In conversation with Mark Cuban

The Besties intro Mark Cuban: Voting record, working with Ross Perot's campaign in 1992 (0s)

• Mark Cuban is a guest on the podcast, and he's doing great, thanks for having him on (16s).
• Cuban mentions that he doesn't virtue signal and will say it to anybody, and he lets his winners ride (32s).
• The podcast opens sources to the fans, and they've gotten very vocal about politics during this cycle (42s).
• Mark Cuban has been very vocal about politics during this cycle, and he seems to be speaking on behalf of the comma ticket (50s).
• Cuban is proud to be an American, and that's why he's active in politics; he's an independent through and through (1m9s).
• Cuban has voted for both Democrats and Republicans in the past, including George W. Bush, Barack Obama, Hillary Clinton, and Joe Biden (2m10s).
• Cuban's first vote was for John Anderson, and he worked on Ross Perot's campaign in 1992, where he helped with computers and software (2m22s).
• Cuban met Ross Perot through his company, Micro Solutions, which did systems integrations and local and wide area networking (3m3s).
• Cuban has a favorite story about meeting Ross Perot and seeing the original Magna Carta and the model for the Iwo Jima statue at Perot's office (3m36s).
• Mark Cuban initially met someone by saying "Hi Mr. Cuban" and reversing it, which led to them becoming friends and doing business together, resulting in mutual financial benefits. (3m52s)
• Cuban did not have any further interactions with them during a campaign, and was just trying to do little things in LA. (4m15s)
• Before becoming a businessman, Cuban took acting classes after selling Micro Solutions, buying a lifetime pass on American Airlines, and moving to LA. (4m19s)
• The acting classes were taken to meet women, but it turned out to be one of the best things he ever did, as it allowed him to let go and approach life differently. (4m37s)
• Cuban enjoys doing cameos because it allows him to completely let go and have a different approach to life. (4m56s)
• He had a notable character arc on the TV show Entourage, appearing in seven episodes and the movie. (5m7s)
• Cuban's social media presence and interactions were mentioned, but no specific details were provided. (5m17s)
• When asked if his support for Kamala is acting, Cuban stated that he truly believes in it and that his actions are relative to the other candidate. (5m23s)

The history of Cuban's love/hate relationship with Trump (5m43s)

• Mark Cuban is not a fan of Donald Trump, but he doesn't hate him personally, and they have a complicated history dating back to the early 2000s (5m44s).
• Cuban attended a Super Bowl party at Trump's Mar-a-Lago in 2000, where he met Trump and was entertained by the event, but also felt belittled when Trump told him he would one day be able to sit with the rich people (5m57s).
• Trump later invited Cuban to his office in Trump Towers to discuss business, specifically selling merchandise on his website donaldtrump.com, but the meeting didn't lead to any significant business deals (8m11s).
• Cuban was struck by the fact that every inch of Trump's office was covered in pictures of him with celebrities and other notable figures, which left a lasting impression on Cuban (8m44s).
• Cuban has reflected on this experience and has told his friends that if he ever becomes famous, he doesn't want to become so self-absorbed that he fills his office with pictures of himself (9m11s).
• Mark Cuban received a call from ABC in 2004 to do a show called "The Benefactor," but after the show was cancelled, he received a letter from Donald Trump saying "you suck" and dancing on the grave of his show (9m54s).
• Cuban did not have a beef with Trump before receiving the letter, and it was just a casual reaction to the situation (10m3s).
• In 2007, Eric Trump reached out to Cuban and said there were no hard feelings with his dad, and they started working together on a project with Russian MMA fighters, including Fedor Emelianenko and Josh Barnett, competing with Dana White and the UFC (10m23s).
• Cuban's TV network, HDNet, broadcast the MMA fights, and he became friends with the Trumps again, with Eric saying "everything Mark Cuban touches turns to gold" (11m35s).
• However, their friendship ended when Trump started tweeting about Obama and the birth certificate, and Cuban responded to Trump's tweets, leading to a back-and-forth on Twitter for years (11m56s).
• Cuban also responded to Trump's tweet about his golf swing, despite not being a golfer, and they continued to exchange tweets until Trump's presidential campaign in 2015 (12m21s).
• Cuban initially thought Trump had no chance of winning but appreciated the disruption to traditional politics, identifying as a libertarian but acknowledging that libertarians are not problem solvers (12m40s).
• Rand Paul is mentioned as an ideologue who doesn't try to solve problems, but is seen as a good thing for politics due to not being a traditional politician (13m0s).
• Mark Cuban was contacted by Donald Trump, and they had multiple conversations, with Trump calling Cuban 10 to 15 times to discuss various topics (13m27s).
• Trump has an unusual way of communicating through email, where he writes on a piece of paper, has it scanned, and sends it as an image via email to avoid creating an electronic record (13m57s).
• Cuban received an email from Trump's assistant, which was a scanned image of a handwritten note, and this was one of many emails exchanged between them (14m13s).
• Trump's method of communication is seen as unusual, with some interpreting it as a way to avoid creating a paper trail, while others see it as a generational difference (14m48s).
• Cuban had conversations with Trump about various topics, including the possibility of people dying as a result of presidential decisions, and Trump's lack of a ground game in his campaign (15m37s).
• Cuban also tried to engage Trump in a conversation about privacy and the FBI's use of a device to break into an iPhone, but Trump didn't seem interested in discussing the topic (15m59s).
• Mark Cuban had multiple conversations with Donald Trump about policy, but Trump never engaged in in-depth discussions and didn't make an effort to learn about the topics (16m16s).
• Cuban expressed his concerns about Trump's lack of effort to learn in an email, which Trump didn't respond to, leading Cuban to publicly state on CNN that Trump wasn't learning or making an effort to do so (16m29s).
• Despite their falling out, Cuban sent Trump a congratulatory message after he got elected and offered to help if needed (17m8s).
• Cuban was invited to the White House to discuss his "10 plan" for a means-tested healthcare system and met with Jared, Brooke Rollins, and the head of CMS (17m26s).
• During the pandemic, Cuban sent ideas to the White House on how to support people financially and worked with Peter Navarro to increase the output of a company producing PPE (17m47s).
• Trump invited Cuban to the White House, where they had a short conversation, but Trump didn't engage in in-depth discussions about healthcare and instead talked about other topics (18m19s).
• Despite their differences, Trump and Cuban have maintained a cordial relationship, with Trump inviting Cuban to dinner and complimenting his suit (18m48s).
• Cuban has stated that he doesn't think Trump is the best person to be president, but he doesn't dislike him personally (19m2s).

