All-In's 2026 Predictions

This is what we need. Let him go. >> All right, here we go. >> This is Jason in the corner warming up. >> Two. Shut the up, Freeberg. It's my. show. [laughter] Three. Two. All right, everybody. Welcome back to the number. one podcast in the world. The podcast I, Jason Cowakanis, named, created, and I'm. the executive producer [laughter] for. life. With me, my three Miss Crant. friends, Chimath Poly Hapatia, our. dictator. Love you, brother. Good seeing. you. Uh David Freedberg, our Sultan of. Science and Yeah. Thesar. Yeah. Who's.

now made his way down to Austin. Welcome, brother. Let's go shooting. Let's get those beef ribs. David Saxs, how you how you uh how you settling in. to the great state of Texas. Everybody. wants to know, David, >> I'm loving the 70 degree weather. Is it. like this all year round? >> You know, it's uh this is a very. wonderful time of year. uh you miss the. two weeks where it goes to freezing. temperatures. We have 10 days of. freezing temperatures and then we have. 80 days of 100 degree temperatures, but. you'll be on a yacht or Italy or.

somewhere uh during that like the rest. of us. That's basically all you need to. know about Austin. Just get out during. the summers cuz it's brutal. That's it. Everything else is fan freakingastic. But in all seriousness, >> you're here. You're here. You're you've. moved. You've doiciled in Texas. This is. This is This has happened. >> It happened in December. >> Yes. >> And so we closed on a new house. We. moved in. Went to the DMV. I signed a.

lease for an Austin office for craft. >> Nice. >> It's done. >> It's done. >> It's done. >> Okay. I got to I'll get you a dentist. and whatever else you need. >> I got a doctor, too. >> Okay. Does this mean I have to bring. Moose back? This has been the big. discussion in our house. Does this mean. we lose Moose or do we have you in. custody? >> He needs a significant acreage to run. around. We know that. >> Oh, he does. He does. But he misses you. and I and we'll definitely bring him by. for a visit. >> And we'll we'll be playing some back gam. smoking some cigars.

>> You got to come by. >> Cannot wait. Shamath, what about you guys? You guys. going to come down? Two of four besties. >> Matt and I started the process in. December. We are coming to check things. out. We have not made any final. decisions though. >> Okay. Shout out to our boy Ro Kana for. driving everybody out of the state. >> So, here's the funniest thing is we're. all in the chat group discussing the. California wealth tax, whether people. are going to leave or not. So, Chimath, he's making a big show. I'm going to. stay and fight. I'm not leaving my home. [laughter] They can't drive me out. And.

then meanwhile, I get a call from my. broker who says she's helping Chimath. find a place. [laughter]. >> UHOH. WHAT'S GOING ON? >> IS CHAMOTH DOING BACKDOOR TRADE? I'm. shocked that Shamat tells you one thing. and is doing another. >> Oh my god. >> He's at least hedging his bets. >> He's hedging his bets. >> A lot of people are hedging their bets. A lot of people are. >> Serge in Florida. He got a I'm sorry. Uh. Larry's got a beautiful place in. Florida. I see. According to the news, a. lot of people and I saw Governor Abbott. uh reached out to you.

>> That's right. He welcomed me to Texas on. X. A lot of people did. >> Michael Dell did Ted Cruz. >> Ted Cruz. And yeah, it was a real. welcome reception. It's funny. I never. got anything like that when I was in. California. >> Jason, I I put it on. >> The politicians were never. >> They weren't embracing you. >> Yeah, they were embracing me. I don't. know why. >> Who knows? I put this on X. But when you. look at our friends that all explicitly. left, it's about half a trillion of net.

worth, which I think is very bad for the. long-term budget of California. then I can pick about 25 people just off. the top of my head. And then if you. think about all the people that will. stay and fight, I still intend to stay. and fight, but where if we're forced to. look down the barrel of a an asset tax. that has god knows what methodology, >> it's the only thing that's united. everybody on the left and the right. Even Reed Hoffman thinks this is insane.

I think a lot of other people will. leave. It's probably half the total. wealth that the budget estimated would. be available to be taxed will be gone. >> Wow. I mean, these are I I don't. understand. >> That has huge implications to the social. programs and the general budget of. California. >> Listen, I think this is going to be a. topic. This is a prediction. I think. this is going to be a topic throughout. the year because it's not going away. They're gathering signatures right now. >> I agree. >> And we're going to find out in say April. whether it's on the ballot. Now, it's.

possible they don't gather the. signatures, but they only need about. 850,000 of them. If it gets on the. ballot, you know, again, we'll know in. just a few months. There's going to be a. huge freakout and I think there'll be a. lot of people who will say, "I can't. take the risk. They're going to leave. the state." So, I think there's going to. be a rush for the exits. There's going. to be all sorts of repercussions from. that. Then, there'll be an election in. November. Obviously, we'll find out if. it passes or not. And then there'll be. legal challenges. So, this is going to. be a saga. I don't think this is over by.

a long shot. And quite frankly, even if. it's beaten in 2026, I think a lot of. people expect that some version of this. comes back in 2028, which is the thing. that kind of pushed me over the edge in. terms of leaving is I don't think this. problem is going away. It's very. difficult if you're an entrepreneur with. a good idea to start building here. because if you get stuck in success with. a bunch of illquid stock and have no way. to pay 5% of that value, you're going to. bankrupt your own company. It just.

doesn't make any sense. >> And what if your company goes to zero. the next year, which can totally happen. with private companies? You still owe. the tax bill. >> Yeah. I don't know how that reverses. itself. It's a terrible idea. I mean, I. was talking to Roana and Eric Swallwell. who we had on the program and I told. these guys like these dopey Democrats, you have to stop fraud first before you. start seizing people's assets or start a. discussion about raising taxes. And you. know, we had Nick Shirley on last week. who was doing his investigative. journalism. Shout out to Shirley. And uh.

how do we sell to the American public. that we want to seize their assets while. and then sending it out the back door to. fund fraud? That makes no sense. It's a. leaky bucket. So fix the bucket first. and then let's have an honest discussion. about what the right tax rate is and and. why do this with a unique tax? Why not. just put a point onto capital gains or. income tax and and have that discussion?

>> That's a great point. You could also do. what Bill Aman suggested, which is stop. allowing these margin loans. There's a. lot that actually live off of margin. Is. it a good idea? Yes and no. Depending on. the asset base you have, and if the tax. laws changed, we would all change the. approach. >> You mentioned that Larry and Sergey have. left the state and they're probably. getting dragged for that. But one of the. reasons why I think they kind of have to. is because of the super voting stock. provision in this thing where the way. they calculate the value of your stock.

is not based on its liquid market value. but if you own super voting shares they. multiply your ownership your super. voting by the market cap of the company. and they deem your shares to be worth. that. Yeah. >> So for example Larry and Sergey I think. they combined have voting power of about. 52% of Google. So what's Google worth. these days? uh 4 trillion. >> and a half trillion. 4 trillion. >> Okay. So now I think I mean they're very. wealthy guys. I think they're each each. worth whatever 100 billionish or. whatever it is.

>> I think. Yeah. >> 200. But now their net worth will be. deemed to be I guess each one of them. would be deemed to be roughly one. trillion each. Not the call it 200. billion. So the 5% tax for them is more. like a 25% tax of all their net worth. So it becomes and it becomes it becomes. 50 because you'd have to sell more than. that to overcome the drag of selling to. generate 25 billion or 50 billion of net. worth. You have to sell 2x that because. you have to pay taxes on that, >> right? So now what what is the point of.

having that super voting provision in. there? It's just totally punitive and. vicious. >> All right, so let's just go with a quick. prediction here. >> I'm going to call an audible. We're. gonna get into the prediction show, folks. We've been delaying this. prediction show because the world is. moving at an incredible pace and the. news is just, let's just call it what it. is. It's just intense. And we have a lot. of stories you all want us to to cover. We will cover them, but we're going to. start with our prediction show. Just. lightning round prediction here. Does. this seizure tax, I'm going to call it.

what it is. It's a seizure tax. They're. seizing assets. Does the seizing assets. tax go into effect or not? Does it pass. or not? Freeberg, you're first. Yes or. no? Give us a percentage poly marketed. >> Well, does it get on the ballot first. and then does. >> Well, we know it's going to get on the. ballot. I think we agree with that. But. not correct. >> Oh, we don't know. So then I'll make it. a two-parter. Fine. Does it get on the. ballot? Does it pass? Chimoth, you seem. ready to go. Go. >> No. Free. Go ahead. >> I don't think it's going to get on the. ballot. >> Oh, >> I agree with that. >> In California 100%.

>> All right. Here's your poly market, everybody. Shout out to Shane. No, >> this is to make the ballot. This is to. make the ballot. >> This is the question. Will the billionaires to Austin tax, wealth tax, drive people uh will it make. it onto the California ballot? Lightly. traded currently at 69%. >> But you see how much lower it was? That. spike happened after Roana elevated the. issue. So when it became a cause celeb. among progressives and Bernie Sanders. weighed in, it spiked up from what was.

it like 45% to 80%. >> Okay. So when Roana committed political. sapuku, uh, it drove up. Maybe he had a. bet. Maybe he placed a bet. >> I don't think it's political suicide for. him. There's only two ways it doesn't. get on the ballot, right? One is. >> if the SCIU uh, which is the union that. supported this, proposed it, >> doesn't have the money to pay to collect. the signatures. >> But I, you would think that they would, right? >> Mhm. [clears throat].

8 million or so is roughly what it costs. to gather the signatures for these types. of things. Clearly, they can find. 850,000 people in California who support. it. >> if they're willing to put the effort in. The other possibility is that the powers. that be, let's call it Gavin Newsome and. the machine are able to negotiate. >> with this union to get them to stand. down. And I don't have any insight into. that because that's obviously Democrat. politics, not Republican politics. H but. Freeberg and Chimat might have some.

information. You have some insight. I. don't know. We're going to we're going. to leave it at that. >> But if it does get on the ballot, what. do you think the odds are that it. passes? >> I think it's going to be a really. important. >> 40%. >> moment for people to vote. the ability to be industrious and have. agency or what did Mamani say? It's. rugged individualism versus. >> collectivism also known as communism as. in collect. We collect your assets, Jamal. >> He said that we're going to replace.

