E55: Valuing crypto projects, Rivian worth $100B+, inflation: causes and corrections and more

00:00:00.260 | ♪ Sax is old, do do do do do do ♪

00:00:03.320 | ♪ Sax is old, do do do do do do ♪

00:00:05.740 | ♪ Sax is old, do do do do do do ♪

00:00:07.780 | ♪ Sax is old ♪ - He's almost dead.

00:00:09.840 | ♪ J Cal's fat, do do do do do do ♪

00:00:12.660 | ♪ J Cal's fat, do do do do do do ♪

00:00:14.840 | ♪ J Cal's not fat anymore ♪ - J Cal's not fat.

00:00:16.920 | ♪ He's getting the cannons back, do do do ♪

00:00:20.240 | ♪ Freedberg's not human, do do do do do ♪

00:00:24.760 | ♪ He's a robot, do do do do do do ♪

00:00:27.020 | ♪ He's a robot, do do do do do do ♪

00:00:29.600 | ♪ He's a robot ♪

00:00:30.940 | - Don't quit your day job, Chamath.

00:00:32.360 | That's all I can say.

00:00:33.420 | - Bro, you don't remember Baby Shark?

00:00:35.340 | I mean, how many, no, he doesn't know his kids'

00:00:37.160 | first names or birthdays.

00:00:38.200 | How does he know Baby Shark?

00:00:39.040 | ♪ I'm going all in ♪

00:00:40.700 | ♪ Let your winners ride ♪

00:00:43.380 | - Rain Man, David Sack.

00:00:44.700 | ♪ I'm going all in ♪

00:00:47.700 | ♪ And it's said ♪

00:00:48.540 | ♪ We open sourced it to the fans ♪

00:00:49.960 | ♪ And they've just gone crazy with it ♪

00:00:51.580 | - Love you, man.

00:00:52.420 | - He's queen of kinwa.

00:00:53.920 | ♪ I'm going all in ♪

00:00:55.700 | - Hey everybody, welcome to episode 55

00:00:58.020 | of the All In Podcast.

00:00:59.200 | With us again this week, the dictator himself,

00:01:02.360 | Chamath Palihapitiya, the queen of kinwa, David Friedberg,

00:01:07.240 | and coming back from Portugal and the Solana Conference,

00:01:12.240 | riding his--

00:01:13.960 | - Where heroin and prostitution are legal.

00:01:16.800 | David Sacks.

00:01:17.640 | - Well, we were gonna double click on that,

00:01:19.060 | but you jumped the gun here on the docket.

00:01:20.900 | So David, how was the heroin in Portugal?

00:01:24.040 | - Great.

00:01:26.680 | - Great, okay.

00:01:27.520 | How you having, folks?

00:01:28.800 | - I was fully drinking the Kool-Aid

00:01:30.600 | at the Solana Conference.

00:01:31.920 | It wasn't heroin, it was Kool-Aid.

00:01:33.480 | - It was literally Kool-Aid.

00:01:37.120 | How many people were at the Solana Conference in Portugal?

00:01:40.400 | Why is it in Portugal?

00:01:42.000 | What happens at a Solana Crypto Conference?

00:01:46.320 | - I think there were thousands of people there,

00:01:47.920 | and it was, I mean, easily.

00:01:50.280 | And I mean, it was kind of a madhouse,

00:01:52.600 | and people were trying to get in last minute,

00:01:54.240 | nobody could get in,

00:01:55.400 | 'cause the conference was like totally sold out.

00:01:57.280 | It was...

00:01:58.160 | There were a lot of crypto developers,

00:01:59.480 | a lot of people with projects.

00:02:01.720 | And why Portugal?

00:02:03.280 | I think because there's a lot of conferences

00:02:06.000 | happening in Portugal right now,

00:02:06.960 | because they are easier on the COVID restrictions

00:02:09.600 | than a lot of other countries.

00:02:11.000 | So you can actually get in there and host a conference.

00:02:15.160 | - What was it, indoors with no masks?

00:02:17.280 | For masks optional?

00:02:20.800 | - I can't remember if like masks were required or not.

00:02:22.640 | I did see people wearing masks indoors, so.

00:02:25.000 | - Were you required to be vaccinated?

00:02:26.600 | Did they do tests on the way in?

00:02:27.520 | - I think I did show a vaccine pass

00:02:29.560 | at one point when I checked in.

00:02:31.120 | - I just did my booster.

00:02:32.360 | - I'm gonna do my booster shortly.

00:02:34.920 | - It kind of, it was a little,

00:02:36.680 | I would say the same kind of shitty feeling

00:02:40.120 | as the second one.

00:02:41.280 | - Hmm.

00:02:42.120 | - Which kind though?

00:02:43.200 | - I just got, I mean, I had the first two were Pfizer,

00:02:45.560 | so I took Pfizer.

00:02:46.480 | She was, the nurse actually gave me a choice.

00:02:49.000 | She's like, "You can do whatever you want,

00:02:50.200 | Pfizer, Moderna, or J&J."

00:02:51.400 | I just, I didn't know any better.

00:02:52.840 | I texted my doctor.

00:02:54.160 | So I just took Pfizer.

00:02:56.880 | Although the interesting thing is,

00:02:58.400 | Moderna is the only one that's dose regulated

00:03:00.600 | for the third dose.

00:03:01.440 | So there's a, they actually give you less specifically,

00:03:05.080 | but Pfizer is the same for all three.

00:03:06.280 | - I think we talked about this on the pod.

00:03:07.680 | There's one theory which,

00:03:09.560 | they told you get whatever one you can get,

00:03:11.480 | was the instructions,

00:03:12.400 | because it's more important to just get one

00:03:13.840 | than which one you get.

00:03:15.720 | But they said there's a Swiss cheese theory,

00:03:17.520 | which is if you took two slices of Swiss cheese

00:03:19.440 | from two different bricks of it,

00:03:20.720 | the holes would not be the same,

00:03:22.480 | and therefore you overlap them.

00:03:23.840 | So whichever deficiencies each one had,

00:03:26.240 | maybe the other one doesn't.

00:03:27.200 | - So I should have gotten Moderna, is what you're saying.

00:03:28.760 | - That would be, if you believe in the Swiss cheese theory,

00:03:31.160 | I don't know, Friedberg or a science guy,

00:03:32.520 | you believe in this?

00:03:33.360 | - I should ask Aaron Rodgers what he thinks.

00:03:34.840 | - I mean, he just straight up lied

00:03:37.120 | about being vaccinated, huh?

00:03:38.960 | - I think so.

00:03:40.000 | And I think the NFL's not doing anything about it.

00:03:41.960 | - Yeah.

00:03:43.000 | - That's not cool.

00:03:44.520 | Why would you lie about it?

00:03:45.520 | I mean, he would have still been allowed to play,

00:03:48.560 | so there was no reason to lie about it.

00:03:50.360 | I'm not totally up on that story.

00:03:51.960 | The rumor is that Kyrie is gonna be playing basketball soon.

00:03:55.600 | Because New York--

00:03:56.440 | - 'Cause Eric Adams is gonna lift the vaccine restrictions.

00:03:59.840 | - Yes.

00:04:00.680 | You will not need to show a vaccine card or wear a mask.

00:04:05.680 | - Bro, I don't think it's gonna--

00:04:06.520 | - Or maybe he'll just get a PCR test every day.

00:04:08.640 | - I don't think it's gonna matter

00:04:09.560 | because the Warriors are shooting the lights out

00:04:12.000 | and Klay hasn't even come back yet, and so--

00:04:14.160 | - Oof.

00:04:15.000 | That Gary Payton, the second kid is--

00:04:17.680 | - Did you see Gary Payton Jr., these clips?

00:04:21.280 | Oh my God.

00:04:22.120 | - The second, I mean, he's like living above the rim--

00:04:24.560 | - Oh my gosh, animal. - And just destroying it,

00:04:24.960 | Wiseman's-- - Animal, animal.

00:04:26.440 | - Is Wiseman back?

00:04:27.440 | And then Wiggins is playing great basketball.

00:04:30.200 | I mean, the Warriors are gonna win this year.

00:04:31.800 | I don't know.

00:04:32.640 | - Steph is otherworldly right now.

00:04:35.120 | - Yeah, I think Steph's got something to prove,

00:04:37.920 | even though he doesn't,

00:04:38.760 | but he's playing like he's got something to prove.

00:04:40.240 | Okay, so do we wanna just cover the elephant in the room?

00:04:45.240 | The last episode, I think we should just get out of the way

00:04:48.800 | 'cause it relates to Solana.

00:04:49.960 | There was, we took something out of the last podcast

00:04:53.280 | so people understand we have an agreement

00:04:54.320 | between the four of us.

00:04:56.360 | If there's something that somebody doesn't want on the pod

00:05:00.120 | after we record it, we'll take it out

00:05:01.400 | 'cause we don't want anybody,

00:05:03.320 | I mean, I think the philosophy,

00:05:04.560 | we haven't said this out loud,

00:05:06.000 | is we don't want anybody to say something they regret

00:05:09.920 | that could cause damage to other people or to themselves.

00:05:12.320 | So if they wanna take something out that they said,

00:05:15.240 | that's fine with all of us.

00:05:17.000 | And basically each of us has veto right on something.

00:05:19.800 | So last week, two people took their veto right on something

00:05:21.920 | and we took something out.

00:05:23.280 | You wanna explain? - Yeah.

00:05:24.160 | - What you're thinking on that, Sax,

00:05:25.600 | and why we're reversing it.

00:05:27.240 | - Yeah, okay, so a few weeks ago on the pod,

00:05:30.280 | there was an oblique reference between me and Chamath

00:05:33.480 | regarding Solana.

00:05:35.120 | And so some internet theorists claimed

00:05:38.840 | that we were trying to engineer a pump and dump in Solana,

00:05:41.640 | which if you actually listen to what we said,

00:05:44.200 | it certainly is not a pump.

00:05:46.840 | Let me explain what it was.

00:05:48.800 | So Kraft is the beneficiary because we invest,

00:05:52.680 | we're the first investors in multi-competition,

00:05:54.000 | we put in something like 40% of the money

00:05:56.440 | for their special opportunity fund.

00:05:57.920 | They were one of the first investors in Solana.

00:05:59.920 | So we are the beneficiary of about a billion dollars of Solana.

00:06:02.920 | So thank you, multi-coin.

00:06:04.520 | At some point, well, so they have started doing distributions,

00:06:07.520 | but at the time I texted Chamath,

00:06:10.520 | they hadn't really started doing distributions.

00:06:12.520 | I didn't know how deep and liquid the market for Solana was.

00:06:15.520 | I just asked Chamath, like I'd heard,

00:06:18.080 | Chamath made a lot of money in the market,

00:06:19.720 | but I didn't know how deep and liquid the market for Solana was.

00:06:23.840 | Chamath may have said something that he was long Solana

00:06:26.680 | and wanted to accumulate.

00:06:27.560 | So I sent him a text saying, "Hey, are you interested?

00:06:31.400 | I thought maybe we could do an OTC transaction

00:06:33.280 | at some point when we get our Solana."

00:06:35.440 | He basically, we had a brief exchange about that.

00:06:38.600 | And then he mentioned it on the pod.

00:06:39.720 | That was the extent of it.

00:06:40.880 | What I didn't know at the time,

00:06:42.080 | but learned subsequently is that the market for Solana

00:06:44.360 | is very deep, about three and a half billion.

00:06:46.680 | Notional is traded every day.

00:06:49.200 | So there's no need, even if we wanted to fully get out

00:06:52.160 | of our Solana position, which by the way,

00:06:53.680 | we don't even have, multi-coin still has most of it.

00:06:57.600 | It's not necessary to do an OTC transaction.

00:07:00.400 | We could just sell it.

00:07:01.360 | Explain what OTC transaction is.

00:07:02.720 | It just means over the counter.

00:07:04.040 | It just means that instead of going to like an exchange,

00:07:07.040 | you would deal with like a trading desk

00:07:08.480 | or it could just be direct, like for me to Chamath.

00:07:11.960 | So that was basically the exchange.

00:07:15.280 | Chamath and I talked about it for maybe two minutes

00:07:17.200 | and then it came up on the pod for 20 seconds.

00:07:19.680 | So then some internet theorist basically clipped it and try to,

00:07:23.520 | accuse us of organizing a pump and dump.

00:07:26.080 | Well, obviously if you're talking about selling something,

00:07:27.840 | it's not a pump.

00:07:29.560 | It's also not a dump either.

00:07:31.360 | So anyway, the reason why we said cut it out last week

00:07:35.400 | is because we didn't want to give oxygen to this stupid,

00:07:38.200 | like conspiracy theory that somebody had invented

00:07:41.840 | on the internet with like no basis whatsoever,

00:07:45.440 | because you could spend all day trying to like shoot

00:07:47.440 | this stuff down.

00:07:48.280 | But then at the Solana conference,

00:07:50.480 | enough told me, enough people told me that this was

00:07:53.360 | becoming a meme that I thought was worth addressing.

00:07:55.760 | And what, and look,

00:07:56.800 | you have to understand with crypto is that for every cryptocurrency

00:08:00.080 | like Solana, there are haters because they're invested in.

00:08:03.120 | It's very tribal.

00:08:04.160 | Or Cardano or whatever.

00:08:04.960 | Everybody's talking up their books.

00:08:06.240 | Yeah, exactly.

00:08:07.080 | There are pump and dumps and there are armies of anonymous

00:08:10.560 | Twitter accounts that will coordinate attacks and or memes, etc.

00:08:15.880 | Right.

00:08:16.200 | So they're trying to spread the rumor that like VCs are big holders

00:08:19.480 | in Solana and are going to dump it.

00:08:21.000 | The reality is that Multicoin

00:08:23.200 | has a large position, but they have LPs.

00:08:25.440 | They are slowly distributing their positions to LPs.

00:08:29.680 | In the forms of the tokens.

00:08:31.160 | They're not selling them and giving you cash.

00:08:32.560 | They're giving you the tokens.

00:08:33.520 | You get to decide what you do.

00:08:34.640 | Yes.

00:08:34.960 | And by the way, that's what we'd like to do as well.

00:08:36.680 | We're currently working through those mechanics because it's actually

00:08:39.720 | complicated for a VC firm to distribute in kind through tokens.

00:08:44.440 | But if you had to give them to your LPs subsequently.

00:08:46.960 | That's what I would like to do.

00:08:48.160 | Exactly.

00:08:48.720 | So people are doing that with Coinbase.

00:08:50.240 | So Coinbase is providing that as a service now, from my understanding.

00:08:52.720 | Right.

00:08:53.040 | So we have to work through with our LPs, but that's what we're going to try to do

00:08:56.320 | is distribute it in kind so everyone can make their own decision.

00:08:58.640 | I have a couple of things to say.

00:09:01.360 | So I've only been a buyer.

00:09:03.520 | I've never, I haven't sold a single Solana token.

00:09:09.280 | And so we are net buyers and we're buying a bunch of stuff.

00:09:15.360 | But I hate acknowledging that.

00:09:17.760 | And this is why my tone was more noncommittal.

00:09:22.880 | When we did the pod is that I really don't like this culture that's emerged via Twitter mostly,

00:09:30.560 | where you all of a sudden have to be this maximalist that basically falls on their sword

00:09:37.760 | and never sells in order to be legitimate. And I think that that's a really dangerous place to be.

00:09:42.960 | So, you know, look, if I take a much, much-

00:09:44.560 | Why is that dangerous?

00:09:45.600 | Well, if I take a much, much bigger step back, let me put Solana in the context of crypto and let me

00:09:51.600 | put crypto in the context of crypto. And I think that's a really dangerous place to be. So, you know, look, if I take a much, much-

00:09:52.720 | I think that's a really dangerous place to be. So, you know, look, if I take a much, much bigger step back, let me put Solana in the context of crypto and let me put Solana in the context of crypto.

00:09:53.680 | And where we are today at the end of the week, after Q3 earnings in November of 2021, we have

00:10:02.240 | the stock market at absolute all-time highs.

00:10:05.600 | Ripping.

00:10:07.120 | We have crypto at absolute all-time highs.

00:10:09.920 | Ripping.

00:10:10.960 | We have the art markets. I don't know if you guys saw Phillips and Christie's and Sotheby's this

00:10:14.560 | past week at absolute all-time highs.

