Freeberg argues that attacks on private property rights, however well-intentioned, are the beginning of a slide into tyranny, citing John Quincy Adams. Sax adds that these policies hurt the working-class tenants who actually live in the buildings by preventing evictions of problematic tenants and disincentivizing landlords from maintaining properties. ✦ AI generated
David Freeberg · All-In Podcast · 2026-07-24 · original ↗
starts at this moment · 72:10
The moment the idea is admitted into society, that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence. ...Property must be secured or liberty cannot exist. ...Fundamental to the foundation of the United States of America was this idea of private property rights. Because if you think about where everyone that came to America was coming from, there were these tyrannical governments, monarchies or whatever, where some overlord or some cabal could decide at any point to take the things that you have. You had no private property rights as an individual. They could come in, they're like, 'That farm is my farm. You're actually a surf. I'm the lord. That thing is my thing. You have a right to use it because I vest you that right to use it. I am the all powerful. I am the tyrannical overseer of these lands.' And it was that stasis that drove so many to come to the United States and say we want a place where individuals, one person can say, I own something and no one can take it from me. Private property rights are the foundations of liberty in America. This idea that you can then claim acts of violence, that you can then claim circumstances of extraordinary, extravagant wealth and say to that individual, I now have a right, the government now has a right to take your private property ultimately leads to this tyrannical form. And it starts out as being an anarchctic because, and remember, anarchy is a temporary state. It's always in between one state and another. All anarchies end up in tyranny.
verbatim transcript · starts at 72:10
71:53their stock. They've given hundreds of billions of dollars back in profits. And gosh, it seems to me giving all this money back, buying back in the form of buying back your shares, you know, or or giving tons of dividends. I think it's great that tech companies are now saying, wait, we have something to invest in. The next big thing is ondemand intelligence and there is no upper bound for intelligence or I don't
72:16think anybody I certainly don't see you know anytime in the next 10 years people saying I got enough intelligence I've got it I've solved all the problems in the world I think they're going to keep wanting it so what do you think about this incredible change and you know basically a hundred billion $200 billion you know depending on the company just going into capex uh this seems like a
72:36savvy move right this is all of us think this is a good I mean, if you want to bet against Google's deployment of capital into infrastructure because you'd rather have them give you cash for your shares today, you shouldn't own the stock and someone else will buy it. I think Google wins in a lot of different ways. There's just so much to Google. There's the consumer business, which is a lot of stuff.
73:02There's also YouTube. There's also GCP. There's also this portfolio of other bets, which by the way includes 10% of SpaceX. and a good chunk of Anthropic that they own and so on. Whimo worth took a hundred billion dollar write up on Anthropic in the quarter. So they had a hundred billion dollar mark to market on on Anthropic just in one quarter and they own a piece of all these
73:25businesses. So there's a lot to like about Google, but just on GCP, I think that there's probably no better suited enterprise layer than GCP to take advantage of capturing value with AI for that enterprise setting. I think >> I think you're just so much better because you have so much of your enterprise data, all your email, your drive, a lot of information that you would want to have AI have knowledge of
73:53and have AI have access to to improve workplace productivity. And then they're model agnostic. I mean, you can run any model you want and you can run any workflow you want and you don't have to be tied in. A lot of other cloud service providers, cloud SAS, they're kind of model dependent. It's run in a certain way. With Google, you can better tune your system how you want to tune it. And
74:12what's the worst worst worst case scenario? The worst worst worst case scenario is they have the lowest cost infrastructure in the world to run other people's models as a service like Elon did with Grock with the Colossus >> Elon Web Services seems to be doing pretty great. >> And look at the return Elon's making on the Colossus install. So I think if Google in the worst case scenario, none
74:32of their application layer stuff works, none of their network effects work and they don't have any good models, they're still going to have the world's best infrastructure they can print cash on for years if you believe in AI. So if you want to bet AI, I think the best public market stock to own is Google. And by the way, you also get YouTube, you also get the consumer, you also get