WEBVTT - Talkin’ Sneakers with Josh Luber 0:00:03.920 --> 0:00:08.559 From the King of Sports Books comes the King Sports 0:00:08.560 --> 0:00:18.800 Podcast Unleashed, presented by bet MGM. You're your host, Speedy 0:00:18.880 --> 0:00:29.320 Mormon and Olivia Arland Decker. Welcome back to Unleashed from 0:00:29.320 --> 0:00:32.440 the King of Sports Books bet MGM. Today we are 0:00:32.520 --> 0:00:35.879 diving into the world of sneaker culture. Whether you are 0:00:36.000 --> 0:00:39.600 a hardcore sneaker head or just sneaker curious, this show 0:00:39.720 --> 0:00:43.160 is for you. Our guest is the ultimate sneakerhead, Josh Luber, 0:00:43.440 --> 0:00:46.080 who is the founder of stock x that transformed the 0:00:46.120 --> 0:00:51.519 sneaker resale business into a multibillion dollar industry. Later, Speedie 0:00:51.520 --> 0:00:54.600 will test my sneaker knowledge and our pal Peter Andrew 0:00:54.640 --> 0:00:57.760 from bet MGM will talk about his picks for this week. 0:00:58.240 --> 0:01:01.120 But before all of that, Speedy, what is all the 0:01:01.200 --> 0:01:05.160 fuss about sneakers? I don't get it. The question, I 0:01:05.160 --> 0:01:07.400 guess the better question is what is not the fuss 0:01:07.400 --> 0:01:11.880 about sneakers? Oh? I've been a guy that loves sneakers 0:01:11.880 --> 0:01:14.119 and has collected sneakers for many, many years. But let's 0:01:14.480 --> 0:01:17.840 let's start really basic. And I'm curious, how many pairs 0:01:17.880 --> 0:01:22.520 of sneakers do you own? Right now? Gosh? I I 0:01:22.560 --> 0:01:25.760 am guilty of having a lot because my husband was 0:01:25.800 --> 0:01:28.640 signed with Nike for four years, so I swear every 0:01:28.640 --> 0:01:31.039 time I opened the front door there was a Nike box. 0:01:31.200 --> 0:01:33.800 Now he's with under Armour, so we're all under Armour. 0:01:34.360 --> 0:01:37.240 I have a ton of sneakers for me, I just 0:01:37.280 --> 0:01:39.080 need to wear one pair Tilla wears out and then 0:01:39.120 --> 0:01:43.120 I'll go to another pair, and he thinks that's ludicrous. Um, 0:01:43.240 --> 0:01:47.199 I will say, just from a comfort standpoint, I really 0:01:47.240 --> 0:01:49.600 like under Armour. Now I walk all the time. I'm 0:01:49.600 --> 0:01:51.840 not a runner. I'm a walker. But I know when 0:01:51.880 --> 0:01:55.720 I'm talking about this, like the the use of sneakers, 0:01:55.800 --> 0:01:58.360 that's not at all what you're talking about. So I 0:01:58.400 --> 0:02:00.480 know you're not really thinking about the come where you're 0:02:00.480 --> 0:02:04.400 thinking of the appeal, the street cred, the fashion, And 0:02:04.440 --> 0:02:07.840 I'm just like, what doesn't give me shins wins? Well, 0:02:08.680 --> 0:02:12.280 sometimes comfort is important. It is not the most important thing. 0:02:12.360 --> 0:02:15.960 Sneakers are basically there. There are a few things, but 0:02:16.120 --> 0:02:19.320 I guess the main attraction of sneakers is the fact 0:02:19.320 --> 0:02:21.160 that there are a form of self expression. Right, So 0:02:21.280 --> 0:02:24.280 just like how you know you may like nice cars, 0:02:24.400 --> 0:02:27.200 or you may like nice bags or jewelry or whatever. 0:02:27.480 --> 0:02:30.480 There's a lot of people like myself who like sneakers, 0:02:30.960 --> 0:02:34.200 and we call ourselves sneaker heads. And so basically that 0:02:34.280 --> 0:02:37.480 means we either spend way too much money on sneakers 0:02:37.600 --> 0:02:40.359 or have way too many pairs of shoes. At the 0:02:40.480 --> 0:02:42.360 end of the day, we all only have one pair 0:02:42.400 --> 0:02:46.040 of feet. But there's no such thing as too many sneakers. 