Bloomberg's Joe Weisenthal on Mamdani's media strategy, prediction markets going mainstream, and autonomous vehicles reshaping cities

check it out. And with that, let's bring in the legend, the stark. Let's go. Future mayor of New York. Are you Are you safe? Are you doing okay? We've heard that there's a cultural revolution going on in New York City for the capitalist. Is it square? Are there bread lines already? How bad is it?

Give it to us straight from directly on the ground. I'm safe because we had uh Zoran Mamani on our podcast. So, we're one of the good ones. I'm already I'm already doing my work to sort of make sure that I'm on the the correct side of the uh revolution. So, I'm safe.

I don't know about everyone else in my building here in the office, but it I think I'm in I think I'm in good shape. You're in good shape. Are the rumors true that mom Donnie wants to seize all the enterprise sass in the city and make it and make it state and city owned? Is he I have no I have no idea.

I have not heard anything about whe Bloomberg terminal whether there the Bloomberg terminal will be turned into a uh into a public everyone has well we can only know that's the most capitalist thing though dollars every it should be universal basic the most hyper capitalist policy would be every citizen universal basic terminal I'm firmly healthare costs are similar to a terminal cost I'm I'm cautiously optimistic as long as he doesn't ban podcasts that are ad supported.

We're not as long as as long as as long as he doesn't put a 100% tax on AI researcher signing bonuses because that at this rate that could generate millions of dollars for the city um in a few weeks.

Yeah, I think for now for now I think look, he hasn't won yet, but u for now I think it's more modest more modest goals like freezing the rent, but we'll we'll see we'll see what happens on some of these more the more ambitious visions. Yeah, the freezing we're not quite there yet.

No, this is this is there's a few months where people can get very strategic. What apartment do you want to be in? Does your family want to be in for the next hundred years? Yeah, it could be a flurry. Get in the right spot, freeze the rent.

I mean, but I I think people are like very jarring jarred by the idea of freezing the rent, but like there are rent controlled apartments in New York City today, right? And so what he's actually talking about is like adjusting the rate of the rent controlled apartments. Is that correct? Yeah. Yeah.

So there is already a pretty sizable slug of non-market rate housing in New York City. It's actually been frozen at times before.

I think Bill Delasio at one point froze it for about a year, but there's like a board and they uh have, you know, a certain annual adjustment and he's saying there's not going to be um there's not going to be any adjustments. Sure.

And you know, my guess is that uh from a the perspective of a landlord who has some market rate units and some uh you know, rent regulated units. Yeah. My guess is that they'll uh increase the rate or the rent on the market regulated ones. And they'll get their money back at the end.

But the number one the number one landlord on G2. Oh, yeah. Yeah. The stall. The stall. Yeah. Well, I I I I own a place here in uh in Manhattan, so if I ever rent it out, I don't think that'd be rent regulated. And I think I can uh charge whatever I whatever I want. So there you go. Yeah.

I mean uh how how are people thinking about mom Donnie that feels like there's this narrative emerging about like oh maybe uh come from behind like uh his uh you know people were we were acting like the Democratic primary was the election. But of course it is not the election. But is there a chance here? Yeah.

For us California boys why is it why is it why was that the election? Yeah. Yeah. I mean, look, generally speaking, New York City is kind of a one party city. The Republicans keep putting up the same sort of like semi-serious candidate each time who doesn't really launch a real campaign.

Curtis Leewa, incidentally, he's the red beret guy. So, someone coming from outside might think that that's the socialist in the race, but he's not, even though wears a red beret. And then our existing mayor, Mayor Adams, didn't run in the primary, but he's going to be um in the general election on his own line.

And he's been pretty unpopular, but it's I it seems like what's going to happen is a lot of people are going to try to rally behind him. Crime has come down a lot in the last couple years. He's taken the trash problem seriously. He's taken the rat problem seriously.

So, I think there will be probably a fairly serious effort to make it a competitive race. But Mane's victory was so, you know, such a blowout. It was so compelling uh just from a numbers standpoint. And it isn't really true.

I mean, this the expectation was that he was going to do really well in the sort of like liberal educated white areas and then do less well elsewhere. He actually did really well in pretty much the entire city. So even that stereotype didn't really hold true the way uh people expected.

So I he put a dominant performance. I mean, the expectation was that Cuomo, you know, we have the rank choice voting that Cuomo would win the first round and then, you know, they would eliminate candidates. He won the first round. It wasn't even particularly close at all. I mean, it was he crushed him.

