01:07:37 · John Coogan, Will Manidis
[01:07:37] S1: How do you think the shape of the median or average firm changes in America or globally? [01:07:46] S3: We think there will be a lot less public companies in The US. A piece we developed at the end of it is what we call the forced settlement, which is if you can think about all of history as negotiated compromises between management, capital, and labor as kind of the three countervailing forces that make up the firm. Capital and management are going to become much more similar over time. You're going to see smaller management teams that are comped as if they are capital. You already see this with things like Meta where you have Alex Wang, basically a $20,000,000,000 employee. Certainly not a down, you know, 20,000,000,000 employees. Yeah. And you're going to see labor leave the firm, right? In the same way that The US offshored in the nineties and two thousands. I think we're going to see an offshoring two models, right? Maybe an onshoring into data centers Mhmm. Which will mean that firms will have probably much stronger but much leaner balance sheets as they push labor out of their doors and onto the models. And that means that capital management can begin to merge. [01:08:47] S1: And do you buy that returns [01:08:49] S3: to scale are really high. [01:08:50] S1: Yeah. Do you you buy that there will be more firms in the future?
01:08:50 · John Coogan, Will Manidis, Jordi Hays, Darren Rovell, Tyler
[01:08:50] S1: Yeah. Do you you buy that there will be more firms in the future? [01:08:54] S3: Probably more single proprietor firms. Right? You can imagine the the the kind of bottom end of that curve, like 1,000 entrepreneurs in a data center kind of thing. Mhmm. But certainly, we think in regulated industries, healthcare, banking, etcetera, there will be massive consolidation as a result of cyber vulnerabilities. But it just seems obvious that there's going to be a huge amount of merging happening in community banks, community hospitals, etcetera. [01:09:18] S0: Yeah. [01:09:19] S3: Just because the models are are so so good at security. [01:09:23] S1: At security. Yeah. And so you you you don't wanna... You wanna amortize the cybersecurity combating cost across the largest organization possible. Is that the theory? [01:09:33] S3: Well, yeah. Largest possible defense against the large... Biggest possible threat and right now it's too fractured to have a meaningful chance. Yeah. [01:09:40] S0: How do you think the investment community is doing underwriting cyber security risk? Because like right now, people are like, oh, I should own cyber security stocks. [01:09:51] S4: Mhmm. [01:09:52] S0: But, it feels like there's some risk of like broad internet shutdown, whether that be, you know, a day. [01:10:01] S2: I mean, I still
01:10:01 · Tyler, Will Manidis, John Coogan, Jordi Hays
[01:10:01] S2: I mean, I still [01:10:01] S3: think it's underrated that like internet banking is probably a thing that was like we're going to live to see the end of. Right? Like I could really imagine a world where you have to like go to the bank to get dollars out again just because it's it's too easy to clone your voice, it's too easy to break to a fight. Like, it's just... It's all too easy. You know, Corgi sells cyber insurance now, so maybe we should all feel good that Corgi is underwriting this risk at civilizational scale. [01:10:24] S1: Yes. Yes. It's a Fellow. [01:10:26] S0: Of the guys. [01:10:28] S1: Cornerstone of the market. Yeah. Where does it go next? Are you selling the rights? Is there gonna be a movie? Commanding Heights's play? [01:10:36] S3: You know, the book's coming out. We will try to distribute the thing as much as possible. We're gonna try to produce it on stage as a fourteen hour production in New York City. Currently, Aaron Sorkin's bidding on the movie rights. Okay. Yeah. But the the book the book, you know, John Furrino has been even making bootleg copies of it. Sure. It's really incredible. You can buy kind of bootleg Commanding Heights copies. [01:10:59] S1: Yes. Yes. That's great selling them in Canal Street. I I think I saw a couple copies on laid out on the pavement there. [01:11:06] S3: I've been leaving copies around Central Park. You can go and get them. [01:11:09] S1: That's great. Well, congratulations on on the the launch and Yeah. Bring forth the most discussed... Yeah. A