>> the fragility of rugged individualism. with the warmth of collectivism. [laughter]. >> I mean, at least he's saying it out. loud. I I like this new I like these new. politicians just telling you straight up. what we're doing. >> Well, his new housing commissioner, have. you seen this? >> Yeah. The white lady's like, "White. people must suffer." And then she's like. she had these things where she's like, "I see white babies in the airport and. it makes me mad." And I'm like, really? This is crazy. >> Um, what man broke up with this lady?

Because that dude. >> has created a monster. >> Didn't she say something like, "We need. to introduce a a new relationship. between. >> white people and property and their. property rights or something.". >> Yeah, exactly. >> I mean, they're saying it out loud now. And then I guess she had a mental. breakdown and started crying when they. came to see her. I. >> No, no. What happened is they pointed. out that her parents own a multi-million. dollar home and then she broke down in. tears. [laughter]. >> Oh, her mom's a white supremacist. I. didn't realize her mom was a white.

supremacist. That explains it all. because this is all about her mom. >> I feel bad for her parents. >> Oh god. Can you imagine your imagine one. of your kids goes and does this and. says, "We have to go collect your. houses." I mean, listen, let's do it. Let's do what everybody wants to hear. Our predictions for 2026. We've been. pushing it off. We're going to give it. to you right now. We always like to. start since uh you know we got into. politics here on the program at some. point. The biggest political winner, last year's prediction for biggest.

political winner for 2025 to remind. everybody. Freeberg said young. candidates. Well done. Gavin who was on. the show sitting in for Sachs who was. busy joining the administration. He said. Trump and centism would be the biggest. political winner. Chimath, you said. fiscal conservatives and who asked for. restrained spending. It was a good. thought and I said Gen X and Elder. Millennials, the JD Vance, Tulsi Sachs. group. So, let's go around the horn.

here. I wonder Friedberg, who you think. will be the biggest political winner of. 2026? Freeberg, your chance. Democratic. Socialist of America, the DSA, just like. the MAGA movement took over the. Republican party, I think the DSA is. taking over the the the Democratic. party. And I think that's the move we'll. see solidified in 2026. >> Okay. Tight is right. Well done. Chama, who do you got for biggest political. winner 2026? >> Whoever is going to fight waste, fraud, and abuse at the. >> federal, state, and local level. >> Got it. So, it's an open lane to.

anybody. >> It's an open lane. It's a political. gambit that I think will work really. well in 26. >> Very nicely done. David Saxs. Gosh, I. can't imagine who you would pick as a. political winner in 2026. >> Well, I'm gonna go ahead. >> I'm gonna say that the Trump boom is. going to be the biggest political winner. of 2026. The good economic news start breaking. out before 2025 was even over. We have. 2.7% inflation. Core CPI at 2.6. Both.

those are 40 basis points below. expectations. 4.3% GDP growth in Q3. Lowest trade deficit since 2009. The. Challenger Gray report out today showed. that job cuts dropped 50% from November, which was itself down about 50% from. October. >> Give us a number for the boom. What is. it going to be? >> Hold on. The S&P 500 keeps making record. highs. People are paying less for gas. Mortgage costs have fallen by $3,000. Real wages are up over $1,000. And by. June, I predict we will see more rate.

cuts, possibly 75 to 100 basis points. And big tax refunds are coming in April. thanks to a bigger standard deduction. and no tax on tips overtime and social. security. So I think there is so much. good economic news coming and it's. already started and I think that it's. going to have a huge impact not just on. the economy but also on political. perceptions for next year. >> Pick your GDP for this boom year. Three, four, five or six points sacks. I'm. pinning you down. >> Pick four.

>> If you make it a prediction then I'd. like to pick as well. >> Okay. I'm going to go sacks first. >> I'm going to go for 5%. >> Within a rounding error I believe 5%. >> Sure. Sure. Plus or minus? Chabat. You. want to pick a number? You said you did. >> I think the lower bound is five. I think. the upper bound is 62. >> Wow. Incredible. Well, just to put that. in perspective, if we print six, the only country in the. modern world that we think of as a. quasipier competitor that has printed. six is the Chinese. In a period where it. had complete and total coordination and.

domination of a federal, state, and. local economy. And the fact that we can. do it under democracy and capitalism. is outrageous. Freeberg, do you want to. take a stab at that? >> 2026 growth. Yeah. 4.6%. >> Okay. I was going to go with between. four and five as well. In terms of my. prediction for the big political winner, I went back and forth between the. emperor's apprentice, Darth Vance, JD. Vance, or the Mandami moment. I said.

Darth Vance for a couple of reason. uh. you know he is out there defending Trump. uh and he's surging on poly market and. in the polls. He's obviously the. co-pilot of MAG. He's done a great job. of being second seat. He is not usurping. President Trump which would be a big. political mistake. He's really. navigating being the co-pilot there. But. he is the most popular politician. clearly at Turning Point USA and he is. the OG in the America first America only. moment. But I'm going to give the edge. to the Mandami moment. He's 34 years.

old. We've got Ro Khan at 49 pivoting. into a socialist. And I think that's. because Democrats believe the easiest. way to win in 2026 is to go full. socialist. And Trump has, I think, given. this lane because he's forgotten about. the working man and woman in America. Net disapproval for Trump on the. economy, 58% inflation. Despite what Sax. is saying there, it's still closer to 3%. than 2%. And Trump just announced he. wants to increase the military budget by.

50% while people are still complaining. about their healthcare. And Trump has. turned into a complete neocon, bombing. seven countries this year and uh. threatening to take over Colombia and. Greenland. Who knows if that's Trump. being Trump or if that's reality, but. Trump becoming a neocon was not on. anyone's bingo card. And uh I think. Trump may have incited and given a bunch. of fuel to the Mandami moment by not. addressing the American people's needs.

and going for the international. interventionism. Okay, now. >> that was like three different answers. right there. >> My answer is clearly Mandami. My second. place though I like to always explain my. thinking is Darth Vance. JD Vance. biggest political loser. Last year's. predictions I said Putin. Gavin said. Putin. Chimath, you said progressivism. and Freeberg, you said the pro-war. neocons would be the biggest political. losers. Uh, let's get into who we think.

will be the loser this year. Uh, Sax, why don't you start? Who's your big. political loser in 2026, you think? >> Well, I said democratic centism or. democratic centrist, which is sort of. the flip side of you guys saying that. socialism or progressives are uh. winners. And there's two reasons for. this. One is because the socialist. ideology is sort of ascended among the. democratic base, especially the young. people who support Maani, things like. that. Unfortunately, our universities. are woke madrosas have done a terrible.

job educating these students and they've. brainwashed a lot of them into this woke. ideology. But also, there's the fact. that there's so few House districts. anymore that are truly competitive. So. both the Cook Political Report and Larry. Sabado's Crystal Ball, they say that. there's fewer than two dozen House races. that are genuinely competitive going. into 2026. That's because of uh. gerrymandering and so on. So if you're a. Democrat incumbent who is in one of.

these districts, like all but a couple. dozen of them, your only real threat to. losing your office is from the left, right? It's some young AOC type coming. up to challenge you. And so you don't. want to expose your left flank. So even. the Democratic moderates have been. shifting further and further to the. left. And so you see this AOC mammi. effect happening there. So I'm kind of. in the same camp as you guys is this is. not a good trend. But uh I put this as.

biggest political loser. >> Biggest political. >> democratic centism. >> Got it. Chimath, what do you got? >> Can I just go back and just nitpick with. you a little bit? Why do you think. progressivism. didn't fail? And the only reason I ask. you that is outside of a few pockets of. progressivism and specifically Mandani, if you look at the elections in Virginia. or the elections in New Jersey, those. are more centrist than progressive. And.

if you look at the general approval. rates of Democrats, they trended. consistently down through 2025 as they. handgun themselves about leaving. centrism and embracing progressivism. So. the more talking points around. progressivism that emerged, the poorer. they performed. So I know your. perception or some people's perceptions. may be different based on one localized. win, but if you look at the broad trend, it didn't work. I just put that out. there just as just as the facts and not.

the vibes. >> Well, I don't want it to be true. Just. to be clear, I would. >> I'm I'm picking. >> I would love for the Democratic party to. be. >> I don't want it to be true either, but. it does seem. >> No, but you like it was wrong and it. wasn't wrong. So, >> well, I it might be a jump ball might be. the best way to describe it because you. have effect and. >> Okay, just look at the numerical. numbers. The trends were horrible. Like. meaning wherever the Democrats started, the more progressive talking points they. added, the poor and poorer they. performed, the approval ratings went. down, the disapproval ratings went up.

