PodcastsAll-In with Chamath, Jason, Sacks & FriedbergE142: "Rich Men North of Richmond" hits #1, upward mobility, real estate capital crunch, Trump RICO
E142: "Rich Men North of Richmond" hits #1, upward mobility, real estate capital crunch, Trump RICO
All-In with Chamath, Jason, Sacks & FriedbergFri Aug 18 2023
Sacks' Night Out:
- Sacks looks like he got hit by a Mack truck after a night out.
- Conversation about text messages and plans for the day.
Drinking Preferences:
- Sacks prefers highly refined tequilas, specifically Clas Azul Reposado.
- Discussion about how to drink tequila, with options including neat or on the rocks.
- Mention of ranch water as a popular drink choice.
Ice Cube Preferences:
- Debate between using a big ice cube or multiple smaller ones in drinks.
- Preference for multiple rocks to allow the ice to melt slightly.
Bourbon and Scotch:
- Discussion about the qualities that make bourbon and scotch good.
- Comparison of Pappy Van Winkle bourbon to other bourbons.
- Mention of smoothness and sweetness as desirable characteristics.
Cosmopolitan Drink:
- One speaker admits enjoying Cosmo cocktails in short glasses.
- Disagreement from others who do not enjoy sweet drinks like margaritas.
Entourage Backgrounds:
- Reference to being friends with members of the Entourage cast (Adrian Grenier and Jerry Ferrara).
- Discussion about their roles and connections within the industry.
Snow White Backlash:
- Mention of backlash against changes made in a Snow White movie remake.
- Criticism of revisionist takes on classic stories and characters.
"Rich Men North of Richmond" Song:
- Introduction of a viral song that has reached number one on iTunes charts.
- Lyrics are discussed, highlighting themes of upward mobility issues and control by wealthy individuals.
Income Inequality Chart:
- Analysis of an income inequality chart showing per capita income by quintile in the US over time.
- Recognition that top earners have seen significant increases while lower earners have remained relatively flat.
Policy Responses to Income Inequality:
- Debate about whether policies should focus on redistribution or enabling upward mobility opportunities.
Trump's Newest Indictment (RICO):
- Trump facing his fourth indictment in Fulton County, Georgia with 13 felony counts.
- Discussion about the potential implications and legal strategies surrounding the indictment.
Real Estate Capital Crunch:
- Mention of a decline in real estate transactions due to higher mortgage rates.
- Discussion about challenges faced by real estate developers in refinancing projects.
- Potential impact on residential and commercial real estate values.
Adyen's Stock Decline:
- Adyen stock down 40% despite consistent growth and high EBITDA margins.
- Speculation about the potential impact on Stripe's valuation given the market conditions.
Gambling Industry Growth:
- Recognition of the increasing acceptance and integration of sports wagering in various industries.
- Discussion about Penn Gaming as a gambling company and its relevance to the industry.
Wild Card Candidates for Future Elections:
- Conversation about potential non-traditional candidates for future elections, including Jeff Bezos, Dave Portnoy, economists, etc.