All right trim off. Apparently the Rayman David Sachs is now the architect. I think he's been working behind the scenes according to a bunch of the new stories like Puppet Master the Puppet Master Okay. Well that we should call Stacks Geppetto. Let's cut from the going live now to the RNC in Milwaukee and live coverage Sith Lord David sack, so you there.
Has proceeded as I have foreseen.
Obviously Stacks truck makes his own decisions. You're getting a little bit too much credit. I think
yeah, absolutely. You know, I mean, I'm I'm mocking them satirizing the New York Times and Business Insider and all these Publications are giving me all this credit. Listen, the president obviously makes the decision he's so
Is she back from lots of people? I was probably one of a thousand people or at least hundreds of people who offer my opinion. Obviously, I'm a big fan of JD Vance, but I think it's just giving me way too much credit in
all seriousness sacks your there. And obviously, you know President Trump. How is he doing? How's he feeling in the wake of this absolute tragedy.
I think he's doing well. He was in great spirits, I think but let's maybe we should get into the assassination attempt. That's really the thing to talk about
here. Alright everybody, welcome back.
2 episode 188 of the all in podcast. We have a full docket to get through today. We are here on July 18th on the taping of this and it is five days after an assassination attempt on the former president of the United States and the likely 47 president and States. Obviously President Trump. We're going to start with what we know. It's five days later. We're a bit in the fog of War as it is and there are all the breaking news caveat.
That you can put on this but I want to recap what we know now about this assassination attempt and get everybody's feedback on it last Saturday at a rally in Pennsylvania. 20 year old named Thomas Matthew Crooks fired eight rounds with an AR-15 at the former president one bullet nicked Trump's right ear. This was confirmed by the president on Truth social and a trump supporter tragically in the crowd. Cory. Come territory was killed while protecting his family from gun.
Fire two others were critically injured Crooks was killed by the Secret Service cabin sniper team 26 seconds after you fired the first shot. He didn't have a criminal record. He was not known to the FBI or Secret Service. He was a registered Republican, but also donated $15 to a progressive pack.
And the motive is not known so we'll just wait for that.
There were some leaks from Senate briefing. I don't know if you gentlemen have heard those that just came out and it was reported that Crooks wrote on July 13th on Steam. That's a gaming platform. July 13th will be my Premier watch as it unfolds. He had a second phone. He had a detonation device in his pocket. There were bomb or some sort of explosive device in his car will get details of that. I'm sure and now we are in the phase of how
The hell did this happen. Here's a picture of the rooftop. The closest rooftop was not secured and it was 130 yards away. The head of the Secret Service said they didn't put anybody on the rooftop because of its sloped surface. Obviously. This is being mocked on social media and questioned by journalists. And anybody with any IQ points the most disturbing part of all of this aside from somebody wanting to murder the
Dent is the timeline. So ABC News is reporting the following timeline gentleman. 5:10 p.m. Crooks was first identified as a toi Person of Interest 5:30. He spotted with a rangefinder 552. He's spotted on a roof by the Secret Service. 602 Trump takes the stage 6:12 p.m. He fires his first shot will get into some clips and everything, but let me just stop here and get everybody's reaction to this.
This tragedy shabbath your thoughts. It's absolute Insanity. I actually just I had just woken up because I was flying back to the United States for a board meeting.
And so as I was boarding and on the way, I was just on my way to the airport reading it mostly from our group chat. And I was I couldn't I couldn't believe it to be totally honest with you. I thought this made I thought this was this is not possible in this day and age and
part of why I thought it was not possible was because I had elevated in my mind who the Secret Service were and that the job they did or that they're supposed to be doing is just so sacrosanct to the well-functioning of America that you only have the absolute best people doing the job.
And that job is to protect these handful of individuals in America most importantly being the United States the president of the United States who are just critical to the functioning of the most important country in the world.
and when you see the level of negligence and incompetence
you know my mind started racing, how is it even possible and
I guess the the only thing that I can come up with is that we need to figure out where incompetence ended and negligence began in all of this because I think that's what's going to be the most critical.
And we need to figure out the totality of what happened. And you know, if there were other people that supported this guy trying to do this and then the second I'll just say is Trump isn't absolute Legend. What a boss. Okay Freiburg, where were you and the News broke? And what are your general thoughts here five days after this occurred will get into Political ramifications and everything else, but just on the event that occurred in your takeaways from I was with a group of people drinking beer outside.
on our fourth beer
and we thought it was a joke. I think the first thing I thought after I saw the video and saw that he was okay and that his ear was bleeding was that's it. It's over Trump's one. It was probably one of the most iconic patriotic visuals. I think any of us have seen and here's the image next pulling up. What a photo this is the AP photographer and I think it's really it was so striking you see this photo which which didn't come out right away, but some of the imagery that came out right away with him pump.
His fifth was like okay, that's it from us one. It's over second thing. I thought was this could trigger a lot of violent counter reactions. If it if Trump doesn't lead well here and I think he prevented that and his statements and from the other side third thing I thought is it doesn't matter if Biden drops out now because it's over but I didn't could stay in. He could leave this just feels like a lot of momentum.
And then the fourth thing I thought was this to Tomas point. I think we've all been around Secret Service people in our lives and in our careers and in meetings and interactions, we've had it really was amazing that the Secret Service let this happen and if you see, you know, all the data and the stuff that's coming out now about how the Secret Service manage this it seems pretty scary that this was so botched certainly now, the dust has settled five days later and it seems like they're back into the conversation about let's remove Biden and figure out who can run.
Against Trump, although there is conflicting pulling data, which I know we're going to get to use this x is reaction sex. Where were you in this occurred and your thoughts on the event itself? And obviously it's tons of conspiracies there he's going around right now. Obviously, there is some negligence that occurred here. I don't think there's any doubt about that. There's a DUI angle. There's a ton of angles here. But where were you when you saw this happen? And what was your immediate thought?
It will answer your first question first. I think this was one of those events where you'll always remember where you were and I was just working my office in Los Angeles. I was going to fly to the Republican convention in Milwaukee a few hours later. And so someone texted me the president's been shot trumpet been shot and my heart sank. I immediately went online to see the video and I think I saw in almost real-time him go down and then when he stood back up and face the crowd and told the Secret Service wait wait,
He didn't want to just let them kind of dragged him away. He turned to face the crowd and exposed his face. Who knows if there'd been another shooter, who knows if that shoe was really down. But in that moment he want to let the crowd know that he was
fine. We were wanting to way from the president of the United States having his head shot. You know, he's got grandkids. He's got a wife he's got kids. He's got friends here. How do you feel about the individual? His head was almost shot on television in front of thousands hundreds, Maybe.
Thousands of people on live television and the gravity of this I think is very significant and I think we've in this media saturated environment we processed it too quick which is why on the docket. I wanted to slow down here and just take in what
happened, you know, one other very important detail for for me is that you're my father-in-law was actually at that rally and Butler Butler Farm, really? Yeah, he was there and he saw everything that happened and when we saw there was a shooting there we were trying to get ahold of him and the cell reception been shut down and we couldn't get a hold of him for a couple hours. And obviously we
I found out later that he was fine.
