David Friedberg: California’s Voting System Looks Fraudulent, But It’s Working Exactly as Designed @friedberg believes California’s extremely loose election laws enable “appointments” not free elections. Why? The voting data in LA makes no statistical sense. “ Pratt's post-election mail-in ballots declined by 1/3. So statistically, the population of people that send in their ballots late reduced for Pratt by 1/3, increased for Nithya Raman by 80%, and Karen Bass 10% less, if you just look at the mail-in ballots before and after election day as a comparison. I don't know if there's a sociopolitical way that you can assess those statistics and assume that these are individuals casting their individual vote for who they think should be Mayor of LA. Basically, the concentration of incremental votes that Nithya Raman got came around the Skid Row area in Los Angeles. But when you look at the basic statistics of what happened in person, mail-in before, mail-in after Election Day, it becomes a real statistical quagmire on how did this sort of a sociopolitical shift happen in such a way that it did? Now, there was a report published, and they highlighted the 2018 California midterm elections and the challenges that they saw arise in that midterm election because of some of the legislative changes that were made. First, California Assembly Bill 1921 legalized the practice of unlimited ballot harvesting in the state. What that means is that any individual in the state of California has the right to go and collect ballots from any other individuals, regardless of relationship, fill them out, and send them in. California, two years later, 18 months later, also passed a law that made it permanent that every person registered in the state of California would get a ballot, so tens of millions of ballots then get mailed out. Then there was another series of laws that were passed that said anyone can register to vote. You don't need to prove your citizenship. You can use a gym membership card as an example. So anyone can register to vote. There is no proof of ID when you get a ballot. There is no demonstration that the person who fills out the ballot has anything to do with the individual who's supposed to be voting that ballot, and it is legal for an individual to go out and collect hundreds or thousands of ballots, ship them in, and they will all qualify in these kind of mail-in ballot voting processes. So there's nothing illegal or fraudulent going on. In fact, the system is operating exactly as intended. It has been set up and structured in a way that with the right construct, you can get an individual appointed, not elected, but appointed to a particular role in government under a, quote, ‘free election’ in California.”

LATE NIGHT DROP! 🚨 Big show. Core four are back. -- Anthropic's Fable Backlash -- Nationalizing AI, and the "Capitalist Cucks" -- Inflation Heats Up -- California’s Broken Election System (0:00) Besties are back! (0:19) Anthropic gets massive backlash over secret Fable nerfing and privacy concerns (29:16) The AI regulatory capture trap, pragmatic safety solutions (37:59) Nationalizing AI: Trump/Sanders, justifications, and AI's "Capitalist Cucks" (59:22) Liquidity recap: Best moments and takeaways (1:05:39) Inflation heats up: CPI and PPI see 3 year highs (1:12:27) California's loose election laws creating integrity doubts

LIQUIDITY: All-In's Inaugural Best Ideas Pitch Competition! 4 Investors Present Their Top Trades This is the FINAL Liquidity post. The Besties will be back tomorrow for the regular Friday pod. Thanks to Aaron Cowen, Dan Dreyfus, Oleg Nodelman, and Kyle Samani for the amazing pitches! (0:00) Chamath explains the Best Ideas format (2:31) Suvretta Capital Management's Aaron Cowen pitches MGM Resorts (13:07) Bornite Capital's Dan Dreyfus pitches Talen Energy (27:19) EcoR1 Capital's Oleg Nodelman pitches Aktis Oncology (40:20) Multicoin Capital's Kyle Samani pitches GEODNET (54:50) The Besties recap the pitches and announce winners Thanks to our partners for making this possible! EY (@EYnews) - EY helps private equity firms turn market insight into action, navigating complexity and unlocking new paths to growth and long-term value. ey.com/en_us/industries/priv… NYSE (@NYSE) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. nyse.com Plaud (@PLAUDAI) - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. plaud.ai

