“And so there was a book called The Gorilla Game written by Jeffrey Moore. And in the book, he talked about the idea of investing in a basket. And the idea was, there's a lot of companies doing this and, like, as we've been talking, I just checked to see what public companies are. And there's a whole host of public companies. I know SpaceX is supposed to go public, but there are public companies in this space. You can think about investing it with a basket approach because there is so much speculation here. We don't know which company is gonna be the one that emerges. And the whole principle that was brought up in the Gorilla game was the idea that you invest in a basket, figuring that as long as your basket includes the one or two companies that really are the winners, assuming that there is a winner because we can't say for sure there's going to be because it's may still be too nascent from an investing perspective or a business perspective. But if you can include that one or two winners in your basket, whatever they do in terms of how they perform is gonna more than offset whatever losses you have from the ones that you invest in that don't make anything.”

“The funniest one was, like, happened actually, two weeks ago. And I was really pushing it to like try new things because I was trying to make it like really work fast on WhatsApp. Mhmm. Because I wanted demos here to like it's real money and I want it to be like so fast that people are like, you know, blown away. And so I've been working on that like late at night and stuff. It's been a lot of fun. And in one of the test runs, it wrote a test suite and then it randomly shut off like $20 within the envelope. So fine. It shot off $20 to a random Solana address. And I'm like, dude, what, what? Like, and then, and then the thing was like, oh, my bad. I can use my debit card to pay you back. And it tells me that.”

“Miss Erica finally spoke out. And, and then Candace denied everything because she's a coward. So she put out a tweet, quote, very uncomfortable to watch, painful prompt to read, a speech clearly written by someone else, objectively terrible. So they will now pay for people to tell us otherwise. Also, everything I've ever said about Erica, she chooses to respond to something I never said. They always lie. I'm not sure there's a bigger liar in American life than Candace Owens. I mean, truly, an astonishing liar. So it turns out a person named Aubrey Lach was texting with Candace Owens, and Andrew Colvin released these texts. And in the text, she literally accuses Erica Kirk of murder.”

“I said, we should have another term. When the market is up 10%, we should call it an upreaction, which just sounds so wrong. I mean, my 16 year old boy just giggling. Like, it sounds wrong. But I'm not sure why, Andrew.”

“In fact, the the most rate sensitive of the big four banks. Now over the past six months, stocks kind of been all over the place. It's been climbing since March, then had a pretty steep drop off in March. What really has been driving that? Well, a lot of it has been what's been driving the overall banking sector. They have recently had upgrades from an analyst perspective. And out of earnings, they have been performing pretty decently because every segment has grown revenue, grown earnings, deposits have grown, loans, all growing in q one. They had 9,300,000,000 in capital return to shareholders in a single quarter. But at the same time, they're also the most levered of the big four. Each 25 basis point Fed cut reduces Bank of America's NII by an estimated $225,000,000.”

“I think it's not that competitive in that I think The US is very far ahead when it comes to being positioned to win the AI competition. But where the rivalrous element comes in is as long as both sides believe that they're trying to benchmark against each other and that they're in this strategic competition, then you still have a rivalry. Like, I went to University of Iowa for undergrad. I don't think we have a rivalry with Nebraska, but our fans believe that we have a rivalry, even though we've been beating them every every year. But as long as there's that perception and belief, I think the rivalry continues.”

“A lot of people these days on the supposed right are deeply unhappy with president Trump. Some of them are even saying they regret their vote for president Trump. These people are idiots. On the basis of president Trump's astonishingly great Supreme Court alone, they are idiots. Obviously, president Trump has done a lot of great things. Shut the border. He arrested Venezuelan dictator Nicolas Maduro, wiped out DEI in the executive branch, went after the trans movement, attacked Iran's nuclear and missile capacity, and a lot more. But his greatest legacy by far, his most lasting legacy by far, will be the astounding supreme court that he put into place. They overturned Roe versus Wade. They allowed states to ban the transgender mutilation of children. They've stood for religious freedom. And now, in yet another amazingly courageous decision, the supreme court has ruled that courts cannot force states to draw racist congressional districts.”

