Is Waymo Winning the Self-Driving Race? Nike’s ‘Winning Isn’t for Everyone’ Campaign, and What if My Talents and Skills Don’t Align With a High-Paying Job?

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0:00:41 – I’m Anu Subramanian from Vox Media.
0:00:43 While I see them all around the city,
0:00:46 I’ve never ridden in an autonomous vehicle myself.
0:00:48 I do have some questions about the tech.
0:00:49 You may as well.
0:00:51 – Hello, from Waymo.
0:00:54 This experience may feel futuristic.
0:00:55 – This is so cool.
0:00:58 – Vox and Waymo teamed up for an in-depth study
0:01:00 about AV perception.
0:01:02 And what they found was that as people learned more
0:01:04 about Waymo, their interest in choosing one
0:01:07 over a human-driven vehicle almost doubled.
0:01:09 – Person approaching.
0:01:13 – Waymo can see 360 degrees and up to 300 meters away,
0:01:15 which helps it obey traffic laws
0:01:17 and get you where you’re going safely.
0:01:19 Swiss Re found that compared to human drivers,
0:01:23 Waymo reported 100% fewer injury claims
0:01:26 and 76% fewer property damage claims.
0:01:30 And speaking of safety, folks identifying as LGBTQIA
0:01:33 and non-binary showed the highest interest in AVs
0:01:35 and women showed the greatest increase in interest
0:01:36 after learning more.
0:01:40 – Arriving shortly at your destination.
0:01:43 – So that actually felt totally normal.
0:01:45 AVs are here and the more you know,
0:01:47 the more exciting this tech becomes.
0:01:49 You can learn more about Waymo,
0:01:51 the world’s most experienced driver,
0:01:53 by heading to Waymo.com.
0:01:56 – Welcome to the PropG Pods Office Hours.
0:01:58 This is the part of the show where we answer your questions
0:01:59 about business, big tech, entrepreneurship,
0:02:01 and whatever else is on your mind.
0:02:02 – Hey, PropG.
0:02:03 – Hey, Scott and team.
0:02:04 – Hey, Scott.
0:02:04 – Hi, PropG.
0:02:05 – Hey, PropG.
0:02:06 – Hey, PropG.
0:02:07 – Hi, Professor G.
0:02:08 – If you’d like to submit a question,
0:02:09 please email a voice recording
0:02:11 to officehours@propgmedia.com.
0:02:14 Again, that’s officehours@propgmedia.com.
0:02:16 So with that, first question.
0:02:19 – Hi, PropG, long time listener,
0:02:22 dating back to the we crashed days.
0:02:25 Anyway, I’m Ruth, I’m from the Bay Area, San Francisco,
0:02:27 and originally from New Zealand.
0:02:31 My question relates to the conversation you have often
0:02:33 about Tesla not reaching its milestone
0:02:38 in regard to self-driving autonomous cars.
0:02:41 My question is, why isn’t there more discussion
0:02:44 about what Waymo has already achieved?
0:02:47 I get that Alphabet isn’t a car company,
0:02:49 but if you look at the streets of San Francisco,
0:02:52 it seems now that every fifth car is a Waymo.
0:02:55 So why aren’t we saying that Waymo’s cracked it
0:02:57 and that they have the potential,
0:03:01 should they wish to go into business with Jaguar
0:03:05 and sell autonomous cars?
0:03:06 – That’s very interesting.
0:03:08 I had trouble focusing on your question
0:03:09 ’cause you have such a lovely voice,
0:03:12 but a shrimp on the bottom, oh, wait, that’s Australia.
0:03:15 Anyway, Alphabet CFO Ruth Porat announced
0:03:18 that Alphabet is investing an additional $5 million
0:03:21 into its self-driving car unit, Waymo.
0:03:23 Porat said in the company’s Q2 earnings call,
0:03:25 this new round of funding will enable Waymo
0:03:26 to continue to build the world’s leading autonomous
0:03:27 driving company.
0:03:29 This announcement follows Waymo’s
0:03:31 second city-wide expansion in San Francisco.
0:03:34 Just in June, Waymo removed its wait list
0:03:36 and opened Waymo rides to all San Francisco users.
0:03:37 What are the numbers?
0:03:40 Waymo currently provides 50,000 paid trips weekly
0:03:42 in San Francisco and Phoenix
0:03:44 and has completed two million trips to date.
0:03:46 Waymo’s unit within Alphabet generated
0:03:49 365 million in revenue in Q2 of this year.
0:03:51 That’s up 28% year on year,
0:03:53 but incurred losses of 1.1 billion
0:03:55 up from 813 million the previous year.
