Encarta | I Went To A Billionaire’s Dinner... Here Are 3 Things I Learned (#460)

00:00

AI is obviously all the rage.

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The entire menu was created by chat GPT. So those basically just typed in I appreciate that. I'm hosting a dinner for a bunch of tech people, X number of tech people, create a menu

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for for an epic dinner party. It created a full menu. Okay. That's cool. And then it's, like, cool, like,

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generate an image using DALL-E, or whatever. And then basically created the whole menu that way, and the chef had to cook whatever Chat GPT had created, which was which was pretty clever.

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What up?

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Before we go into this episode, I gotta say I'm doing a workshop with our boy Nick Hubert. Do you see this? Just stay the w words for me.

00:45

It it's a workshop.

00:46

It's not a

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say that other good to be aware. It's on the web.

00:52

It might be a webinar. I might be doing a webinar. Is it similar to a seven r on the web?

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I didn't even realize that one was a hardship.

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Yeah. I'm doing one of the lamest things one man can do with another, and that's a webinar.

01:08

Alright. Well, what's this webinar about? Basically, both of us are

01:13

total,

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I don't know, nerds are just obsessed with with hiring internationally. Like, for both of our companies, I think we both had a moment where, like,

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wait. I'm pretty sure I could find somebody for

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ten times less, you know, it costs ten times less.

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And the the secret part that most people don't realize, everybody gets that that if you hire somebody overseas, they're they're cheaper.

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What I found I don't know if you how much you do this, but they're way less management. Does overseas mean, like,

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like, across, like, the Mississippi River in Missouri.

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Couldn't do it. We're across the base with the green light.

01:48

Yeah. Yeah. Yeah. It's oversee, like, the sea, like, overseas, like, for you at the California, you're gonna come into, you know, like, Hannibal, Missouri?

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No. Basically, I have let's see. I got one of my if I e commerce business, I think I have six or seven people in the Philippines

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plus two in Latin America. So those those are kind of the two hotspots. Latin America, you get the same time zone.

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And they're good for certain types of roles, like, we have, like, data analytics and stuff like that. And then the Philippines,

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we have all of our customer support plus, like, Anything that's, like, sales and outreach? So we'll just we'll just be like, hey, we wanna go get every influencer on board. I'm not even gonna talk to you. Just go go make that happen at every morning report How many of how many influencers are on board? Show me the pipeline. Show me the or, hey, we want this many wholesalers to start selling our stuff. Go make this happen. And then just like an automated sales machine. Is pretty pretty amazing. But anyways, we're doing this

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webinar

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because,

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yeah, we just wanna give away kind of like Yeah. You gotta call it a a web

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in our. Yeah. Yeah. We're gonna do it on the web in our.

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Anyways, we decided we'll we'll do one teach anybody who, it's like delegation one zero one. But if you wanna do if you wanna join or whatever, it's on the sixth. I think, on sixth of June, Well, how do people find it? Go to alright. We're gonna put on the screen a giant link in the description. It'll be the top link in the podcast description and, or the YouTube notes. But if you don't see any either of those places, you can just go to my website, sean paree dot com, and it'll there'll be a little banner if you wanna do it. Because for doing this thing, might as well if we're doing it for free, might as well have as many people who can set up if you sign up even though you can't make it live, you'll just get the recording. So if you ever want to then hire internationally, you'll have the recording and all of our, like, kind of, archie codes of after doing this for, I don't know, ten years. Here's what works. Here's what does it. Alright. So we've started on one end of the spectrum. Me please go to the other end of the spectrum and tell me about a dinner you had?

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Yeah. I had this dinner. I I thought I already talked about it, but I don't think Billionaire dinner. Is a great way to go when we started with the webinar. Yeah. Exactly. See what happens is you hire people for low cost, then you go to these billionaire dinners. That's that's basically what I did. So I went to a dinner at a billionaire's place,

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and I can't say exactly who,

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but I wanna share

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three

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techaways from this thing.

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Are they a billionaire from being early at a tech company or for starting something amazing? Starting their own tech companies. So Do they sell it, or is it still?

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Yeah. At this dinner, there was somebody who sold their business for I I think I could say some of the people who were So, let me let me try to do that. There was,

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the guy who created Figma was there. So I sold his company recently for twenty billion. So he was there. There was people that were, like, really internet OGs. Like, they were, like, their first internet company was in ninety eight or something like that. And so I that's the part I actually loved. I was talking to them. So that's the story I wanna Those people are the best. They're the best. I would because I was like, what was it like back in the early days? And I'm gonna tell you one thing that you But before I do that, a couple of interesting things now. I've done a couple of these dinners. Yeah. How did you get invited to this?

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I know one of the people there. So they they what they do is they host these regularly,

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with the same crew, But then whoever is the host for that month gets to invite guests.

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So they were they get to invite three or four guests that are not in the main group to kinda spice up the dinner, but then the main group is, like, been going for ten years plus. So it's kind of aspirational. It's, like, oh, I'm gonna start one of these too. It's, a once a month dinner with a with a core crew,

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and then whoever's

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the host for that month gets to pick the food,

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And I think you do, like, a special gift, like,

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Reed Hoffman, who's the creator of LinkedIn,

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was in the group, whatever, and when it was his turn to host, I remember that,

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he created, like, he created, like, his own board game of,

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like, an anti like, it was cards against Trump like, his own version of cards against humanity, but it was just Trump jokes. And he gave one to every guest. Right? So just like baller shit like that.

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Anyways, I'm at this dinner, and I would say three observations. I've been to a couple of these dinners.

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Somehow, every dinner I go to in San Francisco is, like, at least thirty to fifty percent, people talking about psychedelics.

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And Yeah.

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You've always never done psychedelics.

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Silver is a cat. Not once. No. No. Not once. Way too scared to do it. Have you ever done psychedelics? I don't even really honestly know what count of second notice. I think it's like LSD. I think it's like MDMA.

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I think it's DMT. These are all the letters, but I I I don't don't partake in any acronyms like this? On one time, I met this girl,

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and we went out on, like, a first or maybe it was the second date, and this is when I was still drinking we were a little drunk, and then we also took shrooms and a little bit of,

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ecstasy or Molly or MDMA or I don't even know what the the candy of them. So I fell I definitely felt a little bit of all one, but I was also, like, pretty intoxicated too. So I, like, it was, you know, a little bit you know, maybe fifty percent of the potency, but that was the only time I've ever done it. And that was, you know, fifteen years ago. The only acronym I have done is DARE And that kept me off all of this. So

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but I but I gotta say, so I've done three of these dinners now in San Francisco with, like, entrepreneurial types, successful Silicon Valley types. And

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It's crazy how much people talk about, psychedelics. Like, half the table are regular users of

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psychedelics. Or, like, you know, regular, meaning it wasn't a, like, your story of, like, I did it once. And, yeah, it was it was cool, but not not for me or whatever.

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Dude, I wasn't trying to, like, find myself. I was just trying to, like, you know, I have a freaky night. Find her.

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Yeah. I thought yeah. We were trying to find thuppet, but it wasn't it myself. I was sort of by myself, like, you know, like, with each other later than anything. That's about it. So so I in these conversations, to me, there's there's what what what's coming up is not, like

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it's not

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bro, I got so drunk. It's not a brag like that. It's

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I the the conversation is, like, this weird intellectual thing where it's, like,

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one third talking about how psychedelics or else these cool.

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One third talking about public policy, like, I can't believe these are outlawed. It's crazy. This is there's and if one third is science, it's like, There's No. Don't give a shit about any of those topics. There is so much research about how this can, like, cure PTSD and, like, blah blah blah. And it just keeps happening. Every dinner I've gone to in San Francisco, three in a row now, half the conversation is talking about this, which tells me one of two things. It's a potpourri in the middle of the table, like, fart flavor.

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Is that, like, is that what this place is like? I'll tell you about the the second. They,

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the the thing with

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with these is is I've I've had this experience once before or twice before where

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a lot of people in Silicon Valley are talking about something that I'm like, this seems weird. And then, like, five years later, it's the norm. Or seven years later, it's the total norm. So there is this thing that's, like,

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Paul Graham says if you want to invent the future, you first just live in it, And and I think that's one of the things that Silicon Valley is pretty good at is people here will do things,

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whether it's, like, like, what you're doing, biohacking, where you're

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wearing continuous glucose monitors, like, Tim Ferris was wearing continuous glucose monitor back in, like, two thousand eight or something like that. And then a decade later, now it's, like, a thing that a lot of fitness people are doing. There's whole startups that are built around, letting you do this, like, neutral stance or levels or whatever. And, but it was, like, very strange at the time. There were this, like, small community of people doing it. Same thing with crypto. Back in twenty twelve, there was people going to these meetups that were, like, all about Bitcoin. And then they seem like, you know, the biggest kind of freaks at the time, two thousand eleven to those twelve. And then a decade later, it's on CNBC every day. So, like, I've seen this a few times in Silicon Valley where they're

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somewhat ahead of the curve, but, of course,

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it's like anything,

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that's out of, like, in a little bit contrarian.