Trump's performance as President: what he got right and wrong (19m8s)

• The way Donald Trump dealt with the vibe of the country was considered really bad, and the hate he conveyed was a major issue, as seen in his negative tweets about companies and individuals, including Mark Cuban (19m25s).
• Trump's response to the BLM protests and riots, particularly when he tweeted "when the looting starts, the shooting starts," was seen as a bad thing, and the fact that more people died during riots during his term than under Biden was a significant concern (19m54s).
• Trump misrepresented his stance on being anti-war, as evidenced by his decision to continue selling weapons to Saudi Arabia despite a bipartisan resolution to stop, which led to the deaths of hundreds of thousands of people in Yemen (20m10s).
• Trump's claim of being against all wars is not credible, given his past actions, and the mainstream media should not accept this claim at face value (20m59s).
• Trump's leadership during the 2020 riots was seen as lacking in moral character, and his response to the situation was not effective in controlling the riots and preventing further violence (21m57s).
• One positive aspect of Trump's presidency was that he did not start any new wars during his term, making him the first president in 20 years to do so, although he did inherit ongoing conflicts in Syria and Afghanistan (22m18s).
• The US has been deeply involved in a war with Russia in Ukraine, and there's an analogy to be drawn with the situation in Yemen, where the US had the opportunity to reduce deaths but chose not to, instead continuing to sell weapons to Saudi Arabia, led by MBS (22m49s).
• The US supported the Saudis in their war with Yemen, and this conflict can be traced back to a deal made in 2019, which ultimately contributed to the start of inflation (23m44s).
• In 2020, the price of oil collapsed, and oil companies were losing money, so a decision was made to ask Saudi Arabia and Russia to reduce oil production, which led to an increase in the price of gas and subsequently impacted the price of goods (24m28s).
• The reduction in oil production by 10% led to a significant increase in the price of gas, which can be tracked over time, and this increase in gas prices contributed to inflation (25m13s).
• The argument is being made that Trump's actions, specifically his deal with Saudi Arabia and decision to reduce oil production, caused the inflation that occurred in 2022, two years after he left office (25m32s).
• Trump's decision to cut oil production by 10% in 2020, despite relatively low demand, is seen as a contributing factor to the subsequent inflation (26m19s).
• The situation in Yemen started on March 26, 2015, under Obama, but Trump had the opportunity to end it and chose not to, instead selling $660 billion worth of weapons to Saudi Arabia (25m41s).
• The mainstream media is criticized for not discussing the connection between Trump's actions and the subsequent inflation (26m11s).
• As people began venturing outside their homes from April to June 2020, there was an increase in demand for oil, but the increase in production did not match the demand, leading to a rise in gas prices (26m27s).
• The production increase was limited to 300,000 barrels a day as part of a deal between Trump, Russia, and Saudi Arabia, which was not enough to keep up with the growing demand (26m53s).
• This deal led to a two-year period of increased gas prices, which did not return to pre-pandemic levels of production until the agreement ended (27m23s).
• The "drill baby drill" policy advocated by Trump was intended to lead to lower costs, as oil and energy costs are part of everything (27m30s).
• The agreement between MBS, Russia, and Trump to limit production ended in 2022, resulting in a significant increase in production and a decrease in gas prices (27m47s).
• Many people who have worked with Trump, including Pence, Mattis, Tillerson, Bill Barr, Mike Cohen, and Omarosa, have fallen out with him and do not like him due to his self-centered nature (28m11s).
• Trump's behavior and tactics have been compared to those of Roy Cohn, a notorious lawyer and advisor to Senator Joseph McCarthy (28m52s).
• In 2020, a price war between Saudi Arabia and Russia was initiated by Saudi Arabia, but it was not a cooperation to cut prices, and the US was involved as part of OPEC (29m18s).
• The price war was triggered by a conflict between Saudi Arabia and Russia, and Trump's relationship with MBS played a role in the events that unfolded (30m4s).
• The oil companies were negatively affected by the price war and appealed to Trump for help, leading to a deal that limited production and increased gas prices (30m13s).
• Saudi Arabia increased its production significantly in an attempt to take on Putin and Russia, leading to a surge in oil production (30m22s).
• Russia and other countries had to keep their revenues up during the pandemic, but the demand for oil was dropping, leading to a price war, and Donald Trump was asked by insurance companies and oil companies to go to MBS and Putin to reduce production, which he did, increasing the price of gas and oil, but negatively impacting American consumers who use gas for their cars (30m36s).
• Trump's decision to work with oil companies and protect them can be seen as strategic, but it matches up with the idea that he fully supports the oil companies over the price of gas, which could influence his decisions as president (31m32s).
• Trump's statement "I'll just get out of Ukraine" depends on who's making the money and where it is, and his "drill baby drill" policy has already been implemented, but its impact is hard to fact-check in real-time (31m53s).
• Biden's first day in office, he canceled the Keystone Pipeline and a bunch of leases, making it harder to drill in the United States, reducing the ability for domestic producers to produce, but this didn't have a significant impact on the price of gas because it's a global phenomenon (32m47s).
• The price of oil is a global phenomenon, and the US, being the largest producer of energy in the world, still only accounts for about 13% of the global production, with the other 87% having more of an impact on the price (33m11s).
• There was still an unlimited amount of drilling available on public lands and leases that weren't fully used, and Biden made mistakes, but the impact of his decisions on the price of gas is debatable (33m26s).
• The US crude oil production chart shows that more than half of the oil is exported, and the reduction in production can be seen, but the impact of this reduction on the price of gas is still unclear (34m1s).
• Domestic oil production capacity remained high relative to consumption in the US, so the biggest driver of the profits of exporting companies was affected, not necessarily the cost of energy domestically (34m13s).
• The Federal Reserve's balance sheet swelled from $4 trillion to $8 trillion due to significant fiscal stimulus, causing the supply of dollars to increase and the cost of dollar-denominated items to grow (34m32s).
• The fiscal policy and monetary policy of the federal government and the Federal Reserve are largely accountable for the inflation seen in the cost of everything from energy to production to labor to assets (35m10s).
• Global supply chains are a dynamical system, and the massive shortfall in the ability to move goods around the world was the biggest driver of the inflationary effects seen (35m40s).
• Production went down, demand went up, and the net result was that the price of gas went up, and the price of gas is a component in everything (35m54s).
• The whiplash problem occurred due to over-demand relative to the natural production systems, which could not keep up with demand because of the fiscal stimulus (36m17s).
• The decision to support energy companies and reduce production, rather than letting the market play out, may have contributed to the price increase, although the exact percentage is unknown (36m32s).
• Supply chain disruption and transitory fiscal and monetary policy, such as stimulating the world economy by pouring a lot of money out, are acknowledged as factors contributing to inflation (36m49s).
• Larry Summers warned in Q1 of the Biden Harris Administration that passing another $2 trillion of COVID stimulus could set off inflation, and his prediction was precisely correct (37m11s).

