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Kind: captions Language: en this is the most popular episode we do every year it takes weeks of planning I’m out 50 bucks because I got this new jacket on we’re all dressed up and why because it is the Millie Awards it is our endof year episode where we go through about 15 categories right actors they got the Oscars and musicians they have the Grammys well what do business people have they got the Millie Awards and this is where we share a bunch of different categories like our best and worst Investments of the year you know where do we take a big L on an investment where do we win on or we’ll do a category like person we would most bet it all on who would we if we have to invest our whole net worth on somebody who would we bet it on uh we got me Sam and Andrew Wilkinson we’re all here we’ve been doing this for three years now these episodes are always the favorites this one went long we’re going to do it as a two-parter so in part one we have categories like Billy of the year uh best business that we think somebody else should go do our favorite moment from uh from the podcast this year and the biggest change that we are making personally in our game in 20 for 2024 four and in part two we have a whole bunch of categories like our favorite unsexy business and uh wild predictions for next year so enjoy the Millie Awards [Music] 2023 okay what’s up guys it’s my favorite episode of the Year Andrew wiin is here Sam is here Sam you’re looking Dapper Andrew you’re looking Dapper Sam I gotta say the whole dressing well thing I’m bought in now I see it you don’t look like a science teacher you don’t look like you’re from a different era you just look sharp my friend yeah I couldn’t find my cuff links I thought I was going to look like a farmer on this thing thank God I found them right before we started do you guys remember how uh Trump had like the Clemson football team into the White House and they used like the Lincoln gravy bowls for like barbecue sauce that’s how I feel right now with this person who bought me Tiffany Crystal for my wedding this is the first time they’re being used and they’re being used for Whole Foods brand lacroy so shout out to that person um Andrew you feeling good you ready to do this thing feeling great yeah I’m uh this is the best I’ve dressed in years we’re happy that you did it here all right so this is the Millie Awards we’ve done this this is now Sean four years running we’ve done this or is it three I think four so maybe three I think it’s three and we’ve got we’ve got 11 or 12 or 13 categories we’re going to do favorite MFM guest we’re going to do Billy of the Year biggest change we’re making for 24 uh the person we bet it all on we’re going to do a bunch of different stuff and we’re going to try and go somewhat fast for each category but I’m sure we’re going to have interesting stories for each one Sean you want to kick it off where do you want to go yeah category one this is the Millie award for our favorite MFM episode or guest of the Year Sam start us off who you got all right this was a tie it’s not a tie We’re not gonna have ties but I’m gonna say the top two that I had was Scott Galloway so by the way we have a clip that’s gone viral on on YouTube where it’s a clip from the Scott Galloway pod where he’s talking about how much he made I’m talking about how much I made and people are just ragging on us both so hard because they say that we sound so depressed but I’m going to give it number one to Kevin Ryan Kevin Ryan’s the founder of guilt Business Insider mongod DB I think Kevin Ryan was the best episode I think he was the most wise person and well balanced person we’ve had who’s had crazy success you know what else he did that I liked at the end of the episode he was like here’s how I set up my company to maximize um like kind of the gain I get out of these companies and pay Rel leased taxes and I’ll tell you what no rich guy ever says that no rich guy ever tells you this is the structure I use and he said it on on air he’s like here’s what it does it lets me live in a high cost State and I’m effectively only paying 14% And my kids are only paying 0% on what they’re getting out of our our capital gains due to qsbs so he owns the share he’s like I only work on projects that are qsbs eligible and long-term capital gains I’m not looking for uh cash flow or income because he’s like I got to a point where I I have that like you know day-to-day needs settled so you have to get to there he’s like but once you’re there he’s like you um you take your qsbs you live in a high cost State you then uh gift uh your stock to your kids trust so you set up kids trust you gift your stock to them before you raise a financing round so you’re taking only like let’s say 100K out of your uh lifetime gift tax and your kids now own qsbs eligible stock when you sell you’re going to end up paying only the state tax so you’ll pay4 % California or New York you’ll pay no federal um and then your kids will pay 0% wherever you know likely whenever they they get it out of the trust uh at their at their given point in time and you’re getting qsbs you know the $10 million taxfree for you times each of your kids I can get to 50 million taxfree if I got you know three or four kids or whatever and I was like I don’t think they’ve got I don’t think they have qsbs in Canada land do they no we don’t have we have there’s all sorts of other stuff and benefits and stuff but um there’s a great saying on this stuff um whales only harpoon whales only get harpooned when they surface right he just surfaced in a really obvious way and you know there’s just some anal retentive IRS guy listening to the stroking beard strike that all from the record what uh what’s yours Andrew uh my favorite was Sarah Moore so Sarah Moore uh she’s a crazy story she um had a really troubled childhood basically got adopted by this wealthy family they ended up putting her through Harvard Business School and she went out and she bought this business called eggcartons.com and this story was just incredible I feel like um so many people hear these wild stories about tech bro billionaires you know raising a bunch of money and hitting it big making trillions of dollars and I think her story is much more realistic for a normal person you know anyone she really kind of uh is a testament to the fact that anybody can teach thems business and can go buy a business that is really not rocket science and I loved how simple and tactical all of her stuff was uh she’s so also said the she go I’m trying to stay lowkey and under the radar and I think it’s been our one of our most downloaded and viewed episodes with like 500,000 listens to that episode whoops