I'm not saying that they didn't win a. mayoral race. They did do that. I'm just. saying broadly speaking, nationwide, is. the Democratic Party and its embrace of. progressivism, at least at the federal. level, has it paid off over 2025? And I. would say categorically, mathematically. not. >> Okay. Now going to 2026. What is my. biggest political loser? What I would. say is the biggest loser of 26 is the. Monroe Doctrine. I think that when. historians look back on the Trump.

presidency, they're going to rewrite it. I think people have tried to minimize. Trump's worldview as a Trump corollary. I don't think that's what this is. They. even try to minimize it by calling it. the Dawn Row doctrine. I don't think. that's what this is. I think that there. is a clear Trump doctrine that trumped. the Monroe doctrine and I think that is. the political loser because there is a. huge body politic that has been built. around the Monroe doctrine. How do we.

view wars? How do we view our spheres of. influence? How do we view economic. multilateralism versus unilateralism? All of that is out the window. You know, we view this as hemispheric dominance. That's Trump. We view it as proactive. and in very specific cases. interventionist. We intervene against. drug cartels. We control immigration. We. secure vital assets. That was you know. not really the scope of the Monroe. Doctrine. We have more transactional relationships.

quite honestly which allows us to react. in the moment. So I think the Monroe. doctrine is the biggest loser of 2026. >> Free your biggest loser 2026. My biggest political loser of 2026 is. the tech industry. I think AI and tech. wealth have become the lightning rod for. populism on both sides of the aisle. I. think um the right is fracturing a bit. where this call it alliance between tech. and MAGA seems to be getting a really. strong challenge from the more populist.

movement. In the same sense the left is. turning hard on tech because of tech's. alignment with the right. And so I think. we're going to see in the midterms a. really big referendum against the tech. industry coming out of. >> good populist women. >> That's a great one. Can I tell you guys. a little story from yesterday? I had a. meeting with three very senior sitting. senators before I flew back to. California. These are Republican. senators. and Freeberg. I was surprised exactly. what you said. There is a couple of.

companies that have exacerbated their. frustration. They view those companies, these are techs and the tech leaders of. these companies as just not trustworthy. and they've largely been grining these. guys for a long time and they're pretty. frustrated with it. So to your point, it. is palpable. >> Look, I can tell you that the natural. ally for tech is with MAGA because we. still believe in property rights and.

innovation. And if the Democratic party. is truly going progressive, which means. socialist, they want to rewrite your. relationship to property rights, whatever that means, and impose wealth. taxes and the realized gains taxes and. all the rest of it. So, look, I don't. think tech has that much of a choice. As. Arnold Schwarzenegger said in one of. those movies, come with me if you want. to live. >> Come with me if you want to live. Yes. >> Get in the chopper. >> But let me say this. The reason why. there's anger on the populist right is. because they remember the censorship and.

the deplatforming. and the shadow banning and all that kind. of stuff. And what there needs to be is. I think there just needs to be some. meetings, some truth and reconciliation. that happens between some of these tech. leaders and some of these conservative. influencers. >> Guess what, David Tax? I know one guy. who can help make that happen. No, I. would I would like to host some of these. meetings in 2026 and get these people. together because I think that the tech. companies have either realized their. mistake or they were pushed into it in a. lot of cases by the Biden.

administration. >> Yeah, they had a gun to their head. Yeah, >> they had a gun to their head. Now, I. also think that one other mistake. they've made is quite frankly they've. been donors to only leftwing causes. And. so, if you listen to Cernovich's. account, he's like, "Look guys, you. banned us. You cost us our livelihood. for years. >> Debbanked us. >> Debbanked us. Where's the restitution. >> or at least at least start giving some. support to our conservative cultural? >> By the way, you nailed it on the head. The senators that I talked to, that's.

exactly what they want. They just wanted. an apology. Just be honest and say you. did it. >> This asset seizure tax proposal in. California and the conversation about. other states, I think, is bringing a lot. of people to that table. at. least the tech. only. maybe. contrary to what people may think it may. actually be doing. >> a lot more positive for the right side.

than the left by putting this forward. This may actually be catalyzing a big. change in Silicon Valley. >> Yeah. Yeah. And if you if you think. about it, if you were Zuckerberg or you. were, you know, the Google executives and the. FBI is telling you, hey, we need you to. take care of these censorship issues. We. need you to label these things, etc. You. know, it puts you in a pretty tough. situation if the FBI is calling you, if. you're trying to do M&A. And then, you.

know, look, now M&A under Trump is on. fire. We'll talk about that more in our. prediction show. For me, I was going. back and forth in my biggest political. loser. with these dopey Democrats who are. centrists and the the new neocon Trump. Now, I don't know if Trump will continue. these neocon ways. So, I'm going to just. align with Sachs here that the centrist. Democrats are going to be this year's.

biggest political losers. Now that. you've mentioned twice that Trump is a. neocon, I have to respond to this. >> No, you don't. You don't have to, but go. [laughter] ahead. >> Okay. Look, the the problem with neocon. regime change operations was I'd say. three-fold. Number one, the invasion. You have this giant invasion, land. armies, huge numbers of people getting. killed. Took, you know, months or a. year. Took him like a year to get. Saddam, right? Number two, you then have. an occupation because whoever you then.

put in power only stays in power if you. have American GIS there pointing the. guns. So you end up with a 10 or 20 year. occupation. And then third, you have. nation building, which is you end up. spending trillions of dollars basically. trying to turn them into us so that our. troops can leave. That was the mistake. of Afghanistan and Iraq. But look, what. has Trump done that is like any of those. things. There's been no invasion, no. occupation, and no nation building. This. war, I guess, with Venezuela, if you.

want to call it that, it was a flawless. operation. It lasted three hours. >> I mean, I woke up and it was like, you. know, the meme where it's like, "Wake. up, honey." It's like, "Wake up, honey. Trump's won another war.". >> It was over before it even started. >> They went in there and they basically. captured Maduro. No Americans were. killed. It was absolutely flawless. operation. and they are bringing him to. justice. By the way, he begged for it. He's on tape talking a lot of smack at. rallies saying, "Come get me, you know,

>> calling the Americans chicken and so. on." So, in any event, he was begging. for it. We can go into a lot more of the. the reasons for doing it and defending. it, but I just don't think this is a. neocon policy. And in fact, it's the. Democrats who've been calling to put in. this uh Nobel Prize winner that you. interviewed, Freeberg, right? What's her. name? Maria Kito Alonzo. >> Machado. >> Machado. Okay. Anyway. >> Oh, >> Hector Alzando. I think it's Hector.

Alzando. [laughter] I think he did. somebody from the Brat Pack. >> No, she was in Running Man, I think. Anyway, [laughter]. >> exactly. >> But. but. >> you're talking about the Cuban Venezuela. actress. >> I thought her name was Maria Kinchida. Alonzo. Okay. Maria Karina Machado. Sorry. That's just what I [laughter]. thought of. Miss World Miss World. Venezuela 1975 winner Maria. >> Look, the Democrats are are criticizing. the administration for not putting her. in power. But look, here's the problem.

Nobel prizes don't keep people in power. Men with guns keep people in power. And. she doesn't have the men with guns. So, it' be American GIS. There would have to. be the guns to keep her in power. And. the administration has not done that. They're looking to basically work with. the existing regime. And the big reason. why we got sucked into Iraq is because. that whole debathification process where. we didn't just get rid of Saddam, we. took out the entire elite of the country. which created a huge insurgency. So.

there's been nothing like that. Jal is. what I'm trying to tell you in this. case. It's a whole different paradigm is. what I'm trying to tell you. We're gonna. need a new name for it. Maybe Chimath is. right. Is definitely not neocon. >> Not neon. >> Yeah, we might need a new branding for. it. depends on, you know, if Trump is. cosplaying Neocon when he says he's. going to take Greenland, when he says. he's going to take Colombia next, when. he says he's going to take Cuba, he's. certainly playing the character of. Neocon uh publicly here. And who knows, that could be Trump just positioning. himself and anchoring future.

negotiations. But if I was telling you, you know, before the election when you. were saying, "Hey, do not let certain. people become president, Nikki Haley, etc., because they're neocons and. they're going to go to war with. Venezuela. Are they going to go to war. with Iran? Well, that's exactly what. Trump has done. And as flawless as our. troops did and my my lord, the we have. the greatest military ever. So, just. incredible job and shout out to them to. do this and lose no American lives was. just unbelievable. And it just says. something about the dedication of these.

individuals. But things can go wrong no. matter how good you are. We could be. sitting here right now with 12 captured. Delta Force. We could have 50 dead. Americans. >> Where's the war? But if that did, this is where you have. to be intellectually honest. >> If we were dealing with a situation. where they didn't pick up the target and. we had lost American troops and god. forbid they had taken hostages, we would. be sitting here with a much different. discussion and so we have to be very. careful. I give but we're not I give. Trump, but that is an equal possibility. or certainly a non-zero possibility.

Things can go sideways. You sound like. when Sam Harris was saying that imagine. if CO actually killed a lot of people. then the conversation would be. different. Well, it didn't. There was no. war here. And by the way, with dead. >> and let's hope there isn't. And let's. hope there isn't. You know, this is why. I give Trump a lot of credit. He has. been strategic. I do give you that. >> Stick and move. Stick and move is the. game. >> I pray that he can continue. >> And by the way, record first of all, even if we took Greenland, it's not. going to be a there's 30,000 people who.

live there. But I think it's more likely. that we'll we'll make a deal. I think. we're going to make an offer they can't. refuse. >> Okay. Ken Harry, shout out to our guy. Ken Harry. Maybe you can make a deal. Let's make. >> them an offer they can't refuse. >> Yeah. I mean, how much could it cost? I. mean, there's nothing there. [laughter]. Biggest business winner. for 2025. Uh, looks like Freeberg picked. robots and autonomous hardware. Year of. the robot. I think if you include robo. taxi there, you nailed it. Certainly. next year will be the year of optimist.

uh 2027. Chimath, you said dollar. denominated stable coins. I think uh. given what we've seen with regulation, that was spot on. Gavin, shout out to. our friend Gavin. He said big businesses. that use AI thoughtfully. Another great. one. I pick Tesla, which is at an. all-time high. And Google, which of all. of the mag seven crushed is the biggest. winner, and they did 65%. So I know both. of those we did. I think W all of us. crushed that one. Who do you have. Freeberg as your biggest business winner.

prediction for 2026? Go ahead, Freeberg. >> I couldn't decide. My number one is. Huawei, which I've mentioned in the past. out of China. I think Huawei's effort. [clears throat] to partner with SMIC to. go deeper in the chip stack and they're. just firing on all cylinders. I do think. keep an eye on Huawei over the next. year. It's um it's going to outperform. expectations, at least the western. expectations. And the second is poly. market. I think poly markets evolved. from being kind of this one-off quirky. prediction market to actually really.

providing insights into current events. and the news in a way that none of us. anticipated. >> And I do expect that after the deal we. saw with NY that all of the exchanges. and we're already seeing this with Robin. Hood and Coinbase and we should expect. something from NASDAQ this year. Dina. Friedman talked to us about this, but I. do think that prediction markets could. become not just markets but also news. and I think poly markets um just in such. a position to have a breakout year. >> Okay, great one. Chimath, biggest.

business winner for 2026 after yourself. Who do you got? >> Yeah, it's hard. I mean, I will pick me. >> Yep, we already done. >> That one's coming. >> It's [laughter] already in the books. >> Don't hurt your elbow. Don't hyper. extend your elbow. already in the books. So, can't it's all downhill from here. >> Nick, we need to use that meme of Obama. giving himself a medal. [laughter]. >> Jam is giving himself. >> I will pick copper. >> Okay, copper.