Party nominations: Kamala vs. Trump (40m46s)

• A comparison is made between the Republican and Democratic primaries, with the suggestion that the Republicans had an open primary while the Democrats did not, as they pretended Joe Biden was fine and sharp, and used lawfare to keep other contenders like Bobby Kennedy off the ballot (40m48s).
• It is argued that the Democrats did not allow a fair shot at the nomination for other candidates, which is why Bobby Kennedy had to leave the party and run as an independent (41m53s).
• The Democrats are also accused of lying about Joe Biden's cognitive condition, and anointing Kamala Harris through an opaque process (43m41s).
• The Republicans are said to not have had a truly competitive primary, as Donald Trump refused to participate in debates due to his lead, and it is unclear whether other candidates like Nikki Haley, VC, or Desantis would have beaten him in a debate (42m39s).
• It is noted that Donald Trump's performance in the 2016 debates, where he crushed his opponents, is not necessarily indicative of how he would perform in a debate against other strong candidates (43m26s).
• The point is made that the Democrats' handling of the primary, including keeping other contenders off the ballot and lying about Biden's cognitive condition, is not comparable to the Republicans' open primary (43m35s).
• A personal anecdote is mentioned, but not shared, about experiences with Joe Biden, and it is acknowledged that Democrats lied about Biden's condition (44m20s).
• Mark Cuban met Joe Biden twice during a certain period and observed a decline in Biden's sharpness and quickness of response, but not in the content of his speech (44m26s).
• Cuban believes that Biden's ability to respond in real-time slowed down with age, which was a problem during debates, particularly against Donald Trump (45m12s).
• Cuban thinks that Biden's cognitive decline was not in the purest sense, but rather his inability to respond quickly, which gave the impression of cognitive decline (45m40s).
• The Democratic National Convention's primary goal is to win the presidency and control Congress, giving themselves flexibility to do whatever it takes to achieve this goal (46m17s).
• The Democratic Party is a private organization that prioritizes winning over democracy, as evident in their actions, which contradict their rhetoric (46m38s).
• There were 14 million voters in the Democratic primary, but the party's actions, such as replacing the winner, undermine the democratic process (46m55s).
• Donald Trump won the Republican primary fair and square, despite not debating, due to his significant lead in the polls (47m26s).
• Joe Biden won the Democratic primary with 14 million votes, but the party's actions, such as considering replacing him with Kamala Harris, raise questions about their commitment to democracy (47m37s).
• Mark Cuban's position on the Democratic party is that it is like a fraternity where the national organization has the final say, regardless of the outcome of internal elections (47m50s).
• Cuban views the Democratic party as a brand that can be branded however one wants, but he does not identify as a Democrat and does not care about their actions or support them (48m10s).
• Cuban acknowledges that the Democratic party's rhetoric can be hypocritical, but he does not pay attention to it and instead focuses on moving forward (48m22s).
• Mark Cuban would have liked to see Donald Trump debate and possibly a speedrun primary, but ultimately, he wanted the best person to beat Trump once he became the candidate (48m39s).
• Cuban's evaluation of the Trump presidency includes both positives and negatives: the positives are the tax cuts and Operation Warp Speed, while the negatives include continuing the war in Yemen (49m3s).

Biden's performance as President: what he got right and wrong (49m18s)

