AI transcript
0:00:05 All right, can we talk about the stock market going down because I had to yell at a bunch
0:00:06 of people.
0:00:12 I feel like I can rule the world, I know I could be what I want to, I put my all in
0:00:15 it like no days off on the road, let’s try.
0:00:20 So basically, the market’s dropped, what, 5% this week and in our little circle jerk
0:00:23 world, it felt like the world was ending.
0:00:29 So I guess the Dow had its worst day in two years, SB500 is down about 5% so far this
0:00:34 week as of time of recording and I think the tech stocks did a bit worse, so Nvidia is
0:00:40 down 12%, Google, you know, whatever, a couple of the tech stocks which is more maybe where
0:00:42 we are at in a bubble did worse.
0:00:47 They gave back a lot of the gains that they’ve been having so far this year and so it was
0:00:52 a bad day for the markets and by the way, I wake up, I wake up and I think some people
0:00:54 on the East Coast, you’re on the East Coast, a couple of people in the group chat on the
0:00:59 East Coast and it either says one of two things, it says the world is ending with four or five
0:01:05 likes on it in our group chat or it says we’re going to Valhalla boys, it has four or five
0:01:09 likes on it every morning and I really, I don’t even check the market, I just look at
0:01:13 that text and I know directionally is the arrow up or down but it kind of gets to you
0:01:15 that way of thinking.
0:01:18 It bothers me, I had to yell at my partner Joe because he just calls me, are you freaking
0:01:19 out about this?
0:01:20 I’m like, freaking out about what?
0:01:23 He’s like, the markets are just going down like crazy, like should we sell everything?
0:01:24 Like, what do we do?
0:01:32 Like, my reaction was just like, this is expected, like if you just buy index funds like I do,
0:01:37 like there are ups and downs but in general over five, 10, 20 year periods, you’re expected
0:01:43 to do that to go up and down and he just like freaked and it made me angry, like it made
0:01:48 me angry because I was like, I wasn’t stressing but now I am and this is not healthy and that’s
0:01:49 what happened.
0:01:52 Okay, so I had a similar experience.
0:01:57 Ben calls me, I’m on vacation so Ben calls me and he’s like, dude, what are your thoughts
0:02:00 on like, you know, the market?
0:02:05 First of all, are we only going to do calls when the market crashes about the market?
0:02:06 It’s not a topic we normally discuss.
0:02:09 Okay, so first of all, I have no thoughts.
0:02:15 It reminds me of that skit back in the Dave Chabelle skit where he was like, what does
0:02:20 John rule thing?
0:02:21 What’s John say about this event?
0:02:22 John the line.
0:02:23 Yeah, let’s get John on the line.
0:02:24 Let’s talk about the market.
0:02:28 Second thing he was like, he goes, yeah, we should probably do nothing but you know,
0:02:32 I did think like maybe we should do XYZ and he laid out some like new plan and the funny
0:02:41 thing is I have been in a mode where I’ve just been trying to, I’ve understood that one
0:02:44 of the most powerful things you could do is take a simple idea very seriously.
0:02:47 I’m actually going to do a whole episode on this, taking a simple idea seriously.
0:02:52 But in general, picking a few things that matter, and then just simply doing them as
0:02:55 well as possible and reinforcing it.
0:03:00 So I actually do a thing which is, I wrote out for the year, I said, here’s the three
0:03:04 big things, big shifts, I always call it, like three shifts I’m making this year.
0:03:07 I’m making this shift, this shift and this shift.
0:03:09 Those are the three things that need to change in my life.
0:03:11 The rest of things are going great.
0:03:13 I don’t need to talk about the things that are going great.
0:03:18 And every single week I write down that shift, again, in our slack, I retype the exact sentence.
0:03:21 And then I say what I’m doing today had how that ties to that shift.
0:03:24 And if I’m going to do something today that doesn’t tie to that shift, I just simply don’t
0:03:27 do it or with very rare exceptions to it.
0:03:31 So I’ve been doing this for a while now, and I told Ben, I was like, Ben.
0:03:35 So remember that thing we’ve been saying over and over again, but like what we’re doing
0:03:38 this year, why we’re doing it, why it’s the right plan.
0:03:42 Did we need to add a disclaimer, which was unless the stock market crashes and then we’re
0:03:46 just going to throw all the shit out the window and suddenly change our decision making about
0:03:51 all the things that we’re doing, and it sounds ludicrous to say it like that.
0:03:53 That’s where his mind went in the moment.
0:03:55 And I don’t blame him because my mind used to go there too.
0:04:01 And I’ve developed a set of rules for myself through making horrible, expensive mistakes,
0:04:09 which is fundamentally when markets crash, just I have to assess like a is the wolf at
0:04:10 the door.
0:04:11 Like, do I actually have an existential crisis?
0:04:15 And if so, okay, I’ll, I’ll make a, I’ll shift my attention to this and change.
0:04:19 But like, if that’s the case, it’s because I somehow overlevered or like really stretched
0:04:23 myself too thin or like, I’ve made a huge bet that I should have never made in the first
0:04:24 place.
0:04:25 So is the wolf at the door?
0:04:26 No.
0:04:27 Okay.
0:04:29 If the wolf is not at the door, simply do not react.
0:04:33 Just do nothing for 30 to 90 days and then see where you land.
0:04:37 All right, let’s take a quick break because I want to talk to you about some new stuff
0:04:38 that HubSpot has.
0:04:40 They let me freestyle this ad here.
0:04:43 So I’m going to actually tell you what I think is interesting.
0:04:46 So they have this thing called the fall spotlight showing all the new features that they released
0:04:48 in the last few months.
0:04:50 And the ones that stood out to me were Breeze intelligence.
0:04:54 I don’t know if you’ve seen this, but if you’re in HubSpot and you have, let’s say, a customer
0:04:59 there, you can just basically add intelligence to that customer, the estimated revenue for
0:05:03 that company, how many employees it has, maybe their email address or their location.
0:05:08 If they’ve ever visited your page or not, and so you can enrich all of your data automatically
0:05:11 with one click using this thing called Breeze intelligence, they actually acquired a really
0:05:15 cool company called Clearbit and it’s become Breeze, which is great because now it’s built
0:05:16 in.
0:05:18 I always hated using two different tools to try to do this.
0:05:19 Now it’s all in one place.
0:05:23 And so all the data you had about your customers now just got smarter.
0:05:24 So check it out.
0:05:26 You can actually see all the stuff they released through the cool website.
0:05:31 Go to hubspot.com/spotlight to see them all and get the demos yourself.
0:05:33 Back to this episode.
0:05:34 How would you have reacted five years ago?
0:05:38 Well, I can tell you how I did react five years ago, making mistakes.
0:05:45 So when COVID, actually, even before COVID, I remember at the end of maybe 2019, 2020,
0:05:50 we had just sold our company and my cousin, who’s a hedge fund guy, and really all I know
0:05:55 is like, this is my cousin, he’s a hedge fund guy and our whole family thinks he’s the smart
0:05:56 stock market guy.
0:05:58 You know, people like in your family, when you don’t really understand what people do,
0:06:02 you just boil them down, you just categorize them into, well, he’s the doctor.
0:06:05 So no matter what my issue is, let’s call the doctor.
0:06:06 He’s a hard doctor.
0:06:07 I got a foot issue.
0:06:08 Doesn’t matter.
0:06:09 That’s the doctor.
0:06:10 I’m the tech guy.
0:06:12 It’s like, whether your router doesn’t work or you need a, you’re making a start of investment,
0:06:13 just call Sean.
0:06:14 Well, this is the stock guy.
0:06:16 And he was like, you know, it’s been a long bull market.
0:06:18 I’m moving this, this and this.
0:06:22 And so I went to cash and I was like, yeah, you know, longest bull market in history.
0:06:26 I’m going to shift some of my allocation around because I got this one hot tip from my cousin,
0:06:27 the stock market guy.
0:06:31 Isn’t that funny how when you phrase it as wonderfully as we’re in the longest bull
0:06:36 market ever, you’re like, I don’t know any of the evidence, but that was a great line
0:06:37 I’m in.
0:06:38 Exactly.
0:06:39 Exactly.
0:06:41 He told me something about a dead cat bounce.
0:06:42 Damn, that sounds fancy.
0:06:43 What’s that?
0:06:44 I’m Googling.
0:06:47 And it’s like, if someone’s making decisions off a Wikipedia article I just read, like
0:06:50 bad things are happening in my life.
0:06:53 When COVID happened, I’m, you know, it’s like, I don’t know, it’s global pandemic.
0:06:55 The world is ending.
0:07:00 And people are talking about L shaped recoveries or W shaped recoveries or whatever the hell
0:07:01 like V shaped recoveries.
0:07:02 I don’t know what’s going on.
0:07:06 I’m drawing on my notepad trying to figure out, oh, that means stock market goes up or
0:07:07 it just stays down.
0:07:11 And by the way, you know what it ended up being a K shaped recovery.
0:07:13 The letter they didn’t even talk about at the time.
0:07:18 I was listening to all the smart money and it turned a K shaped recovery where, you know,
0:07:22 mainstream, mainstream went down and it’s got bogged down by inflation and assets soared
0:07:23 and people.
0:07:28 How do you have a K like doesn’t there’s multiple lines on that chart, I guess.
0:07:32 It is up and down when they talk about like flattening the curve.
0:07:37 I’m like, I literally have to draw like an axis of like, wait, so what does flatten?
0:07:38 Like, what does that mean?
0:07:41 By the way, the dumb thing isn’t drawing it out and trying to understand it.
0:07:42 That actually is the smart thing to do.
0:07:47 It’s taking, you know, poorly informed action, action was the mistake.
0:07:50 And so I ended up doing a bunch of things that I really never should have done.
0:07:54 I sold a bunch of things thinking that that was being safe and conservative, but it was
0:07:57 actually a poor decision in general.
0:08:02 The number of poor decisions I’ve made simply from reacting versus responding and I define
0:08:08 a reaction as making a decision in the moment based on an emotion that I’m feeling usually
0:08:13 fear or greed, responding being I have let the emotion cool off.
0:08:18 I have let that settle and I am now choosing a decision that I’m going to make based off
0:08:23 of some sort of logical rationale that I could write down and I could write down the counter
0:08:24 argument for it.
0:08:28 So when I look at my argument for and my argument against, one of them wins.
0:08:33 And so anyways, now that’s the short version of my current, my current for instance, which
0:08:38 I do not claim to be foolproof, but it is just a improvement over dumb mistakes I made
0:08:39 in the past.
0:08:40 I found this great chart.
0:08:45 I think it was like starting in 1990 or 94.
0:08:51 This chart breaks it down to if you missed the top gaining days of a market, what would
0:08:55 your portfolio be like versus what would your portfolio be like if you just set it and
0:08:56 forget it?
0:09:00 And it was something like, what was this, I think the starting number was $10,000.
0:09:06 And so it was like, if you missed the 30 best days, you would have only $30,000.
0:09:10 If you missed the, which is roughly 83% less than if you just set it.
0:09:13 So if you just set it and forget it, you would have 181.
0:09:15 If you missed the 30 best days, you would have 30 grand.
0:09:19 And then if you missed the 10 best days, you would have 83 grand.
0:09:20 You know what I mean?
0:09:23 Like you would like, I see this chart of like, if you missed it, now I posted that chart
0:09:28 and people are like, yeah, well now do that chart with missing the worst days.
0:09:30 And I’m like, well, you’d have way more money.
0:09:34 But like, if you have some magic balls that could tell me like, you know, we’ll get that
0:09:38 polevolter guy with the huge balls, maybe he could tell me like, where is the worst
0:09:39 day that I could time it?
0:09:40 And we’re good.
0:09:41 You know what I mean?
0:09:45 But like, tell me where I’m going to die and I’ll know not to go there.
0:09:46 Yeah.
0:09:47 Like that’s type of situation.
0:09:48 Yeah.
0:09:49 So I’m team like set it and forget it.
0:09:55 I also think that you have to look at VTI, the Vanguard total index fund, we’re still
0:10:00 up like eight or 10% year to date, even with this little crash.
0:10:01 So like, I still feel good.
0:10:02 Okay.
0:10:03 Great.
0:10:04 Good segment.
0:10:10 And I’m talking about the stock market or it reminds me of like any time a, you know,
0:10:15 a tech VC suddenly is like a foreign policy expert or is like pandemic expert or whatever.
0:10:19 You know, I, I’m, I’m a novice when it comes to investing outside of my, my realm, which
0:10:26 is basically my realm is starting businesses or investing in private startups.
0:10:30 Those are the two things I actually, you know, have spent enough time in to feel like I know
0:10:31 what I’m talking about.
0:10:36 Anything beyond that, I’m better off sticking to a, you know, a 20 type of strategy where
0:10:41 I just, just do, just avoid huge mistakes and don’t try to beat everybody.
0:10:42 Yeah.
0:10:45 And if you look at how many hedge funds beat the market, it’s something like 5% of them.
0:10:50 And so these are companies that have thousands of nerds just sitting around a computer to
0:10:54 try and like beat the index and they still like the vast majority of them struggle.
0:10:56 And so that like, whenever I see that stat, I’m like, yeah, don’t try that.
0:10:58 All right, dude, I got to ask you about the Olympics.
0:11:04 So you’re my Olympics guy and I am famously not an Olympics guy.
0:11:06 I, I like watching them to be honest with you.
0:11:11 I just think the Olympics are an insane, an insane sport, but I emailed you as part
0:11:16 of my Friday newsletter thing and I was like, dude, what should I be watching for?
0:11:21 And you gave me a couple of tips, couple of storylines that made the Olympics, I don’t
0:11:23 know, 10 times more interesting for me.
0:11:26 And I want to talk to you about a couple of the things that you, you brought up starting
0:11:29 with this 1500 meter race.
0:11:30 How good was that?
0:11:32 A race I did not even know I cared about.
0:11:39 I didn’t even honestly know this event existed, but can you set this up because you gave me
0:11:43 storyline I needed to really care about this.
0:11:44 And it was incredible.
0:11:45 All right.
0:11:46 So going into the 1500 meter.
0:11:50 So the 1500 meter is 109 meters short of a mile.
0:11:52 So roughly 15 seconds of a mile.
0:11:57 So a really fast mile, let’s say is four minutes, a good 1500 is three minutes, 44 seconds.
0:12:00 Going into the race, there was two clear favorites.
0:12:03 This guy named Jacob Engelbritzen.
0:12:08 So basically this guy, I call him the Justin Bieber of track and field.
0:12:13 So he was raised by his father and like, I think he has seven siblings of which two or
0:12:19 three others are also elite runners, not as good as him, but elite runners.
0:12:22 And so he’s raised in this family with his dad, who’s very disciplinarian and he’s also
0:12:26 his coach and he’s like, they’re raised to be great runners.
0:12:28 And in Norway, where he’s from, they have a TV show.
0:12:32 So they’re almost like a reality TV stars also in Norway because these three brothers
0:12:34 are wonderful at running.
0:12:36 So this guy is the best.
0:12:39 He’s been the best since he was like 18.
0:12:42 He has, I think the second fastest or third fastest, mile time of all time, he has the
0:12:44 world record and the two mile.
0:12:47 The problem with him, he’s kind of a pretty boy.
0:12:51 He’s got these like cute tattoos all over his body and all the runners are a little
0:12:53 bit arrogant and cocky.
0:12:55 You have to be like that in order to be one of the best athletes in the world.
0:13:00 But his cockiness comes off as more arrogance and it also kind of sucks because he’s like
0:13:03 this guy who’s kind of been the best since he was young.
0:13:05 And so he’s not easy to root for.
0:13:08 You know, he’s like the guy who’s had it all and he is the man, but he kind of acts
0:13:09 like the man.
0:13:12 Now, the other guy he was going to race against, this guy named Josh Kerr.
0:13:17 I’ve been lucky enough to meet Josh in Austin one time because I was friends with his manager.
0:13:21 Was this the guy you asked to see as calves or to touch as calves or something?
0:13:22 Yeah.