well so the smartest thing she did is she like she did the um the Michael Jordan like I’m retiring this is the last thing like you know I’m never going out again and now she it immediately as soon as you said that in the intro I was like I have to listen right there’s definitely episodes I kind of check out of I I I think that’s a great one the uh by the way there’s a quick followup to that cuz that sto that that story The Sarah Mo story was falls in the category of kind of like too good to be true so you know look at all the elements it’s basically like here’s this super hot woman who grew up you know super poor couldn’t even get into college somehow ends up at Harvard Business School there must have been something happening there a family like adopted her along the way that’s like the plot of the movie Blind Side then it was buys a business but has no money remember because she grew up super poor so bought the business with zero dollars cash down how she found the business was she you know hired 50 interns off of Craigslist and like snuck them into the Harvard uh business school like library to work with her on this it and you know buys this business Ed carton.com for Millions it’s a Millions multi-million dollar business super successful there’s no pictures of her on the internet there’s no interviews of her on the internet right we’re like the only guys whove like done this so there was a lot there that like I came out be thinking did I just get Elizabeth Holmes I I might have oh God this I might be part of the documentary here all right let me uh let me at least make sure I look good if this is gonna end up on Netflix one day and she flew out after the episode she’s like I gotta meet you so okay why uh and she’s like I just I need to know who I’m dealing with here and so she flies out we go get lunch here in the BBS uh in California she flies all the way from Boston and everything checked out it was if she is Elizabeth holes she’s the greatest Elizabeth holes you’ve ever seen uh you know she looks like what she said shows like she told the story she showed me the old photos like you know she everything and she’s like I’m so glad you know people have been pretty respectful because I said on the episode please don’t bother me um and we we did a form instead of her like email address like here type your questions in this form and then we’ll we’ll answer the form how many how many messages did she get a lot she said after the first appearance on it she got like like the Netflix Bravo like other people had reached out to be like can I do uh we want to do a show on you or movie on you wow all right well cudos to Sarah Mo what what’s your Sean all right my MFM guest year this is gonna surprise you guys is Connor price and Connor price is a was a guy who was working in a warehouse he was stacking boxes in our friend’s Warehouse in Ramone’s warehouse and he was like a wannabe rapper white guy and you know like that’s kind of cliche but he actually made it and he made it in a very interesting way he figured out how to go viral on Tik Tok and he was not a social media guy he refused to even post on social media he was too shy his wife was like you got to do this it’s a great way to get the word out and let’s just have some fun with it she kind of became his like his manager and they now have racked up I don’t know like a billion views on Tik Tok going viral and the reason I say Conor price is not just because that’s an inspiring story but but I took away one big lesson of like the it’s like I realized that the puck has moved and I’ll give you guys the short version of it I think era one of marketing was sort of like U let me interrupt your programming in order to tell you about my product right that commercials that’s like radio ads that’s how things used to work era two became um hey let me send this to an influencer they’ll kind of hold up the product and make a post about the product so now I’m not interrupting your programming I’m kind of using this trusted influencer um but it’s clearly you know still an ad the content is buy this product it’s great and what Connor price is doing is a little bit different he he creates a little skit and in the middle of the the payoff of the skit the hero of the skit the one that saves the day is this dope song and the 15 seconds of the dope song and that gets people to go and actually want to go find the product and now I see this everywhere this is how Mr Beast sells chocolate too he doesn’t hold up his candy bar and say this is a delicious C bar you should go buy it he says I recreated Willy Wonka’s chocolate factory and inside this Factory is he makes like the product is baked into the content the content is entertainment around the product and now that I see that I can’t unsee it I see it everywhere and it’s part of my kind of core business strategy now even our own ads we changed like that instead of saying we’re gonna stop we’re gonna tell you about this thing we created a segment called The Thrill of the shill we we teach a lesson or an entertaining story and then we tell you about the product in that story and uh that’s how I think think marketing goes down cprice got give a shout out to his wife too just a total shark in the best possible way AB yeah she was Hardcore this data is wrong every freaking time have you heard of HubSpot HubSpot is a CRM platform where everything is fully integrated W I can see the client’s whole history calls support tickets emails and here’s a task from 3 days ago I totally missed hub spot grow better all right you move to the next one Billy of the year how do we describe this one just a billionaire who’s fascinating it’s just someone who’s balling out of control you don’t even have to be a billionaire you just have to have that that billionaire strut the ability to to walk with some Swagger and play the game a little differently so it’s somebody who is Uber successful but in a way that we really respect let’s go with Andrew first who you got so mine is very obvious it’s um landline over there you still have a landline dude you go public and you have to install a landline the gate the gate the the Gate of my house is like the super old school system so I have a landline just for that dude you you better only be talking to presidence on that thing yeah it’s red it’s red like the bat phone um so mine is pretty obvious it’s Charlie Munger I think we all know who he is uh for those of you that don’t he’s Warren Buffett’s longtime business partner he just died last week I think he was 15 days or something short of his H 100th birthday he was 99 and the guy was completely sharp to the end I think a week before he did an interview with Jesse or um what’s her name Becky quick um from CNBC