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If we get the AI Utopia we all want. Right. This gets cheaper and easier and better to make. And it's healthier for you. It's more accessible, more people. There are so many things that are still going to be invaluable that will still give us and I hope, give us even more of a purpose to live, whether it's getting food together or going for a run together, shouting at a soccer game or screaming with our favorite singer, or laughing at a stand up comedian's jokes. Like, I actually I'm very bullish on humanity for if this goes right, us actually having even more appreciation for the shit that like a world that our great, great grandparents would actually recognize as being like, the sort of fundamental parts of humanity. Yeah. And how did you process, given, you know, given your work with Atlanta.

Yeah, we always talk about like the stock market crash in 1929 and, and I think the statistic was 5% of Americans own stocks in 1929. So we had like, we talk about it as like it started the Great Depression, but it was, it was a such a small number of people that actually got hit by that. Whereas today I think the stat is 55% of Americans own stocks, the vast majority of them in their 401k. Yeah. Now in part of that, like if you're an investor for the long term, the odds that you're going to experience a 30% decline or even a 50% decline are almost 100%. That's just how markets work over. And does the general population of just like ordinary Americans who are not watching this and listening to finance podcasts and reading finance books, do they have the stomach for that or do they even know that that's the game that they signed up with for? I think by and large the answer is no. And even if you do know it, knowing it and experience it in real time can be completely different. The one thing is that like stocks have been over time, nothing is promised in the future, but generating real growth above the rate, like well above the rate of inflation. Real estate is something completely different where particularly if it's the house that you live in, not a rental that you have. I think we've done a lot of damage to Americans by convincing them that rising home prices are a good thing and they make them wealthier. And it is such flawed math. Because if you buy a house for 500 grand and then sell it for a million, how much money did you make? Well, for most people, once they sell it, they have to buy another house that also inflated in value by 2x over the last same period. So you didn't, probably didn't make anything. And so I think there's a lot of like, it looks like wealth on paper with real estate, but it's just a place to live in and you have to exchange it for another place to live in. And you didn't really make that much over time. So me, if we're talking real wealth over time, it's a much better situation that we're in now. Yeah, I am interested about. I mean, I know some people who bought in Mill Valley like years ago, decades ago, just because that was a logical place to buy and it was a nice community. And of course the house prices are insanely high with the AI boom with San Francisco booming. But there isn't a logical like, oh yeah, of course they'll move to Florida at some point because that's not really what people do culturally. If you are in California, you sort of just retire in the town that you grew up in or live in, raise your kids in. If you can do that. If you can sell a Mill Valley and move to Oklahoma, that's great. That's real wealth. But if you sell a Mill Valley and buy in Mill Valley, you can make anything. You're not doing anything. What.

The lore is growing. Yes. Knock on effects. I and then I was the lead investor in Alts so Marketplace which just had. They just set a record for an all time kaboom. It was like $1.4 million for a one of one WEMBY. Wow. And what's a kaboom? See real dollars. So it's a, it is a brand within the universe of trading cards that was inspired by like 90s era comics. Okay. And so it's your favorite players but sort of restylized as like cartoons almost comic book inspired art. And for whatever reason it struck a nerve with the culture. And so you these record auctions happening. I'm a big fan of collectible video games, match worn, you know, athletic apparel. All these things I think are culture assets for us. Like having an 86 Fleer Jordan rookie card on my desk in mint condition is a better sort of more satisfying flex for me than having like a Warhol. No offense to Warhol, but I think the energy of contemporary art, I think this is our contemporary art. Especially for a generation of us who grew up collecting or idolizing. And now that you know, Topps and others have gotten much smarter. Oh, by the way, I bought a trading card company. Explain that. I mean college, this normal VC firm, is it within the firm? Yeah. Like very interesting strategy. When you're the biggest LP in the VC firm, you get to kind of do what you want to do. We have amazing institutional LPs, don't get me wrong. But like I sign up every deal we do at 776. When I'm hitting send, I'm thinking of my kids inheritance. Right. This is my money more than anyone else's. Totally. And so there's really. And so with trading cards, this was a modest sized company that was specializing in college sports. Obviously Nils changed the landscape of that and this long tail of college athletes. A guy like Mendoza gets a card deal with us and he doesn't just get his rookie card, his left tackle gets a card. So the guy protecting his ass who may never get to play in the NFL may never get a card he's getting a card with on it. And you know, I love the fact we actually have just as many. We have more women college athlete cards in the last year than every other card company combined. So there's a lot tail there. University of Nebraska women's volleyball sells more cards than the men's football team. And so it's focused on a part of sports that I obviously love. I think college is obviously a huge and booming opportunity. And these companies all need software now. They all have an opportunity. Do any of the athletes turn it down? No, it's. I mean.

