AI transcript
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0:01:36 Welcome to the Property Pod’s Office Hours.
0:01:38 This is the part of the show where we answer questions
0:01:40 about business, big tech entrepreneurship
0:01:41 and whatever else is on your mind.
0:01:43 If you’d like to submit a question,
0:01:45 please email a voice recording
0:01:46 to officehours@propertymedia.com.
0:01:49 Again, that’s officehours@propertymedia.com.
0:01:52 So with that, first question I have not seen
0:01:53 or read these questions.
0:01:57 – Hi Scott, I’m Adam from Chicago.
0:02:00 I’m a professor at a large public university
0:02:01 and I’m a big fan of the pod,
0:02:04 especially your views on higher education.
0:02:06 I had a prediction for 2025
0:02:08 that I wanted to share to get your perspective.
0:02:10 I think the Google Antitrust case
0:02:12 will lead to a breakup of Google
0:02:14 into four separate companies.
0:02:18 Search and AI, cloud, YouTube and Waymo.
0:02:21 This will unlock significant value for a mega cap stock
0:02:24 that is underperformed compared to its peers.
0:02:28 If this happens, other mega caps may follow suit.
0:02:29 What do you think?
0:02:30 And thanks.
0:02:34 – Adam from Chicago, thanks for the question professor.
0:02:37 You’re thinking rationally and I have learned the hard way.
0:02:39 That’s not how this market works.
0:02:42 What’s going on with the Google Antitrust case in 2020?
0:02:43 Trump’s Justice Department
0:02:45 through the Antitrust Hammer at Google,
0:02:49 claiming they had an illegal monopoly in online search.
0:02:49 This is a big deal.
0:02:51 It was the first antitrust case of its kind
0:02:53 in the internet era.
0:02:54 Since then governments have argued
0:02:55 that Google made illegal deals
0:02:59 to ensure its search engine is the default on most devices.
0:03:02 Now the stakes are getting higher.
0:03:04 A judge already ruled against Google
0:03:06 in part of the case and a second trial is coming up in April
0:03:08 to figure out what kind of penalty they might face.
0:03:10 They were found guilty of monopoly maintenance
0:03:13 mostly ’cause they pay the biggest fee to Apple
0:03:14 to be the default search engine.
0:03:16 And they thought no one else could compete with them.
0:03:18 It’s anti-competitive behavior.
0:03:19 They’re trying to figure out
0:03:22 what the remedies of this guilty verdict would be.
0:03:24 And they could be a regulator sitting there
0:03:25 and telling them that you can’t do this,
0:03:29 you can’t do this, a breakup, some sort of fine.
0:03:30 So the question you’re asking is,
0:03:32 could the remedy be a breakup
0:03:34 and what would that breakup look like?
0:03:36 I can’t see them being broke up
0:03:37 into four distinct units.
0:03:39 And you’re saying a deconglomeration
0:03:40 would add more shareholder value.
0:03:42 And I actually believe you.
0:03:43 I think in conglomates what you tend to find
0:03:47 is the whole is less than the sum of its parts.
0:03:49 And the thing you didn’t mention is that
0:03:52 I’ve done some analysis around YouTube.
0:03:53 If you asked most people,
0:03:54 what is the leading streaming platform?
0:03:56 They’d say Netflix and they would be wrong.
0:03:59 Netflix commends about 8% of total viewership time,
0:04:01 whereas Google, excuse me while Alphabet’s YouTube
0:04:03 gets about 10%.
0:04:06 And if you applied the same multiple on revenues,
0:04:08 YouTube does more revenues than Netflix.
0:04:10 And if you applied the same multiple YouTube
0:04:12 on its own entity as a spin,
0:04:15 would be worth somewhere between five and $600 billion.
0:04:16 It’d be worth more than Bank of America
0:04:18 or LVMH or sales force.
0:04:21 And the disposition of assets or a spin of assets
0:04:23 and a conglomerate structure
0:04:25 creates more value per your point.
0:04:29 Why? Because CEOs and controlling shareholders
0:04:30 love to have a big, fat fucking company,
0:04:35 especially one of this power and prosperity.
0:04:37 And they don’t like managing different ones.
0:04:39 And CEOs love a bigger company
0:04:41 because their compensation is based on two things,
0:04:42 the performance of the company
0:04:44 and how big the company is.
0:04:46 In addition, it makes them sleep easier at night
0:04:49 when they conglomerize because if YouTube isn’t doing well,
0:04:52 then most likely their cloud or Waymo is doing well.
0:04:54 And the fact of the matter is,
0:04:58 is that investors don’t need CEOs to diversify for them.
0:05:02 I could go buy my own video search engine called YouTube.
0:05:03 I would like to be able to do that.
0:05:04 I’d like to be able to specifically say
0:05:06 I like, I don’t believe in autonomous driving,
0:05:07 but I believe in video search.
