All-In with Chamath, Jason, Sacks & Friedberg Jason Calacanis

(0:00) Bestie intro!
(2:58) Fed hikes 25 bps
(32:35) Balaji bets on Bitcoin $1M, predictions for hyperinflation, crypto crackdown in the US
(54:27) Should the commercial real estate sector receive a similar treatment as regional banks? Math and solutions on 100% FDIC insurance
(1:16:04) TikTok CEO grilled by US lawmakers: What is TikTok's endgame in the US?
(1:25:46) Relativity Space shoutout and bestie wrap!
Follow the besties:
https://twitter.com/chamath
https://linktr.ee/calacanis
https://twitter.com/DavidSacks
https://twitter.com/friedberg
Follow the pod:
https://twitter.com/theallinpod
https://linktr.ee/allinpodcast
Intro Music Credit:
https://rb.gy/tppkzl
https://twitter.com/yung_spielburg
Intro Video Credit:
https://twitter.com/TheZachEffect
Referenced in the show:
https://www.wsj.com/articles/fed-raises-rates-but-nods-to-greater-uncertainty-after-banking-stress-6ae9316f
https://twitter.com/scottrechler/status/1638534824808923136
https://www.wsj.com/articles/commercial-property-debt-creates-more-bank-worries-b36184ba
https://twitter.com/elonmusk/status/1636928718173003776
https://fred.stlouisfed.org/series/WGS10YR
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4387676
https://www.sfgate.com/business/article/Pinterest-terminate-SF-office-lease-88-Bluxome-15525421.php
https://twitter.com/boazweinstein/status/1638964105917890561
https://twitter.com/mr_derivatives/status/1638772846326583296
https://twitter.com/DavidSacks/status/1638957986138959873
https://twitter.com/balajis/status/1636797265317867520
https://twitter.com/balajis/status/1222921758375927808
https://thehill.com/opinion/finance/3911036-how-to-escape-the-trap-of-the-clean-debt-ceiling-vote
https://www.cnbc.com/2023/03/22/coinbase-warned-by-sec-of-potential-securities-charges.html
https://www.piratewires.com/p/2023-banking-crisis
https://twitter.com/balajis/status/1448455115271143424
https://www.presidency.ucsb.edu/documents/executive-order-6102-requiring-gold-coin-gold-bullion-and-gold-certificates-be-delivered
https://twitter.com/markgags/status/802597908033966081
https://twitter.com/relativityspace/status/1638753739128315906

(0:00) Bestie intro!
(1:35) Recapping the events of the past week
(5:39) Understanding the banking crisis
(32:55) Solving the global debt problem, righting the ship
(54:20) VC market update: Founders Fund splits its eighth fund in two, Sequoia's reported returns, YC cuts its growth-stage team
(1:08:36) Science corner: Superconductors
(1:24:56) DeSantis update, Ukraine spending run rate, bestie wrap!
Follow the besties:
https://twitter.com/chamath
https://linktr.ee/calacanis
https://twitter.com/DavidSacks
https://twitter.com/friedberg
Follow the pod:
https://twitter.com/theallinpod
https://linktr.ee/allinpodcast
Intro Music Credit:
https://rb.gy/tppkzl
https://twitter.com/yung_spielburg
Intro Video Credit:
https://twitter.com/TheZachEffect
Referenced in the show:
https://seekingalpha.com/article/4565388-svb-financial-blow-up-risk
https://www.wsj.com/articles/easy-loans-great-service-why-silicon-valley-loved-silicon-valley-bank-6b3f203e
https://www.wsj.com/articles/the-silicon-valley-bank-bailout-chorus-yellen-treasury-fed-fdic-deposit-limit-dodd-frank-run-cc80761e
https://www.bloomberg.com/news/articles/2023-03-16/credit-suisse-got-its-lifeline-now-it-needs-to-win-back-clients
https://www.bloomberg.com/news/articles/2023-03-15/credit-suisse-top-shareholder-rules-out-more-assistance-to-bank-lf9gfhbr
https://www.nytimes.com/live/2023/03/16/world/france-pension-vote#france-pension-vote
https://www.politico.eu/article/police-fire-dutch-farmer-protest-nitrogen-emission-cut
https://www.bbc.com/news/uk-england-london-64968795
https://www.treasurydirect.gov
https://www.axios.com/2023/03/03/founders-fund-slashes-vc-peter-thiel
https://www.axios.com/2023/03/15/stripe-50-billion
https://www.businessinsider.com/sequoia-capital-venture-capital-returns-university-of-california-2023-3
https://www.wsj.com/articles/tiger-global-writes-down-venture-funds-bets-by-33-in-2022-3f9f6ade
https://techcrunch.com/2023/03/13/y-combinator-cuts-nearly-20-of-staff-scales-back-growth-stage-investments
https://twitter.com/Jason/status/1633570102326202368
https://www.nature.com/articles/s41586-023-05742-0
https://youtu.be/4lE8QWtrEvQ
https://www.theatlantic.com/ideas/archive/2023/03/desantis-ukraine-pro-russia-position-gop-presidential-nomination/673392

(0:00) Bestie intro!
