The oldest trick in the book to make your first million

When I Googled this family, the words When I Googled this family, the words came up were came up were came up were silent dominance, middlemen at planetary silent dominance, middlemen at planetary silent dominance, middlemen at planetary scale. scale. scale. >> [laughter] >> All right, Sam. I have a I have a billy >> All right, Sam. I have a I have a billy of the week for you. An MFM classic. of the week for you. An MFM classic. of the week for you. An MFM classic. This is not just any billy of the week. This is not just any billy of the week. This is not just any billy of the week. This is one of the biggest billies in This is one of the biggest billies in This is one of the biggest billies in America. America. America. One that I wasn't really that aware of. One that I wasn't really that aware of. One that I wasn't really that aware of. I think you will know more than me about I think you will know more than me about I think you will know more than me about this, but I would say most people don't. this, but I would say most people don't. this, but I would say most people don't. >> Okay. Wait, can I guess? >> Okay. Wait, can I guess? >> Okay. Wait, can I guess? >> Let me read you Let me tell you three >> Let me read you Let me tell you three >> Let me read you Let me tell you three things about it then you can take a things about it then you can take a things about it then you can take a guess. guess. guess. >> Okay. >> Okay. >> Okay. >> Okay. All right. It is the largest >> Okay. All right. It is the largest >> Okay. All right. It is the largest private company in America private company in America private company in America for the last 40 years. for the last 40 years. for the last 40 years. >> Mhm. >> Mhm. >> Mhm. >> It is owned 88% by the family and has >> It is owned 88% by the family and has >> It is owned 88% by the family and has produced more fam more billionaires in produced more fam more billionaires in produced more fam more billionaires in one family than any other company ever. one family than any other company ever. one family than any other company ever. They do more revenue than Goldman Sachs, They do more revenue than Goldman Sachs, They do more revenue than Goldman Sachs, Nike, and Starbucks combined. Nike, and Starbucks combined. Nike, and Starbucks combined. >> Ooh, is it Mars or Coke? >> Ooh, is it Mars or Coke? >> Ooh, is it Mars or Coke? >> You're in the right neighborhood. >> You're in the right neighborhood. >> You're in the right neighborhood. >> Estee Lauder? >> Estee Lauder? >> Estee Lauder? >> Okay, you left the neighborhood briefly. >> Okay, you left the neighborhood briefly. >> Okay, you left the neighborhood briefly. Come back [laughter] to the other Come back [laughter] to the other Come back [laughter] to the other neighborhood of like neighborhood of like neighborhood of like a sort of a sort of a sort of rich redneck rich redneck rich redneck >> [laughter] >> [laughter] >> [laughter] >> families of America. It is >> families of America. It is >> families of America. It is Cargill. Cargill. Cargill. >> Oh, yes. >> Oh, yes. >> Oh, yes. >> So, the Cargill family. So, I didn't >> So, the Cargill family. So, I didn't >> So, the Cargill family. So, I didn't really know anything about this family. really know anything about this family. really know anything about this family. Can I just tell you a little bit about Can I just tell you a little bit about Can I just tell you a little bit about their story and and what they do because their story and and what they do because their story and and what they do because this is a dominant business story of all this is a dominant business story of all this is a dominant business story of all time. time. time. >> Wait, first tell me why did this >> Wait, first tell me why did this >> Wait, first tell me why did this interest you? Why this catch your interest you? Why this catch your interest you? Why this catch your attention? attention? attention? >> Remember you when I was at your house >> Remember you when I was at your house >> Remember you when I was at your house and you were like, "There's this closet and you were like, "There's this closet and you were like, "There's this closet here by the way that we found. There's here by the way that we found. There's here by the way that we found. There's this extra storage room this that we this extra storage room this that we this extra storage room this that we didn't even know till we lived here for didn't even know till we lived here for didn't even know till we lived here for 2 months." That's how I felt finding out 2 months." That's how I felt finding out 2 months." That's how I felt finding out that one of the most wealthy families in that one of the most wealthy families in that one of the most wealthy families in America and I don't know their story. America and I don't know their story. America and I don't know their story. That's how I felt. As the As the host of That's how I felt. As the As the host of That's how I felt. As the As the host of My First Million, I just felt like I My First Million, I just felt like I My First Million, I just felt like I needed to right a wrong. needed to right a wrong. needed to right a wrong. >> Okay, I understand. >> Okay, I understand. >> Okay, I understand. >> And And the real By the way, how did I >> And And the real By the way, how did I >> And And the real By the way, how did I find it? There was a Reddit thread that find it? There was a Reddit thread that find it? There was a Reddit thread that was tell me about billion dollar was tell me about billion dollar was tell me about billion dollar industries that I probably don't know industries that I probably don't know industries that I probably don't know about. And it was like the first one was about. And it was like the first one was about. And it was like the first one was sand and the second one was this and the sand and the second one was this and the sand and the second one was this and the third one is this. Reinsurance. It's third one is this. Reinsurance. It's third one is this. Reinsurance. It's like, well, there's insurance companies like, well, there's insurance companies like, well, there's insurance companies and then they buy insurance. That's and then they buy insurance. That's and then they buy insurance. That's called reinsurance and then the called reinsurance and then the called reinsurance and then the reinsurance, guess what? They have reinsurance, guess what? They have reinsurance, guess what? They have reinsurance companies behind them. It's reinsurance companies behind them. It's reinsurance companies behind them. It's just insurance all the way down, baby. just insurance all the way down, baby. just insurance all the way down, baby. And so I was reading through this thread And so I was reading through this thread And so I was reading through this thread and then one was Cargill and I was like, and then one was Cargill and I was like, and then one was Cargill and I was like, oh, Cargill. So what they did is that oh, Cargill. So what they did is that oh, Cargill. So what they did is that the story is um the story is um the story is um back in the day as America was was sort back in the day as America was was sort back in the day as America was was sort of getting its feet and railroads had of getting its feet and railroads had of getting its feet and railroads had been had been uh started to get built. been had been uh started to get built. been had been uh started to get built. Farmers needed to offload their crops, Farmers needed to offload their crops, Farmers needed to offload their crops, their grain, their grain, their grain, um and they needed to sell them. So they um and they needed to sell them. So they um and they needed to sell them. So they could either sell it individually, so could either sell it individually, so could either sell it individually, so the farm could try to sell individually the farm could try to sell individually the farm could try to sell individually to a buyer and figure out how to to a buyer and figure out how to to a buyer and figure out how to transport it there, or they could work transport it there, or they could work transport it there, or they could work with a middleman. And so Cargill became with a middleman. And so Cargill became with a middleman. And so Cargill became the biggest middleman on the planet for the biggest middleman on the planet for the biggest middleman on the planet for basically just initially storing grain. basically just initially storing grain. basically just initially storing grain. So they would go right next to where the So they would go right next to where the So they would go right next to where the railroad is, they would build what's railroad is, they would build what's railroad is, they would build what's called a grain elevator, which is called a grain elevator, which is called a grain elevator, which is basically a giant storage facility for basically a giant storage facility for basically a giant storage facility for grain so that it wouldn't spoil very grain so that it wouldn't spoil very grain so that it wouldn't spoil very quickly. And the farmers could come drop quickly. And the farmers could come drop quickly. And the farmers could come drop it off, they would get like coat check, it off, they would get like coat check, it off, they would get like coat check, they'd get an IOU that says, "I will pay they'd get an IOU that says, "I will pay they'd get an IOU that says, "I will pay you when your grain sells." Or they you when your grain sells." Or they you when your grain sells." Or they would just buy it at a flat rate like would just buy it at a flat rate like would just buy it at a flat rate like wholesale and be able to flip it. So you wholesale and be able to flip it. So you wholesale and be able to flip it. So you could choose as the farmer which one you could choose as the farmer which one you could choose as the farmer which one you wanted to do. wanted to do. wanted to do. >> This is what my father my father does >> This is what my father my father does >> This is what my father my father does for a living, by the way. for a living, by the way. for a living, by the way. >> Oh, so maybe you should have known. >> Oh, so maybe you should have known. >> Oh, so maybe you should have known. >> [laughter] >> [laughter] >> [laughter] >> He does it with onions. Onions. But yes, >> He does it with onions. Onions. But yes, >> He does it with onions. Onions. But yes, my my father's a a broker. That's what my my father's a a broker. That's what my my father's a a broker. That's what he does. he does. he does. >> Does he store or he just calls one side >> Does he store or he just calls one side >> Does he store or he just calls one side and say, "Hey, I got 75 bushels of and say, "Hey, I got 75 bushels of and say, "Hey, I got 75 bushels of >> This Well, it's fresh produce, so the >> This Well, it's fresh produce, so the >> This Well, it's fresh produce, so the storage is like a day. But yes, there's storage is like a day. But yes, there's storage is like a day. But yes, there's a yeah, there is a place where they sit a yeah, there is a place where they sit a yeah, there is a place where they sit for like 24 hours before a truck comes for like 24 hours before a truck comes for like 24 hours before a truck comes and gets it. Yeah, but yes. and gets it. Yeah, but yes. and gets it. Yeah, but yes. >> And what's interesting to me about this >> And what's interesting to me about this >> And what's interesting to me about this for me from a from a business for me from a from a business for me from a from a business perspective, you always hear this idea perspective, you always hear this idea perspective, you always hear this idea of like you don't want to be the of like you don't want to be the of like you don't want to be the middleman. Oh, you can always cut out middleman. Oh, you can always cut out middleman. Oh, you can always cut out the middleman. And and in this case, the the middleman. And and in this case, the the middleman. And and in this case, the middleman became worth more than middleman became worth more than middleman became worth more than everybody else. And actually, if you everybody else. And actually, if you everybody else. And actually, if you look at many businesses, you know, look at many businesses, you know, look at many businesses, you know, there's many businesses where the there's many businesses where the there's many businesses where the middleman becomes a quite a valuable middleman becomes a quite a valuable middleman becomes a quite a valuable business. And so there's an interesting business. And so there's an interesting business. And so there's an interesting question of why. In in case, it's question of why. In in case, it's question of why. In in case, it's because the middleman was a physical was because the middleman was a physical was because the middleman was a physical was physically in the middle. They literally physically in the middle. They literally physically in the middle. They literally built built built the grain elevators that would store the the grain elevators that would store the the grain elevators that would store the [ __ ] right next to the railroad. And so, [ __ ] right next to the railroad. And so, [ __ ] right next to the railroad. And so, you needed to transport it. You needed you needed to transport it. You needed you needed to transport it. You needed to get to the railroad. Who else had it? to get to the railroad. Who else had it? to get to the railroad. Who else had it? Like, nobody else was going to build Like, nobody else was going to build Like, nobody else was going to build that. So, anyways, they started doing that. So, anyways, they started doing that. So, anyways, they started doing that. They They then go, you know, that. They They then go, you know, that. They They then go, you know, further and further and further. So, you further and further and further. So, you further and further and further. So, you know, at one point, they're like, know, at one point, they're like, know, at one point, they're like, "Hey, these shipping barges are so "Hey, these shipping barges are so "Hey, these shipping barges are so inefficient where we're shipping the inefficient where we're shipping the inefficient where we're shipping the grain grain grain when it's not traveling by rail. So, when it's not traveling by rail. So, when it's not traveling by rail. So, we'll build our own shipyard, our own we'll build our own shipyard, our own we'll build our own shipyard, our own ships." They end up producing ships for ships." They end up producing ships for ships." They end up producing ships for the US Navy. They bought the biggest the US Navy. They bought the biggest the US Navy. They bought the biggest like meat like meat like meat like poultry company, and now they like poultry company, and now they like poultry company, and now they control like a huge percentage of the control like a huge percentage of the control like a huge percentage of the meat industry, of the grain industry. meat industry, of the grain industry. meat industry, of the grain industry. And so, they built this like empire, and And so, they built this like empire, and And so, they built this like empire, and nobody really knows them. And And they nobody really knows them. And And they nobody really knows them. And And they basically it's just a family that's that basically it's just a family that's that basically it's just a family that's that owns this thing. 88% owned by the owns this thing. 88% owned by the owns this thing. 88% owned by the family. There's like 20 or something family. There's like 20 or something family. There's like 20 or something billionaires in the family now. They billionaires in the family now. They billionaires in the family now. They have this rule called the 80/20 rule. have this rule called the 80/20 rule. have this rule called the 80/20 rule. So, 80% of all profits will get So, 80% of all profits will get So, 80% of all profits will get reinvested back in the business. 20 goes reinvested back in the business. 20 goes reinvested back in the business. 20 goes out as dividends to the family, and they out as dividends to the family, and they out as dividends to the family, and they hire hire hire And for the last, you know, 20 years or And for the last, you know, 20 years or And for the last, you know, 20 years or so, they've They've had professional so, they've They've had professional so, they've They've had professional CEOs running the company. It's not like CEOs running the company. It's not like CEOs running the company. It's not like family run anymore. family run anymore. family run anymore. >> And the profit per year, according to >> And the profit per year, according to >> And the profit per year, according to Wikipedia, I think it's like five or six Wikipedia, I think it's like five or six Wikipedia, I think it's like five or six billion dollars. billion dollars. billion dollars. >> Yeah, that was like during like the kind >> Yeah, that was like during like the kind >> Yeah, that was like during like the kind of peak COVID stuff when you know, when of peak COVID stuff when you know, when of peak COVID stuff when you know, when Ukraine was getting attacked and and, Ukraine was getting attacked and and, Ukraine was getting attacked and and, you know, Ukraine produces a lot of you know, Ukraine produces a lot of you know, Ukraine produces a lot of grain. And so, their prices spiked. I grain. And so, their prices spiked. I grain. And so, their prices spiked. I think it's like three billion in a in a think it's like three billion in a in a think it's like three billion in a in a normal year right now. normal year right now. normal year right now. >> Okay. >> Okay. >> Okay. >> So, okay. So, so you're close to a >> So, okay. So, so you're close to a >> So, okay. So, so you're close to a billion dollars a year of profit that billion dollars a year of profit that billion dollars a year of profit that goes just straight to the family. And goes just straight to the family. And goes just straight to the family. And they've been doing that for like, they've been doing that for like, they've been doing that for like, whatever, whatever, whatever, 50 plus years. 50 plus years. 50 plus years. And so, I want to I want to tell you a And so, I want to I want to tell you a And so, I want to I want to tell you a little bit of something interesting. So, little bit of something interesting. So, little bit of something interesting. So, first I was like I was like, "What do first I was like I was like, "What do first I was like I was like, "What do they actually do?" Cuz you know, when they actually do?" Cuz you know, when they actually do?" Cuz you know, when these corporations get so big, so large, these corporations get so big, so large, these corporations get so big, so large, they just have their hand in everything. they just have their hand in everything. they just have their hand in everything. And you would see these comments like, And you would see these comments like, And you would see these comments like, you know, they just everything on your you know, they just everything on your you know, they just everything on your plate. Anything you eat in a in a plate. Anything you eat in a in a plate. Anything you eat in a in a package, Cargill had a hand in it. package, Cargill had a hand in it. package, Cargill had a hand in it. They're They're controlling the food They're They're controlling the food They're They're controlling the food supply. The people think of like supply. The people think of like supply. The people think of like Monsanto-style like evil companies. Monsanto-style like evil companies. Monsanto-style like evil companies. Um and so, just Um and so, just Um and so, just I'll read you this paragraph. So, I'll read you this paragraph. So, I'll read you this paragraph. So, "Imagine you eat a hamburger. Cargill "Imagine you eat a hamburger. Cargill "Imagine you eat a hamburger. Cargill probably sold the farmer the seed and probably sold the farmer the seed and probably sold the farmer the seed and the fertilizer to grow the grain. They the fertilizer to grow the grain. They the fertilizer to grow the grain. They bought the grain from the farmer and bought the grain from the farmer and bought the grain from the farmer and stored it at their grain elevator. They stored it at their grain elevator. They stored it at their grain elevator. They shipped it on their barge that they shipped it on their barge that they shipped it on their barge that they built in their ships that they built to built in their ships that they built to built in their ships that they built to a processing plant where it's processed a processing plant where it's processed a processing plant where it's processed into animal feed. And then they they into animal feed. And then they they into animal feed. And then they they feed that to cattle who they then feed that to cattle who they then feed that to cattle who they then slaughter. They they then store the meat slaughter. They they then store the meat slaughter. They they then store the meat at their meat packing plants, sell the at their meat packing plants, sell the at their meat packing plants, sell the beef to the restaurant. By the way, the beef to the restaurant. By the way, the beef to the restaurant. By the way, the restaurant has to buy their salt. They restaurant has to buy their salt. They restaurant has to buy their salt. They sell like all of the salt to all of the sell like all of the salt to all of the sell like all of the salt to all of the fast food chains in the country. And fast food chains in the country. And fast