Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
Note: This transcript was auto-generated from YouTube captions. It may contain errors and lacks speaker identification. A full Gemini audio transcript will replace this.
Kind: captions Language: en i never lie but i think a lot more people should lie you could look cool yeah uh i don’t think more people should lie because as somebody who used to lie it’s uh it’s really exhausting what did you lie about feel like i can rule the world i know i could be what i want to i put my all in it like no days off on the road let’s travel never looking back all right i uh i want to talk about this open c thing i’m laughing about it but before we get into that people like story stuff let me quote not a story but do you know who laird hamilton is surfer yeah so he uh he like is like when you think of the word like surfer hunk he’s like the guy you like think of right like blind he’s like kind of the most famous one i think and he’s a little bit older now right yeah he’s in his 50s he could be as old as 60 but uh he’s 57 and there’s two amazing things about him the first he has this thing called layered superfood have you heard of that no okay it’s interesting for a bunch of reasons the first reason why it’s interesting is laird is interesting to me he’s basically so laird hamilton was a surfer in hawaii he had a troubled childhood but he dedicated his life to surfing he says that he might be a little autistic and that he like focuses on a goal incredibly uh like he he’ll achieve it no matter what he obsesses so for a long time he was obsessed with finding the biggest wave he invented toe in surfing and then eventually he got into uh health and he got obsessed with eliminating sugar eliminating flour and just being very very very healthy and so eventually he launched a company called layered superfood and he’s obsessed with coffee he drinks tons of caffeine loves coffee and he didn’t want to use like almond milk or oatly or anything like that and so he invents this thing called layered superfood it starts with a creamer now they sell a bunch of different stuff a bunch of different creamers a bunch of different health foods it seems legitimate i’m gonna buy some of them some of it because uh it does look i like him and i like the idea of what it promises although i don’t know the science behind it but the second second reason why it’s interesting it went public it’s publicly traded it went public with like 18 million in revenue currently has a market cap 163 million dollars revenue of like 50 i think uh but kind of cool right and laird interests me because he’s kind of like there’s no such thing as a perfect human but he checks all the boxes in terms of he’s doing getting a bunch of stuff so physically fit great he seems emotionally incredibly healthy very stable like when he talks to him he seems very wise and like he understands uh how to treat people got a great family it seems and now financially very successful adventurous this guy’s my hero uh but i don’t know if he had ever i thought it was interesting that they took the company public yeah that sounds also just did it take it public in the us or somewhere else here it’s uh where it’s on it’s on the new york stock stock exchange it’s called layered superfood doesn’t it seem too small it’s like a penny stock like what is the market cap of it if it has 18 million in revenue it doesn’t have 18 million in revenue now maybe what’s it have now you could look it up like 40 or 50. it ha it’s market cap right now is 163. its highest ever was uh two times that interesting okay uh and yeah i’m kind of like you where there’s something you know some um like if you’re just like a normal instagram influencer and you’re like talking some product uh or whoever you’re whoever you’re me you’re you’re just like normal person and you’re you’re talking some product it’s like okay you know you probably tried to do a good job with this but like this is a business for you and you’re doing this for the business and then when you see someone like laird hamilton who’s like walked the walk for like i don’t know how many years you guys like 50 something years old and you see he’s just like ripped absolutely ripped at that age you kind of know that he’s lived a certain lifestyle and um i have a higher level of trust when this guy’s selling me a tea or a you know a breakfast waffle keto breakfast waffles or a creamer or whatever this stuff is that he has i do feel like i trust a lot more than uh you know whatever ryan gosling’s gin or something you know like where it’s like clearly just celebrity face plus generic product equals like branded product now the second thing i wanted to ask you okay so when i look at this guy i’ve been reading a lot about him i’ve been obsessing a little bit about him and i’ve been watching all this stuff he’s always working out and for the past maybe four months i’ve been working out really hard i’ll do like maybe 10 workouts a week so sometimes two days and i’m always sweating yeah i’m moving a lot and i started thinking about this because there’s this thing that trump said and it’s always stuck with me and and for some reason the way that he said it i just it never went away and someone was like this is right after his physical and they go trump why don’t you exercise he’s like it’s a waste of time i don’t want to waste my energy and they’re like what he goes yeah look like i only have a limited amount of energy in my lifetime my my body’s like a battery i’m not gonna use my battery on exercise when i could be using it building businesses or doing whatever and i have no idea what the truth is of this but it got me thinking i paraphrased it but yeah so if you google like trump health battery we call it like it’s like trump’s battery theory or something like that and i have no idea the validity of this this could be the stupidest thing ever i’ve i don’t know it just i just thought it was hilarious when he said it but it got me thinking like i read david’s goggins biography and like the dude’s sweating all the time and like can like let me read this out let me read this out uh trump gave up athletics after college because he believed the human body was like a battery with a finite amount of energy which exercise only depleted he said what did he say he goes i don’t know here’s a scientist a better analogy would be it’s like a fire that you continue to fuel with more coal or wood you need to continue to add fuel or your flame will die this is true whether you’re exercising or not simply by existing we’re burning energy okay i don’t know what this guy’s talking about so well i was thinking about it i’m like if our if our life only if our hearts this trump battery thing is too ridiculous i can’t get over it and it’s great right that’s great a possible val this is like i walked in on my sister once she was supposed to be studying and she was i walked into her room and she was just laying down sleeping and i was like oh my wake up like you’re supposed to be my mom like i was a little kid my mom i sent me in to be like is she studying for the test i was like mom say you’re supposed to be sitting for the test she’s like no no i’m reviewing in my head and i was like oh sorry sorry sorry and i went back to my mom and i was like she’s reviewing she just closed her eyes to review like she was definitely just sleeping that’s what trump’s battery thing is to me it’s like some [ ] excuse for not wanting to exercise yeah well i i was thinking i’m like what again i’m an idiot i know nothing but like if your heart can only beat some number of beats