My First Million: Best of This Week: Feb 4th

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.

Hey, welcome to another episode of My First Million, best of the week edition.

This is Ben Wilson.

This is just some of the best clips from our episodes throughout the week.

If you've already listened to every episode, there's nothing new here, but it's just

bringing out some of the best content in case you didn't get to listen to every second

of every episode this week.

We got a great one for you today.

We had some really great guests on this week to start off with.

We're hearing from Ryan Breslow.

Ryan is the founder of a payments company called Bolt.

He has been in the news for writing a Twitter thread where he called out Stripe and Y Combinator,

and then we had him on the show the day that he resigned as CEO of his company, Bolt.

And here's what he had to say about the whole controversy.

Cool.

And so let's talk about this Twitter thing.

So you came out the other day and you basically said, look, you're like, Bolt, we've become

successful now, but it wasn't without some challenges and there's like the normal business

challenges and then there's sort of the challenges of the powers that be.

And in Silicon Valley, there's two very powerful and in most people's minds, you

I think you pick to fight with people that very few people have bad things to say about

Y Combinator and Stripe, right?

Stripe is probably like the most beloved startup in Silicon Valley, respected, beloved, whatever.

And NYC is also, you know, the most powerful sort of like a brand, you know, it's like

basically if you're going to pick on a college, you pick on either Stanford or Harvard if

you were going for the top.

And and you basically told the story about them being the mafia.

And so I want you to kind of quickly, can you quickly bullet point the, what your argument

was for people who aren't nerding out on Twitter and aren't seeing it because this audience

we have here is not going to have seen it.

So bullet point that.

And then I got some questions for you.

Yeah.

So the point is my motivation here was to open people's eyes to what goes down in Silicon

Valley where it's not all sunshine and rainbows, it is very fierce and there's fierce competition

and there's also games that are played with powerful institutions and, you know, groups

of people who, you know, help each other out.

And so if you're starting a company, especially in payments, you've likely failed.

There's, you know, the only ones that have been successful have been internationally.

And we probably should have failed five times over with investors pulling out of term sheets

when we were about to run out of money.

And so we, I'd say Bolt almost didn't exist because of the powers that be the powers that

be.

And, you know, I think there are a lot of other companies that would have existed today

if it wasn't for the powers that be.

And so, you know, now I don't blame these institutions.

But I don't know if you're doing this on purpose to be kind, but you're kind of being

vague.

Is it possible that you, like, what does institution mean?

And are you able to, like, actually?

Let's separate out, right?

There's fair business in games, which is like we're competing against somebody.

That's fair.

They can compete with us fiercely.

There's investors just deciding the space is too competitive or Stripe's gonna win.

I've just got to, I'm just gonna back away, right?

So a perception thing.

That's kind of like nobody would say that that's unfair.

Talk about the specifics of what you felt was unfair or where, you know, some, some,

some, there was some heavy handedness to it.

Yeah.

So when we would be pitching investors, they'd get interested, they'd say they want to invest.

And then they would talk to somebody at Stripe, someone related to Stripe, and either be told

they can't invest or they shouldn't invest, or somehow the conclusion was they were dissuaded

from investing.

But how do you know that that's what happened?

Right?

They might just come to you and say, we're not interested.

Many of them told me that Stripe would always come up somehow in that conversation.

So many of them pulled me directly.

I don't invest or say directly.

I got a call by Stripe and they told me I can't invest in you guys.

Is that bad though?

What if they, if they were already an investor of Stripe.

I understand that.

I have a conflict of interest.

Right.

But, you know, Stripe has like all the big names in Silicon Valley invested in them.

All right.

So they would intentionally put every single, you know, tier one firm on their cap table

and they even stuffed them with small checks.

They're like, everybody's on their cap table, right?

And so, you know, from.

And then they say you're conflicted out, right?

That's a competitive ours.

They're our shareholder.

Right.

Exactly.

And I didn't even, you know, consider ourselves a direct competitor at the time.

But I think they're very guarded about anything in their periphery.

So I've heard the same story from companies, you know, doing cart issuing.

I've heard the same stories from companies doing subscription payments and then Stripe

would roll out their own product next.

So it's almost as if they have these feelers out, anything that's tangential, they make

sure that doesn't get off the ground and then they go and build it.

And so.

Is there any, is there any side of you?

So the way that you're phrasing it, and I would like to figure out what my opinion is,

I don't have an opinion yet, is, is like that's unethical.

But one maybe could argue and be like, well, that was just a savvy strategic move to like

get everyone on board.

And you know, that's just like, that's just like, that's a, that's fair.

And do you, do you see that side of it at all?

Or do you think that like the way they went about it, their intentions were, the intentions

matter here?

Yeah.

Yeah.

I've never pulled a single investor.

You can't invest in somebody, right?

So to me, like everything is fair competition.

And if someone wants to invest in a company tangential to me, I tell them go for it.

We've even invested in tangential.

I invested in tangential.

I think, you know, innovation is good.

I have a very long-term perspective.

So when you're calling, say you can invest in this company, like even if they're not

on the stripe cap table, it's investors too that are not on the stripe cap table.

To me, that's just not how I would do business.

And I also want found the next generation of founders to go into building with their

eyes wide open, because I invested eight years of my life into this business and not knowing

about the games that go on, right?

And so the most important thing I'm exposing here is if you're coming to Silicon Valley,

you have an idea, you're quitting your job, putting a lot on the line, like get ready

for war.

Like it's serious and there will be people who do not want you to exist and you're going

to need to be ready to battle that.

And so one of the things you say is that, which is they basically hurt our ability to

fundraise by telling the first, they kind of played good, good game theory, right?

They got every invest every big investor to get a little piece of stripe because every

investor wants a piece of stripe.

And then they said, cool, now you're conflicted out of investing our competitors.

Okay.

Some might say that's that shady.

I personally just, I'm an investor in you, right?

I'm a fan of yours.

I personally would just say, okay, there's nothing unethical about that.

You may not like it, but that's competing.

It's like a, it's a strategy.

It's a harsh strategy.

Okay.

That's the way that like, I don't think it's cool that Mark Zuckerberg just copied stories

or whatever.

I don't think that's like, you don't get bonus points of respect for me, but I also don't

think you did anything illegal or crooked, completely crooked, right?

That's, that's, you copied something that was copyable.

Okay.

Fair enough.

The second thing you said is that they, that YC, which has a huge stake in stripe, um,

control, they own hacker news and that on hacker news, people would be posting about

bolt, it would get some play, it would go up the ranks, but that somehow there's some,

you know, editorial shenanigans behind the scenes where all of a sudden the post about

bolt would disappear or get de-ranked and then a post about stripe would be up higher.

And so you posted some examples of that.

Now that's, I think, I think that's the summary of what you said, uh, as that was happening,

did you, uh, is that a suspicion or you're like, I know that that's what happened.

Pretty sure that's what happened.

Um, you know, cause we had a, some posts, one in particular that, you know, I'd written

catered to YC audience, it was an unraveling of how we do fraud detection better and guarantee

it with your payments, which was radical and new at the time, it had organically gotten

to number one held there.

We had a ton of comments on it, just like very active people, very interested.

You can go read all my comments and then stripes pose.

I don't know if it was there before it seems like they said it got posted technically before,

but anyway, after it's got to number one, they're starting to rise and ours just started

to fall and then disappeared.

And so I don't know if those editorial, there's also this down vote functionality.

And so you can also just have a bunch of your employees going down vote or have a bunch

of your friends.

So you know, whatever it is, they're able to get us off of there pretty quickly.

The guys who started stripe, the Colson brothers, I don't know them, but they seem, um, from

the outside, like good dudes, do you think that is that, you know, and is that, is that

a character characterization that you'd challenge?

Yeah.

I mean, that's exactly what I'm doing, you know, but they don't meet my standards for

good dudes.

Uh, and so, you know, good dudes is not what you say publicly.

It's what you do privately.

And yeah, I just think that like right now you're like a loose cannon and I love it and

I find it incredibly refreshing because from the outside, you've raised money from amazing

people at a $14 billion valuation.

You are like the guy right now.

And I'm just, I think it's cool and I'm shocked, but I think it's cool that you're, that you've

just said that.

I think that that's, I've never heard that before.

Me and Sam both have, uh, definitely like a rebellious streak in us and we've told

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And while we technically had the same amount of time as every other day of the year, the

lack of daylight makes it feel so much shorter, which is exactly the same kind of feeling as

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We do kind of like not keep it muzzled.

All right.

Next up, we have a segment from an interview with Nathan Berry.

Nathan is the founder and CEO of ConvertKit, an email marketing platform.

He was telling us about billion dollar creators, how to become one and how to just do a better

job of monetizing your audience.

So you basically have these four rules of building a billion dollar audience.

So I guess like first, why did you even want to do this like kind of like what got you

interested in this?

And then let's walk through the four.

Yeah.

So the article asks a question like the whole premise of it and that is, what is the most

profitable place to direct attention?

Right.

So everything we do, right?

We're recording a podcast now, whatever you're doing on, on TikTok or if you're a movie

star or everything else, right?

You have attention and brands want it.

They're willing to sponsor, you know, all of this stuff.

And so it's like, okay, you have the opportunity to point that attention somewhere.

What's the most profitable way to do that longterm?

Because you look at people, you know, maybe who are taking sponsorships, right?

Five grand, you know, to sponsor the newsletter, you know, 500 bucks for a sponsored Instagram

post or anything like that, and that's actually not that profitable.

And then we, when you dive in, you learn that the most profitable thing to do is to create

your own product and to drive that attention to something where you actually build equity

longterm.

So it's like a longer article talking about that, but like the richest movie stars, you

know, like take Jessica Alba for example, right?

She has made a lot of money from movies, but the bulk of her wealth is from starting a

company using, you know, being the spokesperson for her own company.

And then my other favorite example would be Ryan Reynolds, who, you know, right, he's

doing ads for other people and probably getting paid a million bucks here, $10 million there,

you know, that kind of thing.

And at some point he goes like, forget that, I'm going to buy my own companies with Mint

Mobile and Aviation Gin, and I'm going to be my own spokesperson.

So I don't get cash, I get equity.

And so, you know, you just watch this process of people doing it over and over again.

And that's actually my hypothesis with ConvertKit, right, of I have a tension on the internet

through running a blog and a newsletter and all of that.

How do I want to monetize it?

Sponsorships, eBooks, membership, a bunch of things.

I'm like, nope, I want to monetize it through ConvertKit, building a SaaS company.

Like that's my version of the billion dollar creator.

So that's the whole premise of the article.

So you have a couple of examples.

So okay, so rule number one is you have to build more than a personal brand.

So what does that mean?

You give the example of Jessica Mark from Primal Kitchen.

So what is the nuance here?

It's like, it's not just your face, your name.

You need to actually create a brand around your lifestyle or your interest, is that it?

By the way, Sean, Primal Kitchen is the sugar-free ketchup company that I like.

So this guy named Mark, he's like, kind of looks like the 65-year-old version of me,

but like even more jacked.

And he has a health blog and he starts selling ketchup and he sells that for like $300 million.

Yeah.

So, I mean, what Mark did with, I mean, his blog was called Mark's Daily Apple and it

was like the leading, you know, like paleo kind of health blog in that space.

And a blog like that, you know, when he was doing this, 2006, 2010, that kind of thing,

you can make a million bucks a year off of that blog and he was, right?

But you play that forward and that's, it's all about him, all about his name, all the

right, his name is in the name of the site.

But you can build substantial wealth that way.

What he did instead is he started Primal Kitchen, you know, Kickstarter, this whole brand by

saying like, I have the most popular site in the space.

Let me, you know, make these paleo friendly ketchup, mayonnaise, that kind of thing.

You know how big his audience was?

You know, a few years later.

He had at the time or...

It wasn't huge, huge.

I think it's no bigger than ours.

Yeah.

100,000 subscribers.

100,000 was the kind of like audience size to kick off this thing.

Yeah.

You gotta remember, audiences were a lot smaller, like even just 2015, 2012, like that kind of

timeframe.

But yeah, then he sells it to Kraft for $200 million.

You can't sell a blog to, like a blog doesn't sell for $200 million.

You know, like all of these things.

And the crazy thing is he still owns the audience, right?

The thing that kickstarted this whole product, he still owns.

He can sell off that whole brand talking to him at a conference, you know, he's just onto

the next thing, figuring out what he wants to do next.

He didn't have to sell his name and whole identity with it.

And Kraft is...

Kylie Cosmetics is probably the biggest one that people know about because you have tons

of attention through Instagram, TikTok, whatever, the TV show, whatever.

And instead of just saying, hey, you can pay me, because people will used to say, wow,

you have to pay $25,000 for a tweet from Kim Kardashian, or that was $25,000, then it went

up to like $250,000, then $2 million for an Instagram post from, it got up to that range

where it was like either hundreds of thousands or low millions to get like an actual endorsement

post from one of them.

And so then, you know, cool, you can make a lot of money doing that, right?

You can stack up a quarter million dollars at a time, but Kylie Cosmetics was a billion

dollar brand.

So it was like, well, who wants to pay me to promote their products?

Well, it's mostly like skincare products, makeup products, or for Kim Kardashian, it's

her shapewear, like, you know, like, and Khloe Kardashian, it was like, you know, fashion

or whatever.

And Khloe launches true American jeans.

Kim Kardashian launches, I think it's called, what was it, skims, skims, is it like the

shapewear brand?

Sean, Kylie, Kylie Cosmetics, Kanye, Yeezy Shoes, Right Lair is like, they all turned

to say, whoever is the most willing advertiser, actually, you become my competitor, and I'm

going to launch my own brand, my own equity, and have my own equity in this thing.

And there's a guy in the NBA who gets made fun of for this, which is this guy, LaVar

Ball.

I don't know if you guys know this guy, but basically he has three sons, all three wanted

to make it to the NBA.

And this guy is this like loudmouth guy, they got like a reality show around them because

they're sort of like the like, you know, basketball version of the Kardashians, there's three brothers

and like a kind of an overbearing parent who is like architecting their business strategy.

And when they were going to, the guy was going to get picked second in the draft and Nike

offered him a contract and Ditas, and instead he created big baller brand, you know, Triple

B, he created his own shoe line.

And like the shoes kind of sucked and like, you know, he didn't have the full business

plan and people were making fun of him for like, oh, wow, you turned down a guaranteed

$10 million from Nike to like launch this thing, $10 million a year or whatever.

And it's like, actually that was the right move.

Now maybe his execution was slightly poor, but it was actually the right move and a lot

of these NBA players would have been better served had they done that themselves.

Well, how's it going?

So the shooting is not going good.

Basically the guy they had running it like was like kind of stealing from them.

So they fired him.

That was like a black mark on it.

The second brother never made it to the NBA.

That was like a little bit of an issue.

The first brother kind of underperformed his potential at that time.

And actually now that it would have worked because the youngest brother, the one who

was like the one who was kind of like, he was kind of like a fuck boy a little bit.

He was, you know, was like, had a goal, you know, like a diamond grill, had like a Lambo

at 15 and was like, you know, he was kind of off the reservation.

He actually turned out to be the best one.

He's actually a star player.

And if they had kind of built it properly around him, it probably would have done a

lot better.

So I, Nathan, you'll get a kick out of this.

So like three or four weeks ago, we did this thing where we said we're going to give five

G's to one or two, three people who take our clips, download it, post it on TikTok and

get views.

There's this kid who did it.

And I don't remember how many views he got, but like our hashtag, I think got 30 million

views in like two weeks.

And this guy accounted for a lot of them.

And multiple of his videos got a thousand or sorry, a million views.

One video got so big that we drove 35,000 new members to the subreddit fat fire.

And they complained.

And I was like, reached out to this kid.

I'm like, who are you?

And he replies back with like, Michael at you, Michigan.org or something like that or

dot you or whatever it is.

And I'm like, wait, dude, are you in college?

And he calls me and I FaceTime with him and he's in his dorm room.

And he's young.

He's still in college.

He's in his university thing and, and he's really cocky, not in a bad way, but he's like,

he's got Hutzpah.

He goes, man, I knew I was going to do this.

I wanted to prove to you guys that I could do it.

I want you to pay me money to do this now.

And I'm going to do this for other people.

And we're going to change the media game and I'm going to raise money.

And I was like, okay, hold on, dude.

Hear me out.

And he goes, I'm going to, I'm going to go raise money for this thing.

I do want to invest.

I go, bro, listen, you do not want to raise money for this.

Here's what you should do.

You are so talented at this that don't raise money for this, but get it big and start launching

other stuff on top of it.

And if you want to raise money, raise money for that stuff and own all he owns this thing

called like, I forget what it's called future, but he's got like eight handles now that have

like a million something followers.

I'm like, no, no, no, don't raise money for this thing, man.

Own that forever.

And that's your piggy bank and your audience.

Raise money for like this other thing that you want to do and funnel it through there.

But don't sell that thing because I raised a little bit of money for my thing, which

was like that.

And I, I don't regret it because I got the outcome that I wanted, but I do regret it

because it definitely hit your massively handicapped because of it.

Yeah, well, and that's, I think such a good point because you can have that platform to

launch whatever you want in the same way that, you know, Mark Sisson can use his platform

to then go launch the next thing, right?

He probably has contracts that say he can't compete in the exact same space, but he could

do a fitness thing or he could do Conor McGregor is right.

You have the ability.

I was going to give an example.

Conor McGregor is doing this brilliantly in the UFC.

So like the UFC gets knocked a lot because of they have like low fight or pay, right?

Like the, the percentage of revenue that they give to their fighters is way lower than other

sports.

NBA is 50%.

NFL is like 50%.

UFC is like kind of a 15 or 20%.

So the fighters are, you know, they go out there, they get their, you know, face beaten

in and they're, they'll make $20,000 off that fight or $40,000 or $80,000.

And then they only get to do that two or three times a year.

So it's like a pretty brutal sport for low pay.

What Conor McGregor did was instead of selling the attention, trying to try to make money

as his kind of like service fee, he created a brand around literally every part of his

lifestyle.

So he's like, all right, this thing's going to get me famous, but then, okay, what am

I famous for?

People like my suits at the press conferences.

Cool.

I'm launching a suit brand.

Okay.

I'm Irish.

I'm going to launch an Irish whiskey.

Irish whiskey, I think just sold for, I don't know if you know, sandless 400 or 500 million.

He walked.

Yeah.

Exactly.

Then he's like, cool.

I'm super fit.

Cause I'm a UFC fighter.

My body's amazing.

Okay.

Here's my P90X program.

It's called McGregor fast.

You can, you can buy my program and subscribe to that and you can get fit with me.

Oh, you're getting fit.

And guess what else do I do?

I recover.

Okay.

Here's a recovery spray that I spray on my leg that's like, you know, like makes my leg

recover faster after workouts.

And the guy is literally just selling like every piece of his lifestyle as a independent

brand.

Like, you know, I think at one point he was thinking about launching a sports betting

exchange.

It's like, what is the best business?

He just wants to pay me.

Oh, DraftKings wants to pay me.

Hmm.

Maybe instead of DraftKings is McGregor Kings now and I will, I'll launch a competitor.

He just, he just opened up a bar called the Black Forest.

You know, I had good success whiskey.

What else do we do?

Irish stouts.

Okay.

I'm going to.

So he bought a bar.

Not that the bar is that good.

It's like a bar in his hometown.

Your bar is not going to make a ton of money.

But then he used that bar as the like, basically the backdrop to film him creating a stout

and now he's going to sell a stout as a new like alcoholic beverage brand.

And it's kind of amazing, the guy's going to become a billionaire and fighting is going

to be the lowest part of his income stream is my guess, which is insane.

But I bet you, I bet you McConaugher, Conor McGregor, I bet you.

Well, he might make a billion.

He might lose a billion.

All right.

Lastly, we're playing a clip from our interview with Ryan Holiday.

You might know Ryan from his social media presence on the Daily Stoic, from his many

appearances on the Tim Ferriss show, or from one of his many books like The Obstacle is

the Way, Stillness is the Key, or Trust Me, I'm Lying.

Here, Ryan talks about why he works with the traditional book publisher and how he manages

to stay a top selling author.

From the outside, you know, I think a lot of entrepreneurs feel this way.

It's like, oh, publishing, you know, record labels and book publishers, it's all just

middlemen and they're the take advantage and the authors see so little, you know, blah,

blah, blah.

And someone like you, you have a lot of business sense.

Maybe you now have a track record, see you have an independent audience you can sell to.

So there must be some reason that you say, no, actually, people don't get it that you

do want to publish it for these reasons.

What is that?

I look at it on a case by case basis.

You're just, you're really doing the math.

Will the, what they're paying for it plus the royalty, what are you thinking you will

earn, you know, in a short amount of time or, you know, in a certain amount of time.

So I just do the math on each project.

So every time I think about a book, just because I have a publisher, if obviously no one was

interested in publishing it, there would be a different story.

But I, you know, I conceive of what the book is and then I take it out.

My publisher has a first look deal at my books.

And I see what, you know, what they, what they think, what they're willing to pay.

And then, you know, I have an agent and so we obviously try to get that number up as

high as possible.

And then once I have that number, then I think, okay, what would this look like if I did it

myself?

So what would it cost me to do it myself?

What am I likely to sell myself?

How much work is that going to be?

How much of a distraction is that going to be?

And 90% of the time, you know, the math, the math tends to go towards traditional publishing

in my experience.

The kids book that I did, the publisher just wasn't, it wasn't in their wheelhouse.

They didn't totally get the project.

So I did it myself.

It's been great and really fun and artistically fulfilling, but also just an incredible amount

of work.

I mean, like the coins I sell directly from my store, right?

The manufacturer makes them, they drop it off at the warehouse, they get shipped.

Fulfilling books through Amazon is like, and then also the thousand independent retailers

in the United States plus every international edition, you know, is extraordinarily logistically

difficult.

And I remember you gave this talk one time that was awesome where you showed a chart

of the sales of your book versus the normal book.

So a normal book, you get a peak and then it pretty much just kind of goes away.

But then for some of the classics, you get a peak and then it goes down a little bit,

but then it kind of quickly comes up to the point where even like it's pretty steady throughout

like a catcher in the rye or something like that, or even sometimes it'll, it'll, it'll

suck early on and just slowly get better.

Your books, if I remember correctly, they, they popped just like everyone else.

They went down a little bit just like everyone else, but then they like raise and were pretty

steady with daily sales.

And you're like, that's because I make shit that can last a long time.

And this was actually for when you were running perennial seller.

I think you were like proving this point is, is, is that still the case?

Like considering all of your other businesses is book is making books still where you make

the majority of your income, or are you just using that because you love it and it happens

to make money and you, but you make the bulk of your money from other shit.

Yeah.

It's, it's most nonfiction authors make more money from speaking than from books.

That's because speaking can be more lucrative, but it's also because most authors don't

sell very many books, right?

So I'm in an unusual space where my books do sell consistently and I have a lot of them.

So I make a good living from that, but probably make more money from stuff other than books

than books.

Dude, that's crazy.

All in.

That you're like the man and yet still it's like the other, like the other guy.

That's another reason to traditionally publish, right?

So like your publisher does not take any percentage of speaking, does not take any film or TV adaptations,

does not take any ancillary products, any merchandising, anything like that.

So really this, the book is, it's not a loss leader because people pay for books and books

have value to people, but like the, the, the ideas in the book, everything else is downstream

from whether that, that takes hold or not.

Does that make sense?

So if the book doesn't land, all the other stuff, you know, doesn't really matter.

But if the book works, all the other stuff happens and then the success of the book is

slightly less significant.

I think what my, so, so in publishing, there's the frontlist and the backlist.

Frontlist is anything within one year that like the year of release that's considered

a frontlist title, and then it becomes a backlist title after a year.

So most titles stop selling when they leave the backlist, when they leave the frontlist

and become on the backlist, but almost all of the income in publishing is from the backlist.

So for me, it's about like, I've tried to create that in my own, my own catalog of like

titles that sell every year, as opposed to like a big book that comes out, gets a lot

of attention.

Then, then three, four years later, I have to write another new book because the other

one is like not relevant.

It's like Michael Buble or Mariah Carey writing a Christmas song.

You know, you, you want that Christmas hit.

You want that annuity.

Yeah.

Yeah.

I mean, so, so like my book, The Daily Stoic, when, when my agent was like, we should do

a page, you should do a page a day about Stoicism.

And I was like, I don't know.

And he was like, it will be your best selling book.

And I was like, there's no way that doesn't make any sense.

Every New Year's.

Yes, it will.

He's like, it will.

And he's right.

There's more copies this already this January than last January.

All right.

That's it for the week.

If you have any comments, you can tweet any one of us, tweet Sean at Sean VP or Sam at

the Sam Parr or me, Ben at Ben Wilson tweets.

Thanks everyone and have a great weekend.

Machine-generated transcript that may contain inaccuracies.