• The handling of the border by the Biden administration was considered horrific, with the door being opened too wide, allowing too many people to enter and creating cascade problems (49m40s).
• The administration's initial approach was likely taken for humanitarian reasons, but it ultimately led to issues, including an increase in the number of people coming through the border (50m6s).
• In June, President Biden signed an executive order that made it permanent, changing the option to just set foot on American soil and be eligible for an Asylum hearing, which is no longer possible (50m29s).
• To her credit, Vice President Harris worked with the head of the Mexican government to reduce the flow of people to the border, resulting in the number of encounters at the border being about the same as before the pandemic under the Trump administration (50m46s).
• The current problem is dealing with the large number of non-citizens and illegal aliens in the country, with different approaches being proposed, including getting rid of criminals first and deporting everybody (51m17s).
• Former President Obama had a specific process in place for deportations, which resulted in over three million people being deported, and a similar approach could be beneficial in the current situation (51m48s).
• The approach to deportations and the Asylum system is crucial, with Vice President Harris supporting a bipartisan immigration bill that aims to reduce the time to adjudicate Asylum to 90 days, which could help get control of the situation (52m32s).
• The spending was considered bad, with overspending being a major issue, and the infrastructure bill and Broadband bill were seen as good, despite mainstream media criticism that $42 billion was spent on broadband with little result (53m0s).
• The reality is that the money for broadband went to the states, which could have chosen to buy from companies like Starlink if they wanted to (53m21s).
• The electric vehicle (EV) charger rollout was considered a cluster, with no way around it, and was an example of pork barrel spending that was unaccountable (53m31s).
• The approach to healthcare, particularly the mergers of companies like Albertsons and Kroger, was seen as too much, and the focus on breaking up companies like Google and Facebook was considered misguided (53m45s).
• The most important technological perspective in the country today is winning in artificial intelligence (AI), which will impact everything militarily and economically, and breaking up companies like Google and Facebook would diminish the ability to compete globally with AI (53m57s).
• The approach of Lina Khan, the head of the Federal Trade Commission (FTC), to breaking up companies was seen as wrong, but her actions against Pharmacy Benefit Managers (PBMs) were considered good, as PBMs were seen as ripping off companies and increasing the cost of medications (54m19s).
• The attempt to get rid of the filibuster was seen as a mistake, as it could lead to cascading problems, and the spending was considered too much (54m45s).
• The positives of the current administration include changing the tone of the country, supporting workers, and removing uncertainty and unpredictability, which was seen as a huge positive for businesses (55m2s).

Should Kamala share blame for Biden's failures? (55m45s)

• The discussion revolves around the presidency and the track record of Donald Trump, with the idea that he gets credit for the good things and is held responsible for the bad things, and whether this same principle should be applied to Kamala Harris. (55m46s)
• The concept of "Trumpnesia" is mentioned, where it is presumed that everything was good under Donald Trump's presidency, and the importance of giving credit for the good things and responsibility for the bad things is questioned. (56m6s)
• The idea of a boss-employee relationship is used as an analogy to explain that even if an employee does something well, the boss is still ultimately responsible for the outcome. (56m43s)
• The topic of the border is discussed, with Mark Cuban mentioning that Kamala Harris' job was to go to Central America and talk to the heads of countries to reduce the reasons why people were leaving their countries to go to the United States. (57m26s)
• Conspiracy theories surrounding the opening of the border are mentioned, including the idea that it is to increase the number of Democratic voters, but also the possibility that it could lead to votes for the Republican party due to the influx of working-class individuals. (57m41s)
• An economic theory is also discussed, suggesting that the influx of low-cost workers could have a deflationary effect and a stimulatory effect on the economy, but Mark Cuban expresses skepticism about this idea. (57m59s)
• The issue of executive authority is raised, with Mark Cuban stating that he does not think the executive branch should be able to unilaterally determine who comes into the country without following laws, and that this decision should be made by Congress. (58m40s)
• The discussion revolves around Kamala Harris's stance on border control, with claims that she initially opposed a border wall but later changed her position as Vice President under Joe Biden (59m2s).
• It is argued that Harris was on board with Biden's agenda, but her past statements suggest she may have disagreed with his policies, particularly regarding border control (59m40s).
• Harris's past statements are cited, including her description of Trump's border wall as "un-American" and "medieval," as well as her comparison of ICE to the KKK (1h0m15s).
• The conversation highlights the contrast between Harris's past rhetoric and her current stance on border control, with some suggesting that her change in position is an "election year conversion" (1h0m6s).
• The discussion also touches on the Biden-Harris administration's handling of border control, with claims that they downplayed the issue for three years despite evidence of an "open festering wound" at the border (1h1m20s).
• The topic of misinformation is raised, with some pointing out that videos shared on Fox News were often from 10 years ago, while others argue that the administration's denial of a border crisis was misleading (1h1m45s).
• The conversation references the large number of migrants who have entered the country during the Biden-Harris administration, with estimates suggesting over 10 million recorded crossings, and potentially many more unrecorded (1h1m57s).
• The repeal of Trump's executive orders on border control is cited as a possible reason for the surge in migration, although this claim is disputed (1h2m22s).
• Kamala Harris changed her stance on immigration policies, including the Trump administration's "remain in Mexico" policy and the definition of asylum, which now allows those who claim economic hardship to qualify for asylum (1h2m28s).
• JD Vance initially called Donald Trump "Hitler" in private communications in 2016 but later changed his mind and explained why he did so, which is seen as acceptable (1h3m8s).
• Kamala Harris's change of heart on immigration policies is questioned, and it is pointed out that she has not explained why she changed her mind, unlike JD Vance (1h4m41s).
• The media is criticized for not asking Kamala Harris tough questions, such as when she changed her mind on immigration policies and why she supported Joe Biden despite disagreeing with his policies (1h4m45s).
• Kamala Harris's role in the Biden administration, particularly her involvement in border policies, is questioned, and it is asked why she volunteered for the role if she disagreed with Biden's policies (1h5m11s).
• The importance of holding politicians accountable for their actions and policies is emphasized, and it is suggested that the media should ask tougher questions to put politicians on the defensive (1h5m26s).
• The conversation is framed as a business, where politicians' actions and policies should be scrutinized, and they should be held accountable for their decisions (1h5m39s).
• The business of politics is about getting votes and winning elections, and a politician's strategy can change over time to achieve this goal (1h5m41s).
• A comparison is made between Joe Biden and New Coke, suggesting that Biden's original approach failed, but a new approach, possibly with the help of Kamala Harris, has improved his standing in polls (1h5m46s).
• Kamala Harris initially had no favorable ratings and was behind in polls, but her current strategy seems to be working as she is now either even, ahead, or slightly behind in every single poll (1h6m0s).
• It is suggested that Kamala Harris is saying whatever it takes to get elected, but it is also mentioned that she has stated her true beliefs in the past, such as not believing the border was a problem and thinking the border wall was un-American and medieval (1h6m23s).
• Harris has also expressed her belief that ICE needed to be abolished, and it is questioned whether she still holds these views or if she has changed her stance without explanation (1h6m37s).
• It is argued that the American people are entitled to know if Harris has changed her beliefs and why, and that the media should be asking her these questions, but so far, they have not (1h6m46s).

