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Speaker 1: Hi, guys, Welcome back to Post Run High. I'm your host,

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Speaker 1: Kate Max and this podcast is where movement meets conversation.

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Speaker 1: Today's guest is Marshall Sandman. He's the founder of Animal Capital,

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Speaker 1: which is a gen Z focused venture fund that blends culture,

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Speaker 1: creators and capital in a totally new way. Marshall's background

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Speaker 1: is wild, from Goldman Sachs to WarnerMedia to now investing

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Speaker 1: in the next generation of world changing startups. He's also

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Speaker 1: one of those people who somehow makes business sound fun

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Speaker 1: and human. Right before filming the sit down conversation, we

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Speaker 1: wrapped up a long run and Marshall is quite the

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Speaker 1: runner himself, so you guys have to go check out

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Speaker 1: our running interview as well if you haven't seen that already.

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Speaker 1: Today we're diving into everything from what inspired Animal Capital,

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Speaker 1: to how he got his business going and how he

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Speaker 1: thinks about legacy, purpose and building things that matter. We've

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Speaker 1: got our post run High going and flowing. We're feeling good,

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Speaker 1: so let's get into today's conversation with Marshall. Love you guys.

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Speaker 1: Marshall Sandman, Welcome to Post Run High.

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Speaker 2: Hi Kate, Hi, thanks for having me, Thanks.

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Speaker 1: For being here. We just ran a couple miles.

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Speaker 2: It's so freaking hot.

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Speaker 1: This was our hottest run so far of the year

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Speaker 1: by far. Like I feel like we've had a pretty

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Speaker 1: good summer so far where it's been cool, but today

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Speaker 1: it was hot, humid, So we've officially entered the New

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Speaker 1: York summer running season.

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Speaker 2: We're also getting to the point where you realize it's

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Speaker 2: New York summer because the streets are kind of empty.

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Speaker 2: Except I did almost get you run over by a

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Speaker 2: car already.

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Speaker 1: Today we were on the highway, but I was like,

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Speaker 1: at least we have this helmet. The first thing I

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Speaker 1: want to start off with is you have such a

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Speaker 1: good name, Marshall Sandman.

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Speaker 2: Thank you very much. My childhood library and used to

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Speaker 2: sing me the song what's the song mister Sandman? Bring

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Speaker 2: me every single time I walked in, and it has

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Speaker 2: been I mean, I would imagine anyone with the last

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Speaker 2: same sand Man would end up getting that song to

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Speaker 2: them a lot. But yeah, the name Sandman's carried me

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Speaker 2: through a handful of things, especially this year.

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Speaker 1: I don't know the loure or the jingle of Sandman.

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Speaker 2: Well, the two big ones were inter Sandman was a

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Speaker 2: big is a huge Metallica song. Okay, and I'm trying.

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Speaker 2: I should know the guy's name, but there's like a

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Speaker 2: gigantic Yankees player that was his walkout song. So I

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Speaker 2: either got the inter Sandman or I got the Mister Sandman,

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Speaker 2: which is by the Cordett's sung to me, and that

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Speaker 2: was I would say that happens to me at least

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Speaker 2: five times a week. And I'm thirty three, So for

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Speaker 2: thirty three years, and.

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Speaker 1: As of this year, you've got a horse named after you.

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Speaker 2: We have a horse named Sandman. I tried to be

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Speaker 2: very humble because I genuinely did not believe that the

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Speaker 2: horse was named after me. As you kind of know,

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Speaker 2: I work with a kid named Griffin Johnson. Griffin is

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Speaker 2: one of our advisors to our business. He's like my

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Speaker 2: little brother. And we got approached maybe two years ago,

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Speaker 2: maybe almost three years ago, because the horse is three now,

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Speaker 2: to get involved with a horse racing team called West

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Speaker 2: Point Thoroughbreds. And it was a good good friend of

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Speaker 2: mine that I've known for fifteen years, and they really

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Speaker 2: wanted to work with a to amplify horse racing to

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Speaker 2: a younger generation, and of any celebrity they could work with.

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Speaker 2: They picked Griffin, which couldn't have gone any better, and

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Speaker 2: then shortly after they went to auction to pick the horse,

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Speaker 2: and it turned out shortly after the horse was named Sandman.

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Speaker 2: And I think that the owner, Terry Finley, who is

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Speaker 2: the greatest guy in the world, was trying not to

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Speaker 2: pump my tires or like blow my head up too much.

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Speaker 2: But eighteen months went by and I heard from somebody

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Speaker 2: else that had met with Terry. Yeah, like it just

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Speaker 2: made sense to name the horse Samon, Like we just

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Speaker 2: met Marshall. I loved the name, and we own a

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Speaker 2: small piece of the horse. And we competed this year

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Speaker 2: in the Kentucky Derby. It was a really like rainy,

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Speaker 2: messy day. It was not a great great day. But

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Speaker 2: then we came in third in the Preetness and had

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Speaker 2: a great day. And we're going to be competing this

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Speaker 2: summer again in the Jim Dandy at the end of

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Speaker 2: July and then in Saratoga at the Travers Cup, which

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Speaker 2: you were more than welcome to come attend. Is this

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Speaker 2: form this is a formal of the days. You can

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Speaker 2: either come to Jim Dandy, but I would you should

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Speaker 2: come to the Travers it's like the big It's like

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Speaker 2: a big race that's right behind Triple Crown in terms.

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Speaker 1: Of say say no more. I am a horse girl

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Speaker 1: through and through self proclaimed I never like grew up

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Speaker 1: with horses, but I had one trip to Wyoming where

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Speaker 1: we went to like a dude ranch or whatever they're called,

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Speaker 1: and like horseback riding every day and it was just

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Speaker 1: one of my favorite vacations ever. And now I since

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Speaker 1: love horses. Did you ever think you'd be as involved

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Speaker 1: in horse racing as you are now?

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Speaker 2: This is the ultimate side quest that has become like

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Speaker 2: it's not quite full time job yet, but for Griffin

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Speaker 2: it has. I would say Griffin is the face of

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Speaker 2: horse racing today. If you watched the Kentucky Derby, he

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Speaker 2: had a twelve minute, a full twelve minute, did not

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Speaker 2: cut to commercial about his relationship with Sandman and like

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Speaker 2: him basically sleeping in the stable and him cleaning the horse,

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Speaker 2: and him traveling around with the hors and how the

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Speaker 2: connection that they've they've formed whatever, and even NBCs like

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Speaker 2: leaning into the relationship that Griffin has to the horse

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Speaker 2: racing community because it is it's one of the oldest

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Speaker 2: sports you know in the world. That has been broadcast

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Speaker 2: that people bet a lot of money on, and I

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Speaker 2: think Griffin makes it relatable to a much younger generation.

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Speaker 2: I've just been happy to be a part of his journey.

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Speaker 1: Absolutely, and I feel like amplifying through influencers and celebrity

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Speaker 1: is such a big part of what you guys do

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Speaker 1: at Animal Capital. Give us kind of the backstory, A,

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Speaker 1: how did Animal Capital come to be? And like, b

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Speaker 1: what do you.

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Speaker 2: Guys do on our way into COVID. I was working

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Speaker 2: at WarnerMedia time warned to become WarnerMedia. AT and T

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Speaker 2: bought the company. Everyone I'm going to get these numbers

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Speaker 2: all wrong, but there were thirty thousand employees of WarnerMedia.

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Speaker 2: Seventeen thousand were let go and the acquisition so well

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Speaker 2: more than half. I was very lucky to keep my

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Speaker 2: job when the entire rest of my team was let go,

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Speaker 2: let go or transferred, but primarily let go. I knew

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Speaker 2: that the end was sort of coming, and I got really,

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Speaker 2: really lucky because one of the folks that got let

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Speaker 2: go was supposed to give this big presentation on sports

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Speaker 2: betting to Randall Stevenson, who was like the COO of

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Speaker 2: AT and T. John Stanky, the CEO of AT and

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Speaker 2: T Mark Cuban Mary Meeker, who's like the most famous

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Speaker 2: female venture capitalists of all time, and he got like go,

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Speaker 2: And I had actually made the presentation, so I got

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Speaker 2: the opportunity to give it in front of this group

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Speaker 2: of folks. And I've ever told the story on camera before,

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Speaker 2: but happy to. So I gave this big presentation. I

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Speaker 2: was really young, maybe great was like twenty five, twenty

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Speaker 2: six years old.

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Speaker 1: Oh that's a compliment. I'm turning twenty eight in like

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Speaker 1: five days.