But what he described is that when the shots rang out, the president went down there was really a feeling of bedlam and pandemonium in the crowd. The crowd was afraid that the president been shot. And so when he stood back up and face the crowd and then you know said fight fight fight it created this huge sense of relief. It was like palpable that he was that he was fine. And then the part that I don't think has been well reported is that the crowd started chanting USA USA USA? Yeah.
So they responded with this Unity. It's been well reported that you know that Trump was said 555, but I don't think it's been well reported that the crowd started cheering USA USA USA. So I think that the crowd
Turned from Fear to Unity and strength and patriotism reflecting what they saw from the president. Yeah. So while said yeah, this is one of these things that's unbelievable in the whole world. I think has a seen how iconic it as I saw there's a video online even in I think kids in Uganda were actually re-enacting the assassination attempt. Yeah. That's how iconic it was terms like a global legend for that. And again, there's just no way to fake what he did in that moment. Right? Where again
He I mean the bullet missing him was either locked or hand of God or destiny whatever you want to call it. But him telling the Secret Service to stop to face the crowd to basically show that he was unharmed and that he was determined and he was defiant in the face of an Assassin's bullet that's courage that nobody can fake and I've seen people online talk about how soldiers Under Fire they've described how when they've been under Fire obviously. They hit the deck. They don't stand back up, you know.
Even soldiers don't don't do
that. His composure is
incredible. Yeah, he just Rose to the occasion and just such an incredible way that I think it's inspired the whole country and the whole world. There's just no way again to fake something like that. Even though some people like Reid Hoffman political hack was actually claiming that it was all staged which is just unbelievably ridiculous. But yeah, so I think the rest of the rest of the world knows that he just showed unbelievable courage them moment and Rose to the occasion and I think made the entire
Proud
it certainly was an amount of bravery and a bold response. I do think this the next phase of this is sort of figuring out what happened with the Secret Service as Brave as it was from to stand up. That was a crazy thing to do. I can't believe the Secret Service allowed him to get back up because there could have been a second shooter and although we heard radio chatter that the shooter was down. I mean how did you know in a situation like this what's actually happening but they could have got a second shot off on the
maybe they did they don't miss by an inch of that time and then they hit it. So we got a lot of questions that need to be answered here. Thank God he's okay and I think I guess now it's time to talk about rhetoric and I think that's actually from my perspective. You know, the next thing that has to happen here in terms of leadership when something this tragic happens, you know, everybody's looking at the other side's rhetoric here, whether it's putting Trump on a magazine cover as Hitler or they're saying you got to fight
Cow The Oath Keepers and all this January 6 nonsense and being a cop's I think we have to put both of these things aside in the leadership Trump and Biden should be saying right now that and Leadership does start at the top. This rhetoric is not to be done anymore. People have to tone things down. You could be passionate about politics but using violent language. There are sick people in the world. And this kid, I think it will ultimately turn out like all the other assassins. We've seen or these
Celebrity killings that occur John Lennox better. It's usually a mentally ill person. Likely what happened here. We don't know yet.
You know, they interpret violent language differently than the normal person so we could say fight like how Target or
you know, you got to
fight for your country whatever it is and we take it a certain way the sick people take it a different way and they need to put out a joint statement to say anybody on our teams use violence who uses violent rhetoric is no longer on our teams and they haven't done that. So I think there's like more work to be done here in terms of leadership. I think it's more precise than that. I think it's way more precise than this. I don't think that this is like you
Years of Donald Trump using violent rhetoric. I think this is Sears of misc know I don't you cannot both sides this I think this is years, of course going to give you examples of it. I think what it is is that we have gone through years and years of literally the words that the former president has said being perverted and misconstrued and chopped up into sound bites that Advance a mainstream media is agenda to try to vilify a person and
I think that that's an important thing to take a step back. I think we have to understand that the mainstream media has really gone out of their way to amplify violent rhetoric and to actually associate violent rhetoric with as a tolerable reaction. And I think that that is the thing that we need to now completely get rid of in our society. I saw so many reactions.
To the former and probably future president of the United States getting shot which was along the lines of basically hoping that that person hadn't missed and or justifying that violence on Donald Trump was somehow Justified that's insane. Now that person could only have gotten that idea because the media fed them that language and that idea
And I think that that's extremely scary because I don't think you actually see Republicans necessarily saying that about Joe Biden they may think that Joe Biden is feeble and mentally incompetent, but nobody's calling for the death of Joe Biden.
So I think that that's a very scary place where you have one group of people who are being fed this extremely toxic narrative. And I think that that part of what you're saying Jason I agree with but I really disagree with the other part which is and this is someone again as as someone who was a former Democrat I can observe this in be relatively rational here. I didn't see that from the other side. Okay. Well, you know, the media is reflecting what is said by both candidates and both sides and they both use very targeted language. I'll put
a couple of links in the show notes of both sides doing this and you can make your own decision as the audience but I do think leadership would be both of them saying stop this violent language and both sides do it.
That's like cleared address that yeah. Sure. Go ahead just days before the shooting Peter teal and Reid Hoffman had an exchange at Allen and company that was publicly reported in which Peter said that Rita turned Trump into a martyr by funding lawfare and reader
Bonded I wish I turned him into an actual martyr. Okay that's wishing for someone's death when the news of the assassination attempt came online. I don't think was Jack Black himself in a member of his band said that it's too bad the shot missed. There are other people on the Democratic side who expressed similar sentiments. They were disappointed that the assassination attempt had failed now, I don't think those people are mainstream political leaders.
So yeah, that's that's it. That's it. Just a distinction. I wanted to make here like
there's no political leader who
said that I'm not going to try and hang that around Joe Biden. However, bind himself days before the shooting said that it was time to put Trump in the bullseye. That's where he said and his defense for that rhetoric was why didn't say quasars. Well, I think Bullseye means the same thing now even that I'm willing to basically forgive because I don't think Biden meant it in a literal sense. I think he was speaking rhetorically about say campaign ads things like that. I wouldn't actually say that was violent rhetoric, okay.
Not going to try and pin that on President Biden, but but the thing I do think was unacceptable by President Biden of the Democrats is a level of demonization and the level of vitriol that they have pursued against President Trump not as a one-off statement, but as a campaign strategy again, they have said over and over again. This man has Hitler this man has a fascist this man is a threat to democracy if he wins it is the end of democracy. They have repeatedly gone there and repeated.
Ali used they've tried to Hitler eyes him now if you're saying that this man is Hitler where else is there to go rhetorically that's the worst thing you could ever say about somebody and quite frankly if he is Hitler. Why would you be offering him thoughts and prayers after he got shot? I mean wouldn't he be a good thing to shoot Hitler and so I do think that you know, if we think about the contribution of political rhetoric to what could have happened here. I'm not going to try and blame anybody for these.
He's one off poor choices of language that could be interpreted as Violet. What I will blame them for is taking the demonization up to 11 taking the vitriol up to 11 because that could poison the mind of someone who's ready mentally Disturbed and say, okay. Wait a second if he is Hitler, why wouldn't I be Colonel Von stauffenberg for assassinating him when I be a hero for trying to eliminate this man.