0:02:46.040 --> 0:02:49.000 So you have a good amount of sneakers. I have 0:02:49.760 --> 0:02:53.359 how many I want to say, maybe like maybe a 0:02:53.440 --> 0:02:56.600 hundred pairs of sneakers. And that's a low end. When 0:02:56.639 --> 0:02:58.519 it comes and you live in New York, You've got 0:02:58.520 --> 0:03:00.640 no room for that. No one any work has been 0:03:00.639 --> 0:03:04.120 for all those shoes. It was just scattered around my crib. 0:03:04.240 --> 0:03:07.880 Is just like like imagine like a pillar of sneakers, 0:03:07.919 --> 0:03:10.040 like a sneakers stack that goes from the floor to 0:03:10.080 --> 0:03:12.520 the ceiling. Just in the middle of the bathroom there's one, 0:03:12.560 --> 0:03:14.640 and then there's one in the in the sink, and 0:03:14.680 --> 0:03:17.600 then then on the bed there's another. There's just sneakers 0:03:17.639 --> 0:03:21.040 everywhere in my house. But I think that you know 0:03:21.080 --> 0:03:23.560 what a lot of people may be surprised to find 0:03:23.560 --> 0:03:26.320 out or maybe not actually at this point, is you know, 0:03:26.400 --> 0:03:31.359 sneakers these days can sell you know, upwards of four figures, 0:03:31.440 --> 0:03:35.600 sometimes even five. We're talking, you know, thousands of dollars 0:03:35.640 --> 0:03:38.880 for a single pair of sneakers. And you know, everyone 0:03:39.000 --> 0:03:42.400 knows that Michael Jordan's is a big contributor to the 0:03:42.520 --> 0:03:44.880 rise of sneaker culture, but you know, there are a 0:03:44.920 --> 0:03:47.600 lot of other people who have since chimed in and 0:03:47.880 --> 0:03:51.400 contributed a bit. We're talking pop cultural icons from you know, 0:03:51.480 --> 0:03:57.279 movie stars to rappers and musicians and even actors sometimes 0:03:57.320 --> 0:04:00.840 have collaborations with big sneaker brands. So sneakers are all 0:04:00.880 --> 0:04:03.240 of the fuss. But as much as I am a 0:04:03.280 --> 0:04:07.120 sneaker head, I don't know that I'm a sneaker expert. Well, 0:04:07.400 --> 0:04:10.120 if you had to guess, like if if truly the 0:04:10.160 --> 0:04:13.480 world was crumbling down you were fired from all twenty 0:04:13.520 --> 0:04:15.960 million of the jobs that you currently have, and you've 0:04:15.960 --> 0:04:18.640 had to sell all your sneakers, how much do you 0:04:18.640 --> 0:04:20.800 think your entire collection is worth? And that may be 0:04:20.880 --> 0:04:23.839 a nosy question, but I gotta know it isn't known 0:04:23.880 --> 0:04:26.719 the Questionabiba, But you know you and I have have 0:04:26.839 --> 0:04:30.120 built a rapport enough that I'll answer as close as 0:04:30.160 --> 0:04:35.240 I can without making myself the target of a home invasion. Yes, 0:04:37.160 --> 0:04:44.839 my sneekret collection. Uh, I'm trying to figure out an 0:04:44.920 --> 0:04:47.640 interesting way to say this without snitching on myself. Let's 0:04:47.680 --> 0:04:50.280 just say I'd be able to live for a few 0:04:50.360 --> 0:04:57.160 years relatively comfortably. Relatively comfortably, I'd be able to have 0:04:57.360 --> 0:05:01.120 a solid salary median incomes allary for a couple of years. 0:05:01.160 --> 0:05:03.919 I'll say that. Okay, now that is impressive, and you 0:05:03.960 --> 0:05:06.279 are very humble, but I know it rolling around in 0:05:06.279 --> 0:05:08.840 your head somewhere there's a number, so I'll leave your 0:05:08.839 --> 0:05:10.840 answer at that. Okay, I want to tell you a 0:05:10.880 --> 0:05:13.200 couple of sneakers I have, and I had to ask 0:05:13.240 --> 0:05:15.800 my husband for what they're even called, because I I 0:05:15.839 --> 0:05:17.640 just don't know, and he's like, no, no, you have 0:05:17.680 --> 0:05:19.719 a good collection. So let me. I'm gonna say what 0:05:19.800 --> 0:05:21.960 I have and you tell me if you're impressed. Let's 0:05:22.040 --> 0:05:25.520 let's do it. I'm excited and ready. Yeah, I've got 0:05:25.880 --> 0:05:30.600 multiple pairs of Jordan elevens. Oh, okay, see the Jordan's 0:05:30.640 --> 0:05:34.080 For those who don't know, the Jordan eleven is. You know, 0:05:34.520 --> 0:05:39.560 Jordan has thirty four signature models plus like a bunch 0:05:39.600 --> 0:05:42.480 of Team Jordan's, and but the thirty four the main 0:05:43.040 --> 0:05:46.880 and of those thirty four, the most popular are probably 0:05:46.920 --> 0:05:51.200 the ones, the threes, and the elevens, And so the 0:05:51.200 --> 0:05:54.240 fact that you have