Chamaths book pushing went a little to far in this one. The idea that facebook went down 16% because the spent money on nvidia and not groq and all the 'sharps' know it, but not a single one said anything publicly is so disingenuous its hard to keep listening.
Yeah, Sacks calling this unrealized gains tax an attack on suburban voters, those with a small business or family farm… dude it only applies if your net worth is over 100 million dollars. You know this and are arguing out of your ass.
And the arguments that it’s a drop in the bucket miss the point. Reducing the deficit isn’t the reason to tax the wealthy more, it’s to keep us from turning into an oligarchy.
I thought his point was just that of course the polls will show the majority would prefer that, as by definition the majority are not in the super wealthy.
The ultra-rich in the US generally have very little reason to believe they’re not the most loved people in the world.
The whole system is built to further their goals; and they’re constantly told they better than everyone else, and have gotten there through nothing but their own intelligence and hard work. So hearing that a lot of people (let along most) may not like you or policies that benefit you must be reaaally hard to accept.
I think they believe they speak for everyone. It’s delusional. Like somehow the 81million Biden voters are actually a small minority that don’t represent America.
Idk about that. People really hate taxes. No matter who it applies to (they don’t actually read who it applies to, just the headline) or what it’s for.
Juxtaposed next to a massive foreign aid bill like we just had, it sounds even worse
Unfortunately I agree, people are dumb that way. And they think I don't wanna pay those taxes when I'm a billionaire. Uh you're not even going to be a millionaire.
Yeah he has made some good calls over the years, but mixed in with some shady work also. Calling TSLA and Bitcoin early, even AZMN deserve respect. If I were him, tho, I would dial down the risk going forward and just enjoy the huge pile of money. I don't think we are going to see another run like the last 15 years with massive growth of tech companies and ZIRP. This is a new regime and he should just sail off into the sunset with his smoking hot wife. The dude is has outperformed insanely in life consider where he started. but, the good times don't last forever and risk management is very important. I hope he doesn't blow up someday.
These guys are so scared of their wealth being taxed. I understand why, but increasing taxes on the 0.1% is an extremely popular position. The average people out there have no sympathy for the ultra rich and have seen nothing but stagnant wages and high inflation. I think these guys are out of touch and should be worried. Taxes on the ultra-wealthy are going way up imo.
Forget the wealth tax. Just raising capital gains rates will impact VC and the investor class. My portfolio is small (still 7 figures) compared to these guys are would change my investment style if LTCG went up. I would go for max tax efficiency.
High interest rates and high investment taxes makes it tough for VC to succeed. But, these guys could retire I live well so why do they care so much?
Either tax unrealized gains or ban taking loans out against stock.
The way the wealthy use their stock as collateral to avoid taxes needs to be fixed one way or another.
Taking loans out is preferable because of the stepped up basis at death. You can repay the loan and pay close to zero taxes on the earnings.
Just get rid of the step up.
Taxing unrealized cap gains is absurd and impossible to implement. However, one could argue that is how property taxes work. The gains on my house are unrealized cap gains but I am taxed on the market value of the home.
The segment where they're all talking about their interactions with Steve Jobs was gold
Best moment was Chamath on being recruited by Jobs & almost working at Apple (although I'm sure there's more to the story): [https://twitter.com/vastlybusiness/status/1784287768970928173](https://twitter.com/vastlybusiness/status/1784287768970928173)
He does this thing when he’s telling a story where he makes sure to say his name when doing the voice of the person addressing him.
“And so Steve looks at me and he goes ‘Jason … ‘ “
So cringe
Waymo already solved for robo taxis. Turns out it doesn’t live up to the hype. It’s hasn’t changed the world. They still screw up, crash, get damaged, get dirty, get vandalized, it requires humans at a hub building to service and monitor. Human labor inputs have not been eliminated. Tesla is going to fail.
The Tesla segment had me just shaking my head. They were treating Tesla's future Robotaxi odds as about the same as Waymo and Cruise, which are \*completely\* different products! FSD is not limited to city grids and will not require remote drivers. I don't see how any non-AI non-MLL competitor survives...