“Well, I mean, let's lay it out. Like, the Nuggets had the best player in the series even before Anthony Edwards got hurt. They had an all NBA caliber guard in Jamal Murray who did not show up for this particular game or was smothered out of it by Jaden McDaniels. They had one of the runners up for sixth man of the year. They had a deeper roster in theory, at least versus the version of the Timberwolves that was down four rotation players by the end. I think you could say they wanted it more. I think you could say the Wolves were, like, more committed to the way that they execute and were executing more relentlessly. And we we usually think of that defensively. Right? But when you watch Jaden McDaniels go around every handoff, every ball screen for forty five minutes, when you watch Rudy Gobert and the intensity he played with all throughout this series, call it what you want. They, like, flat out played these guys, and the Nuggets don't have any excuses for losing a series like this.”

“Whenever we talk about this framework, people just say, well, what we actually need are products and services that people want and revenue. And my answer to that is you need both. Imagine if you had a great company and it was, you know, getting ready to get listed, and they're like, well, why do you need an s one? I'm producing all this revenue. You need both. And the way that I would the way that that's gonna show up is in the multiples on revenue or EBITDA that projects get. Look at, there are great companies that operate in Russia or actually South Korea or Japan. They get discounted. You can you can buy you can buy, like, amazing oil companies or, you know, conglomerates in South Korea for, like, a three x multiple, you know, 25% or a third of what you do in The US. Why is that? Because there are these weird structural governance problems around the revenue that make it less valuable. And that's that's exactly what's happening here. Like, you can generate all the revenue you want, but your multiple is not gonna go up until people are assured that they own some slice of the revenue or they understand what their rights are.”

“I think the lawsuit and this ongoing litigation between Elon Musk and OpenAI has been very distracting for OpenAI. But, like, as a journalist and as a person who wants to know more about the inner workings of how these companies run, I think it's been actually very valuable for a lot of these emails and early communications between OpenAI leaders to be released as part of this litigation. I have found it very useful in understanding some of the early dynamics, at OpenAI. And it also just illustrates the degree to which these projects are all just sort of fueled by grudges.”

“The average cost for a public company is, like, $2,000,000 just to do audited financials reports and all that kind of stuff. It's just a huge pain in the ass. No one likes doing it. In this world of where you have a combination of LLMs and live data on public chains, think about what you could do. There's a super simple claud hookup where it shouldn't take very much effort. It should take no effort actually to just who are the officers of the public company, what are their publicly disclosed wallets, and what is the current org structure and ownership rights look like. That should take honestly a couple hours to set up once, and then it should be done in the future. Then you also have data which streams live. Live and is on chain. Crypto companies should get and by the way, you should be able to ask an LLM or some kind of AI chatbot any single way that you wanna slice and dice this data that should be available to you. That is so, so, so much that is a step function change better than what currently exists.”

“In many ways, he captured president Trump's attention as a Fox News host for criticizing the very senior military leaders who he once served as an officer in both Afghanistan and Iraq Right. And basically saying, I am part of this generation of men and women who served in the wars in Iraq and Afghanistan, and I know the mistakes that were made. I live them day in, day out, and I've come back to fix them and to correct them. And with presidents Trump imprimatur, we're well on our way of doing that. But I think what the hearings this week showed was that at least in the secretary's telling, he can never be wrong. He can never be challenged the way he challenged civilian and uniform leaders in years past. And anyone who challenges that needs to be taken down.”

“Historically, out of home has been planned and bought for many clients based on proximity. My store is here. Show me billboards within one to three miles of my store. Because the thinking is, if they're near my store, I wanna tell them to come visit my store.”

