PBD - Patrick Bet-David - AWS Outage, Musk's MASSIVE Tesla Payday + Will OpenAI's Atlas Crush Chrome? | PBD Podcast

Oct. 22, 2025 - PBD - Patrick Bet-David

02:13:52

AWS Outage, Musk's MASSIVE Tesla Payday + Will OpenAI's Atlas Crush Chrome? | PBD Podcast | Ep. 670

Patrick Bet-David, Tom Ellsworth, Adam Sosnick and Brandon Aceto discuss Elon Musk’s record-breaking Tesla payday, the nationwide AWS outage disrupting major platforms, and reports that Warner Bros. Discovery may be preparing for a massive sale. ------ 🪖 BUSINESS IS WAR COLLECTION: https://bit.ly/47hTrjZ ☕ GET THE WORDS TALK NUMBERS SCREAM MUGS: https://bit.ly/3L25PNO 🎫 USE PROMO CODE "PATRICK" FOR 25% DISCOUNT AT THE AMERICA BUSINESS FORUM: https://bit.ly/48IjFP1 📕 REGISTER FOR BPW 2025 - FRIDAY, DECEMBER 12TH 2025: https://bit.ly/3IU2YWx 🎙️ FOLLOW THE PODCAST ON SPOTIFY: ⁠⁠https://bit.ly/4g57zR2 🎙️ FOLLOW THE PODCAST ON ITUNES: ⁠⁠https://bit.ly/4g1bXAh 🎙️ FOLLOW THE PODCAST ON ALL PLATFORMS: https://bit.ly/4eXQl6A Ⓜ️ CONNECT ON MINNECT: ⁠⁠https://bit.ly/4kSVkso Ⓜ️ PBD PODCAST CIRCLES: https://bit.ly/4mAWQAP 🥃 BOARDROOM CIGAR LOUNGE: https://bit.ly/4pzLEXj 🍋 ZEST IT FORWARD: https://bit.ly/4kJ71lc 📕 PBD'S BOOK "THE ACADEMY": https://bit.ly/41rtEV4 👔 BET-DAVID CONSULTING: https://bit.ly/4lzQph2 📺 JOIN THE CHANNEL: ⁠⁠⁠https://bit.ly/4g5C6Or 💬 TEXT US: Text “PODCAST” to 310-340-1132 to get the latest updates in real-time! TIME STAMPS: 00:00 - Show intro 01:54 - Topics on today's podcast. 05:58 - 🪖 BUSINESS IS WAR COLLECTION: https://bit.ly/47hTrjZ 10:47 - OpenAI unveils Atlas search engine. 24:41 - Elon Musk's trillion dollar Tesla payday. 34:13 - Trump's Supreme Court tariff warning. 47:28 - Trump signs Australian critical minerals deal. 1:00:51 - California investigating billion dollar homeless fraud. 1:11:26 - Bankers can't afford Milei bailout. 1:27:33 - AWS outage rocks Amazon. 1:34:37 - Warner Bros Discovery up for sale. 1:57:35 - Americans unprepared for later life. SUBSCRIBE TO: @VALUETAINMENT @ValuetainmentComedy @theunusualsuspectspodcast @HerTakePod @bizdocpodcast ABOUT US: Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

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	Did you ever think you were making it?
	You were muster on somebody chase sweet victory.
	Know this life may afford me.
	Adam, what you're doing?
	The future looks bright.
	My handshake is better than anything.
	My son's right there.
	I don't think I've ever said this before.
	All right, we got a big announcement to make here today, which is pretty exciting.
	I'll make that here shortly to you guys.
	But before we do so, Tom, if you can turn off your phone, please.
	All morning long, Tom's been watching these hip-hop videos.
	I'm like, turn off the hip-hop videos.
	And he's going old school.
	Like, he's watching gangster rap.
	Get off your phone.
	I was listening to him.
	By the way, can you imagine being a teacher today?
	Like being a teacher today, and kids all have phones, and you're trying to tell the kids to stay off their phones.
	What do you do if you're like, take it?
	I would ask this call.
	I will teach at your school if you allow me to take everybody's phones away.
	No, at this school, the parents are rich, so they're paying 40 grand a year.
	They can keep a phone.
	Not in my class.
	Take that phone away.
	I would throw all the phones aside and we'd be teaching.
	Not up in class.
	Not up in here.
	Anyways.
	I'm married to a teacher.
	I know you are.
	I have to stay after class all the time.
	Not only are you married to a teacher.
	I have a kid in your teacher, in your teacher's wife's class, just so you know that.
	All right.
	Anyways, so let's keep going through some of these stories.
	And by the way, we're doing something new.
	Some of you guys, if you want to ask us a question, all you have to do is go on Manect Circle PVD podcast, post your question.
	At the end, we will answer two questions.
	Whatever questions you may have, all you have to do is go on Manect Circle.
	Throughout it, I'll remind you, you may think about a conversation.
	I have a question about this.
	We'll address it at the end.
	We're going to take two of you and we're going to mention your name on the podcast when we go to your questions on Manect Circle.
	Okay, some stories to go through.
	Number one, California Homeless Crisis.
	DOJ accuses real estate developers of $50 million funding fraud.
	U.S. banks are hunting for collateral to back $20 billion Argentina bailout.
	It's a Wall Street Journal story.
	Trump warns U.S. will be struggling for years.
	This is big, by the way.
	If Supreme Court rules against him on tariffs, by the way, if they do, oh my God, it'll be so annoying if they do.
	If they do, I don't even know what the likelihood if they do or not, but if they do, it'll be massive.
	It'll say that the president's bringing $300 billion of revenue.
	No, no, send the money back.
	What do you mean, send the money back?
	Anyways, the president loses all negotiation abilities if he can't use the tariff card.
	The game changes.
	What's the point of being a president if you can't use a tariff card to negotiate on behalf of your country to get more revenues in, but other countries can against you?
	How the hell is that equal playing field?
	It's not.
	Anyways, we'll talk about it.
	Trump Australian PM signs $8.5 billion critical mineral deal to counter China's dominance in rare earths.
	And by the way, one of the guys in front of Trump says, I don't like you.
	You should see how Trump reacts to him.
	Kathy Woods says Elon Musk's $1 trillion pay deal will pass decisively despite opposition from proxy firms.
	You know what Brandon's asking?
	Did you pay him for his first payday?
	We don't know if they paid him that $54, $55, $56 billion.
	We'll talk about that.
	Merck begins construction of a $3 billion manufacturing facility in Virginia.
	That's good news.
	Interest in American MBA programs shrink, but schools across Asia are booming.
	Why is interest in U.S. MBA programs shrinking?
	We will definitely talk about that.
	Runway insurance costs brings back talk of price gaps.
	Americans underprepared for longer lifespans and extended retirement years study fines.
	We have to address that today.
	We didn't do it on Monday, but we will today.
	Rare Earth shares soar as U.S. and China battle over export controls.
	Wealthy families are writing mission statements to avoid fights, lost fortunes.
	In other words, estate planning, which is very necessary.
	We can talk about that heavily.
	AWS is down again.
	Amazon, Ring, Reddit, among sites impacted.
	We were impacted by it on one of our business units, but we'll talk about it.
	Warner Brothers Discovery says it's now open to sale.
	Shares jump, 10%.
	What do you mean, open?
	You said no to the Ellisons.
	Now you're saying open because nobody else is interested.
	Just one person.
	Tom made a good point about this yesterday.
	We'll talk about it.
	NBC Universal made a $27 billion bet on the NBA.
	Will it pay off?
	Paramount Skydance, the new king of media.
	Stock rises over 1% pre-market after reports says first layoff post-merger would come in late October.
	And then we got a couple other stories.
	Michael Jordan is back.
	Yeah, baby.
	And he's going to be doing an analysis on the NBA.
	I have a reason why I think he is back.
	I think it's brilliant.
	I think 25% of the reason why he's back is the reason I'm going to give you.
	And I don't think anybody else is thinking about this one here, but I think that's why he's back.
	And maybe I'm wrong.
	I don't know.
	Maybe we'll do a poll, but Michael Jordan's NBA Broadcasting is a way to give back to the game.
	The promo Rob just showed me this morning is sick.
	They're asking all these new NBA players, what was the NBA like in the 90s?
	I wasn't even born yet If you know that song You're about 40 years old That's just what that means, right?
	And then OpenAI launches AI Browser Atlas in latest challenge to Google.
	Rob, what are they calling this?
	They're calling the search engine war, you said?
	Web browser wars.
	The web browser wars is here.
	It's a multi-trillion dollar war, if you want to really kind of break it down.
	And then why shares of Alphabet, Google, are falling today.
	Maybe those two kind of go hand in hand.
	I'm going to give you a couple of things here before we go into the stories.
	Number one, okay?
	Wednesdays, we do the business podcast, okay?
	For a lot of people, Rob, I don't know if you have the businesses war merch items.
	So the collection for the folks on Wednesday, if you run a business, if you're in the hunt, you know what business is.
	It truly is a war.
	You just heard me tell this story about ChatGPT and Google going to war together, you know, for a web browser war that's taking place.
	Business is war.
	The more you realize this, people are trying to take market share away from you.
	If you are somebody that's running a business and you've never purchased any of the businesses war, there's businesses war hat, sweaters, shirts, if you're looking at it right now.
	There's different colors, the gold ones, you got the mugs.
	And then also all the way at the bottom, if you love the Tommy, is it up there yet, Rob, or no?
	Do we have the ones for Tom's mugs yet or no?
	I don't know if they do or not.
	There is put the words talks if that's up there.
	And this one here.
	If you love Tom, $10.
	Add that Words Talk number scream.
	Listen, I am curious to know how many of you guys go pick up this mug right here, Words Talk, number screen.
	We definitely look at the numbers afterwards.
	Go to VTMerch.com, Business is War.
	You'll see it all the way at the top and on the cover of it where it says that.
	And I just type in Words Talk.
	You'll find a mug as well.
	Anyways, aside from that, the other announcement I want to make to you is the following.
	Rob, if you can go to America Business Forum website, don't go down yet.
	This is possibly the greatest star-studded list of speakers they've ever put together.
	It's an event that's coming up in Miami.
	You have President Trump.
	Okay, if you go a little bit lower, Rob, with the pictures, just lower, go a little bit lower.
	You got President Trump speaking.
	You got Messi speaking.
	I can't think of the last time he was at an event speaking.
	He's going to be interviewed.
	You got Will Smith being interviewed.
	Go to the next one.
	You got Nadal, one of the greatest tennis players of all time.
	Javier Millay, Argentina president.
	Got Jamie Diamond.
	Go to the next lineup.
	You have Patrick Bedavid.
	Who's that guy?
	Wow.
	That's Patrick Bedavid.
	Wow.
	I'll be speaking at the American Business Forum.
	You got Stefano Domencali, who is the president and CEO of Formula One.
	And you got Gianni Infantino, president of FIFA.
	And if you go a little bit lower, you got a couple others.
	Adam Newman, Mario Corina Machado, who just won a Nobel Peace Prize, King Griffin.
	Yes.
	And last but not least, Eric Schmidt.
	Just remember, Google guy?
	I don't know if I've seen a conference that has all of these speakers speaking at the same place.
	But here's the announcement, guys.
	If you go to the ticket prices for this in Miami, if you're in South Florida, the top one is sold out.
	Lowest level is what, $100, $200, and $1,000 a ticket.
	But if you use the code Patrick when you register, by the way, it's going to be at the Miami Heat Arena.
	And there's going to be 12,000 people at this place at this event.
	If you use the word Patrick in it, I believe you get a 25% discount.
	So if you're in Florida, you're trying to come to a place to hear Messi speak, the president speak, this thing's probably going to sell out in no time.
	If it hasn't already sold out, if you want to hear Messi, Jamie Dimon, Ken Griffin, everybody, and network with others, President Trump, I would highly recommend, even if you get the nosebleed seats, Upper Bowl, $100, 25% discount, $75, or the silver at $200, or the gold early bird floor seats, I would highly recommend you go to America Business Forum, get registered, get yourself a ticket before this thing sells out.
	It's possibly, there's different types of business events to be put together.
	There are those that you go to learn.
	There's a manual you're learning how to, and there's those you go to to learn from 20 different speakers.
	I don't know if there's ever been an event put together with a lineup of speakers like this one that range from politics to business to sports to Hollywood, all of it.
	If you're looking to be around other people and network, I think this date is going to be what, Rob, November.
	It's coming up soon, November.
	November 5th and 6th, it is eight days away.
	Can you look up the date all the way at the top?
	20 days away, two weeks away.
	What does it say?
	What's the date, Rob?
	November 5th and 6th.
	There you go.
	November 5th and 6th.
	Go to America.
	Less than two weeks away.
	AmericaBusiness.com.
	Rob, if we can put the link below and then use the Patrick, just the word Patrick to get a 25% discount.
	I think Mayor Francis Suarez is involved in this.
	Mayor Francis Suarez, a businessman from Uruguay, I believe, is also involved in this.
	It's a very exciting thing that they're doing.
	And I can't wait to see everybody.
	I'm going to be there myself as well.
	Okay.
	Having said that, let's get right into it.
	Okay, so stories to be talking about.
	Stories to be talking about.
	I say we go with the web service war that is taking place.
	Let's go with that first.
	All right.
	So OpenAI launches AI Browser Atlas and latest challenge to Google.
	OpenAI launches AI Browser Atlas and latest challenge to Google.
	What does this mean?
	Who should be worried?
	Why did shares of Alphabet fall yesterday?
	Motley Fool.
	So let me read this.
	And then Rob, I think you got a couple of clips on this that we'll get to.
	OpenAI on Tuesday unveiled ChatGPT Atlas, a long-anticipated artificial intelligence.
	And by the way, we're going to show it to you right now as well what it looks like.
	Powered web browser built around this popular chatbot and a direct challenge to Google Chrome Dominance to launch Mark's OpenAI's latest move to capitalize on 800 million.
	You ready?
	Weekly active ChatGPT users.
	Guys, let me say that number again.
	800 million.
	You know what that means?
	A tenth of the world uses ChatGPT.
	That's what that means.
	And imagine of the tenth of the world, how many are above 80?
	How many are under 15 years old?
	Everybody, everybody up in the club uses ChatGPT right now.
	And nobody I use in this thing here right now.
	United States.
	Yes, it could accelerate a broader shift towards AI-driven search as users increasingly turn to conversational tools that synthesize information instead of relying on traditional keyword results from Google, intensifying competition between OpenAI and Google.
	Here's Sam Altman making the announcement.
	Go for it.
	Today we're going to launch ChatGPT Atlas, our new web browser.
	This is an AI-powered web browser built around ChatGPT.
	It's something we've been super excited about and working hard on for a long time and really excited to share with you today.
	We think that AI represents like a rare once a decade opportunity to rethink what a browser can be about and how to use one and how to sort of most productively and pleasantly use the web.
	Tabs were great, but we haven't seen a lot of browser innovation since then.
	So we got very excited about the opportunity to really rethink what this could be.
	And in the same way that for the previous way people use the internet, the URL bar of a browser and the search box were a great analog.
	The way that we hope people will use the internet in the future and that we're starting to see is that the chat experience and a web browser can be a great analog.
	So we got to work designing a browser based around this kind of experience.
	The browser is already where a ton of work and sort of life happens.
	And we think that by having ChatGPT be sort of a core way to help you use that, that you can chat with a page, you can use ChatGPT to find out what's going on.
	Pretty crazy, Rob.
	If you pause it there.
	So when they made this announcement, we'll show it to you in a minute.
	Google's share fall despite a strong day in the broader market.
	So the market did well.
