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E92: Adam Neumann's second act, a16z's $350M bet, housing policy, Inflation Reduction Act & more


Chapters

0:0 Bestie intro plus a new moderator!
7:19 Adam Neumann raises $350M from a16z for his new residential real estate startup Flow
25:32 Housing policy: Bay Area, Houston, Miami differences
45:41 China, Saudi Arabia, Russia increase relations: should the US be worried?
61:9 Inflation Reduction Act signed into law: climate change impact, CBO scorecard, IRS beefed up, carbon tax, big pharma pricing, and more
89:47 Chamath ends his spat with Phil Hellmuth, FBI raid follow-up

Transcript

J. Cal, what's it feel like to be a guest on your own podcast today? I'm excited. Oh, God. So delightful. You did a great job, by the way. I really like the punch up to the formatting where you actually put the questions in. Yeah. I think it's because I want us to all agree on the stuff we want to grok on.

In a professional TV show, they would have pre-interviews with everybody, get all their positions. Then they put the positions into the document. And they basically do what's called a pre-interview. Or here's another idea. You could do your job. Well, I mean... Do your job. How about that? How about you try that?

Yeah. Or how about I turned you three miserable f**ks into actual likable people in 91 episodes, which nobody thought was possible. I actually think I'm becoming less likable the longer I'm on this f**king show. I think that correlates with all of us. All of our likabilities. open sources to the fans and they've just gone crazy with it love you guys hello and welcome to the all-in pod i am your moderator for today out of the hot seat doing the easy beat dave friedberg i'm joined today by our esteemed panel back from his european shopping spree our national treasure america's favorite dictator chamath paulie abatia how are you feeling i'm feeling great lagged you're okay you're recovered yeah i'm a little i've got i got a little head cold though oh well sorry to hear that hope it's not covet 2.0 no i tested i'm coveted negative thank god okay also with us as usual from his emergency bunker ahead of the u.s civil war the rain man david sachs how are you david good happy with the late start this morning i'm sure and of course everyone's favorite ski bum producer of the woodstock of tech conferences the one and done all in summit miami jason calacanis jason what's it like to be a guestie today oh it's so delightful when you said you wanted to moderate that to me was chef's kiss i get to i get to comment and not be the moderator i love it yeah so we're mixing it up a little bit today i'm gonna take the lead jcal's gonna sit back uh i'll say a couple words before we start because i think last week we got a little nasty uh definitely heard that from listeners um you know so i want to kind of just address it real quick and then we can kick off the show i think it's important to say that none of us really started out doing this pod as a job or thinking that it would become a real regular thing right we started doing it for fun ad hoc from time to time and then it became this thing that people listened to and it became this thing that we started doing every week and people actually cared about it and suddenly became this real obligation it's almost like we got pregnant and had a baby and now it's like four men and a baby and so you know i think we all feel this like you know challenging obligation that we never expected to take on of like taking care of the show taking care of the pod and we all have like different points of view on what we want the pod to be and what we want it to become jcal cares about you know getting up in the rankings and listening to the audience and ultimately has shared that he wants to monetize you know at point we've not always agreed on different points about that you know tamath has the things he wants to bring to the table sax has things he wants to talk about and so you know it's really difficult kind of running the pod managing the pod with four very different points of view very different perspectives on what it is we all want to kind of get out of this over time and i think it causes us to get really frustrated with each other we end up having real fights you know you have the biggest fights with your best friends uh you know you really let loose and lash out i think last week i listened back i was pretty contemptuous in my kind of retort to jcal about hitting up on the inflation topic and i want to apologize to jcal for doing that i think it was uh you know i think yeah i think it was a little rough but at the same time i just want to point out like you know we're going to keep doing the show um because i think you know as much as we all disagree as much as we fight and as much as we may even start to dislike each other and not get along i think it's really important that we keep doing this and i think restating that commitment and trying to do better is really important so you know we're going to try different stuff out try and find ways to find common ground and keep doing the show productively with each other as well as we can and i think that's really important and i think that's really important and uh as one experiment this week i'm going to moderate we're going to you know try and take it that way but you know i just wanted to say those few words before we kick this off guys because i thought it was important especially after the last couple of weeks i think it's been a bit of a struggle we've been having a tough time and i just want to be open about it and you know highlight that you know as an example you can fight with people you can disagree with them and you can still keep trying and i want to set that example i want us to keep doing that so anyway just i would just like to say apology accepted and uh i thought that was a lovely opening one thing i would just punch up there is the real reason we did this was because we missed each other we missed hanging out with each other and then this is you know something that's become more successful than any of us ever imagined uh it's got an audience size that is just you know hard to imagine how many people are listening to this which then does put a