0:03:57 Some context on what the rest of the industry looks like.
0:04:00 General Motors autonomous vehicle unit, Cruise,
0:04:02 recently announced it’s indefinitely
0:04:04 delaying the production of the Origin,
0:04:07 which is a self-driving shuttle meant for city use.
0:04:08 This came after Cruise lost its permit
0:04:09 to operate in San Francisco
0:04:11 due to an incident with a pedestrian.
0:04:14 When they say incident, meaning it ran over a pedestrian
0:04:16 and I think like a bull backed up behind it
0:04:18 to make sure to finish the job.
0:04:20 Also Bloomberg reported that Tesla is delaying the launch
0:04:22 of their RoboTaxi by two months.
0:04:24 I think self-driving, it’s not quite up there
0:04:26 with this consensual hallucination of headsets
0:04:29 in terms of shitty business decisions,
0:04:31 but on a cost basis, this or a shareholder basis,
0:04:35 this has probably been a disaster for these companies.
0:04:37 And because GM just doesn’t have access
0:04:38 to the type of cheap capital
0:04:40 where they can keep losing billions of dollars,
0:04:42 their adventures in self-driving,
0:04:43 I would imagine, come to an end.
0:04:44 They just don’t have the money.
0:04:46 And Waymo, the reason why this gets so much attention
0:04:48 is Elon Musk.
0:04:49 And that is he has been,
0:04:51 investors or shareholders of Tesla
0:04:54 are literally like a person on the corner
0:04:57 trying to get home or get to a dinner or whatever.
0:05:00 And they’ve been waiting for their taxi for 11 years.
0:05:02 I think he started talking about self-driving.
0:05:05 According to Elon Musk, it’s always kind of many on him
0:05:07 and like next year, this year, next year, and it never is.
0:05:09 Tomorrow is never today.
0:05:12 Anyways, self-driving has been a gigantic head fake.
0:05:14 It kind of falls under the line of what Bill Gates said
0:05:15 that things that are supposed to take three years,
0:05:16 take 10 years.
0:05:18 This is definitely taking 10 years.
0:05:20 The other thing I don’t buy around Tesla
0:05:22 and the excitement is that how would Tesla,
0:05:24 and this goes to your question,
0:05:27 be able to capture even assuming that self-driving gets here
0:05:28 at some point, it gets ubiquity
0:05:30 that everyone is thinking it’s gonna get.
0:05:34 How does Tesla control self-driving to the extent
0:05:35 that it captures the margin?
0:05:37 I don’t get it here ’cause it seems like Waymo,
0:05:39 to your point, is in the lead.
0:05:41 It doesn’t get nearly the attention.
0:05:42 It probably deserves one.
0:05:43 They made a tactical mistake
0:05:46 and that is they started in San Francisco.
0:05:50 In San Francisco, while having a ton of innovative companies,
0:05:52 the population in the zeitgeist here
0:05:56 is very suspicious of corporations and big tech.
0:05:59 I bet they get a lot less pushback in Phoenix
0:06:00 where people are just like,
0:06:02 “You know, on my way to the,”
0:06:03 I don’t know, “What are they doing?”
0:06:05 Phoenix, I love Arizona.
0:06:07 My dad lived there, beautiful sunsets.
0:06:09 Anyways, it’s coming.
0:06:10 I always thought it should happen in airplanes
0:06:15 ’cause about 80 or 90% of air crash disasters
0:06:17 or air disasters are pilot error
0:06:19 and that it seems to me you’d want a computer up there
0:06:22 but that won’t happen because people need to see some old guy
0:06:24 with thick gray hair who just makes you feel safe
0:06:26 and have them come on the intercom
0:06:28 and say, “Folks, just a little light chop.
0:06:29 “Nothing to worry about.
0:06:30 “Please make sure your seatbelts are fast.”
0:06:33 And anyways, that makes me feel better.
0:06:35 Self-driving, it’ll be here at some point.
0:06:37 It’s not gonna nearly live up to the hype,
0:06:39 I don’t think, around the economics of it.
0:06:42 Tesla is using it as a weapon of mass distraction.
0:06:44 Google has probably spent more money than they would like
0:06:46 but they’re sort of all in here.
0:06:47 I don’t know.
0:06:48 I mean, the only thing I would say
0:06:50 about Waymo not getting as much attention
0:06:54 is that the founders of Alphabet aren’t tweeting
0:06:59 about their ketamine or calling their daughter dead to them
0:07:00 because she went through transition
0:07:03 or saying ridiculous things or launching rockets into space.