A lot of people voted. This wasn't like the AOC election. When AOC won, there were not a lot of people who voted in the primary that year and uh her team was pretty well organized. This was just a much bigger scale, much more impressive victory than that.

So, political earthquake, whatever cliche you want to use, like is pretty accurate to describe last night. Interesting. Um, one narrative that I've heard is that uh uh Mamani was incredible at focusing on local issues.

So, rent, grocery prices, things that uh the buses like the subway, things that feel tractable for a mayor, whereas Cuomo was focusing more or the fact that the food card guys are having to pay some crazy one. Yeah. versus Cuomo talking more about national politics and what's going on with Trump.

Uh how how real do you think that is? And and and do you think that there Yeah, I think that's very real. And I think you know a few things. I mean one is I think uh Manny really obvious made gains the small businesses, the people who own the food carts, the people who own the bodeas, etc.

really getting into some of these uh voting categories that are harder to reach. He also, as you said, really direct things related to day-to-day life living in New York City like rent.

And I mean, look, whatever your view on the sort of broader politics are, you have one candidate who is talking about the rent and you have another candidate who is talking about like, you know, you watch the Democratic uh debate and the first question was like, well, what is the first country you're going to visit?

And a bunch of them raised their hands and said, "Israel. " Regardless of how you think about those politics, you're running for New York City mayor. So you have here's the rent guy and here's the guy that's trying to make the race entirely about Israel. The right guy won.

I'm not totally surprised that that worked better at a city in a citywide election.

So, so I want to talk about like if I was if I were running for mayor in New York City against Mum Donnie and I and I and I bought in on the idea that New Yorkers care more about rent, is is it reasonable for me to argue for I'm going to drive the rent prices down by deregulating building or I'm going to subsidize building or give a tax break to builders.

Like what are the other tools? Because the consensus amongst like the economics crowd is that rent controls don't increase don't decrease the price of rent.

They don't increase the number the supply of building but but but what are the what are the policies that you think people a what do you think might actually work and then b how do you package that? Well Trump will tell the oil markets to settle down keep don't raise prices. I'm watching and I'm watching. Yeah.

Don't raise rent. So you can say to construction workers, markets, don't even think about raising prices. Prices. Yeah. Yeah. Yeah. Builders, don't even think. Yeah. Why not? I do think, look, I do think it is really hard for any someone running for office to sort of make that wonky argument.

Oh, what we really need to do is uh deregulate this and then we'll get supply and you know, it's not as compelling or satisfying as freeze as the rent, right? But to be fair to Mdani over the course of his campaign, he's not doctrinire about the sort of role of market rate housing.

And he talked when he was on our podcast and in other interviews he did, he said there is a role of course for just sort of expanding supply. And he talked about upzoning and all of the kind of things that like wonks like to talk about and sort of deregulating. So I think that accomplishes two things.

One is he does sort of recognize that there's more to affordability than just sort of government fiat. You can't raise the rent. That's just a small portion.

But I think also by talking about some of these other things, he I think a lot of people sort of like normie Democratic liberals who are kind of in the center or whatever, they found him to be really disarming and even charming. They weren't threatening by threatened by him.

And I think if you you know clearly and you see in the vote a lot of people who probably make decent money and probably who themselves don't cons consider themselves to have radical politics they might not have ranked him first although clearly many did but they weren't like anti- him.

They didn't feel like it was really important to stop his candidacy with like an anybody but Zoron vote. And so between the sort of young socialist activists who are really powerful in his campaign and then you just didn't have many people who found him to be like that threatening or that scary.

And I think that was sort of the uh the key to victory. The fact that people who sort of think normally things like yeah why don't we just make it easier to build we're also sort of cool with him. Yeah. Talk about his uh media strategy. You're you're a you're you're a male podcaster potentially broer.

Did you get popular member of the manosphere. Did you get him elected by platforming him? Are you the the Donald Trump or the Joe Rogan to his Trump? You know, yes, we might be. No, I don't know if we are, but you know that episode came out May 23rd.

If you look at the prediction markets, it was basically two days later that he started shooting up. I the market I cut I actually I don't know. We've been debating this today.

I'm sort of of the view that we may have played some modest role in normalizing him to a certain group who hadn't been that exposed to him before. It's hard to say. Can I prove it? Yeah. But uh yes, by entering uh the bro pod the bro podcast that I co-hosted with Tracy, of course.

Um I it may have it may have it may have helped. And then you did a bunch of media after that. I think that was his sort of first like true like mainstream one. So you know part of Bloomberg.

