Oct 19, 2026 · 55 min · 12 segments
Philip's three-word warning drove this channel's most commented video. People are still arguing about it. Now he is back. On this episode of the 1st10 Podcast, host Boris Epstein sits down with…
Philip SuGuestBoris EpsteinHostSo I'm curious, I want to get a sense of how your thinking has evolved over the last year, because a lot has happened, right? Like you said, two years ago, vibe coding was hot.
Then a year ago, I don't remember, let's see, in August of 2025, I don't even think Claude had come out.
So from August of 2025, when you first said that winter is coming, On a scale of one to 10, like how sure were you back then? If 10 is like no doubt in my mind, and then like just a year and some change later, like how sure are you today on a scale of one to 10? So I want to kind of get those two measurements from you.

Like, I think part of it depends on how you define winter, right? Like, do I think we will reach Great Depression levels of unemployment? You know what I mean? I don't know.

And the reason is we tend to smooth these curves out, right? The thing with the Great Depression that we didn't know back then and the reason we haven't had a Great Depression since, right, is because monetary policy was very different.

Like America got into a mode where it had not learned different types of monetary policy and management.

So I think should we expect a Great Depression to happen again, given that my gut feeling is probably not.

Odds are very good that we will vote and change the direction of legislation in order to avoid that happening.

But will there be a period of time when I think many people who thought their job would be one way would need to switch into a different job, maybe even retrain, let's say? I just talked to some engineers at the University of Washington this past week, and several of them were seriously asking me, should they retrain into another profession? And what I told them is, Like a four out of five people will still have jobs.
So I'm curious, I want to get a sense of how your thinking has evolved over the last year, because a lot has happened, right? Like you said, two years ago, vibe coding was hot.
Then a year ago, I don't remember, let's see, in August of 2025, I don't even think Claude had come out.
So from August of 2025, when you first said that winter is coming, On a scale of one to 10, like how sure were you back then? If 10 is like no doubt in my mind, and then like just a year and some change later, like how sure are you today on a scale of one to 10? So I want to kind of get those two measurements from you.

Like, I think part of it depends on how you define winter, right? Like, do I think we will reach Great Depression levels of unemployment? You know what I mean? I don't know.

And the reason is we tend to smooth these curves out, right? The thing with the Great Depression that we didn't know back then and the reason we haven't had a Great Depression since, right, is because monetary policy was very different.

Like America got into a mode where it had not learned different types of monetary policy and management.

So I think should we expect a Great Depression to happen again, given that my gut feeling is probably not.

Odds are very good that we will vote and change the direction of legislation in order to avoid that happening.

But will there be a period of time when I think many people who thought their job would be one way would need to switch into a different job, maybe even retrain, let's say? I just talked to some engineers at the University of Washington this past week, and several of them were seriously asking me, should they retrain into another profession? And what I told them is, Like a four out of five people will still have jobs.
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