food chains in the country. And then the corn syrup that they processed then the corn syrup that they processed then the corn syrup that they processed out of the corn gets put into the out of the corn gets put into the out of the corn gets put into the ketchup, the soybean oil that's used for ketchup, the soybean oil that's used for ketchup, the soybean oil that's used for the fries, the starch that's used in the the fries, the starch that's used in the the fries, the starch that's used in the milkshake. That's all Cargill. And isn't milkshake. That's all Cargill. And isn't milkshake. That's all Cargill. And isn't it crazy how like one company can have a it crazy how like one company can have a it crazy how like one company can have a hand in so much of your day-to-day life? hand in so much of your day-to-day life? hand in so much of your day-to-day life? And and when you're when you think And and when you're when you think And and when you're when you think you're eating at some farm-to-table you're eating at some farm-to-table you're eating at some farm-to-table restaurant, you you're really not restaurant, you you're really not restaurant, you you're really not escaping them because they control the escaping them because they control the escaping them because they control the underlying ingredients that are used, underlying ingredients that are used, underlying ingredients that are used, the fertilizer, the seeds, the grains, the fertilizer, the seeds, the grains, the fertilizer, the seeds, the grains, like all of it that gets fed to the like all of it that gets fed to the like all of it that gets fed to the cows, like cows, like cows, like it all come it all goes back to the it all come it all goes back to the it all come it all goes back to the source. And isn't that kind of source. And isn't that kind of source. And isn't that kind of incredible? incredible? incredible? >> And the family is so big and so >> And the family is so big and so >> And the family is so big and so profitable, they also own a thing called profitable, they also own a thing called profitable, they also own a thing called Garda Capital Partners, which is a $10 Garda Capital Partners, which is a $10 Garda Capital Partners, which is a $10 billion plus size hedge fund. Correct? billion plus size hedge fund. Correct? billion plus size hedge fund. Correct? Cuz they have to hedge com- Cuz they have to hedge com- Cuz they have to hedge com- >> commodities, you know, on behalf of the >> commodities, you know, on behalf of the >> commodities, you know, on behalf of the farmers and for themselves as well at farmers and for themselves as well at farmers and for themselves as well at this point. this point. this point. >> So they own like a little bit of >> So they own like a little bit of >> So they own like a little bit of everything including mines because they everything including mines because they everything including mines because they need to get their own chemicals and need to get their own chemicals and need to get their own chemicals and minerals to make all of these things. minerals to make all of these things. minerals to make all of these things. This is incredible. This is incredible. This is incredible. >> No famous founder. >> No famous founder. >> No famous founder. You know, their office was famously this You know, their office was famously this You know, their office was famously this like chateau looking thing on a lake in like chateau looking thing on a lake in like chateau looking thing on a lake in the middle of nowhere. And like that was the middle of nowhere. And like that was the middle of nowhere. And like that was their it was called the lake office if their it was called the lake office if their it was called the lake office if you Google it. And it's just quiet. You you Google it. And it's just quiet. You you Google it. And it's just quiet. You know, like how they say like money talks know, like how they say like money talks know, like how they say like money talks but wealth whispers? but wealth whispers? but wealth whispers? This is this is wealth whisper [ __ ] You This is this is wealth whisper [ __ ] You This is this is wealth whisper [ __ ] You know what I mean? Like who's the know what I mean? Like who's the know what I mean? Like who's the founder? What does he look like? Who's founder? What does he look like? Who's founder? What does he look like? Who's the CEO? What do they talk about? How the CEO? What do they talk about? How the CEO? What do they talk about? How come they're not on CNBC? Do they do come they're not on CNBC? Do they do come they're not on CNBC? Do they do podcasts? Oh, they don't do podcasts. podcasts? Oh, they don't do podcasts. podcasts? Oh, they don't do podcasts. >> [laughter] >> [laughter] >> [laughter] >> You know what I mean? Like it is it is >> You know what I mean? Like it is it is >> You know what I mean? Like it is it is true like quiet dominance. And actually true like quiet dominance. And actually true like quiet dominance. And actually it was part of their strategy for a long it was part of their strategy for a long it was part of their strategy for a long time was to be quiet about it just to time was to be quiet about it just to time was to be quiet about it just to not attract competition and to build not attract competition and to build not attract competition and to build this monopoly position in the logistics this monopoly position in the logistics this monopoly position in the logistics industry. industry. industry. >> is cool. I've known I've seen their logo >> is cool. I've known I've seen their logo >> is cool. I've known I've seen their logo and whenever I look at like the largest and whenever I look at like the largest and whenever I look at like the largest privately owned companies in America, privately owned companies in America, privately owned companies in America, it's always been there. I never it's always been there. I never it's always been there. I never understood what entirely did they did understood what entirely did they did understood what entirely did they did because it's one of those things where because it's one of those things where because it's one of those things where you say what they do and it sort of you say what they do and it sort of you say what they do and it sort of makes sense, but it's like a B2B thing. makes sense, but it's like a B2B thing. makes sense, but it's like a B2B thing. So like you don't entirely understand So like you don't entirely understand So like you don't entirely understand exactly what it does and they say like exactly what it does and they say like exactly what it does and they say like they sell chemicals and I'm like, I they sell chemicals and I'm like, I they sell chemicals and I'm like, I don't know what that means, you know, don't know what that means, you know, don't know what that means, you know, that's so that's so vague. But when you that's so that's so vague. But when you that's so that's so vague. But when you look at the numbers, they do a hundred look at the numbers, they do a hundred look at the numbers, they do a hundred and fifty billion dollars a year in and fifty billion dollars a year in and fifty billion dollars a year in revenue. That's just so massive. And I revenue. That's just so massive. And I revenue. That's just so massive. And I bet you that they like bet you that they like bet you that they like own so many more things that you own so many more things that you own so many more things that you wouldn't even realize. Like for example, wouldn't even realize. Like for example, wouldn't even realize. Like for example, like the Walmart family owns like Have like the Walmart family owns like Have like the Walmart family owns like Have you heard of Rapha? It's like a cool you heard of Rapha? It's like a cool you heard of Rapha? It's like a cool bike D2C company. bike D2C company. bike D2C company. >> They own that? [laughter] >> They own that? [laughter] >> They own that? [laughter] >> They own the like they just like they're >> They own the like they just like they're >> They own the like they just like they're just rich people. They're just like deal just rich people. They're just like deal just rich people. They're just like deal men. They just own [ __ ] men. They just own [ __ ] men. They just own [ __ ] >> They just go to the website to buy one >> They just go to the website to buy one >> They just go to the website to buy one and then they just keep pushing plus on and then they just keep pushing plus on and then they just keep pushing plus on quantity until they own all of them. quantity until they own all of them. quantity until they own all of them. They're [laughter] like, "We now have They're [laughter] like, "We now have They're [laughter] like, "We now have the shop." the shop." the shop." >> That seems like something that this >> That seems like something that this >> That seems like something that this family would do is like you don't family would do is like you don't family would do is like you don't realize it and then you if you wanted to realize it and then you if you wanted to realize it and then you if you wanted to get like conspiratorial, which I have get like conspiratorial, which I have get like conspiratorial, which I have not done any research on it. I'm sure not done any research on it. I'm sure not done any research on it. I'm sure that there's like 10 or 20 really that there's like 10 or 20 really that there's like 10 or 20 really interesting conspiracies about how that interesting conspiracies about how that interesting conspiracies about how that either they're at this they're pulling either they're at this they're pulling either they're at this they're pulling the strings behind, you know, it's like the strings behind, you know, it's like the strings behind, you know, it's like the the the there's something going on with this there's something going on with this there's something going on with this family, which I'm just making it up. family, which I'm just making it up. family, which I'm just making it up. I've no idea. I've no idea. I've no idea. >> A journalist once described the family >> A journalist once described the family >> A journalist once described the family as secretive, inbred, and suspicious. as secretive, inbred, and suspicious. as secretive, inbred, and suspicious. >> [laughter] >> [laughter] >> [laughter] >> I'm in. >> Hey, I want to tell you about something >> Hey, I want to tell you about something pretty cool. We have a database of all pretty cool. We have a database of all pretty cool. We have a database of all of the business ideas that have been of the business ideas that have been of the business ideas that have been discussed on this podcast. So hundreds discussed on this podcast. So hundreds discussed on this podcast. So hundreds of episodes, the team at HubSpot went of episodes, the team at HubSpot went of episodes, the team at HubSpot went through, they pulled out all the simple, through, they pulled out all the simple, through, they pulled out all the simple, relatable, interesting, profitable ideas relatable, interesting, profitable ideas relatable, interesting, profitable ideas that we have brainstormed, and they're that we have brainstormed, and they're that we have brainstormed, and they're all available for download for free. all available for download for free. all available for download for free. Just click the link in the description Just click the link in the description Just click the link in the description below. Thank you to our friends at below. Thank you to our friends at below. Thank you to our friends at HubSpot for sponsoring this podcast and HubSpot for sponsoring this podcast and HubSpot for sponsoring this podcast and putting together this free resource for putting together this free resource for putting together this free resource for you guys. Back to the show. you guys. Back to the show. you guys. Back to the show. >> In 1980, they did a survey, and by then >> In 1980, they did a survey, and by then >> In 1980, they did a survey, and by then it was already a dominant company. They it was already a dominant company. They it was already a dominant company. They did a survey, 94% of farmers had heard did a survey, 94% of farmers had heard did a survey, 94% of farmers had heard of Cargill, but only half of them knew of Cargill, but only half of them knew of Cargill, but only half of them knew what the company actually did. And then what the company actually did. And then what the company actually did. And then amongst politicians, lawyers, and amongst politicians, lawyers, and amongst politicians, lawyers, and journalists, what they call opinion journalists, what they call opinion journalists, what they call opinion leaders, 50% had heard of them, but only leaders, 50% had heard of them, but only leaders, 50% had heard of them, but only 10% understood what the business was. 10% understood what the business was. 10% understood what the business was. Because they have this sort of sprawling Because they have this sort of sprawling Because they have this sort of sprawling empire like you described, people don't empire like you described, people don't empire like you described, people don't really fully understand what they even really fully understand what they even really fully understand what they even do. You just sort of know that they're do. You just sort of know that they're do. You just sort of know that they're important. important. important. >> Um, I had a friend who, uh, I think it >> Um, I had a friend who, uh, I think it >> Um, I had a friend who, uh, I think it was Cargill that she went and worked at was Cargill that she went and worked at was Cargill that she went and worked at because they obviously make so much because they obviously make so much because they obviously make so much profit that they were trying to invest profit that they were trying to invest profit that they were trying to invest in like new seed-related, in like new seed-related, in like new seed-related, agriculture-related, D2C, like I think agriculture-related, D2C, like I think agriculture-related, D2C, like I think they invested, like we had talked about they invested, like we had talked about they invested, like we had talked about that one D2C milk company. Like they that one D2C milk company. Like they that one D2C milk company. Like they would look at things like that. Like would look at things like that. Like would look at things like that. Like anything like interesting. And she said anything like interesting. And she said anything like interesting. And she said it was awesome working for them. She it was awesome working for them. She it was awesome working for them. She said it was a it was a great company. said it was a it was a great company. said it was a it was a great company. >> Well, definitely there's a section >> Well, definitely there's a section >> Well, definitely there's a section called the dark side in my notes here. called the dark side in my notes here. called the dark side in my notes here. So, let me just tell you some things So, let me just tell you some things So, let me just tell you some things from the dark side just to be be fair from the dark side just to be be fair from the dark side just to be be fair here. When you have like global crop here. When you have like global crop here. When you have like global crop production, you're going to have this, production, you're going to have this, production, you're going to have this, which is like accusations of child labor which is like accusations of child labor which is like accusations of child labor like in Brazil or in, you know, Ivory like in Brazil or in, you know, Ivory like in Brazil or in, you know, Ivory Coast and things like that. They they Coast and things like that. They they Coast and things like that. They they are said to have better intelligence are said to have better intelligence are said to have better intelligence than the CIA. So, they have basically than the CIA. So, they have basically than the CIA. So, they have basically they have a spy network of around crops. they have a spy network of around crops. they have a spy network of around crops. So, like they know more about the state So, like they know more about the state So, like they know more about the state of crops in real time than the US of crops in real time than the US of crops in real time than the US government does around the world because government does around the world because government does around the world because it's like life or death for their it's like life or death for their it's like life or death for their business. You know, they've had like business. You know, they've had like business. You know, they've had like different like E. coli break breakouts different like E. coli break breakouts different like E. coli break breakouts and stuff like that. Again, if you're and stuff like that. Again, if you're and stuff like that. Again, if you're touching most of the food supply, then touching most of the food supply, then touching most of the food supply, then like anything bad that can happen in like anything bad that can happen in like anything bad that can happen in food is going to happen to you. People food is going to happen to you. People food is going to happen to you. People just generally feel like they're just generally feel like they're just generally feel like they're monopolistic. So, you know, they do they monopolistic. So, you know, they do they monopolistic. So, you know, they do they care about worker safety number one? care about worker safety number one? care about worker safety number one? Probably not. Probably not in the top Probably not. Probably not in the top Probably not. Probably not in the top three top three things that they care three top three things that they care three top three things that they care about. about. about. >> But they're Midwesterners. They even >> But they're Midwesterners. They even >> But they're Midwesterners. They even they're probably really sweet. they're probably really sweet. they're probably really sweet. >> [laughter] >> But it's crazy to go from like a single >> But it's crazy to go from like a single grain shed to now controlling 25% of the grain shed to now controlling 25% of the grain shed to now controlling 25% of the entire US export market for grains and entire US export market for grains and entire US export market for grains and meat. It's like pretty crazy. meat. It's like pretty crazy. meat. It's like pretty crazy. >> So they were they it started 160 years >> So they were they it started 160 years >> So they were they it started 160 years ago. You and I did a talk recently and ago. You and I did a talk recently and ago. You and I did a talk recently and you were like we were explaining like you were like we were explaining like you were like we were explaining like some of our preferences. You were like some of our preferences. You were like some of our preferences. You were like I like projects. I like starting I like projects. I like starting I like projects. I like starting something and then potentially selling something and then potentially selling something and then potentially selling it but like I love the starting phase. I it but like I love the starting phase. I it but like I love the starting phase. I love handing it off to someone and then love handing it off to someone and then love handing it off to someone and then I love it potentially ending and I love it potentially ending and I love it potentially ending and starting something new. And I was saying starting something new. And I was saying starting something new. And I was saying how I love things that could potentially how I love things that could potentially how I love things that could potentially go for 50 to 100 years. Not that I've go for 50 to 100 years. Not that I've go for 50 to 100 years. Not that I've actually done that. I've actually done actually done that. I've actually done actually done that. I've actually done the same thing as you. Projects starting the same thing as you. Projects starting the same thing as you. Projects starting and selling. And I'm so fascinated by and selling. And I'm so fascinated by and selling. And I'm so fascinated by companies that can last this long and companies that can last this long and companies that can last this long and this one in particular is one that seems this one in particular is one that seems this one in particular is one that seems like they've kept it together like they've kept it together like they've kept it together pretty amazingly for 160 years. That's pretty amazingly for 160 years. That's pretty amazingly for 160 years. That's crazy. So they started before the Civil crazy. So they started before the Civil crazy. So they started before the Civil War War War and it's still around. Isn't that and it's still around. Isn't that and it's still around. Isn't that incredible? And I just think I I just incredible? And I just think I I just incredible? And I just think I I just find that so fascinating. And like part find that so fascinating. And like part find that so fascinating. And like part of me is like well of me is like well of me is like well when I die, like why do I care about when I die, like why do I care about when I die, like why do I care about legacy? Like we talk about legacy a lot legacy? Like we talk about legacy a lot legacy? Like we talk about legacy a lot and and and I I was reading something the other day I I was reading something the other day I I was reading something the other day and like why do the or someone said to and like why do the or someone said to and like why do the or someone said to me like why do you care about your me like why do you care about your me like