0:13:23 Yes.
0:13:24 Yes.
0:13:29 So Josh, I think he’s from Wales, I forget, or no, Scotland, sorry.
0:13:30 Is it Scotland?
0:13:31 Whatever it is, it’s part of the UK.
0:13:34 And so they run under a British flag.
0:13:40 And so he is more of a silly, quirky, like he’s got like the British like shithead kind
0:13:41 of attitude.
0:13:42 That’s very likable.
0:13:46 And interestingly, if the reason I talked about his calves, unlike a lot of the runners,
0:13:48 he’s still a really skinny guy.
0:13:50 He’s not as skinny as the other runners.
0:13:53 And so he kind of sticks out, but he’s like the man and leading up to this race, they’ve
0:13:56 been talking trash to each other constantly.
0:13:58 And track and field is usually a gentleman’s sport.
0:13:59 No one talks trash.
0:14:01 And that kind of is one of the reasons why it’s boring.
0:14:03 They talk trash going into this race.
0:14:07 And so it was like framed as Josh and Yaka versus each other.
0:14:12 Josh is typically slower, but he usually wins races because when in championship racing,
0:14:15 it’s not always the fastest person who wins, it’s the person who shows up that day and
0:14:17 has the best tactics and comes through in the end.
0:14:21 Because oftentimes they go sort of slow, and then the second half of the race is really
0:14:22 fast.
0:14:25 So it’s typically not who’s fastest, it’s just who performs that day.
0:14:28 So we go into this race, and it’s just those two.
0:14:29 We think that’s what’s going to happen.
0:14:33 It comes down to the last 200 meters, which is half a lap.
0:14:38 So the last half of lap, it’s setting up exactly like we thought, where Yaka is in front winning
0:14:43 the race because he’s the faster runner, and Josh curve behind him, waiting to kick and
0:14:44 beat him.
0:14:46 And Josh takes off, and he’s about to get Yaka up.
0:14:51 And out of nowhere, this American, Cole Hawker, who’s got the slowest time of most all of
0:14:55 the other eight runners in the field, comes out of nowhere and he wins.
0:15:00 And not only does he win with 100 meters left, that’s the last straightaway, he’s boxed in
0:15:02 between Josh and Yaka.
0:15:06 And you see him try to take off and Jacob, or Yaka is kind of blocking him a little bit.
0:15:09 So he kind of pushes him a little bit, but he loses his momentum.
0:15:12 And that’s really hard and running because accelerating is the hard part.
0:15:16 So when you lose the momentum, typically that’s your one and only chance to do it.
0:15:19 Somehow Yaka goes just to the right a little bit.
0:15:23 So Cole Hawker can slip right through him on the inside rail, and he beats him.
0:15:27 And not only does he beat him, Yaka fades to fourth, which is like insane.
0:15:28 Josh Kerr gets second.
0:15:31 And this guy, Cole, he doesn’t just win.
0:15:35 He runs the Olympic record, so the fastest time ever in the 1500 meter, and he runs something
0:15:39 like the seventh fastest time in the 1500 meter ever.
0:15:42 And he crushes his PR and it was one of the best races I’ve ever seen.
0:15:44 That was a great summary.
0:15:48 A couple of the things that I thought were fascinating about this.
0:15:54 So when he was doing the trials and the semis, basically leading in, that guy, Yaka, had the
0:15:58 strategy where he was so cocky, he would basically just start at the very back.
0:16:00 So the race starts, he doesn’t really care.
0:16:03 He lets every single runner get ahead of him.
0:16:06 And he would just hang back at the back and then like kind of the second lap, third lap,
0:16:11 he would pass everybody and he would win the qualifiers.
0:16:17 And it was just a cocky thing to do, but it was also effective because he knew he could
0:16:22 push the pace and he just didn’t want to burn too much energy right at the very start.
0:16:26 The goal of the semis and leading up, it’s to win and qualify using the least amount of
0:16:27 effort.
0:16:28 Right.
0:16:29 Exactly.
0:16:33 And in the semis, him and Josh were going and it looked like at the end, they both kind
0:16:34 of were feeling each other out.
0:16:39 It was the first time running felt like boxing where you could see, oh, they’re kind of measuring
0:16:42 each other’s distance, their power, and they’re getting a feel for each other.
0:16:46 You could tell even in the semis, there was almost a moment where Yaka won, but Josh kind
0:16:51 of realized like, if I had pushed this last 50 meters, I think I could have taken them,
0:16:54 but I don’t want to show them the full bag right now.
0:16:58 They did something that was very controversial, not controversial, but it’s very, it’s part
0:17:02 of the story in running, which is when you are winning a race or you’re at the end of
0:17:07 the race, if you look around to see who’s around you, that’s like a cocky move.
0:17:10 And what you do is you see Yaka turn his head as if he’s looking behind him.
0:17:16 It’s like, I see you behind me and that’s like the adds to the story, which is always
0:17:17 fun.
0:17:18 Yeah.
0:17:19 The runners insult.
0:17:23 And so we, and so, but in the final, what you were saying was amazing because he did the
0:17:24 exact opposite.
0:17:28 He starts the race immediately in first place.
0:17:34 This guy, Yaka goes faster than anybody has planned in the first two laps faster than even
0:17:35 afterwards.
0:17:36 I was reading some interviews.
0:17:37 Why did he fade so hard?
0:17:40 He’s like, dude, I, I went way too hard at the start accidentally, like I didn’t pace
0:17:41 myself properly.
0:17:46 I just got out, you know, kind of like lost myself in the moment, lost some composure.
0:17:51 He just went too fast at the beginning, pushed a pace and it was, it was basically that part
0:17:56 he talks about where the American dude tried to pass him, got kind of pushed back.
0:17:58 It looked like it was a complete wrap for him at that point.
0:18:03 It looked like there was no way you can get bumped back and then pass him again, but it
0:18:05 ended up working out, which I thought was amazing.
0:18:11 If you haven’t seen that one, go to YouTube and just type men’s 1500 meter.
0:18:14 Watch the a six minute clip on the, on the NBC sports channel.
0:18:17 It is like straight out of a sports movie type of thing.
0:18:22 You know, like if you’re an American, you watch that it is a super inspiring to see
0:18:23 this guy.
0:18:24 It was a complete underdog.
0:18:25 Nobody was even talking about him.
0:18:29 It was just a question of which of these two other guys and then this little, the little
0:18:32 engine that could basically passes them all at the very end runs the race of his life.
0:18:33 I thought that was amazing.
0:18:36 And the best part, dude, Paris has killed it with us, Olympics.
0:18:40 The best part is they have this bell right at the finish line of all the events.
0:18:41 Right.
0:18:44 And when you win an event, you walk over to the bell and you ring it and he goes over
0:18:48 and he rigs this bell and it was just like a really cool moment.
0:18:49 So like I was all about it.
0:18:52 I was, I was screaming so loud, I woke my kid up from a nap.
0:18:53 I was so pumped from this.
0:18:55 So yeah, I’m, I’m happy.
0:18:57 I’ve been a distance running fan for years.
0:19:00 It’s not the most popular sport because it’s not that, that exciting.
0:19:01 I’m happy this existed.
0:19:02 It’s good for the sport.
0:19:03 Okay.
0:19:06 So I have a couple other winners and losers I want to go through with you.
0:19:11 So winner for sure, Cole Hawker and the 1500 meter race.
0:19:14 I’m going to do another winner here mixed relay.
0:19:15 Another race.
0:19:16 I didn’t even know existed.
0:19:17 It’s new.
0:19:19 Did you, did you watch this?
0:19:24 So historically America’s greatest event is the four by four relay, which is a quarter
0:19:27 of a mile, one lap for people each running one lap.
0:19:29 We’ve, we’ve almost always been the best.
0:19:32 The mixed relay, I think it’s a weird event.
0:19:34 It’s, I think it’s only lasted for two Olympics.
0:19:37 This might be the only second Olympics that we’ve done it.
0:19:41 America, we got our ass kicked by, uh, was it Belgium?
0:19:43 No, the Netherlands.
0:19:44 So the Netherlands.
0:19:45 Sorry.
0:19:49 This was a hilarious race because the way that the mixed relay works is two guys, two girls,
0:19:50 and they alternate.
0:19:51 So it’s baton.
0:19:53 You’re, you know, you’re handing off the baton.
0:19:55 The American guy gets off to a good start.
0:20:00 The woman for the, for the American team is standing in the wrong spot.
0:20:01 Did you see this?
0:20:04 She was standing 30 meters forward.
0:20:07 And at the last second, the official was like, yo, what are you doing?
0:20:08 Wait a minute.
0:20:12 You see all the other people, like in her leg of the relay, they’re all standing literally
0:20:14 like 20 meters back.
0:20:17 And she just spaced, she just spaced during the Olympics.
0:20:19 It didn’t pay attention to where she was supposed to stand.
0:20:24 It’s like, if you lined up for a kickoff at an NFL game and one dude was just at the
0:20:27 30 yard line and everyone else is standing somewhere else completely into it, it made
0:20:29 no sense.
0:20:33 The last second she gets into the zone where she’s allowed to be, so she didn’t get DQ’d,
0:20:34 which would have been horrible.
0:20:42 But then the crazy part was this woman at the end, the Femke Bowl, Femke Bowl is awesome.
0:20:43 Femke Bowl shoes.
0:20:49 I am thrilled by this athlete that I didn’t even know existed 24 hours ago, Femke Bowl.
0:20:53 If you haven’t watched her, you got to go watch this woman run.
0:20:56 She just dominated the U S in the last leg.
0:21:01 She’s this Dutch runner who looks like she’s not even expending any effort whatsoever.
0:21:04 She’s like, she’s like AI, dude.
0:21:09 She looked like fucking chat GPT, grew legs and ran effortlessly ran the rest of this
0:21:13 race when the rest of the humans were like sweating and trying Femke Bowl, dude.
0:21:19 I feel like in another life, that would be your, your dream girl Femke Bowl.
0:21:20 I love her.
0:21:21 I love her.
0:21:23 She is my dream girl.
0:21:25 She’s gonna be this life.
0:21:26 Yeah.
0:21:27 Hey, fam.
0:21:33 If you’re listening, she, she’s a 400 meter hurdle specialist and she’s going to race this
0:21:37 woman named Sidney McLaughlin and Sidney is going to kick her ass.
0:21:40 But fam’s going to get second and it’s going to still going to be a fun race.
0:21:41 That’s my prediction.
0:21:42 Wow.
0:21:43 Okay.
0:21:44 Fighting words.
0:21:46 I am officially, I’m like a half citizen of the Netherlands after watching that race.
0:21:48 So I’m, I’m in on that one.
0:21:49 That’s another big winner for me.
0:21:52 That race and specifically Femke Bowl was a huge winner.
0:21:54 Can I do some losers, losers of the Olympics?
0:21:55 Let me do one more winner.
0:21:57 So this is a relatively new thing.
0:22:03 So starting in 2016, I think in Rio, something like that, the Olympics did something cool.
0:22:06 They got, so there’s a bunch of refugee athletes.
0:22:11 So like people who fled Iran, like there’s a wrestler who fled Iran because he, he was
0:22:15 protesting and he fled and so he’s can’t compete for Iran anymore.
0:22:17 There’s a bunch of Syrian athletes, things like that.
0:22:20 And so what the Olympics do is they put these guys into this team.
0:22:25 I forget what they call it, but it’s basically the refugee team and they come into the stadium
0:22:28 with the Olympic flag and I always cry.
0:22:31 I get really emotional when I see these guys come in because this is like the definition
0:22:33 of the Olympics for me.
0:22:38 And so they like pick athletes who are refugees and who have a shot at doing, doing good and
0:22:39 hitting the standards.
0:22:44 So anyway, they have this one boxer who was from Cameroon and she had a flea, Cameroon,
0:22:48 and it’s the first time that one of these refugee folks has ever meddled.
0:22:53 And so she’s guaranteed to get third place at least, maybe second place in boxing.
0:22:56 And so her match I think is tomorrow.
0:22:57 And so that’s amazing.
0:23:01 I feel like a lot of these kids, well they’re young men and women now, but they like, for
0:23:07 example, fled Cameroon or South Sudan because they were being recruited to be children soldiers,
0:23:08 things like this.
0:23:12 So they like walk across, you know, a country to flee and now they’re in the Olympics.
0:23:15 And that’s my favorite part of the Olympics.
0:23:18 Do they have like a, so they walk in with the Olympic flag, what do they wear when they’re
0:23:19 at the Olympics?
0:23:20 I haven’t seen this.
0:23:21 What was that uniform?
0:23:24 Historically, they wear like blue Olympic jerseys.
0:23:29 And so they, and when they come in to the stadium, they all look different, you know,
0:23:34 because they’re Syrians and then there’s Africans and like, they all look different and it’s
0:23:37 really cool to see this group of people who are all from all over the world, but have
0:23:41 similar like troubled backgrounds and they all like come together wearing this jersey
0:23:44 and it’s really cool to see that jersey kind of unite them.
0:23:45 Yeah.
0:23:46 I love that.
0:23:48 By the way, there’s a surprising number or maybe they just stand out when you hear the
0:23:53 story, but there’s a, there is a surprising number of Olympic athletes who were either
0:23:58 like foster kids or, you know, adopt this, basically the blind side story, right?
0:24:01 It’s like, oh, there’s their parents and you’re like, oh, that doesn’t look like their parents.
0:24:02 Interesting.
0:24:03 What’s the story here?
0:24:06 And it’s like, well, they, they had this like incredibly tough upbringing, but then it makes
0:24:07 sense at the same time.
0:24:12 It’s like, if you’re looking for the people who are like extremely gritty and the people
0:24:15 who are going to, you know, overcome the incredible number of obstacles that it takes to become
0:24:19 the best in the world at something, it kind of makes sense that maybe you were forged
0:24:20 in the fire that way.
0:24:23 I remember like, you know, I was an athlete track athlete and I remember being really
0:24:28 nervous before races, but you wouldn’t, you’d be a lot less nervous if you came from a really
0:24:30 hard life because you’d be like, this is easy dude.
0:24:34 This is like, you know, like this is nothing compared to what I experienced like today’s
0:24:35 a day off of my normal life.
0:24:39 I’m running, I’m running for a, for a time, not, not running away from dictators, right?
0:24:41 It’s different snakes.
0:24:42 Yeah.
0:24:44 And so that’s why I love sports.
0:24:45 And so who are the losers?
0:24:46 So we got another one.
0:24:50 So the winner, another winner we’re marking here is the team refugee team.
0:24:56 And my honorable winners are the, the parents who adopted several of these foster Olympians.
0:24:59 That may be my, my future, future career.
0:25:00 All right.
0:25:01 So some of my losers here.
0:25:05 And of course I say this playfully because they’re Olympians, they’re not actually losers.
0:25:08 I’ll give you the most controversial one first.
0:25:12 Simone Biles and in general gymnastics.
0:25:13 Can I give you my case?
0:25:14 Can I zag here?
0:25:19 Can I give you my case on why there’s something about gymnastics that just creeps me out dude.
0:25:24 There’s something strange and joyless that there’s not only the controversy that happened
0:25:29 where a lot of like sexual assault stuff was going on with, with gymnastics, but gymnastics
0:25:32 seems so high stress dude.
0:25:36 Like when she fell on the beam and like, whoop, there goes, you know, four years.
0:25:40 There’s something just, they have to do this fake smile while they’re doing their routine,
0:25:44 but it’s like the, they look like the Joker dude that’s not a real smile.
0:25:45 I’ve seen real smiles.
0:25:47 That is not a real smile.
0:25:49 He just seems incredibly stressed.
0:25:55 It seems like a joyless sport and she is so dominant, which is amazing, but there’s something
0:25:56 uncanny about it.
0:26:01 It’s like watching an AI video where you’re like, this looks beautiful, but there’s something
0:26:03 inhuman about what I’m watching here.
0:26:04 There’s something joyless about gymnastics dude.