And that's the thing that I think is really unacceptable. And I do think the Democrats should be blamed for that because again, they made it a campaign strategy their entire argument against Donald Trump is not about issues. It's about this man being Hitler and I think it's ridiculous. It's inflated. It's hyperbole to be sure and I think that we don't know yet about the mind of this shooter this Crooks, but if anything contributed to the shooting it was that
JD Vance referred to him as Hitler as well.
Other people inside the Republican Party have referred to as Hitler and a threat to democracy. So there's plenty of blame to go around to correct
sex that happened over eight years ago as like part of a text message exchange. It wasn't a public rhetoric as a campaign strategy. I'm talking about a systematic strategy that gets Amplified look at the cover of the new Republic. They literally turned Donald Trump's face into the face of mash-up of him and Adolf Hitler and has been Amplified and repeated over and over and over again.
MSNBC on CNN on all these liberal channels. Okay. This is coordinated political rhetoric as a campaign strategy. It's not a one-off. I'm not going to blame anybody for a one-off that could be misinterpreted. But when you do this as a systematic campaign strategy, and in fact, you base your entire campaign around the idea of this man is a threat to democracy and a fascist. This is the language they used. Like I said, there's nowhere else to go after that. Where else do you go for
democracy I think is a
A valid criticism of trump calling them Hitler. Yeah, probably insightful. So, you know, I think reasonable people can parse this and it is something that has occurred on both sides. It's well-documented in both parties can do better. I think like one thing that when the investigation happens into what happened here, and we really figure out what happened in the Secret Service.
How many examples do we need of Institutions where we put on our trust just like letting us down?
And they just seem to be piling up and it's independent of administration and at some point I think we have to like really check ourselves and say what has happened. Like how do we objectively measure the quality of the people that are supposed to be working in these organizations? And how do we make sure that they are actually competent indicate job. This is the key Point trim off is the outcome. You know, how do we judge people? How comes and if you look at the outcome how the secret service director hasn't resigned now, I mean I
I know she's had a storied career and she's probably a good person who's done plenty of great things in a career. I don't know the details of it. But if the outcome of what you've done results in something this tragic and that could have been avoided the proper thing is ownership and resignation can or the people who run this organization or the answer to being fired. And so this absolute acceptance of mediocrity is something that has to change is it an acceptance of mediocrity or is it that they just got completely distracted on
things that are not germane to doing your job. So, you know if it was we need
A diverse Secret Service or we need to have inclusion. All of those things have nothing to do in my mind about protecting somebody there are characteristics and I suspect that there are women that embody these characteristics as much as men that embody these characteristics, but why isn't there a psychographic way of determining who the best people are that have the protective instinct to protect the most important people that run our country because a very simple test here the job of the Secret Service is to jump in front of a bullet as we witnessed in order to jump in front of a bullet you
to be bigger than the Target right? You have to be so a six foot two women whose four feet wide just as qualified as a man who six we're 24 feet wide for that job description. You have to be brave enough to jump in front of a bullet. I don't know if you guys saw but there was like a thing where and I feel bad for this woman who's being derided as being totally incompetent the one in the field, but there was a David Attenborough voiceover her trying to put her gun back in the holster. Yeah. I mean my gosh, I'm really I think Eric Trump said
she's in Crossing the the DEA another day me.
Uh, yeah, this is
just I mean that's it's a very unfortunate
video say that she's like the best person ever. I think he was trying to support her and
she said just had about a moment. Who knows. I mean, I did look pretty bad that she was having trouble holstering her weapon. I mean, you know, not that I'm a gun
experts but running at that
moment, but I mean look this is what's known as an outside the waistband holster, which is the easiest type of holster to use because it's, you know have to tuck it into your pants or anything like that and
IE I got to say it does look pretty bad that she was having so much trouble just trying to holster her weapon but look I think this is only one of a number of questions that I think have been legitimately raised about the Secret Service performance and we need a full investigation to figure out what happened and let me just you know, he's run off a list of questions that I would like to see answered. So number one is how do they fail to cover that roof? It was the most obvious shooting spot.
But in that entire Butler Farm area and it was not properly covered and then the Secret Service releases the statement that they didn't cover because it was a sloped roof, which is the most ridiculous cover story ever because they did have snipers on another roof that was more sloped and arseling rounding
times more slow, right?
Yeah. So once you put out that that cover story which is basically a lie, you only make its operation worse and it only makes the question even more poignant of how do you fail to cover that?
Okay. Well, let's see the picture of the Secret Service on top of the White House roof, which is extremely slow cooker even more slope than the I mean, it's just predicting the
secret service director Cheadle said that on ABC. Okay. So right there she should be fired because she's lying to us at a moment where she should be cooperating and doing a full investigation. Okay,
so isn't it true that they were inside the conditioned inside the building and outside it was wrong,
but that's this question. Number one. Okay question number two is
You said he was a person of interest an hour before the shooting and no one went to go resolve that situation moreover. They see him with a rangefinder. Okay. What the hell do you use a range finder for? I mean, he's scoping out the target with a rangefinder and they let the president go out there. Okay while they still a person of interest out there. This guy has a range finder. He has a ladder he has a backpack and he was never intercepted. He was never stop even though they had identified him and they let the president go out there so clearly
There was a huge failure of communication between the Secret Service in the Trump campaign. How did that happen? How was there? No agent stationed at the fence such that they had to Ram it with a SUV for the Secret Service to get through. I don't know if you guys knew about that part of it. Okay,
let's see that see that see that
there was no agents stationed at the fence. Okay. So in order to get there, they rammed the fence with an SUV. So the Secret Service quickly gets through. Oh my gosh. Okay, that's insane and
what harm would have come from just taking
A half hour and have Trump have a cup of coffee and then go make sure that this person is not exactly like exactly well. I'm just thinking judgment wise. Listen. I understand they're in the field. I understand they have I understand if like they were concerned. Maybe that's one of our snipers on the roof. Like maybe there was a moment like a 30-second moment. Like I'm trying to give them the benefit of the doubt here, but it's hard to the
secrets are a sniper who did an incredible job taking out Mesa the the shooter and one shot. Okay. He had that person lined up. So again, you know
Why haven't they released that the the audio there must be an audio recording of all the chatter on their earpieces their communication under percent that sniper must have identified, you know Crooks as a potential Target and had them lined up which is how he's able to take him out very quickly. But what was the chain of command there in terms of him seeking authorization? Hey, who is this person? Why wasn't everything stopped while they go to figure out what this person is doing on the roof. They're okay and then once once the the shots rang out and
And Trump gets shot. Why did it take them so long to get him in the car to get the Convoy off to a hospital. There was a long delay in to resist getting him out of there. So they clearly weren't prepared for that the whole thing it just you know, reeks of of incompetence
and they don't have a great track record of being honest about what's going on. They don't you remember not to bring up January 6 again, but they deleted all their text from January 6th. Like they do not they circle the wagons. They do not want people criticizing. I doubt we'll even going to get that audio.
You might wonder if that audio is going to come
out but they don't have the right in a democracy to basically investigate themselves and say oh we're good. No, that's not how it works. The people of this country need accountability. I mean, they'll once and likely future president came within millimeters centimeters of being assassinated and this whole country could have been plunged into a whole different type of situation. We need answers to these questions and this director Cheadle is obviously in the way.