why do you care about your legacy? legacy? legacy? Like who who gives a [ __ ] You're dead. Like who who gives a [ __ ] You're dead. Like who who gives a [ __ ] You're dead. And I was like okay, yeah. I I And I was like okay, yeah. I I And I was like okay, yeah. I I understand that perspective. Like we can understand that perspective. Like we can understand that perspective. Like we can have the dichotomy of caring about that have the dichotomy of caring about that have the dichotomy of caring about that and then also like how cool would it be and then also like how cool would it be and then also like how cool would it be that the thing that you can create can that the thing that you can create can that the thing that you can create can employ 160,000 people 150 years after employ 160,000 people 150 years after employ 160,000 people 150 years after you're gone. Like I don't know. I think you're gone. Like I don't know. I think you're gone. Like I don't know. I think that's awesome. I think it's kind of that's awesome. I think it's kind of that's awesome. I think it's kind of romantic and exciting. romantic and exciting. romantic and exciting. >> It's kind of like >> It's kind of like >> It's kind of like two people can love running two people can love running two people can love running and one person's trying to run the 100 and one person's trying to run the 100 and one person's trying to run the 100 meter dash and the other person's meter dash and the other person's meter dash and the other person's running uh running uh running uh you know, one of these like ultra you know, one of these like ultra you know, one of these like ultra marathon 100 mile races. And they're marathon 100 mile races. And they're marathon 100 mile races. And they're both like yeah, I love running. both like yeah, I love running. both like yeah, I love running. >> [laughter] >> [laughter] >> [laughter] >> But and and that's what I do and that's >> But and and that's what I do and that's >> But and and that's what I do and that's kind of like in the business sense, kind of like in the business sense, kind of like in the business sense, there's there's different ways to there's there's different ways to there's there's different ways to approach it. There's the what I call the approach it. There's the what I call the approach it. There's the what I call the projects approach which is you kind of projects approach which is you kind of projects approach which is you kind of go in knowing like hey, I'm going to go in knowing like hey, I'm going to go in knowing like hey, I'm going to have like five great at bats in my have like five great at bats in my have like five great at bats in my career. career. career. And I I each one is a really fun chapter And I I each one is a really fun chapter And I I each one is a really fun chapter and I'm going to seek variety in those. and I'm going to seek variety in those. and I'm going to seek variety in those. >> It's sort of like being an author. >> It's sort of like being an author. >> It's sort of like being an author. You're like, all right, I got 5 years of You're like, all right, I got 5 years of You're like, all right, I got 5 years of research and writing, and then a break, research and writing, and then a break, research and writing, and then a break, and then I do it again. and then I do it again. and then I do it again. >> Exactly. And then there's other people >> Exactly. And then there's other people >> Exactly. And then there's other people that are brick by brick laying a that are brick by brick laying a that are brick by brick laying a foundation for an empire. And you know, foundation for an empire. And you know, foundation for an empire. And you know, I I respect both, but I I know which one I I respect both, but I I know which one I I respect both, but I I know which one I want to do. And I think you know which I want to do. And I think you know which I want to do. And I think you know which one you want to do, too. I think you one you want to do, too. I think you one you want to do, too. I think you want the You want the like empire. want the You want the like empire. want the You want the like empire. >> Yeah, I don't know if I'm going to have >> Yeah, I don't know if I'm going to have >> Yeah, I don't know if I'm going to have the grit to pull it off, but I for sure the grit to pull it off, but I for sure the grit to pull it off, but I for sure love the idea of the result. love the idea of the result. love the idea of the result. >> Do you think the people who do this, is >> Do you think the people who do this, is >> Do you think the people who do this, is it a temperament difference? Like, it a temperament difference? Like, it a temperament difference? Like, they're wired differently, therefore, they're wired differently, therefore, they're wired differently, therefore, you know, fast fast twitch, slow twitch you know, fast fast twitch, slow twitch you know, fast fast twitch, slow twitch muscle type [ __ ] where it's more of muscle type [ __ ] where it's more of muscle type [ __ ] where it's more of inherently who you are, or do you feel inherently who you are, or do you feel inherently who you are, or do you feel like you might have the base like you might have the base like you might have the base wiring to do it, but you then need to wiring to do it, but you then need to wiring to do it, but you then need to adopt the systems, right? Like, for adopt the systems, right? Like, for adopt the systems, right? Like, for example, it's not like one guy ran this example, it's not like one guy ran this example, it's not like one guy ran this for 100 years. No, he passed it to his for 100 years. No, he passed it to his for 100 years. No, he passed it to his son. His son kind of screws it up. Then son. His son kind of screws it up. Then son. His son kind of screws it up. Then the next son sort of saves it out of out the next son sort of saves it out of out the next son sort of saves it out of out of bankruptcy. And then by by now, of bankruptcy. And then by by now, of bankruptcy. And then by by now, professional CEOs run it, but they've professional CEOs run it, but they've professional CEOs run it, but they've instilled values and systems and like instilled values and systems and like instilled values and systems and like ownership controls. But, you know, now ownership controls. But, you know, now ownership controls. But, you know, now the the heirs are marine biologists, and the the heirs are marine biologists, and the the heirs are marine biologists, and they're doing other things. They're not they're doing other things. They're not they're doing other things. They're not running this company that that the but running this company that that the but running this company that that the but the company the entity lasts. So, which the company the entity lasts. So, which the company the entity lasts. So, which one Where do you think you might fail? one Where do you think you might fail? one Where do you think you might fail? Is it the wiring or the systems? Is it the wiring or the systems? Is it the wiring or the systems? >> I think the wiring. You start off a >> I think the wiring. You start off a >> I think the wiring. You start off a certain way, but not always. For certain way, but not always. For certain way, but not always. For example, I think there's a lot of them example, I think there's a lot of them example, I think there's a lot of them that would have sold if they could have, that would have sold if they could have, that would have sold if they could have, but the opportunity just didn't present but the opportunity just didn't present but the opportunity just didn't present itself, and they just said, "Screw it, itself, and they just said, "Screw it, itself, and they just said, "Screw it, I'll just keep going." And then I think I'll just keep going." And then I think I'll just keep going." And then I think what happens a lot of times is there's a what happens a lot of times is there's a what happens a lot of times is there's a few things. Like, if you had to build a few things. Like, if you had to build a few things. Like, if you had to build a business and you never thought about business and you never thought about business and you never thought about selling, there's a world where you would selling, there's a world where you would selling, there's a world where you would do some wacky stuff that would make the do some wacky stuff that would make the do some wacky stuff that would make the business incredibly profitable, but business incredibly profitable, but business incredibly profitable, but incredibly not sellable. Like, you would incredibly not sellable. Like, you would incredibly not sellable. Like, you would acquire assets or businesses that don't acquire assets or businesses that don't acquire assets or businesses that don't entirely make sense to one particular entirely make sense to one particular entirely make sense to one particular buyer, and then you get big enough to buyer, and then you get big enough to buyer, and then you get big enough to the point where you're like, "Ugh, this the point where you're like, "Ugh, this the point where you're like, "Ugh, this is a hodgepodge of stuff, and it works is a hodgepodge of stuff, and it works is a hodgepodge of stuff, and it works for us, but no one buyer would ever for us, but no one buyer would ever for us, but no one buyer would ever actually take this." So, like, but then actually take this." So, like, but then actually take this." So, like, but then I also think that it comes down a lot to I also think that it comes down a lot to I also think that it comes down a lot to the family. And I think that there's the family. And I think that there's the family. And I think that there's something special around family something special around family something special around family meetings. We've had Rob Dyrdek on here, meetings. We've had Rob Dyrdek on here, meetings. We've had Rob Dyrdek on here, he talked about that. I actually follow he talked about that. I actually follow he talked about that. I actually follow some people on Instagram and they talk some people on Instagram and they talk some people on Instagram and they talk about like family meetings. about like family meetings. about like family meetings. >> Explain what you mean. What is What's a >> Explain what you mean. What is What's a >> Explain what you mean. What is What's a family meeting? family meeting? family meeting? >> So, the way that I grew up is probably >> So, the way that I grew up is probably >> So, the way that I grew up is probably very similar to the way potentially you very similar to the way potentially you very similar to the way potentially you grew up, but with the way a lot of grew up, but with the way a lot of grew up, but with the way a lot of Americans grew up, which is your parents Americans grew up, which is your parents Americans grew up, which is your parents never talked to you about money. If you never talked to you about money. If you never talked to you about money. If you asked them like, "How much do you make?" asked them like, "How much do you make?" asked them like, "How much do you make?" they would say like, "That's none of they would say like, "That's none of they would say like, "That's none of your business." Um and there was very your business." Um and there was very your business." Um and there was very little transparency and there's a little transparency and there's a little transparency and there's a probably very little culture creation in probably very little culture creation in probably very little culture creation in terms of like, "Here's explicitly my terms of like, "Here's explicitly my terms of like, "Here's explicitly my expectations of you. Here's our family's expectations of you. Here's our family's expectations of you. Here's our family's culture. Here's our values." And what culture. Here's our values." And what culture. Here's our values." And what I've been learning about and frankly I've been learning about and frankly I've been learning about and frankly what I like is this idea of a family what I like is this idea of a family what I like is this idea of a family meeting where you get the children and meeting where you get the children and meeting where you get the children and everyone in the same room monthly, everyone in the same room monthly, everyone in the same room monthly, quarterly, annually, something like quarterly, annually, something like quarterly, annually, something like that. And in the same way you run a that. And in the same way you run a that. And in the same way you run a board meeting, you run a family meeting board meeting, you run a family meeting board meeting, you run a family meeting where you say like, "Here's the values where you say like, "Here's the values where you say like, "Here's the values that we stand for. Here's how we did that we stand for. Here's how we did that we stand for. Here's how we did last quarter, last month according to last quarter, last month according to last quarter, last month according to what we said we wanted to achieve. And what we said we wanted to achieve. And what we said we wanted to achieve. And what about the future? What would you what about the future? What would you what about the future? What would you guys like to do? Let's Let's talk about guys like to do? Let's Let's talk about guys like to do? Let's Let's talk about this. And here's the money that we have this. And here's the money that we have this. And here's the money that we have to spend on whatever dreams and ideas to spend on whatever dreams and ideas to spend on whatever dreams and ideas that you have and let's discuss if it that you have and let's discuss if it that you have and let's discuss if it fits within our family credo and fits within our family credo and fits within our family credo and mission." And there's actually like a mission." And there's actually like a mission." And there's actually like a way to do that and I aspire to do that way to do that and I aspire to do that way to do that and I aspire to do that with my family. My with my family. My with my family. My >> do you do you do you do you like taking >> do you do you do you do you like taking >> do you do you do you do you like taking minutes? Taking meeting minutes? minutes? Taking meeting minutes? minutes? Taking meeting minutes? A board observer? A board observer? A board observer? >> I just think there's something special >> I just think there's something special >> I just think there's something special about being explicit about stuff. I about being explicit about stuff. I about being explicit about stuff. I think that a lot of times when you're think that a lot of times when you're think that a lot of times when you're growing up, there's these things that growing up, there's these things that growing up, there's these things that you say, "Well, we never really talked you say, "Well, we never really talked you say, "Well, we never really talked about blank, but my feeling was this." about blank, but my feeling was this." about blank, but my feeling was this." But what I would like to experience is But what I would like to experience is But what I would like to experience is like saying like, "We are actually going like saying like, "We are actually going like saying like, "We are actually going to speak what we intend to do and how we to speak what we intend to do and how we to speak what we intend to do and how we will do it and what resources we have to will do it and what resources we have to will do it and what resources we have to get it done and we'll have a get it done and we'll have a get it done and we'll have a conversation." And I think there's conversation." And I think there's conversation." And I think there's something very special about the something very special about the something very special about the families who pull that off. families who pull that off. families who pull that off. >> Yeah, I um I totally agree. I I I think >> Yeah, I um I totally agree. I I I think >> Yeah, I um I totally agree. I I I think it's explicit versus implicit. So, it's it's explicit versus implicit. So, it's it's explicit versus implicit. So, it's not even like, "Don't talk about that." not even like, "Don't talk about that." not even like, "Don't talk about that." It's more just it didn't get said, It's more just it didn't get said, It's more just it didn't get said, right? And it doesn't get said not for right? And it doesn't get said not for right? And it doesn't get said not for malicious or secretive reasons, it's malicious or secretive reasons, it's malicious or secretive reasons, it's just just just we were busy. we were busy. we were busy. I don't know myself what you know, it's I don't know myself what you know, it's I don't know myself what you know, it's like like like I'm not sure I really know the answer to I'm not sure I really know the answer to I'm not sure I really know the answer to all these things and it's easier just all these things and it's easier just all these things and it's easier just not even think about it, right? It's not even think about it, right? It's not even think about it, right? It's like if you ask somebody, "Well, like if you ask somebody, "Well, like if you ask somebody, "Well, what do you really want?" Watch people what do you really want?" Watch people what do you really want?" Watch people just immediately just start to flounder just immediately just start to flounder just immediately just start to flounder and it's such a simple question. Don't and it's such a simple question. Don't and it's such a simple question. Don't you think you should know what you you think you should know what you you think you should know what you really want? really want? really want? >> When I'm meeting new people and I want >> When I'm meeting new people and I want >> When I'm meeting new people and I want to make them feel like I care about to make them feel like I care about to make them feel like I care about them, it sounds like I'm being them, it sounds like I'm being them, it sounds like I'm being nefarious, but I mean like I'm trying to nefarious, but I mean like I'm trying to nefarious, but I mean like I'm trying to like get to know someone. I'm like, like get to know someone. I'm like, like get to know someone. I'm like, "Hey, in the next 6 months, anything "Hey, in the next 6 months, anything "Hey, in the next 6 months, anything interesting you want to get done in life interesting you want to get done in life interesting you want to get done in life or career or family-wise?" And they'll or career or family-wise?" And they'll or career or family-wise?" And they'll be half the time people are like, "I be half the time people are like, "I be half the time people are like, "I don't know." And it's like the the don't know." And it's like the the don't know." And it's like the the conversation is them discovering it and conversation is them discovering it and conversation is them discovering it and it's kind of exciting. it's kind of exciting. it's kind of exciting. >> Yeah, exactly. So, I think I think being >> Yeah, exactly. So, I think I think being >> Yeah, exactly. So, I think I think being explicit I'm like you. I'm I'm a explicit I'm like you. I'm I'm a explicit I'm like you. I'm I'm a over-communicator. I'll take the over-communicator. I'll take the over-communicator. I'll take the negatives that come with that because I negatives that come with that because I negatives that come with that because I think the positives are so overwhelming. think the positives are so overwhelming. think the positives are so overwhelming. But how do you do it in a family is kind But how do you do it in a family is kind But how do you do it in a family is kind of interesting. of interesting. of interesting. I was at a I was at a I was at a friend's house and he has this like friend's house and he has this like friend's house and he has this like crest on the wall and he's like, "Oh, crest on the wall and he's like, "Oh, crest on the wall and he's like, "Oh, that's our like family crest." And I was that's our like family crest." And I was that's our like family crest." And I was like, "Oh, like my family, we didn't like, "Oh, like my family, we didn't like, "Oh, like my family, we didn't have one. Like I guess one of my have one. Like I guess one of my have one. Like I guess one of my ancestors dropped the ball." He's like, ancestors dropped the ball." He's like, ancestors dropped the ball." He's like, "No, like we made this. I painted that "No, like we made this. I painted that "No, like we made this. I painted that like, you know, like, you know, like, you know, 5 years ago and we just decided, what 5 years ago and we just decided, what 5 years ago and we just decided, what are we all about?" There's four are we all about?" There's four are we all about?" There's four quadrants on the crest and we said it's quadrants on the crest and we said it's quadrants on the crest and we said it's this, this, this, and this and this is this, this, this, and this and this is this, this, this, and this and this is our sigil. That's our animal. our sigil. That's our animal. our sigil. That's our animal. >> I love that. >> I love that. >> I love that. >> And I was like, "You can just do that? >> And I was like, "You can just do that? >> And I was like, "You can just do that? You can just be a university? Like I You can just be a university? Like I You can just be a university? Like I could be Hogwarts right now? The hell?" could be Hogwarts right now? The hell?" could be Hogwarts right now? The hell?" Like and I came home and I was like, Like and I came home and I was like, Like and I came home and I was like, "Shit, I'm going to start