0:26:11 Is it weird that you’re, you’re judged in a sport on like your appearance and your smile.
0:26:12 Like I think that’s weird.
0:26:13 I think that’s weird.
0:26:16 Like if one of these women didn’t smile and just had like a plain face, I think she would
0:26:17 get hurt.
0:26:20 Did you see our YouTube comments?
0:26:22 Everybody’s judged on appearance.
0:26:23 Right now.
0:26:24 It’s just weird that it’s like sports.
0:26:29 I’m going to get ripped for everything I’m saying and mostly the way I look.
0:26:30 I think it’s weird.
0:26:34 I also dislike sports that are mostly judged.
0:26:35 You know what I’m saying?
0:26:36 That always makes me mad.
0:26:37 Yeah.
0:26:41 It’s just, it’s a, gymnastics was a rough watch for me also can’t tell the level of
0:26:42 difficulty.
0:26:43 It all seems hard.
0:26:48 They all look, they all look absolutely incredible and it’s like, well, no, this one was clearly
0:26:50 four tenths of a point worse than that one.
0:26:55 And so it is kind of an unwatchable sport also because everything that all the athletes
0:26:58 are doing looks super human to me.
0:27:01 Whereas a race, there’s something just so pure and primal about a race.
0:27:03 It’s like that person ran and won.
0:27:05 I could tell who won and lost in gymnastics.
0:27:09 I really can’t tell who wins and loses at all.
0:27:12 So in skateboarding, that’s now an Olympic sport.
0:27:15 And I like to skate and you get points if you do.
0:27:17 So there’s like your regular stance, the way you skate all the time.
0:27:22 And then you get more points if you do a switch, which is you put your not dominant foot in
0:27:24 front, you know, you switch around.
0:27:25 It’s freaking weird.
0:27:27 Like who cares which footed, footed you are.
0:27:30 Like why do you get, well, like what if you’re like, you know what I mean?
0:27:31 I always thought that’s weird.
0:27:32 And it’s similar with gymnastics.
0:27:36 Like if you use like, like who’s to determine what’s more challenging if you use like your
0:27:39 less dominant hand to lead, I think it’s weird.
0:27:40 That’s why I’m not a fan of it.
0:27:43 I use my left hand to get an extra hundred points.
0:27:44 So that doesn’t make any sense.
0:27:45 Right.
0:27:46 Or like with an eye patch.
0:27:47 I, so I think that’s strange.
0:27:48 Okay.
0:27:54 Other losers that I have this pole vault guy going viral because he got mixed long.
0:27:55 Yeah.
0:27:56 Okay.
0:27:57 The wrong contest.
0:27:58 Yeah.
0:27:59 Exactly.
0:28:04 Dude, if I see another meme about this guy, everybody had the same joke.
0:28:05 It’s actually not even him.
0:28:09 It’s everybody who made the same exact joke of like, he actually won.
0:28:10 Dude.
0:28:11 Come on.
0:28:14 Basically, a guy went up on a pole vault.
0:28:18 He cleared the bar, but on his way down, his dick hit the bar and it fell over.
0:28:19 Yeah.
0:28:20 It sucks.
0:28:21 That sucks.
0:28:24 No, he won dude.
0:28:26 All right.
0:28:29 Last one is a winner, Noah Lyles.
0:28:30 What do you have to say about this?
0:28:33 The guy wins what seemed like the closest hundred meter race.
0:28:39 Did nobody even realize that he won until it was finally like the camera in like a 90
0:28:44 analysis realized that his chest hair crossed the line first.
0:28:46 Noah has a little bit of a problem.
0:28:48 He’s an amazing athlete.
0:28:50 I think he’s a great guy.
0:28:52 He’s real cringe.
0:28:55 So you’ll have to, if you pay attention, he’s going to be run the 200 meter, which is his
0:28:56 better event.
0:28:59 And he’s probably going to win because he’s great.
0:29:05 He’s got a cringe problem, which is, you know, what do they call in UFC, the triple
0:29:06 C?
0:29:08 He’s a three time champion.
0:29:11 The third medal is for a cringe.
0:29:12 Yeah.
0:29:13 Yeah.
0:29:14 So he’s the cringe champion.
0:29:16 Noah Lyles has a little bit of an issue with that.
0:29:19 Were you surprised, impressed by the finish?
0:29:21 I thought that he was going to get second.
0:29:22 Yeah.
0:29:23 I was surprised that he won.
0:29:24 I was surprised that he won.
0:29:25 And here’s the other thing.
0:29:28 I was surprised at the Jamaican guy who got second.
0:29:30 You should look at how big that guy is.
0:29:31 People don’t realize this.
0:29:35 These 100 meter runners and these 200 meter runners, they look jacked and ripped.
0:29:38 And they look jack and ripped because they’re like mostly naked and they’re like flexing,
0:29:39 right?
0:29:41 They just, you always look better when you’re like working out.
0:29:44 But if you look at their body weight and their height, they’re pretty lean, small guys.
0:29:48 They’re actually, it’s like, you say in bolt was six, four or six, five, but the only
0:29:53 way, like 190 pounds, it’s actually not that, not that huge of a guy.
0:29:56 The guy who, from Jamaica, just beast, just beast of a guy.
0:29:59 I was shocked that he did as good as he did.
0:30:01 He’s like, you say in bolts, Projet, right?
0:30:03 He’s like a training with him or something.
0:30:06 Well, Jamaica is a small ass country.
0:30:08 They all train with similar coaches.
0:30:11 So no, no, he’s not good enough to be called his projet, but he’s good.
0:30:12 Okay.
0:30:13 Fair enough.
0:30:14 Fair enough.
0:30:15 Okay.
0:30:16 Two questions for you.
0:30:18 Number one, do you believe that any of these guys are clean?
0:30:19 Yes.
0:30:20 I tend to be optimistic.
0:30:25 I also thought Lance Armstrong was clean though, so, but I tend to be optimistic.
0:30:31 I think beating drug tests is fairly challenging, but I think they’re clean.
0:30:32 Yeah.
0:30:33 Right.
0:30:36 Before you asked me for my investment advice, I advise you to look at my portfolio.
0:30:37 Yeah.
0:30:42 Like I was like, I thought Lance was clean, so, you know.
0:30:43 Right.
0:30:44 Okay.
0:30:46 Second question, what’s left to look forward to rest of the Olympics for me?
0:30:53 Because the Olympics are also a complete, the other loser is the Olympics programming,
0:30:54 how impossible this is to follow and watch.
0:30:59 If you didn’t tell me, hey, here’s three, four storylines that you should pay attention
0:31:02 to that I could get emotionally invested in and understand what I’m looking at when
0:31:05 I look at it and which, which event to pay attention to.
0:31:08 This would have been impossible to even enjoy.
0:31:10 So what’s left to enjoy for me?
0:31:12 So the men’s 200 will be fun.
0:31:14 So here’s a sleeper of an event.
0:31:17 There’s a kid named Quincy.
0:31:21 There’s a grown man named Quincy, Quincy Hall, who’s in the 400 meter dash.
0:31:26 He’s potentially going to win, but then there’s younger Quincy, who’s a 16 year old kid who
0:31:30 looks like a 16 year old kid, you know, a lot of like 16 year old prodigy athletes.
0:31:31 They don’t look like children.
0:31:32 He looks like a child.
0:31:35 He got fourth at the 400 meter trials in America.
0:31:38 You have to get top three in order to go to the Olympics, but he got fourth, which means
0:31:39 he’s put on a relay.
0:31:42 He’s probably not good enough to be in the final four by four.
0:31:47 But if you watch the prelims from when America is in the four by four, watch this young kid
0:31:48 Quincy.
0:31:49 He’s 16 years old.
0:31:50 He’s like darling.
0:31:54 Like he’s got like the perfect type of charisma where he’s like composed, but he’s still like
0:31:55 talks like a child.
0:31:56 That’s going to be really exciting.
0:32:00 I think he’ll be the youngest American track and field athlete ever to go to the Olympics.
0:32:02 My mind only has room for Femke Bowl.
0:32:04 So I really look at my notes here.
0:32:10 I’ve just put boxes around the name Femke Bowl like, you know, 16 times as you’ve been
0:32:12 talking because I’m not really paying attention to anything except for her.
0:32:13 I mean, she’s good.
0:32:17 She’s going to get her, her ass beat in the 400 meter hurdles, but she’ll be, she’s
0:32:19 a wonderful second place winner.
0:32:24 So watch Quincy in the four by four relay prelims.
0:32:26 He’ll be, he’ll be a runner and that will be a really exciting.
0:32:27 Okay.
0:32:28 One last question for you.
0:32:29 You’re a runner.
0:32:33 These, one of the things that they were talking about was like, yeah, I had to recover from
0:32:37 that hundred meter thing to be ready for the 200 or whatever they’re like, no, allows
0:32:38 us talking about this.
0:32:43 I understand that in theory, but also this is a 10 second race.
0:32:44 They run it.
0:32:45 Yeah.
0:32:46 It takes nine seconds.
0:32:47 You really need to like, you have two days.
0:32:49 It’s really hard to recover from a nine second race.
0:32:50 No.
0:32:53 So yeah, it is because you get score from that.
0:32:59 They do the, so to, to run a race at a big championship, you have to run three races.
0:33:01 So one, one sprint race is actually three.
0:33:07 So the quarter semi race, the semi and the final are usually always on the same day.
0:33:11 So that final happened, I don’t know how many hours, but the same day as the semi final.
0:33:13 So he had ran that morning as well.
0:33:18 And when you run sprints, it taxes your central nervous system, which is different.
0:33:22 So you basically, it’s sort of like a, if I were to say like, Hey, you have to do this
0:33:27 box jump squat 20 times in a row and you got to go for max height.
0:33:30 You’re going to be this type of sore where your insides, like you, you feel like your
0:33:33 nerves hurt, not necessarily like your aerobic system.
0:33:34 Do you know what I mean?
0:33:38 This is like how when I get done with this podcast and I go hang out with my wife and
0:33:42 I’m just like, I need to just not talk for a while.
0:33:43 And she doesn’t understand.
0:33:46 She’s like, you talk for a little while you talking, you’re tired from talking.
0:33:51 I need to tell, I need to go with this sympathetic nervous system explanation just to confuse
0:33:53 her to make it acceptable.
0:33:54 And that’s how it feels.
0:33:58 Like if you go and do like an explosive workout, it’s like you’re, it’s like your insides just
0:33:59 feel depleted.
0:34:01 It’s, it’s kind of a weird feeling.
0:34:02 I guess I’ll take your word for it.
0:34:03 Never going to do it.
0:34:04 All right.
0:34:06 That’s the Olympic segment.
0:34:08 Thank you Sam for making that interesting for me.
0:34:09 All right.
0:34:12 If you’re listening to this pod, I already know something about you.
0:34:15 You, my friend, are nosy.
0:34:19 You want to know the numbers behind all of these things that we’re talking about.
0:34:23 How much money people make, how much money people spend, how much money businesses make.
0:34:25 You want to know all of this people’s net worth, all of it.
0:34:27 Well, I’ve got good news for you.
0:34:31 So my company Hampton, we’re a private community for CEOs.
0:34:34 We do this thing where we survey our members and we ask them all types of information,
0:34:38 like how much money they’re paying themselves, how much money they’re paying a lot of their
0:34:42 employees, what their team-wide bonuses are, what their net worth is, what their portfolio
0:34:43 looks like.
0:34:47 We ask all these questions, but we do it anonymously, and so people are willing to reveal all types
0:34:48 of amazing information.
0:34:49 Stuff you really cannot Google.
0:34:50 You can’t find anywhere else.
0:34:55 And you can check it out at joinhampton.com, click the report section on the menu, click
0:34:58 the salary and compensation report.
0:34:59 It’s going to blow your mind.
0:35:00 You’re going to love this stuff.
0:35:01 Check it out.
0:35:02 Now, back to the pod.
0:35:03 All right.
0:35:06 So let me tell you about a story and I want to hear something.
0:35:09 I have a question for you on how this story ends.
0:35:14 So in 1929, there’s this guy and he starts this company where it’s very odd.
0:35:21 He basically is cleaning the rags and uniforms for circus performers.
0:35:24 Very strange start, but that’s how this company starts.
0:35:30 And he turns that into a business and he calls it ACME Industrial Laundry.
0:35:32 And he kind of scales that up, but not a lot.
0:35:35 It’s a very small business, but he scales it up to where he starts doing laundry for
0:35:37 other uniform businesses.
0:35:39 Now he started that in 1929.
0:35:45 By 1960, his son, who’s like 21 years old, comes into the business and he’s like, “Hey,
0:35:47 Dad, I would love to work for you and maybe take this over one day.”
0:35:50 And the dad’s like, “Yeah, sure, let’s do it.”
0:35:56 And it does okay, but inevitably there’s a little argument between the father and the
0:35:57 son.
0:36:00 And so the father calls the son into the office and he’s like, “Hey, look, man, this isn’t
0:36:01 working.”
0:36:04 And the son’s totally expecting him to be like, “You’re fired.
0:36:05 You’re out.”
0:36:07 And he goes, “Look, this isn’t working.
0:36:08 Here’s the keys, man.
0:36:09 You run it.
0:36:10 Let’s see what you can do.
0:36:11 I’ll step out your way.
0:36:12 Let’s see if you could pull this off.”
0:36:17 And so the son, he’s at the time, 21, 22, 23 years old, his name’s Richard.
0:36:21 He takes control of this business and he’s like, “Let’s grow this sucker.”
0:36:26 And so in 1960, when he takes it over, it’s doing $180,000 in revenue, which is something
0:36:29 like $2 million today as 12 employees.
0:36:34 And he’s like, “Look, we’re going to focus on doing laundry for companies who need cleaning
0:36:35 supplies.”
0:36:40 So like extra rags, they’re basically just washing rags and he grows it and it works
0:36:41 out well.
0:36:45 And he grows it to the point where after, I think, eight years, the business grows from
0:36:50 $200,000 a year up to $1.6 million a year, which is the equivalent of like 15 million
0:36:51 bucks a year.
0:36:57 He’s growing this business and it’s a, he’s now expanded into laundering company uniforms,
0:36:59 which is a very strange thing to get into.
0:37:04 I didn’t even know that existed, but he grows this sucker for the next 50 years.
0:37:08 And now they’ve renamed the company to Sintas.
0:37:09 Have you heard of Sintas?
0:37:10 Yeah.
0:37:11 I see their trucks.
0:37:13 I see their trucks all the time too and I have no idea.
0:37:14 Okay.
0:37:15 So do me a favor.
0:37:17 Go to Sintas market cap.
0:37:20 Just Google that and look at what it says.
0:37:21 $75 billion.
0:37:22 Wow.
0:37:26 It’s a $75 billion company.
0:37:32 And their main business is still, now they, they launder uniforms, but they also supply
0:37:33 the uniforms.
0:37:36 They make uniforms for all types of businesses.
0:37:39 You know, like you’ll see, like, if you see like a typical janitor outfit, that’s a very
0:37:41 easy one, but it could be restaurants, it could be anything.
0:37:46 And then they, uh, rent to you your uniform and they’ll launder it for you, but then
0:37:47 they’ve expanded.
0:37:49 So like, if there’s a fire extinguisher in the bathroom of a restaurant, it probably
0:37:50 has come from them.
0:37:54 If there’s cleaning supplies, it probably comes from them because once they made inroads
0:37:57 into a business is like, Hey, along with your uniform, we’re going to sell you all these
0:37:58 other things.
0:38:04 And so I think they do something like $8 or $9 billion a year in revenue and it’s subscription
0:38:05 revenue.
0:38:06 So it’s like a huge company.
0:38:07 Why is it subscription revenue?
0:38:09 It’s uniform rental.
0:38:13 Uh, yeah, they got you.
0:38:17 It’s called a ras, uh, you know, like rental as a service.
0:38:18 I don’t know.
0:38:19 It’s just, that’s just what they do.
0:38:23 Uh, they, they sell uniforms or they rent uniforms and so they’re able to get like these
0:38:24 subscription businesses.