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Speaker 2: Oh, happy birthday, thank you. And so I think it

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Speaker 2: was Mary Meeker that ended up complimenting the CEO of

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Speaker 2: eight and teen saying that kid did a nice job,

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Speaker 2: like he seems a little young to be in this room,

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Speaker 2: but like, good job. My entire team got let go

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Speaker 2: over the following two weeks, and so that presentation literally

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Speaker 2: saved my job. And so it actually gave me an

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Speaker 2: extra like nine months to figure out what I wanted

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Speaker 2: to do, because there was no way my job in

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Speaker 2: like business development, venture capital, Warner Media was going to

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Speaker 2: stick around. That seemed like the first person that gets

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Speaker 2: let go in an acquisition, and so I really thought

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Speaker 2: about what can I do that's different than what everyone

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Speaker 2: else in the market is doing. And so at Time

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Speaker 2: Warner I had this opportunity, which was to invest in

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Speaker 2: businesses and then help them get integrated into this huge ecosystem.

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Speaker 2: And so anyone in the world would take a call

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Speaker 2: with me because they might want the help of Time

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Speaker 2: Warner and the ecosystem that we provide, and then the

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Speaker 2: ecosystem the AT and T might provide. But ultimately it

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Speaker 2: was very hard for us to execute on actually creating

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Speaker 2: a relationship between those founders and their businesses and our

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Speaker 2: gigantic ecosystem. The red tape was too thick, there was

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Speaker 2: too much of it, and so I thought I would

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Speaker 2: build a business that was entirely based on that concept,

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Speaker 2: and so I quit my job in January of twenty twenty.

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Speaker 2: We all know what happened about six weeks later. I

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Speaker 2: think it was January seventeenth of twenty twenty. And the

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Speaker 2: concept was really simple, I'm going to find a way

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Speaker 2: to get myself involved with founders really early, and I'm

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Speaker 2: going to do something so special for them that I

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Speaker 2: changed the entire trajector of their business. And the first

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Speaker 2: call it six to twenty four months of their existence.

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Speaker 2: I didn't know how I was going to raise money.

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Speaker 2: I'd never raised money before, I'd only written a handful

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Speaker 2: of checks before. But I had a sense of like

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Speaker 2: what I could do right, Like I'm an investment banker

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Speaker 2: from Goldman Sachs. I'd done a lot of business development

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Speaker 2: licensing work, I had written some checks. I knew how

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Speaker 2: to hire people. I've done a lot of hiring, and

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Speaker 2: I thought, I know what to do, but you know

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Speaker 2: who else might know what to do? Or or some celebrities,

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Speaker 2: because these celebrities at the times, especially as COVID hit,

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Speaker 2: were in the headlines constantly. For like, celebrities invested in

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Speaker 2: Poppy and that was like this huge six. But then

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Speaker 2: celebrities invested in all these creator economy brands, and I

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Speaker 2: know some of these folks. I'm not going to name

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Speaker 2: names of businesses that have failed, but that we can

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Speaker 2: think of very quickly, back and forth, fifty companies that

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Speaker 2: have come and gone to that space that celebrities at

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Speaker 2: some point use their name and likeness to support. And

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Speaker 2: so I thought, why not help them get involved with

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Speaker 2: businesses that they might not traditionally think to support. Why

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Speaker 2: can't we find businesses that are a little bit different

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Speaker 2: that aren't health beauty, I mean all consumers health and beauty, consumables, apparel, whatever,

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Speaker 2: because this is stuff they're already doing. They don't need

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Speaker 2: me to get involved with those businesses. And so I

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Speaker 2: reached out to three thousand celebrities. There was no open AI,

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Speaker 2: there was no chat GPT so I could. It was

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Speaker 2: all individually written notes, Instagram DMS or Instagram DMS. I

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Speaker 2: sign up for IMDb pro as an emails whatever, and

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Speaker 2: ninety people responded to me. And Griffin and Johnson and

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Speaker 2: Noah Beck were actually like two of the ninety people

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Speaker 2: that got back in touch with me, and a friend

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Speaker 2: of mine who were actually as a founder or his

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Speaker 2: name's kno Frail, but he helped for I always want

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Speaker 2: to shout him bat because helped forge the bond of

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Speaker 2: us and helped push them and have them trust me

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Speaker 2: to get into business with me. And we came up

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Speaker 2: with the Animal Capital and the whole concept was I'm

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Speaker 2: going to go raise the money, I'm going to find

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Speaker 2: the companies to invest in. I'm going to do the

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Speaker 2: risk analysis, I'm gonna write the check, I'm gonna do

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Speaker 2: all the back office auditing, financially, whatever, and all I

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Speaker 2: need you to do is show up for phone calls

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Speaker 2: and help these founders in the way that they want

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Speaker 2: to be helped. And early, early on business that we

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Speaker 2: always end up talking about as Colossal Biosciences. So it's

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Speaker 2: a business that said that they're going to de extinct

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Speaker 2: the boy mammoth, and very famously this year they de

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Speaker 2: extincted the dire wolf and they.

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Speaker 1: And they're working on the Dodo bird.

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Speaker 2: We are working on the Dodo bird, and we're working

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Speaker 2: on the Boy Mammoth. I will say we have eleven

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Speaker 2: dedicated science teams and those are just three of them.

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Speaker 2: The other ones are still confidential, but we're going to

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Speaker 2: keep having fun, fun announcements there. But it's a really

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Speaker 2: good example of a business that you might not on

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Speaker 2: its surface think how on earth are these slebriies going

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Speaker 2: to help? But we very early on got Paris Hilton

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Speaker 2: to invest in the business. We got Chris Hamsworth to

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Speaker 2: invest in the business. More recently we helped Tom Brady

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Speaker 2: to get invested into the business. And Griffin would get

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Speaker 2: on the phone with Bin Lamb when the business was

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Speaker 2: worth less than a thousandth of what it is worth today,

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Speaker 2: which is really freaking crazy, is less worthless than whatever,

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Speaker 2: it's less than one percent of what's worth now. And

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Speaker 2: he would help the founder really hone his pitch for

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Speaker 2: getting involved with those celebrities, like how does bringing the

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Speaker 2: dial wolf back, how does bring the boy man with

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Speaker 2: back benefit the environment? How does it make Paris Hilton's

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Speaker 2: brand better? And we helped him establish what his first

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Speaker 2: Instagram strategy was, and we helped him figure out how

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Speaker 2: like what the go to market plan was, because a

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Speaker 2: huge part of the story would be that as people

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Speaker 2: found out what we were doing, they had to know

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Speaker 2: that this is this is the best form of conservation

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Speaker 2: is not just what We don't just work on extinct animals.

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Speaker 2: We actually primarily work on conservation because tens of billions

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Speaker 2: of dollars are spent every year unsuccessful in conservation. So

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Speaker 2: we'd like to help it along. And so we help

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Speaker 2: get those celebrities involved with the business that otherwise they

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Speaker 2: would have never even looked at. And we've got dozens

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Speaker 2: of those examples over the years. I'm happy to talk

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Speaker 2: about any of them. But it's proved a real it's

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Speaker 2: created a real value for us, and I think it's

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Speaker 2: why James Corden is invested with us Paris obviously, and

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Speaker 2: Mark Wahlberg and we just did a really you had

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Speaker 2: a nice, big opportunity with Sophie Turner. So we were

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Speaker 2: together in London last week. And so there's lots and

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Speaker 2: lots of celebrities that want to get involved with us

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Speaker 2: in some way, but for us, it's about fit. And

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Speaker 2: most of our celebrities give you a stilly example, but

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Speaker 2: one of the defense'smen for the Capitals is his name

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Speaker 2: is Jacob Chittrin and he's amazing. But we've been friends

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Speaker 2: in chit chatting for five years and he just invested

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Speaker 2: with us this week, and so it's like we're really

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Speaker 2: just about the relationship. Like, you don't have to be

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Speaker 2: the most famous, you don't have to be the most charismatic.

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Speaker 2: You just have to be willing to work.

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Speaker 1: I want to narrow in on those early days when

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Speaker 1: you decided to leave your job and start Animal Capital.

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Speaker 1: I love knowing that you signed up for an IMDb

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Speaker 1: pro account. I did the same thing when I was

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Speaker 1: starting to book talent on my running interview.

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Speaker 2: The hardest thing to do that people don't understand is

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Speaker 2: it's not you have amazing producers, an amazing team that's

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Speaker 2: sitting on the other side of the camera. But when

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Speaker 2: you don't have a following and you're trying to book guests,

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Speaker 2: oh my god, it is I mean, one in one

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Speaker 2: hundred is killing it.

