My First Million: #159 - Update on Michael Jordan's House, a Nine Figure Sex Toy Company & the Man with a Million Acres

All right.

Quick break to tell you about another podcast that we're interested in right now, HubSpot

just launched a Shark Tank rewatch podcast called Another Bite.

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All right.

Back to the show.

I am in my garage.

We upgraded.

We improvised.

So we did this crazy thing where we had talked about on the podcast, we were like, shit,

we need to upgrade our setup.

I think mostly it was you just telling me to get a haircut, which is fair, and wear a

shirt.

And I took that as, I need a whole new studio.

So basically these guys who are from Chicago, they're 23-year-old guys who love the podcast,

they heard that, and this is like their forte.

They do camera, audio, they have their own podcast, they have their own YouTube channels.

So basically what I realized was I went and watched their YouTube channel and his YouTube

channel has like this guy, Henry, his YouTube channel has like, I don't know, 570 subscribers.

So it's not like some big YouTube channel, but if you watch it, it's the same level of

quality of like video, audio and editing as like Casey Neistat's channel.

And I showed this to our friend, Sully, and I go check these guys out, like look at their

channel.

These are the guys coming this weekend to make my studio.

He goes, I remember when I was 21, 22, we were coming up and what the kind of 30 and

40 year olds used to say was, oh man, you guys have this huge advantage because you're like

digital natives is what they were calling us.

Like we grew up with a computer and the internet.

We got the internet and computers when we were like in sixth grade, I don't know about

you, it was probably around the same fifth, sixth grade, something like that.

And so for our parents, they were getting a computer when they were 35 or 40.

So it's just like, you know, he didn't have it to grow up on.

And so he goes, these guys, this is the next wave.

They're video native.

Basically they grew up with a camera in their hand and they just like constantly shoot videos.

They know how to edit it.

They're not afraid to be on camera and like it's such a superpower.

And I think it was so true.

What he was saying, the upside is they all look cool.

They know how to dance and they know how to edit videos.

The downside is like, you know, they're like riddled with anxiety and stuff like that.

So you know, it's not all, it's not all good.

When you get us, you're on Snapchat, right?

You have Snapchat.

I actually don't remember.

Sorry.

Oh my God.

How old are you?

You got a time in here.

How old are you?

27.

27.

All right.

So you're more like us than like the people I'm talking about that are kind of like, I'm

not going to say Gen Z because I think it's lame.

I'm a zillennial, I'd say.

So basically, you have Snapchat, right?

Yeah.

So someone sends you a snap, right?

They send you a picture of something they're doing, something they're looking at and you

need to reply.

Tell me, do you just type the reply in the text version or do you send back a photo?

I think I tend to send back a photo.

Yeah.

See, that's crazy to me.

That is wild to me.

I'm like, you say something, I comment like it's fucking like it's Facebook, right?

I just write like, oh, looks fun, cool.

That's great.

You know, like I'm like a 90 year old.

We had this guy, Johnny, he worked for us and he was 16 or 17 and he worked at our company.

I'm 32.

I'm literally like double this guy's age at the time.

I would say younger people are video native and I think that's going to be a huge, huge

win for them because people like us are like self conscious and like just don't know how

to use the tools.

Right.

So here's what I was saying.

Sean worked at this place called Munky Inferno.

It was this lovely building.

It was awesome.

It looked like it was out of a magazine, but he had one or two things that really stuck

out and one of them was this Macintosh computer.

It was a Mac 2.

Is that what's called?

Apple 2.

Apple 2.

So I'm going to look that up.

The reason I'm bringing this up is I am building my studio to look good like yours.

And I was looking thinking of like designs and interesting stuff to put in the back.

And I also, this whole NFT has got me interested in our, you know, just like valuable or not

valuable, beautiful, interesting, cool stuff.

I've always liked stuff just like junk, right?

That's what I used to like.

But now I'm going to try to get some nicer shit.

Anyway, I was looking around.

How much do you think?

So is an Apple 2, is that Apple 2 the same as a Macintosh 2?

I don't know.

Well, how much do you think an Apple 2 that still works costs?

I don't know.

A couple thousand.

So I'm routine two and five, I guess, two and five thousand.

You can get one that's in pretty good condition for like $500.

You can get one, you can get a Macintosh 2, which I don't know the difference between

the Apple 2 and the Macintosh 2.

You can get a Macintosh 2 that is still in the box for like a grand.

And do you remember the commercials when we were younger?

We were in our teens.

We were probably in eighth grade or ninth grade where it was like a colored Mac.

So it was like a blue, it was called the iMac, I think, right?

Yep.

You can get those for like $300.

Now strictly speaking, like from like a collectible, because it's interesting, it's cool to look

at.

That's incredibly cheap for a machine that I tell you what, every single person who came

to our office was like, Oh, this is awesome.

Now granted, it's tech nerds coming to the office, but they were like wowed by this thing.

And there was like expensive art all up on the walls.

Nobody cared about any of that.

People saw this old thing and then we would boot it up and they would turn on and they

were like amazed by it.

So it's definitely every single person noted commented on it.

I think these types of old computers, these vintage computers, I think these are going

to get really popular.

And the reason I think that is I was looking up how much.

So for a gift, I thought about buying people an iPod that wasn't connected to the internet.

Did I tell you this?

No.

So I was going to buy people like our investors, I was going to buy them like a small thank

you.

I was like, maybe if I spent $200 ahead.

I can go and buy a bunch of if I can buy like 20 iPods that aren't connected to the internet.

And my plan was ruined because I'm like, Oh, wait, you have to have iTunes iTunes and that

doesn't even exist.

So like this is pretty much meaningless.

But these old iPods, by the way, iTunes exists.

Well, but I mean, like, can you even buy MP3s anymore from it?

I don't think so.

Yeah, you have to like have your own music.

Yeah, like that.

No one does that anymore.

We all stream and like these things didn't even have internet.

I wanted it so you could like download it and then it would only work if you were attached

to Wi-Fi.

But anyway, old iPods, like old, old ones, first generation ones are expensive, like

five, $600.

And so anyway, I think that both would be cool to have this stuff on your dude, if an

old iPod is $5600 and Apple two in the box or Mac two in the box is also $500.

I definitely know which one I think has more, more like long term value here.

Those things are collectibles.

I think you're spot on.

I would scoop up five to 10 of those right now and just hold them.

Yeah.

Okay.

So like here's a vintage working in good condition Macintosh two for $250.