doing stuff "Shit, I'm going to start doing stuff "Shit, I'm going to start doing stuff like this." So, I actually haven't made like this." So, I actually haven't made like this." So, I actually haven't made the crest, but I have done a a few other the crest, but I have done a a few other the crest, but I have done a a few other things. Like I gave for each of my kids, things. Like I gave for each of my kids, things. Like I gave for each of my kids, they have like a way. Like I like it'd they have like a way. Like I like it'd they have like a way. Like I like it'd be like Sam's way. So, for example, one be like Sam's way. So, for example, one be like Sam's way. So, for example, one of my kids, it's like one of them is try of my kids, it's like one of them is try of my kids, it's like one of them is try try to figure it out. Oh, that's the Sam try to figure it out. Oh, that's the Sam try to figure it out. Oh, that's the Sam way. And I'll I'll I've said that so way. And I'll I'll I've said that so way. And I'll I'll I've said that so many times that now the great father many times that now the great father many times that now the great father moment is when he'll just be like, moment is when he'll just be like, moment is when he'll just be like, "Well, I just did it. I just did it the "Well, I just did it. I just did it the "Well, I just did it. I just did it the Sam way." And he's using it as shorthand Sam way." And he's using it as shorthand Sam way." And he's using it as shorthand for like, "I didn't give up. I tried for like, "I didn't give up. I tried for like, "I didn't give up. I tried tried until I figured it out." And my tried until I figured it out." And my tried until I figured it out." And my daughter has a different one. daughter has a different one. daughter has a different one. >> That's really beautiful. >> That's really beautiful. >> That's really beautiful. >> And then we have one that's like for >> And then we have one that's like for >> And then we have one that's like for like I the idea of gifts. So, I told like I the idea of gifts. So, I told like I the idea of gifts. So, I told them I was like I was like, "Yeah, like them I was like I was like, "Yeah, like them I was like I was like, "Yeah, like everybody has like some gifts that you everybody has like some gifts that you everybody has like some gifts that you were given." And my son loves like were given." And my son loves like were given." And my son loves like Pokémon and things like that. So, he Pokémon and things like that. So, he Pokémon and things like that. So, he kind of understands the idea that like kind of understands the idea that like kind of understands the idea that like super you have a superpower and like super you have a superpower and like super you have a superpower and like every every character he watches in a every every character he watches in a every every character he watches in a show has like a special power. I'm like, show has like a special power. I'm like, show has like a special power. I'm like, "Yeah, like well, you have one, too." "Yeah, like well, you have one, too." "Yeah, like well, you have one, too." He's like, "Really? What's mine?" And He's like, "Really? What's mine?" And He's like, "Really? What's mine?" And I'm like, "Well, yours is that you're I'm like, "Well, yours is that you're I'm like, "Well, yours is that you're this." And I just get to declare I give this." And I just get to declare I give this." And I just get to declare I give them a reputation to live up to, you them a reputation to live up to, you them a reputation to live up to, you know, one that they're today quite know, one that they're today quite know, one that they're today quite inconsistent in, but there's moments and inconsistent in, but there's moments and inconsistent in, but there's moments and all I did is I just highlight those all I did is I just highlight those all I did is I just highlight those moments. I pretend the inconsistencies moments. I pretend the inconsistencies moments. I pretend the inconsistencies don't exist and I just keep reinforcing don't exist and I just keep reinforcing don't exist and I just keep reinforcing that until it's their identity. And I do that until it's their identity. And I do that until it's their identity. And I do that for each of them individually. And that for each of them individually. And that for each of them individually. And then one of the downsides is like I make then one of the downsides is like I make then one of the downsides is like I make one sound so good. I'm like, "Do I Can I one sound so good. I'm like, "Do I Can I one sound so good. I'm like, "Do I Can I just say that the other one has the just say that the other one has the just say that the other one has the same?" Cuz then it's it feels less same?" Cuz then it's it feels less same?" Cuz then it's it feels less special. I have to give the other one special. I have to give the other one special. I have to give the other one equally those, but you can also do You equally those, but you can also do You equally those, but you can also do You know, it's a little tricky. It's not know, it's a little tricky. It's not know, it's a little tricky. It's not perfect, but man, this [ __ ] works. Um it perfect, but man, this [ __ ] works. Um it perfect, but man, this [ __ ] works. Um it is really a powerful And so, there's a a is really a powerful And so, there's a a is really a powerful And so, there's a a version of that that's completely version of that that's completely version of that that's completely non-business related, but in creating non-business related, but in creating non-business related, but in creating this like family dynasty idea of how do this like family dynasty idea of how do this like family dynasty idea of how do you instill a culture first in the home you instill a culture first in the home you instill a culture first in the home before you ever try to go do it, you before you ever try to go do it, you before you ever try to go do it, you know, in the office. know, in the office. know, in the office. >> And I think the likelihood that anyone's >> And I think the likelihood that anyone's >> And I think the likelihood that anyone's children will ever want to work in their children will ever want to work in their children will ever want to work in their business is very low. And so, like if business is very low. And so, like if business is very low. And so, like if that even happens, I think and they get that even happens, I think and they get that even happens, I think and they get along, that's like a miracle. And so, along, that's like a miracle. And so, along, that's like a miracle. And so, what I've noticed that is important, what I've noticed that is important, what I've noticed that is important, also um creating long-term trust. So, I also um creating long-term trust. So, I also um creating long-term trust. So, I talked about this a little bit with the talked about this a little bit with the talked about this a little bit with the Hearst organization Hearst organization Hearst organization Hearst company, which owns um like GQ is Hearst company, which owns um like GQ is Hearst company, which owns um like GQ is like a famous magazine they own, but like a famous magazine they own, but like a famous magazine they own, but they also own like a hundred businesses they also own like a hundred businesses they also own like a hundred businesses that you never even heard of and they that you never even heard of and they that you never even heard of and they including like they own half of ESPN or including like they own half of ESPN or including like they own half of ESPN or whatever. And one of William Randolph whatever. And one of William Randolph whatever. And one of William Randolph Hearst, one of his great inventions was Hearst, one of his great inventions was Hearst, one of his great inventions was he created this trust within the family he created this trust within the family he created this trust within the family that was pretty ironclad and it was very that was pretty ironclad and it was very that was pretty ironclad and it was very long-term thinking. long-term thinking. long-term thinking. >> Trust like a actual legal trust or you >> Trust like a actual legal trust or you >> Trust like a actual legal trust or you mean trust like the feeling? mean trust like the feeling? mean trust like the feeling? >> Legal trust. So, for example, for him, >> Legal trust. So, for example, for him, >> Legal trust. So, for example, for him, it was like you cannot dispute this it was like you cannot dispute this it was like you cannot dispute this trust and if you do dispute it, you're trust and if you do dispute it, you're trust and if you do dispute it, you're out of the will. And like the trust out of the will. And like the trust out of the will. And like the trust basically just says that like Hearst I I basically just says that like Hearst I I basically just says that like Hearst I I don't forget the exact number, but don't forget the exact number, but don't forget the exact number, but Hearst hypothetically will have eight Hearst hypothetically will have eight Hearst hypothetically will have eight board seats. Family members are always board seats. Family members are always board seats. Family members are always two. I think it was like you cannot two. I think it was like you cannot two. I think it was like you cannot argue with how much money you receive. argue with how much money you receive. argue with how much money you receive. Money is given out equally. If you want Money is given out equally. If you want Money is given out equally. If you want more profits, you cannot argue about it. more profits, you cannot argue about it. more profits, you cannot argue about it. If you do argue about it, you're out. If you do argue about it, you're out. If you do argue about it, you're out. Like things like that. Like he like he Like things like that. Like he like he Like things like that. Like he like he did these things that were quite good in did these things that were quite good in did these things that were quite good in terms of like making it last for a long terms of like making it last for a long terms of like making it last for a long time. Same with John Rockefeller. He did time. Same with John Rockefeller. He did time. Same with John Rockefeller. He did that He did that the same way. One of that He did that the same way. One of that He did that the same way. One of the great things about reading about the great things about reading about the great things about reading about John Rockefeller, he was this madman John Rockefeller, he was this madman John Rockefeller, he was this madman businessman. Think of Jeff Bezos. A businessman. Think of Jeff Bezos. A businessman. Think of Jeff Bezos. A polite guy, but like a ruthless polite guy, but like a ruthless polite guy, but like a ruthless businessman. His son, John also John, he businessman. His son, John also John, he businessman. His son, John also John, he was a great dad. They were both great He was a great dad. They were both great He was a great dad. They were both great He was a great dad and a great son. And was a great dad and a great son. And was a great dad and a great son. And they loved each other very much. They they loved each other very much. They they loved each other very much. They showed a lot of mutual respect. And so showed a lot of mutual respect. And so showed a lot of mutual respect. And so what I'm noticing about a lot of this what I'm noticing about a lot of this what I'm noticing about a lot of this stuff, it's built on a mutual respect. stuff, it's built on a mutual respect. stuff, it's built on a mutual respect. It's built on about empowering and It's built on about empowering and It's built on about empowering and having these very explicit having these very explicit having these very explicit conversations. And that was a big conversations. And that was a big conversations. And that was a big takeaway from reading about him. takeaway from reading about him. takeaway from reading about him. >> Yeah, it's interesting. You got to find >> Yeah, it's interesting. You got to find >> Yeah, it's interesting. You got to find like these blueprints. It's kind of what like these blueprints. It's kind of what like these blueprints. It's kind of what I went back to when I was asking you I went back to when I was asking you I went back to when I was asking you about like the long-term thing. Like you about like the long-term thing. Like you about like the long-term thing. Like you you have to get to know your wiring to you have to get to know your wiring to you have to get to know your wiring to know where you're going to you're going know where you're going to you're going know where you're going to you're going to naturally have to naturally have to naturally have things come easier to you things come easier to you things come easier to you um that are difficult for others. um that are difficult for others. um that are difficult for others. And other areas that are going to be And other areas that are going to be And other areas that are going to be difficult for you, and you better figure difficult for you, and you better figure difficult for you, and you better figure out how you're going to work around it out how you're going to work around it out how you're going to work around it either by patching up those weaknesses either by patching up those weaknesses either by patching up those weaknesses or getting people around you who or getting people around you who or getting people around you who complement those. complement those. complement those. And then you got to learn the systems, And then you got to learn the systems, And then you got to learn the systems, you know, on top of it. Like what are you know, on top of it. Like what are you know, on top of it. Like what are the habits? What are the What are the the habits? What are the What are the the habits? What are the What are the actual systems on top of that to get the actual systems on top of that to get the actual systems on top of that to get the results I want? results I want? results I want? >> But then there's like a wild card. Like >> But then there's like a wild card. Like >> But then there's like a wild card. Like for example, I have a billionaire friend for example, I have a billionaire friend for example, I have a billionaire friend whose son is a homeless drug addict. whose son is a homeless drug addict. whose son is a homeless drug addict. Like they've tried numerous times to get Like they've tried numerous times to get Like they've tried numerous times to get this kid on the right path to the point this kid on the right path to the point this kid on the right path to the point where they're like, "We're either We where they're like, "We're either We where they're like, "We're either We just got to let you figure it out." And just got to let you figure it out." And just got to let you figure it out." And unfortunately that that might mean unfortunately that that might mean unfortunately that that might mean death, but like it it's a very death, but like it it's a very death, but like it it's a very challenging tragic situation. challenging tragic situation. challenging tragic situation. >> A family crest didn't help? >> A family crest didn't help? >> A family crest didn't help? >> Yeah. Like it's pretty crazy. You can >> Yeah. Like it's pretty crazy. You can >> Yeah. Like it's pretty crazy. You can have I think What's the phrase? You're have I think What's the phrase? You're have I think What's the phrase? You're the happiest of your saddest kid? the happiest of your saddest kid? the happiest of your saddest kid? >> Yeah, yeah. You're only as happy as your >> Yeah, yeah. You're only as happy as your >> Yeah, yeah. You're only as happy as your saddest child, yeah. saddest child, yeah. saddest child, yeah. >> I went on this rant about um like >> I went on this rant about um like >> I went on this rant about um like phrases and why they're really phrases and why they're really phrases and why they're really important, the phrases we tell important, the phrases we tell important, the phrases we tell ourselves. So for example, like using ourselves. So for example, like using ourselves. So for example, like using the phrase like I might as well. Where the phrase like I might as well. Where the phrase like I might as well. Where it's like, "Well, I've already eaten bad it's like, "Well, I've already eaten bad it's like, "Well, I've already eaten bad today. I might as well eat." It's like, today. I might as well eat." It's like, today. I might as well eat." It's like, "No, you That's just a convenient "No, you That's just a convenient "No, you That's just a convenient phrase. You should not might as well do phrase. You should not might as well do phrase. You should not might as well do that. Or that. Or that. Or >> It is what it is is my is my my favorite >> It is what it is is my is my my favorite >> It is what it is is my is my my favorite one. It is what it is is the is the one. It is what it is is the is the one. It is what it is is the is the the the complete surrender of of of the the complete surrender of of of the the complete surrender of of of power, of agency, of anything. It is power, of agency, of anything. It is power, of agency, of anything. It is what it is just replace it with just say what it is just replace it with just say what it is just replace it with just say it is what I make of this. So then you it is what I make of this. So then you it is what I make of this. So then you say, all right, well, what am I going to say, all right, well, what am I going to say, all right, well, what am I going to make of this? You know, like it is what make of this? You know, like it is what make of this? You know, like it is what it is is crazy. it is is crazy. it is is crazy. >> Can I tell you about a phrase that >> Can I tell you about a phrase that >> Can I tell you about a phrase that you're unfortunately need to know about you're unfortunately need to know about you're unfortunately need to know about and you're going to see everywhere and you're going to see everywhere and you're going to see everywhere online. I also want to rebrand it. So online. I also want to rebrand it. So online. I also want to rebrand it. So this thing is called the Jevons paradox. this thing is called the Jevons paradox. this thing is called the Jevons paradox. Have you heard of the Jevons paradox? Have you heard of the Jevons paradox? Have you heard of the Jevons paradox? It's not even a paradox. A paradox means It's not even a paradox. A paradox means It's not even a paradox. A paradox means like An example of paradox is like can like An example of paradox is like can like An example of paradox is like can God heat a burrito so hot that even he God heat a burrito so hot that even he God heat a burrito so hot that even he can't eat it? Uh like this is This is can't eat it? Uh like this is This is can't eat it? Uh like this is This is more like more like more like like uh like uh like uh >> Well, what's that paradox called? The >> Well, what's that paradox called? The >> Well, what's that paradox called? The burrito paradox? burrito paradox? burrito paradox? >> [laughter] >> [laughter] >> [laughter] >> That's a paradox. This isn't even a >> That's a paradox. This isn't even a >> That's a paradox. This isn't even a paradox. This is just like like a like paradox. This is just like like a like paradox. This is just like like a like an economic like principle. an economic like principle. an economic like principle. >> Okay, okay, here here let me read it let >> Okay, okay, here here let me read it let >> Okay, okay, here here let me read it let me read the actual definition. me read the actual definition. me read the actual definition. An economic principle stating that as An economic principle stating that as An economic principle stating that as technology makes use of a resource more technology makes use of a resource more technology makes use of a resource more efficiently, the total consumption of efficiently, the total consumption of efficiently, the total consumption of that resource actually increases rather that resource actually increases rather that resource actually increases rather than decreases. Okay, so as something than decreases. Okay, so as something than decreases. Okay, so as something becomes more efficient, you would think becomes more efficient, you would think becomes more efficient, you would think you're using less of it cuz you're being you're using less of it cuz you're being you're using less of it cuz you're being more efficient, but in total you use way more efficient, but in total you use way more efficient, but in total you use way more of it because the demand explodes. more of it because the demand explodes. more of it because the demand explodes. Okay, got it. Okay, got it. Okay, got it. >> And I'll give you a I'll give you a ton >> And I'll give you a I'll give you a ton >> And I'll give you a I'll give you a ton of examples. I want to rebrand it to of examples. I want to rebrand it to of examples. I want to rebrand it to Jevons paradox because uh Jevons paradox because uh Jevons paradox because uh >> You put a little [laughter] flavor. >> You put a little [laughter] flavor. >> You put a little [laughter] flavor. >> Yeah, well, because it was created by >> Yeah, well, because it was created by >> Yeah, well, because it was created by this guy named James Jevon who was a this guy named James Jevon who was a this guy named James Jevon who was a British guy and I think that'd be cool British guy and I think that'd be cool British guy and I think that'd be cool to have a wonderful economic principle to have a