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Speaker 1: This is Masters in Business with Barry rid Holts on

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Speaker 1: Bloomberg Radio. Welcome to the podcast this week. I'm Barry

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Speaker 1: rid Holtson. You're listening to Masters in Business on Bloomberg Radio.

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Speaker 1: This week. I have an old friend in as a guest,

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Speaker 1: Howard Lindzen, who has a storied background in the world

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Speaker 1: of angel and venture investing. I know Howard for a

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Speaker 1: good couple of years, primarily from his time when he

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Speaker 1: was running the stock Twits network, which was the largest

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Speaker 1: financial social network out there, as well as a number

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Speaker 1: of other investments that he's made over the years that

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Speaker 1: I've been familiar with in the technology space. Howard is

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Speaker 1: a Canadian, so that makes him nicer than most people,

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Speaker 1: but also gives him a slightly different perspective on how

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Speaker 1: things are here in the States. And and we've seen

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Speaker 1: a number of different Canadians like Howard and Paul Couldraw,

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Speaker 1: you know, there's such folks come down from Canada and

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Speaker 1: just you know, have a slightly different perspective which lets

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Speaker 1: them see things a little bit differently. And I think

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Speaker 1: you'll find this and amusing and interesting conversation with no

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Speaker 1: further ado. Here's my conversation with Howard Linson. This is

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Speaker 1: Masters in Business with Barry Ridholts on Bloomberg Radio. My

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Speaker 1: guest this week is Howard Linsen, entrepreneur, angel investor, hedge

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Speaker 1: fund manager. What what else can we add to your curriculum?

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Speaker 1: Vitae married nineteen years, two kids, two dogs, two kids,

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Speaker 1: two dogs. I get my best ideas from the dogs

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Speaker 1: and the kids. You know. I read somewhere that your

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Speaker 1: hobbies are driving your kids around and staying awake, and

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Speaker 1: I will save the answer to what that actually means

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Speaker 1: till till later. So let's talk a little bit. Remind me,

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Speaker 1: resumet and sleep are two big absolutely, So let's talk

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Speaker 1: a little bit about your background. You grew up in Canada,

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Speaker 1: in Toronto, and then not like it's like New York

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Speaker 1: considered Canada, Montreal's Canada, Yukon territories as Canada. So you

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Speaker 1: don't think growing up north of the border impacted the

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Speaker 1: way you view the economy, economic activities, and technology. Good question.

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Speaker 1: I think Toronto's boomed for so long that I don't

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Speaker 1: think we were subject to some of the some of

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Speaker 1: the stuff that probably happened in the United States. Tront

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Speaker 1: has just been in such a long boom. Maybe it's

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Speaker 1: because they couldn't leverage themselves. I feel the city has

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Speaker 1: become like in l A without an ocean. So I'm

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Speaker 1: not I'm not barish on Torona. I don't like it

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Speaker 1: as much as I used to in it. But I

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Speaker 1: moved away when I was young. I moved to Arizona

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Speaker 1: when I was nineteen. So but you still effectively grew

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Speaker 1: up north of the border. Oh yeah, I grew up

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Speaker 1: love the city. All my friends were there. I grew

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Speaker 1: up in a wealthy neighborhood, so I was lucky. Uh

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Speaker 1: And so maybe I just didn't see the differences as

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Speaker 1: much as you know. We grew up watching CBS affiliates Buffalo.

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Speaker 1: We saw Buffalo burn during the seven News. Everybody was

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Speaker 1: burning down Buffalo. Cheek to Wauga, Tonawanda. Those our news

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Speaker 1: in Buffalo. And the Bills. We were bills, and I

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Speaker 1: don't know we were bill. So you moved to Arizona.

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Speaker 1: You get an undergraduate degree in Canada, graduate degree in

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Speaker 1: UM the United States? How did you find your way

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Speaker 1: to angel technology investing? The I came out of a

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Speaker 1: school called Thunderbird right after the Gulf War, whose logo

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Speaker 1: looks like it's right from the trans never really cared

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Speaker 1: about my degree, never mattered to mean, that's worthless. That

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Speaker 1: logo looked it was right off of the Transformers movie.

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Speaker 1: It was right off the Transfort So the dean was

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Speaker 1: Optimus Prime and and I didn't know. They went why

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Speaker 1: how does the school go bankrupt? How mismanaged is their endowment?

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Speaker 1: They just college doesn't have TARP. That's why to go bankrupt.

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Speaker 1: There you go no bailouts. But there's no bailout from

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Speaker 1: Howard's graduate school. Listen, it was a dual degree with

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Speaker 1: a s U and Thunderbird, which is not So it's

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Speaker 1: a good question. I don't know, because you could give

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Speaker 1: yourself a doctorate if they don't assist anymore, you could

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Speaker 1: promote yourself. I gotta be honest. Is this a funny story?

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Speaker 1: The But I'll go quickly because there's more important things

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Speaker 1: to talk about. I think I had missed two classes

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Speaker 1: and we were in a fight over whether my degree

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Speaker 1: was there. I waited a couple of years, walked in

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Speaker 1: really dumb and asked for my degree one time, and

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Speaker 1: they gave it to me. So I do have that degree.

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Speaker 1: But more importantly, I don't know I think it's still

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Speaker 1: I don't know. I you know, I don't I know.

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Speaker 1: I have the most Twitter followers because they invited me

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Speaker 1: to school. They never liked me, but I got invited

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Speaker 1: social I got the claim to fame. The dean called me,

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Speaker 1: who's now a George Mason who was a really good

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Speaker 1: guy to President Angel Cabrera, not the baseball player, And

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Speaker 1: uh he called me one day, goes, oh, we're very

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Speaker 1: interested in social media and you are the so so

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Speaker 1: how did you become the man? How? Let's start first,

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Speaker 1: how did you find your way to angel investing? Yeah?

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Speaker 1: What a? What a? What a? First of all, very

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Speaker 1: I think a lot of angel investing is uh, first

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Speaker 1: of all passion. Second of all, it's no different than

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Speaker 1: anybody with domain expertise, little luck, little passion um. But

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Speaker 1: that's how do you be successful once you're there? Okay,

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Speaker 1: how do you go from I'm a business major? Two,

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Speaker 1: I have an idea. Why don't I seed a bunch

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Speaker 1: of startups? Well? I only seeded one. I graduated. I

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Speaker 1: was illegal in the States. It was hard to work.

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Speaker 1: I didn't have it was the Gulf War we had.

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Speaker 1: And do you want to graduate from school? Uh? The

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Speaker 1: country was at war. I was um. It was a recession.

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Speaker 1: You had Charles keating, Phoenix was a mess s and

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Speaker 1: l Christis was the center of the mess. And you

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Speaker 1: know I the only job I could get was as

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Speaker 1: a stockbroker for the Principal Group, which became Eppler became

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Speaker 1: many things. Principal Group. Yeah, yeah, yeah yeah. But when

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Speaker 1: I was doing I was cold calling. It was the

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Speaker 1: only job I could get. They sponsored me and I

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Speaker 1: cold called this kid Mark scatter Day and he had

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Speaker 1: invented a product called the grip. It was a stress

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Speaker 1: ball to two meetings later, I realized he didn't have money,

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Speaker 1: so I wasn't gonna get him as a client. But

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Speaker 1: I had invested in twenty five grand hard during twenty

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Speaker 1: five grand, I went to my dad's and Dad backed me.

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Speaker 1: We got this great product. Blah blah blah. He asked

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Speaker 1: for a business plan. It's a business plan. This is

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Speaker 1: just yeah, this is just a home run product. Come on,

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Speaker 1: and uh, Unfortunately was probably one of the last times

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Speaker 1: I talked to my dad. So you failed backwards into

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Speaker 1: through through this product in events are investing exactly. This

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Speaker 1: product became the pet Rock. It's in the QBC Hall

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Speaker 1: of Fame. Uh. It was giant success, giant success, forty

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Speaker 1: million in revenue. Um really got me going in my

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Speaker 1: hedge fund world because Mark and I had all this

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Speaker 1: cash to manage, and the nineties were point what a

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Speaker 1: boom time. It was roll up city and UH in

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Speaker 1: our business, which was the specialty business, it became you know,

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Speaker 1: I had learned about roll ups. I learned about the

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Speaker 1: healthcare indstory, fight Corps and all these uh healthcare roll

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Speaker 1: ups if you can remember. And it was a bullmarket

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Speaker 1: of like a epic proportions in the night. It was

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Speaker 1: a low vall bowl market, and I thought I knew

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Speaker 1: what I was doing. It was just a good lucky

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Speaker 1: first Angel investment. And really the core of that Angel

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Speaker 1: investment was, oh my god, this is the best product

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Speaker 1: I had ever felt. Earlier, I used a quote of

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Speaker 1: yours and I want to repeat it. And have you

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Speaker 1: explained it a little bit? You recently said in print

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Speaker 1: There's never been a better time to build the business

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Speaker 1: in America than today. Explain I say it every time

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Speaker 1: I get asked. November my favorite, the best time I

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Speaker 1: ever said it was in front of a bunch of

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Speaker 1: Canate Torontonians and two after I'd sold wall Strip and

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Speaker 1: it was the crash VIX was a hundred. I posted

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Speaker 1: a chart to the SMP on the VIX and I said,

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Speaker 1: what are you people doing watching me? You should be

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Speaker 1: a building a business. That's really when I started plunking

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Speaker 1: down a lot of my money. But today I say

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Speaker 1: the same thing. Here's what Well, let me just back up.

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Speaker 1: Wall Strip was one of your earlier investments. It was

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Speaker 1: a satirical um sort of like the Daily Show for finance,

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Speaker 1: only online and three to five minutes segments. You had

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Speaker 1: lindsay correct, Libell threw was terrific, right, and um you

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Speaker 1: sold that to CBS for a nice jump to change. Yeah,

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Speaker 1: we started six months. I cold called Fred Wilson, who

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Speaker 1: would backed Cramer at the Street dot com. Fred gave

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Speaker 1: me my first fifty K, introducing me to a bunch

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Speaker 1: of other vcs. I used the term loosely because they

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Speaker 1: all invested without meeting me. Twenty five Grand Brad Feld,

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Speaker 1: Mark Pinkas. It was a who's who at the maybe

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Speaker 1: not at the time on Fred's phone call, the funniest

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Speaker 1: being Mark Pinkas, who said no at first and said

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Speaker 1: tell Fred to stop giving up my phone number. Mark

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Speaker 1: went to under starred Zinga but he it has been

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Speaker 1: a big success. But he did invest, but never really

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Speaker 1: give me any at kudos. Marks a pretty tough kid.

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Speaker 1: So but so by the way, Fred Wilson runs at

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Speaker 1: hopefully we get him in here, hopefully we so. So

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Speaker 1: just a little background, Fred runs Venture from my mentor.

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Speaker 1: He started Union Score Venture, which has been wildly successful.

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Speaker 1: I would say the best East Coast media VC of

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Speaker 1: all time. Right and after he's made people enough money

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Speaker 1: at a certain point, he calls up and says, hey,

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Speaker 1: I'm putting some money into this throw or fifty and

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Speaker 1: most people don't even He looked at it as an

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Speaker 1: art project. Obviously YouTube it just started. We had chatted

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Speaker 1: on his blog for a long time. I never really

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Speaker 1: needed anything. I was taking ideas from him. Term sheets.

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Speaker 1: Had to build a term sheet. This was you know,

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Speaker 1: this was my way into the into the truly learned,

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Speaker 1: real education. For it was Fred the school. Fred was

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Speaker 1: this is who's going to pay the teamsters type stuff

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Speaker 1: from Rodney Danger Phil. So I would cut and pay

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Speaker 1: stuff from their blog and build term sheets. And I

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Speaker 1: was so grateful. And there's oh five and the uh

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Speaker 1: when I saw YouTube. I said, it's time to disrupt them.

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Speaker 1: See let's build a show reverse it cramer, a female

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Speaker 1: cramer that there's nothing about the markets. Let's see if

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Speaker 1: we can educate her and teach her about trend Following

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Speaker 1: Fred plunked down, we put our first show on online.

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Speaker 1: It was really funny. The Apple Show was the original show.

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Speaker 1: It was like, let's get long Apple. Obviously continue to

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Speaker 1: be long Apple probably a probably about twenty bucks counting

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Speaker 1: for oh now it splits, it's probably like six bucks,

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Speaker 1: five six bucks, So home run idea. We covered Nike

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Speaker 1: next to Paul Day's companies that I felt. The idea

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Speaker 1: was stocks making all time highs that I felt were

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Speaker 1: in trends that were everlasting. Obviously what not quite ever lasting,

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Speaker 1: but long long lasting, everlasting themes. But the point is, yeah,

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Speaker 1: trying to find companies that you didn't have to day trade.

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Speaker 1: So uh. We raised six hunder grand sold to CBS

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Speaker 1: for five million in six months. Now, so I became

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Speaker 1: a little bit of a almost ten x and six

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Speaker 1: times that came a little bit of a celebrity. So

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Speaker 1: that was kind of the fun little interlude to started

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Speaker 1: parlaying that money into Angel investment. The comment, there's never

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Speaker 1: been a better time to build. Here's here's here's what

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Speaker 1: I said. Go ahead. In nineteen eighty when I started

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Speaker 1: a company, it was you had to spend three grand

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Speaker 1: on a box, just a box. To get a telephone

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Speaker 1: in your room, you had to spend a rent with

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Speaker 1: your name on it. You had, um, you had. You

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Speaker 1: had to buy PCs for four or five grand. Uh.

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Speaker 1: It was just ridiculous. Today you do it at Starbucks

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Speaker 1: with the laptop that you can let your parents you Now,

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Speaker 1: anybody can start a product. The other thing is number

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Speaker 1: one way to get into business by yourself, to start

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Speaker 1: a franchise. Right, Okay, so so even today, UH to

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Speaker 1: toot one of my portfolio companies. We you know, with

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Speaker 1: Lending Club going public and on Deck Capital going public.

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Speaker 1: Now we're going to see the verticalization of these platforms

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Speaker 1: were getting money. I invest in a company called apple

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Speaker 1: Pie Capital, which helps franchise e s UH crowdsource money

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Speaker 1: to open their first UH franchise operations. So the franchise

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Speaker 1: ors are now because the banks aren't lending going on

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Speaker 1: these platforms or someone being apple poecat like a kick

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Speaker 1: Starter for angeling starter but in a very specific niche

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Speaker 1: of franchisees. Yeah, which is business in America. It's the

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Speaker 1: it's the it's the pulse of America. Fran I want

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Speaker 1: to open to McDonald's saying McDonald's because we're not doing

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Speaker 1: business with me yet. But companies in the Midwest, whether

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Speaker 1: they're like this big jewelry franchise or a pizza franchise

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Speaker 1: where it's approven franchise, if you follow the instructions, you

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Speaker 1: can make the money. Uh, and they can't. Banks can't

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Speaker 1: fund them. So now you know that's a great yield

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Speaker 1: type play for institutions. So put two hundred thousand across

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Speaker 1: a diversified portfolio of franchises. So when I say never

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Speaker 1: been a better time to start a business, you go

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Speaker 1: start a franchise company right now. A business you can

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Speaker 1: go start, You go get a job anywhere you've got

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Speaker 1: Craigslist LinkedIn. Uh, there's no excuse not to be able

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Speaker 1: to just show up at a company and just approve yourself. Yeah,

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Speaker 1: you can go learn to code for thirteen grand and

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Speaker 1: one of these private schools and Nila, build a game.

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Speaker 1: Build I'm not saying you have to go build something

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Speaker 1: because there's a lot more skills and marketing and sales

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Speaker 1: and getting your first customers and figuring out all that

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Speaker 1: to do. But you can get your skills free. You

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Speaker 1: get your skills for basically free. It's more than just

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Speaker 1: the basic technology, it's everything that surrounds coming up with

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Speaker 1: an idea, making it sellable, and then doing everything surrounding

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Speaker 1: it beyond the technology. And you can do this while

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Speaker 1: you have a job. So, I mean, you know, I

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Speaker 1: always recommend people don't take the leap until you really

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Speaker 1: are committed to being an entrepreneur. A lot of people

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Speaker 1: call themselves entrepreneurs. I think we're at a stage where

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Speaker 1: there's a lot of entrepreneurs. There's these people that you know,

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Speaker 1: have a job, they think they have another business. You

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Speaker 1: don't have a business until you're doing it full time.

