This is disgraceful.

You have an obligation to think through what you say. Crazy and deranged behavior that's all being bundled together and violence towards individuals who disagree with. We live in a democracy. All violence is immoral, as Martin Luther King said, as Jesus said, this is an incredible fail by the New York Times. So are we going off duty or you have a news story or two you on my comment on. I got one news story. I feel like people are going to want to hear your thoughts about this.

Is this Hassan on New York Times?

Oh, we're doing that in off duty?

We can talk about that again. We can talk about that some more if you want to. Sure. Lute maxing. I know you're a big fan of Lute maxing. Angelist has a new product out called USVC.

They're offering exposure to venture investments with a $500 minimum. No accreditation required. The goal is long-term capital appreciation, not traditional liquidity. It's a little bit like venture for normies, venture for kiddos. That's sort of how people are describing it.

There's been a lot, Jason, a lot of discussion over the last 2448 on X about this.

Criticism has been really sharp.

There's a viral thread from a guy named Mario at Covered underscore call.

He's calling this yet another grift in the world of retail accessible VC.

And he says, retail doesn't need access to private markets this badly.

A whole laundry list here.

I'll pull up the tweet so you can see.

So this is AngelList's new USVC, U.S. Venture Capital.

This is an SEC registered fund that allows non-accredited retail investors to invest

in private pre-IPO companies. Correct. And my friend Naval is doing it, Ravacant, who's been on the

program. And so they've got a bunch of portfolio companies in there that people want. The way this

works is these are, I believe they're called closed-end funds.

What they allow you to do is you, instead of paying carry, the two and 20 you hear about venture capital, 20% carry, 2% fees a year.

So if you had a $100 million fund and you turn it into a

$300 million fund in returns, that means you had 200 in profits. The VC would get 20% of the 200,

not the 300, but of the gain. 20% of the 200 is 40 million. So that's what VCs are hoping for. They're hoping to triple your money. You're hoping they triple your money because you would double your money in the stock market. Is the theoretical concept here. Once in a while you get an outlier that pays 5x. Once in a while you get a dud that pays 0.5x. You lose half your money sometimes. You go 10x sometimes, but you're

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