Peter Thiel

Okay. I got a place in Miami in September 2020, and I've spent the last four winters there, so I'm sort of always on the cusp of moving to Florida. Hard to get out of California. But the thing that's gotten a lot harder about moving relative to four years ago, and I'd say I think my real estate purchases have generally not been great over the years. I mean, they've done okay, but...

Okay. I got a place in Miami in September 2020, and I've spent the last four winters there, so I'm sort of always on the cusp of moving to Florida. Hard to get out of California. But the thing that's gotten a lot harder about moving relative to four years ago, and I'd say I think my real estate purchases have generally not been great over the years. I mean, they've done okay, but...

Okay. I got a place in Miami in September 2020, and I've spent the last four winters there, so I'm sort of always on the cusp of moving to Florida. Hard to get out of California. But the thing that's gotten a lot harder about moving relative to four years ago, and I'd say I think my real estate purchases have generally not been great over the years. I mean, they've done okay, but...

Certainly not the way I've been able to make money at all. But with the one exception was Miami. Bought it in September 2020. And probably, you know, fast forward four years, it's up like 100%. Wow. Something like that. And, yeah. But then paradoxically, this also means it's gotten much harder to move there or Austin or any of these places.

Certainly not the way I've been able to make money at all. But with the one exception was Miami. Bought it in September 2020. And probably, you know, fast forward four years, it's up like 100%. Wow. Something like that. And, yeah. But then paradoxically, this also means it's gotten much harder to move there or Austin or any of these places.

Certainly not the way I've been able to make money at all. But with the one exception was Miami. Bought it in September 2020. And probably, you know, fast forward four years, it's up like 100%. Wow. Something like that. And, yeah. But then paradoxically, this also means it's gotten much harder to move there or Austin or any of these places.

If I relocated my office in L.A., the people who own houses – Okay, you have to buy a place in Florida. It costs twice as much as it did four years ago. And then the interest rates have also doubled. And so you get a 30-year mortgage. You could have locked that in for 3% in 2020. Now it's, you know... Maybe 6.5%, 7%. So the prices have doubled. The mortgages have doubled.

If I relocated my office in L.A., the people who own houses – Okay, you have to buy a place in Florida. It costs twice as much as it did four years ago. And then the interest rates have also doubled. And so you get a 30-year mortgage. You could have locked that in for 3% in 2020. Now it's, you know... Maybe 6.5%, 7%. So the prices have doubled. The mortgages have doubled.

If I relocated my office in L.A., the people who own houses – Okay, you have to buy a place in Florida. It costs twice as much as it did four years ago. And then the interest rates have also doubled. And so you get a 30-year mortgage. You could have locked that in for 3% in 2020. Now it's, you know... Maybe 6.5%, 7%. So the prices have doubled. The mortgages have doubled.

So it costs you four times as much to buy a house. And so there was a moment where people could move during COVID, and it's gotten dramatically harder relative to what it was four years ago.

So it costs you four times as much to buy a house. And so there was a moment where people could move during COVID, and it's gotten dramatically harder relative to what it was four years ago.

So it costs you four times as much to buy a house. And so there was a moment where people could move during COVID, and it's gotten dramatically harder relative to what it was four years ago.

Well, I somehow think Austin was linked to California and Miami was linked a little bit more to to New York. And it was a little bit, you know, all these differences. But Austin was kind of. A big part of the move were people from tech from California that moved to Austin. There's a part of the Miami, South Florida thing, which was people from finance in New York City that moved to Florida.

Well, I somehow think Austin was linked to California and Miami was linked a little bit more to to New York. And it was a little bit, you know, all these differences. But Austin was kind of. A big part of the move were people from tech from California that moved to Austin. There's a part of the Miami, South Florida thing, which was people from finance in New York City that moved to Florida.

Well, I somehow think Austin was linked to California and Miami was linked a little bit more to to New York. And it was a little bit, you know, all these differences. But Austin was kind of. A big part of the move were people from tech from California that moved to Austin. There's a part of the Miami, South Florida thing, which was people from finance in New York City that moved to Florida.

And the finance industry is less networked on New York City. So I think it is possible for people – if you run a private equity fund or if you work at a bank, it's possible for some of those functions to easily be moved to a different state. The tech industry is – crazily networked on California. There's probably some way to do it. It's not that easy.

And the finance industry is less networked on New York City. So I think it is possible for people – if you run a private equity fund or if you work at a bank, it's possible for some of those functions to easily be moved to a different state. The tech industry is – crazily networked on California. There's probably some way to do it. It's not that easy.

And the finance industry is less networked on New York City. So I think it is possible for people – if you run a private equity fund or if you work at a bank, it's possible for some of those functions to easily be moved to a different state. The tech industry is – crazily networked on California. There's probably some way to do it. It's not that easy.

Sure. If it wasn't as networked, you could probably just move. And maybe these things are networked till they're not. Detroit was very networked.

Sure. If it wasn't as networked, you could probably just move. And maybe these things are networked till they're not. Detroit was very networked.