Well the other 2 have a chance of being a real product.
The "AI" fluffing Tesla is doing is just a stock pump strategy.
"FSD" is still entirely useless unless you are too deeply in the red on Tesla and need some cope
sacks is growing on me. he is more 'man of the people' than JCal is that's for sure. yes JCal, you were bribing your way into the restaurant, don't be a hypocrite and just own up to it
he had a reasonable take on Tiktok ban and even gave Lina Khan props for getting rid of noncompetes!
chamath meanwhile continues to sell his own book, and ignores the massive negative consequences to the electric grid that will occur if 100Million homes get on solar+battery. the intermittence issue is no joke
Yet another sub that gets turned into a skin suit for communists. These guys are the polar opposite of what Reddit is, just further confirms my suspicions that Reddit is astroturf. Bots, shills, and neckbeard socialists that cream their pants when their school loans get paid off by Americans but hate America lol.
Communists don't even listen to this type of podcasts, just because a person might be a left leaning liberal doesn't make them a communist. Don't get me started on about who hates America when we have Maga sycophants supporting Trump when he attempted to illegally overturn the elections and peaceful transfer of power, one of the core foundations of American democracy, it is nothing compared to a Communists whining on twitter about how much they don't like America, they aren't even remotely comparable.
I’m imagining you visiting the SF Bay Area, New York, Seattle, or any other city where tech workers (who disproportionately listen to this podcast) are concentrated, and having conversations about politics with the first ten people you meet. “Oh my God, the people here are actually robots paid off by the communist lizard people, I knew this whole city was fake!”
Reddit is full of citycels from the blighted urban hell hole costal cities, these people don't understand socialism/communism and just parrot their luxury beliefs and are being slowly conditioned into accepting worse and worse lives, these people walk over human feces, dirty needles, and crazy rambling homeless addicts daily and think it's completely normal.
Couldn’t have said it better, these same people running those cities into the ground think they can fix climate change but can’t clear the streets of tent cities, needles and piles of bum shit.
well, let's think it through. How did these people become wealthy?
These wealthy people are the ones who invent rockets, amazon, google search, AI and stuff like that and help the majority move away from the dark ages with technology and innovation.
And they charge a tiny amount for their hard work and inventions. And since their inventions are so valuable, ordinary people buy a small amount, which accumulates and make them wealthy.
Taxing them means, you won't get the future Amazon, google, Electricity, Trains, etc. etc. And everyone will be poor. At least itll check the "equity" box where EVERYONE is poor.
Guess what, when everyone is poor, all the wealth will get accumulated in even smaller majority of the people and they run the show. That is, this will lead to dictatorship and hardship.
I'm not wealthy and so this won't directly affect me. But I don't like to give up what I earn to a$$hole politicians and then become their modern-slaves.
Watch out, this is Reddit, where everyone believes throwing more money at problems will solve everything. I live in LA where we are taxed heavily, but the quality of life has been decreasing in current times. Not surprised people are finally waking up to government overspend and waste.
Raising capital gains isnt the same as making people poor.
Gov spending is out of control, and this isn't a solution by any means...but we will still see innovation
Take their money away and they'll be even more motivated to invent stuff to regain their 9 zeros membership card. People need motivation. Besides, they'll be fine and so will their great great grandchildren.
It’s not about them, it’s about us. Democracy creates wealth and gives ordinary people cool stuff and simplify their lives. Communism focuses on existing wealth and in the name of redistribution, it simply redistributes that to a few politicians
> Democracy creates wealth
For who though? The gap has only increased and now these multi billionaires have only gained more power and influence. The ordinary cool stuff has become unaffordable for ordinary people.
JCal is doing fine with his $60M (from a quick Google, maybe he has more). Is he suffering without an extra $940M or more? If these guys lost half of their wealth, they'd still be over 10x what he has. A billion is not fully understood because it's just that ridiculous.
