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uh let's bring in angel investor Jason calacanis who joins us today talk about this B OFA upgrade of Apple a little bit more Jason good morning to you uh great to be here good morning uh obviously it's been a rough start of the for the year uh to for the NASDAQ if we close down today that's nine in a row we haven't done that since 1984 what's your overall view on how the year shaped up yeah well we were looking at uh you know the tech industry and the overall Market in the summer Q3 everybody was panicked about the bubble well what we've had is a very controlled deflation of the bubble in really three different areas obviously the stock market is taking a nice hit and uh price earning ratios are going to come down a bit uh which is probably healthy uh everybody getting a little more realistic and having some ability to make a profit in the future but in the area where I'm most active Angel Investing uh valuations have been cut in half in some cases 2/3 and on an area that impacts me significantly as an angel investor the late stage private company valuations we all know the story there the last round you raised you know in 2015 was probably going to be a high high watermark for your company for the next couple of years so control deflation and uh it feels pretty good actually to reset expectations a little bit how how much longer does this go on this controlled deflation you speak of yeah I I think what we're going to need to see is the private companies are going to have to prove that their businesses are sustainable and profitable and that is the Great hatching out that's occurring right now very quietly very privately everybody's taking their you know balance sheets and figuring out do we have enough money to get to profitability and what will this company look like when it goes to the public markets so you know it's it's actually a very reassuring thing for people who are in the tech industry to see Hey listen we're not crashing here but this controlled deflation is resetting you know this last little frothy part and the bubble talk is over there's not a bubble now uh it's been cleaned up and now we can all just focus on building these you know world changing businesses and and that's really the big story here all right uh we mentioned the Apple call B of upgrading Apple to buy this morning uh Jason The Firm says that iPhone concerns are now priced in it's bullish on several opportunities including a new watch the iPhone 7 that's helping put Apple shares almost back to 100 today meantime Elon Musk says of course Apple's building a car in an interview with the BBC he says it's pretty hard to hide something if you hire over a th engineers to do it uh Everyone's Watching to see Jason if Apple can develop a really a significant fat new Revenue stream do you think the car is it yeah I I don't know if they're going to be able to get a car to Market I think they might be testing the waters right now seeing how far they can take it and you know the the more likely scenario might be that they're building an operating system for cars and a deep integration uh and just seeing if they can build the enabling software to build an actual car yeah it's in their wheelhouse they know how to do manufacturing but that would be a 5year story before the car is available for purchase so sure why not try but I think that you know Apple's best chance of putting out a great car is to convince Elon to sell them to sell them Tesla it's going to take five years um but they're clearly they're clearly going after this market and transportation is going to become um you know a changed industry in that the majority of miles in the next 5 to 10 years somewhere in that window the majority of Miles uh driven will be done autonomously now that might be closer to 10 than five but it's definitely going to be here in a decade and then how you pay for a car how you buy a car that's the topic that most people aren't talking about but that's going to be the big one does Tesla sell you the car does Tesla sell you a share in a car does Tesla sell you 10,000 miles um you know do do you rent it on a per hour basis because I don't know that people want to be making these huge purchases anymore of cars um if they're all autonomous and you can sort of um just summon one to to take you where you want to go well we've seen some of these Partnerships crop up Jason as we work toward that the Washington Post today points out that Apple and Google are partnering with more than 40 companies in sort of an exploratory way but there's a Detroit auto exec that's quoted and I love this and he said there's one word to describe how Silicon Valley views us and that is as pre how uneasy are these alliances and who's actually benefiting from them Yeah the more people in the alliance the greater the chance it's going to fail so especially in a complex technology industry you want to have the whole car the mapping system you want to have all of this under one group of Engineers and a tight one of brilliant Engineers to make it actually work so I think that all the automotive industry you know the best they can hope for um is you know that they they may be able to you know die a slow death I I don't think that it's going to be uh a very a very good experience for them to be totally honest I think that their Bells wrong this I will say about the car thing there are two conflicting cultural things at Apple when it comes to the possibility they will put out a car one is they don't like to partner and put the the fate of a product in somebody else's hands they tried that with the phone with Motorola with the rocker first it was a disaster so I think that's part of the reason why they want to build out the capability but on the other hand they hate putting out products that are heavily regulated Tim Cook has talked about that's why they don't want the Apple watch to be a medical device cars are heavily regulated so there's a big opportunity there and there's arguably no opportunity like the smartphone left but if they get into cars oh my goodness there's lots of red tape that they're potentially going to be bogged down with we got to see which one of those tendencies that Apple wins out with a product like that yeah I I