throughout your lifetime am i wasting it by just like being sweaty all the time and working out all the time and i uh i was thinking about this layered habited guy and i’m like dude maybe you should just go for walks instead of like like how much exercise like do we actually need you know like when i say david gaga’s like running hundreds of miles and he’s like on his instagram he’s always working out it’s like i i just i want to start reading about like where where’s the threshold of where it actually doesn’t matter because yeah well okay i i think you know here’s my my very basic theory which is it’s not like a okay it’s like a battery but batteries can be recharged and whatnot uh it’s basically right your heart and other parts of your body are muscles and the muscles can grow stronger with you know exercise and then they develop or they can grow weaker without use and so not using them doesn’t just preserve your precious energy marbles and you’re going to go live till you’re 200 it’s uh it’s that if you build your muscles up including your heart your brain by you know studying or cardiovascular exercise you’re going to get more out of it you’re going to be able to do more now plus it’ll be able to like last longer through atrophy in your life i hear you but but when i see laird hamilton at 57 and i’m like working my butt off right now i’m like he all this stuff is about recovery he talks about recovery he talks about how this helps and i’m like well just like do less and don’t you don’t need to recover just like do less stuff you know like like okay look at laird hamilton and then look at trump and just look at their results and say which body do you ultimately want do you want that guy’s body and energy or do you want this guy’s body and energy and i think it’ll guide you down the right path like i’m just saying i’m thinking out loud here this is something that i’m questioning myself like how hard am i going to go and like why do i want to recover all the time like i just i there’s there should be no need to recover all the time um do you want to you want to before we get into topics do you want to do you want to talk about this uh nft thing or no so i just finished up my crypto week which was i talked about the last pod basically i took a week of time cancelled all my other meetings i said i’m going to go into i’m going to go neck deep in crypto what does that mean all these ideas i knew about but basically i wanted to go play with i wanted to go do right so if you think about like how you can participate in things you can sit on the sidelines and watch you can kind of uh you can kind of jump in and be a player but not not the driver you can participate or you can create and that’s when you’re really hands-on you’re actually making [ ] happen so i wanted to create as much as possible this week i had already been on the sidelines watching i’d already been a participant there’s a whole bunch of protocols and tools and ideas that i’d never done so anyways i had this idea and tell me what you think so i think we should create an nft and i s you know side note i created it it’s ready to go if i just push this button um push it okay push it okay great so i created this nft called five minutes of fame and what it is it’s a one-of-one token that anybody can own that gives you the right to five minutes of air time on our show now or anytime in the future you can hold this thing for five years if you think we’re gonna be massive bit much bigger in five years just hold it it’ll appreciate but once you use it and the way to use it is you burn it right so you own this token and it’s only one of one and when you want to use it you send it to our wallet and that when you send it to our wallet we’ve received it that tells us this token has been burned the five minutes of fame now you can come on the show and you can hang with us talk with us and you can do whatever you want if you want to just repeat the name of your company for five straight minutes annoying but doable you could do it to promote your [ ] that way if you want to come brainstorm with us we like them ask questions you can do whatever you want as long as it’s obviously not like you know vulgar or hateful or whatever not some like uncool [ ] you know like can they can they sell it they can sell it yeah so say somebody so i’ve started the floor price at 0.5 eth right so less than one ether i wanted to see how high this ends up going so i’m going to start the bidding there it’s going to run for one week after this episode airs and when it’s going to run for one week and so anybody can go on openc right now and i gotta figure out how you find it it’s called five minutes of fame my first million and uh but i’ll tweet it out too you gotta spell my first million it’s just mfm now yeah yeah i’m gonna i’ll i’m gonna change the title of it i’m also gonna put it in the show notes of this description so you go to openc if you don’t know how to do nfts in openc there’s a hard way to start but if you kind of know what this stuff’s all about you know what we’re doing here what we’re doing is we’re basically saying look money has always been like a frozen block of time right i go do a bunch of work i put in time i get money i go give that money to a restaurant i say hey thaw this frozen block of time out and uh you go work for a bit you you go you go spend some time for me make some food for me and then you know like that’s how money trades hands it’s just frozen blocks of time so what i did was i just took five minutes of air time and i froze it and i said anybody can buy this you can hold it you could use it or you could sell it you could flip it and i want to see what happens with this thing over time and i want to see if who buys it i want to see what they do with it i want to see if they use it or if they wait because our show’s growing like 20 percent month over month 25 month over month so you know you wait a year and all of a sudden you’re gonna have it’s a bigger show it’s a big it’s a it’s more valuable air time for you to go on and by the way we don’t take sponsors anymore right we sold the show to a hubspot they’re the only sponsors if you wanted to come sponsor a show and buy some air time you literally couldn’t right now this is the only way and so i this is an experiment i don’t know what’s going to happen but i’m excited about it it was one of my things just make and mint an nft of my own that was part of my crypto week all right great i’ll share it yeah i’ll i’m going to wait for you to tweet it and then i’ll i’ll take lead on how you write it and then okay sounds good all right let’s see what happens that’s awesome uh yeah okay so what do you want to do let’s do this let’s do this in order so let’s let’s first do another story let’s do this guy who took our stripe for vice idea which was a long time ago so he’s i don’t know i don’t know if i buy it okay we’ll we’ll preface it with this might be total [ ] right sounds a little made up sounds a little bit fanfictiony but uh i’m gonna give him the benefit of the doubt so okay so so we said this idea i don’t even know how long ago maybe a year ago which was uh my friend our mutual friend sully had this idea and i i brought it to the podcast which was uh stripe for vice verse ventures right so what does that mean so stripe is a payment processing uh platform so if you want to take payments on your website you use stripe but the problem is stripe has like many payment processors like paypal like others terms and conditions which basically say you can’t use this if you’re cannabis if you’re crypto if you’re um you know porn if