0:05:10 I wanna invest in YouTube and not Waymo.
0:05:13 Or I think that search is challenged by AI
0:05:15 or I think it’s gonna be just fine
0:05:16 and it’s been overly punished.
0:05:17 I wanted to go into search,
0:05:19 but I don’t wanna be in the cloud, whatever, right?
0:05:21 Unfortunately, they don’t do that.
0:05:23 They conglomerize and they claim there’s efficiencies
0:05:25 and there may be, there may be so many efficiencies here
0:05:28 between coordinating and cooperating
0:05:31 that they in fact make it impossible for anyone else
0:05:33 or both the buy on the buy and the sell side
0:05:36 and digital marketing and they make the market.
0:05:38 Anyways, I just don’t see this happening.
0:05:40 I wonder if there will be a breakup.
0:05:41 I hope there is.
0:05:43 It would probably be something around their ad tech.
0:05:46 They probably maybe have to spin the old double click
0:05:48 or their ad stack or their ad model
0:05:50 or their ad technology, if you will.
0:05:52 But the idea, you’re looking at this rationally
0:05:55 from an investor standpoint, what would make the most sense.
0:05:56 But here’s the thing.
0:05:58 These companies are run by individuals
0:06:00 and they love having sitting on the iron throne
0:06:04 of all of the seven realms, not just Westeros.
0:06:05 So while what you’re saying makes sense,
0:06:07 it’s just unlikely to happen.
0:06:08 These organizations are run by people.
0:06:10 They have different objectives
0:06:13 than just doing what’s right for shareholders, if you will.
0:06:16 The biggest tax cut in the world right now
0:06:18 would be if China and the US made up,
0:06:20 they have manufacturing, we have consumer demand,
0:06:22 we have debt, they have cash.
0:06:25 I mean, for God’s sakes, it’s Fred and fucking Ginger
0:06:26 for the global economy.
0:06:28 That would be the biggest tax cut.
0:06:29 The second biggest tax cut would be
0:06:31 if we took the big guys, Amazon, Alphabet,
0:06:35 Google and Apple and broke them up into 11 or 12 companies.
0:06:37 That would be the best way to oxygenate the marketplace.
0:06:39 They have such concentration of power
0:06:41 in their specific categories
0:06:43 that the rents they charge on consumers,
0:06:45 whether it’s what they charge you for your iPhone
0:06:49 or the ad fees on Amazon,
0:06:52 which have gone from about 20%
0:06:54 of total gross merchandise volume to like 45%.
0:06:56 All the rents need to come down on businesses.
0:06:59 Biggest corporate tax cut in history wouldn’t be under Trump.
0:07:01 It would be under the FTC or DOJ
0:07:02 breaking these companies up.
0:07:03 Anyways, that’s my rant.
0:07:05 We’ll see what happens here, Professor,
0:07:08 but call me skeptical.
0:07:09 Question number two.
0:07:13 Hi, Prof. G. My name is Ned from Melbourne, Australia.
0:07:15 I love your work and thank you for contributing
0:07:19 to making our discourse less course and more informed.
0:07:21 You’ve often spoken about the need
0:07:23 to agegate social media.
0:07:26 The Australian government has recently announced plans
0:07:28 to impose a minimum age of 16 years
0:07:31 to access social media platforms.
0:07:34 The concept has broadly bipartisan support.
0:07:36 However, there are some real practical issues
0:07:38 that are unfolding, namely how to verify
0:07:41 that someone is indeed over 16.
0:07:44 Options discussed include biometric verification
0:07:47 and uploading approved forms of ID.
0:07:50 Given the well-founded security and privacy concerns,
0:07:52 this is in danger of scuppering
0:07:55 this otherwise worthwhile policy initiative.
0:07:56 Would love to hear your thoughts
0:07:59 and thanks again for all that you do.
0:08:00 Thanks for the thoughtful question,
0:08:01 Nidal from Australia.
0:08:05 So the most influential scholar in the world right now
0:08:06 is my colleague, Jonathan Hyde.
0:08:09 And everything we’re talking about here,
0:08:11 funds being banned in schools,
0:08:13 social media being banned for kids under the age of 16,
0:08:15 has largely been a function
0:08:18 of Jonathan’s landmark book, “The Anxious Generation.”
0:08:21 So effectively Australia is planning
0:08:23 to make social media platforms take action
0:08:24 to prevent online harms,
0:08:26 including bullying, predatory behavior,
0:08:28 and harmful content pushed by algorithms.
0:08:31 They’re calling it the digital duty of care.
0:08:33 Platforms including TikTok, Instagram, and X
0:08:35 will need to actively protect users
0:08:38 by regularly reviewing and addressing safety risks.
0:08:40 The plan will ban kids under 16
0:08:42 from these social media platforms.
