00:00

So you put down, let's say, hundred fifty k. You you put down a hundred fifty k cash, and you get a million dollar deduction.

So you put down, let's say, hundred fifty k. You you put down a hundred fifty k cash, and you get a million dollar deduction.

00:06

Oh my gosh. So Let's say you're in California, a million dollar deduction is saving you four hundred thousand dollars of taxes.

Oh my gosh. So Let's say you're in California, a million dollar deduction is saving you four hundred thousand dollars of taxes.

00:21

Alright. We're live. What's going on? Can I tell you about a cool rich people tax credit scheme I discovered?

Alright. We're live. What's going on? Can I tell you about a cool rich people tax credit scheme I discovered?

00:27

Yep. So, actually, a mutual friend of ours is the one who put me on to this. But,

Yep. So, actually, a mutual friend of ours is the one who put me on to this. But,

00:32

I won't say his name because, you know, never talk about another man's taxes.

I won't say his name because, you know, never talk about another man's taxes.

00:36

So so when,

So so when,

00:40

we sold the milk road, I was like, oh, man. How do you,

we sold the milk road, I was like, oh, man. How do you,

00:43

you know, reduce taxes in a situation like this? Is there anything I could do? And I think we sold in October. So it's like, you know, You get this windfall of profits in in October. Is there anything between October and December I can do to to lower taxes? And I looked at it and what are different options? Like, what are the legal

you know, reduce taxes in a situation like this? Is there anything I could do? And I think we sold in October. So it's like, you know, You get this windfall of profits in in October. Is there anything between October and December I can do to to lower taxes? And I looked at it and what are different options? Like, what are the legal

00:59

clear

clear

01:00

by the book options that I could do.

by the book options that I could do.

01:02

And,

And,

01:03

when most people try to generate large, you know, deductions or write offs, they typically think of what? A car. Car, but even big because you let's say you need millions of dollars of of of depreciation,

when most people try to generate large, you know, deductions or write offs, they typically think of what? A car. Car, but even big because you let's say you need millions of dollars of of of depreciation,

01:15

you'll go for real estate. So

you'll go for real estate. So

01:18

real estate's typically the one, but, you're boy's lazy and your boy doesn't like to go and

real estate's typically the one, but, you're boy's lazy and your boy doesn't like to go and

01:25

own things and have to, like, you know, manage properties or anything like that.

own things and have to, like, you know, manage properties or anything like that.

01:29

You can always put your money with somebody else and try to try to do it that way.

You can always put your money with somebody else and try to try to do it that way.

01:33

But this is pretty interesting. But you still gotta research all of them and and, yeah, it's still a little bit of a pain.

But this is pretty interesting. But you still gotta research all of them and and, yeah, it's still a little bit of a pain.

01:39

Exactly. And you have to buy size. So, like, how do you get you know, let's say you buy a a property,

Exactly. And you have to buy size. So, like, how do you get you know, let's say you buy a a property,

01:44

you know, you're only gonna be able to write off, like, a a portion of it. Right? So you'll get the the sort of the depreciation, then you can get the bonus or accelerated depreciation. If you maybe do cost sag or something, you'll get twenty or thirty percent of the value of the property to write off. But let's say you needed, I don't know, pick a number. Right? Let's say you needed a ten million dollars. Let's say you're gonna you had ten million of, taxable income.

you know, you're only gonna be able to write off, like, a a portion of it. Right? So you'll get the the sort of the depreciation, then you can get the bonus or accelerated depreciation. If you maybe do cost sag or something, you'll get twenty or thirty percent of the value of the property to write off. But let's say you needed, I don't know, pick a number. Right? Let's say you needed a ten million dollars. Let's say you're gonna you had ten million of, taxable income.

02:03

You would need to buy, like, a thirty million dollar property or so just to be even close to deducting, like, enough to make it significant.

You would need to buy, like, a thirty million dollar property or so just to be even close to deducting, like, enough to make it significant.

02:11

That's a big deal, especially for somebody who's not in real estate. So I was like, okay. That don't wanna do that.

That's a big deal, especially for somebody who's not in real estate. So I was like, okay. That don't wanna do that.

02:15

And,

And,

02:16

our friend put it beyond to this thing. He's like, you know, There's this other form of depreciation

our friend put it beyond to this thing. He's like, you know, There's this other form of depreciation

02:22

in the form of financing movies. Have you heard about this? No. But tell me about this.

in the form of financing movies. Have you heard about this? No. But tell me about this.

02:27

Okay. So

Okay. So

02:29

okay. So here's,

okay. So here's,

02:30

by the way, I That sounds like a horrible idea. No. It's a it's a great idea. I think.

by the way, I That sounds like a horrible idea. No. It's a it's a great idea. I think.

02:35

I think it's a great idea. So, basically,

I think it's a great idea. So, basically,

02:38

there's this thing called film production tax credits.

there's this thing called film production tax credits.

02:41

And what ends up happening is the following. Movie needs to get made. Let's just use some numbers. And by the way, I'm not an expert at this.

And what ends up happening is the following. Movie needs to get made. Let's just use some numbers. And by the way, I'm not an expert at this.

02:48

But I I get the broad strokes. So forgive me if I get some of the ratios

But I I get the broad strokes. So forgive me if I get some of the ratios

02:53

ins instead of bro science, this is bro tax.

ins instead of bro science, this is bro tax.

02:56

Yeah. Exactly. Right.

Yeah. Exactly. Right.

02:58

Uh-uh. Numbers

Uh-uh. Numbers

03:00

numbers of words aren't my

numbers of words aren't my

03:02

I'm a body language guy.

I'm a body language guy.

03:05

So so let's just pretend you have a a filmmaker wants to make a movie for a million dollars. So in order to make a film for a million dollars, you need to raise that money from somewhere. And what happened was there was always these

So so let's just pretend you have a a filmmaker wants to make a movie for a million dollars. So in order to make a film for a million dollars, you need to raise that money from somewhere. And what happened was there was always these

03:15

there was always these

there was always these

03:17

kinda, like, depreciation incentives.

kinda, like, depreciation incentives.

03:19

But when Obama came came into to power, he added to them. So what Obama did was he changed the rules, I believe, during his time, to say

But when Obama came came into to power, he added to them. So what Obama did was he changed the rules, I believe, during his time, to say

03:27

You can write off a hundred percent of a film's cost

You can write off a hundred percent of a film's cost

03:31

before they even make the film, before the money spent on that film, just on the budget. So let's say it say it's a million dollar movie.

before they even make the film, before the money spent on that film, just on the budget. So let's say it say it's a million dollar movie.

03:38

If you buy that movie,

If you buy that movie,

03:39

you can write off a million dollars right then and there. Nobody had, like, you don't have to wait for the whole thing to be shot before you had to wait for certain days of production in order order to write off those costs you can just write off from day one as an incentive

you can write off a million dollars right then and there. Nobody had, like, you don't have to wait for the whole thing to be shot before you had to wait for certain days of production in order order to write off those costs you can just write off from day one as an incentive

03:52

to get people to fund more movies and fund more art and culture and and this sort of thing. Because the movies aren't really the best money makers. You needed a a little bit of an additional incentive if we want wealthy people to, to do this. So now what happens? You put down, let's say, hundred fifty k you you put down a hundred fifty k of cash and you get a million dollar deduction. Oh my gosh. So let's say you're in California, a million dollar deduction is saving you four hundred thousand dollars of taxes. So already, you see the spread. Right? I put a hundred fifty k in. I save four hundred k in my taxes.

to get people to fund more movies and fund more art and culture and and this sort of thing. Because the movies aren't really the best money makers. You needed a a little bit of an additional incentive if we want wealthy people to, to do this. So now what happens? You put down, let's say, hundred fifty k you you put down a hundred fifty k of cash and you get a million dollar deduction. Oh my gosh. So let's say you're in California, a million dollar deduction is saving you four hundred thousand dollars of taxes. So already, you see the spread. Right? I put a hundred fifty k in. I save four hundred k in my taxes.

04:22

Now it gets better. So where does the rest of the money come from? So you need the other other eight hundred fifty k in order to finance the movie. You could go to,

Now it gets better. So where does the rest of the money come from? So you need the other other eight hundred fifty k in order to finance the movie. You could go to,

04:29

you know, a bank, get a get a loan for that. So you you can go get loans on it. You can also get,

you know, a bank, get a get a loan for that. So you you can go get loans on it. You can also get,

04:36

basically rebates in the form of taxes. So I don't know if you know this, but, like, most movies are not made in Hollywood.

basically rebates in the form of taxes. So I don't know if you know this, but, like, most movies are not made in Hollywood.

04:40

Do you know where they're made? I think as of recently, Georgia. Is that right? Yeah. Georgia,

Do you know where they're made? I think as of recently, Georgia. Is that right? Yeah. Georgia,

04:46

Alabama. Basically, a bunch of states come in. They say, hey, If you got a million dollar movie, we'll give you thirty percent of the films. We'll give you thirty up to thirty percent in tax credits.

Alabama. Basically, a bunch of states come in. They say, hey, If you got a million dollar movie, we'll give you thirty percent of the films. We'll give you thirty up to thirty percent in tax credits.

04:56

And so you get a you basically you don't need a million dollars to fill up fund the movie, you're gonna get get three hundred thousand dollars from the state in order to do it. Why does the state want it? Right? Because state wants jobs,

And so you get a you basically you don't need a million dollars to fill up fund the movie, you're gonna get get three hundred thousand dollars from the state in order to do it. Why does the state want it? Right? Because state wants jobs,

05:06

State wants. If something's filmed there and it looks cool, that's, you know, tourism, maybe. If you can, let's say, you filmed in New York and, you know, looks really glamorous.

State wants. If something's filmed there and it looks cool, that's, you know, tourism, maybe. If you can, let's say, you filmed in New York and, you know, looks really glamorous.

05:14

Now you get, you know, additional tourism appeal, you get jobs, and you get culture or art in your community. And you get business coming there where otherwise who's going to Georgia to to do something cool. Right? Like, who's going to Alabama? You know, no no shots fired at Georgia or Alabama, but but The kind of.

Now you get, you know, additional tourism appeal, you get jobs, and you get culture or art in your community. And you get business coming there where otherwise who's going to Georgia to to do something cool. Right? Like, who's going to Alabama? You know, no no shots fired at Georgia or Alabama, but but The kind of.

05:30

But it's humid.

But it's humid.

05:32

So so basically, that's so that now you get funding on that side.

So so basically, that's so that now you get funding on that side.

05:37

Which, by the way, you can just go sell those credits. You can just sell those credits for ninety cents on the dollar if you wanted, or you can use them to fund fund the movie. And so This collection of things is

Which, by the way, you can just go sell those credits. You can just sell those credits for ninety cents on the dollar if you wanted, or you can use them to fund fund the movie. And so This collection of things is

05:48

part of a a a a system that wealthy people use in order to get write off. So what happens is there are companies that throughout the year are buying up rights to movies or scoping out rights to movies, like and they're looking at it not in terms of, like, How's the plot? How's the script? They're like, what's the budget? I need a one million budget. I need a five. I need a fifteen.

part of a a a a system that wealthy people use in order to get write off. So what happens is there are companies that throughout the year are buying up rights to movies or scoping out rights to movies, like and they're looking at it not in terms of, like, How's the plot? How's the script? They're like, what's the budget? I need a one million budget. I need a five. I need a fifteen.

06:07

Because I'm gonna I need options available for my clients. At the end of the year. So they basically hold options on these things till the very end of the year, and then they go to their clients. They're like, how much of a write off do you need?

Because I'm gonna I need options available for my clients. At the end of the year. So they basically hold options on these things till the very end of the year, and then they go to their clients. They're like, how much of a write off do you need?

06:17

Oh, you need three million dollars? Cool. Here's a ten million dollar project we're gonna buy. Right? We're gonna put in this much cash. We're gonna get that much of a write off. We're gonna finance the rest. And we could do this as a group of investors, not just one person. Wait. You're forgetting the the the the second part and the more important part, which is the movie needs to

Oh, you need three million dollars? Cool. Here's a ten million dollar project we're gonna buy. Right? We're gonna put in this much cash. We're gonna get that much of a write off. We're gonna finance the rest. And we could do this as a group of investors, not just one person. Wait. You're forgetting the the the the second part and the more important part, which is the movie needs to

06:34

be made and make a profit?

be made and make a profit?

06:37

Not necessarily. The movie needs to be made, not necessarily needs to make a profit. So what happens? The movie starts to get made. Once it gets the funding, it's gonna start getting made. And then they'll do things to help. But what you have to do is pay off the loan. So where am I gonna let's say in example of a million dollars, where are we gonna pay off this eight hundred fifty k from? Well, they'll get the tax credits for part of it. They'll go sell the international rights before the movies made, or they'll go sell an option to Netflix. And then they'll get some revenue in that way while the movie is being made. And they're using that to pay down this loan so that you get, you know, five years later when the movie is finally made. Hopefully, the movie's paid off. If it's not fully paid off, it's getting close. And then you basically have the revenue from the movie once it happens. And so it doesn't even need to be this awesome, you know, twenty percent annual return because you got your tax benefits five years ago.

Not necessarily. The movie needs to be made, not necessarily needs to make a profit. So what happens? The movie starts to get made. Once it gets the funding, it's gonna start getting made. And then they'll do things to help. But what you have to do is pay off the loan. So where am I gonna let's say in example of a million dollars, where are we gonna pay off this eight hundred fifty k from? Well, they'll get the tax credits for part of it. They'll go sell the international rights before the movies made, or they'll go sell an option to Netflix. And then they'll get some revenue in that way while the movie is being made. And they're using that to pay down this loan so that you get, you know, five years later when the movie is finally made. Hopefully, the movie's paid off. If it's not fully paid off, it's getting close. And then you basically have the revenue from the movie once it happens. And so it doesn't even need to be this awesome, you know, twenty percent annual return because you got your tax benefits five years ago.