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Speaker 1: You're not committed. Uh no real investors going to give

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Speaker 1: you money if you haven't taken the leap away from

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Speaker 1: or at least guys like me aren't. But um, you know,

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Speaker 1: it's never been a better time to take that leap

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Speaker 1: to do research. All these things that used to be

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Speaker 1: behind needs now in the wall are now there. Uh.

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Speaker 1: Your phone is forty bucks a month, eighty bucks a month.

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Speaker 1: That is your your your business. You've got relate i Q.

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Speaker 1: You can go build a CRM product, you go use

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Speaker 1: a CRM product on your own, start your business Gmail,

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Speaker 1: relate i Q. That sounds like it's all very straightforward stuff,

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Speaker 1: not a lot of out of pocket cost. One of

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Speaker 1: the things I wanted to talk specifically about today. You know,

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Speaker 1: we always hear about the the idea, here's a world

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Speaker 1: changing idea. But as an investor in startups, I want

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Speaker 1: to throw five bullets out and you tell me what's important,

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Speaker 1: what's less important, what's not important? The founders, the idea,

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Speaker 1: the technology, the business model, or the valuation. What are

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Speaker 1: those things matter most? I see them and getting so

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Speaker 1: I would throw out a technology doesn't not important, Well

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Speaker 1: I don't think so. So over the tech behind Uber

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Speaker 1: not significant doesn't work unless there was Google Maps. That's

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Speaker 1: theoretically it's not even their technology. Well it is, but

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Speaker 1: I mean you gotta blend it with Google Maps. Where

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Speaker 1: would over show up? They wouldn't know where to show up.

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Speaker 1: So you know, I can talk about that with all

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Speaker 1: the things that I do. You know, a mashing just

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Speaker 1: like speech up. So I think Tommy domain expertise in

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Speaker 1: the founders matter. You know, I'm forty nine years old.

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Speaker 1: I'm not writing checks like a surpriad chicken anymore. This

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Speaker 1: gray and prey. I'm looking for founders with domain expertise,

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Speaker 1: because you're gonna have to get You're gonna get hit

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Speaker 1: over the head. There's gonna be false starts, there's gonna

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Speaker 1: be all kinds of issues. I think we're you know,

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Speaker 1: uh still called Valley has been fanatical about these young kids.

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Speaker 1: I think as the market boom matures, uh, you know,

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Speaker 1: having some domain experience matters. So founders matter. The idea

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Speaker 1: obviously matters because with the founders they have to have

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Speaker 1: passion around the idea and some knowledge around the idea.

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Speaker 1: So um, it's a founders first, uh value technology lass

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Speaker 1: valuation second last. Because if the founders are great, the

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Speaker 1: market idea is great, and the idea is great, you're

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Speaker 1: not gonna have that much choice over what the valuation is.

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Speaker 1: My biggest mistakes so far have been in passing based

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Speaker 1: on valuation Twitters and Twitter at twenty million valuation in

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Speaker 1: two thousands and seemed crazy. Luckily, I am an investor

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Speaker 1: through Bitley and tweet Deck and many other companies in

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Speaker 1: that system they bought. They bought some Eyes, which was

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Speaker 1: the search engine of Twitter. So luckily I ended up

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Speaker 1: with a lot of Twitter shares and then a very

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Speaker 1: low profect the same valuation. And I basically tweet deck

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Speaker 1: as well, the same thing. So I backed into a

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Speaker 1: lot of Twitter shares. But and and Twitter inspired me

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Speaker 1: to start stock Twitter, which is now, like you said,

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Speaker 1: the largest social network for traders. So founders idea, um,

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Speaker 1: business model matters. I think as we get late in

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Speaker 1: the boom, you gotta have a thought about how you're

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Speaker 1: going to do business. So you now just hinted it.

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Speaker 1: My next question as we get like technology last and

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Speaker 1: valuation last. So here's the other question. So is the

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Speaker 1: startup market frothy? We've been here for five years, Ah,

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Speaker 1: Silicon Valley, it's a bubble, it's this Is it frothy?

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Speaker 1: Does it? Is it? Always? Is this abnormal? Tell us

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Speaker 1: the state of technology investing in Well, like I said,

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Speaker 1: I don't think there's enough entrepreneurs. There's there's Cash has

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Speaker 1: become a commodity. Uh. Platforms to invest, whether it's angel

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Speaker 1: List or Kickstarter or apple Pie Capital or lending Club,

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Speaker 1: have become helped cash become a commodity interest rate to

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Speaker 1: zero or forcing people to invest. So that's where the

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Speaker 1: bubble is. The bubble is in the commodity of cash,

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Speaker 1: I mean bubble cash that they've created another one. Bitcoin

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Speaker 1: capital isn't as valuable as it once was because there's

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Speaker 1: so much. There's so much of it and leields are

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Speaker 1: so low. So don't kid yourself what we are shortage

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Speaker 1: of our great entrepreneurs, but domain experience. Who knows anything

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Speaker 1: about But you go back a kid or to do

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Speaker 1: a blockchain or a bitcoin thing. They may know a

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Speaker 1: little bit about tech, they know nothing about how the

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Speaker 1: regulations work in the industry works. So there's a huge

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Speaker 1: disconnect there. The second disconnect is, you know, there's a

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Speaker 1: lot of great ideas, but good luck finding an entrepreneur

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Speaker 1: the execute soup to nuts on that. Including myself, it's

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Speaker 1: very hard to do that. I haven't turned out to

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Speaker 1: be able to do everything I wanted with stock twids

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Speaker 1: because there's a lot of moving parts to how all

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Speaker 1: these things work and timing in raising the right capital, etcetera.

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Speaker 1: It's a very subtle thing to be a great entrepreneur.

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Speaker 1: And so I'm biased in the sense that my big

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Speaker 1: winds have come from great entrepreneurs. So when we look

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Speaker 1: at when we look at the issue of of the bubble,

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Speaker 1: is this just too much cash taste chasing too few

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Speaker 1: entrepreneurs or do you think this is a full blown

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Speaker 1: bubble that ends the two thousand ended? And no, this

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Speaker 1: is not. I mean, let's let's let's really look at

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Speaker 1: this market. And I see crashes and oil, I see

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Speaker 1: crashes and currencies. I see crashes in Russia, and I say, well,

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Speaker 1: you know, the bubbles have never been like this, where

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Speaker 1: this SMP continues to rise through it and race continue

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Speaker 1: to decline. So I would say I went down almost

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Speaker 1: from the peak. I don't I think what we have

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Speaker 1: a bubble in h is this idea of being an

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Speaker 1: entrepreneur and that's dangers. So it's it's not it's you know,

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Speaker 1: similar to nineties and everybody said, hey, I could be

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Speaker 1: a day trader. Similar, exactly similar. And when people thought

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Speaker 1: they could be a day trader, everybody thinks they can

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Speaker 1: start a company. And I'm saying, if you have a

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Speaker 1: good job, don't kiss a goodbye so quickly. And if

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Speaker 1: you don't have a good job, absolutely start looking to

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Speaker 1: build your network. I mean now anybody can build their network.

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Speaker 1: My fund is called social leverage. The whole premise based

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Speaker 1: on financial leverage was a bubble that was the last

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Speaker 1: true bubble and then ended in two thousand eight, and

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Speaker 1: we still are paying the price for that. But social

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Speaker 1: leverage is a brand new boom, and that's people using

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Speaker 1: the networks LinkedIn Twitter, Facebook to accelerate themselves, kind of

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Speaker 1: like the peloton, to accelerate themselves through learning curves, mentorship,

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Speaker 1: what I did with Fred and Brad in terms shoots,

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Speaker 1: and what you can do on stock, Twits and Twitter

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Speaker 1: now to accelerate yourself. I want to talk a little

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Speaker 1: bit about some of the lessons learned from investing. You

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Speaker 1: mentioned earlier you passed on Twitter. That's a giant mess.

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Speaker 1: You ended up backdooring into a lot of Twitter shares.

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Speaker 1: But how does one deal with, Hey, this is a

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Speaker 1: good investment and it turns out not to be or

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Speaker 1: this is a band investment it turns out to be great.

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Speaker 1: What do you learn from that process? What do you

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Speaker 1: take away from that? Oh? You know the number one question.

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Speaker 1: I guess if you're gonna call me a master in business,

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Speaker 1: it would be because it goes down to the basics, right,

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Speaker 1: you can learn all this stuff and textbooks. Um, and

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Speaker 1: I have a kid's fifteen and seventeen. I wonder if

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Speaker 1: I want them even go into business school because it

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Speaker 1: really comes down to pie, right, how do you slice

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Speaker 1: the pie? And then it comes down to foundation. How

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Speaker 1: do you structure the company? You know at the beginning,

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Speaker 1: because the mistakes you make at the beginning over those

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Speaker 1: simple things of understanding how you're splitting up a pie

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Speaker 1: and what you really own, the type of shares you own,

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Speaker 1: the type of shares everybody else owns, and the way

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Speaker 1: you structure the company. Meaning if then then that, if this,

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Speaker 1: then that you have to assume you've been through this.

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Speaker 1: You have to assume how you're gonna fight with your

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Speaker 1: partners mathematically, you have to assume you're gonna back looking

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Speaker 1: at this cap table. You know all the time this

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Speaker 1: weekend on that exact subject. And I remember saying to somebody, Dude,

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Speaker 1: you're doing this twenty years. You haven't figured out the

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Speaker 1: cap structure is significant. It was, It drives stud paying,

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Speaker 1: it drives all the pain here. I've made so many mistakes,

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Speaker 1: meaning the capitalization structure, who owns? What? What happens when

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Speaker 1: you fight all those basics you're talking. If we're talking

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Speaker 1: masters of business, learn that understand what you own always

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Speaker 1: goes back to understanding what you own. We buy public stocks.

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Speaker 1: I look at public stocks. Is I think, I'm it's

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Speaker 1: the worst piece of paper you could possibly own in

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Speaker 1: a company. Yeah. So I prefer to own the most

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Speaker 1: high momentum, high pe things because they're liquid and I

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Speaker 1: can change my mind. But I'm betting on catalysts, which

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Speaker 1: are products and not people. I'm betting on products and

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Speaker 1: themes at the public company. In public companies the earliest stage,

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Speaker 1: I am trying to control the cap table and make

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Speaker 1: sure everybody understands because my job is as a maestro

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Speaker 1: of all this is making sure the founders have structured

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Speaker 1: themselves right. Uh do they get along? Are they going

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Speaker 1: to get along? How does the cap table look? What

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Speaker 1: are my rights? What are my investor rights? Because those

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Speaker 1: are the mistakes that I've made the most. Do I

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Speaker 1: have follow on rights to what happens if a founder

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Speaker 1: hates another founder? Let me let me interrupt you right here.

427
00:22:19,080 --> 00:22:21,960
Speaker 1: You said, do you learn more from your failures or

428
00:22:22,000 --> 00:22:24,959
Speaker 1: your success? You don't learn from winning the grip? The

429
00:22:25,000 --> 00:22:28,000
Speaker 1: grip my squeezeball company. I didn't learn a damn thing.

430
00:22:28,040 --> 00:22:31,280
Speaker 1: We were smoking cigars, buying cars at lunch, orders were

431
00:22:31,280 --> 00:22:34,840
Speaker 1: coming in over the fax machine. Gross margins. You don't

432
00:22:34,920 --> 00:22:38,440
Speaker 1: learn from having gross margins. You learn from having tem

433
00:22:38,480 --> 00:22:40,520
Speaker 1: percent gross margins. Going the hell am I doing with

434
00:22:40,560 --> 00:22:43,880
Speaker 1: teen percent gross margins? Shut this business down? Uh? So

435
00:22:44,600 --> 00:22:47,719
Speaker 1: I can say that all my growth has come from failure. Uh,

436
00:22:47,800 --> 00:22:49,960
Speaker 1: it's painful. I don't recommend it. I don't think you

437
00:22:50,040 --> 00:22:52,120
Speaker 1: have to have failure. I mean the grip was the grip.

438
00:22:52,160 --> 00:22:54,679
Speaker 1: I should have just retired and and done nothing. But

439
00:22:54,720 --> 00:22:57,879
Speaker 1: what what are then we wouldn't be having this conversation.

440
00:22:58,000 --> 00:23:01,159
Speaker 1: So what are your biggest failure and what were the

441
00:23:01,240 --> 00:23:04,399
Speaker 1: lessons from those? The biggest failures I have and you

442
00:23:04,440 --> 00:23:07,359
Speaker 1: can get specific. Yeah, I mean it's just putting myself

443
00:23:07,359 --> 00:23:10,080
Speaker 1: in business with the wrong people and not really understanding

444
00:23:10,080 --> 00:23:12,080
Speaker 1: the business that I myself was involved. And I was

445
00:23:12,119 --> 00:23:15,600
Speaker 1: in a brokerage business in the late nineties. I thought

446
00:23:15,600 --> 00:23:17,320
Speaker 1: it was a great idea, as a hedge fun guy

447
00:23:17,400 --> 00:23:20,720
Speaker 1: to own my brokerage to cut my commissions. I got

448
00:23:20,760 --> 00:23:23,679
Speaker 1: myself in bed with a nastack guy who I thought

449
00:23:23,960 --> 00:23:25,600
Speaker 1: it was the right guy to be in business with.

450
00:23:26,200 --> 00:23:28,280
Speaker 1: And let me just tell you, I didn't understand what

451
00:23:28,320 --> 00:23:30,280
Speaker 1: a broker dealer really how much trouble you could get

452
00:23:30,320 --> 00:23:34,159
Speaker 1: yourself into at a broker dealer. Long story short. He

453
00:23:34,240 --> 00:23:38,000
Speaker 1: was putting winning accounts in his personal account and and

454
00:23:38,200 --> 00:23:40,880
Speaker 1: bad and bad winning trades in his personal account, bad

455
00:23:40,880 --> 00:23:43,480
Speaker 1: trades in the air. How do you that it was

456
00:23:43,520 --> 00:23:47,920
Speaker 1: impossible to discover their Stearns never called him out on this,

457
00:23:48,000 --> 00:23:50,080
Speaker 1: and then ran up a six million dollar air account.

458
00:23:50,080 --> 00:23:52,720
Speaker 1: I would say that was a local six and you

459
00:23:52,760 --> 00:23:55,480
Speaker 1: know the power by arbitration, so I couldn't even really win.

460
00:23:55,640 --> 00:23:57,920
Speaker 1: And then nine eleven happens, of course, and most are

461
00:23:58,040 --> 00:24:00,959
Speaker 1: counts are a few thousand dollars five rand max. And

462
00:24:00,960 --> 00:24:03,080
Speaker 1: we bought, we bought a little too much of this

463
00:24:03,119 --> 00:24:06,040
Speaker 1: and moved against us client argues about the price and

464
00:24:06,080 --> 00:24:14,640
Speaker 1: your that's insane. It was insane. It was the worst. Yeah, yeah,

465
00:24:14,680 --> 00:24:18,040
Speaker 1: and he dollar fine still works at a hedge fund. Criminal.