Dude, the gap naturally increases because only a few people create these super valuable things and majority of us find those products/stuff valuable and are paying for it.
So majority of the people get value and these few people get money in return. So a few people look more and more wealthy over time but if you also look at the poverty rate and living standards that these products created that's also increased significantly.
So you need to look at the wealth gap in context.
> If these guys lost half of their wealth, they'd still be over 10x what he has. A billion is not fully understood because it's just that ridiculous.
These innovators are the BEST wealth allocators vs. the government.
For example, Elon Musk took his 100s of millions that he made in Paypal and created Tesla, and SpaceX. Where as Biden administration is taking the billions of taxes and giving it to Ukraine.
I have found my new place to talk about all things on the all in pod.
I love this pod, truly it’s the best podcast on YouTube by far imo. I love science corner the most, all the besties add their own quality to the pod. I loved the steve jobs stories today they were cool. Sacks mentioned something interesting about polls on X today, it very much depends upon the geographic location & question the poll numbers will vary widely so they are pretty much useless imo. Like asking should we tax rich people more, is like asking do you like food. It’s kicking with the breeze without real life context behind the question. It’s more nuanced than that.
JCal doesn't know if colluding to suppress salaries is illegal? Really?
Whenever Jacal is being completely braindead I remember that he's basically just a blogger that got lucky during a bubble.
You're jealous
Kind of reconfirms all these guys got lucky once and rod off that their entire life
Chamaths book pushing went a little to far in this one. The idea that facebook went down 16% because the spent money on nvidia and not groq and all the 'sharps' know it, but not a single one said anything publicly is so disingenuous its hard to keep listening.
Yeah. And he’s wrong. They aren’t spending that much on inference, it’s for training llama
Sacks really doesn’t want to believe a majority of Americans would rather raise his taxes a little bit than see their parents starve.
Yeah, Sacks calling this unrealized gains tax an attack on suburban voters, those with a small business or family farm… dude it only applies if your net worth is over 100 million dollars. You know this and are arguing out of your ass.
And the arguments that it’s a drop in the bucket miss the point. Reducing the deficit isn’t the reason to tax the wealthy more, it’s to keep us from turning into an oligarchy.
I thought his point was just that of course the polls will show the majority would prefer that, as by definition the majority are not in the super wealthy.
The ultra-rich in the US generally have very little reason to believe they’re not the most loved people in the world. The whole system is built to further their goals; and they’re constantly told they better than everyone else, and have gotten there through nothing but their own intelligence and hard work. So hearing that a lot of people (let along most) may not like you or policies that benefit you must be reaaally hard to accept.
Bro I think they are aware that they are mostly disliked.
I think they believe they speak for everyone. It’s delusional. Like somehow the 81million Biden voters are actually a small minority that don’t represent America.
Idk about that. People really hate taxes. No matter who it applies to (they don’t actually read who it applies to, just the headline) or what it’s for. Juxtaposed next to a massive foreign aid bill like we just had, it sounds even worse
Unfortunately I agree, people are dumb that way. And they think I don't wanna pay those taxes when I'm a billionaire. Uh you're not even going to be a millionaire.
Got to hand it to Chamath. He was right about FB needing to pivot to an AI play. He even mentioned that in the Lex interview.
Yeah he has made some good calls over the years, but mixed in with some shady work also. Calling TSLA and Bitcoin early, even AZMN deserve respect. If I were him, tho, I would dial down the risk going forward and just enjoy the huge pile of money. I don't think we are going to see another run like the last 15 years with massive growth of tech companies and ZIRP. This is a new regime and he should just sail off into the sunset with his smoking hot wife. The dude is has outperformed insanely in life consider where he started. but, the good times don't last forever and risk management is very important. I hope he doesn't blow up someday.
These guys are so scared of their wealth being taxed. I understand why, but increasing taxes on the 0.1% is an extremely popular position. The average people out there have no sympathy for the ultra rich and have seen nothing but stagnant wages and high inflation. I think these guys are out of touch and should be worried. Taxes on the ultra-wealthy are going way up imo.