07:20

And so you just need to make sure it's gonna pay off the loan Dude, this sounds like such a racket.

And so you just need to make sure it's gonna pay off the loan Dude, this sounds like such a racket.

07:26

Where is there, like, a It's Hollywood, baby. It's Hollywood.

Where is there, like, a It's Hollywood, baby. It's Hollywood.

07:30

Just because you say it that way. Does it mean that less of a racket. You know what I mean? Just gonna say it's world's best cup of coffee doesn't mean it is. It ain't. Where

Just because you say it that way. Does it mean that less of a racket. You know what I mean? Just gonna say it's world's best cup of coffee doesn't mean it is. It ain't. Where

07:38

where

where

07:39

like, what? Do you go to a website? You you got a guy? You got a movie guy? I got a guy now. I haven't done it, by the way. So I I should say I didn't do this last year because I learned about it, like, four days before the end of the year. And then I was like, what the hell is this? I was like, we need to make a movie, baby.

like, what? Do you go to a website? You you got a guy? You got a movie guy? I got a guy now. I haven't done it, by the way. So I I should say I didn't do this last year because I learned about it, like, four days before the end of the year. And then I was like, what the hell is this? I was like, we need to make a movie, baby.

07:54

I was like, oh my god.

I was like, oh my god.

07:56

I won't say his name, but let's just put his name, Charlie.

I won't say his name, but let's just put his name, Charlie.

08:00

And I just got off the phone with Charlie. He's got a ten million dollar movie for me. Alright. Hey. Why are the phones?

And I just got off the phone with Charlie. He's got a ten million dollar movie for me. Alright. Hey. Why are the phones?

08:06

You know, like, it was a little too too rushed.

You know, like, it was a little too too rushed.

08:09

But the more I looked into it, it's a It is a legitimate thing. It's completely by the book. You can go read, you know, section twenty six of the tax code, and you could do the bonus depreciation of a hundred percent of the film's cost. In in that time. I think the the key part is there's a little there's some nuance. Like, just like with real estate, you gotta be an active investor. So you have to be an active film investor.

But the more I looked into it, it's a It is a legitimate thing. It's completely by the book. You can go read, you know, section twenty six of the tax code, and you could do the bonus depreciation of a hundred percent of the film's cost. In in that time. I think the the key part is there's a little there's some nuance. Like, just like with real estate, you gotta be an active investor. So you have to be an active film investor.

08:29

In order to offset against your active income. So you have to, like, go to film festivals and do do, like, thirty six hours of film study online.

In order to offset against your active income. So you have to, like, go to film festivals and do do, like, thirty six hours of film study online.

08:37

In order to be qualified as active or whatever the rules are. I'm I'm making up those exact numbers. But, you know, there obviously is a lot of nuance to these things, but just broad strokes.

In order to be qualified as active or whatever the rules are. I'm I'm making up those exact numbers. But, you know, there obviously is a lot of nuance to these things, but just broad strokes.

08:46

Pretty interesting that rich people can get huge tax write off financing movies. So I I'm just looking at this. So you said Obama did this? Or he, like, accelerated it? He increased it so that you can depreciate a hundred percent.

Pretty interesting that rich people can get huge tax write off financing movies. So I I'm just looking at this. So you said Obama did this? Or he, like, accelerated it? He increased it so that you can depreciate a hundred percent.

08:58

So coincidentally,

So coincidentally,

08:59

the Obama's now have a wonderful production company.

the Obama's now have a wonderful production company.

09:03

They do. You have a home in Georgia. Yeah.

They do. You have a home in Georgia. Yeah.

09:06

So

So

09:08

no. They do. It's called it's called higher ground media. And they they've made a handful of movies that I've I've noticed or that I've seen, but they so I've got a higher higher ground media dot com. They also have cop podcasts. So they are the,

no. They do. It's called it's called higher ground media. And they they've made a handful of movies that I've I've noticed or that I've seen, but they so I've got a higher higher ground media dot com. They also have cop podcasts. So they are the,

09:21

so they have an audible deal. Michelle Obama did. It it used to be with Spotify. Now it's with Amazon Audible. They have a sum of us. I don't know what that is. The big hit show, whatever. They have all these oh, they have renegades, which is like this, barack one.

so they have an audible deal. Michelle Obama did. It it used to be with Spotify. Now it's with Amazon Audible. They have a sum of us. I don't know what that is. The big hit show, whatever. They have all these oh, they have renegades, which is like this, barack one.

09:34

So

So

09:35

does this work for podcasts? Is the question? What's that smell? Is that opportunity? Oh, self dealing? I smell.

does this work for podcasts? Is the question? What's that smell? Is that opportunity? Oh, self dealing? I smell.

09:45

A little baroque special, how do you call it? Do they Does this work for

A little baroque special, how do you call it? Do they Does this work for

09:51

the way, he did it right, man. Have you heard you haven't you you haven't heard a peep from Brock? He he he says he did this thing. He did an alright job. He didn't whether you like him or love him, He either did great or he did fine. So he did RA job and then he bounced. You know what I'm saying? He did bounce. He's out. And so he's hanging out with Oprah and David Geffen on man or, on their yacht. So he he did it right. But does this count for podcast? Do we have a Well,

the way, he did it right, man. Have you heard you haven't you you haven't heard a peep from Brock? He he he says he did this thing. He did an alright job. He didn't whether you like him or love him, He either did great or he did fine. So he did RA job and then he bounced. You know what I'm saying? He did bounce. He's out. And so he's hanging out with Oprah and David Geffen on man or, on their yacht. So he he did it right. But does this count for podcast? Do we have a Well,

10:17

I don't know. My camera's on. You have video over there? That's a great point. People would call I've seen in the YouTube comments, people consider us you know, a film. A premium production.

I don't know. My camera's on. You have video over there? That's a great point. People would call I've seen in the YouTube comments, people consider us you know, a film. A premium production.

10:28

A premium.

A premium.

10:29

Exactly.

Exactly.

10:30

I think that it changed the the LLC to premium productions,

I think that it changed the the LLC to premium productions,

10:34

and,

and,

10:34

You're in Texas. Texas is not far from Alabama. We can do a little road trip.

You're in Texas. Texas is not far from Alabama. We can do a little road trip.

10:38

Yeah. That's interesting. Hopefully, this works for podcasts, but That's an interesting find. I thought it was stupid, and it's actually more interesting than I thought.

Yeah. That's interesting. Hopefully, this works for podcasts, but That's an interesting find. I thought it was stupid, and it's actually more interesting than I thought.

10:47

How was your pod with Ramit? It was awesome. You wanna do a recap? Yeah. I haven't listened to it. So what's, what was the best parts? He made fun of you a little bit. He took a he took a a jab, not at you, Well, because

How was your pod with Ramit? It was awesome. You wanna do a recap? Yeah. I haven't listened to it. So what's, what was the best parts? He made fun of you a little bit. He took a he took a a jab, not at you, Well, because

11:00

there is a podcast where I asked you if you could get eight percent consistently, but you can't invest in anything other than your own private business. Would you do it? And he was like, Sean was crazy. I was yelling at the I was yelling at the screen.

there is a podcast where I asked you if you could get eight percent consistently, but you can't invest in anything other than your own private business. Would you do it? And he was like, Sean was crazy. I was yelling at the I was yelling at the screen.

11:14

Furious that he wouldn't accept that. He didn't actually give you a hard time. That was it.

Furious that he wouldn't accept that. He didn't actually give you a hard time. That was it.

11:19

He's very

He's very

11:21

he's very principled, which I actually like. I think

he's very principled, which I actually like. I think

11:24

you are the opposite. No. I think you are one extreme, and I actually think I'm closer to you a little bit than I am to him where he is just like, this is what I want. I'm going to do it, and I'm gonna do nothing else. Like, he's laser focused on a couple things, which I admire,

you are the opposite. No. I think you are one extreme, and I actually think I'm closer to you a little bit than I am to him where he is just like, this is what I want. I'm going to do it, and I'm gonna do nothing else. Like, he's laser focused on a couple things, which I admire,

11:39

and then he, what what is he focused on? He was like, I can make more money with my business. I can do I could I could have done a podcast years ago, but I just wanted to wait until I felt it was the perfect right time. So he just calculated

and then he, what what is he focused on? He was like, I can make more money with my business. I can do I could I could have done a podcast years ago, but I just wanted to wait until I felt it was the perfect right time. So he just calculated

11:51

you know, you and I like to just throw little things out there and see what catches. He's not so much fat. He also did a really good job. Have you ever heard him talk about the rich life? Yeah. I've heard him explain. It's kinda like he made a list of, like, what's the rich life to him and then sort of use that as his financial blueprint.

you know, you and I like to just throw little things out there and see what catches. He's not so much fat. He also did a really good job. Have you ever heard him talk about the rich life? Yeah. I've heard him explain. It's kinda like he made a list of, like, what's the rich life to him and then sort of use that as his financial blueprint.

12:08

Exactly. And he's got, like, a handful of things. Like, he's like, I just wanted to have the best assistant because I want them to book things perfectly. So he's like, When I fly, I try to fly on a very specific type of airline with a very specific seat. So I want a certain plane when I fly. I want a certain type of food ready for me I arrived in my hotel room, and it was just very exact. And I love how exact he was. It sounded like a lot of work to set it up. So I found it intimidating.

Exactly. And he's got, like, a handful of things. Like, he's like, I just wanted to have the best assistant because I want them to book things perfectly. So he's like, When I fly, I try to fly on a very specific type of airline with a very specific seat. So I want a certain plane when I fly. I want a certain type of food ready for me I arrived in my hotel room, and it was just very exact. And I love how exact he was. It sounded like a lot of work to set it up. So I found it intimidating.

12:32

But, like, he knew exactly.

But, like, he knew exactly.

12:34

I hate people who are that particular. I hate people who are particular in general. I find, it to be truly spoiled and snobbish.

I hate people who are that particular. I hate people who are particular in general. I find, it to be truly spoiled and snobbish.

12:43

You know, I have, like, sort of, like, you are what you admire. And I have the opposite of admiration for people that are extremely particular about how they want everything managed and taken care of in their life versus people who are like, look,

You know, I have, like, sort of, like, you are what you admire. And I have the opposite of admiration for people that are extremely particular about how they want everything managed and taken care of in their life versus people who are like, look,

12:55

I'm blessed. I'm gonna roll with the punches. You don't have to cater to me.

I'm blessed. I'm gonna roll with the punches. You don't have to cater to me.

12:59

I'm gonna make, you know, you could serve me food I'm allergic to, and I'm gonna find a way to have a a party in the. Right? Like, you know, that is more of the mind that I admire is somebody who is what I call unconditional.

I'm gonna make, you know, you could serve me food I'm allergic to, and I'm gonna find a way to have a a party in the. Right? Like, you know, that is more of the mind that I admire is somebody who is what I call unconditional.

13:11

Meaning, their happiness or their mood is not contingent on anything. I find that to be an absolute superpower. And I I say this because not to hate on Remit. I say this because I kind of only ever hear about the opposite especially in this kind of like,

Meaning, their happiness or their mood is not contingent on anything. I find that to be an absolute superpower. And I I say this because not to hate on Remit. I say this because I kind of only ever hear about the opposite especially in this kind of like,

13:27

you know, life hacking, productivity,

you know, life hacking, productivity,

13:29

porn, like, kind of hustle culture type of thing, where

porn, like, kind of hustle culture type of thing, where

13:33

I think people get praised for being super meticulous, for being super organized for planning out everything for scoping it out for working backwards, all that stuff. And,

I think people get praised for being super meticulous, for being super organized for planning out everything for scoping it out for working backwards, all that stuff. And,

13:42

I never hear about anybody who's praised for being, like, you know, what? This guy's always in a good mood, regardless of what's happening. But to me, that's the superpower.

I never hear about anybody who's praised for being, like, you know, what? This guy's always in a good mood, regardless of what's happening. But to me, that's the superpower.

13:49

Yeah. I'm and I'm closer to you on in that regard, like, recently I went to a place and I ordered a steak and they brought me a pizza that was pesto chicken. And I didn't and I didn't I didn't tell, like

Yeah. I'm and I'm closer to you on in that regard, like, recently I went to a place and I ordered a steak and they brought me a pizza that was pesto chicken. And I didn't and I didn't I didn't tell, like

14:00

yeah. I didn't even tell my my wife was at halfway there. Like, did you order a steak? I'm like, yeah, but it was here and whatever.

yeah. I didn't even tell my my wife was at halfway there. Like, did you order a steak? I'm like, yeah, but it was here and whatever.