466
00:24:18,280 --> 00:24:23,920
Speaker 1: You know, the sec is so broken. The NS used

467
00:24:24,240 --> 00:24:27,280
Speaker 1: to trust them. When we started stock Twits, we went

468
00:24:27,320 --> 00:24:28,879
Speaker 1: at a disadvantage because I said, you know what, I

469
00:24:28,880 --> 00:24:30,200
Speaker 1: don't want to be a broker dealer. You know, I

470
00:24:30,200 --> 00:24:32,159
Speaker 1: could probably build a big business if I was actually

471
00:24:32,160 --> 00:24:34,600
Speaker 1: in charge of the trades. But you know, I've just

472
00:24:34,720 --> 00:24:37,119
Speaker 1: tried to figure out how to do business without even

473
00:24:37,720 --> 00:24:40,679
Speaker 1: getting myself involved with FINRA, an E s D and

474
00:24:40,760 --> 00:24:43,760
Speaker 1: the N s D. Uh they're sloppy. Uh. They don't

475
00:24:43,800 --> 00:24:46,480
Speaker 1: work for the people that matter. Uh. They work for

476
00:24:46,520 --> 00:24:49,280
Speaker 1: the wealth and they work for the wealthy. It's just broken,

477
00:24:49,440 --> 00:24:55,840
Speaker 1: you know. So combat struggled with disrupting this this industry

478
00:24:56,119 --> 00:24:58,000
Speaker 1: because they don't. Google don't even want to be involved

479
00:24:58,080 --> 00:25:00,240
Speaker 1: the one industry. Google doesn't really want to put it

480
00:25:00,520 --> 00:25:04,399
Speaker 1: himself involved in his money, and actually that is Google

481
00:25:04,440 --> 00:25:06,040
Speaker 1: is the smartest people in the world. All they do

482
00:25:06,080 --> 00:25:07,720
Speaker 1: is feed brains and they go, you know what, let's

483
00:25:07,760 --> 00:25:10,679
Speaker 1: avoid the N s D, SEC and FINRA because you

484
00:25:10,720 --> 00:25:13,400
Speaker 1: know what they're they're wild cards. They're the worst part

485
00:25:13,400 --> 00:25:17,399
Speaker 1: of the government. That's really fascinating you. I know you personally,

486
00:25:17,440 --> 00:25:19,480
Speaker 1: I don't know these people. I know, I know you're

487
00:25:19,520 --> 00:25:22,080
Speaker 1: friendly with Mark Cuban. When we did the interview with Mark,

488
00:25:23,400 --> 00:25:26,080
Speaker 1: you're basically quoting from his playbook. He went off on

489
00:25:26,160 --> 00:25:29,760
Speaker 1: a on a jihad for ten he has more reason. Right,

490
00:25:30,080 --> 00:25:34,399
Speaker 1: I was involved criminal. They didn't mean no wrong. The

491
00:25:34,440 --> 00:25:37,480
Speaker 1: finn run any s D, I, like an idiot, take

492
00:25:37,520 --> 00:25:40,359
Speaker 1: full responsibility for not understanding what I was doing. I

493
00:25:40,400 --> 00:25:42,359
Speaker 1: wasn't a criminal. I was involved with the criminal. So

494
00:25:42,400 --> 00:25:45,199
Speaker 1: this is a different reason. I just look at it

495
00:25:45,240 --> 00:25:51,159
Speaker 1: as like Google, the greatest company we've ever seen, refuses

496
00:25:51,359 --> 00:25:56,040
Speaker 1: to challenge Bloomberg or the or nasdak cme the market

497
00:25:56,080 --> 00:25:58,399
Speaker 1: makers are the biggest market maker in the world. I

498
00:25:58,440 --> 00:26:00,240
Speaker 1: don't think with the sec and finright, we want to

499
00:26:00,280 --> 00:26:01,720
Speaker 1: be we don't want to go there. That is how

500
00:26:01,760 --> 00:26:04,200
Speaker 1: I would decide that. That's the difference between East Coast

501
00:26:04,200 --> 00:26:07,080
Speaker 1: and West coast. And that's why nastac that story. That's

502
00:26:07,080 --> 00:26:09,399
Speaker 1: why it's still combat. But it's coming, man, it is coming.

503
00:26:09,520 --> 00:26:11,280
Speaker 1: And by the way, there's end a rounds with bitcoin

504
00:26:11,320 --> 00:26:14,200
Speaker 1: in the blockchain. Uh. Google's an investor with me and

505
00:26:14,320 --> 00:26:17,399
Speaker 1: robin Hood and many financial startups. Now they're getting so

506
00:26:17,480 --> 00:26:20,800
Speaker 1: buch sort of financial startups. Data Fox, which is kind

507
00:26:20,840 --> 00:26:23,919
Speaker 1: of like a which I'm an investor company. No, no, no,

508
00:26:23,960 --> 00:26:27,040
Speaker 1: it's just a way to organize private company information. So

509
00:26:27,080 --> 00:26:29,760
Speaker 1: it's kind of like a NASDAC for private companies. That's interesting,

510
00:26:29,880 --> 00:26:33,080
Speaker 1: very interesting. Uh, they're involved in robin Hood with me,

511
00:26:33,119 --> 00:26:35,800
Speaker 1: which is a broker dealer, a mobile broker deal I

512
00:26:35,840 --> 00:26:37,880
Speaker 1: call it the Uber of trading, which is my favorite

513
00:26:37,880 --> 00:26:40,720
Speaker 1: startup at the moment. They are involved in Lending Club,

514
00:26:40,760 --> 00:26:44,840
Speaker 1: They're involved in Uber, they are involved in uh so

515
00:26:44,880 --> 00:26:48,040
Speaker 1: many financial startups that you don't know, and Uber being

516
00:26:48,040 --> 00:26:50,199
Speaker 1: and Lending comb being two of the biggest ones. So

517
00:26:50,240 --> 00:26:54,200
Speaker 1: they're backdooring into this space. They're they're buying their time patiently,

518
00:26:54,920 --> 00:26:57,800
Speaker 1: and uh you know, it's going to be exciting next

519
00:26:57,800 --> 00:27:01,040
Speaker 1: ten fifteen years in finance. I'm very bullish on fintech.

520
00:27:01,280 --> 00:27:03,440
Speaker 1: So so let's talk So there's fintech, let's talk about

521
00:27:03,440 --> 00:27:09,560
Speaker 1: a couple of other technologies, wearables, you mentioned bitcoin, nano genomics, biotech.

522
00:27:10,080 --> 00:27:13,359
Speaker 1: What what space coming down the road is really exciting

523
00:27:13,720 --> 00:27:16,640
Speaker 1: beyond fintech. Well, they talk about big data and fintech.

524
00:27:16,680 --> 00:27:19,200
Speaker 1: I think that's a bit of a Bologna maneuver. I

525
00:27:19,240 --> 00:27:22,399
Speaker 1: think Bloomberg has got a great handle on big data

526
00:27:22,440 --> 00:27:24,840
Speaker 1: on markets. I think big data as it applies to

527
00:27:24,920 --> 00:27:28,359
Speaker 1: genetics is obviously the cloud computing. So so all this

528
00:27:28,440 --> 00:27:32,080
Speaker 1: technology applied to you're seeing the biotech. Nobody understands them,

529
00:27:32,240 --> 00:27:35,240
Speaker 1: nobody owns them, right, it's been a five year bull run.

530
00:27:35,280 --> 00:27:39,800
Speaker 1: They were, they've had a huge understand But when people

531
00:27:39,920 --> 00:27:43,560
Speaker 1: really start owning these things, they're still not talked about,

532
00:27:43,720 --> 00:27:48,040
Speaker 1: Like on CNBC, BBC still shutters on Fanny May, City

533
00:27:48,080 --> 00:27:54,240
Speaker 1: Bank old analysts that Google Apple, When was the last

534
00:27:54,240 --> 00:27:56,879
Speaker 1: time they really dug in for months? On biotech it's coming,

535
00:27:57,040 --> 00:27:59,320
Speaker 1: I'm not that's a bubble. That's the closest we have

536
00:27:59,359 --> 00:28:02,520
Speaker 1: to a bubble is what is biotech but a time

537
00:28:02,600 --> 00:28:05,560
Speaker 1: But nobody's talking about biotech. But I'm saying they can

538
00:28:05,600 --> 00:28:08,520
Speaker 1: double during that last phase. But they've you know, they've

539
00:28:08,560 --> 00:28:10,840
Speaker 1: definitely had a great run, you know, the leader since

540
00:28:10,840 --> 00:28:13,200
Speaker 1: the bottom of aile way. The the amazing thing about

541
00:28:13,200 --> 00:28:18,359
Speaker 1: biotech is any one of these companies can easily put

542
00:28:18,400 --> 00:28:21,520
Speaker 1: out a billion dollar product if it hits. And the

543
00:28:21,520 --> 00:28:26,040
Speaker 1: traditional way of putting out a new drug is you're

544
00:28:26,080 --> 00:28:29,000
Speaker 1: spending three four five million dollars in R and D

545
00:28:29,160 --> 00:28:32,520
Speaker 1: and but no, you don't have to and and so

546
00:28:32,600 --> 00:28:35,560
Speaker 1: you buy one dollar. Company could come from biotech. You know,

547
00:28:35,560 --> 00:28:38,520
Speaker 1: everybody's focused on Apple and Google, but let's face it,

548
00:28:39,000 --> 00:28:41,280
Speaker 1: it could come from a biotech company. Someone who can

549
00:28:41,560 --> 00:28:44,320
Speaker 1: help us live to a hundred heart company you know

550
00:28:44,360 --> 00:28:46,680
Speaker 1: a global company that solves you know, helps me live

551
00:28:46,760 --> 00:28:49,840
Speaker 1: ten years longer. Uh is could be a trillion dollars?

552
00:28:49,920 --> 00:28:54,080
Speaker 1: How far off are we to a cure not for

553
00:28:54,520 --> 00:28:59,560
Speaker 1: cancer with a capital C, but your cancer that we

554
00:28:59,680 --> 00:29:02,800
Speaker 1: take your genomic reading and identify exactly what we need

555
00:29:02,840 --> 00:29:07,640
Speaker 1: to do to kill your specific runaway cells that are

556
00:29:08,080 --> 00:29:12,400
Speaker 1: unique to you. You and I are yeah, I'm a

557
00:29:12,440 --> 00:29:16,320
Speaker 1: little older. Yes, so we're screwed. But our kids may

558
00:29:16,360 --> 00:29:20,480
Speaker 1: live till they're hundred very easily. And that goes to

559
00:29:20,600 --> 00:29:24,080
Speaker 1: why I'm investing in fintech. My kid's generation doesn't like

560
00:29:24,240 --> 00:29:27,880
Speaker 1: what's retirement. I have a mobile phone, I have have Uber.

561
00:29:27,880 --> 00:29:30,640
Speaker 1: I'm gonna live till I'm a hundred. You're the idiots.

562
00:29:31,000 --> 00:29:33,840
Speaker 1: Uh you know this is uh, this is why you

563
00:29:33,920 --> 00:29:36,000
Speaker 1: have to rethink how things are done. We have this

564
00:29:36,160 --> 00:29:40,400
Speaker 1: long Schwab generation, which I'm bullish on Schwab but and

565
00:29:40,480 --> 00:29:43,280
Speaker 1: I own the stock. But they don't understand how to

566
00:29:43,320 --> 00:29:45,320
Speaker 1: think like a fifteen year old whose whole life is

567
00:29:45,360 --> 00:29:50,000
Speaker 1: on a phone. Every message disappears in snapchat, every car

568
00:29:50,120 --> 00:29:54,840
Speaker 1: is on demand. They can get shows up and then

569
00:29:54,920 --> 00:29:57,760
Speaker 1: Netflix for all my content that is my life and

570
00:29:57,840 --> 00:30:00,719
Speaker 1: my iPhone or in my droid. So if you think

571
00:30:00,760 --> 00:30:02,800
Speaker 1: you can understand what's going through a millennial's head, you're

572
00:30:02,840 --> 00:30:06,040
Speaker 1: just lying to yourself, and that's a beautiful opportunity. I've

573
00:30:06,040 --> 00:30:09,680
Speaker 1: been speaking with Howard Linson of Social Leverage. He's an

574
00:30:09,720 --> 00:30:15,280
Speaker 1: angel investor and venture capitalist. If you enjoy this conversation,

575
00:30:15,360 --> 00:30:17,840
Speaker 1: be sure and check out our podcast extras, where we

576
00:30:17,880 --> 00:30:22,120
Speaker 1: continue speaking at great length about these and other subjects.

577
00:30:22,440 --> 00:30:26,760
Speaker 1: You can also check out the entire archive of past podcasts.

578
00:30:27,040 --> 00:30:29,680
Speaker 1: You can find that at Bloomberg dot com or on

579
00:30:29,760 --> 00:30:33,480
Speaker 1: Apple iTunes. Be sure and follow me on Twitter at Ridholts.

580
00:30:33,560 --> 00:30:36,920
Speaker 1: Check out my daily blog at Ridholtz dot com, or

581
00:30:37,040 --> 00:30:41,400
Speaker 1: read my daily column on Bloomberg View dot com. I'm

582
00:30:41,480 --> 00:30:45,680
Speaker 1: Barry Ridholts. You're listening to Masters in Business on Bloomberg Radio.

583
00:30:46,800 --> 00:30:50,440
Speaker 1: Welcome back to the podcast. I'm Barry Ridholts, and you're

584
00:30:50,480 --> 00:30:54,640
Speaker 1: listening to Masters in Business on Bloomberg Radio. This is

585
00:30:54,720 --> 00:30:56,840
Speaker 1: my favorite part where I don't have to worry about

586
00:30:57,280 --> 00:31:00,280
Speaker 1: reminding you that there are no commercials or anything else.

587
00:31:00,600 --> 00:31:05,840
Speaker 1: My guest is an old friend today, Howard Lindson, have Aldwie,

588
00:31:05,960 --> 00:31:09,360
Speaker 1: how weird, how weird? How weird? So I know Howie

589
00:31:09,400 --> 00:31:12,000
Speaker 1: for a long time. Um, what is it about people

590
00:31:12,240 --> 00:31:15,920
Speaker 1: like you and Kedroski coming down here from Canada trying

591
00:31:15,960 --> 00:31:18,320
Speaker 1: to eat our launch here in the States. What he

592
00:31:18,440 --> 00:31:22,760
Speaker 1: truly he's from Vancouver. That's as opposed to Toronto, which

593
00:31:22,800 --> 00:31:26,480
Speaker 1: is merely situated across the border. State right, it's the

594
00:31:26,720 --> 00:31:31,280
Speaker 1: it's I mean, Paul is an academic, a good investor

595
00:31:31,360 --> 00:31:36,120
Speaker 1: in a smart cookie. Um, I think I think we're explorers,

596
00:31:36,240 --> 00:31:39,440
Speaker 1: right or anybody who explores, uh is not going to

597
00:31:39,560 --> 00:31:42,440
Speaker 1: choose the Yukon. They're going to choose California. So a

598
00:31:42,520 --> 00:31:46,800
Speaker 1: Canadian explorers prefer to come south people better weather, Yeah,

599
00:31:47,000 --> 00:31:49,760
Speaker 1: more more, You're not just doing oil and timber. And

600
00:31:49,760 --> 00:31:52,240
Speaker 1: And that was the one guy from my friends that

601
00:31:52,400 --> 00:31:55,400
Speaker 1: just just wanted to come to the States. I love

602
00:31:55,520 --> 00:31:58,120
Speaker 1: the desert. I moved to Arizona and now I love

603
00:31:58,160 --> 00:32:02,160
Speaker 1: the beach. I think a mayor, as a Canadian in America,

604
00:32:04,160 --> 00:32:06,400
Speaker 1: I look at politics and it disappoints me because we

605
00:32:06,440 --> 00:32:09,080
Speaker 1: have so much good that we could do, and I

606
00:32:09,560 --> 00:32:12,680
Speaker 1: just you know, it's been so good to me living

607
00:32:12,680 --> 00:32:15,720
Speaker 1: in America. With the size of a market, it's always

608
00:32:15,760 --> 00:32:18,680
Speaker 1: disappointing to see the negative news. I don't watch TV

609
00:32:18,760 --> 00:32:22,440
Speaker 1: anymore because it's impossible to gauge the negativity. It's just

610
00:32:22,600 --> 00:32:26,200
Speaker 1: negative two seven. Can I tell you I haven't watched

611
00:32:26,280 --> 00:32:29,720
Speaker 1: live TV to be fair, and my wife flips on

612
00:32:30,680 --> 00:32:33,040
Speaker 1: um CBS to get the weather in the morning and

613
00:32:33,080 --> 00:32:36,280
Speaker 1: when I'm sitting at my desk at four thirty writing

614
00:32:36,320 --> 00:32:40,800
Speaker 1: the morning commentary. But other than that, we never watch

615
00:32:40,880 --> 00:32:46,680
Speaker 1: live TV. Watch the watch TV. Any of the top

616
00:32:46,680 --> 00:32:49,320
Speaker 1: investors if they're watching TV and be shocked, it's either

617
00:32:49,640 --> 00:32:51,760
Speaker 1: something that I wanted to see that I DV yard

618
00:32:52,240 --> 00:32:55,280
Speaker 1: or something that I specifically hunted. By the way, so

619
00:32:55,320 --> 00:32:59,680
Speaker 1: I've used Apple TV. Everything on Apple TV is it's

620
00:32:59,760 --> 00:33:02,440
Speaker 1: net flicks, put every plus everything else. But where I

621
00:33:02,520 --> 00:33:06,360
Speaker 1: live up in the Woods, we have Dish instead of cable,

622
00:33:07,040 --> 00:33:10,720
Speaker 1: and now Dish has Netflix built into them. You're lucky.