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It's not always just because it's weird doesn't mean it's always gonna be a thing. But the psychedelic conversation, that was cool ten years ago. Now it's it's I mean, you can go to I mean, I see everyone on Facebook saying I just got back from some country where we did an Iowa go retreat. I mean, like, that is I don't think that's normal for most people. I think that's, like, your circle,

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and, my circle a little bit more than it is, the average person Alright. So that was one one piece of it. Second?

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AIs, obviously, all the rage.

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The entire menu was created by chat

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So the the host basically just typed in. I appreciate that. I'm hosting a dinner for a bunch of tech people. The excellent number of tech people, create a menu.

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For for an epic dinner party. And it created a full menu. Okay. That's cool.

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Right the whole thing, like a Shakespeareian

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a six Experian play. And so it just translated the menu into, like, this, like, very flowery poem, basically. And then it's, like, cool, like,

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generate an image using DALL-E, whatever. And then, basically, created the whole menu that way, and the chef had to cook whatever chat GPT had created, which was, which was pretty clever,

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including, like, the drinks or whatever. So I thought that was that was fun. And then the last thing I wanna say is I was talking to one guy, and I didn't ask him if I could say this, so I I don't wanna say his name necessarily.

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But he was one of those internet OGs. And I was like, I was like, so what's your story? And he's like, well, I started a business back in. He just says the name of this company that, like, I've heard of from the dot com boom. And then, like, you know, disappeared after that. And I was, like, oh, wow. Like, that's interesting. And I was, like, so what was it like back then, you know, doing the startup period. He's, like, He's like, it was crazy. He's like, I knew every single person doing a startup.

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He's like, he's like, we used to have, like, like, in San Francisco here, we used to have these meetups He's like, we would meet up once a month.

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he's like, it started out with just me and this one guy. He he named the guy. I think I can name this guy. He's the guy who started next door.

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This guy, Nura of Tolia, and he's like, I mean, Nura, we're like, hey, let's get together a bunch of anybody else who you know that's, like, interested in this like, internet thing. Like, our fellow nerds. Yeah. Like, if they if you if you know anybody doing internet stuff, let's invite him to this thing. And then they created this group, and he's like, dude, the group was insane. He's like, it was the guy who went to going, you know, like, the guy who created,

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Zenga, then the guy who created LinkedIn, the guy who created

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YouTube, the guy who created PayPal, like, all of them. He's like, we would just hang out. Like, it was just like, like, you know, we used to do those reminded hers in San Francisco. He's like, it was like that. They you he's like, at that time, you didn't know who any of these people were. You didn't know who's special, who wasn't. You just knew we're all super rich to the internet. They add three zeros to, like, our six assessed. And that was it was basically the same thing. Exactly. And so he's like,

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he's like, we would get together, and it was just like debates about, like, what what's going on with the internet And, like, what cool stuff you're seeing. And he's like, we would just shoot the shit late into the night. He's like, and then afterwards.

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It started growing. He's like, so it started growing. Then we had, like, many people for one table, so we made two tables. I was the host of one, and the other guy was the host of the other table. Let's leave that discussion. Then afterwards, we would compare notes and be like, Who should we invite back? He's like, the key was the internet started growing in popularity like crazy. Like, a lot of people wanted to do internet companies. The way that we made the community work was we started pruning hardcore. So he's like, we were like, the bigger the overall community gets, the more high level this one needs to get. So let's let's only invite pack people that we think are, like, the most dynamic, the the people who are gonna do the most interesting things. He's like, so, dude, he's like, this would have been the best venture portfolio of all time. Like, it was every internet company that's big now,

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they were there. And then even the people who were, like, you'll have, like, a Jack Dorsey or something like that. It's like they hadn't even done their big thing yet. And they're kind of the junior guy at this thing, hanging out. Right. That's a I don't know if he specifically was doing it, but he gave me some some names of of some examples of people that were there because I was like, who could you tell

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at that time was gonna do something. Like, who did he say? He's like it felt like half the group. He's like, basically, we as he's like, what we did was

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when somebody's, like, stood out of somebody that that really kinda knew where the puck was going, we made them a table host. So they would host their own table. By the end, we had, like, eight, nine tables going. And they're Did he say

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Of anyone, the question I would have asked is the opposite is who's a mega success if you thought, oh, that doofus. I can't believe he he turned into something. Yeah. And I I he did tell me a couple of stories, but on both directions. People he thought was just this person's an animal, they're gonna do great things and somebody who's a little over it. I don't wanna say because you know, if they figured out that I don't want them to be upset or whatever, but I would say, like, one of the things he told me was

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It wasn't.

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It wasn't the people who were working on ideas that sounded big. So all the people that ended up with a big thing,

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The things they were working on weren't the things that sounded

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like important businesses from day one. And they became important. They became important. They eventually iterated to the important thing. It was a bigger space than we all realized.

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It was, like, it was basically the person that was, like, kind of, like, doing the thing that was most interesting to them. And not necessarily the, like, okay, Internet's gonna be a big deal. So therefore, I'm gonna create

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this important sounding real world business on the internet. It wasn't that. It was, like,

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Okay. Yeah. The school that people are doing this, like, like, social networking at the time was not seen as

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a a space that was gonna be yield hundred billion dollar companies. Right? Like, it wasn't that wasn't a thing that was,

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that's not that sounded like the frivolous fun thing. It's like, oh, cool. You, like, you can, like, create a profile, like, take a quiz. Yeah. You can, like, write something silly on their wall or whatever. Like, That didn't seem like the big ideas. It like, all the big ideas seem like, you know, even, like, things like,

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So it was like breaking the three categories. Like, things that you didn't think were gonna happen on the internet, selling cars, booking travel. Like, you know, it wasn't like It's like, are people gonna do that or maybe they'll do, like, homes, home buying? It's like, I don't know. Maybe that seems like something you really wanna do in the real world. It's like those seemed, like, kind of fringe because I don't know if people will do it. It was social networking that same fringe and and small. And, that that's fun, but not not that interesting because

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We we don't it's free. How are we gonna make a big business out of this? You know, what what are you gonna do with all these free users that are just going on there and goofing off? And then then there was, like, you know, the things that were actually, like, important sounding businesses. So I thought that was kinda interesting too. And it reminds me of have you seen this, clip? This is all my last thing on this. Look up NFX on TikTok. So n NFX is a,

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is an investment fund. And then SAC insights. Insights. That's exactly right. Yeah. And then, okay. I'm on their page. Watch that first video. We'll put this in the YouTube video, but, watch this first video real quick of James Currier standing there. Alright. It says everyone in that setup is all in on generative AI. So there's an underground scene of startups. This kind of revolution happens every fourteen years and builders are change the world. And it's James Currier. He's on a stage or, like, a he's on a chair at a room full of, like, twenty guys.

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Chair, your exceed performance indicators with each other and he's saying to people, share your ideas, the speed of which you move is what gives you in this town.

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In this community, it's advantage, and it's, sixty five percent of all of money invested in AI. It's being invested in San Francisco.

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Right now. So he's given this pump up speech where he's trying to say, like,

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you know, years ago, there was, like, the Facebooks

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But just to let you know, this is happening right now with AI. And he's in a room with people, like, giving this cool speech and everyone's, like, staring up at him. They seem like they're super into It's it's so cool. So he's literally, like, he you could see his staircase coming down. So he's somewhere downstairs in, like, a basement. He's standing on a chair,

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And he's in a room full of people, and he's like, basically gives them a rally speech of, like,

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look.

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This is where the magic happens. He's like, You're in this town, you're in this room, you're with a bunch of builders, and what he says is every fourteen years or so,

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one of these waves happen.

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And they last

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somewhere between

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twenty four to thirty six months.

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And he's talking about AI. He's like, he's like, we've seen this before with mobile, So mobile comes out. There's this three year window between kinda like two thousand and nine to two two thousand and twelve. It happened with the internet, and I was like, you know, kinda like ninety nine two thousand to kinda two thousand and

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three two thousand four. And he's like, you get thirty six to maybe forty eight months max.

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To,

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to take advantage of this moment. And

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you're in this room. You're with other people. There's some like, basically, like, there's somebody in this room right now who's building the next big thing. I, you know, I hope it's you, but you wanna trade ideas, trade strategies, trade what you're, like, doing fine interesting people work on projects with them, invest in each other. Like, This is your time to focus. These windows only open up for a small period of time, move as fast as you can. And I thought it was pretty I thought it was pretty dope, to see this kind of, like

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I don't know. This

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this, like, I don't know, rally cry. And it really does seem like that's what's happening with with artificial intelligence right now. Like, there's a window.