“Not yet, but I think it could be at some point. I mean, so ChatGPT for health pulls in your data from the medical record and lets you chat with your medical records. Now reason number one for concern is privacy. That's obviously gonna have your entire medical history going to a AI company. It's also going to not be redacted by you in a way to remove identifiable things. Reason number two, I I think if we're talking about health record data, it's really messy. They include tabular data. They include copy forwarded data, pay that's been copied and pasted. And they also, if you've ever read your health records, they include things that are wrong. There's a lot of errors or misdocumented things in your health data. And it turns out that just copying a bunch of information, like, they're LOMs aren't magical. You can't just copy your entire medical record in and think that you're gonna get good performance. And I would never bet against the technology. I think that we will get to the point that we have ways to build representations of of humans and understand their health. But right now, there's, like, no advantage to just dumping everything in an LLM, which is what Chachipi do for health theoretically would allow you to do in a way that would allow you to better understand your health.”

“I think part of what you've seen in the large tech companies is they would prefer to be buying companies versus doing these kind of, you know, kind of strange deals, but feels that the regulatory environment is too hostile to for them to do that, especially earlier. And so are looking for other ways to make it work. And so you say, well, what's a deal that you could make work that isn't an acquisition? It's like, well, you know, get a a, like, a, like, kind of something that's not quite a BD deal, but not kind of corp dev deal. Corp dev like, it's kinda, like, halfway in between, and the measurement is, does the business continue, you know, with with vigor and effectiveness afterwards?”

“And, you know, more than blackhold from a revenue standpoint, one of the things that no one talks about is the fact that, like, if you're connecting and if you're basically a tenant of someone else's network and you're pushing to all of the banks at the edges, you also share all of the data, all of your data. And and the data was maybe kind of a cost of doing business, sharing all of the data that will enable those businesses to actually build businesses off the back of the work that you've done to spin up that platform and and generate, you know, product market fit and economic impact. But in the age of AI, it's like negligence to let everyone leach on your data and build products. And, you know, if you do that, then you control your own data and you control your own economics.”

“There was they paid out this Q Day prize to a researcher called Giancarlo Lelli, and his claim, and their admission was that he'd broken a 15 bit elliptic curve, private key. Of course, that's very far from 256 bits. The prize came under suspicion after the 1 Bitcoin prize was paid out. The allegation was that the quantum computer hadn't really done the work and that it had been primed with a result that was achieved classically. Of course, it's trivial to break a 15 bit key classically. Actually, the record is all the way up to a 117 bits. And, so there are a lot of questions about this. I think it does illustrate the challenge of trying to create a quantum canary because, as I said, elliptic curves have been broken all the way up to a 117 bits with classical methods.”

“What I gotta give credit to Spencer Pratt for reinventing himself. We talk about reinventing yourself all the time. I remember when it spent someone, I think, pitched like, hey. Do you wanna have Spencer Pratt on the podcast? I was like, the reality guy from the February? They're like, oh, you haven't seen what he's up to these days? Dude, he's running for mayor. I'm like, as a joke? They're like, no. He's for real. And we've been looking into it, and he is for real. Mhmm. You know who the joke is? It's Karen Bass lady. So kudos to you. I'm not sure you know, I don't you know, my whole thoughts on California, Los Angeles. I think that's a fallen city just like New York. Miami is the future. Texas is the future. LA looks cooked.”

“The other thing that I would say is it's an advantage for token projects. Right? Like, if you disclose this stuff once, then your data can be right. Right now, if you're a token project, you have to go to BlockWorks and DeFi Llama and Token Terminal and talk to all of those teams who each have their own methodologies for how to calculate data or, like, you know, fundamental metrics. If you disclose it once and you attest that it's accurate and honest and you're not committing fraud by, you know, putting fraudulent numbers out there, everyone can just have your data with far lower overhead for you. So I actually think it's a it's a friendly thing for token projects to do because once you disclose this stuff, you don't have to interface with a bunch of different teams to make sure data requests are right. There's, like, individual data team leads of protocols who are vigorously nodding their heads because they're talking like, I they talk to us. I know they talk to all the other data providers too. And this this is the fix for that. Until you have the disclosure foundation layer, you you're, you know, your lives are gonna continue to be extremely difficult.”