I'm looking at it on eBay right now.

Here's a Macintosh in the box for 400 bucks.

It's pretty interesting.

Right.

I think this might become pretty popular.

These old computers.

And I think that it's kind of a cool idea.

Yeah, I like that a lot.

Those are good.

I actually will go after this on eBay and try to scoop up at least two of those just

to hold and see what happens.

You have two updates and then we have an idea.

Two ideas.

Yeah.

Okay.

So one update is on the Michael Jordan thing.

So last episode we talked about Michael Jordan's house has been on sale for 10 years.

It's a 56,000 square foot house and it was originally listed for $30 million.

Now it's been price cut, price cut, price cut all the way down to 13 million and it's

still not selling.

And this is after the last dance.

It's after this giant boom in like trading card collectibles like the Michael Jordan

rookie card is going for almost $2 million and his 56,000 square foot house can't sell

for 13.

Like something seems off.

Like a little tiny three inch piece of cardboard can sell, but not this.

So and he's paying property taxes.

I think somebody said he's paid about a million dollars in property tax just while it's

sat on the market.

And so we threw this out there last time.

We said, Hey, look, why don't we either collect just me a new or we crowdfund.

Why don't we buy MJ's house and like, what could we do with it?

And we got a bunch of good feedback.

So I would say like, there's a bunch of smart people who immediately pointed out that one

of our ideas, which was to turn it into some kind of museum, the museum of Mike, the basketball

museum wouldn't work because you know, the HOA, the neighbors would never permit you

to let like tens of thousands of people come into the neighborhood and go to this museum

every year.

Right.

So that's what I thought about.

I mean, I was thinking about, I just figured there would be a way around something.

Exactly.

Exactly.

You don't think about all the different like small reasons why it might immediately fail.

You think, what if this works and then you find, try to find a way to make it work.

More interesting one, in my opinion, was always the simpler one, which was you don't have

to turn it into a museum.

You don't have to get permitting.

You don't have to have guests coming in and operations folks.

You just treat it differently.

You don't treat it like a house.

You treat it like it's a monument.

It's a piece of art.

And there are paintings that sell for 800, you know, 85 million dollars.

And so if a painting itself for $85 million, I think Michael Jordan's house, this relic

of the greatest basketball player of all time, it's going to be worth something.

And so the idea would be your crowdfund bit, you get, I don't know, 5,000 people to each

pitch in two grand.

You buy the thing out for 10 million bucks and you hold it as a piece of art.

And then, you know, there was a couple of good suggestions I thought came in through

Twitter.

So some of the good suggestions were you could list this on Raleigh Road where people go

to buy like, you know, vintage cars or rare first edition Lord of the Rings book sets

for $35,000, you know, 500 people each buy it, a fractional share of it.

So that was one idea people liked.

And the Raleigh Road guys said, Hey, we're interested.

Let's talk.

So talking to them.

Oh, they, they, they howled at you?

They did.

They replied to the tweet and then Rob, the, I think he's the CEO and co-founder emailed

me yesterday.

And so we're going to chat and see.

Dude, why does everyone cool reach out to you?

Fuck.

Bro, they know.

They know.

They know.

Damn.

And I didn't get anyone hollered at me.

Are your DMs open on Twitter?

My DMs are open.

Yes.

I've also talked to him before through DMs because I was just like rally's fucking awesome.

So I had reached out to him actually saying, Hey, Raleigh is awesome.

Can I invest in this thing?

So he knew I was a fan boy already.

But anyway, so that was one interesting thing.

Some people in the crypto world were like, dude, let's turn this into an NFT, bro.

And so I talked to the founder of Nifty Gateway, which is just exploding this marketplace that's

just exploding for NFTs right now.

So I asked him, Hey, would you like to dabble?

And then the last thing was that some people were like, Hey, and what did they say?

He was like, Hey, this is cool, but he was like, you know, we're just crushing so hard

on the digital stuff.

I don't know if we want to get into this physical thing because there were some cool ideas

from Twitter.

Some people were like, you know, let's say you came in and you bought a $50,000 chunk.

So the $2,000 entry, you go for 50K, that should get you, if you present your certificate

of ownership, if you show your app and you show that you're, you own a piece of this

thing, you should be able to have like a three night stay once a year with you and all your

friends.

We're going to kind of share MJ's house.

Exactly.

So, so you're not fully doing an Airbnb.

You're treating it like it's art, but if you own a big enough share, if you're, you know,

a super minority owner of this thing, then you can actually stay one weekend a year.

And I thought that was pretty dope.

So anyways, there's some cool ideas, but then at the same time, I ain't got time to do this

and neither do you.

So what's going to happen from here?

You're asking me.

I don't know.

I don't know.

I'm kind of the leader on this one.

Nothing.

If I had a bet, nothing.

I hear, and here's why.

When I did my deal, every smart person I talked to, what did, you know what they said?

I bet you can guess what they said.

No, no.

What did they say?

Do nothing for six months.

Right.

So don't invest it on your hands.

Yeah.

Yeah.

Don't invest.

And so many times I've wanted to change and do something and everyone has said the same

thing and I'm going to try my hardest to stick to it.

So that's one of the reasons why, although that's probably a bullshit excuse.

The reality is it's kind of an, I don't think I would want to do something that high profile

because if you screw up, it would be a big deal.

Oh, look at you.

You're afraid to fail now.

Oh, you make it big.

You sell your company and now, now you're like, I got to watch my step.

What's going on?

Where's the guy with the pirate ship tattooed on his thigh?

What would that guy do?

Dude, my first time buying like a real estate asset and doing something like this would

be like, I mean, that would be national.

I mean, I guess.

Yeah.

I mean, I'm not saying you buy it.

I'm saying clearly the way to go here is to crowdfund this thing because it's just more

fun that way and you don't have to put out $10 million of risk capital.

That was the other thing.

So somebody created a website, Jonathan created a website.

I think it's buyjordan'shouse.com or something like that.

And I think he said, you know, pretty early on after the tweet, he said he had 200 people

dropping their email.

And I think about the same on Twitter said, I'm in, including a bunch of higher profile

people.

There's a bunch of people who are really wealthy people, founders of companies, owners of business

businesses that were like, I'm in for 5k, I'm in for 10k type of thing.

Now are they just talking?

Is this real?

I don't know.

We'll see.

But I think it was cool.

I mean, the little video that we had reached 100,000 people, I think across a couple of

different platforms.

So it was cool.

