(0:00) The Besties intro Philippe Laffont!

(2:12) Miami F1 Recap!

(12:10) Fed holds rates steady on tariff uncertainty

(32:47) Google drops after Apple sees fall in search queries on Safari

(56:48) Creating a new Mag 7

(1:07:00) Private markets: Is traditional VC dead? Philippe details Coatue's new fund structure and what makes a great investor

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Intro Music Credit:

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Referenced in the show:

https://polymarket.com/event/fed-decision-in-june/fed-decreases-interest-rates-by-50-bps-after-june-2025-meeting?tid=1746821096114

https://www.federalreserve.gov/newsevents/pressreleases/monetary20250507a.htm

https://www.mlex.com/mlex/antitrust/articles/2337168/apple-exec-testimony-on-search-volume-drop-hurts-google-stock-price

https://www.bloomberg.com/news/articles/2025-05-07/apple-working-to-move-to-ai-search-in-browser-amid-google-fallout

https://blog.google/products/search/statement-press-reports-about-search-traffic

https://x.com/EconomyApp/status/1915501252420784499

https://x.com/Similarweb/status/1920026287625658628

https://openai.com/index/leadership-expansion-with-fidji-simo

https://files.pitchbook.com/website/files/pdf/Q1_2025_PitchBook-NVCA_Venture_Monitor_19001.pdf

https://stockanalysis.com/ipos/statistics

(0:00) David Friedberg introduces Secretary Doug Burgum

(2:11) Burgum's background and how it led to his role in the administration

(10:56) The state of American energy and how we got here

(22:32) America's energy emergency: AI, unlocking potential, China, increasing national risk tolerance

(34:22) Burgum's National Balance Sheet idea: How it could help reduce national debt

(42:25) Mining, overseeing the EPA, aligning agencies with outcomes

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(0:00) David Friedberg welcomes Agriculture Secretary Brooke Rollins!

(1:32) How she ended up in Trump's two administrations, history of the USDA

(16:56) Trump's first 100 days, what needs to be reformed in the USDA

(21:31) SNAP's massive impact on USDA budget: soda, obesity, health challenges; how being DC outsiders helps the Trump Administration

(30:48) How she reconciles running a department with a lot of government intervention after coming from a free market background

(34:33) State of US farming in 2025, labor costs, opening up new markets, and more

(42:11) Working with DOGE, Farm Bill negotiation, stance on agricultural innovation

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Intro Music Credit:

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https://x.com/yung_spielburg

Intro Video Credit:

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