0:00 Bestie Intro: Chamath's happy hour and sweater feud 7:11 Breaking down the new 6.8% CPI number, reflecting on old inflation takes, jobs report, understanding why CPI is misleading 23:05 How growth stocks got overblown, current valuation outlook, government as capital allocators 40:12 Deficit trouble: will another president ever try and balance the budget? Areas of positivity in the economy 50:29 Better.com's botched layoffs, impact of overcapitalization, macro outlook for founders 1:11:16 Lessons from the Jussie Smollett saga Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect Referenced in the show: https://www.cnbc.com/2021/12/10/consumer-price-index-november-2021.html https://www.bls.gov/opub/ted/2021/consumer-prices-increase-6-2-percent-for-the-year-ended-october-2021.htm https://www.marketwatch.com/story/what-powell-must-do-next-after-admitting-that-he-was-wrong-about-transitory-inflation-11638460995 https://www.cnn.com/2021/01/27/economy/inflation-federal-reserve-janet-yellen/index.html https://www.nytimes.com/2021/03/22/opinion/us-inflation-stimulus.html https://www.nytimes.com/2021/03/10/business/economy/inflation-markets-federal-reserve.html https://www.axios.com/inflation-consumers-survey-1932e8d0-b01b-4c39-8fb4-4fdb9a96958d.html http://cdn.cnn.com/cnn/2021/images/12/10/cbo.report.on.build.back.better.pdf https://www.politico.com/newsletters/playbook-pm/2021/11/10/does-the-wh-owe-larry-summers-an-apology-495052 https://www.cnbc.com/2021/12/03/jobs-report-november-2021.html https://twitter.com/BillAckman/status/1469438745791410183 https://www.cnbc.com/2021/06/10/stanley-druckenmiller-fed-lulling-investors-into-false-sense-of-security.html https://www.businessinsider.com/congress-progressives-back-bill-4-day-workweek-remote-work-2021-12 https://youtu.be/-_wvTa8aiu8 https://www.thebalance.com/deficit-by-president-what-budget-deficits-hide-3306151 https://twitter.com/Jason/status/1469370800771715073 https://www.forbes.com/sites/davidjeans/2020/11/20/mortgages-fraud-claims-and-dumb-dolphins-a-tangled-past-haunts-bettercom-ceo-vishal-garg/?sh=6ed46a0110f4 https://youtu.be/pXLx5OY21Bk https://youtu.be/wZXoErL2124
The complain about Chamath Palihapitiya's conspicuous consumption of his own blood sweaters was discussed in a podcast. The speakers talked about Chamath Palihapitiya's lifestyle and wealth.
The hosts discuss the recent panic in the crypto market and how it relates to the current state of the economy, including inflation. They also address the notion that investing in sustainable industries means sacrificing personal style.
Bill Ackman, an investor, tweeted in support of claims that CPI is a poorly calculated measurement and that inflation may persist. Reports of US Government spending may set prices and wages expectations, leading to a rise in inflation.
The inflationary bubble caused by pumping money into the system indicates underlying economic recession. The key is to analyze if enough money has been pumped to trigger economic growth that can outpace the inflation.
The lack of confidence in the federal bureaucracy's response to inflation is leading to concern in the markets. A recent proposal to limit the work week to four days seems out of touch with the current economic situation and only adds to the uncertainty.
Elon Musk makes a strong point about the importance of skilled individuals managing capital allocation in the economy, rather than relying on the government. He argues against taking the job of capital allocation away from those who have demonstrated a track record of success and giving it to the government.
The increase in the deficit is alarming when looking back at the past five to six presidents. The incentive structure in government drives a systemic model of growth, resulting in the government competing as a monopoly on the field for capital.
The low cost model of consumerism in the United States may be coming to an end, as labor shortages continue and automation becomes more prevalent in the sector.
With the eradication of old minimum-wage jobs, new life forms and industries are emerging, which will create new job opportunities for creators and people. Despite the current record cases of Omicron in the UK, people are still spending money on new stuff, creating more opportunities for entrepreneurs.
A CEO fired 900 employees over Zoom in a bizarre and impersonal manner, offering them two to four weeks of severance pay. Prior to this, he could have gone through a thoughtful process to rectify issues and maybe only cut 10% of the company.
The decision to raise too much money for a startup could lead to a mismanagement of growth to meet consumer demand, causing layoffs due to restructuring. Taking responsibility and offering a fair exit package is crucial in such scenarios.
The speaker suggests that companies should consider raising more money at lowered valuations due to the current macroeconomic situation impacting startup valuations. He also highlights the difference between the responsibilities of a board and the incentives of big investors.
The speaker is inviting the listener to a holiday party and mentions that it has been happening for several years. They specifically mention inviting Rick and Sachs to the party.
The hosts briefly discuss the Jussie Smollett case before transitioning to talking about a recent poker game.
The lack of response from those who promoted Jesse Smollett's attack story is concerning, given the current climate of rising hate crimes against marginalized groups. While the attack itself was a deplorable act, the supposed motives behind it only served to deepen racial tensions.
Comparing the Kenneth Walker and Kyle Rittenhouse verdicts, stating that people are rushing to conclusions on both cases and discussing how individuals can move forward after unjust outcomes.
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