0:38:27 And then it’s also like real recurring revenue because, uh, they’ll sell you all this other
0:38:29 stuff and they’ve got inroads.
0:38:34 But as the business was taking off, Richard farmer, uh, his name, uh, he starts getting
0:38:37 old and he’s like, I need to figure out a way how to like keep this within my family.
0:38:42 And so to this day, the family, the farmer family still owns something like 20%, I think
0:38:45 maybe 18% of the business.
0:38:49 And like he was like, I made it my mission to create this like generational thing and
0:38:53 I’ve trained my children to help take this over and to make decisions as, as it comes
0:38:57 to giving away our money, but also governing the company.
0:39:00 I don’t, a family member isn’t the CEO, but they’re still like involved.
0:39:06 And so the reason why I looked this guy up is I’m very fascinated with how you could
0:39:08 pull this off where you could keep your family in the business.
0:39:11 I think that it’s very hard and it’s high risk, high reward.
0:39:16 And so I’ve been like studying all these families who have pulled it off and these guys have
0:39:19 and from the outside, there’s a dozen other examples of people who have crashed and burned
0:39:20 and this has not worked.
0:39:28 My question to you is this a thing that you aspire to have, you know, you’re one of your
0:39:33 three kids kind of take things over or you pass the baton to them or do you not care
0:39:34 about this?
0:39:38 Because I’ve talked to a lot of people and it seems 50/50 of people who are like adamantly
0:39:43 in favor and other people who are just like, I don’t give a shit.
0:39:46 My answer is really split.
0:39:52 I don’t aspire to do this, meaning it’s not something I’m planning to do or really want
0:39:55 to push on anybody.
0:39:56 Do I think it would be awesome?
0:39:57 Yeah, totally.
0:40:00 In the same way where like, if my son plays basketball as his favorite sport, that’s gonna
0:40:04 be awesome for me because I love basketball and I could coach him and I could help him
0:40:07 in a way that I couldn’t if it was tennis or not, not sports at all.
0:40:09 So it’s to me, it’s a bonus.
0:40:10 It’s not a plan.
0:40:15 I do think about this stuff because on two ends of the spectrum, on one end, I’ve met
0:40:23 way too many rich guys who talk themselves into working too long, working too much with
0:40:26 this like, I’m just doing it all for my kids.
0:40:29 It’s like, dude, kids just kind of want you at home actually, they just want to spend
0:40:30 some time with you right now.
0:40:36 They don’t really care, you know, whether you leave them, you know, 12 million dollars
0:40:38 or 22 million dollars or 42 million dollars.
0:40:41 It’s not like your kid right now doesn’t care.
0:40:46 And also doing that, giving them more might actually be a disservice to them back to the
0:40:52 kind of, you know, our conversation earlier about the Olympics and how like, you know,
0:40:55 what does where does character come from?
0:40:59 So I think that it’s really dangerous to talk yourself into I’m doing this for my kids.
0:41:01 So I refuse to let myself do that.
0:41:04 I think anybody who says that honestly is lying.
0:41:07 I think you’re doing it for yourself.
0:41:12 And you use your kids as a justification to why you’re why you’re doing that as my general
0:41:13 opinion.
0:41:17 And so I just took safeguard myself from ever lying to myself in that way because it’s such
0:41:20 a sexy lie, right, who’s going to say anything bad to you.
0:41:22 You can never get checked, right?
0:41:23 There’s no checks and balances.
0:41:26 If you just say I’m just doing it for my family, doing it for my kids.
0:41:31 And so, so I think it’s really important for myself to not not lie to myself that way.
0:41:35 If my kids happen to want to be interested, happen to have an interest or appeal to awesome,
0:41:37 I will be super excited and can’t wait to do that.
0:41:42 I do hope that that happens, but hope is, you know, not a plan, not a strategy.
0:41:46 On the other hand, I’m on vacation and one of the best moments of my day yesterday was
0:41:47 I went to a water park.
0:41:48 Dude, have you been to a water park?
0:41:54 Like in the last 20 years, dude, Nick Gray rented a water park for his 40th birthday.
0:41:59 But in order to save money, he rented it from 7am to 9am.
0:42:05 And so me and a bunch of 40 year olds went to his birthday party where we had a whole
0:42:06 water park for ourselves.
0:42:08 You said have you been, have you been to a water park?
0:42:11 No, it’s just too full of pee, man.
0:42:13 It grosses me out.
0:42:14 I know.
0:42:17 I was absolutely disgusted by being in that pool with so many people.
0:42:20 Dude, somebody like Tweety Bird shirts.
0:42:22 Oh, no, not for me.
0:42:23 Yeah.
0:42:27 They did this thing where they, because I’m in the kids section and they, um, they take
0:42:33 a break at the top of the hour for five minutes as a potty break of like, Hey, this is the
0:42:35 time to like take your kids to go and pee.
0:42:38 That just brings more attention to it.
0:42:39 Nobody left the pool.
0:42:41 And I was like, nobody’s leaving right now.
0:42:44 There can only be one explanation for this.
0:42:45 It’s filthy.
0:42:50 Besides that, there was one beautiful thing amongst the disgust, which was while we were
0:42:53 walking in, there was this dad, he’s pulling like a wagon.
0:42:56 Like when you have kids, just bring some shit everywhere.
0:43:01 And his kid was walking next to him, his kid’s probably like seven years old.
0:43:05 And he’s walking in front of us and he stops like 10 feet ahead and it’s like a really
0:43:06 narrow path.
0:43:12 And normally, like my like flaw as a parent is I’m very impatient and it’s like, you’re
0:43:17 like really like fussy and like annoyed easily when I’m like beyond like a four hour stretch
0:43:18 with my kids.
0:43:20 I just become like cranky.
0:43:21 And so this guy stops.
0:43:22 I’m ready to be cranky.
0:43:24 He does something really, really awesome.
0:43:29 I realized why he stopped is because this kid asked him something and the dad who was
0:43:31 the kid was like kind of like look kind of athletic.
0:43:32 The dad didn’t really look super athletic.
0:43:36 Look like, you know, typical water park American, let’s say.
0:43:42 And but he was showing him, he goes, Oh, when you’re doing that in soccer, he’s like, when
0:43:45 they come at you this way, what you want to do?
0:43:48 And he was showing him how to use his feet to like not have the ball get stolen.
0:43:50 And the kid was not like making eye contact.
0:43:52 He’s processing it.
0:43:53 He was watching the dad and he’s processing.
0:43:55 He wasn’t saying a whole lot back.
0:43:57 And the dad was trying to just show him something.
0:44:00 And in the moment of the basis, it’s just like a dad teaching his son something.
0:44:01 And I don’t know.
0:44:02 I’m gotten pretty soft.
0:44:04 But like that kind of like touched me for a moment.
0:44:09 I was like, this is so amazing, just this, uh, this dad just teaching his kid this little
0:44:14 thing, like just being able to pass down one little bit of information and the kid so earnestly
0:44:17 processing it because there’s so many things you tell your kids that they’re not listening
0:44:18 and they don’t care.
0:44:19 They don’t want to know.
0:44:20 And they don’t want to listen.
0:44:21 They don’t want to take their vegetables.
0:44:22 Basically.
0:44:24 Um, but the kid genuinely cared and it meant something to him.
0:44:26 You could tell the kid had had like a bad experience.
0:44:28 It was trying to figure out how to overcome the bad experience.
0:44:30 And I fucking loved it, dude.
0:44:34 And it just made me for the rest of the day, I just found like all these little pockets,
0:44:37 little moments to like have a different conversation with my kid.
0:44:41 And so like, you know, later that day we were like parking the car and I was like, tell
0:44:42 my son, I was like, come, come back to me.
0:44:43 He’s only three years old.
0:44:45 I did the thing, like illegal thing you’re not supposed to do.
0:44:48 I like put him on my lap and like had him like drive in the parking lot to like park
0:44:49 the car.
0:44:51 Uh, but like he had to sit in my lap while I was driving it.
0:44:53 Like this is like 50 feet, but like whatever.
0:44:58 And I told him, I said, um, my son does this really cute thing where he goes, he’ll do
0:44:59 something.
0:45:04 And then like an hour later, he’ll go, uh, you know, why am I do that?
0:45:06 Like, you know why I said I wasn’t going to eat that?
0:45:09 And he just keeps all these, I was like, you know, why am I punched her?
0:45:12 And it’s like, then he’s got some explanation that never even makes sense.
0:45:13 But it’s so cute.
0:45:15 And so like me and my wife, whenever we fight, we do that now it’s like, you know why my
0:45:19 was an asshole earlier is because I got whatever.
0:45:23 And so I told him, I go, you know, why am I let you drive just now?
0:45:24 And he goes, why?
0:45:30 And I go, because I’m teaching you how to be, be a man and he goes, okay.
0:45:33 And I’m like, go tell your sister when you go back and say, you know why I got to go
0:45:34 do that?
0:45:37 Cause that is teaching me how to be a big man.
0:45:42 It goes in the room and he goes, uh, hey, bless you, you know why, um, uh, why did I
0:45:43 let me drive?
0:45:45 Because he’s teaching me to be a big human.
0:45:49 Dude, that’s awesome.
0:45:53 I’m, uh, I’m excited for my, when my kids are old enough that I could try to do that.
0:45:55 And I’m totally going to do a ton of them.
0:45:59 And yeah, I’m thinking about the same thing too about children and like what it means
0:46:02 to like bring them in if, if it’s at all possible.
0:46:06 But I do believe that what you said was true of it is mostly a lie that we tell ourselves
0:46:08 of why we are grinding it ain’t for them.
0:46:12 It’s so we could feel fucking dope and powerful.
0:46:13 Exactly.
0:46:16 By the way, I didn’t answer your question fully, which is if they’re interested, yeah, a lot
0:46:19 of people don’t want to do it because they’re like, oh, working with families, messy, working
0:46:21 with friends is messy.
0:46:26 Um, I learned one thing on this podcast episode, some, I don’t know, one of the first 20 episodes
0:46:27 with Mike Brown.
0:46:30 He said, uh, I asked him about, he brought his brothers into his business and I was like,
0:46:31 was that a good idea?
0:46:35 I mean, your brother’s in and he looked at me like I was it, like I was asking him like,
0:46:37 are you sure you draw on a drink water?
0:46:38 It’s pretty wet.
0:46:42 And he goes, my view of life is you find the people you love and you do life with them.
0:46:48 And then that became like fucking central to my core over, like in that split second,
0:46:50 I like changed as a human being.
0:46:52 I was like, Oh, okay.
0:46:53 That made total sense to me.
0:46:54 And that’s the answer.
0:46:55 Right.
0:46:57 Like find the people you love and do life with them.
0:47:01 And I will hit up people and I’ll like try to find an excuse to just do a project with
0:47:04 them or do a trip with them or do a something with them.
0:47:06 Like that has been so fruitful.
0:47:10 In one of my businesses, we brought in, I do business with my wife, we brought in my
0:47:11 sister into a business.
0:47:14 I’ve done so many different, I’ve done a business with my two best friends.
0:47:19 Like that has become just an operating philosophy that has served me very well.
0:47:21 And like, yeah, there are times where it doesn’t work out well.
0:47:22 So what?
0:47:23 That’s like everything.
0:47:24 There’s no foolproof strategy.
0:47:28 But the upside of finding people you love and doing life with them is so much higher
0:47:32 than the downsides of when it doesn’t work out in my opinion.
0:47:33 But right.
0:47:37 And that’s how I feel about this podcast, by the way, like, you know, when we met, I
0:47:38 always loved hanging out with you.
0:47:46 It’s like, Sam’s this crazy combination of really smart but smart about things that nobody
0:47:48 else I know is smart about those things.
0:47:52 Like he knows about this fucking family apron rental business, you know, like, you just
0:47:54 have a trillion of these things.
0:48:00 And you’re also really fun and funny, which is super like, which I learned to appreciate
0:48:03 was very rare in people, like the more kind of successful you get, the more serious people
0:48:07 get, whereas you were one of these people or the more successful you got, the sillier
0:48:08 you got.
0:48:10 And I was like, dude, I just want to have this guy in my life somehow.
0:48:11 Right.
0:48:12 Like how I don’t know what the excuse is.
0:48:16 So you moved away, but I’m glad this podcast became like an excuse to do that.
0:48:17 Well, I’m glad to.
0:48:21 And by the way, to the people listening, that shit takes work.
0:48:26 Like I particularly like, like you and I like, like we give and take to make each other happy.
0:48:31 But I would imagine it’s the same thing with children in business where it’s like, I know
0:48:36 this is the wrong thing that we should be doing, but I got to let the kid like fuck up.
0:48:37 You know what I mean?
0:48:38 And I think that’s really hard to do.
0:48:40 Dude, there was a great quote.
0:48:41 I don’t know if I’m allowed to quote this.
0:48:43 I think I am.
0:48:49 When I went to that event for the tiny event in Canada, Chris Andrew Wilkinson and his
0:48:53 partner Chris, they’ve been tiny, the hold code, the hold code has like 40 companies
0:48:54 inside.
0:48:57 They’re doing a session about hold cause and somebody asked them, they were like, Hey,
0:48:59 I’m, I’m setting up my hold code.
0:49:00 I’m in your one.
0:49:04 And I just want to know like how much support do you guys have from the back office?
0:49:05 Like, do you centralize finances?
0:49:06 Cause I think that could be really good.
0:49:11 Like cost savings plus easy way to have oversight and do you centralize legal?
0:49:15 Like what do you all, what do you, what do you guys centralize to get the most synergy?
0:49:21 And their answer is Chris was like, based up till now we’ve done nothing.
0:49:24 We centralize almost nothing and he goes for two reasons.
0:49:25 Number one.
0:49:28 So he had a, he had a smart reason and then he had a great quote.
0:49:33 His smart reason was he goes, whenever we own the financials, it felt good cause we felt
0:49:35 in control.
0:49:36 Problem was we were in control.
0:49:38 The CEO looked at the numbers and was like, those are your numbers.
0:49:39 Those aren’t my numbers.
0:49:40 I don’t know that.
0:49:41 I don’t know what that target is.
0:49:42 I don’t know what those numbers are.
0:49:45 I’m on the receiving end of these numbers.
0:49:48 And that’s a good point.
0:49:53 The second thing that Quotey said, he goes, we wanted all of our companies to be able
0:49:55 to run without us.
0:49:59 And the only way to do that was to just completely, you know, not completely neglect, but like
0:50:03 to, to neglect them, to not offer support and services.
0:50:08 And he goes, the children of dead beat dads grow up tough and independent.
0:50:12 It was like a grown in the audience, but I was like, I like that.
0:50:13 I like that a lot.
0:50:18 He’s like, he’s like, it’s pretty like, you know, like it’s the, the kids that grow
0:50:22 up in a like harder environment that are tough and independent.
0:50:25 The refugee, the refugee team of the Olympics.
0:50:26 Exactly.
0:50:28 And I thought that was such a good quote.
0:50:32 And the, the great insight he said, he goes, by the way, now that might not be the answer.
0:50:36 Now we might end up centralizing more as we’re now a public company and all this other stuff.
0:50:37 There’s other reasons to do it now.
0:50:42 But what got us here and what worked for us was that, all right, that’s the pod.
0:50:44 I feel like I can rule the world.
0:50:50 I know I could be what I want to put my all in it like the days off on the road.
0:50:51 Let’s travel.
0:50:52 Never looking back.
0:50:52 ♪ Back, back ♪
0:50:53 ♪ Back ♪
0:00:06 of people.
0:00:12 I feel like I can rule the world, I know I could be what I want to, I put my all in
0:00:15 it like no days off on the road, let’s try.
0:00:20 So basically, the market’s dropped, what, 5% this week and in our little circle jerk
0:00:23 world, it felt like the world was ending.
0:00:29 So I guess the Dow had its worst day in two years, SB500 is down about 5% so far this
0:00:34 week as of time of recording and I think the tech stocks did a bit worse, so Nvidia is
0:00:40 down 12%, Google, you know, whatever, a couple of the tech stocks which is more maybe where
0:00:42 we are at in a bubble did worse.