you’re all these different use cases and so um the idea was to build a product you know clone the product quality and developer friendliness of stripe but have your terms and conditions open and this is like kind of a strategic move because one of the best ways to compete against the big monopolies is not to do what they’re not doing now right a lot of people do this they pitch us an idea that says oh you know you know twitch isn’t focused on this right now music so we’re gonna do twitch for music it’s like yeah but you know they could if they wanted to yeah especially if you proved it out they could do that or facebook doesn’t have you know doesn’t let you see this so i’m going to add this feature okay but they could easily add that whereas whereas these are they can’t do it because it would go against it would threaten their core business so stripe can’t type might even the the ceo might say hey i think cannabis is great but he can’t do it because it’s going to threaten his relationships with his banking partners and so it’ll put the core big valuable business at risk which is why you’re actually safe going and pursuing this because they’re just not gonna do it in the same way that um like only fans is safe because it’s something instagram will never do instagram could have all those same models on there but they will never release this feature which lets you pay for kind of this locked locked not safe for content because it threatens their advertising business with their clean with coca-cola and whoever else and so terms and conditions is actually an amazing way to compete against big successful incumbents go do what they explicitly say they won’t do um and they can’t do so okay anyways there’s this guy on twitter the name is skyler mr schuyler is his hand and he says public service announcement for all the my first million pod fans from stealing ideas from the pod don’t play short-term games because take it from me i took their stripe for vice idea i grew it to a business doing over 400 000 a month in 60 days in less than 60 days and then i got pushed out by literal gangsters i wish i was joking here’s the story anyway so he tells a story he basically says he looked at stripes terms of service and it said you can’t do get rich quick schemes you can’t do cannabis you can’t do a mug shot publication or pay to remove websites so he’s like great that’s my prospecting list i will just make a list of these companies that do exactly those things and i’ll start cold emailing like crazy he’s like and then in parallel i went i went to galileo and synapse and i tried to find payment providers infrastructure companies that would let me do this they both said no so then i called some like new fintech companies they also said no it’s like but then i went and i found this small like canadian bank that i had used in the past like a local bank and it turns out for a monthly fee they’ll work with it will work with me great and so then he sets it up and he starts getting like online dispensaries cannabis companies start using them and this is where it gets a little bit weird like that business is working but one of the dispensary companies i guess like that he knew that was super profitable like they needed help and he’s like oh they asked me to come on board and i didn’t really understand this bar did you get this he like basically joins their company uh he joins their company or something like that and um anyways it starts making 400 000 a month and he’s like you know i moved into a dope condo in vancouver downtown vancouver i fly first class to turks and caicos i spent 13 000 a night at this hotel and you know he goes the girl i’m seeing is now running around with the fake senate a new set of fake titty somewhere i wish i had saved this money but instead i was spending it right and then he’s like so this is where this part of the story sounded a little unbelievable because i don’t think you would even be balling out that much on this small this little amount of money but i guess some people just don’t don’t say it so maybe anyways he um he says you know the company that they were buying product from which is like a publicly listed company is run by crooked gangsters they started harassing me and my family blah blah blah i ended up paying them i don’t know i met up with them with a bag of cash and i told them to leave my family alone and i left the business forever and uh yeah that’s my story of you know i i’ve traded peace of mind i traded my money for for peace of not peace of mind and here’s what i love subscribe to my newsletter i so i’m i’m good i googled this guy a bunch uh he i think he’s full of it this is just maybe i i think that maybe there’s like some truth here like maybe he tried to start this maybe like someone sketchy emailed him and that’s about it yeah it definitely seems like the bag of cash i met them in a park and they told me uh are you lying bro are you lying is this is this you lying i think you’re lying so i don’t know i don’t know if he’s lying or not he needs to show some receipts if he wants us to uh to fully vouch for it but i thought it’s an entertaining story nonetheless i think that actually like more people should lie to be honest i don’t know why more people don’t lie whenever i’m on the internet and i’m like talking about stuff anonymously i always tell the truth like like what a great zag everybody else is all about honesty you know what lying underwriting i never lie a lot like i’ll comment like in different posts and they’ll say like like just ridiculous stuff and i’m like no no like i’ve done this before like here like just like on a random fox news thread or or on reddit i’m like no that’s not true for this reason that reason and i’ll explain my personal experience i never lie but i think a lot more people should lie you could look cool yeah i don’t think more people should you lie about dude i used to like i used to exaggerate so you know i used to do everything that i wouldn’t call a lot but if you look back it’s a lie right like i would exaggerate or somebody thinks something and i like let it run i’m like oh yeah i’m not going to correct that i’m going to let you run with this mistake and assumption i didn’t lie you got it wrong and i didn’t i didn’t correct you that’s not my fault and so there’s all these little things like that or i don’t know like it would just be where it was always like insecurity so it’s like you know if i wanted to seem cooler smarter richer more successful than i was i was willing to kind of like embellish or lead somebody on it the wrong way or whatever and um and maybe i still do sometimes i don’t really know i don’t want to say like i’ve completely gotten rid of it i can’t remember the last time i did that but i definitely remember a point in time about five years ago where i was like i’m just not gonna lie anymore i’m just gonna actually say what the situation is and then i’m gonna let the chips fall where they may and it was so freeing and uh relief it was like just relief because um somebody who said this once they they go like in programming there’s this thing where like any time an application slows down one of the one of the reasons that people will say if you talk to programmers they’re like oh you know it’s like a threading problem or like there’s a multi-thread problem and what it means is basically there’s like multiple processes running at once and they start to like use up all the memory of the computer and basically that’s what happens in your head when you lie is your brain has to keep two threads open there’s the thread that basically is like what i