multiple pairs of elevens. As someone 0:05:54.279 --> 0:05:56.400 who claims to not be a sneaker head, I'm not 0:05:56.440 --> 0:05:59.800 buying the Olivia. I'm not buying it. Well, I also 0:05:59.839 --> 0:06:02.240 have the ones and the fours, but I gotta tell you, 0:06:02.320 --> 0:06:06.120 I get all these in boys sizes. I don't know why. 0:06:06.720 --> 0:06:08.800 I don't know why I have the boys sizes, but 0:06:08.880 --> 0:06:11.240 I have to get like a boy's large size. But 0:06:11.560 --> 0:06:15.400 so i have little boys Jordan's and then I've got 0:06:15.440 --> 0:06:17.240 a bunch of air Max nineties. I went through a 0:06:17.279 --> 0:06:20.120 big air MX nineties base. I think that they are 0:06:20.160 --> 0:06:23.120 such an attractive shoe. I love that their platform. I 0:06:23.200 --> 0:06:25.680 get a couple inches off of them. In fact, here's 0:06:25.680 --> 0:06:27.839 a good story about air Max nineties. When I covered 0:06:27.839 --> 0:06:31.120 the Atlanta Hawks, Tapas Stepalosha was wearing them in games, 0:06:31.839 --> 0:06:34.200 and I remember thinking that was so odd, and I 0:06:34.279 --> 0:06:35.880 kind of did some research. I found out he was 0:06:35.920 --> 0:06:37.800 the only one who did it and the whole NBA. 0:06:37.839 --> 0:06:40.400 Tapas Cefalosia the only one to where air Max nineties 0:06:40.480 --> 0:06:43.360 in games, And I asked him why and he kind 0:06:43.360 --> 0:06:45.840 of chuckled because they're not a very functional basketball shoe 0:06:45.920 --> 0:06:48.640 at all. And he laughed and he said, I'll do 0:06:48.720 --> 0:06:50.839 anything I can to get a couple extra inches under 0:06:50.880 --> 0:06:54.279 the rim. And I love that. I thought that was great. 0:06:54.880 --> 0:06:57.440 And in the last couple before you Chi, let me 0:06:57.480 --> 0:07:01.679 just say this, the air Max is not a basketball sneaker. 0:07:01.800 --> 0:07:04.599 So air Max line by Nike is more of a 0:07:04.680 --> 0:07:08.599 lifestyle kind of comfortable, everyday type of shoe. That's the vibe, 0:07:08.720 --> 0:07:11.240 you know, running out the crypt to run errands, are 0:07:11.240 --> 0:07:13.960 going to the supermarket like air Max are just your 0:07:14.000 --> 0:07:18.600 everyday comfy sneaker. So for someone like me who knows 0:07:18.640 --> 0:07:21.800 a lot about sneakers to hear that an NBA player 0:07:21.960 --> 0:07:25.160 is wearing in air Max during a game, a shoe 0:07:25.160 --> 0:07:28.280 that it's not even intended to be jumped in and 0:07:28.360 --> 0:07:31.520 ran in, is is pretty crazy. So shout out to 0:07:31.560 --> 0:07:34.920 tabost Falosha for to my knowledge, not getting hurt on 0:07:34.960 --> 0:07:37.760 the court in these nineties. That's very impressive in its 0:07:37.800 --> 0:07:40.239 own right. Oh no, that's the thing he had ankle 0:07:40.280 --> 0:07:42.240 is shoes all the time and people are always asking 0:07:42.320 --> 0:07:44.800 them change your shoes. And I'll tell you right now, 0:07:44.880 --> 0:07:48.640 it's probably because he was playing in Air Max. And yes, yes, 0:07:48.880 --> 0:07:51.160 and then the last couple just names that I have. 0:07:51.320 --> 0:07:53.400 And again I had to ask what these were because 0:07:53.440 --> 0:07:58.160 I don't know. The Nike Dunks and the Nike Blazers, Bessie, 0:07:58.520 --> 0:08:01.120 these are these are more iconic shoes. So the Nike 0:08:01.240 --> 0:08:05.240 Dunks are a very classic shoe. The Nike Blazer as well, 0:08:05.280 --> 0:08:08.160 it's like a high top shoe. If you've ever seen 0:08:08.200 --> 0:08:12.680 the movie Like Mike, the Nike Blazer is the shoe 0:08:12.960 --> 0:08:17.040 that Calvin Cambridge got from off of the electrical wire 0:08:17.160 --> 0:08:20.960 that made him like Mike. Yes, those are the Nike Blazes. 0:08:21.640 --> 0:08:24.120 So wow, man, I feel like a nerd. I feel 0:08:24.120 --> 0:08:26.280 like a nerd just being schooled me on that take 0:08:26.320 --> 0:08:30.120 this information, give you fun facts. That's impressive. The Blazes. 