0:00:47 They gave back a lot of the gains that they’ve been having so far this year and so it was
0:00:52 a bad day for the markets and by the way, I wake up, I wake up and I think some people
0:00:54 on the East Coast, you’re on the East Coast, a couple of people in the group chat on the
0:00:59 East Coast and it either says one of two things, it says the world is ending with four or five
0:01:05 likes on it in our group chat or it says we’re going to Valhalla boys, it has four or five
0:01:09 likes on it every morning and I really, I don’t even check the market, I just look at
0:01:13 that text and I know directionally is the arrow up or down but it kind of gets to you
0:01:15 that way of thinking.
0:01:18 It bothers me, I had to yell at my partner Joe because he just calls me, are you freaking
0:01:19 out about this?
0:01:20 I’m like, freaking out about what?
0:01:23 He’s like, the markets are just going down like crazy, like should we sell everything?
0:01:24 Like, what do we do?
0:01:32 Like, my reaction was just like, this is expected, like if you just buy index funds like I do,
0:01:37 like there are ups and downs but in general over five, 10, 20 year periods, you’re expected
0:01:43 to do that to go up and down and he just like freaked and it made me angry, like it made
0:01:48 me angry because I was like, I wasn’t stressing but now I am and this is not healthy and that’s
0:01:49 what happened.
0:01:52 Okay, so I had a similar experience.
0:01:57 Ben calls me, I’m on vacation so Ben calls me and he’s like, dude, what are your thoughts
0:02:00 on like, you know, the market?
0:02:05 First of all, are we only going to do calls when the market crashes about the market?
0:02:06 It’s not a topic we normally discuss.
0:02:09 Okay, so first of all, I have no thoughts.
0:02:15 It reminds me of that skit back in the Dave Chabelle skit where he was like, what does
0:02:20 John rule thing?
0:02:21 What’s John say about this event?
0:02:22 John the line.
0:02:23 Yeah, let’s get John on the line.
0:02:24 Let’s talk about the market.
0:02:28 Second thing he was like, he goes, yeah, we should probably do nothing but you know,
0:02:32 I did think like maybe we should do XYZ and he laid out some like new plan and the funny
0:02:41 thing is I have been in a mode where I’ve just been trying to, I’ve understood that one
0:02:44 of the most powerful things you could do is take a simple idea very seriously.
0:02:47 I’m actually going to do a whole episode on this, taking a simple idea seriously.
0:02:52 But in general, picking a few things that matter, and then just simply doing them as
0:02:55 well as possible and reinforcing it.
0:03:00 So I actually do a thing which is, I wrote out for the year, I said, here’s the three
0:03:04 big things, big shifts, I always call it, like three shifts I’m making this year.
0:03:07 I’m making this shift, this shift and this shift.
0:03:09 Those are the three things that need to change in my life.
0:03:11 The rest of things are going great.
0:03:13 I don’t need to talk about the things that are going great.
0:03:18 And every single week I write down that shift, again, in our slack, I retype the exact sentence.
0:03:21 And then I say what I’m doing today had how that ties to that shift.
0:03:24 And if I’m going to do something today that doesn’t tie to that shift, I just simply don’t
0:03:27 do it or with very rare exceptions to it.
0:03:31 So I’ve been doing this for a while now, and I told Ben, I was like, Ben.
0:03:35 So remember that thing we’ve been saying over and over again, but like what we’re doing
0:03:38 this year, why we’re doing it, why it’s the right plan.
0:03:42 Did we need to add a disclaimer, which was unless the stock market crashes and then we’re
0:03:46 just going to throw all the shit out the window and suddenly change our decision making about
0:03:51 all the things that we’re doing, and it sounds ludicrous to say it like that.
0:03:53 That’s where his mind went in the moment.
0:03:55 And I don’t blame him because my mind used to go there too.
0:04:01 And I’ve developed a set of rules for myself through making horrible, expensive mistakes,
0:04:09 which is fundamentally when markets crash, just I have to assess like a is the wolf at
0:04:10 the door.
0:04:11 Like, do I actually have an existential crisis?
0:04:15 And if so, okay, I’ll, I’ll make a, I’ll shift my attention to this and change.
0:04:19 But like, if that’s the case, it’s because I somehow overlevered or like really stretched
0:04:23 myself too thin or like, I’ve made a huge bet that I should have never made in the first
0:04:24 place.
0:04:25 So is the wolf at the door?
0:04:26 No.
0:04:27 Okay.
0:04:29 If the wolf is not at the door, simply do not react.
0:04:33 Just do nothing for 30 to 90 days and then see where you land.
0:04:37 All right, let’s take a quick break because I want to talk to you about some new stuff
0:04:38 that HubSpot has.
0:04:40 They let me freestyle this ad here.
0:04:43 So I’m going to actually tell you what I think is interesting.
0:04:46 So they have this thing called the fall spotlight showing all the new features that they released
0:04:48 in the last few months.
0:04:50 And the ones that stood out to me were Breeze intelligence.
0:04:54 I don’t know if you’ve seen this, but if you’re in HubSpot and you have, let’s say, a customer
0:04:59 there, you can just basically add intelligence to that customer, the estimated revenue for
0:05:03 that company, how many employees it has, maybe their email address or their location.
0:05:08 If they’ve ever visited your page or not, and so you can enrich all of your data automatically
0:05:11 with one click using this thing called Breeze intelligence, they actually acquired a really
0:05:15 cool company called Clearbit and it’s become Breeze, which is great because now it’s built
0:05:16 in.
0:05:18 I always hated using two different tools to try to do this.
0:05:19 Now it’s all in one place.
0:05:23 And so all the data you had about your customers now just got smarter.
0:05:24 So check it out.
0:05:26 You can actually see all the stuff they released through the cool website.
0:05:31 Go to hubspot.com/spotlight to see them all and get the demos yourself.
0:05:33 Back to this episode.
0:05:34 How would you have reacted five years ago?
0:05:38 Well, I can tell you how I did react five years ago, making mistakes.
0:05:45 So when COVID, actually, even before COVID, I remember at the end of maybe 2019, 2020,
0:05:50 we had just sold our company and my cousin, who’s a hedge fund guy, and really all I know
0:05:55 is like, this is my cousin, he’s a hedge fund guy and our whole family thinks he’s the smart
0:05:56 stock market guy.
0:05:58 You know, people like in your family, when you don’t really understand what people do,
0:06:02 you just boil them down, you just categorize them into, well, he’s the doctor.
0:06:05 So no matter what my issue is, let’s call the doctor.
0:06:06 He’s a hard doctor.
0:06:07 I got a foot issue.
0:06:08 Doesn’t matter.
0:06:09 That’s the doctor.
0:06:10 I’m the tech guy.
0:06:12 It’s like, whether your router doesn’t work or you need a, you’re making a start of investment,
0:06:13 just call Sean.
0:06:14 Well, this is the stock guy.
0:06:16 And he was like, you know, it’s been a long bull market.
0:06:18 I’m moving this, this and this.
0:06:22 And so I went to cash and I was like, yeah, you know, longest bull market in history.
0:06:26 I’m going to shift some of my allocation around because I got this one hot tip from my cousin,
0:06:27 the stock market guy.
0:06:31 Isn’t that funny how when you phrase it as wonderfully as we’re in the longest bull
0:06:36 market ever, you’re like, I don’t know any of the evidence, but that was a great line
0:06:37 I’m in.
0:06:38 Exactly.
0:06:39 Exactly.
0:06:41 He told me something about a dead cat bounce.
0:06:42 Damn, that sounds fancy.
0:06:43 What’s that?
0:06:44 I’m Googling.
0:06:47 And it’s like, if someone’s making decisions off a Wikipedia article I just read, like
0:06:50 bad things are happening in my life.
0:06:53 When COVID happened, I’m, you know, it’s like, I don’t know, it’s global pandemic.
0:06:55 The world is ending.
0:07:00 And people are talking about L shaped recoveries or W shaped recoveries or whatever the hell
0:07:01 like V shaped recoveries.
0:07:02 I don’t know what’s going on.
0:07:06 I’m drawing on my notepad trying to figure out, oh, that means stock market goes up or
0:07:07 it just stays down.
0:07:11 And by the way, you know what it ended up being a K shaped recovery.
0:07:13 The letter they didn’t even talk about at the time.
0:07:18 I was listening to all the smart money and it turned a K shaped recovery where, you know,
0:07:22 mainstream, mainstream went down and it’s got bogged down by inflation and assets soared
0:07:23 and people.
0:07:28 How do you have a K like doesn’t there’s multiple lines on that chart, I guess.
0:07:32 It is up and down when they talk about like flattening the curve.
0:07:37 I’m like, I literally have to draw like an axis of like, wait, so what does flatten?
0:07:38 Like, what does that mean?
0:07:41 By the way, the dumb thing isn’t drawing it out and trying to understand it.
0:07:42 That actually is the smart thing to do.
0:07:47 It’s taking, you know, poorly informed action, action was the mistake.
0:07:50 And so I ended up doing a bunch of things that I really never should have done.
0:07:54 I sold a bunch of things thinking that that was being safe and conservative, but it was
0:07:57 actually a poor decision in general.
0:08:02 The number of poor decisions I’ve made simply from reacting versus responding and I define
0:08:08 a reaction as making a decision in the moment based on an emotion that I’m feeling usually
0:08:13 fear or greed, responding being I have let the emotion cool off.
0:08:18 I have let that settle and I am now choosing a decision that I’m going to make based off
0:08:23 of some sort of logical rationale that I could write down and I could write down the counter
0:08:24 argument for it.
0:08:28 So when I look at my argument for and my argument against, one of them wins.
0:08:33 And so anyways, now that’s the short version of my current, my current for instance, which
0:08:38 I do not claim to be foolproof, but it is just a improvement over dumb mistakes I made
0:08:39 in the past.
0:08:40 I found this great chart.
0:08:45 I think it was like starting in 1990 or 94.
0:08:51 This chart breaks it down to if you missed the top gaining days of a market, what would
0:08:55 your portfolio be like versus what would your portfolio be like if you just set it and
0:08:56 forget it?
0:09:00 And it was something like, what was this, I think the starting number was $10,000.
0:09:06 And so it was like, if you missed the 30 best days, you would have only $30,000.
0:09:10 If you missed the, which is roughly 83% less than if you just set it.
0:09:13 So if you just set it and forget it, you would have 181.
0:09:15 If you missed the 30 best days, you would have 30 grand.
0:09:19 And then if you missed the 10 best days, you would have 83 grand.
0:09:20 You know what I mean?
0:09:23 Like you would like, I see this chart of like, if you missed it, now I posted that chart
0:09:28 and people are like, yeah, well now do that chart with missing the worst days.
0:09:30 And I’m like, well, you’d have way more money.
0:09:34 But like, if you have some magic balls that could tell me like, you know, we’ll get that
0:09:38 polevolter guy with the huge balls, maybe he could tell me like, where is the worst
0:09:39 day that I could time it?
0:09:40 And we’re good.
0:09:41 You know what I mean?
0:09:45 But like, tell me where I’m going to die and I’ll know not to go there.
0:09:46 Yeah.
0:09:47 Like that’s type of situation.
0:09:48 Yeah.
0:09:49 So I’m team like set it and forget it.
0:09:55 I also think that you have to look at VTI, the Vanguard total index fund, we’re still
0:10:00 up like eight or 10% year to date, even with this little crash.
0:10:01 So like, I still feel good.
0:10:02 Okay.
0:10:03 Great.
0:10:04 Good segment.
0:10:10 And I’m talking about the stock market or it reminds me of like any time a, you know,
0:10:15 a tech VC suddenly is like a foreign policy expert or is like pandemic expert or whatever.
0:10:19 You know, I, I’m, I’m a novice when it comes to investing outside of my, my realm, which
0:10:26 is basically my realm is starting businesses or investing in private startups.
0:10:30 Those are the two things I actually, you know, have spent enough time in to feel like I know
0:10:31 what I’m talking about.
0:10:36 Anything beyond that, I’m better off sticking to a, you know, a 20 type of strategy where
0:10:41 I just, just do, just avoid huge mistakes and don’t try to beat everybody.
0:10:42 Yeah.
0:10:45 And if you look at how many hedge funds beat the market, it’s something like 5% of them.
0:10:50 And so these are companies that have thousands of nerds just sitting around a computer to
0:10:54 try and like beat the index and they still like the vast majority of them struggle.
0:10:56 And so that like, whenever I see that stat, I’m like, yeah, don’t try that.
0:10:58 All right, dude, I got to ask you about the Olympics.
0:11:04 So you’re my Olympics guy and I am famously not an Olympics guy.
0:11:06 I, I like watching them to be honest with you.
0:11:11 I just think the Olympics are an insane, an insane sport, but I emailed you as part
0:11:16 of my Friday newsletter thing and I was like, dude, what should I be watching for?
0:11:21 And you gave me a couple of tips, couple of storylines that made the Olympics, I don’t
0:11:23 know, 10 times more interesting for me.
0:11:26 And I want to talk to you about a couple of the things that you, you brought up starting
0:11:29 with this 1500 meter race.
0:11:30 How good was that?
0:11:32 A race I did not even know I cared about.
0:11:39 I didn’t even honestly know this event existed, but can you set this up because you gave me
0:11:43 storyline I needed to really care about this.
0:11:44 And it was incredible.
0:11:45 All right.
0:11:46 So going into the 1500 meter.
0:11:50 So the 1500 meter is 109 meters short of a mile.
0:11:52 So roughly 15 seconds of a mile.
0:11:57 So a really fast mile, let’s say is four minutes, a good 1500 is three minutes, 44 seconds.
0:12:00 Going into the race, there was two clear favorites.
0:12:03 This guy named Jacob Engelbritzen.
0:12:08 So basically this guy, I call him the Justin Bieber of track and field.
0:12:13 So he was raised by his father and like, I think he has seven siblings of which two or
0:12:19 three others are also elite runners, not as good as him, but elite runners.
0:12:22 And so he’s raised in this family with his dad, who’s very disciplinarian and he’s also
0:12:26 his coach and he’s like, they’re raised to be great runners.
0:12:28 And in Norway, where he’s from, they have a TV show.
0:12:32 So they’re almost like a reality TV stars also in Norway because these three brothers
0:12:34 are wonderful at running.
0:12:36 So this guy is the best.
0:12:39 He’s been the best since he was like 18.
0:12:42 He has, I think the second fastest or third fastest, mile time of all time, he has the
0:12:44 world record and the two mile.
0:12:47 The problem with him, he’s kind of a pretty boy.
0:12:51 He’s got these like cute tattoos all over his body and all the runners are a little
0:12:53 bit arrogant and cocky.
0:12:55 You have to be like that in order to be one of the best athletes in the world.
0:13:00 But his cockiness comes off as more arrogance and it also kind of sucks because he’s like
0:13:03 this guy who’s kind of been the best since he was young.
0:13:05 And so he’s not easy to root for.
0:13:08 You know, he’s like the guy who’s had it all and he is the man, but he kind of acts
0:13:09 like the man.
0:13:12 Now, the other guy he was going to race against, this guy named Josh Kerr.
0:13:17 I’ve been lucky enough to meet Josh in Austin one time because I was friends with his manager.
0:13:21 Was this the guy you asked to see as calves or to touch as calves or something?
0:13:22 Yeah.
0:13:23 Yes.
0:13:24 Yes.
0:13:29 So Josh, I think he’s from Wales, I forget, or no, Scotland, sorry.
0:13:30 Is it Scotland?
0:13:31 Whatever it is, it’s part of the UK.
0:13:34 And so they run under a British flag.
0:13:40 And so he is more of a silly, quirky, like he’s got like the British like shithead kind
0:13:41 of attitude.
0:13:42 That’s very likable.
0:13:46 And interestingly, if the reason I talked about his calves, unlike a lot of the runners,
0:13:48 he’s still a really skinny guy.