0:08:45 Some critics argue that banning younger users
0:08:47 of these platforms could reduce the pressure
0:08:50 on these platforms to improve safety features.
0:08:51 That’s fucking ridiculous.
0:08:54 If young people aren’t on there,
0:08:56 that will decrease the likelihood
0:08:59 they’ll put in safety restrictions for young people.
0:09:00 I mean, that makes no sense.
0:09:01 Literally these people have no shame.
0:09:04 And my favorite is that it would squelch free speech.
0:09:05 Yeah, my 13-year-old needs three speech
0:09:08 more than he needs protection from this bullshit
0:09:10 that makes him insecure and want to self-harm.
0:09:12 Yeah, okay, free speech for 13-year-olds.
0:09:13 That’s our top priority.
0:09:16 The legislation covers a wide range of harms,
0:09:18 including mental health, impacts on young people,
0:09:20 harm for practices, and illegal activities.
0:09:22 There will be no exemptions for children
0:09:25 with parental consent or who already have accounts.
0:09:26 What’s the plan now?
0:09:30 Australia is currently trialing an age verification system
0:09:32 that includes methods, including biometrics
0:09:34 and government identification to help block children
0:09:36 from accessing these social media platforms.
0:09:39 So these companies, social media companies,
0:09:41 or companies with a social offering,
0:09:45 make $11 billion a year advertising to people
0:09:48 under the age of 18.
0:09:50 And when you take a multiple of whatever it is,
0:09:53 10 to 15 times revenues, you’re talking about essentially
0:09:55 somewhere between $100 billion and a quarter of a trillion
0:09:59 dollars by their ability to continue to advertise
0:10:01 to young people despite the harms.
0:10:03 So they’re gonna do everything they can.
0:10:05 They’re gonna nod or pretend to give a flying fuck
0:10:07 about the Commonwealth and children they don’t.
0:10:09 By the way, a majority of tech executives
0:10:12 do not allow their kids on smartphones or on social media.
0:10:13 Why?
0:10:16 ‘Cause they know how mendacious this shit is.
0:10:18 This is about money and nothing else.
0:10:21 Do you really think they care about your kids’ free speech
0:10:24 or ensuring that the LGBTQ community has a chance
0:10:26 to reach out and find other kids?
0:10:29 Yeah, this is not perfect legislation,
0:10:32 but on the whole, on the whole stop signs have a downside.
0:10:34 But they still make a lot of sense.
0:10:37 I don’t doubt that there are probably three or four,
0:10:39 I don’t know, or instances of people
0:10:42 that had a terrible reaction to the vaccines.
0:10:43 I don’t doubt it.
0:10:44 And guess what?
0:10:47 It’s still hugely worth it.
0:10:49 This is just so unnatural that we’ve let this go on
0:10:50 for so long.
0:10:53 So kudos to Australia for trying to implement
0:10:54 and do something about it.
0:10:55 The legislation will be introduced
0:10:57 to the Australian Parliament this year.
0:10:59 And if approved, we’ll take effect 12 months later.
0:11:03 And again, for those of you who are thinking about academia
0:11:05 or don’t think a book can change the world,
0:11:07 they are banning phones in countries
0:11:10 because of a book called “The Anxious Generation”
0:11:12 by Professor Jonathan Hyde.
0:11:13 Also a lovely guy.
0:11:14 He’s a lovely guy.
0:11:17 Anyways, thanks for the question.
0:11:19 We have one quick break before our final question.
0:11:19 Stay with us.
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0:14:37 Welcome back, question number three.
0:14:39 – Hi Scott, my name is Molly Stark-Dean.
0:14:42 I’m a huge fan and an NYU alumni.
0:14:44 I landed a new job at the new school,
0:14:46 teaching journalism in the machine.
0:14:50 I feel really comfortable talking to large groups of people,
0:14:53 but my class will be a small group of less than 20.
0:14:56 How do I change my mass communication styles
0:14:59 to accommodate the class size?
0:15:02 Are there any secrets to teaching and grading AI projects?
0:15:04 Any advice is welcome.
0:15:06 – I’ll take this in reverse order,
0:15:08 and thanks for the question, Molly, and congratulations.
0:15:10 I kind of fell into teaching.
0:15:11 Actually, that’s not true.
0:15:12 I knew I was the one who wanted to teach.
0:15:13 I was thinking about getting my own PhD,
0:15:14 and my mom got sick.
0:15:15 I kept a state and an MBA,
0:15:17 but I always wanted to go back to teaching,
0:15:19 but I find it very rewarding.
0:15:20 Basically, as a teacher at a university,
0:15:22 you just have to be sort of the best student in the class.
0:15:26 Some people are literally the expert in the domain.
0:15:27 Most of us aren’t.
0:15:30 We just do the reading and try and be very well-prepared
0:15:35 in class, but okay, so how to grade AI projects?