little bit of pressure on it we want it to be great for the audience and i just want to say thank you to the audience for being here and i hope that you're enjoying this and i just want to say like i don't take it personally when we when we battle on stuff uh even with politics and sax and stuff like that i respect each of you you are each brothers to me i love each of you deeply uh and when we fight and things don't work out i look at it as like personal growth or progress towards some other goals that we each have the amount of support i've gotten in my career from david sachs and shemoth has been unparalleled david sachs was the first lp he encouraged me to create my first venture fund shemoth supported me relentlessly in my career i showed up for me every event i ever did and i tried to do those same things for them you and i haven't done much business together freeburg but i'm enjoying uh the business that we've started together yeah starting to and i and i showed up for both of your events when you needed me yeah uh doing some syndicates with you and uh i i love doing this each week i love doing this each week yeah it's like like i think my point was it's a lot easier to be friends and have wine together and play poker together than it is to do a job together and this has become really a job and so you know you can have really good friends and then you try and start a company together or do a job together and you can hate each other i think it doesn't mean that you guys stop being friends or that we should stop doing the work i think we should still keep trying to do the work figure out a way to make it work so anyway that was the point i wanted to make and that's the end of my my statements okay i didn't know it was more unprepared those are just a reaction to yours i don't know if that's what you want to say anything but i doubt it okay let's do you have any emotions right now sacked what are you feeling yeah i mean shemoth do you think grass fed is better or the regular uh bill talk oh my god sax and i were texting while you guys were we're hugging it out talking about different kinds of jerky beef jerky while we were jerking each other off you guys were researching jerky great okay i was recommending uh bill talk to him oh great awesome speaking of jerky let's get into adam newman hey oh okay so now hey hello okay so uh first uh thing to talk about today and i kind of wanted to take it in a little bit of a different direction than i think all the other tech media have kind of addressed this you know adam newman is back he raised 350 million dollars from andreessen horowitz there was announcement this week for his new company called flow which as we understand it is trying to develop residential apartments you know in the same sort of vibe quality and attention to experience as maybe was intended with we work and flow you know seems to have started originated with adam doing a bunch of acquisitions of real estate with his own capital and now he seems to have turned this into a real business and raised money from andreessen so there's all the commentary and joking about andreessen putting this money in are they crazy as well as all the you know commentary about adam newman how could anyone back him the guy was so awful the first time around andreessen was the first person to get the money from andreessen and he was the first person to get the money from andreessen and he was the first person to get the money from andreessen and he was the first person to get the money from andreessen and he was the first person to get the money from andreessen and he was the first person to get the money from andreessen and he was the first person to get the money from andreessen and he was the first person to get the money from andreessen and he was the first person to get the money from adam newman andreessen and he was the first person to get the money from adam newman just do a quick round the horn with you guys you know just do a quick round the horn with you guys you know initial reactions to the to the adam newman deal and then i'd love to talk about founders having a second act because you know adam happens to be high profile so his founders having a second act because you know adam happens to be high profile so his failure was high profile but a lot of failure was high profile but a lot of founders have a failed founders have a failed low profile first experience and come low profile first experience and come back and kick ass the second time around back and kick ass the second time around and investors have taken notice of that and investors have taken notice of that and so i'd love to to go there but maybe and so i'd love to to go there but maybe we just do a quick reaction jay cal i we just do a quick reaction jay cal i know you've talked about this on your know you've talked about this on your other show maybe you can kind of give us other show maybe you can kind of give us your your quick commentary on your your quick commentary on on the opportunity of the transaction and on the opportunity of the transaction and what are people talking about with what are people talking about with respect to this this deal happening you respect to this this deal happening you know people are wondering why he's able know people are wondering why he's able to raise money and what i always tell to raise money and what i always tell founders is when you see these like founders is when you see these like weird fundings and you can't get your weird fundings and you can't get your heads around them it typically has to do heads around them it typically has to do with track record and credible audacity with track record and credible audacity trump's prior blunders so trump's prior blunders so say what you will about adam newman he say what you will about adam newman he is audacious and he has credibility is audacious and he has credibility people forget his origin story they only people forget his origin story they only remember the masa yoshisan four billion people remember the masa yoshisan four billion dollars and what happened and what he did dollars and what happened and what he did with that and that was a complete with that and that was a complete cluster it went off the rails he did cluster it