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Speaker 1: And let's paint the picture for people. Were you living

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Speaker 1: in New York at the time when you were doing

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Speaker 1: all this outreach and starting your company, Like, where were you?

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Speaker 2: I was in New York and then I mean, then.

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Speaker 1: You moved back to North Carolina.

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Speaker 2: I got lucky, right, Like, I got a little bit lucky.

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Speaker 2: I COVID HIT and I packed up my apartment as

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Speaker 2: best I could, and I drove back to Raleigh. And

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Speaker 2: of course, as everyone thinks, I'm here for a week,

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Speaker 2: and you know, I ended up having less costs, but

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Speaker 2: the idea to leave was a lot more vague. And

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Speaker 2: I think that as I have the opportunity to tell

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Speaker 2: my story over the last handful of years, I think

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Speaker 2: I've made it seem like it's this streamline thing and

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Speaker 2: it's not.

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Speaker 1: It's not. And I just love knowing, like I love

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Speaker 1: painting the picture of the fact that you were in Raleigh,

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Speaker 1: North Carolina reaching out to hundreds of celebrities a day,

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Speaker 1: just waiting for certain people to bite. They finally did.

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Speaker 1: You've worked with some incredible celebrities alongside you at Animal

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Speaker 1: Capital and with them for you know, different brands in

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Speaker 1: different industries. Like, what is something that you've learned through

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Speaker 1: traditional celebrities influencers that maybe you can't learn from a

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Speaker 1: traditional business person.

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Speaker 2: It's exactly like what you make of it, Like it

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Speaker 2: can be a twenty four hour business, it can eat

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Speaker 2: you alive. That can also be a positive thing. And

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Speaker 2: so seeing I'll use Paris as an example, and I

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Speaker 2: think we talked about this for a second while we

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Speaker 2: were running in the gripping heat. Paris is someone that

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Speaker 2: works in her house, her whole team comes over. Her

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Speaker 2: husband runs a very successful venture capital fund. I always

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Speaker 2: joke that they're like my work mom and dad, Paris

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Speaker 2: and Carter. They've been extremely supportive of us, but they

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Speaker 2: work their asses off and they take every opportunity. And so,

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Speaker 2: like we were just talking about this before we turn

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Speaker 2: the cameras on, about like what choes you choose to

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Speaker 2: wear on cameras, what clothes you choose to wear on camera,

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Speaker 2: and it just goes to strike there's nothing that you

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Speaker 2: do during the day that you can't work your business into.

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Speaker 2: Sometimes that's healthy and sometimes it's unhealthy, but it does

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Speaker 2: open your eyes to how much opportunity there really is

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Speaker 2: out there. Or someone in a Griffin on another like

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Speaker 2: they've really taught me that, like how to integrate. And

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Speaker 2: so we've just talked about the horse thing and Sandman,

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Speaker 2: which is so exciting, and we're gonna hopefully you guys

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Speaker 2: are gonna come to Travers Cup at the end of

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Speaker 2: the summer, but we're talking about hosting a concert at

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Speaker 2: Travers Cup on the Friday the big races on Saturday,

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Speaker 2: and we also own a music festival business, and so

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Speaker 2: I'm thinking I'm gonna be there for the weekend anyway,

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Speaker 2: Like why can't I support one of our businesses. Griffin's

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Speaker 2: gonna be there so Griffin can host our party. That's

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Speaker 2: extra money for a business that we're heavily, heavily invested

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Speaker 2: in that we've got to it's called Breakaway that we're

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Speaker 2: like very very excited about. And then there's like a

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Speaker 2: big DJ and I don't know she'll be frustrated about

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Speaker 2: Carol on the name drop like like Xandra who just

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Speaker 2: was named one.

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Speaker 1: Of the top creators, and Andrew's been on the show.

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Speaker 2: Xandra's a huge horse girl, and so getting Xandra to

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Speaker 2: show up for that, like I haven't asked her. This

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Speaker 2: is literally gonna be the first time she's even hearing

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Speaker 2: about it, Like Zarre just somebody, Like I think, like,

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Speaker 2: why wouldn't I call Xandra? Like she works her butt off,

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Speaker 2: she'll definitely want to be at a horse event where

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Speaker 2: she can make extra money, at a concert where she

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Speaker 2: can enhance her DJ career, And so you don't quite

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Speaker 2: see that, you Like, you're never going to see that

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Speaker 2: at a Goldman Sacks or at a whatever, at a

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Speaker 2: big advertising firm or or somewhere else. There is going

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Speaker 2: to be a sense of like I'm going to get

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Speaker 2: done with my work and put it down, Like I

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Speaker 2: try to put my work down sometimes, but it just

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Speaker 2: doesn't happen.

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Speaker 1: A lot of people talk about work life balance, and

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Speaker 1: I think, like, when you're a founder, you're somebody who's

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Speaker 1: like your work is such a big part of your life.

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Speaker 1: It's like your work is your passion project.

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Speaker 2: You know you must feel that way.

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Speaker 1: I feel that way, yeah, And I love like I

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Speaker 1: love always working and always you know, it's like you

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Speaker 1: like you're the same way, Like you go outside and

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Speaker 1: you walk around New York and you're getting inspiration and

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Speaker 1: you're thinking about somebody that you want to contact or

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Speaker 1: reach out to, and you never know when ideas are

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Speaker 1: going to come to you. What was the first deal

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Speaker 1: you guys did at Animal Capital.

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Speaker 2: It sounds dumb. It's a very successful deal. So I

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Speaker 2: feel silly talking about it, but we because people are like, oh,

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Speaker 2: of course, the first one you crushed whatever, and like

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Speaker 2: that's We have plenty, plenty, plenty of businesses that do

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Speaker 2: not exist anymore that we wrote checks into, and I'm

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Speaker 2: happy to talk about those two and ones. I thought

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Speaker 2: we're going to be absolutely killer. But the first deal

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Speaker 2: that we ever did was called what Not, which is

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Speaker 2: a live commerce marketplace. And so at the time they

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Speaker 2: had this little they had this teeny little office in

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Speaker 2: Santa Monica. They since moved to Venice Beach into a

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Speaker 2: monster whatever. We invested a fifty million dollar valuation, which

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Speaker 2: is way too big, like this business was. I mean

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Speaker 2: at the time, if they were doing a million dollars,

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Speaker 2: I would have been shocked. But it was a frothy,

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Speaker 2: crazy time adventure capital. And if you opened up their app,

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Speaker 2: it would be a live stream, and so it might

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Speaker 2: be U Kate selling Kip Chogi's running shoes from the

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Speaker 2: Berlin marathon where he set the world record, which is

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Speaker 2: these are the models of those shoes. That's why I

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Speaker 2: said in my brain, and people will live bid on them,

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Speaker 2: almost like QVC. And so the founder, Grant la Fontaine,

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Speaker 2: literally was like, I need more people to come live stream,

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Speaker 2: like I just had this one stream. So we had

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Speaker 2: some of our celebrities go go do that, and it's

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Speaker 2: how we got into the deal because everyone was clamoring

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Speaker 2: to get the deal. They love they love the concept.

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Speaker 2: That business was valued at fifty million dollars at the time.

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Speaker 2: It's now worth five billion dollars. So we're up about

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Speaker 2: one hundred ish x on our investment approximately, And that

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Speaker 2: was our very first deal. Very good when to go

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Speaker 2: out of the door. And funnily enough, this is actually

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Speaker 2: why it's a really good deal. Is my best friend

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Speaker 2: in the world. Her name's Dylan Sans. She worked at

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Speaker 2: journal Amantic, which is probably the best growth equity firm

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Speaker 2: in the world, and I begged her to come work

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Speaker 2: at Animal Capital. I took her on a walk into

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Speaker 2: a park and I said, Dylan, like, I love you,

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Speaker 2: You're my best friend, Like I need you to quit

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Speaker 2: your job and come do this with me. And she said, like,

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Speaker 2: I love you too, but definitely not like I'm not

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Speaker 2: doing that, like I'm making a bunch of money. I'm

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Speaker 2: at this unbelieve I'm at the gold standard of private investing,

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Speaker 2: Like why would I do that? When she saw that

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Speaker 2: I got into whatnot and she couldn't get into it

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Speaker 2: from her giant firm. That's actually led her to quitting

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Speaker 2: her job and coming to work for me. We don't

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Speaker 2: have like a formal internship program at Animal and so

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Speaker 2: the only people that ever interned for me, and my

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Speaker 2: first ever intern then became my chief of staff full

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Speaker 2: time out of college. She's now a principal at the fund.