14:07

And so I'm I'm more like you. But I respect that he knows what he wants, and he wants any and he lives that way. So I respect that. And then,

And so I'm I'm more like you. But I respect that he knows what he wants, and he wants any and he lives that way. So I respect that. And then,

14:14

Martin Screlli. Do you wanna talk about him really quick? Yeah. We never got to to debrief that. So fun pause. I got a lot of shit. Did did you get shit? I got a ton of black that we had him on. From where? Dude, just online and friends were messaging me. They're like, why would you give this guy a platform? And I don't think they even listened to the episode because

Martin Screlli. Do you wanna talk about him really quick? Yeah. We never got to to debrief that. So fun pause. I got a lot of shit. Did did you get shit? I got a ton of black that we had him on. From where? Dude, just online and friends were messaging me. They're like, why would you give this guy a platform? And I don't think they even listened to the episode because

14:32

my my response to why would you give this person a a platform? It's it's too full. It's number one. I'm like, well, did you watch the documentary about him on Netflix? And if they say yes, Then I say, well, then he has a platform. Did you criticize Netflix? Do you know you watched it? Did you cancel Netflix? Yeah. Like, you you watched Netflix. Do you watch the news about him? Because you he has the platform. And second, I'm like So how'd you like that Ted Bundy Docu series? Pretty good. Yeah. Did you watch that? Did you did you watch that? Because that's the same thing. And then second, I'm like, well, we actually did challenge him quite a bit. I think I explicitly

my my response to why would you give this person a a platform? It's it's too full. It's number one. I'm like, well, did you watch the documentary about him on Netflix? And if they say yes, Then I say, well, then he has a platform. Did you criticize Netflix? Do you know you watched it? Did you cancel Netflix? Yeah. Like, you you watched Netflix. Do you watch the news about him? Because you he has the platform. And second, I'm like So how'd you like that Ted Bundy Docu series? Pretty good. Yeah. Did you watch that? Did you did you watch that? Because that's the same thing. And then second, I'm like, well, we actually did challenge him quite a bit. I think I explicitly

15:06

said,

said,

15:07

why'd you act like an idiot?

why'd you act like an idiot?

15:09

And why are you such an asshole when you didn't have to be an asshole. Like, we had a very productive conversation. I think and so There's a fair criticism, which is

And why are you such an asshole when you didn't have to be an asshole. Like, we had a very productive conversation. I think and so There's a fair criticism, which is

15:18

He has an explanation about, like, you know, why how the health care system works a lot, and we're not well versed enough about the health care system to know where to push back. Because, like, let's say don't know if he told us anything that was incorrect or sort of slight of handy, but if he did, there's no way I would have known because that's not money or actually takes. Right? Like,

He has an explanation about, like, you know, why how the health care system works a lot, and we're not well versed enough about the health care system to know where to push back. Because, like, let's say don't know if he told us anything that was incorrect or sort of slight of handy, but if he did, there's no way I would have known because that's not money or actually takes. Right? Like,

15:35

You know, it's like I But why is that wrong? I don't know if that's wrong. I'm saying that's a that would be a fair criticism. Let's say you did know. Yeah. And then somebody comes on here, they say that's either not true or sort of misdirection or,

You know, it's like I But why is that wrong? I don't know if that's wrong. I'm saying that's a that would be a fair criticism. Let's say you did know. Yeah. And then somebody comes on here, they say that's either not true or sort of misdirection or,

15:46

besides the point or not really how things work.

besides the point or not really how things work.

15:49

And the host don't push back on it. It could be very frustrating if you do know. And so I'd say that that's a if if that's what happened, that would be, I would say, a fair criticism. On the other hand, I thought the most interesting thing he talked about was just sort of like,

And the host don't push back on it. It could be very frustrating if you do know. And so I'd say that that's a if if that's what happened, that would be, I would say, a fair criticism. On the other hand, I thought the most interesting thing he talked about was just sort of like,

16:02

He's like, I could be the Pfizer

He's like, I could be the Pfizer

16:05

CEO corporate speak.

CEO corporate speak.

16:08

Don't don't tow outside the line. Don't give the media anything to get mad about. Just quietly make your millions, just do whatever you're gonna do, right, raise prices,

Don't don't tow outside the line. Don't give the media anything to get mad about. Just quietly make your millions, just do whatever you're gonna do, right, raise prices,

16:17

you know, whatever whatever it is that you're gonna do. It's not like most pharmaceutical companies are are seen as, like, you know, angels,

you know, whatever whatever it is that you're gonna do. It's not like most pharmaceutical companies are are seen as, like, you know, angels,

16:23

but they don't get the same level of flak because he was very loud mouth. He was very vocal and he he poked the bear constantly.

but they don't get the same level of flak because he was very loud mouth. He was very vocal and he he poked the bear constantly.

16:30

And what I liked was this moment in the thing where it's like, dude, you're not dumb. So, like, you probably knew what you should say, or you had a person on your PR team tell you at some point. Hey, when you go to Congress and they're asking you questions, don't be doodling, you know, like, a dog on your piece of paper,

And what I liked was this moment in the thing where it's like, dude, you're not dumb. So, like, you probably knew what you should say, or you had a person on your PR team tell you at some point. Hey, when you go to Congress and they're asking you questions, don't be doodling, you know, like, a dog on your piece of paper,

16:46

and and smudge you know, you're having a sm don't smile. Yeah. Don't don't have a smug look on your face. Like, he knew what to do.

and and smudge you know, you're having a sm don't smile. Yeah. Don't don't have a smug look on your face. Like, he knew what to do.

16:54

But He lives that troll life maybe. He's like he's like, I don't wanna be that. I don't want a world where everybody who's successful has to be this robot.

But He lives that troll life maybe. He's like he's like, I don't wanna be that. I don't want a world where everybody who's successful has to be this robot.

17:04

And I'm gonna be me, and I'm gonna have fun with it. And I'm gonna call b s where I c b s. I'm gonna fight with people who don't know what they're talking about. And I gotta say that is one part that I really do admire

And I'm gonna be me, and I'm gonna have fun with it. And I'm gonna call b s where I c b s. I'm gonna fight with people who don't know what they're talking about. And I gotta say that is one part that I really do admire

17:15

about him. And I think somebody said this to me after that, so they go,

about him. And I think somebody said this to me after that, so they go,

17:19

you know, you guys had,

you know, you guys had,

17:20

Billy McFarlane from the Fire Festival on,

Billy McFarlane from the Fire Festival on,

17:23

and he seemed like a dumb,

and he seemed like a dumb,

17:25

like a dumb cheat.

like a dumb cheat.

17:27

They know Martin seemed like the opposite. He seemed like a genius cheat, which was basically like, you know, Billy came back. He's like next thing I'm doing, another fire, like, another fire festival or, like, actually And he's doing it. That was the first one. He, what he had said to us on air was I'm gonna do this thing where

They know Martin seemed like the opposite. He seemed like a genius cheat, which was basically like, you know, Billy came back. He's like next thing I'm doing, another fire, like, another fire festival or, like, actually And he's doing it. That was the first one. He, what he had said to us on air was I'm gonna do this thing where

17:43

you could micro do so people are gonna go to this island, and then you could vote with micro payments

you could micro do so people are gonna go to this island, and then you could vote with micro payments

17:48

to get them to, like, snorkel with sharks. And, like, we're gonna jump up the water. You know what I'm saying? We're gonna jump up the water if people donate. And I was like, wow, that's your come back. That's a dumb idea.

to get them to, like, snorkel with sharks. And, like, we're gonna jump up the water. You know what I'm saying? We're gonna jump up the water if people donate. And I was like, wow, that's your come back. That's a dumb idea.

17:59

But with Martin, I would say, like,

But with Martin, I would say, like,

18:02

you know, I think you could question whatever his ethics or,

you know, I think you could question whatever his ethics or,

18:05

if he's, you know, gone straight after whatever you know, what what he did to to go go to jail.

if he's, you know, gone straight after whatever you know, what what he did to to go go to jail.

18:12

But I think it's hard to deny that the guy's very intelligent

But I think it's hard to deny that the guy's very intelligent

18:15

and has a lot of interesting things to say.

and has a lot of interesting things to say.

18:17

And I, you know, frankly, you can learn a lot from from somebody who's highly intelligent has interesting things to say.

And I, you know, frankly, you can learn a lot from from somebody who's highly intelligent has interesting things to say.

18:23

Yeah. I, you know, what I was telling people, I'm like,

Yeah. I, you know, what I was telling people, I'm like,

18:27

I can like how how Michael Jackson dances, and I could learn how to moonwalk from him, but also not like everything that he did.

I can like how how Michael Jackson dances, and I could learn how to moonwalk from him, but also not like everything that he did.

18:35

You know what I'm saying? So I I can like both those things. How's your mood walk?

You know what I'm saying? So I I can like both those things. How's your mood walk?

18:40

You know, it's a it's a three out of ten, I'd say. But,

You know, it's a it's a three out of ten, I'd say. But,

18:43

I also

I also

18:44

there's one criticism that we're starting to get now that we're a little bit bigger that I've been thinking about, which is they're like, you have a responsibility to do x, y, and z. And my gut reaction is like, F you, I don't have a responsibility. I'm doing whatever the hell I want. But then I'm like, it is journalistically

there's one criticism that we're starting to get now that we're a little bit bigger that I've been thinking about, which is they're like, you have a responsibility to do x, y, and z. And my gut reaction is like, F you, I don't have a responsibility. I'm doing whatever the hell I want. But then I'm like, it is journalistically

18:59

a bit And that's like a really weird thing to, like, kind of approach,

a bit And that's like a really weird thing to, like, kind of approach,

19:04

particularly when no one got in for we didn't get into this for that reason. Like, we didn't wanna pursue truth. We just wanted to have fun. You know what I'm saying? Yeah. I think that's

particularly when no one got in for we didn't get into this for that reason. Like, we didn't wanna pursue truth. We just wanted to have fun. You know what I'm saying? Yeah. I think that's

19:14

I mean, to be perfectly clear, we are not journalists. This is not journalism. We are not we are not reporting anything.

I mean, to be perfectly clear, we are not journalists. This is not journalism. We are not we are not reporting anything.

19:21

This is me and Sam, shooting the shit, talking about business and interesting things we see. And then when we meet interesting people, we have them on the podcast have a conversation with them. And sometimes we like what they say, and sometimes we don't. Sometimes we buy what they're selling. Sometimes we don't. Sometimes we defend people because ninety five percent of people hate them. But that doesn't mean we think that they're perfect. So, you know, that's that's my stance on it. Alright. Let's move on to something else. You tweeted out that

This is me and Sam, shooting the shit, talking about business and interesting things we see. And then when we meet interesting people, we have them on the podcast have a conversation with them. And sometimes we like what they say, and sometimes we don't. Sometimes we buy what they're selling. Sometimes we don't. Sometimes we defend people because ninety five percent of people hate them. But that doesn't mean we think that they're perfect. So, you know, that's that's my stance on it. Alright. Let's move on to something else. You tweeted out that

19:44

You had nothing to say today, which is always great,

You had nothing to say today, which is always great,

19:47

to hear. I found a few things last minute, though.

to hear. I found a few things last minute, though.

19:52

Did you like my, did you like my meme?

Did you like my, did you like my meme?

19:54

Yeah.

Yeah.

19:56

The Jesus meme. I thought it was wonderful. It was, it was a there's, like, this famous, I is it Catholic? I don't know where it's like Prince of the sand is the name of the story. Yeah. Whenever, you know, we saw two footprints on the beach or two sets of footprints and then all of a sudden I didn't see the point. Well, then if it's no. It's and then all of a sudden, I didn't see the second footprint happened? And it was like, that's when I was carrying you, son.

The Jesus meme. I thought it was wonderful. It was, it was a there's, like, this famous, I is it Catholic? I don't know where it's like Prince of the sand is the name of the story. Yeah. Whenever, you know, we saw two footprints on the beach or two sets of footprints and then all of a sudden I didn't see the point. Well, then if it's no. It's and then all of a sudden, I didn't see the second footprint happened? And it was like, that's when I was carrying you, son.

20:17

No. It was good. It's like, where were you and I needed you the most? If I were the only one footprint. Alright. So do you wanna go first? You want me to go?

No. It was good. It's like, where were you and I needed you the most? If I were the only one footprint. Alright. So do you wanna go first? You want me to go?

20:24

I'll go first really quick. This is something that I think both of us are interested in, but I have a feeling you didn't,

I'll go first really quick. This is something that I think both of us are interested in, but I have a feeling you didn't,

20:29

you didn't care enough to look into this because it was, like, a shit ton of reading. But

you didn't care enough to look into this because it was, like, a shit ton of reading. But

20:33

tiny. Our friend, Andrew Wilkinson, he took his company public. It's officially public. I think the Friday, I don't know what it is today. It was seven hundred and fifty million I think Canada, which is

tiny. Our friend, Andrew Wilkinson, he took his company public. It's officially public. I think the Friday, I don't know what it is today. It was seven hundred and fifty million I think Canada, which is

20:45

five hundred and sixty million

five hundred and sixty million

20:47

USD. Somewhere between one and a billion.

USD. Somewhere between one and a billion.

20:50

Yeah. So hundreds of millions of dollars. And, you know, whenever you go public, you gotta release a huge report, and it's three hundred pages. And I read through a lot of and I found a bunch of interesting stuff. You wanna you want me to tell you some of the interesting things.

Yeah. So hundreds of millions of dollars. And, you know, whenever you go public, you gotta release a huge report, and it's three hundred pages. And I read through a lot of and I found a bunch of interesting stuff. You wanna you want me to tell you some of the interesting things.

21:03

Alright. So the foundation for so Andrew wilkinson is our friend. He owns this thing called tiny tiny owns

Alright. So the foundation for so Andrew wilkinson is our friend. He owns this thing called tiny tiny owns

21:10

either outright owns or partially owns something like ten to thirty things, thirty different businesses.

either outright owns or partially owns something like ten to thirty things, thirty different businesses.

21:17

The whole thing started with Metalab. Metalab was an agency that he created by himself in two thousand and eight, and he basically made websites. It was nothing fancy at first. He made websites for Silicon Valley companies, but that's a little bit glamorizing

The whole thing started with Metalab. Metalab was an agency that he created by himself in two thousand and eight, and he basically made websites. It was nothing fancy at first. He made websites for Silicon Valley companies, but that's a little bit glamorizing

21:30

it because it was, like, someone paid him, like, twenty thousand dollars to make, like, a fairly straightforward simple website then he just kept going and kept going and kept going. Well,

it because it was, like, someone paid him, like, twenty thousand dollars to make, like, a fairly straightforward simple website then he just kept going and kept going and kept going. Well,

21:39

it's listed in his, I actually don't know what this document's called.

it's listed in his, I actually don't know what this document's called.