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The big shit's gonna get built right now.

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The the next kind of Facebooks of the world are are being built right now.

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it just kind of re highlights the intensity of the moment if you're an entrepreneur.

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Have you heard that parable about, like, there's this guy who,

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he's, there's a big flood and he's on this roof. And a guy with a boat comes by and goes, hey,

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come on. Give my bow. I could I need to save you. And the guy on the roof goes, no. No. No. I'm praying to god. And I'm a real I mean, a religious guy. Gotta save me. And I goes, alright. Fine. Another guy comes in the boat. It's the same thing. And he goes, no, no, no, I'm not gonna get in that boat. I'm gonna wait for the,

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and god to come and save me the damage two or three times. The guy eventually drowned and dies. He goes to heaven. He goes, god, what the hell? Why didn't you come and save me? And guy goes, dude, I had four boats come and get you. Like, why did you why did you in. That was me.

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This video

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the reason it's someone of that is there's this, like, James Carrier who he's wearing, like, pretty much an ugly shirt. That's like a he's wearing like a he's wearing like a tucked in t t shirt

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into

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BlueJeans. He's got a dad gene. I mean, he looks like a dad. He's probably He is a dad. Fifty yeah. He's fifty five. So he looks like he should. And he's wearing, like, kind of an ugly shirt. And he's, like, Just a normal looking guy, I guess, is what I mean. And he's giving this really nice speech, but in a basement, and it's that same thing where, like, everyone's looking for some big opportunity

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from, like, grand, like, epiphany moment. It's like, no. Just some guy who dressed, like, dresses like this. He was in a basement, and he's telling you, like, the message here. The message is here, and the message is clear. He's trying to shake you by the he's trying to grab you by the caller and shake you and be like, hey.

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This like, playtime is over. The window is open. Go and,

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I love it. I think that's I think it's a hundred percent true. And I'm I wanna leave with two controversial opinions.

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If a video with six thousand views, this is this is the man in the boat because I had to save you from drowning. Yeah. By the way, the best stuff like, the best content I consume the most insightful,

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meaningful content I could assume is all like this. It's got like twelve hundred views on YouTube. It's got, you know, six thousand views on TikTok.

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The

20:29

best stuff is not the most popular stuff when it comes to, like, business stuff. You used to host hustle Con And people had to fly out to San Francisco,

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pay a couple hundred bucks for their tickets, spend all day. Do that. Not everybody could do that. Not everybody could afford the flight, the hotel, the ticket, take a day off work, blah, blah, blah, you put all the talks up on YouTube. Every single one of them was on YouTube. It's in fact, it's on our channel on YouTube. Just scroll back all the way to the oldest videos. All the talks are there.

20:56

And all the talks have, like, four hundred views. And it's crazy. It's like,

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Oh, you wanna be successful and really the same thing. Like, Harvard's whole curriculum is, like, online. You can go take any Harvard class you want online, and people will cry about not, like, not having the the opportunities that the Rich Harvard kids have. What are you talking about? All the classes are online. You can take everything from computers. I see anything you want. Yeah. Have the same education

21:18

that Gates had that Zuckerberg had access to. You got access to all of it,

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and they'll have, like, nine hundred views. And it just shows you that, like, the the the the real ones are gonna go do the thing. The the those nine hundred views are, like, the valuable people. Like, I wanna go meet nine hundred people that are that are watching those videos because those are the people that are actually finding So that's takeaway one.

21:40

That's oh, no. No. You're two con my two two controversial things. San Francisco is back, baby. And the second thing is this whole, like, idea of moving away to lower your taxes and moving away to be remote.

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The best teams are gonna be working together. They're gonna be in the room with each other, especially pre product market fit. But I will take any team that's co located

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over a remote team any day. Just head to head if it was a competition. I would take the the team that's gonna be in there every day having a bunch of serendipitous conversations, whiteboarding ideas, getting to know each other better because they're just spending off, like, absurd, obscene amount of time together. I would rather have those people that are willing to commit and go all in like that. Over a distributed remote team where you're spending half your day actually, you know, walking your dog and taking care of your kids and doing doing all that stuff. I think they're just gonna outperform. And I think that San Francisco isn't gonna outperform outperform. I think that

22:30

going to the the the then city

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as, like, The people who care about the extra ten percent in taxes or the people who are like, oh, I don't wanna live here because,

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you know, I don't like the DA's policy on crime.

22:43

You know, I I just think that it's I think it's insane that people in a in a game where the upside is like thousand x returns,

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that people optimize for a ten percent break in state income tax is crazy to me. Yeah, Pablo. You don't even live in San Francisco. Let's go.

22:58

Stones throw away, as nice as I said.

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I'm across the True.

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What person get the rack back? Bar. I don't know. Like, you got a catapult for that.

23:13

I'm one easy pass away.

23:15

Yeah. I mean, it's like, there would've been easy fifty mile throw away.

23:21

I'd say I agree with everything you're saying.

23:28

HubSpot is a CRM platform, so it shares its data across every application. Every team can stay aligned. No out of sync spreadsheets or dueling databases.

23:37

HubSpot grow better.

23:40

Alright. This next segment, we're gonna call it three killer Asians.

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And it's about

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three people.

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One of those two of those people is a couple that you're gonna talk about, but I'll go first.

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And then the reason I'm breaking this up, So this week

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so let me preface by saying, I don't know anything about, like, public markets. I I I'm a I'm a index investor. I don't do anything like crazy. And so I don't know much. But

24:07

this week, I paid attention to my portfolio. Did you pay attention to yours? There was a a nice little bump. I have not checked. What's going on?

24:15

stocks are doing well. The tech sector is doing well. And I emailed my banker a tech center. I go Griffin. What's going on, man? Why the why why do I have so much more money than I did the day before? And he said

24:26

Nvidia just crushed their earnings. And like a lot of people out there, I know the name Nvidia. I know that Nvidia is a company,

24:35

but I don't really know what they do. Do you know what Nvidia does? They make chips. They make the chips that go into your, like, you can buy a gaming PC, the graphics,

24:44

the GPU in there is gonna be made by Nvidia. It's like Intel makes chips and Nvidia makes chips and AMD makes chips. There's like three companies that make chips. Okay. So do me a favor.

24:53

Do you have Google up? Google Gary Oldman.

24:56

So the word Gary, and then Ollman, o l,

24:59

e m a n. You know, do you see who that is?

25:03

I mean

25:04

Old man. Like, old man.

25:06

You see it? It's pulling up his actor. Gary old old man. Yeah. You see it. You see it? Yeah. You see you see Gary? Alright. You recognize Gary? Yeah. See this guy around.

25:15

Yeah. Okay. Deppin another guy named Gary Cole.

25:18

You see Gary Cole?

25:21

Yeah. Another actor. K. And and what's your reaction when you see him?

25:26

I have no reaction to this guy. What what am I supposed to be reacting to? Just, like, seeing him around. Right? Oh, yeah. Sure. It looks like looks like a guy.

25:34

Nvidia is like Magares,

25:37

the tech world. Gary Olin. Idea where you're going with that.

25:41

So Gary Olin, for those of you who actually computer, Gary Olin was the chief. On dark knight, like the, like, the top, the dark knight, the guy who puts up the bat signal.

25:51

Yeah. Yeah. Yeah. He was also,

25:53

Winston Churchill in, like, that the darkest hour movie. He plays all these roles where, like, you see them and you're like, oh, that guy's great. He's awesome. He's always there. He always had a good performance everything he's in, it's probably pretty good. But, like, he's never, like, the guy, and he's never, like, I can't tell you who he is. I would have to look it up. Say it with, like, know, there's a bunch of these actors who are like that. That's what Nvidia is of of the tech world. So, basically,

26:16

and this is gonna sound like obvious to anyone who's, like, is in deep tech. But for someone like me who's not, I had to, like, figure out what video is. So, basically, the story is is that they create GPU

26:26

as a GPU chips or the GPU. They they invented it. So prior to Nvidia, there was, like, these other chip companies, and, they, like, Intel was one of them. Just like the big dogs who you have heard about the seventies and eighties, and and they just make chips that ran your computer, whatever.

26:42

But then as computers got a little bit better,

26:46

Jensen hung the founder, he was like, look, we need to have three d chip for three d or a chip for three d video and graphic process. So, basically, like, we can, like, our screens will be more interactive and and all that. And so he events this chip And he runs the company now for thirty years. So he's been CEO for,

27:03

of this company longer than any other, like, new ish tech company.