>> We are still. completely underestimating. how short we are in terms of the global. demand supply dynamics of a handful of. critical elements that we need. Again, in the Trump doctrine view of the world, that is no longer as multilateral as it. was. And we need to have unilateral. national security. And if you look. through that lens, the asset that is set. up to go absolutely parabolic is copper.

And the reason is that it is. at least as it stands today the most. useful, cheap, amendable, conductive. material that we have. That material. manifests in everything from our data. centers to our chips to our weapon. systems. It's just everywhere, everywhere, everywhere. And right now, Jason, we are on a path by 2040 where we. will be. short about 70% of the global supply at.

current course and speed. And uh. >> I will pick copper. >> Sax, what do you got? Biggest business. winner of 2026. Your prediction. I said. the IPO. I think 2026 is going to be a. big year for IPOs. I'm not going to say. which ones. I think there's going to be. a bunch of them, a bunch of successful. ones. >> And I think we could see trillions of. dollars of new market cap created of. public companies. >> Totally. >> For a while, people were concerned that.

the number of public companies were. shrinking. Public companies were. actually being taken private. This is. going to be a big reversal of that. trend. So, I think this be part of the. Trump boom will be the idea. >> I love that one. I like that one. >> Great one. Uh, I went with uh since I. nailed the Mag 7 for last year and. picked the highest performer with Google. and I placed a bet on that, so I'm. feeling pretty good about it. Uh, my. prediction for 2026 is that Amazon is. going to have a massive year interesting. >> as they continue to replace humans. >> with robots. That's why here's a chart. for you. I've been talking about this a.

little bit. I think this is the most. important company to watch because Zuk's. their self-driving is working. They're. making great progress with it. And here. when you look at this chart, you can see. they're essentially flat in terms of. hiring humans and they're surging in. deploying robots and they did their. whole PR comm strategy of calling them. cobots and donating to toys for tots. etc. I think they'll be the first. corporate uh singularity which is to say. the first company to have more robots.

driving their bottom line than humans. So that's my prediction for 2026 is. Amazon. And I'm going to place a bet on. that. >> My prediction is that Jayla is such a. luck box that he'll end up being right. about Amazon, but not having anything to. do [laughter] with the reason he gave. >> Yeah, right. He'll hire a billion humans. to go do something and it'll be for a. different reason. I am a luck box. That. is true. >> It'll just be better free cash flow and. all of a sudden more people using AWS. and Jal will be right. Well, I actually. I think the reason is if you just if you.

think about it, I don't know if you guys. have had this experience, but with the. delivery business, which was kind of a. dog for a long time, obviously AWS is. crushing it, but that delivery business. here in Austin, we get everything the. same day. You're going to experience. this, David, there are because of the I. think the geography here and the ability. to have depot centers very close. Everything you order on Amazon comes. within the same day. >> You know, I've noticed that already. I've already started ordering things. from Amazon. You're right. It was all. same day. I'm like, "Wait, what is going. on?". >> That's. >> what it is is we have a lot of space 15.

miles outside of the city center, 20. cent, and they built these huge um. warehouses. So, you just get everything. within 4 hours. They're like, "We'll be. right there." It's very bizarre. >> So, Jason, you'll buy like virtues at. like 8:00 a.m. and it arrives by noon. >> Yes. Absolutely. Absolutely. And uh when. you put your order in for ethics and. morality, it just never shows up. I. don't know. It's lost again. Who knows? It's just incredible. We're just both. ends of the spectrum here. [laughter]. Moral. It's like, "Hello, customer.

support. I ordered a moral compass 2. years ago. It still hasn't arrived.". Okay. [laughter] Biggest business loser. >> I love each month. >> It hid behind the 20 billion. >> It did. [laughter]. Absolutely. >> All I know is I got my beak wet. So, I. hope your compass never shows up. >> You got your beak wet on that deal. >> Well, Sundep came to Besties and he. wanted to collect all besties. We all. got to place a little bet and then. >> Oh, by the way, by the way, I devested I. devested my Gro shares as part of. joining the government back in like.

February or March. >> Oh god. >> So, >> oh by the way, by the way, what would. that cost you like what the last triple. up? >> No, it was a small position that came. from Grock acquiring Sunny's old. company. We didn't invest in Gro, so it. wasn't big, but the point was. >> Yeah, it's just another example of you. sacrificing for the country, which I. give you a lot of credit for. It's good. for Sachs to put that on the record. >> Yeah. >> Well, it's just so ridiculous because. I'm accused of somehow doing this job. for money when it just keeps costing me. money. >> It's negative money. >> XAI just raised an up round at twice the.

valuation from the last round and we had. to divest that too. >> Yeah. No, no, we didn't sit it out. Hold. on. Let's be clear. We didn't sit it. out. We divested it. >> So, you place the bet and then before. you get to collect the ticket, you lose. the last double up or triple up. The. economic cost to Sachs will probably. exceed a billion dollars by the time he. leaves. >> Personally, this is crazy. I mean, people need to know this. It's a very. important thing to put on the record. I. think it's important for. >> I think everybody should know. All these.

dumb reporters don't get it, but Sax has. sacrificed. >> financially an enormous amount to work. on behalf of. >> the government and the people. That's. that's really amazing. It's fine. I. wouldn't even say anything about it if. it weren't for the fact that we got. these mainstream media reporters lying. and saying the opposite that somehow. this job is making me money, >> right? >> I wouldn't say a word about it. otherwise. >> Business loser 2025. >> Gavin said federal government service. providers, I guess because of Doge and.

them being held to the fire uh feet to. the fire there to give us a better deal. Old guard defense contractors like Bowen. and Lheed was yours Freedberg. and Chimath you said the Max 7 expected. a decrease in uh the record. concentration. I said open EI which. would see a peak valuation and obviously. I got that wrong. What do you got this. year Freeberg? Who do you think is going. to be the biggest business loser of this. year? To follow up on Chimath and my. conversation at the Christmas dinner, I.

think these state governments are going. to have a real problem with finding. financing because what's going on with. the exposees that are underway on waste, fraud, and abuse in state agencies, I. think, is going to lead to a. conversation that's going to cause folks. to question the long-term solveny in. operations because the response won't. be, hey, let's cut out the waste, fraud, and the abuse. the response is going to. be we got to keep it going and that is. what is going to give people fear is. that if they did respond call it.

equivocally to the discoveries that the. governments did then I think that. there's an opportunity to continue to be. able to borrow and access capital. markets but I do worry a lot about state. governments um borrowing. I think the. other thing that's going to hit the the. fan this year in state governments is. all of these um unrealized pension. liabilities. I think when these numbers. start to come out this year and a lot of. people are now digging deep into it, folks are going to wake up and be like, "Holy, there's a ginormous hole in these. states and their obligations.". >> And why does the government have to do. these pensions? Why can't we do.

superanuation like Australia does? We. have to get this out of the I love that. pick. >> That's called a defined contribution. instead of a defined benefit. And if you. get this defined contribution model and. then just have good management, it all. works out. So this is basically the. problem with social security. Social. Security is a defined benefit and then. all the money just doesn't sit anywhere. It doesn't exist. >> If it was a defined contribution, >> it's just a liability. >> And let me let me give a shout out. If. it was a defined contribution like. Invest America accounts or Trump. accounts as they're being called, and. you put the money in and you see how.

much you have and every year you track. it and that's what your retirement is. going to be, just like we might have. with our 401ks or our IARS, that is a. system that actually has true solveny. Otherwise, it becomes this runaway train. of liability. And that's effectively. what the states have set up. And it's. very dangerous. >> And if we were to take government out of. it and then every American just had to. put 10, 12, 14% into their retirement. account and it was forced, you'd have. happy people who feel some agency in. their lives, which the people of. Australia do. Chimath, who's your loser.

2026? I will pick the software industrial. complex. So these are the companies that. sell licensed SAS to the corporations of. America. It's about a3 to4 trillion a. year economy. That is separated into. three buckets. Bucket one which is the. smallest is the initial licensing. That's probably 5 to 10%. Buckets two. and three where all the money is made is.

what's called maintenance and migration. which is how do I just maintain this big. bulky license that I just bought for. $300 million as an example. >> or how do I migrate it from product A to. product B. Those last two buckets represent 90% of. all the dollars in revenue that's. generated in software. And because of. the advancement of these models and the. advancement of these technological. techniques that we are all uncovering,

building agents, building systems, I. think you're going to see that total. economic opportunity shrink and contract. aggressively. The companies will still be able to do. their business. It'll just be at a much. much lower incremental revenue. the. customers will be able to do their. business. They'll have a lot more. flexibility and a lot of upstarts I. think will have opportunity. I'm. speaking my book obviously, but I'm. seeing it on the ground with you have a.

company building software. >> Our entire business 8090s business has. basically migrated to disrupting. maintenance and migration patterns. I. cannot describe how much opportunity. there is. It's very tactical, mundane, not very sexy work, but it's incredibly. lucrative. And so I expect that that. thing is going to shrink. It's going to. impact SAS companies, public SAS. companies particularly quite severely in. 20. >> What do you got facts for your biggest. business loser of 2026 prediction? >> For me, we already talked about this, but it was California because of the.

wealth tax and also the ownorous. regulations driving business and capital. out of the state. I hope you guys are. right that it does not make the ballot. If it does, I think there will be a. panic and rush for the exits. Regardless, there's two major refineries. closing by the spring. Higher gas prices. will be the result. I just think that. the politicians are not doing a good. enough job in California dispelling the. fears and the [clears throat] actual. hostility of the business environment. >> That's a great one. And I went with.

young white collar workers in America. I. think they're going to be the biggest. business loser. I think it's getting. really hard for them to get entry level. uh jobs. I'm seeing that all over the. place because companies are having an. easier job uh just automating with AI. than training up Gen Z graduates. That's. my belief. That's why I'm launched. founder university on three continents. If you are a young person, you got to be. resilient. You're going to have to be. self-reliant independent of what Mandami. Mandami says about collectivism. It's.

