This episode of the My First Million podcast features hosts Sam Parr and Shaan Puri discussing their “Stockapalooza 2024” challenge, where they each select a stock to pitch and defend. They break down their investment criteria based on Warren Buffett’s principles, focusing on companies with strong brands, economic moats, and competent management, while also sharing personal anecdotes about their own investment experiences.
Topics: Investing, Stock Market, Warren Buffett, Business Strategy, Entrepreneurship, Economic Moats, Brand Value
Stockapalooza 2024 [00:00]
Sam Parr: So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too.
Shaan Puri: Every weekend. I build my Saturdays around it.
Sam Parr: Well, I think you should invest in your Saturdays. My pick for Stockapalooza 2024 is…
Shaan Puri: All right, we’re live. Sean, did you just go to the Black Friday sale at Tommy Bahama? What’s going on?
Sam Parr: I went into the old dad’s closet today and got a little shirt because it’s a special occasion and I needed to dress up.
Shaan Puri: That’s your version of dressing up?
Sam Parr: Yeah, this is up, dude. All right. What are we doing today?
Sam Parr: Today, this is Stockapalooza, the first ever, first annual Stockapalooza, which you may not know what that means because we made it up. Basically, me and Sam said, what if we did an episode where we pick a stock? So each of us are going to go through the stock market, we’re going to each pick a stock that we have to make a case for. If you’ve ever seen, there’s a conference called the SOHN Conference, and it’s kind of like a TED Talk, but for stock pickers. And all the biggest names go there. Bill Ackman goes there, and Druckenmiller, and whoever, Chamath, and they all, they get on stage and they make like a 20-minute case for a particular stock, why they’re long or why they’re bullish on something. And those guys are good, and those talks are fun. We wanted to try it too and do it our way. So the MFM style of this, it’s called Stockapalooza. Both me and Sam have picked a stock. We do not know what each other have picked. We’re going to get 20 minutes each to present. And so if you’re on the like just the audio podcast feed, I know I’ve been telling you, YouTube is where it’s at today. YouTube is for sure where it’s at because we got slides. Your boys came prepared and I have data, I got charts, I have a whole bunch of stuff here. So you want to go to YouTube where you’re going to actually be able to see the screen and see us sharing slides. So we got 20 minutes each to do it.
Shaan Puri: For the listener who are on not YouTube, we have to ask them to do something when they finally go to YouTube.
Sam Parr: That’s right, that’s right. If you go there and you don’t hit the subscribe button, a curse is placed on your family for seven years, and I don’t want that for any of you guys. So go ahead and hit subscribe when you’re there because it’s super important for your family.
Shaan Puri: It’s a simple pitch. We put all this work in and they don’t have to pay us back with anything other than a subscribe on YouTube. It’s free and easy for them and it makes just a ton of difference to us. So just go and do that. All right, now, what are you saying?
Sam Parr: Okay, so you ready to begin? Do we need to should we just go into it?
Shaan Puri: Uh, no, rules. Okay, so we’re kind of making up the rules on the fly. So, uh, we’re going to do how about 20 minutes? So you get 20 minutes, I’ll ask questions, but I’ll try not to interrupt too much, and then we’ll do like we’ll just we’ll talk for about it for a few minutes afterwards, and then I’ll pitch, and then the last 10 or however many minutes left, we’ll we’ll each vote. But then in the YouTube comments, you guys actually have to vote who wins. But when we say win, what does win mean here? Because we’re not exactly we’re going to be you guys can like we can play a drinking game where it’s like count the disclosures. You’re going to see this disclosure constantly of saying, we have no idea what we’re talking about. It’s just something fun and cool. But how do we base win on? Is it by showmanship? Is it by what company you think is going to have a long-term It’s who makes the best case.
Sam Parr: But what does best mean? A 10-year?
Shaan Puri: Well, I don’t know. And that’s part of the fun here, making it up as we go. We can say 10 years.
Sam Parr: Is it just entertainment? Because that’s different.
Shaan Puri: Well, this is definitely entertainment, but the entertainment has to have a foundation of you can’t just be making shit up, right? We got to have actual good insights or good analysis presented in a in a wonderful way, right? The way that any presentation is sort of scored. You have style points and you have substance points. And we’re going to take both of those factors into consideration to pick the the ultimate winner. Um, I don’t know if you have you ever gone and watched any of these by the way, like, you know, in uh, I remember when Chamath went on stage in 2016 and he was like, there’s a there’s a multi-trillion dollar company hidden in plain sight, and he made a case for why Amazon was going to get to 3 trillion by 2025. This is back in 2015.
Shaan Puri: What is it now?
Sam Parr: It’s currently like close to 2 trillion and we got a year a year left. He’s not far off. Um, he then went up and did a case for Box and I bought a shit ton of Box stock and Box then just shit the bed for the next three years. And if you go back, all the smartest guys, Bill Ackman, he goes up there and he makes a case for some housing thing. Terrible stocks, right? I went back and I actually charted how how these picks did. Really bad. So actually, we might be just as good as them because we’re also going to be terrible.