and I just want to tell you a story about this guy this is how sharp this guy was so Chris and I were having dinner with him one night and all of a sudden this guy bursts into the room and he’s like Charlie I got I’m doing a deal right now I need to know uh an answer to something and this guy walks in he’s like 30 years old and he just starts rattling off a bunch of questions he’s like okay um we need to do it at 5.6% interest for this many doors and Charlie just asks a couple questions and they says okay good cool and then the guy just like says bye to us and leaves and Charlie explains that it’s this neighborhood kid who he is a acidic Jew tried to convert him to Judaism 20 years ago going door Todo with a Bible uh with with uh Bibles and they ended up becoming friends he mentored him they he started buying Apartments Charlie backed him on this and now they own a billion dooll real estate portfolio of Los Angeles apartments and he’s just this neighborhood kid uh his name is AI and uh and they built this huge business together and Charlie started doing this when he was like 90 years old his 90-year-old side hustle is a billion dollar real estate portfolio God damn it Andrew is this going to be like a a couple that’s been married for 80 years and they both die at the same time is is Warren going to like is he uh distraught you think in the same way a marriage would be I don’t know I mean yeah Buffett’s really old too and I think um if you think about the Actuarial tables they really don’t have much or Buffet wouldn’t have much time left but uh hopefully he keeps going for a cou years I think he named or he said he has a successor and everything lined up but I wasn’t sure if it going to be like a marriage where like he’s going to go like next week but I guess we’ll see it’s funny is they’ve had successors since they were like 60 everyone’s been saying they’ll die at any time so they’ve gone they’ve gone a lot longer than everyone thought um all right mine’s Palmer lucky the CEO of andrel so we had Palmer lucky on I think two years ago now it was an amazing episode but here’s why I like Palmer lucky he says what you want to say if you were a billionaire but you’d be too afraid to say it and so he has got a lot of really good quotes of him he’s kind of a loose cannon in in a few ways like him and Jason calcinus have gotten into it but frankly I love it so he’s got this great thing that he did he spoke at a conference recently and he goes do you guys know what the number one profession that children want to be it’s social media influencer the next is professional gamer the next is a YouTuber and the problem is that you can’t tell kids to follow their dreams when their dreams suck uh which is like a great line and he goes do you know what the number one dream for kids in 1971 in 1971 was it was an astronaut we had just gone to the Moon these guys were fighter pilots PhD mathematicians Supermen who all were also really good good-looking and well spoken it was the ultimate American hero ideal for a kid to see that and say that’s what I want to be okay then I say yes you we should tell kids to follow their dream but when it’s social media influencers I should tell we should tell them their their dreams suck and don’t follow their dream so he’s got these really like articulated wonderful points that I appreciate he dresses silly he’s got a mullet I’m a big Palmer lucky fan yeah I like that one that’s now two years in a row Andrew gave him the nod last year for Billy of the year and now Sam comes in again with Palmer I love it he’s uh we got to get him back on man he was he was really good on the pot he had super interesting ideas and also like you said speaks his mind he says that he flies commercial and that he prefers to see to sit by the bathroom he goes cuz that cuz my my grand he goes my grandpa was a pilot and I just love being around everyone I don’t truly believe that but he cons continually claims that’s true what’s yours Sean um all right my Billy of the year is going to be an entrepreneur who I think has a I don’t know how close they are to the Billy number I think they’re probably close when you include their wife that’s a little hint for you I wrote down a couple of bullet points on why this person is a badass and you know you’re a badass when your couple bullet points goes to the Roman numeral 13 let me just read these off in Rapid succession okay this person has been a rapper an entrepreneur an investor an author they are a motivational speaker they have a badass wife who’s even more successful than them they somehow married up even though they’re super successful themselves four kids and when I called this person to prep for the podcast they were on their way you know they taking care of the kids uh taking them to their soccer game yelling at at them where’s your shoes how you where where’d you put your shoes yesterday and that just told me they’re they’re plugged in as a dad versus uh you know four other people are raising their kids um they own an NBA team they’re part owner in an NBA team they built a coconut water brand a private jet company they discovered David gogin before he was David gaggin they they actually invited David gogin to live in their house and train them every single day for 30 days uh they like running so they created a running festival they like pickles they’re creating a pickle brand they created a fake Mount Everest because he’s like I can’t go climb Everest but I’ll take this mountain I’ll climb it 14 times and it’s the same height as Everest um he came on the Pod and had one of the alltime classic lines about some other competitor of his here he goes keep the money warm you know thank you for keeping the money warm for me I’m coming and keep the money warm has just it warms my soul uh he is just having fun out here he’s got great life uh philosophies that about having Adventures multiple times a year to to have a life while lived he he also got angry at me for asking him what his monthly burn was yeah he called Sam out for uh badgering him we had to cut it out of the episode because it got Bader him I didn’t Badger him I I said I’ll ask whatever I want and I respect your I respect you to say question sever different ways until he finally Wilt he didn’t Wilt he was like that’s personal [ ] Sam you’re pissing me off and uh he he is Jesse ller that is my Billy of the year that’s a good one yeah I uh I had him on my list I thought you were gonna pick him so I I backed off I think Jesse’s an amazing person he also has this calendar I keep getting Facebook ads for it and I’m gonna buy one where he like said what did he say he goes I’m 50 years old I only have 30 Summers left I’m planning exactly how I’m GNA spend them exactly I