easier to use AI than it is to train up. and we don't have professional. development. That needs to come back. I. just did an interview with the CEO of. McKenzie, which you may have seen on the. feed. And this is the big challenge in. corporate America is they're taking out. the bottom two or three rungs and. automating stuff. And we really need to. develop young people so that they have a. path to take the CEO jobs eventually. And I don't think they're going to have. an easy time doing that. That's why I. think all young people should start. companies. I am talking my own book. I.

am talking about founder.university. Please apply Japan, Saudi, and in. America. We're going to help you build. companies. Thank you for my promo, >> Jason. I got a text last night from a. friend and it's in response to your. comment about young people not being. able to find jobs because of AI, which. is the statement you've made a couple. times. He said went to a roundabout of. 50 CEOs of public and private companies. and asked everyone if they're hiring. junior engineers. Everyone said they are. still, but not as much as before because. during co every college lowered the bar.

on admissions and the talent just isn't. as good anymore. My friend went on and. he said, 'You should talk about this to. counter Jal's point about AI taking. young people's jobs. We see this with. financial analysts and we see this with. sales people we hire. The Gen Z kids are. all really challenging to hire because. of cultural issues, not because we're. not hiring them due to AI. So, we try. and hire older people primarily to to. fill those roles. So, there's a real. interesting point that he was making. I. texted a couple of their friends to ask.

them their opinion and I've heard this. concurrence shout out which is like a. lot of people think that recent grads. out of college and this may be a co era. phenomenon they just don't seem to have. the temperament the motivation the. organizational skills. >> executive function yeah. >> executive function and by the way some. of our friends who I've talked to who. have kids graduating college there's. even a conversation about none of these. kids are motivated to get jobs or to. make money there's a very weird. phenomenon in the youth right now and. this may be a COVID phenomenon and it.

may be a cultural thing that's part of. the long form of what's going on in our. society or it may be a socialist trend. or it may be a populist trend or it may. just be that people have gotten too. wealthy and the nation has truly split. and you can't climb the ladder anymore. There's a bunch of things going on here, but I do not think, and I think a lot of. people are echoing this, Jal, that. challenges that young people are having. finding employment is purely rooted in. in an AI and automation phenomenon, but. it may be a cultural phenomenon. And so, I just put that on the plate for you to. consider that I don't I do think it's.

both. I do think it is partially what. you're saying is that maybe these young. folks um have, you know, they're just. either entitled or their parents have. enough money for them to skate and go. sideways and maybe not be as career. motivated. It could be a social thing, it could be a co thing, it could be all. of those and certainly multiffactor. I. just know what I see on the ground which. is you know so many companies coming to. me saying we can replace the bottom. third of these tasks and that those. bottom third of tasks are typically done.

by young people out of school. So I. think both things are probably true to a. certain extent and time will tell. I do. think it's going to be challenging and. continue to be challenging and you see. that in the numbers from you know. Google, Uber, Coinbase, all these. companies are doing more with less and. and maybe that's just the nature of AI. Maybe the first thing you do is cut. costs. And maybe the second thing you do. is hire people who know how to use these. tools. If you are a young person who. uses AI tools, you're going to find a. job. If you're a young person who isn't.

motivated and doesn't use AI tools, you're going to have a hard time. Let's. go with the biggest deal. Last year's. predictions for biggest deal for 2025, traditional auto OEM consolidation. That. was you, Chimoth. I think that we. haven't seen exactly the consolidation, but we have seen those businesses come. apart. So I think it's I give you. definitely twothirds of a credit there. Uh Gavin said a title wave of M&A. I. think he's not wrong there. That has. started to happen certainly. Freeberg. you said massive compute buildout deals. Of course you nailed that one. I said.

consolidation amongst the on demand. economy. That hasn't happened but we do. see a lot of deals occurring. And I said. also Apple would buy Warner Brothers. I. got that like a I guess uh that wound up. going to Netflix. So I give myself a. half point for that. What do you have as. your biggest deal for 2026, David Saxs? >> Well, I don't want to get prediction I. don't want to get too specific here in. terms of names of companies and that. sort of thing, >> but uh what I would say is that I think. there was a breakthrough in the last.

couple of months in terms of these. coding assistants where they've been. around for a while, but there seems to. have been another level of quality. achieved just in the last month or so. And you're really starting to hear I. mean maybe a lot of it is hype but there. is I think a lot of people are getting. very excited about the potential here. and part of it is coding part of it is. just tool use. You can download the. programs and so it has access to your. file drive and it can take actions on. your computer. This trend feels to me. like chat bots did at the end of 2022.

going into 23 where it's like people. were really hyped about it but then. continue to play out play out in the. next year and so I think these this call. coding assistance/tool use I think will. get bigger and bigger this year. >> Freeberg what do you got biggest deal? >> Uh Russia Ukraine I think it's going to. settle out this year. I think there's a. lot of motivating factors to get it. settled out this year. Economic and. other political factors, but I do think. it's going to settle out this year and.

it's going to bring a bit more stability. to that region. And there's a whole. reset that's underway this year. I think. in terms of geopolitics and where the. powers all sit, >> Trump can stop that war, he would be two. for two. That would be I think this. one's going to settle. >> That would be that would be great. He. may not have done it on day one, but if. he gets it done in in, you know, year. two, that's good enough for me. Chimal. biggest deal 2026. What do you got? >> It's not a specific deal, but it's an. approach. I think that M&A cannot. happen. And so it's the IP license M&A.

workaround. And I think you're going to. see hundreds of billions of dollars of. these kinds of deals. So this is the. deal that Google did with Character AI. It's the same thing that they did. >> Microsoft did it. Yeah, >> Microsoft did it. It's obviously what. Nvidia did with Grock. Why are these. deals happening? Well, if you just look. at what Facebook tried to do, they tried. to buy Manis for $2.5 billion. Manis was. a Chinese company that then left China. and essentially rebuilt itself as a. Singaporean business. The Chinese have. now said, "We're going to look at this.".

They are going to actively import export. controls. They're going to actively look. at which technologies and even which. researchers are working on things that. are critical enough that it just can't. go abroad in this existential fight that. they believe they're in with the United. States. The United States is in. equivalent such position. All of this. leads me to believe that traditional M&A. is effectively dead. I think it's going. to be impossible to get a large. transaction done. So how will you do it? You'll do what Sundar did. You'll do. what Satya did. You'll do what Jensen.

did. You'll do what we did with Scale. AI. These huge licensing deals that. basically replace M&A. And I think that. that as a deal type will get better and. more refined and tighter and better. executed. We were the third or fourth of. these kinds of deals and even the third. or fourth iteration. was quite good. By the time that you're into the middle. part of next year and you've done 15 or. 20 of these things, I think the lawyers. that work on these things and the.

accountants will just be bull. The tax. treatment is not ideal but the speed at. which you can do them is phenomenal. because the next day somebody like. Sundep can be working for Jensen which. is what Jensen wants. They want the. talent. Zuckerberg wants the talent. working there the next day. >> and the IP. >> and the IP of course. Um you know for. 2026 I think we're going to see some. massive M&A. It doesn't matter to me how. it occurs but I do think we're going to. see a 50 billion plus deal. And I think. it could be uh one of the Mag 7, an.

Apple, a Meta, a Microsoft or an Amazon. going out and trying to buy XAI, Mistro, Perplexity, Anthropic. One of those four. comes to mind. I know most of them. probably want to go public and uh go it. alone, but I think an offer could come. in and during that race for which six or. seven large language models and man it. is a it is a battle where they are. moving up and down the rankings and. beating each other out, you know, on. your question. >> and I think one of them is going to I. think one of them is going to go for it.

I I I think it could wind up being. Apple. >> I met Meta or Amazon who buys an. anthropic or a perplexity. I started. where you were, but this is why I went. to this deal type as the biggest. business winner because if any of those. companies tried to buy, let's just say. anthropic, I think it's three years of. antitrust minimum. It's worse than when. Microsoft tried to buy Activision. because that was a niche product. and even that took almost 2 years and. like three or four months if I'm getting. it right. It or about two years. It's a.

huge slog because it's a it's about. global coordination of multiple. regulators. >> Yeah. >> And get through the EU and eventually. one of them takes the lead pole. position. But in the Microsoft case, it. wasn't just one. You had to navigate. China. You had to navigate. >> Europe. So I I agree with you because I. think there's companies with so much. cash on their balance sheets that are. effectively getting debased every day. the markets will start to punish these.

companies. It just seems like you're. right. There's going to be a hundred. billion dollar transaction. I just. suspect it'll end up as an IP license. >> Yeah. And I think President Trump, one. of his great strengths is that he moves. quickly. Man, what a first year. Whether. you like the decisions or not, he he. makes decisions. I think this is one of. the things that Democrats are learning. is that you got to actually get things. done for the American people. I think he. might instruct our government to let M&A. be great again and that would be great.

for American exceptionalism. These. companies do need to merge and to. continue to grow and we should go try to. get from a MAG 7 to a MAG 17. We need. more bigger companies with bigger. footprints taking on global markets. Most contrarian belief most contrarian. belief. People like this one. I said. openAI loses its lead in the AI race. Uh. and in fact that has happened if you. look at the um arenas and you look at. their market share they are being. challenged. Chimath you said the banking.

crisis in one of the major mainline. banks. Gavin said one year of 5% plus. GDP growth at one point over the next. couple of years. Well done to Gavin. Freeberg you said socialism roars back. Another amazing prediction. What's your. prediction for this year since you. crushed it last year? Freeberg. Go. ahead. My prediction is based on the premise. that I think there is going to be this. revolution in Iran and the Ayatollas are. going to be out. That's not the. contrarian belief. I think that's the. standard belief and I think that is. going to happen and that's the premise.

But a lot of people think that Iran is. part of the destabilizing force in the. Middle East. And I do think that there. is already in anticipation of the. turnover with the ruling parties in. Iran. there is already this brewing. conflict amongst the other Arab states. So I think that between UAE, Saudi, Qatar and this fraction in Yemen and. then I don't know if you guys have. followed but there's this kind of. emerging independence movement for. Somali land which is kind of north of.