Shaan Puri: What’s considered good for these guys? Like, is it like a batting average where it’s like if you’re 300, if you’re, you know, which 30%, right, you’re the best?
Sam Parr: No, I think it’s just based on the the returns, right? So like how much you put in versus how often you’re right, right? The multiple the multiple of those two. So, you know, uh, they just got to get enough right where the overall returns are there. But we should say this, first slide is the most important slide, which is that this is not financial advice. This is entirely for entertainment purposes only. Uh, my lawyer has told me to say that, but it’s actually true. This is only for entertainment purposes. I forbid you from actually investing in any of the things that we talk about. I am an idiot when it comes to the stock market. So if you take my financial advice, I consider you an idiot, too. That’s my disclaimer.
Shaan Puri: There needs to be a song where it’s uh, what did you say? Throw your hands in the air and lose your money like you just don’t care.
Sam Parr: Exactly. Stockapalooza. That’s the Stockapalooza anthem. All right, let’s jump in. All right, my turn. Uh, I’m going to start my clock. Let’s go. Okay, so here’s the general idea. If you’re buying one stock, Sam, I know you’re an index fund guy, right? You like to go into the S&P 500 and spread out your risk. Uh, and you’re right. If you’re buying one stock, you’re taking more risk than the index. And if you look back last 10 years, the index has given you about a 10 and a half percent annual return over a 10-year period. 10 and a half percent over 10 years. So that’s we’d have to beat that to justify taking the additional risk of picking one stock. Because that’s going to basically 2.7x your money in a 10-year span. So if you want to do a little better than double, almost triple your money in 10 years, just put it in the S&P 500. So we’re looking for something that if we’re going to take more risk, we need to get more reward. So here’s what I’m I’m thinking. I decided to peg for what do I think could get me a 5x in 10 years, okay? 5x in 10 years, double what the uh what the S&P 500 is going to do. So which stock did I pick, Sam? I’m sure you’re wondering. Well, let’s ask the Oracle of Omaha, aka Buff Daddy. What would Warren Buffett do? Because I’m not a great stock picker, so I wanted to go and study the great stock pickers of all time and look at what would be their criteria. What are they looking for so that I can learn from them. And I went back and I learned everything I could from Warren Buffett, and I realized that there’s five big things that he looks for, okay? So you ready for the five big ones? The first, understandability. Meaning, he doesn’t invest in shit he doesn’t understand. If it’s too complicated or if it’s outside of his circle of competence, he’s simply not investing. And so the idea is, is the business simple enough that an idiot like me could understand it? And that ideally, an idiot could even run it, right? Such a simple business. So, understandability. Number two, an economic moat. So we want few competitors, we want some pricing power, and we want to make sure that this business is so defensible that it’s going to be around in 50 years because uh, you know, Warren is usually a buy and hold investor. He’s he’s not really trying to trade in and out and time the market. He’s looking for time in market and he’s looking to be in the in the company for a long time. Um, and so we want an economic moat, something that’s super durable. All right, number three, competent management. So management, basically a strong management team is always going to be a um uh, you know, big benefit for anything uh for any stock. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time.
Shaan Puri: That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at.
Sam Parr: Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for.
Shaan Puri: All right, everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM.
Sam Parr: Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’m going to show you a real life example. So I’ve got this company called Hampton, joinhampton.com. It’s a community for founders doing between 2 million all the way up to like $250 million a year in revenue. And one of the ways that we’ve grown is we’ve created these cool surveys. And so we have a lot of founders who have high net worth and we’ll ask them all types of questions that people typically are embarrassed to ask, but provide a lot of value. So things like how much the founders pay themselves each month, how much money they’re spending each month, what their payroll looks like, if they’re optimistic about the next year in their business, all these questions that people are afraid to ask, but well, we ask them anyway and they tell us in this anonymous survey. And so what we do is we created a landing page using HubSpot’s landing page tool and it basically has a landing page that says, here’s all the questions we asked, give us your email if you want to access it. And then I shared this page on Twitter and we were able to get thousands of people who gave us their email and told us they want this survey and I could see did they come from social media? I can see did they come from Twitter, from LinkedIn, basically everywhere else that they could possibly come from. I’m able to track all of that. And then I’m able to see over the next handful of weeks, how many of those people actually signed up and became a member of Hampton. In other words, I can see how much revenue came from this survey, how much revenue came from each traffic source, things like that. But the best part is I can see how much revenue came from it. And a lot of times it takes a ton of work to make that happen. HubSpot made that super, super easy. If you’re interested in doing this, you can check it out hubspot.com. The link’s in the description and I also put the link to the survey that I did so you can actually see the landing page and how it worked and everything like that. I’m just going to do that call to action then. And it’s free. Check it out in the description. All right, now back