there's two way two ways to look at it right it's like there's one like I think that I don't want to give myself too much credit here there but like I think that what we've did is created another Marketplace for comedy that the streaming networks had to now compete with yeah so they were losing Comics to YouTube because it was more advantageous to put your comedy up on YouTube and build a following and then go sell tickets on the road whereas before the only way you could like really make a big chunk of money on your comes if you got one of these fancy specials now people are like I don't even want to do the special because if I put on YouTube I can tour for years and really build a fan base so to have this autonomy the Netflix thing is interesting because like Netflix is the second biggest I guess uh streaming service on the planet it's like YouTube than Netflix so if I already have this huge imprint on YouTube it would only be smart for me to now tap into the second biggest and see if there's some people there that aren't consuming my content on YouTube so back to the so then back to the the guy who's got the the kid at Dalton now when you go and negotiate a deal with Netflix are they basically silent or do they not a single note yeah so you do whatever you want and it is what it is let it rip now my last special was supposed to be with Amazon so it was with Amazon and they had some notes and I bought it back from them and I put it out myself wow really wow yeah and I sold it I sold it myself and it actually one of the coolest things ever because I think I'm may be one of the only Comics that actually knows what they're worth yeah you don't really know what you're well walk us through that so you do it and what do the notes say that like yeah it was two jokes and like I get it they make money selling toilet paper like why are they gonna have this huge you know uh you made fun of the toilet paper industry I got it toilet paper Big T very powerful Lobby you know what's funny is like culture has changed and I feel like a lot of times the streamers are like down river from culture so like I bet now I would be able to put it out on Amazon and be totally fine but at that time it was maybe very edgy and a volatile time culturally so I was able to put it out and you know I but you had the choice right you could have taken the jokes out and kept it but then instead you took the harder path which is I'm just going to buy it back yeah and I take the risk and I'll figure it out later yeah I I've I'm not risk averse at all I actually enjoy risk it kind of excites me but um what excites me more is like putting out the piece exactly how I wanted to put it out and I can't like scream about censorship and comedians should do the jokes we want to do and then the second somebody gives me a big check I go whoa we don't have to do the like I have to be at least consistent on that and um culture continued to change and you got to give Netflix credit too like they took a lot of they took a lot of hits for putting out comedy that some people thought was maybe a little bit too offensive the Chappelle stuff Chelle stuff really that put him in the crosshairs exact they stood strong right absolutely they stood strong and like seeing that gave me a lot of confidence I was like okay like and they literally we just made the whole thing and they just gave us money so like they were not involved at all in like the creation so to say they they're involved in giving us money for it and then they're involved in the marketing obviously and their algorithm and getting it that's all Sandos he's he believes in comedy yeah but he's like a huge comedy fan from back in the day I think people don't realize that about him like you need somebody who actually loves the art and is not just looking at it as a thing that they can monetize like there's a the term this guy used that you have to find somebody spiritually aligned with you and that's not mumbo jumbo it like they truly understand the intention of Comedy so things aren't hurtful or painful to them because they understand what you intend to do so and then I got interesting too they they tried to cancel you what what was the joke who the the mobs because they went after Tony Hinchcliffe twice oh yeah and each time he went 10x they came after chamath on this program that was the first level up we got three times the audience after they tried to cancel chimal yeah the White House released the statement it doesn't it doesn't it doesn't really work when you have like core fans that believe in you and I feel like you guys have probably built that you know the relationship you've built with your fans there's probably people very grateful of the information that you give them and uh so when they try to paint you in a certain light you actually have like a hundred hours of time with those people that they know you to be more than that one statement that you've said so now they're not as concerned about that thing you said that maybe is taken out of context or people have been offended by I think like the biggest thing that people miss about comedians is like you're allowed to be offended by the joke that I say like you're allowed to react however the [ __ ] want to react about it you had your life you went through some crazy [ __ ] maybe you're maybe you were bullied as [ __ ] as a kid and like you don't want other people to potentially have those feelings so you see a joke that could elicit that and you're like I want to protect that from that protect them from that that's kind of noble I'm like I'm cool with that if you yourself tell me you don't like me teasing you I'm not going to tease you personally ever again I want you to feel good but it doesn't mean that I won't continue to make those jokes somewhere else and I think my shows like I got the most diverse audience