International conflict, national debt, crypto regulation (1h7m1s)

• Mark Cuban is pro-Israel and anti-Hamas, considering Hamas to be terrorists, and wants to see Israel succeed with the support of the United States, but believes that Israel's approach to Gaza was too blunt, whereas their approach to Heala was correct (1h7m42s).
• Cuban does not want to see American blood spilled in Ukraine and thinks it would be better to spend money rather than put soldiers in harm's way, as long as there is a NATO (1h8m19s).
• The United States' federal debt jumped by $24 billion on the first day of the new fiscal year, now standing at $35.7 trillion, with 10 trillion of the outstanding debt coming up for refinance at around 4% interest, adding $300 billion in new interest expense (1h9m9s).
• The Biden Administration has proposed a $7.2 trillion budget for next year, which will likely lead to another $2 trillion of deficit spending, potentially resulting in $40 trillion of federal debt by the end of 2025 (1h9m37s).
• The interest expense on the outstanding debt could reach $1.6 trillion per year, effectively eclipsing the entire federal budget and leaving no room to maneuver for policy demands (1h9m56s).
• Mark Cuban does not know the Harris campaign's stance on deficit spending and debt, but believes that raising taxes and not cutting spending would not make a dent in the challenge ahead without driving a massive recession (1h10m19s).
• Conversations have been had regarding the deficit being a problem, and it is acknowledged that the proposed Biden budget will not be implemented due to differences in tax rates, including a 28% tax rate and no unrealized capital gains tax (1h10m50s).
• There is a limit to raising taxes, and a point of diminishing returns is recognized, with the understanding that increasing taxes beyond a certain point will not generate more revenue (1h11m18s).
• The reason for not publicly stating certain views is that the 1% of high-information voters already understand the issues, while the 99% are more concerned with hearing about topics that directly affect them (1h11m30s).
• To reduce the deficit, there are only a couple of options: getting inflation under control to reduce interest rates, or increasing efficiency in government processes (1h11m45s).
• Inflation control is currently happening, and if interest rates go below 4%, it could save a significant amount of money, potentially up to $1.6 trillion (1h11m56s).
• Efficiency is an important element, and there are plans to reduce friction in government processes, such as integrating artificial intelligence to optimize processes and reduce the need for hiring more people (1h12m19s).
• The goal is not to cut a large number of jobs but to implement technology to become more efficient and provide more value to citizens at a lower cost (1h12m41s).
• Technology is seen as the ultimate driver of success, and there is support for new technologies, including blockchain and AI, which are key to a dominant military and a growing economy (1h13m1s).
• The focus is on growing the economy rather than just slashing and burning, and there are ways to achieve this without increasing spending (1h13m27s).
• The idea of bringing in someone like Elon Musk to fix inefficiencies across the federal government has been discussed, but it is unclear what specific actions would be taken (1h13m39s).
• Implementing a recession by slashing and burning contracts would not work, as it would lead to the United States violating contracts with small and medium-sized businesses, resulting in widespread unemployment (1h14m1s).
• Introducing technology could be a way to improve efficiency, and Kamala Harris understands the impact of technology and has people around her who are knowledgeable in the field (1h14m28s).
• A problemsolving approach, rather than an ideological one, is necessary to address specific problems and apply technology to solve them (1h14m51s).
• Mark Cuban expressed interest in running the SEC in a potential Harris Administration, but later revealed he was just trolling Gary Gensler (1h15m12s).
• Mark Cuban is supporting John Deaton, a Republican running against Elizabeth Warren in the Massachusetts Senate race, due to Deaton's positive background and character, as well as his pro-crypto stance (1h15m47s).
• Elizabeth Warren's position on crypto is that it is used by bad nation-states to fund their operations, and she wants to throw out the entire concept, rather than implementing a blacklist to prevent illicit activities (1h16m5s).
• Mark Cuban believes that John Deaton would be better for the country and the citizens of Massachusetts than Elizabeth Warren (1h16m42s).
• Common sense crypto regulation would involve balancing accredited investors with non-sophisticated investors, to prevent people from being taken advantage of (1h16m49s).
• Mark Cuban has a company called Lazy.com, which displays NFTs, and he explored the possibility of releasing a token, taking steps to ensure compliance with regulations (1h17m17s).
• Companies with low revenue struggle to afford the costs of complying with Securities and Exchange Commission (SEC) regulations, making it difficult for them to release tokens due to the complexity and expense of the process (1h17m20s).
• The SEC's online forms for registration are not suitable for companies trying to release tokens, as the only available category is "other," which does not provide a clear path for token registration (1h17m44s).
• The SEC's approach to regulation, led by Gary Gensler, is through litigation, where they sue companies first and then establish rules based on the outcome, rather than providing clear guidelines beforehand (1h19m2s).
• A more common-sense approach would be to establish an accreditation test or sophisticated investor test, similar to a driver's license, to ensure investors understand the risks involved in investing in tokens (1h19m20s).
• The SEC should provide clear "bright line" regulations, such as requiring 95% collateral and 95% of assets to be stored in cold storage, as seen in Japan's regulations, to prevent companies like FTX from failing (1h19m57s).
• The current regulatory approach is a problem, and even lawyers like Kamala Harris acknowledge the issue with regulation through litigation, and have mentioned plans to address it (1h20m32s).
• According to Senate sources, Kamala Harris was considering Gary Gensler for the position of Treasury Secretary. (1h20m49s)
• Mark Cuban was informed by people close to Kamala Harris that no one had anything positive to say about Gary Gensler. (1h21m11s)
• Gary Gensler's role is attributed to his close alliance with Elizabeth Warren, who has been extremely influential during the Biden Administration. (1h21m21s)