think it was called big ass calendar um all right category number three what is the biggest change you’re making for 2024 but before we do it we have to say what we said last year Andrew you said being better at responding to iMessage you were like I’ve I’ve gotten my email system under rep but you know you’re like I have so many text messages I’m bad at replying it makes me feel like a bad person and a bad friend uh Sam you said I’m gonna be less of a dictator uh you said I’m going to lead this company without being a dictator and being less metric obsessed I’m going to be more Vibe driven more calm I nailed it by the way just for the record yeah I was going to say and I said um I know I’m I don’t know why I think I said something else but I think I said knowing when to use my impulsiveness and when to ignore it um that so those were our three Sam you want to go first so you said you nailed it I nailed it i’ I’ve been way less metric focused I try not to talk about sales or anything like that you’re a Vibe CEO I’m A vibe CEO you know I’m not the CEO but my CEO is metric driven but I’m not as much so I I I calm down and I think I’m very easy to be around at this moment but next year so I’m making a few changes one I’m gonna move eventually I think I’m gonna do the most tuxedo guy tuxedo thing ever I think I’m moving to like Greenwich Connecticut that’s not a joke that’s serious so that’s gonna be a big change but you know what I’m gonna do in 2024 is I’m going to get I’m trying gr grayscale you know you guys know what grayscale is that’s when you there’s like a if you go to just Google it and you’ll see the directions on how to do it but if you type in on your phone like color you should see it where you can switch your iPhone to only be black or white so I’m doing that right now because I’ve been using my phone to read books to my daughter and I hate having that bright all those colors because she stares at them but the bigger switch I’m going to do is I’m going to get a dumb phone have you guys seen dumb phones it’s like a Nokia or a light phone I cannot stand phone addiction it’s really bothering me I’m totally addicted and I’m afraid to set a bad example example for my children so this year I’m going to move to a dumb phone which is similar I guess to what you’re saying Andrew you’re breaking up with email so two well two thoughts on that before you jump to that so one um the bright light you get at night you want to actually Peter AA recommends switching your phone so that it’s a red screen instead of grayscale uh I can teach you how to do that you tap your uh power button twice and you can make it a shortcut to make your screen red and red light doesn’t affect your night vision so that’s what I do um that said there’s been studies on um color and if you decolorize your phone if you make a gray scale it’s less stimulating you’re less likely to click into stuff uh what I’ve done is actually installed something called freedom and freedom plus screen time basically block everything I’ve been doing that but with opal you know opal I think it’s the same thing yeah similar so it’s like I basically have no ability to get through it like there’s I I I have not been able to figure it out and so I have no email on my phone um I’ve blocked a lot of texting say I’ve blocked every basically basically every fun app uh and I feel like an addict like I I feel like really irritable I’m going through withdrawal right now um but the change I’m trying to make so I I nailed texting last year I got this amazing app called text.com which is basically like super human for texts dude you’ve been twe you’ve been tweeting out like links you’re like like you like refer five people and you get a t-shirt or something I love it I love I absolutely love it but the problem with that is that I’ve now gotten so respons iive with texts I’m so good with texts that I’m getting more texts so you know you send more emails you get more emails I’m now getting too many texts and because I built my email system last year um I don’t respond on email as fast and so I’m getting more and more texts so I have that problem the big thing I’m trying to do this year is I’m trying to break up with email fully so what I’ve been doing for the last two weeks is I can’t access my email and my assistant sends me screenshots literally of any important email that she thinks I need need to respond to and I just tell her what to do with it and what’s interesting about that is when you’re in a flow State when you’re working or writing or doing something you’ll often have the thought oh [ ] I have to remember to send that email and so you jump over to superhuman you send the email and then you know you might see 10 other subject lines and before I know it I’m like down a rabbit Trail reading like a pachim mccormic newsletter or responding to a problem or something like that and so what I’m what I’m hoping is that this new system will only be the things that I absolutely need to respond to and there’s no additional distraction so we we’ll see how it works let me just tell you two wonderful rich guy things that Andrew just did that are true rich guy things not these fake ass not these wannabe rich guy things first thing is he said you know what petera recommends which is great because he didn’t say you know what my doctor Peter Atia recommends he recomend it to me yeah it recommends to me when I see him because again he’s my doctor so that was the first great thing you did you didn’t brag when you could have bragged the it’s the words not said it’s the dogs that didn’t bark right that that you really gave yourself away as being a a truly comfortable with yourself secure person and I appreciate that the second thing you’re basically at the stage of trump and others that are just like I just get my email printed out and put on my desk and I just quickly Mark with a pen and then somebody goes I don’t what is email actually I actually don’t understand how the system works it just shows up on my desk you’re basically at printed email and printed email is like you got Louis Vuitton you got like you know Birkin bags you got at the very top of the luxury pyramid is printed email and you’re basically there you know what’s crazy though it’s really not it’s not an inaccessible thing like um so I have an assistant in the Philippines and it’s like $ thousand doll a month and she does it right so it’s like it is something that a lot of people could be it’s not that it’s inexpensive it takes a certain level of confidence in your lifestyle that you’re not missing stuff right you you are not lacking something and so you’re able to do this type of system so what’s interesting though is I’ve done this I’ve been in this cycle for 15 