And what we decided, the takeaway from this is we got to do viral clips all the time.

We got to be like Obama and talk in sound clips.

You know what I mean?

Yeah.

It's not even a conversation.

This is now just a collection of clips.

The clip had 60,000 views to your Twitter clip of you talking about it.

Really?

Yeah.

The funny part is that it's you talking about it and me looking at, just like it kept showing

my face and you're talking the whole time.

And I'm just...

That's the way the world goes.

You put the white man's face up there, the brown guy's just in the back, coming up with

ideas and handing them over.

That's why they get our voices confused because they say, I look like a bro, but I talk like

a nerd and you look like a nerd, but talk like a bro.

Dude, that was the most spot on.

I wasn't even, I was like, I'm not mad at all.

That is so accurate.

And now I understand why people keep saying this thing, that they get us confused and

make total sense.

I get it now.

Let's talk about sex.

You have something on here.

Before we get into it, I want to tell you a fun fact.

We have this list where Sean and I list ideas.

He has one thing and it says, why aren't young people having sex?

And what are the opportunities here?

And apparently 31% of men 18 and 24 were sexually inactive before COVID.

Inactive.

Yes.

Inactive.

Matt Allison, who does a bunch of cool stuff.

The tweet's not there anymore for some reason, or at least I can't see it.

It got canceled probably.

Can't say, you can't say men anymore.

So this guy, Nat is really interesting.

His name is Matt Allison, Google.

He's got like a cool website.

He owns this agency business.

Did you know that this guy, so he's interested in this because he owns this thing.

I'll have to look up what's called, but it's a Kegel app.

Do you know what a Kegel is?

I do know what a Kegel is.

It is the like exercise you do with your private parts.

Yeah.

So basically it makes it so you don't premature ejaculate.

And I think women do it too.

You know, I don't know.

I think women do it because it, it like, it can increase like the pleasure, but also

I think it's just healthy for you to do.

Like it's just like a, it's just like a movement that's good for you.

I guess.

I don't know.

And this guy, his name is Eliasyn, Nat Eliasyn.

He has an app called a, I'll look it up, what it's called, but it should be called squeeze

because to do a Kegel, you're basically trying to like, you know, for a guy, you're basically

trying to like flex your balls.

Best way I could describe it.

And for a girl, I'm sure there's, you know, the equivalent, but I don't know what it is.

It's called stamp, stamina, stamina.

I don't know what that play on words is.

Anyway, it walks you through how to do these Kegel exercises and it makes like a hundred

K a year.

And it just made it one time and it just ranks what it's a crazy, interesting thing.

Kegel exercise.

I never knew that was a thing.

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Okay.

So we've talked about this before and before when we said, I think you actually were the

original person that kind of rant about this.

You were like, dude, kids aren't having sex.

You were like, I went to this, you know, people make funny for the hot dog stand thing.

They're like, we get it.

You used to own a hot dog stand.

The other story that I've heard you tell a number of times because it's very entertaining

and I think it gets you hyped up is you went to some camp and they had a bunch of, they

had like a Gen Z, like you went to some summit and they had a Gen Z analyst there and the

Gen Z analyst was like, hey, all the kids are depressed and not having sex.

And then you were like, dude, what's going on?

And you talked about Replica, which was this app, this messaging app where you message like

a virtual girlfriend and I tried it out.

You've tried it out.

After you told me about it, I went and downloaded it and it was okay.

It was interesting.

There's definitely a bunch of people who are really into this.

It's like this AI virtual girlfriend, but I have a different slant to it that I want

to bring up here.

And by the way, this whole sex thing, this has been a problem in Japan, I think for years.

Right.

Yeah.

It was like a, you know, the sexless generation or something they call it like, okay.

So I want to actually talk about a company that's based in Austin, right where you are.

You might be able to see it.

If you look out the window, it's called interactive life forms, LLC, you know, these guys?

Yeah.

I know where their building is.

I've seen their building.

Do you know what they make?

No.

Interactive.

Do they make sex styles?

Interactive life forms.

This is the maker of the flashlight.

I wanted to tell you about this.

So I did a little research.

I got a message from a founder of a tech company.

I won't say his name because he said no.

He said, don't say his name, but he messaged me and he goes, dude, idea.

Modern flesh lights.

And I was like, what?

He goes flesh lights and he breaks, he broke it down for me.

He goes, the sex toy market is bigger than you think.

He goes female sex toys like a dildo or a vibrator are on the rise and there's this

big like kind of like anti-stig, like people trying to remove the stigma around it.

I don't know if you've seen any of this, but it's like kind of the feminist movement.

They call it sex positivity, which is basically like, Hey, sex doesn't need to be taboo.

It doesn't need to be stigma.

It's okay to have sex.

That doesn't make you like a bad person or something like that.

And so there's this sex positivity movement.

And with that has been this big boom in sales of sex toys, primarily female sex toys.

So I started looking at the most popular male sex toy, which is the flesh light.

And so here's some information about the flesh light.

It was started by this guy, Steve Shubin, and this guy's super interesting.

He basically he's a, he's one of 13 kids.

He plays college football, then he goes into the army, then he comes back and he's a police

officer with the SWAT team in LA.

And then he like retires from SWAT when he's like 30 something because he's like, I love

being in the police force, but it doesn't pay well.

So I'm going to start a business.

And his wife is a pro tennis player.

He's got this hot tennis player wife and he's like, I'm going to start a business.

He doesn't know what he's going to start.

Do you know who that hot wife and Steve Shubin's son is?

No.

Who?

Aubrey Marcus, the founder of on it.

Oh, no way.

Yeah, and he co-founded Joe Rogan.

Yes.

Because flesh light was Joe Rogan's first sponsor that Aubrey secured.

That's amazing.

Okay.

So I'll get into that.

That's actually a part of this.

So years go by.

He does nothing.

Then they're in their 40s.

Steve's wife gets pregnant and the doctor tells him, Hey, you're in your 40s.

So this is kind of like an at-risk pregnancy.

So you can't, you can't be having sex.

And he's like, okay, doc, like, you know, what do you want me to do?

I'm a six, three red blooded American.

What am I supposed to do?

And so he starts thinking about it and he goes, why isn't there a sex toy for men?

He originally plans to make a mannequin.

And in fact, in 1998, he gets a patent for a mannequin with sexual applications.

So it's basically like a doll that he wants to make.

So he's trying to make this doll and he puts in 50K and he starts working on this doll

and he's trying to blend all these different polymers.