	However, shares of Alphabet, aka Google, traded roughly 2.8% lower.
	The move after ChatGPT's parent company, OpenAI, teased the launch of its artificial intelligence, ChatGPT Atlas, earlier today, Rob.
	Is that the clip you have of price dropping because the announcement?
	Go for it.
	Well, we got a news alert on OpenAI.
	Mackenzie Sagalos has that story.
	Matt.
	Hey there, John.
	So OpenAI is announcing live right now that it is launching ChatGPT Atlas, an AI-powered web browser.
	And we've known that Sam Altman wanted to take on Google Chrome, and now he is.
	So OpenAI wants to be your front door to the internet.
	And if they own the browser, they can theoretically cut Google out entirely.
	This is OpenAI's first full browser product.
	In January, it debuted a browser-based agent called Operator, but that was just a demo.
	Atlas, it is standalone, and it's launching globally today on Mac OS, Windows, iOS, and Android coming soon.
	As designed, John, Atlas goes head-to-head with both Google and Perplexity, who are already battling it out for AI browser dominance.
	Earlier this month, Perplexity released its free comment browser designed to act like a personal assistant.
	Search, shop, organize tabs, even draft emails.
	And of course, Google has been ramping up Gemini, integrating it directly into Chrome since September to help users navigate tabs, understand pages.
	Okay, Rob, can you show us what it looks like?
	If you want to just go to ChatGPT and show us what it looks like, the new Atlas.
	So I think you just did it.
	So that's what it looks like.
	Yep.
	Okay, can you just play around with it and let's just see what we know?
	Just do anything and let's see if it's anything different than what Google does.
	What is the latest on the government shutdown?
	Okay, great.
	Oh, so it's like a ChatGPT.
	Oh, got it.
	So first the stories come up.
	So up here, you have your links.
	So you can go and search through the news articles that it's posting.
	But here it gives you the ChatGPT feature where it's all the information that you would get if you had just plugged that same question into ChatGPT.
	So Google, now let's do the same thing, Rob.
	Go back, copy-paste your question that you did, and just do it on Google.
	What's the latest with government shutdown?
	And let's see what the experience is with Google.
	So all it does is gives you the links, go a little bit lower.
	Yeah, Google's going to get destroyed.
	You can't do that.
	What's the difference?
	What's the first thing?
	Are you kidding me?
	Go back to ChatGPT, the Atlas one.
	So on Atlas, I not only get the links, but it tells me, like zoom in a little bit so I can read that.
	It gives you the quick summary.
	Yeah, here's a summary of what's going on.
	The shutdown began at 1201, October 6th, on following.
	It has been stretched to 22 days, second largest on history, major sticking points, congressional.
	It's roughly 900,000 federal workers.
	So now go to Google.
	Why would I go to Google?
	By the way, this is scary, Tom.
	How do you feel about this?
	So there's a couple of things going on here.
	Everybody's been asking about is what is up with the AI level browsers?
	Because you've been seeing in Google, and Google has a different tab.
	When you go in Google Chrome, there's a, you know, they say do you want news, images, all that, right?
	You've seen that, right, Brendan?
	Yeah, yeah.
	Yeah.
	But then the first thing you'll notice is AI summary.
	And so that's there.
	And what people indicate, look at all the money.
	If you look back at the history of Google, Google took off with AdSense.
	AdSense, like, you know, 03, 04, like we're now 20 years into this.
	AdSense was huge and people are buying keywords.
	I mean, from our industry, Pat, remember the most expensive keyword and all insurance.
	$52.
	Exactly.
	$52 just for insurance.
	So now the question people are asking is, okay, well, where's the ad layer going to come?
	Is there a new ad layer coming?
	Because people go to AI because they want this, they hope, kind of a neutral, objective summary of what's going on and to understand things.
	Well, now, is the ad layer going to move?
	And does this basically just take keywords out?
	Because suddenly keywords is what you actually are searching for.
	But when you use AI, it's intent and conversation.
	Oh, I think, I know what you mean.
	I'll get it for you.
	I know what you mean.
	And they even sometimes it'll rephrase your prompt.
	If this is what you meant, then here, I got this for you.
	Whereas Google Keywords, remember the days of you would just retype it, retype it, retype it.
	You were also, you were the AI engine because you had to kept refining your prompt.
	I think this is pretty big.
	And ChatGPT is right now the reigning king of AI.
	I use all four of them.
	I use Perplexity.
	I use Gemini.
	I use ChatGPT.
	And I also use Julius.
	And I've got pro-level subscriptions to all of them.
	And I correlate them.
	I look back and forth on stuff when I do research.
	But I think this is pretty significant.
	And the bing on Google that we saw in the stock market is right in the heart of AdSense because the market is saying, really, Google?
	What are you going to do about AdSense?
	You've been getting paid for keywords.
	What if it goes this way?
	Tom, why do you use all four of those ChatGPT large language models?
	What's the purpose of all four?
	Are you testing it out?
	You find one to be better than the other?
	What's the purpose?
	Yeah, I don't trust one source.
	Whenever you do research, if you look at great research, there's a bunch of footnotes because you're going to a bunch of different sources so that you can A, see correlations, B, see synchronizations, and C, see if maybe something you searched for was an outlier stat that really needs to be challenged so that you don't rely on something extraneous for your research.
	And so I'll look at, and I'll say take.
	Says, what's the take on this?
	What's the take on this?
	All the stuff like today, I've got a whole bunch of stuff that I synthesized out on rare earths.
	And this came for Perplexities, came from ChatGPT.
	And I synthesized all my takes into a document.
	And then I hand that document back into there.
	And I say, can you summarize and synthesize this for me and find any additional links?
	And it finds additional sources.
	So that's what I do.
	And then, you know.
	What have you found to be the best?
	I don't think there is a best.
	They're all very different.
	Perplexity goes out there and seems to get more links faster.
	And there's like a real plethora of links visible.
	Now, that may be the same thing ChatGPT is doing, but they're not telling you where all of it comes from.
	Who owns Perplexity?
	Perplexity?
	Perplexity is perplexity.
	But Gemini is Google.
	ChatGPT is opening up AI.
	Okay, gotcha.
	Brandon, what are you thinking?
	Brock is X.
	So remember that media chart I showed you the other day where it showed from 2020 to 2025 how streaming and cable changed.
	It went from cable had like 40, 50% market share five years ago, and today it's like under 15%.
	So I think that Google and ChatGPT is streaming and cable.
	Like, I mean, it's just a superior product.
	And I don't think there's anything they could do about it.
	Google dropped below 90% of the search engine market share for the first time in 10 years.
	And I just can't see a way in which the task that people used to do on Google is going to be isn't going to be better on ChatGPT because people want a quick summary.
	ChatGPT is doing audio now.
	So you can literally ask a question via audio, listen to it via audio, get exactly what you want instead of having to go through like research documents and like news articles and stuff.
	I mean, this is what you were talking about, which is concerning what's going to happen to Google.
	You can kill them.
	Imagine losing 25% of their revenue in the next three years.
	Can you tell the audience what this means, Brandon?
	So 57% of Google's revenue comes from search results.
	That's the online.
	$5 billion.
	Yeah.
	AdSense.
	Yeah.
	And $8.1 billion comes from YouTube.
	$7.1 billion, $4 billion comes from the Google Ad Network.
	$8.7 comes from Pixel.
	9.6 comes from cloud.
	But 57 is coming from ads.
	And Atlas is about to take that away from them.
	It's amazing.
	That's a disruptor really comes out of nowhere.
	It's like the Apple Blackberry, the Netflix cable, the Netflix blockbuster.
	I think it's that type of a situation.
	How did Google not know?
	Like, how long did Google have to be able to add?
	It's not that complicated of a thing to add to their current search engine.
	Do you miss the mark this big?
	This isn't that challenging.
	They're trying to do it.
	And they want you to stay on Google Chrome, but you're also over on Google Gemini.
	So at some point, you see what has to happen, Pat?
	Two steps.
	At some point, you have to say, who's going to be my favorite side?
	The key to a CTA call to action.
	If you notice what happened to Amazon, what's one of the biggest things Amazon did that was a game changer?
	One click to buy.
	Remember when the one-click announcement happened?
	Boom, you bought it.
	You didn't need to go one step, second step, third step, fourth step, fifth step.
	Google is step number one, Google.
	Two, Gemini.
	Chat GPT is what?
	One.
	Ask the question, boom.
	You get the whole thing.
	When Amazon came up with the one click, what was the date on that?
	That was, I don't know when it was, but when it came out, it was a game changer.
	Adam, how do you process this?
	This isn't your space, but how do you process this yourself?
	Well, it is my space because I do Google things from time to time.
	And now, you know, it's synonymous.
	Hey, just Google it.
	Hey, order an Uber.
	Hey, do you have a Q-tip?
	These are brands.
	These aren't actually things that you do.
	So we need to understand this.
	The world has changed so fast.
	25 years ago, I remember 2000, it was literally a competition between Google, when it wasn't a verb at that point, and Yahoo.
	Yahoo was bigger than Google.
	Where's Yahoo now?
	Like, try getting onto a Yahoo page at this point.
	And I remember being like, just Yahoo! it.
	They're like, dude, it's all about Google these days.
	I'm like, what?
	It's kind of like when Facebook was still a thing and then Instagram came out.
	They're like, you're still doing Facebook.
	What we realized is this.
	Remember the chart where it says, you know, in the 1980s, what percentage of Fortune 500 companies are still at the top of the Fortune 500?
	And it's like 90% are gone.
	The market, as you always say, is so competitive.
	And you might think that you're the biggest, baddest company in the world.
	And then boom, overnight, ChatGPT replaces Google, something like that.
	And that's realistic.
	That's a good point.
	But the thing with this is it is moving.
	Yeah, only 52 companies have been on the Fortune 500 since 1955.
	That's 10%, right?
	So 90% are gone.
	That is reasonable.
	That's 55.
	But right now, I just pulled up something.
	I pulled up right now comparing how many active monthly users does Google get versus Yahoo and ChatGPT.
	When you pull up the number of users, I don't know why it says visitors, 85.2 billion is Google.
	So Google is still King Kong.
	Yahoo's 700 million visitors per month, but ChatGPT doesn't say visitors.
	It says 800 million weekly active users.
	That's 800 million different active accounts using ChatGPT.
	It'll be interesting to see what happens here with this.
	By the way, this is why when you think about business, Rob, if you go back to the merch, this is why today's merch is called Business is War, because you're just seeing it yourself.
	This is exactly what's going on.
	Go to the hat rop a little bit lower.
	It's one of my favorite items on here.
	Business is war.
	If you're running a business, you don't treat it like this.
	You're eventually going to be experiencing what Google and many other companies are experiencing today.
	Let's go to the next story.
	Kathy Wood says Elon Musk's $1 trillion payday will pass decisively despite opposition from proxy firms.
	So Kathy Wood, she's from ARCA, what is it called?
	ARC Investments?
	Yeah, ARC Investments.
	This is her talking about why Elon's trillion dollar package will pass swiftly.
	Go ahead, Rob.
	When we saw this pay package, we had a similar reaction to the very first time that Elon proposed a pay package.
	Our expectations were high, and everybody thought we were crazy out there when we put our expectations out there.
	And in the last package, he accomplished those expectations two years earlier than we expected him to.
	Just to give you a sense, if you take sort of the midpoint of the schedule for EBITDA goals, that would be a 49% compound annual rate of increase in EBITDA.
	I don't think there are very many companies that have accomplished that.
	And I'll just conclude by saying this was the first voiding of Elon's pay package.
	This is what I put on X.
	I believe the Delaware court decision forcing Tesla to void the March 2018 vote on Elon's performance-based pay package is un-American, an assault on investor rights.
	He's getting up getting paid on assault to the board of directors of one of the most stunningly successful companies in the world.
	And I would add, this is a win-win for all of us if Elon succeeds this time around the way that he did the last time around.
	And I do hope that the appeals court does do the right thing, actually, and rewards.
	So here's a problem.
	I have a problem with this.
	I'll come to you and then I'll give you the problem.
	Go ahead, Brandon.
	Yeah, no.
	So, I mean, I agree with her that that's the right thing to do.
	But why are we even talking about this before getting invited out for the other one?
	That's like the court way overstepping.
	And you know how many businesses registered in Delaware?
	73% of LLCs register in Delaware.
	So the reason that that took place in Delaware is because a small amount of shareholders made a fuss about it saying that he shouldn't get that much and they didn't know the terms of the agreement.
	So that a judge took it on and ruled that.
	So one judge could throw off this whole thing.
	That's how many people want to do business in Delaware.
	Yes, but think about it.
	If you're Elon Musk, you're like, hey, we're going to give you a trillion-dollar pay package.
	Guys, I don't have my previous 2018 one yet.
	So why would I get most?
	It's like telling somebody, by the way, if you sell this house, we're going to give you an 8% commission, but you haven't paid me on the commission on the last house I sold.
	Where is my enthusiasm for this?
	Tom, where are you at with this one?
	I'll tell you where I'm at with this one.
	Let's think of this.
	Let's think of season ticket holders.
	Season ticket holders want to go and joy a baseball team.
	And then the baseball team says, we're going to give Aaron Judge or Shohei Otani two of the largest, the top, two of the top three largest contracts ever.
	So now the shirt, the season ticket holders say, wait a minute, but the price of hot dogs will go up.
	And how is that guy worth it?
	Well, Aaron Judge has got four MVPs.
	He's captain.
	He won a batting title.
	Shoe Otan has done what Shoei Hotan has done, and apparently the Dodgers made back his contract on merchandise the first year, $700 million worth of that.
	So, but all of a sudden, the issue is the proxy advisory board, Pat.
	The proxy advisory firms are out there saying, We recommend this, we recommend that.
	And in a certain way, it adds efficiency.
	But Kathy Wood and others and me say these guys are out biasing the vote.
	If the board, the board can be sued, the board of directors now can be sued.
	So, if you're on the board or you're a large institutional investor, you know, like Kathy, and you say, Hey, you know, we think this is worth it.
	And she correctly points out, He's 2.4% of the SP.
	And if you can find me another CEO that's done the following things, and by the way, people should remember it's not a trillion dollars like in a paycheck.
	So, if Americans see this number and they think, wow, that's a big paycheck, that's a huge paycheck.
	That's not what it is.
	This is long-term interest, additional stock, and other things in the company.
	And so, I think that Kathy Wood's doing the right thing here.
	And she's asking the court.
	Now, you've got these chancery courts that are in there with the proxy firm saying, Oh, you can't let it do this.
	This is unfair.
	Wait a minute, season ticket holders don't get to vote.
	That's right.
	But check this out, Rob.
	If you can pull it back up, what he had to do to get that trillion-dollar package, you just had it up a minute ago.
	So, he has to, the company needs to achieve the valuation of $8.5 trillion, which is two and a half times higher than the biggest one today.
	Let's just say NVIDIA is a $4 trillion company, 2.2 times more to get to $8.5 trillion by 2035.
	That's eight times the current valuation.
	Musk would receive new shares that could push his ownership stakes significantly to 25%, and other operational milestones are obviously in there.
	But Tesla's estimate fair market value of the award to be around $87.75 billion today, though the full payout potentially is much higher.
	Adam, your thoughts?
	So, let me understand something.
	In order to reach his incentives, the market cap of Tesla today is almost a trillion.
	It's a trillion.
	He's got to do $80.
	Okay.
	That's an incentive package, if you ask me.
	I'm just simplifying this.
	Hey, if you want to know how people make money, you say, His and I don't need a salary, I don't need you to give me any sort of bonus.
	Just pay me a percentage of whatever I'm able to generate.
	Results and accountability.
	What's the number one company with market cap today?
