E137: Inflation cools, market rips, Ripple/MSFT beat regulators, NATO summit, cocktails of youth

**Eric Friedberg** (0:00)
We don't have a cold open.

**Jason Calacanis** (0:01)
Well, since you guys decided to go rogue, and agreed on a vacation week, and then Friedberg decided he would go rogue, it gave me a little extra time when I was whitewater rafting.

**Eric Friedberg** (0:10)
Hold on a second. Friedberg did not decide to go rogue.

**Jason Calacanis** (0:14)
He went rogue.

**Eric Friedberg** (0:15)
Your two peers decided to go rogue. I was taking the week off. They both sent on the text stream, we want to do a show this week, and I said, sure, I'll do it.
I'm in, but I'll do it.

**Jason Calacanis** (0:23)
Yes, you went rogue. That's fine, you went rogue. That's what I said.

**David Sacks** (0:26)
There was no vacation agreed to.

**Jason Calacanis** (0:28)
You don't even know your schedule. You're too busy writing 30 tweet storms about Hunter Biden.

**David Sacks** (0:33)
Why would all of a sudden there be a skip week in the middle of July? It's just because you were off.

**Jason Calacanis** (0:36)
No, we said we were going to take one week off in the summer.

**Chamath Palihapitiya** (0:39)
He scheduled his vacation after we had agreed to it.

**Jason Calacanis** (0:42)
I also have to give my producers a week off now and again because they work into the weekend editing the stuff, since your editors put 200 edits in.
I have two editors. Yes, I gave everybody the week off.

**David Sacks** (0:51)
The point is that when one of us-

**Jason Calacanis** (0:53)
If you had said, no, no.

**David Sacks** (0:54)
Is off on a given week, the show goes on. That's what you always say. The show must go on, but then when you have a need to go on vacation, then it gets canceled.

**Jason Calacanis** (1:04)
No, what would have happened was, I would have put one of my producers on for that week and I would have given the other one off. But because we all said we were gonna be off that week, I gave everybody off that week because I said, let's take advantage of this.
That's what actually happened, but that's fine because-

**David Sacks** (1:17)
You didn't go back to us. We had to hack into all the accounts.

**Jason Calacanis** (1:20)
I literally both said to you in the chat, we're off this week, we're off this week, and we confirmed with your teams multiple times we were off this week. It's no big deal. If you want to go 52 weeks in a year-

**David Sacks** (1:28)
We said in the chat, we want to record this week.

**Jason Calacanis** (1:30)
On Wednesday, on Wednesday, when everybody had already been getting off, I know that everybody who works for you is a serf.

**David Sacks** (1:34)
But you just went dark, you didn't respond to us.

**Jason Calacanis** (1:37)
But I treat the people, Nick and I both responded, we're off this week.

**David Sacks** (1:39)
Please, don't pretend like you're a great boss. We all know what a bad boss you are.

**Jason Calacanis** (1:43)
Listen, I know that the serfs who work for you do not get days off, but I treat the people who work for me like partners.

**David Sacks** (1:48)
We all know about the churn in your organization.

**Jason Calacanis** (1:50)
Churn in my organization.

**David Sacks** (1:51)
What's the average tenure of one of your employees? This is like six months in the round.

**Jason Calacanis** (1:56)
No, no, actually it's more like four or five years right now. I mean, I have people for five to 10 years now. It's pretty impressive, actually.

**Chamath Palihapitiya** (2:03)
You know what's interesting? My tenure is actually bimodal. It's either years and years and years and years.

**Jason Calacanis** (2:08)
Yeah, or out the door in one year.

**Chamath Palihapitiya** (2:09)
Or months.

**Jason Calacanis** (2:10)
Yes, that's the way it should be. Either you hit the notes or you don't, and you should know quickly.

**Chamath Palihapitiya** (2:14)
There's nothing in the middle.

**Jason Calacanis** (2:15)
Yeah, that's the way it should be, actually.
I was sitting by the river. I went whitewater rafting on the Rogue River when Friedberg went rogue.

**Eric Friedberg** (2:25)
Why am I the one who went rogue?

**Jason Calacanis** (2:26)
Because I don't like you.
That story is, I'm not blaming the other two guys. I'm friends with them. It's obvious. So, just joking. Just joking with these three people. Oh, when did I become the enemy?
All right. The big news this week is inflation has eased to 3% in June. We'll throw up a chart here. It's the slowest pace in more than two years. So the Fed's increases have worked, and I guess the question now is, are we going to have a sustained high interest rate, or is it going to get cut slowly? Chamath and Friedberg, you've been talking to a number of people about this. I think All-In Summit 2023 speaker Larry Summers has been pretty vocal about this. What's your take, Friedberg?