went off the rails he did all kinds of inside dealing and and it all kinds of inside dealing and and it was it was madness but before that he was it was madness but before that he did green desk he was a bootstrapped did green desk he was a bootstrapped entrepreneur and then he created the entrepreneur and then he created the category defining co-working space which category defining co-working space which to this day when you say i need to get to this day when you say i need to get an office the first thing people say is an office the first thing people say is get a we work just like they say take an get a we work just like they say take an uber just like they say google it uber just like they say google it just like you know any other verb that we just like you know any other verb that we talk about and so talk about and so it's very easy to dismiss him and say the it's very easy to dismiss him and say the tech industry has no morals they tech industry has no morals they just they'll back anybody he has a publicly just they'll back anybody he has a publicly traded company traded company that's in the market right now he that's in the market right now he defined the category and he also put 300 defined the category and he also put 300 million dollars apparently of his own million dollars apparently of his own money at stake to buy these apartments money at stake to buy these apartments uh so i think it's uh i i would say the uh so i think it's uh i i would say the bet makes sense to me and i think it bet makes sense to me and i think it will make sense if we go into the bet will make sense if we go into the bet which i'd love to hear everybody else's which i'd love to hear everybody else's thoughts on it's an audacious bet thoughts on it's an audacious bet because because housing is one of the hardest industries housing is one of the hardest industries to tackle and he already did it for to tackle and he already did it for commercial so why wouldn't he be able to commercial so why wouldn't he be able to do it for residential sax did you see do it for residential sax did you see this opportunity in the market didn't this opportunity in the market didn't did you guys take a look at it or have did you guys take a look at it or have any points of view on it no i mean we we any points of view on it no i mean we we don't write 350 million dollar size don't write 350 million dollar size check so it's just not something that check so it's just not something that check so it's just not something that we're going to take a look at for that we're going to take a look at for that we're going to take a look at for that matter we don't really do non-software matter we don't really do non-software matter we don't really do non-software investments we don't do you know in the investments we don't do you know in the investments we don't do you know in the you know physical role type investments you know physical role type investments you know physical role type investments and i've kind of learned that doing and i've kind of learned that doing and i've kind of learned that doing anything in the physical world with atoms anything in the physical world with atoms anything in the physical world with atoms is 10 times harder than doing anything is 10 times harder than doing anything with bits so you know one of my takeaways with bits so you know one of my takeaways with bits so you know one of my takeaways over the last few years is over the last few years is over the last few years is you know we tend to like pure software you know we tend to like pure software you know we tend to like pure software models not even hybrid or tech enabled models not even hybrid or tech enabled models not even hybrid or tech enabled models because it really does take a 10x models because it really does take a 10x models because it really does take a 10x entrepreneur to do anything in the entrepreneur to do anything in the entrepreneur to do anything in the physical world so yeah we you know we physical world so yeah we you know we physical world so yeah we you know we software is kind of our knitting and we software is kind of our knitting and we software is kind of our knitting and we we like to stick to that we like to stick to that we like to stick to that uh in terms of you know andreessen uh in terms of you know andreessen uh in terms of you know andreessen harwood's making this investment here's harwood's making this investment here's harwood's making this investment here's what or your larger topic of of repeat what or your larger topic of of repeat what or your larger topic of of repeat founders look most startups fail founders look most startups fail founders look most startups fail and most founders or good founders have and most founders or good founders have and most founders or good founders have an entrepreneurial streak in them and so an entrepreneurial streak in them and so an entrepreneurial streak in them and so you combine those two things and there's you combine those two things and there's you combine those two things and there's going to be a lot of repeat second time going to be a lot of repeat second time going to be a lot of repeat second time founders people who founders people who founders people who are fundamentally entrepreneurial and are fundamentally entrepreneurial and are fundamentally entrepreneurial and their first thing doesn't work out i their first thing doesn't work out i their first thing doesn't work out i think that that can be a positive thing think that that can be a positive thing think that that can be a positive thing to invest in because they've gotten some to invest in because they've gotten some to invest in because they've gotten some of their mistakes out of the way and of their mistakes out of the way and of their mistakes out of the way and they've learned from that experience so i they've learned from that experience so i they've learned from that experience so i think the question we would just ask is think the question we would just ask is what were the learnings and did they what were the learnings and did they what were the learnings and did they conduct their conduct their conduct their failed startup honorably you know like failed startup honorably you know