I, I, look, I, One of the things we've said around here is we want to invest in things that we know can make, you know, generational size returns, but also be things we're proud to tell our kids about. And so I have, again, I have no beef with betting or gambling. I think in models where the house always wins, that does not stir my cocoa because now you're just, you're just weaponizing sort of slot machine tactics to bring someone back who probably shouldn't be investing that next dollar or gambling that next dollar. I think prediction unique in that it is peer to peer. And I feel less distaste around, hey, someone made a better decision than you did today. Sure. Right. That feels more like any market. But I do think overall, the worst toxicity that I've seen on the Internet when I get. And it's, I mean, it was jarring when I first started dating my wife. The worst toxicity that I would get was from psychopathic racists on the Internet. And it was tied to sports betting. And so tennis is a unique sport where there's actually always been a lot of sports betting, women's sports, where there's actually always been a lot of energy around it. And so even just anecdotally, it feels like athletes carry a disproportionate weight from it. And it might be easy to say, well, don't check social media, but like, you guys, I mean, we all get our, we all get our hate. But like, if you're an athlete, like, you're literally just trying to do your job every day in front of everyone. We don't have to. Our board meetings are not broadcast to the world. We don't. You already have to live every workday in front of every person on the planet. And if, if the downside of a shadow of sports betting and its rampant growth is even more toxicity for the athletes, like, that feels bad. And then there's this. Yeah, I saw, I think it was like Holland's teammate who, you know. Yes, had a clear, had a clear, sort of should have passed it, but he's in the moment. You know, he thinks he's going to be a hero. And, and yeah, he, he had more, you know, he just lost the World cup, you know, not or not lost, but, you know, lost in the, in the quarters. And he had like, you know, double the amount of comments as likes on, on his last post. Most of almost all of them saying, like, it's just very different when you're a fan, you're passionate about a team. Yes. You are upset about your favorite player, yell at the tv. Yeah, yeah. But it's different when people have money on the line. They are more incentivized to go crazy online and send the aggressive message, which is never fun. Yeah, yeah. And I, and I, and I also just think from a health standpoint of our society, right, we know young men are more likely, right. We're risk takers biologically. And that's a great thing when it pushes us to go take an entrepreneurial risk. It is a less great thing when we invest our last hundred dollars on a parlay that's never going to pay off, and then it leads us into a cycle of addiction and problems. And so I hope we can have a good conversation as a society about this. I know we're in a very like, let's say, deregulatory time in America right now, and I hope when that switches, I hope it doesn't lead to a hyper regulatory period. But like, I hope we can have a reasonable conversation because I also, the part that worries me the most is we know we're going to continue to see more growth and acceleration for folks who are connected and plugged in, and that's going to be a great thing. It's going to give us lots of good stuff. If the folks who aren't feel even more disenfranchised and even more left out, that there's this almost like. And you see parts of it flare up in crypto, for sure, you see this sort of dystopian world of people willing to do anything to make a buck. That from a societal standpoint, makes me very, very, very uneasy. And it's becoming more and more obvious how big a role betting is in particular sports betting is. And I just feel like we haven't had the conversation and I don't know if we have the folks equipped to have the right one. And starting it's starting. Well, I think Saturday's event could be somewhat of a turning point with the UFC because there' there is some potential.

Will come out. The discovery process is going to be very exciting, very interesting. I think Apple has a very high burden of proof here from a legal standpoint. I'm not a lawyer, but being able to prove that its IP is within certain products is going to be. It's going, it's going to be difficult to prove. Yeah. So we'll see if they're able to do it. And then also the narrowing of like what is a trade secret because, like it's been this like awkward reality in the AI race that when a AI researcher leaves for another lab, they basically take the architecture that isn't necessarily patented in this sort of a trade secret. Like they take that with them and they just say, oh yeah, like we should probably train a model of this size or we should probably include some of this training data. And that's why we've seen the frontier. But that's very different from hardware stuff with patents and. Right. I would like to know what trade secrets or what Apple will be able to claim as a trade secret ends up in these products. Because as you know, and everyone listening to this knows, hardware is incredibly commoditized. There are hundreds of companies that make electronics in the same space at Apple all over the world. And being able to prove that you're using Apple technology to release your phone and build your phone and develop your phone, that's going to be very difficult. I don't see this being a clean victory for Apple if it goes to a jury trial. They don't in. My guess is they're not going to have. Remember the Samsung trial? This is what Samsung phones look like before the iPhone. This is what the iPhone looked like. This is what Samsung phones look like. Right. They broke it down to. A third grader would understand it was very easy to follow. Short of that, I just don't see how Apple can win a jury case here. And if you read the complaint over and over again, Apple acknowledges that they don't really know what is really happening here. They know enough to know there's something shady going on and we need to discover discovery to figure out what is going on. And so they'll, they'll do that. But I'd be very surprised if they find something. The other part of this is there's a few things that you can really make a trade secret case on right now. That's silicon. And Apple has very proprietary silicon code, the way they develop chips and design chips. And they went after this company called Revos that Metta ended up buying and they got major changes made to how Revos operates. The other one you mentioned is AI. You know there's no AI thing that OpenAI is stealing from Apple. And from the chip side, everything we know is that OpenAI is using Qualcomm and third party chip providers. So I'm very curious to see what Apple ends up finding. I'm sure they'll find some good text messages and emails though. Yeah. Can you take us back in time to Jony? I've deployed.