Somalia. that there may be more conflict brewing. in the Middle East than anyone. anticipates for this year that will not. necessarily involve Israel and or Iran. it will actually be amongst the other. Gulf states as they v for influence and. power and that the contrarian point may. in fact be that Iran has been a. stabilizing force in that region and by. removing Iran and by changing over Iran. and they become this kind of independent.

democratic state and this particularly. is going to be heightened as there's. going to be this battle for who's going. to take care of the Palestinians as the. two-state solution emerges and what's. the role that Jordan's going to have to. play versus Egypt versus Saudi and it's. going to lead to a lot of questions. about resource allocation. So, I think. that this year could end up being a. little bit nastier than folks anticipate. in the Middle East as Iran turns over. >> Sax got a contrarian belief for 2026. >> Yes, I said that AI will increase demand.

for knowledge workers, not decrease it. I would refer you to Erin Levy's post. called Jevans paradox for knowledge. workers. And the point of Jevans paradox. is that as the cost of a resource goes. down, the aggregate demand for it. actually increases because you discover. more and more use cases. So I think this. will certainly happen with code. In the. past has been very expensive to generate. code. You have to hire engineers. There's not enough of them. It's an. expensive resource. So the amount of.

software generated in the economy was. limited by that. I think it's going to. increase massively now because the cost. of generating code is coming down. so. much. But there's other examples too. You take a field like radiology that's. frequently cited as a profession that AI. is going to put out of business. That's. not what the data shows. The data shows. that the number of radiologists is. increasing. Why? Because the number of. scans that people want to make is. increasing. And it's true that AI can do. some of the work, but you still need a. doctor to prompt the AI to interpret the. AI to validate it. So you get more.

efficient. The cost of scans goes down. And instead of it being a super. specialtity that happens very rarely. that you need like a referral on top of. a referral to get it becomes something. that's normalized and everyone starts. doing it and you start getting more and. more scans that leads to better and. better outcomes. So I think there's. going to be a lot of those examples. through the economy and we're going to. look back and see that the job loss. narrative was not only wrong but we. actually got job gains.

>> Okay. Okay. And for those of you who. want to understand Jeb's paradox a. little more, you can look at something. like electricity or steel or concrete. When we lowered the cost of those. things, people didn't use less of it. They built skyscrapers and we had more. routes for more airplanes to take you on. more vacations. And that went from being. something only rich people did to. everybody. So Jeban's paradox is. definitely at work. What do you got? Uh. Chimath, which what's on your uh. contrarian belief? >> Gosh, I have two. Well, I'll give you. them both and you can just see. My.

contrarian belief number one is I don't. think SpaceX will IPO. I think that it. will reverse merge into Tesla and I. think Elon will use it as a moment to. consolidate control and power of his two. seminal assets into one cap table. >> Oh my god, I love that. Wow. >> Well, he's talked about that before. He's talked about having a holding. company for years of all of the. collection. You could put Neural Link in. there too, right Jim? You could put in. the Boring Company as well. >> Sure. I'm just giving you my contrarian. take. there will be no IPO for SpaceX. I.

think it will just be it specifically. will be a reverse merger. >> There you go. >> The second contrarian take is that. >> I think the central banks. will realize. that there are limitations to gold and. limitations to Bitcoin. and will as a result seek out a. completely new cryptographic paradigm. that they can control on their balance. sheet. that is fungeable, that is.

tradable and that is completely secure. and private. And I think the reason why that privacy. needs to exist. is that for the sovereignty of a. country, you need to be in a position. where you have assets that are not. easily disclosed. to anybody else, friends or enemies. alike. And then separately, cryptographically, if you're going to. own a currency,

you need to hedge against the eventual. risk in the next 5 to 10 years that. there's a quantum chip that can. challenge the existing cryptographic. schemes that are used. And uh for my. contrarian, I was thinking about going. with OpenAI losing their lead and not. being the number one company again. uh. because I do think that will be the. trend that they will have the they'll. continue to give up their market share. to other players including Google and.

Gemini and XAI etc. But I'm going to go. with a a pretty wild card here. I think. the standoff with China is going to be. largely resolved and I think President. Trump's when he makes his visit there. I. don't know if you're going to go on that. one sax but I think he should be. included in it obviously because of the. AI race. I do think that the standoff um. and the issues around Taiwan are going. to be resolved and I think this could be. the signature issue of Trump's second. term is that we work out a working. relationship where both China and.

America win without one of us losing. Best performing asset best performing. asset last year's prediction I said MAG. 7 which was up 22% versus the S&P 500 at. plus 17. Chimathy were long CDS for a. potential run on a major bank. You said. it was a long shot. Gavin said high. bandwidth memory makers like Micron. which was up 230%. That was a great call. And Freeberg, you. said Chinese tech stocks and ETFs Alibab.

is up 85%. Chinese tech ETF up 47%. versus the S&P 500 at plus 17. So I. guess that means Gavin Freedberg and. then myself. What do you got for this year's best. performing asset? Freedberg. >> Poly market. Poly markets on a tear. Network effects. Replacing media. replacing markets. >> Congrats to our friend Shane. A poly. market. >> Do you have a best performing asset for. 2026? Go ahead, Shima.

>> I would pick a basket of critical. metals. >> Okay. Basket of critical uh metals. What. do you got, Zach? >> It's getting a little bit redundant for. me, but I just said the expanding super. cycle in tech. I mean, again, this is. just another facet of the boom. But. actually, let me just show you some data. that literally just came out. I feel. like this is breaking news. >> Oh, breaking news. >> Nick, can you pull this up? US. productivity just surged 4.9%, the. strongest reading in nearly 6 years. And. this is the news item, >> is that the Atlanta Fed, their forecast.

for Q4 GDP just climbed to 5.4%. Can that be right? >> Yes. >> Can we get a fact check on that? Five to. six is I think where we're going to see. it, guys. We're going to see some sixes. get printed. >> I mean, >> January 8th, 2026, Atlanta Fed's GDP now. model estimate for real GDP growth in. the fourth quarter of 2025 is 5.4%. significant jump from the previous. estimate of 2.7% on January 5th. >> You have to remember that there's going.

to be 150 basis point correction in Q4. GDP because of the government furlow. Okay? So let's say that GDP was probably. call it four. You're going to see a. print of 2 and a half. So you need to. readjust that because now all the. government workers are back. They're. recounted in GDP. If you look through. 2026, there's a handful of things that I think. people do not understand. Well, number. one, all of non-farm payrolls has been. completely reset and rebased. And the.

reason why is because of immigration. So. what used to be a 100 to 150 number. print is now a 40 to 50 number print. Why is that important? Because when you. look through earnings and you look at. the lower 25%. quartiles of earnings growth, they're. off the charts. There's all of these. anecdotal examples now of earnings just. exceeding expectations. There was an. article in the front page of the Wall. Street Journal yesterday about Ford.

trying to pay mechanics $160,000 a year. and having 5,000 openings. So to Sax's. point, we are a coiled spring. Closing. the border plus adding productivity. lifts through AI and other things have. created a growth dynamic in the United. States that will really start to show. itself in 26. So I think that you should. be not short the US economy here. It is.

ready to rip and uh adding to all that. and just giving my pick. I think if we. are in a rate cut environment and the. tailwinds keep happening and people have. a little bit of cash laying around. My. pick for best performing asset will be. the Robin Hood poly market prize picks. gambling wagering uh space because. people will be able to have a little. cash around to make some bets. You can. put Coinbase in there too. I guess. >> by the way the coralary to what we just. talked about if you see five and a half. and six and a half prints and these.

employment numbers a lot of this. affordability stuff may be not as. accurate as we think it is. Everybody. right now is trying to figure out, okay, well, where are the pockets of. unaffordability? And there are clearly. some, but those are narrow and they can. be fixed, but on a broad-based basis, what Sax says is right. You have this. combination of earnings growth, productivity growth, and now this overlay where you have. these tax cuts that are going to hit in. 26. My gosh, I mean, asset prices in.

general, I think, will do well. Now. you'll also see potentially home prices. correct because if the president is. successful in making sure Blackstone. can't buy houses but on the other side. people are earning more and they can. enter with interest rates that are now. 100 to 150 basis points lower. You'll. see a boom in housing. where it's not the corporations that are. buying the houses but individuals. There's a lot of variables here that can. that can break in America's favor. This. is why I think 6% is not unrealistic. which would be absolutely nuts. Okay,

let's move on to the worst performing. asset. Last year's predictions for worst. performing asset of 2025, I said legacy. car companies and real estate. Both of. those turned out to be correct. Chimath, you said enterprise SAS and the software. industrial industrial complex. Again, that uh looked correct as well. Gavin. said enterprise SAS and Freeberg, you. said vertical SAS. So, we had three SAS. and I had legacy car companies real. estate. >> Let me give you check out. >> Yeah, let me just give you some numbers. on that to show you. Service Now down.