“What always strikes me, like, it slaps you across the face whenever you might be googling, you know, a company or you wanna wanna find out some information. You find an old article like an AFR or Australian business from five or ten years ago. And the thing that you always notice is the most urgent, oh gosh. This is happening kind of screaming headline. How irrelevant it is. Like, we all know this.”

“I haven't looked at Mara specifically, but virtually every Bitcoin miner has they're in various stages of doing this pivot. And it makes sense. I mean, with Bitcoin, you're selling to one client, you're completely undi or diversified. With AI, obviously, it's thousands and you're just better able to monetize those units of power way better. Yeah. It does various questions actually because, you know, part of Bitcoin security models that the miners hold ASICs whose value is indexed to Bitcoin. They hold Bitcoin. So the miners have this sort of long term view of the Bitcoin network, so they're incentivized not to misbehave, not to lease their ASICs to a malicious entity. Right? So this is the Bitcoin security model as it developed over time. If those miners no longer have a stake in the Bitcoin network, they don't actually care anymore about, you know, what happens to it long term. So they might just be willing to run their ASICs to a malicious party or sell them.”

“Business investment surged 10.4%, the strongest growth in nearly three years, driven almost entirely by AI spending on equipment and intellectual property. One common economist at Pantheon Macroeconomics estimated that AI investment accounted for roughly half of overall GDP growth in the first quarter. Think about that. One category of spending is responsible for an entire percentage point of economic growth. That is how dominant the AI build out has become as an economic engine.”

“So today, when you think about all of the different types of content we have on the internet, you have images, you have text messages, you have emails, you have all of these things, And there's an app for every single one of those. Like if I need to send you a photo, there's like 15 different ways I can send you a photo. And I don't even need to ask you if I have your phone number, I can just send it, it'll work. There's just no such thing for money. And today, if you're a platform, if you look at where the money originates and where people and businesses earn money, they earn money in a variety of different ways, but increasingly so they get paid by platforms and you can be a host on Airbnb. You can be a driver on Uber. You can be a creator on Instagram or TikTok or YouTube, and you get paid by those platforms.”

“So, like, agents, like, Open Claw, which is an AI agent, has been absolutely, like, phenomenally popular in China. Like, people talk about raising lobsters, like people lined up outside Tencent's headquarters trying to get employees to help them install it on their, laptops. So and they buy things on Taobao, like ecommerce and, like, try to get it to install even if they don't know tech. So there is this real fervor and hunger for good AI technology regardless of where it's from. But the problems are, like, if you just leave these AI agents, which are autonomous, just running amok, like, without interoperable standards between The US and China, there's gonna be a really dangerous situation that's happening in the next six to twelve months.”

“Like, whoever wins a ton of games in the regular season, that's gonna translate pretty seamlessly to the playoffs. Like, the dominant teams are the dominant teams are the dominant teams. Now, I think you, like, really have to pay attention. Like, I think it's it's so much more than who is the first, second, and third seed in each conference. It's where are those meaningful steps forward for a guy like Jaden McDaniels? Where are the literal vulnerabilities where it's like, man, it just seems like when push comes to shove, this team doesn't have enough spacing or doesn't have enough size. Like, when you look at this one matchup, when you look at OKC versus San Antonio, for example, like, what does that tell us about both teams? I just think the lessons of the regular season require more and more of a magnifying glass to find, but they're there. It's just not as, like, big and in flashing lights as it used to be.”

“But, Donnie Baseball was asked before the season if he if he was interested in managing again, and he threw out the generic, oh, you know, I don't have the energy to to keep managing. I'm just, you know, I don't I don't still have it in me. And then Dave Dombrowski said, hey, Donnie Baseball. You wanna manage this team? He said, absolutely. And then they asked him in the, press conference. They're like, hey, what happened there? Because we asked you before the season if you had any interest in managing again, and you kinda hinted at it and said you didn't have the energy to do this anymore. And he's like, yeah. Rob was here, so I didn't wanna kinda ruffle any feathers. So I just kinda said that thing, but I'm good. I'm good to manage. Then he wins the first game, and they're like, did you give any big speeches to the guys? Did you rally the troops? What'd you say? And then he was just kinda like, I just congratulations. It's just another game. Like, we're supposed to be winning things. Like, what do what do you want me to say to them?”