It's easy to say that people don't have attention spans these days. They want short form video and that's. They just want to flip through it and that's it. And it's like, no, the biggest podcasts in the world are like three hour conversations that people listen to all the way through. And so I think it's not that people don't have attention spans. They don't have a lot of tolerance for BS in the way that they used to. And So I think 30 years ago people would slog through a bad book because they had nothing else to do that day. Whereas now if you start a book and it's bad, you're like, I got 20 other things competing for my attention over here. I'm going to go there. And so if you're still putting out the kind of content that is engaging and interesting and saying something new, people will buy it, they'll listen to it, they'll put effort into it, they'll listen to it for hours. That's still there. Yeah. It's crazy how captured audiences were 30 years ago, or let's say like pre Internet. But it's like if there's nothing on TV that you're excited about, there's nothing on radio that you're excited about and you don't have a book physically in your home and it's like 8pm like you're kind of like just choosing between options that you're not that excited about. But then now it's like truly infinite possibility. No. 1. I don't feel like people are bored anymore. Right? Yeah. Yeah. And I think there's a lot of times when people, what they think is impatience is actually just a newfound intolerance for BS in content. I think there's a lot of that. Interesting. Yeah. I was in a bookstore recently and it.

It really depends. The discovery process is going to take a while, but if I'm going to be really honest with you, I don't think the courtroom timeline really matters. I mean, matters to some extent, but the bigger picture already happened. If you're an Apple employee and you're thinking about joining OpenAI right now. Sure. First of all, you're going to keep your mouth shut. You're not going to tell anyone. Right. They're going to walk you out. Yeah. It is not a good thing to be someone at Apple right now who's thinking about joining OpenAI. You're going to have Apple security all over you. Your manager is going to despise you and everything you did. They're going to be watching every website you went to on your computer for the last month. So you got to know that you're going to be really clean if you're thinking about that. Yeah, yeah. So if you're thinking about going to OpenAI and you're at Apple the way Apple wrote this lawsuit, you'd have to be out of your mind to not think twice about it. And I think that Apple needed to stop the bleeding to OpenAI. And this lawsuit. Yeah. Is certainly going to help with that. Yeah. The other thing is, is you're going to have Ting Tan, all those guys caught up in depositions and discovery and meetings with lawyers now. It's like, how are you supposed to launch a product? How are you supposed to do your job if you're stuck in the office all day with lawyers? Sure, sure. Everything is going to need to be cleaned up. They're going to work in a clean room like environment now. They're going to investigate what kind of Apple IP is in there. And even if, if OpenAI did nothing wrong, all the work that's going to need to be done to prove that this is just going to be a big waste of time for everyone. So by just buying the lawsuit, Apple accomplished quite a bit. Yeah.

Ridiculous. Pull up this last video. We'll close out the show with it. From Emily. She's been on a tear. Is a. Every video is going viral. Voice actor I think she's a. She's a real. She does voice acting for. For radio ads. But of course is making fun of the tech industry. I think your business runs on business but your business's business is stuck in the past until now. Introducing big business AI for business sounds like something we would promote. Business AI for Business leverages the power of business AI for your business. Transforming your business into AI Business with business AI for business. Business AI does your business in seconds. Leaving your team to focus on the important business of your business business. Now your business is free to run your business at scale, at speed at AI the future of business isn't coming. It's here. Business AI for business. Business AI Business. Business. AI. AI. AI. It's very talented. The funny. She's saying every voiceover script right now. Which I would assume that this kind of like audio is like AI is really good at. Yeah but. But I think some of the AI companies are LARPing and they don't know how good the voice models have gotten. So they haven't actually hire a voice actor to read the most AI laden script of all time. Yeah. Sometimes I listen to the radio on the way to work and I hear ads like this and they're always by these big legacy companies. Okay. So I assume that's why they're not using actual cutting edge technology. Bullish for voiceover artists I guess.

Open Apple's OpenAI suit echoes past attacks Steve Jobs declared thermonuclear war which is a great if you're trying to fire up your staff and you're going to battle, even if it's mundane, even if it's just for like will the next device have 12 gigs of RAM or 32? That's boring. Thermonuclear war is exciting. You got to fire up the staff. So he declared Steve Jobs declared thermonuclear war on Google on Google's Android operating system in 2010, calling it a stolen product. Now his successor is going to battle against Apple's most new, most dangerous rival. In one of his last acts as Apple's chief executive before successor John Ternus takes over, Tim Cook fired a missile at OpenAI. In a lawsuit filed Friday, Apple alleged that senior OpenAI executive who once sat atop Apple's own product design team was involved in a months long campaign to steal Apple trade secrets. OpenAI replied at this point and said we have no interest in Apple's trade secrets. But Ralph continues, he says, although it isn't clear yet what evidence the company has to back up all of its claims. The suit lands before OpenAI has released a product and as the technology industry races to build artificial intelligence powered devices that can move society beyond the smartphone era and there's a whole debate to be had for you know where that goes and they value of devices. In a world where the agents are just kind of off working and you can maybe just text them or send them a message on telegram, there's a whole debate over what the is the future of devices, more devices and different devices or is it just no devices? But OpenAI has clearly been working on devices as we know from the IO acquisition and the Wall Street Journal says the winner could dominate the future. Just as Apple's iPhone ruled the consumer market for the last 20.

Mustard. Okay. You like a safe highway, A safe canyon to be carved safely? Yes. So cutting the mustard is when, you know, if someone is driving fast on a, let's say a canyon backcountry road, and they're using the entire road. Right. They're sort of disregarding the lanes. Double yellow line. Yeah, double yellow. They're crossing it because, you know. Right, yeah. No, it's objectively against the law. Yeah. And then it's very dangerous because you're coming around a tight corner and if somebody's in your lane, it can be over really quickly. Maybe, maybe we should have sort of a. Like an autobahn style rule where the yellow line doesn't apply. There's certain highways in America. It's like we can't get over the speed limit thing. We gotta have the speed limit. There's still a hard speed limit, but you can drive wherever you want. Absolutely. I think that'd be crazy. Absolutely. I mean, the problem is like, Willow springs is like four, 45 minutes away. Just go to the track and it's a public course. You can pay and go and drive as fast as you want. And there is no traffic coming the other way. It's much safer. So if you're trying to push your car to the limit, there is a way to do that legally and safely. And so you can.

Okay, well, last car question from Reddit R Wealth. If I inherit $4 million USD and a home at 35 years old, would it be responsible for me to just buy a Ferrari? Why? Just. It's a funny way to put it, I think. Yes. I mean, you're not going to probably beat the S and P, but a lot of the cars hold their value. Might be fun. I don't know. It depends on your lifestyle. If you have 5 kids in private schools or something, like 4 million probably isn't enough. Depends on where that home is. Do you live in Manhattan? Yeah. It comes down entirely to what car you select. Yeah. Because there's a lot of cars that, you know, if you're not driving them a lot, it would probably, you know, at least track T bills. Right. From a. From a certain. Certain appreciation standpoint, I live in Manhattan. I'm trying to send my kids to the most elite boarding schools. I have seven kids and I'm considering a Luce. That would be a rough go. But if you're out in, you know, an affordable town, plenty of space, you're not going to spend that much money. The 4 million is going to last you a long time. Maybe pick up a.

There was a powerful omen. Yellowstone National Park, Friday evening. Oh, yes, this bison. We got a place. Bull bison. A tourist was seriously injured Friday evening after being thrown eight feet into the air by a bull bison in Yellowstone National Park. If you're in Yellowstone, be very, very careful. I didn't realize that bison roamed so freely and could and were so aggressive. Professional photographer Mike McLoad filmed the incident and said the bison was angry, agitated and charging anything and everything. And the. The scale of this beast is really massive. It looks absolutely huge. And it goes all around chasing this. This poor elderly tourist who. Who ended up being. Being totally okay. Oh, really? And when you see this, it's almost unbelievable. That's remarkable. Cowboy State Daily says tourist was seriously injured. But I guess the man did recover, which is very, very good to hear. You never want to see someone injured on the timeline, but he really does get thrown way, way in the air. And he's running around. I was wondering. He should have gone for the car right there. Right. But there. There you go. He's thrown in the air. Absolutely insane. I'm so glad he's okay. I like that people are already this wild. Spicy says if it was me out there, we gotta different throw the bison. Yeah. If Alexis. If that was Alexis being chased, this is what would. Let's bring Alexis in before.