E53: Wealth tax, dealing with inflation as a capital allocator, big tech earnings, Facebook's rebrand, paternity leave & more

E53: Wealth tax, dealing with inflation as a capital allocator, big tech earnings, Facebook's rebrand, paternity leave & more

All-In with Chamath, Jason, Sacks & Friedberg

0:00 Bestie intro, child update, Joe Lonsdale’s take on paternity leave 20:44 Proposed “Wealth Tax” 35:13 Inflation discussion: corporate and government reactions 52:30 Dealing with inflation as a capital allocator 58:49 Big Tech’s outrageous quarterly earnings, why Google is the best business ever, Facebook’s “Meta” rebrand 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://twitter.com/JTLonsdale/status/1453399478254379008 ht
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Transcript

SpeakerA
0m 0s
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0m 5s

A baby. No. Skin on skin. You guys got to keep the shirt on. Listen to me.

SpeakerB
0m 5s
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0m 10s

Only the best for my daughter. This is 100% Laura Piana vicuna.

SpeakerC
0m 10s
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0m 12s

She's going to puke on it any minute.

SpeakerA
0m 12s
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0m 16s

There is not. You're using Laura piano to wipe her when she vomits?

SpeakerB
0m 16s
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0m 31s

No, this is the sweater that she's got her face on. But this is the softest material, human, I mean, natural material on earth, really. This is not subject to any supply chain constraints. In fact, when you buy one from Laura piano, they'll fly one right to you.

SpeakerD
0m 35s
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0m 38s

Let your winners ride, rain man.

SpeakerA
0m 38s
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0m 39s

David sat.

SpeakerD
0m 42s
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0m 44s

We open sources to the fans, and.

SpeakerA
0m 44s
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0m 48s

They'Ve just gone crazy with it. Love you, queen of kin.

SpeakerB
0m 50s
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0m 58s

Guys, isn't it amazing how people in power cannot take any time off and still remain in power and engaged when you have a baby?

SpeakerC
1m 0s
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1m 2s

J. Cal, what's the reference?

SpeakerA
1m 2s
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2m 7s

Okay. Our friend Joe Lonsdale, venture capitalist living in Austin, had a tweet that went viral, but maybe not for the best reasons. He said, in response to a Dan Primrack tweet. Dan works at Axios, who was talking about Joe Rogan criticizing the amount of time Buttigieg was taking on paternity leave. And Joe Lonsdell responded, wow. Great for fathers to spend time with their kids and support moms, but any man in an important position who takes six months of leave for a newborn is a loser. In the old days, men had babies and worked harder to provide for their future. That's the correct masculine response. Well, it was an opinion from 1957. That's either his or he in the way back machine. But Joe's old school Joe is a unique individual, and he just happened to, I think, in this whole not get canceled debate or don't let yourself get canceled debate, the right is now saying, like, I'm just going to tell you how I actually feel. And so Joe told us actually, how he felt.

SpeakerB
2m 7s
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2m 40s

I don't think he said anything offensive. I think you can have a different opinion than what he said, but I don't think he said it shouldn't exist. He said, if you're in a position of power and you check out for six months, it puts everything that you're doing under a lot of pressure. That's, I think, what he said. And he called those very specific people losers. The context is Joe Rogan called out Pete Buttigieg because Pete Buttigieg had two kids via surrogate and I guess, is taking six months or I don't even know how much time he's taking.

SpeakerA
2m 40s
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2m 43s

He's had three months, but nobody knows if he's, like, working half.

SpeakerB
2m 44s
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2m 55s

But Rogan had an issue with it. And then Dan primac basically said, what Rogan doesn't know is at his own company, I. E. Spotify. There's a six month policy, which, by.

SpeakerA
2m 55s
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3m 4s

The way, Joe Rogan does not work for Spotify. They license his show. So there is no way for Joe Rogan to know the internal policies. He is not an employee.

SpeakerB
3m 4s
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3m 9s

I mean, Jason, if you want to hang your hat on that little fig leaf. Okay, no, I'm just saying.