00:10:17.360 | Sold another people for 25 million.

00:10:19.360 | We have inflation at a 30-year high. We have

00:10:22.560 | 10-year break-evens at a 25-year high. We have, you know, one point some odd trillion dollars that

00:10:29.600 | we just approved last week and we're still horse trading on another three, you know,

00:10:33.760 | $1.8 trillion of stimulus that we're going to put in. And so when you, and then you have, and I think

00:10:40.640 | the most important thing, which is the two most important founders of our generation, the two

00:10:46.800 | smartest people who have really consistently won, Elon Musk and Jeff Bezos, have collectively sold more than 11 billion dollars.

00:10:52.400 | of their holdings this year alone.

00:10:54.800 | And if you can't take all of that and decide for yourself, what's right for you and your family,

00:11:01.120 | you're doing yourself a disservice. I think it's important for me to never sort of like,

00:11:05.760 | you know, be forced to tell folks whether I'm buying or selling, although I'm willing to do

00:11:09.920 | it in moments where I think it's important. But I think it's really important to understand the

00:11:15.600 | context. And so I think like these folks that like think derisively about individuals who are

00:11:20.320 | managing risk, I think it's really nice to be able to say, you know, I'm going to buy this stock.

00:11:22.240 | I'm going to buy this stock. I'm going to buy this stock. I'm going to buy this stock. I'm going to buy this stock.

00:11:23.040 | And I think it's, it creates a lot of missed opportunity for them as well. If the smartest

00:11:28.800 | people in the world are now selling their core holdings that they told you they would never sell,

00:11:35.280 | and you are not reconsidering your position on things, you're either much smarter than them,

00:11:43.600 | or you're being really, really reckless.

00:11:46.320 | All right, there you have it.

00:11:52.080 | All right. We usually people also know inside baseball, we have a docket of stories that we

00:11:56.880 | talk about on our group chat that make up the docket for the show. But I'll bring stuff up.

00:12:00.880 | And I didn't bring that up in some way to cause trouble or anything. I thought you guys would

00:12:05.440 | want to clear the air about it. And I understand your position of, hey, you don't want to give

00:12:09.520 | these things oxygen or whatever. But I think I didn't even know that we needed to clear the

00:12:13.680 | air until you know, I went to the conference and enough people mentioned it. So but what's

00:12:17.680 | so funny is half the people on Twitter spend all their time in crypto land saying things like,

00:12:21.920 | never going to make it have fun staying poor. They're extremely Jason, as you said, tribal.

00:12:27.840 | I'm not sure that they're doing first principles analysis of these things.

00:12:30.880 | They're toxic.

00:12:31.840 | They've got exceptionally lucky.

00:12:33.680 | Yeah.

00:12:34.960 | Some of them are exceptionally good. But many people broadly speaking,

00:12:38.000 | have gotten exceptionally lucky. And I think a little bit of it is getting to their head where

00:12:42.080 | they become, you know, very virulent against people that they think, you know, whose perspectives may

00:12:47.600 | actually be negatively affecting their position without actually understanding what David said,

00:12:51.760 | that they're not going to be able to do anything about it.

00:12:53.520 | Yeah, I mean, I think that's a really good point. I mean, I'd like to give my opinion on Solana. But

00:13:01.840 | the thing or just crypto in general, the thing that's like hard about it is that it's hard to

00:13:05.920 | talk about the benefits of say, the Solana blockchain without being seen as a pumper

00:13:10.720 | of soul or a dumper of ether, whatever, because all these things are so intrinsically connected.

00:13:15.360 | I mean, I learned a lot of really bullish things about Solana, you know, at this conference. I mean,

00:13:21.600 | I think the biggest thing is, I mean, there's basically a battle for the hearts and minds of

00:13:25.920 | developers going on right now between Solana and Ethereum. That's why Solana has raced up to,

00:13:31.600 | you know, over 200. I don't know what, like 7000% increase or something incredible like that.

00:13:37.200 | The reason is because Solana as a blockchain gives confirmations back in something like 400

00:13:42.000 | milliseconds, whereas Ethereum takes, you know, minutes, and you know, transaction that might cost

00:13:47.920 | 10s of dollars, 10, 20, 30, $50 of gas on Ethereum.

00:13:51.440 | It's a lot of money. It's a lot of money. It's a lot of money. It's a lot of money. It's a lot of

00:13:52.160 | money. It's a lot of money. It's a lot of money. It's a lot of money. It's a lot of money.

00:13:52.800 | It's a lot of money. It's a lot of money. It's a lot of money. It's a lot of money.

00:13:53.600 | It's a lot of money. It's a lot of money. It's a lot of money.

00:13:54.720 | Yeah, exactly. It's also, you know, a lot of developers feel like the tools,

00:13:58.720 | the developer tools that they've created are easier than building on solidity.

00:14:02.880 | The thing that Solana gives up, the trade off that it makes is decentralization. There's basically

00:14:08.160 | that transactions are processed by 20 validators, and they're a top 20 based on holdings of soul.

00:14:15.920 | So it's kind of like this proof of stake model. So anyway, there's some trade offs there. I can tell

00:14:20.400 | you that, you know, it's a view of, you know, our friends at multi coin. And you know, I heard a lot

00:14:26.400 | of this views at the conference, although obviously, you have taken with a grain of salt,

00:14:29.760 | because these are the biggest believers, but their view is that Solana over the next year will flip

00:14:35.440 | Ethereum based on developer activity that there's real, to your point, we spend a lot of time,

00:14:41.920 | actually, before we do anything is that's the only thing we've been looking at, you know, and

00:14:45.760 | we're kind of like, I'm going to do this. And then we're like, I'm going to do that. I'm going to do that.

00:14:46.880 | And then we're like, I'm going to do that. I'm going to do that. And then we're like, I'm going to do that.

00:14:47.040 | syndica fractal, a lot of the stuff that we've done DSO is purely driven by developer interest.

00:14:54.720 | When we see developers in the open source ecosystem building things on top of this stuff,

00:14:59.120 | making stuff that's composable and usable by other people and building infrastructure.

00:15:03.040 | You know, we don't really second guess that because they are spending their

00:15:07.920 | the most important currency, which is not monetary capital, but human capital.

00:15:12.640 | Yeah, their time, their skill time and their skill and reputation.

00:15:15.600 | Another project. Yeah.

00:15:16.800 | And so when enough developers so I've always thought you just follow the developers. And as

00:15:21.600 | more and more projects get started, you just have to unemotionally support that I think the writing

00:15:26.880 | is on the wall, which is Bitcoin is gold, Ethereum looks like it's trending to be silver. And Solana

00:15:33.120 | could be the first but there will be others that come after it, of real developer ecosystems that

00:15:38.240 | can be built on top of it. The other the other thing that I would offer up to people for them

00:15:42.240 | to think about is before you blindly go and write a book, you're going to have to think about what

00:15:45.440 | you're going to do. You're going to have to think about what you're going to do. You're going to have

00:15:46.400 | to think about what you're going to do. I think that's a really important thing. And I think that's

00:15:46.880 | really important. I think it's really important to think about what you're going to do. And so,

00:15:47.520 | one way in which I try to think about these things is in the following way, you see these projects

00:15:52.640 | get started all the time. And I would view each of these projects as a mini economy, and really try

00:15:59.680 | to think what is the economic value of what's happening under the hood. So simple example, you

00:16:04.480 | know, helium is an interesting project that's trying to build a completely decentralized, you

00:16:08.720 | know, 5g infrastructure, right? render is a really interesting project that's trying to build a

00:16:15.280 | completely decentralized, you know, graphical processing infrastructure, right GPUs, essentially.

00:16:19.040 | In both of those things, you can quantifiably economically measure what the value is that

00:16:25.840 | people get right in the case of render, you're basically displacing an AWS instance. And so that

00:16:33.760 | has a price and a value. And so you know, for render to be valuable, there's an economic value

00:16:38.480 | that it replaces. If you're joining a hotspot that has an economic value where you had necessarily

00:16:44.080 | have to pay,

00:16:45.120 | you know, to get internet connectivity, if you all of a sudden are on the helium network,

00:16:49.040 | that displaces a measurable economic quantum. Understanding that is probably and taking the

00:16:54.800 | absolute value of that is the best way of really understanding which projects have potential. So if

00:16:59.200 | you take those two ideas and marry them together, where is their developer interest? And where is

00:17:04.160 | their measurable economic activity at the intersection of those I think are the really

00:17:07.840 | compelling projects that can win. Well, the thing that complicates

00:17:10.480 | all of this is that the developers are not just picking based on which language or technology,

00:17:14.960 | or stack they think has the most potential. They also have acquired economic stakes in it. So a

00:17:20.800 | developer who might be objective and say, hey, this new platform is better than Ethereum, might

00:17:26.240 | be sitting on millions of dollars in Ethereum. And they're like, I want to keep my bet going here.

00:17:31.920 | And I'm going to keep talking my book,

00:17:34.560 | possibly, but I but I do think that developers in general will choose the platform that's easiest

00:17:40.080 | and cheapest and fastest for them to develop on,

00:17:43.040 | which would mean the list on

00:17:44.800 | coin market cap of market cap ones that has been static for a decade of crypto almost,

00:17:49.840 | you know, we're largely the top 10 doesn't change that much. It's XRP, it's stellar,

00:17:53.520 | Ethereum, Bitcoin, tether, that could be up for grabs, that whole thing could change now that

00:17:58.400 | people are actually building projects, and the projects are getting competitive with each other.

00:18:03.280 | And that's that flippening we're talking about, correct sex?

00:18:05.440 | Yeah, I think that what's tricky here,

00:18:08.000 | again, is I never want to give anyone investment advice. I mean, that's just not my job. And

00:18:14.640 | if there's anyone out there listening to the show, because they're trying to get like tips or tricks,

00:18:18.640 | whatever for investment, like I'm not really comfortable telling people what to do.

00:18:22.880 | Sure.

00:18:23.680 | So you know, everyone just has to understand that I did, I do feel like what I saw at this

00:18:29.200 | conference over the past week in terms of developer enthusiasm activity was very bullish,

00:18:33.440 | actually, it was a lot like I went to the Ethereum conference, I think it was back in 2017, several

00:18:38.960 | years ago, and it felt a little bit like that. Although I would say that this time, it felt less

00:18:43.920 | academic.

00:18:44.480 | Like several years ago, it felt more like white papers. Now it actually feels like

00:18:48.320 | real projects and businesses that people are trying to create.

00:18:50.640 | Still infrastructure and less applications or more applications?

00:18:53.680 | Well, Chamath mentioned a couple of them. So there's Helium, which is creating a decentralized

00:18:59.200 | network for Wi Fi. There's Render, which is creating a decentralized network for GPU. There's

00:19:04.400 | one called Hivemapper, I met the founder. It's a decentralized network for people to map the world,

00:19:09.360 | you can think of, you know, the concept of a miner that Bitcoin invented, think of them more as like

00:19:13.680 | a resource.

00:19:14.320 | So, you know, we call them miners, but they're the validators of transactions. And we're trying to

00:19:21.200 | incentivize them through block rewards, basically through small bits of Bitcoin that get released,

00:19:26.640 | to provide these valuable computing resources to the network. And so people are figuring out now,

00:19:33.120 | how to create massively decentralized networks where you have, you know,

00:19:36.160 | 1000s or millions of resource providers provide a little bit of something to the

00:19:40.240 | network for everyone's benefit in exchange, they get some coin. That's like a really interesting

00:19:44.160 | model that couldn't exist before crypto. And so yeah, I mean, I think it's very interesting. But

00:19:50.640 | you know, in order for that to work, you have to have, like very unique, fast, efficient, scalable

00:19:56.160 | blockchains. And the feeling as I mean, I'll give credit here to to Tushar, who's one of the

00:20:02.960 | GPs at Multicoin. His view is that this was the iPhone moment for blockchain that that what Solana

00:20:09.200 | has built because it's massively scalable, and also very cheap. I mean, again, you can run a lot of

00:20:14.000 | transactions for pennies. Now, all of that is obviously very bullish for Solana. The thing I

00:20:19.280 | wrestle with is, and Chamath kind of alluded to this is I think everything's kind of in a bubble

00:20:23.360 | right now because of monetary and fiscal policy. And so you know, I guess I, you could say that

00:20:29.760 | I'm long Solana versus ETH. But I do kind of worry that the whole world right now is very bubbly.

00:20:35.520 | And so as a GP, like, what do you do about that? I can tell you right now,

00:20:39.360 | like this second, we are sitting on Solana that we have not sold. So

00:20:43.840 | you know, I am long in that sense. However, sometime over the next whatever number of years,

00:20:48.720 | we will distribute out our position of Solana to LPs.

00:20:51.840 | And then the LPs will make their decisions.

00:20:53.440 | And then they will make their decisions.

00:20:54.720 | Some LPs might specialize in crypto and want to keep it. Other ones might not want to hold assets

00:20:58.880 | and need that money to fund their endowment to give scholarships to students, or whatever your

00:21:02.880 | LPs particularly do. Well, yeah, I mean, and so I guess, to the issue of, hey,

00:21:08.400 | we're not giving investment advice here. We are all capital allocators and startup creators.

00:21:13.680 | So we're talking about our day to day lives here. Nobody should interpret this as investment advice.

00:21:19.040 | And especially not in a world now. I don't know if you guys saw what happened with Rivian this week.

00:21:23.840 | I don't know how we don't talk about a company with essentially no public sales. They've sold

00:21:30.480 | 148 cars to their employees is worth $120 billion. Any free bird? Did you see this IPO? Any thoughts

00:21:38.560 | on it? Seems like a high level, do you have investment advice for the audience that you'd

00:21:43.120 | like to give?

00:21:44.320 | Tell me what Rivian does.

00:21:45.280 | Wait, can you play that video that you found that you shared with everyone?

00:21:50.720 | You have that video? You know?

00:21:52.080 | Okay, well, I we do have it. I can we queue it up. Did you see this yet?

00:21:55.360 | So is this guy?

00:21:56.160 | No, I haven't. Oh, that Yeah, well, but just so I don't want to beat this point to death. But I

00:22:00.480 | just think it's so important for the audience that what they should be getting out of the show,

00:22:03.680 | if they're fans is maybe like advice on how to think critical thinking and how we think about

00:22:10.080 | investments. Not principles.

00:22:11.520 | Tips. Exactly. So look,

00:22:13.360 | if you want to invest in crypto, first of all, like go understand like what all these different

00:22:18.400 | projects or blockchains do and figure out what is the purpose of the token in that system? What are

00:22:23.520 | the token economics? Yeah, does it even make sense? Or is it just a scam? Then if it's a if

00:22:28.960 | it's something like a blockchain, go research how many projects are have developers on them

00:22:34.240 | and how much code is being checked in, and maybe open a wallet and buy some NFTs and buy some ETH

00:22:39.360 | and transfer it and learn just how to set up your internet connection.

00:22:43.200 | Right, right.

00:22:44.240 | This was 1995.

00:22:45.840 | Right, exactly. And then on top of all that, you got to consider macro forces because I mean,

00:22:50.000 | and I think, you know, my friends at multi coin would fully concede this, that, you know,

00:22:54.720 | it could be the case that if there's a crypto bust over the next year, and this thing, you know,

00:22:59.760 | crypto has gone through boom and bust cycles for many, many years.

00:23:02.160 | That is the standard.

00:23:03.520 | It's the standard. So you could have a situation in which, for example, Solana flips ETH and yet

00:23:08.400 | still goes down in value, because there's an overall bust cycle. So you know, you have to

00:23:12.400 | consider the macro forces.

00:23:13.040 | macroeconomic factors as well. So there's a lot of things to consider here. And then you also have

00:23:17.280 | to consider your own risk tolerance. And you know, what is appropriate for your portfolio? And it may

00:23:22.400 | be different than us.

00:23:22.800 | When do you need your money? Are you a 25 year old?

00:23:24.880 | Everything is at all time highs, and the two smartest men in the world are selling.

00:23:29.280 | Not just not just them, by the way. There are other guys that are heavily on the other side

00:23:34.720 | waiting for this whole thing to go. Like Druckenmiller has been very vocal about this.

00:23:38.560 | And he's, he's been the best macro trader in the last 30 years.

00:23:42.880 | So his position is what exactly?