21:43

In America, I think it's called the ten q, or just whenever they file for, to go public. This company's in the, I think, Vancouver, Stock Exchange, I don't know what it's called there, but it's listed as digital services revenue. In two thousand and twenty one, it did sixty two point eight million dollars.

In America, I think it's called the ten q, or just whenever they file for, to go public. This company's in the, I think, Vancouver, Stock Exchange, I don't know what it's called there, but it's listed as digital services revenue. In two thousand and twenty one, it did sixty two point eight million dollars.

21:59

And that's interesting because it actually has been growing, not crazy fast. So it's been growing something like twenty three percent a year. Or for the last handful of years. We can only see a couple years here, but it does a forty five percent or forty percent margin.

And that's interesting because it actually has been growing, not crazy fast. So it's been growing something like twenty three percent a year. Or for the last handful of years. We can only see a couple years here, but it does a forty five percent or forty percent margin.

22:16

So for every hundred dollars they make, their net income is something like forty percent, forty dollars, which is crazy.

So for every hundred dollars they make, their net income is something like forty percent, forty dollars, which is crazy.

22:23

Now if you start in two thousand and eight and you only grow twenty percent a year, you actually get to significantly higher than where he's at now. So there was years where it was lumpy where it didn't grow or it grew a lot, and then got smaller, but not significant of a business for something that's been around for, which is now fifteen years.

Now if you start in two thousand and eight and you only grow twenty percent a year, you actually get to significantly higher than where he's at now. So there was years where it was lumpy where it didn't grow or it grew a lot, and then got smaller, but not significant of a business for something that's been around for, which is now fifteen years.

22:40

And this has been the foundation of everything.

And this has been the foundation of everything.

22:42

He has a CEO of that company, and that CEO is paid one point one million dollars,

He has a CEO of that company, and that CEO is paid one point one million dollars,

22:48

which is a good deal, I think, for everyone, the CEO gets to run a established company that's working, and they get paid a million dollars.

which is a good deal, I think, for everyone, the CEO gets to run a established company that's working, and they get paid a million dollars.

22:55

So here's something that's really interesting. If you scroll down to on this document I they have a list of a bunch of the dividends paid since two thousand twenty one. And if you add them all up, it's something like fifteen million dollars that he's took out of the business.

So here's something that's really interesting. If you scroll down to on this document I they have a list of a bunch of the dividends paid since two thousand twenty one. And if you add them all up, it's something like fifteen million dollars that he's took out of the business.

23:09

They took out a bunch more dividends because they actually took down, I think, something like a hundred million dollars in debt So he he had a debt facility in order to grow the company as opposed to equity, which is awesome because you just take a loan and if that works, it's significantly cheaper than equity. If it doesn't work, it's that's not good. You owe a bunch of money. But he did it, and it worked out But as he's been growing, he took money, like, fifteen ish million, according to these documents out. Additionally, they had a company called Neil Time, which is like a meal prepping

They took out a bunch more dividends because they actually took down, I think, something like a hundred million dollars in debt So he he had a debt facility in order to grow the company as opposed to equity, which is awesome because you just take a loan and if that works, it's significantly cheaper than equity. If it doesn't work, it's that's not good. You owe a bunch of money. But he did it, and it worked out But as he's been growing, he took money, like, fifteen ish million, according to these documents out. Additionally, they had a company called Neil Time, which is like a meal prepping

23:41

software

software

23:42

that he sold for twenty five million dollars. So he had a and they gained they profited thirteen million dollars off that. So collectively, he's been making tens of millions of dollars along the way. Super fascinating while this business has been broke. You remember when we were having lunch with him. We're gonna have to bleep out this number. But do you remember having lunch with him? And you asked him some question. You're like, you know,

that he sold for twenty five million dollars. So he had a and they gained they profited thirteen million dollars off that. So collectively, he's been making tens of millions of dollars along the way. Super fascinating while this business has been broke. You remember when we were having lunch with him. We're gonna have to bleep out this number. But do you remember having lunch with him? And you asked him some question. You're like, you know,

24:02

at what number did, you know, life sort of change for you? Or what what what numbers mattered in your kinda climb?

at what number did, you know, life sort of change for you? Or what what what numbers mattered in your kinda climb?

24:08

And then he's he's like,

And then he's he's like,

24:11

yeah.

yeah.

24:13

You know, that's when, that's when, you know, blah blah blah. And you go, you go, okay. So that's the net worth. And he goes, no, per year.

You know, that's when, that's when, you know, blah blah blah. And you go, you go, okay. So that's the net worth. And he goes, no, per year.

24:20

Yeah.

Yeah.

24:21

And you go, what?

And you go, what?

24:23

And we were both like wait. And then he skipped over it. He Angela was violent. He told another story. He's like, yeah. Yeah. So, like, you know, every year.

And we were both like wait. And then he skipped over it. He Angela was violent. He told another story. He's like, yeah. Yeah. So, like, you know, every year.

24:31

And we were like, what the actual fuck is this guy talking about? You were making that much. He's like, yeah.

And we were like, what the actual fuck is this guy talking about? You were making that much. He's like, yeah.

24:37

And and now we see that it that it's all, like, it's all on paperwork. And and by the way, everything we're saying, this is strictly from the document where so there's nothing else that we know.

And and now we see that it that it's all, like, it's all on paperwork. And and by the way, everything we're saying, this is strictly from the document where so there's nothing else that we know.

24:46

But, yeah, like, you kinda killed there. And then one last interesting thing is they own this thing. It's the company called is called tiny boards. It's really just WeWork remotely dot com.

But, yeah, like, you kinda killed there. And then one last interesting thing is they own this thing. It's the company called is called tiny boards. It's really just WeWork remotely dot com.

24:55

And it makes,

And it makes,

24:57

think it's, like, six million a year roughly.

think it's, like, six million a year roughly.

25:00

So it grew during, you know, two thousand twenty to twenty one. It grew from, like, three million to six million, then it went back down to, like, three or four million. But

So it grew during, you know, two thousand twenty to twenty one. It grew from, like, three million to six million, then it went back down to, like, three or four million. But

25:10

I looked it up on LinkedIn.

I looked it up on LinkedIn.

25:11

I'm pretty sure there's, like, three people.

I'm pretty sure there's, like, three people.

25:15

Very fascinating. And they bought that or they bought that from, thirty seven signals from Jason Freed and and DHS. So that's that's pretty cool. Yeah. You know, when so I invested in this right before it went public. So private just privately, and when I had gone into, like, kind of the data room,

Very fascinating. And they bought that or they bought that from, thirty seven signals from Jason Freed and and DHS. So that's that's pretty cool. Yeah. You know, when so I invested in this right before it went public. So private just privately, and when I had gone into, like, kind of the data room,

25:31

I was looking around, and I was like, okay. So it seems like really there's kind of, like, two interesting observations. One is he creates these, like,

I was looking around, and I was like, okay. So it seems like really there's kind of, like, two interesting observations. One is he creates these, like,

25:38

what they call platforms, which is basically means you're gonna buy a bunch of the same type of company. So he has an agency platform. MetaLab is the big one, but I think they have, like, seventy seven or eight other agencies. They're just a lot smaller. John. There's like a webflow agency. There's a There's no code agency. There's a whatever agency. Yeah. So then there's

what they call platforms, which is basically means you're gonna buy a bunch of the same type of company. So he has an agency platform. MetaLab is the big one, but I think they have, like, seventy seven or eight other agencies. They're just a lot smaller. John. There's like a webflow agency. There's a There's no code agency. There's a whatever agency. Yeah. So then there's

25:57

job boards, and they have I own a couple of job boards, then there's creative tools, which is, like, they are dribbled and dribble block creative market

job boards, and they have I own a couple of job boards, then there's creative tools, which is, like, they are dribbled and dribble block creative market

26:04

and and grew that way.

and and grew that way.

26:06

And then they have whatever. They have they have a couple other and then they have like this, like, long tail of random things. Like, they would be funky, the photo editing app. They own meal time. Like, they own some random things. I would say a couple things really stood out to me when I looked at it. I was like,

And then they have whatever. They have they have a couple other and then they have like this, like, long tail of random things. Like, they would be funky, the photo editing app. They own meal time. Like, they own some random things. I would say a couple things really stood out to me when I looked at it. I was like,

26:19

okay. So if you look at where the bulk of the revenue and EBITDA comes from, It's two companies. So, yes, he's got a portfolio of thirty companies,

okay. So if you look at where the bulk of the revenue and EBITDA comes from, It's two companies. So, yes, he's got a portfolio of thirty companies,

26:27

but it's Metalab and it's dribble that are carrying the thing on his back. I guess the other one would be, e commerce, which ends split and gone public,

but it's Metalab and it's dribble that are carrying the thing on his back. I guess the other one would be, e commerce, which ends split and gone public,

26:35

which was a roll up of Shopify apps, but that one had done pretty well too. And I think and that one's at twenty five million in revenue, I think. It was, like, something, like, ten mill if you just look at the even of numbers, I was, like, and I'm not quoting this off. I'm not looking at the sheet, but, like, just ballpark

which was a roll up of Shopify apps, but that one had done pretty well too. And I think and that one's at twenty five million in revenue, I think. It was, like, something, like, ten mill if you just look at the even of numbers, I was, like, and I'm not quoting this off. I'm not looking at the sheet, but, like, just ballpark

26:49

I believe that we commerce ballpark was at about ten million in EBITDA when it went public.

I believe that we commerce ballpark was at about ten million in EBITDA when it went public.

26:53

I remember you saying that on the pot. That's where I'm getting that from. The second one is, you know, Metalab, which you just talked about, you know, let's say

I remember you saying that on the pot. That's where I'm getting that from. The second one is, you know, Metalab, which you just talked about, you know, let's say

27:01

fifty, sixty million in revenue, forty five percent,

fifty, sixty million in revenue, forty five percent,

27:04

margin. So roughly

margin. So roughly

27:06

thirty million in in EBITDA. And then, which is just a junk or not. And then you have dribble and dribble does what? Does it have it for a third year? So in two dot yeah. In two thousand twenty one,

thirty million in in EBITDA. And then, which is just a junk or not. And then you have dribble and dribble does what? Does it have it for a third year? So in two dot yeah. In two thousand twenty one,

27:16

So here's the numbers for two thousand twenty one. Digital Services revenue, which is considered agencies. That was sixty three million. Creative platform revenue, which I think is only dribble or it's triple plus a small thing. In two thousand twenty, it did twenty three million. In two thousand twenty one, it did thirty four million. And then they have other, which is all the small stuff combined, which was about fourteen. So just those first two digital services, which is almost all Metalab.

So here's the numbers for two thousand twenty one. Digital Services revenue, which is considered agencies. That was sixty three million. Creative platform revenue, which I think is only dribble or it's triple plus a small thing. In two thousand twenty, it did twenty three million. In two thousand twenty one, it did thirty four million. And then they have other, which is all the small stuff combined, which was about fourteen. So just those first two digital services, which is almost all Metalab.

27:40

You know, the rest might add up to

You know, the rest might add up to

27:43

less than twenty percent of that. So if you just add up sixty plus thirty plus thirteen, right, this is roughly a hundred a little over a hundred million, and a hundred and eleven. Of that comes from,

less than twenty percent of that. So if you just add up sixty plus thirty plus thirteen, right, this is roughly a hundred a little over a hundred million, and a hundred and eleven. Of that comes from,

27:54

Medalab and,

Medalab and,

27:56

and dribble.

and dribble.

27:57

And the EBITDA on that? I don't know. Actually That's what I'm asking. People are gonna laugh people are gonna laugh at me. I don't know what adjusted EBITDA means versus just normal EBITDA, but the normal EBITDA, which is earnings before interest tax and appreciation, that was fifty million dollars on that revenue.

And the EBITDA on that? I don't know. Actually That's what I'm asking. People are gonna laugh people are gonna laugh at me. I don't know what adjusted EBITDA means versus just normal EBITDA, but the normal EBITDA, which is earnings before interest tax and appreciation, that was fifty million dollars on that revenue.

28:11

Yeah. And you know what? I think is remarkable, the amount of equity that they put in to create this. So now this thing is valued at, let's call it, Eight hundred million dollars right now. Eight hundred eleven million market cap right now.

Yeah. And you know what? I think is remarkable, the amount of equity that they put in to create this. So now this thing is valued at, let's call it, Eight hundred million dollars right now. Eight hundred eleven million market cap right now.

28:22

K which is Canadian. And it's I didn't realize it's a seventy five a twenty five decrease from USG. So let's say,

K which is Canadian. And it's I didn't realize it's a seventy five a twenty five decrease from USG. So let's say,

28:29

so it's that comes out to be a little less than six hundred. Six hundred, basically. So six hundred, six hundred million dollar market cap company.

so it's that comes out to be a little less than six hundred. Six hundred, basically. So six hundred, six hundred million dollar market cap company.

28:36

And

And

28:37

I believe,

I believe,

28:39

he can confirm or deny this, but I believe less than ten million dollars of total equity was put in. So how much cash did it take to start this business. And most businesses don't take a ton of cash, but,

he can confirm or deny this, but I believe less than ten million dollars of total equity was put in. So how much cash did it take to start this business. And most businesses don't take a ton of cash, but,

28:51

but this is a this is an acquisition based company. So, like, you know, they were acquiring companies. And so I think less than ten million of seed capital was put in. I could be wrong. And the and the seed capital came from the profits of the agency.

but this is a this is an acquisition based company. So, like, you know, they were acquiring companies. And so I think less than ten million of seed capital was put in. I could be wrong. And the and the seed capital came from the profits of the agency.