General sense of Kamala Harris, why she's been avoiding adversarial interviews, why Sacks supports Trump (1h21m33s)

• KLA is described as open-minded, smart, and someone who does her work, digs in, and learns, with a strong sense of ethics and honesty, and a desire to bring the country to the middle (1h21m35s).
• She has moved to the middle from being far left, recognizing that her previous stance might have been great for California but not for solving the problems of the United States (1h21m52s).
• KLA is willing to take ideas from Independents and Republicans, and has given speeches stating she doesn't care where the ideas come from, as long as they help solve the country's problems (1h22m12s).
• She has been criticized for not doing interviews with unfriendly or challenging folks, but it's suggested that she understands the assignment is to win the election and reach the most number of people (1h22m45s).
• KLA's focus is on changing the minds of people who attend rallies and are passionate, rather than the 1% of high-information voters (1h22m55s).
• She has a long windup when answering questions, which can make interviews difficult, but her answers are legitimate once she gets to the point (1h23m13s).
• KLA's background, being born to a middle-class family, is not seen as particularly relevant to her ability to solve problems (1h23m35s).
• In comparison, Donald Trump has an eternal windup and often speaks gibberish, but at least he speaks extemporaneously and doesn't rely on a teleprompter (1h24m7s).
• Trump's speeches often lack substance, and he has been known to diminish others, such as Jimmy Carter, which raises questions about his character (1h24m41s).
• Builders under KLA Harris are being forced to build apartments with no windows. (1h24m58s)
• The speaker believes that if you listen to what Trump says without taking it out of context, a lot of what he says makes sense. (1h25m11s)
• The speaker supports Trump, citing his consistency on the issue of border security and the need for a wall. (1h25m26s)
• The speaker thinks Trump has credibility on the issue of border security, unlike Democrats who have fought him on it for the last eight years. (1h25m48s)
• The speaker believes Trump did not start any new foreign wars during his presidency. (1h26m4s)
• The speaker argues that Joe Biden provoked Putin to invade Ukraine by trying to convert Ukraine into a giant NATO base, which was a red line for the Russians. (1h26m27s)
• The speaker claims that the US had the chance to end the war in Ukraine in its first month with a deal at Istanbul, but the Biden Administration shot it down. (1h27m0s)
• The speaker is concerned that the US has significantly depleted its stockpiles of weapons and artillery ammunition in Ukraine, which could affect Israel's security. (1h27m25s)
• The speaker believes that Israel gets older artillery shells, such as the 155mm M109 Paladin, while the US sends its old equipment to Ukraine. (1h27m41s)
• The speaker thinks that Zelenskyy could have agreed to the deal in Istanbul if the US had supported it, but instead, the US encouraged him to fight and blocked the deal. (1h28m8s)
• The US is not allowing Ukraine to join NATO, with the Biden administration rejecting Ukraine's "Victory plan" which requested immediate NATO membership to fight on their behalf (1h28m26s).
• The Victory plan was proposed by Ukraine's President Zalinsky during his recent visit to the US (1h28m36s).
• Mark Cuban gives credit to the Biden administration for rejecting the plan (1h28m46s).
• Mark Cuban mentions that people who work for him do what he says, and that those who start their own companies, like Facebook, have different opinions (1h29m1s).
• JD Vance is unlikely to go against Donald Trump if he wins, given his abundant record of aligning with Trump (1h29m20s).
• Kamala Harris, as a senator, was rated the most liberal member of the Senate, and her policies are often aligned with those of Joe Biden (1h29m27s).
• Mark Cuban argues that Harris's policies are not distinct from Biden's, and that she is often given ownership of the Biden administration's policies (1h30m10s).
• Mark Cuban criticizes the tendency to explain away Donald Trump's statements, while scrutinizing Kamala Harris's statements (1h30m25s).
• Eric Adams, the mayor of New York, proposed "wind bedrooms" as a way to incentivize more apartment construction and address the housing crisis (1h30m50s).
• Mark Cuban defends Donald Trump's cognitive abilities, stating that he is "very sharp" based on personal experience (1h31m36s).

Selling a majority of his Mavericks stake, changing business landscape of the NBA, what he's working on at Cost Plus Drugs (1h31m47s)