0:07:05 I mean, must just get so much attention around
0:07:09 anything he does and Tesla Bulls are looking for an excuse
0:07:12 to justify how this car company,
0:07:15 which should trade at 15, 20 times earnings
0:07:17 is trading at 100 times earnings.
0:07:18 Anyways, start with me under in question,
0:07:20 but love your voice.
0:07:22 Go New Zealand, start a podcast.
0:07:23 Start a podcast.
0:07:25 Question number two.
0:07:28 – Hey, Prof. G, I’m John from Portland, Oregon.
0:07:30 I recently started listening to your pod
0:07:33 and I really appreciate the practical insights
0:07:36 you give on business, marketing, and life,
0:07:37 particularly the insights you give
0:07:40 around raising two young boys.
0:07:42 I’m a father of two little boys myself.
0:07:45 Curran, who’s 10 and Towns, who’s eight.
0:07:48 Both of them love sports, especially soccer.
0:07:50 Recently, we’ve been watching a lot
0:07:52 of the Summer Olympics together
0:07:54 and while we were watching the games,
0:07:58 a new Nike ad titled “Winning isn’t for Everyone” came on.
0:08:00 Now, as a father, I’ve tried to instill the values
0:08:04 of empathy, respect, and kindness to my boys.
0:08:06 When they compete on the soccer field,
0:08:08 I have them focus on their effort,
0:08:11 not the outcome of the match or other people’s opinions.
0:08:15 However, the messaging I watched them soak in from Nike
0:08:17 was the complete opposite of this.
0:08:20 Now, my charitable assumption is that Nike
0:08:22 was trying to communicate how difficult it is
0:08:25 to be the best at something.
0:08:28 However, what they described to me was not greatness,
0:08:30 but an immature, anxious individual
0:08:32 bent on power and dominance.
0:08:35 But my question to you is, as a father,
0:08:37 who’s trying to instill empathy, kindness,
0:08:40 and generosity into his boys,
0:08:43 how would you address this ad by Nike to them?
0:08:46 Do you think the ad missed the mark?
0:08:48 And what are alternative messages
0:08:50 Nike could have communicated about competing
0:08:52 at the highest level?
0:08:55 Thanks again for all the insights in the pod.
0:08:56 If you’re ever in Portland, Oregon,
0:08:59 I’d love to buy you a drink.
0:09:00 – First off, John from Portland.
0:09:02 Thanks for the thoughtful question and congratulations.
0:09:05 I believe that when I am at the end,
0:09:08 I’m gonna look back and the days I’m gonna miss,
0:09:11 the salad days, if I get to go to something called Heaven,
0:09:13 which I won’t and I’m fairly certain
0:09:16 that doesn’t exist, another talk show,
0:09:19 is that Heaven for me would have been going back
0:09:21 to my house where I had young kids.
0:09:25 I just think the noise, the chaos,
0:09:28 I remember my son coming into our bedroom
0:09:31 with a basket of his cars, almost like an offering
0:09:33 that if you let me come in bed with you,
0:09:35 you can have these cars.
0:09:39 And just these moments of like, I just felt so,
0:09:40 I don’t know, like I had a purpose,
0:09:44 like I was working for a reason and these,
0:09:45 I mean, really God does reach into your soul
0:09:48 and turn on a switch, you never knew it existed.
0:09:50 But anyways, congratulations.
0:09:51 I hope you have the presence.
0:09:54 I did mostly to realize these are the salad days
0:09:56 and what you look back on is the happiest time in your life.
0:09:58 Not that you’re not gonna be happy the rest of your life,
0:10:03 but for young kids at home, boys, oh, I’m jealous.
0:10:05 My boys are now about to be 14 and 17.
0:10:08 My 17 year old is into his own thing, that’s great.
0:10:11 My 13, about to be 14, still hugs me,
0:10:13 still wants to hang out with me, which is nice,
0:10:14 but you’re in the sweet spot.
0:10:16 Anyways, back to your question.
0:10:19 So Nike’s gotten kicked literally in the nuts
0:10:21 for the last, last five years at stock,
0:10:21 it’s been cut in half.
0:10:23 It’s gone from being the premier marketer
0:10:25 to sort of what I think is probably
0:10:27 an activist target at this point.
0:10:28 I actually love this ad.
0:10:31 And that is, I think that there is a balance
0:10:34 between kids having a certain amount of empathy
0:10:36 and especially boys having a little bit
0:10:38 of what I’ll call a killer instinct.
0:10:40 And I realize how obnoxious that sounds,
0:10:42 but they sort of, everyone gets a trophy.