29:03

So in reality, it's like he started this as an eighteen year old or nineteen year old. He said he was working as a barista in in the papers. It has the stories. Like, I was working at,

So in reality, it's like he started this as an eighteen year old or nineteen year old. He said he was working as a barista in in the papers. It has the stories. Like, I was working at,

29:12

as a coffee shop person. And then I started doing this on the side, and it just we just kept going. And so the takeaway here is, like, simple shit. It's it's hard, but it's simple.

as a coffee shop person. And then I started doing this on the side, and it just we just kept going. And so the takeaway here is, like, simple shit. It's it's hard, but it's simple.

29:22

But for since two thousand seven or something like that. Amazing. Honestly, kind of, honestly, it's amazing.

But for since two thousand seven or something like that. Amazing. Honestly, kind of, honestly, it's amazing.

29:28

And congrats. It's amazing. Our buddy, Andrew, for going public. That's big deal, you know,

And congrats. It's amazing. Our buddy, Andrew, for going public. That's big deal, you know,

29:34

that's a decade plus of of hard work, fifteen fifteen years plus of hard work to get there. So, you know, it kind of amazing for him. I love that.

that's a decade plus of of hard work, fifteen fifteen years plus of hard work to get there. So, you know, it kind of amazing for him. I love that.

29:42

Any other takeaways you have? No. Those are the those are the main ones. You know,

Any other takeaways you have? No. Those are the those are the main ones. You know,

29:47

I think, you know, one other thing that the Chris, his business partner told me at dinner was

I think, you know, one other thing that the Chris, his business partner told me at dinner was

29:51

I might have already shared this in the pod, but she said, when he got hired, and he met Chris at a bank. Chris was a banker,

I might have already shared this in the pod, but she said, when he got hired, and he met Chris at a bank. Chris was a banker,

29:58

literally, like, Like a break, like, a bank teller. Yeah. Like, I had a branch. They met Chris, and they they were they hit it off about cars. They were talking about cars and,

literally, like, Like a break, like, a bank teller. Yeah. Like, I had a branch. They met Chris, and they they were they hit it off about cars. They were talking about cars and,

30:07

because Andrew had rolled up in a cool looking car and Chris was into it or whatever. So they hit it off. They end up talking for a little while. He's like, what do you what's your store? What are you doing? He's like, oh, I'm studying to get my,

because Andrew had rolled up in a cool looking car and Chris was into it or whatever. So they hit it off. They end up talking for a little while. He's like, what do you what's your store? What are you doing? He's like, oh, I'm studying to get my,

30:16

my, like, CPA license, like, I wanna be a a finance person or accountant or whatever. And, Andrew's like, awesome. I need help my business metal lab is just getting off the ground. It's working pretty well, but, like, we're super disorganized.

my, like, CPA license, like, I wanna be a a finance person or accountant or whatever. And, Andrew's like, awesome. I need help my business metal lab is just getting off the ground. It's working pretty well, but, like, we're super disorganized.

30:28

Come work with me. And, Chris takes the leap of faith, goes to work with He says that on day one, he's like, I showed up at the office,

Come work with me. And, Chris takes the leap of faith, goes to work with He says that on day one, he's like, I showed up at the office,

30:36

and there's nobody there. Like, Andrew's not there. Nobody's answering the door. And then Andrew,

and there's nobody there. Like, Andrew's not there. Nobody's answering the door. And then Andrew,

30:41

pulls up in his his Uber, whatever his car. I guess, there's no Uber back then, but pulls up in a in a car or taxi, hops out, and he's like, opens the trunk. Takes out this giant box full of paper. And he's like, here. Here's all of our, like, numbers, financials. Like, this is where it's at.

pulls up in his his Uber, whatever his car. I guess, there's no Uber back then, but pulls up in a in a car or taxi, hops out, and he's like, opens the trunk. Takes out this giant box full of paper. And he's like, here. Here's all of our, like, numbers, financials. Like, this is where it's at.

30:57

You know, make sense of this

You know, make sense of this

30:59

and, and help us get organized.

and, and help us get organized.

31:01

It hands him this huge box. He's like, oh, by the way, I gotta go. So I'm not gonna be able to train you right now.

It hands him this huge box. He's like, oh, by the way, I gotta go. So I'm not gonna be able to train you right now.

31:06

And there's no room in the office for you. So I talked to my neighbor. They have, like, a basement. You can sit at the desk in there and be like, just knock on the door and tell him you're the guy. And then they'll let you into the basement desk or something. So he tells a story how you started it, whatever, gets gets organized. And then as they're looking at it, they're like, alright.

And there's no room in the office for you. So I talked to my neighbor. They have, like, a basement. You can sit at the desk in there and be like, just knock on the door and tell him you're the guy. And then they'll let you into the basement desk or something. So he tells a story how you started it, whatever, gets gets organized. And then as they're looking at it, they're like, alright.

31:22

You have a very profitable agency.

You have a very profitable agency.

31:25

Like, what do we do with these profits? Right? We're just gonna, like, accrue them. That doesn't seem very good. And they're like, well, what other agencies do? And they're like, they looked around. I see other agencies, like,

Like, what do we do with these profits? Right? We're just gonna, like, accrue them. That doesn't seem very good. And they're like, well, what other agencies do? And they're like, they looked around. I see other agencies, like,

31:34

All of a sudden, there's a giant ball pit in the office. There's a basketball court.

All of a sudden, there's a giant ball pit in the office. There's a basketball court.

31:38

They're flying, you know, fancy everywhere. They're they're hosting, you know, just basically spending

They're flying, you know, fancy everywhere. They're they're hosting, you know, just basically spending

31:42

money on, like,

money on, like,

31:44

like, status stuff or, like, appearances.

like, status stuff or, like, appearances.

31:47

And he's like,

And he's like,

31:49

we shouldn't do that. That doesn't seem to have any ROI.

we shouldn't do that. That doesn't seem to have any ROI.

31:53

Right? Like, adding the ball pit to the office doesn't yeah. It makes it more fun, but, like, you know, I I don't think that's the best use of money. What if we just thought of ourselves like a really profitable law firm?

Right? Like, adding the ball pit to the office doesn't yeah. It makes it more fun, but, like, you know, I I don't think that's the best use of money. What if we just thought of ourselves like a really profitable law firm?

32:01

And, like, you know, what if we were a boring business? What would we do with this money? Well, we would just go try to find a place to reinvest this. What if we take this business that's okay. Agencies aren't the best business. But we use it to buy better businesses. And then that was kinda like the the conversations that they had, and that's where they started going out and acquiring other businesses using the profits for middle But there's two or there's one part of that story that you're missing, and and this is because it's probably not fun for them to tell, but they will tell it because they'll they blog about it, which is they actually started other things. So they did the same things that we make fun of and that we've done as well. They started a to do list. It was called flow.

And, like, you know, what if we were a boring business? What would we do with this money? Well, we would just go try to find a place to reinvest this. What if we take this business that's okay. Agencies aren't the best business. But we use it to buy better businesses. And then that was kinda like the the conversations that they had, and that's where they started going out and acquiring other businesses using the profits for middle But there's two or there's one part of that story that you're missing, and and this is because it's probably not fun for them to tell, but they will tell it because they'll they blog about it, which is they actually started other things. So they did the same things that we make fun of and that we've done as well. They started a to do list. It was called flow.

32:35

And then they he said he spent, like, four or five hundred thousand dollars or maybe even close to a million, a lot of money of the profits. And they created this thing, which was basically like Asana, but different. And he goes, asana crushed us because they spent way more money. And then they started, I think, one or two other things. I think another thing called ballpark. So they actually started things right away, and it failed. And then they go, Yeah. Let's just buy them, and that's what they did.

And then they he said he spent, like, four or five hundred thousand dollars or maybe even close to a million, a lot of money of the profits. And they created this thing, which was basically like Asana, but different. And he goes, asana crushed us because they spent way more money. And then they started, I think, one or two other things. I think another thing called ballpark. So they actually started things right away, and it failed. And then they go, Yeah. Let's just buy them, and that's what they did.

32:57

And they still start things like Supercast

And they still start things like Supercast

32:59

or, he's got a bunch of different ideas that he's he's started since But if you just look at them in the grand scheme of things, it's almost like a big company. Right? It's like, they have the innovator's dilemma. It's like, this business is at one million in revenue in nine months. It's like cool. Who cares? Well, you know, that's one percent. You know, it didn't move the needle this year. It probably took a lot of creative energy and recruiting and promoting to get to to get to that level. So you have a a a tough thing where you enjoy starting new things. So you wanna do it. You keep having new ideas,

or, he's got a bunch of different ideas that he's he's started since But if you just look at them in the grand scheme of things, it's almost like a big company. Right? It's like, they have the innovator's dilemma. It's like, this business is at one million in revenue in nine months. It's like cool. Who cares? Well, you know, that's one percent. You know, it didn't move the needle this year. It probably took a lot of creative energy and recruiting and promoting to get to to get to that level. So you have a a a tough thing where you enjoy starting new things. So you wanna do it. You keep having new ideas,

33:26

but it's hard for those new things to really break out and make a difference.

but it's hard for those new things to really break out and make a difference.

33:31

You know, and most most new things generally will will fail or or or not go exactly to plan either. So it's it's a tough tough balance I think to have.

You know, and most most new things generally will will fail or or or not go exactly to plan either. So it's it's a tough tough balance I think to have.

33:39

And I know what they paid for dribble. And,

And I know what they paid for dribble. And,

33:42

do you think I I think you know too, but we can't say it. Do you think that, you can buy companies like this. Like, is this one of those things? Like, you know, when or or might just be a noob here where people say, oh, you can't start a newsletter now. There's too many new newsletters. I'm like, no, that's true. But do you what do you think about the competition now to buy companies versus ten years ago? Yeah. Certainly more, but there's also more supply. Right? Like, the number of, like, interesting,

do you think I I think you know too, but we can't say it. Do you think that, you can buy companies like this. Like, is this one of those things? Like, you know, when or or might just be a noob here where people say, oh, you can't start a newsletter now. There's too many new newsletters. I'm like, no, that's true. But do you what do you think about the competition now to buy companies versus ten years ago? Yeah. Certainly more, but there's also more supply. Right? Like, the number of, like, interesting,

34:08

you know, interesting,

you know, interesting,

34:09

internet companies in two thousand seven versus two thousand twenty three is gonna be

internet companies in two thousand seven versus two thousand twenty three is gonna be

34:13

obviously, like, many fold more because

obviously, like, many fold more because

34:16

the internet has just become so dominant. There's so many businesses that are that are successful. So playbooks of how to build a good SaaS business or a good marketplace or whatever.

the internet has just become so dominant. There's so many businesses that are that are successful. So playbooks of how to build a good SaaS business or a good marketplace or whatever.

34:24

Having said that, there's probably the type of business where

Having said that, there's probably the type of business where

34:28

You make one good decision, one good deal, a year, or two good deals a year. And that was a great year. And,

You make one good decision, one good deal, a year, or two good deals a year. And that was a great year. And,

34:35

that I think that speed is just very hard for most entrepreneurial people to to go at.

that I think that speed is just very hard for most entrepreneurial people to to go at.

34:39

Right. Well, yeah. I agree with what you said. This is pretty inspiring and and awesome. So that's the lowdown on tiny. Good stuff.

Right. Well, yeah. I agree with what you said. This is pretty inspiring and and awesome. So that's the lowdown on tiny. Good stuff.

34:48

This data is wrong every freaking time.

This data is wrong every freaking time.

34:51

Have you heard of HubSpot?

Have you heard of HubSpot?

34:54

HubSpot is a CRM platform where everything is fully integrated. Well, I can see the client's whole history recalls, support tickets, emails, and here's a test from three days ago I totally missed.

HubSpot is a CRM platform where everything is fully integrated. Well, I can see the client's whole history recalls, support tickets, emails, and here's a test from three days ago I totally missed.

35:06

HubSpot,

HubSpot,

35:06

grow better.

grow better.

35:09

Can we talk about I see you have Harvard's revenue on here. I have an interesting story about Harvard's revenues. I wanna hear your take. Yeah. I was doing some Friday night research and,

Can we talk about I see you have Harvard's revenue on here. I have an interesting story about Harvard's revenues. I wanna hear your take. Yeah. I was doing some Friday night research and,

35:18

As one does... Yeah. And got got to thinking. How much money is Harvard making? I'd like to tell you some things about Harvard.

As one does... Yeah. And got got to thinking. How much money is Harvard making? I'd like to tell you some things about Harvard.

35:25

So Harvard is this thing

So Harvard is this thing

35:28

that,

that,

35:29

if you really, like, zoom out,

if you really, like, zoom out,

35:31

or you're like an alien, and you're looking down at at Harvard,

or you're like an alien, and you're looking down at at Harvard,

35:35

And you're like, what is that thing on the map? Yeah.

And you're like, what is that thing on the map? Yeah.

35:38

Not not not not BU, the other one. You know, the what's what's over there in Boston?

Not not not not BU, the other one. You know, the what's what's over there in Boston?

35:42

What you would see is basically some combination of a church,

What you would see is basically some combination of a church,

35:46

a hedge fund, and a luxury daycare.

a hedge fund, and a luxury daycare.