00:23:46.000 | That we're printing too much money, and we're in a lot of trouble. So you know,

00:23:50.560 | look, I mean, generally, there is, I think a good point of view being shared here,

00:23:55.280 | which is, you know, understanding how to think about what you're investing in and what your,

00:24:01.600 | your expectations are, versus relying on someone's advice or opinion on what to do. If you have to

00:24:07.360 | rely on someone else's advice or opinion on what to do, you're gonna eventually lose money.

00:24:11.760 | You should not be.

00:24:12.720 | In that investment.

00:24:13.920 | You should not be in the market, because guess what, anyone that's giving you advice or opinions

00:24:17.680 | is going to make money if you do what they tell you to do, if you do what they tell you to do.

00:24:21.280 | End of story. So at some point, they're gonna all make money and you're gonna end up losing money.

00:24:26.480 | And it's a it's, you know, it's, it's, it's a better game to play,

00:24:30.800 | to learn how to kind of be thoughtful about where's your money going? What are you investing

00:24:34.720 | in? And it takes a lot of time and a lot of money. I've been sitting here silently,

00:24:37.600 | as you guys have been talking deeply about Solana and Ethereum and Bitcoin and,

00:24:42.560 | and the crypto markets because I realized so much of, you know, what's needed to be successful

00:24:48.960 | in entering this market is a depth of understanding a depth of knowledge, my time is highly limited,

00:24:53.680 | I have spent no time understanding crypto markets, because it's so deep, and it's so fluid,

00:24:58.960 | it's changing every day, it's changing every week. So if I can't get smart enough to feel

00:25:03.120 | confident about the opinions and decisions that I would be making as an investor,

00:25:06.720 | I decide not to invest and I stay out. And so I'm not an active crypto investor,

00:25:10.480 | you're a specialist, and you're

00:25:12.400 | on the razor's edge on synthetic biology and so many other

00:25:16.160 | whatever it is, there are other areas where it's better for me to spend my time and my energy. And

00:25:20.160 | I've chosen to do that versus being drawn into what feels like a very exciting, kind of, you

00:25:25.360 | know, turbulent time. There are other areas that I kind of spend my time on. And I just kind of try

00:25:29.680 | to recognize that maybe I don't know what I'm doing if I were to try and get involved here.

00:25:33.680 | And so I'd rather stay out. And I think that's counsel for for anyone, you know, if you're going

00:25:37.600 | to make an investment, it's important to feel confident about the knowledge and the depth needed

00:25:41.760 | to kind of be

00:25:42.240 | different.

00:25:43.200 | I'll build on your point, like when I when I started doing my specs, I started to write

00:25:50.880 | these one pagers. And those one pages were artifacts for me to hold myself accountable for

00:25:55.200 | how I saw something in a moment in time, and then to be able to see whether it was

00:25:59.360 | tracking to that, and then also to share it to other people a starting point,

00:26:05.760 | as David said, a journey where they should then if they're curious, go and do their own work.

00:26:09.360 | It turned out not enough people were doing the work. So then I had to

00:26:12.080 | start adding disclaimers to these things saying, Hey, guys, I'm not telling you to buy this,

00:26:16.640 | please be abundantly clear. These next facts that I will eventually launch, you're going to see

00:26:23.840 | an entire like in red block letters, like please don't buy this. Right? Because to your point,

00:26:30.480 | it doesn't matter what you say people want a lazy, easy way out. And so I just want to reiterate

00:26:35.600 | what all of you guys said none of us are dispensing advice, we are not telling you to do anything.

00:26:41.920 | Please do your own work. And please come to your conclusion. It is your responsibility. And if

00:26:47.280 | you're not sure go and look at your children in the face or your significant other in the face,

00:26:51.840 | you're responsible to them. And so do your own work.

00:26:56.720 | I'll say one more point on where I sit as an investor. I choose to only participate

00:27:06.240 | in investing in what I call productive assets. That is you put some money into something and

00:27:11.760 | whatever that thing is, is generating money in some way or is trying to generate value through

00:27:16.560 | a set of activities, like a business, or owning an apartment building where you're making rent,

00:27:23.280 | you know, anything that or you know, a group of people that are trying to have some breakthrough

00:27:27.120 | or some discovery. Those are productive assets. There's a lot of what's going on now. That is

00:27:32.960 | what I would call speculative assets, which is the only way you make money is if someone else pays

00:27:37.520 | more in the future versus what you're paying. And there isn't

00:27:41.600 | an underlying productive asset to what you're putting money into.

00:27:45.280 | You're describing every ICO or shitcoin.

00:27:47.680 | Every ICO, every NFT and the art market, right? These are examples of unproductive assets.

00:27:53.680 | They're speculative assets in the sense that you're speculating that at some point,

00:27:56.720 | the price of them are going to go up and someone

00:27:58.560 | Somebody wants that NFT more than you.

00:28:01.040 | Someone down the road will pay more for that asset than what you paid. But that underlying asset,

00:28:05.280 | that capital that you just put in, didn't go in to build something.

00:28:08.560 | There's no revenue generation, there's no IP.

00:28:11.440 | It went into someone else's pocket that sold that asset to you. And you're eventually going

00:28:15.440 | to try and sell it to someone else. And so, there's a real attraction here. Because what

00:28:21.200 | we just talked about is really hard to do. Having fundamental analysis and understanding of

00:28:24.960 | businesses and a fundamental understanding of what's working and what's not and when to shift

00:28:28.960 | and oh my gosh, are things different or are they not? To do that is really hard.

00:28:33.600 | So people end up relying on opinions of others, or they end up running into

00:28:37.680 | speculative markets. And the speculative markets are easy to understand. Someone

00:28:41.280 | just paid more for X than the other person did. Therefore, there's a trend line, it's going up.

00:28:45.200 | It's like playing roulette. And black keeps coming up and you're like, okay, it's going to be black

00:28:49.600 | again.

00:28:49.840 | It has to be black. There were seven, correct?

00:28:51.280 | There were seven blacks. And so, I think that that's a really important takeaway

00:28:54.880 | for folks that might be new as investors.

00:28:57.920 | We're all susceptible. We're all susceptible to this. I was just looking

00:29:01.120 | at my own performance coming into the end of this year. And I did a lot of SPACs this year, but I

00:29:11.120 | did these pipes, which are these third-party deals.

00:29:14.400 | Private investment in public entities.

00:29:16.160 | Exactly. Other people's deals that they were bringing to the market where they said,

00:29:19.920 | Chamath, do you want to be a part of it? And I did. And part of it was I was

00:29:25.360 | looking at these things and, you know, Freeberg doing my work. But in the end,

00:29:32.400 | it turned out I didn't do nearly as much as I probably should have because I ended up

00:29:36.800 | sitting on top of other people's work versus the original or underwriting that I would do if it was

00:29:40.960 | my own deal itself. Right? Anyways, the net of it all is like, you know, that was very inefficient

00:29:46.640 | capital deployment. And as I look at it now, it's like, you know, I'm down. Well, I'm technically up

00:29:52.640 | 19%, but that's really because of one deal. If I take that one deal out, which was a total outlier,

00:29:56.640 | I'm down 17% on about $200 million of investment.

00:29:59.280 | When you were a fast follower, not the originator, it wasn't your idea. This is

00:30:03.040 | critically important. There are many different ways to make money, but you have to specialize

00:30:06.800 | and you have to have first principles and your knowledge.

00:30:09.040 | I didn't. I trusted other

00:30:10.800 | people. I did the same thing that I that I'm saying to other people not to do do not just

00:30:15.200 | copy other people, you have to do your own principle work. And even when you do your own

00:30:19.360 | principle work, it may not be enough. And you have to be willing to basically see the forest from the

00:30:23.920 | trees and walk away. And so all these pipes, I'm in the midst of sort of cleaning up and selling

00:30:28.080 | down. And they've been a just a kind of a disaster for me. You know, I hold on, I want to build on

00:30:33.200 | this for a second, because I think it's critically important what you said as well, Friedberg,

00:30:36.880 | you have to be comfortable with the investment you're making. I look at these companies and I look at the

00:30:40.640 | underlying customer, the product, you know, and what kind of revenue it's going to generate. And

00:30:45.120 | people thought I was dunking on Rivian yesterday. And I said, Listen, you know, when Tesla went

00:30:49.040 | public, people forget their valuation was 1.5 billion 1.7. So 1.7 billion, when they went

00:30:55.600 | public. Now, they already had 1000s of roadsters, and they had already had the 93 93 million of

00:31:02.880 | revenue in year one. So this was dramatically different than what Rivian had Rivian is being

00:31:08.960 | valued at, you know, whatever that is.

00:31:10.480 | 120 billion, I think yesterday, Rivian has 17 billion cash, somebody asked me at the poker

00:31:14.880 | game last night, what I value Rivian at, I said, 17 plus 317 million in cash plus 3 billion,

00:31:22.960 | double roughly what Tesla's was the market's hotter right now, whatever. But I put them at

00:31:27.360 | 20 billion. And people were giving a hard time about I said, I think that's actually

00:31:29.760 | the realistic valuation for this company. And we are in a very dangerous moment in time right

00:31:34.800 | now where I think people are whether it's meme stocks, or crypto, or NF T's, suspending

00:31:40.320 | disbelief, in some cases, SPACs, because they're not all created equal. And certainly in private

00:31:44.480 | companies, we're seeing this, where people are giving people an amount of credit, which makes

00:31:49.760 | no logical sense, and is getting further and further disconnected in from reality. So as an

00:31:55.040 | investor, you have a choice, either you take you have your fundamentals, which I'm not going to

00:31:58.400 | change my fundamentals, I'm going to focus on the fundamentals that got me where I am.

00:32:02.080 | And I'm not going to be involved in $100 billion market cap company

00:32:06.960 | that hasn't launched a product yet, let alone $120 billion,

00:32:10.160 | or $100 billion, I'll stay focused on startups. But what you're saying is also important,

00:32:14.480 | because you're highlighting how you value that company, you individually said, I think that

00:32:20.880 | company's worth some multiple of how many cars have been sold in the past, Elon sold, you know,

00:32:26.160 | 1000s of cars, he was worth 1.7 billion, these guys have sold, and other people are coming in

00:32:30.640 | and looking at this company and saying they've built facilities, they've built assembly lines,

00:32:34.720 | and they've got pre orders and bookings for lots and lots of cars down in the future.

00:32:38.480 | And clearly, they've gone in and you know, some

00:32:40.000 | people have gone in and seen these plants and seen these cars actually working.

00:32:43.200 | So you know, it's really important to take note that your point of view is one point of view in

00:32:47.840 | a very diverse market with many points of view. And everyone's going to come into this market.

00:32:51.680 | And that's why unless you individually as an investor, have a strong point of view and can

00:32:56.320 | show that you can apply your unique insights to consistently beat the market making decisions,

00:33:01.920 | investment decisions like that you're eventually going to lose because those other points of view

00:33:05.520 | will be a bigger view of the truth and you'll lose money. And that's why I said that and that's by

00:33:09.840 | the way, that's why picking stocks is ultimately a loser's game unless you have some unique ability

00:33:15.440 | and insight for most people historically and in an upmarket everyone, everyone looks like a genius.

00:33:20.080 | Right, you need to have an edge and the public markets are hard to say that there's some

00:33:23.120 | there's some competency. Yeah, there's some unique competency that you need.

00:33:26.240 | I mean, if we double click on what you just said as the things that would be reasons to

00:33:30.080 | embed on Rivian, number one, they have 48,000 orders of pickup trucks

00:33:34.800 | against the F 150, which is now electric from Ford and a million.

00:33:39.680 | I don't know why you're arguing this, right? Like you're just making a point that we don't

00:33:43.200 | have someone on the on the on the panel right now, but someone else could come in and argue.

00:33:46.240 | And I would just say, this is the part of the conversation to be honest, Jason,

00:33:52.320 | to give you feedback I don't like because Rivian, just in defense of Rivian for a second.

00:33:57.520 | What I have heard is that it's a it's a well engineered car or truck rather,

00:34:03.600 | they've done a very smart path to market, which is essentially to, you know,

00:34:09.520 | build these delivery trucks for Amazon that allowed them to even frankly,

00:34:13.040 | you know, be default alive. Sure, versus, you know, to use the Paul Graham term instead of

00:34:17.360 | default dead. I think the point that's more important here is that it doesn't affect you.

00:34:23.200 | So let Rivian do well, you know, and this is part of the cycle.

00:34:28.240 | You shouldn't have an opinion publicly. No, no, no, I'm just saying this is the

00:34:31.120 | part of the cycle that I don't understand where people legitimately have these

00:34:39.360 | zero sum points of view about companies. And this is where I think, Freiburg is more right than

00:34:45.840 | anybody else, which is there are the market is the sum of all these collective points of view.

00:34:51.040 | Sure. And I think it's fine. I think it's fine to have one.

00:34:54.320 | I think it's a little superficial your point of view, because it's not really

00:34:58.240 | sitting on top of a model or anything else. And I think it's the same kind of superficiality that

00:35:03.280 | the Tesla cute guys had about Tesla for many years as well. It takes a long time as somebody that

00:35:09.200 | does this every day. And I just want to point this out, it takes an enormous amount of time,

00:35:13.600 | an enormous amount of work to be 55% right. Listen, I've invested in 350 companies,

00:35:18.720 | I meet with 2000 companies a year. No, in the public markets, Jason,

00:35:20.880 | it's different in the public markets. Listen, my companies are going public now,

00:35:22.880 | so I take exception to what you're saying. I know a fraud when I see it. I've seen them before.

00:35:26.560 | Oh, that's a really big statement. I'm not saying Rivian's that fraud level yet.

00:35:28.320 | That's not a fraud. No, but the distance between the

00:35:31.760 | valuation and reality is in the 50 to 100 billion dollar range.

00:35:35.600 | Okay, but that's it. I know, but that's not in control of Rivian. That's not in their control.

00:35:39.040 | Okay, that's in a bunch of external market participants control. So you can't pin that

00:35:44.160 | on them. My point is, pin it on is at the market right now seems dysfunctional,

00:35:48.400 | but Jason properly measuring throwing shade that you then you should throw shade at T row fidelity,

00:35:55.440 | all these people that are bidding up your companies, by the way, because they are the ones

00:35:58.480 | that are taking Rivian to 120 billion. It's not Rivian's fault. And Jason, what's really going on

00:36:03.040 | in the market was public speculators. What's really going on is not you can't sell $16 billion

00:36:08.880 | in an IPO to speculators. This is much lower price. These are institutionally placed

00:36:15.600 | trade orders. But regardless, the market is clearly right now in productive assets,

00:36:20.560 | businesses, the market is looking at a time horizon that has never looked at before,

00:36:25.680 | which is making bets that are 10 1520 years in the future. And that's because of the condition

00:36:30.640 | that we're in right now from a monetary policy point of view, interest rates are so low,

00:36:34.400 | there's nowhere to get yield in other assets. So you have to look further and further out to find

00:36:38.720 | value. The market is betting is making 10 year bets, which is like a VC type more than a 10 year

00:36:44.160 | bet. Jason, sorry, I can I just can I just finish my last point because before you interrupt me.

00:36:48.720 | My issue, Jason is I think you are an exceptional angel investor. But just the same way you derided

00:36:55.040 | a bunch of late stage guys remember last night at poker, when we were talking about late stage folks

00:36:59.760 | entering into the angel market, and the series A you were extremely dismissive because you know

00:37:05.600 | what the job is to be done to do that.

00:37:08.560 | job well, and they have a different skill set. Similarly, what I would just offer for you to

00:37:12.640 | think about is the people that really underwrite public market stocks well, do things and have a

00:37:18.480 | skill set that is extremely specific, and it is well trained as well. And I think that

00:37:23.920 | Okay, no, I accept that.

00:37:25.920 | I'll defend me. Let me jump into the jake house.

00:37:28.320 | If you want to defend me, and that's the people are in shock right now. So

00:37:30.880 | way to get yourself back in the game.

00:37:33.440 | This guy is purple. This guy is purple. The moon is set.

00:37:38.400 | Hell is freezing over right now.

00:37:40.400 | Hell is freezing over.

