Keith Rabois

Yeah, but most funds have ballooned for lots of reasons.

Yeah, but most funds have ballooned for lots of reasons.

And that's actually led to some of the perversity that David talked about. If the funds get large, their tendency to do these things also increases. So yes, a seed fund can drive returns on M&A acquisitions that might be deterred in a bad, hostile administration. But a venture fund of $500 million to $2 billion drive returns through M&A? No. No.

And that's actually led to some of the perversity that David talked about. If the funds get large, their tendency to do these things also increases. So yes, a seed fund can drive returns on M&A acquisitions that might be deterred in a bad, hostile administration. But a venture fund of $500 million to $2 billion drive returns through M&A? No. No.

I've been lobbying officials for a long time on this crusade. They come in and they expect that, oh, you know, M&A, blah, blah, blah, blah. And I'm like, no, no, no, I could care less. Only my most mediocre companies are acquired.

I've been lobbying officials for a long time on this crusade. They come in and they expect that, oh, you know, M&A, blah, blah, blah, blah. And I'm like, no, no, no, I could care less. Only my most mediocre companies are acquired.

Well, Sheen's going to have some real problems in the new administration.

Well, Sheen's going to have some real problems in the new administration.

Well, I think, first of all, the Treasury Secretary understands this. I think Scott actually, from everybody I've talked to, I don't know him, but I've interviewed about 10 or 12 people that are very successful on Wall Street, and every single one of them universally has a claim for him. And they've all made points to me that these kind of subtleties, he really does grok.

Well, I think, first of all, the Treasury Secretary understands this. I think Scott actually, from everybody I've talked to, I don't know him, but I've interviewed about 10 or 12 people that are very successful on Wall Street, and every single one of them universally has a claim for him. And they've all made points to me that these kind of subtleties, he really does grok.

And so when he says you can raise tariffs without inflation, he understands how all this substitution works and is running an equation in his brain. He's a very successful trader, and that's a really good skill. Also, Chamath's earlier points about Darwinistic evolution of brilliant people being successful, understanding how the economy actually works, he's perfect.

And so when he says you can raise tariffs without inflation, he understands how all this substitution works and is running an equation in his brain. He's a very successful trader, and that's a really good skill. Also, Chamath's earlier points about Darwinistic evolution of brilliant people being successful, understanding how the economy actually works, he's perfect.

So I think you're going to see real tariffs, especially against China, And the Trump administration is completely committed to reducing inflation, the cost of eggs and groceries. And I think those things can be reconciled. I know amateur economists with random degrees from Wharton don't think so. But as Trump pointed out in the debate and J.D.

So I think you're going to see real tariffs, especially against China, And the Trump administration is completely committed to reducing inflation, the cost of eggs and groceries. And I think those things can be reconciled. I know amateur economists with random degrees from Wharton don't think so. But as Trump pointed out in the debate and J.D.

Vance pointed out with some research, his first administration imposed all these tariffs and there was no inflation. And then J.D. Vance pointed out that the Fed Reserve has a study that says, you know, housing prices, which are a primary driver of affordability for a normal American, are inflated because of illegal immigration. So I think this administration... And not making more units, I mean.

Vance pointed out with some research, his first administration imposed all these tariffs and there was no inflation. And then J.D. Vance pointed out that the Fed Reserve has a study that says, you know, housing prices, which are a primary driver of affordability for a normal American, are inflated because of illegal immigration. So I think this administration... And not making more units, I mean.

Well, I think this administration... There is substitution, right? If the price of one gig goes up, consumers typically have, you know, like people on this podcast, typically have a limited budget. And at the end of the day, if one price goes up, you have to substitute somewhere else. So the net deflation might be negative even. So in any event, this administration is not naive.

Well, I think this administration... There is substitution, right? If the price of one gig goes up, consumers typically have, you know, like people on this podcast, typically have a limited budget. And at the end of the day, if one price goes up, you have to substitute somewhere else. So the net deflation might be negative even. So in any event, this administration is not naive.

And the people that Trump has put in place to drive this in Treasury, the National Economic Council absolutely understand this. And they're committed to driving down actual prices. The hardest area is going to be health care. That is really, really difficult. And it is difficult. a major driver of costs to a normal person. And Obamacare has been a disaster.

And the people that Trump has put in place to drive this in Treasury, the National Economic Council absolutely understand this. And they're committed to driving down actual prices. The hardest area is going to be health care. That is really, really difficult. And it is difficult. a major driver of costs to a normal person. And Obamacare has been a disaster.