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Speaker 2: Our current summer interns are all people that just wrote

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Speaker 2: me really thoughtful LinkedIn messages, and we don't do interviews.

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Speaker 2: We assign a project. If you do a good job

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Speaker 2: on the project, that's it you get, you get an internship.

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Speaker 2: You'd be surprised how many people can't, like won't just

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Speaker 2: do the follow through of like getting through that process,

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Speaker 2: like send a nice note that catches my eye, I

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Speaker 2: will send you the project and if you do a

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Speaker 2: good job, that's it is a it is a paid internship.

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Speaker 1: We just talked about this concept with Alex Lieberman and

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Speaker 1: he had like a very he was so good at

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Speaker 1: like terminology, but he basically said that there's two types

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Speaker 1: of people you can hire. You can hire somebody based

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Speaker 1: on their resume or like based on potential, and like,

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Speaker 1: I completely agree and like from our perspective to like

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Speaker 1: much smaller scale, but production wise, if I'm hiring somebody,

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00:18:35,480 --> 00:18:37,080
Speaker 1: I want to see like what they're capable of doing

435
00:18:37,080 --> 00:18:38,640
Speaker 1: for our team, you know, so I want to see,

436
00:18:38,680 --> 00:18:41,040
Speaker 1: like mock something up for us, you know, show us

437
00:18:41,080 --> 00:18:43,680
Speaker 1: what great looks like, show us how you want to

438
00:18:43,720 --> 00:18:46,760
Speaker 1: evolve our brand, you what is possible, versus show me

439
00:18:46,800 --> 00:18:48,280
Speaker 1: your resume, show me that you went to X, Y

440
00:18:48,280 --> 00:18:48,879
Speaker 1: and Z school.

441
00:18:48,920 --> 00:18:52,160
Speaker 2: We talk about talent versus engine. And so we joke

442
00:18:52,200 --> 00:18:54,720
Speaker 2: with Sam who is our now young principle and she

443
00:18:54,840 --> 00:18:58,199
Speaker 2: just got a promotion she's very excited about, and we

444
00:18:58,440 --> 00:19:01,520
Speaker 2: joke that she was talent and like teaching her to

445
00:19:01,520 --> 00:19:04,040
Speaker 2: do her first job out of college was I mean

446
00:19:04,040 --> 00:19:06,040
Speaker 2: it almost killed me. Like the same way that we

447
00:19:06,320 --> 00:19:09,679
Speaker 2: chat about this on our run too, But like that

448
00:19:09,760 --> 00:19:11,760
Speaker 2: first job and sing in office, getting getting your butt

449
00:19:11,800 --> 00:19:14,480
Speaker 2: out of bed at six thirty seven o'clock, getting showered,

450
00:19:14,560 --> 00:19:16,440
Speaker 2: getting shaved, putting on like a nice outfit that like

451
00:19:16,440 --> 00:19:18,359
Speaker 2: you feel presentable, and making making sure you actually have

452
00:19:18,400 --> 00:19:20,120
Speaker 2: to go to it on that you that you've eaten,

453
00:19:20,160 --> 00:19:22,600
Speaker 2: that you're like put together, you're not hungover, which I

454
00:19:22,640 --> 00:19:24,360
Speaker 2: certainly was plenty when I was twenty two and twenty

455
00:19:24,359 --> 00:19:27,840
Speaker 2: three years old. Teaching her that part of the job

456
00:19:29,720 --> 00:19:31,439
Speaker 2: that you have to show up on time, like that

457
00:19:31,560 --> 00:19:33,680
Speaker 2: eighty percent is showing up like that's like not just

458
00:19:33,720 --> 00:19:36,719
Speaker 2: a dumb mantra, that's very real, was the hardest thing

459
00:19:36,720 --> 00:19:38,520
Speaker 2: because I don't have I don't have the infrastructure to

460
00:19:38,560 --> 00:19:40,480
Speaker 2: do that, and you don't have to tell me or

461
00:19:40,520 --> 00:19:42,720
Speaker 2: tell Dylan about our own business that we own to

462
00:19:42,760 --> 00:19:45,359
Speaker 2: show up like we're we're dying to start working when

463
00:19:45,400 --> 00:19:46,840
Speaker 2: we open eyes in the morning. The same way that

464
00:19:46,880 --> 00:19:47,760
Speaker 2: I know that you.

465
00:19:47,560 --> 00:19:48,920
Speaker 1: Feel that way, like it's hard to go to sleep

466
00:19:48,920 --> 00:19:50,840
Speaker 1: because you're always thinking about there that there's more to do.

467
00:19:50,960 --> 00:19:52,760
Speaker 2: I think our our intern this summer, I would say,

468
00:19:52,880 --> 00:19:55,359
Speaker 2: we picked he's going to listen to this and be

469
00:19:55,400 --> 00:19:58,560
Speaker 2: like WTF man, but like we pick we picked engine,

470
00:19:58,760 --> 00:20:00,560
Speaker 2: Like we picked engine. He wrote a really thoughtful, like

471
00:20:00,560 --> 00:20:03,200
Speaker 2: amazing note and that's been wonderful. But like he has

472
00:20:03,359 --> 00:20:05,760
Speaker 2: learned on the job, Like he's picked up the pieces

473
00:20:05,800 --> 00:20:07,600
Speaker 2: that will make him look talented more than the other

474
00:20:07,640 --> 00:20:08,080
Speaker 2: way around.

475
00:20:08,160 --> 00:20:10,919
Speaker 1: It's interesting, you guys work with and invest in a

476
00:20:10,920 --> 00:20:13,720
Speaker 1: lot of startups and early stage companies. What is like

477
00:20:13,920 --> 00:20:16,560
Speaker 1: one thing that they should be looking for in their

478
00:20:16,680 --> 00:20:20,080
Speaker 1: hires and in their employees that they should be hiring for, Like,

479
00:20:20,119 --> 00:20:22,000
Speaker 1: what is like one quality you can kind of pinpoint.

480
00:20:22,160 --> 00:20:23,879
Speaker 2: It depends like where you are in your life cycle.

481
00:20:23,920 --> 00:20:26,879
Speaker 2: But like if you're really early and you're going to

482
00:20:26,920 --> 00:20:29,639
Speaker 2: pay someone absolute garbage, they need to be prepared to

483
00:20:29,640 --> 00:20:32,439
Speaker 2: get paid garbage. And so like there's some level of

484
00:20:32,480 --> 00:20:34,760
Speaker 2: like grit that comes with that that you can't replace.

485
00:20:35,440 --> 00:20:36,920
Speaker 2: And I know that's like a really weird thing to say.

486
00:20:36,960 --> 00:20:38,840
Speaker 2: It doesn't necessarily speak to someone's personally. I might speak

487
00:20:38,880 --> 00:20:41,359
Speaker 2: to like their parents wallet, or might speak to their

488
00:20:41,400 --> 00:20:43,520
Speaker 2: ability to be frugal, or their decision to live in

489
00:20:43,800 --> 00:20:46,080
Speaker 2: Long Island City versus the West Village. And like it

490
00:20:46,119 --> 00:20:49,359
Speaker 2: sounds dumb, Like all those things are very important because

491
00:20:49,400 --> 00:20:50,720
Speaker 2: like you need them to be signed up for a

492
00:20:50,800 --> 00:20:55,960
Speaker 2: journey with you, and if they're not, then they're not

493
00:20:56,280 --> 00:20:58,919
Speaker 2: and you can't teach that. And so people say this

494
00:20:59,040 --> 00:21:02,119
Speaker 2: all the time. To me is hire slow and fire fast.

495
00:21:03,960 --> 00:21:07,800
Speaker 2: I would say higher fast and fire fast. If it's

496
00:21:07,800 --> 00:21:10,399
Speaker 2: not working and they can't prove themselves quickly, will you

497
00:21:10,400 --> 00:21:12,400
Speaker 2: will see like that person, Like you could have someone

498
00:21:12,440 --> 00:21:13,960
Speaker 2: on your teams in like a mock up or like

499
00:21:14,000 --> 00:21:16,479
Speaker 2: a completely raw footage of like our run or our

500
00:21:16,520 --> 00:21:19,199
Speaker 2: podcasts and say, put this together, it's like how you

501
00:21:19,200 --> 00:21:21,680
Speaker 2: think it should be done. And if they put a

502
00:21:21,720 --> 00:21:23,080
Speaker 2: certain amount of effort in like you're going to know

503
00:21:23,240 --> 00:21:25,639
Speaker 2: very quickly get them on the team, like get them,

504
00:21:25,680 --> 00:21:27,159
Speaker 2: get them signed up, but get them bought into what

505
00:21:27,240 --> 00:21:29,240
Speaker 2: you're doing. And if it's not working, move on. There's

506
00:21:29,240 --> 00:21:30,800
Speaker 2: plenty of people that are hungry out there.