said and then there’s the truth and you constantly have to keep track of what you said versus the truth in order to like maintain the lie and so that becomes like having two processes running in your head just drains you of energy is what i found so i don’t lie anymore but i think you’re right that in the short term there’s a big benefit to lying um which is like you know like most people can’t figure it out most people don’t don’t check you even the people who do check you just like their voice is like small compared to the most people that will just take in a fake value right like fake news i think is popular for a reason like i’ve done stuff like i’ve bought i bought my car so i bought my car it was a it was over it was six figures and i bought it i saw a picture of it online and it was like three hours away and i called the guy and i go hey what’s up uh you got this car i go great i’ll send you the money right now will you drive it over in a few days and i just why it was all done on myself on the car i just wired on the money and he brought it to me a days later and i’ve done that so many times motorcycles vehicles i buy [ ] all the time and i’ll just say like yeah i’ll just give you the money now don’t sell it and so many people are honest and i’m in my head i’m like everything would be so much more profitable but way worse if like you can get away with lying you can you can totally get away with it and most people never do it and it does shock me all right and we’ll end that segment there um all right let’s go let’s do another one uh you want to do an idea i got something yes yeah okay so this idea this comes from ben so ben gave me this idea today and i like i’m gonna i’m gonna i’m gonna burn you hard on this one so keep going okay good good um figs for construction okay so for those who don’t know what figs is figs is a a brand that came out that basically was making like cooler looking scrubs medical scrubs so the stuff that doctors and nurses wear those little blue outfits that were like kind of traditionally like well it’s all blue the same color of blue they’re all kind of baggy and they all kind of look shitty and here you have these people that are like working really hard they wear this stuff all day it’s kind of like their identity it’s like their uniform and um and they make good money there doctors make good money and yeah why are they wearing this stuff figs came out i think it started with nurses and they just started making like better fitting so it didn’t look as baggy and loose a little more flattering and they had some different colors and patterns that you could have for your scrubs and we we talked about them right i think right when they got going yeah like pretty early on we talked about them and fast forward now a couple we’re two years into the pod um things is a public company now wow seven billion dollars seven billion dollar market cap if you go read any of the articles it’s like why figs is the next lululemon why it’s the next nike why figs is a starbucks for scrubs it’s like they just put companies sexy brand sphinx is several years old i think fig’s like probably eight years old or something uh figs found good let’s see and the woman who started it does not look like the woman who would start she i mean she looks like a like a like a fashion like a supermodel oh really okay that’s like i would have thought like i guess a nurse in my head like she’s wearing like fancy ass [ ] in her picture so so figgs is yeah i think i got it right eight years old i went public at 4 billion it’s now 7 billion and um and i think what what is it so so there’s this guy thomas tull who i didn’t know but he’s the founder of legendary pictures he had sold that to a chinese company for three and a half billion dollars and uh and he was the majority shareholder and so i think he owned 58 of figs at the time of ipo which is kind of a ludicrous amount of a public company to own and then uh you know is this the person you talk about heather heather hassan yeah you see like in a lot of her photos she looks like she’s like i was like uh she just looks like a like a she’s in what’s the equivalent of gq for women i don’t know i’m an idiot but you know what i mean vogue like she’s wearing vogue i don’t know she’s wearing she just look i would just imagine someone wearing a nurse’s outfit he put 50 million in in 2018 and became a majority owner so 2018 is when he puts 50 million in become buys you know 58 percent three years later goes public at a 4.4 billion valuation so his 50 million turned into 2.2 million of equity value so good on him um okay so anyways so basically the uh okay so the idea here so figs seven billion dollar market cap i think it does just over a quarter billion dollars so over 250 million dollars of revenue a year i couldn’t find the exact number quickly during my last minute research here but here’s the idea figs for construction so how many other industries have a large workforce that kind of needs specialty clothing for doing what they do and today they have like a generic default and um and maybe you can build a sexier ddc brand like figs for construction so this is the idea um this is the idea thanks for construction you know construction workers have a lot of different things that they wear listen i know that you don’t know who dolly parton is and you’re just so disconnected to like normal amer americans it’s called carhartt you dummy this is a thing i’ve been wearing this for years and it’s awesome google carhartt obviously there’s brands that do durable you know rugged wear no carhartt is like i remember as a kid like we used to go to the hardware that sounds like i’m real redneck but i’m not that redneck but when you go to the hardware store and you get a coat and you get a carhartt is like it’s like the thing it’s so like and it’s even like cute now like they’ve like cutified it so now if you’re in college and you’re in like a country area the hot girls will wear like car overalls and that’s like they’re like cute now they have like carhartt louis vuitton collabs okay so when did car heart start carhartt started in 1889. is this the company you’re talking about yes it’s coming from it’s bro i’m talking about building a modern day thing you’re talking about this 1800s it’s modern at this point they’ve they’ve revolutionized it like go to carhartt fall collection they’ve got like a whole like cute kid like it looks like a [ ] like the kids are wearing cars and vans and doing everything yeah bro for modernizing they totally changed it it’s like yeah carhartt is like it’s like it’s like cool now i mean it all it was like the workers man thing just said where’s the business here’s the mistake you’re making first of all you’re yelling in the mic that’s a mistake for the podcast second second of all uh the mistake you’re making he’s thinking that because something exists that that’s not how e-commerce works bro economics i agree i agree on clone crime it’s just one oh this works great i’ll do it too thank you take my piece of the pie and uh and so this working tells me nothing more than that this is a even better idea for somebody to go start look i agree i agree to say oh does does this exist like that’s a dumb we always get those dm’s all the time why doesn’t this exist i’m like i don’t know and it doesn’t matter it probably does yeah it probably does it has to just do it or don’t do it but whether something does or doesn’t it doesn’t matter but i just gotta check you for a minute acting like you’re like coming up with this oh we should just do figs for construction where like dude there is