0:08:30.200 --> 0:08:33.160 I have our Camo with a pink swoosh. They are 0:08:33.320 --> 0:08:36.480 very cool. Okay, see, you were telling me you weren't 0:08:36.480 --> 0:08:39.040 a sneaker head, but you've got you've got some of 0:08:39.080 --> 0:08:42.800 the sneaker head cornerstone shoes. These are the staples of 0:08:43.200 --> 0:08:46.520 sneaker collecting. So I am very very impressive with your 0:08:46.520 --> 0:08:50.319 sneaker collection. Well, you are a sneaker head. I'm just 0:08:50.640 --> 0:08:53.560 a consumer, but we need a real sneaker expert. So 0:08:53.640 --> 0:09:03.720 let's bring on Josh Luper. Alright, Olivia, at this time, 0:09:03.760 --> 0:09:06.840 I'd love to welcome in our special guest for this episode. 0:09:06.920 --> 0:09:10.320 He is the founder of stock X. He's also the 0:09:10.480 --> 0:09:13.719 ultimate sneaker head, as you can tell by the background 0:09:13.800 --> 0:09:17.760 right now on his video. But Josh Luber is with us. Josh, 0:09:17.800 --> 0:09:20.600 what's something? How are you? What's up? Thanks for having me. 0:09:21.120 --> 0:09:23.320 It is an honor to have you, and I guess 0:09:23.360 --> 0:09:27.600 we'll we'll start pretty basic here because Olivia, as she 0:09:27.720 --> 0:09:29.800 will certainly tell you in the moment, is not the 0:09:29.800 --> 0:09:33.840 biggest sneaker head. But just broad strokes here, how would 0:09:33.840 --> 0:09:38.440 you describe what sneaker culture is to the layman? Wow? Is? 0:09:38.440 --> 0:09:44.040 So we're starting small, right? Yeah? Uh? You know, the 0:09:44.280 --> 0:09:47.440 really like interesting thing about that question is that, you know, 0:09:47.520 --> 0:09:50.920 in one we're at a time where maybe we don't 0:09:50.960 --> 0:09:53.720 even have to explain that anymore. You know, there was 0:09:54.040 --> 0:09:57.440 we spent so much of our lives as sneaker heads 0:09:57.480 --> 0:10:00.280 in this culture explaining to our friends and families and 0:10:00.440 --> 0:10:03.920 girlfriends and boyfriends and everyone else about trying to explain 0:10:03.960 --> 0:10:08.480 what we do. And now it's it's culture, right, it's 0:10:08.480 --> 0:10:12.120 crossed over. You know, stock x is today somewhere between 0:10:12.160 --> 0:10:13.960 four or five times bigger than what we thought the 0:10:14.120 --> 0:10:17.440 entire resell sneaker market was when we started this business. 0:10:18.200 --> 0:10:20.840 And it's because that sneakers sit at the intersection of 0:10:20.880 --> 0:10:24.720 culture and commerce, and we never could have imagined what 0:10:24.880 --> 0:10:27.920 this would be like in the combination of those two things. 0:10:28.200 --> 0:10:30.559 You know, when we started stock X, Kanye had one 0:10:30.600 --> 0:10:33.280 choo with Adidas, Virgil hadn't created a single shoe. There 0:10:33.320 --> 0:10:35.560 was no Travis Scott Nike deals, there was no you know, 0:10:35.640 --> 0:10:38.200 Drake Nike deals. Obviously I just went way deep into 0:10:38.200 --> 0:10:40.520 all this. But to ask that question, it's such a 0:10:40.600 --> 0:10:43.400 great way to to look at the evolution of all 0:10:43.400 --> 0:10:45.520 of this because I don't really see much of a 0:10:45.520 --> 0:10:48.240 distinction anymore between you know, sort of sneaker head culture 0:10:48.520 --> 0:10:51.800 and culture, like it's all just become one thing. And 0:10:51.880 --> 0:10:56.960 how valuable is this sneaker industry? Right? Because you know, 0:10:57.040 --> 0:10:58.920 you and I have been sneaker heads for quite some time, 0:10:58.920 --> 0:11:02.800 and now that it's kind of permeated into what popular 0:11:02.840 --> 0:11:06.760 culture is, the value of it has grown immensely. How 0:11:07.320 --> 0:11:10.319 how valuable were talking here? The way to answer that 0:11:10.480 --> 0:11:14.600 is almost to think about the entire sneaker market. However, 0:11:14.679 --> 0:11:17.320 you value the resale sneaker market. And there's been a 0:11:17.360 --> 0:11:19.120 lot of people that have spent a lot of time 0:11:19.160 --> 0:11:22.679 and money trying to to value at different investment companies, 