SpeakerA
3m 9s
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3m 17s

I'm not defending Joe, but I'm also saying, how would he know? It's not like he went to HR and was like, hey, what's our paternity? He doesn't work. Fine.

SpeakerD
3m 18s
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3m 24s

Well, six months is a long time, especially. I mean, that is a long time to take off.

SpeakerA
3m 24s
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3m 29s

The word loser is a very strong word. Do you think men who take paternity are losers?

SpeakerD
3m 29s
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3m 30s

No.

SpeakerA
3m 30s
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3m 33s

Do you think men who take six months of paternity are.

SpeakerD
3m 33s
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3m 43s

No, I wouldn't necessarily call them a loser. I do think that is a long time for somebody who prioritizes work.

SpeakerC
3m 43s
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3m 49s

If an entrepreneur took six months of fraternity, would that influence whether or not you invest in his business?

SpeakerD
3m 49s
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3m 56s

Well, look, if you are the principal of a business and you just disappear for six months, that's not going to work. I mean, let's be realistic.

SpeakerB
3m 57s
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3m 59s

Unless it does, in which case then you have other problems.

SpeakerD
3m 59s
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4m 8s

Well, or, look, if you're at the stage that Google is at, or whatever, the founders can disappear and move to islands and private islands and it doesn't.

SpeakerA
4m 8s
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4m 9s

Matter what they did.

SpeakerD
4m 9s
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4m 18s

But look, we all know, I mean, that when you're a startup, you face existential decisions daily, weekly or monthly. You can't just disappear for six months. It's not going to work.

SpeakerA
4m 18s
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4m 24s

You might only have six months of Runway. So if you did take six months of paternity, there would be no company when you came back. In all likelihood.

SpeakerB
4m 24s
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5m 16s

Let me speak for myself. I couldn't ever take six months. I'll probably take three weeks to a month. And honestly, I agree with David. I really didn't do much of anything. Nat had to do, frankly, all of this by herself. And so I'm there to just be moral support and help where, you know, baby needs a diaper change. I do that. I'll hand feed in a bottle because she's tired of pumping and breastfeeding, but I am so peripherally at the edges trying to help and be relevant and try to give her a break. Here or there, that's my role. And at some point when the kid gets on a schedule, there's even less stuff necessarily for me to do other than again, just be moral and emotional support. Then of course there's bonding and stuff. But to be honest with you, I have found as a parent, the connection.

SpeakerA
5m 16s
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5m 18s

That I have with my children has.

SpeakerB
5m 18s
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5m 44s

Gotten meaningfully better as they've gotten older. And maybe that's just a limitation that I have in my need to communicate and how I want to connect with my kids and how I feel. I get feedback back that gives me energy to be a parent. It is much easier for me to find that equation with my twelve year old than it is with my two day old. So that's just me. I'm going to be out for three weeks to a month.

SpeakerA
5m 45s
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6m 26s

The other thing we're leaving out here is the question of resources. So Joe Lonsdale, according to his podcast, is a billionaire. His podcast title. And so if you're a billionaire and you have unlimited resources at home and 24 hours night nurses, which we all know what those cost, you're talking about 1000 or $2,000 a day to have 24 hours coverage. But that's nothing to a billionaire. So I don't want to make it about class, but if you were two working parents and you didn't have the money to hire somebody, this is actually practically the only thing you can do. Somebody has to be with the kid. And can one spouse be at home? I'm 24 hours alone with the kid all the time.

SpeakerB
6m 26s
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6m 37s

As you guys know, I'm from Canada. In Canada we have a one year maternity and paternity leave policy. It can kind of go both ways. Basically the family gets it and you can allocate it as and how you.

SpeakerA
6m 37s
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6m 41s

Need it and pays for their salary.

SpeakerB
6m 41s
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7m 21s

The government basically guarantees your job. You go on effectively, unemployment insurance after some period of time where you go from 100% of your salary to about, I think it's 50%, somebody will correct me if I get these details wrong. And then you go through the rest of the year. Now, in both cases, my sister, when she had both kids on the way in, she was like, I think I want to take the full year. And by the six month mark, she was losing her mind. And she's a lawyer at a really good research hospital and she does work that's really valuable to her and that she finds really stimulating and she just needed more adult connection. After six months, it was very hard for her to kind of be there.