35:48

And I'd like to tell you about each of those components and how Harvard is basically

And I'd like to tell you about each of those components and how Harvard is basically

35:53

this multibillion dollar tax free juggernaut.

this multibillion dollar tax free juggernaut.

35:56

Alright. There's a lot of taxes in this episode. Yeah. Alright. Buckle up.

Alright. There's a lot of taxes in this episode. Yeah. Alright. Buckle up.

36:01

Okay. So how is it a how is it a church? Well, universities are tax exempt. So they don't pay taxes. They don't pay it on donations. They don't pay it on tuition, room and board, or even capital gains from their hedge fund, which is the second part. So they have an endowment that's about fifty billion dollars that they invest across a wide portfolio. I'll tell you their portfolio in a second. So they got a fifty billion dollar hedge fund. They have, their tax exempt on the gains from the hedge fund plus all the revenue from their students. Well, I should say revenue from their luxury daycare because parents will pay, you know, fifty, sixty, seventy thousand dollars a year to send their child to this place for four years. And so they take your kids off your hand for four years and they say you're they're gonna come out in a better better place. And so here's some of the numbers around

Okay. So how is it a how is it a church? Well, universities are tax exempt. So they don't pay taxes. They don't pay it on donations. They don't pay it on tuition, room and board, or even capital gains from their hedge fund, which is the second part. So they have an endowment that's about fifty billion dollars that they invest across a wide portfolio. I'll tell you their portfolio in a second. So they got a fifty billion dollar hedge fund. They have, their tax exempt on the gains from the hedge fund plus all the revenue from their students. Well, I should say revenue from their luxury daycare because parents will pay, you know, fifty, sixty, seventy thousand dollars a year to send their child to this place for four years. And so they take your kids off your hand for four years and they say you're they're gonna come out in a better better place. And so here's some of the numbers around

36:43

this this mashup juggernaut.

this this mashup juggernaut.

36:46

Last year,

Last year,

36:48

five point eight billion in total revenue.

five point eight billion in total revenue.

36:51

Two billion of that comes from the profits of their endowment, hell of a year for them.

Two billion of that comes from the profits of their endowment, hell of a year for them.

36:56

Actually, this wasn't last year. This was, I think, twenty twenty one. So,

Actually, this wasn't last year. This was, I think, twenty twenty one. So,

37:00

two years ago. So five point eight billion in total revenue, two billion from their endowment,

two years ago. So five point eight billion in total revenue, two billion from their endowment,

37:05

one point two billion from education.

one point two billion from education.

37:07

So what that means is eighty percent of the revenue is coming from not education.

So what that means is eighty percent of the revenue is coming from not education.

37:12

That's the other way to look at that.

That's the other way to look at that.

37:14

So where does the rest come from? They have the endowment. You have a billion dollars of grants. So the government funding research for their pro their professors, five hundred million of donations and three hundred million from something that you'll know pretty well, which is their publishing arm. I can tell you all about that. Their in-house media company.

So where does the rest come from? They have the endowment. You have a billion dollars of grants. So the government funding research for their pro their professors, five hundred million of donations and three hundred million from something that you'll know pretty well, which is their publishing arm. I can tell you all about that. Their in-house media company.

37:28

So a couple couple observations here.

So a couple couple observations here.

37:31

The school earns more revenue than both Twitter and Snapchat Twitter's at five billion till Snapchat's four point six six billion.

The school earns more revenue than both Twitter and Snapchat Twitter's at five billion till Snapchat's four point six six billion.

37:37

Harvard is has more revenue than both of them. And it's been doing that since when when was Harvard created and, It covers, like, a hundred plus years old, I think. And so it's been doing that forever, not forever, but for a very long time.

Harvard is has more revenue than both of them. And it's been doing that since when when was Harvard created and, It covers, like, a hundred plus years old, I think. And so it's been doing that forever, not forever, but for a very long time.

37:47

Amazing business. Right?

Amazing business. Right?

37:49

The publishing arm makes three hundred million dollars just selling case studies to other business schools and publishing the HBR, the review journal, which is basically

The publishing arm makes three hundred million dollars just selling case studies to other business schools and publishing the HBR, the review journal, which is basically

37:57

a really fancy paid Substack. It's got three hundred fifty thousand subscribers who pay for the HBR, the Harvard Business Review. But the majority of that revenue, I think,

a really fancy paid Substack. It's got three hundred fifty thousand subscribers who pay for the HBR, the Harvard Business Review. But the majority of that revenue, I think,

38:06

I can try to find it, but I studied this a lot. I think that a lot of the so if you go to Harvard Business School, they, they release all their... they break it all out. And so if I read it here, so 34% of the so their revenue actually went down. In 2019, it was nine hundred million in 2021, it was eight hundred. Thirty four percent of that is whatever you said, three hundred comes from publishing.

I can try to find it, but I studied this a lot. I think that a lot of the so if you go to Harvard Business School, they, they release all their... they break it all out. And so if I read it here, so 34% of the so their revenue actually went down. In 2019, it was nine hundred million in 2021, it was eight hundred. Thirty four percent of that is whatever you said, three hundred comes from publishing.

38:27

The next thing down is fourteen

The next thing down is fourteen

38:30

percent came from tuition. And of the of the thirty four percent for publishing, most of it is from selling. I think it's like they've sold, like, they sell, like, five million case studies a year -- To other business schools. Yeah. Which is which is insane. It's it's a lot. And the and the Harvard Business Review has a lot of revenue from international. So here's the other kind of like dirty secret from from Harvard, which is that They make a ton of money off of executive education. Four hundred sixty four million dollars. So almost, like,

percent came from tuition. And of the of the thirty four percent for publishing, most of it is from selling. I think it's like they've sold, like, they sell, like, five million case studies a year -- To other business schools. Yeah. Which is which is insane. It's it's a lot. And the and the Harvard Business Review has a lot of revenue from international. So here's the other kind of like dirty secret from from Harvard, which is that They make a ton of money off of executive education. Four hundred sixty four million dollars. So almost, like,

38:56

not quite half, but, like, you know, almost half of the money they make from their degree, their actual school, they make on executive education, which is basically you pay to get professional development credit AKA you get to put Harvard on your resume without actually having a Harvard degree. If you go to Tyra Banks, you remember Tyra Banks?

not quite half, but, like, you know, almost half of the money they make from their degree, their actual school, they make on executive education, which is basically you pay to get professional development credit AKA you get to put Harvard on your resume without actually having a Harvard degree. If you go to Tyra Banks, you remember Tyra Banks?

39:12

The the amount. If you go to if you go to yeah. That's right.

The the amount. If you go to if you go to yeah. That's right.

39:18

Big T, for sure. If you go to,

Big T, for sure. If you go to,

39:22

her LinkedIn. It says

her LinkedIn. It says

39:24

Harvard Business School. And then, like, you gotta scroll down and you'll see you'll see parenthesis and you'll say

Harvard Business School. And then, like, you gotta scroll down and you'll see you'll see parenthesis and you'll say

39:31

It'll say extension.

It'll say extension.

39:33

It's a very classic technique.

It's a very classic technique.

39:36

Right. My cousin did this. He went there, and I was like, whoa, you're going to Harvard? He's like, I'm going to a

Right. My cousin did this. He went there, and I was like, whoa, you're going to Harvard? He's like, I'm going to a

39:42

I'm taking classes at Harvard.

I'm taking classes at Harvard.

39:46

Yeah. I'm taking classes at Harvard.

Yeah. I'm taking classes at Harvard.

39:48

So you

So you

39:50

you got into Harvard?

you got into Harvard?

39:52

Yeah. You know, like, sure. I got into the executive education program at Harvard.

Yeah. You know, like, sure. I got into the executive education program at Harvard.

39:58

And,

And,

39:59

and he's like, yeah. Like, you know, on my resume, it says Harvard. And he's like, you know, one out of three people understand what it is, and two out of three don't. I like my odds.

and he's like, yeah. Like, you know, on my resume, it says Harvard. And he's like, you know, one out of three people understand what it is, and two out of three don't. I like my odds.

40:07

Yeah. Statistics was a class he taught. There's also their international arm. Their international revenue is up like eighty percent because they're selling their business review over there. They're selling, you know, executive education. Come on. Come to come to America. Come to the best part of America. Come to the the Louis Vuitton of, of education. Right? So, basically,

Yeah. Statistics was a class he taught. There's also their international arm. Their international revenue is up like eighty percent because they're selling their business review over there. They're selling, you know, executive education. Come on. Come to come to America. Come to the best part of America. Come to the the Louis Vuitton of, of education. Right? So, basically,

40:25

you got billions in revenue.

you got billions in revenue.

40:27

Zero taxes owed. Huge barrier to entry. A brand that's lasted over a century

Zero taxes owed. Huge barrier to entry. A brand that's lasted over a century

40:31

the government loans your customer's money and gives you grants for your R&D. Like, what a business?

the government loans your customer's money and gives you grants for your R&D. Like, what a business?

40:37

Dude, that's absolutely crazy. And a lot of people don't realize this. And to put these numbers in perspective,

Dude, that's absolutely crazy. And a lot of people don't realize this. And to put these numbers in perspective,

40:43

let's just say that so you said their endowment. I'm just doing all this math right here. So I might be off, but I bet you if we Google it, this will be true. If their endowment is fifty... You're not doing public math, are you? Well, yeah. I am. Sorry. But if they're in debt, but it might be wrong. If their endowment is fifty five billion dollars,

let's just say that so you said their endowment. I'm just doing all this math right here. So I might be off, but I bet you if we Google it, this will be true. If their endowment is fifty... You're not doing public math, are you? Well, yeah. I am. Sorry. But if they're in debt, but it might be wrong. If their endowment is fifty five billion dollars,

41:01

and their expenses, some years, I just Googled it right now, is around five billion dollars. That means theoretically

and their expenses, some years, I just Googled it right now, is around five billion dollars. That means theoretically

41:08

there are some years that they can pay or charge their students zero

there are some years that they can pay or charge their students zero

41:13

tuition

tuition

41:14

and pay for everything still. The way that the endowment works is It's a fifty billion dollar ish in endowment. And their the plan is they distribute five percent of it a year.

and pay for everything still. The way that the endowment works is It's a fifty billion dollar ish in endowment. And their the plan is they distribute five percent of it a year.

41:23

So five percent of it a year is used, but they the the the the rule is this endowment needs to last forever. So they're only gonna distribute five percent because they need the other ninety five percent to stay in and keep rolling. And in 2022, when my portfolio was down, like, forty five percent, they lost one point eight percent.

So five percent of it a year is used, but they the the the the rule is this endowment needs to last forever. So they're only gonna distribute five percent because they need the other ninety five percent to stay in and keep rolling. And in 2022, when my portfolio was down, like, forty five percent, they lost one point eight percent.

41:42

Geniuses. Somehow lost only less than two percent when the whole market has been terrible this year. Here's here's their portfolio. By the way,

Geniuses. Somehow lost only less than two percent when the whole market has been terrible this year. Here's here's their portfolio. By the way,

41:48

three percent cash.

three percent cash.

41:50

Okay. Thirty two percent into hedge funds.

Okay. Thirty two percent into hedge funds.

41:53

Which hedge fund does it say? It doesn't say which ones now. Forty four percent into private equity plus venture capital, but most of it's private equity.

Which hedge fund does it say? It doesn't say which ones now. Forty four percent into private equity plus venture capital, but most of it's private equity.

42:00

So what do they buy? So that's the bulk of it.

So what do they buy? So that's the bulk of it.

42:03

And then there's six percent real estate, three percent bonds, five percent treasuries, and six percent foreign equities. Okay. So what's this private equity stuff? Are is does that mean they're in, like, like,

And then there's six percent real estate, three percent bonds, five percent treasuries, and six percent foreign equities. Okay. So what's this private equity stuff? Are is does that mean they're in, like, like,

42:12

Blackstone

Blackstone

42:13

or whatever? BlackRock?

or whatever? BlackRock?

42:15

Wow. Dude, this is like a circle jerk to the max. Everyone's hands full on this one. This is crazy. Right? Because

Wow. Dude, this is like a circle jerk to the max. Everyone's hands full on this one. This is crazy. Right? Because

42:24

Yeah. Because you if you think about it, like,

Yeah. Because you if you think about it, like,

42:27

if I look up where the hedge fund guys went, I bet, you know, seventy percent of them went to Harvard. I mean, this is just it's it's pretty it's a very circular thing going on here. It's pretty wild. Like, it it it is it's I would say it's almost corrupt. And if you think about fifty billion a fifty billion dollar endowment, that's bigger than I've than I would imagine, ninety five percent of country's GOP. I mean, it's like, that's massive.

if I look up where the hedge fund guys went, I bet, you know, seventy percent of them went to Harvard. I mean, this is just it's it's pretty it's a very circular thing going on here. It's pretty wild. Like, it it it is it's I would say it's almost corrupt. And if you think about fifty billion a fifty billion dollar endowment, that's bigger than I've than I would imagine, ninety five percent of country's GOP. I mean, it's like, that's massive.

42:50

GOP?

GOP?

42:51

Or, sorry G O P.

Or, sorry G O P.

42:53

GOP. That's the, what's that, the, the republicans?

GOP. That's the, what's that, the, the republicans?

42:56

What's, GDP?

What's, GDP?

42:57

Yeah. But and, yeah, like, you know, we think these VC funds like Sequoia and Andreessen are, like, really big. Like, I don't know what Andreessen total AUM is, but I'm guessing it's, like, between ten and fifteen billion.

Yeah. But and, yeah, like, you know, we think these VC funds like Sequoia and Andreessen are, like, really big. Like, I don't know what Andreessen total AUM is, but I'm guessing it's, like, between ten and fifteen billion.