an opportunity for somebody to do this and by the way i’m looking at their stuff and they definitely have a lot of the like like there’s like this i don’t even know what you call this thing this like you know it’s like super yellow neon jacket that’s like you know you’re not a fireman but you wear this for some reason so so uh they definitely have a lot of the pieces but when i was going down the rabbit hole of looking at what what what are all the things that basically outdoor workers wear whether you’re on you know you’re in a shale fracking you know field or you’re doing construction of homes or you know it doesn’t really matter which which version of these but it’s like there’s a premium to be placed on super rugged durable shoes but also mud shoes but also heavy jackets there’s a towel that goes on your neck that’s a cooling towel there’s like this whole line of stuff and the reason i think this might be bigger and better than figs is if you look at carhartt or duluth which are a couple of companies that do this i think they’re both like 600 million plus in annual sales duluth i looked up before this there are 638 million in annual sales it’s only got a 500 million dollar market cap so double the revenue of figs so and you know what’s duluth one-tenth of the market cap duluth trading company is another it’s like carhartt um their d2c business is growing 70 year-over-year so it’s a it’s obviously like where where the action is versus all their retail retail shops and so i think you could come in i think you could build a new brand in this space and get acquired by delivery get acquired by carhart these multi-billion dollar companies as just another another brand and you know there’s an existing d2c playbook that’s like some combination of facebook and instagram ads influencers blah blah blah like cutesy colors nice packaging all that good stuff and i think you would want to not do so cutesy here for for the rugged wear but i think there’s an opportunity to create a pretty iconic brand here i wouldn’t be surprised for somebody to do to do yeti coolers for this carhartt brand right like i think there’s a yeti coolers type of brand to be built in this space do you remember land’s end did you ever shop there as a kid like your parents get like you don’t remember land monument in san francisco well yeah but yeah it is but it’s also like uh it’s a store like remember east bay as a kid like easter everybody it lands then it’s american made clothing basically you probably know what their boots are so if you google lands in and then the word duck it’ll probably with it’s called the duck boot you definitely know what that looks like it’s like the traditional like snow boot that you wear as a kid and it’s way popular now again land zen i was just is another thing it’s just like duluth but yeah these companies are trading for crazy low 1.5 billion dollars in sales 800 million market cap yeah i don’t know why their multiples suck so bad and that just kind of shows me that figs is figs’s story the thing i talked about at the beginning like we are you know starbucks for scrubs what does that even [ ] mean that means nothing that’s just words uh you know we’re nike we’re lululemon we’re kids we’re the next one you know that’s the story yeah that’s true it is just words that’s just words that’s that’s a good diss to anybody at any time by the way those are just words immediate shutdown yeah so i think they’re you know i don’t know if they’re overvalued or what but they’re definitely like trading outside of their categories but you need to do if you’re gonna do this so construction is interesting if land’s end is interesting because it was like midwestern people but you have to do like a brand and a niche where you feels like us against the world so nurses feel it’s predominantly women so they already have that little like segment of like you know we’re we’re the underdog nurses they probably think that they’re overworked underpaid so you got that vibe going and it’s like look we’re overworked we’re underpaid this thing’s going to make us look good and actually feel good that’s we that’s the least we deserve you know what i mean so so you ha it’s been far better you got to go with this angle of this group who feel downtrodden brand that we talked about that’s the like america grunt grunt style grunt work what is it called i don’t know what you’re talking about what do you what do you mean grail no it’s called grunt style so go to gruntstyle.com i think we talked about them no what’s that it’s it’s a us against the world um you know proud for the we are proud of the police we are people oh yeah these guys like kill us proud of our country we we don’t you know vaccine you know you can stick your vaccine here uh that’s the vibe you get when you go to grunt style and you know it’s very much a us against them flags flying everywhere using american ip basically to build the brand right like here’s a whiskey glass with two cross rifles you know uh you know here’s a here’s a here’s a hat that looks like it’s been used for for you know 10 years that’s the type of stuff they said this company crushes i think they do over 100 million in sales this company you know alone so so i definitely think that us versus them is a it’s a turbo charge when it comes to marketing especially for especially for d2c um all right can i can we can i tell you about an idea this one has this is weird how i got to this but basically i am interested like my dream there’s this guy named george barber george barber in the early 1900s his father started a dairy farm and eventually george barber took it over now george is either dead or in his like 90s i can’t remember if he’s dead or not and he sold his dairy farm based out of uh arkansas or alabama barbarella i forget and he sold it for like five or six hundred million dollars and he crushed it and with a lot of that money he opened this thing called barber uh barb the barber museum and he created a f1 race track in alabama and now um if you are motors they do for motorcycle race races they do it for uh f1 races for nascar all types of stuff you can they people from all over the world go to watch races there and now he has got the largest collection of motorcycles in the world the way that he set it up and is how the way that a lot of these places set up so have you ever been in like a small town or or somewhere outside of san francisco and you see like a car museum and it’s usually just like one person that owns it it’s just like a rich guy who like sets it up but they okay let’s pretend i have yeah too american for you but anyway they set up a they set it up as non-profits and so you can actually go and like see their assets and stuff and so that interested me anyway i just got really interested because i want to own a [ ] load of cars i want to own like historical memorabilia and the way that you do it in a tax advantageous way is you create a museum and so i went down this little rabbit hole have you heard of this company of like basically i’ve i went down this rabbit hole of places that you can go to just to see interesting [ ] and like that’s all you’re doing you’re just sightseeing and you just leave and you pay a little money and that just got me interested have you heard of meow wolf meow wolf sounds familiar let me just let me look it up what is it okay i put their deck in here so i came across their deck it’s an old deck it’s from 2017. and what meow wolf is it started in 2008 in santa fe and it started as a a a place to explore immersive art what the hell does that mean like that like that does a very who the hell