00:37:41.360 | Okay. So here's where I think Jake, I don't know anything about the Rivian company. But where I

00:37:45.040 | think Jake is right is we've seen over and over again, that when a company gets when a startup

00:37:51.360 | gets a billion dollar plus valuation without a product, invariably, it ends up somewhere between

00:37:57.840 | a disappointment and outright fraud, whether you know, it was Theranos or magic leap or Quibi,

00:38:06.240 | or whatever. I'm not saying they're all fraud.

00:38:08.240 | I mean, I think just Theranos fraud, whatever. So I think it's reasonable for any, let's say seed or

00:38:16.320 | early venture investor to develop the heuristic, that I'm not going to invest in anything with a

00:38:21.680 | billion dollar with basically unicorn valuation without seeing the product first, because we've

00:38:26.320 | learned we've got our hands burnt so many times from these overhyped companies. And here's where

00:38:32.080 | I agree if I can't see and use the product, I'm not investing. I'll invest in a seed stage, but

00:38:36.880 | I will not invest in a unicorn.

00:38:38.080 | I agree with that. But what I'm saying is when a company is going public like that, there is

00:38:43.440 | demonstrable proof of concept there. Okay, the only market in which that's not true is in

00:38:48.400 | biotechnology.

00:38:49.600 | Well, I would say for Fisker and Nikola, two related companies, those ones seem very, very

00:38:54.320 | shaky, you can debate about the scalability of these things. And you can debate that people

00:38:58.080 | didn't do the diligence, but they had to at least put a proof of concept out there for you to judge.

00:39:02.640 | If people don't do the work, I agree with you, like if you're rolling down a hill, sure.

00:39:07.920 | I agree with you. But if you're rolling down a hill, sure.

00:39:08.400 | No, but my point is, if you were there, and you did your work, you would have seen what you needed

00:39:11.680 | to see. What I have heard from people who were investors in both Lucid and Rivian, is that they

00:39:16.960 | have sat in the cars, they've driven the cars, they've spent time with them, they've seen the

00:39:21.360 | factories. And it's very much real. Now what they're debating is ramp and velocity and scale.

00:39:27.840 | I don't know. I don't have a position in either.

00:39:29.840 | Neither do I.

00:39:30.480 | I have the bigger macro point of view, which is important to me, which is

00:39:34.000 | just because these things are in the public markets, I think

00:39:37.760 | people think it's easy to judge. And I think actually modeling them and making good decisions

00:39:42.080 | is just as hard as it is for private companies.

00:39:43.840 | We need to roll this clip because there is somebody who is giving

00:39:46.480 | exceptional advice on CNBC. Let's roll the clip.

00:39:51.520 | Yeah, so well up starts up about 25% just in four days since we since we bought it,

00:39:56.320 | we bought it on about four days ago. So that's actually made a nice little move in the short

00:40:01.840 | term, probably a little extended right now, but longer term, that that's a that's a good looking

00:40:07.120 | name.

00:40:07.600 | A very powerful, very strong earnings. These stocks are

00:40:10.800 | they do. What do they do?

00:40:12.720 | Excuse me?

00:40:15.280 | What does upstart do?

00:40:16.240 | Well, I'm

00:40:19.360 | what kind of company is it?

00:40:22.480 | Yeah, I'm not you're breaking up.

00:40:25.040 | Oh, I guess we've got an audio problem. I'm sorry.

00:40:29.200 | Brutal.

00:40:30.800 | Who is this guy? Who is he?

00:40:33.440 | I have no idea.

00:40:34.240 | Jake, how is that? Is that like your uncle or something? Who is that guy?

00:40:37.440 | Yeah, I mean, just to the point to get on CNBC.

00:40:41.120 | Well, you know, the guy's been on many times.

00:40:45.040 | But doesn't this prove what we were saying, which is that you've got to do your own

00:40:48.160 | principal work here. That is why we wanted to play.

00:40:50.800 | Here's a talking head who's probably getting paid for selling some books and giving advice.

00:40:54.560 | Who knows nothing about what he's telling you.

00:40:56.480 | You can join his membership club for 1000 a month.

00:40:59.280 | I'm sure he's publishing lots of papers that show that he's a highly successful,

00:41:03.120 | profitable investor and look how smart he is. He doesn't even know the company just promoted.

00:41:07.280 | On CNBC. It's incredible.

00:41:08.640 | On a mechanical basis here, Chamath, you and I have been on CNBC many times.

00:41:14.080 | In that moment, what is going on? What do you think is going on in the host's mind?

00:41:21.520 | And the producer who has to dump this call?

00:41:25.360 | Let's move on.

00:41:25.920 | They're watching this.

00:41:26.800 | Let's move on.

00:41:27.680 | I just the breakdown when he says, I'm sorry.

00:41:30.160 | I have no idea.

00:41:31.440 | What do they do?

00:41:32.320 | I think the point's been made. I think the point's been made.

00:41:34.480 | Oh, my Lord.

00:41:35.600 | Everybody should do their own work.

00:41:36.800 | Yeah.

00:41:37.120 | Do your work.

00:41:37.920 | Let's keep going.

00:41:39.840 | Zach, you look like you want to say something.

00:41:41.600 | I mean, it just shows the agenda.

00:41:44.320 | Yeah, look, I mean, there is a massive agenda in corporate journalism.

00:41:48.800 | There's an agenda by the people on these shows to promote positions.

00:41:52.560 | There's an agenda by the reporters themselves and on and on and on it goes.

00:41:57.200 | So to Chamath's point, if you just take them at face value,

00:42:00.400 | and you don't do your own work, then you're buying into someone else's agenda.

00:42:04.800 | Trust yourself.

00:42:06.080 | Okay.

00:42:06.960 | One thing that we are trying to all understand is inflation.

00:42:10.560 | The CPI has gone up 6.2% in October, the highest jump in 31 years since 1990.

00:42:19.440 | According to the Wall Street Journal, fifth largest straight month,

00:42:21.840 | fifth straight month of inflation above 5%.

00:42:24.880 | Somebody tweeted out, we'll pull it up here.

00:42:29.040 | Denver Bitcoin put out a year over year commodity chart, we can throw up on the screen.

00:42:35.280 | And then,

00:42:36.800 | I think, Friedberg, you shared in the chat, the average weekly retail prices

00:42:42.400 | around fertilizer.

00:42:44.800 | What are our thoughts on the nature of inflation and how that affects our investment?

00:42:53.840 | I think it's persistent.

00:42:55.120 | It's persistent.

00:42:55.440 | And the reason I think it's persistent is that all of these things are intertwined.

00:43:01.360 | And so, you know, if you want to just bear with me for a second, like when this let's just go to the,

00:43:05.920 | the entry level economic job, right?

00:43:09.040 | So you're a barista at Starbucks, or you work at McDonald's, and you're making 17 to $20 an hour.

00:43:14.080 | What that does is it shifts labor.

00:43:17.040 | And eventually, there are other people that are entering the workforce or, you know, may shift

00:43:22.080 | jobs.

00:43:22.480 | And essentially, it just causes this leaky bucket effect where everybody else has to then accommodate

00:43:27.760 | itself.

00:43:28.080 | So you know, you have a guy like, you know, you have a company like Amazon, which is now going

00:43:32.880 | to pay 25 or $30 to keep folks, right?

00:43:35.760 | Because otherwise, they may say, Oh, you know, if I make 15 or $16 an hour, I'd rather work at

00:43:40.000 | McDonald's, it's simply college, it's not backbreaking work, blah, blah, blah.

00:43:43.360 | So then they start to increase the amount that they pay, they increase their benefits and the

00:43:48.160 | like.

00:43:48.400 | I saw this thing this week, there's a crazy thing that's happening, though, which is it's now

00:43:54.560 | pulling people from non traditional job classes into those jobs, there are teachers that are

00:44:01.040 | leaving teaching to go work at an Amazon warehouse, there are firefighters, that are going to go work

00:44:05.600 | at an Amazon warehouse, there are people that are quitting being a firefighter to go work at an

00:44:08.160 | Amazon warehouse, because you make the same or more.

00:44:11.840 | Plus, you have all of these other benefits, and the job is structurally a lot easier.

00:44:16.960 | And so people are making different optimizations.

00:44:19.600 | And to that point, I think we talked about this, and Nick, you can put it in the group chat.

00:44:24.000 | In Reddit, as an example, there is more engagement in the subreddit around having a simple work life

00:44:34.160 | than there is now in Wall Street.

00:44:35.440 | And so I think that's a really good point.

00:44:36.720 | So there's been a structural cultural change where people need to get paid more to do the

00:44:41.120 | same amount of work.

00:44:42.000 | And then at the same time, you have all of the all of the supply side getting more expensive.

00:44:47.920 | fertilizer makes corn more expensive lumber makes house prices more expensive chip prices makes the

00:44:53.360 | iPhone and cars more expensive or completely backlogged.

00:44:56.880 | You know, yesterday at poker, Sonny was showing us he bought a Tesla.

00:45:00.320 | And the delivery period is October of 2022.

00:45:05.280 | Yeah, it's freaking crazy.

00:45:07.680 | So I think that it's a it's this is the beginning of a persistence.

00:45:12.000 | I think those are all like really valid points.

00:45:13.920 | The thing I'm seeing now is I think we've moved into what I'll call a contagion phase of inflation,

00:45:20.720 | which is people are hearing about inflation.

00:45:23.280 | They're seeing it and some places my guests went up a little bit, my milk went up a little bit,

00:45:26.800 | whatever.

00:45:27.520 | And they're saying, Well, I guess if everybody's raising prices,

00:45:30.720 | I need to raise the prices as well of whatever I provide in the world.

00:45:35.120 | So I can just keep up with everybody else.

00:45:37.520 | And they're not looking at their inputs necessarily and saying I need to charge more,

00:45:40.480 | or that's the best business decision.

00:45:41.840 | They're just saying, everything's going up around me.

00:45:44.240 | And so they raise prices.

00:45:45.360 | I've literally had this happen three or four times.

00:45:47.680 | And I went to buy a car.

00:45:48.800 | And they wanted 15k over sticker and I didn't buy it based on principle.

00:45:52.400 | But I'm sitting here going like, maybe I'm an idiot.

00:45:54.000 | Maybe I should just pay the 15k over sticker.

00:45:55.680 | What are your thoughts, Saxon inflation and the contagion?

00:45:58.160 | My thoughts are I told you guys like six months ago about this.

00:46:01.840 | Yeah.

00:46:02.320 | Can we just replay what I said on episode 30?

00:46:04.960 | To it's got his researchers in the background.

00:46:07.360 | Give me written down what you said.

00:46:09.600 | Oh, yeah, absolutely.

00:46:10.880 | No, this guy's in the fucking debate club.

00:46:12.880 | Stanford debate club.

00:46:13.760 | Well, some of us when we make predictions, take them seriously.

00:46:16.320 | So you know, is that a dig at Professor ice cold takes?

00:46:18.960 | I'll give you guys a link to a prediction that was made.

00:46:22.320 | Here's I mean, I just want to replay the 20 seconds.

00:46:24.800 | I said, Oh, look at you back in May.

00:46:26.320 | Here we go.

00:46:26.800 | The two Davids dueling again, just like in the group chat.

00:46:29.520 | Here's Friedberg.

00:46:31.360 | January 1 2021.

00:46:32.960 | If you don't think inflation is already here,

00:46:34.800 | you missed what happened to the stock market companies aren't performing better.

00:46:38.240 | We're just inflating everything financial assets first everything also follow.

00:46:41.200 | That was a good one.

00:46:41.840 | So just make your point.

00:46:43.040 | Just make your point.

00:46:44.000 | Just add the clip.

00:46:44.960 | I'm beginning to wonder if Biden's going to be a Jimmy Carter here because,

00:46:49.680 | frankly, all he had to do was leave things well enough alone.

00:46:54.240 | COVID was winding down.

00:46:55.600 | We had a vaccine.

00:46:56.640 | All they had to do was distribute it to as many people as possible.

00:47:00.080 | And COVID let the recovery take shape.

00:47:02.880 | And instead, they push this insane.

00:47:04.640 | $10 trillion agenda is going to backfire massively.

00:47:08.080 | Look, if the economy turns, we were set for a post COVID boom.

00:47:12.160 | And right now that is all at risk because, Jamal, like you're saying,

00:47:15.600 | they're keeping the economy closed or part parts of it way too long.

00:47:19.120 | They then overcompensate for that by printing a ton of money.

00:47:22.720 | And then they overcompensate for that by raising taxes too much.

00:47:25.680 | Just to build on that.

00:47:26.880 | So that second step of their overcompensating their inability to open with money is so true.

00:47:34.480 | Because then what happens is your labor force stays

00:47:36.480 | impaired because people make enough money by not working.

00:47:38.480 | It was true.

00:47:39.040 | And I said in May, it's even more true now.

00:47:41.040 | He said it was there was inflation.

00:47:43.040 | Okay, so there's inflation.

00:47:44.080 | Okay, so now great.

00:47:45.200 | Good job.

00:47:45.760 | So my prediction is true.

00:47:47.760 | Yeah, I made one in January that said the same thing.

00:47:50.000 | Now look, you can do three things to you can do three things to curb inflation.

00:47:54.320 | Raise rates, right?

00:47:55.760 | When you raise interest rates, you slow spending.

00:47:57.760 | Prices come down.

00:47:59.600 | Inflation is going to slow down.

00:48:00.800 | And then you're going to have to do three things.

00:48:02.320 | You're going to have to do three things.

00:48:03.120 | You're going to have to do three things.

00:48:04.320 | Prices come down.

00:48:04.880 | Inflation slows.

00:48:05.680 | But the issue when you raise rates is obviously you see things like job loss and economic

00:48:10.640 | growth declines.

00:48:11.600 | And it can very quickly spiral the other way.

00:48:13.120 | This is the big challenge of Fed tapering.

00:48:15.120 | The other option is we've seen a significant attempt at lately is to raise revenue, right?

00:48:21.440 | So increased tax rates, tax a broader swath of people at a higher rate or broader swath

00:48:26.400 | of business at a higher rate.

00:48:27.680 | So it's very likely that tax revenue could kind of present itself again as a driver if

00:48:34.160 | inflation continues to spiral up.

00:48:36.320 | And the third, which is the least likely, is cut spending, right?

00:48:39.120 | The federal government spending the way it does right now makes a very inefficient way

00:48:44.080 | of kind of putting capital into the system and inflating.

00:48:46.480 | We've seen historically that anything the federal government spends money on, like

00:48:49.600 | health care and education, the costs very quickly spiral out of control.

00:48:53.440 | Super inefficient.

00:48:54.560 | Why not just give that money to the free market to make decisions on how to spend it?

00:48:57.920 | It would be more efficient, etc.

00:48:59.120 | And the market would effectively find balance where buyers and sellers are equivalent as

00:49:03.520 | well.

00:49:04.240 | So that's why I think that the federal government is so important.

00:49:06.960 | But it's also a really important thing to keep in mind.

00:49:08.800 | You know, the money is going to be the first thing that comes into the market, right?

00:49:11.360 | So that's why it's important to keep in mind.

00:49:12.800 | And then the second option, which I think is kind of a very important one, is that the

00:49:16.320 | federal government is going to be the first one to start a war against the economy.

00:49:19.280 | And the second option is the one that people don't talk about, which I think may end up

00:49:23.840 | becoming an important option, not kind of oblique option, but more kind of backdrop,

00:49:29.680 | is to start a war.

00:49:30.800 | And, you know, when you start a war...

00:49:32.880 | And I think that's the most important thing, because the policy makers would say, "Hey,

00:49:38.240 | let's go start a war to decrease inflation."

00:49:40.640 | Taiwan.

00:49:41.600 | But the premise that conflict can improve the economy is an important backdrop that

00:49:49.200 | starts to play into policy decisions that might get made over the next couple of months

00:49:53.760 | and quarters.

00:49:54.480 | And that's really important.

00:49:55.840 | Whether or not the posturing is one of partnership and a policy decision, but also of the fact

00:50:02.240 | that the government is taking a stand against the economy and the government is taking a stand

00:50:06.880 | against the economy, and the government is taking a stand against the economy and the

00:50:09.280 | government is taking a stand against the economy.

00:50:10.960 | And I think that's the most important thing.

00:50:12.720 | And I think that's the most important thing.

00:50:14.400 | And I think that's the most important thing.

00:50:15.920 | And I think that's the most important thing.

00:50:16.960 | And I think that's the most important thing.