43:08

It ain't it ain't fifty.

It ain't it ain't fifty.

43:10

Yeah.

Yeah.

43:11

Yeah. Exactly. Fifty billion. And they're, I think, I mean, they're they're, okay, so they're now at thirty five. They've been scaling it up like crazy. But that's our full time job. It's more. That's the thing.

Yeah. Exactly. Fifty billion. And they're, I think, I mean, they're they're, okay, so they're now at thirty five. They've been scaling it up like crazy. But that's our full time job. It's more. That's the thing.

43:20

That's their thing. Yeah. That's their thing. This is just like, you know, I I would imagine

That's their thing. Yeah. That's their thing. This is just like, you know, I I would imagine

43:25

there is a I forget what I was watching, but there was some show where it was, like, a lot of people don't realize this, but, like, venture capital and PE, like, the biggest when people I I always hated when people celebrated a venture capital company going bust like, what was that one guy who, the the Disney guy who went and started, the thing that Quibi, you know, it raised, like, billions of dollars and it went and and it went bust. What a lot of people don't realize is this money for so the money that is given to Andreessen Horowitz into and that, it comes from the universities. It also comes from the California's

there is a I forget what I was watching, but there was some show where it was, like, a lot of people don't realize this, but, like, venture capital and PE, like, the biggest when people I I always hated when people celebrated a venture capital company going bust like, what was that one guy who, the the Disney guy who went and started, the thing that Quibi, you know, it raised, like, billions of dollars and it went and and it went bust. What a lot of people don't realize is this money for so the money that is given to Andreessen Horowitz into and that, it comes from the universities. It also comes from the California's

43:58

teachers pension plan, or the the police pension plan or firefighters

teachers pension plan, or the the police pension plan or firefighters

44:03

or and, like, you'll, like, I think if I remember correctly, I I believe, like, Nevada.

or and, like, you'll, like, I think if I remember correctly, I I believe, like, Nevada.

44:08

Some reason, I think it was, like, the state of Nevada for their pension plan for government government workers. Something like that had one of the best, returns, and they was basically, like, one dorky guy, and he's pretty much just like Warren Buffett. You know, he has a a similar style or, a similar budget where he has all this money, and he just would sit in this office. And except unlike Warren Buffett, he's getting paid by the state. And so there was a story about how he was making you know, a nice amount of money a year, but he would bring brown paper bag lunch and he had just drove a four. Thirty five. Yeah. Yeah. Yeah. And he's like, look, I'm on the and and and this guy was like, a fiduciary, a fiduciaries where he was, like, I don't waste taxpayer money. And because of that, I read all this stuff, I very rarely make big bets. And but when I do, it fucking crushes

Some reason, I think it was, like, the state of Nevada for their pension plan for government government workers. Something like that had one of the best, returns, and they was basically, like, one dorky guy, and he's pretty much just like Warren Buffett. You know, he has a a similar style or, a similar budget where he has all this money, and he just would sit in this office. And except unlike Warren Buffett, he's getting paid by the state. And so there was a story about how he was making you know, a nice amount of money a year, but he would bring brown paper bag lunch and he had just drove a four. Thirty five. Yeah. Yeah. Yeah. And he's like, look, I'm on the and and and this guy was like, a fiduciary, a fiduciaries where he was, like, I don't waste taxpayer money. And because of that, I read all this stuff, I very rarely make big bets. And but when I do, it fucking crushes

44:51

it. And so, like, these guys

it. And so, like, these guys

44:54

yeah. He's he's great. And he's like and so anyway, it's just like these guys making these decision, they're

yeah. He's he's great. And he's like and so anyway, it's just like these guys making these decision, they're

45:00

just government workers in a way, but they're making they're basically mini Warren Buffetts. And so it's really fascinating, like, the world of these, of these endowments and these patients. I met a guy once who worked for Alaska's permanent fund. I don't know if you know about this. They have seventy nine billion in assets under management. So Alaska has all this money from the oil stuff or whatever. And then they give everybody who lives in Alaska, like, three grand a year or something like that. Which is basically like well, you know, when people were talking about universal income,

just government workers in a way, but they're making they're basically mini Warren Buffetts. And so it's really fascinating, like, the world of these, of these endowments and these patients. I met a guy once who worked for Alaska's permanent fund. I don't know if you know about this. They have seventy nine billion in assets under management. So Alaska has all this money from the oil stuff or whatever. And then they give everybody who lives in Alaska, like, three grand a year or something like that. Which is basically like well, you know, when people were talking about universal income,

45:24

like, oh, that sounds crazy. I'm like, you know, they do that in Alaska. I think I think you get fifteen grand a year if you live in Alaska.

like, oh, that sounds crazy. I'm like, you know, they do that in Alaska. I think I think you get fifteen grand a year if you live in Alaska.

45:30

Right. Yeah. I don't know. I don't know. I thought it was, like, maybe three, four. But, yeah, maybe it's more.

Right. Yeah. I don't know. I don't know. I thought it was, like, maybe three, four. But, yeah, maybe it's more.

45:35

But, yeah, the there and then there I met a guy who manages that that money, and he's just like What was he like? Oh, he he wasn't the main principal, but he was a guy who worked there.

But, yeah, the there and then there I met a guy who manages that that money, and he's just like What was he like? Oh, he he wasn't the main principal, but he was a guy who worked there.

45:43

And he was like, he was at the farming conference. And I was like, what are you doing here? And he's like, I'm looking for, you know, intelligence and then and investments, you know, farmland is a great investment. I was like, wow.

And he was like, he was at the farming conference. And I was like, what are you doing here? And he's like, I'm looking for, you know, intelligence and then and investments, you know, farmland is a great investment. I was like, wow.

45:54

Good for you. This is, you know, who would have thought you this guy's managing way more money. Or these people manage way more money than, like, the the famous kinda hedge funds or, or venture capitalist that you hear a lot about. Yeah. I wonder if this topic is interesting. Ben, let me know in the Slack because I, like, I'm geeking out on this stuff. I found this to be crazy fascinating.

Good for you. This is, you know, who would have thought you this guy's managing way more money. Or these people manage way more money than, like, the the famous kinda hedge funds or, or venture capitalist that you hear a lot about. Yeah. I wonder if this topic is interesting. Ben, let me know in the Slack because I, like, I'm geeking out on this stuff. I found this to be crazy fascinating.

46:12

So he's typing now. You wanna do one more thing? Yeah. Let's do one more. I have a quick idea. My nine?

So he's typing now. You wanna do one more thing? Yeah. Let's do one more. I have a quick idea. My nine?

46:18

My nine. Okay. So,

My nine. Okay. So,

46:21

sounds a little bit sick, last twenty four hours. I don't know if you have a gray haircut, by the way, though. I really like the

sounds a little bit sick, last twenty four hours. I don't know if you have a gray haircut, by the way, though. I really like the

46:26

office. The Uptown Fade. You got, you know, high high fade.

office. The Uptown Fade. You got, you know, high high fade.

46:31

It's the Uptown Fade with the Downtown Brow.

It's the Uptown Fade with the Downtown Brow.

46:36

Oh, that means I just wanted to say something cool. It looks good. You look sharp. Have you been have you how much weight have you lost in the past three years?

Oh, that means I just wanted to say something cool. It looks good. You look sharp. Have you been have you how much weight have you lost in the past three years?

46:44

I think I've gained weight in the last few years. I just changed the composition. Like, I, you're looking to put on a lot of muscle, too much muscle,

I think I've gained weight in the last few years. I just changed the composition. Like, I, you're looking to put on a lot of muscle, too much muscle,

46:52

in a way that's, like, not good. Like, not, like, it's, like, I'm not neither a bodybuilder

in a way that's, like, not good. Like, not, like, it's, like, I'm not neither a bodybuilder

46:57

nor am I ripped. I'm just thick. And thick is, like, I don't know anybody who puts thick on their vision board. Like

nor am I ripped. I'm just thick. And thick is, like, I don't know anybody who puts thick on their vision board. Like

47:03

Well, some people do. I mean, look at your your your right arm right now. Dude, your right arm right now. I definitely see I definitely see tricep. Yes. I see a great teardrop, man. That's a that you gotta you have a good tricep muscle. That's why, do you call it? Like, your your high your your highlight, your keystone asset. That's my keystone asset. Right? Your tries.

Well, some people do. I mean, look at your your your right arm right now. Dude, your right arm right now. I definitely see I definitely see tricep. Yes. I see a great teardrop, man. That's a that you gotta you have a good tricep muscle. That's why, do you call it? Like, your your high your your highlight, your keystone asset. That's my keystone asset. Right? Your tries.

47:22

I got it to the zoom view.

I got it to the zoom view.

47:25

Yeah. Normally, if my quads what was good. I just be wasting it every day. I love coming to my life, my friend.

Yeah. Normally, if my quads what was good. I just be wasting it every day. I love coming to my life, my friend.

47:31

Yeah. You should make an excuse to stand up every day every every episode just to, you know, like, a little bit. Yeah. Quadzilla. No. You look good. You definitely look svelte, and people in the comments are saying it. But sorry. Go ahead.

Yeah. You should make an excuse to stand up every day every every episode just to, you know, like, a little bit. Yeah. Quadzilla. No. You look good. You definitely look svelte, and people in the comments are saying it. But sorry. Go ahead.

47:42

Well, that'll be that's Right? Anytime anytime you want to take that tangent and we can go there.

Well, that'll be that's Right? Anytime anytime you want to take that tangent and we can go there.

47:46

Alright. So I was,

Alright. So I was,

47:48

I was in a fever. I had a little fever dream thought of an idea that I'm pretty sure would go viral. I'm not gonna do it, but,

I was in a fever. I had a little fever dream thought of an idea that I'm pretty sure would go viral. I'm not gonna do it, but,

47:54

you know, our friend,

you know, our friend,

47:56

Nikita, who has created the same app twice and sold it twice to the same

Nikita, who has created the same app twice and sold it twice to the same

48:01

to to similarly stupid tech companies that that didn't realize it's like just like a nothing app. Oh, you're talking about, Nikita "The Asshole" Bier.

to to similarly stupid tech companies that that didn't realize it's like just like a nothing app. Oh, you're talking about, Nikita "The Asshole" Bier.

48:11

That's his nickname, right?

That's his nickname, right?

48:15

That's his official name. Right? For those who don't know, We call him D.B. Cooper, but it just stands for Douchebag Cooper.

That's his official name. Right? For those who don't know, We call him D.B. Cooper, but it just stands for Douchebag Cooper.

48:25

Yeah. I I know Nikia "The Asshole" Bier. You know, the funny thing is he's got this persona online or be kind of like a shit poster and, like, kind of a shithead.

Yeah. I I know Nikia "The Asshole" Bier. You know, the funny thing is he's got this persona online or be kind of like a shit poster and, like, kind of a shithead.

48:33

But usually when you meet those people, the if you ever meet somebody like that, you're like, what's what are they like? It's like, dude, total sweetheart. Love that guy. Totally not like you see online.

But usually when you meet those people, the if you ever meet somebody like that, you're like, what's what are they like? It's like, dude, total sweetheart. Love that guy. Totally not like you see online.

48:43

No.

No.

48:44

You know how, like, you know, that's a very common thing where you're like, oh, you know, Shaan, you know Sam, whatever? Oh, yeah. Great guy. Great guy.

You know how, like, you know, that's a very common thing where you're like, oh, you know, Shaan, you know Sam, whatever? Oh, yeah. Great guy. Great guy.

48:50

I don't know if they I've met those that phrase may not be used with him. Is he getting "great guy"? He's not getting "great guy".

I don't know if they I've met those that phrase may not be used with him. Is he getting "great guy"? He's not getting "great guy".

48:58

Yeah.

Yeah.

48:59

He's more of a he doesn't get a wow. He gets a wow.

He's more of a he doesn't get a wow. He gets a wow.

49:04

You know what I mean? That that that's him.

You know what I mean? That that that's him.

49:06

So anyways, the genius of what he's done, because undeniably, created, you know, these, like, really viral teen apps

So anyways, the genius of what he's done, because undeniably, created, you know, these, like, really viral teen apps

49:13

is his app works as follows. You download the app

is his app works as follows. You download the app

49:16

You take a quiz that says who in your school or who in your contacts is most likely to whatever. And then try to figure out in your contact who you talk to the most or whatever so that they could surface maybe the right person in, in a multiple choice. So that you you say Sam is is the guy who I'd want to bail me out of jail. And then at the end of the thing, it's like, wow. Those are awesome. Do you wanna know what Sam says about you? And you're like, yeah, for sure. And basically it texts you in the background, and it's like, Sam.

You take a quiz that says who in your school or who in your contacts is most likely to whatever. And then try to figure out in your contact who you talk to the most or whatever so that they could surface maybe the right person in, in a multiple choice. So that you you say Sam is is the guy who I'd want to bail me out of jail. And then at the end of the thing, it's like, wow. Those are awesome. Do you wanna know what Sam says about you? And you're like, yeah, for sure. And basically it texts you in the background, and it's like, Sam.

49:41

Someone said that you'd be the most likely person to bail him out of jail. Do you wanna see who? And you're like, of course, click, download, then you take the quiz, and that's the viral loop.

Someone said that you'd be the most likely person to bail him out of jail. Do you wanna see who? And you're like, of course, click, download, then you take the quiz, and that's the viral loop.

49:50

Do you remember back in the I think I have another one of these. Do you remember back in the day that myspace top top eight, I think it was called? It was like, was that, like, who was in your top eight friends? Yeah. You just got I mean, this was

Do you remember back in the I think I have another one of these. Do you remember back in the day that myspace top top eight, I think it was called? It was like, was that, like, who was in your top eight friends? Yeah. You just got I mean, this was

50:01

this was like a pretty wild concept, to be honest with you. You just put on your profile...

this was like a pretty wild concept, to be honest with you. You just put on your profile...