knows that could be anything and so basically what it is is they would rent out these massive old warehouses in santa fe and i believe also in las vegas and they would hire these artists who typically don’t make any money and they would say hey come and make stuff here at our place and we’re going to create like not quite a museum but almost like a haunted house meets a museum meets circus soleil and you pay like 50 and you just walk through and it’s like an immersive feeling it’s very challenging to explain but do you see the pictures yeah i’m looking at it you i think you described it pretty well it’s like like the haunted house meets kind of like uh a you know like some kind of rave i mean it’s like a museum and it this this thing got me interested because i was like i want to own like a warehouse and finance it with this stuff and just collect cool [ ] but uh guess how much revenue these guys well guess how big this business is um let’s just say 50 million a year so they’ve raised like i believe 250 million dollars they projected that just one of their locations will make close to 40 million a year in sales and they’re having like over a dozen locations throughout the country is that freaking nuts would you ever have thought that how old is this is this like was it started like in like this yeah oh wait okay and so they opened one in las vegas in 2021 and they already sold 500 000 tickets for it then they’re opening one in denver they’re uh going to austin they’re going to los angeles it’s crazy is this it’s just a crazy crazy crazy business and they said that their projections for the the santa fe location uh sorry their awesome projections were 60 million in revenue 30 million in profit off one location right what would you uh like how do they get people to come to these what what is it like what’s the what’s the marketing to get to sell 500 000 of these tickets like obviously there’s some word of mouth and stuff like that because it’s a pretty remarkable looking thing but do these guys advertise like crazy do you like you have their deck do you see much about like their growth like i put the deck in the i put the girl i put the deck in the zen caster thing by the way so you have it um but oh it’s locked uh i think i don’t have access um and so yeah sorry about that and so what they do is um they team up so they teamed up with santa fe the government of santa fe so the government of santa fe was like funneling people to them if you google meow wolf santa fe they even put together a um they even put together a like study an economic study to show how much meow wolf is helping the local area and so they team up with with local governments and that helps them like so like they funnel people in there but i actually don’t know i don’t think they do a significant amount of paid advertising i’ve not seen it anywhere right yeah i think that uh i’m really into this idea and by the way i see they have a bunch of facebook ads on so i don’t know how much they’re spending but they definitely are running a bunch of facebook ads and they look pretty cool because the exhibits are cool so i’m pretty into this idea um and i feel like there’s a whole bunch of different niches you could go with this that are like hyper um have like hyper engagement and so i think there’s you know if you just go city by city and you say all right what what could i do that’s a pop up here that would um be able to consistently draw people so i think i told you about this once but there was this um what’s it called two-bit circus are you familiar with two-bit circuits no what’s that so so look it up it’s um it’s like the number two you know like two two-bit circus i think this is the name of it so there’s a guy who um [Music] okay so the guy who invented chuck e cheese his name’s nolan whatever his name is his son or grandson i don’t know which one um bush some bushel bushnell or whatever their names are his son or grandson created this thing called two-bit circus right so so grandpa maybe or dad creates chucky cheese this person created stupid circus and what 2-bit circus was was basically like a traveling pop-up museum like this but it was all for like interactive um like kind of like technology so like imagine like like if this is like kind of like a haunted house vibe this is like you know you’re in the year 2050 watch this like move your hand this laser will move and follow you oh okay kids come into this room look at this like with one small mirror you can reflect light and create this like crazy thing or put on this vr thing and play dance dance revolution you’ll feel like you’re in space dancing or whatever right like just a whole bunch of high-tech kind of like attractions um that existed and they would take this from city to city and the video made it look like dude i want to take my kids here this looks like so much fun and unlike those other ones that have like a fixed location this would pop up a tent and they would run this thing and in one weekend they would have like 60 000 people in the bay area come through um you know like in a four-day period or whatever and then they would like pack up the tent and they would go hit the road and i thought this is like a genius idea and the guy who i knew who was working with them he was kind of like an exec there he was like dude this is a it’s an amazing product he’s like but uh you know the founders have kind of like shiny object syndrome they you know they want to do this and then like uh you know like whoever like you know facebook will say oh we want to do a private exhibit and they’ll be like cool we’re going to create the most epic thing ever or obama wants to have us for a party so like hey everybody like forget the like systematized process that we could just grow repeatedly like let’s blow everyone’s mind with this thing at burning man and like just let’s let’s create something nobody’s ever seen and they would go do that he’s like dude it’s like so annoying like we just can’t stay focused but what ever since i saw this idea like i don’t know when this was seven eight years ago i first heard this idea this two-bit circus thing i just thought it was such a cool smart idea and i was so i’m shocked i don’t see more of this where this traveling circus where it’s a pop-up tent that maybe leverages science or technology because i think parents care to take their kids there and i think science and technology naturally make for great exhibits and demos and like learning learning plus like visual stimulation like if you just think back to like science fair or a science class with a volcano exploding or whatever like basically that on steroids and i feel like that’s a pretty big thing but you know these are hard businesses to do i would never go try to do one of these because uh yeah they’re hard but they seem i don’t like events either but this is a little bit different than an event but uh it does seem cool speaking of events let me tell you about something so i got dinner uh the other day with jason my friend who runs this thing called blockworks and he had just hosted an event any and i asked them for i go can you tell me numbers so i could talk about the pod because i think it’s interesting so scroll down to the bottom and you’ll see we’re scroll down past where it says digital asset summit you see it yep i see it okay so uh this is jason he’s got this company called blockworksblackworks.com it’s like the hustle but for uh crypto um so two day conference that he just hosted recently uh it did uh two million in revenue he said he told me it did about 50 in profit 800 attendees ticket costs one to