	Is it NVIDIA?
	Is it Microsoft?
	What is it?
	$3 trillion?
	What is it?
	Four.
	Almost four.
	Oh, it's already four?
	Yeah.
	I thought we just said it announced it was three like a month ago.
	It's NVIDIA.
	So they want to, if Tesla becomes $8.5 trillion in 10 years, is that the number one company in the world?
	If it gets eight, well, it depends on what everybody else is going to be then.
	But the reality of it is, you got 10 years to get to $8.5 trillion.
	We're going to give you a trillion bucks.
	That's cool.
	Where was Tesla 10 years ago?
	Well, they looked just as crazy last time in 2018 when they gave him the incentive.
	Then it's like, oh, that's never going to happen, but it did happen.
	And then they're trying to pull the money away from him now.
	So, Pat, Tesla's market cap.
	Tesla's market cap 10 years ago was $31.5 billion.
	So it's 30X in 10 years.
	And they're asking him to 8X, and they're going to give him a trillion dollars.
	Wow.
	Do you remember when I started saying Elon's going to be a trillionaire in two years?
	I said that two years ago.
	Yeah.
	I made a video about it.
	This guy's going to be a trillionaire in no time.
	And then there's going to be multiple of these guys out there.
	Ellison and others will follow suit as well.
	Well, keep in mind, he's got like 25 kids, and college is going up 14. 13. 13.
	Let's have a little research.
	It's a very good point.
	Very good point.
	So, when do you think?
	He's got to work hard.
	When do you think over under trillionaire?
	When do I think Elon becomes over under?
	What's the overall?
	Trillionaire?
	Yeah.
	Less than 18 months.
	I think less than 18 months.
	He's got too many.
	The difference between him and everybody else, all his peers, he's got way too many things that are going at the same time.
	SpaceX, Starlink, Tesla, you know, boring.
	He's got so many different things that are moving.
	Let me ask you one more question on this.
	You know how, like, Bernie Sanders railed against the millionaires and then he became a millionaire.
	He's like, it's a billionaires.
	Can you imagine someone like Bernie or AOC's brain if Elon Musk or anybody else comes a trillionaire?
	Yeah.
	Well, they don't have to say trillionaire.
	They just have to say that guy.
	Yeah.
	No, I mean, that's crazy.
	There's going to be a handful of them the next five years.
	There's going to be a handful of trillionaires the next five years.
	Yes.
	By the way, as much as I'm telling you this, like if you notice certain people are in the hunt, in every league, somebody here plays and everybody who's watching this falls in a handful of different positions.
	Let me tell you what it is.
	You're either one in a position where you're the operator.
	Go into this next 10-year era.
	You better be ready.
	Or go jump on with somebody that you know is going places and bring a ton of value to them.
	I remember a saying was, help somebody become a billionaire, you'll become a millionaire.
	Now it's help somebody become a trillionaire, you'll become a billionaire.
	Like literally, that's what the formula is.
	Steve Ballmer did it with far the worst time to go into 2026, winging it.
	By far the worst time going into 2026 without a clear business plan.
	And by the way, Rob, if you can pull it up, December 12th, we're running a business planning workshop.
	December 12th, business planning workshop.
	12-hour, we sit there and we put a plan together for you.
	Obviously, we're going to give you the format, a 200-page manual that will go through.
	If you haven't yet registered and you wonder why some other people keep climbing and changing their lives and creating new opportunities for themselves, they're going into New Year's being more intentional than others are.
	Look at Elon.
	Elon's already negotiating his next 10-year package.
	It's very, very important to be prepared right now going into 2026.
	Go to bpw.businessplanning businessconsulting.com.
	Well, Rob, put the link below for people to get registered to spend an entire day with us on December 12th, which is less than two months from now.
	Looking forward to that.
	We'll see you guys there.
	Let's go to the next one.
	Tariffs.
	President Trump warns the U.S. will be struggling for years if Supreme Court rules against him on tariffs.
	Trump warns U.S. will be struggling.
	Rob, if you want to play this clip, go ahead, Rob.
	If we win the tariff case, which hopefully we will, it's vital to the interests of our country.
	We're the wealthiest country there is.
	If we don't, we'll be struggling for years to come.
	Okay, so he says, let me read this to you as he's going through the tariff situation, which by the way, I fully, fully agree with him.
	And a bigger part why I agree with the president is the following: how the hell are you supposed to negotiate?
	How are you supposed to threaten your enemies when they're using that same thing against us?
	So, so another country is putting tariffs on us, but the president can't, the president needs to go to the Supreme Court and say, hey, can I please get permission to use tariffs?
	Are you kidding me?
	Like, how does that make any sense?
	You have to have ways to have leverage to negotiate.
	You're cutting the person out.
	It's like a person that's running a business and they're not getting the right data to see how people are performing.
	Say, hey, can you go drive the sales team?
	Give me some data.
	Give me some stats so I can drive the sales team.
	I don't have it.
	Well, guess what, president?
	What's that?
	Moving forward, he can't use tariff to negotiate with other countries.
	Guess who is sitting there begging, praying to every single God in the world for the Supreme Court to not allow him to use tariffs?
	China?
	Who else you think?
	All our enemies.
	Russia?
	Who else you think?
	Everyone begging against the India.
	Everybody is rooting for Supreme Court.
	Everybody is rooting for Supreme Court.
	Fortune 500 companies, a ton of them.
	So, President Trump said this on Sunday in the ruling now, the pharmaceutical there's a bunch of different things going on with this year where he says, Freedom Positive National, we don't pay for the wealth of wealthiest countries, but warned that the Supreme Court striking down his tariffs rule could hurt the U.S. economy over the long call.
	If we win the tariff case, which hopefully we will, it's vital to the interests of our country.
	We're the wealthiest country there is.
	If we don't, we'll be struggling for years to come.
	The president said that his threat of imposing 200% tariffs helped stop a war between India and Pakistan, and also said that the tariffs are the main reason companies are investing in facilities in the U.S. to make pharmaceuticals, chips, and other products domestically.
	The pharmaceuticals are coming back again already, again, already again, tariffs.
	So, essentially, I'm putting tariffs on pharmaceuticals unless they're made here.
	They're all coming back.
	Trump said, chips.
	I put a big tariff on chips unless they're made here.
	There's no tariffs they make them here.
	And all those companies are coming back from Taiwan.
	They're coming back from all over the world and they're coming back fast.
	He added.
	The president said that the U.S. will have brought in $17 trillion in investments over the first eight months of his term and could be over $20 trillion by the end of the first year, saying it's a miracle what's happening.
	And Tom, your thoughts on the story.
	Well, first of all, Brandon, want to play a game?
	Yeah.
	Okay.
	I've been using steroids for a decade.
	That's a tariff.
	Can't tell Tom.
	I'm the pitcher.
	You're the batter.
	Okay.
	Brandon's been using steroids for a decade.
	He's pitching, and I'm the baseball player.
	I'm at bat.
	Yep.
	And all of a sudden, they do a test and they said he's using steroids, but they don't suspend you.
	They just say, you know what, Tom?
	You can use steroids.
	And I'm like, great.
	But then everybody screams, you can't let Tom use steroids and juice.
	Wait, Brandon's been using it for a decade.
	Some of these tariffs have been against the United States for a decade or more.
	And now the president is saying, I want to swing a bigger bat with a bigger market.
	And I want to get their attention to say, we're playing a different game.
	We're going to bring this playing field back and we're going to level it.
	And can we, since you just mentioned pharmaceuticals, can we blend in the Merck story?
	Of course.
	Merck has announced construction of a $3 billion manufacturing facility in Virginia.
	Wow.
	How did that happen?
	We're going to make medications here.
	And we already have the progress he's made on the cost of medications.
	We saw that.
	And Rob, check this out.
	He's talking about $17 trillion in his first term.
	Let's go find the chart that we had here.
	Guess how much is in play right now?
	No, no.
	I sent you the Tom, keep going.
	Guess how much is in play right now?
	Right now, that is being dirt being moved, steel being poured.
	There it is, right there.
	What we have is $1.268 trillion, the Trump effect already.
	And take a look at what's happening.
	Some people say, well, Apple's only going to put half of that.
	Okay, ignore that.
	Look at Micron building factories in Idaho and Virginia.
	IBM, TMSC.
	That's Taiwan Semiconductor building $100 billion in Arizona.
	That one actually started under Biden.
	Look at Tex Instrument, Johnson Johnson, AstraZeneca Rose.
	Look at all this.
	This is since March 1st.
	These are greenlit projects.
	It's not just an estimate.
	The estimate of $17 trillion for the first term is very real, Pat.
	This is a half a million jobs that are coming as a result of just what's the $1.5 trillion that's being invested since March March 1st.
	And by the way, you know what the estimate is?
	The estimate is that there's 70,000 construction jobs that are being created because of these things that need to be built.
	This is called the Trump effect.
	This is not BS.
	This is words talk numbers scream.
	Look at what's already happening.
	Just give these jobs time to get here.
	Does Supreme Court have the ability to do that to prevent the president from using tariffs?
	Well, I think the Supreme Court, no, the Supreme Court doesn't walk into a room and say, hey, I think I'm going to rule on something.
	Somebody has to bring a suit to the Supreme Court.
	And you have to go take a look.
	It's the Dems put forward an act, and they're asking, are the tariffs unconstitutional in terms of the president's power?
	And so why on earth?
	Would people in our own government want the Supreme Court to rule on this unless they had China money in their own pockets?
	You know what that is?
	Yeah, so there actually is a historical precedent for this that explains this.
	So it used to be Congress that got to decide when to impose tariffs and when not to, but then they gave the power to the president for matters of national security to impose tariffs, which, you know, all of this is a matter of national security, whether like for economically and for manufacturing, for weapons, for pharmaceuticals.
	So that's what it's really the decisions being made on is whether or not this is a matter of national security.
	And I believe the reason it got to the Supreme Court is because a lot of courts tried to block Trump doing it.
	Like all these federal courts are getting in the way.
	But I've heard a lot of people say the founders would be appalled with the way that the judges are using their power.
	Of all the branches, the judges have gotten far too much power, I think, over the last decade or last century.
	Yeah, it says your tariffs power belongs to Congress, but delegated to the president.
	Congress has the power to lay and collect tax duties and imposts and excises, meaning Congress controls tariffs.
	Over the past century, however, Congress has delegated broad authority to the president to adjust tariffs under specific laws.
	The Trade Expansion Act of 1962, the Trade Act of 1974, International Emergency Economic Powers Act, Supreme Court can't directly stop the president, but it can rule on legality.
	Supreme Court cannot preemptively block it, but it can review such actions that are being challenged by other courts.
	If Trump steals aluminum tariffs, so they did that in 2018 in the U.S. against George S. Bush and Company, 1930, later trade-related cases.
	The court recognized Congress' right to delegate limited trade power.
	Anyways, I don't know about this.
	Adam, your thoughts?
	Yeah, well, I think Trump, this is backing up a second.
	This is a win-win situation for Trump, regardless of what happens.
	It might not be a win-win situation for the American people.
	Why?
	We can officially put to rest this whole king and fascist thing.
	Trump's making these executive orders, making these plans, and here comes the third branch of government.
	The judicial says, no, Not so fast, King, King Trump, not so quick.
	So one of two things is going to happen.
	Either he's going to win this case and it's going to validate what he's doing and the tariff things are going to happen, or he's going to lose the case and he's going to officially be able to say, dude, I can't even as a king make the decisions on the executive branch to what we're going to do with tariffs.
	So to me, he's going to win either way.
	He's either going to win the narrative and completely dismantle the left's woke no kings perspective, or he's going to win both and say, I went through the courts.
	The courts ruled in my favor.
	You see, I'm not a king.
	And the tariffs uphold.
	You know what it reminds me of?
	Tom, in business, you're doing sales.
	You're doing marketing.
	You're trying to drive revenue.
	And all of a sudden, someone from compliance comes in and goes, well, not so fast because you have to understand the due diligence and the compliance and your OSJ and your broker dealer.
	And you're like, dude, I'm trying to drive a million dollars worth of revenue here.
	You're blocking that.
	The difference is so it's a major issue.
	It is.
	But when do you need compliance and when do you not?
	Like, I remember one time I had a call with one of my board members.
	This is 10 years ago, something like that, eight years ago.
	And he says, look, I need you to call me every time you make a decision about a quarter of a million dollars.
	I said, no, I'm not doing that.
	He says, no, no, Tom, you remember this?
	I said, no, I'm not going to call you.
	It was the biggest call.
	He says, why are you not going to call me?
	I said, we just gave you $10 million.
	He's a board member.
	No, no, he gave me the $10 million bucket.
	Wow, he says, you got to.
	I said, I'm not calling you.
	He says, why?
	Said, do you realize I make decisions swiftly?
	You want me to wait for you for some like this?
	I'm not calling you.
	He says, can you at least tell Tom to tell me?
	I said, no, we're going to raise that to half a million.
	And Tom's just going to tell you.
	I'm not calling for permission.
	I got to go.
	Now, that's raised from a quarter million to a half a million.
	Yeah, I really.
	So you said at a half a million, I will call you.
	But I don't know.
	I don't need to call you.
	Tom will tell you.
	I'm not calling you.
	We're just going to tell you we're doing this so you know about it, right?
	The decision that we're making.
	However, there needs to be controls on presidents because today you trust the president's decision making.
	What if you don't?
	And it's another guy in there that you're like, wait a minute.
	I don't like what this guy's doing.
	He's approving something for LGBT and all this other stuff.
	Hey, wait a minute.
	So there needs to be a little bit of that.
	This is why the founding fathers created something so special that we are the recipients and the beneficiaries of.
	But at this point, it's working.
	You have $300 billion of revenue that's coming in potentially in the first year.
	Why would you get in the way of something that's working?
	And it's bringing jobs back to America.
	Why would you do that?
	Let it roll.
	Let it keep going.
	You have data.
	You have stats.
	Do you know when would have been a good time to do something like this?
	Month one.
	You don't have data.
	Now he's got proof.
	Hey, look at it.
	You said the Supreme Court should have done it.
	Yeah, I mean, Liberation Day.
	Rob, can you show how much tariff revenue came in in September?
	Was it $64 billion, the number?
	How much was it?
	I think there was a $31 billion correction that you saw Trump talking about yesterday, I believe yesterday on the news, late in the day.
	What was the tariff revenue that came in in September?
	September?
	Yeah.
	And while he's looking it up, I don't think the Supreme Court's proactively doing this against him.
	I think they're doing it as a result of other courts doing it.
	I know.
	I know they are.
	I know they are.
	I have the starting point.
	While we're looking this up, do you want to hear the starting point?
	Go ahead, Tom.
	It was a coalition of state attorney generals from the following states.
	I'm going to read them fast.
	You say red or blue, okay?
	Oregon, blue.
	Okay, Connecticut, blue.
	Delaware, blue.
	Illinois, blue.
	Maine?
	Blue.
	Minnesota?
	Blue.
	Nevada?
	Blue.
	New Mexico?
	Blue.
	New York?
	Blue.
	Vermont?
	Blue.
	Those states came together and filed the injunction.
	The injunction was filed by that federal court, that judge, and now we have to escalate it.
	So look who's trying to do it.
	It's not the interest of the United States.
	It's the interest of a coalition of blue attorney generals who are never Trump.
	Yeah.
	If you look at this stat, by the way, a great point to you.
	Trump has signed the most executive orders in almost 100 years, I want to say.
	So I think in his first term, I think he signed up to this point 50 executive orders.
	2025, it says 210.
	He's four ex-executive orders.
	It's most since FDR, which was, sorry, in the 30s, so less than 100 years.