• Mark Cuban sold three-quarters of the Dallas Mavericks, but still owns 27.7% of the team, due to the need for other sources of revenue to sustain growth and compete with the new collective bargaining agreement, and to alleviate pressure on his children who are now 15, 18, and 21 years old (1h31m52s).
• Cuban believes that team valuations have not peaked yet, citing the potential for building a large casino and hotel complex in Dallas, which could increase the team's valuation to $20 billion (1h33m12s).
• Mark Cuban bought the Mavericks for under $300 million and sold three-quarters of the team for $3.5 billion, with the remaining 27% potentially worth $5.4 billion if the team's valuation reaches $20 billion (1h33m33s).
• Cuban initially bought the Mavericks in 2000 for fun, but it turned out to be a great business decision, with the team experiencing a 15-year streak of not having a losing season and winning 50 games in a row for 10 years in a row (1h33m48s).
• The NBA's salary cap, which is a reflection of the league's total revenues, went down in multiple years, allowing Cuban to buy first-round picks and players from other teams that couldn't afford to run their teams, giving the Mavericks a competitive advantage (1h34m15s).
• The growth of cable and satellite subscriptions, which reached 130 million people, led to increased competition for content, resulting in higher revenue for the NBA and its teams (1h34m51s).
• Mark Cuban recalls a Board of Governor's meeting where he pointed out that TBS had signed a deal to pay $1 billion per episode for repeats of Seinfeld, highlighting the potential value of NBA games (1h35m18s).
• Mark Cuban's company, Cost Plus Drugs, is working to disrupt the health industry by offering affordable generic medications, with prices that are often significantly lower than those found at traditional pharmacies, such as CVS (1h36m14s).
• Cuban explains that his company's business model involves marking up the actual cost of the medication by 15%, and then adding a $5 pharmacy fee and $5 shipping and handling fee, resulting in prices that are often a fraction of what traditional pharmacies charge (1h37m3s).
• For example, a 90-day supply of the generic version of the medication Tadil can be purchased from Cost Plus Drugs for around $9.90, plus shipping and handling, which is significantly cheaper than what traditional pharmacies charge (1h37m22s).
• Cuban also highlights the problem of opaque pricing in the pharmaceutical industry, citing the example of specialty generics, which are often priced higher simply because they were traditionally more expensive, rather than due to any actual difference in the medication itself (1h38m2s).
• He notes that his company's transparent pricing model has already started to change the industry, with some medications seeing significant price drops as the company's costs decrease, and these savings are then passed on to the consumer (1h38m52s).
• Cuban's company has already made a significant impact, with some medications seeing price drops from thousands of dollars per quarter to just $20 per month, and he believes that this is just the beginning of a larger shift in the industry (1h38m49s).
• Many Pharmacy Benefit Managers (PBMs) make a significant portion of their business from corporate clients and self-insured companies, creating formularies that determine the prices of available drugs and rebates from manufacturers, but often do not pass on 100% of the rebates to clients, instead creating subsidiaries to skim off a portion of the rebates (1h39m14s).
• CEOs often do not know their healthcare costs, and auditing PBM contracts can reveal that PBMs are not passing on the full rebates, and may resist adding cost-plus drugs to pharmacy supply contracts because it would disrupt their industry (1h39m55s).
• The goal is to disrupt the PBM industry by offering lower prices, and the plan is to take business away from traditional legacy companies, with a path to growth that is expected to be a "hockey stick" double or triple increase (1h41m1s).
• The motivation to go after PBMs came from an email from partner and co-founder Dr. Alex Oshansky, who wanted to create a compounding pharmacy to make drugs that were in short supply, and further research revealed that the industry was opaque, with contracts restricting discussion of prices (1h41m23s).
• The creation of a full price list on the website cplusdrugs.com, which is updated every week, has been a key factor in disrupting the industry, and has allowed for the lowering of prices every weekday for over a year (1h42m21s).
• The company is currently losing money, largely due to the cost of building a robotics-driven factory to manufacture sterile injectables, but the goal is to be an alternative to price gouging in the pharmacy industry (1h40m27s).
• The company is using its robotics to manufacture sterile water and other essential items, such as during a hurricane, to provide them at a reasonable price (1h40m36s).
• A price list for a drug has been made available, allowing companies to compare prices and determine approximately what they are paying, as their Pharmacy Benefit Manager (PBM) does not disclose the exact amount (1h42m37s).
• A suggestion was made to make the price list a nonprofit, which could later be converted into a for-profit and taken public after six or seven years (1h42m48s).
• The price list was used by research institutions such as Harvard Medical and Vanderbilt to compare prices with what Medicare was paying for the same drugs (1h43m12s).
• The Centers for Medicare and Medicaid Services (CMS) is now empowered to negotiate prices, and it is suggested that they work with the price list as an example to increase efficiency and reduce costs (1h43m27s).
• CMS is starting to work with the price list, and conversations have been had with their team about reducing out-of-pocket costs and dealing with inflation (1h43m43s).
• Requiring transparency in all contracts signed by anyone in terms of pricing could lead to a 30-40% decrease in prices across the board, reducing out-of-pocket spending and government spending (1h44m9s).
• This approach is seen as beneficial for everyone, and conversations have been had with both Democrats and Republicans about its potential (1h44m31s).
• A similar conversation was had at the White House, but it did not resonate at the time (1h44m39s).

Thoughts on AI, what's next for him (1h44m50s)

• Mark Cuban has invested in AI technology, specifically in Grok, and believes that "picks and shovels" are important in the development of new technologies (1h45m2s).
• Cuban thinks that the current AI trend is similar to a Gold Rush, where everyone is calling everything AI, but agents will eventually become just a feature, not a product (1h45m20s).
• He is hesitant to invest in foundational models due to their high cost and uncertainty about who the winners will be, but acknowledges that everything that happens will be a derivative of them (1h45m44s).
• Cuban predicts that there will be tens of millions of models in the future, and everyone will have a model, but it's unclear who will host those models and win in the market (1h46m9s).
• He believes that the history of technology has always shown a race to be the winner for foundational technologies, and it's okay to wait and see how things play out (1h46m30s).
• Cuban disagrees with the idea of Universal Basic Income as a solution to job displacement caused by AI, instead thinking that IP will become more valuable and create new opportunities (1h46m56s).
• He thinks that access to information and IP will be crucial for training models, and that companies will be willing to pay for high-quality IP, such as healthcare information (1h47m7s).
• Cuban believes that the next 10-15 years will be about figuring out how to implement and use IP, and that new opportunities will arise from this (1h47m55s).
• Mark Cuban's ultimate mission is to make a positive impact, and he believes that his work with Cost Plus Drugs is a step in that direction, as it aims to save people money on prescription medications (1h48m10s).
• Cuban has been involved in various pursuits, including a reality show, owning the Mavericks, and helping people with Cost Plus Drugs, which has led some to speculate that he might run for president (1h48m31s).
• However, Cuban's family is opposed to the idea of him running for president, and he acknowledges that it would be challenging for them to have a normal life if he were to pursue politics (1h49m13s).
• Cuban believes that if he were to run for president, he would have to do so as a Republican, as Democrats tend to dislike billionaires, citing the example of Michael Bloomberg's presidential campaign (1h49m23s).
• He also thinks that the traditional concept of political parties no longer exists, and that they have become more like fundraising vehicles with set procedures, citing the examples of Donald Trump and Kamala Harris (1h49m37s).
• Cuban is optimistic about the Mavericks' chances this year, particularly with the trade they made, and thinks that they have a shot at competing with Boston (1h50m25s).
• He also appreciates the opportunity to engage in discussions and debates, even when he disagrees with others, and values the ability to have fun and not take things personally (1h51m6s).
• The conversation is about to shift topics, with the possibility of discussing Elon, and Jacob is mentioned as someone who can still be asked a question about the topic. (1h51m30s)
• The speaker mentions that two of their best friends over the last 25 years are about to be discussed. (1h51m36s)