0:11:22.920 --> 0:11:27.160 different financial institutions, what is that number, six, seven, eight, nine, 0:11:27.200 --> 0:11:29.360 ten billion. There's an estimate that you know, maybe it 0:11:29.400 --> 0:11:32.920 goes to twenty billion within the next five years. However, 0:11:33.000 --> 0:11:35.880 I answer that question. There's a lot of variables that 0:11:36.040 --> 0:11:38.520 people could argue about, but what you can't argue about 0:11:38.600 --> 0:11:41.920 is that the retail sneaker market, the global sneaker market, 0:11:42.000 --> 0:11:45.000 is over a hundred billion dollars. And as the two 0:11:45.040 --> 0:11:48.240 things have converged, as the primary and secondary markets have converged, 0:11:48.559 --> 0:11:51.640 as sneaker culture and popular culture has converged, that's really 0:11:51.679 --> 0:11:54.800 all we're talking about right now is just sneaker culture generally, 0:11:55.080 --> 0:11:56.920 because if someone goes on to stock X to buy 0:11:56.960 --> 0:11:59.600 a pair of shoes, they no longer care if it's 0:11:59.640 --> 0:12:02.719 a ret or resell. They just want the product and 0:12:02.760 --> 0:12:04.840 they're willing to pay a certain amount for it. And 0:12:04.880 --> 0:12:07.360 that's kind of how we think about it now, both personally, 0:12:07.760 --> 0:12:10.000 how stock X how most of the people in the 0:12:10.000 --> 0:12:12.120 industry look at it, which is just, hey, this person 0:12:12.200 --> 0:12:14.240 wants a sneaker, where it comes from, and how we 0:12:14.320 --> 0:12:17.520 define that It's not really important to that customer. Now, 0:12:17.559 --> 0:12:20.600 when you're thinking about, you know, kind of the growth 0:12:21.000 --> 0:12:24.640 of sneaker culture. You know, from the days of being 0:12:24.640 --> 0:12:27.200 able to walk into a foot locker and just buying 0:12:27.240 --> 0:12:30.520 the shoes right off of the wall. And then you 0:12:30.520 --> 0:12:33.240 know the period where they were you know, the intense lineups, 0:12:33.360 --> 0:12:35.720 right and you heard about all of these crazy stories, 0:12:36.440 --> 0:12:39.079 crimes happening and people lining up for days on end, 0:12:39.120 --> 0:12:41.800 and and then having to explain to people who didn't 0:12:41.880 --> 0:12:45.640 understand what was happening why people line up to you 0:12:45.640 --> 0:12:48.600 know what you've built now with stock x, you know, 0:12:48.720 --> 0:12:52.920 the biggest reseller from up streetwear and sneakers on the internet. 0:12:52.960 --> 0:12:55.400 What do you make of what this whole journey has been? Like, 0:12:56.280 --> 0:12:59.280 you hit on a really important part, which is the 0:12:59.280 --> 0:13:04.280 the historic goal black eye. You know, within this industry, 0:13:04.960 --> 0:13:07.520 Sports Illustrate Cover your Sneakers in your Life right appair 0:13:07.520 --> 0:13:09.920 of Jordan's fives and a gun, all the stories about 0:13:09.920 --> 0:13:13.040 people robbing each other for Jordan's even back then you know, 0:13:13.559 --> 0:13:15.720 even you know, kind of one of the most seminal 0:13:15.760 --> 0:13:19.360 moments around the Galaxy Phone release in All Star Weekend, 0:13:20.320 --> 0:13:22.520 all the campouts and riots and everything that's gone on. 0:13:23.280 --> 0:13:25.959 The sneaker brands and retailers have done a really good 0:13:26.000 --> 0:13:29.000 job of cleaning that up, of creating a system of 0:13:29.080 --> 0:13:32.680 fair and equado distribution so that we don't have those 0:13:32.679 --> 0:13:36.880 scenarios anymore. It doesn't mean that the inherent demand and 0:13:36.920 --> 0:13:40.400 how strong that demand is and has become isn't doesn't 0:13:40.440 --> 0:13:43.880 still exist. We just now have a more structural process 0:13:43.880 --> 0:13:46.959 in which to to buy and sell those stock X. 0:13:47.000 --> 0:13:50.440 At the most most basic level, it's just about access. 