	So perhaps this is pushback against this.
	How do you?
	I don't know.
	Those are two different things.
	I think tariffs is, listen, don't get me wrong.
	Some people are being impacted by it.
	I'm not sitting here telling you it's 100% good for everything.
	Sometimes when you introduce a new comp or something you're changing, some people quit and some people leave.
	And some just simply say, I can't do that.
	Then later on, many of those guys come back and they're like, man, I made a mistake.
	I knew too late.
	You missed the momentum, right?
	But some people go.
	But whenever you change comp for the first three, six months, there's a little bit of disruption.
	Of course, that's for a company.
	For a country, guess how long that lasts?
	Probably 12 to 24 months.
	So we're still in it.
	We're still kind of going through it.
	But people have to adjust.
	A lot of companies are starting to realize this is not something that's temporary.
	This is probably going to be here unless these guys choose to change this up.
	Now, let's go to the next story.
	Next story is: Trump meets with Australian PM and signs an $8.5 billion critical minerals deal to counter China's dominance in rare earths.
	Rob, if you want to pull this video up.
	And it was a very unique moment because this old man is sitting in an old man, younger than Trump, but this older man that's sitting in front of Trump says, this is he doesn't like you.
	So President Trump and Australian Prime Minister Anthony Albanese on Monday signed an agreement, a rare earth minerals deal, to stabilize global supplies and China's efforts to clamp down on its controls over the market.
	Trump's remarks follow China's recent export controls restricting sales of critical minerals.
	Trump and Albanese met at the White House for their first summit at Trump said the deal was negotiated over the past four or five months ahead of the announcement.
	Albanese said it's an $8.5 million pipeline that we have to go to go ready to go.
	Reuters reported according to a copy of the agreement provided by the Prime Minister's office.
	The two countries have reached each invested $1 billion over the next six months into mining and processing projects, as well as set a minimum price floor for critical minerals.
	In about a year now from now, we'll have so much critical minerals and rare earths that you won't know what to do with them.
	But this was the unique moment of Trump with the gentleman right across from him to the left of the bald man with the glasses on.
	Go ahead, Rob.
	In Australia, it's taken nine months to get this meeting.
	Have you had any concerns with this administration with a stance on Palestine, climate change, or even things the ambassador said about you in the past, the Australian ambassador?
	I don't know anything about him.
	I mean, if he said bad, then maybe he'll like to apologize.
	I really don't know.
	Did an ambassador say something bad about him?
	Don't tell me.
	Where is he?
	Is he still working in the series?
	You said bad?
	Before I took this position, Mr. President.
	I don't like you either.
	I don't.
	And I probably never will.
	Go ahead.
	Tom, why is this important?
	I'll tell you why it's important.
	China controls 90% of the global refining of these rare earth minerals, meaning they control the refineries.
	A lot of times they have funded debt for countries to build refining processing.
	So the $1 billion each is just a start to build refining capability.
	Now that means now that you've dug them out of the earth, they have to be refined.
	Unlike gold and silver, you don't just find lithium laying around a lot.
	You have to process it through the dirt, and there's these things that are very complicated that you have to go through and do.
	So that's very important.
	Also, you've got source.
	And now you've got the government making the equity investment in MP materials, and which you and I don't like that the government actually owns that.
	However, it gets it off and going.
	And then there's the Mountain Pass deal, the 10X to the manufacturing of the magnet stuff.
	And so this is important because for three reasons.
	One, you have to source the raw earth minerals somewhere.
	Then after you dig them up, you have to process them so that they're into their rare earth state so they actually be used.
	And there's things that are like gallium.
	Gallium arsenide is used in making a component called a FET, F-E-T.
	And those are very important for signal processing, gallium arsenide.
	So you have all these things coming together.
	And now this deal with Australia is in the second box, which is the processing.
	And then you'll get to the third box, which is the commercialization availability so people can actually go build things and EVs aren't ridiculously expensive or hard to or you end up stuck.
	Remember what happened with chips during COVID?
	Oh yeah.
	Yeah, that was manufacturing.
	That was a manufacturing issue.
	You know who was the number one refiner of rare earths in the 70s and 80s?
	Who?
	America.
	So we had this great big plant in California where we're refining a bunch of them, and then the EPA comes in and starts regulating it, makes it unprofitable.
	They have to shut it down.
	And Ding Xiaoping, the king or president of China, whatever his role was, said, all right, the Middle East has oil unmonopolized.
	We're going to monopolize rare earth elements.
	So yeah, they have a big reserve of it, but we have a pretty big reserve of it too.
	We just don't refine it.
	We lost all that manufacturing and refining capability when we shut it all down, made it unprofitable, do it here.
	So they've been spending the last 40 years perfecting it, and that's why we're in the situation now.
	So this is a story of tariffs or that type of mindset in the same way as well.
	You know, we stopped producing it here, and that's catching up to us now.
	The Mountain Pass side produced 70% of the world's rare earth supplies until the early 80s.
	Yeah.
	It continued supplying most of the world's rare earth metals consumption between 1965 and 1995, though the mine later closed.
	Its separation from the plant in 1998, during the 80s and 1990s, it was a dominant source.
	Do we know why it closed?
	Yeah, the reasons I saw it was because of environmental regulations.
	Stop it.
	I forgot.
	Stop it.
	Which China could carry on.
	They'll say it.
	Yeah.
	Unbelievable.
	So environmental regulation burdens.
	Wow.
	That's why we shut it down.
	So who was the president that this happened?
	So Rap, can you know?
	So zoom in, is there a president tied to it?
	Can you ask which president or politician led the shutdown and the regulations of this?
	Right around the time we let China into the World Trade Organization.
	So then what I'm trying to go with this is exactly what.
	So President Shuttle, who was it tied to Rap?
	Do you see it?
	No clear politician leading to the shutdown.
	There's no way in the world.
	So then who?
	Who was the main influencer that shut down that refinery?
	Who was the main influencer?
	It was EPA.
	But there's a person tied to the EPA.
	I want to know who led the EPA.
	Yeah, I want to know who the Clinton administration.
	Okay, so then go and see who led the EPA during that time.
	If there's not giving you any names, who led the EPA in 1998 that led to the shutdown of the refinery?
	Go a little bit deeper with the question.
	Who led the EPA in 1998 that led to the shutdown?
	By the way, look when she was shot out of her chair.
	January 20th, 2001.
	Hang on one second.
	Let's just see here.
	Who led the 1998?
	Carol M. Browner.
	Can we go look her up?
	Let's study who this person is.
	Who is Carol M. Browner?
	Who is Carol M. Browner?
	She was obviously appointed by the Clinton administration at the time.
	And then as soon as George W. Bush took over, he gave her the kicker to the curb.
	So let's see.
	This woman was a businessman, White House Energy, Climate Policy, Obama administration, 2009, 2011.
	Clinton administration, so this was her.
	She's the one that was responsible.
	She went to University of Florida, Florida went to America.
	She's the longest-serving administrative of the EPA, though, both terms.
	Ivan wrote something about the laws.
	Lawton Charles and Al Gore.
	There it is.
	Lawton Childs.
	I think there's a governor here in Florida.
	Go a little bit lower.
	Albright Capital Management 2001, Early Life Education.
	So she was agricultural related and became an advocate for nuclear energy in response to the dangers of global warming.
	So she's a global warming person.
	Can you do me a favor and ask Chad GPT what are her ties to China?
	What are her ties to China?
	I want to know what that investment fund is.
	Here's something to China.
	She's listed as a member of the National Committee of United States China Relations.
	She's also been noted as a member of the board of leadership organizations producing and influencing international policies, including relations for China.
	For example, NCUSR is one of the oldest U.S. organizations promoting U.S.-China understanding.
	She has extensive experience in global engagements with China involves engagement with China.
	In a blog post, it is stated she's a member of the Council of Foreign Relations National Committee of U.S. China Relations.
	I did not find anything else.
	Yeah.
	So to me, that's so interesting.
	There has to be a motive to do that.
	She was removed the second George W. Bush sat down in his chair.
	What do you mean, the motive?
	The second.
	Well, you should know it's.
	Why would you do that?
	Why would you shut it down if a world leader for that many years, 30 years, why would you all of a sudden vote to shut it down for climate change or regulatory?
	Why would you do that?
	Maybe someone else is playing the long game and influencing liberal politicians and actually influencing green energy policy in the United States.
	China's been a green energy meddler in the United States for a long time.
	Paris Climate Accord.
	Well, isn't it?
	Can you ask the exact same thing?
	Rob, what's her name again?
	Give me the exact same name.
	Yeah, Carol Browner, B-R-O-W-N-E-R.
	Okay, go ahead, Adam.
	You had a question.
	Can't you just ask the exact same question right around the same time about where all the manufacturing went from the United States?
	Isn't it a similar correlation here?
	We've basically outshorted all our manufacturing to China.
	So it's very ironic here that we helped create the issue that we're dealing with today.
	We helped create China, whether it was Nixon, whether it was Clinton, whether it was the World Trade Organization, whether it's this mineral deal or whatever it is.
	It seems like for cheaper goods here, we outsourced all our manufacturing and in this capacity, our minerals and any capability of making anything to China.
	And now we basically have to have sort of this Cold War detente with China to be like, don't hurt our economy.
	Don't shut everything down.
	Don't cut off the supply chain.
	And we have to cut these deals with Australia, apparently, or whatever, India to make the phones, all these things, because we've created the monster.
	It's kind of, you know, like the call is coming from in the house.
	Did we not help create the issues we're dealing with today with China?
	Oh, yeah.
	Is that not true, Tom?
	Yes.
	The thing that makes it uncomfortable, too, is that nobody remembers that there was a whole scandal called China Gate between the Clintons and China.
	So the fact that that administration helped China gain this power more than anybody else, you know, makes a lot of interesting questions.
	What do you mean?
	What do you mean by that?
	So just there's a lot of allegations that China might have been giving the Clinton administration or the Clinton campaign money during their election.
	No, there's a whole scandal.
	Yeah, you remember that, Tom, right?
	There's a whole scandal called China Gate that nobody talks about.
	And China got all these favorable tech transfers and got allowed in the World Trade Organization during Clinton.
	So, you know, there's a lot of back and forth that it looks like from it.
	I hear you on that.
	I feel like if we want to go looking down the China rabbit hole for people who have ties to China, I think both parties have been guilty.
	What was the whole situation with Mitch McConnell a few years ago?
	Where like his wife, whatever it was, was tied to China.
	It's like, we go down the rabbit hole.
	The reality is this, you know, we hear this term with China that we're going to decouple from China.
	I don't even know if that's possible at this point, but certainly we've created this monster.
	Now we've got to pay the price to get the monster.
	When she was asked the question 16 years ago, if she had read the climate change bill, and this is her response.
	The video quality of this video will tell you how old this is, but go ahead, Rob.
	This is from the corner.
	Be Carol before we go.
	I know the bill is over a thousand pages long.
	Have you read it?
	Oh, I'm very familiar with this bill.
	We have.
	I know you've been watching this for a very long time.
	I'm sure you got an idea of it, but have you read it?
	I've read major portions of it.
	Absolutely.
	So the answer, no, you haven't read it.
	But you've read a big chunk of it.
	Oh, no, that's not fair.
	That's absolutely fair.
	I'm just asking if you read the thousand pages.
	Nobody's read.
	I've read vast portions of it.
	Okay.
	Now, who wrote it?
	That's the question, too.
	Which lobbyists were writing that?
	So by the way, let's just quick EPA.
	The EPA and everything.
	So Three Mile Island sat idle because the EPA wouldn't let anybody touch it after the cleanup.
	Where's that, Three Mile Island?
	Three Mile Island is the nuclear power plant, which was a nuclear accident in the United States.
	It is being reopened in 2027.
	It is owned by Constellation Energy.
	And who is funding Constellation Energy to help them reopen it?
	Microsoft.
	Pat, what percent of the energy that will come out of their updated Three Mile Island nuclear power plant built with new safety standards and new small six-generation reactors, how much of the power that will come out of Three Mile Island, operated by Constellation Energy, is Microsoft contracting for?
	How much?
	100%.
	Wow.
	In other words, they need it to power a data center.
	And Microsoft openly said, we don't want to create a Microsoft backlash because we use up all this power and it makes it more expensive for homeowners.
	So guess what?
	We're going to help Constellation Energy.
	We're signing a contract.
	We want 100% of the power.
	But that sat there all this time because of the EPA.
	And now we're just finding out, wow, we do have all these EVs, all these data centers, man, we need more energy.
	What are we going to do?
	And all of a sudden, it gets the Democrats' attention because power costs is going up for average Americans when there's, guess what?
	Shortage of supply, price goes up.
	Yeah.
	Okay.
	All right.
	So let's go to the next story, Rob.
	Let's go to the next story with you.
	Yeah.
	California Homeless Crisis DOG accuses real estate developers of $50 million funding fraud.
	I mean, fraud would never happen in California, but let's read it.
	I mean, this is especially, yeah, especially when it comes down to homeless type of stuff.
	They were all very honest about it.
	As part of a special federal task force investigating where a staggering $24 billion designated for homelessness in California has ended up, Department of Justice has revealed initial findings on Thursday announcing new criminal cases against two LA area real estate developers who the federal government says misused roughly $50 million in a combination of federal, state, and local dollars earmarked for homelessness.
	This is not a victimless crime, said Akhil Davis, FBI LA assistant director in charge, as the millions of dollars lost could have been used for housing for the homeless or other local priorities funded by California taxpayers.
	Cody Holmes, 31 years old, Beverly Hills, was arrested and charged with federal felony fraud Thursday morning for allegedly receiving $25.9 million in grand money intended for a homeless housing project that was never built.
	Is this it, Rob?
	Yes, this is the Attorney General for the state of California discussing the charges.
	Go for it.
	California has spent more than $24 billion over the last five years with little to no progress in solving our homelessness epidemic.
	California state officials failed to provide meaningful oversight over the individuals who received most of these funds, and they had little to no answers to the public's demand for accountability.
	Well, that accountability starts today.
	Today we are announcing significant developments into our investigation.
	We're making public two criminal cases relating to two separate real estate developers who were involved in misappropriating millions of state funds intended to combat homelessness.
	The investigations that led to the Holmes arrest and Taylor indictment are just the beginning.
	We will continue to go where the evidence takes us.
	This also includes public officials who may have enriched themselves at taxpayers' expenses contributing to the fraud that we're seeing.
	We're looking at everyone.
	If you steal money or allow it to be stolen, we will find you and we will prosecute you.
	Okay, Tom, thoughts.
	So this is when the government gets involved in things it doesn't know how to do.
	The state of California doesn't know how to build a rail.
	The state of California has put all sorts, you should see the millions of dollars that have only gone for, you know, architectural design and early studies on the rail.
	And there's no, there's no high-speed rail between southern and northern California.
	And these guys receive grant money because the state said, oh my gosh, we need to build a homeless shelter.
	I know we'll build a homeless shelter in Thousand Oaks, California, where there's a lot of middle-class housing.
	And that's where Amgen has a massive offices.
	Wow, okay, we'll do it.
	We'll do it out there.
	And we'll give a grant to somebody.
	Pat, here's your grant.
	What is a grant?
	Grant is like a gift, but we gift with earmarks about what it's supposed to be spent for.
	And now go build houses.
	Instead of saying, hey, let's get all the developers together.
	That's one developer, right?
	Let's get all the developers together and say, what would help you guys build houses faster?
	How about permitting processes?
	How about faster inspections?
	How about this?
	How about that?
	How about you invest in utility, get sewer lines built on these streets so we can get these homes built?
	Got it.
	So I could do that and you guys could build.