And putting out nonsense putting out spin at a time when we need a proper investigation that needs to happen immediately. Cheetos should resign we need to have agents. Okay Secret Service Agency to be offered up to testify on Capitol Hill with no fear of reprisal from the bind Administration. Okay, who needs to be made
available sniper the first person the first person that needs to that needs to speak in a congressional hearing is the sniper himself. Did you guys see there was coverage?
A that show there's actually two snipers and the courage to the yeah the current well, no, sorry. There's two sets of snipers as for snipers the one set of snipers that you see the video of where he does that there's a tree blocking their ability to see Crooks the other set of snipers are the ones that apparently took the Fatal shot and they had a line of sight but they're not on camera so you don't actually see what's going on with them. That's the current reporting I've seen on it. So I don't want to like jump to conclusions given that there's now seeming
figures
Excuse year because the me to say but
fortune on the roof and they let the president on the stage someone effed up that doesn't seem absolutely why not have a delay like not the end of the
world if we could put that that bird's eye view of Butler Farm on the screen under Nick if you have
that Nick pull it up where it shows the line of sight with the tree as well so you can see it all yeah,
but look choose position to look at Trump's position. Okay, and I've seen broader Birds Eye views of Butler Farm without knowing anything about
Marksmanship is just obvious that that roof is the most if you could set yourself up anywhere as a sniper. Yeah Stanislaus State. The president is the one most obvious location. Furthermore. Let me just say that which month and I hosted that dinner for President Trump. We worked with the Secret Service, you know Advance team and they were excellent. They were really great and I saw just a little bit of their process and they went through the house. They mapped out the entire house the entire property then they asked well, where's the present can be sitting at dinner? They wanted to know?
Who's right who's to his left? They looked at the window coverage of that room and they said okay whose house is that that neighbor's house and they went to go check it out every single Movement by the president was mapped out every angle on the president was basically mapped out and
explode patear then like that's the crazy
part. It was actually amazing to watch so I thought they did a great job. It was really amazing. This is why how could this ever have happened where the most obvious shooting angle on the president was not properly.
I've heard it just makes no
sense. You could put to Blues up there just to beat officers on their way to solve the whole problem. If you don't have enough Secret Service agents, I was at a Clinton benefit one time and I got detained the Secret Service and went into secondary screening. The reason given I had two cell phones on me. They thought it was peculiar that I had two cell phones. They kept me for 15-20 minutes in a side room and they literally took my phone apart in front of he took all the batteries out went through every bag. They frisked me. I mean wanted me like
Hey guys around me they take this incredibly
serious. Normally they're very thorough and they're very serious. I mean look, even at the dinner that we hosted they want you to know what kind of steak knives we were using, you know, they yeah, like literally they wanted to make sure that that was safe and this is why they were so interested in knowing who has to the president's right and to his left because they want to think through every possible angle of attack on the president. There are some right down here. And in this case, it is something very strange
happened and of course
As I was just sort of alluding to early if this person looked like a SWAT member which apparently he did fatigues, you know Rangefinder all that stuff. I'm guessing that maybe those snipers from the Secret Service thought those were friendlies. That's the only possible explanation of why they
paused. Yeah, but he went that way. He wasn't he wasn't wearing. He wasn't wearing a costume or he wasn't authorities but even so there's one laying there.
As a police officer is shooting another police officer. So I think that dirty was not in any
form
from whatever number of feet away. Can I ask a technical question? Yeah. Are you telling me in 2024 that when you show up at an event to protect a vvip like the president of the United States that SWAT and other people aren't given some kind of like little pin that has an NFC chip.
Or something where everybody knows who everybody is so that it's very clear very quickly when somebody in a position of risk is not on the home team. They do have ways of doing that right? There is a when you're unlike are you telling me for example, like president from spin or Barack Obama's pin or Joe? Biden's pin doesn't actually have something in it. I'm I believe be shocked if the answers it's just a pin. Well, this is what there is a report that they're investigating that the delay in shooting.
The sniper might have been that they were was friendly. So this theory is out there now and it's part of the investigation. It is a potential one here. I can tell you that that would be the nightmare scenario for the Secret Service is to shoot the local cop. Honestly guys. I hate to be the one to say this but we've just our institutions are incompetent. There's a lot in
common. There's no proper investigation of why so many people died in this early in that Afghanistan with
Well,
nobody's fired for anything anymore. It's just ridiculous like it and there's no resigning obviously. Nobody resigns. Nobody gets fired. Why would anybody so if this was a company this would be a failing company. Why would you not strip it down from top to bottom and rebuild
it? Well exactly and I tweeted this counterfactual which is imagine if he'll on had bought Twitter, but he wasn't allowed to fire anybody. Do you think he would have been able to restore Free Speech do you think you'd be able to restore Innovation know if you're running an institution?
You have to be able to fire people when they don't perform but we have lost that ability of our federal government. So there's something that's very very broken here when people fail they have to be held accountable or you don't get good
performance, right when institutions fail there needs to be a question on why are we funding those institutional buddy the exact turd? Why would you give more money to a failing company you'd never do it. This is the comment. I put in the letter that I sent to that senior Democrat back in October. I don't see
any accountability with respect to the programs that you pass bills to fund you pass bills to fund these programs you stand up new institutions and then there is never a retrospective post-mortem or review on the performance of those institutions of the objective of those programs and yet we keep funding them and asking for more money and eventually you end up with a decaying Empire like we've seen in history. We need to have a series of actions that drive accountability and federal programs and then a review on the intention of those programs and make sure that they still
Old and then we can move forward with new programs Sachs is really right. Like you cannot have the Secret Service investigate themselves on this one, of course not and they deleted all their text message and did a major cover up the last time around so you cannot trust them to investigate themselves. No, do you see all those Senators chasing them up the stairs yesterday. You see that I did see that it didn't say which Senators it was and if that was confirmed. It was a Blackburn what happened? So a bunch of US senators confronted the head of the Secret Service Cheetos her name, right? Yeah, and they could
fronted her and there's a someone video the whole thing on their iPhone of them saying we need answers. Why did you let this happen? There's a video that can show it here. Just watch it said Tiffany.
Oh my gosh, that's a bad video because what it does not show is the start and the end at the start. They were all standing around her having a conversation and then they started to press her and she said now is not the time. This isn't the Forum then she took off they followed her and then she went into the Secret Service secure room upstairs and blocked all the senators from coming into the room her Secret Service staff blocked them. So all the guard said no you can't come in so they all got blocked out. So the senators were pushing her for some feedback for conversation for dialogue.
She wouldn't engage. Yeah my
gosh, I've seen enough resign now get out of the way. So a proper investigation can be done
total total totally. Okay, let's talk about the RNC a friend of ours gave a talk and the VP was selected. You did a great job besties. Thank you. What was it like to get on that stage? And I have a bunch of questions about yeah because it wasn't like it seemed like people are not sitting in chairs right there trying Molly.
About tell us give us the behind-the-scenes. Yeah. And what was it? What was it like getting prepped and doing all the kind of prep work to review your speech like tell us all the
details. Well, let's see. I mean I started working on this about I don't know a week before the convention and they sent me some ideas for remarks and then I completely rewrote it with my research system / writer and then send it to them and there's some back and forth. But by and large they let me do what I wanted to do.