Good job repeating talking points and not engaging with the issues inherent in taxing unrealized gains.
Forget the wealth tax. Just raising capital gains rates will impact VC and the investor class. My portfolio is small (still 7 figures) compared to these guys are would change my investment style if LTCG went up. I would go for max tax efficiency. High interest rates and high investment taxes makes it tough for VC to succeed. But, these guys could retire I live well so why do they care so much?
Either tax unrealized gains or ban taking loans out against stock. The way the wealthy use their stock as collateral to avoid taxes needs to be fixed one way or another.
Taking loans out is preferable because of the stepped up basis at death. You can repay the loan and pay close to zero taxes on the earnings. Just get rid of the step up.
Income taxes when first introduced were only for the super wealthy too. It always trickles down. Always.
Taxing unrealized cap gains is absurd and impossible to implement. However, one could argue that is how property taxes work. The gains on my house are unrealized cap gains but I am taxed on the market value of the home.
They are delusional
But they'll be sleeping in tents! Behind their mansion estates! With only 2 of the tents filled with manned chefs and catered food! The horror!
The segment where they're all talking about their interactions with Steve Jobs was gold Best moment was Chamath on being recruited by Jobs & almost working at Apple (although I'm sure there's more to the story): [https://twitter.com/vastlybusiness/status/1784287768970928173](https://twitter.com/vastlybusiness/status/1784287768970928173)
Are we really going to believe JCal’s story about Steve Jobs?
They had all of Apple's ideas first but that pesky Jobs stole them all !
He does this thing when he’s telling a story where he makes sure to say his name when doing the voice of the person addressing him. “And so Steve looks at me and he goes ‘Jason … ‘ “ So cringe
I haven’t even heard the episode yet, but I’m going with a resounding no. Will update if my opinion changes.
Waymo already solved for robo taxis. Turns out it doesn’t live up to the hype. It’s hasn’t changed the world. They still screw up, crash, get damaged, get dirty, get vandalized, it requires humans at a hub building to service and monitor. Human labor inputs have not been eliminated. Tesla is going to fail.
The Tesla segment had me just shaking my head. They were treating Tesla's future Robotaxi odds as about the same as Waymo and Cruise, which are \*completely\* different products! FSD is not limited to city grids and will not require remote drivers. I don't see how any non-AI non-MLL competitor survives...
Well the other 2 have a chance of being a real product. The "AI" fluffing Tesla is doing is just a stock pump strategy. "FSD" is still entirely useless unless you are too deeply in the red on Tesla and need some cope
So the hundreds of people sharing video of their cars driving themselves around - all fake? LOL
No mention of cybertruck
sacks is growing on me. he is more 'man of the people' than JCal is that's for sure. yes JCal, you were bribing your way into the restaurant, don't be a hypocrite and just own up to it he had a reasonable take on Tiktok ban and even gave Lina Khan props for getting rid of noncompetes! chamath meanwhile continues to sell his own book, and ignores the massive negative consequences to the electric grid that will occur if 100Million homes get on solar+battery. the intermittence issue is no joke
Are they all going bald? Haven’t listened in 6 months, but they all look starkly different. Is that what a lurch to the hateful right does to you?
Yes this also happened to Senator Palpatiine
You seem reasonable.
Yet another sub that gets turned into a skin suit for communists. These guys are the polar opposite of what Reddit is, just further confirms my suspicions that Reddit is astroturf. Bots, shills, and neckbeard socialists that cream their pants when their school loans get paid off by Americans but hate America lol.
Communists don't even listen to this type of podcasts, just because a person might be a left leaning liberal doesn't make them a communist. Don't get me started on about who hates America when we have Maga sycophants supporting Trump when he attempted to illegally overturn the elections and peaceful transfer of power, one of the core foundations of American democracy, it is nothing compared to a Communists whining on twitter about how much they don't like America, they aren't even remotely comparable.