30%, Workday down 18%, Docu Sign down. 23%, Dropbox down 9% and Box down 6%. while the S&P was up 17%. I think it's. worth highlighting like it was a. challenging year for this enterprise. asset. There's. >> especially with the per seat pricing as. opposed to consumptionbased pricing. If. you have a static number of employees or. less employees like many of these. companies do, there's just less seats to. sell. So their whole growth was based on. land and expand. You land the client and.

then you expand the client because. they're adding staff. If you're not. adding staff, you can't uh you know, you. don't have more people using Salesforce. Okay. So, let's talk about our worst. performing asset predictions for 2026. Who do you got? Sachs. Worst performing. asset of 2026. >> Well, I just said California luxury real. estate because of the overhang of the. wealth tax and all the things we're. talking [laughter] about. >> Yeah, that one hits close to home, I. think. >> Now, yes, it does. Actually, what I'm. hoping for is a dead cat bounce. If you. guys are right that the ballot. initiative fails,

>> then the overhang will be lifted and. maybe I can. >> clear some real estate. >> Clear some [laughter]. >> It's not easy being It's not easy being. right sometimes. >> Yeah. >> Fre, what do you got? >> What What like what what's your discount. price on that asset right now? I mean, like I might make a bid, you know, if. you give me a. >> give me a good clearance. got $100. million laying around. >> Yeah, I'm not paying 100. [laughter]. >> Okay, here we go. Bestie negotiations.

occur. >> All right. Um, >> give them the bestie price. The buy it. now. Bestie price. What's the buy? >> No, no, no. Okay. By the way, you know, San Francisco has that insane luxury tax. which they have in LA, too. You got to. pay 5% on any piece of real estate over. >> 25% in San Francisco. Do you know that? >> Which makes it even harder for these. high-end places to trade. So wait, you're saying if I if I bought Sax's. house for 100, I'd have to spend. >> Oh, he has to pay 6%. >> 6%. >> You got to pay your broker 6%. I mean, they're just basically freezing the.

market. >> Okay. Not the buyer. >> Well, >> you can negotiate who pays. >> The 5%, you know, quote unquote mansion. tax has just killed LA real estate. You. talk to brokers down there cuz people. used to flip houses a lot more. Now you. just can't afford to do that. >> unintended consequences, folks. really. bad for the. >> Wait, you're telling me taxes slow down. transaction volume and reduce the growth. of the economy? [laughter] That's crazy. I had no idea, Zach. You should write. that down. We should do a whole thing on. that. >> Yeah, maybe we should write. I had no. idea. >> Yeah. Somebody make a note. >> Yeah.

>> So, worst performing asset, Chimoth, what do you think? Worst performing. asset. >> I won't say the worst performing, but I. think a very poor performing asset will. be hydrocarbons. I just think that the. trend in oil is inexurable and it's down. and the reason it's down is irrespective. of your thoughts on. climate change the trends on. electrification and energy storage. are just unstoppable.

>> And so what that does is it shrinks the. surface area of where oil is useful. It's not like a cataclysmic thing, but. it's sort of a melting iceberg where. does it see $65 or $45? And I would say. on on a per barrel basis, and I think. it's more likely to see 45 than 65. >> Okay. I went with the US dollar in. different permutations of how you can. buy it because our debt continues to.

grow unabated. and you know. >> the defacement trade JCAL JCAL owning. the. >> I just think it's going to be hard for. you know the the USD because we're. talking about we've been adding I think. we're going to add two trillion in debt. this year and then if we're increasing. and again I I know Trump says President. Trump says a lot of things but if we're. increasing the military budget by 50% uh. that means uh that's going to be. straight to our debt line so it's going. to be harder and harder for the dollar. doesn't mean that America's not going to. do great but the value of the American. dollar is going to be challenged which.

we see in people moving to gold and. silver and perhaps copper. Okay. If you. could give us your worst performing. asset of 2026, David, >> it would be Netflix if they don't close. the Warner Brother deal. I do think. Netflix's service is being challenged. from all sides with deep content. libraries. And I think we're seeing a. great commoditization happening. I've. also heard directly from folks in. Hollywood, the creators of new content, that people would prefer not to work. with Netflix. They only uh pay creators.

cost plus 10% now. And so as a creator, you're actually better off not doing. deals with Netflix anymore. So their. content library is going to shrink. because of the natural economic forces. underway. Alternative, if they do close. on Warner Brothers, I think they've got. some good runway in terms of that. content library and they'll be fine. And. in that case, my worst performing asset. would be traditional media stocks. And I. do think that they're going to. underperform. There's just such an. incredible. variety of high-quality content that's.

emerging from independent creators that. are leveraging their own distribution. platforms through YouTube and others. And I think that um traditional media is. going to continue to be deeply. challenged as we've seen for example. just in the news segment with the rise. of citizen journalism. So that's the. that's what I would kind of. >> Yeah. And you know the the Netflix. observation I think is was well founded. because they're also in terms of. expanding their library. They just did a. deal with Bill Simmons, I see, and with. um. Bar Stool Sports to move over their.

sports shows, podcasts, video shows from. YouTube, and they're going to take them. off YouTube and put them on Netflix. exclusively. So, that's a really. interesting trend as well to keep an eye. on. Okay. By the way, before we move off. asset, just on best performing asset, there's one category we didn't talk. about, but I think it's kind of. interesting, which is the category of. assets that qualify for accelerated. depreciation capital equipment. >> Yes. Yes. Yes. Yes. >> That includes things like planes, so. forth. There's now 100% accelerated. depreciation for certain kinds of.

capital equipment because of the big. beautiful bill. And, you know, it kind. of goes along with some of the tax cuts. that we talked about, but man, that is. making those markets super hot right. now. >> Absolutely. Yeah. Try buying a plane. these days. It's very difficult. >> No, Jason. It's not planes. It's like. Caterpillar. >> No, no, it's tractors. It Yeah, it's. generators. It's seaman. This is why. seaman stock is through the roof. All of. this capital equipment, you get to write. it off 100% year one. It's creating a. massive infrastructure build out in the. US. So, >> absolutely, >> there's some companies that are huge.

beneficiaries of this obviously because. they're the sellers of the capital. equipment. And of course, this is one of. the reasons GDP is going up is people. are actually investing in business. again. Okay. Most anticipated trend. >> By the way, this is the correlary of the. statement that if you reduce taxes, the. economy grows. So, >> there we go. >> Yeah. >> Most anticipated trend of 2025. I said. the wrath of Lena ending and M&A and. IPOs being back. I get some credit. there. Chimath, you said the end of the. deep state. I think you get a lot of. credit there. Gavin said, "AI makes more.

progress per quarter in 2025 than it did. in 2023." That's a great one. Free, you. said the nuclear power buildout. I think. you get some credit there, too. Yeah. >> Not sure. Not sure. We got some work to. do there. Massive massively short. nuclear. >> You're still short nuclear, but I know. the guy Howard Lutnik talked to him. >> I talked to Howard Lutnik as well. >> He said he's all in on nuclear. >> Free, can I tell you why I'm short. nuclear? I think that we're in the very. delicate part of the cycle where they've.

missed the window. So by the time that. they deliver. working SMRs at scale, >> the problem is that the marginal cost of. electricity will effectively be zero and. it'll have gone to zero because of a. combination of solar and storage as well. as coal and oil. And so it's just in a. very delicate place where the large form. factor nuclear reactors make zero. economic sense by 2032 or 2035 which is. when through the Byzantine permitting. and building they get it done and then. the SMRs by the time that they get it.

done they may not be able to meet the. market either. So I think it's a very. complicated moment for nuclear actually. not scientifically economically just. does not hang together mathematically. I. think that's if you assume um no shift. in the demand curve and I think that. like if you if you look at China going. to 8 terowatts of production and by 2040. or whatever it is. and we're sitting at one and we're not. moving we are going to have a big catch. up to do and the question is can we. really build out two 3 terowatts of.

electricity generation how are we going. to build out 2 to three terowatts of. electricity generation the amount of. land that you would need with solar and. what's it going to take to get all of. that installed and so on. And by the. way, there's a lot of the stuff in. China, if you look at all the big solar. buildouts that they did where they're. ripping it up now. This is a longer. conversation, but I really do question. whether we can pin everything on solar. It's going to be a mix of stuff. And so. your point may be right that in the near. term to meet the current kind of demand. curve, nuclear is going to be. economically challenged, but at some.

point here, there's an inflection that. we have to meet. >> So what's your most anticipated trend of. 2026? Swedenberg, >> Iran becoming an independent democratic. state. I think I'm just speaking. generally anticipated. I think a lot of. people are anticipating that that's. going to happen this year. There's an. uprising in the streets. There is a. weakening of the Ayatollas and there. seems to be a moment underway. >> and the demographics are destiny. There's a lot of young people in Iran. and they do not want to live under the. current rule. They want to be free.

>> But there is a major economic problem in. Iran in terms of affordability. You. think we have an issue of affordability. in the US. In Iran, it's very hard for. people just to buy their basic. necessities, basic needs to the majority. of people. So that that's why they are. taking to the street. There's a real. economic crisis underway that is. motivating this turnover. Every year, everyone like anticipates some big. change in the Middle East. But this. could be the biggest rewriting of the. Middle East in a long time. >> Okay, Sax, what do you got. >> for category? >> Most anticipated trend of 2026. What do.

you got, Sax? I said auditing government. spending at all levels. >> That's a good one. That's a good one. >> Decentralized Doge. >> Love. >> Yes. >> Let a thousand Nick Shirley's bloom. >> Love. >> Let's do it. Audit everything. >> Audit everything. We need to normalize. independent audits across the board. >> Whistleblowers. Let's go. >> It is not acceptable for Gavin Newsome, for example, to prohibit audits as he. did with homeless spending. All. government spending needs to be opened. up and audited by the public. We need. people to see where it's going.

And that that's just got to happen. >> The Pentagon, when's the Pentagon's when. are they going to pass an audit, right? I mean, that's one of our biggest line. items. Let's get them to be audited. Hey, there's something President Trump. could do. >> They're actually at least trying. >> They're at least failing the audit. >> They're at least failing the. >> Gavin N's prohibiting the audit. >> Start where you're prohibiting them. first. How about that? >> Yeah. I mean, just audit everything, I. think, would be I love it. What do you. got, Jim? I have a correlary to. Freebergs which is I think it's the. expansion of this Trump doctrine.

independent of your politics. If you are. an economic actor, you own a business, you invest in the stock market, whatever. it is, you speculate cryptocurrencies, you must understand the movements on the. chessboard in 2026. The best framework. that I have used to organize myself is. this idea of unilateralism, economic. resilience. It's just a ginormous trend. and I think the output of it is going to. be massive GDP prints on top of. everything else.