0:13:50.679 --> 0:13:53.599 It's just about making this shoe or sneaker or streetwear 0:13:53.760 --> 0:13:58.200 or or trading card available to anybody at a fair 0:13:58.280 --> 0:14:04.400 market price. And so that is the democrazation of consumer 0:14:04.440 --> 0:14:07.360 goods that it should be. In fact, this is maybe 0:14:07.400 --> 0:14:10.800 the closest thing we've had two way way back in 0:14:10.840 --> 0:14:12.800 the day when anybody could walk into the store and 0:14:12.840 --> 0:14:15.440 buy whatever they want off of the shelf. No, that 0:14:15.440 --> 0:14:17.680 doesn't exist anymore, and it hasn't existed for a really 0:14:17.720 --> 0:14:20.040 long time for all the reasons that that we know. 0:14:20.160 --> 0:14:23.120 Because that demand is so high and everyone wants that product. 0:14:23.480 --> 0:14:25.640 So we've now kind of come full circle to that, 0:14:25.840 --> 0:14:28.600 you know, access for everybody. It just looks different because 0:14:28.600 --> 0:14:30.360 we're in an Internet age and we're at the point 0:14:30.400 --> 0:14:33.640 where sneaker culture pop culture have converged. So a lot 0:14:33.680 --> 0:14:35.320 of things have changed, but in a lot of ways, 0:14:35.360 --> 0:14:37.400 we've kind of come back to the most basic, which 0:14:37.440 --> 0:14:40.440 is that anybody can get that product if they want it. Well, 0:14:40.520 --> 0:14:42.920 Josh Speedy mentioned, I'm not a sneaker head, but I 0:14:42.920 --> 0:14:46.200 can definitely appreciate the currency of it. It's such a 0:14:46.400 --> 0:14:49.600 you know, status symbol. Almost at this point, when do 0:14:49.640 --> 0:14:52.240 you think that happened? Like you mentioned back, it's available 0:14:52.240 --> 0:14:56.040 to everyone, but it's not. That's what makes a shoe 0:14:56.080 --> 0:14:58.320 more than a shoe, That's what makes this a culture. 0:14:58.360 --> 0:15:00.840 That's why you have such an important job. When do 0:15:00.880 --> 0:15:05.360 you think this became this lifestyle. There's been four really 0:15:05.680 --> 0:15:10.240 seminal moments in the history of sneakers and sneaker culture 0:15:10.240 --> 0:15:12.360 becoming what it is today. You know, the first is 0:15:12.440 --> 0:15:16.920 just five and the first air Jordan's. The second is thousand, 0:15:17.080 --> 0:15:21.040 that's the Internet, eBay, you know, the first Jordan's that 0:15:21.120 --> 0:15:23.720 kind of creates it and now it's an underground, local 0:15:23.880 --> 0:15:26.960 kind of thing. This is obviously pre Internet Internet eBay. 0:15:28.200 --> 0:15:30.520 It's still a underground sort of thing, but at least 0:15:30.520 --> 0:15:34.240 it's now global available because of the Internet. Two thousand eleven, 0:15:34.240 --> 0:15:36.720 two thousand and twelve. That's Galaxy Foam release and the 0:15:36.760 --> 0:15:39.880 All Star Weekend Concords at the end of two thousand 0:15:39.880 --> 0:15:43.680 and eleven. But really it was also Instagram going through 0:15:43.680 --> 0:15:46.000 its own hockey stick growth. Instagram had just been bought 0:15:46.040 --> 0:15:49.360 by Facebook. Everyone in the world was conversionally Instagram. You know, 0:15:49.440 --> 0:15:52.280 all sneaker ats ever wanted to do is show off 0:15:52.280 --> 0:15:54.360 the shoes they have and see what everyone else is 0:15:54.400 --> 0:15:57.240 wearing it. So Instagram allowed everyone to do that at scale. 0:15:57.520 --> 0:16:00.600 Then the brand started using social media. That's the third 0:16:00.640 --> 0:16:03.120 big moment. And I think the fourth big moment is 0:16:03.160 --> 0:16:05.840 really stock x and and the businesses like stock x 0:16:06.040 --> 0:16:09.200 that just again democratize that access to that. So you 0:16:09.240 --> 0:16:12.080 have these four points that move it from this local, 0:16:12.160 --> 0:16:16.840 underground thing to a mainstream, global thing over that and 0:16:16.880 --> 0:16:19.040 so there's no sort of one moment. But as you 0:16:19.080 --> 0:16:22.520 see that that timeline is all about difference of access. 