E95: Winter is Coming, Europe's energy crisis, Kim Kardashian's new PE firm & more

The podcast had become a meaningful business asset even without ads: representatives told the hosts they were leaving about $7.5 million a year in advertising unsold. Jason Calacanis said 1,200 people registered for his Fund IV webinar, enough demand that he was considering increasing the fund’s size.

The hosts deliberately refused several profile requests because they saw established media outlets as competitors for influence, not neutral intermediaries. Calacanis would appear with independent journalist Eric Newcomer only if discussion of All-In stayed below 10% of the interview.

Europe’s energy shock was already severe before winter: the episode cited Russian gas shipments down 89% year over year and natural-gas prices above €200 per megawatt-hour versus roughly €20 historically. The speakers expected heating costs, industrial shutdowns and subsidies to transmit the shock into inflation, debt and unrest.

Friedberg’s concrete endgame was a negotiated trade: Ukraine cedes some territory or assets, Russia withdraws from others, Western governments provide major financial support, and sanctions ease enough to restart gas flows. He argued the alternative was worsening European unrest and industrial damage as winter tightened energy demand.

Sacks argued that the diplomatic failure predated the invasion, especially around NATO expansion and refusing to negotiate Ukraine’s membership or missile deployments near Russia. Citing former Defense Secretary William Perry, he framed the crisis as partly rooted in a European security order built when Russia was weak.

The strongest business thesis was that consumer brands increasingly need owned audiences because paid distribution is becoming economically punishing. The hosts cited Kardashian, MrBeast and Barstool as creator-led distribution models, while Friedberg said Facebook-and-Google acquisition costs for D2C companies had doubled or tripled in a year.