0:15:37 Shit, I don’t know.
0:15:39 What I can tell you is that I now have an eye
0:15:41 and can spot shit written by AI.
0:15:44 And I’ll circle it and say AI, question mark.
0:15:46 And when I say to my kids, my kids are,
0:15:47 the average is 28.
0:15:49 These are adults working at Google
0:15:51 and Salesforce and Bridgewater.
0:15:53 And I’m like, look, if you want to turn something in
0:15:56 and you want to be AI and not do any work, have at it.
0:15:59 But the whole point here is to learn some skills.
0:16:00 And generally speaking, it’s interesting.
0:16:03 I can actually now pick out AI-written material,
0:16:05 or at least I think I can.
0:16:07 What I can help you with is, all right,
0:16:09 if you’re blessed to have, I used to have,
0:16:12 when I first started, my classes were only 20 or 30 kids.
0:16:15 Word got out that it was a good class
0:16:17 and now my classes are 300.
0:16:19 What you have, or the advantage you have with 20 kids,
0:16:22 quite frankly, is the Socratic Method and Student Engagement.
0:16:25 And that is, you can get to know them.
0:16:28 And what you’re meant to do, I think the best classes are,
0:16:30 I taught three-hour sessions, was an hour
0:16:33 of actual content lecturing and then two hours
0:16:35 of critical thinking and debate.
0:16:37 And that is, I would say, okay, should Nike
0:16:39 take money out of advertising and open stores
0:16:40 and vertical distribution?
0:16:43 And I would say, Alan, please make an argument for this
0:16:46 as it relates to trends in modern day branding
0:16:48 about vertical distribution.
0:16:50 And then she’d get nervous and fumble over herself
0:16:52 and try and make a comment.
0:16:54 And then I’d say, okay, Joe, disagree with her
0:16:57 and show why she has this wrong.
0:16:59 And then he’d even make something less cogent,
0:17:01 but the class would have time to absorb the issue.
0:17:04 And I’d start calling on people and asking them not to argue,
0:17:07 but to thoughtfully debate, really come out,
0:17:09 come up with things, push back on them.
0:17:11 I’m not afraid to say, look,
0:17:13 that was really intelligent, what you said.
0:17:14 What you need to be able to do is say it
0:17:16 in a third of the time, ’cause it’ll be three times
0:17:18 as powerful, I’m gonna come back to it in 30 seconds.
0:17:21 My point is, you can really, I don’t wanna say
0:17:23 get in their face, but really get in their heads
0:17:26 and make it super engaged and create a little bit of tension
0:17:30 that they know you’re gonna call on them three or four times.
0:17:33 And that creates a level of intensity and excitement.
0:17:34 By the way, it’s not for everyone.
0:17:35 Some kids don’t like that.
0:17:37 I once had a kid come to my,
0:17:38 actually I’ve had it several times say,
0:17:40 I get very nervous, I’d rather you didn’t call on me.
0:17:43 And I said, I’m gonna continue to call on you,
0:17:46 but you can say, I need a minute or I don’t know,
0:17:48 and I’ll come back to you, and you’re in a safe place,
0:17:50 but you have to get past this.
0:17:53 It’s gonna be very hard to be successful economically
0:17:55 without the ability to speak in front of a,
0:17:57 at least a small group of people.
0:17:58 So anyways, play to your strengths,
0:18:01 a small group of people, really active conversation
0:18:03 with 20 kids.
0:18:06 If everyone hasn’t spoken at least once during the class,
0:18:06 you have failed.
0:18:08 You’re not as much a teacher as you are a maestro
0:18:11 for a really robust conversation,
0:18:13 but congratulations on your new role.
0:18:15 I think it’s very rewarding.
0:18:16 Thanks for the question.
0:18:18 That’s all for this episode.
0:18:20 If you’d like to submit a question,
0:18:23 please email a voice recording to officehours@proptimedia.com.
0:18:26 Again, that’s officehours@proptimedia.com.
0:18:28 (upbeat music)
0:18:36 This episode was produced by Jennifer Sanchez
0:18:37 and Caroline Shagren.
0:18:39 Drew Burroughs is our technical director.
0:18:40 Thank you for listening to the Property Pod
0:18:42 from the Vox Media Podcast Network.
0:18:43 We will catch you on Saturday
0:18:46 for No Mercy, No Malice, as read by George Hawn.
0:18:48 And please follow our Property Markets Pod
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0:01:36 Welcome to the Property Pod’s Office Hours.
0:01:38 This is the part of the show where we answer questions
0:01:40 about business, big tech entrepreneurship
0:01:41 and whatever else is on your mind.
0:01:43 If you’d like to submit a question,
0:01:45 please email a voice recording
0:01:46 to officehours@propertymedia.com.