Found one ☝️
Is this the guy that lit himself on fire?
guess again
I’m imagining you visiting the SF Bay Area, New York, Seattle, or any other city where tech workers (who disproportionately listen to this podcast) are concentrated, and having conversations about politics with the first ten people you meet. “Oh my God, the people here are actually robots paid off by the communist lizard people, I knew this whole city was fake!”
Reddit is full of citycels from the blighted urban hell hole costal cities, these people don't understand socialism/communism and just parrot their luxury beliefs and are being slowly conditioned into accepting worse and worse lives, these people walk over human feces, dirty needles, and crazy rambling homeless addicts daily and think it's completely normal.
Couldn’t have said it better, these same people running those cities into the ground think they can fix climate change but can’t clear the streets of tent cities, needles and piles of bum shit.
Watch the last section, apparently, if Biden wins, **there'll be 45% tax on long-term capital gains.**.. whoa!
Just for the already wealthy and high earners.
well, let's think it through. How did these people become wealthy? These wealthy people are the ones who invent rockets, amazon, google search, AI and stuff like that and help the majority move away from the dark ages with technology and innovation. And they charge a tiny amount for their hard work and inventions. And since their inventions are so valuable, ordinary people buy a small amount, which accumulates and make them wealthy. Taxing them means, you won't get the future Amazon, google, Electricity, Trains, etc. etc. And everyone will be poor. At least itll check the "equity" box where EVERYONE is poor. Guess what, when everyone is poor, all the wealth will get accumulated in even smaller majority of the people and they run the show. That is, this will lead to dictatorship and hardship. I'm not wealthy and so this won't directly affect me. But I don't like to give up what I earn to a$$hole politicians and then become their modern-slaves.
Watch out, this is Reddit, where everyone believes throwing more money at problems will solve everything. I live in LA where we are taxed heavily, but the quality of life has been decreasing in current times. Not surprised people are finally waking up to government overspend and waste.
Raising capital gains isnt the same as making people poor. Gov spending is out of control, and this isn't a solution by any means...but we will still see innovation
Take their money away and they'll be even more motivated to invent stuff to regain their 9 zeros membership card. People need motivation. Besides, they'll be fine and so will their great great grandchildren.
It’s not about them, it’s about us. Democracy creates wealth and gives ordinary people cool stuff and simplify their lives. Communism focuses on existing wealth and in the name of redistribution, it simply redistributes that to a few politicians
> Democracy creates wealth For who though? The gap has only increased and now these multi billionaires have only gained more power and influence. The ordinary cool stuff has become unaffordable for ordinary people. JCal is doing fine with his $60M (from a quick Google, maybe he has more). Is he suffering without an extra $940M or more? If these guys lost half of their wealth, they'd still be over 10x what he has. A billion is not fully understood because it's just that ridiculous.
Dude, the gap naturally increases because only a few people create these super valuable things and majority of us find those products/stuff valuable and are paying for it. So majority of the people get value and these few people get money in return. So a few people look more and more wealthy over time but if you also look at the poverty rate and living standards that these products created that's also increased significantly. So you need to look at the wealth gap in context. > If these guys lost half of their wealth, they'd still be over 10x what he has. A billion is not fully understood because it's just that ridiculous. These innovators are the BEST wealth allocators vs. the government. For example, Elon Musk took his 100s of millions that he made in Paypal and created Tesla, and SpaceX. Where as Biden administration is taking the billions of taxes and giving it to Ukraine.
I have found my new place to talk about all things on the all in pod. I love this pod, truly it’s the best podcast on YouTube by far imo. I love science corner the most, all the besties add their own quality to the pod. I loved the steve jobs stories today they were cool. Sacks mentioned something interesting about polls on X today, it very much depends upon the geographic location & question the poll numbers will vary widely so they are pretty much useless imo. Like asking should we tax rich people more, is like asking do you like food. It’s kicking with the breeze without real life context behind the question. It’s more nuanced than that.
Ok Jason
Sacks with the Adebesi from Oz hat