507
00:21:30,840 --> 00:21:33,600
Speaker 1: As good as higher fast fire fast is for the

508
00:21:33,640 --> 00:21:35,720
Speaker 1: company itself, it's also good for the person you're doing

509
00:21:35,760 --> 00:21:38,680
Speaker 1: that person as service. If this job isn't something that

510
00:21:38,760 --> 00:21:41,800
Speaker 1: they're naturally thriving at or that they're excited about, you know, maybe.

511
00:21:41,640 --> 00:21:42,720
Speaker 2: You have the wake up call. Maybe you have to

512
00:21:42,720 --> 00:21:45,400
Speaker 2: wake up all they needed it probably isn't people don't change.

513
00:21:45,440 --> 00:21:46,680
Speaker 1: I think people do change.

514
00:21:46,760 --> 00:21:50,000
Speaker 2: I think people can change. I think in that construct.

515
00:21:50,000 --> 00:21:53,600
Speaker 2: I think in the boss employee construct, that's much harder

516
00:21:53,640 --> 00:21:56,439
Speaker 2: than like us as human beings, like choosing to go

517
00:21:56,520 --> 00:21:59,000
Speaker 2: to therapy or you've got the David Goggins book on Yourself, Like, yeah,

518
00:21:59,040 --> 00:22:01,080
Speaker 2: I think that we can start changed, like in that

519
00:22:01,119 --> 00:22:04,160
Speaker 2: paradigm of employee. I think it's much harder.

520
00:22:04,200 --> 00:22:06,919
Speaker 1: You're right, It is so interesting how work life like,

521
00:22:07,040 --> 00:22:08,760
Speaker 1: literally how you show up in an office or to

522
00:22:08,840 --> 00:22:11,199
Speaker 1: work is so different sometimes for people in their normal

523
00:22:11,240 --> 00:22:14,280
Speaker 1: everyday lives, which makes a lot of sense. But yeah, Like,

524
00:22:14,320 --> 00:22:16,160
Speaker 1: you can be a great person in life with your

525
00:22:16,160 --> 00:22:18,480
Speaker 1: friends and you be the kindest person in the world,

526
00:22:18,520 --> 00:22:19,760
Speaker 1: but then you get to the office and for some

527
00:22:19,840 --> 00:22:21,639
Speaker 1: reason you got a little bit of a chip on

528
00:22:21,680 --> 00:22:23,120
Speaker 1: your shoulder. Yeah.

529
00:22:23,160 --> 00:22:24,879
Speaker 2: I was the worst. I'm not joking. I was the

530
00:22:24,920 --> 00:22:27,239
Speaker 2: worst analyst in the history of Goldman Sachs. I think

531
00:22:27,280 --> 00:22:29,600
Speaker 2: it was because I could be fun with clients at

532
00:22:29,640 --> 00:22:31,399
Speaker 2: a younger age than maybe some of the other people,

533
00:22:31,520 --> 00:22:32,840
Speaker 2: and that was me being too comfortable.

534
00:22:43,720 --> 00:22:47,240
Speaker 1: Okay, outreach, what is your subject line for a celebrity?

535
00:22:47,320 --> 00:22:48,679
Speaker 2: Oh? My god, I think I should go back and

536
00:22:48,720 --> 00:22:52,119
Speaker 2: look what's really funny is a handful of times. And

537
00:22:52,160 --> 00:22:55,360
Speaker 2: this has happened more and more recently. Celebrities I reached

538
00:22:55,359 --> 00:22:57,480
Speaker 2: out to that never responded to me. We've like ended

539
00:22:57,560 --> 00:23:00,879
Speaker 2: up connecting and so we'll like dam about whatever. Like

540
00:23:01,720 --> 00:23:03,520
Speaker 2: silly example. But I just went to go see Catherine

541
00:23:03,520 --> 00:23:07,400
Speaker 2: Gallagher's Peter Gallagher from OC's Daughter her show on What's

542
00:23:07,440 --> 00:23:10,520
Speaker 2: Off Broadway. It's called up all Night and it's actually closing.

543
00:23:10,520 --> 00:23:11,480
Speaker 2: So if I don't know when this is coming up,

544
00:23:11,480 --> 00:23:14,640
Speaker 2: people should go see its Great love off Broadly shows.

545
00:23:14,680 --> 00:23:16,840
Speaker 2: But she messaged me like thanks so much for coming

546
00:23:16,840 --> 00:23:19,639
Speaker 2: to the show, and right above the message was so

547
00:23:20,160 --> 00:23:23,320
Speaker 2: frickin embarrassed. It is a message from March twenty twenty,

548
00:23:23,400 --> 00:23:28,320
Speaker 2: like COVID's just hitting like me, No shame, gigantic message.

549
00:23:28,520 --> 00:23:32,800
Speaker 2: Hey Catherine right before covid, I saw you in I'm

550
00:23:32,800 --> 00:23:34,480
Speaker 2: going to lose the name of it. But the Alanis

551
00:23:34,560 --> 00:23:38,359
Speaker 2: Morris set Broadway show you were amazing. I'm thinking about

552
00:23:38,359 --> 00:23:42,520
Speaker 2: starting a business where we get celebrities a little bit

553
00:23:42,520 --> 00:23:45,320
Speaker 2: more involved in startups. It requires no money from you,

554
00:23:45,640 --> 00:23:47,119
Speaker 2: and I will only take up fifteen minutes of your

555
00:23:47,119 --> 00:23:48,960
Speaker 2: time and if you're not interested, don't worry about it.

556
00:23:48,960 --> 00:23:52,000
Speaker 2: So I tried to mar each out to three thousand people,

557
00:23:52,000 --> 00:23:55,119
Speaker 2: and I would say that most everyone got a personal message.

558
00:23:55,240 --> 00:23:58,160
Speaker 2: And I tried to spend a little bit of time

559
00:23:58,480 --> 00:24:01,520
Speaker 2: two minutes, maybe a very fast with like what their

560
00:24:01,520 --> 00:24:03,880
Speaker 2: content was. But I really had seen Katherine Gallagher's show

561
00:24:03,880 --> 00:24:05,240
Speaker 2: and it was the only time in my entire life

562
00:24:05,240 --> 00:24:08,639
Speaker 2: i'd seen a mid show standing like applause.

563
00:24:08,800 --> 00:24:10,920
Speaker 1: Yeah, was this on Instagram? DM?

564
00:24:11,160 --> 00:24:11,960
Speaker 2: On Instagram DM.

565
00:24:12,040 --> 00:24:13,280
Speaker 1: Yeah. I think that's the best way to get in

566
00:24:13,320 --> 00:24:13,840
Speaker 1: touch with people.

567
00:24:13,880 --> 00:24:15,240
Speaker 2: You must have had the same experience for you reach

568
00:24:15,240 --> 00:24:16,919
Speaker 2: out to someone and then they eventually responded and they

569
00:24:16,960 --> 00:24:18,359
Speaker 2: see that you messages them and they're like being like,

570
00:24:18,440 --> 00:24:19,159
Speaker 2: oh my god.

571
00:24:19,280 --> 00:24:23,000
Speaker 1: I say, huge fan of you. Would love to have

572
00:24:23,040 --> 00:24:25,239
Speaker 1: you on my running show if you're up for it.

573
00:24:25,400 --> 00:24:27,640
Speaker 1: And that's kind of fun because it's like running show,

574
00:24:27,760 --> 00:24:30,560
Speaker 1: little challenge. But I do think best tips for outreach

575
00:24:30,640 --> 00:24:33,480
Speaker 1: keep it conversational, keep it short, keep it light, and

576
00:24:33,640 --> 00:24:35,520
Speaker 1: end with the CTA yeah, yeah.