00:50:18.240 | And I think that's the most important thing.

00:50:19.680 | So I think that's the most important thing.

00:50:20.800 | And I think that's the most important thing.

00:50:22.960 | And I think that's the most important thing.

00:50:23.760 | And I think that's the most important thing.

00:50:25.200 | And I think that's the most important thing.

00:50:26.160 | And I think that's the most important thing.

00:50:26.960 | And I think that's the most important thing.

00:50:27.200 | And I think that's the most important thing.

00:50:27.520 | And I think that's the most important thing.

00:50:28.960 | And I think that's the most important thing.

00:50:30.640 | And I think that's the most important thing.

00:50:31.760 | And I think that's the most important thing.

00:50:33.520 | And I think that's the most important thing.

00:50:34.960 | And I think that's the most important thing.

00:50:35.760 | And I think that's the most important thing.

00:50:36.960 | And I think that's the most important thing.

00:50:38.080 | And I think that's the most important thing.

00:50:38.640 | And I think that's the most important thing.

00:50:39.920 | And I think that's the most important thing.

00:50:41.360 | And I think that's the most important thing.

00:50:42.720 | And I think that's the most important thing.

00:50:44.000 | And I think that's the most important thing.

00:50:45.120 | And I think that's the most important thing.

00:50:46.720 | And I think that's the most important thing.

00:50:48.480 | And I think that's the most important thing.

00:50:49.680 | And I think that's the most important thing.

00:50:51.280 | And I think that's the most important thing.

00:50:53.280 | And I think that's the most important thing.

00:50:55.280 | And I think that's the most important thing.

00:50:57.280 | And I think that's the most important thing.

00:50:59.280 | And I think that's the most important thing.

00:51:01.280 | And I think that's the most important thing.

00:51:03.280 | And I think that's the most important thing.

00:51:05.280 | And I think that's the most important thing.

00:51:07.280 | And I think that's the most important thing.

00:51:09.280 | And I think that's the most important thing.

00:51:11.280 | And I think that's the most important thing.

00:51:13.280 | And I think that's the most important thing.

00:51:15.280 | And I think that's the most important thing.

00:51:17.280 | And I think that's the most important thing.

00:51:19.280 | And I think that's the most important thing.

00:51:21.280 | And I think that's the most important thing.

00:51:23.280 | And I think that's the most important thing.

00:51:25.280 | And I think that's the most important thing.

00:51:27.280 | And I think that's the most important thing.

00:51:29.280 | And I think that's the most important thing.

00:51:31.280 | And I think that's the most important thing.

00:51:33.280 | And I think that's the most important thing.

00:51:35.280 | And I think that's the most important thing.

00:51:37.280 | And I think that's the most important thing.

00:51:39.280 | And I think that's the most important thing.

00:51:41.280 | And I think that's the most important thing.

00:51:43.280 | And I think that's the most important thing.

00:51:45.280 | And I think that's the most important thing.

00:51:47.280 | And I think that's the most important thing.

00:51:49.280 | And I think that's the most important thing.

00:51:51.280 | And I think that's the most important thing.

00:51:53.280 | And I think that's the most important thing.

00:51:55.280 | And I think that's the most important thing.

00:51:57.280 | And I think that's the most important thing.

00:51:59.280 | And I think that's the most important thing.

00:52:01.280 | And I think that's the most important thing.

00:52:03.280 | And I think that's the most important thing.

00:52:05.280 | And I think that's the most important thing.

00:52:07.280 | And I think that's the most important thing.

00:52:09.280 | And I think that's the most important thing.

00:52:11.280 | And I think that's the most important thing.

00:52:13.280 | And I think that's the most important thing.

00:52:15.280 | And I think that's the most important thing.

00:52:17.280 | And I think that's the most important thing.

00:52:19.280 | And I think that's the most important thing.

00:52:21.280 | And I think that's the most important thing.

00:52:23.280 | And I think that's the most important thing.

00:52:25.280 | And I think that's the most important thing.

00:52:27.280 | And I think that's the most important thing.

00:52:29.280 | And I think that's the most important thing.

00:52:31.280 | And I think that's the most important thing.

00:52:33.280 | And I think that's the most important thing.

00:52:35.280 | And I think that's the most important thing.

00:52:37.280 | And I think that's the most important thing.

00:52:39.280 | And I think that's the most important thing.

00:52:41.280 | And I think that's the most important thing.

00:52:43.280 | And I think that's the most important thing.

00:52:45.280 | And I think that's the most important thing.

00:52:47.280 | And I think that's the most important thing.

00:52:49.280 | And I think that's the most important thing.

00:52:51.280 | And I think that's the most important thing.

00:52:53.280 | And I think that's the most important thing.

00:52:55.280 | And I think that's the most important thing.

00:52:57.280 | And I think that's the most important thing.

00:52:59.280 | And I think that's the most important thing.

00:53:01.280 | And I think that's the most important thing.

00:53:03.280 | And I think that's the most important thing.

00:53:05.280 | And I think that's the most important thing.

00:53:07.280 | And I think that's the most important thing.

00:53:09.280 | And I think that's the most important thing.

00:53:11.280 | And I think that's the most important thing.

00:53:13.280 | And I think that's the most important thing.

00:53:15.280 | And I think that's the most important thing.

00:53:17.280 | And I think that's the most important thing.

00:53:19.280 | And I think that's the most important thing.

00:53:21.280 | And I think that's the most important thing.

00:53:23.280 | And I think that's the most important thing.

00:53:25.280 | And I think that's the most important thing.

00:53:27.280 | And I think that's the most important thing.

00:53:29.280 | And I think that's the most important thing.

00:53:31.280 | And I think that's the most important thing.

00:53:33.280 | And I think that's the most important thing.

00:53:35.280 | And I think that's the most important thing.

00:53:37.280 | And I think that's the most important thing.

00:53:39.280 | And I think that's the most important thing.

00:53:41.280 | And I think that's the most important thing.

00:53:43.280 | And I think that's the most important thing.

00:53:45.280 | And I think that's the most important thing.

00:53:47.280 | And I think that's the most important thing.

00:53:49.280 | And I think that's the most important thing.

00:53:51.280 | And I think that's the most important thing.

00:53:53.280 | And I think that's the most important thing.

00:53:55.280 | And I think that's the most important thing.

00:53:57.280 | And I think that's the most important thing.

00:53:59.280 | And I think that's the most important thing.

00:54:01.280 | And I think that's the most important thing.

00:54:03.280 | And I think that's the most important thing.

00:54:05.280 | And I think that's the most important thing.

00:54:07.280 | And I think that's the most important thing.

00:54:09.280 | And I think that's the most important thing.

00:54:11.280 | And I think that's the most important thing.

00:54:13.280 | And I think that's the most important thing.

00:54:15.280 | And I think that's the most important thing.

00:54:17.280 | And I think that's the most important thing.

00:54:19.280 | And I think that's the most important thing.

00:54:21.280 | And I think that's the most important thing.

00:54:23.280 | And I think that's the most important thing.

00:54:25.280 | And I think that's the most important thing.

00:54:27.280 | And I think that's the most important thing.

00:54:29.280 | And I think that's the most important thing.

00:54:31.280 | And I think that's the most important thing.

00:54:33.280 | And I think that's the most important thing.

00:54:35.280 | And I think that's the most important thing.

00:54:37.280 | And I think that's the most important thing.

00:54:39.280 | And I think that's the most important thing.

00:54:41.280 | And I think that's the most important thing.

00:54:43.280 | And I think that's the most important thing.

00:54:45.280 | And I think that's the most important thing.

00:54:47.280 | And I think that's the most important thing.

00:54:49.280 | And I think that's the most important thing.

00:54:51.280 | And I think that's the most important thing.

00:54:53.280 | And I think that's the most important thing.

00:54:55.280 | And I think that's the most important thing.

00:54:57.280 | And I think that's the most important thing.

00:54:59.280 | And I think that's the most important thing.

00:55:01.280 | And I think that's the most important thing.

00:55:03.280 | And I think that's the most important thing.

00:55:05.280 | And I think that's the most important thing.

00:55:07.280 | And I think that's the most important thing.

00:55:09.280 | And I think that's the most important thing.

00:55:11.280 | And I think that's the most important thing.

00:55:13.280 | And I think that's the most important thing.

00:55:15.280 | And I think that's the most important thing.

00:55:17.280 | And I think that's the most important thing.

00:55:19.280 | And I think that's the most important thing.

00:55:21.280 | And I think that's the most important thing.

00:55:23.280 | And I think that's the most important thing.

00:55:25.280 | And I think that's the most important thing.

00:55:27.280 | And I think that's the most important thing.

00:55:29.280 | And I think that's the most important thing.

00:55:31.280 | And I think that's the most important thing.

00:55:33.280 | And I think that's the most important thing.

00:55:35.280 | And I think that's the most important thing.

00:55:37.280 | And I think that's the most important thing.

00:55:39.280 | And I think that's the most important thing.

00:55:41.280 | And I think that's the most important thing.

00:55:43.280 | And I think that's the most important thing.

00:55:45.280 | And I think that's the most important thing.

00:55:47.280 | And I think that's the most important thing.

00:55:49.280 | And I think that's the most important thing.

00:55:51.280 | And I think that's the most important thing.

00:55:53.280 | And I think that's the most important thing.

00:55:55.280 | And I think that's the most important thing.

00:55:57.280 | And I think that's the most important thing.

00:55:59.280 | And I think that's the most important thing.

00:56:01.280 | And I think that's the most important thing.

00:56:03.280 | And I think that's the most important thing.

00:56:05.280 | And I think that's the most important thing.

00:56:07.280 | And I think that's the most important thing.

00:56:09.280 | And I think that's the most important thing.

00:56:11.280 | And I think that's the most important thing.

00:56:13.280 | And I think that's the most important thing.

00:56:15.280 | And I think that's the most important thing.

00:56:17.280 | And I think that's the most important thing.

00:56:19.280 | And I think that's the most important thing.

00:56:21.280 | And I think that's the most important thing.

00:56:23.280 | And I think that's the most important thing.

00:56:25.280 | And I think that's the most important thing.

00:56:27.280 | And I think that's the most important thing.

00:56:29.280 | And I think that's the most important thing.

00:56:31.280 | And I think that's the most important thing.

00:56:33.280 | And I think that's the most important thing.

00:56:35.280 | And I think that's the most important thing.

00:56:37.280 | And I think that's the most important thing.

00:56:39.280 | And I think that's the most important thing.

00:56:41.280 | And I think that's the most important thing.

00:56:43.280 | And I think that's the most important thing.

00:56:45.280 | And I think that's the most important thing.

00:56:47.280 | And I think that's the most important thing.

00:56:49.280 | And I think that's the most important thing.

00:56:51.280 | And I think that's the most important thing.

00:56:53.280 | And I think that's the most important thing.

00:56:55.280 | And I think that's the most important thing.

00:56:57.280 | And I think that's the most important thing.

00:56:59.280 | And I think that's the most important thing.

00:57:01.280 | And I think that's the most important thing.

00:57:03.280 | And I think that's the most important thing.

00:57:05.280 | And I think that's the most important thing.

00:57:07.280 | And I think that's the most important thing.

00:57:09.280 | And I think that's the most important thing.

00:57:11.280 | And I think that's the most important thing.

00:57:13.280 | And I think that's the most important thing.

00:57:15.280 | And I think that's the most important thing.

00:57:17.280 | And I think that's the most important thing.

00:57:19.280 | And I think that's the most important thing.

00:57:21.280 | And I think that's the most important thing.

00:57:23.280 | And I think that's the most important thing.

00:57:25.280 | And I think that's the most important thing.

00:57:27.280 | And I think that's the most important thing.

00:57:29.280 | And I think that's the most important thing.

00:57:31.280 | And I think that's the most important thing.

00:57:33.280 | And I think that's the most important thing.

00:57:35.280 | And I think that's the most important thing.

00:57:37.280 | And I think that's the most important thing.

00:57:39.280 | And I think that's the most important thing.

00:57:41.280 | And I think that's the most important thing.

00:57:43.280 | And I think that's the most important thing.

00:57:45.280 | And I think that's the most important thing.

00:57:47.280 | And I think that's the most important thing.

00:57:49.280 | And I think that's the most important thing.

00:57:51.280 | And I think that's the most important thing.

00:57:53.280 | And I think that's the most important thing.

00:57:55.280 | And I think that's the most important thing.

00:57:57.280 | And I think that's the most important thing.

00:57:59.280 | And I think that's the most important thing.

00:58:01.280 | And I think that's the most important thing.

00:58:03.280 | And I think that's the most important thing.

00:58:05.280 | And I think that's the most important thing.

00:58:07.280 | And I think that's the most important thing.

00:58:09.280 | And I think that's the most important thing.

00:58:11.280 | And I think that's the most important thing.

00:58:13.280 | And I think that's the most important thing.

00:58:15.280 | And I think that's the most important thing.

00:58:17.280 | And I think that's the most important thing.

00:58:19.280 | And I think that's the most important thing.

00:58:21.280 | And I think that's the most important thing.

00:58:23.280 | And I think that's the most important thing.

00:58:25.280 | And I think that's the most important thing.

00:58:27.280 | And I think that's the most important thing.

00:58:29.280 | And I think that's the most important thing.

00:58:31.280 | And I think that's the most important thing.

00:58:33.280 | And I think that's the most important thing.

00:58:35.280 | And I think that's the most important thing.

00:58:37.280 | And I think that's the most important thing.

00:58:39.280 | And I think that's the most important thing.

00:58:41.280 | And I think that's the most important thing.

00:58:43.280 | And I think that's the most important thing.

00:58:45.280 | And I think that's the most important thing.

00:58:47.280 | And I think that's the most important thing.

00:58:49.280 | And I think that's the most important thing.

00:58:51.280 | And I think that's the most important thing.

00:58:53.280 | And I think that's the most important thing.

00:58:55.280 | And I think that's the most important thing.

00:58:57.280 | And I think that's the most important thing.

00:58:59.280 | And I think that's the most important thing.

00:59:01.280 | And I think that's the most important thing.

00:59:03.280 | And I think that's the most important thing.

00:59:05.280 | And I think that's the most important thing.

00:59:07.280 | And I think that's the most important thing.

00:59:09.280 | And I think that's the most important thing.

00:59:11.280 | And I think that's the most important thing.

00:59:13.280 | And I think that's the most important thing.

00:59:15.280 | And I think that's the most important thing.

00:59:17.280 | And I think that's the most important thing.

00:59:19.280 | And I think that's the most important thing.

00:59:21.280 | And I think that's the most important thing.

00:59:23.280 | And I think that's the most important thing.

00:59:25.280 | And I think that's the most important thing.

00:59:27.280 | And I think that's the most important thing.

00:59:29.280 | And I think that's the most important thing.

00:59:31.280 | And I think that's the most important thing.

00:59:33.280 | And I think that's the most important thing.

00:59:35.280 | And I think that's the most important thing.

00:59:37.280 | And I think that's the most important thing.

00:59:39.280 | And I think that's the most important thing.

00:59:41.280 | And I think that's the most important thing.

00:59:43.280 | And I think that's the most important thing.

00:59:45.280 | And I think that's the most important thing.

00:59:47.280 | And I think that's the most important thing.

00:59:49.280 | And I think that's the most important thing.

00:59:51.280 | And I think that's the most important thing.

00:59:53.280 | And I think that's the most important thing.

00:59:55.280 | And I think that's the most important thing.

00:59:57.280 | And I think that's the most important thing.

00:59:59.280 | And I think that's the most important thing.

01:00:01.280 | And I think that's the most important thing.

01:00:03.280 | And I think that's the most important thing.

01:00:05.280 | And I think that's the most important thing.

01:00:07.280 | And I think that's the most important thing.

01:00:09.280 | And I think that's the most important thing.

01:00:11.280 | And I think that's the most important thing.

01:00:13.280 | And I think that's the most important thing.

01:00:15.280 | And I think that's the most important thing.

01:00:17.280 | And I think that's the most important thing.

01:00:19.280 | And I think that's the most important thing.

01:00:21.280 | And I think that's the most important thing.

01:00:23.280 | And I think that's the most important thing.

01:00:25.280 | And I think that's the most important thing.

01:00:27.280 | And I think that's the most important thing.