years right of getting overwhelmed usually once a year I get overwhelmed and I doll everything back and Sam I’ve actually had a flip phone I’ve tried the dumb phone at the end of the day you need to order door door Dash and Uber and do basic things so it didn’t work for me but I had this moment where I was going through one of these cycles and this was in 2010 and my friend asked me out for sushi so I live in Victoria uh Canada and I and Vancouver is about I don’t know a 35 minute flight away or a two-hour fery away and so I go up for sushi with my buddy and I’m in this mode where I put my phone in my car and I don’t look at it so I um go have sushi we have a great time we’re catching up at the end of the uh Sushi I get in my car and I look at my phone and I’ve received an email from Mark Zuckerberg Mark Zuckerberg at the time was famous but not famous famous not like he is today and I had emailed him because I heard he was coming to Vancouver and he didn’t respond for two days and then at 8 8 o’clock at night or seven o’clock at night I got this email that said hey do you want to go for a drink from him from Zuck and there’s and I checked this email at 8:30 or 9 and there’s literally no way to get to Vancouver after 900 p.m. the fer leaves at 9:00 p.m. there’s no flights Etc and so I missed my opport to go out for a drink with Mark Zuckerberg oneon-one while he’s out of his element in my hometown and so I always think about that story whenever I block my email and do all these things I still always think about that that’s insane that’s so funny imagine somebody who’s like yeah I really want to make this lifestyle shift it’ll be good I’m going to get off my phone but you know what if Mark Zuckerberg just emails me and I happened to be at Sushi and I missed the one time he’s in my hometown in my neighborhood you know and then like Jessica Beal was there afterwards and she wanted to hang out but then I just didn’t have my phone on me but it actually happened to that’s incredible it’s a very sad story it’s very difficult life have you tried to like catch up with him and be like Mark um hey uh you know was doing a dumb phone thing you know how it is I’m walking around Meno Park until I see you uh you have to do the uh Andrew what I want you to give up next year at least when you’re around Me Maybe Sean as well is that stupid thing you you and Chris always do where you can make everyone put their credit cards in at the end of a dinner you did that with me Sean and I I won’t name the other person but the dinner that one time it was probably $600 and I don’t know this person this person’s finances but I I know they aren’t where you are and this guy had to paid for like a $600 meal and I don’t want to be a [ ] and be like call everyone out funny thing is we were at Sushi and this person doesn’t eat fish so they pay for the meal they don’t even eat I think it’s such an awkward it’s born so what basically the story is uh we were all out for dinner and Chris and I said hey you know instead of fighting over the bill let’s just all put our credit cards in we’ll let the the waiter choose the card I would have fought you we didn’t have to fight what what I noticed one of the weird things about making money is that there’s this weird dynamic that happens where when the bill comes if you pay the bill you’re showing off or you’re implying they can’t afford it and if you don’t pay the bill you’re an [ ] because you can afford to and so that’s why we do that well so Canadian of you yeah well all right Sean what’s yours um what am I on oh biggest change okay biggest change I’m making this is something I started to do but I’m doubling down on it so this year I turned off two profit streams that I think combined were making like 1.2 two to 1.5 million a year of profit I just turned them off nothing was wrong with him I just turned them off I lied actually there was something wrong with them they were just okay uh they were just okay meaning it wasn’t something I really loved to do wasn’t something I hated to do it was making good money but it wasn’t making amazing money can you say what those are yeah one of them was um my course so I I was teaching this like power writing course and uh you know I was only teaching it basically two to three weeks out of the year you know roughly 10 days on average a year but it would generate you know whatever a million bucks a year of profit and um but I didn’t like being a course sales guy like I like teaching but I’d rather just kind of like maybe just do it for free on the Pod or something like that do it do like a master class episode instead um so I I just decided I’m not doing it and I was like okay that’s just like less coming in this year all right and that matters to me uh so I’m like but I’m willing to do that and I also just announced that I’m shutting down my rolling fund so I’ll only be investing personally now I’m not taking any more outside money um just because it was like kind of another thing to manage like here’s a group of investors I gota write these updates I got to keep it like you know I got to keep it organized oh should I do this deal or should I not do this deal I just decided I’m just gonna invest my own money I don’t I don’t need to do this anymore and with that comes like a stady stream of fees and carry that would come with a fund I turned it off again didn’t have to turn off just chose to turn off and the reason why was I realized I was talking to somebody that was I one day like you know uh what’s it like a Christmas Carol movie where like he gets visited by the ghosts uh and they’re like they kind of tell him the story like I talked to one friend who’s in a bad relationship and they’re not getting out and I’m like dude this is not what you want they’re like yeah but it’s not terrible I’m like but not terrible isn’t your goal and they’re like yeah but like you know I don’t know who else is out there when if I meet somebody else then maybe you know I’ll feel and I’m like you’re just not going to beat somebody else because you’re dating this person and then I met another person who’s in a job they did like same thing it wasn’t a terrible job so they didn’t quit and they would they’d be open to a better job but they weren’t seeing a better job because they were so occupied with the one that they had and so I just kind of realized if you want something great you got to make space for great you can’t just wait till your current thing gets so bad you have to end it or that this new amazing thing shows up at your doorstep and it’ll be obvious to switch and you got to just say no to some some things that are just okay in order to literally create space so that a better thing can come and land in your lap and be there