Do you think uh do you think what do you think was mo most more important and how would you weight them like his his owned media stuff his Tik Toks his viral videos that's that's what I saw first and then once I'd seen those then I searched his name in Apple podcast saw OddLots come up and I was like oh this is great I saw he did the the uh uh the breakfast club with Charlaman and a few other and a few other hits uh but it felt like it was kind of a kind of an inversion of the Trump strategy which was very podcast first.

His strategy seemed native social mediaowned media first and then other people's platforms second. Do you think that's the right narrative? I think that's I think that's probably correct. His own videos are so good though. And of course his uh mother is a famous filmmaker and his Yeah.

Uh and his videos it's not just that they're short form. They're really good. They looked really good. They were shot really well. The color balancing on them was really good. The audio is good. The angles were good. He's a sharp dresser. He's a good-looking guy. He smiles. He's really comfortable with themselves.

Like, he's just clearly a generational political talent. And he sort of packaged it up extremely well for social media. Just s seems like a very normal, likable guy. And I think put it all together. I mean, it was a campaign for 2025 and all of the different tools that people use to reach voters.

He really had the knack on them.

I I noticed this during a a previous election cycle with a uh a congressman who was running on the second amendment and he she released this video and the sun was blasting on his face and I was like that is violating cinematography 101 which is like you always want to backlight everything.

You want the sun behind you and and it's like yeah I just didn't he didn't find the right person that understood the basic rules of cinematography to understand like you need a soft source you need to be behind you. you need to backlight things.

And so, yeah, just actually having those tools, I I think that is probably an underrated narrative and something that we might see people actually take seriously and try and solve solve going forward. Yeah, I think that's I think that's totally true.

We're sort of just used to the face, you know, short, oh, I'm going to do short form video. I'm going to say something. His looked great. Like the angles are really good on them.

And I know that seems like sort of a ticky tack thing to talk about, but it's clear that this is someone who comes from knowledge about how to package media really good. Totally. Uh, what can we do to get Robert Granary, the founder of Jane Street on OddLocks?

I saw that headline this morning about how J your your hashtag not what you ever want to have to say or whatever it was. Yeah. You know, there's all these things, you know, like executives over the years and they get into a scandal and they're like, "Oh, I I regret doing X or Y.

" And they're usually something about, you know, inappropriate and they said something awful in an email and they have to find an awkward way to apologize.

It's really funny to me that Jane Street is this extraordinarily successful trading company that makes billions and billions every year making markets and the now the only two things that like the average person would know about Jane Street is that's where Sam Bankmanfreed came from and now that the co-founder accidentally funded an attempted coup.

What are you talking about? We we we know that they are the maintainer of the O camel programming language very sponsor of the dwarf Patel podcast which is a fantastic podcast. So I know I know four things about them. So good causes and maybe less good causes.

Yeah these are these are the these are the two things that every or this the the um the yin and yang of Jane Street. But yes, to the average person on the street, there is quite a collection of headlines that they are amassing for what is actually like a fairly normal, extremely successful firm. Yeah.

I mean, what's interesting is like I I I read this and and and they describe in the Bloomberg story, they describe Jane Street as like the place where Sand Bankman Freed worked. And I'm like, they they they don't deserve that heat because San Freed was like an intern. He did all the bad stuff later.

Like it's not it should not be a stain on Jane Street whatsoever. And then this article, like we were reading it and we were like, certainly it's going to go on five more pages. It's so intriguing. It's so good. And then it just kind of drops off. Um and and it didn't seem like there was any real wrongdoing.

I'm sure the story will evolve. But but I but my big hope is that it winds up with him doing a podcast tour and explaining the actual business of Jane Street because I would love to hear it because the the firm has been very quiet for a long time. Well, we could compete with you in who gets him first.

Oh, it's going to be a tour. If it's going to happen, it's got to be he can do it's he'll do the short form with you and the long form with us or vice versa. That's totally fine. There's enough spoils all around for uh for these guys to do their media tour. Yeah. Yeah. Exactly. Uh let's talk about prediction markets.

Sure. They play they played a role. There's two Kali announced a round at two billion uh today and then and then the poly market round was like kind of leaking. I don't think it actually got announced but enough people were sharing it around. They're here. they seem to be mainstream when when big events are happening.

You're on X and you're just constantly, you know, seeing screenshots and things like that and and um obviously um you know, we we got to get into uh the Middle East, of course, in a little bit, but um how how main it's it's hard because we're in a bubble. How mainstream do you feel prediction markets have gotten?