two thousand dollars and uh and then they’re doing another event he has another event coming out in may of so uh uh uh in about what’s that six months eight months and their goal is eight million in revenue with five thousand attendees and then most recently he did a and a digital or this is not even a physical conference right uh the eight million dollar one is and the digital asset one yeah it’s it’s it’s uh like you go there you see people yeah yeah it’s live okay and then he most recently did one called uh i think it’s called brenton woods and that’s for where he basically he had 200 people come and or maybe like 100 people come and they were basically large asset managers and all they did was talked about crypto and uh he it did close to a million in revenue and they only had four sponsors and it seemed like a pretty sick event and i was just talking to him and we were at dinner and i was just i was just like just tell me everything that everyone said like what are the takeaways and i thought a few things one i think jason’s only 26. so kudos to this [ ] guy for building this business uh and second what a great hack i mean just to like get the it gets get the intel from the best minds in the world and like he’s smart but he’s just the he’s not smart enough to predict the future like you know you could if you sit around with 200 people who are asset managers for you know the oregon state pension fund things like that right um pretty amazing that he pulled this off yeah this job shout out to him this is like well this is what i would call crushing it right you have this new wave of technology and you say all right i’m gonna go be the hustle or be whoever i’m gonna be the hustle for for crypto and then on the events side it’s basically a win-win win right you do one of these events you make money you get to rub shoulders with all the most interesting people that’s going to open up a whole bunch of other doors that you don’t even need to think about ahead of time and then all of them are going to like think highly of block work subscribe to it pay for your premium stuff like tell their you know tell their employees about it that sort of thing as they go and in doing so you’re promoting that you’re evangelizing crypto amongst these like really wealthy people who will start betting on it and it’ll grow crypto which will just make your business more popular plus your individual holdings more popular so it’s like win win on top a win for a 26 year old i think that’s very very impressive um i think by the way this is a thing anybody can replicate not just in crypto okay this is like let’s say i’ll call this a home run and it’s in crypto but i think there’s a lot of people listening to this that would be happy with you know half or or a third or a fourth of the type of success of this and i think you could achieve that with in any profession so it’s like take any niche whether it’s like gaming or like in venture capital right like we have rolling funds like why isn’t somebody just doing this with all the vcs constantly like i know chamath tweeted this out the other day he goes hey uh yeah solo solo gps that are out there if i organize like an event or retreat for all of us to get to know each other hey we’re all solo gps right but if you just said new vcs right you could be at the bottom you could be some associate somewhere or not even have a job in venture capital and you could arrange the kind of like next gen the next wave vc thing where you invite all the new people to vc to this badass retreat you know in wine country or wherever where it’s like we’re all off the grid we’re going to do some cool stuff there’s going to be some speakers you’re glamping whatever it is you would be able to make a couple million dollars network with every single person you want to and you’d kind of have that little mini industry in the palm of your hands i’ve seen people do this with digital marketing and every niche there’s this guy uh or our friend nick went to went to this thing the other day and it’s got a great name it’s called capital camp and i believe it’s in columbia missouri where i’m from and i forget the guy oh brett brett started it i think brett b sure yeah yeah i don’t know if he runs it or what the deal is anymore i think they started it yeah they started it and it was like it’s hard to explain what the niche is but i totally know what it is or who would go but it’s basically at this point we talked last week about the circle of people on twitter who tweet about finance and tech and real estate it’s kind of this group of people who talk about real estate and sweaty and uh blue collar businesses on twitter and they all go to capital camp and it’s like ten thousand dollars i think private equity is like the bucket but then like nick’s not really private equity he’s like self storage uh but like you know he’ll go to capital camp so that’s you’re right it’s basically private equity is the big umbrella and then like any kind of sweaty business or uh like cash flowing things or reset real estate business kind of non you know non-fancy fancy-schmancy tech basically and it costs 10 grand to go and nick went and he said it was totally worth it and and the people who i know who go they say it’s totally worth it and they’re going to go back every year it probably made a good i bet you it made uh it probably made a little bit of profit but in a fair amount of revenue yeah i’m gonna spin up like a mini one of these um i’ve one that i’m gonna do for club ltv which is my like e-commerce likes all store owners who do between one and a hundred million in revenue um basically i’m gonna do a retreat for them which is just my own excuse to do something fun i’m not really going to try to like make a profit off of it but as long as they cover all the costs of hosting everything that’ll be great and so i’m going to do this in the e-commerce niche but i just feel like you could do this across like just in the two two of the camps that we were in right uh startup investing and and i’m in e-commerce i think you could do this in either one of those and have you know have fun profits big build your network all that stuff it just takes it just takes hustle which unfortunately i don’t have that much hustle anymore all my hustle goes to my kids now there’s no no you will soon i think let me tell you something really quick i ha so you’re you’re you’ve been angel investing longer than i have um uh i would not claim that i’m like nearly as good as you or some of our friends but i um two things i did i did these two things in 2019 um one of them just 50xed nice and one of them just uh 12x amazing on paper or or exited already i’m paid actually i know one of them the the the 50x i know it’s on paper the other one paper yeah they’re both on paper so they’re not real but i i i feel good because because this whole angel investing thing you just you spend you spend you spend and i’m like is this ever going to work i’m just spending all of this money it’s just leaving my bank account i don’t even know if it’s there and when you count it as part of your net worth like i pretty much don’t i’m like oh this sucks what’s going to happen we’ll see like if it starts actually hatching those eggs are hatching okay so let me tell you i have something related to this so i texted a friend who i won’t say their name um but they’re they’re an investor they’ve been doing this much longer than me angel investing seed investing that sort of thing vc personally all they’ve done it all do i know them i don’t think so and um and so they they’ve done very very well bunch of eggs a bunch of