How do you get this skin feel of this doll?

How do you get the flesh to feel like flesh?

How do you get it to look like a doll, feel like a human?

And he makes it a family business.

So he brings his sons into the table, they get a whiteboard out and they start brainstorming

together as a family, which I find hilarious because in my family, this is not a business

we can start together.

So he keeps going, two years go by.

He's put in a quarter million dollars now.

He's sold zero, zero, zero products so far.

And he keeps trying to make this full body doll and he meets a guy one day, a friend

of his and his friends like, Hey, I think what you're doing is great.

There's this weird taboo around this, but why not?

More pleasure in the world.

What's the problem?

So he says, will you give me one?

I'll buy one off you.

He says, cool.

What's your address?

I'll send you the doll.

And he's like, no, dude, no way.

I can't bring that doll into my house.

He's like, just take out the part that's like the vagina of the doll and send me that,

like put it in a little box and my wife won't see it and just send me that.

And so he's like, dude, if my friend who wants this, won't like, can't buy this doll.

This doll is dead.

So that's why he pivoted from the doll to just the organ part of it, just a single piece,

one component.

And so he's like, okay, how do we brand this?

So him and his sons are brainstorming and they're like, what do guys like guys like

tools?

Okay.

This thing's kind of like a flashlight.

Okay.

We'll call this the flesh light.

So that's how it gets its name during that process.

And so he eventually this was like a father son project, father son project multiple

sons.

Weird, man.

Now years have gone by they put in over $2 million.

And this guy believes so much in this thing.

He ramps up production.

He's pumping out 1200 units a day before they've sold anything because he's like, the world

is going to love this.

They are going to buy this thing.

So he goes all in on this to meet this, you know, future demand and turns out they actually

did it.

So the flesh light now, these guys do, I believe about $100 million in revenue.

It's definitely above 50.

It's, they don't report it, but to me, I did some slew thing.

I think it's a hundred million dollar a year company, over a hundred employees, they basically

dominate the market for male sex toys now.

This guy who went all in on this thing, it ended up being a successful family business,

which I think is, you know, just a heartwarming story.

What a crazy story.

And I'd heard a little bit about it, but I didn't realize I didn't know all those details.

But by the way, this is the best part of the whole story.

So he opens up a facility in Austin.

So he's manufactured near you, then he has a one in Spain and he has one somewhere else

in Asia, I think, and he has so much like manufacturing capacity.

So what do they do with the excess capacity when they have a little extra?

Guess what they bake?

They make prosthetics for elephants who have had their legs blown off in the, you know,

from where there's mines in Southeast Asia.

They are the top maker of elephant prosthetics in Southeast Asia.

That's their backup.

That's their side business.

What got you interested in this?

Well, when this guy said it, I was like, you know, the founder who messaged me, he, yeah,

this is, we're going to have to bleep this, but he goes, dude, every guy jacks off.

There's got to be a market.

What if you, he's like, what if this, he's like, I don't know this product.

You don't know this product.

He goes, but what if this thing made it 10 times better?

Isn't that crazy that there's still a taboo around this?

That's going to change, dude.

The sex positivity thing for women, it's going to affect men.

I bet you you can make a modern day D to C version of the fleshlight.

And so I started thinking about it and started looking up, okay, how big is this?

How big is this industry?

And it is a pretty big industry.

Like they do like the sex toy industry itself is about $20 billion a year.

What percentages to men?

I was trying to figure out the sales difference.

So it's more, it's dominated by female sales.

So the fleshlight is the biggest of males, but the female industry is much bigger.

About 65% of women say that they have used one.

There was a stat that said 50% of male men said that they've used one, which I don't

believe.

I know a lot of dudes, I haven't heard one ever talk about this.

Maybe it's just happening on the download sex toy.

Yeah.

Like I've never, I've never had one conversation with a friend.

Not a single.

Yeah.

So I don't know if I believe that stat, but basically the European market is bigger than

the American market.

Like places like Italy, it's like super common apparently, they're, you know, free love.

The fastest growing markets right now are India and China, where it's the most taboo.

But what's happened is because it's all gone to e-commerce and the e-commerce companies

are using very discreet packaging, like they send it to you and it looks like one thing.

But inside is another.

And so that's where this thing is growing.

And so there's a bunch of startups in this space as well that are doing like 15 million

a year, like Love Honey.

Check out this traffic.

So the top website for this, the top sort of Amazon for this thing is called Adam and

Eve.

I was just looking at Adam and Eve because they have stores all over San Francisco.

They have about 8 million visitors a month to their e-commerce store, which is a huge

e-commerce store.

Love Honey is about 4 million to their store.

And what's interesting is there's all these problems, all this friction in trying to build

one of these companies because Stripe won't let you take payments.

Wait, why wouldn't Stripe let you take payments for a dildo?

They say, we do not do any sexual products.

So you can use Shopify, but Shopify uses Stripe.

And so you can't do Shopify basically because Stripe won't allow.

So Adam and Eve love Honey, these companies, they can't process on Stripe.

And so there's an opportunity, I think, for building Stripe for vice products because

cannabis can't use Stripe and neither can any sex products, porn can't use Stripe.

And so just those three industries alone, that's like multiple hundreds of billions

of dollars of turnover.

And so who's building Stripe for vice?

I don't know.

I want to go look into that.

Another one of these opportunities is that you can build a brand that figures out a new

form of marketing because you can't advertise on Facebook or Instagram or any kind of display

network that's mainstream for these products.

And so I was looking into how do they get around this?

And I was curious, how would you get around this?

If you were trying to market one of these products, it's an interesting sort of like

job interview question I would ask somebody who wants to get an offer.

Well, I would write articles on like, you write articles that are, yeah, so you have

to write, let me, all right, so if we're talking about like a vibrator, you would write an

article about sexual health, I guess, or I don't know, whatever, I mean, I would have

to do research.

A woman who is about to buy this, what type of content interests her, and I would write

that article and I would display it on Outbrain or I would display it on, I don't know, where

would I display it?

It's hard.

So I looked into how these guys are doing it.

And I think there's three.

Oh, porn hub.

You got to go.

You can do a porn hub.

So they use the adult ad networks like traffic junkie and XO clicks, so they advertise on

porn sites.

Basically, that's a good, that's a easy one, pretty straightforward.

The other thing that they do is they do heavy like content.

So even though you can't advertise on Facebook and you can, you're kind of limited on Google,

you can do it for certain keywords and for just stuff that people searching for.