01:00:29.280 | And I think that's the most important thing.

01:00:31.280 | And I think that's the most important thing.

01:00:33.280 | And I think that's the most important thing.

01:00:35.280 | And I think that's the most important thing.

01:00:37.280 | And I think that's the most important thing.

01:00:39.280 | And I think that's the most important thing.

01:00:41.280 | And I think that's the most important thing.

01:00:43.280 | And I think that's the most important thing.

01:00:45.280 | And I think that's the most important thing.

01:00:47.280 | And I think that's the most important thing.

01:00:49.280 | And I think that's the most important thing.

01:00:51.280 | And I think that's the most important thing.

01:00:53.280 | And I think that's the most important thing.

01:00:55.280 | And I think that's the most important thing.

01:00:57.280 | And I think that's the most important thing.

01:00:59.280 | And I think that's the most important thing.

01:01:01.280 | And I think that's the most important thing.

01:01:03.280 | And I think that's the most important thing.

01:01:05.280 | And I think that's the most important thing.

01:01:07.280 | And I think that's the most important thing.

01:01:09.280 | And I think that's the most important thing.

01:01:11.280 | And I think that's the most important thing.

01:01:13.280 | And I think that's the most important thing.

01:01:15.280 | And I think that's the most important thing.

01:01:17.280 | And I think that's the most important thing.

01:01:19.280 | And I think that's the most important thing.

01:01:21.280 | And I think that's the most important thing.

01:01:23.280 | And I think that's the most important thing.

01:01:25.280 | And I think that's the most important thing.

01:01:27.280 | And I think that's the most important thing.

01:01:29.280 | And I think that's the most important thing.

01:01:31.280 | And I think that's the most important thing.

01:01:33.280 | And I think that's the most important thing.

01:01:35.280 | And I think that's the most important thing.

01:01:37.280 | And I think that's the most important thing.

01:01:39.280 | And I think that's the most important thing.

01:01:41.280 | And I think that's the most important thing.

01:01:43.280 | And I think that's the most important thing.

01:01:45.280 | And I think that's the most important thing.

01:01:47.280 | And I think that's the most important thing.

01:01:49.280 | And I think that's the most important thing.

01:01:51.280 | And I think that's the most important thing.

01:01:53.280 | And I think that's the most important thing.

01:01:55.280 | And I think that's the most important thing.

01:01:57.280 | And I think that's the most important thing.

01:01:59.280 | And I think that's the most important thing.

01:02:01.280 | And I think that's the most important thing.

01:02:03.280 | And I think that's the most important thing.

01:02:05.280 | And I think that's the most important thing.

01:02:07.280 | And I think that's the most important thing.

01:02:09.280 | And I think that's the most important thing.

01:02:11.280 | And I think that's the most important thing.

01:02:13.280 | And I think that's the most important thing.

01:02:15.280 | And I think that's the most important thing.

01:02:17.280 | And I think that's the most important thing.

01:02:19.280 | And I think that's the most important thing.

01:02:21.280 | And I think that's the most important thing.

01:02:23.280 | And I think that's the most important thing.

01:02:25.280 | And I think that's the most important thing.

01:02:27.280 | And I think that's the most important thing.

01:02:29.280 | And I think that's the most important thing.

01:02:31.280 | And I think that's the most important thing.

01:02:33.280 | And I think that's the most important thing.

01:02:35.280 | And I think that's the most important thing.

01:02:37.280 | And I think that's the most important thing.

01:02:39.280 | And I think that's the most important thing.

01:02:41.280 | And I think that's the most important thing.

01:02:43.280 | And I think that's the most important thing.

01:02:45.280 | And I think that's the most important thing.

01:02:47.280 | And I think that's the most important thing.

01:02:49.280 | And I think that's the most important thing.

01:02:51.280 | And I think that's the most important thing.

01:02:53.280 | And I think that's the most important thing.

01:02:55.280 | And I think that's the most important thing.

01:02:57.280 | And I think that's the most important thing.

01:02:59.280 | And I think that's the most important thing.

01:03:01.280 | And I think that's the most important thing.

01:03:03.280 | And I think that's the most important thing.

01:03:05.280 | And I think that's the most important thing.

01:03:07.280 | And I think that's the most important thing.

01:03:09.280 | And I think that's the most important thing.

01:03:11.280 | And I think that's the most important thing.

01:03:13.280 | And I think that's the most important thing.

01:03:15.280 | And I think that's the most important thing.

01:03:17.280 | And I think that's the most important thing.

01:03:19.280 | And I think that's the most important thing.

01:03:21.280 | And I think that's the most important thing.

01:03:23.280 | And I think that's the most important thing.

01:03:25.280 | And I think that's the most important thing.

01:03:27.280 | And I think that's the most important thing.

01:03:29.280 | And I think that's the most important thing.

01:03:31.280 | And I think that's the most important thing.

01:03:33.280 | And I think that's the most important thing.

01:03:35.280 | And I think that's the most important thing.

01:03:37.280 | And I think that's the most important thing.

01:03:39.280 | And I think that's the most important thing.

01:03:41.280 | And I think that's the most important thing.

01:03:43.280 | And I think that's the most important thing.

01:03:45.280 | And I think that's the most important thing.

01:03:47.280 | And I think that's the most important thing.

01:03:49.280 | And I think that's the most important thing.

01:03:51.280 | And I think that's the most important thing.

01:03:53.280 | And I think that's the most important thing.

01:03:55.280 | And I think that's the most important thing.

01:03:57.280 | And I think that's the most important thing.

01:03:59.280 | And I think that's the most important thing.

01:04:01.280 | And I think that's the most important thing.

01:04:03.280 | And I think that's the most important thing.

01:04:05.280 | And I think that's the most important thing.

01:04:07.280 | And I think that's the most important thing.

01:04:09.280 | And I think that's the most important thing.

01:04:11.280 | And I think that's the most important thing.

01:04:13.280 | And I think that's the most important thing.

01:04:15.280 | And I think that's the most important thing.

01:04:17.280 | And I think that's the most important thing.

01:04:19.280 | And I think that's the most important thing.

01:04:21.280 | And I think that's the most important thing.

01:04:23.280 | And I think that's the most important thing.

01:04:25.280 | And I think that's the most important thing.

01:04:27.280 | And I think that's the most important thing.

01:04:29.280 | And I think that's the most important thing.

01:04:31.280 | And I think that's the most important thing.

01:04:33.280 | And I think that's the most important thing.

01:04:35.280 | And I think that's the most important thing.

01:04:37.280 | And I think that's the most important thing.

01:04:39.280 | And I think that's the most important thing.

01:04:41.280 | And I think that's the most important thing.

01:04:43.280 | And I think that's the most important thing.

01:04:45.280 | And I think that's the most important thing.

01:04:47.280 | And I think that's the most important thing.

01:04:49.280 | And I think that's the most important thing.

01:04:51.280 | And I think that's the most important thing.

01:04:53.280 | And I think that's the most important thing.

01:04:55.280 | And I think that's the most important thing.

01:04:57.280 | And I think that's the most important thing.

01:04:59.280 | And I think that's the most important thing.

01:05:01.280 | And I think that's the most important thing.

01:05:03.280 | And I think that's the most important thing.

01:05:05.280 | And I think that's the most important thing.

01:05:07.280 | And I think that's the most important thing.

01:05:09.280 | And I think that's the most important thing.

01:05:11.280 | And I think that's the most important thing.

01:05:13.280 | And I think that's the most important thing.

01:05:15.280 | And I think that's the most important thing.

01:05:17.280 | And I think that's the most important thing.

01:05:19.280 | And I think that's the most important thing.

01:05:21.280 | And I think that's the most important thing.

01:05:23.280 | And I think that's the most important thing.

01:05:25.280 | And I think that's the most important thing.

01:05:27.280 | And I think that's the most important thing.

01:05:29.280 | And I think that's the most important thing.

01:05:31.280 | And I think that's the most important thing.

01:05:33.280 | And I think that's the most important thing.

01:05:35.280 | And I think that's the most important thing.

01:05:37.280 | And I think that's the most important thing.

01:05:39.280 | And I think that's the most important thing.

01:05:41.280 | And I think that's the most important thing.

01:05:43.280 | And I think that's the most important thing.

01:05:45.280 | And I think that's the most important thing.

01:05:47.280 | And I think that's the most important thing.

01:05:49.280 | And I think that's the most important thing.

01:05:51.280 | And I think that's the most important thing.

01:05:53.280 | And I think that's the most important thing.

01:05:55.280 | And I think that's the most important thing.

01:05:57.280 | And I think that's the most important thing.

01:05:59.280 | And I think that's the most important thing.

01:06:01.280 | And I think that's the most important thing.

01:06:03.280 | And I think that's the most important thing.

01:06:05.280 | And I think that's the most important thing.

01:06:07.280 | And I think that's the most important thing.

01:06:09.280 | And I think that's the most important thing.

01:06:11.280 | And I think that's the most important thing.

01:06:13.280 | And I think that's the most important thing.

01:06:15.280 | And I think that's the most important thing.

01:06:17.280 | And I think that's the most important thing.

01:06:19.280 | And I think that's the most important thing.

01:06:21.280 | And I think that's the most important thing.

01:06:23.280 | And I think that's the most important thing.

01:06:25.280 | And I think that's the most important thing.

01:06:27.280 | And I think that's the most important thing.

01:06:29.280 | And I think that's the most important thing.

01:06:31.280 | And I think that's the most important thing.

01:06:33.280 | And I think that's the most important thing.

01:06:35.280 | And I think that's the most important thing.

01:06:37.280 | And I think that's the most important thing.

01:06:39.280 | And I think that's the most important thing.

01:06:41.280 | And I think that's the most important thing.

01:06:43.280 | And I think that's the most important thing.

01:06:45.280 | And I think that's the most important thing.

01:06:47.280 | And I think that's the most important thing.

01:06:49.280 | And I think that's the most important thing.

01:06:51.280 | And I think that's the most important thing.

01:06:53.280 | And I think that's the most important thing.

01:06:55.280 | And I think that's the most important thing.

01:06:57.280 | And I think that's the most important thing.

01:06:59.280 | And I think that's the most important thing.

01:07:01.280 | And I think that's the most important thing.

01:07:03.280 | And I think that's the most important thing.

01:07:05.280 | And I think that's the most important thing.

01:07:07.280 | And I think that's the most important thing.

01:07:09.280 | And I think that's the most important thing.

01:07:11.280 | And I think that's the most important thing.

01:07:13.280 | And I think that's the most important thing.

01:07:15.280 | And I think that's the most important thing.

01:07:17.280 | And I think that's the most important thing.

01:07:19.280 | And I think that's the most important thing.

01:07:21.280 | And I think that's the most important thing.

01:07:23.280 | And I think that's the most important thing.

01:07:25.280 | And I think that's the most important thing.

01:07:27.280 | And I think that's the most important thing.

01:07:29.280 | And I think that's the most important thing.

01:07:31.280 | And I think that's the most important thing.

01:07:33.280 | And I think that's the most important thing.

01:07:35.280 | And I think that's the most important thing.

01:07:37.280 | And I think that's the most important thing.

01:07:39.280 | And I think that's the most important thing.

01:07:41.280 | And I think that's the most important thing.

01:07:43.280 | And I think that's the most important thing.

01:07:45.280 | And I think that's the most important thing.

01:07:47.280 | And I think that's the most important thing.

01:07:49.280 | And I think that's the most important thing.

01:07:51.280 | And I think that's the most important thing.

01:07:53.280 | And I think that's the most important thing.

01:07:55.280 | And I think that's the most important thing.

01:07:57.280 | And I think that's the most important thing.

01:07:59.280 | And I think that's the most important thing.

01:08:01.280 | And I think that's the most important thing.

01:08:03.280 | And I think that's the most important thing.

01:08:05.280 | And I think that's the most important thing.

01:08:07.280 | And I think that's the most important thing.

01:08:09.280 | And I think that's the most important thing.

01:08:11.280 | And I think that's the most important thing.

01:08:13.280 | And I think that's the most important thing.

01:08:15.280 | And I think that's the most important thing.

01:08:17.280 | And I think that's the most important thing.

01:08:19.280 | And I think that's the most important thing.

01:08:21.280 | And I think that's the most important thing.

01:08:23.280 | And I think that's the most important thing.

01:08:25.280 | And I think that's the most important thing.

01:08:27.280 | And I think that's the most important thing.

01:08:29.280 | And I think that's the most important thing.

01:08:31.280 | And I think that's the most important thing.

01:08:33.280 | And I think that's the most important thing.

01:08:35.280 | And I think that's the most important thing.

01:08:37.280 | And I think that's the most important thing.

01:08:39.280 | And I think that's the most important thing.

01:08:41.280 | And I think that's the most important thing.

01:08:43.280 | And I think that's the most important thing.

01:08:45.280 | And I think that's the most important thing.

01:08:47.280 | And I think that's the most important thing.

01:08:49.280 | And I think that's the most important thing.

01:08:51.280 | And I think that's the most important thing.

01:08:53.280 | And I think that's the most important thing.

01:08:55.280 | And I think that's the most important thing.

01:08:57.280 | And I think that's the most important thing.

01:08:59.280 | And I think that's the most important thing.

01:09:01.280 | And I think that's the most important thing.

01:09:03.280 | And I think that's the most important thing.

01:09:05.280 | And I think that's the most important thing.

01:09:07.280 | And I think that's the most important thing.

01:09:09.280 | And I think that's the most important thing.

01:09:11.280 | And I think that's the most important thing.

01:09:13.280 | And I think that's the most important thing.

01:09:15.280 | And I think that's the most important thing.

01:09:17.280 | And I think that's the most important thing.

01:09:19.280 | And I think that's the most important thing.

01:09:21.280 | And I think that's the most important thing.

01:09:23.280 | And I think that's the most important thing.

01:09:25.280 | And I think that's the most important thing.

01:09:27.280 | And I think that's the most important thing.

01:09:29.280 | And I think that's the most important thing.

01:09:31.280 | And I think that's the most important thing.

01:09:33.280 | And I think that's the most important thing.

01:09:35.280 | And I think that's the most important thing.

01:09:37.280 | And I think that's the most important thing.

01:09:39.280 | And I think that's the most important thing.

01:09:41.280 | And I think that's the most important thing.

01:09:43.280 | And I think that's the most important thing.

01:09:45.280 | And I think that's the most important thing.

01:09:47.280 | And I think that's the most important thing.

01:09:49.280 | And I think that's the most important thing.

01:09:51.280 | And I think that's the most important thing.

01:09:53.280 | And I think that's the most important thing.

01:09:55.280 | And I think that's the most important thing.

01:09:57.280 | And I think that's the most important thing.

01:09:59.280 | And I think that's the most important thing.

01:10:01.280 | And I think that's the most important thing.

01:10:03.280 | And I think that's the most important thing.

01:10:05.280 | And I think that's the most important thing.

01:10:07.280 | And I think that's the most important thing.

01:10:09.280 | And I think that's the most important thing.

01:10:11.280 | And I think that's the most important thing.

01:10:13.280 | And I think that's the most important thing.

01:10:15.280 | And I think that's the most important thing.

01:10:17.280 | And I think that's the most important thing.

01:10:19.280 | And I think that's the most important thing.

01:10:21.280 | And I think that's the most important thing.

01:10:23.280 | And I think that's the most important thing.

01:10:25.280 | And I think that's the most important thing.

01:10:27.280 | And I think that's the most important thing.

01:10:29.280 | And I think that's the most important thing.

01:10:31.280 | And I think that's the most important thing.

01:10:33.280 | And I think that's the most important thing.

01:10:35.280 | And I think that's the most important thing.

01:10:37.280 | And I think that's the most important thing.

01:10:39.280 | And I think that's the most important thing.

01:10:41.280 | And I think that's the most important thing.

01:10:43.280 | And I think that's the most important thing.

01:10:45.280 | And I think that's the most important thing.

01:10:47.280 | And I think that's the most important thing.

01:10:49.280 | And I think that's the most important thing.

01:10:51.280 | And I think that's the most important thing.

01:10:53.280 | And I think that's the most important thing.

01:10:55.280 | And I think that's the most important thing.

01:10:57.280 | And I think that's the most important thing.

01:10:59.280 | And I think that's the most important thing.

01:11:01.280 | And I think that's the most important thing.