577
00:24:35,720 --> 00:24:38,040
Speaker 2: Two to three sentences maximum. And if it's taking up

578
00:24:38,080 --> 00:24:40,199
Speaker 2: any part of the screen where you're like, you're overwhelmed,

579
00:24:40,359 --> 00:24:44,000
Speaker 2: they're quadruple overwhelmed. To however you feel. And also like

580
00:24:44,440 --> 00:24:46,879
Speaker 2: people do see this stuff, and I know that that

581
00:24:46,920 --> 00:24:49,320
Speaker 2: sounds like crazy, but like think about like Griffin or

582
00:24:49,359 --> 00:24:52,320
Speaker 2: Noah whoever. Like some of the biggest folks that work

583
00:24:52,359 --> 00:24:55,080
Speaker 2: with us today were people that responded to my Instagram

584
00:24:55,160 --> 00:24:58,960
Speaker 2: dms and like great example from yesterday. But I went

585
00:24:59,000 --> 00:25:01,440
Speaker 2: to a meeting with the founder of Android to James

586
00:25:01,520 --> 00:25:03,000
Speaker 2: rich Miner, and he's an amazing guy. He's one of

587
00:25:03,000 --> 00:25:06,119
Speaker 2: our investors at the Ritz and Nomad and obviously in

588
00:25:06,119 --> 00:25:08,200
Speaker 2: the city, and I ran into Steve Aoki right when

589
00:25:08,200 --> 00:25:09,879
Speaker 2: I walked on the door. And Steve's wearing like the

590
00:25:09,960 --> 00:25:13,000
Speaker 2: crazy shirt with the animations whatever. We've never actually met

591
00:25:13,000 --> 00:25:15,200
Speaker 2: in person, but we've co invested in a handful of deals.

592
00:25:15,240 --> 00:25:18,000
Speaker 1: I'm picturing the two of you in like a revolving door,

593
00:25:18,160 --> 00:25:20,080
Speaker 1: just kind of dressing, and it's like slow moo and

594
00:25:20,119 --> 00:25:21,800
Speaker 1: Marshall and Steve Aoki.

595
00:25:21,760 --> 00:25:24,120
Speaker 2: Me being like an absolute past, like I keep chasing.

596
00:25:23,840 --> 00:25:26,320
Speaker 1: Him a rather, I'm not kidding, You're like running in

597
00:25:26,320 --> 00:25:28,200
Speaker 1: a circle like mice in a wheel or whatever.

598
00:25:28,359 --> 00:25:31,399
Speaker 2: And so I walked over and said, hey, so so

599
00:25:31,600 --> 00:25:34,159
Speaker 2: so sorry to bother you a Marshall Sandman, like I

600
00:25:34,240 --> 00:25:36,120
Speaker 2: run an animal capital, like we've like almost crossed past

601
00:25:36,680 --> 00:25:38,680
Speaker 2: is hey, Like, I like I know who you are,

602
00:25:38,720 --> 00:25:41,439
Speaker 2: Like you messaged me on Instagram ages ago, and then

603
00:25:41,440 --> 00:25:43,920
Speaker 2: you ended up actually building that business. He had read

604
00:25:44,000 --> 00:25:48,160
Speaker 2: the message and like processed it and then I guess

605
00:25:48,160 --> 00:25:49,879
Speaker 2: seen my name a couple of times over the years,

606
00:25:50,119 --> 00:25:52,359
Speaker 2: and like I think that like solidified what might be

607
00:25:52,400 --> 00:25:54,679
Speaker 2: like a future maybe business. Like we took a selfie,

608
00:25:54,720 --> 00:25:56,680
Speaker 2: Like who knows if I ever see Steve Oak again,

609
00:25:56,720 --> 00:25:58,920
Speaker 2: But it was a cool moment. But the fact that

610
00:25:59,359 --> 00:26:01,959
Speaker 2: he related those moments to each other from like a

611
00:26:01,960 --> 00:26:04,640
Speaker 2: million years ago. Just seeing money like it does matter

612
00:26:04,680 --> 00:26:06,280
Speaker 2: and you never know when that hard work is going

613
00:26:06,320 --> 00:26:06,760
Speaker 2: to pay off.

614
00:26:06,840 --> 00:26:09,480
Speaker 1: What I like about the dvok situation, Hey, a lot

615
00:26:09,520 --> 00:26:11,760
Speaker 1: of things here momentum. I think key is being shown

616
00:26:11,760 --> 00:26:13,119
Speaker 1: here right, Like I think what's so cool is you

617
00:26:13,160 --> 00:26:15,440
Speaker 1: started out just doing cold outreach. Now all of a

618
00:26:15,480 --> 00:26:18,200
Speaker 1: sudden you have people like Stevok being like, not only

619
00:26:18,200 --> 00:26:19,840
Speaker 1: did I see your DM, but I know who you are,

620
00:26:19,840 --> 00:26:21,720
Speaker 1: and I think what you're doing is cool, right, and

621
00:26:21,760 --> 00:26:22,520
Speaker 1: you're starting to have.

622
00:26:22,880 --> 00:26:24,399
Speaker 2: It's like a crazy like it sounds dumb. I like

623
00:26:24,440 --> 00:26:26,240
Speaker 2: pumping my entires like I was pumped.

624
00:26:26,400 --> 00:26:29,040
Speaker 1: Yeah, it goes well, of course, it goes from outreach

625
00:26:29,119 --> 00:26:32,159
Speaker 1: to then inbound requests. I'm sure for you get a

626
00:26:32,200 --> 00:26:33,919
Speaker 1: lot of people that want to be involved in the business.

627
00:26:33,920 --> 00:26:35,440
Speaker 1: So you have to now say a lot of nose

628
00:26:35,480 --> 00:26:37,080
Speaker 1: to people that back in the day you would have

629
00:26:37,080 --> 00:26:39,320
Speaker 1: been probably like I would love to talk to you

630
00:26:39,400 --> 00:26:41,680
Speaker 1: and have you be involved. This is where like your

631
00:26:41,720 --> 00:26:45,159
Speaker 1: business model is so cool because it's a combination of

632
00:26:45,200 --> 00:26:47,560
Speaker 1: these very influential people that have a huge like a

633
00:26:47,560 --> 00:26:51,240
Speaker 1: lot of cultural significance, you know, publicly, but then it's

634
00:26:51,240 --> 00:26:53,840
Speaker 1: also backed by you guys, who are these smart business

635
00:26:53,840 --> 00:26:55,919
Speaker 1: people that like know where to take them, you know,

636
00:26:55,960 --> 00:26:58,040
Speaker 1: and it's it's like everything's a team effort, right, it's

637
00:26:58,040 --> 00:26:59,680
Speaker 1: always a wee And I think it's just you guys

638
00:26:59,760 --> 00:27:02,000
Speaker 1: make really cool team. But I think when it comes

639
00:27:02,000 --> 00:27:06,200
Speaker 1: to to like booking our show, like I credit where

640
00:27:06,240 --> 00:27:10,080
Speaker 1: credits due, Like I love interviewing founders and business people,

641
00:27:10,080 --> 00:27:12,399
Speaker 1: and I think that's because I come from a corporate background, right,

642
00:27:12,400 --> 00:27:15,679
Speaker 1: Like I worked in after Founder. I have a production company.

643
00:27:15,800 --> 00:27:18,480
Speaker 1: I've got two brothers twin brother works in finance, older brother,

644
00:27:18,560 --> 00:27:21,840
Speaker 1: older brother works in finance. Finance family really my parents

645
00:27:21,840 --> 00:27:24,000
Speaker 1: were like, what the is she doing with this tripod outside?

646
00:27:24,080 --> 00:27:26,400
Speaker 1: When I first started that, like, you're leaving your advertising job.

647
00:27:26,440 --> 00:27:29,320
Speaker 1: You work so hard for it, you know. So I

648
00:27:29,320 --> 00:27:31,280
Speaker 1: think for me, and I think like the people that

649
00:27:31,680 --> 00:27:34,640
Speaker 1: like like the show and follow me, they love founder stories.

650
00:27:34,359 --> 00:27:36,639
Speaker 2: But to realize, like you you run a big business,

651
00:27:36,680 --> 00:27:38,200
Speaker 2: and this sounds them like we're sitting in a room.

652
00:27:38,280 --> 00:27:41,040
Speaker 2: You have several team members here, and these are all

653
00:27:41,080 --> 00:27:43,840
Speaker 2: folks that are here for you to make your day easier.

654
00:27:43,880 --> 00:27:46,679
Speaker 2: And also not about easier, it's about efficiency. Yeah, and

655
00:27:46,720 --> 00:27:48,600
Speaker 2: it's you know, have so much to do that Like

656
00:27:48,680 --> 00:27:50,199
Speaker 2: if you were to go back to how could you

657
00:27:50,240 --> 00:27:51,480
Speaker 2: ever go back to how you did it before?

658
00:27:51,960 --> 00:27:52,400
Speaker 1: Oh my god?