0:01:49 Again, that’s officehours@propertymedia.com.
0:01:52 So with that, first question I have not seen
0:01:53 or read these questions.
0:01:57 – Hi Scott, I’m Adam from Chicago.
0:02:00 I’m a professor at a large public university
0:02:01 and I’m a big fan of the pod,
0:02:04 especially your views on higher education.
0:02:06 I had a prediction for 2025
0:02:08 that I wanted to share to get your perspective.
0:02:10 I think the Google Antitrust case
0:02:12 will lead to a breakup of Google
0:02:14 into four separate companies.
0:02:18 Search and AI, cloud, YouTube and Waymo.
0:02:21 This will unlock significant value for a mega cap stock
0:02:24 that is underperformed compared to its peers.
0:02:28 If this happens, other mega caps may follow suit.
0:02:29 What do you think?
0:02:30 And thanks.
0:02:34 – Adam from Chicago, thanks for the question professor.
0:02:37 You’re thinking rationally and I have learned the hard way.
0:02:39 That’s not how this market works.
0:02:42 What’s going on with the Google Antitrust case in 2020?
0:02:43 Trump’s Justice Department
0:02:45 through the Antitrust Hammer at Google,
0:02:49 claiming they had an illegal monopoly in online search.
0:02:49 This is a big deal.
0:02:51 It was the first antitrust case of its kind
0:02:53 in the internet era.
0:02:54 Since then governments have argued
0:02:55 that Google made illegal deals
0:02:59 to ensure its search engine is the default on most devices.
0:03:02 Now the stakes are getting higher.
0:03:04 A judge already ruled against Google
0:03:06 in part of the case and a second trial is coming up in April
0:03:08 to figure out what kind of penalty they might face.
0:03:10 They were found guilty of monopoly maintenance
0:03:13 mostly ’cause they pay the biggest fee to Apple
0:03:14 to be the default search engine.
0:03:16 And they thought no one else could compete with them.
0:03:18 It’s anti-competitive behavior.
0:03:19 They’re trying to figure out
0:03:22 what the remedies of this guilty verdict would be.
0:03:24 And they could be a regulator sitting there
0:03:25 and telling them that you can’t do this,
0:03:29 you can’t do this, a breakup, some sort of fine.
0:03:30 So the question you’re asking is,
0:03:32 could the remedy be a breakup
0:03:34 and what would that breakup look like?
0:03:36 I can’t see them being broke up
0:03:37 into four distinct units.
0:03:39 And you’re saying a deconglomeration
0:03:40 would add more shareholder value.
0:03:42 And I actually believe you.
0:03:43 I think in conglomates what you tend to find
0:03:47 is the whole is less than the sum of its parts.
0:03:49 And the thing you didn’t mention is that
0:03:52 I’ve done some analysis around YouTube.
0:03:53 If you asked most people,
0:03:54 what is the leading streaming platform?
0:03:56 They’d say Netflix and they would be wrong.
0:03:59 Netflix commends about 8% of total viewership time,
0:04:01 whereas Google, excuse me while Alphabet’s YouTube
0:04:03 gets about 10%.
0:04:06 And if you applied the same multiple on revenues,
0:04:08 YouTube does more revenues than Netflix.
0:04:10 And if you applied the same multiple YouTube
0:04:12 on its own entity as a spin,
0:04:15 would be worth somewhere between five and $600 billion.
0:04:16 It’d be worth more than Bank of America
0:04:18 or LVMH or sales force.
0:04:21 And the disposition of assets or a spin of assets
0:04:23 and a conglomerate structure
0:04:25 creates more value per your point.
0:04:29 Why? Because CEOs and controlling shareholders
0:04:30 love to have a big, fat fucking company,
0:04:35 especially one of this power and prosperity.
0:04:37 And they don’t like managing different ones.
0:04:39 And CEOs love a bigger company
0:04:41 because their compensation is based on two things,
0:04:42 the performance of the company
0:04:44 and how big the company is.
0:04:46 In addition, it makes them sleep easier at night
0:04:49 when they conglomerize because if YouTube isn’t doing well,
0:04:52 then most likely their cloud or Waymo is doing well.
0:04:54 And the fact of the matter is,
0:04:58 is that investors don’t need CEOs to diversify for them.
0:05:02 I could go buy my own video search engine called YouTube.
0:05:03 I would like to be able to do that.
0:05:04 I’d like to be able to specifically say
0:05:06 I like, I don’t believe in autonomous driving,
0:05:07 but I believe in video search.
0:05:10 I wanna invest in YouTube and not Waymo.
0:05:13 Or I think that search is challenged by AI
0:05:15 or I think it’s gonna be just fine
0:05:16 and it’s been overly punished.
0:05:17 I wanted to go into search,
0:05:19 but I don’t wanna be in the cloud, whatever, right?