01:11:03.280 | And I think that's the most important thing.

01:11:05.280 | And I think that's the most important thing.

01:11:07.280 | And I think that's the most important thing.

01:11:09.280 | And I think that's the most important thing.

01:11:11.280 | And I think that's the most important thing.

01:11:13.280 | And I think that's the most important thing.

01:11:15.280 | And I think that's the most important thing.

01:11:17.280 | And I think that's the most important thing.

01:11:19.280 | And I think that's the most important thing.

01:11:21.280 | And I think that's the most important thing.

01:11:23.280 | And I think that's the most important thing.

01:11:25.280 | And I think that's the most important thing.

01:11:27.280 | And I think that's the most important thing.

01:11:29.280 | And I think that's the most important thing.

01:11:31.280 | And I think that's the most important thing.

01:11:33.280 | And I think that's the most important thing.

01:11:35.280 | And I think that's the most important thing.

01:11:37.280 | And I think that's the most important thing.

01:11:39.280 | And I think that's the most important thing.

01:11:41.280 | And I think that's the most important thing.

01:11:43.280 | And I think that's the most important thing.

01:11:45.280 | And I think that's the most important thing.

01:11:47.280 | And I think that's the most important thing.

01:11:49.280 | And I think that's the most important thing.

01:11:51.280 | And I think that's the most important thing.

01:11:53.280 | And I think that's the most important thing.

01:11:55.280 | And I think that's the most important thing.

01:11:57.280 | And I think that's the most important thing.

01:11:59.280 | And I think that's the most important thing.

01:12:01.280 | And I think that's the most important thing.

01:12:03.280 | And I think that's the most important thing.

01:12:05.280 | And I think that's the most important thing.

01:12:07.280 | And I think that's the most important thing.

01:12:09.280 | And I think that's the most important thing.

01:12:11.280 | And I think that's the most important thing.

01:12:13.280 | And I think that's the most important thing.

01:12:15.280 | And I think that's the most important thing.

01:12:17.280 | And I think that's the most important thing.

01:12:19.280 | And I think that's the most important thing.

01:12:21.280 | And I think that's the most important thing.

01:12:23.280 | And I think that's the most important thing.

01:12:25.280 | And I think that's the most important thing.

01:12:27.280 | And I think that's the most important thing.

01:12:29.280 | And I think that's the most important thing.

01:12:31.280 | And I think that's the most important thing.

01:12:33.280 | And I think that's the most important thing.

01:12:35.280 | And I think that's the most important thing.

01:12:37.280 | And I think that's the most important thing.

01:12:39.280 | And I think that's the most important thing.

01:12:41.280 | And I think that's the most important thing.

01:12:43.280 | And I think that's the most important thing.

01:12:45.280 | And I think that's the most important thing.

01:12:47.280 | And I think that's the most important thing.

01:12:49.280 | And I think that's the most important thing.

01:12:51.280 | And I think that's the most important thing.

01:12:53.280 | And I think that's the most important thing.

01:12:55.280 | And I think that's the most important thing.

01:12:57.280 | And I think that's the most important thing.

01:12:59.280 | And I think that's the most important thing.

01:13:01.280 | And I think that's the most important thing.

01:13:03.280 | And I think that's the most important thing.

01:13:05.280 | And I think that's the most important thing.

01:13:07.280 | And I think that's the most important thing.

01:13:09.280 | And I think that's the most important thing.

01:13:11.280 | And I think that's the most important thing.

01:13:13.280 | And I think that's the most important thing.

01:13:15.280 | And I think that's the most important thing.

01:13:17.280 | And I think that's the most important thing.

01:13:19.280 | And I think that's the most important thing.

01:13:21.280 | And I think that's the most important thing.

01:13:23.280 | And I think that's the most important thing.

01:13:25.280 | And I think that's the most important thing.

01:13:27.280 | And I think that's the most important thing.

01:13:29.280 | And I think that's the most important thing.

01:13:31.280 | And I think that's the most important thing.

01:13:33.280 | And I think that's the most important thing.

01:13:35.280 | And I think that's the most important thing.

01:13:37.280 | And I think that's the most important thing.

01:13:39.280 | And I think that's the most important thing.

01:13:41.280 | And I think that's the most important thing.

01:13:43.280 | And I think that's the most important thing.

01:13:45.280 | And I think that's the most important thing.

01:13:47.280 | And I think that's the most important thing.

01:13:49.280 | And I think that's the most important thing.

01:13:51.280 | And I think that's the most important thing.

01:13:53.280 | And I think that's the most important thing.

01:13:55.280 | And I think that's the most important thing.

01:13:57.280 | And I think that's the most important thing.

01:13:59.280 | And I think that's the most important thing.

01:14:01.280 | And I think that's the most important thing.

01:14:03.280 | And I think that's the most important thing.

01:14:05.280 | And I think that's the most important thing.

01:14:07.280 | And I think that's the most important thing.

01:14:09.280 | And I think that's the most important thing.

01:14:11.280 | And I think that's the most important thing.

01:14:13.280 | And I think that's the most important thing.

01:14:15.280 | And I think that's the most important thing.

01:14:17.280 | And I think that's the most important thing.

01:14:19.280 | And I think that's the most important thing.

01:14:21.280 | And I think that's the most important thing.

01:14:23.280 | And I think that's the most important thing.

01:14:25.280 | And I think that's the most important thing.

01:14:27.280 | And I think that's the most important thing.

01:14:29.280 | And I think that's the most important thing.

01:14:31.280 | And I think that's the most important thing.

01:14:33.280 | And I think that's the most important thing.

01:14:35.280 | And I think that's the most important thing.

01:14:37.280 | And I think that's the most important thing.

01:14:39.280 | And I think that's the most important thing.

01:14:41.280 | And I think that's the most important thing.

01:14:43.280 | And I think that's the most important thing.

01:14:45.280 | And I think that's the most important thing.

01:14:47.280 | And I think that's the most important thing.

01:14:49.280 | And I think that's the most important thing.

01:14:51.280 | And I think that's the most important thing.

01:14:53.280 | And I think that's the most important thing.

01:14:55.280 | And I think that's the most important thing.

01:14:57.280 | And I think that's the most important thing.

01:14:59.280 | And I think that's the most important thing.

01:15:01.280 | And I think that's the most important thing.

01:15:03.280 | And I think that's the most important thing.

01:15:05.280 | And I think that's the most important thing.

01:15:07.280 | And I think that's the most important thing.

01:15:09.280 | And I think that's the most important thing.

01:15:11.280 | And I think that's the most important thing.

01:15:13.280 | And I think that's the most important thing.

01:15:15.280 | And I think that's the most important thing.

01:15:17.280 | And I think that's the most important thing.

01:15:19.280 | And I think that's the most important thing.

01:15:21.280 | And I think that's the most important thing.

01:15:23.280 | And I think that's the most important thing.

01:15:25.280 | And I think that's the most important thing.

01:15:27.280 | And I think that's the most important thing.

01:15:29.280 | And I think that's the most important thing.

01:15:31.280 | And I think that's the most important thing.

01:15:33.280 | And I think that's the most important thing.

01:15:35.280 | And I think that's the most important thing.

01:15:37.280 | And I think that's the most important thing.

01:15:39.280 | And I think that's the most important thing.

01:15:41.280 | And I think that's the most important thing.

01:15:43.280 | And I think that's the most important thing.

01:15:45.280 | And I think that's the most important thing.

01:15:47.280 | And I think that's the most important thing.

01:15:49.280 | And I think that's the most important thing.

01:15:51.280 | And I think that's the most important thing.

01:15:53.280 | And I think that's the most important thing.

01:15:55.280 | And I think that's the most important thing.

01:15:57.280 | And I think that's the most important thing.

01:15:59.280 | And I think that's the most important thing.

01:16:01.280 | And I think that's the most important thing.

01:16:03.280 | And I think that's the most important thing.

01:16:05.280 | And I think that's the most important thing.

01:16:07.280 | And I think that's the most important thing.

01:16:09.280 | And I think that's the most important thing.

01:16:11.280 | And I think that's the most important thing.

01:16:13.280 | And I think that's the most important thing.

01:16:15.280 | And I think that's the most important thing.

01:16:17.280 | And I think that's the most important thing.

01:16:19.280 | And I think that's the most important thing.

01:16:21.280 | And I think that's the most important thing.

01:16:23.280 | And I think that's the most important thing.

01:16:25.280 | And I think that's the most important thing.

01:16:27.280 | And I think that's the most important thing.

01:16:29.280 | And I think that's the most important thing.

01:16:31.280 | And I think that's the most important thing.

01:16:33.280 | And I think that's the most important thing.

01:16:35.280 | And I think that's the most important thing.

01:16:37.280 | And I think that's the most important thing.

01:16:39.280 | And I think that's the most important thing.

01:16:41.280 | And I think that's the most important thing.

01:16:43.280 | And I think that's the most important thing.

01:16:45.280 | And I think that's the most important thing.

01:16:47.280 | And I think that's the most important thing.

01:16:49.280 | And I think that's the most important thing.

01:16:51.280 | And I think that's the most important thing.

01:16:53.280 | And I think that's the most important thing.

01:16:55.280 | And I think that's the most important thing.

01:16:57.280 | And I think that's the most important thing.

01:16:59.280 | And I think that's the most important thing.

01:17:01.280 | And I think that's the most important thing.

01:17:03.280 | And I think that's the most important thing.

01:17:05.280 | And I think that's the most important thing.

01:17:07.280 | And I think that's the most important thing.

01:17:09.280 | And I think that's the most important thing.

01:17:11.280 | And I think that's the most important thing.

01:17:13.280 | And I think that's the most important thing.

01:17:15.280 | And I think that's the most important thing.

01:17:17.280 | And I think that's the most important thing.

01:17:19.280 | And I think that's the most important thing.

01:17:21.280 | And I think that's the most important thing.

01:17:23.280 | And I think that's the most important thing.

01:17:25.280 | And I think that's the most important thing.

01:17:27.280 | And I think that's the most important thing.

01:17:29.280 | And I think that's the most important thing.

01:17:31.280 | And I think that's the most important thing.

01:17:33.280 | And I think that's the most important thing.

01:17:35.280 | And I think that's the most important thing.

01:17:37.280 | And I think that's the most important thing.

01:17:39.280 | And I think that's the most important thing.

01:17:41.280 | And I think that's the most important thing.

01:17:43.280 | And I think that's the most important thing.

01:17:45.280 | And I think that's the most important thing.

01:17:47.280 | And I think that's the most important thing.

01:17:49.280 | And I think that's the most important thing.

01:17:51.280 | And I think that's the most important thing.

01:17:53.280 | And I think that's the most important thing.

01:17:55.280 | And I think that's the most important thing.

01:17:57.280 | And I think that's the most important thing.

01:17:59.280 | And I think that's the most important thing.

01:18:01.280 | And I think that's the most important thing.

01:18:03.280 | And I think that's the most important thing.

01:18:05.280 | And I think that's the most important thing.

01:18:07.280 | And I think that's the most important thing.

01:18:09.280 | And I think that's the most important thing.

01:18:11.280 | And I think that's the most important thing.

01:18:13.280 | And I think that's the most important thing.

01:18:15.280 | And I think that's the most important thing.

01:18:17.280 | And I think that's the most important thing.

01:18:19.280 | And I think that's the most important thing.

01:18:21.280 | And I think that's the most important thing.

01:18:23.280 | And I think that's the most important thing.

01:18:25.280 | And I think that's the most important thing.

01:18:27.280 | And I think that's the most important thing.

01:18:29.280 | And I think that's the most important thing.

01:18:31.280 | And I think that's the most important thing.

01:18:33.280 | And I think that's the most important thing.

01:18:35.280 | And I think that's the most important thing.

01:18:37.280 | And I think that's the most important thing.

01:18:39.280 | And I think that's the most important thing.

01:18:41.280 | And I think that's the most important thing.

01:18:43.280 | And I think that's the most important thing.

01:18:45.280 | And I think that's the most important thing.

01:18:47.280 | And I think that's the most important thing.

01:18:49.280 | And I think that's the most important thing.

01:18:51.280 | And I think that's the most important thing.

01:18:53.280 | And I think that's the most important thing.

01:18:55.280 | And I think that's the most important thing.

01:18:57.280 | And I think that's the most important thing.

01:18:59.280 | And I think that's the most important thing.

01:19:01.280 | And I think that's the most important thing.

01:19:03.280 | And I think that's the most important thing.

01:19:05.280 | And I think that's the most important thing.

01:19:07.280 | And I think that's the most important thing.

01:19:09.280 | And I think that's the most important thing.

01:19:11.280 | And I think that's the most important thing.

01:19:13.280 | And I think that's the most important thing.

01:19:15.280 | And I think that's the most important thing.

01:19:17.280 | And I think that's the most important thing.

01:19:19.280 | And I think that's the most important thing.

01:19:21.280 | And I think that's the most important thing.

01:19:23.280 | And I think that's the most important thing.

01:19:25.280 | And I think that's the most important thing.

01:19:27.280 | And I think that's the most important thing.

01:19:29.280 | And I think that's the most important thing.

01:19:31.280 | And I think that's the most important thing.

01:19:33.280 | And I think that's the most important thing.

01:19:35.280 | And I think that's the most important thing.

01:19:37.280 | And I think that's the most important thing.

01:19:39.280 | And I think that's the most important thing.

01:19:41.280 | And I think that's the most important thing.

01:19:43.280 | And I think that's the most important thing.

01:19:45.280 | And I think that's the most important thing.

01:19:47.280 | And I think that's the most important thing.

01:19:49.280 | And I think that's the most important thing.

01:19:51.280 | And I think that's the most important thing.

01:19:53.280 | And I think that's the most important thing.

01:19:55.280 | And I think that's the most important thing.

01:19:57.280 | And I think that's the most important thing.

01:19:59.280 | And I think that's the most important thing.

01:20:01.280 | And I think that's the most important thing.

01:20:03.280 | And I think that's the most important thing.

01:20:05.280 | And I think that's the most important thing.

01:20:07.280 | And I think that's the most important thing.

01:20:09.280 | And I think that's the most important thing.

01:20:11.280 | And I think that's the most important thing.

01:20:13.280 | And I think that's the most important thing.

01:20:15.280 | And I think that's the most important thing.

01:20:17.280 | And I think that's the most important thing.

01:20:19.280 | And I think that's the most important thing.

01:20:21.280 | And I think that's the most important thing.

01:20:23.280 | And I think that's the most important thing.

01:20:25.280 | And I think that's the most important thing.

01:20:27.280 | And I think that's the most important thing.

01:20:29.280 | And I think that's the most important thing.

01:20:31.280 | And I think that's the most important thing.

01:20:33.280 | And I think that's the most important thing.

01:20:35.280 | And I think that's the most important thing.

01:20:37.280 | And I think that's the most important thing.

01:20:39.280 | And I think that's the most important thing.

01:20:41.280 | And I think that's the most important thing.

01:20:43.280 | And I think that's the most important thing.

01:20:45.280 | And I think that's the most important thing.

01:20:47.280 | And I think that's the most important thing.

01:20:49.280 | And I think that's the most important thing.

01:20:51.280 | And I think that's the most important thing.

01:20:53.280 | And I think that's the most important thing.

01:20:55.280 | And I think that's the most important thing.

01:20:57.280 | And I think that's the most important thing.

01:20:59.280 | And I think that's the most important thing.

01:21:01.280 | And I think that's the most important thing.

01:21:03.280 | And I think that's the most important thing.

01:21:05.280 | And I think that's the most important thing.

01:21:07.280 | And I think that's the most important thing.

01:21:09.280 | And I think that's the most important thing.

01:21:11.280 | And I think that's the most important thing.

01:21:13.280 | And I think that's the most important thing.

01:21:15.280 | And I think that's the most important thing.

01:21:17.280 | And I think that's the most important thing.

01:21:19.280 | And I think that's the most important thing.

01:21:21.280 | And I think that's the most important thing.

01:21:23.280 | And I think that's the most important thing.

01:21:25.280 | And I think that's the most important thing.

01:21:27.280 | And I think that's the most important thing.

01:21:29.280 | And I think that's the most important thing.

01:21:31.280 | And I think that's the most important thing.

01:21:33.280 | And I think that's the most important thing.

