E146: Did the Fed break the VC model? Plus IPOs, M&A, revaluing unicorns & more

**Chamath Palihapitiya** (0:00)
Did you just finish a good cry? Because you have this wetness right here on your eye.

**Jason Calacanis** (0:04)
Oh, sorry, I just got out of my cold plunge in my sauna, because I hit a new record low weight, 169 this week. Oh, hold on, I got to get my weights.

**Chamath Palihapitiya** (0:11)
What's your temperature on the cold plunge?

**Jason Calacanis** (0:13)
I don't want to say, it's embarrassing. It's embarrassing, I don't want to say.

**Chamath Palihapitiya** (0:16)
No, what is it?

**Jason Calacanis** (0:17)
I've been doing like 56, 58

**Chamath Palihapitiya** (0:20)
That's great.

**Jason Calacanis** (0:21)
It's okay, I mean, all these lunatics, like, I don't know, they're at 45 degrees, 48 degrees. I think it's unnecessary. You get the same value, I think, at 58

**Chamath Palihapitiya** (0:28)
No, my two-year-old does 56, it's really impressive.

**David Sacks** (0:32)
I consider an 80-degree pool to be a cold plunge. I don't get it unless it's like 85

**Chamath Palihapitiya** (0:38)
That's actually, I've been to pool parties at Sacks' house.
There's no difference between the hot tub and the pool. No, it's like a Schwitz, it's a Schwitz.

**Jason Calacanis** (0:46)
It's a full-on Schwitz.

**Chamath Palihapitiya** (0:47)
It's a Schwitz.

**David Sacks** (0:48)
If it's not the temperature of bath water, I don't get it.

**Chamath Palihapitiya** (1:08)
Yeah, it's a Schwitz, it's crazy.

**Jason Calacanis** (1:10)
And then I went in my infrared sauna, so now I've been going in, you do the cold, then the warm.

**Chamath Palihapitiya** (1:15)
I think you're supposed to do warm then cold, no?

**Jason Calacanis** (1:17)
They say end on cold, and so I've been ending on cold. But I just do like a cycle now.

**Chamath Palihapitiya** (1:22)
So you do cold, warm, cold.

**Jason Calacanis** (1:24)
Cold, warm, cold, yes.

**Chamath Palihapitiya** (1:25)
And what do you do, like two minutes, 10 minutes, two minutes, or what do you do?

**Jason Calacanis** (1:28)
Yeah, exactly, like one or two minutes cold plunge, four minutes you warm up, you get back to it, and then you jump back in. It works pretty good. I have to say, my energy level goes way up.

**Chamath Palihapitiya** (1:39)
Have you been tracking your blood pressure?

**Jason Calacanis** (1:42)
I have not, but I have this executive health coach that I'm using, and so that's where I got those ridiculous glasses, the blue lights, and my sleep's better.
I've taken some supplements. I'm eating...

**David Sacks** (1:56)
Estrogen?

**Chamath Palihapitiya** (2:00)
Are you taking more estrogen, bro?

**Jason Calacanis** (2:03)
No, estrogen levels are at an all-time high from hanging out with you guys.
It just oozes on to me. No, it turns out, even at 52, my testosterone is very high.

**Chamath Palihapitiya** (2:12)
What is your free testosterone?

**Jason Calacanis** (2:14)
I don't have the number here, but they said it's the high end of normal. So I was like, should I be shooting up testosterone? They're like, no, you're good.
You're good. Just we'll send it over to Friedberg. I said, all right, great. Send it over to Friedberg.

**Chamath Palihapitiya** (2:26)
A lot of people take testosterone in their 50s and 60s, and I've had a couple of my friends in their early 60s start... Is it HGH?

**Jason Calacanis** (2:36)
Human growth, yeah.

**Chamath Palihapitiya** (2:37)
Is that right? Not a good idea.

**Jason Calacanis** (2:39)
Seems like a really bad idea. That off-menu stuff, I don't think it's a good idea. I think you got to be careful with the off-menu items.

**Chamath Palihapitiya** (2:46)
I think you can get a prescription for it.

**Jason Calacanis** (2:48)
Is that right? Yeah. I know there's a lot of off-menu items available to affluent people with the right doctors, and I don't think it's a good idea.

**Chamath Palihapitiya** (2:56)
I mean, you guys see Bezos, he's jacked.

**Jason Calacanis** (2:59)
I didn't bring up anybody specifically, but...

**Chamath Palihapitiya** (3:01)
Jacked.

**Jason Calacanis** (3:02)
He looks great. I think that's just all weights.

**Chamath Palihapitiya** (3:05)
Is he going to be president?

**Jason Calacanis** (3:08)
I mean, if you had your choice right now between Bezos...

**Chamath Palihapitiya** (3:12)
And Bob Iger, who would you pick?

**Jason Calacanis** (3:13)
Trump and Biden, I think we know who you'd pick. I mean, listen, I was talking to some affluent people, and everybody's going Vivek.

**Chamath Palihapitiya** (3:22)
I was talking to some affluent people.

**Jason Calacanis** (3:24)
I don't want to say who, but Vivek is... Now people are starting to talk Vivek.

**Chamath Palihapitiya** (3:29)
I think he's hitting the right chords, man. Vivek is about to pass DeSantis. He will be, I think, if you look at the polling right now...