27:06

And he made this bet, and it wasn't that big of a bet. So when he launched in nineteen ninety three, he raised a two million dollar round of funding at a six million dollar valuation.

27:15

So this wasn't, like, some, like, you're gonna crush this. Like, it was just a normal

27:19

startup at the time, but he makes this bet that he thinks that,

27:24

that, CPUs, which is what people used to use, that that's gonna be, like, a little bit less popular GPUs, which is for graphics and, like, more general use. That's gonna be, like, the thing. And so the first people who start using it are gamers. So in, like, different gaming PCs, people start using it, and then Apple, Microsoft, whatever. They're like, oh, man, we actually also want some of these chips, so we're gonna use that. But now it's expanded way beyond that. So, like, Tesla uses their chips. So, like, when you wanna, like, do self driving, they've got an Nvidia chip that helps them figure out, like, where people are,

27:57

you know, the camera will will use the GPU chip, and then it will put, like, you know, when you're on a Tesla, you can see people walking across the street. And then now they're even using more artificial intelligence. So anyone who's using, like, Open AI, Amazon web services, things like that. They're also using GPU. And so this company

28:14

it's one of those companies that you don't really think about because it's a b to b company.

28:18

But at this point, and this is what shocked me.

28:21

Nvidia is now either the seventh or eighth largest company in the Warren. Is that insane?

28:27

Well, And so, like,

28:29

this company, because their stock did well, the whole NASDAQ, which is like a text,

28:34

a a tech based,

28:36

index. The market cap is almost one trillion. It's nine hundred sixty three billion right now. It's insane. Right? So because Nvidia

28:44

popped the whole Nasdaq,

28:46

The whole Nasdaq, which is a, a tech based, a tech forward like doc exchange, that's what I meant not index. They're killing it because of that. And so I have no idea. I, like, heard that name and me. I'm, like, what is this little, like, gaming company? How is this, like, moving the stock market? And that's what it is. And this guy, the founder,

29:04

The,

29:05

the acquired guys have a really good episode on him. Same to Jensen. He's, like, really interesting. So he was a Taiwanese immigrant.

29:11

And he his parents didn't have any money. So they set him to a, like, a boarding school, which is, like, a reform school for kids who had issues. And, like, his roommate was this guy who had just gotten out of prison, at the age of, like, sixteen or seventeen, and he had been stabbed, like, fifty times. And so the guy was like, hey. Keep me out of your work computers, and I'll show you how to lift weights. So if you look at this guy now, Jensen, he's like a pretty buff guy. And he also has, like, the word Nvidia, the Nvidia logo tattoo dog name. And he, like, says I'll be, like, really wild things. Like, he'll say, my will to, to survive is greater than almost anyone's will to kill me. And, like, yeah, like, all these phrases where he just says, like, I'm all in baby. And so he's a really interesting entrepreneur,

29:49

but he's, like, the Gary Omen of the world where we don't actually, like, He's not up there. Like, we're not watching videos of, hey, of, like, Mark Zuckerberg, dude jiu jitsu because he's not, like, a mainstream facing guy, but now I think it's gonna change because

30:01

they are absolutely crushing it, and

30:04

I'm one of the many people who probably had no idea what they do.

30:09

Yeah. When the acquired guys came on our pod, think you asked them, you were like, hey, you studied all these companies. You studied all these these epic titans of business.

30:19

And I think you said, like, who would you not wanna compete with or who would you wanna compete with the least?

30:25

they said this guy, Jensen Wong, they were like, Jensen, the guy from Nvidia,

30:30

the leather jacket wearing CEOs. You got the Nvidia tattoo on his shoulder who has just been, like, you know, a month for, like, you know, twenty years with this company.

30:38

And that was not the answer. Like, I wouldn't have guessed that that's who they would have said.

30:43

And it was an un it was an unfulfilling answer because was like, well, I don't know anything about this guy. And I bet most of our listeners were like, oh, I thought you would have said Mark Zuckerberg or someone famous. And this guy is just quietly, kind of behind the scenes. Although he is, like, a loud personality, he's not he doesn't seem obnoxious, but he wears, like, a cool leather jacket, and he looks, like, very confident. But he's just been quietly behind the scene kinda killing it. I don't know what his net worth is now, but I bet you he's one of the, like, the top thirty or fifty richest people in America or, in the world at the moment. And he just gave a talk at, like,

31:14

the Taiwanese, like, National University or something like that. And he, I haven't seen it yet. It was, like, his commencement speech,

31:23

And, like, you remember this, the Steve Jobs, like, the great one, like, the the one he did at Stanford that was, like, just like incredible.

31:31

He that he gave a talk. I haven't seen the whole thing, but there's a couple of lessons some people have tweeted out. I wanna share share a couple with you. So he's like,

31:38

He goes, lesson number one, humility. He goes

31:41

confront failure head on and ask for help. So he says back in the day, or the, one year in the early days of Nvidia,

31:48

they got their first big chip contract, and it was with Sega, the video game console.

31:53

And he goes, after a year of development, they realized that they had picked the wrong

31:58

technical strategy to make the chip that was gonna do the things the sega needed to fulfill the contract.

32:03

And he's like, we realize our architecture was the wrong strategy.

32:06

He's like, you know, don't know what to do. Should we scramble? Try to make it work? Should we just deliver something that's not great? Like, what should we do? Should we start over? We don't have time? He's like, so I just called the CEO of Sega, and I was like, hey, I think you have to find another partner.

32:21

But I also need you to keep paying us on the con act. He's like, what? He's like, I hate to even ask this. I'm embarrassed. If you, like, if we don't have this money, we're gonna go out of business.

32:31

Like, If you just please pay out the rest of this contract, like, I'm embarrassed to even ask you this, but,

32:37

we need these six months to survive. And, we we screwed up.

32:42

You know, I'll do everything in my power to help you do this, and I'll I'll try to make it right after this. But, like, I if we don't have this if you don't pay this contract,

32:48

it's over. The show's over for us. And the CFC,

32:52

Sega agreed. He actually paid it out. They gave him six months to survive. He's like, you gotta confront your mistakes head on. With humility and ask for help that saved Nvidia.

33:01

He's like, this is the hardest thing to learn for somebody who's the the the smart and successful type. They try to, you know, avoid failure or or be denial or, or hide from it. What else did it say? He goes second is,

33:13

Lesson number two, you have to endure the pain and suffering to realize your dream. So he goes, in two thousand seven, we announced

33:21

Kuda, there's, like, new way to, like, kinda, like, program your GPUs. I I think that's the real key for Nvidia. They don't just make the chips. They make the pro they make the this CUDA thing is is important. It's, like, it's basically the way that people developers can use GPUs and, like,

33:36

control the GPU to do what they want. So, you know, by the way, they don't need to make the chips. They, like, design them, and they have a partnership with this other type of company, which is why, like, Sometimes you'll say, like, you'll hear things like, well, Taiwan gets invaded by China. Right. We're at risk. The eighth largest

33:52

company in the world is gonna be kinda screwed, which means x y z for the rest. Yeah. Especially all the companies that need chips like, oh, all of our cars need chips, all of our computers need chips, all of our phones need chips. If you lose control of the chips, it's like losing the nukes, or it's like losing access to oil. It's like a big deal. Anyways,

34:11

so he goes, he goes, you know, we basically we we tried to create this thing back in two thousand seven.

34:16

It was super hard, super expensive. Our our profits took a huge hit. And we had many years of poor performance, and our shareholders were skeptical. Like, dude, why are you spending all this money on this stupid, like, GPUs,

34:27

CUDA thing. Like, you need to improve profitability blah blah blah. He's like, but we just said, no. We're gonna keep doing this. And, basically,

34:35

it took, like, three or four years before there was even a market for this. But by the time there was a market for this, they were so far ahead. He's, like, so then the phone comes out. The phone phones become a huge success. Now phones need GPUs.

34:47

And by two thousand ten, they had the lead in the mobile chip market. So, chips for phones. He's like, that was huge. And,

34:54

Oh, no. Sorry.

34:56

I I screwed up this story. The GPU's thing becomes a big deal as

35:01

Gaming continues to to go that direction and, like, all the AI machine learning stuff. But, like, that was

35:07

it took, like, you know, almost ten years for that to come through. But they, like, stuck to their guns and stuck with it even though the shareholders and the the public markets were punishing them for it. And then last one, he's like, you know, we were in the mobile chip market. We were the leader And he's like, but it just became so competitive. It was so many people fighting for the same pie. They basically decided to, like, sacrifice

35:28

sacrifice the mobile market and and leave that in order to do

35:32

to go for, like, you know, a a different market, this kind of AI machine learning market. And again, it seemed like a terrible strategic bet. It's like you're leaving the biggest market cell phones in order to go for this, like, unknown, like, you know, risky thing. And that strategic bet paid off because they became, you know, the that my father, the leader in this field,

35:50

and, and now that became, like, you know, the biggest market, the market everybody's bullish about. And the reason their stock is up so much is because

35:57

they, like, gave guidance. Like, they had, like, a revenue target or forecast or whatever. There was a revenue forecast.