you have the time you have the Mind share you have the availability to take the meeting and something better lands and that’s exactly what’s happened this year better things have landed because I’ve done that and so now I’m like next year what else is there that’s like kind of in that middle tier it’s good not great bucket that I should just I should just get out what’s it going to be um I’m thinking about what that what that might look like I I don’t want to say just yet but yeah there’s there’s maybe some other things I could do to free up more time or create some space what do you think about that I actually well I um yeah it’s funny you mentioned that so one of the problems with having a fund or raising money is that you owe people things right there’s people that have given you millions of dollars and I actually had a moment yesterday where I had a really busy day and I woke up and I actually felt really excited and creative and I made this big list of all these things I wanted to dig into that I was excited to learn about and work on and then um there’s a really wonderful guy who invested in uh a fund that we raised and he gave us I think 5 million bucks or something and he wanted to get on the phone and understand what was going on with an investment that we made and so me and Chris had to stop everything we’re doing and talk to him and we had a you know we had a really nice chat with him but it interrupted my flow state it interrupted what I really wanted to be doing in my day and the problem with raising money is that at the end of the day there’s people who can call you and you owe it to answer the phone and they can interrupt you at any given time and especially in a rolling fund there’s like 50 of those people and so I feel the same way I really think that um when you give your time to something like that you’re taking away from something else but that’s we’re going to get to best investment or maybe we can go right there but some of the things that you’re doing contradict that and same with me totally yeah like I’m doing the Twitter subscribers for example but the thing about it is that I actually enjoy a I don’t nobody can email me say I’m a Twitter subscriber I demand your time I’ve made it very clear that I’m only doing an AMA once a month I don’t respond to tweets necessarily I don’t guarantee any response and so most months I spend an hour doing an AMA that I find really fun anyway so for now I’m going to continue doing that but um but I’ve certainly considered that oh by the way I have an up I have an update on my biggest change from last year that IID said where I was gonna be less I was gonna learned when to use my impulsiveness and when not to totally failed at that um we there was a business idea that we had that we were like oh maybe we should do this business and I was like here’s the reasons why I’m super excited about it but I was like you know what old Sean would have just started it now new Sean here’s what I’m gonna do this business isn’t going anywhere I’m gonna give myself a twoe cooldown period where I’ve done all the meetings I’m kind of like I know what’s there I have the information I need but I still have to decide is this a business because you you know you don’t date a business you kind of marry a business for like at least a couple years and so I said let me get my a twoe cool down period to get off the impulsiveness and I made it two days into the impulsiveness period before I had my first customer and I was running and it was so good and I was like oh I definitely didn’t do the thing that I would have advised me to do which is to say if you still want to do this in two weeks then you know this is a great business for you and uh I I kind of failed at that I got to admit so still working on that one I’m gonna keep that one on the list for this year and impossibly shut down your rolling fun um let’s do person you’d bet it all on uh so mine was between two of our guests actually Jason yanowitz and Austin Reef Jason yanowitz started blockworks it’s a crypto Media company I don’t even like crypto but I love Jason and I love his Media Company he scaled it to I don’t know tens of millions in revenue and then Austin Reef started morning Brew who was my competitor now I’ve gotten really close to him because he’s in my core group at Hampton but I’m gonna give it to Austin because he’s already sold most of his business morning Brew I think he was 26 when he sold it at a 75 million doll valuation the company now is doing High eight figures in Revenue I think whatever Austin Reef does I would I would blindly put money in I I would I would invest in him blindly wow that’s not who I thought you would pick Austin’s amazing but uh that’s a you’ve come full circle you’re you your former competitor now turned dare I say it hero well look I love these people that have the perfect balance of optimism and pessimism you know like they’re like optimistically PES P pessimist like where they think something amazing are is going to happen but they’re fairly conservative and they plan for the downside so uh he’s interesting to me cool who you got Andrew who would you bet it all on so mine’s not really a business person necessarily um you know I’ve been thinking a lot about like AI disruption and I think that if I had to bet it all on one business that would be incredibly hard because I think in AI there’s so many second order and third order consequences and levels of disruption so my thought was actually if I could just be an investor in a podcaster someone with a personal Monopoly and my idea was Andrew huberman so I think he’s got a incredible brand uh and he’s doing the thing that he loves and is kind of made for he’s insanely likable he loves talking to all these interesting people about all these interesting things people have this incredible affinity for him and they will basically do anything that he says if people advertise with him or he talks about a product everyone will buy it which means that his ads like we tried to buy an ad for Aeropress a year ago we just got an ad for Aero press literally yesterday uh and I think we paid some you know very high number because his audience is huge did you see results from it yet uh I don’t know yet I can report back um but anyway he his business I’m like that is a completely undisrupted business unless he gets hit by a bus or something the best line was from Rob deerdick we asked him how much it cost to advertise momentus uh on the pod on on huberman’s pod and he goes I don’t remember how much it was but I could tell you whatever it was it probably wasn’t enough cuz he moved the needle for us that much yeah that’s amazing all right my uh person I’d bet at all Sam are you sitting down yeah it’s