in comedy history yeah so it's like you come out to one of my shows you can't tell me that people don't like these jokes and I tried very hard to like like if I'm curious about your culture you'll know it through the jokes it's not some little [ __ ] like I'll try to dive deep and even surprise you about something that I might know and I think in that way people start to feel seen and they don't feel bullied they actually feel like represented and they're like excited about it look you you said something at the beginning which I thought was really interesting which is you're like a you have to Great comedians are great observers of culture so can you can you just tell us like just observe the cultural moment what we talked a lot about it but I just want you to be maybe like put a point on it where are we where's America what the hell is going on like What's happen what's happening however you feel that question like what the hell is going on um all-time low confidence in uh institutions low confidence in information there's an obs with conspiracy because there's I mean that's twofold one like it's the easiest way for dumb people to feel smart like when you know something no one else knows and you get to share with people like there's that like dopamine hit where like I bet you didn't know this happened you know yeah um but those thrive in times where there's not real transparency so I think everybody's looking for answers and nothing is exactly how it seems and the only way to reins still that confidence is I think like brutal transparency like you got to just be like really honest with the people this is what it is and we're Americans we're proud people you know so we can get through whatever you say but you got to tell it to us as it is and I think we're just assessing relationships right now and I think like when the economy is rough like you're seeing all the Jewish stuff right now right like obviously with the conf crazy well this is the thing you got to understand like most people have never met a Jewish person like most Americans have no clue what a Jewish person is outside of Kiran enthusiasm or Seinfeld they don't know what it is they think Jews are Upper East Side New Yorkers like yeah the like Seinfeld or they think it's like hedum like it's just like one or the other exactly they don't even know what like a spartic Jew they don't know what an African Jew is or a Moroccan Jew they have no clue what that is and they shouldn't they're like how many Jews are there they're like more people from La than there are Jews right like it's like a very small population so I think there's like a little bit of a disconnect and you know when you don't know a people and I think this is probably true I could be off but I think like an ambient feeling towards Jews from people who don't know Jews it's an ambient light and the stereotypes are probably not like the best they're not exactly negative as long as the economy is good right they're like oh they they're successful they kind of stick together they they own businesses they whatever and as long as the econom is good everybody's cool and then eggs get expensive and you're Buy on your rent and you don't feel hope and you don't and then you start going why do they got all that what the what are they about why are they why are they separatists you know like I'm here prizz and I'm trying to get everybody to go to heaven and they just got their own thing what and it's very easy for them to become this like other group and then you extrapolate that with what's happening like Palestine and and Israel and you get people to start like assessing like the relationship between America and another country like you saw America become very uninterested in Ukraine quickly like we we we the second the economy goes down we start going well what do they do for us what why are we giving them like and they're starting to ask similar questions about Israel and there's a lot of anti-semites that are jumping on on it and they're muddying the whole thing they're going ah this is what did they control the government they do this all the every conspiracy is time by the way you're you're speaking a profound secret that many administrations in government have known for long time and I think this is where some of the mistrust comes from I talked about this like maybe it was like a couple months ago but the most incredible stock market was actually under Biden the most amount of money printed was under Biden the most cumulative total budget deficits was under Biden the most amount of short-term refinancing of debt was under Biden and part of what you can explain is that if you keep the signals that everything is healthy or up you're allowed to prop all of these other things that would get very quickly recapitulated and when you take the gas out of the market and you take the gas out of all these other markets and all of a sudden the price of energy is up and the price of this is up and the price of that is up then you start to question hold on a second why are all of these things as important you know the above the line below the line conversation that we have tried to have several times on this pot Jason yeah and you have to like meet people you have to meet people where they feel in order to communicate with them right right like they could like when people right now are like assessing like America's relationship with Israel like it's it's and and they you hear these like sound bites like that's our closest Ally and then they go what does that mean it's like well let's explain to them what that means like let's explain the importance of that relationship and how it's beneficial to Americans because if you don't explain it and you just go oh just be quiet whatever then they start to look at these lunatics on Twitter and start to go wait a minut is that is that