Comments

I love the irony here. The SPAC King discusses the roots of 1929.

guys, when uve called a guest to get their perspective on your questions, LET HIM FINISH SPEAKING! this is why JCALs moderation is so important to these discussions

Let. Your. Guest. Talk.

Rome became a church, Britain became a bank, America will become websites

Andrew can’t buy individual stocks but Congress can….

Sorkin bringing up the SPAC situation made me laugh and a little bit sad at the same time. I want to like Chamath but he proved to be a huckster who took advantage of people who didn’t know any better and made a boat load of money on their backs. I lost all respect for him back in 2021-22 for that.

THE EYE OF SORKIN...

Andrew kept bringing up the golden AI question, why do David/Chamath always glass past it? Is it because they're so invested? It's a pressing question that the investors need to answer. The bet size relative to productivity increase is not quite the right ratio yet.

I can only wonder how good this might have been if it was just Friedberg and Andrew

I love this new All In Interview segment! You guys are crushing it 1. Weekly Podcast 2. Annual Summit 3. All In Interviews Congratulations on Your Trifecta of Success!!

He's a sound guy. One of the few journalists in the US MSM realm that's likeable and seems based. Still, Andrew Ross Sorkin needs to do more off-the-wall podcasts like this!

Highly recommend the Netflix series Titans: The Rise Of Wall Street. They go into great detail about the history and characters involved in this period and preceding; mainly J.P. Morgan and the house of Morgan. Excellent series.

Why does Chamath always say "double click"?

After COVID, whenever I hear people say stuff like "we have to protect the consumer" it just sounds like total bullishit. I seriously doubt anyone cares about the consumer at all. It's just an excuse.

My grandfather got wiped out in the crash and didn't get back in until the1950s.

When I was in corporate strategy, I was in a position where I could not trade. I had the most accurate data on so many key technologies by vendor, models, shipments, more accurate than the vendors themselves (due to cross referencing). Every time I log in to the to the work computer, I get a huge warning about what I was not allowed to do.

I hope the book mentions how the U.S. stopped loaning Germany money to pay WW1 reparations to France and England. The loss of this for France and England caused defaults on their loans from the U.S. All of this setting up a world wide depression and the conditions that created WW2. Now we have the opposite issue with countries selling their treasuries to get away from the dollar. What is the impact of this on the U.S. and the world economy? An interesting comparison that I hope is addressed in the book. It was unfortunately not discussed in this interview.

Hari Seldon's Psychohistory in Isaac Azimov's Foundation Series is what Friedberg was trying to think of. I have read them twice. So good.

Talking about spacs in front of their king lol

Chamath's Olivia Chow eye is growing stronger as he ages. And the fact that the SPAC man has concerns about flagrance of finance is a bit much.

27:26 Sorkin saying “I’m not gonna get rich” is absolutely blood-boiling — He earns at least $10M/yr between his TV show contract, book sales, NYT articles, speaking engagements, and co-creating the Showtime series “Billions”. I’m not saying he doesn’t deserve it — He definitely does. But don’t pretend you’re not in the Top 0.01% of wage-earners already.

HELLO FROM THE UNIVERSITY OF IOWA (Will any of the besties help pay my college debt and relieve me of all the massive stress I constantly face? Odds are no, but you never know if you never try.)

David Friedburg - The Foundation Series is the book series you were thinking about

Get Sorkin on as a regular. Hees a natural bestie

Love these BOOK REVIEWS!

What's up with Sorkin's left eye ?

The Soaring 20's meme

its hard to talk about the potential of a market crash today and not mention our largest startup is a nonprofit over 100billion in liabilities thats currently trying to acquire 100billions of more debt while intertwining with every other tech company.... sounds like a charity or church to me... why would any other startup ever pay taxes or not be a nonprofit??? its like the Amazon forever business model

This is the best you guys have done in a very long time.

is one of his eyes fake ?