you bro me it would be you it would be you and let me tell you why let me tell you why not just for the reasons that you think you’re talented but there’s a lot of talented people you’re smart but there’s a lot of smart people out there I this year have really come to appreciate more than ever and I think it’s because I’ve moved out of the I’m going to be CEO and operator role to more like I’m going to be investor uh and other trust other people to operate uh you know these businesses that we own um you the underrated trait that I had been severely underweighting in my little mental model was like are is this person going to be focused are they going to get distracted is this person going to be loyal and are they going to take this seriously and when it comes to that like we have a lot of friends that are you know they’re talented and they’re successful but they have shiny object syndrome I’m one of them uh we have a lot of people that will uh if they if they do something they kind of know they got 10 more shots on goal and they’re just going to keep trying different stuff until they figure out the little thing that works every time you talk to them if you catch up with them every quarter they’re GNA have a new narrative you’re not like that and I’ve now learned that people like that they just win and the PE the people uh the people who are steady and and I and I feel like to have a certain level of seriousness about them uh when it comes to doing something like I don’t really care what it is like when you were writing your blog posts for the hustle early on even before the newsletter just like yeah we’re going to write a blog post that needs to get a bunch of people to um subscribe and follow us and you took it incredibly seriously and when you’re hosting events you took it incredibly seriously and when you’re doing Hampton you take it incredibly seriously you do one thing and you take it very very seriously and if I’m going to bet it all on somebody that’s really what I want is a certain level of seriousness it’s something I it’s a trait I’ve come to admire like we hired a CMO into our e-commerce business and uh this guy Chris and he’s amazing uh not because he’s the most talented marketer and like if you go on Twitter every day there’s these like Ecom guys I don’t know if you guys see this or just my feed of guys just bragging about this like campaign they did and this new ad technique they did and he’s not like that he’s just blocking and tackling every day with a certain level of seriousness and the beautiful thing is I know this guy’s going to stay focused and only work on this he does doesn’t have three side hustles he doesn’t have his own podcast and rolling fund he’s just going to stay focused on this for the next four years and when he does that and he takes it seriously and he’s gonna like do all the obvious things he’s going to win bigger than the kind of like talented person who’s all over the place and I know that’s a big contrast to me because I’m more of the talented person who’s all over the place but I’ve seen the value in the other side now and I’m like that’s who I need to surround myself with because those people win well I appreciate you I love the love and I love you for saying that that’s very kind I um I we had a m like we did these MFM meetups recently um and I called in one to to one last night Sean and apparently the thing is is they put on their badge who they like more you or me and they’ll never tear us apart bro I don’t even want to know the results They’ll Never Tear Us Apart obviously every brown person every Indian person had shot but I was shocked maybe I shouldn’t have been shocked you were you were a fan favorite so by you liking me and them liking you they are now my fans too maybe I hope um but I appreciate that thank you very much I think that um focus will change your game Sean and if you want you know like this is a little crude but you know how you’re supposed to like rub one out before you have before you like do something bad with your with someone that you’re not supposed to if you want love you you could do that to me I will help you I’ll be your hand I’ll keep you focused I don’t know what that offer was but that was kind I think um I just offered my hand to you yeah I got you all right um all right what’s the next one best business for someone else to go into yeah what what’s a great business idea that someone else should go do do you know what we said last year I think mine was a washer and a washer and dryer that’s two in one uh Andrew said empty empty leg flights and then Sean said school for Starving Artists like turn art into commercial things for example photographers yeah all right so I don’t think anybody did any of those three so uh what do we got this year boys we got we gotta step it up I’ve got a pretty I think it’s practical so since the beginning of this pod Sean I’ve said that I think privacy is going to be more important and it’s G that’s is a mega Trend I said that uh things like Duck Duck Go are going to get a lot bigger I think they have gotten huge but not as big as I thought because it hasn’t been easier than it’s been more like a a vitamin not necessarily a painkiller I still think uh it’s going to get big that that space and I think in particular what you’re going to see is companies who are tailored for it’s going to start with first like Executives and people like us who are have audiences and it’s going to be something like where they protect your information online so I’ve gotten like I’ve signed up for a few of these services and I’m alerted if one of my uh passwords gets hacked or they’ll say like hey um we know where you live because because we saw you post a picture of your car and then we did Google Maps and we see your car in front of the house and we just predicted where you live and we and and and so I’m using a bunch of these I’m testing a lot of them out I think these are going to be really popular so for example cyber health. Co I’ve not used these guys yet but I like like the premise that they provide but I think what’s going to happen is there’s going to be it’s going to start with like five or $10,000 a year services that are a little bit more towards Executives and then it’s going to Trail down and I think genz is going to be all about privacy in the next 10 years so that’s what I’m interested D that’s a great one I like that one a lot I I totally agree with you this feels a little semi Glu TIY like uh hey wait is Sam on to something here I think you I think he might be on to something Andrew what you got what’s the best business for someone else to go do so I love this one I think I would do this if um if I was going to start a business and uh my idea is AI