	But instead, the state goes to these guys and gives them a bunch of money to build homes.
	The far more efficient thing to do would be to reduce the friction so that all kinds of developers could be building.
	That's not what they did.
	They did this.
	And oh, guess what happened?
	With a bunch of free money, somebody spent $2 million on American Express cards buying luxury goods.
	Basically, they went to the mall and they spent $2 million on American Express.
	Unbelievable.
	And that's what this guy is.
	And I'm not making this up.
	I'm saying according to the indictment, according to what's been brought forth, he used up to $2 million of it toward American Express cards.
	And the name of it was Shangri-La Industries.
	It doesn't even sound like a serious business name.
	And he received a grant.
	And this is not a victimless crime, they say.
	No, no, you're boneheads.
	This is the wrong way to do it.
	Go upstream and say, hey, what are the odds that maybe these builders don't build it?
	What are the odds that these builders maybe misappropriate it or just give themselves a bigger profit per house?
	What are the odds?
	I would say those odds are pretty high.
	And then the state went and did it.
	So now the state attorney general, not the governor or any of the legislators that approved this.
	The only people at the microphone is the law enforcement people, you'll notice.
	Brandon thoughts.
	Yeah, we just talked about the other day this housing thing is like the biggest national crisis, I think, with the affordability nationwide.
	But in California, like the average price of a house is $880,000 where the national average is like $435,000.
	So, you know, if you're going to have like the most regulated, strictest state with all of that, and then you're looking like a money laundering pit, let's be honest.
	You know, it's like, it feels like when we give money to Ukraine, like it just gets sent into a black hole when it goes to California.
	Like there's no trace or anything to show for whatever the project they do there.
	And I saw a study that said 95% of the land in California is zoned for single family use only.
	So they can't do duplexes, triplexes, condos.
	So in like a state of crisis where you need more housing, where you have homeless people, where the cost of a house is $880,000 and the median income is like $65,000 a year.
	Why are you being so restrictive with what could be built?
	And then you're going to, you have the audacity to like steal money and embezzle money that gets given to you.
	So, I mean, like, it's, you could probably talk for 10 hours about all the things that are wrong with California's real estate market and the way they do the regulations.
	Makes sense.
	Adam.
	I just feel like this is a symptom of a larger problem in California.
	California is like the richest, brokest state.
	It's like the guy who has the nicest car, the nicest house, but he's borrowing 100 bucks from you.
	You're like, what are you doing, dude?
	This is a telltale sign of go woke, go broke.
	California.
	Tommy, I think you're the person that pointed this out.
	You're saying that state governments cannot fail.
	Meaning, like you actually legally written in your state guidelines or bylaws or constitution have to balance the budget.
	You might not do it because I think in California.
	You sell a bunch of bonds or you go to the government and said, hey, my shortfall was due to a disaster.
	You got to bail me out.
	Exactly.
	So I think they have a $68 billion deficit, according to our friends at Chad GPT, just this year, this fiscal year.
	So you remember when COVID happened and all these airline companies did all these stock buybacks and then they reached out back to the government like six months later, like, hey, we need money.
	And then Chamoth, this is the first time I actually even heard about Jamoth.
	He said, let them fail.
	Because if you're going to make stupid decisions, you have to let them fail.
	You have to have ramifications for your bad decisions.
	So, you know, me, I'm not bullish on California.
	I'm very bullish on Florida.
	I'm like the most anti-California person because I don't have the empathy or the sympathy for stupid decisions that they made in California.
	So what's wrong with just letting California fail and then just sort of building back up?
	Why can't we do that?
	To let it fail?
	No, no, I mean, listen, why did they not let GM fail?
	Why didn't let AIG fail?
	Why didn't let a lot of these companies fail?
	It's too big to fail.
	If there is a state that is too big to fail, that everybody will feel it, California is at the top of the list.
	They're not going to let California fail.
	Of course, policies are destroying the place.
	Policies are destroying the place.
	And Newsom is getting up there acting all tough and say, hey, you know what?
	Why isn't Rogan having me on?
	You know, what are you afraid of?
	You're a tough guy.
	Do you see how we spoke, by the way, towards Rogan?
	Are you a tough guy?
	Are you a this?
	What are you doing, buddy?
	One kick in the stomach, you're peeing for the rest of your life.
	Yeah, but peeing blood.
	Is this it, Rob?
	Yes.
	Can you go exactly to the part where he starts being acting tough?
	I don't know if you hear it or not.
	I'm going to conclude this.
	I got a lot of shit for this.
	I love that you didn't ask if you could curse.
	Oh, sorry.
	You can't.
	You can't.
	Well, you start with Joe Rogan.
	I'm going to start cursing.
	Joe, why won't you have me on the show?
	He won't have me on the show.
	It's a one-way.
	And he has guests coming and attacking and bashing, but he will not have me on the show.
	Period.
	Full stop.
	He should have me on the show.
	Come on my show, Joe.
	Would you let him say some of the things that he said without any type of pushback or debate?
	Yeah.
	I just told you, I'm not afraid to go.
	I'm punching Joe Rogan, okay?
	That son of a bitch not used to that.
	And he's going to dismiss it.
	He's going to laugh it off.
	I mean, you know, tough guy, all that.
	But he's going to have me on.
	I don't know.
	Certainly punching back and Trump, everyone else.
	I'm debating these sons of bitches.
	I'm out there on these right-wing shows.
	So I'm not scared to do that.
	Where the hell is the Democratic Party?
	Where's our equivalent of turning point USA?
	Nowhere to be found.
	This isn't working.
	Yeah, you can't possibly.
	It's called Hollywood.
	It's called the universities.
	It's called every major institution.
	That's the turning point of the left.
	By the way, it's so funny to me with Joe Rogan how quickly the Democratic Party has just completely dissipated.
	10 years ago, maybe even less than that, Joe Rogan was a Bernie Sanders supporter.
	Can we just stop there for a second and recognize Joe Rogan was a progressive leftist almost.
	And because of the ridiculous ideology of people like Gavin Newsome, literally pushing Joe Rogan out of California, he's now a quick, quote-unquote, right-winger extremist.
	So at some point, they're going to have to look in the mirror and be like, ah, maybe we've created these issues and they're just responding to our ridiculousness, not the other way around.
	That's how I perceive Gavin Newsom on this account.
	Yeah, I mean, listen, again, badly, but going back to when you said, why don't you just let them fail?
	You can let them fail.
	This is a great thing about politics to see what happens and who's going to come in and replace Newsom in California.
	Of course, most likely it's going to be somebody on the left, but where, what things are going to change?
	I don't know.
	Adam Crowla was giving some thoughts on who he sees going there and changing things up.
	We're going to see what's going to happen with California.
	But the fact that this type of money is being funneled into guys that are just taking 50 million bucks just tells you how politics are being treated in California today.
	U.S. banks are hunting for collateral to back $20 billion Argentina bailout.
	This is a Wall Street Journal story.
	So a group of banks, including JPMorgan Chase, BFA, Goldman Sachs, is struggling to put together a $20 billion loan for Argentina without leaving themselves too exposed to the financially distressed South American country.
	People familiar with the matter said the bank loans would be part of the Trump administration's plan to backstop the finances of libertarian president Javier Malay's government with a $40 billion package, including $20 billion currency swap with the U.S. Treasury Department and the separate $20 billion bank-led.
	The group of banks, which includes Citigroup, is seeking some type of a guarantee or pledge to ensure they will get their money back.
	The people said bankers are waiting on guidance from the Treasury Department on what collateral Argentina would be able to provide for them or if Washington would plan to backstop the facility on its own.
	The people have been controlling the broader package and banks feel they can't act without backing from Washington.
	Some of the people said the loan facility hasn't been finalized and might not come together if the bank's collateral question isn't resolved.
	They said, Tom Thoughts.
	I'll tell you what the thoughts are.
	These banks don't give a rip about Argentina's collateral.
	You know what they want the backstop to be?
	You and me.
	They want the United States to say, oh, I've got it.
	We'll give Argentina a student loan.
	And if they can't pay it back, don't worry about colleges.
	You'll still get your money.
	And so in this case, the banks are kind of like the U.S. colleges who are going to put it out there and they want the backstop to be here.
	Now, does Malay need some help?
	Yes, he does.
	Does he need a little bit of a gap here with what he's doing, the cuts he's done, and what's happening?
	Yes, he does.
	He needs some help and he needs some international help.
	And does he have rare earth minerals or a bunch of things that they could naturally use as collateral?
	I'm sure there is some stuff down there.
	This is a country.
	This is a country.
	There's tremendous, they've got real estate.
	They have all kinds of things to be there.
	And 20 billion on the scale of a country, Pat?
	That's not much.
	No, not at all.
	Not at all.
	Nothing.
	So what do the banks really want?
	Oh, all right.
	If something happens, the United States will backstop it.
	And they're all but saying that out loud.
	I don't think we should.
	I think the banks should be forced to negotiate because what does the bank want?
	They want the loans out there as soon as possible so they can make interest on them as soon as possible.
	And what's the easiest way to do it?
	Never mind the underwriting.
	We'll back you up if something bad happens.
	That's what they want.
	And I think they should be.
	But where's the risk?
	There is no risk for the banks.
	They want just an instant student loans.
	No risk.
	Are they afraid of Argentina defaulting?
	But I mean, I was going to say, like, the audacity of them to nit golden dime about this.
	Like, I'm pretty sure they owe us $800 billion from the last time we built them out.
	So, you know, why can't the government say, like, call that up and say, hey, no, you didn't actually do what we told you to do with this?
	So, yeah, go ahead and give the 20 billion.
	Because, yeah, it's like probably the safest loan to give out there is to give it to a country whereas a tax base and minerals and everything.
	But quick thing about Argentina, like only 45% of their GDP or their government budget went to entitlements.
	Historically, 69, I think, percent of ours goes towards entitlements.
	So keep that in mind for how our country's going.
	45% for them, 69% for us.
	And look where they're at.
	Yeah, Adam thought.
	To me, I'm just going to take a different angle on this.
	I feel like Trump and Javier Malay have probably been the closest of any Latin American country.
	Maybe Naibukelli, you want to put in that category?
	But I feel like every single Latin American country is a leftist, socialist, progressive ideology, whether it's Lula in Brazil, whether it's you see what the hell's going on with this Petro guy in Colombia these days.
	We know what's going on in Venezuela, which we're essentially at war with.
	But Javier Malay and Trump have a personal relationship.
	So don't forget that Trump, like in the last clip, he's like, oh, you said bad things to me.
	I hate you.
	Oh, you said nice things about me.
	I like you.
	So to me, I don't know the mechanics behind this, but I do know that Trump and Malay have a personal relationship and there's something there.
	I mean, we were sitting right there.
	I remember you were talking with Javier Malay at, was it CPAC when Trump was on stage?
	Yeah.
	So I don't know.
	I feel like this guy's the biggest disruptor in Latin American politics.
	And we need more Javier Malays in the world, especially in Latin America, and less this Petro guy in Colombia and less Maduros in Brazil.
	I have an idea.
	Venezuela, what's your idea?
	Take a couple military ships, put Russian flags on them and scream, the Russians are offshore.
	They're coming for me.
	And $50 billion will show up tomorrow morning.
	Special congressional allocation.
	Tom, what happened with Argentina needing $20 billion?
	The $40 billion.
	It appears that what so they need a stopgap because remember, they had runaway inflation, they had things going, and he's got this, he needs this.
	There's a currency swap involved with it.
	And then there's also a debt facility.
	They need liquidity, and they're not a giant GDP.
	And so this is what, and he's eliminated a lot of costs.
	And it's as their economy grows and as things come back, they need liquidity.
	And they've gone to the biggest banks in the world.
	Now the biggest banks in the world are turning and saying, yeah, we'll loan it to them.
	But we're a little nervous about them.
	And what they're really nervous about, to be honest, with the banks nervous about, is runaway inflation again, because then you never get your money back.
	And then they're, and the economy goes haywire.
	So I completely understand the U.S. banks, but I also think they're just taking the easy way out.
	They just say, hey, never mind the underwriting.
	You know, Uncle Sam, can you just back this?
	If something bad happens, just pay us this.
	Well, I mean, listen, his reforms were so massive.
	But if you look at inflation, what happened from June, June in Argentina, inflation was 39.4%.
	That's ridiculous.
	Today, it's 31.8% in September of 2025.
	It's a drop of 8%, right?
	Where was it before Malay took a couple hundred?
	Massive.
	Yeah, it was massive.
	So it's improving.
	It is.
	So this $20 billion investment is to help an improving economy.
	Bridge.
	Not a sinking ship.
	No, because they got hurt.
	He's doing austerity.
	What he has been doing is working.
	Is it fair to say?
	Yeah, but the way he's doing it is he's taking all the pressure off the government and kind of saying, go figure it out.
	I'm not going to give you more entire program.
	You guys go find a way to be standing up independently for.
	I don't know what Malay is saying to this.
	When I was in Argentina, and I would talk to people, they would say, 12 million of us work.
	It was 20 million of us work to take care of 12 million people that don't work.
	People are not working and we're having to take care of them.
	So this guy's changing.
	Yeah.
	So 2023, before he took over, monthly inflation was 8 to 12%.
	Annual inflation was 160 to 180% is what it was.
	December of 2023, it hit 211%.
	So he's taking it from 211 to 160 to 104 to 90 to now 31.8.
	So it is working.
	Yeah.
	It is, but at the same time, it's like you just got off of steroids that you've been on for 10 years.
	Yeah.
	And your body has to learn how to reproduce testosterone.
	And your wife is telling you, babe, what's wrong?
	And it's, what's wrong?
	What's wrong?
	I'm going to need a minute.
	Yeah.
	He's going to be like, babe.
	Maybe a year.
	So, isn't this, from a macro perspective, isn't this a great sign for the rest of South America to say, guys, get off the quote-unquote steroids, get off the socialism, get off the communism?
	Here's a case example, if this is done right, of how Argentina, in five years, ten years, whatever it may end up being, has turned around their economy so they're not reliant on these massive welfare programs.
	You know how they say, like, Tommy Robinson, we got to protect him at all costs.
	Like, we got to protect at all.
	Isn't this someone that they need to protect at all costs?
	If this works out, here's the problem: you're making the right point that if they don't, then guess what a Lula and the Colombia president and others are going to be saying?
	They're going to be saying, I told you that libertarian bullshit doesn't work.
	Look what it did to Argentina, that they needed to get bailed out.
	If I'm Lula right now, a hardcore socialist criminal, I went to jail and Alessandro de Moraz brings me back and then puts Bolsonaro in jail or whatever they're doing to him.
	I'm going to be using this and screaming it off the top of my lungs.
	Matter of fact, did you hear about the back and forth between the Colombia president and President Trump?
	Here's Colombia president is doing an interview, okay?
	And in the interview, they're asking about Trump.
	Here's what he had to say about Trump in the interview.
	He's sitting there with his legs crossed.
	Yeah, that one right there.
	No, go a little bit lower, Rob.
	Yeah, it's one there.
	It's that one right there.
	Okay, how long is that?
	Buck 20?
	No, it's a shorter version of that.
	If you find a shorter version, that's go a little bit lower.
	But you can even just go to the middle of that clip because I think it gets juicy towards the end.
	Okay, just use any one of those, Rob.
	That's the first one, Robin.
	Pero confidence.
	Oh, no, we have to read what he says.
	You go up to that first one.
	Okay, go ahead.
	Yentón says, matan union de Latinoamericanos y nuadiminurido ungramo de cocaín la demanda los estados unios.
	Y aumenta Europa.
	Eso se yamado mi naciona.
	It's one of the things that he says, if Trump disagrees, keep going, keep going, keep going.