Well, look, let's put it this way. Like if you post a chart of any prediction market and there was even one it was I think they had one on the screen in Times Square and I think there was even a video of Zoron looking up and he's like oh gambling is haram they shouldn't do that.

Um, but they're everywhere and there's a price on literally everything.

And for my, you know, I think about when I was, you know, 30 years ago, I guess, or maybe 25 years ago, if I wanted to, you know, I would go to the Drudge Report or something like that because I knew that that was like this really good digest of everything that was moving in the world.

And Poly Market has become this sort of like one of the few websites that actually check as just, you know, who goes to websites anymore? Well, that's the thing.

It's it's it's it's people that are basically making bets, investments, gambling, whatever you want to call it, but then it creates a public benefit which is I've never made a single trade on poly market on any predict I've never made any type of prediction like based trade.

Uh and for mult you know main reason being that like it wouldn't be ethical for us to like cover what's happening in prediction markets and then just be like you know betting on them. Um and uh and and so the world gets this benefit of seeing tomorrow's headlines today which I think is a cool thing.

Well, here's a way to here's the way I think about it. So like you know let's say last week when it seemed like Cuomo was going to uh win and every most people would have said yeah probably Cuomo will win. But you can actually like get now you know there's like put a price on what that means. Is he a 60% favorite?

Is he 80%? Is he 90%. Like that's useful because the difference between he's 60% likely versus 90% likely is sort of useful in terms of gauging that. So actually putting a more specific price on conventional wisdom is useful.

You know, one of the criticisms people make is like, oh, prediction markets get things wrong, right? They're like, oh, it didn't actually predict anything. It's just following the polls. It's Yeah, the crystal ball only works 50% of the time. And that's true.

I I actually think that's like basically true, but I think that's the wrong way to look at their utility. the way you described it that even if you're not trading on them, you get some benefit because you can see the price of essentially conventional wisdom right now on anything.

I think as a public look, is it really a public benefit to have people gambling on everything? I don't really know.

At some deep level, I guess I'm concerned by the idea that we're betting on literally everything from like what are the odds that the US is going to drop a bomb on the Iranian nuclear site, which people are betting on, which incidentally started spiking on the morning of the actual bombing over the weekend, you know, how great is it that people are always betting on all that stuff?

I don't really know. But from a sort of like I want to know what's happening in the news, I want to know what's developing. Yep. There's pure utility that's free on polymarket. com.

Also, I I I would like to, you know, th toss in here that I am I'm almost positive that the vast majority of volume on prediction markets comes from something that looks a lot less like a gambler and a lot more like a hedge fund. And so, a lot of these traders have scaled up. They have pretty mature operations.

We saw that with that the big market moving pro Donald Trump bet. the guy had done his own research and paid for people to go knock on doors and do new surveys.

And so, uh, I I think that the narrative of like this is as widely distributed like they're whales, but they're they're like almost financial institutions less than gambling.

And so, yeah, I mean, it still is a question like I I would not want, you know, the the the true gambling like it is this fine line, but uh but I do know that like many of the volume drivers have scaled up their business because they're good at it.

they they have a more that they they're they're like with the bombing example they are tracking like the Domino's pizza index, right? Or the the Pentagon pizza index and then what is up market of that? They're probably finding another signal that's even up market of that and then feeding that in.

And look there there's a reason for it which is you want to be able to uh big institutions they want to be able to hedge very specific risks.

So if they have oil exposure that they want to be able to hedge out the specific exposure that's going to come from volatility if there's going to be a wider war in the Middle East that would disrupt uh flow. So like all these are like sort of legitimate needs.

And then the other thing I would say is that and I I've said this for a long time many legacy financial markets are literally prediction markets most notably the Treasury market.

So, it's like, you know, a short-term Treasury market is literally a prediction market on what the 12 members of the FOMC are going to decide about rates over the course of X period of time. And then there are derivatives on those treasuries and so forth.

So, already event markets are a core part of just sort of tradi legacy financial institutions, etc. And this just sort of extends the range of risks that you can isolate and uh hedge.

And so I'm not surprised at all that now that like they're basically you know the regulatory aspect is coming into place, the infrastructure is coming into place that for many different uh instruments they have value to people. Yeah. Talk about how you were tracking what happened in the Middle East.

I my thought would be uh I'm looking at poly market for specific details of will this strike happen on this day but then I'm looking at the price of oil uh and maybe just the overall stock market because if World War II is going to happen I would imagine the futures would trade down but how do you process that information and then what did you see?