think that's those are all very astute points I I don't think you're going to be able to bolt self-driving onto you know a bunch of old Fords or a bunch of old Chevys I just don't think it's going to work you're going to have to build these cars from the bot bottom up you going have to retool the entire Factory or rebuild the entire Factory and I think the the big secret here is that elon's figured out self-driving I mean he's talking about it an awful lot on Twitter and he he's not somebody to be underestimated when he figures something out it comes out rather quickly remember we're just 5 years away from the automotive industry making fun of Elon being a major competitor and now they're staring at the ceiling at 2: in the morning you know screaming his name I mean it's it's a nightmare for the for the car company means that they have him as a competitor um you mentioned Twitter Jason uh Twitter's Periscope gets a big upgrade today our Julia boron's live in LA with some details on that hey Julia hey Carl after buying Periscope last March Twitter is now integrating Periscope live feeds into its news feed announcing also that Periscope has had over 100 million broadcasts since its launch so starting today on Twitter's IOS app followers of anyone who broadcasts via Periscope will start seeing videos autop playing their timeline instead of just links to the app now Twitter users will be able to expand the video and see hearts and comments without leaving Twitter and advertisers can pay to Pro promote tweets with periscopes but Twitter users will not be able to broadcast or comment within Twitter they'll still have to download the separate app now with Twitter user growth struggling and it stocked down 49% over the past year this move does tap into the growing popularity of mobile video and it should boost Periscope viewers Steve analyst with the buy rating on the stock says this morning that this is a quote step in the right direction that can potentially Drive user engagement followed by user growth but this move does come a month after Facebook started rolling out its live feature introduced for celebrities back in August to all Facebook verified users and Brands and Facebook users can broadcast and interact within the app and Facebook automatically archives the videos but Twitter wants to be the destination for Live Events so we'll see if this can help Twitter add more you Carl that is the name of the game uh Julia thank you very much of course Jack dorsy has to hope that might turn around the stock price Shares are down today or were earlier this morning down about 25% since Jack returned as CEO Jason time has a piece up this morning saying the fact that they're going back to their portfolio their acquisition portfolio argues the marginal value for them is really outside the platform do you agree uh no I don't I don't necessarily agree with that I think what we can take from the first couple months of Jack's tenure is he's going to release a lot of product he's going to talk about it and it's going to be the opposite of the Yahoo situation which was you know they didn't release any new features they didn't release any new products and the discussions were all about you know divesting Investments Well Jack is you know dealing with the stock being at an all-time low expectations are horrible for the company let's be frank but he's releasing new product and he's basically getting them on a release schedule with a lot of innovative stuff and what's interesting about you know the piece that we just watched is that Facebook is catching up to Twitter in the case of the live video so it is possible for Twitter to innovate they've got an Innovative CEO now and he's talking about expanding uh you know how long a tweet can be that seems trivial but it does mean that people can start using Twitter as a blogging platform as a as a long form platform so you know listen it's hard to be bullish on Twitter right now given everything that's occurred but I do think it's great when you see a company releasing new products on such a consistent B is so early on in the tenure of a CEO I I I think it's going to I think Twitter's got some um good products that are going to come out in in the coming absolutely absolutely Jason and and it works I mean if you've got iOS and you open up your Twitter app it works the periscopes play it works pretty well I don't think this is big for Twitter itself it's more like a really good advertisement for periscope people who maybe haven't tried it uh haven't downloaded the app haven't signed on when they start seeing these periscopes playing in their Twitter feed they might say oh well hey I want to interact with the celebrity and I think that's where it comes down for this particular product and Twitter no it's not bad for Vine because Vines are incredibly crafted you you have to to do a lot of work to get a good Vine out well to get a good one out to a good one out in 6 seconds whereas live video is a different kind of hard entirely different genre if you will so we we'll see how the the power users really use this and if they can link a big audience into it yeah it's it's it's going to be uh live video and is going to be a new format so if you look at Snapchat which I'm really bullish on uh there's a guy named DJ Khaled who is getting three million views for every time he releases a short video You Know by comparison the the Kardashian show uh gets like one and a half million or two million uh viewers every Sunday um I'm not sure what they get in reruns but it's probably a little bit added to it so this is a new format that's going to come out and when they allow the you know individuals to start monetizing it and they they're well into tests of splitting Revenue over at Twitter this is when a new medium forms and this is when the this you know we talked about it last summer was the you know YouTube ification of Twitter will there be stars that emerge on Twitter that share Revenue with the platform and then are drawn to the platform as the place where they release their primary art the place where they first publish video and that's starting to happen you have people popping up these periscopes all over the place Jason good to see you again
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