LIQUIDITY: PA Senators John Fetterman and Dave McCormick join The Besties -- Bipartisanship in 2026 -- Why the Senate is the least popular it's ever been, and the filibuster question -- Insane amount of money in US politics -- Datacenters, AI, and PA's blue collar boom -- Graham Platner, and how extremism wins primaries (0:00) PA Senators Fetterman and McCormick join the Besties (0:33) Bipartisanship in 2026, rejecting extremism (6:37) All-time unpopularity in the Senate, the filibuster question, tribalism (13:33) Fixing wealth concentration in the US (19:51) Graham Platner, why extremism wins primaries, and what it means for the future (28:12) How AI and energy are playing a part in PA's blue collar boom, dark money funding misinformation (41:05) Insane level of money in politics, fixing the broken system @SenFettermanPA @SenMcCormickPA Thanks to our partners for making this possible! EY (@EYnews) - EY helps private equity firms turn market insight into action, navigating complexity and unlocking new paths to growth and long-term value. ey.com/en_us/industries/priv… NYSE (@NYSE) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. nyse.com Plaud (@PLAUDAI) - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. plaud.ai

LIQUIDITY: Dan Dreyfus on the Future of Critical Minerals -- Copper as the next AI bottleneck -- Investing in the commodity supercycle -- Dollar debasement -- Blue collar boom, rebuilding American infrastructure (0:00) Dan Dreyfus Presents: The Future of Critical Minerals (0:33) America's "Capital Light Era" is over, rapid supply/demand shocks (5:40) Impact of China cutting off the US from critical minerals (8:18) Copper's Rise: The next 18 years need as much as the last 10,000 (12:00) Dollar Debasement: $140T in debt and why hard assets win (13:50) The Grid is Dying: Blackouts, bottlenecks, and the craft labor crisis (19:10) How to invest in the commodity supercycle Thanks to our partners for making this possible! EY (@EYnews) - Liquidity, growth, and what’s next for organizations were front and center at the Summit. EY helps turn liquidity challenges into sustainable value. ey.com/en_us/services/strate… NYSE (@NYSE) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. nyse.com Plaud (@PLAUDAI) - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. plaud.ai

LIQUIDITY: Bill Maris on Broken VC Math and Google's Secret Weapon Against OpenAI and Anthropic (0:00) Bill Maris joins the Besties! (0:33) Four critical lessons from a career in technology (5:58) Building Google Ventures with data and machine learning (9:51) Why small VC funds beat big ones on average (14:36) OpenAI's valuation problem and the coming AI price war (19:09) AI is at the "Atari Stage": what comes next? (25:23) VC's broken incentives and the future of deep tech Thanks to our partners for making this possible! EY (@EYnews) - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value. ey.com/en_us/insights/ai/age… NYSE (@NYSE) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. nyse.com Plaud (@PLAUDAI) - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. plaud.ai

LIQUIDITY: Palo Alto Networks CEO Nikesh Arora @nikesharora joins The Besties: -- The Claude Mythos hype is real (found 5 years worth of bugs in 6 weeks) -- Analytical SaaS is DEAD, infra software is undervalued -- M&A playbook -- Armchair CEO: Google first to $10T? (0:00) Palo Alto Networks CEO Nikesh Arora joins the Besties! (0:47) Claude Mythos found 5-6 years worth of vulnerabilities in 6 weeks (5:15) Are cyber defenders losing the race against AI attackers? (6:50) Analytical SaaS is dead, so what survives the AI wave? (14:06) If models become a utility, where will the money be made? (20:35) Armchair CEO: Nikesh rates Waymo, Google, and OpenAI (28:22) Palo Alto's M&A playbook and the path to $1 trillion Thanks to our partners for making this possible! EY (@EYnews) - AI ambition isn’t enough. EY.ai Value Blueprints move organizations beyond pilots embedding measurable business value by design. ey.com/en_us/services/ai/val… NYSE (@NYSE) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. nyse.com Plaud (@PLAUDAI) - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. plaud.ai

LIQUIDITY: Inside the Private Stock Market Boom Brad Gerstner (@altcap), Gavin Baker (@GavinSBaker), and Kelly Rodriques (@Forge_Global) join @Jason and @chamath to discuss the secondary market gold rush. (0:00) Brad Gerstner, Gavin Baker, and Kelly Rodriques join the Besties! (0:47) Secondary Markets are Booming & Competing with IPOs (3:10) Why Companies are Staying Private So Long? (9:22) SPVs, the Forge-Schwab Deal, Democratizing Private Market Access (13:28) Secondary Markets as Exit Liquidity (27:00) The Private Market Bubble? (32:03) Hottest Secondary Companies Right Now Thanks to our partners for making this possible! EY (@EYnews) - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value. ey.com/en_us/insights/ai/age… NYSE (@NYSE) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. nyse.com Plaud (@PLAUDAI) - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. plaud.ai