623
00:33:10,840 --> 00:33:13,360
Speaker 1: I'm stuck on Tyre Moarner from the moment. I don't

624
00:33:13,360 --> 00:33:15,120
Speaker 1: think there's a work. You can move to Dish if

625
00:33:15,120 --> 00:33:17,320
Speaker 1: you want, you can move to satellite of you. It's

626
00:33:17,320 --> 00:33:20,880
Speaker 1: like it's like Wells Fargo. I cannot believe what they

627
00:33:20,920 --> 00:33:23,040
Speaker 1: put me through yesterday with fraud. You know, I'm in

628
00:33:23,040 --> 00:33:26,000
Speaker 1: New York trying to spend money at Lululu Iman then

629
00:33:26,040 --> 00:33:30,120
Speaker 1: they've decided my card to stolen despite you purchasing a

630
00:33:30,120 --> 00:33:32,880
Speaker 1: plane ticket to come to New York City. So I

631
00:33:33,000 --> 00:33:37,120
Speaker 1: think you talk about big data. That's dumb day small data. No,

632
00:33:37,200 --> 00:33:39,040
Speaker 1: they can't do small data like pick up the phone.

633
00:33:39,120 --> 00:33:41,800
Speaker 1: They have my cell number, call me uh and then

634
00:33:41,800 --> 00:33:45,960
Speaker 1: I give Wells Fargo, my name, my social my shoe size,

635
00:33:46,240 --> 00:33:50,440
Speaker 1: and they asked for my They asked for my Internet online. Yes,

636
00:33:50,600 --> 00:33:52,640
Speaker 1: some number, would I know? I don't know. Driving in

637
00:33:52,680 --> 00:33:54,920
Speaker 1: a car trying to spend money at Lulu with your

638
00:33:54,960 --> 00:33:57,600
Speaker 1: credit card? Can I get my money? No? Can I

639
00:33:57,600 --> 00:34:00,240
Speaker 1: tell you what I found? Very effective? The systems are okay,

640
00:34:00,280 --> 00:34:02,880
Speaker 1: this is what makes me bullish. So so never I

641
00:34:02,920 --> 00:34:05,400
Speaker 1: will do everything I can to talk badly about Wells

642
00:34:05,400 --> 00:34:11,120
Speaker 1: far going to with TARP money, holding me iron zero interest,

643
00:34:11,160 --> 00:34:13,720
Speaker 1: holding me hostage while I try to try and spend

644
00:34:13,719 --> 00:34:17,040
Speaker 1: money in the economy. So we know what. So we

645
00:34:17,080 --> 00:34:20,239
Speaker 1: have two separate in our house. In our household, we

646
00:34:20,280 --> 00:34:25,440
Speaker 1: have two separate um JP Morgan Chase accounts. The first

647
00:34:25,480 --> 00:34:28,440
Speaker 1: one began as the Dime, which was brought by Chemical,

648
00:34:28,480 --> 00:34:30,879
Speaker 1: which was brought by Manny Have and it ultimately ended

649
00:34:30,960 --> 00:34:36,000
Speaker 1: up in JP Morgan. The second was Washington Mutual, which

650
00:34:36,000 --> 00:34:38,080
Speaker 1: in the middle of the financial collapse, the fd I

651
00:34:38,120 --> 00:34:41,480
Speaker 1: c auctioned off to JP Morris. So now all of

652
00:34:41,520 --> 00:34:45,279
Speaker 1: our cancer JP Morgan, and we we know that we're

653
00:34:45,320 --> 00:34:48,359
Speaker 1: gonna get this headache. So anytime we travel abroad, we

654
00:34:48,920 --> 00:34:51,279
Speaker 1: go to Chase and we say, look, we're gonna be

655
00:34:51,320 --> 00:34:55,800
Speaker 1: in this country or this island, and this isn't fraud,

656
00:34:55,840 --> 00:34:59,239
Speaker 1: it's us. Hi, here's our I D it's US. So

657
00:34:59,520 --> 00:35:02,040
Speaker 1: expect from the fifth to the tenth or whatever it is,

658
00:35:02,080 --> 00:35:04,080
Speaker 1: the first of the eighth, we're gonna be sitting on

659
00:35:04,080 --> 00:35:06,720
Speaker 1: a beach and here's the hotel, and don't be surprised

660
00:35:06,719 --> 00:35:09,080
Speaker 1: when you get thinks. So what happens We go to

661
00:35:09,080 --> 00:35:13,319
Speaker 1: the hotel, give them the card immediately. What bounces back

662
00:35:13,400 --> 00:35:15,480
Speaker 1: is UM, you have to contact the bank they have

663
00:35:15,520 --> 00:35:18,760
Speaker 1: a I did this previously, So now what I've started

664
00:35:18,760 --> 00:35:21,600
Speaker 1: doing is when that happens, I pull out the Amex

665
00:35:22,160 --> 00:35:26,280
Speaker 1: and then when I don't get the transaction through UM Chase,

666
00:35:26,320 --> 00:35:27,640
Speaker 1: I then call him up and say, hey, I just

667
00:35:27,719 --> 00:35:29,360
Speaker 1: want to let you know we dropped ten grand on

668
00:35:29,440 --> 00:35:33,799
Speaker 1: Amex because you idiots. Despite me saying I'm gonna be

669
00:35:33,920 --> 00:35:36,439
Speaker 1: on I'm gonna be in this island at this date.

670
00:35:36,800 --> 00:35:39,799
Speaker 1: And here's the hotel. You still kick the charge back,

671
00:35:39,880 --> 00:35:42,440
Speaker 1: embarrassing me at the desk, and the m X went

672
00:35:42,560 --> 00:35:44,719
Speaker 1: right through. Well, they're not embarrassing you, because now that

673
00:35:44,760 --> 00:35:47,520
Speaker 1: happens to everybody, But it's annoying. You're annoying me if not.

674
00:35:48,400 --> 00:35:50,880
Speaker 1: And here's what happens. I Meanwhile, I'm I tweet I

675
00:35:50,920 --> 00:35:52,799
Speaker 1: hate Wells Fargo. What do I get today? A d

676
00:35:52,960 --> 00:35:56,280
Speaker 1: M or a question from Wells Fargo? Pack the freaking phone.

677
00:35:56,680 --> 00:36:00,360
Speaker 1: Oh no, that's tree twittering. So let me tell you

678
00:36:00,320 --> 00:36:02,000
Speaker 1: you're gonna do I don't want to talk to them

679
00:36:02,000 --> 00:36:04,520
Speaker 1: ever again. They're done. So one of the great advantages

680
00:36:04,560 --> 00:36:06,640
Speaker 1: of working hard in this country and getting lucky a

681
00:36:06,640 --> 00:36:09,800
Speaker 1: few times is we're in this age where everything's robot.

682
00:36:09,800 --> 00:36:11,759
Speaker 1: Oh you gotta cut fees. You gotta cut fees. I say,

683
00:36:11,800 --> 00:36:14,280
Speaker 1: the number one thing you should pay for is financial

684
00:36:14,280 --> 00:36:17,200
Speaker 1: advice and for I mean obviously gotta find the right

685
00:36:17,200 --> 00:36:22,880
Speaker 1: financial advice and for service. I just the greatest gift

686
00:36:22,920 --> 00:36:27,280
Speaker 1: I've ever had is having a uh high net worth

687
00:36:27,600 --> 00:36:30,480
Speaker 1: Morgan Stanley account. I pick up the phone. Yea, I

688
00:36:30,520 --> 00:36:33,239
Speaker 1: need a wired that it's done. Okay, I don't care

689
00:36:33,239 --> 00:36:35,520
Speaker 1: what they're charging me. I just wanted to want it

690
00:36:35,680 --> 00:36:38,840
Speaker 1: done professionally, on time, on demand. I want my trades

691
00:36:38,880 --> 00:36:42,040
Speaker 1: done on demand. I want I want to talk to somebody.

692
00:36:42,600 --> 00:36:46,680
Speaker 1: I don't want to any But one of the benefits

693
00:36:46,719 --> 00:36:51,120
Speaker 1: of of working hard, that is the difference between the

694
00:36:51,200 --> 00:36:55,440
Speaker 1: robo advisors and the other robo advisor is geared to

695
00:36:55,520 --> 00:36:59,240
Speaker 1: be very inexpensive. In my office lift Off, we set

696
00:36:59,320 --> 00:37:02,400
Speaker 1: up a row Bowl advisor because we have clients that

697
00:37:03,200 --> 00:37:06,480
Speaker 1: and we have potential clients that don't want to pay that.

698
00:37:06,640 --> 00:37:08,839
Speaker 1: Not if they're paying, you know, they still think they

699
00:37:08,840 --> 00:37:11,840
Speaker 1: can call you. And I believe in it at many levels.

700
00:37:11,960 --> 00:37:17,200
Speaker 1: I'm just saying one of the greatest we and we enough.

701
00:37:17,920 --> 00:37:20,759
Speaker 1: Have you called Amazon to have No, you can't. That's

702
00:37:20,760 --> 00:37:22,760
Speaker 1: part of the reason it's so an expense. No, I understand,

703
00:37:22,840 --> 00:37:25,080
Speaker 1: you know, pick up the phone and call PayPal to

704
00:37:25,160 --> 00:37:27,919
Speaker 1: complain about a mistake, and it can happen. That's why

705
00:37:27,920 --> 00:37:33,439
Speaker 1: it's so biggest change coming is fintech, Wells, Fargo, all

706
00:37:33,480 --> 00:37:36,239
Speaker 1: these banks they got their free paths and two eight

707
00:37:36,560 --> 00:37:41,520
Speaker 1: they maybe they've been unfairly punished, uh and fines would

708
00:37:41,600 --> 00:37:44,800
Speaker 1: be interesting thing about the fines is it's been a

709
00:37:44,840 --> 00:37:47,560
Speaker 1: distraction for the banks, and so as much as they've

710
00:37:47,560 --> 00:37:50,920
Speaker 1: had the cash to pay these things, they the gramlins

711
00:37:50,920 --> 00:37:55,799
Speaker 1: are loose, whether it's payments or whether it's now transfer wise,

712
00:37:55,840 --> 00:37:59,320
Speaker 1: it's just raised money. So you can do uh wires

713
00:37:59,320 --> 00:38:03,960
Speaker 1: inter country without the money ever crossing border genius friend

714
00:38:04,000 --> 00:38:06,120
Speaker 1: of mine investor Roger in Berg, or whether it's Robin

715
00:38:06,160 --> 00:38:09,919
Speaker 1: Hood or whether it's bitcoin, or whether it's just Apple Pay,

716
00:38:09,960 --> 00:38:12,239
Speaker 1: which still is not quite there because the banks are

717
00:38:12,239 --> 00:38:14,799
Speaker 1: still involved, and so I refused to use it. Well,

718
00:38:15,080 --> 00:38:18,399
Speaker 1: Apple has all these credit cards to Apple Pay because

719
00:38:18,440 --> 00:38:20,520
Speaker 1: it could have been exactly what I want them to

720
00:38:20,560 --> 00:38:22,239
Speaker 1: have a bank. Yeah, I understand they don't want to

721
00:38:22,360 --> 00:38:24,319
Speaker 1: mean anything to me. Well, they need to do it.

722
00:38:24,320 --> 00:38:26,920
Speaker 1: And that's so I said about the banking. Google and

723
00:38:26,920 --> 00:38:29,719
Speaker 1: Apples still have that. That's not what they do, that's

724
00:38:29,719 --> 00:38:31,480
Speaker 1: not what they're interesting to understand. But there's got to

725
00:38:31,520 --> 00:38:34,080
Speaker 1: be another There's gotta be something better than seeing the

726
00:38:34,160 --> 00:38:36,080
Speaker 1: Chase logo. I don't want them to see a nickel

727
00:38:36,120 --> 00:38:40,000
Speaker 1: of my money. I don't trust them. They don't pay me. Uh,

728
00:38:40,280 --> 00:38:42,480
Speaker 1: they waste money on real estate and services that I

729
00:38:42,560 --> 00:38:46,760
Speaker 1: don't want, so you effectively invented the cash tag on Twitter.

730
00:38:47,280 --> 00:38:50,680
Speaker 1: It's called the hashtag, it's called the cash. They they

731
00:38:50,719 --> 00:38:53,680
Speaker 1: have now stolen that idea and called it the cash

732
00:38:53,760 --> 00:38:56,240
Speaker 1: like it hasn't heard us. We've been growing really fast,

733
00:38:56,719 --> 00:38:58,960
Speaker 1: but you know, it's not something that we felt that

734
00:38:59,000 --> 00:39:01,080
Speaker 1: we could patent. All they're signed in front of a

735
00:39:01,160 --> 00:39:05,640
Speaker 1: symbol and was a language that when Twitter started, I

736
00:39:05,640 --> 00:39:07,600
Speaker 1: was inspired to start to start stock twits. I called

737
00:39:07,600 --> 00:39:09,279
Speaker 1: Fred Wilson. I said, Fred, what do you think? He goes,

738
00:39:09,280 --> 00:39:11,759
Speaker 1: this is genius, but I can't invest because I first

739
00:39:11,760 --> 00:39:13,960
Speaker 1: see this is where Fred's genius comes in. He could

740
00:39:14,000 --> 00:39:15,320
Speaker 1: see the future and say, you know, I'm gonna be

741
00:39:15,360 --> 00:39:17,480
Speaker 1: in a board meeting a Twitter and they're gonna be like,

742
00:39:18,400 --> 00:39:20,560
Speaker 1: you know, I just don't wanna I foresee a prom

743
00:39:20,560 --> 00:39:23,279
Speaker 1: So he passed. But also it was very bullish on

744
00:39:23,320 --> 00:39:26,800
Speaker 1: the idea. Twitter didn't think it was interesting. So we started,

745
00:39:27,000 --> 00:39:29,920
Speaker 1: you know, using a couple hundred thousand people, right, it's

746
00:39:29,960 --> 00:39:31,800
Speaker 1: a lot of half a million people, a hundred thousand

747
00:39:31,920 --> 00:39:35,800
Speaker 1: regular lunatics. Every month, I've been doing the digging, like really,

748
00:39:35,920 --> 00:39:39,680
Speaker 1: our training tickers really means something because of our messages

749
00:39:39,719 --> 00:39:42,200
Speaker 1: today are on just stock twits. They don't see the

750
00:39:42,280 --> 00:39:44,640
Speaker 1: light of day. On Twitter. Sixty one percent of our

751
00:39:44,680 --> 00:39:47,080
Speaker 1: messages on a daily basis now have the cash text.

752
00:39:47,080 --> 00:39:49,800
Speaker 1: So there's really a lot of intent on stock twits.