0:13:50 He’s not as skinny as the other runners.
0:13:53 And so he kind of sticks out, but he’s like the man and leading up to this race, they’ve
0:13:56 been talking trash to each other constantly.
0:13:58 And track and field is usually a gentleman’s sport.
0:13:59 No one talks trash.
0:14:01 And that kind of is one of the reasons why it’s boring.
0:14:03 They talk trash going into this race.
0:14:07 And so it was like framed as Josh and Yaka versus each other.
0:14:12 Josh is typically slower, but he usually wins races because when in championship racing,
0:14:15 it’s not always the fastest person who wins, it’s the person who shows up that day and
0:14:17 has the best tactics and comes through in the end.
0:14:21 Because oftentimes they go sort of slow, and then the second half of the race is really
0:14:22 fast.
0:14:25 So it’s typically not who’s fastest, it’s just who performs that day.
0:14:28 So we go into this race, and it’s just those two.
0:14:29 We think that’s what’s going to happen.
0:14:33 It comes down to the last 200 meters, which is half a lap.
0:14:38 So the last half of lap, it’s setting up exactly like we thought, where Yaka is in front winning
0:14:43 the race because he’s the faster runner, and Josh curve behind him, waiting to kick and
0:14:44 beat him.
0:14:46 And Josh takes off, and he’s about to get Yaka up.
0:14:51 And out of nowhere, this American, Cole Hawker, who’s got the slowest time of most all of
0:14:55 the other eight runners in the field, comes out of nowhere and he wins.
0:15:00 And not only does he win with 100 meters left, that’s the last straightaway, he’s boxed in
0:15:02 between Josh and Yaka.
0:15:06 And you see him try to take off and Jacob, or Yaka is kind of blocking him a little bit.
0:15:09 So he kind of pushes him a little bit, but he loses his momentum.
0:15:12 And that’s really hard and running because accelerating is the hard part.
0:15:16 So when you lose the momentum, typically that’s your one and only chance to do it.
0:15:19 Somehow Yaka goes just to the right a little bit.
0:15:23 So Cole Hawker can slip right through him on the inside rail, and he beats him.
0:15:27 And not only does he beat him, Yaka fades to fourth, which is like insane.
0:15:28 Josh Kerr gets second.
0:15:31 And this guy, Cole, he doesn’t just win.
0:15:35 He runs the Olympic record, so the fastest time ever in the 1500 meter, and he runs something
0:15:39 like the seventh fastest time in the 1500 meter ever.
0:15:42 And he crushes his PR and it was one of the best races I’ve ever seen.
0:15:44 That was a great summary.
0:15:48 A couple of the things that I thought were fascinating about this.
0:15:54 So when he was doing the trials and the semis, basically leading in, that guy, Yaka, had the
0:15:58 strategy where he was so cocky, he would basically just start at the very back.
0:16:00 So the race starts, he doesn’t really care.
0:16:03 He lets every single runner get ahead of him.
0:16:06 And he would just hang back at the back and then like kind of the second lap, third lap,
0:16:11 he would pass everybody and he would win the qualifiers.
0:16:17 And it was just a cocky thing to do, but it was also effective because he knew he could
0:16:22 push the pace and he just didn’t want to burn too much energy right at the very start.
0:16:26 The goal of the semis and leading up, it’s to win and qualify using the least amount of
0:16:27 effort.
0:16:28 Right.
0:16:29 Exactly.
0:16:33 And in the semis, him and Josh were going and it looked like at the end, they both kind
0:16:34 of were feeling each other out.
0:16:39 It was the first time running felt like boxing where you could see, oh, they’re kind of measuring
0:16:42 each other’s distance, their power, and they’re getting a feel for each other.
0:16:46 You could tell even in the semis, there was almost a moment where Yaka won, but Josh kind
0:16:51 of realized like, if I had pushed this last 50 meters, I think I could have taken them,
0:16:54 but I don’t want to show them the full bag right now.
0:16:58 They did something that was very controversial, not controversial, but it’s very, it’s part
0:17:02 of the story in running, which is when you are winning a race or you’re at the end of
0:17:07 the race, if you look around to see who’s around you, that’s like a cocky move.
0:17:10 And what you do is you see Yaka turn his head as if he’s looking behind him.
0:17:16 It’s like, I see you behind me and that’s like the adds to the story, which is always
0:17:17 fun.
0:17:18 Yeah.
0:17:19 The runners insult.
0:17:23 And so we, and so, but in the final, what you were saying was amazing because he did the
0:17:24 exact opposite.
0:17:28 He starts the race immediately in first place.
0:17:34 This guy, Yaka goes faster than anybody has planned in the first two laps faster than even
0:17:35 afterwards.
0:17:36 I was reading some interviews.
0:17:37 Why did he fade so hard?
0:17:40 He’s like, dude, I, I went way too hard at the start accidentally, like I didn’t pace
0:17:41 myself properly.
0:17:46 I just got out, you know, kind of like lost myself in the moment, lost some composure.
0:17:51 He just went too fast at the beginning, pushed a pace and it was, it was basically that part
0:17:56 he talks about where the American dude tried to pass him, got kind of pushed back.
0:17:58 It looked like it was a complete wrap for him at that point.
0:18:03 It looked like there was no way you can get bumped back and then pass him again, but it
0:18:05 ended up working out, which I thought was amazing.
0:18:11 If you haven’t seen that one, go to YouTube and just type men’s 1500 meter.
0:18:14 Watch the a six minute clip on the, on the NBC sports channel.
0:18:17 It is like straight out of a sports movie type of thing.
0:18:22 You know, like if you’re an American, you watch that it is a super inspiring to see
0:18:23 this guy.
0:18:24 It was a complete underdog.
0:18:25 Nobody was even talking about him.
0:18:29 It was just a question of which of these two other guys and then this little, the little
0:18:32 engine that could basically passes them all at the very end runs the race of his life.
0:18:33 I thought that was amazing.
0:18:36 And the best part, dude, Paris has killed it with us, Olympics.
0:18:40 The best part is they have this bell right at the finish line of all the events.
0:18:41 Right.
0:18:44 And when you win an event, you walk over to the bell and you ring it and he goes over
0:18:48 and he rigs this bell and it was just like a really cool moment.
0:18:49 So like I was all about it.
0:18:52 I was, I was screaming so loud, I woke my kid up from a nap.
0:18:53 I was so pumped from this.
0:18:55 So yeah, I’m, I’m happy.
0:18:57 I’ve been a distance running fan for years.
0:19:00 It’s not the most popular sport because it’s not that, that exciting.
0:19:01 I’m happy this existed.
0:19:02 It’s good for the sport.
0:19:03 Okay.
0:19:06 So I have a couple other winners and losers I want to go through with you.
0:19:11 So winner for sure, Cole Hawker and the 1500 meter race.
0:19:14 I’m going to do another winner here mixed relay.
0:19:15 Another race.
0:19:16 I didn’t even know existed.
0:19:17 It’s new.
0:19:19 Did you, did you watch this?
0:19:24 So historically America’s greatest event is the four by four relay, which is a quarter
0:19:27 of a mile, one lap for people each running one lap.
0:19:29 We’ve, we’ve almost always been the best.
0:19:32 The mixed relay, I think it’s a weird event.
0:19:34 It’s, I think it’s only lasted for two Olympics.
0:19:37 This might be the only second Olympics that we’ve done it.
0:19:41 America, we got our ass kicked by, uh, was it Belgium?
0:19:43 No, the Netherlands.
0:19:44 So the Netherlands.
0:19:45 Sorry.
0:19:49 This was a hilarious race because the way that the mixed relay works is two guys, two girls,
0:19:50 and they alternate.
0:19:51 So it’s baton.
0:19:53 You’re, you know, you’re handing off the baton.
0:19:55 The American guy gets off to a good start.
0:20:00 The woman for the, for the American team is standing in the wrong spot.
0:20:01 Did you see this?
0:20:04 She was standing 30 meters forward.
0:20:07 And at the last second, the official was like, yo, what are you doing?
0:20:08 Wait a minute.
0:20:12 You see all the other people, like in her leg of the relay, they’re all standing literally
0:20:14 like 20 meters back.
0:20:17 And she just spaced, she just spaced during the Olympics.
0:20:19 It didn’t pay attention to where she was supposed to stand.
0:20:24 It’s like, if you lined up for a kickoff at an NFL game and one dude was just at the
0:20:27 30 yard line and everyone else is standing somewhere else completely into it, it made
0:20:29 no sense.
0:20:33 The last second she gets into the zone where she’s allowed to be, so she didn’t get DQ’d,
0:20:34 which would have been horrible.
0:20:42 But then the crazy part was this woman at the end, the Femke Bowl, Femke Bowl is awesome.
0:20:43 Femke Bowl shoes.
0:20:49 I am thrilled by this athlete that I didn’t even know existed 24 hours ago, Femke Bowl.
0:20:53 If you haven’t watched her, you got to go watch this woman run.
0:20:56 She just dominated the U S in the last leg.
0:21:01 She’s this Dutch runner who looks like she’s not even expending any effort whatsoever.
0:21:04 She’s like, she’s like AI, dude.
0:21:09 She looked like fucking chat GPT, grew legs and ran effortlessly ran the rest of this
0:21:13 race when the rest of the humans were like sweating and trying Femke Bowl, dude.
0:21:19 I feel like in another life, that would be your, your dream girl Femke Bowl.
0:21:20 I love her.
0:21:21 I love her.
0:21:23 She is my dream girl.
0:21:25 She’s gonna be this life.
0:21:26 Yeah.
0:21:27 Hey, fam.
0:21:33 If you’re listening, she, she’s a 400 meter hurdle specialist and she’s going to race this
0:21:37 woman named Sidney McLaughlin and Sidney is going to kick her ass.
0:21:40 But fam’s going to get second and it’s going to still going to be a fun race.
0:21:41 That’s my prediction.
0:21:42 Wow.
0:21:43 Okay.
0:21:44 Fighting words.
0:21:46 I am officially, I’m like a half citizen of the Netherlands after watching that race.
0:21:48 So I’m, I’m in on that one.
0:21:49 That’s another big winner for me.
0:21:52 That race and specifically Femke Bowl was a huge winner.
0:21:54 Can I do some losers, losers of the Olympics?
0:21:55 Let me do one more winner.
0:21:57 So this is a relatively new thing.
0:22:03 So starting in 2016, I think in Rio, something like that, the Olympics did something cool.
0:22:06 They got, so there’s a bunch of refugee athletes.
0:22:11 So like people who fled Iran, like there’s a wrestler who fled Iran because he, he was
0:22:15 protesting and he fled and so he’s can’t compete for Iran anymore.
0:22:17 There’s a bunch of Syrian athletes, things like that.
0:22:20 And so what the Olympics do is they put these guys into this team.
0:22:25 I forget what they call it, but it’s basically the refugee team and they come into the stadium
0:22:28 with the Olympic flag and I always cry.
0:22:31 I get really emotional when I see these guys come in because this is like the definition
0:22:33 of the Olympics for me.
0:22:38 And so they like pick athletes who are refugees and who have a shot at doing, doing good and
0:22:39 hitting the standards.
0:22:44 So anyway, they have this one boxer who was from Cameroon and she had a flea, Cameroon,
0:22:48 and it’s the first time that one of these refugee folks has ever meddled.
0:22:53 And so she’s guaranteed to get third place at least, maybe second place in boxing.
0:22:56 And so her match I think is tomorrow.
0:22:57 And so that’s amazing.
0:23:01 I feel like a lot of these kids, well they’re young men and women now, but they like, for
0:23:07 example, fled Cameroon or South Sudan because they were being recruited to be children soldiers,
0:23:08 things like this.
0:23:12 So they like walk across, you know, a country to flee and now they’re in the Olympics.
0:23:15 And that’s my favorite part of the Olympics.
0:23:18 Do they have like a, so they walk in with the Olympic flag, what do they wear when they’re
0:23:19 at the Olympics?
0:23:20 I haven’t seen this.
0:23:21 What was that uniform?
0:23:24 Historically, they wear like blue Olympic jerseys.
0:23:29 And so they, and when they come in to the stadium, they all look different, you know,
0:23:34 because they’re Syrians and then there’s Africans and like, they all look different and it’s
0:23:37 really cool to see this group of people who are all from all over the world, but have
0:23:41 similar like troubled backgrounds and they all like come together wearing this jersey
0:23:44 and it’s really cool to see that jersey kind of unite them.
0:23:45 Yeah.
0:23:46 I love that.
0:23:48 By the way, there’s a surprising number or maybe they just stand out when you hear the
0:23:53 story, but there’s a, there is a surprising number of Olympic athletes who were either
0:23:58 like foster kids or, you know, adopt this, basically the blind side story, right?
0:24:01 It’s like, oh, there’s their parents and you’re like, oh, that doesn’t look like their parents.
0:24:02 Interesting.
0:24:03 What’s the story here?
0:24:06 And it’s like, well, they, they had this like incredibly tough upbringing, but then it makes
0:24:07 sense at the same time.
0:24:12 It’s like, if you’re looking for the people who are like extremely gritty and the people
0:24:15 who are going to, you know, overcome the incredible number of obstacles that it takes to become
0:24:19 the best in the world at something, it kind of makes sense that maybe you were forged
0:24:20 in the fire that way.
0:24:23 I remember like, you know, I was an athlete track athlete and I remember being really
0:24:28 nervous before races, but you wouldn’t, you’d be a lot less nervous if you came from a really
0:24:30 hard life because you’d be like, this is easy dude.
0:24:34 This is like, you know, like this is nothing compared to what I experienced like today’s
0:24:35 a day off of my normal life.
0:24:39 I’m running, I’m running for a, for a time, not, not running away from dictators, right?
0:24:41 It’s different snakes.
0:24:42 Yeah.
0:24:44 And so that’s why I love sports.
0:24:45 And so who are the losers?
0:24:46 So we got another one.
0:24:50 So the winner, another winner we’re marking here is the team refugee team.
0:24:56 And my honorable winners are the, the parents who adopted several of these foster Olympians.
0:24:59 That may be my, my future, future career.
0:25:00 All right.
0:25:01 So some of my losers here.
0:25:05 And of course I say this playfully because they’re Olympians, they’re not actually losers.
0:25:08 I’ll give you the most controversial one first.
0:25:12 Simone Biles and in general gymnastics.
0:25:13 Can I give you my case?
0:25:14 Can I zag here?
0:25:19 Can I give you my case on why there’s something about gymnastics that just creeps me out dude.
0:25:24 There’s something strange and joyless that there’s not only the controversy that happened
0:25:29 where a lot of like sexual assault stuff was going on with, with gymnastics, but gymnastics
0:25:32 seems so high stress dude.
0:25:36 Like when she fell on the beam and like, whoop, there goes, you know, four years.
0:25:40 There’s something just, they have to do this fake smile while they’re doing their routine,
0:25:44 but it’s like the, they look like the Joker dude that’s not a real smile.
0:25:45 I’ve seen real smiles.
0:25:47 That is not a real smile.
0:25:49 He just seems incredibly stressed.
0:25:55 It seems like a joyless sport and she is so dominant, which is amazing, but there’s something
0:25:56 uncanny about it.
0:26:01 It’s like watching an AI video where you’re like, this looks beautiful, but there’s something
0:26:03 inhuman about what I’m watching here.
0:26:04 There’s something joyless about gymnastics dude.
0:26:11 Is it weird that you’re, you’re judged in a sport on like your appearance and your smile.
0:26:12 Like I think that’s weird.
0:26:13 I think that’s weird.
0:26:16 Like if one of these women didn’t smile and just had like a plain face, I think she would
0:26:17 get hurt.
0:26:20 Did you see our YouTube comments?
0:26:22 Everybody’s judged on appearance.
0:26:23 Right now.
0:26:24 It’s just weird that it’s like sports.
0:26:29 I’m going to get ripped for everything I’m saying and mostly the way I look.
0:26:30 I think it’s weird.
0:26:34 I also dislike sports that are mostly judged.
