And second of all, is that a way to get people on board? Because maybe I'm more willing to let the data center come in if they promise that dollar for dollar, all the revenue that they invest and bring in, you can then start to cut my own personal income tax.

Yeah, look, these data centers are unbelievable tools.

They are the growth engine of our country.

Like, we need so many of them to be built.

And the process of building them benefits...

It will definitely benefit big tech, but the build-out, the infrastructure build-out from these data centers is insane.

Creating new energy sources like the HVAC, all the parts and the blue-collar labor that goes into these.

What do you make of this?

Along with the criminal trials of Lindy Chamberlain and George Pell, this was one of the most high-profile trials in Australian history, what was it like to experience its full glare? You're going to think this is

self-serving.

But honestly, I genuinely treated it and every day just the way I would treat any other case.

I didn't find that particularly difficult at all.

I mean, you know, what used to annoy me is a couple of comments by people suggesting that you're somehow doing something you wouldn't ordinarily do or you're trying to show off or be witty, etc., Anyone who's been in my courtroom in any other case of any other type would know that I would have dealt with that like I dealt with anything else.

And so I didn't find it particularly difficult at all.

I thought both the barristers...

That's interesting.

Michael offered what might be the most practical framing, not about strategy or execution, but about basic harm reduction.

My points were never about Coinbase should be catering to this segment of the market or that segment of the market.

They'll make those decisions on their own.

But where I did have a take issue is where you have the key man in that ecosystem, the CEO of Coinbase, making actions that ended up being net negative on the ecosystem, base ecosystem, and not just net negative for the flows of the base ecosystem, but that ripples to builders like myself, that ripples to traders that are in the ecosystem and the employees of base.

Unbelievable.

Meme coins are good.

Meme coins are bad.

They're as legitimate as the worst parts of TradFi that continue on to this day.

Yeah

... change, you know? Their daylight activity changes definitely.

And then you, like you said, you have acorns falling and they're, it's not rut time yet, so they're just laying low, walk 50 yards, eat all they want to eat, and go lay back down.

Uh, one thing that hurts us down here too is we don't, we don't have frost like in the northern states until later.

So all the green stuff is still there on top of acorns still there, so they're gonna eat all this native brows and vegetation and acorns and everything they can, persimmons.

Um, I mean, I mean, heck, I've, I've, I've bow hunted over grape vines in the, in the middle of the woods, you know, early season, uh, just wild, wild grapes on trees and had deer come into those things.

So you got all these food sources in the fall that you don't really think about and then, uh, oh yeah, once all that's gone, yeah, we'll start going back and eating some corn now.

Right? [laughs]

We talked about it a little bit before we started recording, but you were actually inviting people to come hunt with you this year.

Yeah.

Right.

We, um, we, uh, some of them we want to do for a long time and we're thinking about trying to just figure out the logistics behind it.

And, um, We're doing this called Backwoods Bucks and Bibles, and we're doing it at my family farm.

And the whole point of the hunt is to get people there to enjoy the outdoors, but also get some time to reflect, to hear other people talk about their lives, their walk with Jesus, maybe learn a little bit about the Bible, maybe answer some questions.

And, um, I've got a really good buddy of mine, uh, Davey Ferraro, who, I mean, he's like one of our best buddies in the world.

Yeah.

And now, let's get back to the conversation.

Hello, my name is Michael Lee and I'll be reviewing the article Cytologic Grading of Cutaneous Sebaceous Neoplasms.

Does it help to differentiate benign from malignant? Sebaceous neoplasms are a heterogeneous group with difficulties differentiating between benign and malignant forms.

This is due to well-differentiated sebaceous carcinomas showing good circumscription as well as sebaceous adenomas and sebaceomas demonstrating cytologic atypiae.

Both architectural and cytologic characteristics are used to distinguish benign and malignant sebaceous neoplasms.

However, these have not been well defined.

The authors of this study sought to reassess architectural, cytological, and immunohistochemical features of 63 sebaceous tumors to help facilitate better classification of these lesions.

Compared to the high-grade tumors, KI-67 labeled about 30% to 50% of the cells.

Mm-hmm.

Um, you may or may not remember that.