“When you talk about the moon, a lot of people don't realize this, but fusion, which, you know, the joke about fusion is it's ten years away and always has been. I do think, realistically, we're coming in for landing on fusion. I do think fusion will happen in the twenty twenties. I really do. We've already sort of demonstrated the feasibility. Now it's about scale up. But one of the things that's important for fusion is Helium three. The Earth, believe it or not, is running out of Helium three. The moon has a ton, literally and figuratively, of Helium three. And just to give you a sense, a teacup of Helium three with a next generation fusion reactor could power Los Angeles for a year. So you don't need a lot of it, but you need access to it.”

“In the last year or so, we have rolled out a product that we call in flight insights, which is providing, campaign, performance measurement while the campaign is still live. And it gives us the ability to actually have conversations about optimization, which is something that I never thought you'd be able to do is have the word optimization and out of home in the same sentence.”

“I found a chart online today saying that even though it seems like there's a lot of hacks, we're still not at our peak in terms of hack to TVL ratio for DeFi. That's almost hard to believe. When was the peak? Well, now I can't find the chart again, but safe to say it's not the worst time ever in DeFi. I think because we figured out the flash loan thing. You don't hear about flash loan hacks anymore, do you? No. And you you hear fewer smart contract hacks as well, don't you? It's it feels like the, maybe the infrastructure is hardening in certain categories, but the hackers are always one step ahead. Yeah. But it's just actually a good sign. Right? So the smart contract cryptoeconomic aspect is more secure, it seems. We've sort of incorporated a lot of those lessons. The gap is that infrastructure layer. Yeah. So that's not fully secure yet. But we kind of we're learning. That's the thing. It's an adaptive system. Each hack selects for the most secure smart contracts.”

“Gravity's obviously, we're all we know no different. It's like talking to a fish about water. Gravity is all around us, but one of the things gravity does is it creates defects. And so easiest example is fiber optic cable that we just talked about. If you extrude fiber optic cable and you do it here on Earth, you will have inclusions. You'll have defects. Those defects affect the ability for the fiber optic cable to transmit data, light specifically. And there's really no way around that. If you remove gravity, then those inclusions and defects are minimized, and you get literally a thousand x benefit in transmission. But that's true of any manufacturing process where defects impact quality.”

“Fauci lied to Congress, felony. Destroyed federal records, felony. Advising others to destroy federal records as a felony, Fauci did all three. Okay? And if his adviser is indicted, that means he should be going down because May 11, Pat, is a five year statue of limitation deadline for Fauci. Even though Fauci and this is how Trump is playing it beautifully with the timing, and nobody's been talking about the auto pen that he reversed. His May May 11 is the is the deadline, but Fauci is, pardoned. They might this is where Trump is gonna go. By the way, they're all null and void. Get him. Indite him.”

“For me, when I look at the rise and fall of great powers, ultimately, what countries compete over is productivity growth. If you look at all these patterns of first industrial revolution, second industrial revolution, US Japan competition, and the information revolution, the country that capitalizes the best on these technological breakthroughs is the one that's able to diffuse a general purpose technology throughout throughout its entire economy and achieve productivity leadership to sustain economic growth in the long term. And that sort of economic power then translates into other dimensions of the rivalry, such as geopolitical and military influence.”

“If it's the board, the board messed up. Why did the board mess up? If you ask me a question like that, do you know what I'm gonna say? I'm gonna say, first of all, you know, the conversation of you being CEO today is off the table if you ask me. Because you're gonna get nonstop criticism. It needs to go to somebody else. Let's put somebody else that can take all the arrows that is coming in. Pick someone else. Who? I don't know. It can't be you. And I'm gonna ask Erica. I'm gonna say, what's the most important thing to you right now? To be a widow, wife who lost one of the most important people in the political history ever. Maybe the most important voice that we have today. Do you wanna go mourn and have the time to yourself? Two, do you wanna be a mother or do you wanna be a CEO? Which of those three is the most important to you? That question, if she said mother or mourn, it's guess what? I'm telling you step away for six months and just do your thing to get those two things right.”