>> Yeah. And I think I'm going to stick. with my last year's prediction going. into 2026 again. The wrath of Lena. ending. We saw the M&A train start with. Grock obviously uh Netflix and Warner. Brothers, Google and Whiz. So many deals. are ready to be done and they're. starting to pop off in M&A. uh we can. debate what structure they are and and. regulators etc. but they're happening. but I'll go with IPOs coming back right. now. You've got to anticipate one of the. following two will file. SpaceX, Andro,

Stripe, Anthropic, and OpenAI. I think. two of those file and it is going to be. gang busters. The public wants these. shares. They're buying them in the. secondary markets. We have half as many. publicly traded companies. the public. would like to participate and this is. something Trump can uniquely do that the. Democrats were trying to stop and slow. down which was M&A and IPOs. I think. this will be the year of the mega IPO. and it's going to be very exciting for. Silicon Valley. It's going to be very. exciting for the employees at these.

companies and for the pension funds and. the endowments that own shares in these. companies. They're going to be able to. take that money and put it to good use. hopefully. So, SpaceX, Andrew, Stripe, Anthropic, OpenAI, those are on the. short list obviously of ones that could. go public this year. All right, a fun. one we like to do is the most. anticipated media. That's a fun one. You. know, what are you looking forward to in. 2026? Last year I said Superman and. Andor season 2. Turns out Superman did.

great. Andor did amazing. It's the best. TV show of the 21st century. I think. Chimathu said, uh, enormity of the files. that will be declassified. Epstein. Files. Halfway there. JFK Files. We. haven't seen those. Gavin said 1923. season two. I don't even know what that. is, but Okay. >> Taylor. That's a Taylor show. >> Oh, that's the Taylor one. Yeah. Yeah. You watching Land Man? Land man's pretty. great. Um Freeberg, you said AI video. games. >> What do you got this year,

>> Freeberg? You you love the media. You're. you're a cinnophile. >> What are you looking forward to in media. in 2026? This isn't as much as what I'm. looking forward to, but I do think the. big trend in media is going to be the. citizen journalism doing exposees. I. think that we're just at the beginning. of the expose. man on the street. >> Man on the street pushing stuff, getting. cameras in people's faces. The work of. journalism has been decentralized. and I think there's going to be so much. more that's going to be kind of shared.

and uncovered this year. >> Okay. Do you have one? Uh, >> and by the way, the the difference I. would say in terms of what Nick Shirley. is doing and what we've seen maybe in. the past, but it's going to be the new. trend is much of the citizen journalism. in the past has been to some degree a. little bit more passive. It's sort of. like, hey, I caught this thing and I. observed it. But now there are people. that are going to actively take a camera. and say, "Hey, I'm going to go discover. this thing. I'm going to go deep on it.". And that's what I think we're going to. see happen in a big way this year. >> Well, and there's a monetization path. You have Substack where people can give. donations, GoFundMes and uh on top of.

that YouTube allowing you and X allowing. you to share revenue on this particular. category which they previously did and. as Nick Shirley pointed out means there. is a path to profitability there get. more clicks get more views you make more. money and then you can reinvest it. So I. think I like your choice a lot Chimath. you have something you're anticipating. >> exact same thing as Freebrook I'll just. double down in. >> Okay. And what about you Sax? You got. something you want to double down on? investigative journalism. >> No, I thought we were talking about. entertainment here.

>> Well, yeah, I thought I It's okay. These. guys went these guys zigged where we. zagged. But. >> one of my weird like things that I watch. on Tik Tok that I got stuck on and Tik. Tok just keeps showing me them is these. auditing videos. Have you guys ever seen. these first first amendment auditors? So, these are people who take a camera, they stand on the street, and they just. point the camera into someone's store or. into a bank's window, and they just film. the people in the bank. >> And then they wind up spraying each. other. [laughter]. >> There's always people that come out. They're like, "You can't do that. You're.

not allowed to do that." They're like, "Okay, I think I would like you to. leave. I don't want to talk to you." And. they just do this and they instigate. people to call the police. And what. they're doing is they're auditing. whether the police understand First. Amendment rights. And then how the. police react is basically the end of the. video. Sometimes the police are like, "You can't do that." And they're like, "Yes, I can call a supervisor." And then. they teach the police officer that. you're allowed to stand in public places. and film. Otherwise, they're just like, "Hey." They go to the business owner and. they tell the business owner, "This. guy's allowed to do this. Leave him. alone." I don't know why, but these. videos are so entertaining. [laughter].

>> Well, there's tension. There's a lot of. tension there. And there's something. freedom of speech, which is the first. amendment for a reason. stoner. The. stoner comes out sometimes tries to. physically confront the guy, but then. you'll have like a woman walking with. her like 2-year-old child and then. she'll get into it and she'll be like, "Hey, >> exactly. >> Don't violate his constitutional rights. [laughter] He's allowed to be." That's. the best. That's the best. >> It's so good. You never know what's. going to happen. Each one of them is. like a whole new adventure. I don't know. why it's such an interesting form of. content. I like love watching it. >> It's a uniquely American phenomenon to.

>> Yeah. um establish your freedom, your. your first amendment rights and and they. even go into like the really dicey ones. or where they go to like the parking lot. of a prison or into the lobby of a. police station and do it and it gets. pretty spicy. What do you got, Sax? You. got you got any media you're looking. forward to? These guys are going first. amendment investigative journalism, yada. yada. What do you got, S? >> Well, the new Christopher Nolan movie is. coming out. The Odyssey looks. interesting. >> Great call. Great call. >> Yeah, >> that's mine. Great call. I went with the.

Odyssey. >> What is that? What is that about? >> The Odyssey. >> Oh, come on. >> Come on. >> No. Homer's Odyssey. >> Yes. But as interpreted by the great. director of our time, Christopher Nolan. >> Have any of you idiots actually read the. Odyssey? This is not [laughter] great. I'm sorry, but. >> The Odyssey is a terrible book. >> All right. [laughter]. Okay. So, we're going to get some good. comments there. >> You guys are all such wannabe poser. intellectual. >> Just Christopher Nolan is just great.

It's IMAX. It's going to be epic. It's. trash. That book is blleh. >> Okay. [laughter] You know, >> you don't like amic pentameter. >> So, so the idea of some confused person. making a movie about it is also just how. do I short that? Okay. That is actually. Can I short that? >> Can I short that movie on a poly market? I'm sure there will be. You could. probably bet on the box office. Pull it. out, Nick. >> I bet zero. >> Okay. It's gonna be a lot more than. zero, I'm sure.

I I'm uh also a um a big fan of Timothy. Shalabay and Doom part 3 is coming out. I also like Avengers Doomsday. >> Dune 3. >> Oh, I love Dune. >> Doom part three. >> I love Doom one and two so so much. >> Two was great. I think one was a little. bit of. >> Doomsday will be good. Doomsday actually. I go with that. >> Avengers Doomsday is going to be I think. fantastic. Robert Downey Jr. as Dr. Doom. setting up secret wars and then you're. going to tie up all the previous Marvel. strings.

>> Look at look at the Odyssey Zero. >> They're going to use [laughter] They're. going to use Doomsday to bring back all. the characters they killed. >> Hey, besties. Uh here's a little. something. I think we're about to hit today 1. million YouTube subscribers before we do. our Netflix deal and take the show off. of YouTube. We hit a million uh before. we. >> Yeah. Wasn't it supposed to happen like. a year and a half ago? We're gonna have. like a million subscriber party a year. and a half ago. You know why? >> Ask me. Ask me what I do. >> Tell me why. Tell me why. Sucks. >> Cuz we never tell our subscribers to hit.

the like button or smash the subscribe. button, whatever. >> Yeah. Every other podcast I watch on. YouTube, and I watch them all, they're. always like, "Hit the like button. Hit. the like button.". >> Oh god. Well, you know what too is the. the the big trend now is to just do. 10-minute quick hits as news breaks. So. you you this is people are flooding the. channel. >> Ask me ask me what I think about getting. to a million subscribers. >> Any thoughts on this seinal moment for. the all-in pod hitting 1 billion. subscribers on YouTube? Go ahead. I'm.

sorry. 1 million. >> You're welcome. [laughter]. >> You're welcome. You're welcome. >> You're welcome. >> What's this week at? >> Oh, this week in Sus is quarter million. Don't worry about it. Um it's a niche. show. Don't worry about it. Not bad. Just a frag. Not bad. Not bad. Hey, listen. I love doing it. Uh, the reason. there's four of us. >> there's four of us, one of you. So, we. have four times the subscribers. >> Yeah. Something like that. Yeah. They. listen. One of the great things you you. learn in media is when you build a super.

team, a super band, you know, it can. actually do better than everybody. individually. So, collectively, we can. do better. And listen, it's not for me. to say. >> Listen, you I think you've adjusted to. being Ringo Star. [laughter]. Uh, listen, I everybody says the same. thing to me. Without the show, this. would be propaganda and it would be uh. [laughter]. the Trump's personal uh. >> who says that to you. >> Everybody wants to walk moose. Everybody. says the drink. That's I'm the stir in.

the drink. I'm the I'm the stirs the. drink. >> You're keeping the private equity wives. watching. Great job. >> Absolutely. I'm keeping them in. All the. private equities love it. For every left. winger you that you keep watching the. pod, >> we probably lose five. >> MAGA people. show. >> The people the MAGA people they love. hating me. They love hating me and they. love they come back every week to hate. watch me and my takes. >> Hate watch. >> They do. They just [laughter] like they. hate watch you Jamal.

>> the watch for a reason. >> They tune in to hate you and hate me. Uh. well listen it's been a great year. It's. been a great year. Great job. Besties, we kept the band together for one more. year. Let's do a poly market. Chances. the All Podcast makes it to 2027. >> Honestly, honestly, it's not 100%. >> It's not. >> It's never 100%. Um, it's never 100%. We'll do the best we can. You guys love. the show, >> smash the like button, comment, link, subscribe, whatever you want to do.

Write a review. Tell everybody how much. you love Jamat Sweaters. and we'll see. you next week on another amazing allin. >> Bye-bye. [music]. >> Let your winners ride. >> We [music] open sourced it to the fans. and they've just gone crazy with it. [music].

>> Besties are gone. That is my dog taking on a share. driveway. [music]. >> Oh man, my habitasher will [music] meet. up. >> We should all just get a room and just. have one big huge orgy cuz they're all. just useless. It's like this [music]. like sexual tension that we just need to. release somehow. [laughter]. >> We need to get merch.

>> [music]. >> I'm going all in.