Relationship with Elon, re-evaluating the Twitter deal, OpenAI's new fundraise (1h51m37s)

• Mark Cuban is a huge fan of Elon Musk's accomplishments as an entrepreneur, but believes Musk is a troll on Twitter who deserves a foil to troll back, making it easy and fun to respond to him (1h51m49s).
• Cuban thinks Musk's underlying principle of radically changing Twitter to an "anything goes" platform is driven by a fear of losing users, particularly within the conservative community who are more active on social media (1h52m26s).
• Cuban believes Musk connected with the conservative community on the free speech issue because they are more active and engaged on social media, and Musk recognized this as a fundamental underpinning of his platform (1h52m57s).
• Cuban thinks Musk's limits on free speech are obvious, as it's his platform and he decides what content is shown, and Cuban wishes Musk would call him to help with revenue and other issues (1h53m12s).
• Cuban has a theory that Musk is not anti-immigration, but rather anti-illegal immigration, and believes that by diminishing the number of illegal immigrants, Musk thinks it will improve the standing of legal immigrants, including himself (1h53m26s).
• Cuban disagrees with the idea that Musk bought Twitter to unlock it as a free speech platform, instead believing that Musk took other people's money to pursue this goal, which has led to significant financial losses (1h54m39s).
• Cuban thinks Musk knew he would face backlash from advertisers, but still chose to take over Twitter and make operational improvements, and believes that advertisers have the right to associate with whoever they want, including exercising their own free speech (1h55m22s).
• Mark Cuban believes that Elon Musk's purchase of Twitter was not solely for the purpose of promoting free speech, as he thinks Musk underestimated the depth of user behavior in exercising their free speech, and the resulting backlash from advertisers (1h56m43s).
• Cuban has no problem with free speech and has always said that people should be allowed to express themselves, even if it means tolerating hate speech and anti-Semitic tropes, which he personally experiences (1h55m48s).
• The trade-off for allowing free speech on Twitter is that advertisers don't want to be associated with the platform, which has no upside for them, and this is a problem for the business model (1h56m17s).
• Cuban thinks that Musk's decision to open up Twitter as a free speech platform was not just about free speech, but also about his own personal principles, which have cost him money (1h58m37s).
• The left immediately started boycotting Musk before he even changed any policies on Twitter, which Cuban thinks is evidence that Musk's intentions were not entirely pure (1h57m5s).
• Multiple factors are at play in the situation, including the fact that advertisers don't want to be associated with spicy content, and that Twitter is a smaller platform with less scale, making it easier for advertisers to choose other options (1h57m26s).
• Historically, Twitter will be looked at as a place that was once controlled and clean but became chaotic, and ultimately the one place where at scale you cannot be cancelled (1h57m54s).
• The concept of cancellation is closely tied to Twitter, where people could be destroyed for saying something slightly off, but now that cancel culture has been gotten rid of, people can say what they believe without fear of retribution (1h58m0s).
• Elon Musk's decision to promote free speech on Twitter will be looked at as a beautiful thing that he gave to society as a gift, but also as a challenged business that lost its advertising base (1h58m22s).
• Mark Cuban discusses the recent news about Open AI, which raised $6 billion at a $150 billion valuation, and how the company has shifted from a nonprofit to a for-profit model, with its CEO Sam Altman initially stating he wouldn't take compensation but now receiving it (1h59m12s).
• Cuban expresses his disapproval of Open AI's new policy of not allowing investors to invest in other AI companies, calling it a sharp move from a philanthropic nonprofit to a for-profit company (1h59m35s).
• He praises Elon Musk for his willingness to go all-in on his ventures, citing his initial investment in Tesla and other companies, but notes that Musk's approach to Twitter was different (2h0m11s).
• Cuban states that he wouldn't do business with people like those at Open AI, who seem to be focused on the next big thing, and mentions that one of his funds initially invested in the company but he chose not to (2h0m46s).
• He believes that Open AI's restrictive policy towards investors is a sign of fear and notes that the company's success is not guaranteed, citing the quality of other AI models like Gemini and Google's Notebook (2h1m21s).
• Cuban views Open AI's actions as a reflection of Sam Altman's personality and notes that the departure of many co-founders is a red flag, with reportedly 40 out of 44 original employees leaving the company (2h1m50s).
• He also mentions that Open AI is facing significant competition in the AI market and is currently losing (2h2m20s).
• Companies like Google, Microsoft, Facebook, Apple, and Amazon tend to react aggressively when they feel cornered, often using their financial resources to their advantage, and have a history of coming out on top in such situations (2h2m41s).
• The success of an upstart company can be threatened when larger companies like Facebook notice its growth and decide to take action, as seen in the case of Snapchat (2h3m14s).
• When a new app gains a large user base, around 300-500 million users, and appears on lists alongside established apps, larger companies may feel threatened and react aggressively (2h3m30s).
• Larger companies may view the growth of new apps as an existential risk and take drastic measures to counter them, as seen in Microsoft's purchase of Activision Blizzard (2h3m48s).
• The concept of Moore's Law, which states that the price-performance curve of technology always improves, no longer applies in the same way, making it challenging for companies like Tesla to predict what they need to do next to achieve their goals (2h4m2s).
• Mark Cuban owns a Tesla with Full Self-Driving (FSD) capabilities but has stopped using it due to safety concerns, as the technology is not yet advanced enough to handle unforeseen situations (2h4m27s).
• Cuban compares the limitations of FSD to the ability of his four-year-old mini Australian Shepherd to navigate risky situations without prior training, highlighting the need for FSD to improve its ability to handle adversarial issues (2h4m52s).