wonderful economic principle to have a wonderful economic principle be created by an American brother. So I be created by an American brother. So I be created by an American brother. So I want it to be one of ours, not one of want it to be one of ours, not one of want it to be one of ours, not one of theirs. So right around the mid-1800s, theirs. So right around the mid-1800s, theirs. So right around the mid-1800s, James Watt creates this new thing. It's James Watt creates this new thing. It's James Watt creates this new thing. It's a new variation of the steam engine, a new variation of the steam engine, a new variation of the steam engine, which is basically the the steam engine which is basically the the steam engine which is basically the the steam engine that like everyone came to love and that like everyone came to love and that like everyone came to love and know. James Jevon was basically this guy know. James Jevon was basically this guy know. James Jevon was basically this guy in the 1800s. He wrote a book in 1865 in the 1800s. He wrote a book in 1865 in the 1800s. He wrote a book in 1865 called The Coal Question. And he called The Coal Question. And he called The Coal Question. And he basically says, I have a feeling that basically says, I have a feeling that basically says, I have a feeling that because of how amazing this new steam because of how amazing this new steam because of how amazing this new steam engine is that Britain potentially is engine is that Britain potentially is engine is that Britain potentially is going to get rid of all of our cheap going to get rid of all of our cheap going to get rid of all of our cheap coal and we're going to have a problem. coal and we're going to have a problem. coal and we're going to have a problem. We're going to have a coal shortage We're going to have a coal shortage We're going to have a coal shortage because everyone else was like, "What because everyone else was like, "What because everyone else was like, "What are you talking about? The steam engine are you talking about? The steam engine are you talking about? The steam engine makes things significantly more makes things significantly more makes things significantly more efficient. Therefore, like there's only efficient. Therefore, like there's only efficient. Therefore, like there's only a set amount of work needs to get done. a set amount of work needs to get done. a set amount of work needs to get done. Like, we're just going to use less Like, we're just going to use less Like, we're just going to use less coal." And he goes, "No, brother. That coal." And he goes, "No, brother. That coal." And he goes, "No, brother. That ain't going to happen. We're going to ain't going to happen. We're going to ain't going to happen. We're going to use way more coal because everyone's use way more coal because everyone's use way more coal because everyone's going to want one of these steam going to want one of these steam going to want one of these steam engines." And he was exactly right. And engines." And he was exactly right. And engines." And he was exactly right. And this is where things get really freaky. this is where things get really freaky. this is where things get really freaky. And this is actually what I want to talk And this is actually what I want to talk And this is actually what I want to talk about. It expands in a way that you about. It expands in a way that you about. It expands in a way that you cannot even com- comprehend. And so, let cannot even com- comprehend. And so, let cannot even com- comprehend. And so, let me give you a really simple example. Eli me give you a really simple example. Eli me give you a really simple example. Eli Whitney, he was this guy from Yale and Whitney, he was this guy from Yale and Whitney, he was this guy from Yale and he was like, "I want to make it rich. I he was like, "I want to make it rich. I he was like, "I want to make it rich. I have this idea." So, he goes down to the have this idea." So, he goes down to the have this idea." So, he goes down to the south of America. At the time, slaves south of America. At the time, slaves south of America. At the time, slaves would pick cotton. And they would get would pick cotton. And they would get would pick cotton. And they would get cotton and it would take them hours to cotton and it would take them hours to cotton and it would take them hours to separate the seed from the cotton to the separate the seed from the cotton to the separate the seed from the cotton to the point where they could only produce point where they could only produce point where they could only produce about a pound a day of cotton that was about a pound a day of cotton that was about a pound a day of cotton that was usable, one person. And he comes up with usable, one person. And he comes up with usable, one person. And he comes up with this little handheld device where you this little handheld device where you this little handheld device where you can kind of like put cotton in there and can kind of like put cotton in there and can kind of like put cotton in there and kind of cranks it and it gets the seeds kind of cranks it and it gets the seeds kind of cranks it and it gets the seeds out to the point where one slave could out to the point where one slave could out to the point where one slave could produce 50 pounds of cotton. They made produce 50 pounds of cotton. They made produce 50 pounds of cotton. They made it 50 times more efficient. And so, some it 50 times more efficient. And so, some it 50 times more efficient. And so, some people were kind of happy in a weird people were kind of happy in a weird people were kind of happy in a weird way. They thought, "Okay, maybe this way. They thought, "Okay, maybe this way. They thought, "Okay, maybe this might mean slavery won't continue to might mean slavery won't continue to might mean slavery won't continue to grow and that grow and that grow and that like we won't import more slaves. That's like we won't import more slaves. That's like we won't import more slaves. That's kind of That's kind of good." The exact kind of That's kind of good." The exact kind of That's kind of good." The exact opposite happened. Over the next like opposite happened. Over the next like opposite happened. Over the next like 30, 40, 50 years, 30, 40, 50 years, 30, 40, 50 years, cotton got so cheap that in the south of cotton got so cheap that in the south of cotton got so cheap that in the south of America, particularly in Mississippi America, particularly in Mississippi America, particularly in Mississippi where a lot of like slavery eventually where a lot of like slavery eventually where a lot of like slavery eventually got really bad, they actually started got really bad, they actually started got really bad, they actually started calling it King Cotton instead of King calling it King Cotton instead of King calling it King Cotton instead of King George. And so, America's best export George. And so, America's best export George. And so, America's best export was cotton and it got so strong that we was cotton and it got so strong that we was cotton and it got so strong that we had to import like eight to 10 times had to import like eight to 10 times had to import like eight to 10 times more slaves that we than we currently more slaves that we than we currently more slaves that we than we currently had at the point at that point pre- Eli had at the point at that point pre- Eli had at the point at that point pre- Eli Whitney in order to keep up with all Whitney in order to keep up with all Whitney in order to keep up with all this demand for cotton. And one could this demand for cotton. And one could this demand for cotton. And one could argue that the reason why slaves slavery argue that the reason why slaves slavery argue that the reason why slaves slavery in America lasted as long as it did was in America lasted as long as it did was in America lasted as long as it did was because of cotton and the demand and because of cotton and the demand and because of cotton and the demand and that's one of the the why it was like that's one of the the why it was like that's one of the the why it was like our economic engine. And so, this thing, our economic engine. And so, this thing, our economic engine. And so, this thing, this idea of this paradox, it's quite this idea of this paradox, it's quite this idea of this paradox, it's quite strong. And so, the reason why it's strong. And so, the reason why it's strong. And so, the reason why it's relevant right now is because what's one relevant right now is because what's one relevant right now is because what's one product that AI is making significantly product that AI is making significantly product that AI is making significantly more efficient? more efficient? more efficient? Code. Previously, code was very Code. Previously, code was very Code. Previously, code was very expensive to make. So, you have to raise expensive to make. So, you have to raise expensive to make. So, you have to raise all this money from venture capital. You all this money from venture capital. You all this money from venture capital. You have to hire all these engineers. You have to hire all these engineers. You have to hire all these engineers. You got to mix stuff. And hopefully, 3, 5, got to mix stuff. And hopefully, 3, 5, got to mix stuff. And hopefully, 3, 5, 10 years, that code is actually working 10 years, that code is actually working 10 years, that code is actually working and makes a profit. Well, and makes a profit. Well, and makes a profit. Well, Jevons paradox, it comes into play here Jevons paradox, it comes into play here Jevons paradox, it comes into play here because my opinion is this. because my opinion is this. because my opinion is this. A lot of people are saying that AI is A lot of people are saying that AI is A lot of people are saying that AI is going to put people out of work. going to put people out of work. going to put people out of work. I think it is the exact opposite. I I think it is the exact opposite. I I think it is the exact opposite. I believe that code will get more cheap. believe that code will get more cheap. believe that code will get more cheap. Therefore, demand will increase a Therefore, demand will increase a Therefore, demand will increase a significant amount. To the point that we significant amount. To the point that we significant amount. To the point that we can't even understand. For example, can't even understand. For example, can't even understand. For example, Gutenberg invented the printing press. Gutenberg invented the printing press. Gutenberg invented the printing press. When he invented the printing press, When he invented the printing press, When he invented the printing press, people were thinking, you know, maybe people were thinking, you know, maybe people were thinking, you know, maybe people will read like two times, three people will read like two times, three people will read like two times, three times, five times more books than times, five times more books than times, five times more books than they're reading now. And Gutenberg, this they're reading now. And Gutenberg, this they're reading now. And Gutenberg, this guy creates this printing press, I guy creates this printing press, I guy creates this printing press, I believe in the 1400s. And the offspring believe in the 1400s. And the offspring believe in the 1400s. And the offspring of that, like on the extreme end, is of that, like on the extreme end, is of that, like on the extreme end, is this idea of the Kindle. One could even this idea of the Kindle. One could even this idea of the Kindle. One could even argue that like reading text on a page argue that like reading text on a page argue that like reading text on a page like on a computer screen is like a like on a computer screen is like a like on a computer screen is like a a way further down. But like it didn't a way further down. But like it didn't a way further down. But like it didn't make five times more books. It made like make five times more books. It made like make five times more books. It made like it's infinite. Like it doesn't create it's infinite. Like it doesn't create it's infinite. Like it doesn't create like 10 times more. It's like it creates like 10 times more. It's like it creates like 10 times more. It's like it creates a whole new thing. What I have noticed, a whole new thing. What I have noticed, a whole new thing. What I have noticed, I've noticed this with the cotton gin, I've noticed this with the cotton gin, I've noticed this with the cotton gin, I've noticed this with the creation of I've noticed this with the creation of I've noticed this with the creation of the steam engine, which then on went to the steam engine, which then on went to the steam engine, which then on went to create the railroads, which created a create the railroads, which created a create the railroads, which created a massive boom in America. When when massive boom in America. When when massive boom in America. When when technology makes a product that already technology makes a product that already technology makes a product that already has some demand has some demand has some demand uh more efficient, there is turmoil uh more efficient, there is turmoil uh more efficient, there is turmoil amongst those who are directly impacted. amongst those who are directly impacted. amongst those who are directly impacted. For example, have you ever heard of the For example, have you ever heard of the For example, have you ever heard of the Luddites? Luddites? Luddites? >> Yeah, people who don't adopt technology. >> Yeah, people who don't adopt technology. >> Yeah, people who don't adopt technology. >> Yeah, so now it's used as an insult. >> Yeah, so now it's used as an insult. >> Yeah, so now it's used as an insult. Back then, it wasn't. So, the history of Back then, it wasn't. So, the history of Back then, it wasn't. So, the history of the Luddites is basically right around the Luddites is basically right around the Luddites is basically right around when uh in the Industrial Revolution, when uh in the Industrial Revolution, when uh in the Industrial Revolution, there was a machine invented that there was a machine invented that there was a machine invented that allowed uh people to weave cotton sorry allowed uh people to weave cotton sorry allowed uh people to weave cotton sorry wool into yarn much faster. Previously wool into yarn much faster. Previously wool into yarn much faster. Previously there was like five or 800,000 people in there was like five or 800,000 people in there was like five or 800,000 people in England who did this by hand and they England who did this by hand and they England who did this by hand and they were considered craftsmen. This new were considered craftsmen. This new were considered craftsmen. This new machine comes in they get put out of machine comes in they get put out of machine comes in they get put out of business to the point they create a fake business to the point they create a fake business to the point they create a fake character called Ned Ludd. And in character called Ned Ludd. And in character called Ned Ludd. And in England this group of people go around England this group of people go around England this group of people go around smashing these new machines and it smashing these new machines and it smashing these new machines and it starts ruining the process of creating starts ruining the process of creating starts ruining the process of creating this new like wool to the point where this new like wool to the point where this new like wool to the point where like like like >> on behalf of Ned Ludd, right? Like this >> on behalf of Ned Ludd, right? Like this >> on behalf of Ned Ludd, right? Like this this a person that you couldn't attack this a person that you couldn't attack this a person that you couldn't attack cuz he wasn't real. cuz he wasn't real. cuz he wasn't real. >> It was a fake person and it was so >> It was a fake person and it was so >> It was a fake person and it was so serious that it was a capital punishment serious that it was a capital punishment serious that it was a capital punishment in England. So if you got caught in England. So if you got caught in England. So if you got caught breaking one of these machines they breaking one of these machines they breaking one of these machines they would put you to death. And so this idea would put you to death. And so this idea would put you to death. And so this idea of like there was like five or 800,000 of like there was like five or 800,000 of like there was like five or 800,000 people who are willing to risk their people who are willing to risk their people who are willing to risk their lives in order to ruin new technology. lives in order to ruin new technology. lives in order to ruin new technology. That's like the history of Luddites. But That's like the history of Luddites. But That's like the history of Luddites. But my point being is when there's a new my point being is when there's a new my point being is when there's a new creation there is a subset of people creation there is a subset of people creation there is a subset of people that are screwed. For example, when that are screwed. For example, when that are screwed. For example, when switchboards went away in America there switchboards went away in America there switchboards went away in America there was in the 1970s there was like 800,000 was in the 1970s there was like 800,000 was in the 1970s there was like 800,000 telephone operators mostly women that telephone operators mostly women that telephone operators mostly women that those they they didn't exist those jobs those they they didn't exist those jobs those they they didn't exist those jobs didn't exist. But in general didn't exist. But in general didn't exist. But in general um um um more technology that creates a more more technology that creates a more more technology that creates a more efficient process efficient process efficient process creates new jobs sometimes because of creates new jobs sometimes because of creates new jobs sometimes because of increased demand. Sometimes the other increased demand. Sometimes the other increased demand. Sometimes the other thing is that because there's new thing is that because there's new thing is that because there's new industries created that we can't even industries created that we can't even industries created that we can't even comprehend. And so my opinion AI is comprehend. And so my opinion AI is comprehend. And so my opinion AI is actually going to create a net positive actually going to create a net positive actually going to create a net positive not a net negative which I previously not a net negative which I previously not a net negative which I previously thought. thought. thought. >> Mhm. >> Mhm. >> Mhm. I first of all excellent monologue. I first of all excellent monologue. I first of all excellent monologue. Highly informed highly entertained. Highly informed highly entertained. Highly informed highly entertained. I I enjoyed that. This you told me you I I enjoyed that. This you told me you I I enjoyed that. This you told me you were reading about the industrial were reading about the industrial were reading about the industrial revolution cuz you were trying to figure revolution cuz you were trying to figure revolution cuz you were trying to figure out like history doesn't repeat but it out like history doesn't repeat but it out like history doesn't repeat but it rhymes. What happened in the past? What rhymes. What happened in the past? What rhymes. What happened in the past? What did we say? What did we think then? Does did we say? What did we think then? Does did we say? What did we think then? Does that sound like what we say and think that sound like what we say and think that sound like what we say and think now and what actually happened? now and what actually happened? now and what actually happened? >> Yeah like one that came out like >> Yeah like one that came out like >> Yeah like one that came out like 10 or 15 years ago that's now popular 10 or 15 years ago that's now popular 10 or 15 years ago that's now popular again that I read a while ago is called again that I read a while ago is called again that I read a while ago is called Americana. Um and it goes through Americana. Um and it goes through Americana. Um and it goes through breakthroughs in American capitalism. So breakthroughs in American capitalism. So breakthroughs in American capitalism. So like different inventions. And you'll like different inventions. And you'll like different inventions. And you'll notice that people are have the same notice that people are have the same notice that people are have the same fears consistently. So, let me ask you a fears consistently. So, let me ask you a fears consistently. So, let me ask you a different question. different question. different question. >> One of the most dangerous things in >> One of the most dangerous things in >> One of the most dangerous things in business is to think, "Well, this time business is to think, "Well, this time business is to think, "Well, this time it's different." Those are very it's different." Those are very it's different." Those are very dangerous words. This time it's dangerous words. This time it's dangerous words. This time it's different. However, it's also dangerous different. However, it's also dangerous different. However, it's also dangerous to say, to say, to say, "It'll be just like last time." "It'll be just like last time." "It'll be just like last time." You have to almost consider both You have to almost consider both You have to almost consider both possibilities. possibilities. possibilities. >> I'm not saying that, by