0:05:21 Unfortunately, they don’t do that.
0:05:23 They conglomerize and they claim there’s efficiencies
0:05:25 and there may be, there may be so many efficiencies here
0:05:28 between coordinating and cooperating
0:05:31 that they in fact make it impossible for anyone else
0:05:33 or both the buy on the buy and the sell side
0:05:36 and digital marketing and they make the market.
0:05:38 Anyways, I just don’t see this happening.
0:05:40 I wonder if there will be a breakup.
0:05:41 I hope there is.
0:05:43 It would probably be something around their ad tech.
0:05:46 They probably maybe have to spin the old double click
0:05:48 or their ad stack or their ad model
0:05:50 or their ad technology, if you will.
0:05:52 But the idea, you’re looking at this rationally
0:05:55 from an investor standpoint, what would make the most sense.
0:05:56 But here’s the thing.
0:05:58 These companies are run by individuals
0:06:00 and they love having sitting on the iron throne
0:06:04 of all of the seven realms, not just Westeros.
0:06:05 So while what you’re saying makes sense,
0:06:07 it’s just unlikely to happen.
0:06:08 These organizations are run by people.
0:06:10 They have different objectives
0:06:13 than just doing what’s right for shareholders, if you will.
0:06:16 The biggest tax cut in the world right now
0:06:18 would be if China and the US made up,
0:06:20 they have manufacturing, we have consumer demand,
0:06:22 we have debt, they have cash.
0:06:25 I mean, for God’s sakes, it’s Fred and fucking Ginger
0:06:26 for the global economy.
0:06:28 That would be the biggest tax cut.
0:06:29 The second biggest tax cut would be
0:06:31 if we took the big guys, Amazon, Alphabet,
0:06:35 Google and Apple and broke them up into 11 or 12 companies.
0:06:37 That would be the best way to oxygenate the marketplace.
0:06:39 They have such concentration of power
0:06:41 in their specific categories
0:06:43 that the rents they charge on consumers,
0:06:45 whether it’s what they charge you for your iPhone
0:06:49 or the ad fees on Amazon,
0:06:52 which have gone from about 20%
0:06:54 of total gross merchandise volume to like 45%.
0:06:56 All the rents need to come down on businesses.
0:06:59 Biggest corporate tax cut in history wouldn’t be under Trump.
0:07:01 It would be under the FTC or DOJ
0:07:02 breaking these companies up.
0:07:03 Anyways, that’s my rant.
0:07:05 We’ll see what happens here, Professor,
0:07:08 but call me skeptical.
0:07:09 Question number two.
0:07:13 Hi, Prof. G. My name is Ned from Melbourne, Australia.
0:07:15 I love your work and thank you for contributing
0:07:19 to making our discourse less course and more informed.
0:07:21 You’ve often spoken about the need
0:07:23 to agegate social media.
0:07:26 The Australian government has recently announced plans
0:07:28 to impose a minimum age of 16 years
0:07:31 to access social media platforms.
0:07:34 The concept has broadly bipartisan support.
0:07:36 However, there are some real practical issues
0:07:38 that are unfolding, namely how to verify
0:07:41 that someone is indeed over 16.
0:07:44 Options discussed include biometric verification
0:07:47 and uploading approved forms of ID.
0:07:50 Given the well-founded security and privacy concerns,
0:07:52 this is in danger of scuppering
0:07:55 this otherwise worthwhile policy initiative.
0:07:56 Would love to hear your thoughts
0:07:59 and thanks again for all that you do.
0:08:00 Thanks for the thoughtful question,
0:08:01 Nidal from Australia.
0:08:05 So the most influential scholar in the world right now
0:08:06 is my colleague, Jonathan Hyde.
0:08:09 And everything we’re talking about here,
0:08:11 funds being banned in schools,
0:08:13 social media being banned for kids under the age of 16,
0:08:15 has largely been a function
0:08:18 of Jonathan’s landmark book, “The Anxious Generation.”
0:08:21 So effectively Australia is planning
0:08:23 to make social media platforms take action
0:08:24 to prevent online harms,
0:08:26 including bullying, predatory behavior,
0:08:28 and harmful content pushed by algorithms.
0:08:31 They’re calling it the digital duty of care.
0:08:33 Platforms including TikTok, Instagram, and X
0:08:35 will need to actively protect users
0:08:38 by regularly reviewing and addressing safety risks.
0:08:40 The plan will ban kids under 16
0:08:42 from these social media platforms.
0:08:45 Some critics argue that banning younger users
0:08:47 of these platforms could reduce the pressure
0:08:50 on these platforms to improve safety features.
0:08:51 That’s fucking ridiculous.
0:08:54 If young people aren’t on there,
0:08:56 that will decrease the likelihood
0:08:59 they’ll put in safety restrictions for young people.