SpeakerD
7m 21s
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7m 27s

Yeah, I just think six months for the second parent, that seems like a long time.

SpeakerA
7m 27s
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7m 50s

I don't think I could take six months off. But I also think if you have resources, there's pockets of time. Even when I did stay home for, I don't know, the first couple of weeks after the kids were born, they're asleep for 3 hours and then you clean the diapers, feed them, they play for an hour or two and then they go back on a nap. It's constantly the stop and start. I mean, that's the thing that's hardest about is the lack of sleep, I.

SpeakerB
7m 50s
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7m 59s

Think, oh, my God. It feels like it's funny, but I forgot what it's like. But you're reminded quickly. It feels like you're drunk.

SpeakerA
7m 59s
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7m 60s

Yes.

SpeakerB
7m 60s
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8m 17s

2 hours, you wake up, you get a ten minute cat nap, you wake up and this is where again I go to. And I'm such a bit player in this play right now at the edges where like Nat's sleeping. I can take care of tally, but I don't know how women do it. It's incredible.

SpeakerA
8m 17s
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8m 24s

And for those of you listening, Chamatha's got his newborn on his chest and swallowed quite nicely there.

SpeakerB
8m 24s
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8m 28s

This is why you should subscribe on YouTube and you can see that he's.

SpeakerA
8m 28s
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8m 35s

Using his new daughter to get the YouTube subscriptions up. This should blow us past 100,000 subs. But how do you feel?

SpeakerB
8m 35s
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8m 41s

It's so special. I feel so lucky. I feel so, so lucky.

SpeakerD
8m 41s
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8m 45s

This is going to be the most popular cameo on the pod since dog.

SpeakerB
8m 46s
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9m 9s

Yeah. I mean, this chick is so deliciously cute. She's so delicious. And I forgot how beautiful the sounds that girls makes versus boys having three boys and two girls. Now I remember the boys, they make kind of interesting noises, but not really, but, my gosh, like little baby girl noises. And you guys, sax has two girls, you have three. Freebird. All girls.

SpeakerA
9m 9s
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9m 9s

It's.

SpeakerB
9m 10s
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9m 11s

Girls are incredible.

SpeakerA
9m 11s
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9m 13s

We're all basically girl dads. Like Kobe.

SpeakerB
9m 13s
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9m 17s

Oh, so what a blessing. What a blessing. I feel really like.

SpeakerA
9m 17s
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9m 18s

Any news on your front?

SpeakerC
9m 18s
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9m 21s

Well, we had a baby the day after Chamath had a baby.

SpeakerA
9m 21s
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9m 23s

Oh, right. I did see the babies.

SpeakerB
9m 23s
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9m 23s

Congratulations.

SpeakerC
9m 23s
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9m 24s

Thank you.

SpeakerD
9m 24s
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9m 30s

Freeberg, where's your swaddled infant? You're letting chamath win sweepsweek here. What's going on?

SpeakerB
9m 30s
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9m 32s

His pecunia is on the way.

SpeakerA
9m 33s
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9m 37s

Are you in the Joe Lawnsdale? You did one day off and then went right back to work.

SpeakerC
9m 37s
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9m 42s

She's in the place where you drop the kids off to get raised and then you pick them up in a.

SpeakerA
9m 42s
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9m 48s

You're like, oh, you mean like vulcans? You're like vulcans where you come into a learning pod and come back a year later?

SpeakerC
9m 48s
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9m 54s

I mean, they sleep most of the day, so she's asleep right now. Actually, Allison just sent me a picture. She's sitting on the rocking chair where.

SpeakerA
9m 54s
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9m 56s

They'Re outside right now.

SpeakerC
9m 56s
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9m 57s

Pretty amazing.

SpeakerB
9m 57s
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10m 0s

I give Lonsdale a lot of courage for saying what he thought. I

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