“So there's a story that went totally viral on the Internet over the course of last forty eight hours. It was about a very good looking woman at JPMorgan who supposedly was sexually harassing a younger man. Okay. Now these sort these sorts of stories go viral all the time online where there's a good looking woman who is having sex with a 17 year old student, and then everybody's like, ah. Okay. In this particular case, the idea was that there was a former JPMorgan staffer who had been sexually harassed by a a higher up at JPMorgan who's a very pretty woman. And this thing went viral because the Daily Mail reported it. So first of all, I hope she sues the living hell out of the Daily Mail, and I hope she sues the living hell out of this former JPMorgan staffer. Because now it turns out it was a lie, k, which is gross.”

“The most often thing that people who are not building within the, you know, kind of cut just call it competitive business world or competitive technology world. It's like, we'll just slow everything down. Right? And you're like, okay. The problem is is competition doesn't slow down. That's actually not not the way that that kind of competition works. Like, if you just said, hey, everyone. Wait for me to get my economy in order, and then you can start shipping your export things. I mean, you know, take a look what what's gonna be happening within Europe with the spread of BYD cars from Hungary, for example. It's like, oh, no. No. Wait for a decade for us to get our auto industry in in in place. That's not gonna happen in terms of in terms of how this operates.”

“And then the the second sort of, I'd say, normal doctor, use case is for decision support. So there's this one company called Open Evidence that has created a free tool that has gone from, again, zero to crazy numbers of adoption. I will tell you younger doctors like my residents use it all the time. I don't know the actual numbers, but it's probably close to half of US doctors are using this right now.”

“Chemical rockets are terribly inefficient. Medium term, twenty, twenty five years, thirty years, I think we would be going to deep space with nuclear. Just to give you an idea, Kirk, of how inefficient chemical rockets are, the nearest star, Alpha Centauri, If you were to take a spacecraft the size of the space shuttle and use chemical propulsion and you gave yourself a thousand years to get there, the amount of fuel it would take to get to Alpha Centauri in a thousand years would be more mass than the entire universe. Okay? That's how inefficient chemical rock is. So the point is, if you're talking about interstellar travel, chemical rockets are not possible unless you were gonna take a hundred thousand years to get there.”

“Second, it was noted that institutional companies are now adopting public networks instead of private blockchains. I find that one actually really, really interesting. I've been talking on the daily wolf about how many stablecoins have been choosing Solana over the past few weeks. Meta is doing theirs on Solana and Polygon. Western Union doing theirs on Solana. Of course, p y USD. PUSD from PayPal is on Ethereum. But, it is interesting that you're not seeing this happening on PayPal chain. Right? Now there are circles launching their own chain. Stripe has Tempo. We've seen announcements there as well. So we are going to see private chains trying to capture this, but we are seeing a lot on public chains that could be good for our beloved tokens.”

“A grand jury indicted Comey. Okay? Not the Department of Justice. The grand jury sits in a in a courtroom, and they hear evidence and came back with a two count indictment. And his indictments are, number one, knowingly and willfully making a threat to take the life and to inflict bodily harm on the president, and second, knowingly and willfully transmitting an interstate commerce of threat to kill the president. That means you're on social media, you're out there, and you're putting it out in the world. Now now and, Rob, I these are the the the links that I sent you. The DOJ is now seizing pushing to seize Comey's profits from his crime book, book as prosecutors believe part of the reason he posted a threat on Trump's life was to drum up book sales.”

“The bottom line, the nineteen seventy three oil shock planted the seed for the renewable energy industry. The twenty twenty two Russia Ukraine shock, we out watered it. The twenty twenty six Iran war may be the event that forces it to grow. On the next Invest Talk, we'll look into this story, China's calculated play, how Beijing is turning the Iran war into an economic advantage.”