753
00:39:49,840 --> 00:39:53,560
Speaker 1: You know, May you may not like day trading, but

754
00:39:53,640 --> 00:39:55,680
Speaker 1: the traders are the market makers. They are the ones

755
00:39:55,719 --> 00:39:58,040
Speaker 1: that talk about what's important. So our job is to

756
00:39:58,080 --> 00:40:00,880
Speaker 1: surface that stuff. But let's get to some questions on

757
00:40:00,920 --> 00:40:05,919
Speaker 1: stuff that we um we missed earlier. Um, I'm gonna

758
00:40:05,960 --> 00:40:08,040
Speaker 1: throw some stuff out you and I feel free to

759
00:40:08,040 --> 00:40:09,640
Speaker 1: go as longer as short as you want on any

760
00:40:09,680 --> 00:40:12,040
Speaker 1: of these. So we briefly touched on this, but we

761
00:40:12,080 --> 00:40:14,799
Speaker 1: didn't spend a lot of time on it. What are

762
00:40:14,840 --> 00:40:19,120
Speaker 1: some of the similarities and differences between startup investing and

763
00:40:19,200 --> 00:40:22,520
Speaker 1: buying regular stocks? Yeah, one of my favorite subjects. So

764
00:40:22,680 --> 00:40:25,319
Speaker 1: started a complete opposite the way I look at it.

765
00:40:25,640 --> 00:40:28,600
Speaker 1: You know, I think I've dropped earlier that if if

766
00:40:28,640 --> 00:40:30,719
Speaker 1: I'm looking at stock I assume my paper is the

767
00:40:30,719 --> 00:40:32,560
Speaker 1: worst paper in the world, I wipe my butt with it.

768
00:40:33,320 --> 00:40:34,960
Speaker 1: I don't want the paper out of one, I don't

769
00:40:34,960 --> 00:40:38,560
Speaker 1: want the searchs. I just assume everything's corrupt. So when

770
00:40:38,560 --> 00:40:40,480
Speaker 1: I buy a stock, I think the world's were against me.

771
00:40:41,000 --> 00:40:43,200
Speaker 1: First of all, I don't care about the information that

772
00:40:43,239 --> 00:40:46,200
Speaker 1: I'm getting. I have a catalyst in mind. I look

773
00:40:46,200 --> 00:40:49,080
Speaker 1: at price and volume characteristics of stocks. I like to

774
00:40:49,080 --> 00:40:51,680
Speaker 1: buy stocks that are at or near all time highs

775
00:40:51,760 --> 00:40:55,480
Speaker 1: or five year highs, which means that frowned upon the

776
00:40:55,480 --> 00:40:58,200
Speaker 1: word momentumus, which means that, which means when we're in

777
00:40:58,200 --> 00:41:01,680
Speaker 1: a correction or sessions and you're just anything well, and

778
00:41:01,760 --> 00:41:03,919
Speaker 1: I get hurt at the end of a run, and

779
00:41:04,200 --> 00:41:05,719
Speaker 1: I take my lumps at the end of a run,

780
00:41:05,760 --> 00:41:08,120
Speaker 1: but you're missing that whole down down, I hope if

781
00:41:08,120 --> 00:41:10,040
Speaker 1: I'm doing my job right, I'm missing the whole most

782
00:41:10,080 --> 00:41:12,120
Speaker 1: of it, anything and and and in markets like this,

783
00:41:12,160 --> 00:41:14,960
Speaker 1: it's been difficult because last February I got stopped out

784
00:41:14,960 --> 00:41:18,319
Speaker 1: of a lot of things you had pullback in last year,

785
00:41:18,360 --> 00:41:20,680
Speaker 1: and I haven't really found a good my portfolio. I

786
00:41:20,680 --> 00:41:22,839
Speaker 1: haven't found you know, I've had occasional winds, but it's

787
00:41:22,840 --> 00:41:26,240
Speaker 1: been choppy and whatever. So you want a trending market,

788
00:41:26,320 --> 00:41:29,520
Speaker 1: not a range bound sadways, yeah, two steps forward, one

789
00:41:29,560 --> 00:41:32,160
Speaker 1: step back, everybody gets panicking. I mean, cash is not

790
00:41:32,200 --> 00:41:34,680
Speaker 1: a dirty word to me. My investors have known me

791
00:41:34,719 --> 00:41:37,680
Speaker 1: a long time, and I'm patient and I'm busy, So like,

792
00:41:37,719 --> 00:41:40,040
Speaker 1: I like easy markets, and I don't think we're in

793
00:41:40,080 --> 00:41:43,240
Speaker 1: an easy market no longer and easy an easy market

794
00:41:43,239 --> 00:41:45,839
Speaker 1: for bond people because it's been trending for twenty years,

795
00:41:45,840 --> 00:41:48,120
Speaker 1: but they're not a bond guy. So I've missed that.

796
00:41:48,280 --> 00:41:51,280
Speaker 1: I definitely have missed biotech. I mean, I don't understand

797
00:41:51,280 --> 00:41:53,759
Speaker 1: the catalysts, and I don't understand the valuations, and I

798
00:41:53,800 --> 00:41:58,319
Speaker 1: don't use the products, and I'm too old, so I mean,

799
00:41:58,400 --> 00:42:00,479
Speaker 1: you can only be an expertise in a few things.

800
00:42:00,520 --> 00:42:03,600
Speaker 1: So for stocks, I like to keep it simple. I

801
00:42:03,719 --> 00:42:05,799
Speaker 1: like to understand the catalyst. For me, Nike has been

802
00:42:05,840 --> 00:42:09,640
Speaker 1: a huge winner. Uh for me, Apple and Google have

803
00:42:09,680 --> 00:42:11,839
Speaker 1: been huge winners. There's been deep corrections along the way,

804
00:42:11,880 --> 00:42:14,960
Speaker 1: but I've stuck with them in one um. In the

805
00:42:15,120 --> 00:42:18,520
Speaker 1: private market is completely different. Private market, all I care about,

806
00:42:19,280 --> 00:42:22,720
Speaker 1: rightly or wrongly, as the team and the management and

807
00:42:23,320 --> 00:42:26,279
Speaker 1: the valuation, even the evaluation I said earlier, sometimes it's

808
00:42:26,320 --> 00:42:28,359
Speaker 1: important to me it matters because I can't get out.

809
00:42:28,760 --> 00:42:32,800
Speaker 1: I mean, I'm gonna be in this. It's a combination

810
00:42:32,840 --> 00:42:35,200
Speaker 1: of both. But in the public markets, I want to pay.

811
00:42:35,400 --> 00:42:38,239
Speaker 1: I want the most liquid securities, right, I want to

812
00:42:38,280 --> 00:42:40,880
Speaker 1: see in And that matters to me. I don't care

813
00:42:40,920 --> 00:42:42,839
Speaker 1: about the valuation. I care about can I get out?

814
00:42:43,239 --> 00:42:46,160
Speaker 1: And the private markets I care. I know I can't

815
00:42:46,160 --> 00:42:48,279
Speaker 1: get out. So what matters to me is is this

816
00:42:48,360 --> 00:42:50,239
Speaker 1: management team wanted to get hit in the head for

817
00:42:50,280 --> 00:42:52,600
Speaker 1: six or seven years, because that's what it takes. You know,

818
00:42:52,680 --> 00:42:55,320
Speaker 1: now that I've been doing this for six years to

819
00:42:55,480 --> 00:42:59,120
Speaker 1: Mogil an example, being like, I don't know about twenty

820
00:42:59,120 --> 00:43:00,360
Speaker 1: I don't know if I want to be in companies

821
00:43:00,400 --> 00:43:03,480
Speaker 1: that take twenty years. No, No, you you've been doing this, yeah,

822
00:43:03,520 --> 00:43:05,160
Speaker 1: but I mean I've been in deals now and I

823
00:43:05,200 --> 00:43:08,719
Speaker 1: have It's like investing in horses, are investing in seeds, right,

824
00:43:08,800 --> 00:43:13,600
Speaker 1: you have to continually invest in crops to make money, right,

825
00:43:13,640 --> 00:43:15,960
Speaker 1: because it's gonna be wipeouts. There's gonna be a year

826
00:43:15,960 --> 00:43:17,920
Speaker 1: of a group of bad investors, are going to be

827
00:43:17,920 --> 00:43:22,480
Speaker 1: a group where everybody got the technology wrong, and you know,

828
00:43:22,560 --> 00:43:26,400
Speaker 1: so you have to continually place bets. And that's different

829
00:43:26,480 --> 00:43:29,359
Speaker 1: building the ladder, building an angel investing ladder, I call

830
00:43:29,440 --> 00:43:32,560
Speaker 1: it a ladder, or I call it crops. You know,

831
00:43:32,760 --> 00:43:36,000
Speaker 1: you can't be biased. Right, when my investors give me money,

832
00:43:36,040 --> 00:43:38,080
Speaker 1: it should be for three or four funds. It shouldn't

833
00:43:38,120 --> 00:43:41,799
Speaker 1: be for one fund because then they're cherry picking. And yeah,

834
00:43:41,840 --> 00:43:45,400
Speaker 1: they're cherry picking. And technology changes, so you know, the

835
00:43:45,440 --> 00:43:48,040
Speaker 1: social wave of his past, what's the new wave? You know,

836
00:43:48,080 --> 00:43:51,000
Speaker 1: I'm not so much doing hardware a wearables um, but

837
00:43:51,160 --> 00:43:54,280
Speaker 1: I'm more focused on fintech, okay, and I'm learning quickly

838
00:43:54,320 --> 00:43:57,080
Speaker 1: that I've evolved from social to fintech and even and

839
00:43:57,880 --> 00:44:00,759
Speaker 1: social right now. But it's a much small or niche,

840
00:44:01,000 --> 00:44:03,560
Speaker 1: you know. It's you're not going to get billion dollar

841
00:44:03,600 --> 00:44:07,200
Speaker 1: companies and niches, so you have to accordingly adjust your

842
00:44:07,239 --> 00:44:11,239
Speaker 1: expectations and evaluations and all that stuff according to the

843
00:44:11,360 --> 00:44:12,879
Speaker 1: niche that you're in. But I think we're in an

844
00:44:12,880 --> 00:44:16,399
Speaker 1: era of the mega niche where mega nie. Yeah, we're

845
00:44:16,520 --> 00:44:20,720
Speaker 1: in China, we chat dominates, Twitter doesn't dominate, or Facebook

846
00:44:20,760 --> 00:44:23,680
Speaker 1: doesn't dominate, and the rest of the world Facebook dominates,

847
00:44:23,680 --> 00:44:28,719
Speaker 1: Twitter dominates in certain other areas, LinkedIn dominates. But now

848
00:44:28,760 --> 00:44:31,319
Speaker 1: we get into the air where with all those networks proliferating,

849
00:44:31,320 --> 00:44:33,839
Speaker 1: now you've got to focus on drilling deep. Let's talk

850
00:44:33,880 --> 00:44:36,200
Speaker 1: about linked In a second, Yeah, they're I think they're

851
00:44:36,239 --> 00:44:40,439
Speaker 1: the best of the of the business networks because I

852
00:44:40,440 --> 00:44:43,680
Speaker 1: I find that LinkedIn for me personally. Now, obviously you're

853
00:44:43,719 --> 00:44:47,680
Speaker 1: not hiring, well, we have hired from LinkedIn. The problem

854
00:44:47,760 --> 00:44:50,200
Speaker 1: is the other eleven months when we're not putting out

855
00:44:50,200 --> 00:44:55,200
Speaker 1: a request for we need a new setifically, the other

856
00:44:55,200 --> 00:44:57,600
Speaker 1: eleven months people are just bearing me with resumes that

857
00:44:57,600 --> 00:45:00,400
Speaker 1: I have no interest in. Hi, can can you be

858
00:45:00,480 --> 00:45:03,239
Speaker 1: in my network? Now? That person who doesn't listen to

859
00:45:03,280 --> 00:45:05,200
Speaker 1: you and say you're not if when you're not using

860
00:45:05,200 --> 00:45:07,000
Speaker 1: a network and people are still hitting you over the head,

861
00:45:07,000 --> 00:45:09,319
Speaker 1: they're not using the network properly, so they're probably not.

862
00:45:09,600 --> 00:45:13,759
Speaker 1: Isn't that endemic to LinkedIn and many other networks? It's not,

863
00:45:14,120 --> 00:45:16,680
Speaker 1: but that's the mistake that people make. They make fun

864
00:45:16,680 --> 00:45:19,640
Speaker 1: of LinkedIn because of that, but they're not understanding that. Really,

865
00:45:19,920 --> 00:45:23,200
Speaker 1: it's really uh the other way scenario. The companies that

866
00:45:23,239 --> 00:45:25,920
Speaker 1: are hiring are using it like crazy. Can I tell

867
00:45:25,960 --> 00:45:28,480
Speaker 1: you something? So you have every time we've made a

868
00:45:28,520 --> 00:45:31,520
Speaker 1: major higher all of our hires have come from Lincoln

869
00:45:31,800 --> 00:45:34,080
Speaker 1: And if you're a growth company, that's what you live on. Yeah, No,

870
00:45:34,400 --> 00:45:39,320
Speaker 1: it's terrific. The problem is. So. The nice thing is

871
00:45:39,360 --> 00:45:41,120
Speaker 1: when you say don't know how to use social, some

872
00:45:41,160 --> 00:45:42,719
Speaker 1: people will walk up to you on the street and

873
00:45:42,840 --> 00:45:46,160
Speaker 1: like immediately a costume. Do they know Social? They're idiots.

874
00:45:46,160 --> 00:45:48,480
Speaker 1: So there's idiots out there, like people know how to

875
00:45:48,560 --> 00:45:51,960
Speaker 1: use the tools you mentioned as far ago. Ye, they're

876
00:45:52,200 --> 00:45:54,359
Speaker 1: m when they could have just called me, well, they

877
00:45:54,360 --> 00:45:57,120
Speaker 1: can't DM me, you're not following, damn me. But they're

878
00:45:57,160 --> 00:46:01,399
Speaker 1: now publicly embarrassing themselves. Every want to with every now

879
00:46:01,440 --> 00:46:04,200
Speaker 1: and again, I will be so I take the same

880
00:46:04,239 --> 00:46:06,560
Speaker 1: train ride back and forth to work every day, and

881
00:46:06,560 --> 00:46:10,160
Speaker 1: I'm my little Verizon modem which I plug into my laptop,

882
00:46:10,440 --> 00:46:13,120
Speaker 1: which is fantastic because I get basically, i could leave

883
00:46:13,120 --> 00:46:15,680
Speaker 1: an hour early because I'm working on the train, I

884
00:46:15,680 --> 00:46:17,120
Speaker 1: mean on the way home, on the way in if

885
00:46:17,120 --> 00:46:19,879
Speaker 1: I want to come in later. I'm at work at

886
00:46:20,440 --> 00:46:23,680
Speaker 1: wherever I am with the laptop, and every there's a

887
00:46:23,719 --> 00:46:26,600
Speaker 1: couple of dead spots. You would think in New York City,

888
00:46:26,920 --> 00:46:30,359
Speaker 1: perhaps not Manhattan proper, but within the border of New

889
00:46:30,440 --> 00:46:33,719
Speaker 1: York City, my data service should be flawless. I know

890
00:46:33,800 --> 00:46:38,120
Speaker 1: we're not Singapore or other countries that have a good infrastructure,

891
00:46:38,400 --> 00:46:40,279
Speaker 1: but so every now and then I just get so

892
00:46:40,360 --> 00:46:44,920
Speaker 1: frustrated and I'll tweet about how angry I'm about how

893
00:46:45,040 --> 00:46:48,239
Speaker 1: terrible VERI Verizon Wireless is. The last time I did it,

894
00:46:48,760 --> 00:46:52,600
Speaker 1: a T and T Wireless comes at me. If so,

895
00:46:53,040 --> 00:46:55,480
Speaker 1: I turned to I responded back to them, I go, no, no,

896
00:46:55,640 --> 00:46:58,960
Speaker 1: I'm with Verizon Wireless because you guys are so awful.

897
00:46:59,000 --> 00:47:02,200
Speaker 1: I went to that they're the tallest midget in the room.

898
00:47:03,160 --> 00:47:05,799
Speaker 1: They're the best, but only because the rest of you

899
00:47:05,880 --> 00:47:08,359
Speaker 1: are so Often if these companies new And by the way,

900
00:47:08,400 --> 00:47:11,760
Speaker 1: I haven't made a lot of money in my private

901
00:47:11,800 --> 00:47:15,600
Speaker 1: investing along customer support. So one of my other well

902
00:47:15,600 --> 00:47:18,000
Speaker 1: my other thing was customer support. When social came along,

903
00:47:18,040 --> 00:47:19,880
Speaker 1: I thought Twitter would be a great customer serce. So

904
00:47:19,960 --> 00:47:23,040
Speaker 1: we invested in Buddy Media, which got bought by a

905
00:47:23,080 --> 00:47:30,600
Speaker 1: Salesforce eight d s. Salesforce is an unbelievable company. Unbelievable company.