01:11:09 · John Coogan, Jordi Hays, Will Manidis
[01:11:09] S1: That's great. Well, congratulations on on the the launch and Yeah. Bring forth the most discussed... Yeah. A [01:11:17] S0: lot of text flying around yesterday. Commanding Heights? Question mark question mark? [01:11:20] S1: It's great. [01:11:23] S0: Good stuff. [01:11:23] S1: Thank you so much for coming on the show. Happy Halloween. [01:11:26] S0: Congrats on the launch [01:11:27] S1: of Halloween. [01:11:28] S0: Great stuff. [01:11:29] S3: Have a good [01:11:29] S1: one. Have a good one. [01:11:34] S0: Should we go? [01:11:34] S1: We should go to the New York Stock Exchange. Wanna change the world? Raise capital at the New York Stock Exchange. We will be at the New York Stock Exchange on Monday and we have a fantastic lineup. We're we're catching up with a bunch of our New York friends on Monday. So tune in. [01:11:51] S0: Let's head over to the timeline. [01:11:53] S1: Yes. What do we [01:11:53] S0: got? DoorDash. Mhmm. Well, maybe we start here. [01:11:59] S1: Mhmm. [01:12:00] S0: Philip Jackson says, I hired Muse to sue someone on my behalf. I won while they caved. Within twenty minutes of being served papers, the company offered a settlement within ten days. They paid me with additional compensation for recovery expenses. Muse filed the motion to dismiss. This seems crazy actually taking it all the way. [01:12:23] S1: I was joking about this where if I if I steal your drink like our agents are just gonna be suing each other transfer like... Shows up. [01:12:32] S0: Maybe DoorDash should get into the the serving business.
01:12:32 · Jordi Hays, John Coogan
[01:12:32] S0: Maybe DoorDash should get into the the serving business. [01:12:37] S1: Oh, yeah. Wait. They have... They they can certify everyone as process server. Yeah. And and you could just with a click of a button or over an API. Yeah. An agent could dispatch a server. I still don't understand when you need to serve someone in person versus digitally. Like what like why... [01:12:52] S0: I think it's like somebody has to accept it digitally. [01:12:56] S1: They have to [01:12:56] S0: physically accept it. [01:12:57] S1: Okay. Okay. So they could be like out of sight, out of mind, see no evil. [01:13:00] S0: But I believe like if it's in person and I'm you've been served, you can't be like I do not accept. [01:13:06] S1: Oh, I'm not aware that this court case is going on or something. Okay. I I have to appear [01:13:11] S0: in court. But oftentimes [01:13:12] S1: Interesting. [01:13:12] S0: Something like this in a more [01:13:13] S1: So incredible incredible model capabilities, but DoorDash is not seeing incredible adoption. Is that is that the two two two sides of this coin right now? DoorDash... DoorDash earnings call. You [01:13:27] S0: can read through it.
01:13:27 · Jordi Hays, John Coogan
[01:13:27] S0: can read through it. [01:13:28] S1: So it says DoorDash says they've only received several 100 orders in total from personal agents like Muse. They say, you're right. Everything going great with the core business. This only adds to it. Your second question was around AI agents. I would say that this is something that is still a very dynamic area. I'm reading that as like we're early. My take on these... On all things technology is you never wanna fight gravity. That's why DoorDash has an API, a CLI, right? They're leaning in like a Walmart, like a Shopify. But at the same time, you do not want to be delusional. What I mean by that is if you look at where AI agents are today, we are seeing maybe several 100 orders in total from some of these third party agents. And some of which you have cited in terms of whether or not paying customers or placing orders. DoorDash is interesting. Like, the models might need another leg up because tell the robot to push the DoorDash, the get burrito button is not a great use case. It's more for, like, once it learns how much you're ordering, then it can be like... It feels like it is not valuable to hand over DoorDash to a personal agent on a case by case basis. [01:14:36] S0: I just think it's it's it's so incredibly easy to order food. Yes. And people are very habitual. Yeah. It's possible that you could be a power user of Muse and not even care to use it to order DoorDash. [01:14:51] S1: Yeah. Totally. Totally. At the same time, I think that there are certain