36:02

And they, like, just came out, like, actually, we think we're gonna crush that, but, like, thirty percent. And they're, like, wait, thirty percent on a number that's already in the multi billions And they're like, yes. And so the stock took off after that.

36:16

Dude, it's awesome. So I'm a big fan of this guy.

36:19

So Is it?

36:20

Or or

36:21

I don't know.

36:23

The the silent age that are always a challenge for me, but Mister Jensen, I've been Nvidia. You are today's killer agent number one shot. Tell me who are killer agents, number two, and three. Alright. We're going from

36:35

a guy who makes GPU's

36:37

and an AI artificial intelligence to orange GPU's. And that's

36:42

she.

36:44

I put you in the joke. It was too good. Hey,

36:47

Jamie. You heard to FSC. Very fair, fair. So I met somebody who

36:51

was, like, a real estate person. And they were, like,

36:55

I was, like, yeah, you know, how's the real estate thing going? They're like, oh, dude, it's going great. We're growing, growing, growing.

37:00

I was like, so you're still just doing this all with your own money? And he's like, yeah. Although there's one person who wants to put money in that I'll take. And I was like, but you've always said no to anybody's money. Like, why who's this one person? And why Why are you interested? He goes,

37:12

it's the guy who started Pending Express.

37:15

This guy's a bill like, multi billionaire,

37:17

and he's got so much money

37:19

He's got an unbelievable amount of money that he doesn't know what to do with it. I was like, you know, he's like, needs a place to invest this money. And I was like, Pandex, like, how much money are they making? And and I kinda looked into it. So this this segment is Panda Express, the ten billion dollar mom and pop.

37:35

So I don't know how much you know about Panda Express, but A bit. It does.

37:40

I I know you've, you've tested the the the goods.

37:45

So so, basically, it's a privately owned company.

37:48

So it's just owned by this husband and wife.

37:51

It does about five billion a year in sales, five point three billion last year.

37:55

There are no franchises.

37:58

Like, of this thing. So they kind of independently

38:00

own I think almost all. There might be, like, a hundred that are, like, in international territories that they don't control. For the most part. They have grown this thing to a huge international chain. It's, I think, the third biggest fast food chain or something like that. It's, like, you know, just behind,

38:14

know, sort of, like, the the the the huge ones, the the McDonald's, the Chick fillets in the world. And,

38:20

they are on track to become a ten billion dollar

38:23

mom and pop company, which is just kind of insane.

38:26

And my friend, who I

38:28

who who was telling me about other names? What's that?

38:31

Andrew. It's Andrew,

38:33

like, churn. I don't know how you say it exactly. It's like, it's c h e r n g or something like that. It's him and his wife, and they

38:42

they've owned this thing. They've run this thing. So he started the first one. It was, like, called, like, the the Panda Inn back in the day It was like a normal restaurant. I think

38:49

he started it.

38:50

Yeah. I think his dad had one. His dad was the show. It was like So his dad was a was a chef and he he opened a panda in, and his dad was the chef of that restaurant. And then he's then fast food started taking off. And Andrew got pretty fascinated with this idea of fast food and was like, okay. What if we did Chinese

39:07

fast food?

39:09

And so they the second or third location they did was this, like, express, this, like, fast And it was in California. Right? Yeah. It's But there was more agents.

39:17

And they,

39:18

and they start doing a bunch of things that are smart. So some of the strategic smart things that they did was,

39:24

they opened up a bunch of locations as they grew in airports

39:28

and military bases, which a lot of people weren't doing at the time, but they were like, oh, this is a great way to build awareness. Like, these are, like, huge hubs that a lot of people come through. If we're here, we will become, like, known and normal as, like,

39:41

as like a cuisine, basically. And so they did those. Even though those weren't the most profitable locations,

39:46

they did it kind of, like, for the brand. The second thing, they,

39:50

the

39:51

his wife was, like, a food engineer or something like that. And so she was one of the first

39:57

people in Chinese restaurants to use a whole bunch of techs of tech to monitor inventory

40:03

or measure speed for for operations.

40:06

And that's why they became so efficient and they call themselves McDonald's of the east because they're as efficient as a McDonald's,

40:13

even though almost every other kind of, like, Chinese restaurant was was a traditional mom and pop. They didn't, you know, they write down the orders by hand. They they, you know, they track inventory by going, open up the fridge and eyeball and everything. Like, I think we need to order more eggs,

40:27

whereas they turned this into kind of like a machine.

40:30

And they would find things that were working in one store. So, like, this guy in Hawaii who owned one of the who was running one of the stores, the chef there, he created orange chicken. And he's like, oh, I think I could take, you know, that one beef dish that's an appetizer that uses orange peels. I think I could use that orange thing on the general sized chicken and, like, combine the two as this fried chicken that's got that orange flavor. So Panda Express invented orange chicken. That that's what it sounded like for my my reading. Now I don't know if there's others that are debating that, but that's that's how they frame it at least. And they sell a hundred million pounds

41:02

of orange chicken a year.

41:04

It's like a crazy number. And so, yeah, just just the same thing.

41:08

So I think they do almost a, like, like, eight hundred million dollars of EBITDA.

41:13

And so -- I know someone -- sick and incredible amount of money.

41:16

I know someone who knows him, and he told me the same number. Yeah. He told me he goes, he goes, like, the bird knocking on the door. He goes, they're knocking on the door of a billion and EBITDA. Exactly. That's how much cash flow you have. What do you do with all those money? And and the people have asked them, are you gonna take it public? And the CFO's like, never. This is gonna be a family business to pass it down from generation generation,

41:36

our job is to make this a multi generational

41:39

family owned business.

41:41

And, I think that's really cool. Like, there's so few of those that, like, refuse to go public. And why do they need to? They're rolling in profits. Right? Like, they don't they don't need the liquidity of the markets. They don't have investors that they need to pull up. I couldn't find if there was, like, some angel investors early on, that there probably was something. I don't know if they own literally a hundred percent, but it is a

42:01

it seems like it's either a hundred percent or close to it. In terms of their ownership, which I think is is kind of insane.

42:07

He also does a few other things. So,

42:09

if I remember correctly,

42:11

I might get some of the details wrong, but I think that he's

42:14

the day you start working there, I believe he'd, like, even, like, as a I think this is, like, at the cashier, not just like h two, but as like a a a a retail worker.

42:25

I think he buys you the book.

42:28

How to win friends and influence people by Dale Carnegie. Mhmm. Because he said that when he I don't know what he is. I think he might be an immigrant, but his parents were for sure immigrant, and he was, like, trying to figure to, like, assimilate and how to, like, be more likable and charismatic so he could, like, get along with, Americans and he read how to win friends and influence people and it, like, changes life. I also think he read, like, Think and Grow Rich, and so he, like, gives people these books, and he also sponsors tons of his employees to go to Tony Rob himself. So he's, like, all about this, like, self help stuff, which is cool. We got a bunch of comment.

42:59

We got a bunch of comment. And he likes that for his Employees. And so I think if I if I had to guess, when you get to be the size of,

43:08

a hundred million pounds of orange chicken,

43:10

You're no longer, like, a product company or just, like, a restaurant company. You're a collecting people and making sure that they all behave in a very particular type of way as well as, like, a logistic company. And so in terms of, like, you know, like, there's a reason why to dial whenever they need something, it's like, oh, that's a huge announcement just because you have to make ribs. Like, dude, because they have to go and, like, get, like, you know, five hundred pounds of pork in order to, like, make this it's, like, a huge ordeals. But in terms of treating his people well and, like, collecting people and he, like, invest. I heard,

43:39

into them a whole lot. So he's kind of, like, a really interesting guide. I don't know if this is, like, PR spun stuff, where it all, you know, he looks great all the time,

43:48

just from the outside, but he seems like he does a lot of really good good stuff.

43:53

There's a I I I just asked, Jetty for some fun facts. I said, give you some some fun anecdotes about them. And they said to think about the the books. He says he buys,

44:02

thousands of copies

44:04

of,

44:04

of his favorite books. One is, like, awakening the Buddha within and gives it to his employees. Another thing that it says is, according to a Forbes article,

44:13

staff members often start the day with affirmations like people are demand depending on me to be at my best. Believe in myself and my abilities, opportunities are everywhere.

44:23

I don't know if that's that's truly how they start the day, but hell of a lot better than just saying the pledge of allegiance.

44:29

I think we should put this in schools.