I was almost gonna doc Friedberg some nerd-cred for forgetting the Foundation series, but then he recovered ^_^

So there's going to be a big crash. He can't say when or how big it will be. I guess that's helpful? It seems you can always predict future doom without giving it a specific date and always be correct (at some point).

3 Bubbles Right Now: Private Equities BTC Reserves in companies who may have bought too high AI spend from businesses who don't understand AI or have questionable ROI Bonus: Quantum Computing is also getting frothy

The problem with US Politicians, End of Empire, is it’s a job description of who can promise the most spending

A wonderful book on all this era is Lords of Finance by Liaquat Ahmad.

Before the next burst on the market, you need to campaign the market with bad news and concerns. So you can buy cheaper 🎉

♡ the Christie Brinkley book over Andrews’ head 😂

Let the man speak!

Bitcoin idiocy is astonishing and worrying. Gold has assumed its singular monetary position. The law of thermodynamics disproves bitcoin.

For the sake of Andrew’s book sales, I hope there is a market crash around the corner.

Enjoyed the discussion with Sorkin on his book. I wish he was allowed to complete his thoughts.

I could have sworn it was Josh Brolin who said “more” in Wall Street 2. I think about that quote all the time.

Great episode guys.

Ironically the all in podcast believe the mistakes we did back in 20s. Remove the regulations that reduce corruption in markets

There's something about the human brain that when you study something, anything, you see patterns in your current situation. Medical students become great hypochondriacs. So, steady on there.

I think that the biggest pact we need to make in government is to reduce corruption. Overturn citizens united, no more individual stock trading by elected representatives, etc

At 78, my number is no longer MORE, it's SAME.

Andrew is the smartest person in this room. By far.

Love how this dude puts make up on for a recording from is computer camera for the Pod

40:38 Friedberg, you're thinking of psychohistory from Foundation, which also happens to be an Apple TV+ original in it's 3rd season.

To Friedberg's question: Federal reduction idea - reduce total public-sector cost 10–20% over 5 years by consolidating federal roles to standards, guardrails, and audits, while shifting program operations to states via performance-based funding and shared platforms.

Just bought the book. It is awesome so far

I think the besties should break out like this more often

16:30 regulators are supposed to protect consumers but they usually protect institutions

I understand the “if you get rid of the mag 7 the economy isn’t looking so hot” debate but to me, that is a weird argument. Take sports for example, if you got rid of the top 7 players on a team, I bet that team isn’t looking so hot either. At the end of the day, those companies are a big part of the US economy and the global market so pretending to “rid the market of them for the sake of analysis” is a wild way to do that lol!

Did Andrew try to do his own makeup for this?

LOL 46:25, no you wouldn’t Chamath. You might give up your car, but not your jet.

INCREDIBLE conversation.. All In - best pod Period.

“A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation” best book on American financial crashes that even I can understand. The financial media has always been involved in every crash.

Fabulous!

thanks dudes!

Chamath and Friedberg make a good combo. Friedberg balances out Chamath's opinions, while Chamath brings some sharpness to the discussion

I like these 3

Freiburg is exactly right eff you guys! Through and through

A.I. boom is going to be bigger than I think we are even expecting. We are so worried about bubbles and it is why we are questioning it. It is going to super charge everything into abundance.

40:24 Isaac Asimov's Foundation series. The greatest science fiction collected works ever written.

Read the murray rothbard book on the panics next

This has to be one of the best All In Podcasts of all time! Garbage in and (All-In filter) recycling items plus garbage out however, All-In with Andrew Ross Sorkin= pure gold.

Andrew Ross Sorkin is a great guy, good level headed analyst

According to a research that the current American GDP is 65% petrodollars related. So the new world order influenced By the petroyaun backed by gold and GCC countries oil 🛢️ export this might devalue the American GDP by 65% angst gold and RMB ( delete 65% of US GDP)

Comparing 1929 to today: What's about to happen because of AI/GenAI might be covered by two words - "cycles overdrive" - what's hot today may no longer be so hot tomorrow, but there will be couple more new hot things to replace it - crazy exciting! The race is to own the hot new thing - that may not be too bad unless the Envy, Greed or Doomer people get crazy and blows the whole thing up. They must remain well-triangulated.