like failed startup honorably you know like if they right lie to investors or if they right lie to investors or if they right lie to investors or misled investors then obviously we don't misled investors then obviously we don't misled investors then obviously we don't want any part of that but i don't think want any part of that but i don't think want any part of that but i don't think most failures are like that most failures are like that most failures are like that and um and so as long as the founder i and um and so as long as the founder i and um and so as long as the founder i think conducted themselves honorably had think conducted themselves honorably had some good learnings it's certainly not a some good learnings it's certainly not a some good learnings it's certainly not a disqualifier for their next startup i disqualifier for their next startup i disqualifier for their next startup i mean chamath you've been open in the past mean chamath you've been open in the past mean chamath you've been open in the past about startups that waste money and do about startups that waste money and do about startups that waste money and do the kind bars and red brick you know the kind bars and red brick you know the kind bars and red brick you know offices and you know easy living at the offices and you know easy living at the offices and you know easy living at the office there's no better example of over office there's no better example of over office there's no better example of over the top exuberance as there was at the top exuberance as there was at the top exuberance as there was at we work right i mean does that indicate we work right i mean does that indicate we work right i mean does that indicate to you that this guy doesn't have a clue to you that this guy doesn't have a clue to you that this guy doesn't have a clue in in in terms of how to be prudent with terms of how to be prudent with terms of how to be prudent with investors capital and it's not backable investors capital and it's not backable investors capital and it's not backable or how do you think about it or how do you think about it or how do you think about it i have a couple thoughts the first is i have a couple thoughts the first is i have a couple thoughts the first is that we work that we work that we work um is a really interesting business um is a really interesting business um is a really interesting business but that business had been built many but that business had been built many but that business had been built many times before and it's called the reit times before and it's called the reit times before and it's called the reit and i think what adam was able to and i think what adam was able to and i think what adam was able to arbitrage was a period of time where he arbitrage was a period of time where he arbitrage was a period of time where he pitched pitched pitched a non-real estate investor a non-real estate investor a non-real estate investor a technology company that was really a technology company that was really a technology company that was really just a real estate investment trust just a real estate investment trust just a real estate investment trust and that's why he was able to get these and that's why he was able to get these and that's why he was able to get these incredibly heady valuations i think the incredibly heady valuations i think the incredibly heady valuations i think the peak valuation of we work was like 45 or peak valuation of we work was like 45 or peak valuation of we work was like 45 or 50 billion dollars but what happened 50 billion dollars but what happened 50 billion dollars but what happened which is that when we work ultimately which is that when we work ultimately which is that when we work ultimately went public went public went public the collective intelligence of the public the collective intelligence of the public the collective intelligence of the public markets imposed markets imposed markets imposed a reit based valuation model on we a reit based valuation model on we a reit based valuation model on we work and it is now a work and it is now a $3.6 billion public company.

And I don't think you can dunk on Adam for that. It's hard to build any kind of company, let alone a $3.6 billion company, and he was instrumental in that. So he should get some amount of credit. But the reality was that he was pitching people that didn't want to hear about a business.

That was a real estate investment trust, they wanted to hear about some technology and all of these other things, but ultimately, when you stripped it away, it was a read. Now you started again, and from the outside in not knowing anything, because we don't know anything. What it looks like is the beginnings of another REIT except focused on residential.

Right. So when you buy hundreds or 1000s of apartments, but again, same pig different lipstick. The issue at hand, though, is that, again, he has found a technology investor to buy a technology story. And again, time will tell whether there is a technology business here. But if it ultimately is an American.

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company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United 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talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built 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talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built 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talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built 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talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United 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talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a 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in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United 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company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United 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company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United States, and you're talking about a company that's built in the United 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