LIQUIDITY: The IPO Comeback Panel @altcap, @andrewdfeldman, and @Will4Planet join @Jason and @chamath for a panel on the 2026 IPO market from a founder's perspective. (0:00) CEOs Andrew Feldman (@cerebras) and Will Marshall (@planet) join the Besties! (2:05) Both CEOs on going public: Impact on employees, customers, and business operations (13:18) Timelines for datacenters in space (19:28) Cerebras business breakdown, AI's impact on the silicon market (24:45) How Founder/CEOs think about liquidity on the road to going public Thanks to our partners for making this possible! EY (@EYnews) - Great tech starts with a big idea. From startup to scale, EY helps tech founders get financials right early so they can focus on what’s next. ey.com/en_us/tech-sector/tec… NYSE (@NYSE) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. nyse.com Plaud (@PLAUDAI) - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. plaud.ai

Beast…Dan Loeb.

LIQUIDITY: Dan Loeb on the Lost Art of Short Selling, and Why Stock Picking is Back @DanielSLoeb1 joins the Besties on stage in Napa! (0:00) Dan Loeb joins the Besties! (0:34) Investor journey: From message boards to a multibillion dollar hedge fund (3:15) Third Point's early days: mentors and market turmoil (8:47) Strategy shift: Event-driven to quality and AI (16:01) The art of short selling (22:15) Criminal justice reform and the Ross Ulbricht pardon Thanks to our partners for making this possible! EY (@EYNews) - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value. ey.com/en_us/insights/ai/age… NYSE (@NYSE) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. nyse.com Plaud (@PLAUDAI) - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. plaud.ai

Amazing presentation on the unicorn economy by Coatue’s Thomas Laffont at the All-In Liquidity Summit.

LIQUIDITY: Thomas Laffont on the $4T AI IPO Wave from SpaceX, Anthropic, and OpenAI Coatue's Thomas Laffont is BACK with the Besties for another incredible presentation Q&A -- The $4T AI IPO Wave -- 2026's Unicorn Economy -- The 10X Paradox -- Unprecedented Liquidity (0:00) Coatue's Thomas Laffont joins the Besties! (0:30) Public markets are back as AI is dominates the "Unicorn Economy" (5:15) The $4T AI IPO explosion (7:48) The case for SpaceX: Compounding launch monopoly and Starlink (10:38) The 10x Paradox: Why we're seeing unprecedented scaling (15:33) Segmenting AI markets and future impact (18:32) Bestie Q&A: Power Law in AI, future of VC, where revenue is coming from, liquidity explosion Thanks to our partners for making this possible! EY (@EYnews) - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value. ey.com/en_us/insights/ai/age… NYSE (@NYSE) - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. nyse.com Plaud (@PLAUDAI) - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. plaud.ai

The Besties Chef Thomas Keller at The French Laundry Thanks to the amazing team for an unforgettable night! And thanks to @NYSE for making this possible!

My All-In interview segmented by topic. Interesting to be interviewed by four protagonists. We discuss $PS, $PSUS, $HHH, $SPCX, and more.

LIQUIDITY: Bill Ackman joins the Besties! -- Investment evolution: activist, long-term holdings -- Importance of business model quality in the AI era -- What the market is missing -- Building the next Berkshire (0:00) @BillAckman joins the show! (0:30) Evolving investment philosophy: What's changed over 20 years? (4:40) AI: Greatest time to build a business, and a major threat to your portfolio (7:50) Predicting market moves, the "rubber band effect" (16:00) Owning founder-led companies (19:30) Building the next Berkshire Hathaway Thanks to our partners for making this possible! EY - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value. ey.com/en_us/insights/ai/age… NYSE - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. nyse.com Plaud - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. plaud.ai

Great joining @SenFetterman and our friends at @theallinpod’s Liquidity Summit. We come from different parties, but our shared commitment to Pennsylvania’s future will always rise above political differences. That means working together to help PA lead when it comes to creating jobs, strengthening energy security, and ensuring America wins the AI race.

HIGHLIGHTS from Day 1 of All-In Liquidity! Our first Liquidity Summit sold out in a few weeks, next year will sell out faster. Apply now to lock in early bird pricing for 2027: accelevents.com/e/u/checkout…