All-In Podcast

Why Congress voted 427-1 to release the Epstein Files

An overwhelming 427-1 House vote forced the Epstein Files into the open; one host admitted being in Epstein's black book and suspects he was a spy.

JCJason CalacanishostDFDavid FriedberghostCPChamath PalihapitiyahostAKAlan Keatingguest

Nov 22, 2025·1h 1m·Watch on YouTube ↗

📖 CHAPTERS

1. 1
   0:00 – 4:20

   Vegas Setup, F1, and Venetian Poker Plans

   The hosts open from a studio at The Venetian in Las Vegas, joking about being together in person for F1 and high-stakes poker. They plug The Venetian’s new poker room, tease private games with pros like Phil Hellmuth and Jason Koon, and banter about their home game dynamics.

2. 2
   4:20 – 14:00

   Epstein Files: Politics, Precedent, and Public Pressure

   They unpack the near-unanimous Congressional vote to release the Epstein files and Trump’s ‘give them everything’ reversal. The conversation explores why damaging Trump material likely doesn’t exist, why Democrats may be more exposed, and whether releasing these files sets a precedent for opening other sensitive investigations.

3. 3
   14:00 – 37:00

   Epstein’s Networks: TED, Money, and Intelligence-Angle Speculation

   Jason recounts meeting Epstein at TED ‘billionaires’ dinners and being in his infamous black book, describing how the tech and science community initially framed Epstein’s Florida conviction as a misunderstanding. The group analyzes his role as a donor to scientists and tax adviser to billionaires, questioning the true source and purpose of his wealth and relationships, and raising the possibility he served as an intelligence asset.

4. 4
   37:00 – 43:40

   Dinner, Tether, and the Stablecoin Mega-Business

   Shifting from Epstein to crypto, Chamath describes a dinner with Tether CEO Paolo Ardoino and outlines why he sees Tether as an astonishingly powerful business. They walk through how dollar-backed stablecoins work, their role as a hedge against inflation in emerging markets, and the massive interest spread captured by issuers.

5. 5
   43:40 – 53:50

   Regulating Stablecoins: Banks, Yield, and the Coming Competition

   They dive into the policy fight over who can capture stablecoin yield and what U.S. regulation should look like. The conversation highlights banks’ efforts to block interest-bearing stablecoins, crypto firms’ ‘rewards’ workaround, and David Sacks’s role in designing a more constructive U.S. framework after a decade of anti‑crypto policy.

6. 6
   53:50 – 1:07:00

   Nvidia, Burry’s Short, and GAAP Depreciation Explained

   The hosts pivot to Nvidia’s blowout earnings and Michael Burry’s short thesis, which centers on alleged under-depreciation of GPUs and overstated tech profits. Friedberg walks through GAAP Accounting Standard 360, arguing that Burry conflates technological obsolescence with useful life and ignores that all relevant cash flows are visible to investors.

7. 7
   1:07:00 – 1:23:00

   Google Gemini 3, TPUs, and the Fragmenting AI Stack

   They analyze Google’s Gemini 3 release, which is believed to be trained exclusively on TPUs, and the resurgence of Google in AI benchmarks and chat share. The hosts project a future where multiple specialized chips and models serve different domains, assess risk to Nvidia from hyperscaler silicon, and outline why OpenAI may be structurally disadvantaged.

8. 8
   1:23:00 – 1:47:00

   VC vs. Operating: Power Laws, LPs, and Friedberg’s Oppenheimer Moment

   The conversation turns introspective as they compare returns from managing outside capital versus investing personal money. Chamath explains why his solo investing has higher dispersion but more upside, while Friedberg describes his journey from venture studio to going all-in as CEO of Ohalo after questioning his life’s impact post–Oppenheimer.

9. 9
   1:47:00

   High-Stakes Poker with Alan Keating: Fear, Soul Reads, and Deep Water

   In the Vegas segment’s climax, they bring on high-stakes pro Alan Keating, known for hyper-aggressive, unorthodox play on streamed games. They dissect his now-famous call versus Doug Polk with 4‑2 offsuit, explore how he reads fear and physical tells, and discuss why he deliberately drags opponents into ‘deep water’ where preparation fails and psychology dominates.