Ouch. They aren't they, and. Jesus. Im obsessed with all the audio books.

How does the PCR fit in the timeline?

Sorkin and Chamath are on a different level!

Chama ??? Are positioning hsi next spac

It’s consistently the best episodes when it’s only Chamath and Friedberg .. I wish there were more because it’s intellectually honest, inquisitive, and informative. Those attributes are why these are the best episodes. It’s not pushing a particular political narrative decided beforehand and fully marrying oneself to that narrative regardless of facts and discourse .. and we all know who ALWAYS does that. Intentionally intellectually honest, inquisitive, and informative (… and not narcissistic narrative pushing nonsense and we all know who does that- he hosts out of narcissism and insecurities).

The problem is stock market is not allowed to crash. Over controlled and not allowed to fail.🎉🎉🎉

I did a job interview for CNBC for a non-financial art graphic design role and one of the things they called out was employees are only allowed to buy stock twice a year. Why do politicians get to do insider trading whenever they want?

Interesting analogy to 1929 "When the people find that they can vote themselves money, that will herald the end of the republic"

For a different point of view read Murrya Rothbard's "America's Great Depression". The Fed increased the money supply by 58%. That is what fueled the speculation.

The movie, “The Day the Bubble Burst”, is a wonderful picture of this book.

Great interview. Where is Andrew's furniture from?

Tom, One of your best videos ever. To everyone listening. Tom stopped me from selling when my portfolio was 20% less than it is today. The kicker, this was ~3 years ago. Umm 5 x increase 😂. Investment value!

39:36 Hope in reality is the worst of all evils because it prolongs the torments of man

What’s the story with Sorkins eye?

Who was reading the room at that time?

What happened to let your winners ride? Best part of the pod

"lass das einfach sein" "nein! im not gonna stop covering my risk with profit" ohjeeee... =D

Definitely a mood killer 😂

I can't look at that eye! Gives me the heeby jeebies.

One if the hosts is throwing cold water on the guests convo. Ask the guest a question and ket him answer rather than go on long rants while guest is talking.

Hubris run wild…

BEST question: what does Sorkin invest in?

Yah

The go to book on the great crash in 1929 is by jk galbraith

Anyone else feel like Sorkin is describing today?

Excellent conversation. Thanks to all 🙏

Speculation = to innovation, I loved that phrase, so true!!!

Sorkin really said "Clocks whats going on" Love it

Lovely, what a pod cast. Amazing view on what really happened in 1929, and a great trip to break it down. For Andrew the boot was on the other foot, where he was asked more questions unlike his journo roles. I guess he better start getting used to it with the Book and Movie and many more sequels that can follow.

Nice, I like the format and the interview.

Love this podcast

Love Sorkin's insight.

Thank you for the interview.

Sorkin and Friedberg are good guys.

Great episode!

Bought the book - great podcast!

Well done guys

bought the book! Gonna be a good one.

Have to bring up the first brands situation on the next episode.

Ordering the book ,great topic,im retired and play in the market to pay the bills.

It's fun Sorkin talked about Charles Edwin Mitchell, cause it's a fascinating story. Coming from nowhere, he went to the top of the game, becoming the CEO of The National City Bank, the former Citi, allowed for an astonishing number of loans to be made and facilitating insider trading inside his own company, maybe becoming the single most responsible man for the krach, and then after some questions asked by the Pecora commission he found some work as a board member in some of his relations' companies, and was never heard from again by the public while still being on the top of ladder.

Incredible story of American history

Delightful and educational listen. Really pleasant and was only watchable because of the absence of AIP's turd in the punchbowl.

Love the 💰 grab | Even when incorrect still GET’s them 💰💰💰

LOVE Andrew - He brings a nice balance to CNBC.

I think I saw that lever outside somewhere once

Ray Dalio (speaking of) just dropped his own Sorkin 1929 interview! Gonna watch it next!