0:09:00 I mean, that makes no sense.
0:09:01 Literally these people have no shame.
0:09:04 And my favorite is that it would squelch free speech.
0:09:05 Yeah, my 13-year-old needs three speech
0:09:08 more than he needs protection from this bullshit
0:09:10 that makes him insecure and want to self-harm.
0:09:12 Yeah, okay, free speech for 13-year-olds.
0:09:13 That’s our top priority.
0:09:16 The legislation covers a wide range of harms,
0:09:18 including mental health, impacts on young people,
0:09:20 harm for practices, and illegal activities.
0:09:22 There will be no exemptions for children
0:09:25 with parental consent or who already have accounts.
0:09:26 What’s the plan now?
0:09:30 Australia is currently trialing an age verification system
0:09:32 that includes methods, including biometrics
0:09:34 and government identification to help block children
0:09:36 from accessing these social media platforms.
0:09:39 So these companies, social media companies,
0:09:41 or companies with a social offering,
0:09:45 make $11 billion a year advertising to people
0:09:48 under the age of 18.
0:09:50 And when you take a multiple of whatever it is,
0:09:53 10 to 15 times revenues, you’re talking about essentially
0:09:55 somewhere between $100 billion and a quarter of a trillion
0:09:59 dollars by their ability to continue to advertise
0:10:01 to young people despite the harms.
0:10:03 So they’re gonna do everything they can.
0:10:05 They’re gonna nod or pretend to give a flying fuck
0:10:07 about the Commonwealth and children they don’t.
0:10:09 By the way, a majority of tech executives
0:10:12 do not allow their kids on smartphones or on social media.
0:10:13 Why?
0:10:16 ‘Cause they know how mendacious this shit is.
0:10:18 This is about money and nothing else.
0:10:21 Do you really think they care about your kids’ free speech
0:10:24 or ensuring that the LGBTQ community has a chance
0:10:26 to reach out and find other kids?
0:10:29 Yeah, this is not perfect legislation,
0:10:32 but on the whole, on the whole stop signs have a downside.
0:10:34 But they still make a lot of sense.
0:10:37 I don’t doubt that there are probably three or four,
0:10:39 I don’t know, or instances of people
0:10:42 that had a terrible reaction to the vaccines.
0:10:43 I don’t doubt it.
0:10:44 And guess what?
0:10:47 It’s still hugely worth it.
0:10:49 This is just so unnatural that we’ve let this go on
0:10:50 for so long.
0:10:53 So kudos to Australia for trying to implement
0:10:54 and do something about it.
0:10:55 The legislation will be introduced
0:10:57 to the Australian Parliament this year.
0:10:59 And if approved, we’ll take effect 12 months later.
0:11:03 And again, for those of you who are thinking about academia
0:11:05 or don’t think a book can change the world,
0:11:07 they are banning phones in countries
0:11:10 because of a book called “The Anxious Generation”
0:11:12 by Professor Jonathan Hyde.
0:11:13 Also a lovely guy.
0:11:14 He’s a lovely guy.
0:11:17 Anyways, thanks for the question.
0:11:19 We have one quick break before our final question.
0:11:19 Stay with us.
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0:12:21 (upbeat music)
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0:14:37 Welcome back, question number three.
0:14:39 – Hi Scott, my name is Molly Stark-Dean.
0:14:42 I’m a huge fan and an NYU alumni.
0:14:44 I landed a new job at the new school,
0:14:46 teaching journalism in the machine.
0:14:50 I feel really comfortable talking to large groups of people,
0:14:53 but my class will be a small group of less than 20.
0:14:56 How do I change my mass communication styles
0:14:59 to accommodate the class size?
0:15:02 Are there any secrets to teaching and grading AI projects?
0:15:04 Any advice is welcome.
0:15:06 – I’ll take this in reverse order,
0:15:08 and thanks for the question, Molly, and congratulations.
0:15:10 I kind of fell into teaching.
0:15:11 Actually, that’s not true.
0:15:12 I knew I was the one who wanted to teach.
0:15:13 I was thinking about getting my own PhD,
0:15:14 and my mom got sick.
0:15:15 I kept a state and an MBA,
0:15:17 but I always wanted to go back to teaching,
0:15:19 but I find it very rewarding.
0:15:20 Basically, as a teacher at a university,
0:15:22 you just have to be sort of the best student in the class.
0:15:26 Some people are literally the expert in the domain.
0:15:27 Most of us aren’t.
0:15:30 We just do the reading and try and be very well-prepared
0:15:35 in class, but okay, so how to grade AI projects?
0:15:37 Shit, I don’t know.
0:15:39 What I can tell you is that I now have an eye
0:15:41 and can spot shit written by AI.
0:15:44 And I’ll circle it and say AI, question mark.
0:15:46 And when I say to my kids, my kids are,
0:15:47 the average is 28.