It's a really good question. I mean look to some extent it was all very sort of linear and you probably could have gauged um risks just by looking at oil futures which sort of moved along together with um you know the odds that US enters the war in some way or whatever it is. Um you know it was really striking.

I I mean so the attack god my brain is so scrambled I think on the nuclear Saturday right that day that contract will the US enter into like really started spiking that morning and that could because could have been because people were sort of like reading between the lines of Trump's truths on truth social various other things like that but it wasn't obvious you know and it started moving and it's like okay like you know there was a lot of money writing on this And look, yeah, and it's it's nice on a weekend.

I mean, again, this gets to the thing like, is it really good that people have to that financial markets are 24/7?

And it's obviously going to be very soon that all stocks and everything are be going to be 24/7 because you could just have prediction markets on the stock market or prediction markets on a certain stock or a crypto token or whatever. Like all of this is happening. It will all be 247 in a fairly short period of time.

There probably is use for weekend risk and overnight risk in times when traditional markets aren't trading to sort of uh be able to put on hedging trades or just gauge monitor uh the situation through prices. So yeah, I think uh I think this is here to stay and as you say going to get more sort of institutionally real.

Yeah, I feel so was everything was everything priced in at the beginning of the year? We've gone through a trade war. We've gone No, but the but the NASDAQ and S&P they're just flat. They're basically flat on the last six months. So nothing. Yeah, it's insane.

I mean, it's that blows my mind when I look at that year-to- date number.

And I just think of all of the things that have happened, all of the Doge stuff, which people have already forgotten about, the cuts, all the uncertainty with regards to the budget, obviously the tariffs in the beginning of April, all of which is basically unresolved.

There aren't really any deal deals and the 90-day deadlines are like coming pretty close. Then obviously the the escalation of war in the Middle East. I mean, people have been talking about a possible bombing of Iranian nuclear facilities for decades, I think.

So, the fact that we've gotten all that in 2025, either it was all priced in or AI is just such a powerful driver of everything right now that that's actually just the story that nothing can slow the AI boom.

Well, it's an interesting in in all the time that you've been reporting on all this good stuff, has there ever been a period of this much overall stability yet max volatility in the interim? The the metric I want to track is number of emergency Joe Eisenthal podcast.

So, number of times that Joe Eisenthal is getting called to the new pizza. That's the new metric. That was actually someone uh we did like 25 episodes in April and someone made a joke and in I hate the fact that they were correct about this.

They're like, "Oh, we must be near a bottom because the OddLads hosts are saying the exact timestamp of when they're start the recording. It's like we are recording this at 10:15. " Yeah, they bought they bottom to April 8th. Yeah. Yeah. And so I was like shoot like they really have us dead to sights here.

But yes, you could. And one day there will be a prediction market on how many odd lots episodes that we do in a month and that will be a useful derivative to understand some some slice of the risk. It's just interesting how many someone at Jane Street will be making that trade.

It's interesting how many different groups benefit from the volatility. So media benefits from volatility because people are going to open CNN. com or the app and be like what is going on? What did Trump say on true social, you know, true social benefits from volatility?

Yeah, even Trump benefits because he can say I I I tried to do the tariffs and then I Yeah, I had to roll them back a little bit, but I'm still the protariff guy or something like that. Yeah. And then Wall Street Wall Street is like, if you can make if you can make 20% one day and ride down a draw.

I was telling my hedge fund buddy, it's a bull market in the VIX, go long V like this is the time because he was kind of like, yeah, the market's kind of up and down, not that good. It was like it's a it's a great time to be volatility.

It's a great time to be in the news business and we are long volatility in the news business and it is a great time to be in the news business. Yeah, we had one slow news day here.

We had our first like we were like whoa it's a slow news day and we didn't really realize like what that was like and then fortunately it hasn't happened since but the worst right. Uh yeah it feels like monitoring the situation has become a national pastime. It has. It really is.

It really is like an it's basically it's a it's a new kind of hobby, right? I've been monitoring the situation my whole career, you know, like I get up I used to but now everyday Americans everyone's doing it. You're professional. Yeah. I got to find I got to find new source of edge now that we're all situation. Yeah.

Then and then the other thing, you know, with with Tesla, the funny thing is, you know, we didn't even talk about the, you know, the no just the Trump Elon blow up, you know, that that going over and then Tesla is still down year to date 13%, but given what's actually happening with the car business and then the Elon Trump blow up, you you would think you'd be bigger than that, right?