true yeah and then they're down the conspiracy Hall like you have to explain like I don't know what the mineral deal was about but I know for with with Ukraine but I know for a second there are some Americans who go oh we're going to get some minerals out of that all right minerals sound good like they're gonna pay us back it's that it's that simplistic right so it's like I think I think that kind of communication is important and it will actually help understand these relationships which I imagine are very important I'm not privy to all the geopolitical decisions that are going on there who knows intelligence from Israel could have thwarted 20 more 911s yeah maybe you can't say that because you expose the intelligence operatives you have in the field but it it would I think be helpful to understand the value of that for the everyday American so that when you see something crazy on Twitter you can go okay you're just a anti-semite and you're looking for a justification for your hate I mean this is your point about Trump sometimes he has these take we'll see you later bro take care David this is like I think the point there's going to be conspiracy theory about that right now I just want to let you know talked about Israel and he's like the one Jewish guy left way to go way to go Shela this is how it starts David David this is how it starts you drove thanks a lot you drove them out right chy when you said um you know Trump's a masterful kind of Communicator here Biden gave all these weapons to to Ukraine under the aices of what's called a lone lease they have to pay them back but Biden never communicated that well tell us and then Trump comes out he's like you know what we gave them 180 million 180 billion they're going to give us 500 billion back we're making a 40 he he basically described a 42% compounded return sounds good to me yeah better than anything that's ever happened I mean he he's out there in terms of his ability to communicate at chath as we wrap here any final thoughts what do you think about Trump and what he's how he's doing and what he's doing so far and what do you think about Elon and Doge oh here we go okay so uh Trump and what he's doing how he's doing so far like I I I don't know like in other words like I don't I don't know if I can like assess it right away maybe I'm giving him a little bit longer uh like landing strip or whatever than other people because I have a little bit more hope or optimism I get if you don't like the guy you're going see how horrible this is immediately but I'm going to give him a little bit more leeway to see if it doesn't work out and it's really horrible I'll be the first person to call it out like I I've he's in power we should definitely check the people in power but I'm hoping that these actions in the short term are beneficial in the long term is everyone going to work out no um do is like I'm so depressed about not depressed stupid but like I'm bummed about because I don't think there's any American that is pro waste inefficiency and bloat this should be a bipartisan issue like all Americans should be coming together going oh my God the DMV is gonna get better this sounds awesome and I think you know I have a lot of respect for Elon but I think sometimes on Twitter he's like twisting knife a little bit and it's like you don't need to twist the knife like we all want this this is something we can come together with as a country in support this sounds great don't twist it just kind of let it be show your wins when you do something wrong we can acknowledge the things that we did are wrong and we'll respect that it bums me that this has become so partisan and I do understand there are a lot of people on the left that are making this partisan as well they're weaponizing there was there was crazy clip between Rogan and Elon where Rogan was like how does all this go down actually and he's like well I can't really speak about the corruption because I'm afraid it would get me assassinated he's like actually if I tell you what I know it was the weirdest like two-minute clip and then they just kind of left it and moved on and my brain was like what are they talking about what what must be going on there I mean there's a lot of money going out the door yeah but who's killing Eli like if we are going to have World War III don't you want the guy that has the Rockets to go to Mars on your side yeah yeah you kind of want the Super Genius on your side for sure another thing that's like really interesting to me is like people keep going people keep doing these things like what is elon's play like what is he doing here like is he actually G to take over and it's like Elon has been dealing with like local government for so long trying to push through like he is not an American citizen he cannot be president he is at the highest position he will ever be in his lifetime in America you can't get higher than being the right-hand of the president since you're not from America you can be president so I think he's going to behave really well because now he's in the most powerful position he will ever be in if you want to talk about like power plays you gotta watch out for JD that guy's a that guy's High emotional intelligence like that that's somebody that I would be keeping my eyes on if I'm Trump but Elon he's GNA be a good he's gonna be your best friend because it's only downhill if he pisses Trump off interesting interesting little Manchurian Candidate for JD I no no no I'm not saying that he's gonna do anything bad but he is like right don't TR don't treat him light like we got this don't sleep on JD New Yorkers we do this all the time we hear someone with like a Southern accent we think they're a goofball and it's like right that guy went from like a broken home to Yale Appalachia to Yale and then the VP and he's 40 he's your age he's like 40 