44:33

Yeah, it's crazy. I mean, two thousand plus stores

44:36

as a kind of family owned

44:39

and non franchised

44:40

out business is

44:42

mind boggling level of scale to reach.

44:46

He also And I say with his wife, Peggy, that just, like, still kind of, like, own the thing.

44:50

And he does the total opposite of what you just said before. He moved to Nevada.

44:56

He he now thinks that the best part because he's making so much income. But, yeah, I know that he I think Nevada's now. It was like a big deal when he left California into Nevada. That's his Just completely clear. My thing is about tech entrepreneurs. If you're a if you are gonna build a Silicon Valley style venture startup. This this is the place to be for that. I'm not saying everybody in the world should live in California. If you're if you're

45:16

If you're if you're slinging a hundred million pounds of orange chicken, you can live wherever the hell you want. That's that's rule number three.

45:23

I want you to tell me. We're gonna move into the last section here. I want you to tell me, you got a little ambitious here. You titled this section famous people who are back with new companies. I don't wanna call them famous.

45:34

Maybe notable, somewhat popular. Notable.

45:37

Notable. Notable is a better one. Let's do notable. Tell me what you got.

45:41

Don't know if you've seen this, but there's a few people who are well known in our industry for for a bunch of reasons that are doing interesting things. I wanna get your quick reaction to each of them. I don't know if you've seen all these, but,

45:53

but we'll start with,

45:55

Naval. So Naval is,

45:58

kinda like the I know one of the godfathers

46:00

of, Silicon Valley's been here again since that kind of, like,

46:04

pre dot com boom days.

46:06

He did a startup that went public, and then he,

46:09

you know, famously gotten a big dispute with a bunch of people about it. He created a a blog that was called venture hacks, and then, him and his partner Nivi, and they that became that eventually sort of led to AngelList, which is a multi billion dollar startup. That's, like, LinkedIn for the tech industry.

46:23

And he's known. He's got, like, I don't know, a million plus followers on Twitter because very insightful guy. So Navell's awesome.

46:30

He's got a new actor. He turned into, like, he's like a self appointed guru, which is brilliant. I think he's actually the opposite. I think he's a non self appointed guru. I think other people appoint him a guru, and he's like, that makes me a little uncomfortable, but I kinda like it. He leaned he leaned into it. He leaned into it. But I've I've as somebody who's consumed, I think every word that Daval has said somehow, like, on I've watched all his live streams, his podcast, all that stuff. Right? Love his stuff. He,

46:56

many times will be like,

46:58

people, you know, why don't people be like, why don't you do more or have your own things? And he's like, I don't want I don't

47:05

I don't like this playing this role of the screw thing. I don't like how much I like it, and I have to be very careful that I don't fall into that.

47:13

I don't want that to be my life and my identity and get excited about oh, I'm gonna I'm just excited about learning this thing because I'm gonna go tell everybody about it. And then everybody's gonna think I'm so smart. He's like, no. I don't want that. I want to learn the thing because I like to learn it, and that's it. He's like, you know, he's like, I, you know, like, it's like junk food when he he's like, I get on here and I give random advice to people. It's my junk food. It's not what I want to be eating.

47:37

And people base their life on it.

47:40

I don't I don't but it is far. Yeah. Jensen's got the Nvidia tattoo. I got the Naval tattoo on my arm.

47:47

Okay. So what's Air chat thing? Have you seen it? Have you played with it?

47:51

K. Yeah. Isn't it just like an a little bit, but is it it almost felt like an AI friend. Is what it is? No. Not at all. So it's a app. It's like a social media app. So you open it up, and there's these, like, rooms. And so you can go into a room that's, like, It might be people talk about AI,

48:08

and it's sort of like,

48:10

it's audio, but it's recorded. So I could go on there and I could be like, you know, playing with this chat. GPT thing. One of the cool things that I've been doing is this, has anybody tried anything that's, blown their mind? That blew my mind. And then another person who follows me can just reply to, like,

48:24

dudes are totally right. Here's what I did. And you're hearing their voice,

48:27

it's like voice plus the transcription of it. And so it's kinda like a a way to have almost like a podcasty style thing where you're having a conversation, but it's it's open. Like, anybody can kinda hop in that you allow into your room. And,

48:39

And the conversation goes wherever it is, wherever it goes. It's like a little bit of like a dinner party in a way. And so there's, like, for example, one of the rooms I liked was the guy Nivi telling the origin story of AngelList,

48:50

which I had never heard before, but he was like, alright, I'm gonna go back and I'm gonna tell you the origin story of AngelList. And it's actually, like, not what I had thought. He's like,

48:57

We had venture venture hacks, the blog, and that was kinda popular.

49:01

And then I was like,

49:02

I was trying to figure out what to do. Like, how do we turn this into a business?

49:06

So I emailed Navell, Navell had owned ten percent of it. And I was like, alright, Navell. Hey, I don't know what you think about this, but, like, I'm thinking about selling this PDF, like, okay, venture hex is a free blog, but then here's this PDF.

49:16

Like, we were joking about, like, the webinar thing. It's like, dude, even some of these awesome people did it. And he's like, I'm gonna sell this PDF that will, like, just give people, like, templates

49:25

And Naval's like,

49:27

okay. That's cool. You know, for my ten percent, just keep it with how this this thought that. This awesome PDF thing you're gonna try to do, like, go ahead and hold on to my ten percent. I I don't need it.

49:39

You need it more than I do. And then he's, like, he's, like, then we were driving home from some events. After I had told him about the PDF thing, I was, like, ready to go do that.

49:48

And Naval had this, like, I, you know, like, we were shooting the shit and we had this idea, like, oh, you know what I really want is, like, I want a list of investors and just what they invest in, what size, because people are always asking us due to venture acts, like, hey. Do you know any investors that would invest in my startup? He's like, I just want a list that I can refer to as, like, Here's all the investors I know. Here's what they invest in, and here's a check size. So when someone asks for an intro, I can go look at the list and make the intro.

50:12

And then maybe he's like, Yeah. That's cool. I don't think that's a business. Like, it's gonna that's gonna make less money than my PDF, but, like, you're right. That would be really useful for us. He's like, so I went home that night. He's like, I made a form, and I emailed it out to every investor I know. That was like, yo, what do you invest in?

50:29

What's your average check size? And what's your email address? And, like, you know, are you open to people contacting you about, like, in for introductions for deals? He's like, and I sent it to people, and they immediately filled it in. It was the ugliest form. I didn't even pay for the premium. He's like, just a reminder that, like,

50:44

You know, you just need to start. You need to get it out there and then, like, get momentum going. And he's like, now,

50:51

I I with any project, if I can't, like, launch some version of it in the first twenty four hours, it, like, kind of, like, it bothers me a lot. Like, I don't really wanna do projects where I can't do that. Like, so that was the fur that was v one of Angel's. We got this these people back, and then we put it on a we put it on our website.

51:07

And then we, like, got some, like, press coverage because it was, like, oh, here's a list of all the angels.

51:12

And it was, like, on all their emails were there. So that was bad. So we had to take that off hide their emails because people are just getting spamming them. He's like, and then that became, like, the precursor to what AngelList was, which is now this, like, multi billion dollar company. It was, like, just this list of Angel investors. And that was

51:27

the simplest,

51:28

like, useful thing. And he's like, and so he's telling the story in the air chat. And he's like, If you guys want, by the way, like, I could tell you the two other ideas that we, like, you know, two other paths that we looked at that, like, turned up to not be not being good ideas, but,

51:42

know, let me know. And then you could see that this now I'm like, oh, great. I'm gonna follow along. I kinda wanna hear this oral history of Angelist.

51:49

And so it's it's cool in that way. Right? Like, it's a it's a cool new app. So

51:54

he's coming out with this, and he's like, I'm a co founder of this. And the other guy, I think, who's behind it is that guy Brian

51:59

Norgard. I don't know how he says last time exactly. Yeah. Yeah. Yeah. Yeah.

52:03

Who's kinda, like, well respected in the tech scene, as like a product guy, product designer guy. I mean, like, work tender or something. Yeah. He basically, like, he started a couple things that, like,

52:13

had a bunch of hype but didn't fully pan up or were cool products. Like, didn't work or were cool. And then ended up, like, had a product at, like, the match group or something like that at IAC. And so then he, like, ran Tinder.

52:26

And now he's like doing this, I guess. So that's kinda like one one app. So give me your I don't you haven't played with it. So it's hard to get your quick reaction. Well, I You gotta, like, sign up for a wait list. It's also not cool. Is this

52:36

Uh-huh.

52:37

Rabbit it in. Do do you think that, do you think that this is gonna be, like, a thing?

52:42

I do not. So

52:44

52:45

I think it's gonna be

52:47

it's actually reminds me a lot of clubhouse.