0:15:49 These are adults working at Google
0:15:51 and Salesforce and Bridgewater.
0:15:53 And I’m like, look, if you want to turn something in
0:15:56 and you want to be AI and not do any work, have at it.
0:15:59 But the whole point here is to learn some skills.
0:16:00 And generally speaking, it’s interesting.
0:16:03 I can actually now pick out AI-written material,
0:16:05 or at least I think I can.
0:16:07 What I can help you with is, all right,
0:16:09 if you’re blessed to have, I used to have,
0:16:12 when I first started, my classes were only 20 or 30 kids.
0:16:15 Word got out that it was a good class
0:16:17 and now my classes are 300.
0:16:19 What you have, or the advantage you have with 20 kids,
0:16:22 quite frankly, is the Socratic Method and Student Engagement.
0:16:25 And that is, you can get to know them.
0:16:28 And what you’re meant to do, I think the best classes are,
0:16:30 I taught three-hour sessions, was an hour
0:16:33 of actual content lecturing and then two hours
0:16:35 of critical thinking and debate.
0:16:37 And that is, I would say, okay, should Nike
0:16:39 take money out of advertising and open stores
0:16:40 and vertical distribution?
0:16:43 And I would say, Alan, please make an argument for this
0:16:46 as it relates to trends in modern day branding
0:16:48 about vertical distribution.
0:16:50 And then she’d get nervous and fumble over herself
0:16:52 and try and make a comment.
0:16:54 And then I’d say, okay, Joe, disagree with her
0:16:57 and show why she has this wrong.
0:16:59 And then he’d even make something less cogent,
0:17:01 but the class would have time to absorb the issue.
0:17:04 And I’d start calling on people and asking them not to argue,
0:17:07 but to thoughtfully debate, really come out,
0:17:09 come up with things, push back on them.
0:17:11 I’m not afraid to say, look,
0:17:13 that was really intelligent, what you said.
0:17:14 What you need to be able to do is say it
0:17:16 in a third of the time, ’cause it’ll be three times
0:17:18 as powerful, I’m gonna come back to it in 30 seconds.
0:17:21 My point is, you can really, I don’t wanna say
0:17:23 get in their face, but really get in their heads
0:17:26 and make it super engaged and create a little bit of tension
0:17:30 that they know you’re gonna call on them three or four times.
0:17:33 And that creates a level of intensity and excitement.
0:17:34 By the way, it’s not for everyone.
0:17:35 Some kids don’t like that.
0:17:37 I once had a kid come to my,
0:17:38 actually I’ve had it several times say,
0:17:40 I get very nervous, I’d rather you didn’t call on me.
0:17:43 And I said, I’m gonna continue to call on you,
0:17:46 but you can say, I need a minute or I don’t know,
0:17:48 and I’ll come back to you, and you’re in a safe place,
0:17:50 but you have to get past this.
0:17:53 It’s gonna be very hard to be successful economically
0:17:55 without the ability to speak in front of a,
0:17:57 at least a small group of people.
0:17:58 So anyways, play to your strengths,
0:18:01 a small group of people, really active conversation
0:18:03 with 20 kids.
0:18:06 If everyone hasn’t spoken at least once during the class,
0:18:06 you have failed.
0:18:08 You’re not as much a teacher as you are a maestro
0:18:11 for a really robust conversation,
0:18:13 but congratulations on your new role.
0:18:15 I think it’s very rewarding.
0:18:16 Thanks for the question.
0:18:18 That’s all for this episode.
0:18:20 If you’d like to submit a question,
0:18:23 please email a voice recording to officehours@proptimedia.com.
0:18:26 Again, that’s officehours@proptimedia.com.
0:18:28 (upbeat music)
0:18:36 This episode was produced by Jennifer Sanchez
0:18:37 and Caroline Shagren.
0:18:39 Drew Burroughs is our technical director.
0:18:40 Thank you for listening to the Property Pod
0:18:42 from the Vox Media Podcast Network.
0:18:43 We will catch you on Saturday
0:18:46 for No Mercy, No Malice, as read by George Hawn.
0:18:48 And please follow our Property Markets Pod
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0:19:08 Food and security still affects millions
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0:19:12 And Nestle, a global leader in nutrition,
0:19:13 health, and wellness,
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0:19:20 Nestle’s partnerships extend beyond just financial support
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0:19:26 Nestle and their partners actively engage
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0:19:43 Learn more at nestle.com.
0:19:45 you
0:19:55 [BLANK_AUDIO]
Scott discusses what’s at stake in the Google antitrust case, specifically whether a breakup of Google is likely to happen. He then speaks about the news that Australia is considering legislation banning social media for children under 16 years old. He wraps up with advice to a professor teaching a small group of students.
Music: https://www.davidcuttermusic.com / @dcuttermusic
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