906
00:47:30,760 --> 00:47:33,800
Speaker 1: Some people hate the product. But I'm using relate i Q,

907
00:47:34,040 --> 00:47:36,239
Speaker 1: which is the dumb down version that they just played

908
00:47:36,280 --> 00:47:39,919
Speaker 1: quarterbillion for. It's a great product. Um that changed my life.

909
00:47:39,960 --> 00:47:43,960
Speaker 1: Semantic act in the eighties change remember that. So I

910
00:47:44,000 --> 00:47:47,120
Speaker 1: am big believer in contact management and Benny Off running

911
00:47:47,160 --> 00:47:51,480
Speaker 1: the table. Uh's he's pretty much. This is who Mark

912
00:47:51,520 --> 00:47:54,080
Speaker 1: Beneof has been on how to choose the table sales

913
00:47:54,200 --> 00:47:58,520
Speaker 1: t is Salesforce found sales. So luckily for me, they

914
00:47:58,600 --> 00:48:01,840
Speaker 1: bought four companies of of mine over the years because

915
00:48:01,880 --> 00:48:05,240
Speaker 1: I believe in customer support as they've got a billion

916
00:48:05,239 --> 00:48:07,640
Speaker 1: dollars on companies that I was an angel investor, and

917
00:48:07,680 --> 00:48:10,400
Speaker 1: so I'm very grateful to them. But the media assistly

918
00:48:10,880 --> 00:48:14,480
Speaker 1: go instant. They've invested in in Bedley, on and on

919
00:48:14,520 --> 00:48:17,839
Speaker 1: and on, great great vision. For whatever they can't build,

920
00:48:17,880 --> 00:48:21,720
Speaker 1: they buy um, which a smart way. Here's what corporate

921
00:48:21,719 --> 00:48:25,600
Speaker 1: America doesn't know. They don't know how to use these tools, right.

922
00:48:26,160 --> 00:48:28,680
Speaker 1: Why are they not using the They use the tweets

923
00:48:28,680 --> 00:48:30,920
Speaker 1: when they should be using the phone. They use the

924
00:48:30,960 --> 00:48:33,640
Speaker 1: phone when they should be using the tweets. They're there's

925
00:48:33,960 --> 00:48:36,359
Speaker 1: you know what I mean. They don't have instinct. So

926
00:48:36,360 --> 00:48:40,480
Speaker 1: so I don't want to talk to Verizon or my airline.

927
00:48:40,719 --> 00:48:43,440
Speaker 1: I want to vent on Twitter. Doesn't mean they shouldn't

928
00:48:43,440 --> 00:48:46,160
Speaker 1: interrupt my vent. They should listen. And by the way,

929
00:48:46,160 --> 00:48:47,879
Speaker 1: if they really want to do something, if you really

930
00:48:47,920 --> 00:48:50,080
Speaker 1: have a voice, don't talk to me, send me ten

931
00:48:50,120 --> 00:48:52,040
Speaker 1: bucks in a coupon because I'm a good customer, or

932
00:48:53,239 --> 00:48:56,319
Speaker 1: or asking why you unhappy? Never asked me why if

933
00:48:56,360 --> 00:48:58,840
Speaker 1: I'm kid? How about fix what's not? I can't, of

934
00:48:59,000 --> 00:49:01,680
Speaker 1: course they can. They don't want to. You're on the train,

935
00:49:02,360 --> 00:49:04,200
Speaker 1: You're respected to be done by the time I get

936
00:49:04,239 --> 00:49:08,759
Speaker 1: into the understand. All they could say is Verizon is

937
00:49:08,760 --> 00:49:12,520
Speaker 1: a good example. Hey, if I'm complaining about this, put

938
00:49:12,560 --> 00:49:15,279
Speaker 1: some guy in a train, follow that and see where

939
00:49:15,280 --> 00:49:17,800
Speaker 1: the weak spots are and throw another damn tower. Okay,

940
00:49:17,840 --> 00:49:20,799
Speaker 1: but they can that, Hey, we heard you. But they

941
00:49:20,800 --> 00:49:24,280
Speaker 1: can also win a d M or or at messaging. Barry,

942
00:49:24,320 --> 00:49:26,120
Speaker 1: I see you know. They know that you have a

943
00:49:26,200 --> 00:49:28,040
Speaker 1: lot of followers, They know you have a lot of influence.

944
00:49:28,080 --> 00:49:30,120
Speaker 1: They could easily buy a service that would allow that

945
00:49:30,320 --> 00:49:33,680
Speaker 1: and send you ten bucks for your aggravation. I don't want.

946
00:49:34,640 --> 00:49:37,200
Speaker 1: I want the product to work the way it works

947
00:49:37,280 --> 00:49:41,200
Speaker 1: in Singapore, in London, in Berlin, you go anywhere outside

948
00:49:41,200 --> 00:49:43,600
Speaker 1: of the United States, the internet is faster and chief

949
00:49:44,120 --> 00:49:49,200
Speaker 1: the cell phone services. I think you should move. I

950
00:49:49,280 --> 00:49:51,600
Speaker 1: like Berlin. I enjoy every time I go to Berlin.

951
00:49:51,640 --> 00:49:56,240
Speaker 1: I have a great time. But probably probably the hippest,

952
00:49:56,280 --> 00:49:59,239
Speaker 1: hottest city in Europe right and has been for some time.

953
00:49:59,440 --> 00:50:02,800
Speaker 1: It's also the cheapest of all the European cities outside

954
00:50:02,800 --> 00:50:06,040
Speaker 1: of Greece. So um, But that's not the issue. The

955
00:50:06,080 --> 00:50:09,040
Speaker 1: issue is you try a lot of America. What isn't

956
00:50:09,080 --> 00:50:11,480
Speaker 1: the stats something like one in four Americans have a

957
00:50:11,520 --> 00:50:15,960
Speaker 1: passport you travel abroad, And even though in many ways

958
00:50:16,040 --> 00:50:19,399
Speaker 1: we live in a great country, we've allowed a lot

959
00:50:19,440 --> 00:50:22,359
Speaker 1: of other people, a lot of other countries to pass us.

960
00:50:22,360 --> 00:50:27,320
Speaker 1: We're the forrest country that had this spectacular national highway

961
00:50:27,360 --> 00:50:31,200
Speaker 1: system which is now falling into disrepair, and everybody else

962
00:50:31,280 --> 00:50:34,080
Speaker 1: leapt fraud us because they started twenty thirty years after us.

963
00:50:34,480 --> 00:50:37,680
Speaker 1: Everything we have is on a relative basis. Are two

964
00:50:37,719 --> 00:50:42,879
Speaker 1: flaws are uh not keeping our infrastructure up to speed? Tremendous? Okay,

965
00:50:42,880 --> 00:50:46,080
Speaker 1: so that's number one money wasted on that. We're not

966
00:50:46,200 --> 00:50:49,800
Speaker 1: helping the poor hare we're helping everybody else. The second

967
00:50:49,800 --> 00:50:53,160
Speaker 1: thing is education we're taking I look at my kids

968
00:50:53,160 --> 00:50:55,680
Speaker 1: and in their special kids in my opinion, but they're

969
00:50:55,719 --> 00:50:57,960
Speaker 1: all thrown in the same funnel to the wider the

970
00:50:57,960 --> 00:51:01,440
Speaker 1: funnel at the tops getting wider in and the testing

971
00:51:01,480 --> 00:51:06,120
Speaker 1: gets weirder, meaning more kids are different. Kids have Google today,

972
00:51:06,200 --> 00:51:09,000
Speaker 1: the testing does well because kids have Google today. To

973
00:51:09,120 --> 00:51:11,480
Speaker 1: have any test in an era of Google that's the

974
00:51:11,520 --> 00:51:15,399
Speaker 1: same as twenty years ago is ridiculous. Right, My kid

975
00:51:15,640 --> 00:51:18,320
Speaker 1: shouldn't be punished for understanding how to use Google. It

976
00:51:18,440 --> 00:51:21,680
Speaker 1: just changed education and they have It's going to be

977
00:51:21,680 --> 00:51:24,200
Speaker 1: a decade long understand. But you're asking what the really

978
00:51:24,200 --> 00:51:25,880
Speaker 1: big issue? And then the third one is banded with

979
00:51:26,040 --> 00:51:28,120
Speaker 1: I don't understand how country this great can't have the

980
00:51:28,160 --> 00:51:32,080
Speaker 1: best band with elsewhere. Canswer it true that calls itself

981
00:51:32,080 --> 00:51:37,239
Speaker 1: democratic and free to be trailering and anything Internet. Well,

982
00:51:37,280 --> 00:51:39,400
Speaker 1: the answer is when you go to Singapore, you go

983
00:51:39,440 --> 00:51:41,680
Speaker 1: to Hong Kong, the rule is, oh, you want to

984
00:51:41,680 --> 00:51:44,920
Speaker 1: be an Internet provider. These are the minimum require absolutely,

985
00:51:44,920 --> 00:51:46,640
Speaker 1: and we look at that as a nanny state in

986
00:51:46,640 --> 00:51:50,760
Speaker 1: the United States. But it's like certain, why right, Sorry, hey, listen,

987
00:51:50,920 --> 00:51:52,759
Speaker 1: You're free to do whatever you want as long as

988
00:51:52,800 --> 00:51:56,560
Speaker 1: it's one gigabyte up and down, anything that get to it.

989
00:51:56,680 --> 00:52:00,239
Speaker 1: Anything less than that, we're not interested. Here's the floor. Now,

990
00:52:00,280 --> 00:52:03,440
Speaker 1: everybody compete with this floor. Were not that complicated. We're

991
00:52:03,520 --> 00:52:06,040
Speaker 1: on the same page here. If you give people the tools,

992
00:52:06,960 --> 00:52:09,520
Speaker 1: the smart people will use them, and the country will

993
00:52:09,520 --> 00:52:14,200
Speaker 1: explode the peloton situation. Everybody will nothing wrong. I mean,

994
00:52:14,239 --> 00:52:15,960
Speaker 1: you know, you gotta watch out for the blood doping,

995
00:52:15,960 --> 00:52:17,560
Speaker 1: and you gotta watch out for the tricks, and you

996
00:52:17,600 --> 00:52:19,719
Speaker 1: gotta watch up for the criminals, the outliers, and you

997
00:52:19,800 --> 00:52:22,360
Speaker 1: punish the outliers. You don't, you know, we live in

998
00:52:22,400 --> 00:52:25,319
Speaker 1: a country where we're not punishing the outliers and we're

999
00:52:25,320 --> 00:52:29,160
Speaker 1: not encouraging the peloton. So let's you know, and I

1000
00:52:29,200 --> 00:52:31,480
Speaker 1: and I and I and I relate everything to sports

1001
00:52:31,480 --> 00:52:35,520
Speaker 1: because it's pure right. Other than the blood doping. Peloton

1002
00:52:35,760 --> 00:52:38,840
Speaker 1: has been the same since the race started. You the

1003
00:52:39,280 --> 00:52:42,440
Speaker 1: great riders figure out when strategically to break free. But

1004
00:52:42,520 --> 00:52:45,680
Speaker 1: the peloton is the pelotoni United States, our peloton of

1005
00:52:45,760 --> 00:52:48,719
Speaker 1: internet system is behind. Everybody else's behind the keep up,

1006
00:52:49,080 --> 00:52:51,759
Speaker 1: no excuse for that and the money wasted on Why

1007
00:52:51,800 --> 00:52:54,160
Speaker 1: is there not a San Francisco l a train, a

1008
00:52:54,160 --> 00:52:57,719
Speaker 1: bullet train. There is no excuse period. Why can't I

1009
00:52:57,840 --> 00:53:01,600
Speaker 1: get there's no so since mentioned blood doping, let's let's

1010
00:53:01,640 --> 00:53:05,520
Speaker 1: talk a little bit about the Federal Reserve because um,

1011
00:53:05,600 --> 00:53:07,560
Speaker 1: you you had not a great subject of mind because

1012
00:53:07,560 --> 00:53:10,440
Speaker 1: I don't really understand. But well, but here's the question.

1013
00:53:10,520 --> 00:53:14,440
Speaker 1: So you mentioned earlier rates are at zero. You know

1014
00:53:14,719 --> 00:53:18,840
Speaker 1: ZERP quantitative easing, the FED has tilted the playing field.

1015
00:53:19,280 --> 00:53:21,279
Speaker 1: Let's bring it back to the area of your expertise.

1016
00:53:21,320 --> 00:53:25,080
Speaker 1: With money effectively at no cost, what does that do

1017
00:53:25,200 --> 00:53:27,439
Speaker 1: to start up investing? What does that do to start ups?

1018
00:53:27,920 --> 00:53:31,160
Speaker 1: And how does that change the entire venture market. I

1019
00:53:31,239 --> 00:53:34,319
Speaker 1: think I can talk to that well. I'll talk to

1020
00:53:34,360 --> 00:53:37,440
Speaker 1: first about the markets and my experience lately with the markets.

1021
00:53:37,560 --> 00:53:42,000
Speaker 1: I think that's so good, that too good, But you're

1022
00:53:42,040 --> 00:53:44,040
Speaker 1: not getting a bubble this time. You're getting You're getting

1023
00:53:44,480 --> 00:53:48,319
Speaker 1: really weird behavior because everybody knows it's overvalued, so the

1024
00:53:48,360 --> 00:53:50,600
Speaker 1: game is being played to not be a ninety No,

1025
00:53:50,680 --> 00:53:53,360
Speaker 1: I don't know if everybody knows it's overvalue. The smart

1026
00:53:53,440 --> 00:53:59,239
Speaker 1: money is like very fidgety myself, but that's what I'm saying.

1027
00:53:59,239 --> 00:54:01,160
Speaker 1: It makes it very hard even in a glow interest

1028
00:54:01,239 --> 00:54:04,120
Speaker 1: rate environment. What I'm saying is the market should just

1029
00:54:04,120 --> 00:54:07,120
Speaker 1: be relentless. And although it looks relentless on the SMP,

1030
00:54:07,560 --> 00:54:10,879
Speaker 1: there's been massive rotation because everybody fidgetty trying to find

1031
00:54:10,920 --> 00:54:13,640
Speaker 1: cheap things because it's so crazy out there. So we've

1032
00:54:13,680 --> 00:54:16,120
Speaker 1: avoided the bubble. Because everybody's pulling money out of things

1033
00:54:16,320 --> 00:54:18,920
Speaker 1: as soon as they feel like a bubble into the

1034
00:54:19,000 --> 00:54:21,120
Speaker 1: non bubble idea. So guys who have been in the

1035
00:54:21,200 --> 00:54:25,040
Speaker 1: market for forty year and fifty years, guys like Jeff

1036
00:54:25,160 --> 00:54:32,600
Speaker 1: s Out and Laslow Burrini, and they've all said that

1037
00:54:32,680 --> 00:54:36,240
Speaker 1: this reminds them very much of the early nine eighties,

1038
00:54:36,600 --> 00:54:38,640
Speaker 1: where you had just come off of a sixteen year

1039
00:54:38,680 --> 00:54:42,160
Speaker 1: bear market. The negativity could be cut with a knife.