Do they give you a time
like they're like the one thing the one thing that was kind of
Set was the time and they correlated the time with a number of words. So they said got six minutes, which is 600 words. And so that's what we work towards and then the big thing I had to learn was to see how to use the teleprompter. So they had these rooms set up where there were teleprompters and I could do some training on how to you know, read a speech using a
teleprompter. What is that? Like like it's
like it's just a matter of knowing where to
Look and trying to stay natural but also using the prompter as a mnemonic
device and does the prompter stop when you stop or how does that
work? There is actually somebody in the room who is physically advancing the words as you're speaking. Okay, so there's someone who's actually working the prompter and they will
go out Applause. They'll pause it for you and you don't have to try to keep up
exactly exactly. So that was probably the biggest thing to learn and the other thing about it is that you're speaking to a huge convention hall.
So you feel like you really want to project in order to try to reach people but at the same time, you're really speaking on TV as you guys know, you'll come across as being kind of insane if you start like yelling into a TV set. So finding the right balance between speaking to people in the auditorium and speaking to people watching from home. That's kind of tricky and I'm reasonably happy with it. And the most important thing is I got to say the substance of what I said
not universally popular, right? I mean you basically called
For an end to the conflict in Ukraine and to stop funding Ukraine's defense against Russia. And that's not a popular opinion in the Republican party. Is that right?
Well, I went further than that. I said, yeah. This was not an unprovoked War. It was a provoked war. I said the by demonstration provoked the walls with right with talk of NATO expansion. You can just create that if you want, I think there's plenty of evidence for it. That's what I
believe. I feel like you went out on a limb more than most other speakers who kind of had a lot of good laudatory comments and you know,
Promoted prompt that you could have pampered. Yeah, you actually went out with a strongly held opinion that is you know, fairly contrarian. Right? Well, I think that most of the people in the Republican party including most people in the floor actually agreed with me. I think it took them a second to process what I had said and so you know what I saw when I was up there is I said that you know Biden provoked. Yes provoke the war and I think it was such a shocking statement a lot of people because we've heard the whole um
Looked Invasion narrative so many times that they were like murmurs and then people got it and they started applauding I never actually intended it to even be an Applause line. I just thought it was an important thing to State the truth as I see it on the record at the Republican convention and that line did actually get Applause. Now a bunch of Ukraine stands were predictably outraged by what I said and they were trying to claim online that somehow I'd been booed or something like that. There are absolutely no booze. There were actually people applauding and then you know as I got deeper and deeper into spiritual applauded at more and
More it was very much a speech that attacked the forever Wars, it attacked the war mongers and and complemented President Trump for keeping us out of wars and complimented him for being strong. But also having the savviness and the ability to negotiate with our adversaries to keep us out of wars and I think that's now a position that's very popular within the Republican party, but it's a process it's evolving
is a perfect segue because there are reports that friend of the pop Tucker Carlson had a
big impact on talking to Trump about his selection of j.d. Vance and said don't pick a neocon.
That'll get you assassinated. There was one report that was advice that came before the assassination attempt. Obviously so conspiracy theorists are kind of losing their minds over this but let's talk about the selection of JD Vance because that is a big surprise. I think in many quarters.
Tell us about JD Vance your friends.
Yeah, I mean I'm friends with him and I very much supported his selection for for VP.
Why is he the best pick in your
mind? Well, there's a couple of things so JD Vance represents a couple of very interesting characteristics on the one hand. He's from this poor region of Appalachia that really represents the Forgotten man or the Forgotten cities and towns in America. You could call it the Maga, Heartland.
And so Maga really likes them at the same time. He's worked. In tact. He was a venture capitalist. He understands the future and he's popular intact. So it's very unusual to get somebody who has Maga plus Tech on their side together. So that's one almost contradiction. You could say that JD represents. Here's another one JD Vance was in high school when the Twin Towers came down and then we invaded Iraq and he was gung-ho to serve and to go exact retribution.
And Justice on America's enemies and he enlisted in the Marine Corps and he went off to serve in the Iraq War subsequently. He realized that we had all been lied to about the Iraq War and that it was a gigantic mistake and more over there forever wars were a huge mistake and to me this is something that I really appreciate about him. And this is a quality that I really want at President Trump's side, which is he's an American Patriot. He had the courage to serve to go serve in America's Wars.
But he has the wisdom and the judgment to want to avoid those Wars when we don't need to fight them and there's way too many of like you said Jason these neo-cons these war mongers in the party who have never ever acknowledged their mistake in the Iraq War and all the forever Wars and they seem on virtually a daily basis to want to plunge us into the next Forever War. So this is I think a quality that's of Paramount importance to have in our commander-in-chief and in the person who would be next in line to be Commander in Chief.
So for these reasons I very much support
JD. Alright, so let me get some feedback from the rest of the panel and just give you a couple of bullet points about him for those of you who don't know JD Vance. Yeah, he worked at Peter thiel's mythical capital and steep cases Revolution. And so he worked for a Republican and a Democrat and Steve case start his own firm called Nuria capital and he went to Ohio State graduated Yale was actually classmates but baked they talked about that. He's only 39 years old. So he's half the
age of trump as you mentioned combat correspondent for six months in Iraq in 2005 39 years old and teal back to him with I think the largest Senate race donation history 15 million. And so this is quite a Ascension trim off from a venture capitalist to potentially vice-president and obviously
Potentially president is in the second spot. So we're you a proponent of the JD Vance as well as sober. He's the Press says you Lobby Trump as well. Is that true? He's superb I cannot say enough good things about this guy. He's super it was white is superb. He is a
He's a bit of an enigma. I think a sack said because he his views are so unique and he comes from a background that is very similar to mine. So I have tremendous loyalty for the path that he had to navigate to get out just to get out and I think that that, you know, I really care for people like that.
And then he's done really good things with the resources that he's been given and the relationships that he's built and I really respect that too. We all spread hillbilly allergy. I don't know if we talked about in this pod years ago, but you and I certainly talked about it a bunch drama and you know, he came from nothing less than nothing less and nothing addicts less than nothing and he talks a lot in his book. I don't know if you remember this about social capital and the fact that he didn't
Durst and the name is a firm is sort of capital building the reference that he just didn't have the social capital to even understand that a lawyer went to law school totally and you know, he is an enigma his positions don't align with Trump's in every case, but they have quickly become aligned with Trump's. He's an incredible pair now.
Yeah, I thought it was an incredible pick before his speech last night and he even exceeded my expectations and that speech. I just thought it was truly an incredible speech. First of all the the
By his wife who show was really, you know incredible. I thought she did a fantastic job and then he got up there and it's a friend text me. He's not really that into politics. He's just like this guy seems so normal. He's happy. He's normal. He seems competent. There was one commentator. I think I'm one of the cable shows. So I think Memphis is an insult but actually was positive. He said that when you're at like a fast food restaurant something and need to ask for the manager JD Vance's the person you hope is the manager. You know, he
He comes out. He's friendly he's competent. He's reasonable. He knows how to get stuff done. Huh? I'm not sure if that was meant as an insult or
compromising his huge that can tell you this much.