(1:57) Overview of the SVB collapse and bank run
(17:53) Who or what is to blame? Debating venture debt
(37:11) Contagion risk, second- and third-order effects, government backstops
(1:00:36) What does this mean for the VC industry? Silicon Valley panic cycle, advice for founders
Follow the besties:
https://twitter.com/chamath
https://linktr.ee/calacanis
https://twitter.com/DavidSacks
https://twitter.com/friedberg
https://twitter.com/altcap
Follow the pod:
https://twitter.com/theallinpod
https://linktr.ee/allinpodcast
Intro Music Credit:
https://rb.gy/tppkzl
https://twitter.com/yung_spielburg
Intro Video Credit:
https://twitter.com/TheZachEffect
Referenced in the show:
https://www.fdic.gov/news/press-releases/2023/pr23016.html
https://s201.q4cdn.com/589201576/files/doc_downloads/2023/03/r/Q1-2023-Investor-Letter.FINAL-030823.pdf
https://s201.q4cdn.com/589201576/files/doc_downloads/2023/03/Q1-2023-Mid-Quarter-Update-vFINAL3-030823.pdf
https://twitter.com/garrytan/status/1634260576431136768
https://seekingalpha.com/article/4565388-svb-financial-blow-up-risk
https://www.youtube.com/watch?v=Ymo6Yzjv_KY
https://www.bloomberg.com/news/articles/2023-03-10/treasury-closely-watching-siliconvalley-bank-share-plunge
https://www.cbsnews.com/news/janet-yellen-ukraine-treasury-secretary-kyiv-visit-volodymyr-zelenskyy
https://twitter.com/Rippling/status/1634201986894577665
https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
https://www.wsj.com/articles/bond-losses-push-silicon-valley-bank-parent-to-raise-capital-125e89d4
https://dfpi.ca.gov/wp-content/uploads/sites/337/2023/03/DFPI-Orders-Silicon-Valley-Bank-03102023.pdf?emrc=bedc09
https://www.google.com/finance/quote/IAT:NYSEARCA

(0:00) Bestie intros!
(6:47) The VC FOMO frenzy in AI
(25:22) Current LP mindset, VCs leaving boards, startup cram downs and mark downs
(37:23) Macro update: inflation not done, weaker earnings, interest rates
(52:01) Marc Benioff channels his inner Elon Musk, the stock-based compensation boom
(1:11:59) Fox News facing defamation lawsuit over false election fraud claims, TikTok ban heats up, competition with China
(1:34:33) Ukraine update: China's peace proposal, US strategy
(1:46:34) Harvard legacy admissions, Draymond Green on Black History Month
(1:50:01) Stripe chart errata, bestie wrap!