Well, well, that's there there's something to be said. You know, the alternative view of this is yes, it is a great time for volatility and there's plenty to trade.

It's also been a good time for the sort of buy and hold people who actually have a life because they you know the it's like oh buy make your investments and maybe check in once a year or six every six months that unfortunately those people who are very obnoxious when they say that because I certainly don't do that but they're very it's very obnoxious when people say that unfortunately they keep getting vindicated that actually you should just have a life and not check in on the market every five minutes.

Yeah, unfortunately they're right. And that is sort of also the weird part, which is that they keep uh the passive the passive bros are still doing are still doing well.

You probably saw this, the Lakers, $10 billion, biggest uh sports franchise ever, but if you look at the rate of return over the 30-year period, it just didn't quite beat just the average of the S&P. That's the thing.

There were so just buying and holding the S&P and literally doing nothing continues to be such an insanely good people. What all I sometimes wonder I've asked this question on the podcast. Why does the financial industry exist?

The answer is not entirely obvious to me because there's all the No, for real like because there's all these people and all they do is spend all this time getting learning the minutia of every stock this or that or whatever and yet you could do just fine in fact better than fine some incredible returns by essentially doing none of that.

It's still not obvious to me why any of us really have any. It was a simulation created for Jane Street to win at just dominate. Exactly. How any are you getting uh who do you think is really smart on trying to understand the impact of autonomous vehicles, robo taxis? We are in this interesting dynamic.

We saw the Austin roll out. Was it Sunday or I think it was Monday morning. We had a guy call into the show from a robo taxi. Seems to be working in a limited area. And then the potential there, you know, Whimo's vehicles are $200,000. They're tea operated today.

We don't really know what's going on under the hood at Tesla, but but still it just feels like something that can have this, you know, enormous impact on different aspects of the economy and and doesn't feel like this feels like I would say like autonomous vehicles seems like one of those things.

I I was comparing it a little bit to the state of the mobile internet in like 2004, right? Where like where we all sort of knew that it was coming, but it was kind of janky. And remember, you know, oh, do you get do you get access to 3G here or what? Remember, there used to be competing standards.

We didn't really know and it was sort of a bad now the user experience going into a Whimo mode is obviously a religious experience, but it's patchy and you don't know and you can you get to X or Y, but then it changed the world, right?

So then fast forward 10 years later from 2005 to say 2015 and it's clear that the mobile internet literally just changed the entire world in a way that'll never be the same. I think that's the same with AVs where it's like, okay, it's oh that's interesting what they're doing in San Francisco. That's interesting.

Okay, Austin is and then in a few years from now we're going to have to just completely rethink how cities are structured because of autonomous vehicles.

It feels like actually for as much hype as they're getting, they probably should be getting more because in my mind they could like potentially rethink everything about how we structure a city or how we do commutes or how far out from your job you're willing to live if you're able to like be on your phone the entire time of the drive.

So bigger. I think it's going to be almost a bigger deal than people currently appreciate even with all the hype it's getting. Last question from my side. Uh we've seen Meta making some crazy talent acquisition deals.

You know, spending being willing to spend $und00 million for somebody that will never have a public face, right? You know, a researcher all the way up to, you know, billions of dollars for individual talent.

Um, is there much precedent for that in the have hedge fund deals gotten into the billion-dollar territory at any point? We've heard about So, you know, you do. Yeah, there are. You know, the uh it's actually interesting to my mind.

Um, Emily Sunberg, who you've had on the show before, had a really interesting thing talk about the media and how media is becoming like sports where individuals who have a big name are sign, you know, signing these big deals or leaving their firms and going independent, etc.

It feels like this is going to be the story of all industries, right? So whether we're talking about hedge funds, whether we're talking about AI researchers, whether we're talking about journalists, etc.

where there's just going to be this even further extreme bifurcation where individual talent is just going to get paid so much because they can acrue so much uh value. It feels like that is the story of our time. Like the question is what what industry isn't that? Yeah. What industry isn't that happening?

Well, Tim Cook can't even crack 75 million a year. Oh yeah. Yeah. That's poor Tim. Poor Tim. We talk about this all the time. Well, it's good time to be in the news business then. It's good time. It's a great time. It's a great time. And thanks for joining. Uh well, you back soon. This is so much fun.

One of my favorite minutes on the show. It's the best. Thank you so much. I love it. We'll talk to you soon. Talk soon, Jeff. Bye. Uh if you're looking to get in on the action in the finance world, which