to MFM. Okay, so simple Buffett formula, just to summarize, buy brands that you understand, that’ll be here 50 years from now, that spit off cash at a fair price. If you do all that, you can hold forever. You’ve done well. So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But um, I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I I build my Saturdays around it. Well, I think you should invest in in your Saturdays. Uh, my pick for Stockapalooza 2024 is TKO. TKO is the stock that owns um, WWE and the UFC. And I think that TKO is a Buffett stock. And here’s Buffett, you know, looking ready for WrestleMania. Why is it why does it fit the criteria? So, understandability. Very easy to understand. It’s a holding company that owns these sports franchises. It owns these leagues underneath them. Okay, that’s the that’s all the business is. It’s it does nothing else besides that. Um, fighting is the easiest thing to understand in the world. Uh, I don’t know if you’ve heard this great thing that uh that that Dana White says, he goes, let’s say you walk out into a a sports field on a Sunday and there’s a soccer game over here, and a basketball game over there, and these guys are playing flag football. And you could go look in any one of those directions. You might have a favorite sport. But if somebody yells, fight! And there’s a fight going on, everybody’s head’s going to turn. It is a uh human nature thing that we like to watch people compete and fight. Um, and it is global, everywhere in the world. People don’t, you know, if you go to China, people don’t know the rules of football. You come to America, people don’t know the rules of cricket. But everybody understands the concept of these two guys are going to fight each other. Uh, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay-per-view. Sam, how much do you think you’ve paid in pay-per-view uh per year? What are you what are you spending on your UFC fandom? So, uh, I would probably say I um buy the five a year. So that’s $500, I think. And then I only have a ESPN subscription. Like dude, I don’t know anything about sports. I just found out that the Super Bowl is this Sunday. I thought it was in November. I only I pay for ESPN just for that, so that’s another 60. And then I attend one to three a year, which is uh quite expensive. That’s $1,000 a show at least. Exactly. High LTV fans. Okay, so let’s let’s go through these now. Economic moat. Um, name the competitor to the UFC. Name a competitor to to to WWE. They’ve all come and gone. Bellator was the the most well-funded competitor to to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed and they just sold it for, you know, uh less than what they put what they invested into it. They sold it for 100 million bucks. The number two competitor sold for 100 million. The UFC sold for 4.2 billion. So that’s the gap between one and two. Uh, growing up, I loved WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. Uh, AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly, more than Google has in the search market. Do you know how popular WWE is on YouTube? Have you have you did you look into that? I I have I have a couple slides later. They dominate social media. It’s the 10th, the 10th most popular channel on all of YouTube is WWE. That’s insane. Right. Like the fact that these two have more market share in their market than Google has in the search market shows you the just complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and uh, they haven’t been able to touch them. So you you have you have two brands that have been around for a while and will be around for a while. Okay, competent management. We have Ari Emanuel. If you’ve ever seen Entourage, the character Ari Gold is based on on Ari Emanuel. He is an absolute power player, power broker in in the entertainment business. You have Dana White, the guy who’s basically been the founder CEO of this essentially since they bought it for 2 million bucks. Bought it for 2 million, sold it for 4.2 billion. And he’s uh he’s still going and he’s still going strong. This guy is an absolute animal. And you have uh Egon Durban who’s with Silver Lake partners. That’s their kind of institutional capital behind this. And that guy’s also, you know, got a pretty crazy track record with multiple billion dollar um or multi-billion dollar plays like Skype and whatnot. So, super good management team. Okay, last, last two. Margin of safety means we got to be buying this, we can’t be buying this at some extreme price. Even if it’s a great company, if it’s massively overpriced, it’s too hot in the market, then we’re taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That’s a that’s a great margin of safety. And of course, lastly, strong financials. So high earnings, low CAPEX, low debt, that’s really what we look for. Okay, so this is why Warren Buffett is buying brands, not stocks. I I love this line actually in my research. He goes, don’t buy a stock, buy a company. Subtle difference, but he’s looking to basically like what would what don’t try to buy the stock because you think the price is going to go up, buy the company because you think that company is going to endure and be successful and just grow steadily for a long period of time. That’s a new thing that he did. So it’s not new for I mean, he he didn’t start doing that until his 60s. So before he was buying stocks purely on the financials, he’s like, I don’t care what they sell. And then he like met Coke and then he like invested in Washington Post and he’s like, oh no, the brand is actually where it’s at. Exactly. He used to do the cigarette butt investing where, you know, if there’s two puffs left on the cigarette, um, okay, let’s do it. There’s value there, but he he credits Charlie Munger for showing him that actually it’s better to pay uh, you know, a fair price for a great business than a great price for just a fair business. And so that’s why he’s now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years and that’s what he’s looking for. All right everyone, a quick break to tell you about HubSpot and this one’s really easy for me to talk about because I’