the way. What >> I'm not saying that, by the way. What >> I'm not saying that, by the way. What I'm saying is that human nature is human I'm saying is that human nature is human I'm saying is that human nature is human nature, and there's something special nature, and there's something special nature, and there's something special about the 30- to 60-hour a week workweek about the 30- to 60-hour a week workweek about the 30- to 60-hour a week workweek that has happened for centuries. And that has happened for centuries. And that has happened for centuries. And also, time and time again, there's this also, time and time again, there's this also, time and time again, there's this idea that I always come back to. I used idea that I always come back to. I used idea that I always come back to. I used to be a beekeeper, and bees are really to be a beekeeper, and bees are really to be a beekeeper, and bees are really interesting. With bees, if you get one interesting. With bees, if you get one interesting. With bees, if you get one hive with one set of bees, you just hive with one set of bees, you just hive with one set of bees, you just stack that over and over and over again. stack that over and over and over again. stack that over and over and over again. Bees fill up space. They just fill up Bees fill up space. They just fill up Bees fill up space. They just fill up space. In the same way, whenever you've space. In the same way, whenever you've space. In the same way, whenever you've gotten a new home, anyone has gotten a new home, anyone has gotten a new home, anyone has experienced this. They get to this new experienced this. They get to this new experienced this. They get to this new home, they previously only had a home, they previously only had a home, they previously only had a thousand square feet. They get to a thousand square feet. They get to a thousand square feet. They get to a two-thousand square feet, they say to two-thousand square feet, they say to two-thousand square feet, they say to themselves, themselves, themselves, "I'm never going to fill this place." "I'm never going to fill this place." "I'm never going to fill this place." >> Yeah. [snorts] >> Yeah. [snorts] >> Yeah. [snorts] >> And then, magically, over the next three >> And then, magically, over the next three >> And then, magically, over the next three years, they go, "How do I have so much years, they go, "How do I have so much years, they go, "How do I have so much junk?" That is a like, the human need to junk?" That is a like, the human need to junk?" That is a like, the human need to expand, to grow, to fill space is expand, to grow, to fill space is expand, to grow, to fill space is innate. It does not go away. And so, innate. It does not go away. And so, innate. It does not go away. And so, that is what I'm saying is the same that is what I'm saying is the same that is what I'm saying is the same every single time, not the how. I don't every single time, not the how. I don't every single time, not the how. I don't know how this is going to happen. That's know how this is going to happen. That's know how this is going to happen. That's sort of the point of my monologue is sort of the point of my monologue is sort of the point of my monologue is that I don't know. But I know it will that I don't know. But I know it will that I don't know. But I know it will happen. happen. happen. >> Yeah, and not to be too abstract here, >> Yeah, and not to be too abstract here, >> Yeah, and not to be too abstract here, but the one thing I don't get, or the but the one thing I don't get, or the but the one thing I don't get, or the one thing I haven't figured out with one thing I haven't figured out with one thing I haven't figured out with with that. I I buy everything you said. with that. I I buy everything you said. with that. I I buy everything you said. All this new man will get created. We'll All this new man will get created. We'll All this new man will get created. We'll want We'll want code in places we didn't want We'll want code in places we didn't want We'll want code in places we didn't have code. So, yeah, it'll be more have code. So, yeah, it'll be more have code. So, yeah, it'll be more efficient to get code, but net-net, efficient to get code, but net-net, efficient to get code, but net-net, you're going to have way more code, way you're going to have way more code, way you're going to have way more code, way more people creating code. In this case, more people creating code. In this case, more people creating code. In this case, if AI is so good at doing the like, AI if AI is so good at doing the like, AI if AI is so good at doing the like, AI is a technology that basically is the is a technology that basically is the is a technology that basically is the technology of doing work. Like, gen- technology of doing work. Like, gen- technology of doing work. Like, gen- generic work, human work. It's like, generic work, human work. It's like, generic work, human work. It's like, basically a model of the brain. basically a model of the brain. basically a model of the brain. Like, who's to say that AI won't also Like, who's to say that AI won't also Like, who's to say that AI won't also fill those jobs? May- meaning like, yes, fill those jobs? May- meaning like, yes, fill those jobs? May- meaning like, yes, it creates all this demand, which it creates all this demand, which it creates all this demand, which creates new job opportunities, new creates new job opportunities, new creates new job opportunities, new industries. But who's to say that AI industries. But who's to say that AI industries. But who's to say that AI also isn't the one who supplies that also isn't the one who supplies that also isn't the one who supplies that demand also? Because, you know, the demand also? Because, you know, the demand also? Because, you know, the printing press, these were more rigid printing press, these were more rigid printing press, these were more rigid technologies that could do one thing. technologies that could do one thing. technologies that could do one thing. AI's weird in that it's this like AI's weird in that it's this like AI's weird in that it's this like flexible general thing that can do so flexible general thing that can do so flexible general thing that can do so many things. So, who's to say it doesn't many things. So, who's to say it doesn't many things. So, who's to say it doesn't also become the supply? also become the supply? also become the supply? >> There's a few ways to look at this. The >> There's a few ways to look at this. The >> There's a few ways to look at this. The first is like you could say, well, is first is like you could say, well, is first is like you could say, well, is this going to be like hot water? So, for this going to be like hot water? So, for this going to be like hot water? So, for example, when hot water was invented, example, when hot water was invented, example, when hot water was invented, this idea that you could like take this idea that you could like take this idea that you could like take showers every day like a king, like that showers every day like a king, like that showers every day like a king, like that was incredible. And so hot water surged. was incredible. And so hot water surged. was incredible. And so hot water surged. And water heaters were put in every home And water heaters were put in every home And water heaters were put in every home in America. But you know what happened? in America. But you know what happened? in America. But you know what happened? We sort of figured out how much hot We sort of figured out how much hot We sort of figured out how much hot water we need. Like we don't actually water we need. Like we don't actually water we need. Like we don't actually need that much hot water today than we need that much hot water today than we need that much hot water today than we did like 50 years ago. So, it took off did like 50 years ago. So, it took off did like 50 years ago. So, it took off and then it kind of got flat, right? But and then it kind of got flat, right? But and then it kind of got flat, right? But another example is electricity. When another example is electricity. When another example is electricity. When electricity was invented, it basically electricity was invented, it basically electricity was invented, it basically became like a base unit of measurement became like a base unit of measurement became like a base unit of measurement for life. Where if physics dictate if for life. Where if physics dictate if for life. Where if physics dictate if physics if it can exist in physics, physics if it can exist in physics, physics if it can exist in physics, there's a way that you can uniquely use there's a way that you can uniquely use there's a way that you can uniquely use electricity to make it happen. electricity to make it happen. electricity to make it happen. I think potentially code is going to be I think potentially code is going to be I think potentially code is going to be like that. Where it's going to be a unit like that. Where it's going to be a unit like that. Where it's going to be a unit of measurement where you can find of measurement where you can find of measurement where you can find infinite ways to get done what you would infinite ways to get done what you would infinite ways to get done what you would need to get done. And I do not think need to get done. And I do not think need to get done. And I do not think that it's going to be like water where that it's going to be like water where that it's going to be like water where it's going to be like, all right, we it's going to be like, all right, we it's going to be like, all right, we figured out. We don't really need that figured out. We don't really need that figured out. We don't really need that much more hot water. much more hot water. much more hot water. >> Well, why are you saying code instead of >> Well, why are you saying code instead of >> Well, why are you saying code instead of like intelligence? like intelligence? like intelligence? >> I'm just kind of working through this to >> I'm just kind of working through this to >> I'm just kind of working through this to be honest. Like I'm I'm still like but I be honest. Like I'm I'm still like but I be honest. Like I'm I'm still like but I was trying to think of like that's like was trying to think of like that's like was trying to think of like that's like a unit. Intelligence is I don't a unit. Intelligence is I don't a unit. Intelligence is I don't understand how to like quantify it. But understand how to like quantify it. But understand how to like quantify it. But now this is actually interesting to you now this is actually interesting to you now this is actually interesting to you potentially. potentially. potentially. There is always a point of turmoil with There is always a point of turmoil with There is always a point of turmoil with these new technologies. And I've been these new technologies. And I've been these new technologies. And I've been trying to actually break down, is there trying to actually break down, is there trying to actually break down, is there like a formula that you can figure out like a formula that you can figure out like a formula that you can figure out will the economy boom? Well, I I think will the economy boom? Well, I I think will the economy boom? Well, I I think it will. I think that's inevitable. But it will. I think that's inevitable. But it will. I think that's inevitable. But like how long will it take? So, for like how long will it take? So, for like how long will it take? So, for example, the railroads came about. And example, the railroads came about. And example, the railroads came about. And that's And like it there's like this that's And like it there's like this that's And like it there's like this weird chart that if you look at like how weird chart that if you look at like how weird chart that if you look at like how many railroad tracks were laid and how many railroad tracks were laid and how many railroad tracks were laid and how the average person's protein consumption the average person's protein consumption the average person's protein consumption went up because like what the railroads went up because like what the railroads went up because like what the railroads did was they made America smaller and it did was they made America smaller and it did was they made America smaller and it created like towns that didn't exactly created like towns that didn't exactly created like towns that didn't exactly have to be where they were anymore. And have to be where they were anymore. And have to be where they were anymore. And it created this massive like booming it created this massive like booming it created this massive like booming economy. However, it took 50 years economy. However, it took 50 years economy. However, it took 50 years because we had to create railroads, because we had to create railroads, because we had to create railroads, which is a very labor intensive thing. which is a very labor intensive thing. which is a very labor intensive thing. We had to create steel, which was like We had to create steel, which was like We had to create steel, which was like entirely new invented. And so there's entirely new invented. And so there's entirely new invented. And so there's this equation where it's like the this equation where it's like the this equation where it's like the breadth of the technology, meaning how breadth of the technology, meaning how breadth of the technology, meaning how many people does it impact, multiplied many people does it impact, multiplied many people does it impact, multiplied by this like the intensity of how it by this like the intensity of how it by this like the intensity of how it impacts you, multiplied by like the time impacts you, multiplied by like the time impacts you, multiplied by like the time of co-invention and that equals like the of co-invention and that equals like the of co-invention and that equals like the length of turmoil that someone will go length of turmoil that someone will go length of turmoil that someone will go through. With chat GPT growing as fast through. With chat GPT growing as fast through. With chat GPT growing as fast as it has, there is a world where the as it has, there is a world where the as it has, there is a world where the tumultuous period is relatively short tumultuous period is relatively short tumultuous period is relatively short compared to past breakthrough compared to past breakthrough compared to past breakthrough technologies. technologies. technologies. >> And if you knew the turmoil, either >> And if you knew the turmoil, either >> And if you knew the turmoil, either when, how, or how long, what would you when, how, or how long, what would you when, how, or how long, what would you do with it? Cuz you said there's like an do with it? Cuz you said there's like an do with it? Cuz you said there's like an opportunity. What's the opportunity? opportunity. What's the opportunity? opportunity. What's the opportunity? >> Uh like if you knew that like the the >> Uh like if you knew that like the the >> Uh like if you knew that like the the like it's only going to take us three to like it's only going to take us three to like it's only going to take us three to five years to like figure this thing out five years to like figure this thing out five years to like figure this thing out to where we're humming again, that you to where we're humming again, that you to where we're humming again, that you can make bets on that. can make bets on that. can make bets on that. >> Yeah. Actually, you know, one of the >> Yeah. Actually, you know, one of the >> Yeah. Actually, you know, one of the kind of Jevons paradox plays over the kind of Jevons paradox plays over the kind of Jevons paradox plays over the last few years has been Nvidia because last few years has been Nvidia because last few years has been Nvidia because what a lot of people thought is, hey, what a lot of people thought is, hey, what a lot of people thought is, hey, people are buying these GPUs, people are buying these GPUs, people are buying these GPUs, but each training run, each algorithmic but each training run, each algorithmic but each training run, each algorithmic improvement that the labs are making is improvement that the labs are making is improvement that the labs are making is going to make you need less and less of going to make you need less and less of going to make you need less and less of these GPUs in order to train these these GPUs in order to train these these GPUs in order to train these models. models. models. And Jensen went on um And Jensen went on um And Jensen went on um on TV saying was he was like, on TV saying was he was like, on TV saying was he was like, you're right, the training is going to you're right, the training is going to you're right, the training is going to become more efficient, but the inference become more efficient, but the inference become more efficient, but the inference is going to go up by 1 million is going to go up by 1 million is going to go up by 1 million percent whatever 1 1 million X. And percent whatever 1 1 million X. And percent whatever 1 1 million X. And people are like, 1 million X? And he's people are like, 1 million X? And he's people are like, 1 million X? And he's like, 1 million X. And it's kind of what like, 1 million X. And it's kind of what like, 1 million X. And it's kind of what you were saying at the beginning, which you were saying at the beginning, which you were saying at the beginning, which is that when these things is that when these things is that when these things do diffuse, the demand goes up not by do diffuse, the demand goes up not by do diffuse, the demand goes up not by like some like some like some kind of easy to understand percentage or kind of easy to understand percentage or kind of easy to understand percentage or multiple, but like in a mind-boggling multiple, but like in a mind-boggling multiple, but like in a mind-boggling way. way. way. Where you know, when from the time of Where you know, when from the time of Where you know, when from the time of the printing press to now, like if you the printing press to now, like if you the printing press to now, like if you were trying to market size how many were trying to market size how many were trying to market size how many people will create text and how many people will create text and how many people will create text and how many people will read text, people will read text, people will read text, you couldn't have thought of Twitter. you couldn't have thought of Twitter. you couldn't have thought of Twitter. Like Twitter would have broken your Like Twitter would have broken your Like Twitter would have broken your brain. It didn't make any sense. But brain. It didn't make any sense. But brain. It didn't make any sense. But that's kind of what happens. And so he's that's kind of what happens. And so he's that's kind of what happens. And so he's been saying that about inference, which been saying that about inference, which been saying that about inference, which is like when you when you query AI, when is like when you when you query AI, when is like when you when you query AI, when you use AI to do something, you use you use AI to do something, you use you use AI to do something, you use inference. And he's like inference is is inference. And he's like inference is is inference. And he's like inference is is going People don't understand like how going People don't understand like how going People don't understand like how how much there how big the inference how much there how big the inference how much there how big the inference need is going to be for the world. It's need is going to be for the world. It's need is going to be for the world. It's like, you know, mind-boggling. like, you know, mind-boggling. like, you know, mind-boggling. >> I think what's going to happen over the >> I think what's going to happen over the >> I think what's going to happen over the next 6 months next 6 months next 6 months is and this is partially for listener is and this is partially for listener is and this is partially for listener because I think you potentially might because I think you potentially might because I think you potentially might know this is I think the popular smart know this is I think the popular smart know this is I think the popular smart people, which I think we're relatively people, which I think we're relatively people, which I think we're relatively popular. I don't think I'm that smart. popular. I don't think I'm that smart. popular. I don't think I'm that smart. But I think the popular smart people, But I think the popular smart people, But I think the popular smart people, the narrative is going to change. It's the narrative is going to change. It's the narrative is going to change. It's not And this is in itself not And this is in itself not And this is in itself serving to have this narrative serving to have this narrative serving to have this narrative particularly if you're a president or particularly if you're a president or particularly if you're a president or whatever. But the narrative is going to whatever. But the narrative is going to whatever. But the narrative is going to change that this is going to be a change that this is going to be a change that this is going to be a massive net positive and they're going massive net positive and they're going massive net positive and they're going to cite Jevons paradox and they're going to cite Jevons paradox and they're going to cite Jevons paradox and they're going to excite everything that I've just to excite everything that I've just to excite everything that I've just