1040
00:54:42,520 --> 00:54:45,400
Speaker 1: People's muscle memory was, hey, every time there was a

1041
00:54:45,400 --> 00:54:47,160
Speaker 1: pullback and I bought it, it was a rally and

1042
00:54:47,200 --> 00:54:50,560
Speaker 1: I got killed. So this is this is just like

1043
00:54:50,640 --> 00:54:53,360
Speaker 1: we're going back to the crash. But they said it

1044
00:54:53,440 --> 00:54:56,960
Speaker 1: took a full five six seven years after the bear

1045
00:54:57,080 --> 00:54:59,799
Speaker 1: market ended for people to wrap the head around that, hey,

1046
00:54:59,840 --> 00:55:04,360
Speaker 1: this is a different secular market. Even the eight seven crash,

1047
00:55:04,480 --> 00:55:08,719
Speaker 1: we still finished the europe one and everybody used the

1048
00:55:08,719 --> 00:55:11,600
Speaker 1: eighty seven. Let me rephrase that. The people who were

1049
00:55:11,640 --> 00:55:14,120
Speaker 1: unwilling to accept that the bear market, oh it was over,

1050
00:55:14,640 --> 00:55:17,359
Speaker 1: use the eighty seven crash as a c I told you,

1051
00:55:17,840 --> 00:55:21,640
Speaker 1: But again they missed. They avoided the drop, but missed

1052
00:55:22,440 --> 00:55:24,600
Speaker 1: move up. I try not to think I let the

1053
00:55:24,640 --> 00:55:28,560
Speaker 1: market get me into positions. The private market is interesting

1054
00:55:28,600 --> 00:55:31,120
Speaker 1: because companies that I was investing in an oh ay

1055
00:55:31,200 --> 00:55:34,560
Speaker 1: to two million valuation, those same founders and companies are

1056
00:55:34,560 --> 00:55:38,120
Speaker 1: getting ten to twelve million dollar valuations to start, and

1057
00:55:38,160 --> 00:55:40,920
Speaker 1: so the math really starts hurting. You know that two

1058
00:55:41,000 --> 00:55:46,160
Speaker 1: to twelve You know that's different than the market being up.

1059
00:55:47,480 --> 00:55:51,080
Speaker 1: So so I think that's what makes me nervous. You know,

1060
00:55:51,120 --> 00:55:53,160
Speaker 1: when you're investing in a company that everything can go

1061
00:55:53,239 --> 00:55:56,160
Speaker 1: wrong at a start up phase, right, you know, two million,

1062
00:55:56,160 --> 00:55:58,239
Speaker 1: I'm sure it might have sounded cheap, but it's still

1063
00:55:58,280 --> 00:55:59,880
Speaker 1: like for a company that don't have anything going on,

1064
00:56:00,239 --> 00:56:02,480
Speaker 1: Like I'm still in my head the old guy in

1065
00:56:02,520 --> 00:56:05,560
Speaker 1: the industry where I'm complaining that I can't pay ten

1066
00:56:05,600 --> 00:56:08,400
Speaker 1: million valuation for three kids in a room. But earlier

1067
00:56:08,400 --> 00:56:11,359
Speaker 1: you were saying valuation is your least important thing. It's

1068
00:56:11,440 --> 00:56:13,439
Speaker 1: it's just it's it's just something that I've never gotten

1069
00:56:13,440 --> 00:56:15,560
Speaker 1: comfortable with. That's why Fred Wilson is the best, and

1070
00:56:15,640 --> 00:56:17,720
Speaker 1: I'm just so he's willing to take a chance ignore

1071
00:56:17,760 --> 00:56:21,759
Speaker 1: the value he thinks, like I did with Robin Hood

1072
00:56:21,760 --> 00:56:25,160
Speaker 1: in certain companies. I'm starting to get more comfortable and

1073
00:56:25,200 --> 00:56:28,000
Speaker 1: become a better investor, because if price is the only

1074
00:56:28,120 --> 00:56:30,920
Speaker 1: reason you do not want to do a private investment,

1075
00:56:31,440 --> 00:56:36,879
Speaker 1: you should do that in the public markets. Know, if

1076
00:56:36,920 --> 00:56:40,120
Speaker 1: price is the only reason to not do something, it's

1077
00:56:40,160 --> 00:56:42,799
Speaker 1: also a mistake because you can get liquidity the next day,

1078
00:56:42,800 --> 00:56:45,240
Speaker 1: so price drives every next day. But that we're talking

1079
00:56:45,800 --> 00:56:49,960
Speaker 1: quarters and years, not hours and days. Sure, absolutely, but

1080
00:56:50,040 --> 00:56:52,319
Speaker 1: that's a trade. Not if you don't want to buy

1081
00:56:52,320 --> 00:56:55,359
Speaker 1: Google because you think it's pricey, and and your answer is,

1082
00:56:55,600 --> 00:56:59,680
Speaker 1: but you can sell it tomorrow. Most most people these

1083
00:56:59,760 --> 00:57:01,799
Speaker 1: days is aren't looking at day trade Google. They're looking

1084
00:57:01,840 --> 00:57:04,160
Speaker 1: to buy a tech company. Look at Apple as a

1085
00:57:04,200 --> 00:57:07,480
Speaker 1: perfect example. You know, it was seven and change. It's split,

1086
00:57:07,920 --> 00:57:10,560
Speaker 1: it's a huge split, and here we are we're now

1087
00:57:10,680 --> 00:57:13,880
Speaker 1: over that prior pre split high. But when you spoke

1088
00:57:13,920 --> 00:57:18,200
Speaker 1: to people at Apple at six fifty Apple, oh that's crazy. Yeah,

1089
00:57:18,240 --> 00:57:21,480
Speaker 1: I mean, I just I'll use it more at the

1090
00:57:21,480 --> 00:57:25,480
Speaker 1: private market. What if price is the absolute reason you're

1091
00:57:25,480 --> 00:57:27,880
Speaker 1: passing on an investment and you really feel good about

1092
00:57:27,880 --> 00:57:32,240
Speaker 1: every other aspect team market everything, will hold your nose

1093
00:57:32,680 --> 00:57:36,880
Speaker 1: and it and own it. Okay, Um, that's a very

1094
00:57:36,920 --> 00:57:41,160
Speaker 1: hard hurdle for the average, even good investor. That I

1095
00:57:41,200 --> 00:57:44,160
Speaker 1: was at the beginning to get over. I have definitely

1096
00:57:44,600 --> 00:57:47,720
Speaker 1: learned to live with that. In this disk Us evaluation,

1097
00:57:47,720 --> 00:57:51,440
Speaker 1: Twitter and Zingle two giant home runs, I know, but

1098
00:57:51,480 --> 00:57:54,960
Speaker 1: his Zingle was twenty million valuation when a poker room

1099
00:57:55,000 --> 00:57:57,680
Speaker 1: at the time. What Zingle worth today, I don't know,

1100
00:57:57,760 --> 00:58:00,520
Speaker 1: but I mean it definitely was a mistake on Twitter.

1101
00:58:00,640 --> 00:58:03,040
Speaker 1: We know Twitter as a multibillion dollar times but you

1102
00:58:03,120 --> 00:58:05,400
Speaker 1: learn it's not like I'm perfect. I mean, like I said,

1103
00:58:05,440 --> 00:58:07,520
Speaker 1: you know on my if you go to my blog

1104
00:58:07,600 --> 00:58:09,960
Speaker 1: or if you go to my our website at social leverage,

1105
00:58:10,000 --> 00:58:12,640
Speaker 1: I'm proud of those misses. What am I doing there?

1106
00:58:12,680 --> 00:58:14,800
Speaker 1: At least I was in the batter's box. The biggest

1107
00:58:14,840 --> 00:58:17,800
Speaker 1: crime is for my investors is not to see those deals.

1108
00:58:18,240 --> 00:58:19,760
Speaker 1: So if they pay me the two and a half

1109
00:58:19,760 --> 00:58:24,040
Speaker 1: and twenty, which they do and half and half, and

1110
00:58:24,120 --> 00:58:26,920
Speaker 1: that's standard in it's in the in the industry. I mean,

1111
00:58:26,960 --> 00:58:29,600
Speaker 1: the middle of our third fund raising and you know

1112
00:58:29,760 --> 00:58:34,040
Speaker 1: we're we're raising capital, but I mean that is standard, right,

1113
00:58:34,080 --> 00:58:38,240
Speaker 1: there's certain standards. It's richer than funds fee structure. Yeah,

1114
00:58:38,320 --> 00:58:41,320
Speaker 1: I mean because two point five yeah, and it's like

1115
00:58:41,440 --> 00:58:44,440
Speaker 1: that those are ten years of these things that standard.

1116
00:58:44,480 --> 00:58:46,040
Speaker 1: I mean, listen, if you're if you're gonna write me

1117
00:58:46,040 --> 00:58:48,440
Speaker 1: a check for ten million, you're probably going to negotiate fees.

1118
00:58:48,480 --> 00:58:51,040
Speaker 1: I've never had that happened negotiation, but it can happen.

1119
00:58:51,400 --> 00:58:53,240
Speaker 1: So those are you listening? If you got ten million

1120
00:58:53,280 --> 00:58:56,000
Speaker 1: for Howard, you could cut a deal. Yes, the sounds

1121
00:58:56,040 --> 00:58:58,240
Speaker 1: good to me. The Jerry picks up the difference, the

1122
00:58:58,840 --> 00:59:01,600
Speaker 1: it's good to be the GP Is that what you today? No?

1123
00:59:01,720 --> 00:59:04,440
Speaker 1: But this this the thing about this style of investing

1124
00:59:04,560 --> 00:59:08,120
Speaker 1: is the Twitter. I'm embarrassed about in hindsight Twitter and

1125
00:59:08,160 --> 00:59:11,120
Speaker 1: think it looked like unbelievable gaffs. And you could laugh

1126
00:59:11,160 --> 00:59:13,240
Speaker 1: at me for that, but it would be worse to

1127
00:59:13,280 --> 00:59:16,560
Speaker 1: not be seeing the deals. My job is to get

1128
00:59:16,600 --> 00:59:18,640
Speaker 1: into the flow. You got good deal flow, but you

1129
00:59:18,720 --> 00:59:21,840
Speaker 1: looked at these valuations and said a little rich for me.

1130
00:59:21,960 --> 00:59:23,520
Speaker 1: Well and I and I looked at the products and

1131
00:59:23,520 --> 00:59:25,440
Speaker 1: I wasn't using the products. The other thing is I

1132
00:59:25,440 --> 00:59:27,520
Speaker 1: got to use the products Twitter. At the time I

1133
00:59:27,600 --> 00:59:30,520
Speaker 1: was laughing at we were on our blackberries. Remember two

1134
00:59:30,560 --> 00:59:34,920
Speaker 1: thousand seven blackberries market crash, twenty million valuation in an

1135
00:59:34,920 --> 00:59:37,360
Speaker 1: era of two million valuations. By the way, you could

1136
00:59:37,360 --> 00:59:39,920
Speaker 1: have bought Apple and Google and tripled your money. Whatever

1137
00:59:40,120 --> 00:59:43,840
Speaker 1: not not. Twitter obviously returns because it was a mistake.

1138
00:59:44,280 --> 00:59:46,960
Speaker 1: But I'm really proud because by being in the market,

1139
00:59:47,000 --> 00:59:50,200
Speaker 1: I caught an Uber at four million valuations. So you

1140
00:59:50,320 --> 00:59:53,680
Speaker 1: have to be in the market, meaning I'm gonna make mistakes.

1141
00:59:53,720 --> 00:59:57,440
Speaker 1: I didn't know. I didn't know that outside return, Twitter

1142
00:59:57,680 --> 01:00:00,160
Speaker 1: was the nil brain or Uber was the hardest thing.

1143
01:00:01,600 --> 01:00:04,200
Speaker 1: That's fascinating to me. Tell me why, because when Uber

1144
01:00:04,280 --> 01:00:06,680
Speaker 1: first came around, it's like, wait, and he used my

1145
01:00:06,720 --> 01:00:08,600
Speaker 1: phone to call a cab. I walked down to the street.

1146
01:00:08,640 --> 01:00:11,040
Speaker 1: I waved my hand. There's a cab. Tell me what

1147
01:00:11,120 --> 01:00:13,080
Speaker 1: made you think the magic of it? I live in

1148
01:00:13,120 --> 01:00:15,520
Speaker 1: Coronado and I could just push a button and the

1149
01:00:15,640 --> 01:00:18,280
Speaker 1: car would come over the It wasn't it was fifteen minutes,

1150
01:00:18,680 --> 01:00:22,280
Speaker 1: five years ago a cab. Don't trust the cab. I mean,

1151
01:00:22,320 --> 01:00:24,600
Speaker 1: I don't trust the system. You know, the medallion system

1152
01:00:24,680 --> 01:00:30,080
Speaker 1: was broken. It deserves disrupted. Weren't investing in their infrastructure. Okay, no,

1153
01:00:30,240 --> 01:00:32,080
Speaker 1: this is the problem I have with the Listen, it's

1154
01:00:32,120 --> 01:00:34,280
Speaker 1: not fair. Let's talk about it right up front. It's

1155
01:00:34,280 --> 01:00:37,400
Speaker 1: not fair. It's not fair. They're breaking some rules and

1156
01:00:37,560 --> 01:00:40,800
Speaker 1: Uber is not fair, and well, I'm just saying they

1157
01:00:40,800 --> 01:00:44,400
Speaker 1: don't have their licenses and they've they've been creative. Let's say,

1158
01:00:44,440 --> 01:00:47,640
Speaker 1: and I say this offer a more creative Let's just

1159
01:00:47,720 --> 01:00:50,720
Speaker 1: think how broken the medallion system is. One dude making

1160
01:00:50,760 --> 01:00:52,520
Speaker 1: all the money or one woman making all the money

1161
01:00:52,560 --> 01:00:55,440
Speaker 1: at the top. They're not investing in technology. The drivers

1162
01:00:55,440 --> 01:00:59,000
Speaker 1: are unhappy, the customers are unhappy. Everything's broken. There's no

1163
01:00:59,040 --> 01:01:01,800
Speaker 1: trust in the system. It was due to be disrupted

1164
01:01:01,800 --> 01:01:04,600
Speaker 1: in hindset. Okay, so what and then we're looking at Zinga.

1165
01:01:04,600 --> 01:01:07,720
Speaker 1: I'm going on, I don't play mobile games. Uh, twenty

1166
01:01:07,720 --> 01:01:12,439
Speaker 1: millions crazy, the markets crashing, and so as a non

1167
01:01:12,520 --> 01:01:15,520
Speaker 1: user of the product, ever still not to this day.

1168
01:01:15,880 --> 01:01:18,040
Speaker 1: You know, it was such a leap of faith. But

1169
01:01:18,200 --> 01:01:21,520
Speaker 1: market played angry Birds or anything like that. But Mark

1170
01:01:21,520 --> 01:01:25,720
Speaker 1: Pinkas was the outlier. Actually just invested in him because

1171
01:01:25,720 --> 01:01:27,640
Speaker 1: he was going to do anything, gonna be a billion.

1172
01:01:28,280 --> 01:01:30,360
Speaker 1: He wanted to do anything to be ability. So back

1173
01:01:30,400 --> 01:01:33,080
Speaker 1: to Uber and so the people you look at this

1174
01:01:33,160 --> 01:01:36,880
Speaker 1: and say, here's an entire infrastructure right to be disrupted.

1175
01:01:36,880 --> 01:01:40,840
Speaker 1: We've seen four million valuation, I mean and New York

1176
01:01:40,880 --> 01:01:45,360
Speaker 1: City taxis the medallions have dropped value just as a

1177
01:01:45,400 --> 01:01:48,760
Speaker 1: reflection of how broken and if the city was going

1178
01:01:48,800 --> 01:01:51,080
Speaker 1: to do its job, whoever is a mayor would step

1179
01:01:51,080 --> 01:01:52,840
Speaker 1: in and say, listen, we're going to train people on Uber.