52:52

In that early on, Clubhouse was awesome. Well, it was awesome because it was such a curated community, and it was, like, they brute forced

53:00

only dope people onto the platform because that's who their friend group was. And so early on with Clubhouse, you would go into any room, and it'd be, like, super interesting conversation. You could just hop in and meet people, If you could build and I I told my friend this, there was a guy who used to work for me, Jason. And I was like, Jason, he was still at Twitch after he got acquired and was kind of like, you know, spinning his wheels a little bit and I go, Jason, you should just forget about Twitch. I said every night you should go on clubhouse and hang out there for, like, five hours,

53:25

you will build

53:26

like, the best network in Silicon Valley in the next two months if you just do that. Because I was like, you're an awesome talker. People love you when they meet you, but it's just hard to go meet, like,

53:36

the power players.

53:38

Clubhouse is this place where all the power players are hanging out, and they want to be talking to Randos,

53:43

because that's what clubhouse is. And that they're excited about clubhouse. Therefore, they're excited about talking to Randos. I was like, you can go in there and go from Miranda to friend in, like, two months. And he did exactly that. He went in there. They started hanging out. And he built this awesome friend group. They still hang out in real life today. He ended up raising a fund out of that group of people like, dude, you seem like you know a lot about crypto. Like, invest on my money in crypto? And he's like, I don't know. And ended up raising, like, a few million dollar fund. Invested it, made these guys money triple I think he doubled or tripled their money and paid it all back and gave stop the fund within, like, a year, which is, like, incredible.

54:18

yeah, he just, like, had this awesome network experience. So to me, AirChats like that right now, You go in there. Everybody's smart and awesome and, like, the who's who of of the tech world. And so

54:28

it's great. For me as a user right now, I don't think it'll stick like that, and I also don't think it'll catch on to be a mainstream social media thing because for one reason, audio is too slow.

54:39

People can, like, scroll and read. I don't know if something crazy, like, three or five times faster than audio. And so there is,

54:47

It's too slow. Any social media, you're now competing with TikTok.

54:51

It's like, how do you compete with the entertainment per second?

54:55

That you get rate that you get from an Instagram or TikTok or even a Twitter. It's all short form bite size, just instant dopamine hits. And it's like, podcast, it's very hard to compete with that. They'll it'll never be

55:07

as, like, you know, billions of people are just opening this thing up all the time because

55:12

audio is too slow and you get too few, like, hits of awesomeness

55:17

per,

55:18

per minute that you compare to your other options or other buttons on your phone. That's why I don't think it'll become like a mainstream thing.

55:24

Tell me about this trading thing.

55:27

Okay. So,

55:28

Dom, who was the founder of fast dot com, which was a funny story. What's the what's the thirty what's the thirty second story of fast?

55:35

Thirty story fast. The guy gets his domain fast dot com. Comes out with crazy hype on Twitter. Of just fast is gonna be the, like, the next big thing. It's one click instant check out what Amazon did. With one click checkout, we're gonna do for the rest of the internet.

55:50

And they're just pumping on Twitter how fast it's gonna be awesome. They raise a bunch of money at a huge valuation.

55:56

They're bragging about hundreds of millions. Right? Hundreds of millions. Yeah. Pre launch. Yeah, pre pre traction, basically.

56:04

A few of us were kinda like,

56:06

I don't know, man. I'm not sure, like, where's your customers? Why? What's going on? And,

56:11

Sure enough, the bubble pops,

56:14

people sort of

56:16

realize that fast dot com has basically no traction. It had, like, I don't know, like, tens of thousands in revenue

56:22

as it had, like, you know, almost a billion dollar valuation.

56:26

the product doesn't really work that rate, the team is, like, whatever. It all just falls apart. I don't remember the exact details of how it fell apart, like, but it fell apart. They were burning, I think, ten million dollars a month of investor money at one point, something like that, between three and ten million. I don't remember the exact numbers, but they were burning an absurd amount of money. He couldn't raise anymore because they had no track no traction at a certain point. The investors wanna see traction. And so fast just combust.

56:50

And then it comes out that, oh, this guy, dumb,

56:53

Previously had built a company in Australia

56:56

called tow dot com. That was supposed to be Uber for towing your car

57:00

and tow truck drivers.

57:02

And basically, like, that company also had a dope domain, tow dot com dot a u, and,

57:09

raise money

57:10

got a bunch of press.

57:13

Got some users, but not a lot, ran up a bill that he couldn't pay. Like, a thirteen million dollar bill or something like that. He's getting sued for by like, the the government there because of, like, towing contracts that he couldn't fulfill.

57:25

ended up just, like, leaving Australia and, like, starting for, like, you know, he used to be Dominic Hullen and he rebranded as Dom in the US and and, and did fast dot com. So it's kinda like, okay. This guy's track record. So now he's got

57:37

trady dot com.

57:38

Another quick domain name. Have you seen this thing? Trady? Like, as in tradesman? Yeah. And so explain what it is, and I'll tell you what I heard about it. So it kinda look on the surface, like most of Dom's ideas. It sounds kinda like a good idea. I'd say it says the fastest way to grow your trade business, and it just shows a bunch of, like, you know, blue collar types. So this guy does like landscaping.

57:58

This guy's got like a tractor.

58:00

And it's like, hey, we give you a website. We do your customers book you and pay for you online, we give you easy easy way to do invoicing.

58:08

You know, if you're a professional, you know, tradesperson,

58:11

you should be using trading. Alright. That's the that's the pitch. It's it's not a bad pitch. I think it's a good idea.

58:17

Now tell tell what you heard about because I think we heard the same thing.

58:21

So here, I'll read it. So someone tweeted, they go, looking at treaty dot com.

58:26

So far, eighty percent of the businesses I contacted from the site, meaning there's a bunch of businesses that were listed as testimonials.

58:34

I think he said it looks like Dom's at it again. Right? That's the frame.

58:38

Yeah. He goes, don. He goes, he got it again. He goes eighty percent of the companies that contacted it from the site don't seem to be real. They're shell companies with fake Yelp and Google listings, and ninety percent of them didn't poke up didn't pick up the phone.

58:53

Trady said, one Trady made their landing page without oh, one person who's was listed on the website said that Trady made the landing page without that company's permission

59:03

And two, so far, seem to actually be using the product, but trade

59:07

is giving it to them for free and sponsoring them. And then he shows, like, all the domain names that the safe

59:14

LLC that owns Trady has also bought all these other domain names that were listed on the

59:20

website of trading dot com. Yeah. This is guy Justin Mitchell. J j Mitch is the guy who,

59:26

who tweeted this out and

59:30

so, yeah, like, straight off the bat. And now, by the way, I think all those are gone from the trading website. So

59:36

Though we've added again, my takeaway is run.

59:39

Not not not touching this thing. It's the reaction.

59:43

Alright. And the next two tip top and bay area times. Yeah. Let's skip that one. Let's do the pump one. So,

59:49

pump friend of the pod is doing something interesting. I don't know the full story. I haven't talked to him about this. Have you talked to him about this Bay Area times thing? No. Not yet. Do you know what I didn't even know about it? Don't even know what it is. Okay. So, go to bay area times dot com. It looks like.

01:00:03

So Pump is famous for he was one of the early who was very vocal about crypto. He started a podcast, YouTube channel, now he's a whole personality.

01:00:13

He's pivoted away a little bit from crypto. So now he's just talked about business, but also a little bit politics and sports and all types of stuff. His kinda relaunch, I wanna talk to you about, which is basically, like, How do you think that's going and gonna go? So he was a Bitcoin bull. He he he popped off in terms of, his he built his audience around Bitcoin and saying how amazing crypto is. And then

01:00:35

people will note, like, you know, they kind of, like, the the crypto kind of haters basically will be like, dude, look at He removed the red laser eyes. He removed, I'll mention of Bitcoin from his bio.

01:00:45

And now, like, he hosted a real estate conference the other day. He's, hosting, like, you know, startup events,

01:00:52

you know, just like normal startup things. He's doing this, like, his media stuff is not about crypto anymore. And so, you know, I think he's diversifying and kinda shifting away from I think it's working really well too. Yeah. And, like, I I would just say this. I think for most people to very hard transition,

01:01:07

I would not wanna bet against pump.

01:01:09

I think he is a very formidable

01:01:12

smart person

01:01:13

who is

01:01:15

going to be successful in whatever he chooses to be successful at, and I think he's chosen.

01:01:20

I'd like to build my hold code to be about these these things instead of just this one. And, I think it's a very hard pivot to make, and he's making it very well. He's doing it very well so far from what I can tell. So he he's basically, he owns right now, he owns I think he owns an executive recruiting company, a research company,

01:01:41

job board. What else? A job, like, a job board. And, like, a course that trains you to get jobs in crypto.