	Says, what are you going to do to him if Trump doesn't do this?
	Yeah, that's not the thing.
	And he responds back.
	Now, I'll find it for you and send it yourself.
	Rob, if you go up, I can tell you.
	By the way, it was sent in.
	Humberto has it.
	Can I just summarize what I think he's about to say?
	In some capacity, he goes, one way or another, we're going to eliminate Trump.
	And then he makes this.
	I found it to you.
	This gun hand motion, did he not?
	That's how I interpreted it.
	If we can find that clip, I think it'd be very useful.
	Check your text.
	Right there, if you want to pull it up.
	Yeah, when you see this, but all I'm saying is that Malay in Argentina has to be protected because he needs another year and a half for that philosophy to be proven right.
	And if it doesn't, you're given all the socialists and communist power to use that for decades to come.
	Go ahead, Rob.
	Permission is not to change Trump.
	Look how he's sitting like a rugby possibility.
	For the millions of Colombians who depend on those jobs and the economy.
	Humanity has a first exit, and it's to change Trump.
	To change Trump.
	In different ways.
	It can be for the same Trump.
	The easiest way.
	Do you see it?
	Can we just see those hand motions?
	What the last 10 seconds, Rob?
	Go back a little bit.
	Watch this.
	Is that a gun hand motion?
	No, he's not.
	What is that?
	He's going like this.
	Not get rid of Trump.
	How do you interpret this, PBD?
	Because I'm going way dark with this.
	Threatening.
	Oh, you're right.
	Where you went is exactly where he went.
	But what I'm saying is, if Millay, the economy doesn't work right, which it takes two years to turn around a hardcore socialist country.
	If that doesn't happen, South and Central America, you're going to have a ton of new Castros, Maduros, Lulas, Petros.
	You're going to get a ton of these new guys being born because they're all going to point a finger and say, you see Trump's puppet, Millay?
	Look what happened to him.
	He failed.
	And that's why we're going to save you, Tom.
	And it's not a giant problem.
	The GDP of Argentina is about $650 billion.
	You know what the GDP of Virginia is?
	$707.
	So it is a country with a rich history and a ton of real estate and land and resources.
	And the math problem is roughly the same GDP as Virginia.
	So this is not like you're trying to prop up, you know, Germany or something.
	Yeah.
	This is a solvable problem.
	And I agree with you.
	We need to give this guy protection and we need to give this guy time.
	And these banks are trying to get in and help.
	And I just think that they should own up to some of the right idea.
	Let's just not assume that we want to back him up.
	I'm with that on the same page.
	Let's go to the next story here.
	This guy is an absolute piece of shit.
	Who?
	This, this, the, I know he is.
	He just threatened the president of the United States with what it seems a gun hand motion and then snapped his fingers to eliminate Trump.
	I don't know if I've been this annoyed or upset by anything in recent years.
	I mean, we've heard that the Ayatollahs have tried to get away from the United States.
	Did you hear what Trump said about him?
	Did you hear what Trump said about him?
	I would assume it would be very did you see Trump's response to Petro?
	Rob, have you seen this?
	No.
	Okay, so there is a response he gave.
	From January?
	No, there was a response he gave to him, which was ice-cold response fairly immediately.
	You may want to go to this is it?
	President Gustavo Petro of Colombia is an illegal drug leader strongly encouraging the massive production of drugs in big and small fields all over Colombia, which he spelled with the U.
	It has become the biggest business in Colombia, which at this point, I don't know if he's going against Colombia, the university, or Colombia, the country, but either way, we know Trump is going against his woke progressive drug dealing ideology.
	It's become the biggest business in Colombia by far, and the Petro does nothing to stop it.
	It spars large-scale payments and subsidies from the U.S. that are nothing more than a long-term to rip off America.
	As of today, in all caps, these payments or any other form of payment or subsidies will no longer be made to Colombia.
	You know that Trump is not getting anyone to fact-check his texts or his tweets if he's spelling Colombia wrong as many times.
	So this is on him.
	So no, no, this could be simply he's doing this intentionally because Trump just would do something wrong.
	This guy better be careful.
	I mean, CIA is going to come down there and give him some of that polonium cologne that the Russians gave to Alexander Lipmonenko.
	Is it true that this guy, I mean, maybe our friend Humbert on the back, this is the first quote-unquote like left-wing socialist president in Colombia history?
	That to me, we find that out because I feel like he's very aligned with Lula and Maduro and he's seeing what's going on geopolitically and he's sort of defending his woke progressive brethren on the left.
	It spread from Cuba to Venezuela.
	He's the first left-wing socialist progressive president in the history of Colombia, Gustavo Petro.
	All right, it makes a lot of sense.
	Do you remember his speech at the UN?
	Was that not him?
	What did he say?
	When he came outside, they were basically protesting Trump.
	I want to say it was during the United Nations a couple of weeks ago.
	And Broto, maybe you know about that.
	But he came out, there was sort of like it wasn't, I don't remember the speech he gave.
	I think it was like a rally outside of the United Nations.
	Anyway, we got to keep our eye on this guy.
	This guy just threatened the president of the United States.
	It's a piece of shit.
	Yeah.
	Okay.
	All right.
	Let's go to the next story.
	AWS down again.
	Amazon ring Reddit among sites impacted.
	Rob, if you want to play the clip on this one here, AWS significant API errors around 10.14 a.m. Eastern Standard Time.
	Impact and services in its East U.S. East One region with services being marked as degraded in another post at 1143.
	The company said it narrowed down the source of the issue and was actively working on mitigation efforts.
	Online tracker down detector saw reports of outages.
	Spike again around the same time with over 8,200 instances reported at 12 p.m.
	The company has previously stated the DNS issue has caused the initial outage was fully mitigated in a post around 6.35 a.m., but acknowledged it was still working to resolve some errors.
	When asked for comment, AWS referred Forbes to its service health page.
	Go ahead, Rob.
	Amazon's cloud services unit, AWS, was recovering on Monday from a widespread outage.
	It knocked out thousands of websites, disrupting businesses and some of the world's most popular apps, including Snapchat and Reddit.
	The issue lasted roughly three hours, but systems were gradually coming back online as of early morning Eastern U.S. time.
	AWS said it was seeing significant signs of recovery for some impacted services.
	It marked the largest internet disruption since last year's crowd strike malfunction.
	AWS provides on-demand computing power, data storage, and other digital services to a range of customers.
	Those include companies, governments, and individuals.
	Disruptions to its servers can cause outages across websites and platforms that rely on its cloud infrastructure.
	Coinbase, Roblox, and Robin Hood were some of the big names affected.
	Epic Games-owned Fortnite was also down for a time.
	AWS directed Reuters to its status page when asked for comment on the outage.
	Amazon didn't respond to a request for comment.
	Tom, I think we need, and this is, so the capitalist side of me says, to the victor.
	However, we now can see that the internet itself is a matter of national security.
	I mean, I've known it for a long time, but now the average person can see, oh my goodness, this is all connected.
	It's not, you're not running on a server in your own little server room.
	And right now, I think we need redundancy and we need not reselling on the same network, but we need different networks.
	Back in the long distance wars, Sprint built its own network using Sonnet Ring technology.
	So it was fully redundant and you could move from AT ⁇ T over to Sprint.
	And there were two different networks.
	I just think we need more storage and network redundancy because when you see how big Amazon is, that makes it so easy for bad actors in an international environment to take a cyber terrorist attack on us to shut things down.
	And so now systems don't talk to each other.
	This is a glimpse of what a cyber war could look like.
	And if it was a cyber war, it'd be far greater.
	Yeah, by the way, and you know who jumped on top of this when Elon, the moment AWS went down, he tweeted first, he said X works.
	So meaning we're not on AWS.
	Then he tweets this out.
	Pretty weird that an AWS outage caused Signal to fail.
	Okay.
	And if you go a little bit lower, Signal uses end-to-end encryption.
	Messages are encrypted to a device only, including cloud servers like AWS, like ClipHurtext, and can't read Kipper text, Kiffer text, and can't read content.
	Signal doesn't claim to be decentralized, only E2EE or open source.
	Go a little bit lower, Elon responds again and says it means that AWS is in the loop and can take out Signal at any time.
	Brandon.
	See the point he's making there?
	Tell me.
	If Biden was there and could influence AWS, you could take down Signal.
	If you don't like those people are using it to communicate with each other, now you have a button that the government can push.
	It's the same way.
	Remember what happened with Parlor?
	They didn't like the conservatives.
	I was just going to say that.
	And so they went after their, they went, okay, who's providing power to Parlor?
	Well, it's these servers and this system.
	Hit them.
	Bingo.
	I was just going to say that.
	I remember when Parlor was during 2020, it was right after the election, right after January 6th, and Parlor became a thing.
	And we know some of the guys that are recreating Parlor now.
	And I remember when they didn't like what they were saying or doing, and they just shut Parlor down.
	They just took them off AWS.
	And if you want to know how powerful AWS is, they're owned by, if you don't know, it's Amazon Web Services, right?
	And this is right around the time where Jeff Bezos, I believe, stepped down as CEO and they took out of anybody in the world the guy that was running Andy Jazzy.
	And he is now, I believe, is the current acting CEO of Amazon.
	More than acting.
	So this is a massive, massive company.
	And this is all under what would be considered cloud services?
	Cloud storage.
	But I mean, the thing is, they didn't even build it with the intention of being the provider for all the internet.
	Like now, I think they're over 30% of the cloud stored market share, but they built it originally to house their own stuff.
	Like they just need a big cloud storage for their own web services.
	But I mean, the fact that they didn't put that foundation in place with the idea of housing the internet for the entire world, I think that's like a flawed start.
	I mean, Signal, I never trust Signal.
	I think we saw who started that with government money, with, I think, an NGO, but I don't know why the whole government uses that.
	Whoever started Signal started WhatsApp.
	It's the same people.
	It's Telegram that was by Pavel, if I'm saying his name correctly.
	But the people that started Signal, Signal was started on a non-profit engine, I believe a 501c3.
	I may be mistaken.
	Whereas WhatsApp is, is the founder of Signal and WhatsApp the same people?
	Can you ask that question?
	Is the founder of WhatsApp and Signal the same people?
	Yeah, I think that's right.
	Yeah, Brian Acton, I think.
	Let's see this here.
	No, they're not exactly the same person.
	Brian Actson, co-founder of WhatsApp.
	He later co-founded Watching Signal Technologies Foundation, which backs Signal.
	It's the same thing.
	Yeah.
	What do you mean?
	No, it's not.
	Yeah, it's the same person.
	So, okay.
	So there you have it.
	Hat GBT just gave an answer to non-national CIA.
	No, Senator, this looks exactly like him and they have the exact same name.
	Remember the director of the CIA said that day one, they came in and told him to put Signal on all of his devices.
	So that's like the thing that the government's using to communicate with each other.
	So I don't know what the hell the back end of that looks like.
	Yeah.
	Listen, a lot of people are on the same page with you.
	This is why some people have two phones and one, literally, one for a, that they feel they can hack into.
	There's a lot of businesses for that right now.
	But all right, let's get to the next story.
	Warner Brothers Discovery says it's open again for sale.
	Shares jumped 10%.
	So the Ellisons make an offer to buy them.
	They say no, we're not interested at that price.
	Ellisons go quiet for 10 days, like Tom said, and then they come back and they say, we are officially for sale again.
	Rob, can you please play this clip?
	Warner Brothers Discovery, as we reported at 9 o'clock, has put itself up for sale.
	Doesn't mean it's going to necessarily be sold, but it's exploring all options, including the sale of the entire company.
	Now, it gets complicated in the sense of they've also changed the potential structure of spin off, so to speak, or split, so that any interested party in just the studio and streaming business would be able to bid now.
	And then the global networks business would be spun off prior to the close of that transaction.
	As I said, it could get complicated.
	I'm hearing that the tax leakage from that would not be that significant.
	Maybe two, two and a half billion, but not even when you net certain things out.
	Did want to add a couple of other things at this point.
	Given the press release that we got from Warner Brothers Discovery, my reporting indicates that both Netflix and our parent company, Comcast, as I've said earlier, but can say with more conviction now, are certainly among the interested parties, perhaps the most interested parties.
	Will there be others?
	We'll have to wait and see.
	But it is my understanding, according to people familiar with the situation of both Comcast and Netflix.
	Okay, Tom, thoughts.
	Well, first of all, they're trying to create an auction.
	Second of all, they're letting people know: look, if you want to marry my daughter, but you don't want her student loans, we'll figure out the student loans before wedding day.
	And literally, that's what they're saying, Pat.
	This is literally what they're saying.
	I'd love to marry your daughter.
	She's going to be a gifted doctor, highly valuable in the future, but that $300,000 of student loans, why didn't you cover it?
	Well, the family didn't have enough money, so we went out and got this bond and everything.
	But tell you what, we will go refinance it, or we will figure out what we're going to do, and we will sell that.
	That's called Global Networks.
	We will sell that off before the close so you guys can get all the library and all the stuff that you want out of it.
	So now they're not only saying to the Ellisons, no, we're not interested in the sale, now they've gone back and thought about it.
	Not only are they interested in the sale, they're putting up like a McDonald's menu.
	Okay, the French fries are over here, the Big Macs over here.
	How would you like to buy this thing?
	We'll help you out.
	Oh, oh, don't drink soda?
	No problem.
	You can, here, buy the burger and the fries, and we'll sell off the soda.
	That's literally what they've come to say here while they're trying desperately to create an auction.
	And that's why the stock went up a little bit because people said, hey, guess what?
	You know, I think the where's the stock right now, Rob?
	Because didn't the Ellisons and Skydance say $20 minus $20 minus fees?
	Yeah, now they're $16.55.
	So they're desperately trying to get that to $18.5, $19 a share and to get someone like a Comcast who would be big enough.
	But Comcast got a lot of debt, but they're trying to create an auction and they're trying to get their stock price up, Pat, to put pressure on the $20 that Skydance Ellisons floated.
	Yeah, how's that not market manipulation by the, what is that, CNBC, by trying to push the price up like that?
	Like, clearly, that's not true what they're saying.
	It's clearly not most likely going to be Comcast or Netflix that do.
	Like, everybody knows who it's most likely to be.
	So, why don't they get in trouble for that?
	I've always wondered about that.
	I think David Faber couched that fairly.
	What he had to say is: Comcast, the owner of this network, and I stand by my reporting that they're a potential bidder.
	So, he had to say that because they own it.
	He said that to reduce everybody's fear that there was something.
	That there was something with Skydance?
	No, that he's trying to he if he on CNBC tries to make the deal sound dull and the price goes down, that helps Comcast that owns NBC in their purchase.
	He can't do that, right?
	But like, I guess he's reporting in a way that's going to move the price in a certain way, right?
	I don't think that's what he was trying to do there.
	No, I'm just saying, I think it felt like you had to- Brandon, are you coming at Tom right now, dude?
	No, I'm not coming at CNBC.
	Hopefully, you're not trying to test the biz doc.
	And the other way, it would be if CNBC wants to cost Ellison some money, the magnificent asset, Warner Brothers Discovery, that we think is horribly undervalued in the market, he'd be saying that to make the price go up, to make the Ellisons pay $21, $22, or $23 a share.
	Yeah.
	Well, I guess I personally think that it's inevitable that the Ellisons get it because I think that they're in the best situation to do it.
	I don't think that Netflix or Comcast are going to, but I guess they're trying to create maybe a streaming platform because I think that the content library is the only valuable thing from Warner Brothers.
	What are they going to do with a bunch of film studios and cable networks?
	So I think they're going to overpay for something that they're going to discard the vast majority of because they want to, I guess, take the stuff they could use and discard most of the stuff.