0:10:45 Zeitgeist that I think has developed in athletics
0:10:46 has gone a little bit too far.
0:10:50 I do think there’s something to success
0:10:53 and competitiveness that the Nike brand embodies
0:10:56 that I think is actually healthy for young people.
0:11:00 And I mean, when you think about branding,
0:11:02 Nike and Adidas have much different positionings,
0:11:04 but they both work.
0:11:08 Adidas is the joy of sport and it’s more track and field.
0:11:10 It’s more, I would argue, their premier sport right now
0:11:12 that defines them is probably football,
0:11:15 or as you Americans call it, soccer, a team sport.
0:11:18 It’s competing, it’s greatness in the agency of others.
0:11:21 It’s a little more socialist, a little bit more European.
0:11:25 Nike is Michael Jordan, individual achievement.
0:11:28 And the statement that summarizes the Nike brand for me
0:11:30 is you didn’t win silver, you lost gold.
0:11:33 And I think there’s, I kind of like that positioning
0:11:36 and the ad you’re talking about, I actually really like.
0:11:38 It’s like, I’m not there to be on a team.
0:11:39 I’m there to be a monster.
0:11:41 And I think a little bit of that,
0:11:43 especially among young boys, among young girls too,
0:11:47 I think competitiveness is built into our species
0:11:49 because it’s important, it’s key to innovation
0:11:52 and moving the world forward.
0:11:54 I’m competitive with the other members
0:11:56 of the marketing faculty and NYU Stern
0:11:57 and I think that’s a good thing.
0:11:59 And I also realize that competition and cooperation
0:12:02 are sort of this gangster wanting to achieve
0:12:04 for yourself individually and being,
0:12:06 having some of that competitive spirit
0:12:08 and some of that monster inside of you
0:12:11 in conjunction with cooperation and winning
0:12:15 and then having empathy for people who maybe can compete.
0:12:16 I think that’s a nice positioning.
0:12:20 And I think Nike has basically accurately perceived
0:12:22 that everything’s got a little bit too far
0:12:26 in terms of competition has become less quote unquote,
0:12:27 competitive.
0:12:29 I think there’s room for both.
0:12:31 So I kind of like the ad
0:12:33 and I don’t think there’s anything wrong
0:12:35 with building a little bit of that killer instinct
0:12:39 into your son’s DNA.
0:12:41 Does that mean they can’t have empathy?
0:12:43 Does that mean they shouldn’t cooperate?
0:12:46 No, but I like having a little bit of grit,
0:12:48 a little bit of, a little bit of like,
0:12:51 I don’t know, killer instinct in them.
0:12:53 But again, thank you for the question.
0:12:55 And isn’t it wonderful?
0:12:57 What a blessing to be a father of boys.
0:13:00 We have one quick break before our final question.
0:13:00 Stay with us.
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0:16:08 Welcome back, question number three.
0:16:10 Hey, Prof. G. This is Nick coming in from Chicago.
0:16:13 Long time listener to the podcast.
0:16:15 I just read through your new book, The Algebra of Wealth.
0:16:18 I thought there were a lot of great insights from you in there.
0:16:22 One insight I particularly loved was following your talents,
0:16:25 not your passions, and how you should follow what skills
0:16:30 and talents you find in your early 20s and to your 30s,
0:16:34 and act on those that separate you from what you’re doing.
0:16:36 Act on those that separate you.
0:16:39 My question is, what happens when the skills and talents
0:16:41 that you find you have are not aligned
0:16:44 to high-income earning careers?
0:16:47 In my particular case, I’ve worked in education
0:16:48 for over the last five years.
0:16:49 I really enjoy it.
0:16:53 I think the interpersonal skills and mentoring of young people
0:16:55 is something I’m really good at.
0:16:57 The problem is I don’t see it aligning
0:17:00 with the highest salary in the long term.
0:17:02 So if the goal is financial security,
0:17:05 which I want as much as anyone else,
0:17:09 how would you frame aligning your talents and skills?
0:17:10 An industry is like education
0:17:13 that don’t particularly pay as well as others.
0:17:14 Thank you, Prof. Chi.
0:17:16 I really appreciate you and your work.
0:17:17 – Oh, this is a tough one.
0:17:20 If you’re the best at anything,
0:17:22 you’ll generally find a pretty good way to make a living.
0:17:23 I have a friend who’s now a principal
0:17:25 of a junior high school.
0:17:27 He’s a protocol friend.
0:17:28 I haven’t talked to him in a long time.
0:17:31 He started out actually in investment banking.
0:17:33 His name is Ed Hayek.