0:16:22.840 --> 0:16:25.560 The demand is always there from the moment you put on, 0:16:26.000 --> 0:16:28.520 you know, a pair of shoes for Michael Jordan's, who's 0:16:28.560 --> 0:16:30.480 the most famous athlete in the world at the time, 0:16:30.880 --> 0:16:33.200 and then becomes the greatest basketball player of all time. 0:16:33.360 --> 0:16:36.440 You know, the demands there and keeps coming more and 0:16:36.480 --> 0:16:39.960 more relevant. But you know, it's the access to everybody 0:16:40.000 --> 0:16:43.040 that that continues to keep people involved and engage, because 0:16:43.040 --> 0:16:45.760 if you truly couldn't ever get it, if you truly could, 0:16:45.800 --> 0:16:48.000 at some point everyone just just gives up and goes 0:16:48.040 --> 0:16:50.680 away and they don't care anymore. So there is that 0:16:50.680 --> 0:16:52.760 that element of how do I get it in or 0:16:52.800 --> 0:16:55.400 how much is it worth? Etcetera that becomes important for it. 0:16:55.760 --> 0:16:59.080 But that demand is inherent. It's still there anyway around 0:16:59.080 --> 0:17:01.040 those shoes. And by the way, I love that you 0:17:01.080 --> 0:17:05.600 mentioned back in the day it was almost tough to explain. No, sorry, 0:17:05.640 --> 0:17:06.960 I was gonna say, I love the fact that we're 0:17:06.960 --> 0:17:09.560 already like knee deep and like the economics like lecture 0:17:09.600 --> 0:17:14.640 part of it. So yeah, I was gonna ask about 0:17:14.720 --> 0:17:17.640 your own trajectory in your career because you mentioned earlier 0:17:17.720 --> 0:17:19.720 it used to be hard to explain to your friends, 0:17:19.720 --> 0:17:22.040 your family what you even did for a living, and 0:17:22.080 --> 0:17:25.000 you started at IBM and then founded Campus and now 0:17:25.080 --> 0:17:27.400 stock X. So walk me through how you even got 0:17:27.480 --> 0:17:30.879 so into this industry. I have the exact same story 0:17:31.000 --> 0:17:33.479 as you know every other forty three year old stinker head, right. 0:17:33.520 --> 0:17:35.760 I mean, I grew up, you know, playing basketball when 0:17:35.960 --> 0:17:38.080 Jordan played, I always wanted a pair of Air Jordan's. 0:17:38.119 --> 0:17:39.840 My mother would never buy me Air Jordan's. As soon 0:17:39.840 --> 0:17:41.520 as I got some money, I bought Air Jordan's. And 0:17:41.600 --> 0:17:44.119 we all have like the same story. And it's not 0:17:44.200 --> 0:17:46.760 even hyperbole. I mean, it's just it's just true. Anyone 0:17:46.800 --> 0:17:49.880 of our era, anyone near our age. I mean, actually, 0:17:50.080 --> 0:17:52.440 if you were anywhere near our age, you either came 0:17:52.480 --> 0:17:56.280 up through basketball or through skateboarding, which were two pretty 0:17:56.320 --> 0:17:58.879 distinct groups, you know, back when I was in middle 0:17:58.880 --> 0:18:01.800 school in high school, and now all that is is converged. 0:18:02.080 --> 0:18:03.679 But so for me, it was it was a kind 0:18:03.680 --> 0:18:07.200 of a very linear path starting there. But I'm an 0:18:07.320 --> 0:18:11.840 entrepreneur first, and I started three companies before stock X 0:18:11.840 --> 0:18:14.760 and Campus. They had nothing to do with sneakers, almost intentionally, 0:18:14.760 --> 0:18:19.000 so almost intentionally avoiding creating a business sneakers, so that 0:18:19.040 --> 0:18:21.000 I didn't create a business that was just an excuse 0:18:21.000 --> 0:18:24.399 to play with sneakers, and so it may be either 0:18:24.680 --> 0:18:27.520 you know, ironic or or inevitable that the company that 0:18:27.560 --> 0:18:29.040 was the most successful was the one where I was 0:18:29.040 --> 0:18:32.800 finally able to converge my personal passion with with the 0:18:32.800 --> 0:18:34.840 business part of it as well. But I also thought, 0:18:35.080 --> 0:18:36.680 you know, there's a there's a lot of other external 0:18:36.720 --> 0:18:39.639 factors that that got to that point too. Now, Josh, 0:18:39.760 --> 0:18:44.320 you spoke about the story that is consistent with almost 0:18:44.359 --> 0:18:48.199 every sneaker head or sneaker collector ever, right, because I 0:18:48.240 --> 0:18:50.480 have the same story as well. Always wanted Jordan's, my 0:18:50.480 --> 0:18:53.560 mom couldn't