1180
01:01:52,880 --> 01:01:54,720
Speaker 1: We're going to train people how to use their iPhones,

1181
01:01:54,720 --> 01:01:56,400
Speaker 1: and we're going to give people. You don't have to

1182
01:01:56,400 --> 01:01:58,360
Speaker 1: train people to use it, That's what I'm saying. Like,

1183
01:01:58,440 --> 01:02:00,480
Speaker 1: so that's why they And you know, I'll tell you

1184
01:02:00,480 --> 01:02:03,200
Speaker 1: a funny Uber story. So last week, we're in Seattle

1185
01:02:03,600 --> 01:02:07,120
Speaker 1: and I'll spay you. What's that. That's in the US,

1186
01:02:07,640 --> 01:02:12,919
Speaker 1: not too far from Vancouver, And I'm on the Microsoft campus, which,

1187
01:02:13,000 --> 01:02:16,600
Speaker 1: by the way, you know i'm Microsoft. You know, I'm

1188
01:02:16,600 --> 01:02:19,840
Speaker 1: an Apple guy, was never a giant Microsoft fan. It

1189
01:02:20,160 --> 01:02:27,040
Speaker 1: is astonishing. The campus is I'm insane. Number it goes

1190
01:02:27,080 --> 01:02:28,440
Speaker 1: as far as the I can see. You can get

1191
01:02:28,440 --> 01:02:30,680
Speaker 1: in a car and keep driving. So we we call

1192
01:02:30,720 --> 01:02:33,840
Speaker 1: an uber to get back into into Seattle proper. The

1193
01:02:33,880 --> 01:02:36,400
Speaker 1: place is so big and the way the maps work

1194
01:02:36,600 --> 01:02:41,479
Speaker 1: because it's not like roads. So we had a haunt

1195
01:02:41,600 --> 01:02:44,040
Speaker 1: a make a left. I'm on the phone with one phone,

1196
01:02:44,320 --> 01:02:47,000
Speaker 1: looking at the Uber with the other phone. All right,

1197
01:02:47,080 --> 01:02:49,720
Speaker 1: look make a left. It took us fifty minutes for

1198
01:02:49,720 --> 01:02:52,959
Speaker 1: the guy to find New York, Seattle, London. Uber doesn't

1199
01:02:52,960 --> 01:02:57,280
Speaker 1: work perfectly because subtleties to the road. I've never had

1200
01:02:57,320 --> 01:03:00,560
Speaker 1: issues in Manhattan having had a driver didn't know the shortcuts.

1201
01:02:59,760 --> 01:03:03,800
Speaker 1: So one other, one other personal story. So we have

1202
01:03:03,840 --> 01:03:06,680
Speaker 1: a client who happens to be the guy who turns

1203
01:03:06,800 --> 01:03:10,920
Speaker 1: Google Maps into Google Map app. That's a client of us.

1204
01:03:10,960 --> 01:03:13,480
Speaker 1: So one day someone's going to meet the office and

1205
01:03:13,840 --> 01:03:16,120
Speaker 1: meeting us and they're late, and I was like, how

1206
01:03:16,160 --> 01:03:19,880
Speaker 1: are you late? Well, google Maps sent me to not

1207
01:03:19,920 --> 01:03:23,640
Speaker 1: too so our addresses a Park Avenue South address. I'm sorry,

1208
01:03:23,680 --> 01:03:26,240
Speaker 1: our addresses park having you proper and it sent them

1209
01:03:26,240 --> 01:03:29,400
Speaker 1: to Park Avenue South, and so where are you? I'm

1210
01:03:29,400 --> 01:03:32,480
Speaker 1: down now, we're all the way. We're by Grand Central.

1211
01:03:32,760 --> 01:03:35,120
Speaker 1: Well google Maps sent me to Park Avenue South, not

1212
01:03:35,280 --> 01:03:37,560
Speaker 1: Park Avenue. I sorry, I'll take care of it. They

1213
01:03:37,560 --> 01:03:40,520
Speaker 1: thought I was joking and send send an email a client. Hey,

1214
01:03:40,600 --> 01:03:45,040
Speaker 1: here's the issue with Google Maps. Here's the fix. Oh no,

1215
01:03:45,160 --> 01:03:47,040
Speaker 1: it was by the time the person got to office.

1216
01:03:47,080 --> 01:03:50,520
Speaker 1: I go search for Google Maps, search for address. He's like,

1217
01:03:50,520 --> 01:03:53,240
Speaker 1: how did you do that? I go, which is really

1218
01:03:53,280 --> 01:03:57,760
Speaker 1: a hilarious. So the key is flow my customers or

1219
01:03:57,840 --> 01:04:02,320
Speaker 1: my partners. Uh, the way I do them wrong is

1220
01:04:03,040 --> 01:04:05,760
Speaker 1: to be out of every deal. Just so batter's boxing.

1221
01:04:05,800 --> 01:04:09,640
Speaker 1: You've got to be swinging. I'm not happy I made.

1222
01:04:09,680 --> 01:04:12,080
Speaker 1: Here's what a mistake I made was Zinga. I passed

1223
01:04:12,080 --> 01:04:16,520
Speaker 1: on a great founder. The stake I made in Twitter was, uh, well,

1224
01:04:17,040 --> 01:04:19,360
Speaker 1: this price was my only reason for not doing it.

1225
01:04:19,360 --> 01:04:22,439
Speaker 1: It was I was using it and I didn't get

1226
01:04:22,440 --> 01:04:25,320
Speaker 1: the valuation. Although you're still not happy with the product,

1227
01:04:25,360 --> 01:04:28,360
Speaker 1: and you're not happy with the phenomenal, you're not happy

1228
01:04:28,360 --> 01:04:30,840
Speaker 1: with the business around the product. Well, I'm just you know,

1229
01:04:30,920 --> 01:04:33,560
Speaker 1: they've created all these pressures the market. The public markets

1230
01:04:33,600 --> 01:04:36,080
Speaker 1: are all about pressure. You can delay ratification, you can

1231
01:04:36,080 --> 01:04:40,160
Speaker 1: push off evaluation. Amazon's done that successful. Twitter hasn't done

1232
01:04:40,200 --> 01:04:42,040
Speaker 1: a good job of talking to the street and explaining

1233
01:04:42,240 --> 01:04:45,480
Speaker 1: their vision, let's face it. But at the same time,

1234
01:04:45,520 --> 01:04:48,840
Speaker 1: it's an incredible product. It's an incredible company to build

1235
01:04:48,880 --> 01:04:52,920
Speaker 1: so fast. But they're obviously having trouble living within the

1236
01:04:52,960 --> 01:04:55,200
Speaker 1: market cap that they've been given. They have to figure

1237
01:04:55,200 --> 01:04:56,720
Speaker 1: out how to monitor, they need to figure out how

1238
01:04:56,760 --> 01:05:00,120
Speaker 1: to communicate the vision. Yet, yeah, and so, so you

1239
01:05:00,160 --> 01:05:02,080
Speaker 1: and I can talk about it is the core product.

1240
01:05:02,120 --> 01:05:04,880
Speaker 1: I think it's the greatest product ever created for guys.

1241
01:05:06,960 --> 01:05:10,080
Speaker 1: Can I tell you I was never a very active booker.

1242
01:05:10,400 --> 01:05:13,480
Speaker 1: It was always like, I don't care about the pictures

1243
01:05:13,520 --> 01:05:16,160
Speaker 1: of your kids. I don't care about your vaca. It's

1244
01:05:16,200 --> 01:05:20,040
Speaker 1: like everybody's the minutia of everybody's life without the wit

1245
01:05:20,160 --> 01:05:23,840
Speaker 1: and charm of Seinfeld. That's that's so. And then it's

1246
01:05:23,880 --> 01:05:28,000
Speaker 1: the same LinkedIn thing. You start to friend everybody and

1247
01:05:28,040 --> 01:05:31,920
Speaker 1: the next thing you know, it's it's it's completely worthless. Twitter.

1248
01:05:32,040 --> 01:05:34,760
Speaker 1: On the other hands, what I love about Twitter is

1249
01:05:34,800 --> 01:05:37,720
Speaker 1: I get to say I'm going to effectively higher the

1250
01:05:37,760 --> 01:05:41,720
Speaker 1: smartest people I know to be my research to point.

1251
01:05:42,400 --> 01:05:46,920
Speaker 1: That's exactly it. It's completely complete expert network. And but

1252
01:05:47,200 --> 01:05:49,480
Speaker 1: it's not free in the sense that it's just magically

1253
01:05:49,480 --> 01:05:51,400
Speaker 1: going to work for you. It's free, you have to invest.

1254
01:05:51,840 --> 01:05:56,200
Speaker 1: The investment is time, not money, and that's and curation

1255
01:05:56,240 --> 01:05:58,480
Speaker 1: and get what you put it in stock Twitch, which

1256
01:05:58,480 --> 01:06:01,000
Speaker 1: we created, was just a pew Alton for finance and

1257
01:06:01,040 --> 01:06:04,280
Speaker 1: a peloton of traders and investors define peloton for research

1258
01:06:04,360 --> 01:06:07,360
Speaker 1: for listeners who may not be bike racing fans. Well,

1259
01:06:07,400 --> 01:06:09,080
Speaker 1: I mean, if we watch the Tour de France, which

1260
01:06:09,080 --> 01:06:11,400
Speaker 1: bores most people. It's because it is a peloton most

1261
01:06:11,400 --> 01:06:14,520
Speaker 1: of the time. That's just a beautiful looks like a bumblebee,

1262
01:06:14,920 --> 01:06:19,080
Speaker 1: looks like a hive of bees, a group of people,

1263
01:06:19,080 --> 01:06:21,600
Speaker 1: which is really hard to stay in if you're that's

1264
01:06:21,640 --> 01:06:25,480
Speaker 1: the That's why people love it is because it is

1265
01:06:25,520 --> 01:06:28,600
Speaker 1: beautiful to see two people who so close together riding

1266
01:06:28,640 --> 01:06:31,680
Speaker 1: at forty. There is an art to that, but there

1267
01:06:31,760 --> 01:06:33,920
Speaker 1: art too. Winning the race is deciding when you're going

1268
01:06:33,960 --> 01:06:38,480
Speaker 1: to break free. When when you linked, I mean, Twitter

1269
01:06:38,600 --> 01:06:46,440
Speaker 1: is the greatest mental and and educational and mind expanding peloton.

1270
01:06:46,880 --> 01:06:49,080
Speaker 1: You're hanging out with the smartest people in the world

1271
01:06:49,360 --> 01:06:53,280
Speaker 1: just flipping the news or and it is your job

1272
01:06:53,520 --> 01:06:57,120
Speaker 1: to curate. That's a that's a that's an overwhelming to

1273
01:06:57,200 --> 01:07:01,479
Speaker 1: most people. Lazy people's Oh, I want this to magically work.

1274
01:07:01,640 --> 01:07:05,080
Speaker 1: We're in a world of Netflix, and this is where

1275
01:07:05,120 --> 01:07:07,600
Speaker 1: Twitter could really do something interesting. I could start a

1276
01:07:07,600 --> 01:07:12,560
Speaker 1: business tomorrow called Twitter, and I could put five people

1277
01:07:12,560 --> 01:07:14,760
Speaker 1: in the room and start shipping and and have you

1278
01:07:14,800 --> 01:07:17,000
Speaker 1: called me to tell you how to use Twitter. Twitter

1279
01:07:17,040 --> 01:07:19,440
Speaker 1: should have had a much bigger support test to help

1280
01:07:19,520 --> 01:07:22,400
Speaker 1: people get to the peloton stage. Faster. Hey I'm interested

1281
01:07:22,400 --> 01:07:24,160
Speaker 1: in beer. Okay, I'll send you a list in ten

1282
01:07:24,200 --> 01:07:26,560
Speaker 1: minutes of the five people that will give you the

1283
01:07:26,560 --> 01:07:30,760
Speaker 1: best links and the best brains on beer. And how

1284
01:07:31,000 --> 01:07:33,480
Speaker 1: is that for Twitter to set up a dozen verticals

1285
01:07:33,480 --> 01:07:36,880
Speaker 1: and say if if you're an entrepreneur, you should do

1286
01:07:36,880 --> 01:07:39,200
Speaker 1: it like I've often thought of starting a Twitter helped deak,

1287
01:07:39,240 --> 01:07:43,560
Speaker 1: So just play it with that. You take the daily

1288
01:07:43,600 --> 01:07:47,040
Speaker 1: sections of the New York Times, so it's it's it's

1289
01:07:47,360 --> 01:07:51,800
Speaker 1: business and investing, it's sports, its metropolitan, it's food, it's theater,

1290
01:07:51,880 --> 01:07:54,840
Speaker 1: it's film, it's going down the list, sports and dining,

1291
01:07:54,920 --> 01:07:59,520
Speaker 1: and travel and hauntamobiles. Those are your verticals. You come

1292
01:07:59,600 --> 01:08:03,800
Speaker 1: up with variations of each of those verticals and say, hey,

1293
01:08:04,080 --> 01:08:06,800
Speaker 1: you follow this, here click this, and here are those

1294
01:08:07,200 --> 01:08:09,720
Speaker 1: you're following the hundred people in the space who cover this.

1295
01:08:09,880 --> 01:08:12,200
Speaker 1: We invested. I invested with Mark Cuban in a company

1296
01:08:12,280 --> 01:08:14,800
Speaker 1: called Get Little Bird that does that. So it's just

1297
01:08:14,840 --> 01:08:18,040
Speaker 1: a matter of when we execute on this. But Mercia Kirkpatrick,

1298
01:08:18,120 --> 01:08:20,920
Speaker 1: it's called get Little Bird dot Com and it's you know,

1299
01:08:21,000 --> 01:08:23,320
Speaker 1: people are solving these problems, just not Twitter. Sawing. Now

1300
01:08:23,320 --> 01:08:25,880
Speaker 1: with Twitter buys these companies that will be interesting. But

1301
01:08:26,360 --> 01:08:28,880
Speaker 1: this is this is what people don't understand about a

1302
01:08:28,920 --> 01:08:31,679
Speaker 1: Twitter is it's got so much potential. And that's what's

1303
01:08:31,680 --> 01:08:33,960
Speaker 1: exciting about stock twitch at the same level. Why why

1304
01:08:33,960 --> 01:08:36,559
Speaker 1: we're so excited about stock twits, the same thing for finance.

1305
01:08:36,680 --> 01:08:38,519
Speaker 1: So we're gonna I'm gonna interrupt you here because you

1306
01:08:38,560 --> 01:08:40,280
Speaker 1: and I have been talking now for ninety minutes. We

1307
01:08:40,320 --> 01:08:42,640
Speaker 1: could go for another two hours. I know you have

1308
01:08:42,720 --> 01:08:45,160
Speaker 1: places to go and things to do, so I'm gonna

1309
01:08:45,400 --> 01:08:48,080
Speaker 1: wrap this up. Howard. I really appreciate you coming in

1310
01:08:48,560 --> 01:08:51,280
Speaker 1: and speaking with us for for so long. I hope

1311
01:08:51,640 --> 01:08:55,120
Speaker 1: listeners can parse um son of the subtleties in our

1312
01:08:55,160 --> 01:08:59,240
Speaker 1: conversation and actually pull something out. I've been listening, You've

1313
01:08:59,240 --> 01:09:01,960
Speaker 1: been listening. I've been speaking with You've been listening to

1314
01:09:02,680 --> 01:09:06,160
Speaker 1: Howard Lindzen of Social Leverage, stock Twits, and a variety

1315
01:09:06,160 --> 01:09:09,360
Speaker 1: of other companies. He's an angel investor and venture capitalist.

1316
01:09:10,200 --> 01:09:15,400
Speaker 1: Be sure and check out our previous UM previous podcasts.

1317
01:09:15,439 --> 01:09:17,680
Speaker 1: If you're listening to this, you probably know where our

1318
01:09:17,720 --> 01:09:21,160
Speaker 1: podcasts are there on iTunes, in Bloomberg dot com. Uh my,

1319
01:09:21,600 --> 01:09:24,600
Speaker 1: follow me on Twitter. What is your Twitter handle at?

1320
01:09:24,600 --> 01:09:28,160
Speaker 1: Howard That's gonna be That's gonna be tough. Remember at

1321
01:09:28,200 --> 01:09:30,840
Speaker 1: Howard Lindzen. You can follow me at rid Holts or

1322
01:09:30,880 --> 01:09:34,000
Speaker 1: check out my daily column at Bloomberg View dot com.

1323
01:09:34,040 --> 01:09:36,559
Speaker 1: I'm Barry rid Holts. You've been listening to Masters in

1324
01:09:36,600 --> 01:09:40,799
Speaker 1: Business on Bloomberg Radio. You're listening to Masters in Business

1325
01:09:40,880 --> 01:09:43,439
Speaker 1: with Barry rid Holts on Bloomberg Radio.