Tinder so imagine you go on Tinder so so the what gummy thing about this is um Dolly and all these image generation tools can now create photo realistic images and I don’t know if you guys have seen them but there’s now Instagram influencers um who are beautiful men and women who make $10,000 a month on Instagram dude I just kept getting this I kept getting this lady come up with my Twitter and I’m like this lady’s very attractive what’s her story like why do I keep getting the same person going on my story and it they don’t say she was fake but I’m like this is definitely fake this person’s not real then I had to Google it and and she was fake yeah I mean and and they they can I mean it basically you can look at the image and almost not know so my here’s my idea so you basically generate um like thousands and thousands and thousands of fake digital men and women and then you have Tinder and you basically um you make it like a casino right so you’re swap you’re swiping and let’s say you match with a a really hot digital girl and then you have to text with her and there’s some sort of algorithm where you have to win her over to exchange photos and start talking or whatever and I just think if you gamify dating right I mean it’s kind of it’s something that like you know people in relationships can even do this right it’s just kind of like scratching an itch I think that’s something that would just absolutely blow up but you’re saying they know it’s fake right you’re saying you know it’s fake the game is to it’s almost like you know flirting as you’re getting better and like people might see this as like creepy and it’s like no these Bots can train people how to not be creepy right because you’re never going to get another photo if you’re creepy we’ve talked about replica do you remember replica it was like a digital girlfriend or boy and they like changed part of their algorithm or something about like what they allowed people to talk about and one of one of the guys killed himself like one of the customers killed himself like these people fell in love with these women these fake women so it’s pretty wild yeah that’s crazy all right uh best business for someone else to go do okay I had a couple ideas I think anything in the guns and ammo space I think is a great one um but I didn’t want to pick that one I think distress Venture Capital Andrew I think you guys are on top of this which is a bunch of companies that are good products have revenues but they are not going to be able to raise their next round and they’re going to go die and you know creating a business around that is good but the one I picked is Tik Tock shops so I don’t know if you guys are paying attention to this but the number one book in the world right now do you know what it is it’s the shadow work Journal number one book in the world what is the shadoww work Journal you ask well it’s this goddamn book that you can’t you is just going crazy on Tik Tok it’s basically and what it is is uh Tik Tok not just launched the ability to shop they launched the ability for anybody to be an affiliate of any product without having a relationship with the company so created this giant like you know Network sales thing it’s like almost like an MLM uh Tik Tok is turned into a giant MLM so basically you can as a Creator just find a product in the shop that’s eligible for commission you make a video about it and you get a commission every time they go buy it that’s why this this journal is the number one product in the world this sold over half a million copies of this journal yeah it’s sold Tik Tok tells you how many it’s sold half a million this is crazy and that’s that’s through the Tik Tok shop then you have Amazon it’s the number one book on Amazon too so you add another half a million on that right that that’s easily a million copies sold of this of this one journal and this is like in a two and a half three month span this is not very long and um you know I’m the type of person where I meet people like I meet Moyes and uh you know he’s like yeah I did Facebook uh ads for Native deodorant I like okay well what worked it’s like yeah back then you know the clicks were just super cheap there weren’t very many people advertising on Facebook especially a product like this it was just mobile games or something and you’re like damn man that was the The Glory era of Facebook ads now it’s all so expensive now it’s so competitive but you know if I was doing this in 2012 that was the time and you know oh I wish I bought Bitcoin back in 2011 or 2012 when my friend first mentioned it back it was you know $130 that was the time and I always wish I was there back in the time well guess what there’s a Golden Arrow that’s happening right now and it’s Tik Tok shops right T Tik Tok shops is currently in that like it’s very cheap it’s not that saturated and Tik Tok is very motivated to promote these things and Tik Tok customers are not like fully acclimated to the fact that now a bunch of the Tik toks they see are selling products and so the conversion rates going to be higher and these windows don’t last for very long but they do last you know and when you you can go make hay during these periods and so I think if I was uh you know 23 years old there’s nothing else I would rather be doing than trying to create something that’s going to sell through the Tik Tok shop platform Tik Tok is even paying for like they’ll subsidize your product so if you have a $60 product it’ll be for sale for $30 but you’re still getting 60 because Tik Tok is subsidizing products that they want to promote and uh and giving you the full value of them so you’re getting Tik Tok to pay for half the half the product sometimes or or 30% of the product sometimes it’s pretty insane yeah this is wild and I see that guy Isaac from mini Katan or whatever what’s it called Katana yeah mini katana like sharing all of his t TI Tok shop details and it’s wild it’s pretty crazy kind of like when the iPhone came out people start making apps for the App Store but you can see the charts you can see what’s getting downloaded and the same thing with shops you can go see what’s selling well and how many units it’s sold and you can kind of either use that to either create a competitor or like just sort of like abstract away and be like oh it’s this type of product that’s doing well at this price point that’s doing well on Tik Tok let me go let me go after that all right that is part one I got to go take a pee break get some water take a rest but we got so many trophies still on the table that have to be given out for the Millie Awards we got six or seven of my favorite categories we saved the best stuff for last so after this go listen to part two of the 2023 Millie Awards