	Yeah.
	Adam, thoughts.
	Well, I guess a question for you, PBD.
	How much is this?
	This is just like the reshuffling of old media versus the new media of the Googles and the YouTubes of the world and everything that we're doing on social media.
	How much of this sort of reshuffling between Warner Brothers and Comcast and Paramount is just basically saying we've lost X amount of market share.
	We need to reshuffle.
	We need to rebrand.
	We need to restructure.
	And this is sort of just like the lay of the land at this point.
	Yeah, I mean, listen, there are certain assets that somebody buys that if it goes to you, if it goes to him, if it goes to him, he can take that and turn it into a $20 billion company to an $80 billion company.
	He will take it from $20 billion to $40 billion company.
	And you will take it from $20 billion into a $15 billion company.
	Whoever has the right idea can do good with the assets.
	A lot of these assets keep moving from one place to another place to another place.
	If the operator doesn't have the right ideas to maximize the assets, I used to always ask this question.
	I used to say to my brokers, I would sit them down and said, this was the question I used to ask in 2006, 2007.
	If I recruit a new insurance agent to the company, I would ask myself, am I the best leader for this guy?
	Am I that good of a leader that can help this guy become a good broker versus if he was on that guy or this guy?
	It's a very tough question to ask because you're almost asking, man, if this guy was over there, he would have made more money.
	And sometimes we would recruit a new talent that would come to one of our brokers' teams and I would say, oh man, I wish he was on somebody else's team because that guy doesn't know how to build people.
	He's selfish.
	Oh, I wish he was on that guy's team.
	I wish they were on this person's team.
	I wish they were on that person's team.
	But you can't do anything because that person's not a builder.
	So if assets go to a company that has the right flywheel, they can automatically inject valuation into it.
	But if the flywheel, like right now, we're like, Tom just showed me something this morning.
	He came and he went like this.
	Boom.
	They finally signed the NDA.
	Great.
	We're talking to a company.
	It's a very big company and we'd like to buy the company, right?
	Because we feel in our flywheel, we can grow that business to another level.
	Okay.
	Now the market will decide whether we can or not.
	So I believe Skydance and David Ellison, what he's been doing the last 15 years, I believe they're poised for what they believe they can drive an incredible flywheel into their business.
	Whether they'll do it or not, I don't know.
	By the way, if you go back to it, Rob, where you were at Flywheel, go to images.
	And for some of you guys that are watching us, go to the second one, second picture right there.
	Zoom in a little bit on that.
	Our ecosystem, that's a flywheel.
	Like if you look at all our businesses, they feed each other.
	Got it.
	You know, like Value Tame and PBD Podcast feeds Manek.
	Manek feeds merch.
	It feeds Vault Conference.
	It feeds.
	If you go to Rob, do me.
	And that's not a business plan.
	That's what's in play right now today.
	Yeah.
	So if you go to Disney Flywheel, if you've never seen this, just type in Disney Flywheel and go to the first flywheel.
	Oh, go, not to that one, Rob.
	Go to the first one, which is the second one.
	That one right there.
	Okay, zoom in, zoom in that picture right there.
	Have.
	That's their first flywheel in 1957.
	Okay, that's the first flywheel.
	What do you see?
	Merchandising comic strip Disneyland Music TV publication.
	Go to the 1969 flywheel, rob.
	Okay, go to the third one.
	The third one right there, go close it.
	Go to the third one right there.
	Then that's them.
	10 years later now they have Disney World, they've opened up a little bit, and then go to their flywheel today, which you just had a minute ago.
	That's them now, the companies that they own.
	Okay, so a company with the right flywheel can get the most out of it.
	A company without a flywheel and without a good operator and without good ideas, you just got the assets and it gets transferred from you to somebody else, tom.
	And there's something else when you think about the buyers.
	Um, Warner Brothers Discovery has 34 billion dollars of total debt.
	Comcast just went over 100.
	There are now a hundred and one billion dollars of total debt.
	And now you've got Skydance is in a much different position.
	And so I look at Comcast and you know how is Comcast gonna swallow that rock?
	And and that the girl that comes with another 34 billion dollars of debt can't even help himself after time.
	Well, let me just clean this up.
	That was like a little Kim moment, first you get the money, then you get the power, then you get the respect.
	Go ahead, go ahead.
	But it's almost tell me if this is a decent equivalent.
	It's like you see how, in the Nfl right now, like uh, the quarterback from the for the Giants, Daniel Jones, now he sucked, they let him go, and now he's on yeah, Indianapolis Culture, the number one team in the AFC yep, boom.
	Or even like uh Pal Gasol, he was on whatever was on Memphis and then he wasn't that good and then he came to the Lakers boom, winning championship about Mac.
	Is that a similar yeah, even MAC Jones?
	Is that a similar analogy?
	When you pick up these companies and say, all right, you didn't work for uh Comcast in this capacity, or with Warner Brothers right now, but it might be a plug and play at a different company, is that what you're saying?
	Plugged into the flywheel?
	I don't know.
	What do you think, Pat?
	It goes back to the same point I made.
	If you have a flywheel, the insurance company buys a distribution.
	They're the product developer, but they don't have distribution.
	They're having a hard time them selling insurance.
	You buy a distribution with 50 000 agents.
	Now you make the 50 000 agents sell the product.
	So this maybe stays the same valuation of the company you bought, but your insurance company's valuation just went from 5 billion to 25 billion dollars.
	They may have not gone up valuation more than 30 percent, but this just 5x, so it's worth adding it to your flywheel if you have the flywheel, if you really want to know what people are competing for next two decades in a media company is who can build the best flywheel.
	Really what you you'll, you'll well, you'll see.
	I'm glad that we got Tom, because want to know why.
	Tom, you're pretty fly for a white guy.
	Thank you, you're welcome, buddy.
	I think that's a flywheel.
	All right, let's do a couple other stories here.
	By the way gang, remember we already have a couple questions on Manek that we're going to go to.
	If anybody that's been listening to the podcast, if you have any question you want to ask at the end of the podcast.
	We will address two of your questions, but you got to post your question not on Youtube, you got to post it on Manex Circles, go there.
	That's the QR code.
	Go to the Manex Circle, post whatever question you have on the stories that we talked about today.
	We will address them at the end of the podcast and recognize the individual, the name, who asked the question.
	Okay, a couple other stories here before we wrap up.
	I like this story here.
	Wealthy families are writing mission statements to avoid fights.
	Lost fortunes, a Wall Street Journal story.
	Rob, if we want to go to this next story, I don't know if we have a video on this.
	I don't think we do.
	But let me read this to you.
	Serial entrepreneur and investor James Harold Webb has done careful investment and estate planning to pass on his wealth to his five children, their three spouses, not his three spouses, his five children's three spouses, and six grandchildren.
	He also got everyone together to write a family mission statement.
	The entire goal is to preserve the family and to preserve the wealth.
	Said Webb, 65 years old.
	Those ventures include buying and building 33 Orange Theory Fitness franchises in Texas that he sold to private equity.
	The mission statement for a 16-person blended family.
	Life is a gift that cannot be wasted.
	Family is the essence of that life.
	And as a family, we will work hard.
	We will play hard.
	We will live in the pursuit of knowledge.
	We will love our family unconditionally.
	We will give more than we take to ensure a better world.
	Great mission statement.
	A family mission statement lays out principles and goals in a few sentences.
	The aim is to avoid the fighting that has destroyed fortunes and left relatives battling in court or just make sure younger generations don't squander the fortune.
	Behind the trend is the extraordinary wealth creation in recent years and a boom in family wealth and concierge services catering to it, sometimes known as declaration of purpose or vision.
	Mission statements aren't legally binding.
	Some advisors embrace the statements as a way to increase a family's chance of what they consider success preserving their wealth for a century or more.
	Adam, thoughts?
	I absolutely love this.
	I feel like every wealthy family, any normal person family, any company should have a mission statement.
	Any brand, you know, things are happening so fast in the world today.
	You know, we're no longer in the information age.
	We're transitioning to what's called the validation age.
	Information is a diamond dozen these days.
	We just went down the whole rabbit hole of how many different search bars there in ChatGPT.
	But if you can't define what you are, someone else will do it for you.
	So if you're a family or if you're a company, the greatest thing you could possibly do is say, this is what we stand for.
	I think that's incredible.
	Like you have your four family values that you always talk about, right?
	You put that out there into the world, right, PBD?
	I think that's incredible.
	You know, I go to this estate tax planning conference heckling every year, and there's thousands of estate planners, tax planners, legacy planners, philanthropic planners, all this.
	What about mission planners, these family missions?
	Saying what you stand for, I think is the most important thing that you could possibly do.
	We have our core values at value attainment.
	Didn't we spend like literally a year figuring that out?
	Of course.
	And like, there's nothing more important than basically.
	This is what we stand for.
	Respect to you guys.
	It's so important.
	And Tom, you know, we went through this the last, what would you say, 18 months that we started at 5,100?
	We've been doing estate planning for almost 10 years, but it's gotten more and more and more in depth as the kids are getting older and you're getting to a point to decide what you have to do with them to prevent them from making bad mistakes in the future and how people take advantage of them.
	This weekend, I'm in Miami, and this guy comes up to me trying to get a guy to get him on the podcast.
	And then while I'm talking to him, he introduced me to his dad.
	His dad's a divorce attorney.
	And we start talking for a good 20, 30 minutes.
	And I'm telling him, tell me all the stories you got.
	How long have you been doing divorce prenups and all this stuff?
	For 40 years.
	So tell me what works, what doesn't work.
	How many prenups got divorced?
	I've probably done about a couple thousand prenups.
	How many led to a divorce?
	He says, maybe eight.
	I said, really, out of all them, yes, eight.
	And I'm asking these questions.
	It's unfortunate when you see the one story when, you know, Anderson Cooper's mother says to Anderson Cooper, we're Vanderbilts.
	And it's like, oh my God, we're Vanderbilts.
	But don't expect Vanderbilt money because the kids say we wasted all of it.
	So think about it.
	If you go to the Biltmore Hotel, Rob, can you type in the, is it the Biltmore?
	Biltmore, Miami.
	Not Biltmore, Miami.
	What is the Tom?
	What is the North Carolina?
	No, the North Carolina, the Vanderbilt vacation home.
	Type in Vanderbilt Vacation Home.
	It's like 150,000 square foot vacation home they built.
	Yeah, right there, Rob.
	If you can go to that one, go to images.
	If you go to images.
	That's a vacation home that they built.
	Okay, that's one of them that they built.
	Biltmore, Asheville, North Carolina.
	The money went in just a couple generations.
	Tom, how do you process this story?
	Well, I think this is good.
	If we don't have life, liberty, and pursuit of the happiness in our Constitution, you don't have the essence of what the Supreme Court has to interpret.
	Because every now and then they have laws and things come up there that have to interpret it.
	Trustees have to interpret.
	In your will and in your trust, it may be a bequeath.
	Here's a bequeath.
	I hereby set aside up to half a million dollars per child for any educational expense, provided that it's for college bachelor or master degree.
	Pretty tight, right?
	Very tight.
	Well, now, later, one of the kids wants to take part of the trust and he wants to invest in a business.
	But the business is a set of convenience stores that sell alcohol, tobacco, and firearms.
	Now, the trustee says, well, how do I read between the lines?
	What these mission statements helps it do.
	And it says, well, your dad, Patrick Bett David I, said that we will invest in education.
	We will invest in personal development.
	And we will invest in companies that support these pursuits, including the enablement of the betterment of small businesses in America.
	Sorry, I, as the trustee, cannot get your request to start a bunch of convenience stores that sell alcohol, tobacco, and firearms.
	That's not aligned with the mission that great-grandpa Patrick put together here.
	These are critical because it's like a constitution.
	It'll give the trustee something to work with and interpret because otherwise it's just, well, you got $420,000 for education because it said here you could have up to 500, but you can never predict every single question.
	So it's like putting a constitution in place and then letting the trustee interpret the alignment of your intent.
	You brought up a very unique term.
	You said trust and trustees.
	I remember the first time that I heard the term trust fund kid.
	And it was when I went from public school and I went to private school on a sports scholarship, by the way.
	And I remember meeting these two different kids and they were all very rich kids, just kind of like how, you know, you said, I think Tico would ever got in a fight about rich kid stuff.
	And these two kids had the exact opposite trajectories.
	They were both trust fund kids.
	One kid, I don't know what the ramifications or what were the bylaws of the trust fund, but he became a worker.
	He worked for the family company.
	He did not go out.
	He did not party.
	He didn't squander the money.
	I mean, this kid still to this day, you would know the family name, is running one of the biggest real estate companies in the history of Miami.
	And Trust Fund.
	I love that.
	Separate, there was this one guy where I'm talking, he's been in rehab 10 times.
	He's partying drugs.
	Great guy to hang out with, you know, after college.
	But I have no clue what he's doing.
	And the family has completely distanced himself from this kid.
	So these trust fund kids, it comes down to what you talked about, the mission statement, the family planning, legacy planning.
	Exactly.
	If you just enable a kid to just be rich, they're going to squander the money.
	I mean, how impressive is what Eric Trump does or what Donald Trump does?
	You know that Donald Trump would never in a million years let his kids squander everything that he worked for.
	He did such a good job that, in fact, Hillary Clinton on the debate stage had to give him props for what he's done to his kids.
	How many billionaires out there or wealthy families have just basically said, ah, whatever, do what you want.
	And the kids, grandkids squander all the money because they're kingdom king.
	No tattoos.
	I wish there's a video of that, by the way.
	I wish I could find the interview I did with a guy who dealt with wealthy families in Seattle.
	And I brought this guy on board and we spoke for about a couple hours on the podcast.
	And he told me he was dealing with the Franklin Templeton family, is what he was dealing with.
	It's a big name.
	At the time, it was a $5 billion family.
	And it was 16 grandkids.
	And he said they gave me the permission to openly talk about it.
	Listen, if I butcher it, please go back and reference the interview.
	I'm just paraphrasing what some of the things he said to me.
	The interview is out there somewhere live.
	You just got to go find it.
	And I said, so what was the one thing you found out?
	He says, by the time I got to the families, it was already too late.
	They were already drug addicts.
	They were gambling.
	They were doing this.
	They were doing that.
	It was too late for me to do anything with them, unfortunately.
	He said, but I eventually got a hold of somebody.
	Do you know what is the greatest book to read on this?
	Folks, it's one of the books.
	The first time I read it, I bought a thousand copies and I gave it to all of my sales guys for many years to come.
	It is hands down the greatest book ever written on estate planning that ended up becoming a movie.
	But don't watch the movie.
	Read the book.
	It's called The Ultimate Gift by Jim Stovall.
	Just do yourself a favor.
	I have my boys read this book.
	My kids have read this book.
	It's a story about a guy named Rhett Stevens.
	It was written by a man who's blind and deaf, Jim Stovall.
	Do whatever you can.
	I have, how many reviews does that thing have?
	2,750?
	I've probably over the years about 10,000 copies of this book and given it to every one of my sales guys.
	We got 60,000 people we've licensed over the years.
	This is one of the greatest books you'll ever have your kids read and you read because it breaks down.
	It's a story of a man who moves to Texas, I believe, works for this guy that owns this land.
	Eventually, the land strikes oil.
	The man dies, gives him the land.
	The guy becomes a billionaire.
	And then when he dies, he creates 13 videos that his best friend, who's a lawyer, play in front of his kids.
	That the video explains: if you're watching this video, it's because I'm dead.
	That's how the video starts.
	I'm not even going to go any further.
	You just have to watch, read this book.
	It's like 100 pages, Rob.
	Can you go all the way down?