It was, it was the, the Paris part two of the Paris of the 1950s, uh, revisited.

And I was, I was in that, in that world of Americans in Prague.

And my girlfriend at the time, her sister was studying at the University of Cape Town, and so we went to visit her sister.

We were, we were not in a great position in our relationship.

It was kind of unraveling.

Mm

What do utilities get wrong at kind of the structural level?

Look, the core of cost of service regulation, and there's minor changes state by state, but the core is that utilities don't make money broadly on selling electricity.

What they make money on is building more infrastructure, and the more infrastructure they build, the more money they make.

It's just that simple.

Their OpEx is passed through at cost to their customers.

It's a very unique model.

In fact, it's kind of like a financial model where financial entities and asset managers get paid for assets under management and are very incentivized to have a very high asset base to make the biggest fee possible.

How would that-

What are the big opportunities that you're seeing in AI now?

So it's great that you brought that up.

So if you look at Micron, SanDisk, Western Digital, okay, they haven't sold additional units, right? Like their sales growth comes almost from a supply demand imbalance.

So the pricing of memory has gone parabolic.

And that's where their revenue growth has come from.

Whereas in Nvidia, the stock can't really seem to get out of its own way, even though when you look at comparable sales from a year ago to this year, you know, off a $40 billion base, they did $80 billion this quarter.

right when you take out china so you look so it's a hundred percent year-over-year growth uh for one one of those cutting edge leading companies in in one of the biggest revolutions ever so like nvidia i would say right now is an absolute steal um i i think palantir uh for those of you that don't quite understand what palantir does it's the operating system Meaning, what they do is they tie all the software of an enterprise together, plus their structured and unstructured data, feed it into the large language model, and then when it comes out the large language model, feed it into the business.

There are some other stocks.

Are there any names in particular that you think investors are just getting wrong, uh, or that put up great numbers and they're getting right?

So, um, my, the first one is CoreWeave.

So people are freaked out about CoreWeave's debt.

And so what CoreWeave does is they build data centers, they put Nvidia GPUs in, and they rent them out.

And so they rent them out to the likes of Microsoft, to the likes of OpenAI, to Google, to Amazon, to you name it, to Meta.

Um, and, and they, they not only just rent these out, they have all sorts of software and services that go along with it.

And so they're loading up on debt.

Just the economics work better.

Are there any names in particular that you think investors are just getting wrong, uh, or that put up great numbers and they're getting right?

So, um, the first one is CoreWeave.

So people are freaked out about CoreWeave's debt.

And so what CoreWeave does is they build data centers, they put Nvidia GPUs in, and they rent them out.

And so they rent them out to the likes of Microsoft, to the likes of OpenAI, to Google, to Amazon, to you name it, to Meta.

Um, and, and they, they not only just rent these out, they have all sorts of software and services that go along with it.

And so they're loading up on debt.

So you're saying it's better to, it's better to finance it with debt than pay out of, out of pocket with cash? Just the economics work better.

What do you make of that?

So, the flip side of this AI, um, is that if, you know, if you're an investor with money and then you can ride the volatility, this is- this is gonna be one of the most spectacular moments, uh, in history.

And like you're already seeing it in- in certain- in- in certain points.

And that, you know, the last few year- if you look at the internet scale build out, um, or- or- or what we built out in the '90, you averaged about 1.5% of GDP per year.

Um, last year, we were sub 1% of GDP in terms of the Capex spend on artificial intelligence, and that's...

Th- the Goldman Sachs did a report where they think the net present value of what's gonna be the investment in AI, um, is gonna generate something like $19 trillion of economic growth.

Back above 100 right?

... two days ago.

How do you see what's available to so many students as they pick up their phone or their device? What are they seeing and how much of that is healthy?

I'm of two minds about some of these viral videos, where on the one hand, of course, the types of debates that we encourage and the types of debates I train students to plan and participate in are longer form, they encourage arguments, evidence and rebuttals.

And on the other hand, two people in a room together talking even angrily about...

even in gotcha ways, about politics is the merest form of coexistence.

I mean, it is...

it is a building block of democracy.

Lee also argues that this phenomenon isn't necessarily new.

Lincoln and Douglas were going for zingers, every presidential debate has featured zingers.