01:21:35.280 | And I think that's the most important thing.

01:21:37.280 | And I think that's the most important thing.

01:21:39.280 | And I think that's the most important thing.

01:21:41.280 | And I think that's the most important thing.

01:21:43.280 | And I think that's the most important thing.

01:21:45.280 | And I think that's the most important thing.

01:21:47.280 | And I think that's the most important thing.

01:21:49.280 | And I think that's the most important thing.

01:21:51.280 | And I think that's the most important thing.

01:21:53.280 | And I think that's the most important thing.

01:21:55.280 | And I think that's the most important thing.

01:21:57.280 | And I think that's the most important thing.

01:21:59.280 | And I think that's the most important thing.

01:22:01.280 | And I think that's the most important thing.

01:22:03.280 | And I think that's the most important thing.

01:22:05.280 | And I think that's the most important thing.

01:22:07.280 | And I think that's the most important thing.

01:22:09.280 | And I think that's the most important thing.

01:22:11.280 | And I think that's the most important thing.

01:22:13.280 | And I think that's the most important thing.

01:22:15.280 | And I think that's the most important thing.

01:22:17.280 | And I think that's the most important thing.

01:22:19.280 | And I think that's the most important thing.

01:22:21.280 | And I think that's the most important thing.

01:22:23.280 | And I think that's the most important thing.

01:22:25.280 | And I think that's the most important thing.

01:22:27.280 | And I think that's the most important thing.

01:22:29.280 | And I think that's the most important thing.

01:22:31.280 | And I think that's the most important thing.

01:22:33.280 | And I think that's the most important thing.

01:22:35.280 | And I think that's the most important thing.

01:22:37.280 | And I think that's the most important thing.

01:22:39.280 | And I think that's the most important thing.

01:22:41.280 | And I think that's the most important thing.

01:22:43.280 | And I think that's the most important thing.

01:22:45.280 | And I think that's the most important thing.

01:22:47.280 | And I think that's the most important thing.

01:22:49.280 | And I think that's the most important thing.

01:22:51.280 | And I think that's the most important thing.

01:22:53.280 | And I think that's the most important thing.

01:22:55.280 | And I think that's the most important thing.

01:22:57.280 | And I think that's the most important thing.

01:22:59.280 | And I think that's the most important thing.

01:23:01.280 | And I think that's the most important thing.

01:23:03.280 | And I think that's the most important thing.

01:23:05.280 | And I think that's the most important thing.

01:23:07.280 | And I think that's the most important thing.

01:23:09.280 | And I think that's the most important thing.

01:23:11.280 | And I think that's the most important thing.

01:23:13.280 | And I think that's the most important thing.

01:23:15.280 | And I think that's the most important thing.

01:23:17.280 | And I think that's the most important thing.

01:23:19.280 | And I think that's the most important thing.

01:23:21.280 | And I think that's the most important thing.

01:23:23.280 | And I think that's the most important thing.

01:23:25.280 | And I think that's the most important thing.

01:23:27.280 | And I think that's the most important thing.

01:23:29.280 | And I think that's the most important thing.

01:23:31.280 | And I think that's the most important thing.

01:23:33.280 | And I think that's the most important thing.

01:23:35.280 | And I think that's the most important thing.

01:23:37.280 | And I think that's the most important thing.

01:23:39.280 | And I think that's the most important thing.

01:23:41.280 | And I think that's the most important thing.

01:23:43.280 | And I think that's the most important thing.

01:23:45.280 | And I think that's the most important thing.

01:23:47.280 | And I think that's the most important thing.

01:23:49.280 | And I think that's the most important thing.

01:23:51.280 | And I think that's the most important thing.

01:23:53.280 | And I think that's the most important thing.

01:23:55.280 | And I think that's the most important thing.

01:23:57.280 | And I think that's the most important thing.

01:23:59.280 | And I think that's the most important thing.

01:24:01.280 | And I think that's the most important thing.

01:24:03.280 | And I think that's the most important thing.

01:24:05.280 | And I think that's the most important thing.

01:24:07.280 | And I think that's the most important thing.

01:24:09.280 | And I think that's the most important thing.

01:24:11.280 | And I think that's the most important thing.

01:24:13.280 | And I think that's the most important thing.

01:24:15.280 | And I think that's the most important thing.

01:24:17.280 | And I think that's the most important thing.

01:24:19.280 | And I think that's the most important thing.

01:24:21.280 | And I think that's the most important thing.

01:24:23.280 | And I think that's the most important thing.

01:24:25.280 | And I think that's the most important thing.

01:24:27.280 | And I think that's the most important thing.

01:24:29.280 | And I think that's the most important thing.

01:24:31.280 | And I think that's the most important thing.

01:24:33.280 | And I think that's the most important thing.

01:24:35.280 | And I think that's the most important thing.

01:24:37.280 | And I think that's the most important thing.

01:24:39.280 | And I think that's the most important thing.

01:24:41.280 | And I think that's the most important thing.

01:24:43.280 | And I think that's the most important thing.

01:24:45.280 | And I think that's the most important thing.

01:24:47.280 | And I think that's the most important thing.

01:24:49.280 | And I think that's the most important thing.

01:24:51.280 | And I think that's the most important thing.

01:24:53.280 | And I think that's the most important thing.

01:24:55.280 | And I think that's the most important thing.

01:24:57.280 | And I think that's the most important thing.

01:24:59.280 | And I think that's the most important thing.

01:25:01.280 | And I think that's the most important thing.

01:25:03.280 | And I think that's the most important thing.

01:25:05.280 | And I think that's the most important thing.

01:25:07.280 | And I think that's the most important thing.

01:25:09.280 | And I think that's the most important thing.

01:25:11.280 | And I think that's the most important thing.

01:25:13.280 | And I think that's the most important thing.

01:25:15.280 | And I think that's the most important thing.

01:25:17.280 | And I think that's the most important thing.

01:25:19.280 | And I think that's the most important thing.

01:25:21.280 | And I think that's the most important thing.

01:25:23.280 | And I think that's the most important thing.

01:25:25.280 | And I think that's the most important thing.

01:25:27.280 | And I think that's the most important thing.

01:25:29.280 | And I think that's the most important thing.

01:25:31.280 | And I think that's the most important thing.

01:25:33.280 | And I think that's the most important thing.

01:25:35.280 | And I think that's the most important thing.

01:25:37.280 | And I think that's the most important thing.

01:25:39.280 | And I think that's the most important thing.

01:25:41.280 | And I think that's the most important thing.

01:25:43.280 | And I think that's the most important thing.

01:25:45.280 | And I think that's the most important thing.

01:25:47.280 | And I think that's the most important thing.

01:25:49.280 | And I think that's the most important thing.

01:25:51.280 | And I think that's the most important thing.

01:25:53.280 | And I think that's the most important thing.

01:25:55.280 | And I think that's the most important thing.

01:25:57.280 | And I think that's the most important thing.

01:25:59.280 | And I think that's the most important thing.

01:26:01.280 | And I think that's the most important thing.

01:26:03.280 | And I think that's the most important thing.

01:26:05.280 | And I think that's the most important thing.

01:26:07.280 | And I think that's the most important thing.

01:26:09.280 | And I think that's the most important thing.

01:26:11.280 | And I think that's the most important thing.

01:26:13.280 | And I think that's the most important thing.

01:26:15.280 | And I think that's the most important thing.

01:26:17.280 | And I think that's the most important thing.

01:26:19.280 | And I think that's the most important thing.

01:26:21.280 | And I think that's the most important thing.

01:26:23.280 | And I think that's the most important thing.

01:26:25.280 | And I think that's the most important thing.

01:26:27.280 | And I think that's the most important thing.

01:26:29.280 | And I think that's the most important thing.

01:26:31.280 | And I think that's the most important thing.

01:26:33.280 | And I think that's the most important thing.

01:26:35.280 | And I think that's the most important thing.

01:26:37.280 | And I think that's the most important thing.

01:26:39.280 | And I think that's the most important thing.

01:26:41.280 | And I think that's the most important thing.

01:26:43.280 | And I think that's the most important thing.

01:26:45.280 | And I think that's the most important thing.

01:26:47.280 | And I think that's the most important thing.

01:26:49.280 | And I think that's the most important thing.

01:26:51.280 | And I think that's the most important thing.

01:26:53.280 | And I think that's the most important thing.

01:26:55.280 | And I think that's the most important thing.

01:26:57.280 | And I think that's the most important thing.

01:26:59.280 | And I think that's the most important thing.

01:27:01.280 | And I think that's the most important thing.

01:27:03.280 | And I think that's the most important thing.

01:27:05.280 | And I think that's the most important thing.

01:27:07.280 | And I think that's the most important thing.

01:27:09.280 | And I think that's the most important thing.

01:27:11.280 | And I think that's the most important thing.

01:27:13.280 | And I think that's the most important thing.

01:27:15.280 | And I think that's the most important thing.

01:27:17.280 | And I think that's the most important thing.

01:27:19.280 | And I think that's the most important thing.

01:27:21.280 | And I think that's the most important thing.

01:27:23.280 | And I think that's the most important thing.

01:27:25.280 | And I think that's the most important thing.

01:27:27.280 | And I think that's the most important thing.

01:27:29.280 | And I think that's the most important thing.

01:27:31.280 | And I think that's the most important thing.

01:27:33.280 | And I think that's the most important thing.

01:27:35.280 | And I think that's the most important thing.

01:27:37.280 | And I think that's the most important thing.

01:27:39.280 | And I think that's the most important thing.

01:27:41.280 | And I think that's the most important thing.

01:27:43.280 | And I think that's the most important thing.

01:27:45.280 | And I think that's the most important thing.

01:27:47.280 | And I think that's the most important thing.

01:27:49.280 | And I think that's the most important thing.

01:27:51.280 | And I think that's the most important thing.

01:27:53.280 | And I think that's the most important thing.

01:27:55.280 | And I think that's the most important thing.

01:27:57.280 | And I think that's the most important thing.

01:27:59.280 | And I think that's the most important thing.

01:28:01.280 | And I think that's the most important thing.

01:28:03.280 | And I think that's the most important thing.

01:28:05.280 | And I think that's the most important thing.

01:28:07.280 | And I think that's the most important thing.

01:28:09.280 | And I think that's the most important thing.

01:28:11.280 | And I think that's the most important thing.

01:28:13.280 | And I think that's the most important thing.

01:28:15.280 | And I think that's the most important thing.

01:28:17.280 | And I think that's the most important thing.

01:28:19.280 | And I think that's the most important thing.

01:28:21.280 | And I think that's the most important thing.

01:28:23.280 | And I think that's the most important thing.

01:28:25.280 | And I think that's the most important thing.

01:28:27.280 | And I think that's the most important thing.

01:28:29.280 | And I think that's the most important thing.

01:28:31.280 | And I think that's the most important thing.

01:28:33.280 | And I think that's the most important thing.

01:28:35.280 | And I think that's the most important thing.

01:28:37.280 | And I think that's the most important thing.

01:28:39.280 | And I think that's the most important thing.

01:28:41.280 | And I think that's the most important thing.

01:28:43.280 | And I think that's the most important thing.

01:28:45.280 | And I think that's the most important thing.

01:28:47.280 | And I think that's the most important thing.

01:28:49.280 | And I think that's the most important thing.

01:28:51.280 | And I think that's the most important thing.

01:28:53.280 | And I think that's the most important thing.

01:28:55.280 | And I think that's the most important thing.

01:28:57.280 | And I think that's the most important thing.

01:28:59.280 | And I think that's the most important thing.

01:29:01.280 | And I think that's the most important thing.

01:29:03.280 | And I think that's the most important thing.

01:29:05.280 | And I think that's the most important thing.

01:29:07.280 | And I think that's the most important thing.

01:29:09.280 | And I think that's the most important thing.

01:29:11.280 | And I think that's the most important thing.

01:29:13.280 | And I think that's the most important thing.

01:29:15.280 | And I think that's the most important thing.

01:29:17.280 | And I think that's the most important thing.

01:29:19.280 | And I think that's the most important thing.

01:29:21.280 | And I think that's the most important thing.

01:29:23.280 | And I think that's the most important thing.

01:29:25.280 | And I think that's the most important thing.

01:29:27.280 | And I think that's the most important thing.

01:29:29.280 | And I think that's the most important thing.

01:29:31.280 | And I think that's the most important thing.

01:29:33.280 | And I think that's the most important thing.

01:29:35.280 | And I think that's the most important thing.

01:29:37.280 | And I think that's the most important thing.

01:29:39.280 | And I think that's the most important thing.

01:29:41.280 | And I think that's the most important thing.

01:29:43.280 | And I think that's the most important thing.

01:29:45.280 | And I think that's the most important thing.

01:29:47.280 | And I think that's the most important thing.

01:29:49.280 | And I think that's the most important thing.

01:29:51.280 | And I think that's the most important thing.

01:29:53.280 | And I think that's the most important thing.

01:29:55.280 | And I think that's the most important thing.

01:29:57.280 | And I think that's the most important thing.

01:29:59.280 | And I think that's the most important thing.

01:30:01.280 | And I think that's the most important thing.

01:30:03.280 | And I think that's the most important thing.

01:30:05.280 | And I think that's the most important thing.

01:30:07.280 | And I think that's the most important thing.

01:30:09.280 | And I think that's the most important thing.

01:30:11.280 | And I think that's the most important thing.

01:30:13.280 | And I think that's the most important thing.

01:30:15.280 | And I think that's the most important thing.

01:30:17.280 | And I think that's the most important thing.

01:30:19.280 | And I think that's the most important thing.

01:30:21.280 | And I think that's the most important thing.

01:30:23.280 | And I think that's the most important thing.

01:30:25.280 | And I think that's the most important thing.

01:30:27.280 | And I think that's the most important thing.

01:30:29.280 | And I think that's the most important thing.

01:30:31.280 | And I think that's the most important thing.

01:30:33.280 | And I think that's the most important thing.

01:30:35.280 | And I think that's the most important thing.

01:30:37.280 | And I think that's the most important thing.

01:30:39.280 | And I think that's the most important thing.

01:30:41.280 | And I think that's the most important thing.

01:30:43.280 | And I think that's the most important thing.

01:30:45.280 | And I think that's the most important thing.

01:30:47.280 | And I think that's the most important thing.

01:30:49.280 | And I think that's the most important thing.

01:30:51.280 | And I think that's the most important thing.

01:30:53.280 | And I think that's the most important thing.

01:30:55.280 | And I think that's the most important thing.

01:30:57.280 | And I think that's the most important thing.

01:30:59.280 | And I think that's the most important thing.

01:31:01.280 | And I think that's the most important thing.

01:31:03.280 | And I think that's the most important thing.

01:31:05.280 | And I think that's the most important thing.

01:31:07.280 | And I think that's the most important thing.

01:31:09.280 | And I think that's the most important thing.

01:31:11.280 | And I think that's the most important thing.

01:31:13.280 | And I think that's the most important thing.

01:31:15.280 | And I think that's the most important thing.

01:31:17.280 | And I think that's the most important thing.

01:31:19.280 | And I think that's the most important thing.

01:31:21.280 | And I think that's the most important thing.

01:31:23.280 | And I think that's the most important thing.

01:31:25.280 | And I think that's the most important thing.

01:31:27.280 | And I think that's the most important thing.

01:31:29.280 | And I think that's the most important thing.

01:31:31.280 | And I think that's the most important thing.

01:31:33.280 | And I think that's the most important thing.

01:31:35.280 | And I think that's the most important thing.

01:31:37.280 | And I think that's the most important thing.

01:31:39.280 | And I think that's the most important thing.

01:31:41.280 | And I think that's the most important thing.

01:31:43.280 | And I think that's the most important thing.

01:31:45.280 | And I think that's the most important thing.

01:31:47.280 | And I think that's the most important thing.

01:31:49.280 | And I think that's the most important thing.

01:31:51.280 | And I think that's the most important thing.

01:31:53.280 | And I think that's the most important thing.

01:31:55.280 | And I think that's the most important thing.

01:31:57.280 | And I think that's the most important thing.

01:31:59.280 | And I think that's the most important thing.

01:32:01.280 | And I think that's the most important thing.

01:32:03.280 | And I think that's the most important thing.

E55: Valuing crypto projects, Rivian worth $100B+, inflation: causes and corrections and more

Chapters