0:17:35 He’s this tall, handsome guy.
0:17:37 And he like me started investment banking.
0:17:39 He didn’t like it, ended up in education.
0:17:41 I got, he made a lot of money and now he’s principal.
0:17:42 I think of a junior high somewhere
0:17:44 or high school about to retire.
0:17:46 But my guess is he’s made a pretty decent living
0:17:47 for himself.
0:17:48 You’re not going to be a millionaire
0:17:50 or multimillionaire in education.
0:17:53 I mean, it’s very kind of situational dependent.
0:17:56 I think some school districts have pretty good ways
0:17:58 of helping teachers get wealthy slowly.
0:18:01 And that is usually a pretty good retirement plans.
0:18:03 But you have to assess whether or not
0:18:05 the psychic income compensates
0:18:07 for the lack of financial income
0:18:08 that you might get in another industry.
0:18:11 In terms of teaching, if you’re a good teacher,
0:18:13 you can translate those skills to a lot of different things.
0:18:16 Whether it’s going back and getting an MBA,
0:18:18 you sound pretty young and becoming a consultant.
0:18:19 I’m a teacher.
0:18:22 My gangster competence is the gangster competence
0:18:24 in our economy that you’d likely have.
0:18:26 And that’s an ability to communicate
0:18:29 and capture the attention of individuals in a classroom.
0:18:31 I think anyone who can keep the attention
0:18:33 of a 15 year old for an hour,
0:18:35 talking about history or math or biology
0:18:37 or whatever it is you teach,
0:18:40 can probably be a pretty decent consultant,
0:18:44 probably be someone who’s in communications.
0:18:47 But at the end of the day, you’re a storyteller.
0:18:49 And can you translate those skills to something else?
0:18:51 Sure.
0:18:53 But I would have just an open and honest conversation
0:18:55 around what your income expectations are,
0:18:57 where potentially in a school district,
0:18:58 you could make good money.
0:19:00 Also, I don’t know if you have an interest in teaching
0:19:02 in college, but I decided to teach at NYU.
0:19:04 I decided, okay, I thought at the time,
0:19:06 I’m done economically, what do I wanna do in my life?
0:19:10 I thought I wanna teach and join the faculty at NYU.
0:19:13 My first year, I made $12,000 as an adjunct professor
0:19:15 ’cause universities have decided that in order to pay
0:19:18 this really inefficient, unproductive corrupt guild
0:19:20 called tenure, they need to draft people
0:19:23 who want dream of teaching at college
0:19:25 and pay them much less than market.
0:19:26 And that’s like I said, is market.
0:19:29 But adjuncts, clinical faculty.
0:19:30 But I was very good at it.
0:19:32 I was arrogant, whatever, I’m good at it.
0:19:35 And I put more and more butts and more and more seats
0:19:38 and colleges are a business.
0:19:40 And slowly, but surely, I got to the point
0:19:42 where I think I was making probably the benefits,
0:19:44 housing, matching pension, all that shit.
0:19:47 I was probably making around 300 grand a year.
0:19:50 I say was seven years ago.
0:19:54 Virtue signaling alert, I gave back all of my compensation
0:19:57 for the previous 15 years such that I could continue
0:19:59 to bite the hand that feeds me as I’m doing now.
0:20:02 Anyways, the best at anything usually figures out a way
0:20:04 to make a good living.
0:20:05 So I think this involves some soul searching,
0:20:08 some discussions with people you trust
0:20:10 and open an honest relationship with your partner
0:20:11 to get alignment.
0:20:13 And also, I don’t know if you’ve thought about an MBA
0:20:17 or graduate school, but graduate schools love teachers
0:20:19 as they should as they demonstrate a lot of skills
0:20:21 and a lot of concern for the commonwealth.
0:20:23 I’m sorry, I can’t be more prescriptive here.
0:20:26 I appreciate the question.
0:20:27 That’s all for this episode.
0:20:28 If you’d like to submit a question,
0:20:29 please email a voice recording
0:20:31 to officehours@proptimedia.com.
0:20:34 Again, that’s officehours@proptimedia.com.
0:20:46 This episode was produced by Caroline Shagren.
0:20:49 Jennifer Sanchez is our associate producer
0:20:51 and Drew Burroughs is our technical director.
0:20:52 Thank you for listening to The Property Pod
0:20:54 from the Vox Media Podcast Network.
0:20:57 We will catch you on Saturday for No Mercy, No Malice
0:20:58 as read by George Hahn.
0:21:01 And please follow our Property Markets pod
0:21:03 wherever you get your pods for new episodes
0:21:05 every Monday and Thursday.