winners that are like public companies that we know about which is like you know the that’s the that’s like as high as it goes basically and so multiple winners like that so i texted him i said i say hey i gotta ask you a question i said feel free to just brush this off if you don’t want to tell me but i’m not asking to be nosy i’m asking because i’m trying to weigh out my options here and i said you know in terms of investing you’ve basically done as good as anyone as good as i could hope to do right like i would say you have done extremely well it’s kind of like best case scenario type of outcome and what does that mean personally in terms of what you end up making i said here’s what my guess here’s what my guess is tell me if i’m if i’m on point or if i’m off and i basically said i thought can you can you give all the numbers because the person’s anonymous yeah i’m going to say the numbers so i said i think that you probably will make 15 to 30 million dollars over a kind of 10 to 15 year period of investing so it takes probably probably you don’t see any of it till 10 plus years but between 10 and 20 years you’re gonna make i don’t know 20 to 30 and that’s that payday at the end of the day and i think along the way you’re making half a million bucks cushy kind of like off the management fees your salary i said is that about wait oh this person has a fund they have done many things so they’ve invested personally as an angel they’ve been a vc at a big fund they now i think kind of like our solo gp maybe have their own fun maybe it’s personal i don’t really know i don’t know all the details but they’ve done both i said either way along the way yeah they’re not it’s not i’m not saying from their personal money they’ve had other people’s money right opm they’ve always been using opm or they’ve definitely been using opm for a lot of it right maybe some of it was angel money but now it’s a lot of opm so i said all right um am i right uh so first like let me let me ask you to guess do you think they said that’s right that’s low or that’s high okay so 10 years they’ve been doing it let’s call it 15 years they’ve been doing it for 15 15 years and they’ve been using other people’s money for most of it yeah how much money did they invest i can’t tell you over under 100. let’s say they they’re they’re a seed investor they’re early they’re early stages i understand i would say i didn’t check that might be like as low as 100k and maybe high as 500k or a minute and it was their fault a full-time job for 10 years yeah this is what they do my guess is way above 15. that i’m low my guess was low i would guess like 40 or 50. yeah so you’re right that my guess was low so what they said was they go yes it should be much more than that but it’s hard to say because a lot of it’s still a liquid they go uh they go it should look more like hundred fifty to two hundred no way um yeah and this person this person they’re not a boaster but they are one of the best of the best meaning their portfolio you could stack up against pretty much anybody like obviously if you hit one like you know i was you know the lead investor in google okay yeah you’re gonna have like the outside but i’m saying this person has multiple like you know almost i don’t know more than five somewhere somewhere around 10 like known big winners and so i’m like okay cool but you know you don’t know what round how much they invested like in each of those right so look at that look at the message is that the person no that’s not the person so so so basically i was like whoa that okay that’s a lot more and have they made money along the way other than their management fee or their salary uh well just like you know the exits as they as they come through as they do trickle in yeah so like you know first five years not much next five years some next five years a whole bunch but you’re recycling and you’re reinvesting so you know you always have kind of a new batch of companies that you’re waiting you know you want these things to age 10 years for you to go get a big win out of them um you always have a new vintage right when i did 20 20 i want to i want to go uncork that bottle in 2030 and see how it tastes oh my god sorry uh is your ringtone a duck yeah it’s [ ] up country [ ] dude that sounds like the hunting duck call you used to attract animals i don’t know i just liked it i just wanted to be a duck i just like them i just like that noise so wait so this person but are they investing their own money so so what i told them i go i go wow so that’s basically like you started you’re like a founder of a billion dollar company if you’re gonna net 100 million to 200 million dollars uh at the end of this that kind of like this journey this career i said you know it sounds like it happens a little bit slower but you’re making more money and way easier way less way easier it’s way easier like way easier not even close yeah exactly and what did they say um they were like i mean they were like they’re so humble that they’re kind of like trying to deflect they were like well you know tell me how you’re thinking about it so i can help you here right because they’re like you know what are you asking me all this [ ] for and you know i don’t enough about me i’ve done well but like let me help you if you’re trying to get some help out of this and all i really wanted to know was like what’s the size of the prize if you knock this out of the park and like what’s the real what’s the real nuts like what really comes through at the end of the day like for somebody who’s because you know any time you go into something there’s like you know you could i can go read about real estate i’m not a big real estate investor i can go read about real estate i could talk oh yeah you’re gonna make this much gross this much net you’ve got to cap rate blah blah it’s like then you talk to somebody’s been doing it for 25 years like yeah but like you’re you know all these hidden costs you’re not accounting for all this extra heartache you’re not accounting for all this extra stress and then you know one of the four buildings you know burns up in a fire and you have to account for that loss so there’s always the reality first what was your takeaway though like what did you do what did he what did you what i wasn’t looking i i wasn’t like trying to make a decision on anything i was just thinking where’s your head at though my head is basically like surprised frankly that that it can be that big um and again this person’s not a boaster i’m pulling this information out i think they were just doing me a favor of being honest about what they think this nets in the end and i was like wow the reality though is do i believe i can have the same hit rate as them no uh like i think they have had like an ex they have extreme skill and extreme luck and so it’s like okay and they do this full time right so it’s like i’m not planning for that but i like knowing what what winning looks like today or what is the top top range of winning look like uh so i was pretty impressed by that so that was kind of my my takeaway or something you know something i learned kind of from i don’t remember what you were talking about before you talk about your your your multiples and so yeah it’s pretty pretty impressive but i would say you know that that’s on a large amount of invest capital i should also say that you know it’s much more capital than i’m investing because they’ve done it for longer and they write bigger checks yeah it’s way more boring but it’s definitely way easier and that’s the show right yeah all right we’re out of here never looking back