50:06

Yo. These are my top eight friends in order, which is, like,

Yo. These are my top eight friends in order, which is, like,

50:10

I don't know. Today, that'd be considered, like, you know, bullying to the tenth degree. But Well, you know, who I think where that came from was, like, Do you remember blog rules? Or it was, like, if if you would go to a blog and it would say, like,

I don't know. Today, that'd be considered, like, you know, bullying to the tenth degree. But Well, you know, who I think where that came from was, like, Do you remember blog rules? Or it was, like, if if you would go to a blog and it would say, like,

50:22

here's who else. Yeah. On the right hand side, you would list, like, eight other blogs that were similar to you that you were friends with, which, by the way, I thought was awesome. I always, like, I go I try to find whenever we wanna discover things. Yeah. I love doing that. And then a lot of people don't know this, but Tony Hsieh, the founder of Zappos, he created

here's who else. Yeah. On the right hand side, you would list, like, eight other blogs that were similar to you that you were friends with, which, by the way, I thought was awesome. I always, like, I go I try to find whenever we wanna discover things. Yeah. I love doing that. And then a lot of people don't know this, but Tony Hsieh, the founder of Zappos, he created

50:38

what was it called? It was called MediaLink,

what was it called? It was called MediaLink,

50:40

I think. And it basically went from zero to, like, four hundred million dollar acquisition.

I think. And it basically went from zero to, like, four hundred million dollar acquisition.

50:46

And all they did, I think, originally,

And all they did, I think, originally,

50:49

it's called link exchange, is what it was called, is they helped broker the deals

it's called link exchange, is what it was called, is they helped broker the deals

50:53

where eventually it was a pay to play for, like, the blog rolls, which is like the thing on the side. And I think that is where my space kinda got, like, this idea of, like, here's, like, my top ate or whatever. Like, here's the people I to help you discover new people. Right. And, you know, Tom from MySpace would always be your your automatic number one, when you start, and then you have to fill in your friends. And was this awesome thing. You could go to someone's profile. You could be like, oh, they're best friends with this person. Oh, this girl moved to number one. Maybe they're dating. It was like this little, like, this, like, signaling thing. And it was cool. It was felt so good to be in someone's topic, and it felt so bad to be out of someone's topic.

where eventually it was a pay to play for, like, the blog rolls, which is like the thing on the side. And I think that is where my space kinda got, like, this idea of, like, here's, like, my top ate or whatever. Like, here's the people I to help you discover new people. Right. And, you know, Tom from MySpace would always be your your automatic number one, when you start, and then you have to fill in your friends. And was this awesome thing. You could go to someone's profile. You could be like, oh, they're best friends with this person. Oh, this girl moved to number one. Maybe they're dating. It was like this little, like, this, like, signaling thing. And it was cool. It was felt so good to be in someone's topic, and it felt so bad to be out of someone's topic.

51:26

So but it it lets you know where you stand. And there's something I really appreciate about that. So I think you can recreate that now with something I'm calling my nine. And what my nine is, you download this app and it just says,

So but it it lets you know where you stand. And there's something I really appreciate about that. So I think you can recreate that now with something I'm calling my nine. And what my nine is, you download this app and it just says,

51:37

who are your nine people?

who are your nine people?

51:38

Who you who you who you rocking with? And you just designate,

Who you who you who you rocking with? And you just designate,

51:41

of my contacts. These are my nine, and they let you publish that as a photo to Instagram

of my contacts. These are my nine, and they let you publish that as a photo to Instagram

51:46

or as a video onto TikTok or whatever. Just let you share that out. Just saying, hey, here's my nine and you tag them, and it texts them also from your phone. And somebody puts you in their their their their my nine.

or as a video onto TikTok or whatever. Just let you share that out. Just saying, hey, here's my nine and you tag them, and it texts them also from your phone. And somebody puts you in their their their their my nine.

51:57

Do you wanna see who? And of course, you're gonna download. Of course, you're gonna sign up to see who you're gonna connect your address book, and then you're gonna select your nine. And you'll uppercate because that's what people do. And so I think this would also go super viral

Do you wanna see who? And of course, you're gonna download. Of course, you're gonna sign up to see who you're gonna connect your address book, and then you're gonna select your nine. And you'll uppercate because that's what people do. And so I think this would also go super viral

52:09

because I think it just has those, like, human psychology triggers where If you got that message, you you gotta know who did it. And then when you're there, you'll do it too because it's kinda fun, like, a little personality quiz, and then that triggers the next nine invite. That go out and nine invites is enough to go viral. So, like, even if you have a fifteen percent conversion rate, but which this would have, like, more, like, forty percent probably,

because I think it just has those, like, human psychology triggers where If you got that message, you you gotta know who did it. And then when you're there, you'll do it too because it's kinda fun, like, a little personality quiz, and then that triggers the next nine invite. That go out and nine invites is enough to go viral. So, like, even if you have a fifteen percent conversion rate, but which this would have, like, more, like, forty percent probably,

52:31

you will by definition, your k factor will be over one. You will you will go viral. Dude, I always wanted that for when I die.

you will by definition, your k factor will be over one. You will you will go viral. Dude, I always wanted that for when I die.

52:38

You know, like, my nine for when I had my die. My die. My die. So, like, I've I've always wondered, like, if I die, how is anyone gonna know? Because, like, when you I imagine this sounds douchey. I don't know. Your tombstone. Just here's my nine friends. Tell my friends.

You know, like, my nine for when I had my die. My die. My die. So, like, I've I've always wondered, like, if I die, how is anyone gonna know? Because, like, when you I imagine this sounds douchey. I don't know. Your tombstone. Just here's my nine friends. Tell my friends.

52:53

I don't know. Again, I'm gonna preface this Dushi, but when you start having a little bit of something, you eventually you have so many different accounts. And, like, there's companies that I've invested in, and I fucking forgot. When I when I sold the hustle, we there's this one guy. He's, what was his name? Jonah. He started moat dot com and he sold like, a billion dollars. He's just a rich guy, and he gave me very little money.

I don't know. Again, I'm gonna preface this Dushi, but when you start having a little bit of something, you eventually you have so many different accounts. And, like, there's companies that I've invested in, and I fucking forgot. When I when I sold the hustle, we there's this one guy. He's, what was his name? Jonah. He started moat dot com and he sold like, a billion dollars. He's just a rich guy, and he gave me very little money.

53:13

Enough that, like, he probably makes that a day in interest. And when we sold, it took me a year to get in contact with him.

Enough that, like, he probably makes that a day in interest. And when we sold, it took me a year to get in contact with him.

53:22

I swear to god. It took the the lawyers were like, dude, we cannot get in this guy,

I swear to god. It took the the lawyers were like, dude, we cannot get in this guy,

53:26

like, his e because he sold his company, so it's and, like, he just we can't get in touch with them. We don't know how we gotta give him his money, but he's owed money. It's just sitting here. And

like, his e because he sold his company, so it's and, like, he just we can't get in touch with them. We don't know how we gotta give him his money, but he's owed money. It's just sitting here. And

53:34

I'm not close to that, but there are some investments that I've made that I've forgotten about. And I've always wondered, like, if I die, how is anyone in my family gonna know, like, who get, like, where the stuff is? Or if they're who are they gonna contact? Am I, like, is there, like, like, a, like, a, like, a next of kin, like, checklist. You know what I mean? And it changes all the time too. So even if you wrote it down once,

I'm not close to that, but there are some investments that I've made that I've forgotten about. And I've always wondered, like, if I die, how is anyone in my family gonna know, like, who get, like, where the stuff is? Or if they're who are they gonna contact? Am I, like, is there, like, like, a, like, a, like, a next of kin, like, checklist. You know what I mean? And it changes all the time too. So even if you wrote it down once,

53:56

This is gonna change. I actually don't know how this works when when you die. How do they discover all your assets, especially not with like crypto or angel investing? Like, I don't know. I'm gonna discover all this stuff. And who are they gonna know what to contact? Because particularly with crypto, it's a lot of single young guys, like, who's, like, the next the next of kin for that? I I have no idea You know, there was a do you watch succession?

This is gonna change. I actually don't know how this works when when you die. How do they discover all your assets, especially not with like crypto or angel investing? Like, I don't know. I'm gonna discover all this stuff. And who are they gonna know what to contact? Because particularly with crypto, it's a lot of single young guys, like, who's, like, the next the next of kin for that? I I have no idea You know, there was a do you watch succession?

54:14

Hey, this is producer, Ben. Quick note. Same is about to drop a massive spoiler for the HBO series succession. So if you plan on watching it and you're not all the way caught up, skip ahead, like, two minutes.

Hey, this is producer, Ben. Quick note. Same is about to drop a massive spoiler for the HBO series succession. So if you plan on watching it and you're not all the way caught up, skip ahead, like, two minutes.

54:25

Enjoy.

Enjoy.

54:26

They're like, he he just left everything to emoji.

They're like, he he just left everything to emoji.

54:30

Yeah. That's

Yeah. That's

54:31

dude, on on succession, it's like a, you know, the thing it's basically Robert Murdoch's family. And the the Rupert Murdoch character dies, and they find his will, and he wrote it in pencil, but they and they there's this part where he's giving stuff the company to his son, and they can't determine if he's crossing. It is. Yeah. Well, no. They couldn't determine, is he crossing out the guy's name or underlining the guy's name?

dude, on on succession, it's like a, you know, the thing it's basically Robert Murdoch's family. And the the Rupert Murdoch character dies, and they find his will, and he wrote it in pencil, but they and they there's this part where he's giving stuff the company to his son, and they can't determine if he's crossing. It is. Yeah. Well, no. They couldn't determine, is he crossing out the guy's name or underlining the guy's name?

54:54

Because he, like, it was like a crooked line. They're like, it's crossing it out or underlining. We don't really know what that is. But I've thought about them, like, when I die, if I die and my wife dies at the same time, let's say we don't have kids, whatever, I'm like, are who are they gonna have to contact? Like, they gotta figure out where my mother lives. Like, it just seems like an ordeal. You're gonna have a really rich dog. Yeah. I guess.

Because he, like, it was like a crooked line. They're like, it's crossing it out or underlining. We don't really know what that is. But I've thought about them, like, when I die, if I die and my wife dies at the same time, let's say we don't have kids, whatever, I'm like, are who are they gonna have to contact? Like, they gotta figure out where my mother lives. Like, it just seems like an ordeal. You're gonna have a really rich dog. Yeah. I guess.

55:13

So so they need my nine, but, like,

So so they need my nine, but, like,

55:16

That's, like, now I'm, like, You took this in terms of, like, a,

That's, like, now I'm, like, You took this in terms of, like, a,

55:19

a trust and will solution.

a trust and will solution.

55:21

Yeah.

Yeah.

55:22

My teenage viral app, my dear. Yeah. My nine probate is what it's called. That it's just like You really, yes. I did that one.

My teenage viral app, my dear. Yeah. My nine probate is what it's called. That it's just like You really, yes. I did that one.

55:29

He went full improv kid on that one and took it to an Holy Play. Dude. I've just been thinking about that. Have you not thought about that? Because, like, there's some shit that you've probably done. It could be small. Like, every once in a while, like, just do a deal. Like, I'll just invest, like, five grand into something. And I don't tell anyone about it. Like, you know, you and I you and I were joking. Five grand is about the limit where you, like, tell your spouse that you're doing it. And, like, you know, there's been things that I've done. I'm like, oh, I don't even fucking remember. And I guess there's a scratch off ticket that I want somewhere. I have no idea.

He went full improv kid on that one and took it to an Holy Play. Dude. I've just been thinking about that. Have you not thought about that? Because, like, there's some shit that you've probably done. It could be small. Like, every once in a while, like, just do a deal. Like, I'll just invest, like, five grand into something. And I don't tell anyone about it. Like, you know, you and I you and I were joking. Five grand is about the limit where you, like, tell your spouse that you're doing it. And, like, you know, there's been things that I've done. I'm like, oh, I don't even fucking remember. And I guess there's a scratch off ticket that I want somewhere. I have no idea.

55:59

Dude,

Dude,

56:00

Yes. I've thought about that, especially with crypto, but then when crypto crashed, I was like, hey. Never mind. Forget a forget what I told you. It doesn't matter anymore.

Yes. I've thought about that, especially with crypto, but then when crypto crashed, I was like, hey. Never mind. Forget a forget what I told you. It doesn't matter anymore.

56:08

You know, those instructions I told you about how, like, you know, it's written on this fireproof,

You know, those instructions I told you about how, like, you know, it's written on this fireproof,

56:13

you know, platinum card that's stored in this safe, in this foreign country.

you know, platinum card that's stored in this safe, in this foreign country.

56:17

Forget about it. You don't need to go retrieve it anymore.

Forget about it. You don't need to go retrieve it anymore.

56:21

Particularly with crypto, it seems crazy.

Particularly with crypto, it seems crazy.

56:23

So I need my nine, but for my will. God damn.

So I need my nine, but for my will. God damn.

56:28

Okay. Fair enough.

Okay. Fair enough.

56:30

I guess that's the bond.

I guess that's the bond.

56:33

Did I I meant to

Did I I meant to

56:34

be a yes man on that one. By the way. Not,

be a yes man on that one. By the way. Not,

56:38

not,

not,

56:39

Yeah. You did. Alright. Good. That's good. Alright. Is that the pod? That's fine.

Yeah. You did. Alright. Good. That's good. Alright. Is that the pod? That's fine.

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