0:26:35 You know what I’m saying?
0:26:36 That always makes me mad.
0:26:37 Yeah.
0:26:41 It’s just, it’s a, gymnastics was a rough watch for me also can’t tell the level of
0:26:42 difficulty.
0:26:43 It all seems hard.
0:26:48 They all look, they all look absolutely incredible and it’s like, well, no, this one was clearly
0:26:50 four tenths of a point worse than that one.
0:26:55 And so it is kind of an unwatchable sport also because everything that all the athletes
0:26:58 are doing looks super human to me.
0:27:01 Whereas a race, there’s something just so pure and primal about a race.
0:27:03 It’s like that person ran and won.
0:27:05 I could tell who won and lost in gymnastics.
0:27:09 I really can’t tell who wins and loses at all.
0:27:12 So in skateboarding, that’s now an Olympic sport.
0:27:15 And I like to skate and you get points if you do.
0:27:17 So there’s like your regular stance, the way you skate all the time.
0:27:22 And then you get more points if you do a switch, which is you put your not dominant foot in
0:27:24 front, you know, you switch around.
0:27:25 It’s freaking weird.
0:27:27 Like who cares which footed, footed you are.
0:27:30 Like why do you get, well, like what if you’re like, you know what I mean?
0:27:31 I always thought that’s weird.
0:27:32 And it’s similar with gymnastics.
0:27:36 Like if you use like, like who’s to determine what’s more challenging if you use like your
0:27:39 less dominant hand to lead, I think it’s weird.
0:27:40 That’s why I’m not a fan of it.
0:27:43 I use my left hand to get an extra hundred points.
0:27:44 So that doesn’t make any sense.
0:27:45 Right.
0:27:46 Or like with an eye patch.
0:27:47 I, so I think that’s strange.
0:27:48 Okay.
0:27:54 Other losers that I have this pole vault guy going viral because he got mixed long.
0:27:55 Yeah.
0:27:56 Okay.
0:27:57 The wrong contest.
0:27:58 Yeah.
0:27:59 Exactly.
0:28:04 Dude, if I see another meme about this guy, everybody had the same joke.
0:28:05 It’s actually not even him.
0:28:09 It’s everybody who made the same exact joke of like, he actually won.
0:28:10 Dude.
0:28:11 Come on.
0:28:14 Basically, a guy went up on a pole vault.
0:28:18 He cleared the bar, but on his way down, his dick hit the bar and it fell over.
0:28:19 Yeah.
0:28:20 It sucks.
0:28:21 That sucks.
0:28:24 No, he won dude.
0:28:26 All right.
0:28:29 Last one is a winner, Noah Lyles.
0:28:30 What do you have to say about this?
0:28:33 The guy wins what seemed like the closest hundred meter race.
0:28:39 Did nobody even realize that he won until it was finally like the camera in like a 90
0:28:44 analysis realized that his chest hair crossed the line first.
0:28:46 Noah has a little bit of a problem.
0:28:48 He’s an amazing athlete.
0:28:50 I think he’s a great guy.
0:28:52 He’s real cringe.
0:28:55 So you’ll have to, if you pay attention, he’s going to be run the 200 meter, which is his
0:28:56 better event.
0:28:59 And he’s probably going to win because he’s great.
0:29:05 He’s got a cringe problem, which is, you know, what do they call in UFC, the triple
0:29:06 C?
0:29:08 He’s a three time champion.
0:29:11 The third medal is for a cringe.
0:29:12 Yeah.
0:29:13 Yeah.
0:29:14 So he’s the cringe champion.
0:29:16 Noah Lyles has a little bit of an issue with that.
0:29:19 Were you surprised, impressed by the finish?
0:29:21 I thought that he was going to get second.
0:29:22 Yeah.
0:29:23 I was surprised that he won.
0:29:24 I was surprised that he won.
0:29:25 And here’s the other thing.
0:29:28 I was surprised at the Jamaican guy who got second.
0:29:30 You should look at how big that guy is.
0:29:31 People don’t realize this.
0:29:35 These 100 meter runners and these 200 meter runners, they look jacked and ripped.
0:29:38 And they look jack and ripped because they’re like mostly naked and they’re like flexing,
0:29:39 right?
0:29:41 They just, you always look better when you’re like working out.
0:29:44 But if you look at their body weight and their height, they’re pretty lean, small guys.
0:29:48 They’re actually, it’s like, you say in bolt was six, four or six, five, but the only
0:29:53 way, like 190 pounds, it’s actually not that, not that huge of a guy.
0:29:56 The guy who, from Jamaica, just beast, just beast of a guy.
0:29:59 I was shocked that he did as good as he did.
0:30:01 He’s like, you say in bolts, Projet, right?
0:30:03 He’s like a training with him or something.
0:30:06 Well, Jamaica is a small ass country.
0:30:08 They all train with similar coaches.
0:30:11 So no, no, he’s not good enough to be called his projet, but he’s good.
0:30:12 Okay.
0:30:13 Fair enough.
0:30:14 Fair enough.
0:30:15 Okay.
0:30:16 Two questions for you.
0:30:18 Number one, do you believe that any of these guys are clean?
0:30:19 Yes.
0:30:20 I tend to be optimistic.
0:30:25 I also thought Lance Armstrong was clean though, so, but I tend to be optimistic.
0:30:31 I think beating drug tests is fairly challenging, but I think they’re clean.
0:30:32 Yeah.
0:30:33 Right.
0:30:36 Before you asked me for my investment advice, I advise you to look at my portfolio.
0:30:37 Yeah.
0:30:42 Like I was like, I thought Lance was clean, so, you know.
0:30:43 Right.
0:30:44 Okay.
0:30:46 Second question, what’s left to look forward to rest of the Olympics for me?
0:30:53 Because the Olympics are also a complete, the other loser is the Olympics programming,
0:30:54 how impossible this is to follow and watch.
0:30:59 If you didn’t tell me, hey, here’s three, four storylines that you should pay attention
0:31:02 to that I could get emotionally invested in and understand what I’m looking at when
0:31:05 I look at it and which, which event to pay attention to.
0:31:08 This would have been impossible to even enjoy.
0:31:10 So what’s left to enjoy for me?
0:31:12 So the men’s 200 will be fun.
0:31:14 So here’s a sleeper of an event.
0:31:17 There’s a kid named Quincy.
0:31:21 There’s a grown man named Quincy, Quincy Hall, who’s in the 400 meter dash.
0:31:26 He’s potentially going to win, but then there’s younger Quincy, who’s a 16 year old kid who
0:31:30 looks like a 16 year old kid, you know, a lot of like 16 year old prodigy athletes.
0:31:31 They don’t look like children.
0:31:32 He looks like a child.
0:31:35 He got fourth at the 400 meter trials in America.
0:31:38 You have to get top three in order to go to the Olympics, but he got fourth, which means
0:31:39 he’s put on a relay.
0:31:42 He’s probably not good enough to be in the final four by four.
0:31:47 But if you watch the prelims from when America is in the four by four, watch this young kid
0:31:48 Quincy.
0:31:49 He’s 16 years old.
0:31:50 He’s like darling.
0:31:54 Like he’s got like the perfect type of charisma where he’s like composed, but he’s still like
0:31:55 talks like a child.
0:31:56 That’s going to be really exciting.
0:32:00 I think he’ll be the youngest American track and field athlete ever to go to the Olympics.
0:32:02 My mind only has room for Femke Bowl.
0:32:04 So I really look at my notes here.
0:32:10 I’ve just put boxes around the name Femke Bowl like, you know, 16 times as you’ve been
0:32:12 talking because I’m not really paying attention to anything except for her.
0:32:13 I mean, she’s good.
0:32:17 She’s going to get her, her ass beat in the 400 meter hurdles, but she’ll be, she’s
0:32:19 a wonderful second place winner.
0:32:24 So watch Quincy in the four by four relay prelims.
0:32:26 He’ll be, he’ll be a runner and that will be a really exciting.
0:32:27 Okay.
0:32:28 One last question for you.
0:32:29 You’re a runner.
0:32:33 These, one of the things that they were talking about was like, yeah, I had to recover from
0:32:37 that hundred meter thing to be ready for the 200 or whatever they’re like, no, allows
0:32:38 us talking about this.
0:32:43 I understand that in theory, but also this is a 10 second race.
0:32:44 They run it.
0:32:45 Yeah.
0:32:46 It takes nine seconds.
0:32:47 You really need to like, you have two days.
0:32:49 It’s really hard to recover from a nine second race.
0:32:50 No.
0:32:53 So yeah, it is because you get score from that.
0:32:59 They do the, so to, to run a race at a big championship, you have to run three races.
0:33:01 So one, one sprint race is actually three.
0:33:07 So the quarter semi race, the semi and the final are usually always on the same day.
0:33:11 So that final happened, I don’t know how many hours, but the same day as the semi final.
0:33:13 So he had ran that morning as well.
0:33:18 And when you run sprints, it taxes your central nervous system, which is different.
0:33:22 So you basically, it’s sort of like a, if I were to say like, Hey, you have to do this
0:33:27 box jump squat 20 times in a row and you got to go for max height.
0:33:30 You’re going to be this type of sore where your insides, like you, you feel like your
0:33:33 nerves hurt, not necessarily like your aerobic system.
0:33:34 Do you know what I mean?
0:33:38 This is like how when I get done with this podcast and I go hang out with my wife and
0:33:42 I’m just like, I need to just not talk for a while.
0:33:43 And she doesn’t understand.
0:33:46 She’s like, you talk for a little while you talking, you’re tired from talking.
0:33:51 I need to tell, I need to go with this sympathetic nervous system explanation just to confuse
0:33:53 her to make it acceptable.
0:33:54 And that’s how it feels.
0:33:58 Like if you go and do like an explosive workout, it’s like you’re, it’s like your insides just
0:33:59 feel depleted.
0:34:01 It’s, it’s kind of a weird feeling.
0:34:02 I guess I’ll take your word for it.
0:34:03 Never going to do it.
0:34:04 All right.
0:34:06 That’s the Olympic segment.
0:34:08 Thank you Sam for making that interesting for me.
0:34:09 All right.
0:34:12 If you’re listening to this pod, I already know something about you.
0:34:15 You, my friend, are nosy.
0:34:19 You want to know the numbers behind all of these things that we’re talking about.
0:34:23 How much money people make, how much money people spend, how much money businesses make.
0:34:25 You want to know all of this people’s net worth, all of it.
0:34:27 Well, I’ve got good news for you.
0:34:31 So my company Hampton, we’re a private community for CEOs.
0:34:34 We do this thing where we survey our members and we ask them all types of information,
0:34:38 like how much money they’re paying themselves, how much money they’re paying a lot of their
0:34:42 employees, what their team-wide bonuses are, what their net worth is, what their portfolio
0:34:43 looks like.
0:34:47 We ask all these questions, but we do it anonymously, and so people are willing to reveal all types
0:34:48 of amazing information.
0:34:49 Stuff you really cannot Google.
0:34:50 You can’t find anywhere else.
0:34:55 And you can check it out at joinhampton.com, click the report section on the menu, click
0:34:58 the salary and compensation report.
0:34:59 It’s going to blow your mind.
0:35:00 You’re going to love this stuff.
0:35:01 Check it out.
0:35:02 Now, back to the pod.
0:35:03 All right.
0:35:06 So let me tell you about a story and I want to hear something.
0:35:09 I have a question for you on how this story ends.
0:35:14 So in 1929, there’s this guy and he starts this company where it’s very odd.
0:35:21 He basically is cleaning the rags and uniforms for circus performers.
0:35:24 Very strange start, but that’s how this company starts.
0:35:30 And he turns that into a business and he calls it ACME Industrial Laundry.
0:35:32 And he kind of scales that up, but not a lot.
0:35:35 It’s a very small business, but he scales it up to where he starts doing laundry for
0:35:37 other uniform businesses.
0:35:39 Now he started that in 1929.
0:35:45 By 1960, his son, who’s like 21 years old, comes into the business and he’s like, “Hey,
0:35:47 Dad, I would love to work for you and maybe take this over one day.”
0:35:50 And the dad’s like, “Yeah, sure, let’s do it.”
0:35:56 And it does okay, but inevitably there’s a little argument between the father and the
0:35:57 son.
0:36:00 And so the father calls the son into the office and he’s like, “Hey, look, man, this isn’t
0:36:01 working.”
0:36:04 And the son’s totally expecting him to be like, “You’re fired.
0:36:05 You’re out.”
0:36:07 And he goes, “Look, this isn’t working.
0:36:08 Here’s the keys, man.
0:36:09 You run it.
0:36:10 Let’s see what you can do.
0:36:11 I’ll step out your way.
0:36:12 Let’s see if you could pull this off.”
0:36:17 And so the son, he’s at the time, 21, 22, 23 years old, his name’s Richard.
0:36:21 He takes control of this business and he’s like, “Let’s grow this sucker.”
0:36:26 And so in 1960, when he takes it over, it’s doing $180,000 in revenue, which is something
0:36:29 like $2 million today as 12 employees.
0:36:34 And he’s like, “Look, we’re going to focus on doing laundry for companies who need cleaning
0:36:35 supplies.”
0:36:40 So like extra rags, they’re basically just washing rags and he grows it and it works
0:36:41 out well.
0:36:45 And he grows it to the point where after, I think, eight years, the business grows from
0:36:50 $200,000 a year up to $1.6 million a year, which is the equivalent of like 15 million
0:36:51 bucks a year.
0:36:57 He’s growing this business and it’s a, he’s now expanded into laundering company uniforms,
0:36:59 which is a very strange thing to get into.
0:37:04 I didn’t even know that existed, but he grows this sucker for the next 50 years.
0:37:08 And now they’ve renamed the company to Sintas.
0:37:09 Have you heard of Sintas?
0:37:10 Yeah.
0:37:11 I see their trucks.
0:37:13 I see their trucks all the time too and I have no idea.
0:37:14 Okay.
0:37:15 So do me a favor.
0:37:17 Go to Sintas market cap.
0:37:20 Just Google that and look at what it says.
0:37:21 $75 billion.
0:37:22 Wow.
0:37:26 It’s a $75 billion company.
0:37:32 And their main business is still, now they, they launder uniforms, but they also supply
0:37:33 the uniforms.
0:37:36 They make uniforms for all types of businesses.
0:37:39 You know, like you’ll see, like, if you see like a typical janitor outfit, that’s a very
0:37:41 easy one, but it could be restaurants, it could be anything.
0:37:46 And then they, uh, rent to you your uniform and they’ll launder it for you, but then
0:37:47 they’ve expanded.
0:37:49 So like, if there’s a fire extinguisher in the bathroom of a restaurant, it probably
0:37:50 has come from them.
0:37:54 If there’s cleaning supplies, it probably comes from them because once they made inroads
0:37:57 into a business is like, Hey, along with your uniform, we’re going to sell you all these
0:37:58 other things.
0:38:04 And so I think they do something like $8 or $9 billion a year in revenue and it’s subscription
0:38:05 revenue.
0:38:06 So it’s like a huge company.
0:38:07 Why is it subscription revenue?
0:38:09 It’s uniform rental.
0:38:13 Uh, yeah, they got you.
0:38:17 It’s called a ras, uh, you know, like rental as a service.
0:38:18 I don’t know.
0:38:19 It’s just, that’s just what they do.
0:38:23 Uh, they, they sell uniforms or they rent uniforms and so they’re able to get like these
0:38:24 subscription businesses.
0:38:27 And then it’s also like real recurring revenue because, uh, they’ll sell you all this other
0:38:29 stuff and they’ve got inroads.
0:38:34 But as the business was taking off, Richard farmer, uh, his name, uh, he starts getting
0:38:37 old and he’s like, I need to figure out a way how to like keep this within my family.
0:38:42 And so to this day, the family, the farmer family still owns something like 20%, I think
0:38:45 maybe 18% of the business.
0:38:49 And like he was like, I made it my mission to create this like generational thing and
0:38:53 I’ve trained my children to help take this over and to make decisions as, as it comes
0:38:57 to giving away our money, but also governing the company.