afford it, wouldn't buy it, whatever. But still, 0:18:53.880 --> 0:18:55.680 so many years later, there are a lot of people 0:18:55.720 --> 0:18:59.159 who just don't understand and can't wrap their heads around 0:18:59.320 --> 0:19:02.400 the fact that there are sneaker prices, you know, well 0:19:02.440 --> 0:19:06.959 into the three, four and sometimes even five figures. I've 0:19:07.000 --> 0:19:10.440 become exhausted trying to explain this to people. But maybe 0:19:10.800 --> 0:19:14.440 you can help us explain that why are there sneakers 0:19:14.520 --> 0:19:18.959 that are so very expensive? It is exhausting. We've been 0:19:18.960 --> 0:19:22.840 talking about it for a while, and look, there's no 0:19:22.960 --> 0:19:26.520 question that it's ridiculous. All right, let's just put that 0:19:26.560 --> 0:19:29.000 out there. There's no question that you know. I mean, 0:19:29.119 --> 0:19:31.080 I'm sitting here in my sneak room and I have 0:19:31.240 --> 0:19:34.320 a pair of Carhart Jordan fource here that that I 0:19:34.359 --> 0:19:36.159 didn't buy, that I was fortunate enough to be to 0:19:36.200 --> 0:19:38.280 be given a pair. But you know that shoe is 0:19:38.320 --> 0:19:41.200 sold at one time for as much as thirty thousand dollars, right, 0:19:41.200 --> 0:19:45.800 that's insane. But it's just supplying demand. And this is 0:19:45.840 --> 0:19:48.360 econ one oh one at its most most basic. And 0:19:48.600 --> 0:19:50.480 you know when those shoes sold for thirty thousand, it 0:19:50.560 --> 0:19:52.920 was a time when there were only ten that were released, 0:19:53.320 --> 0:19:56.800 so people thought they were only ten that exists. There 0:19:56.840 --> 0:19:59.840 was a collaboration between M and M and Jordan brands, 0:19:59.880 --> 0:20:02.520 So the demand is through the roof. The supply was 0:20:02.520 --> 0:20:06.639 almost non existent with their only being ten. So thirty 0:20:07.000 --> 0:20:10.800 hours seems actually pretty cheap compared to the the what 0:20:10.920 --> 0:20:12.880 that price should be if there's only ten in the world. 0:20:12.920 --> 0:20:15.560 And it's a collaboration with with Eminem and Jordan's. So 0:20:15.920 --> 0:20:18.719 this really is like economics that at its most basic, 0:20:19.240 --> 0:20:21.960 and you have to somewhat distance yourself from the fact 0:20:22.040 --> 0:20:24.800 that a pair of sneakers should cost a hundred hours 0:20:24.880 --> 0:20:28.240 because that's just an aniquated thought, like retail pricing for 0:20:28.600 --> 0:20:31.560 for sneakers, actually for any consumer good that's supply and 0:20:31.600 --> 0:20:34.879 demand driven, that has this construct of of limited supply 0:20:35.040 --> 0:20:38.879 and high demand that that people collect and value. The 0:20:39.000 --> 0:20:42.080 retail price is a is an aniquated concept. You know, 0:20:42.160 --> 0:20:44.280 I spent years at at stock X trying to talk 0:20:44.320 --> 0:20:46.719 to the people at Nike and Adidas and the other brands, 0:20:47.000 --> 0:20:50.160 trying to get them to literally get rid of retail pricing, which, 0:20:50.200 --> 0:20:52.520 as you can imagine, goes over exactly as well as 0:20:52.560 --> 0:20:55.760 you think it did, but it's actually the right way 0:20:55.840 --> 0:20:59.160 to sell these products. And you you know, you spoke 0:20:59.240 --> 0:21:02.359 about the force, the eminem car hard force that you 0:21:02.440 --> 0:21:05.000 have for thirty K and that is a collaboration. And 0:21:05.119 --> 0:21:09.800 we know that collaboration in the sneaker world is something 0:21:09.880 --> 0:21:11.960 that really takes a shoe to the next level. It's 0:21:12.000 --> 0:21:16.280 also sometimes the origin story of of brands, right like 0:21:16.480 --> 0:21:20.280 Jordan's at its core is a collaboration to some degree. 0:21:20.400 --> 0:21:23.760 They decided that they needed Michael Jordan, the most popular 0:21:23.840 --> 0:21:25.880 athlete in the world, to be a part of their brand, 0:21:25.920 --> 0:21:27.880 and that was Nike. Can you kind of just speak 0:21:27.960 --> 0:21:32.119