659
00:27:52,440 --> 00:27:53,879
Speaker 2: Well what I mean if you had to start if

660
00:27:53,880 --> 00:27:56,160
Speaker 2: you had to start over today knowing everything you know now,

661
00:27:56,200 --> 00:27:58,280
Speaker 2: could you do it? Could you go back to whatever

662
00:27:58,320 --> 00:28:01,400
Speaker 2: it was? Five hundred followers on Instagram and you bought

663
00:28:01,440 --> 00:28:02,800
Speaker 2: your and you bought a G seven X and you

664
00:28:02,800 --> 00:28:04,480
Speaker 2: bought a little can you bought you bought the mics

665
00:28:04,520 --> 00:28:05,600
Speaker 2: for sixty bucks on best Buy?

666
00:28:05,760 --> 00:28:07,760
Speaker 1: Yeah, I mean I absolutely could. I believe in the

667
00:28:07,760 --> 00:28:09,800
Speaker 1: power of starting over actually, and I think like whether

668
00:28:10,000 --> 00:28:12,000
Speaker 1: you get to a certain point where you know you

669
00:28:12,080 --> 00:28:14,040
Speaker 1: have a lot of success, Like I think every single

670
00:28:14,040 --> 00:28:16,840
Speaker 1: successful person has moments in their life where you have

671
00:28:16,880 --> 00:28:19,080
Speaker 1: to feel like you're starting from scratch again. And I

672
00:28:19,080 --> 00:28:21,040
Speaker 1: think you have to be able to go back to basics.

673
00:28:21,080 --> 00:28:23,840
Speaker 1: And I think I am somebody that's so foundationally gritty,

674
00:28:24,240 --> 00:28:25,720
Speaker 1: like I don't. I don't think you can out grip

675
00:28:25,800 --> 00:28:27,560
Speaker 1: I don't know you can, probably I don't. I don't

676
00:28:27,560 --> 00:28:29,280
Speaker 1: think a lot of people could outgrip me. Like when

677
00:28:29,280 --> 00:28:31,080
Speaker 1: I first started the show, I was doing the job

678
00:28:31,160 --> 00:28:35,040
Speaker 1: of like twelve people, Like I was filming, editing, not sleeping,

679
00:28:35,080 --> 00:28:37,919
Speaker 1: and also working my full time advertising job. And if

680
00:28:37,960 --> 00:28:39,760
Speaker 1: I had to do it again, I absolutely could. But

681
00:28:39,960 --> 00:28:43,280
Speaker 1: now having the team support that we do, it's it's

682
00:28:43,320 --> 00:28:47,680
Speaker 1: so incredible to try to create something that's like bigger

683
00:28:47,720 --> 00:28:49,880
Speaker 1: than just me, you know, Like I want my I

684
00:28:49,920 --> 00:28:52,640
Speaker 1: want myself to serve as somebody that, like my audience

685
00:28:52,680 --> 00:28:56,120
Speaker 1: can relate to and be like not Kate's not just

686
00:28:56,160 --> 00:28:58,320
Speaker 1: having a conversation with Marshall, we are you know what

687
00:28:58,320 --> 00:29:00,600
Speaker 1: I mean? And I think that's an interesting thing in

688
00:29:00,640 --> 00:29:02,920
Speaker 1: business when you think about animal capital and like some

689
00:29:03,000 --> 00:29:06,320
Speaker 1: of the brands that you guys invest in, what would

690
00:29:06,320 --> 00:29:09,640
Speaker 1: you say, Like when we talk about like a brand

691
00:29:09,800 --> 00:29:13,080
Speaker 1: surpassing just the creator the people that are, you know,

692
00:29:14,000 --> 00:29:14,960
Speaker 1: promoting it, there's.

693
00:29:14,840 --> 00:29:18,239
Speaker 2: Two pieces that one is the creator themselves at the

694
00:29:18,280 --> 00:29:21,840
Speaker 2: outset has to be obsessed with it and by the way,

695
00:29:22,000 --> 00:29:24,640
Speaker 2: the dumb common but it has to be a good idea. Yeah,

696
00:29:24,680 --> 00:29:27,800
Speaker 2: like we're we are past the point where it's going

697
00:29:27,880 --> 00:29:31,200
Speaker 2: to work because of who it is. And I don't

698
00:29:31,200 --> 00:29:32,680
Speaker 2: I don't you know, there's one person who I think

699
00:29:32,760 --> 00:29:34,440
Speaker 2: is controversial day, I don't mind saying it, Like like

700
00:29:34,560 --> 00:29:38,720
Speaker 2: Blake Lively started an alcohol, a canned alcohol brand. I

701
00:29:38,760 --> 00:29:40,800
Speaker 2: think it's a little weird to start a cand alcol

702
00:29:40,800 --> 00:29:43,200
Speaker 2: brand when your brand is that you don't drink like

703
00:29:43,320 --> 00:29:45,000
Speaker 2: that's a brand like which, by the way, great, you

704
00:29:45,040 --> 00:29:46,640
Speaker 2: don't drink like I don't drink very much like in

705
00:29:46,680 --> 00:29:48,920
Speaker 2: my household not alcohol's contuned, which is great.

706
00:29:50,440 --> 00:29:52,719
Speaker 1: You can't be an animal drinking a lot of alcohol.

707
00:29:53,560 --> 00:29:56,600
Speaker 2: Some sometimes sometimes we're party animal and animal capital, but

708
00:29:56,600 --> 00:30:00,560
Speaker 2: it is it is a rare occasion. But it's an

709
00:30:00,600 --> 00:30:03,320
Speaker 2: interesting example where her husband started a gym business that

710
00:30:03,360 --> 00:30:06,280
Speaker 2: he obsessed himself with. The great example that everyone wants

711
00:30:06,320 --> 00:30:08,080
Speaker 2: to talk about and they will talk about I'm not joking.

712
00:30:08,080 --> 00:30:09,920
Speaker 2: For the next fifty years, books will be written about it.

713
00:30:09,960 --> 00:30:12,800
Speaker 2: Is George Clooney starting costame egos. George Clooney bought a

714
00:30:12,800 --> 00:30:15,840
Speaker 2: pickup truck. He always had boxes of costame egos in

715
00:30:15,880 --> 00:30:17,479
Speaker 2: the back of it, and he had a pop up

716
00:30:17,560 --> 00:30:20,440
Speaker 2: bar and he would bartend to every party that he

717
00:30:20,480 --> 00:30:22,760
Speaker 2: went to. Had when there were consumer events which are

718
00:30:22,760 --> 00:30:25,400
Speaker 2: like these, like big like Expo West, like whether they're

719
00:30:25,480 --> 00:30:28,240
Speaker 2: certain Patrick SCHWARTZENINGI ors they're serving his mash bar or

720
00:30:28,480 --> 00:30:31,040
Speaker 2: sabina late as they're doing the vegan cookie do or whatever.

721
00:30:31,560 --> 00:30:34,360
Speaker 2: George Clooney would be at those events serving shots of tequila.

722
00:30:34,360 --> 00:30:36,680
Speaker 2: It's like, oh my god, George Clooney is here. Of

723
00:30:36,720 --> 00:30:38,520
Speaker 2: course I'm gonna go buy some freaking tequila. Of course

724
00:30:38,560 --> 00:30:40,160
Speaker 2: I'm gonna put it on my shelves. You have to

725
00:30:40,160 --> 00:30:41,720
Speaker 2: be obsessed with it. You have to be obsessed with

726
00:30:41,760 --> 00:30:43,280
Speaker 2: it for an enduring period of time. It's not a

727
00:30:43,280 --> 00:30:46,600
Speaker 2: seasonal moment. It's not gonna be about the specific deliverables.

728
00:30:46,600 --> 00:30:48,480
Speaker 2: And that's something that we say to our founders they

729
00:30:48,480 --> 00:30:51,880
Speaker 2: get involved with celebrities all the time. Is if you're

730
00:30:51,920 --> 00:30:55,440
Speaker 2: working with a gigantic celebrity or even a small celebrity.

