Opening

True Friends

• Jordan Peterson. Ride or Die. 

Grok vs Google

• I literally am using Grok for everything. 
• Guitar tuning and adjusting for an hour with it. We’re like friends! 
  • Chatted with good buddy who had it plan international vacation.  
• Gemini: Mixed opinions. 
  • Wouldn’t create a pivot table for me!! 

Kennedy Files

• No Clue what’s going on.

Golf

• Stats from 60 yards out. 

California Business

• Be very careful if creating a company in California!!! OMG!!! 
• 100’s of hours working to pay taxes and close entity!!!
• Tax Returns, dissolution, penalties. Hold times!! 

Markets

• S&P 8% off highs. Was 10% 1 week ago. So that was a correction.  
  • Tesla 52%. Nvidia, Meta: 20%. Apple: 18%.
• Fed Cuts. 
  • Dual mandate: stable employment and prices.
  • Might play Powell at night to fall asleep. Who needs soft noise.  
• Tesla!! Would be remiss not to discuss. Below. 

Finance Education

Security

• Digital Hygiene:  Great from Karpathy
  • 2-factor authentication and strong password for financial websites. 
  • YubiKey. Extra external key.  
  • 1Password

IRA Contributions

401k Max: 2025: $23,500 + Employer Match + After-tax = $70,000

Still can do $7000 in IRA.

• Why. Can move around with tax penalties.  Financial discipline. 

Treasury Secretary 

• Scott Bessent and All-in. (40 years of private sector global investment experience). 
  • Interviewed by Chamath and David Friedberg 
  • Full Interview on X here. 
  • Employees are great! 
  • Need this. High quality people. 
    • 46.00 Booz Allen gets 90%+ of revenue from govt. 

• Grok vs Gemini on clarification around Booz Allen! 
  • Public company. 
  • Grok for the gigantic win! 
    • Based on available data, the company has consistently relied on the U.S. government for 97-98% of its revenue in recent years, a figure that aligns with what you’ve heard in recent interviews. For instance, in fiscal year 2024 (ending March 31, 2024), Booz Allen reported that 98% of its $10.66 billion in revenue came from U.S. government contracts, spanning defense, intelligence, and civil sectors. This heavy dependence has been a hallmark of the company’s business model for years, with similar percentages (96-98%) reported since at least 2019.
  • Palantir. More bullish now! 
    • Why do we need “consultants” if Palantir and LLM/AI can analyze everything instantly!??? 
    • Booz Allen is “people”, not tech. 
• Freidberg on Social Security Trust Fun. Can fund at $500b.  

DOGE

• Website is GREAT!! www.doge.gov 
  • I had to google “Timor-Leste”.  Don’t put me on Jeopardy. 
• PLAY!  Elon on what DOGE is finding. Don’t need to be Sherlock Holmes. 
• Airlines. DOGE's spending cuts are ramping up so quickly that United Airlines announced government travel is down a MASSIVE -50%. US airline stocks have now erased over -$20 BILLION of market cap over the last 4 weeks.
• Video from Kari Lake. New Building leased for $250m per year for 15 years. 26 conference rooms…beautiful building!  

Netflix

•  CNBC video here. 0:35 mark MoffetNathanson Upgrades Netflix to $1100. 
• “Netflix has won the streaming wars. Case closed”.
• “We don’t see any cap on margins…”
  • WOW. Bold statement. 
  • Subscription pricing power, increased Ad revenue and margin expansion. 

Nvidia 

• Jensen Huang KeyNote at GTC 2025
• Nvidia working on driverless vehicle with GM!!   
  • Video post here. Using Maps, real-world data, etc.. 
• Play at 0:45. Blue the robot. Robots are coming!!

SpaceX Tesla

• Breaks my heart to see what is going on.  
  • Employees ~125,000, ~70,000 in US.  
  • Most American car made. 
  • Leader in green energy. No electric today if not for them. 
  • Crazy! 
• $480. Now $230. So down 52%. So increase 1.1x or 110% to get back. 
•  Winner take most by Cathie Wood. 
  • $8-10 trillion in Revenue in 2030. ½ to platforms, like Tesla. Which is the biggest AI platform in the world.
• Dragon crew launch to ISS.
• Carried a russian cosmo. And not there was already another cosmo on spacestation. 
  • Stuck no More! WSJ 
  • 285 days in space. 9 months. 
• No other US company can do this. At least at required safely level. 
• 400th landing of Falcon 9 booster.  
• Will launch to Mars and carry Optimus. Crossover.
• Per Elon, SpaceX carries 95% of payload to orbit.
• Starship is the only “vehicle” currently built that can go to Mars. 
• 16.50 on going to Russia to buy rockets. Trying to buy ICBM’s. 
  • Talk about thinking outside the box!! 
• Talks about Russia charging us $90m per seat to go to Space Station. 
• Boston Dynamics Robot - Break dancing. Yes its here.

Play. Andrew Schulz onThis Past Weekend with Theo Von Tesla

China Tech 

• BYD. Sheer size of Shenzhen factory. 

Mars

Interview with Ted Cruz - YouTube Part 2 Love that they talk so much about Mars!! Not politics. 

• Man sets foot on Mars in 2029. Not more than 4 years after that. 
• Thinks we can have self-sustaining environment on Mars in 20 years. Maybe 1 million people.  
• SpaceX probably a good investment if true!! 

How to invest in SpaceX. 

• On Hiive can do thru Funds. Not direct shares. 

University Endowments

• Trump threatening to suspend federal grants to Columbia University per WSJ.
  • $400m of grants. 
  • Their Endowment that is not taxed is $14.8b. 
  • Here’s an idea: Give money to schools with kids that need help?!  
• Play  Andreeson on University funding. 

Recommendations

• All-In Podcast. Chamath and Friedberg interviewing Secretary of Treasury Scott 
• Dictators. 
• White Lotus. 
• Primeval. 
• Elon Interview on Ted Cruz.