	190 pages is what it is.
	It's a very easy read.
	Every father, every mother, especially if you're somebody that's successful, don't just read it.
	Have every one of your kids read this book because they'll understand the concept of the ultimate gift.
	Where if you just hand the money over, by the way, earlier we showed that video, that house, Rob, what is that house called?
	The Biltmore estate when Vanderbilt was the richest man in the world.
	Asheville Biltmore.
	Yeah, he has eight or nine kids.
	You know how big that house is?
	It's 175,000 square feet, 250 rooms, 35 bedrooms, 43 bathrooms, 65 fireplaces.
	And this was just a vacation home.
	This was just a vacation home that they built.
	Look how big it is.
	And look at all the people that are in front of the house.
	This is a massive property.
	So you got to teach this to the family.
	It's a hard thing to do.
	It's a great story.
	Anyways, let's go to the next story here.
	The next story I want to go to is: Americans underprepared for longer lifespan and extended retirement years study fines.
	So this is a story that most people will read.
	They're like, oh, give me a flip and break.
	Who cares about this?
	It's going to impact almost every single one of you that's watching this.
	And you'll see here why.
	Okay.
	So, adults are living longer, but there's a caveat.
	The retirement funds aren't keeping up with their longer lifespan, according to a recent study by John Hancock Longevity Preparedness Index, which can develop, which was developed with MIT Age Lab, revealed the U.S. adults are largely underprepared to live well as they age.
	The index measures how much Americans are going to thrive later in life across eight key domains: social connection, daily activities, care, home, community, life transitions, health, and finance.
	Based on a survey of more than 1,300 adults, respondents scored an average of 60 out of 100 overall, indicating that most adults are not adequately prepared for longer lives.
	They are falling short in critical areas such as care, housing, finance, and health.
	Some groups, particularly women and caregivers, had stronger preparedness across several of these dimensions.
	The population of people at least 65 years or older is estimated to rise from 58 million to 82 million by 2050.
	However, the index shows that almost four in 10 people will face financial instability as they age.
	The biggest blind spot identified in the LPI study was that few American adults who know will care for them as they age and how they'll afford the care.
	And many haven't had conversations with family or loved ones about it.
	The study found that respondents scored a 42 in care preparedness, which was the lowest score of the eight domains analyzed.
	Wow.
	Tom, thoughts?
	Well, there's two things about it.
	There's health insurance policies and life insurance policies that provide long-term care.
	Like if you get into a situation with dementia and it's going to take three, four, five years, like a really healthy person in dementia, it could take five, six, seven years sometimes for Alzheimer's or dementia to run its course with a person that had no other health issues.
	And the question is, who's going to take care of it?
	So we have two problems in this country.
	One is being able to afford the care.
	And the second is we have a huge shortage of nurses and senior care.
	And there is a, you know, I read an article a week ago about, and it showed a picture of a robot cleaning a bathroom.
	And that, and that video has been seen on the, that, on Twitter and everywhere.
	It's this little square robot that goes in and cleans this bathroom, does such a good job.
	And it's talking about how automation is actually going to be part of it.
	You want to find, Rob, it's a square robot that cleans a bathroom in an office building.
	But what people are going to need is the amount, they're going to need money and then they're going to need resources in terms of the people to care for them.
	And right now we have a shortage of savings by people and we also have a shortage of nurses and people that are actually going to give the care.
	There it is.
	Yeah, check him out.
	Look at this.
	He's got cameras and everything.
	He does all this stuff.
	And they say he has sensitivity down to one ounce, like a pressure.
	Wow.
	Like it'll know if it's putting an ounce of pressure or a pound of pressure on something.
	And it does all this.
	It knows what.
	So it's like.
	How much is this robot?
	I don't see the price or anything.
	This is, I think, was a proof of concept and showing you that it works, but it like knows where certain things are and it recognizes them.
	It's got a camera.
	And so imagine if basically one person just goes down to crazy Rob.
	And the robot goes in and cleans your the person's house.
	So these are all the services of care of someone like an elderly person not being able to do all this.
	But it's got to be people need to start savings.
	And we also need Good wages for great nurses to take care of people at this age.
	And long-term care policies are part of it.
	So the insurance industry has to be part of this.
	We need to provide on-ramps for people to be caregivers, get a job being caregivers.
	Because everybody says, what about all these people that are displaced?
	And it says, well, what if you're displaced from a $75,000 analyst job and you can be a $75,000 caregiver?
	Robots can't do everything, right?
	Robots can do a lot.
	And you can wear an Apple Watch.
	It gives your biometrics and stuff.
	But we also know that there's these things with companionship.
	These guys are going to be $22,500?
	Is that what it's looking at, Rob?
	For the home version, yes.
	Can you go to Lokirobotics.com?
	Brandon, I'm coming to you next.
	Go to Loki Robotics.
	Is this their website?
	Yes, sir.
	So let's see what products do they have.
	Can you go to the top on products?
	$20,000.
	It's $100,000, Brandon.
	We could buy five of them and open a maid service, just you and me, with a truck that drops off the robot.
	It goes and does the work at the house.
	We pick up our robot at the end of the day.
	Are you pitching it like a side business?
	No, I'm just saying.
	I'm just saying.
	No, so I mean, this topic really pisses me off.
	Like the whole boomer thing, like the audacity to say you don't have money.
	Give me a freaking break.
	If you're a boomer and you don't have money, you were irresponsible as hell at some point in your life.
	Like you like the $100 in the SP 500.
	I forgot.
	$100 in the SP 500 1970s at $32,000.
	So what were you doing?
	Just laying money on fire in the 70s if you're a boomer now?
	I mean, come on.
	No, they were snorting it actually.
	Actually, I mean, I'm studio 54.
	I have all the sensitivity in the world for people who like are genuinely in an unfortunate position because of like an unlucky turn of events or whatever.
	But if you just boomers, if you just end up being poor after extracting $36 trillion of wealth from the future, putting everybody else in a worse position, like, what, we're supposed to feel sorry for you now.
	We spend a ton of money on Medicare that goes to you.
	You benefit from Social Security more than we ever will.
	So what?
	You want us to feel bad for you now that like, what, you're in a tough spot because you're living longer because of all this great care.
	I don't know.
	It might be hard to really feel bad.
	Okay, Adolphus.
	I was holding that in for a while.
	I was holding that in for a while.
	Yeah, Adam, thoughts.
	I mean, this is something that gets me fired up in a different way than Brandon does.
	Brandon clearly hates grandmas and grandpas and all that.
	But this comes down to the failure of the system to educate people on how money works.
	I say this all the time.
	Personal finance is called personal finance for a reason because it's your money.
	At the end of the day, whether it's your finance, whether it's your health, whether it's your family, you have to look in the mirror and take personal accountability.
	That's why it's called personal responsibility or self-esteem.
	It's on you.
	So the problem is there's this company called the Three-Legged Stool of Retirement.
	And I'll come to that in a second, Rob.
	There's a three-legged stool of retirement that every single person in America should understand.
	And you might understand this, but your mom or your grandpa, someone that's older than you is going to have to learn this the hard way.
	There's Social Security, which is basically going bankrupt.
	Maybe you're going to have half or three quarters of it by the time you retire.
	There's pensions, which in 1980, I think 60% of America had pensions.
	Now it's less than 15%.
	You tell me if you have a pension.
	And the last component is your personal savings and your personal retirement accounts.
	So in retirement accounts, this is kind of inside baseball nerd ass stuff, but there's defined benefits, which is basically your employee says you're going to get this money that's a pension.
	And there's defined contribution, which is basically what most of us have, which is 401ks and Roth IRAs.
	Most of us are going to have to learn those letters, IRA or 401k.
	And if you don't, your retirement might get very, very ugly.
	There's so many people that I talk to that have a Doge crypto account, whatever, or a crypto account, but they have no clue what a 401k is and no clue what a Roth IRA is.
	I tell people all the time, if you don't know where to start, just looking at a Roth IRA.
	They talked about Americans can't even keep up with retirement.
	Well, stop keeping up with the Kardashians.
	Start keeping up with your Roth IRA.
	Here's the challenge.
	And I'll go to this picture right here.
	I remember when this is when our old friend Marcelo was working for Value Tame, and we were writing this episode of Salzcast.
	And Marcello, who's on SNL and is a massive star, and I start telling to him about how important retirements accounts are, how important saving for the future is.
	And he's like, bro, I'm 24 years old.
	Do you think I give a shit about retirement right now?
	And I go, you might not, but your mom's going to know about it.
	Tom tells me he's doing okay with retirement.
	He's going to do okay.
	And we did, we did this whole skit about how a 401k is not sexy.
	It's not going to help you pick up a girl at the bar, but you best believe down the road that people are going to want that 401k.
	There's this girl going viral right now about having a 401k in a retirement home makes you like the most eligible bachelor in the retirement home.
	But, you know, your dad is how old?
	83.
	83 years old.
	My mom is 75.
	Tom, how old is your mom, Babs?
	89.
	She's 89.
	So I always say this, whether you're 83, whether you're 75, whether you're 89, people are living longer.
	You know, they say that life is short.
	Not so much.
	Life can be very long these days.
	My grandma is 94.
	I have another grandma who's 99.
	Thank God that they put money in retirement.
	Thank God that your dad has you.
	I know you was a cashier at a 99 cent store.
	If your dad didn't have you, what would happen with Gabriel?
	If your mom didn't have you, what would happen with her?
	Thank God I'm looking out for my mom.
	There's so many people in retirement that are retiring now with no money.
	That's basically what this thing says.
	And the last thing that they have is the lowest score is long-term care.
	You sell stocks, you sell bonds, you sell annuities, you sell life insurance.
	Long-term care for people in the insurance world, the financial planning world is by far and away the most expensive and the most complicated product.
	Have you heard that?
	Yep.
	It's crazy.
	To the point that a lot of them got rid of long-term care products because they didn't even have the product anymore.
	80% of products are not that good.
	Let's go back to the next one.
	What I want to try to say about what I told you about.
	I've been on this story for too long.
	I don't want to be on this story for too long.
	Well, you told the story.
	I'll let you get, I'll give you, let you chime in.
	I always say sacrifice your wants today for your needs tomorrow.
	You always tell this story about how the old wolf, the new, the young wolf needs to protect the old wolf.
	What is that?
	You tell me you will be.
	Yeah, that you'll be.
	Take care of the old wolf.
	One day you're going to be old.
	Take care of that person.
	And that person is relying on the young you to take care of that person.
	And too many times, a young version of you is playing a little bit careless.
	And you never think you're going to be that age.
	I was telling this to a guy yesterday.
	I'm 47.
	I can't believe I'm 47.
	Talked to one of my friends yesterday when I worked with him at Burger King.
	He's calling me, telling me, you won't believe it.
	We're running a business.
	We got five employees.
	We're making money.
	I've never made this kind of.
	I said, that's awesome.
	You finally understand what it is to be a business owner.
	It's hard.
	It sucks, but it's awesome.
	It's exciting.
	You're going through it.
	And we're telling stories of when we worked at Burger King at 15 years old.
	And I said, that was 20 years ago.
	No, it was like 32 years ago.
	Holy shit.
	32 years ago.
	Not 30.
	That's insane to be able to say 32 years ago is when I worked at Burger King.
	Crazy.
	I can't believe that.
	Okay.
	Michael Jordan's new show is coming up.
	We're not going to get to it.
	We'll react to probably on Friday.
	And they're asking these players, what did you think about the 90s NBA?
	I wasn't born yet.
	I don't know what happened during that era, right?
	But let's go to one question before we wrap up.
	And Tom, I'm going to bring this question to you.
	So I got to go to Mac 7 because they're waiting.
	So this fellow here, Terrence Kohler, asked this question.
	It's a long question with Chad GPT rising to rival Google.
	I can't help but ask, does anyone still grasp what's actually on the auction block?
	The illusion is concerning.
	You think you're searching, but what you're really doing is surrendering.
	Every scroll, click, copied word feeds a digital phantom of you.
	You're becoming a data.
	Your mind mind, your patterns mapped, your impulses sold.
	The modern startup scene has become a masquerade of innovation, masking, extraction.
	So I'll go to the last part of it.
	82% of iOS apps track you, a third of which link directly to your identity.
	And a nearly fifth record your location.
	The FTC admits big tech services are a little more than surveillance systems in pretty wrappers.
	Data brokers hold billions of human profiles, each containing thousands of behavioral points ready for sale.
	Europe at least pretends to guard privacy under GDPR.
	California tries, but America, question mark, the marketplace feeds you on consent you never gave.
	Big tech builds its fortunes, not on innovation, but on the quiet theft of intimacy.
	The question isn't who wins the race between ChatGPT and Google.
	The question is, when the dust settles, will you still own yourself or will you just own your login, Tom?
	So what's really interesting about this is people are discovering in living color what has been happening for 40 years.
	Credit card companies, and I saw a study, this goes back when I was getting my MBA, 1993 to 95.
	Pat, check this out.
	This credit card company took all the transactions and they built a map of where you go and what time you go and how often you go there and how often you spend and the kinds of things that you bought.
	Now, they didn't know what was in your grocery basket, but they knew all the stores you were at.
	They knew things.
	And by the way, your bank also knew where your, you know, your car payment and where you used your debit card.
	So your bank, if it was also your credit card, had even more data.
	And so that was out there.
	And people say, oh my gosh, we're concerned about our privacy.
	You know, Visa knows all this stuff about me.
	Well, now it's just leveled up.
	And if a certain person wants to really be conservative, the answer is back off.
	There are people that in the mid-90s, we started hearing the phrase, and this is when you were young, son.
	Yeah, I don't know if I was alive yet.
	Yeah.
	Well, it was called get off the grid.
	And people would say, I'm getting off the grid for a while.
	And what that really meant was, I'm just, you know, you're not going to see me emailing.
	I'm not going to do that.
	And so people really want privacy.
	That's where it goes.
	But everything you put on your phone, you have more control than you think on notifications and then data and stuff.
	And the person, Terrence, is making a very good point.
	And if you're really, really super concerned about it, as many, many people are, you can be really proactive about exactly how many apps and stuff you put on your phone.
	And yes, startups use your data so they can optimize service to you, but you can ask the app not to track.
	And Brandon, where are you at?
	There's a positive to it, too, that we're missing.
	And I think that people are failing to recognize what the term data is the new oil means.
	Like the way that oil built a new world from the 1800s to the 1900s, the way semiconductors built the world from 1900s to 2000s, data is building the world in the next hundred years.
	Like data is what fuels AI.
	AI is going to build a new world.
	So, I mean, yeah, sure, there's definitely going to be some unfortunate negative stuff that happens from them knowing everything about us.
	But I think it's really convenient.
	Sometimes the chat GPT remembers our whole history because I could reference back to things, say, hey, remember when I asked about that?
	Like, what do you think about this, et cetera, et cetera?
	So I really like some things about it.
	And it's less painful to focus on the positives rather than the negatives.
	So sometimes choose the positive to look at.
	Interesting.
	Adam.
	No, I've exceeded my talk time today.
	So I'm good.
	Okay, Rob, where are you at with that question?
	I agree with Adam.
	Thank you, sir.
	Wow.
	That Adam has exceeded his talk time.
	I appreciate everybody, gang.
	For those of you guys that don't know what participate in these questions in the future, do go to Manex Circles and be more active.
	It's a great place for you to meet each other and network with each other as well and talk through our issues.
	And sometimes stories that are coming out that you want us to talk about, you get to comment in there and tell us, talk about this, please, on the podcast tomorrow.
	We are paying attention to what you have to say.
	God bless everybody.
	We will see you guys on Friday.
	Take care, everybody.

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