01:01:47

And then what and then maybe, like, two more

01:01:50

and then I think he's investing beyond that. So here's what he said. He goes, introducing the barrier of times. This is a new product that uses data and visuals to analyze what's happening across business, finance, and tech on a daily basis. So you go to bay area times dot com, and he basically says, narrative dominate the headlines on other platforms, writers, spend paragraph regurgitating the same points over and over again. These legacy products take too long to read. They bury the the data deep in the paragraphs, and it's hard to recall the information. But what if you just want cold hard facts? What if you wanna see the data in a single chart? What if you don't don't have ten minutes to read every morning? That's what we built this for. So every morning, They send out a email that's got five big stories. It's got a visual,

01:02:28

which is like a chart or a graph along with a few bullet points. No hidden agenda, not just a facts, no bias narrative. That's his claim. He says he's been testing this with twenty thousand readers and the feedbacks have been phenomenal,

01:02:38

go for it. Right? And so you could see it looks like it's built on sub stack.

01:02:42

Behalf.

01:02:43

Oh, yeah. Sorry. This oh, yeah. This is behalf.

01:02:46

So let me go to the first one. Alright. So

01:02:49

Like, the one that he sent out three days ago, it's basically here's the data. It's like,

01:02:54

what's going on in the stock market? What's going on with Bitcoin, gold, Ethereum, etcetera?

01:03:00

it'll be like, here's a chart on life expectancy.

01:03:03

And it says life expectancy has been stagnant for the past twenty years. After the COVID drop, it's at seventy seven years old, which is the same level as two thousand three. Right? So that's, like, the one big chart and then the put bullet points underneath it.

01:03:13

So he's basically using

01:03:15

visuals to

01:03:16

and data to explain what's going on in the news. I think it's cool. I think the worst case scenario here for him is that this makes, like, two or three million dollars a year and it's a very, very profitable. The best case, it becomes hustle morning through whatever. It gets millions of subscribers that make tens of millions your, however, much more.

01:03:32

I think it's cool.

01:03:34

What do you think? Kinda wish this was an actual printed thing.

01:03:39

I like people that are going into, like, newspapers and magazines right now. I think those are very interesting.

01:03:44

So there's,

01:03:46

Agora, the newsletter company I always talk about. They would say that they would charge, like, two grand a year, and they would send you, like, an a newsletter, but it was a financial newsletter, except when they say newsletter, they would literally mail it to you, and they still do that. And it was just printed on, like, printer paper,

01:04:01

and it was kinda cool for that reason. Right. And I actually agree with you. I think that could be cool. Were you just, like, literally mail someone and comes in, like, one of those tan

01:04:10

envelopes, and it looks like it's almost like,

01:04:12

here's, like, the here's, like,

01:04:15

Like, I think the president every day gets, like, a briefing. It's like a presidential briefing where it's, like, here's what you need to know. And, like, oftentimes, I'm, like, just a piece of paper. Like, just give me that But at my house. Totally. And I actually do think that would be cool. Did we talk about this jumbo mail marketing thing?

01:04:30

What's that? So I saw this at two hundred. It's pretty cool. So, basically,

01:04:35

they they go the the tagline is this. Have you ever received a package in the mail and thrown it away without opening it? Neither of we.

01:04:43

And, basically, they're, like,

01:04:45

ninety percent of people, ninety plus percent of people who receive, like, a stuffed envelope, like, a stuff package,

01:04:52

will rip the thing off and open it. So if you go to,

01:04:55

the Twitter is at male jumbo. It's basically this the icons is elephant. And it goes, we create jumbo chunky mail that's guaranteed to reach your audience. It's good for real estate investors, home services, and business buyers.

01:05:08

And basically, the what they do is, like, you they just do direct mail, like, kinda, like, you know, here, we got a bunch of, you know, like spam in the mail. Like, oh, whatever. We wanna buy your business or we're a real estate agent, whatever. But they do it in these jumbo packages just to increase your response rate. So they're like, yeah. It costs more, but you're actually gonna get more people to to read your thing. And I thought this is like a a brilliant simple, like, side hustle style business that I think also will

01:05:33

will get to, you know,

01:05:35

mid seven figures in revenue and be a profitable bootstrap business of, just jumbo mail marketing.

01:05:42

There's this guy named Sam Evans who we've talked about, but, like, ten years ago, he had this course called consulting dot com, and he would teach you how to become a consultant, whether it's, like, to do SEO for companies. I don't know what services the consultant do, but he will teach you how to start a consultancy business. And he is one big thing that he don't know if he says he invented it, but he goes, this is, like, my shtick, is I do this thing called lumpy mail, where I said just a normal envelope but I put something lumpy in it. Like, I forget what he would put, but, like, a figurine or a pen. I forget whatever it was, but it would make it feel like the envelope had a little bit of weight to it because the reason I do that is because when lumpy mail gets opened way more, and I can get your attention way more. And so what these guys are doing He used to call it lumpy. They're calling it Jobo. I thought that they, like, learned about it from him,

01:06:27

but and he claims that it was amazing. Well, the guy who's behind it one of the guys who's behind it is the same guy that does,

01:06:35

is the mobile home mobile home park guy on Twitter?

01:06:39

Who also does, like, nine other businesses and is, like, complete he's, like, if somebody downloaded the podcast into their brain, and then their brain said, Let's do all of them. He just take he's doing, like, nine ideas at once at all times. He's kind of a madman, but this is one of his ideas. And he did it because when he was trying to buy businesses, like, I think, like, the mobile home, like, buy these mobile parks, mobile home parks, he needed to do mass outreach, and he wanted to increase his response rate of Are they actually even seeing my my offer,

01:07:08

or that I wanna buy their their their business? And, how do I get them to reply? And so I think this was part of the the inspiration for that?

01:07:16

I think we should wrap up here, but as before we do it, I wanna give you

01:07:20

two dose. You said something last time that was a very sunny that totally flew under the under the radar. And if you made it this far, sixty minutes in, I'm gonna give you a piece of gold that you can go, basically, joke that you're gonna tell your

01:07:33

We said something about, like, breaking up with someone. Maybe it was, like, breaking up in the business really relationship. I don't remember. But I said something, like, It's not you. It's me. And you said, yeah. It's not you. It's me, and that I think you're horrible.

01:07:49

And I've regurgitated that joke this weekend.

01:07:52

Kilda. The re the the the reuben. They loved it. I looked so far It was such a you said that live, and it totally, like, weather the radars. Like, look, it's not you. It's me, and that I think you're the worst.

01:08:06

So that is, like, a free joke. I have just given you something. Alright. There you go. I've given you the listener something. What do they give us when we give them something? Right? You you nobody just takes. Right? You don't wanna be a taker. That would be Yes. That would go against our agreement that we have with our listeners. I've just given you Shaud gave you something that I now,

01:08:25

gifted to you. Now I want you to go to our YouTube page, and

01:08:30

are I always fill out the iTunes page, and that just shows how old I am. I feel what the the podcast app, like, the Apple podcast app. Go to both of them. And click subscribe because if you've listened to this, we've given you that. By the way, drop comments on the YouTube. That is now my favorite part of the podcast.

01:08:46

Because pod for we did this for two years with no YouTube, and there's no feedback loop. You don't get any comments on the podcast app. But on YouTube, people leave comments. So now we get, I don't know. I don't know how many it is. Like, maybe thirty, forty comments per per video.

01:09:00

I love I read every single one of them every single time. Like, no joke because it's it's, like, my only way to kind of, like, interact. They're all saying they're all saying you look ripped now.

01:09:10

I do like that part of the comments not gonna lie. That is a good good feeling. They're like, wow.

01:09:15

But it's also one of those, like, what do you what do you call it? The I had a before before, and now I'm a before photo.

01:09:22

You had a you had a way before picture. Yeah. Exactly. I used to be the way before, and now I'm just before, and I think people recognize that product. I appreciate them for that.

01:09:31

You can see you definitely have some some you got, some set

01:09:35

definition bicep triceps. You have the seps.

01:09:39

I got sepsis over here.

01:09:42

I'm gonna start commenting back,

01:09:44

to about anybody that says something interesting. And,

01:09:47

and to that spammer out there that keeps trying to trick all of our people into a WhatsApp group

01:09:52

I'm hunting you. I'm coming for you because the YouTube algorithm can't get you.

01:09:56

I will get you. I will find you. It's hard. I have a unique set of skills. That have prepared me for this moment to find you on every single video and remove your comments.

01:10:05

Yeah. Ten years of googling has prepared you to reverse image search and figure out where they've made their mistake.

01:10:11

Alright. We're out of here. That's the pod. We'll see you all soon.

00:00 01:10:35