0:39:00 I don’t, a family member isn’t the CEO, but they’re still like involved.
0:39:06 And so the reason why I looked this guy up is I’m very fascinated with how you could
0:39:08 pull this off where you could keep your family in the business.
0:39:11 I think that it’s very hard and it’s high risk, high reward.
0:39:16 And so I’ve been like studying all these families who have pulled it off and these guys have
0:39:19 and from the outside, there’s a dozen other examples of people who have crashed and burned
0:39:20 and this has not worked.
0:39:28 My question to you is this a thing that you aspire to have, you know, you’re one of your
0:39:33 three kids kind of take things over or you pass the baton to them or do you not care
0:39:34 about this?
0:39:38 Because I’ve talked to a lot of people and it seems 50/50 of people who are like adamantly
0:39:43 in favor and other people who are just like, I don’t give a shit.
0:39:46 My answer is really split.
0:39:52 I don’t aspire to do this, meaning it’s not something I’m planning to do or really want
0:39:55 to push on anybody.
0:39:56 Do I think it would be awesome?
0:39:57 Yeah, totally.
0:40:00 In the same way where like, if my son plays basketball as his favorite sport, that’s gonna
0:40:04 be awesome for me because I love basketball and I could coach him and I could help him
0:40:07 in a way that I couldn’t if it was tennis or not, not sports at all.
0:40:09 So it’s to me, it’s a bonus.
0:40:10 It’s not a plan.
0:40:15 I do think about this stuff because on two ends of the spectrum, on one end, I’ve met
0:40:23 way too many rich guys who talk themselves into working too long, working too much with
0:40:26 this like, I’m just doing it all for my kids.
0:40:29 It’s like, dude, kids just kind of want you at home actually, they just want to spend
0:40:30 some time with you right now.
0:40:36 They don’t really care, you know, whether you leave them, you know, 12 million dollars
0:40:38 or 22 million dollars or 42 million dollars.
0:40:41 It’s not like your kid right now doesn’t care.
0:40:46 And also doing that, giving them more might actually be a disservice to them back to the
0:40:52 kind of, you know, our conversation earlier about the Olympics and how like, you know,
0:40:55 what does where does character come from?
0:40:59 So I think that it’s really dangerous to talk yourself into I’m doing this for my kids.
0:41:01 So I refuse to let myself do that.
0:41:04 I think anybody who says that honestly is lying.
0:41:07 I think you’re doing it for yourself.
0:41:12 And you use your kids as a justification to why you’re why you’re doing that as my general
0:41:13 opinion.
0:41:17 And so I just took safeguard myself from ever lying to myself in that way because it’s such
0:41:20 a sexy lie, right, who’s going to say anything bad to you.
0:41:22 You can never get checked, right?
0:41:23 There’s no checks and balances.
0:41:26 If you just say I’m just doing it for my family, doing it for my kids.
0:41:31 And so, so I think it’s really important for myself to not not lie to myself that way.
0:41:35 If my kids happen to want to be interested, happen to have an interest or appeal to awesome,
0:41:37 I will be super excited and can’t wait to do that.
0:41:42 I do hope that that happens, but hope is, you know, not a plan, not a strategy.
0:41:46 On the other hand, I’m on vacation and one of the best moments of my day yesterday was
0:41:47 I went to a water park.
0:41:48 Dude, have you been to a water park?
0:41:54 Like in the last 20 years, dude, Nick Gray rented a water park for his 40th birthday.
0:41:59 But in order to save money, he rented it from 7am to 9am.
0:42:05 And so me and a bunch of 40 year olds went to his birthday party where we had a whole
0:42:06 water park for ourselves.
0:42:08 You said have you been, have you been to a water park?
0:42:11 No, it’s just too full of pee, man.
0:42:13 It grosses me out.
0:42:14 I know.
0:42:17 I was absolutely disgusted by being in that pool with so many people.
0:42:20 Dude, somebody like Tweety Bird shirts.
0:42:22 Oh, no, not for me.
0:42:23 Yeah.
0:42:27 They did this thing where they, because I’m in the kids section and they, um, they take
0:42:33 a break at the top of the hour for five minutes as a potty break of like, Hey, this is the
0:42:35 time to like take your kids to go and pee.
0:42:38 That just brings more attention to it.
0:42:39 Nobody left the pool.
0:42:41 And I was like, nobody’s leaving right now.
0:42:44 There can only be one explanation for this.
0:42:45 It’s filthy.
0:42:50 Besides that, there was one beautiful thing amongst the disgust, which was while we were
0:42:53 walking in, there was this dad, he’s pulling like a wagon.
0:42:56 Like when you have kids, just bring some shit everywhere.
0:43:01 And his kid was walking next to him, his kid’s probably like seven years old.
0:43:05 And he’s walking in front of us and he stops like 10 feet ahead and it’s like a really
0:43:06 narrow path.
0:43:12 And normally, like my like flaw as a parent is I’m very impatient and it’s like, you’re
0:43:17 like really like fussy and like annoyed easily when I’m like beyond like a four hour stretch
0:43:18 with my kids.
0:43:20 I just become like cranky.
0:43:21 And so this guy stops.
0:43:22 I’m ready to be cranky.
0:43:24 He does something really, really awesome.
0:43:29 I realized why he stopped is because this kid asked him something and the dad who was
0:43:31 the kid was like kind of like look kind of athletic.
0:43:32 The dad didn’t really look super athletic.
0:43:36 Look like, you know, typical water park American, let’s say.
0:43:42 And but he was showing him, he goes, Oh, when you’re doing that in soccer, he’s like, when
0:43:45 they come at you this way, what you want to do?
0:43:48 And he was showing him how to use his feet to like not have the ball get stolen.
0:43:50 And the kid was not like making eye contact.
0:43:52 He’s processing it.
0:43:53 He was watching the dad and he’s processing.
0:43:55 He wasn’t saying a whole lot back.
0:43:57 And the dad was trying to just show him something.
0:44:00 And in the moment of the basis, it’s just like a dad teaching his son something.
0:44:01 And I don’t know.
0:44:02 I’m gotten pretty soft.
0:44:04 But like that kind of like touched me for a moment.
0:44:09 I was like, this is so amazing, just this, uh, this dad just teaching his kid this little
0:44:14 thing, like just being able to pass down one little bit of information and the kid so earnestly
0:44:17 processing it because there’s so many things you tell your kids that they’re not listening
0:44:18 and they don’t care.
0:44:19 They don’t want to know.
0:44:20 And they don’t want to listen.
0:44:21 They don’t want to take their vegetables.
0:44:22 Basically.
0:44:24 Um, but the kid genuinely cared and it meant something to him.
0:44:26 You could tell the kid had had like a bad experience.
0:44:28 It was trying to figure out how to overcome the bad experience.
0:44:30 And I fucking loved it, dude.
0:44:34 And it just made me for the rest of the day, I just found like all these little pockets,
0:44:37 little moments to like have a different conversation with my kid.
0:44:41 And so like, you know, later that day we were like parking the car and I was like, tell
0:44:42 my son, I was like, come, come back to me.
0:44:43 He’s only three years old.
0:44:45 I did the thing, like illegal thing you’re not supposed to do.
0:44:48 I like put him on my lap and like had him like drive in the parking lot to like park
0:44:49 the car.
0:44:51 Uh, but like he had to sit in my lap while I was driving it.
0:44:53 Like this is like 50 feet, but like whatever.
0:44:58 And I told him, I said, um, my son does this really cute thing where he goes, he’ll do
0:44:59 something.
0:45:04 And then like an hour later, he’ll go, uh, you know, why am I do that?
0:45:06 Like, you know why I said I wasn’t going to eat that?
0:45:09 And he just keeps all these, I was like, you know, why am I punched her?
0:45:12 And it’s like, then he’s got some explanation that never even makes sense.
0:45:13 But it’s so cute.
0:45:15 And so like me and my wife, whenever we fight, we do that now it’s like, you know why my
0:45:19 was an asshole earlier is because I got whatever.
0:45:23 And so I told him, I go, you know, why am I let you drive just now?
0:45:24 And he goes, why?
0:45:30 And I go, because I’m teaching you how to be, be a man and he goes, okay.
0:45:33 And I’m like, go tell your sister when you go back and say, you know why I got to go
0:45:34 do that?
0:45:37 Cause that is teaching me how to be a big man.
0:45:42 It goes in the room and he goes, uh, hey, bless you, you know why, um, uh, why did I
0:45:43 let me drive?
0:45:45 Because he’s teaching me to be a big human.
0:45:49 Dude, that’s awesome.
0:45:53 I’m, uh, I’m excited for my, when my kids are old enough that I could try to do that.
0:45:55 And I’m totally going to do a ton of them.
0:45:59 And yeah, I’m thinking about the same thing too about children and like what it means
0:46:02 to like bring them in if, if it’s at all possible.
0:46:06 But I do believe that what you said was true of it is mostly a lie that we tell ourselves
0:46:08 of why we are grinding it ain’t for them.
0:46:12 It’s so we could feel fucking dope and powerful.
0:46:13 Exactly.
0:46:16 By the way, I didn’t answer your question fully, which is if they’re interested, yeah, a lot
0:46:19 of people don’t want to do it because they’re like, oh, working with families, messy, working
0:46:21 with friends is messy.
0:46:26 Um, I learned one thing on this podcast episode, some, I don’t know, one of the first 20 episodes
0:46:27 with Mike Brown.
0:46:30 He said, uh, I asked him about, he brought his brothers into his business and I was like,
0:46:31 was that a good idea?
0:46:35 I mean, your brother’s in and he looked at me like I was it, like I was asking him like,
0:46:37 are you sure you draw on a drink water?
0:46:38 It’s pretty wet.
0:46:42 And he goes, my view of life is you find the people you love and you do life with them.
0:46:48 And then that became like fucking central to my core over, like in that split second,
0:46:50 I like changed as a human being.
0:46:52 I was like, Oh, okay.
0:46:53 That made total sense to me.
0:46:54 And that’s the answer.
0:46:55 Right.
0:46:57 Like find the people you love and do life with them.
0:47:01 And I will hit up people and I’ll like try to find an excuse to just do a project with
0:47:04 them or do a trip with them or do a something with them.
0:47:06 Like that has been so fruitful.
0:47:10 In one of my businesses, we brought in, I do business with my wife, we brought in my
0:47:11 sister into a business.
0:47:14 I’ve done so many different, I’ve done a business with my two best friends.
0:47:19 Like that has become just an operating philosophy that has served me very well.
0:47:21 And like, yeah, there are times where it doesn’t work out well.
0:47:22 So what?
0:47:23 That’s like everything.
0:47:24 There’s no foolproof strategy.
0:47:28 But the upside of finding people you love and doing life with them is so much higher
0:47:32 than the downsides of when it doesn’t work out in my opinion.
0:47:33 But right.
0:47:37 And that’s how I feel about this podcast, by the way, like, you know, when we met, I
0:47:38 always loved hanging out with you.
0:47:46 It’s like, Sam’s this crazy combination of really smart but smart about things that nobody
0:47:48 else I know is smart about those things.
0:47:52 Like he knows about this fucking family apron rental business, you know, like, you just
0:47:54 have a trillion of these things.
0:48:00 And you’re also really fun and funny, which is super like, which I learned to appreciate
0:48:03 was very rare in people, like the more kind of successful you get, the more serious people
0:48:07 get, whereas you were one of these people or the more successful you got, the sillier
0:48:08 you got.
0:48:10 And I was like, dude, I just want to have this guy in my life somehow.
0:48:11 Right.
0:48:12 Like how I don’t know what the excuse is.
0:48:16 So you moved away, but I’m glad this podcast became like an excuse to do that.
0:48:17 Well, I’m glad to.
0:48:21 And by the way, to the people listening, that shit takes work.
0:48:26 Like I particularly like, like you and I like, like we give and take to make each other happy.
0:48:31 But I would imagine it’s the same thing with children in business where it’s like, I know
0:48:36 this is the wrong thing that we should be doing, but I got to let the kid like fuck up.
0:48:37 You know what I mean?
0:48:38 And I think that’s really hard to do.
0:48:40 Dude, there was a great quote.
0:48:41 I don’t know if I’m allowed to quote this.
0:48:43 I think I am.
0:48:49 When I went to that event for the tiny event in Canada, Chris Andrew Wilkinson and his
0:48:53 partner Chris, they’ve been tiny, the hold code, the hold code has like 40 companies
0:48:54 inside.
0:48:57 They’re doing a session about hold cause and somebody asked them, they were like, Hey,
0:48:59 I’m, I’m setting up my hold code.
0:49:00 I’m in your one.
0:49:04 And I just want to know like how much support do you guys have from the back office?
0:49:05 Like, do you centralize finances?
0:49:06 Cause I think that could be really good.
0:49:11 Like cost savings plus easy way to have oversight and do you centralize legal?
0:49:15 Like what do you all, what do you, what do you guys centralize to get the most synergy?
0:49:21 And their answer is Chris was like, based up till now we’ve done nothing.
0:49:24 We centralize almost nothing and he goes for two reasons.
0:49:25 Number one.
0:49:28 So he had a, he had a smart reason and then he had a great quote.
0:49:33 His smart reason was he goes, whenever we own the financials, it felt good cause we felt
0:49:35 in control.
0:49:36 Problem was we were in control.
0:49:38 The CEO looked at the numbers and was like, those are your numbers.
0:49:39 Those aren’t my numbers.
0:49:40 I don’t know that.
0:49:41 I don’t know what that target is.
0:49:42 I don’t know what those numbers are.
0:49:45 I’m on the receiving end of these numbers.
0:49:48 And that’s a good point.
0:49:53 The second thing that Quotey said, he goes, we wanted all of our companies to be able
0:49:55 to run without us.
0:49:59 And the only way to do that was to just completely, you know, not completely neglect, but like
0:50:03 to, to neglect them, to not offer support and services.
0:50:08 And he goes, the children of dead beat dads grow up tough and independent.
0:50:12 It was like a grown in the audience, but I was like, I like that.
0:50:13 I like that a lot.
0:50:18 He’s like, he’s like, it’s pretty like, you know, like it’s the, the kids that grow
0:50:22 up in a like harder environment that are tough and independent.
0:50:25 The refugee, the refugee team of the Olympics.
0:50:26 Exactly.
0:50:28 And I thought that was such a good quote.
0:50:32 And the, the great insight he said, he goes, by the way, now that might not be the answer.
0:50:36 Now we might end up centralizing more as we’re now a public company and all this other stuff.
0:50:37 There’s other reasons to do it now.
0:50:42 But what got us here and what worked for us was that, all right, that’s the pod.
0:50:44 I feel like I can rule the world.
0:50:50 I know I could be what I want to put my all in it like the days off on the road.
0:50:51 Let’s travel.
0:50:52 Never looking back.
0:50:52 ♪ Back, back ♪
0:50:53 ♪ Back ♪
Episode 616: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk about what they are doing in response to the market dip, plus The Olympics biggest winners and losers of the week.
Show Notes:
(0:00) Boys React: The market dip
(4:32) React or respond?
(10:48) The Olympics winners and losers
(19:03) Winner: Fem Kabul
(21:26) Winner: Team Refugees
(24:48) Loser: Simone Biles and Gymnastics in general
(27:30) Loser: Pole vault guy memes
(28:18) Winner: Noah Lyles
(30:41) Loser: The Olympic’s programming
(34:00) The $75B dollar uniform rental empire
(38:18) Building a line of succession for your business
—
Links:
• Get our business idea database here https://clickhubspot.com/mfm
• Cintas – https://www.cintas.com/
—
Check Out Shaan’s Stuff:
Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd
—
Check Out Sam’s Stuff:
• Hampton – https://www.joinhampton.com/
• Ideation Bootcamp – https://www.ideationbootcamp.co/
• Copy That – https://copythat.com
• Hampton Wealth Survey – https://joinhampton.com/wealth
• Sam’s List – http://samslist.co/
My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano