500K Subscriber Livestream! | All-In Podcast
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Welcome to All-In livestream celebrating 500,000 subscribers on YouTube. Give thumbs up, tweet, share to break algorithm. 250 thumbs up initially, now 400 with 3,000 watching. Goal: match thumbs up to live viewers. Taken questions for 3 days. Producer Nick put stream up early.
Hosts: Chairman Chamath Palihapitiya, Rainman David Sacks. David Friedberg, queen of quinoa (Chamath), prince of panic attacks (Jason), sultan of science (Friedberg) to join. In afterglow of Trump interview.
Sacks received phone call from President Trump. Trump enjoyed experience, thanked hosts—even those not fans. Said hi to them. Trump called Chamath a friend last November, starting this. Heard positive feedback, especially from business people: "I just saw you on All-In Pod." Called it a big hit, now TV stars.
Subscribers can send Super Chats (e.g., Dan the Crypto $10, Stefano $5.99, Hank Leber $20, Atomic Whoosh $10, Bill $99). Puts message on top. Hosts discourage tips: send to Trump campaign, Humane Society, or PC2 (possibly typo for PAC?).
Chamath: Trump very presidential. Took questions, gave his version of facts without interruption or pandering. Platform for thoughtful conversations, big investment. Accomplished something important.
Jason: Long-form format authentic. Guests like Vivek, Dean Phillips, RFK Jr., Chris Christie, Trump. Hope Biden comes on. Allows direct hearing on issues. Jared Kushner surprised people positively in long-form.
Sacks on green cards: Trump said staple to college degree. Staff clarified super vetted. Concern: prevent diploma mills, unlimited green cards from second/third-rate schools circumventing rules. Need vetting, limits, skills requirement, quality institutions. Trump expressed right sentiments: best and brightest, high-skill immigrants, Dream Team. Helped in tech community.
Abortion: Trump explicit—no national ban. Community note corrected VP Harris claiming he would impose one. Sacks tweeted clip.
Ukraine: Trump said NATO expansion major role in provoking war. Nigel Farage echoed next day, firestorm in UK press. Evidence supports (Jeffrey Sachs, John Mearsheimer). Could break open debate for peace.
Jason undecided, wants more questions from Trump. Flowed nicely, appreciates Trump. Wants Biden.
All-In meetups: 50+ worldwide, Thursday July 11th at allinpodcast.co/meetups. Nick drops links.
Summit: 200 tickets held back for scholarships. First batch sold out, 200 more at allinpodcast.co/summit. Scholarship form up in couple weeks. Amazing speakers, announce together soon.
Dave's Dynamite: Dream guest?
- Chamath: Dave Chappelle.
- Sacks: Biden, same questioning as Trump.
- Jason: Biden.
- Friedberg: Javier Milei (salvation of West, reversed socialist policies in Argentina, government surplus, declining unemployment, free markets/capitalism driving progress. Flown world revitalizing economy, attracted foreign dollars).
Others: Xi Jinping decent chance.
Sacks: AI enables customized AI tutors for bespoke education vs. assembly-line model (like Fords/McDonald's). Adaptive learning. Takes years.
Chamath: Nature of work changes profoundly. Known knowns/unknown knowns automated (formulaic jobs by robots, inferable guesses by computation). Left: judgment (acceptable error rate). Train via experience/failure/resilience culture. Coddling/microaggressions prevent this, leave inexperienced. Computers run over them.
Jason: Sending daughters to store alone with money, resilient/adventurous activities, risks. Left: grit, communication, leadership.
Friedberg: Leverage at tech frontiers. Human scales up (handwriting → typing → dictating). Transition labor to design/architects. Motivate success there.
Sacks: Leverage youth superpower—obsess on one area. Harder with age/responsibilities.
Chamath: Life as chapters (some work, some don't). Take shots. Others define you by one chapter to compartmentalize their lives. Live 8-9 careers (e.g., Chamath: Burger King cashier → entrepreneur → exec → investor). Ignore others' expectations/haters.
Friedberg: Ignore haters, focus on craft/skills. [Taylor Swift joke omitted].
People obsessed with Taylor Swift. Travis Kelce went on stage in Wembley.
Travis Kelce went on stage at Wembley with Taylor Swift. He danced well in front of 100,000 people without being two left feet. He doesn't mind making a fool of himself, as seen at the Super Bowl. Hosts want to attend the Eras Tour to soak it in. 50/50 chance of going to the Milan show. Taylor performs for three or four hours. Total revenue is $2-3 billion; she owns all the equity.
Super chats go to the HW Tua fund to help her find a new job. Rumor that the HW Tua woman, a preschool teacher, got fired. Hosts think she was hilarious and question why people are uptight; she's an adult doing a goofy adult thing.
Host's wife was upset because he sounded unhappy with their two rescued dogs, bastardini (Italian bardini, little bastardinos). Advice: Focus your entire online identity on one thing you love—podcast, TikTok, socials, blog, Substack, Beehiiv. Do spec work and share it online independent of pay; it's powerful, as seen with All-In creators.
Dominic McDer asks what childhood experiences contributed to their skills.
Sacks: Grew up in Tennessee after moving from South Africa at age 5. Read a lot as a kid—a book a week or more when interested. Went down rabbit holes, e.g., in 10th/11th grade read all books by Richard Dawkins and Stephen Jay Gould after discovering Darwin.
Chamath: Grew up on welfare in Canada and got beat mercilessly by his dad, which was incredibly valuable.
Freeberg: Left home at 15 for college. Learned to run in a pack for safety growing up in a bar in Brooklyn; developed thick skin and no fear of altercations.
Donations pouring in; hosts urge to stop giving money. Money goes to HW Tua fund. Collected enough for a quarter of the sweater or zipper area; some $100+ donations. For $1,000 you can buy the sweater.
Sacks' All-In Tequila looks amazing; packaging made one's PP hard. Going to make more money than anything else they've done. Everything on track; beautiful design. Unveil at All-In Summit; pre-order there, possibly taste super limited bottles. Taste testing against Clase Azul Ultra ($3,000/bottle) and it's better. Aged 5 years in barrel; sip over ice (not neat, too hot) to open it up with water. Not for margaritas (use Blanco for that). Sacks took $250K in LLC, shut everyone up, and delivered in 6 months.
Chamath: First quarter since Q1 2022 with no meaningful drawdown in Social Capital legacy venture funds; portfolio stabilized despite depressed public comps. Excited for rebound with expected rate cuts in back half of year into 2025; private markets price forward 18+ months.
Sacks: Daddy coming home to White House; personally excited about Glue—limited release onboarding 40 companies/week, knocking off features, racing to general availability in 2-3 months.
Freeberg: Election over so less politics talk. Building business at Ohal; excited daily with product progress, signing deals with customers/partners at every milestone.
Building something new and novel and seeing it work in the market is awesome. There's a long runway ahead with great problems to solve. Echoing for B would be great for the election to get resolved. Super excited about the back half of the year, ski season, and companies investing in. Bottoming out has occurred with secondary offers coming in for fund one, two, and three companies—fund one and two have more time to bake. Some are lowball offers at half off peak valuation, but it's an offer after no bids for 18 months except SpaceX and Stripe. Feels like bottoming out.
Huge gap between public and private valuations. Retweeted Jason Lemkin pointing at GitLab's numbers: 700 million ARR, public valued at 6.9 billion (10x ARR), growing 30% YoY (adding over 200 million ARR next year), 130% net dollar retention (existing customers expanding 30% yearly), profitable with 20% free cash margins. Private markets: last two exciting companies at 10 million ARR wanting billion-dollar valuations (100x). May land at 800-900 million, but growing faster than 30%—hard to sustain at 700 million or 100 million scale. Question: which to invest in—a derisked public company like GitLab that's liquid, growing nicely, weathered the storm, or privates? Buying a basket of fast-growing SaaS at 10x ARR seems attractive.
First private equity firm came into one company, happened twice in last year—crossover funds asking to buy percentage and take over. Sign of healthy market with options: some venture funds acting like private equity. Lots of venture money pushing bids up on 10-20 million ARR companies—too many funds.
Record donations: 200 USD from Rahill (doesn't want zipper, about the deal sleds). Chamath's sweater from Louis Vuitton team—couple thousand bucks. Question from Aditya ($50): At your level of money and power, how do you think about legacies?
Don't think about legacy—terrible way to live. 100 billion people lived; random thousand remember same 5-10 universally. 100 billion minus five not remembered. Goal of being remembered doesn't accomplish much. Important: no regrets, try fun/memorable/challenging things. Forget legacy—great grandkids won't know you, grandkids might not. Live to be happy today.
Friedberg: No. Sacks: Agree, not preoccupied. Want kids happy, business success, then done—die. Legacy is others' judgment (article/Wikipedia)—who cares? Young people project onto older. Optimize great experiences with family, friends, business partners.
Friedberg anecdotes: Disney with Jason Chang, Club 33 private club, VIP tour guide—jump rides. Been to Disney once at California Lodge (hell), kids loved it.
$50 from Tommy Gano. Question: Opportunity for blockchains and AI intersection? Crypto disaster.
Blockchain: incredibly accurate, highly distributed state machine valuable for highly distributed inference. At scale, business risk/continuity if models on AWS and taken down. Not enough across three hyperscalers. Needs high distribution—blockchain threads it together. Creates issues like Nvidia lock-in; needs to run on CPUs/custom silicon.
Crypto solves authenticity (real vs. fake) with AI perfect forgeries imminent. Crypto way AIs pay each other—Balaji's tweet storms. Hoping for great regulatory environment; Trump picking up regulation mantle.
Tequila pre-orders: almost two dozen sold. Limited: 1000 cases (6000 bottles), 8000 tops—limited 5-year-old juice. First shots to All-In Summit attendees and $100+ donors.
Question: One book that transformed how you think ($100)?
- Chamath: Man's Search for Meaning (Viktor Frankl), Poker (Michael Lewis)—tough one.
- Ayn Rand's Atlas Shrugged: good concepts, brutal prose—make it short story.
- Friedberg: Zen Mind, Beginner's Mind (Suzuki)—Dharma lectures by SF Zen Buddhism Institute founder. About sitting Zen meditation; applicable: let go of desire drive (changes reality perception), dualistic thinking (in/out, good/bad). Read million times, always new insights.
$200 from Mark Hustler. Neil deGrasse Tyson on Rogan: human space program to space industry (tourism, no tax dollars), perfect antiviral serum, cure cancer.
- Chamath: Artificial superintelligence long before 2050—mindblowing questions (origins of universe, consciousness).
- Nobody has predictions—25-year window is science fiction. 2015 prediction worth 188 million today.
- 2000 prediction of flying cars: Archer/Joby running sorties (prototypes, not transformed society). Self-driving: Waymo opened. Companion robots by 2050 doing 80% human toil (gardening, dishes, vacuum, mowing)—huge unlock (HW Tui robot).
- Friedberg: Fusion generated power at production steady-state scale. Aging reversal: epigenetic errors (molecules on DNA turning genes on/off unbalanced cause cell/organ dysfunction). Systems/molecules reset them, cells young again. Billions in research; nonpublic discussions say very real.
AI-biology intersection: AI designs molecule/protein for specific cancer cell—render, apply, wipes out. Or genome for Mars plant—produce, ship, grow.
$100 from Mel: Ethical dilemmas faced in careers, overcome? In startups invested?
Chamath: Over 400 investments, two instances of illegal actions (composite). Sat with founders: can't be on board. Offered return money at par last valuation, resigned both cases. Vigilant: not upfront/honest selling shares is securities fraud.
Anecdote: Sacks poured Truth Hawk wine on floor (Hawk Toa?)—nice aged burgundy on marble.
Old world vs. new world wines, besties' favorites, how know good glass?
Personal taste. Merlot gets shat on by fake intellectuals but incredible (e.g., Masseto Italian old growth Merlot $1-3k vs. Chateau Petrus $5-50k—order magnitude cheaper, pound-for-pound better, blind tasting prefer Masseto). People demonstrate spending money—dumb. Incredible cheaper wines.
- Best white Burgundy: Charles Boisset 80 EUR (~$100)—runs circles around Puligny-Montrachet, Corton-Charlemagne (thousands).
Chamath/Joshua/Simalia filed liquor license for wholesale storefront—buy/import at wholesale (wine marked up).
Favorite 5-10 bottle? Doesn't go Trader Joe's (off brand). Palmyra couple hundred consistently excellent.
New World (5-700): Colgin, Sloan, Bond, Acre—all ACR. 100 Acres best Napa (~500/bottle), not Harlan (1k) or Screaming Eagle (2-3k). Likes Sher (Sha Thri, passed 2 years ago)—crazy California wines, theory: create story/essence, custom label yearly, multi-variety undisclosed grapes, ignored French wisdom, Franciscan monks books (Latin)—leave grapes breathe under moon pre-crush.
Franciscans: crushed champagne. Single grape Chardonnay champagne: Salon, Paul Roër—unbelievable (not blends). Methods differ: French crush immediately cool; Vacherin/Franciscans/Italians (Amarone) ferment naturally in sun/open pre-crush.
Check Sean Thiri (label: Pattis)—every vintage different, incredible (he's gone, buy now).
Friedberg: Under $100, second Chamath's white Burgundies (Burgundy region). Napa whites sugary (honey/butterscotch). White Burgundies complex, minerality, great nose, less sweet, floral, crisp/refreshing—nice summer hot day.
They plan a live chat outdoors with nice chilled wine. This has been an amazing hour plus with the besties for hitting 500,000 subs; they're now at 528,000 subs, with 8,000 live viewers, thousands of thumbs up, and thousands of dollars in donations to charity. They'll pick the Jal PC24 Pilatus fund.
Next livestream at 750,000 subs, possibly every 100,000 or 200,000 subs. They'll do a million subscriber party in Vegas, and maybe announce another one between then and now. Suggestion to drink during the next one to make it interesting.
Check out Chairman Dictator Chamath's Substack, Glue from David Sacks, and giant potatoes from Dave. O'Hare has open positions, very selective. They're spending time on a Chief Commercial Officer role, same as Chief Revenue Officer.
Idea for cantaloupe-sized roasted potato for steakhouses, or watermelon-sized loaded potato, but challenge is cooking evenly. Suggestion for lightsaber-sized french fries cooked in duck fat. Dave agrees to make duck fat french fries.
Audience still at 6,700 people winding down. Hosts need to go, but appreciate the audience. Nick has everyone's information for prize list; if not, email Nick at the All-In pod.
Thanks everybody for support, we love you, thanks for tuning in.
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