said, which isn't particularly unique said, which isn't particularly unique said, which isn't particularly unique and nothing I'm saying is unique. and nothing I'm saying is unique. and nothing I'm saying is unique. >> Dude, I see this all the time. It's >> Dude, I see this all the time. It's >> Dude, I see this all the time. It's like, yeah, this is going to be great like, yeah, this is going to be great like, yeah, this is going to be great for you if you make it great for you. I for you if you make it great for you. I for you if you make it great for you. I mean people are just sitting back as mean people are just sitting back as mean people are just sitting back as like the recipient of this and it's like the recipient of this and it's like the recipient of this and it's like, is this hand going to slap me or like, is this hand going to slap me or like, is this hand going to slap me or is it going to put, you know, grapes in is it going to put, you know, grapes in is it going to put, you know, grapes in my mouth? And it's like, well, it my mouth? And it's like, well, it my mouth? And it's like, well, it depends. Like it depends what you do. depends. Like it depends what you do. depends. Like it depends what you do. Are you learning how to use this [ __ ] Are you learning how to use this [ __ ] Are you learning how to use this [ __ ] Are you paying attention to what's going Are you paying attention to what's going Are you paying attention to what's going on? Are you thinking about how you can on? Are you thinking about how you can on? Are you thinking about how you can use this in your field? Are you talking use this in your field? Are you talking use this in your field? Are you talking to smart people? Are you moving where to smart people? Are you moving where to smart people? Are you moving where the puck is going or not? Like the puck is going or not? Like the puck is going or not? Like I feel like people are so passive about I feel like people are so passive about I feel like people are so passive about like what's going to happen as if like what's going to happen as if like what's going to happen as if everything is happening to you and that everything is happening to you and that everything is happening to you and that none of this is happening potentially none of this is happening potentially none of this is happening potentially for you and that you have no agency to for you and that you have no agency to for you and that you have no agency to be generative and democratize this be generative and democratize this be generative and democratize this technology for yourself. technology for yourself. technology for yourself. >> The reason I was studying the Luddites >> The reason I was studying the Luddites >> The reason I was studying the Luddites is I think that same movement is already is I think that same movement is already is I think that same movement is already happening right now and it's going to happening right now and it's going to happening right now and it's going to continue to happen. You know, you saw continue to happen. You know, you saw continue to happen. You know, you saw like at this recent college graduation like at this recent college graduation like at this recent college graduation speeches like Steve's or Solomon, I speeches like Steve's or Solomon, I speeches like Steve's or Solomon, I forget his first name, Solomon the CEO forget his first name, Solomon the CEO forget his first name, Solomon the CEO of Goldman was like talking about AI and of Goldman was like talking about AI and of Goldman was like talking about AI and everyone was booing. everyone was booing. everyone was booing. >> Yeah, people walked out, right? >> Yeah, people walked out, right? >> Yeah, people walked out, right? >> [laughter] >> [laughter] >> [laughter] >> The reason I'm bringing this up is if >> The reason I'm bringing this up is if >> The reason I'm bringing this up is if you go back and study the Gilded Age, you go back and study the Gilded Age, you go back and study the Gilded Age, which I that's a one of my favorite eras which I that's a one of my favorite eras which I that's a one of my favorite eras as well as the Industrial Revolution, as well as the Industrial Revolution, as well as the Industrial Revolution, it's all just repeat itself. it's all just repeat itself. it's all just repeat itself. Everything's repeating itself. It's It's Everything's repeating itself. It's It's Everything's repeating itself. It's It's like the like the like the It's very very very similar over and It's very very very similar over and It's very very very similar over and over and over and over again. This is over and over and over again. This is over and over and over again. This is all quite predictable. Now, the time and all quite predictable. Now, the time and all quite predictable. Now, the time and the how is who knows, but like the the how is who knows, but like the the how is who knows, but like the general trend, it's all been there, done general trend, it's all been there, done general trend, it's all been there, done that. that. that. >> Yeah. Yeah. >> Yeah. Yeah. >> Yeah. Yeah. It's crazy to me that it's become like a It's crazy to me that it's become like a It's crazy to me that it's become like a high-status thing to do to high-status thing to do to high-status thing to do to be anti-data centers and AI and things be anti-data centers and AI and things be anti-data centers and AI and things like that. It's like really really like that. It's like really really like that. It's like really really bizarre. bizarre. bizarre. >> not fair. I don't think that's fair. I I >> not fair. I don't think that's fair. I I >> not fair. I don't think that's fair. I I I don't think we should dismiss it. I I don't think we should dismiss it. I I don't think we should dismiss it. I think they're stupid. I understand their think they're stupid. I understand their think they're stupid. I understand their sentiment. Can you imagine being 80 or sentiment. Can you imagine being 80 or sentiment. Can you imagine being 80 or 21 years old 21 years old 21 years old First of all, if you're 21 years old, First of all, if you're 21 years old, First of all, if you're 21 years old, you [ __ ] graduated high school during you [ __ ] graduated high school during you [ __ ] graduated high school during COVID. That sucks. Okay? The world COVID. That sucks. Okay? The world COVID. That sucks. Okay? The world changed dramatically over the last 4 changed dramatically over the last 4 changed dramatically over the last 4 years to the point where you uh you were years to the point where you uh you were years to the point where you uh you were expecting to get a job at Deloitte and expecting to get a job at Deloitte and expecting to get a job at Deloitte and or as a law clerk or whatever like, you or as a law clerk or whatever like, you or as a law clerk or whatever like, you know, and they're like, "Nah, we don't know, and they're like, "Nah, we don't know, and they're like, "Nah, we don't need you, dog." Like there is anger, need you, dog." Like there is anger, need you, dog." Like there is anger, which I understand. But I think that the which I understand. But I think that the which I understand. But I think that the way that they act way that they act way that they act >> You need me to put my my mind in the >> You need me to put my my mind in the >> You need me to put my my mind in the mind of a loser and I just can't do it. mind of a loser and I just can't do it. mind of a loser and I just can't do it. It's just not possible to do this. The It's just not possible to do this. The It's just not possible to do this. The loser think is just not acceptable in my loser think is just not acceptable in my loser think is just not acceptable in my mind and I uh mind and I uh mind and I uh I'm sorry. I just I just don't have the I'm sorry. I just I just don't have the I'm sorry. I just I just don't have the ability. Maybe you can. Maybe you can ability. Maybe you can. Maybe you can ability. Maybe you can. Maybe you can have go in the mind of a loser, but I have go in the mind of a loser, but I have go in the mind of a loser, but I just I simply can't. just I simply can't. just I simply can't. >> they're wrong, but I have empathy for >> they're wrong, but I have empathy for >> they're wrong, but I have empathy for it. I I understand that feeling and I it. I I understand that feeling and I it. I I understand that feeling and I think they're stupid. think they're stupid. think they're stupid. >> [laughter] >> Dude, there was one point >> Dude, there was one point um where like ATMs had just gotten um where like ATMs had just gotten um where like ATMs had just gotten invented invented invented and these people who were like the bank and these people who were like the bank and these people who were like the bank tellers was like a huge there it was tellers was like a huge there it was tellers was like a huge there it was like a big deal. That was like a big job like a big deal. That was like a big job like a big deal. That was like a big job and they they revolted. They were like, and they they revolted. They were like, and they they revolted. They were like, "F this. You're going to put us out of "F this. You're going to put us out of "F this. You're going to put us out of business, this or that." And do you know business, this or that." And do you know business, this or that." And do you know what happened? what happened? what happened? Way more banks went up. May way more Way more banks went up. May way more Way more banks went up. May way more banks were created or branches, like banks were created or branches, like banks were created or branches, like physical locations, way more. And so, I physical locations, way more. And so, I physical locations, way more. And so, I just think if I'm telling these young just think if I'm telling these young just think if I'm telling these young people, I would say, "It might suck for people, I would say, "It might suck for people, I would say, "It might suck for a minute." a minute." a minute." >> Dude, if if you're young, you have no >> Dude, if if you're young, you have no >> Dude, if if you're young, you have no excuse. Okay, I can get it if you're excuse. Okay, I can get it if you're excuse. Okay, I can get it if you're like 65 and you're 75 years old or like 65 and you're 75 years old or like 65 and you're 75 years old or whatever and you're like, "Oh my god, whatever and you're like, "Oh my god, whatever and you're like, "Oh my god, there's a lot of change. It's going to there's a lot of change. It's going to there's a lot of change. It's going to be really hard. I've been running my be really hard. I've been running my be really hard. I've been running my business. It's it's pretty difficult for business. It's it's pretty difficult for business. It's it's pretty difficult for me to reinvent right now." Like, I have me to reinvent right now." Like, I have me to reinvent right now." Like, I have a lot more understanding for that. If a lot more understanding for that. If a lot more understanding for that. If you're 18, 19, you're 18, 19, you're 18, 19, you didn't know anything anyways. Uh, you didn't know anything anyways. Uh, you didn't know anything anyways. Uh, you know, hop on this train. This train you know, hop on this train. This train you know, hop on this train. This train is exciting. This train has like so much is exciting. This train has like so much is exciting. This train has like so much room to run. You know, you you sort of room to run. You know, you you sort of room to run. You know, you you sort of have to look at the counterfactuals, have to look at the counterfactuals, have to look at the counterfactuals, right? So, you might say, "Well, it's right? So, you might say, "Well, it's right? So, you might say, "Well, it's going to be harder than ever to get a going to be harder than ever to get a going to be harder than ever to get a job or this or that." It's also true job or this or that." It's also true job or this or that." It's also true that more people than ever are going to that more people than ever are going to that more people than ever are going to create new things. More people than ever create new things. More people than ever create new things. More people than ever are going to become successful. More are going to become successful. More are going to become successful. More people than ever are going to become people than ever are going to become people than ever are going to become millionaires out of this. And so, it's millionaires out of this. And so, it's millionaires out of this. And so, it's entirely possible to to have that result entirely possible to to have that result entirely possible to to have that result if you if you choose, if you do the if you if you choose, if you do the if you if you choose, if you do the actions that will that will get you to actions that will that will get you to actions that will that will get you to that result. So, I guess I just have a that result. So, I guess I just have a that result. So, I guess I just have a very little empathy for like the younger very little empathy for like the younger very little empathy for like the younger folks. This should be easier, come more folks. This should be easier, come more folks. This should be easier, come more naturally for them. They have less naturally for them. They have less naturally for them. They have less invested and less sunk costs and less invested and less sunk costs and less invested and less sunk costs and less rigidity of the past to even like rigidity of the past to even like rigidity of the past to even like be tied down to. So, I don't I don't be tied down to. So, I don't I don't be tied down to. So, I don't I don't really understand that. And the other really understand that. And the other really understand that. And the other side is like, "Is this serving you? side is like, "Is this serving you? side is like, "Is this serving you? Like, is that attitude serving you in Like, is that attitude serving you in Like, is that attitude serving you in any way?" Uh, is that like forget any way?" Uh, is that like forget any way?" Uh, is that like forget arguing who's right and who's wrong. arguing who's right and who's wrong. arguing who's right and who's wrong. Like, at some point you just have to Like, at some point you just have to Like, at some point you just have to ask, "Does this belief serve me or not?" ask, "Does this belief serve me or not?" ask, "Does this belief serve me or not?" And I don't believe that that belief And I don't believe that that belief And I don't believe that that belief serves you. I also don't believe that serves you. I also don't believe that serves you. I also don't believe that you can control it. Just like Ned Ludd you can control it. Just like Ned Ludd you can control it. Just like Ned Ludd and the Luddites found out, it didn't and the Luddites found out, it didn't and the Luddites found out, it didn't matter how many windows you smashed. matter how many windows you smashed. matter how many windows you smashed. This shit's happening. It's like getting This shit's happening. It's like getting This shit's happening. It's like getting mad at the weather. It's like it's going mad at the weather. It's like it's going mad at the weather. It's like it's going to rain to rain to rain whether you shake your fist at the sky whether you shake your fist at the sky whether you shake your fist at the sky or not. Like, you have zero chance of or not. Like, you have zero chance of or not. Like, you have zero chance of slowing down AI. The AI freight train slowing down AI. The AI freight train slowing down AI. The AI freight train has left the station. It is happening. has left the station. It is happening. has left the station. It is happening. And so, all you should really worry And so, all you should really worry And so, all you should really worry about is what you can control, which is about is what you can control, which is about is what you can control, which is your reaction and response to the new your reaction and response to the new your reaction and response to the new playing field. Trying to argue that the playing field. Trying to argue that the playing field. Trying to argue that the new playing field is bad is sort of new playing field is bad is sort of new playing field is bad is sort of stupid to me. Um it's like again, like stupid to me. Um it's like again, like stupid to me. Um it's like again, like yelling at the weather. You don't get to yelling at the weather. You don't get to yelling at the weather. You don't get to You don't get to have a say in in that You don't get to have a say in in that You don't get to have a say in in that side of things. The New York Who is it? side of things. The New York Who is it? side of things. The New York Who is it? The governor, the mayor, who whoever was The governor, the mayor, who whoever was The governor, the mayor, who whoever was that was like proudly like, "We have that was like proudly like, "We have that was like proudly like, "We have banned data centers in New York state." banned data centers in New York state." banned data centers in New York state." Um they were like so happy about it. You Um they were like so happy about it. You Um they were like so happy about it. You know, politics is already very know, politics is already very know, politics is already very performative, but like man, performative, but like man, performative, but like man, taking so much smug pride in like taking so much smug pride in like taking so much smug pride in like banishing the technology that's going to banishing the technology that's going to banishing the technology that's going to create create create >> [laughter] >> [laughter] >> [laughter] >> all the where all the growth is coming >> all the where all the growth is coming >> all the where all the growth is coming from in the economy is sort of a from in the economy is sort of a from in the economy is sort of a you know, you know, you know, silly. silly. silly. >> And one that's being popularized now is >> And one that's being popularized now is >> And one that's being popularized now is data centers use electricity and use data centers use electricity and use data centers use electricity and use water. And I actually have no idea if water. And I actually have no idea if water. And I actually have no idea if that's true or not true, but whenever I that's true or not true, but whenever I that's true or not true, but whenever I see these things, I'm like, we should see these things, I'm like, we should see these things, I'm like, we should actually learn if that's the reality actually learn if that's the reality actually learn if that's the reality because because because I have a feeling that like the Super I have a feeling that like the Super I have a feeling that like the Super Bowl is significantly more inefficient Bowl is significantly more inefficient Bowl is significantly more inefficient than a data center, and yet we celebrate than a data center, and yet we celebrate than a data center, and yet we celebrate that. Like that. Like that. Like >> Anybody who's has this feeling and >> Anybody who's has this feeling and >> Anybody who's has this feeling and you're like, "Man, Sean's really not you're like, "Man, Sean's really not you're like, "Man, Sean's really not empathizing with my This guy's being a empathizing with my This guy's being a empathizing with my This guy's being a jerk about this. He doesn't understand jerk about this. He doesn't understand jerk about this. He doesn't understand how hard it is right now and for for how hard it is right now and for for how hard it is right now and for for me." me." me." Just watch this clip. Just needed to Just watch this clip. Just needed to Just watch this clip. Just needed to watch this clip of this guy with no legs watch this clip of this guy with no legs watch this clip of this guy with no legs completing the last man standing race, completing the last man standing race, completing the last man standing race, which is like this insane 26-hour which is like this insane 26-hour which is like this insane 26-hour fitness event, and he's crawling he's fitness event, and he's crawling he's fitness event, and he's crawling he's using his pulling his wheelchair through using his pulling his wheelchair through using his pulling his wheelchair through the mud using his arms finishing this the mud using his arms finishing this the mud using his arms finishing this race. And anybody who's got an it is race. And anybody who's got an it is race. And anybody who's got an it is what it is attitude, what it is attitude, what it is attitude, um go watch this on loop. This should be um go watch this on loop. This should be um go watch this on loop. This should be your commencement speech instead of your commencement speech instead of your commencement speech instead of you know, just sitting there smug and you know, just sitting there smug and you know, just sitting there smug and walking out of it because some guy said walking out of it because some guy said walking out of it because some guy said two letters you didn't like. two letters you didn't like. two letters you didn't like. >> I usually think of Sacagawea and Lewis >> I usually think of Sacagawea and Lewis >> I usually think of Sacagawea and Lewis and Clark. That's mine. and Clark. That's mine. and Clark. That's mine. >> In moments like this. >> In moments like this. >> In moments like this. >> I think Look, they walked across an >> I think Look, they walked across an >> I think Look, they walked across an unknown territory for 2 years with a unknown territory for 2 years with a unknown territory for 2 years with a 3-month-old