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LEE KWAN YEW: “people needed to create the wealth before we could share it. And to create wealth, high motivation and incentives are crucial to drive a people to achieve, to take risk for profits, or there would be nothing to share.”

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You Heard It Here First: Chamath Predicts US Sovereign Wealth Fund Template On E212 (Jan 24th), the besties discussed Donald J. Trump floating the idea of the US government owning 50% of TikTok in exchange for a permit to operate. Chamath Palihapitiya thought this could be a template for the future: "There's a question that this raises, which is, does it make sense for the American government to be a little bit smarter going forward about how it allocates incentives and resources?" "Wouldn't it make sense where when you create incredible economic incentives and upside for private investors and investment, for some portion of that gain to go back to the American people?" "Is that a bad thing? I don't think so." "Would it enrich America? I think so." "Would it make it easier for people to feel like they're participating in all of these incredible gains? I also think so." "My prediction is that this becomes more of a template for the future." "It'll be more about creating incentives and allocating those incentives for a share of the upside." "And I think that there is a really strong economic argument for America to do that." **Fast forward 10 days** Today, President Donald J. Trump, alongside Treasury Secretary Scott Bessent and Commerce Secretary Nominee Howard Lutnick, announced plans for a US Sovereign Wealth Fund! Trump: " We're going to have a sovereign wealth fund, which we've never had." Lutnick: "The extraordinary size and scale of the US government and the business it does with companies should create value for American citizens." Trump: "And as an example, TikTok, we're going to be doing something perhaps with TikTok, and perhaps not." "And we might put that in the sovereign wealth fund."

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