So people are searching for what is the best one I should buy?

You know, reviews.

And so you remember how the mattress company Casper was buying up the mattress review websites

and then like promoting Casper.

So that's what these guys will do as well.

They'll buy up the review sites and then they'll just put their products as the best reviewed

product on there.

And they'll say, this is, you know, I'm an affiliate for this company.

That's one way.

I thought the most innovative one, and they also do like kind of direct.

So like you were saying, Fleshlight was one of the first sponsors on Joe Rogan.

They'll do that.

They'll direct to podcasts or newsletters that are willing to take them as a sponsor and

they'll, they'll go for it there.

But the last one I thought was interesting was what Fleshlight did.

This whole segment's a little bit X right?

It's I, you know, apologies if you're listening to this with kids in the car.

You know, I hope you've skipped forward at this point.

But basically what Fleshlight did was they wanted celebrity sponsors.

So what they did was Nike goes to LeBron James and says, okay, we want you to sponsor our

stuff.

So are they going to get women to be there?

They went to famous models and porn stars and they created molds of them.

And so it's like, you can buy the, I forgot the, I looked up this chart of who was the

top selling skew of that.

And so there's a woman Kayla or Shayla or something like that.

I don't remember her name of us, but she's some model.

She's some porn star.

I don't know who she is, but she's famous.

They bring them in, they do a cast mold of her body and then they turn that into a product

and then she can sell that product to her fans.

And so I was thinking, if you were going to do this now, you have only fans where I think

a billion plus dollars is being paid out to their creators.

I would go to only fans creators and I would do that model for them.

I think that would be probably the strongest distribution tactic you could get.

Dude, what a fascinating thing.

I would invested in this, but I would never work on this.

I would never work on this.

I'm zero interest in this from, you know, like to actually like pursue it.

But I do think it's one of those things that nobody talks about.

And so because nobody talks about it, it's both interesting and it's surprising when

you look into it and how this whole system actually works.

So I like, you know, just like I love the silk road, but I would never go on the silk

road and buy drugs, but I like to learn about it and see how it worked and how big it was

and who was behind it and how they kept it stealthy.

That's fascinating to me.

Just like I like watching prison shows, but I'm not trying to go murder anybody.

I like watching, you know, Bank Heist, but I'm not planning to rob anybody.

That's how I am with these types of products.

So at the Adam and Eve store, what was it called?

Yeah.

Adam and Eve stores.

We had so many locations in San Francisco.

We probably had three or four or five different locations.

It's a pretty huge business.

Hundreds of millions of dollars in revenue currently owned by, I believe, a private equity

company.

That is also another fascinating business.

Did you research that?

No, I didn't research that one, but I found one other, two other like interesting things

about how they market these things.

I thought it was pretty clever.

It just shows entrepreneurial creativity here.

All right.

So there's one company that's doing these like, you know, like the sort of MLM model,

which is you get one person who's kind of a seller for you and they have a party.

So this is like the old Tupperware parties.

They call them passion parties for this.

And so they have women invite their friends over and they're called passion parties where

they show the different toys and what they could do or whatever.

I don't know how this sounds like the most awkward party to me, but apparently it's working.

The second one that I thought was super interesting was there was a company called Diamond Products

and they make some brand of something, I have no idea.

And they couldn't advertise in any traditional channel.

So they bought Sir Richard's condoms company.

So they said, oh, condoms are allowed to be advertised on TV and on different websites.

It's more loose to like Trojan, right?

We've all seen Trojan ads on TV, for example.

So if the restrictions are looser there, they went and bought that company.

And then on their website, they upsell other products basically.

And so he went and bought this company because he goes, they're sold in Whole Foods.

He's like, this makes it so easy for me to advertise because now I own this little thing.

He's like, it's my Trojan horse.

Like, you know, this is how I advertise my sex products company.

And so I thought that was pretty interesting.

And you know, I think if you did this with Instagram models and oldie fans, you could

basically just copy the, what's that watch brand MVMT, you could copy the movement watches

brand model and try to, you know, they went to a hundred million in sales and watches.

I bet you could do the same using their influencer strategy.

Dude, how interesting.

I love learning from these types of people.

I don't even like going to this.

I went to the flashlight website.

I don't even like going to that.

I think it's closed the tab.

Yeah.

I think it's weird.

I bought my work computer just so anyone at HubSpot listen.

Yeah, I apologize.

My, uh, my, my wife's dad listens to this podcast.

I, I'm just going to tell him, Hey, don't listen to this one.

I apologize.

Well, it was a fairly academic discussion about something.

Well, the worst part is now I'm getting retargeted like crazy because I was doing

research on this for the pod.

And now all my ads are completely messed up.

Well, do you want to talk about another interesting person?

Yes.

Or do you want to talk about an idea?

Person.

Okay, we're going to do an interesting person.

Okay, there's this guy who we're going to do Billy the week here with this guy.

And I, by the way, I think we're going to do this.

We've discussed doing this every Friday.

Maybe we will.

We need like a jingle for the Billy of the week.

It needs to be like, you know, the Billy of the week.

Somebody make us a little jingle for that.

That would be pretty cool.

We do need that.

Google Brad Kelly and make sure you spell it like B R A D.

So Brad space K E L L E Y.

Okay.

If you're on your phone, do it, Brad Kelly.

Now you're going to see a picture of a guy with a red beard.

You see the red beard?

I see it.

And then two over, you're going to see a picture of an old guy with a longer,

like a, he looks like, uh, like Mark Twain.

Yep.

See it.

Black or white.

So that's the same guy.

The photos are just, he just older now.

This guy, he's so interesting to me for a couple of different reasons.

So this guy's name is Brad Kelly at this point.

He's probably in his sixties and he's known as, uh, the man with a million

acres.

That was a headline that was written in the New York times about him and they

wrote it about him because he is one of the largest landowners in America at one

point.

He was number three or number four and he's kind of known for being incredibly

reclusive.

So he doesn't do any interviews.

He doesn't do anything like that, but he's bad to the bone.

He's a really interesting guy.

And I read a little bit about him and I've kind of got a feel for this guy and

he's so intriguing to me.

So he was born, you know, he's 65 years older-ish.

He was born in Kentucky, went to college in Kentucky, but at age 19 dropped out

because he started buying warehouses and he started making enough money buying and

leasing out warehouses that he goes, all right, I'm going to do this.

I don't need school anymore.

He started renting them out to people who were building stuff.

So who creating little miniature factories.

He would fix them up and lease them to people.

And eventually he saw that people were using them to sell them.

Using them to store tobacco.

And one of his tendons moved out and they left a machine that turned tobacco and

like pumped them into cigarettes or, you know, like a, like a rolling machine or

something like that.

And he was like, well, I got this machine.

Let's try it.

And so he started making cheap cigarettes and eventually he made it a proper

company and he called it Commonwealth brands.

And if you Google Commonwealth brands, I don't smoke cigarettes, but I recognize

some of the brands.

They're like, I think he has like 15 or so cigarette brands.

Yeah.

It's like, I think parlimits.

That's like when I was a kid, that was like, we would joke.

Like if someone smokes parliament, that mean they were like a bro kid, but he

made cheap cigarettes.

And after 10 years, he sold the cigarette company for a billion dollars.

And I hate smoking and I don't think it's cool to smoke.

And he, that doesn't either.

And he didn't hide that.

He goes, I've never defended smoking and I hope that it will be phased out of

society, but I did it because, you know, it made, I made a living doing it.

Made a living for me.

And using almost all of them when billionaires say they, they're just trying

to make a living.

It's like, no, you made, you made like a billion livings.

Yeah, he made a lot of livings.

And with all this money, he did a couple of interesting things.

The first thing that he did, well, he didn't do it first, but the first

interesting thing is he bought Lonely Planet.

You know what Lonely Planet is?

I've heard that name.

What is that?

Is that a dating site?

That's a dating site.

I bet you if you look at your book collection, you might have a Lonely

Planet book.

It's a travel website and book company.

Oh, okay.

It was a really big deal for many years.

And then when digital came along, they got crushed and he bought Lonely

Planet for 70 million dollars and they probably had 300 employees and he

had a kid that he liked, somehow met this young guy who was 24 and he put

him as CEO and they'd never signed a contract.

They just shook hands and they go, all right, you're a CEO now.

Talk to me if you need me.

Such a Kentucky thing to do.

Just shaking hands.

And this kid ran it and it didn't do so hot.

I mean, it would have been cool if there was a better ending to that part of

the story, either through a combination of the 24 year old sucking and COVID.

They sold it for like 50 million.

So he didn't make money on it.

But what he did with the rest of his money is he bought ranches and leased

them back to the owners.

They make a little bit of profit, but not a significant amount of profit.

And at this point, he owns over a million acres in America, which is a huge,

huge, huge amount, making him and 2012, the fourth largest landowner in America.

The guy never does interviews.

He, you can't find him if you want to.

He's really hard to find.

The only reason people really, truly know about him is at one point he sold one

of his ranches for $400 million, really interesting guy.

I like him because he's, uh, I think that like, I get caught in this world on

Twitter of like, Oh, build in public, what's your MRR?

I got to go to the executive coaching and it's so nice to hear from a guy.

This guy actually seems like a pretty thoughtful guy, but he definitely

gives off the redneck vibe.

Obviously he's highly intelligent, but they say that like he goes to his

ranches and he likes to drink bourbon and wear a kilt.

So he's like kind of a wild guy.

He's into some weird shit.

All right.

Yeah, but pretty interesting guy and I wanted to bring this guy up because

I bet most people would have never heard of him, but it's so interesting.

He also owns, do you know what Kentucky Downs is?

The horse track?

Yeah, he owns that.

Oh, wow.

And so he just owns all types of real estate and that's what he put all of

his money into.

Very interesting person.

Yeah, this is, this is cool.

So why were you saying the part about people who have like executive

coaches, like, you know, you know, you know, you know, you know, you know,

you got coaches and what was the contrast there?

So explain that one.

I see people who've got like, small ass companies who like, are not even,

they're like fairly, just started and they're like, tweeting out like

leadership quotes or they're talking about like, how they need to be more

inclusive at their company or this and that.

And I just get sick of this hype thing and I see other people like, oh,

build in public.

And I'm guilty of all this as well.

And we're part of the hype cycle, right.

We're media, but it's cool to see someone who you've never heard of who

Is anonymous and shuts the fucks up and just works and does cool stuff and has a cool life

And it's entirely like, you know, everyone's like I got in a fight on Twitter about people which about buying domain names

You think this guy knows how to buy a domain name in one of the interviews. He said he doesn't know how to use email

Right. Yeah, this guy's not vegan. No, this guy eats vegans. All right

This guy is made of leather

okay, so you just like that these like kind of like a tough guy rough guy business guy doesn't give a fuck and

Everybody else makes such a big deal of little things. It's kind of I just think it's cool to see to hear different perspectives

And I'm sure that he does a lot of bad stuff. I mean, you know the cigarette company, right? Like that's kind of pretty shitty

But it was just cool. It's cool to have a different perspective and this guy if you Google him

I'm pretty sure there's only three pictures. I've researched this guy a lot

I've only found three pictures of him and he's worth three or four billion dollars. I like it. All right. He is indeed

The Billy of the week. I wonder how people will react to this guy because I think some people are like so anti-cigarettes that they're like

You're saying that you kind of idolizing this guy who is a

You know who did bad things like a you know, like a warlord almost and so I don't know

You were the one who also said you would not invest in jewel, right? Was it you?

Yeah, look, I'm not defending this person's actions

But I think that no matter how evil or horrible someone is there's you can always find something interesting

Maybe saying admirable is a bit of a stretch, but you can always find something interesting no matter how bad someone is

And I don't think this guy is necessarily a bad guy, but yeah, I mean you fucking he's so poison, right?

I don't know. Maybe I'm a little disconnected from reality, but for me

I don't like movies where everybody is a good guy

I would not play a game a video game

Where you just walk around as a good Samaritan like those aren't fun to me

and I think that the real world has all kinds of people shapes colors beliefs all kinds of different things and

I'm interested in the variety of

Ways that people live their life and I'm glad that people live their life doing all these different things even though a lot of them are like

Villains or a lot of them. I'm not saying this guy's a villain, but like I think that's just the way the world is

And I think it's crazy to believe that the world shouldn't be that way or won't be that way

Where people are gonna live their life doing different things

Maybe this guy likes to drink bourbon and wear a kilt on a farm that he owns like all right great

I'm glad that character exists. You know, I'm glad these characters exist

I think that most people will not feel that way most people will say well

It's this person's a bad guy. He shouldn't exist and I don't know I find that to be this is not the way I think about it

I believe every great man or every great woman is also a bad man

So well what I mean by that is if you're considered great at anything or one of the best

Inevitably you have enemies because you can't make everyone happy right now by the way

Can you tweet that out? So I'm doing this thing getting behind me

One of the things that's gonna go behind me is I'm pretty I'm getting these laser etched

Signs that are tweets basically it's called laser tweets calm

And so you could basically get any tweet turned into a wooden laser etched sign

I'm gonna hang a couple of my favorite quotes and tweets behind me and one of them

One of my favorites is every great man is also a bad man

And so I need you to tweet that out so that I could do it

But what you can't do is you can't or you can do person if you want to not make it gender-specific here

But I need you to tweet that out so I can I can get that one made you're gonna get on my wall

I don't think I think I made up that phrasing

But I read it in a book and I don't remember exactly how they phrased it

But that's how I phrased it but I believe it to be true and dude

I did so much research on this guy that I went and I went to land forums

So a really interesting research tactic that you should do is you type in whatever you're searching for

Like flashlight and then you type in forum right and then you are brought to user-generated

Generated content of message boards and what people are saying or you could do the same thing

But you just type in the word reddit. It's pretty sick

And I went to the land forums where this guy bought people's land and they go

Yeah, you know

Or someone's like hey this guy named Brad Kelly offered to buy my land

Who sold to him and people are like yeah, we sold to him

He's fine enough done bother us and offered us a fair deal

And so they're like well and we all and people said well

And we read about him doing cigarettes and that kind of sucks, but he's never caused us a problem

So anyway, every great man is also a bad man. I like it

Did you want to do any any of these other ones or are we saving them?

I think they should be saved

Okay, I have one quick one because I don't really have much to say but we talk or we could do the nvc one

Okay, I'm gonna do a one quick plug for these guys that took an idea we talked about and they made it

So we talked about levels that fyi which is a salary comparison website

We had a whole episode about like open salaries and should you or should you not transparent data how that helps

Blah blah blah and we said hey levels does this for the tech industry where you can go see all right

If I'm a Facebook product manager level five, what will I make if I live in Seattle?

What will I make if I live in San Francisco? What's the benchmark?

What is some data?

So I know if I'm getting hosed if they gave me a fair job offer or not fair job offer

And so we said dude somebody should do this for other industries because this is awesome

Why isn't this happening another so these guys made med levels fyi and it's basically doctor pay

And so they if you go to it, you can see they don't have a ton of data yet

But they're getting doctors to to put in how much they're getting paid based on where they live and what type of doctor they are

I think it's great. Super simple. It's just basically an air table

displayed on a website so really easy to build and

No, it's uh google forums. I think

Yeah, I'm saying like in theory, right? It's like such a simple

Simple product to do so med levels that apply a good job by those guys and if you're a doctor listen, go put your shit in there

Yeah, it's pretty cool. I was looking at this. All right. We'll wrap it up by talking about one more thing

And maybe we should put this in the beginning, but let me ask you. How has your angel investing gone so far?

I'll tell you in 10 years. That's the problem with angel investing

But how many deals have you invested in?

Uh, I think a little under 20 maybe like 18 something like that 18 companies we've invested in

deployed about

I don't know a million and a half two million dollars something like that

Do you feel confident that you have some winners?

Uh, yeah, definitely. There's some winners now. We'll see I think anything can happen

But I would say I'd be surprised if out of these 18 if we don't have two companies that are worth a billion dollars or more

I'd be surprised

Wow, that's pretty sick. So a few weeks ago. I

Tweeted out something that Andrew Chen said basically I asked Andrew Chen who's a partner at

Andreessen Horowitz

What his advice to me for angel investing was and he told me his opinion and I tweeted that out

People shit on me. Even though I was like, I'm not saying this. I'm just I'm the messenger. Yeah

Like I'm just like reporting on someone interesting's opinion

but I did tend to agree on a couple of the things and one of them was

There's this narrative of people who hate VC

And they're like I would rather

Grow slower and it's like, okay. That's cool. Do that and they also say

Profits matter, you know, like and they they'd love to mock Silicon Valley companies to like dude. These guys, you know

They don't know anything about profits. Sorry. I'm just over here running a profitable business

Just growing steady every year and so they like to get on that kind of high horse

Which is crazy because like both can exist and be wonderful

But there was this guy who I really like and I don't mean to shit on him at all

It was called indie VC. It was kind of weird

I don't know why it was a venture capital firm because its whole shtick was basically

We invest in bootstrap businesses that want to grow slowly

They didn't exactly say slowly, but it was for bootstrapped companies, which is again a little bit of an oxymoron

Why is a bootstrap company going to be taking venture capital, right?

But a lot of people really liked it and the guy who ran it. I forget his name

I met with him awesome guy and they went out of business this week and

I think it's his name. Bryce. I like Bryce. Bryce is a good guy

But the model didn't work and I wanted to bring this up because something that Andrew said was

He said two things. He was said invest in quantity

So just kind of throw money at a bunch of stuff

So like anything that seems promising just kind of mindlessly

invest in it and second make sure it's growing three x a year if it's not then it's not good

And a lot of people didn't like when I said that and they didn't like it

I think because it kind of hurt their feelings of like well, you're saying I'm not worthy of venture capital and the answer is

Yeah, you're not right. You're not and but that's okay. That doesn't like you shouldn't be offended

Right. You don't have to shut down your business. That just means

This type of asset this type of venture, you know venture capital is chasing a certain profile of company and you may not fit that profile

And by the way, I think that most people I bet you I mean, it's not so douchey

I bet you I've made significantly more money than a lot of people who have raised

Absolutely. I was telling somebody this the other day. I was like media companies. We're talking about media companies

You know, you guys just sold your you guys are media company and it wasn't the biggest exit ever

It's not like, you know, some insane thing

But I was like, dude, he I don't how much did you raise total like a million and a half dollars two million dollars something like that

A million a million dollars, right? So it took so little money

Give the profile was a million dollars and it took you how many years from start to finish

Um, but but when we start as and we raised money to finish less than five years and I made eight figures

Right, exactly. And so and you owned, you know, majority of the business or whatever

So like because you didn't have to raise all this money and dilute yourself over and over and over again from round after round after round

And it's like there are if you look at companies that are selling for a billion dollars where the founder owns four percent or two percent

Or seven percent and they sweated it for 10 years and every hair on their head is gray

The size of the exit is not

Not linked really to the outcome for the founder themselves

I agree, which proves that we're not I know I was thinking of myself and I think you're not shitting on this

This idea of anti VC whatever but

This company went out of business and it goes against this narrative of like if you're gonna give money to venture capital

Or companies that fit the profile of VC you want them to be what many would think or describe as reckless

Right one thing I didn't get why did they go out of business? So basically they couldn't raise more money was the idea

Yeah, right. That's how a VC fund goes out of business and he said in his thing

He's like we invested in 10 companies or whatever. He gave some numbers

So tell me that he goes they were all bootstrapped and profitable. He said something like we've invested in these. They're all still going

They're all still profitable

But we couldn't raise any more money. I don't understand what is his reason

Why did they go out of business? He kind of sounded like he was crying a little bit like

He's kind of whining because he's like our LPs didn't like our model

So they pulled the plug because whatever I didn't read the thing very carefully. So you tell me you you into this

No, I mean, yeah, why is he saying they failed? I don't think he was whining

I think he was just saying the fact that like most people don't like this idea

And weren't willing to stick it out and I don't blame them

Because if you go to indy.vc the website, it's a video of a unicorn head on fire as if like they're anti unicorn

And I in my head I'm like returns are good

If his returns are good

People would still be looking to back the fund because people who invest in the returns aren't as good as other stuff like right

So that's what he needs to say is not that people don't like this

He needs to say I was wrong

My returns weren't as good as I thought they would be and they were not good enough to get more money

Because people invest I invest in VC funds. I also would invest in real estate, which has a different profile

I'll invest in crypto which has a different return risk return profile. I invest in many things and so

That's why I thought it was kind of whining because I didn't it didn't just say the honest truth

I had this idea that this would be a great way to invest and my returns were actually shitty

And therefore I couldn't raise more money and either that's true or

His returns were actually good and he sucked at going and getting new investors

I didn't there's only two ways to go about it right like I didn't understand

I didn't I stopped reading because I didn't he wasn't saying the truth in my opinion

No, I mean he said the truth

He said that like our strategy a lot of LPs bailed it cost us 80 percent of our LP base

They didn't want to come back and it was just yeah the strategy didn't work in the sense of investors

Did he post his returns?

No

Okay, that's the thing he needed to say right he's saying they didn't like our strategy

It was so he was kind of just like patting himself in the back

I felt he's like they didn't like that we were going against the grain going against the VC thing and they had to pull out because of that

It's like well, is it that they didn't like what you were doing?

Or is it that it wasn't working and the returns weren't very good and they didn't believe the returns were going to be very good

I'm being harsh on the guy. I don't know the guy but no, he's cool and I'm not bringing this up to show them

I think it's cool. It took a shot

It was a bad shot though and that's that's great right you take swings sometimes you miss for sure

But I think though it's important that we look at what does this mean here?

And I think that someone like Andrew Chen who's this from the outside you think of him as like an elitist like

Went uh, I don't know

He just like give this vibe that he's like an elitist step a guy

And he kind of represents a lot of people like him right these like VCs who like oh like fuck these tech pros

And the reality is though is that that strategy of like doing stuff that appears to be reckless from the outside

It is the right strategy. It just feels really uncomfortable for a lot of people

It's a classic. Don't hate the player hate the game. It's not that VCs decided. Oh, you know what I'll do

I'm going to invest in a bunch of companies and one or two will return the fund and everything else will go to zero

It's not that they want that right? That's actually extremely

Stressful for them that hey if I get into this company that becomes a 10 billion dollar plus company

I'm a hero and I'm the best and if I just miss them and I invest in a bunch of other good companies

That didn't quite get there I suck and I can't raise my next fund and I'm out of a job

So it's crazy to me that like they're not picking this that just is the nature of the game and they have to play it

If they want to succeed at it

It's like in any game theory the players in the game will eventually find the meta game the strategy

That is the optimal strategy and if you just because of your opinion and your personality and your morals don't want to play it

Cool, that's fine, but you're just not going to be playing the optimal strategy

You're going to eventually lose the game

And so I think it's crazy that people hate the vcs when it's just that's the way that innovation works

The innovations that break through become humongous and the innovations that don't become zeroes

And or close to zeroes and the winners are so big that that's they dominate all the returns

But then there's this other ground where it's like fvc, which me personally

I'm on that boat where I want to be a vc, but I don't want to take vc money

That's this other group of people and it's like dude. They all can exist

Like right if that's what that quote is so insightful, right? Don't hate the player. Hit the game. Cool. You can hit the game

That's a lot that's in the quote

You're allowed to hate the game and say i'm gonna play a different game

No problem

You can play games where you bootstrap or you don't raise vc money where you you don't do business at all

You go be an employee somewhere no problem. That's always an option

Well, I guess we just did a little rant, but I wanted to bring that up

Um, we'll see if this episode turns out to be anything interesting. I'll break you how we do

B plus I want the graphics guys like slam a big b plus all over the screen

All right, why b plus you got to give the people that your explanation. Why are you saying what you're saying?

It was good research, but it just wasn't as juicy as it could be. It was good

I've never seen shan more animated than when he talks about flashlights, by the way

Yeah, I was super into that to be honest. I uh, it got ruined when I went to the website. It's pretty freaking disgusting

Did you go to the website? No

I did all my research. I didn't go to their website. It's not great. It's pretty gross

You're passionate about flashlights. It's okay. There's this awesome podcast called we study billionaires, which sounds lame

But honestly, it's like you guys know it's they're huge and it's really good

And they'll read a book on someone or just a belong article and just retell the story, right? It's really good

I love this podcast. It's called the investors podcast. We've never heard of this press and pitch. Yeah, either good man

I know their thumbnail the red thumbnail. They're huge. Yeah 40 million downloads. They have bought the fanboys

I guess we're we should publish us talking right now, but speaking of books

You know what I'm doing is this isn't the one I'm doing with it

I'm just gonna read one book this year, but I'm gonna study the fuck out of it

I'm sick of reading like two books a month and not remembering anything for me like youtube is just so much better

like I'm just going deep on like

Charlie Munger Peter Lynch youtube stuff and I'm just like

watching so many of their videos or listening to their videos and

There's just a lot of wisdom in there and like Charlie Munger said this thing

He's like he's like I don't want to read the news

He goes I want to read something that it made sense 30 years ago. It makes sense today

It's gonna make sense 30 years from now and I'd rather just read that 10 times than read like whatever the latest thing is

And that's kind of what you're saying. Yeah. All right. I'll talk to you soon. Okay

Machine-generated transcript that may contain inaccuracies.