baby. 3-month-old baby. 3-month-old baby. They could do that and that baby still They could do that and that baby still They could do that and that baby still lived. I can do this. lived. I can do this. lived. I can do this. >> That's what I need. Actually, that >> That's what I need. Actually, that >> That's what I need. Actually, that should be a service when you're in should be a service when you're in should be a service when you're in Disneyland as a dad and it's like hour Disneyland as a dad and it's like hour Disneyland as a dad and it's like hour seven seven seven and it's it's so hot. The kids are and it's it's so hot. The kids are and it's it's so hot. The kids are crying, cranky after you spent a crying, cranky after you spent a crying, cranky after you spent a thousand dollars taking them to the thousand dollars taking them to the thousand dollars taking them to the happiest place on earth and you're happiest place on earth and you're happiest place on earth and you're pushing the stroller and you've got the pushing the stroller and you've got the pushing the stroller and you've got the turkey leg dripping down your turkey leg dripping down your turkey leg dripping down your your your your arm the juice of that your your your arm the juice of that your your your arm the juice of that thing and you just hate your life. You thing and you just hate your life. You thing and you just hate your life. You need you need the Sacagawea need you need the Sacagawea need you need the Sacagawea example. example. example. >> Yeah. >> Yeah. >> Yeah. >> You need you need that's what you need. >> You need you need that's what you need. >> You need you need that's what you need. >> look kids, the story of Moby Dick is >> look kids, the story of Moby Dick is >> look kids, the story of Moby Dick is real. These guys floated across America real. These guys floated across America real. These guys floated across America on a raft for 90 days before they were on a raft for 90 days before they were on a raft for 90 days before they were discovered. Okay? If they could do that, discovered. Okay? If they could do that, discovered. Okay? If they could do that, we can get to McDonald's without crying. we can get to McDonald's without crying. we can get to McDonald's without crying. >> [laughter] >> [laughter] >> [laughter] >> Can I tell you a very inspiring >> Can I tell you a very inspiring >> Can I tell you a very inspiring entrepreneurial story just to leave on a entrepreneurial story just to leave on a entrepreneurial story just to leave on a high note? high note? high note? Have you ever heard about the ice king, Have you ever heard about the ice king, Have you ever heard about the ice king, Frederick Tudor? Do you know this guy? Frederick Tudor? Do you know this guy? Frederick Tudor? Do you know this guy? >> Not personally. >> Not personally. >> Not personally. >> [laughter] >> [laughter] >> [laughter] >> All right, so Frederick Tudor. So this >> All right, so Frederick Tudor. So this >> All right, so Frederick Tudor. So this guy is known as the ice king. This guy guy is known as the ice king. This guy guy is known as the ice king. This guy basically he lives in the nor- north basically he lives in the nor- north basically he lives in the nor- north northeast of of the US. So he lives near northeast of of the US. So he lives near northeast of of the US. So he lives near like Boston or something where it gets like Boston or something where it gets like Boston or something where it gets cold. cold. cold. And you know, Boston gets cold in the And you know, Boston gets cold in the And you know, Boston gets cold in the winter. There's tons of ice and he winter. There's tons of ice and he winter. There's tons of ice and he realizes he learns that in South realizes he learns that in South realizes he learns that in South America, they never have snow America, they never have snow America, they never have snow and they never had ice. and they never had ice. and they never had ice. And so he has this brilliant And so he has this brilliant And so he has this brilliant entrepreneurial idea. He's like entrepreneurial idea. He's like entrepreneurial idea. He's like I'm going to sell ice to the South I'm going to sell ice to the South I'm going to sell ice to the South Americans. Americans. Americans. And this is pre-refrigeration, And this is pre-refrigeration, And this is pre-refrigeration, pre-the freezer being invented, right? pre-the freezer being invented, right? pre-the freezer being invented, right? Because so he's basically goes out Because so he's basically goes out Because so he's basically goes out wherever there's like a frozen lake and wherever there's like a frozen lake and wherever there's like a frozen lake and he would get blocks of ice he would get blocks of ice he would get blocks of ice and he would figure out how to transport and he would figure out how to transport and he would figure out how to transport it on boats to South America and go try it on boats to South America and go try it on boats to South America and go try to sell this stuff. And he was like, I to sell this stuff. And he was like, I to sell this stuff. And he was like, I will sell I'm not selling ice, I'm will sell I'm not selling ice, I'm will sell I'm not selling ice, I'm selling winter. selling winter. selling winter. And people are like, how are you going And people are like, how are you going And people are like, how are you going to even trans- melting? He's like so he to even trans- melting? He's like so he to even trans- melting? He's like so he starts getting in the lab and he he uses starts getting in the lab and he he uses starts getting in the lab and he he uses wool to wrap that he realizes like, oh, wool to wrap that he realizes like, oh, wool to wrap that he realizes like, oh, I can cover it with sawdust and sawdust I can cover it with sawdust and sawdust I can cover it with sawdust and sawdust will preserve this ice for like a little will preserve this ice for like a little will preserve this ice for like a little longer. And he would start the thing longer. And he would start the thing longer. And he would start the thing with like 200 lb of ice and by the end with like 200 lb of ice and by the end with like 200 lb of ice and by the end he would have like, you know, 70 lb he would have like, you know, 70 lb he would have like, you know, 70 lb left, but he would still sell that 70 left, but he would still sell that 70 left, but he would still sell that 70 lb. And then when he got there, people lb. And then when he got there, people lb. And then when he got there, people didn't understand what to do with the didn't understand what to do with the didn't understand what to do with the ice. He would sell the ice and then ice. He would sell the ice and then ice. He would sell the ice and then people would come back complaining being people would come back complaining being people would come back complaining being like, it melted, dude. He's like, what like, it melted, dude. He's like, what like, it melted, dude. He's like, what are you talking about? That's what it are you talking about? That's what it are you talking about? That's what it does. It's it's ice. It's hot outside. does. It's it's ice. It's hot outside. does. It's it's ice. It's hot outside. Like they didn't get it and he's like, Like they didn't get it and he's like, Like they didn't get it and he's like, okay, I just got on this boat for like a okay, I just got on this boat for like a okay, I just got on this boat for like a month and brought them ice and they month and brought them ice and they month and brought them ice and they didn't want it. I have to get them to didn't want it. I have to get them to didn't want it. I have to get them to want it. I have to build the desire in want it. I have to build the desire in want it. I have to build the desire in their mind. And so he goes and he their mind. And so he goes and he their mind. And so he goes and he figures out what's the key product. figures out what's the key product. figures out what's the key product. What's my hero hero product here? He's What's my hero hero product here? He's What's my hero hero product here? He's like, I need to sell cold drinks on a like, I need to sell cold drinks on a like, I need to sell cold drinks on a hot day. So he goes to the bartenders hot day. So he goes to the bartenders hot day. So he goes to the bartenders and he says, look, I'm going to chip you and he says, look, I'm going to chip you and he says, look, I'm going to chip you off a little ice here. This is free for off a little ice here. This is free for off a little ice here. This is free for you, but you need to start serving rum you, but you need to start serving rum you, but you need to start serving rum cold in a chilled chilled drink. And so cold in a chilled chilled drink. And so cold in a chilled chilled drink. And so they he gets the bartenders free ice. they he gets the bartenders free ice. they he gets the bartenders free ice. They start giving people ice out of the They start giving people ice out of the They start giving people ice out of the you know, cold drinks and guess what? you know, cold drinks and guess what? you know, cold drinks and guess what? Once you've had cold cold rum, you never Once you've had cold cold rum, you never Once you've had cold cold rum, you never want to go back to that warm piss again. want to go back to that warm piss again. want to go back to that warm piss again. And so the demand starts to get built. And so the demand starts to get built. And so the demand starts to get built. People start to want ice and this guy People start to want ice and this guy People start to want ice and this guy builds this amazing trade. He um builds this amazing trade. He um builds this amazing trade. He um pioneers new methods of refrigeration pioneers new methods of refrigeration pioneers new methods of refrigeration and freezing in order to transport the and freezing in order to transport the and freezing in order to transport the ice ice ice and ultimately puts himself out of and ultimately puts himself out of and ultimately puts himself out of business because people realized, business because people realized, business because people realized, oh wait, we can just freeze water and oh wait, we can just freeze water and oh wait, we can just freeze water and make ice ourselves and then the ice make ice ourselves and then the ice make ice ourselves and then the ice trade kind of collapsed. But Frederick trade kind of collapsed. But Frederick trade kind of collapsed. But Frederick Tudor for a day was the man. Tudor for a day was the man. Tudor for a day was the man. >> I'm always I'm also always interested >> I'm always I'm also always interested >> I'm always I'm also always interested how you got interested in this cuz how you got interested in this cuz how you got interested in this cuz sometimes those stories are equally as sometimes those stories are equally as sometimes those stories are equally as good. good. good. >> Uh so me and Diego, who's right over >> Uh so me and Diego, who's right over >> Uh so me and Diego, who's right over here 5 ft away from me, one of the here 5 ft away from me, one of the here 5 ft away from me, one of the things we do is we we try to read as things we do is we we try to read as things we do is we we try to read as many books as we can. So he's been many books as we can. So he's been many books as we can. So he's been reading this book called the Medici reading this book called the Medici reading this book called the Medici Effect. So this was one of his stories Effect. So this was one of his stories Effect. So this was one of his stories and I was like, wow, that's an and I was like, wow, that's an and I was like, wow, that's an incredible story. incredible story. incredible story. >> I'm happy you're reading books now. >> I'm happy you're reading books now. >> I'm happy you're reading books now. >> That's condescending, but I like it. I I >> That's condescending, but I like it. I I >> That's condescending, but I like it. I I appreciate it. appreciate it. appreciate it. >> I did not say that. I mean, I said what >> I did not say that. I mean, I said what >> I did not say that. I mean, I said what I just said, but you previously said I just said, but you previously said I just said, but you previously said that you normally don't make it past the that you normally don't make it past the that you normally don't make it past the table of contents. table of contents. table of contents. >> [laughter] >> I don't know. I even open the book. I >> I don't know. I even open the book. I buy the book with great enthusiasm and I buy the book with great enthusiasm and I buy the book with great enthusiasm and I really don't even open them. They I've really don't even open them. They I've really don't even open them. They I've I've actually you'll appreciate this. I've actually you'll appreciate this. I've actually you'll appreciate this. I'm creating a bookshelf, so you'll see I'm creating a bookshelf, so you'll see I'm creating a bookshelf, so you'll see my office is going to change soon. So, my office is going to change soon. So, my office is going to change soon. So, I'm creating a bookshelf that is like a I'm creating a bookshelf that is like a I'm creating a bookshelf that is like a trello board. So, it's basically a trello board. So, it's basically a trello board. So, it's basically a progress bar bookshelf. So, I have all progress bar bookshelf. So, I have all progress bar bookshelf. So, I have all the books I bought, that's my ice box, the books I bought, that's my ice box, the books I bought, that's my ice box, my pipeline, and then a book moves into my pipeline, and then a book moves into my pipeline, and then a book moves into like the reading phase and then it moves like the reading phase and then it moves like the reading phase and then it moves physically into the completed phase and physically into the completed phase and physically into the completed phase and then there's the hall of fame of like then there's the hall of fame of like then there's the hall of fame of like great books, which will be like the few, great books, which will be like the few, great books, which will be like the few, the rare, the ones I would actually the rare, the ones I would actually the rare, the ones I would actually recommend anybody else. recommend anybody else. recommend anybody else. >> It's sort of like one time Steph Smith >> It's sort of like one time Steph Smith >> It's sort of like one time Steph Smith told me she invented a water bottle that told me she invented a water bottle that told me she invented a water bottle that reminds her to drink more water and I reminds her to drink more water and I reminds her to drink more water and I was like was like was like just chug the water. just chug the water. just chug the water. Just sit down and read the book. Just sit down and read the book. Just sit down and read the book. >> [laughter] >> [laughter] >> [laughter] >> Are you sure >> Are you sure >> Are you sure my bookshelf not being a progress bar my bookshelf not being a progress bar my bookshelf not being a progress bar has not been the thing holding me back? has not been the thing holding me back? has not been the thing holding me back? >> [laughter] >> [laughter] >> [laughter] >> That's what I've been telling myself. >> That's what I've been telling myself. >> That's what I've been telling myself. >> So, my old boss Emmett from from Twitch, >> So, my old boss Emmett from from Twitch, >> So, my old boss Emmett from from Twitch, he would tell me this cuz I have a he would tell me this cuz I have a he would tell me this cuz I have a tendency to do this where I will over tendency to do this where I will over tendency to do this where I will over architect a solution to something and I architect a solution to something and I architect a solution to something and I will convince myself that like will convince myself that like will convince myself that like this elaborate way will be the solution this elaborate way will be the solution this elaborate way will be the solution instead of the obvious. And so, he would instead of the obvious. And so, he would instead of the obvious. And so, he would just listen to me talk and I would tell just listen to me talk and I would tell just listen to me talk and I would tell him for 15 minutes what I'm this great him for 15 minutes what I'm this great him for 15 minutes what I'm this great idea I have idea I have idea I have and then I'd be like, "It's great, and then I'd be like, "It's great, and then I'd be like, "It's great, right?" And then he would say simply right?" And then he would say simply right?" And then he would say simply he'd go, "Have you tried solving the he'd go, "Have you tried solving the he'd go, "Have you tried solving the problem?" problem?" problem?" >> [laughter] >> [laughter] >> [laughter] >> He's like and then he >> He's like and then he >> He's like and then he Have you tried actually just solving the Have you tried actually just solving the Have you tried actually just solving the problem? And then he would say things problem? And then he would say things problem? And then he would say things like, "The only way out is through, like, "The only way out is through, like, "The only way out is through, Shawn." And I was like, "Oh, wow." I was Shawn." And I was like, "Oh, wow." I was Shawn." And I was like, "Oh, wow." I was like, "Yeah, I'm kind of an idiot." He like, "Yeah, I'm kind of an idiot." He like, "Yeah, I'm kind of an idiot." He goes, "No, actually." He goes, "I'm a goes, "No, actually." He goes, "I'm a goes, "No, actually." He goes, "I'm a partner at YC and this is the most partner at YC and this is the most partner at YC and this is the most common advice I give to YC startups. common advice I give to YC startups. common advice I give to YC startups. They'll say exactly what they're They'll say exactly what they're They'll say exactly what they're planning to do and then I'll ask them, planning to do and then I'll ask them, planning to do and then I'll ask them, have you tried solving the problem?" have you tried solving the problem?" have you tried solving the problem?" >> [laughter] >> [laughter] >> [laughter] >> Then they'll be like, "What?" And it's >> Then they'll be like, "What?" And it's >> Then they'll be like, "What?" And it's his like shock value way of reminding his like shock value way of reminding his like shock value way of reminding you that like in many situations the you that like in many situations the you that like in many situations the only way out is through and you're only way out is through and you're only way out is through and you're trying to find a way around. There is no trying to find a way around. There is no trying to find a way around. There is no around, there's only through. around, there's only through. around, there's only through. >> I waste so much time like charging my >> I waste so much time like charging my >> I waste so much time like charging my AirPods, looking for the holster to hold AirPods, looking for the holster to hold AirPods, looking for the holster to hold my iPhone, making sure that like this my iPhone, making sure that like this my iPhone, making sure that like this and I'm like dude, just you're just and I'm like dude, just you're just and I'm like dude, just you're just going for like a 30-minute run. going for like a 30-minute run. going for like a 30-minute run. >> I will buy I will door I door I did this >> I will buy I will door I door I did this >> I will buy I will door I door I did this the other day. I was going for a run, I the other day. I was going for a run, I the other day. I was going for a run, I DoorDashed, you know the little arm DoorDashed, you know the little arm DoorDashed, you know the little arm plastic like blood pressure monitor plastic like blood pressure monitor plastic like blood pressure monitor where you put your phone? where you put your phone? where you put your phone? >> Yeah. >> Yeah. >> Yeah. >> And I was like, well, I started I >> And I was like, well, I started I >> And I was like, well, I started I couldn't run without my phone. So, I couldn't run without my phone. So, I couldn't run without my phone. So, I guess I'll just wait 45 minutes for this guess I'll just wait 45 minutes for this guess I'll just wait 45 minutes for this thing to arrive. thing to arrive. thing to arrive. >> Dude. >> Dude. >> Dude. >> I go for my >> I go for my >> I go for my run. run. run. >> Four-hour four-minute run. I was going >> Four-hour four-minute run. I was going >> Four-hour four-minute run. I was going to run half a mile. to run half a mile. to run half a mile. >> [laughter] >> [laughter] >> [laughter] >> I do the same [ __ ] all the time. >> I do the same [ __ ] all the time. >> I do the same [ __ ] all the time. >> song. I could have just hummed it. >> song. I could have just hummed it. >> song. I could have just hummed it. >> [laughter] >> Uh what was it like Come My Lady, Come >> Uh what was it like Come My Lady, Come Come My Lady, You're My Butterfly? Come My Lady, You're My Butterfly? Come My Lady, You're My Butterfly? >> [laughter] >> Shots so good. >> Shots so good. Running like Is this guy singing Running like Is this guy singing Running like Is this guy singing Hoobastank to himself? Hoobastank to himself? Hoobastank to himself? >> [laughter] >> [laughter] >> [laughter] >> Why do people listen to us? Why do they >> Why do people listen to us? Why do they >> Why do people listen to us? Why do they listen to us? listen to us? listen to us? >> Who listens to that? That's the pod. >> Who listens to that? That's the pod. >> Who listens to that? That's the pod. >> [laughter]