Yeah, but I think it's a compliment right? And he's just so normal. He can be very hard to demonize. Obviously. They're trying to do it on cable news the term out somehow trying to portray him as an extremist or a racist, even though he has a mixed race family
the tenth of the Republican party at this RNC sacks is the most wide open tent I've ever seen in politics.
They had Amber Rose and people were criticizing a row. He was excellent. She was
excellent a see. I thought her she was accidentally
knocked the ball out of the park and cheese Sheila pro-choice livre be the feminine beautiful and she crushed it.
I thought she just reach was affected. I thought it was authentic and it would describe her red pilling. Basically. She's described her evolution in her journey for someone who believed the media's lies about Trump thinking that he was a racist to actually meeting the man it herself realizing that the way they portrayed him.
Was basically a slander and how she became friends with President Trump. I thought was an incredibly effective speech but look there is very few people who didn't like it. There. Is this one post by Matt Walsh online and he was roundly denounced 40 said, I'm he kind of engaged in this Pearl clutching that they had allowed Ambrose. Yeah because of her background
value judging and it's like who's not like to just
felt like give me a break. I felt like a part of the Republican party that's on its way out. You know, this Pearl clutching social conservatism.
Yeah, tell me about it was it was really an opportunity. I think for people to disavow his criticism and support her.
Yeah, and that's how much she did a great teacher is what you know, they've done a really great job of and vape did a wonderful job in his talk. I want to give him a shout out of just saying Hey, listen, everybody can be a part of this party. I think there's a lot of notes the Democrats could take from what they saw at the Republican National Convention. These are people who would have been at the DNC but you know one election cycle ago, but because of this purity test you can't
And you know win with them. Let's take the obvious. We're trending into a direction right now. We're based on Donald Trump's pick for the vice president and some of the other surrogates like be vague if Donald Trump were to win what you're going to see is a very youthful cabinet of a lot of 30-somethings and 40-somethings. And I think that that's a really important thing to consider versus a bunch of 60 70 and 80 year olds.
Our politicians correct? Absolutely Youth and vigor and again this new Direction, you know, a lot of people were commenting about JD speech that large parts of it could have been given by Bernie Sanders or you know, it's this populist message
that will let me ask you that. Yes Acts is he he's had a position of breaking up big Tack and being pro-union. How do you reconcile all that? And this new Republican party? Yeah address those two because that seems to be a big
Russian to discussion topic.
Yeah, I think that it's definitely a new emergent Republican party where this is. I think this is Donald Trump's Republican party. This is the Maga Wing the America First wing of the Republican Party. We're moving from a party of basically the Chamber of Commerce, you know, Business Roundtable a bunch of oligarchic fat cats to being a populist party that actually represents the people and I think it varies
I think and they had the team serves up there. Yeah, and I think it's I think it's a very welcome change and the part of JD speech that I like the best is when he described that hey, I went off and many other people went off to fight in these forever Wars risking. Our lives are giving our lives. We come back to our home communities. And what do we find? We find them hollowed out the jobs have all been exported. The factories have shut down and instead the town has been poisoned by fentanyl that is a message that you have not heard in the Republican Party except for Donald.
And that new part of the party and I think that Donald Trump choosing JD Vance was so important to cement this new vision of the Republican party. It was a legacy pick because it means that this America First Maga message is going to continue into the future many years into the future and let me just tell you as I listen to that speech. I hearken back to another speech and Republican convention. I heard 32 years ago. I'm sorry to say I'm old enough to actually remember these things and
I remember Pat Buchanan speech in 1992 and the after Heap at describe the factory workers who lost their jobs. I just wanted to read you what he said and I want you to think about what JD said.
So what Buchanan said was my friends these people are our people they don't read Adam Smith or Edmund Burke, but they come from the same school yards and the same playgrounds and towns as we come from they share our beliefs and convictions our hopes and dreams. They are the conservatives of the heart. They are our people and we need to reconnect with them. We need to let them know we know how bad they're hurting. They don't expect miracles of us, but they need to know we care and I think that for too long Republican leaders ignored that advice they
And connect with everyday Americans they were foolishly willing to cut programs like Social Security or Medicare saying that we had to cut the deficit while at the same time funding forever worms. So the totally not credible and the party was basically led by War mongers like Dick Cheney or Mitch McConnell or Soul as Bean counters like Mitt Romney and Paul Ryan and I think Vance really broke with all of that and I think he represents the
The future of the party he trashed the Iraq War. He promised no more foreign interventions. He railed against policies that benefit multinational corporations at the expense of workers. And I think it's no wonder that the Neo cons lobbied so hard against his selection. Yeah, but I think wiberg let's get you. I think those days are over and I think that just means to say this end with this that I think that Donald Trump and JD Vance represent a conservatism of the heart.
That we haven't seen before and I think this is the future of the Republican Party Freiburg. Does JD Vance being selected tip your vote towards Trump Advanced. I think he's gonna do well for Trump.
I didn't give you what was it? Who are the other options Nikki Ali?
I mean they were pressured for him to go after a lot of the Neo cons right sacks and get the never Trumper contingent wasn't that like a lot of the pressure? Absolutely. I mean, I think there was there was Doug burgum who was
That that was your favorite no creeper. Not my favorite. I met him seem like a really thoughtful guy has done an incredible job managing the state of North Dakota, but he's got some social policy issues that I think are going to rub people the wrong way and I think two saxes point he's more in the camp of supporting Ukraine, which it seems like some part of the party are starting to come around and say no so it seems like he wasn't a great fit ultimately.
Yeah, by the way, I have I met
Met Doug burgum the other night and he's a very nice man. Who I think I'll play a very important role very nice guy who I think can play a major major role in the
party. Incredible business sold it to
Microsoft. Yeah, there's nobody understands. I think energy better and all the regulations that have gotten in the way of making America energy independent and tapping our vast energy reserves. So I found him very very impressive on that. But at the end of the day, you know, it's just not the kind of pick that JD is driver mean a moderate.
Voter I love jade events. I think it's an inspired choice. I know sacks where you're voting. I'll take some guesses on you trim off but Freiburg where you stand right now.
I'm very happy that RFK Junior was not selected as the VP why to be under the ticket. I think RFK would have been challenging partner for Trump and it would have led to a lot of disagreements that I think that RFK has some policy perspectives that I don't agree with God particularly as it relates to Health Energy agriculture.
And so there are some disagreements I have with respect to his view of the world.
I will say JD seems like a pragmatist. He seems highly intelligent. He seems highly competent and I know that he has not been in a governing position before right. So this is really critical to note. This is a training job for him in a large way. He's been a senator and he's been an investor and he's been an individual contributor as an investor. He's built his own firm, but it's not a scaled firm. So this is going to be a really interesting kind of
Process to watch unfold but I think from a policy of a strategy perspective. He can have a really positive impact on the direction of the things that we talked about earlier, which is accountability in government programs having a clear set of objectives making sure that we focus on those objectives and don't spend time and resources on things that are fluff and perhaps aren't really meeting the objectives and I think that he'll have the thing. I do have concern about I think that the national list
genda the nationalism in the isolationism agenda is counter to global trade which can be deeply inflationary. And that is one concern I do have which is the ability for the u.s. To export and import with other trade Partners around the world. I think it's critical for us to continue to grow our economy and keep inflation down. So if we take policy action that limits our ability to import because we impose tariffs on other countries.
He's goods and services. It can be inflationary makes things more expensive for Americans everyday Americans to buy when everyday Americans going to Walmart and they buy products. A lot of those products are shipped from China. So if there is a tariff on those products and the price of those products now goes up by 30 40 percent that can be a real burden that drives inflation. That's the point about the nationalism on manufacturing and input. So Freiburg, you're pretty convinced that this point that reciprocal trade agreement.
What caused inflation hyperinflation? No, no, I think I think that the idea that the general statement which I don't think is necessarily how this is being executed. I just want to make sure that we're all cognizant of the point that if you introduce and if you introduce tariffs on Imports, it will drive prices up now that may be the right thing to do from a policy perspective as we heard from from President Trump when we interviewed him. His belief is that this is an important
security stick that we use it to drive reciprocity and we use it to hold China in check. And so that may be a more important strategic priority over the increase in the price of certain Goods the problem that will arise in this is this happened during the last Trump Administration if China then responds with tariffs on the export of u.s. Agricultural products are our biggest buyer of agricultural products. Today is China and then China put tariffs on our export or they stop buying from the US and they started
buying from Brazil instead. The farmers are hurt. And when the farmers are hurt the Trump Administration have to spend money to support Farmers tens of billions of dollars if they subsidized it they subsidize they paid farmers in a way and so the federal government then has to step in to meet the Gap that arises from what we'll end up becoming an escalating tariff problem or escalating purchasing problem. So global trade allows the economy to grow gives everyone a market you can start to trade but
There's also these security issues. I do think it's important that we onshore a lot of manufacturing. I think it's important but there's going to be a period of pain. There's going to be an investment needed and it's not going to be simple and easy and we may face quite a bit of inflation on the path to doing that. Here's an update here at the end of the show Freiburg scholarships, and I've been asking for the own son.
So this week we are opening up scholarship applications. You can go to Summit dot all in podcast.com and we have a very very very limited number of scholarship tickets that we hold for the summit. Like we did the last two years. The applications are open now, please get your application and right away because we expect it will be completely overbooked almost immediately and some of those scholarships are going to be sponsored by athletic growing company. So thank you everybody Brewing Company for paying for a lot of our scholarship recipients.
To go to the all in Summit this year really exciting programming coming together. We have more details to share in the next couple weeks. And we do we do have one more last block of GA tickets that we're going to release get your application in on the website some it.all in podcast.com 4G a ticket for the last block. Thank you. All right. Let's just do one quick business story here since we spent the bulk of the episode talking about politics and current events exits creeping back Sequoia is doing a secondary sale.
They're stripe investment. One of the greatest Investments of the last decade and Google is in talks to acquire Wiz and this is absolutely amazing news for the industry which has been suffering from a lack of distributions. As you can see in this chart trim off after 20, 21 exit values just plummeted and there are some signs of life. Now, let's start with Sequoia buying back some stripe shares from its own.
Owen LPS Sequoia Capital has invested 570 million in stripe. That's currently worth about 10 billion 20x Michael Moritz led the seed and series a square offered to buy back 860 million in stripe shares from LPS and its Legacy funds. Those are the funds between 2009 and 2012 Sequoia is using capital from their newer funds like it's Evergreen fund that was formed in 2021 the Heritage fund that's their wealth management team to give the Legacy fund.
Some liquidity. It's not normal that a company State private this long. It is the exception to the rule but it has happened actually happened with over to a certain extent. So Legacy fund LPS have the choice sacks to hold sell some or sell all of their stripe shares. Here's the quote from the note Sequoia personnel and Associated persons will not be offered the option to sell shares previously received us carried interest distribution from the Legacy funds and they are offering 2750 a share which is pretty
Be generous 70 billion dollar valuation as you may know stripe has hit as high as 100 billion in market cap in the private markets. So this will be a from the seed which was a 20 million post 3500 x for those LPS and for the series a it is a hundred million dollar post, which is 700 x for those people who don't know. I think it was Sam Altman who actually did that investment as a sequoia Scout in the
same fund that I did the
Hoover investment so still the number one into Investments there. You're the Rostrum off on this unique opportunity and device to sell early shares from the same Venture fund. I have two thoughts. The first is that it's interesting to see that they
Mark the valuation up to 70 billion
So that's a good sign for stripe. But the second thing is I was a little kind of puzzled by this whole thing. It's a very complicated thing when you're buying old Stakes into a new fund and Crossing funds. It's sort of like actually one of those things that are supposed to be verboten and when you're trying to build a good fund with great governance, this is actually at the top of the list of the things that you're never supposed to do which is to provide liquidity.
to a group of LPS via another fund that you control but I think this actually shows what may be going on behind the scene so I don't to be conspiratorial or anything but
It would be a great way for the GPS to get liquid to meet their Capital calls here without having to pay capital gains tax and that makes a lot of sense for the GPS themselves. And so I suspect that that probably well that did say that the GPS aren't going to get to liquidate anything so they did put that note in there. So they participate provide you can provide notably meaning but that what that means is you can provide liquidity you don't get to pull the money out. That's fine. But then now you can use it to fund Capital calls, but I don't like it.
I don't like these kinds of like things where One Fund is basically scratching the back of another fund. Its it always tends to be the case that this stuff on the surface looks a little smelly then can be a little unseemly and this is why you're not supposed to do it. You're supposed to go and get some other random fund to buy these things and I think it's generally a much cleaner thing to do and the hygiene of it is clearly what we see sacks in that documentation giving people choices.
Make your own choice, we're not taking carry. We're not selling our shares but we're em were only selling ten percent. So they did go to Extreme Measures, I guess to outline that but your thoughts on this type of Sal and happens in private equity on the time. I understand but we don't see an adventure all that off and what are your thoughts on this providing liquidity to the fourteen-year-old funds?
Well, first of all, there's a Kid Rock concert going on behind me. How'd it start by self-tracking? So it's been it's going to be lit. That's all I can say if he's introducing president.
And trumpets going to be pretty baller tonight. We're taping on Thursday. Obviously this episode of by come out tomorrow, but in any event with respect to the Sequoia thing, look, I think there are there is this this overarching issue of the fact that VC funds are classically designed to be tenure funds. The money is called over time usually over the first few years. It's invested and then you don't get liquidity. I mean, it's not like a mutual fund where you can take your money out you get liquidity if and when
The fun gets liquidity and these funds are meant to be long-term illiquid Vehicles. So like I said 10 years and typically you can get two one year extensions to the funds. So then the question is what do you do at your 12 if you still got positions those funds? Well, I think a pretty good solution is what I think Sequoia is doing here and what I've heard other people do which is if you have a security that's not public yet, but it is semi liquid because it's a very late stage private company then what you can do is spin those shares into
to an SP V or to some other vehicle and you let new investors come in and buy those shares at some price and then you give the option to your old investors. Do you want to sell or do you want to roll into the new vehicle? So nobody is forced to give up their ownership position. But if they want to get liquidity and there are sufficient Demand on the buy side that you can get them that liquidity. It's a really elegant solution. I can't say I know exactly all the details what Sequoias doing because they've got this
To cheer fun structure that makes it a little different but I have seen in other cases people have distributed shares into an SP V and then new buyers come in participate and then the old investors get to decide whether they roll or sell so it's a pretty good way of handling
this like fulfillment just to you. Sorry didn't clarify this valuation is based on the for last 49 a so,
this is the one thing about Sukhoi. That's a little different is remember. It's their kind of like Global Mega fund that's buying the shares as opposed to an SP.
Evie normally what would happen in terms of figuring out the price is you'd want to use some sort of validated secondary price, but obviously be have to be a market clearing price where new money wants to come in at that price. And this is a little bit different because it's their pre-existing fund that's buying at that price. And so how do you sanity check the valuation? And I guess I would just want to make sure that that that guy is
Secondary. Yeah, it's like the secondary
twins pricing and in secondary markets and that's what the 49a is. So I guess that would be the hygiene there, but it's certainly unique and I guess great for those that don't work unless wow, I mean we have a similar thing happened with the Uber where they did the secondary and you know, they had my co Chic on masayoshi son come in and do an IPO. Is that Charlie? That's entirely different. Yeah. We had a you had new money coming in to your point. So here is the
Second Story related to DPI and VC's getting to cash out. Google's in advanced talks to our whispered 23 billion according to the Wall Street Journal. It's an israeli-american cybersecurity startup that was founded only in 2020 backed by Sequoia index inside and driessen and others. One of the fastest growing startups ever reaching 500 million ARR in 4.5 years. Google would be paying 46 x forward Revenue. They think they'll have a billion in ARR sometime next year.
And what are our thoughts you saw in this in terms of MMA? You saw it on the 20 pack of snowflake?
But Cloud security is a really big deal to more cloud services. You have the more difficult it is to lock these things down. And so whether it's Google or Amazon they have a or is your they each have a really big problem on their hands, which is that if all these customers are convinced to move these workloads into the cloud, but then you can secure it and you get hacked that ends the business so Wiz is an incredible Testament to I guess engineering prowess. I don't exactly know to be honest with you the quality of the
The product obviously, I don't interact with those kind of products every day, but the fact that they're willing to pay such a premium means a the product is good, but more importantly be in the absence of cloud security. These Cloud vendors are going to be constrained in how fast they can grow. So what an incredible Market but an incredible incredible market after say these two things have really helped the climate in the lp Community this past week a lot of chatter.
Or about IPOs that are getting filed and that we could be ending the drought and people were feeling very very pessimistic about Ventura as a category. And I think these two things have changed.
A lot of people's feelings on that so good work there and I think it also signals may be some regime change expectations tax. Yeah, Lena Khan may be getting booted when this regime change occurs in next year and then maybe more ma would occur. What's Trump's and JD Vance's position in your mind on MMA and Lena con Sachs. If you have to interpret
it. Well something that's very interesting is that
at JD Vance has been relatively positive towards the Anaconda. He's yeah, that's the weird. He's one of Lena cons few Republican fans. And the reason for that is because Lena con for all of his faults and we've described them here has been willing to take on big Tech the fact that matter is that the top handful of tech companies the Microsoft's the the Google's Amazon. These are Big Tech monopolies. There's just no way around that fact and they do need to be closely watched and supervising and
Related with respect to their Market power and I do think they use their Market power in inappropriate ways of these discuss on this podcast. I sometimes think that Lena Con in her approach has been a little bit more of a Cleaver when she needs to use a scalpel. I don't think that she should stop some of these what I would call R&D Acquisitions from taking place where there's no accretion of market share but rather starts being bought because they contribute a useful piece of technology. I don't think you want to shut down that part of the market Lord knows we don't have enough eggs.
Assets as it is like we were just talking about so I think you know, it would be great if we could kind of massage Lena cons approach a little bit but I think that it is a good thing that she's not willing to just roll over and let the big tech companies do whatever they want. And I think JD Vance appreciates that about her so look I don't think that lead a cons going to be running that agency in a second Trump Administration, but I think this can be a
problem with the Republican. So sax is the freedom of speech issue.
And Republicans being banned on the social platforms. Absolutely it up to Trump. I mean if that issue wasn't there, I think you'd probably see maybe a different approach
you well, I think it's a huge issue because the fact that matter is you've got these Tech monopolies who are using their monopolistic Market power to put their thumb on the scale of our political discourse in favor of one side versus the other so obviously if you're on that side of the aisle, you're going to be up in arms about that. You're not gonna be happy about that.
And I do think that given their Market power they have an obligation not to distort our democracy by artificially suppressing one side of the debate. Yeah. So I think that yes Republicans should be up in arms about that and they should be resisting censorship and JD Vance specifically mentioned censorship in his speech that seems to be his main issue. I think we'll see under Trump a lot more mid-market ma if I were to you know, let's call it under a hundred billion dollars.
Hundred billion dollar acquisition would be fine with me under
100. Well, I really like the part of his speech where he said that in a healthy democracy. We debate ideas and that's good. We even have to base their public and party and that's good. The last thing we want to do is sensor the marketplace of ideas. Gosh, I mean, we're going to hear anything like that from the Democrats when they do their
convention in breaking news as we wrap up this program, the hot-swap summer will continue apparently by is predicted to resign this weekend. We'll see if it happens speedrun primary Nostra.
Radames is predicting. It happens. Mr. Camp stick with my district. And so will he keep his position? The hot swap is
come on Jake at this point. I think you're you were right about Biden stepping aside. I thought he was out of the woods. He did that press conference that NATO press conference where he did make that one mistake that senior moment where exactly okay. Yeah. Oops that was the kind of thing. We got is a name mixed up. But yeah, otherwise he sort of seemed.
Finding its footing in terms of talking about policy and the brush fire was sort of put out right but then for some unknown reason he goes on and does that Lester Holt interview. I don't know why they were still letting him do interviews. He should only be reading from a teleprompter and he mixes up he forgets the name of his secretary Defence Lloyd Austin and he just refers to him as the black man to
be to BJ.
Yeah. There's a BET interview. So he did the Lesser whole interview, which was not good and then he did the BET and if you were trying
the money trying to
write your mouth. So once the money goes it's over. Well, yeah, and he also did a horrible one with 360 with speedy speedy Morman and that was a train wreck. There was a couple moments there that are just total gaffes and it said they say Pelosi and Schumer told him it's over and I guess that mean and katzenberg your righteous and when the big money is gone and they make the call, you know. Yeah, it's done it's
done in that amazing what we've learned about the Democratic party, you know, like
The coup de Grasse was basically katzenberg going in there. So yeah, I can't raise any money for you and then boom
He's out.
I'm shocked that any political party would be swayed in any way by political donations. Enjoy. The training hard see sacks. I love you guys. I gotta go to dinner. Love you guys. Talk to you soon for the chairman dictator the architect David sack and your Sultan of science who ducked out a little bit early.
I am the world's greatest moderate
moderator will see you next time. Bye.
Bye. Love you guys. Bye. Bye what you're winner is ride Rain Man.
They gave its eyes open source it to the fans and they've just gone crazy. Love you sis. Queen of King besties are back.