Follow the besties:
https://twitter.com/chamath
https://linktr.ee/calacanis
https://twitter.com/DavidSacks
https://twitter.com/friedberg
https://twitter.com/altcap
Follow the pod:
https://twitter.com/theallinpod
https://linktr.ee/allinpodcast
Intro Music Credit:
https://rb.gy/tppkzl
https://twitter.com/yung_spielburg
Intro Video Credit:
https://twitter.com/TheZachEffect
Referenced in the show:
https://www.wsj.com/articles/why-i-stood-up-to-disney-florida-woke-corporatism-seaworld-universal-esg-parents-choice-education-defa2506
https://www.thedailybeast.com/bill-maher-shares-definition-of-woke-during-jake-tapper-cnn-interview
https://www.economist.com/business/2023/02/28/investors-are-going-nuts-for-chatgpt-ish-artificial-intelligence
https://podcasts.apple.com/ca/podcast/doug-leone-lessons-from-a-titan/id1154105909?i=1000602027979
https://openai.com/blog/introducing-chatgpt-and-whisper-apis
https://twitter.com/heykahn/status/1628453782177865728
https://www.ft.com/content/21420ce2-92a1-43a0-a153-04ac7c872466
https://www.wsj.com/articles/instacart-sees-revenue-profit-boost-ahead-of-public-listing-1d7891d
https://cdn.statcdn.com/Infographic/images/normal/21023.jpeg
https://www.barrons.com/articles/home-prices-dropping-redfin-fac43ede
https://www.google.com/finance/quote/CRM:NYSE
https://s23.q4cdn.com/574569502/files/doc_financials/2023/q4/CRM-Q4-FY23-Earnings-Press-Release-w-financials.pdf
https://seekingalpha.com/article/4583622-salesforce-inc-crm-q4-2023-earnings-call-transcript
https://twitter.com/altcap/status/1631361678582611970
https://www.investopedia.com/articles/06/fas123r.asp
https://www.wsj.com/articles/in-deposition-rupert-murdoch-says-fox-news-hosts-endorsed-false-2020-election-claims-c9348fc0
https://www.reuters.com/technology/tiktok-develop-parental-control-tool-block-certain-videos-2023-03-01
https://www.reuters.com/technology/white-house-gives-agencies-30-days-impose-federal-device-tiktok-ban-2023-02-27
https://www.wsj.com/articles/house-committee-lays-out-case-for-china-threat-ad62c611
https://www.euronews.com/2023/02/27/chinas-peace-plan-russia-says-no-conditions-for-peaceful-solution-or-ukraine-for-now
https://www.wsj.com/articles/ukraine-war-depleting-u-s-ammunition-stockpiles-sparking-pentagon-concern-11661792188
https://twitter.com/wikileaks/status/1496886759665586177
https://twitter.com/deloreshandy/status/1629516350602264582
https://www.nber.org/system/files/working_papers/w26316/w26316.pdf
https://www.tmz.com/2023/03/01/draymond-green-calls-end-black-history-month-celebrate-all-year
https://www.bloomberg.com/news/newsletters/2023-03-02/how-former-fugee-pras-michel-got-involved-in-1mdb-scandal-big-take
https://www.newyorker.com/magazine/2023/03/06/how-the-biggest-fraud-in-german-history-unravelled

(0:00) Bestie intro: Jason's Japan trip!
(1:04) Stripe's precarious situation: Did it miss its window? Breaking down its $4B tax bill, slowing growth curve, enterprise vs SMB customers, scalability issues, and more
(23:07) Lessons for founders: How ZIRP can skew CAC and LTV calculations, burn multiple
(29:40) VC market update: ZIRP mistakes, VC as a "must-have" asset class for LPs, how the 2021 vintage can be saved
(39:05) AI's outsized impact on SaaS and real-world businesses
(55:16) Advice from Steve Jobs on customer-first product development, Section 230 update
(1:00:29) Trump's savvy visit to East Palestine and 2024 strategy, Biden's visit to Ukraine, China's position
(1:14:24) Tinfoil hat corner
(1:23:25) Bestie wrap up!