he called Trump Hitler or something and he ended up as his he said I'm a never Trump guy he he's so to say that he's not emotionally intelligent does to say he doesn't know how to manage up or whatever that term is he's sappy I hey keep an eye on him keep an eye on him for sure all right listen Andrew Schultz is playing at the Funny Bone on April 16th and 17th he'll be that Chuckles on the 20th drink minimum two drink minimum uh by the V you know where to find them incredible incredible Netflix special who do you think who do you B last question who do you think is the funniest if you had to take a wild stab at who the funniest person no me me Jason or free oh oh of us between the three of you um okay so you can say me Jason so Jason is the most like naturally inclined to be funny he's probably just the most funny being around uh choth will probably get the biggest laughs when he says something funny because he's like he's not asking for much like he'll just say something that's like a dart and it will kind of like hit you and you'll be like oh and then I think David will like structure something really funny and you'll be like oh that was a clever I see how you did that right there I um I was actually when I was an astrophysicist shelsea I am funny myself I did Summer Stock that would be my take like I think if we're off the Pod I think chamat says some like wild sh that everybody goes what the I think you say that the most that's what I would say there you go all right Andy Schultz picks me they have it Mom I would like to clip that and uh yeah all right continued success come back anytime I like the way Schultz pronounces but I may go to chamath I like that Cham ch ch yeah chamath is too it's too used actually we should go to a different pronunciation I love chamoth chth is just so it's tough with the it's tough with the I know you forong but it's tough with the names from over there like my podcast co-host Akash right Akash everybody calls him Akash now I his name is spelled with two A's A's a after so it's like a you if it's got two A's next to each other after you go there but it's aash it is tricky but he said like his parents specifically picked a name he thought that Americans would be able to pronounce they calculated that and like they wereing him I think that's like a I think that's a really beautiful thing for a kid like you you go you know like how much could called they could have named him John Steve if they wanted it pron had to keep it real though they still had keep it real they would keep eight when I could when I could read and write English well eight okay cuz it was my second language and when I saw my name written out I was like what the fu did they do to me here what is this my middle name m name is like 15 other letters name a name that has math in it like they knew what they wanted you know yes they were like if you can if you can pronounce this you can solve the Pagan theor true this is this is harder than thean be an engineer oh I'm so proud of him he's going to figure it out get us two month he's going to get us ask a question Andrew is it racist if I do an Indian impersonation because I know I can do Italian and Irish but can I do no it's funny bro I don't think so but I think it's like is it the intent I'm just I don't even think it's the intent I think if you like if you say certain things like if you say B right like if if you say that like that's like my love like you know if you say little things that are more than just the sound but if you tap into the C like to let them know hey I didn't learn this from The Simpsons like I learned it from my buddy's family then I think you'll see people who are like Indian Sri Lanka they'll be like oh he oh he got he's got friends he got he knows he knows I'm I'm gonna I'm gonna go ahead and until I make my move to commedian I'm not gonna do it I'm gonna save it to when I get my uh Tony uh kill Tony set yeah what's your what's your Korean act can you do that like can we go through I can go Korean cuz my wife's Korean and her dad I'll tell you my I can cuz my dad my my father-in-law I I went to China he's an industrialist he's there and I said Hey listen I'd like to marry your daughter and he said okay two two conditions and I said okay and he said do it fast and he poked me Andrew so hard like a reinforced poke with his finger yeah yeah yeah on my shoulder got a bruise I'm like oh yeah and then he goes and I said what's the second thing he says no funds he says it just like that and I was like okay okay I don't marry a daughter no refunds do it fast and I literally had to marry her within a year because he knew he was like listen I got he had four daughters and he's like I got to move inventory I love it and I was the first I married the oldest daughter n none of the other daughters could get married until I married my wife which was the greatest thing I ever did three beautiful kids you know how it is and uh listen good luck you going to have a second and third Shel I know you got some I hope so man God three is the right number if you want to go if you want to do a half Elon you can go with chamat plan he's on six or seven I'm on five bro I'm on five five well I mean anything's possible and then free BG's on four I'm on three I think three is the right number I'm going to catch up boys I'm going to catch up all right listen continue success thanks for doing thank you so much for guys Che let your winners ride Rainman David and instead we open source it to the fans and they just gone crazy with it love you queen of [Music] K besties are that's my dog taking your driveways oh man myit will meet me we should all just get a room and just have one big huge orgy cuz they're allus it's like this like sexual tension that they just need to release somehow what be we need to get mer [Music] our I'm goinging all in