Andrew Ross Sorkin Eyes - Left cornea seems exotic ..coloboma in his left eye that makes it appear as if he has 2 eye colors

Interesting note that the day the book came out the market was out its record high in the S&P 500 also that the S&P rallied from its print low of April to which record high and for day 1929 S&P points. The law was 4835+1929 equal to print high of 6764.

No body remembers the facts but they truly remember the story

My grandparents raised my parents on a sharecropper agrarian lifestyle (poverty) during the Great Depression. All my uncle’s, both sides of the family thought WWII was the best thing ever. Gave them jobs with salaries they couldn’t spend, got off the farm, none were injured or killed, came back to great jobs in the energy sector, got educations and houses via the vet programs.

many thanks. i learned a lot like FDR won thanks to Prohibition not the Crash!

Great prospective

Andrew briefly touched on the role media plays in the exuberance but given cnbc’s role in cheerleading and promoting the markets to the masses over the last 25+ years I’m curious to hear his thoughts.

The problem is not that people need to buy into the idea of having less, its that they need to be educated as to the cost of things. No one wants the education system to property educate people because then they may actually hold those in charge (the wealthy and powerful) accountable. Most of society is already dealing with less, and the wealthy get wealthier- there is rot in the system, its not the services that are the problem.

Sell less resources in exchange for more control on how they are spent. Health care savings accounts for example.

This new Bestie lineup is 10/10. 😁

David: “Psycho-history” in Foundation, by Isaac Asimov. It’s also INCREDIBLY rendered on Apple TV.

i cant get my eyes of his eye

The idea that we all have to spend less to keep the system from crashing is in conflict with the idea that productivity can be increased to enable getting more (getting more goods and services) by spending more because there is much more on the shelves, so to speak, to meet or even exceed the per dollar demand. In other words, although there are many more dollars, there is much more product product at a lower cost to market or lower production cost. How does this square with the debt holders being paid without breaking the budget? Well, it goes back to the notion that viability of "growing" faster than or not slower than debt repayment/interest payment requirements. But, do we really empower "productivity growth" or even greater supply for fear of deflation. Deflation in terms of input of labor for food production has been the greater if not the greatest driver economic progress and per capita wealth. Isn't that the model we should look to?

These 2 guys are some kind of ideological free-marketers, they can't see beyond the limits of their ideology and Andrew is giving only a light-touch to challenge their broken conception about how the society works, and we're also completely missing an examination of the geopolitical considerations now and in the past and you need to understand geopolitical dynamics because no state is an island

Tying the S&L crisis to the 40 act seems like a stretch.

I just realized that Andrew's left eye is a Cat eye.... Once you see it... it can't be unseen.

The Innes' two papers on what is money and the credit theory/explanation of what money is (basically I.O.U.s against the whole economy that are circulated/"currency") means that bitcoin/cybercoin are a form of private sources "counterfeiting" money, only with little of the "currency" or circulating I.O.U. function and without a central bank oversight function. To me, that seems like a highly reckless practice that is bound to crash and burn itself and much, much, much more.

where is my Taquila boys? you have had my 1250 since the summer and im cold

David Friedberg - Aasimov's Foundation series

The problem is the repeated conflation of "invest" and "borrow". Wall Street is not inviting the common person to lend their savings to a new enterprise that has the potential to deliver a positive return. Wall Street is only inviting the common person to borrow money that Wall Street does not even have available to lend.

43:42 ya bud - trust your instincts there…

All great points but ultimately it’ll boil down to… Fiat is debt Debt will unwind Unwind = implosion (hyperinflation) Triggered by an event. Mirror image of last weekend’s Crypto flash crash caused by excessive leverage, and the fuse being lit.

Getting book. Great episode.

6:55 is this happening for real?

The Foundation @Friedberg, theres an apple TV show based on the Asimov series

Politicians have no right to “make promises” to take from some and give to others. That IS the problem. OPM!

Where is Jcal’s psyop on narrative today ? 😊