Follow the besties:
https://twitter.com/chamath
https://linktr.ee/calacanis
https://twitter.com/DavidSacks
https://twitter.com/friedberg
Follow the pod:
https://twitter.com/theallinpod
https://linktr.ee/allinpodcast
Intro Music Credit:
https://rb.gy/tppkzl
https://twitter.com/yung_spielburg
Intro Video Credit:
https://twitter.com/TheZachEffect
Referenced in the show:
https://www.theinformation.com/articles/inside-stripes-55-billion-pitch-to-investors
https://www.theinformation.com/articles/the-private-tech-company-that-let-employee-stock-grants-evaporate
https://techcrunch.com/2013/09/11/zuckerberg-says-he-was-too-afraid-of-taking-facebook-public
https://sacks.substack.com/p/enterprises-vs-smbs-whos-the-better-customer-for-b2b-saas-startups-9a0d4efe69e9
https://sacks.substack.com/p/the-burn-multiple-51a7e43cb200
https://twitter.com/tylertringas/status/1627449217294958592
https://chamathreads.substack.com/p/higher-rates-will-lead-to-the-next
https://twitter.com/Jason/status/1628851245644644352
https://signalvnoise.com/posts/3497-you-know-one-of-the-things-that-really-hurt
https://www.scotusblog.com/2023/02/not-like-the-nine-greatest-experts-on-the-internet-justices-seem-leery-of-broad-ruling-on-section-230
https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/20/on-the-record-press-call-by-senior-administration-officials-on-president-bidens-trip-to-ukraine
https://www.washingtonpost.com/politics/2023/02/20/secrecy-security-biden-trip-to-kyiv
https://www.yahoo.com/news/joe-biden-makes-surprise-visit-095627966.html
https://twitter.com/nytimes/status/1626984889449959430
https://www.nytimes.com/interactive/2023/02/23/world/russia-ukraine-geopolitics.html
https://www.bbc.com/news/world-europe-26079957
https://openai.com/blog/how-should-ai-systems-behave

(0:00) Bestie intros, poker recap, charity shoutouts!
(8:34) Toxic Ohio train derailment
(25:30) Lina Khan's flawed strategy and rough past few weeks as FTC Chair; rewriting Section 230
(57:27) AI chatbot bias and problems: Bing Chat's strange answers, jailbreaking ChatGPT, and more
DONATE:
https://www.humanesociety.org/news/going-big-beagles
https://www.beastphilanthropy.org/donate
Follow the besties:
https://twitter.com/chamath
https://linktr.ee/calacanis
https://twitter.com/DavidSacks
https://twitter.com/friedberg
Follow the pod:
https://twitter.com/theallinpod
https://linktr.ee/allinpodcast
Intro Music Credit:
https://rb.gy/tppkzl
https://twitter.com/yung_spielburg
Intro Video Credit:
https://twitter.com/TheZachEffect
Referenced in the show:
https://techcrunch.com/2023/02/10/mrbeasts-blindness-video-puts-systemic-ableism-on-display
https://doomberg.substack.com/p/railroaded
https://www.usatoday.com/story/news/2023/02/14/norfolk-southerns-ohio-train-derailment-emblematic-rail-trends/11248956002
https://www.bloomberg.com/news/features/2023-02-15/zantac-cancer-risk-data-was-kept-quiet-by-manufacturer-glaxo-for-40-years
https://www.foxnews.com/video/6320573959112
https://www.wsj.com/articles/why-im-resigning-from-the-ftc-commissioner-ftc-lina-khan-regulation-rule-violation-antitrust-339f115d
https://fedsoc.org/commentary/fedsoc-blog/gonzalez-google-and-section-230-all-on-the-same-side
https://www.investopedia.com/section-230-definition-5207317
https://www.usatoday.com/story/news/2023/02/14/norfolk-southerns-ohio-train-derailment-emblematic-rail-trends/11248956002
https://twitter.com/elonmusk/status/1626097497109311495
https://chat.openai.com/chat
https://twitter.com/Jason/status/1626091654120894464
https://politiquerepublic.substack.com/p/chatgpt-is-democrat-propoganda
https://www.bbc.com/news/technology-35902104
https://www.nytimes.com/2023/02/16/technology/bing-chatbot-microsoft-chatgpt.html
https://unusualwhales.com/news/openais-chatgpt-has-reportedly-predicted-that-the-stock-market-will-crash-on-march-15-2023
https://www.history.com/news/josef-stalin-great-purge-photo-retouching
https://www.hollywoodreporter.com/business/business-news/ec-funds-france-build-google-106934
https://www.nytimes.com/2008/03/21/technology/21iht-quaero24.html