731
00:30:55,640 --> 00:30:57,800
Speaker 2: If they're hung up when it's this many Instagram stories

732
00:30:57,840 --> 00:30:59,640
Speaker 2: or it's this many static posts, or it's this many

733
00:30:59,640 --> 00:31:02,840
Speaker 2: snap tiles, you're already working with the wrong person. And

734
00:31:02,880 --> 00:31:05,280
Speaker 2: I know that you're you're gonna feel differently. Say I'm

735
00:31:05,280 --> 00:31:07,200
Speaker 2: in the room with this person. I have a deal

736
00:31:07,240 --> 00:31:08,640
Speaker 2: on the table. I got to take it. I'm giving

737
00:31:08,720 --> 00:31:10,880
Speaker 2: up these dollars, this equity, whatever, but this is my

738
00:31:10,920 --> 00:31:13,000
Speaker 2: opportunity because it's saving me this money, it's giving me

739
00:31:13,040 --> 00:31:16,640
Speaker 2: this next level. Creators can absolutely still start businesses. The

740
00:31:16,920 --> 00:31:20,560
Speaker 2: drive and the motivation and the relationship to it starts

741
00:31:20,560 --> 00:31:21,560
Speaker 2: with two things. One is it has to be a

742
00:31:21,600 --> 00:31:22,880
Speaker 2: good idea. One is you have to continue to be

743
00:31:22,880 --> 00:31:24,840
Speaker 2: obsessed with it. In three it might not be a

744
00:31:24,920 --> 00:31:27,240
Speaker 2: venture business. And this is something that I have a

745
00:31:27,240 --> 00:31:28,480
Speaker 2: feeling you and I are going to talk about way

746
00:31:28,480 --> 00:31:30,400
Speaker 2: outside of this interview for the rest of our friendship.

747
00:31:30,480 --> 00:31:33,240
Speaker 2: Is like it just because you can sell the product.

748
00:31:33,920 --> 00:31:35,320
Speaker 2: And the example I gave you this morning was my

749
00:31:35,360 --> 00:31:38,880
Speaker 2: friend Gaby Kno just started a fish purse brand and

750
00:31:38,920 --> 00:31:41,920
Speaker 2: it is like a gold plated fish and like your

751
00:31:41,960 --> 00:31:44,120
Speaker 2: phone barely fits in it. It is the least practical

752
00:31:44,160 --> 00:31:46,920
Speaker 2: bag in the entire world, and she cannot keep them

753
00:31:46,960 --> 00:31:47,840
Speaker 2: on Chelse.

754
00:31:47,960 --> 00:31:49,719
Speaker 1: I want one. I want one. I saw it on

755
00:31:49,800 --> 00:31:51,960
Speaker 1: social media the other day and I want one.

756
00:31:51,640 --> 00:31:55,880
Speaker 2: Shek af it's really cool, and she sold tens of

757
00:31:55,880 --> 00:31:58,040
Speaker 2: thousands of dollars of things, and she knows it's not

758
00:31:58,080 --> 00:32:00,960
Speaker 2: about taking outside funding. It's about what's my next great idea.

759
00:32:01,000 --> 00:32:03,280
Speaker 2: Her great idea for this was she saran wrapped it

760
00:32:03,320 --> 00:32:05,360
Speaker 2: in like a styrofoam contear, so it looks like fish

761
00:32:05,360 --> 00:32:08,280
Speaker 2: that you buy at the market. Great idea. That doesn't

762
00:32:08,280 --> 00:32:10,080
Speaker 2: mean that you need to go raise a intra capital round.

763
00:32:10,920 --> 00:32:14,480
Speaker 2: We've our mutual friend is your manager. Yeah, and he

764
00:32:14,600 --> 00:32:16,280
Speaker 2: sent me a deal yesterday. And I won't out them

765
00:32:16,320 --> 00:32:18,080
Speaker 2: because they're clearly out trying to raise money. But it

766
00:32:18,160 --> 00:32:22,120
Speaker 2: is a four wall concept around padel Paddle. I've never

767
00:32:22,160 --> 00:32:24,840
Speaker 2: know how to pronounce it. I think it's a great idea,

768
00:32:24,920 --> 00:32:26,360
Speaker 2: and I think they can make great money. That's not

769
00:32:26,360 --> 00:32:28,520
Speaker 2: a venture capital business. Just it doesn't mean to go

770
00:32:28,600 --> 00:32:30,560
Speaker 2: raise money from a bunch of people out of some

771
00:32:30,560 --> 00:32:33,760
Speaker 2: crazy evaluation. It means take the minimum amount of money

772
00:32:33,800 --> 00:32:36,400
Speaker 2: to get your product going, to show that people that

773
00:32:36,440 --> 00:32:38,840
Speaker 2: there's demand for your product and then go from there,

774
00:32:38,880 --> 00:32:41,160
Speaker 2: and so many creators lose track of that along the way.

775
00:32:41,320 --> 00:32:42,600
Speaker 1: One of the things that I want to touch on

776
00:32:42,640 --> 00:32:44,960
Speaker 1: really quickly is just because I loved the comment is

777
00:32:45,000 --> 00:32:46,840
Speaker 1: you have to be obsessed with what you do. It's

778
00:32:46,840 --> 00:32:50,000
Speaker 1: so funny, Like I love when people have niche obsessions.

779
00:32:50,320 --> 00:32:52,840
Speaker 2: One great example, I actually don't know how the business

780
00:32:52,920 --> 00:32:55,680
Speaker 2: is doing today, but it was this celebrities relationship to

781
00:32:55,720 --> 00:32:57,640
Speaker 2: it that it's something we would never invest in. It's

782
00:32:57,680 --> 00:33:00,640
Speaker 2: Kaylee Quoco from The Big Bang Theory, who's like adorable,

783
00:33:00,680 --> 00:33:03,560
Speaker 2: she's on the HBO show The Flight Attendant. She started

784
00:33:04,120 --> 00:33:06,240
Speaker 2: like a I think it's like a pretty high end

785
00:33:06,280 --> 00:33:11,520
Speaker 2: like dog Accoutremont brand, like fancy dog collar, fancy dog

786
00:33:11,960 --> 00:33:15,160
Speaker 2: poop bag hold or whatever. It was her relationship to

787
00:33:15,240 --> 00:33:17,600
Speaker 2: it that like intrigued me. Like I don't think it's

788
00:33:17,640 --> 00:33:19,880
Speaker 2: a high market, Like it's a high margin product that

789
00:33:20,000 --> 00:33:22,080
Speaker 2: like maybe there's a big market for but like the

790
00:33:22,160 --> 00:33:25,000
Speaker 2: replacement value, the opportunity cost is like it's really easy

791
00:33:25,000 --> 00:33:26,320
Speaker 2: to switch, and like I'm not going to keep spending

792
00:33:26,320 --> 00:33:27,920
Speaker 2: a bunch of money on a new leash or new whatever.

793
00:33:28,120 --> 00:33:29,160
Speaker 2: By the way, I don't know if you guys have

794
00:33:29,200 --> 00:33:31,920
Speaker 2: a dog, but once, once you buy a leash, I

795
00:33:31,920 --> 00:33:34,600
Speaker 2: don't need another leash for ten years. Like I don't

796
00:33:34,600 --> 00:33:35,800
Speaker 2: actually have to come back to your website for a

797
00:33:35,840 --> 00:33:40,360
Speaker 2: long time. But she's obsessed with it, and the business

798
00:33:40,360 --> 00:33:42,720
Speaker 2: is going to succeed because she's obsessed with it, and

799
00:33:42,760 --> 00:33:44,200
Speaker 2: she's going to keep coming up with like fun new

800
00:33:44,200 --> 00:33:45,760
Speaker 2: cute things and fun new reasons to come back to

801
00:33:45,760 --> 00:33:47,920
Speaker 2: the website and to buy the next thing, and so

802
00:33:48,360 --> 00:33:51,040
Speaker 2: like I'm disagreeing with myself right, Like I don't think

803
00:33:51,080 --> 00:33:52,560
Speaker 2: it's the best idea in the world. I didn't end

804
00:33:52,600 --> 00:33:55,200
Speaker 2: up investing in it, Like she will be successful because

805
00:33:55,240 --> 00:33:56,680
Speaker 2: she cares so freaking much.

806
00:34:07,640 --> 00:34:09,640
Speaker 1: Okay, well, let's talk about this because I think what's

807
00:34:09,680 --> 00:34:12,400
Speaker 1: really interesting about you is you guys started in twenty twenty.

808
00:34:12,400 --> 00:34:15,040
Speaker 1: You've you know, seen a lot of seasons of different

809
00:34:15,080 --> 00:34:17,759
Speaker 1: types of industries popping up, right like twenty twenty two.

810
00:34:17,760 --> 00:34:19,960
Speaker 1: I always think about like the crypto boom, and you know,

811
00:34:20,040 --> 00:34:22,359
Speaker 1: certain things with like web what is it like Web three?

812
00:34:22,719 --> 00:34:25,520
Speaker 1: So let's talk a little bit about how the industries

813
00:34:25,560 --> 00:34:28,160
Speaker 1: you guys have been like hyper fixated on have changed

814
00:34:28,160 --> 00:34:30,280
Speaker 1: over the years, and maybe what you guys are currently

815
00:34:30,320 --> 00:34:33,439
Speaker 1: focused on and maybe certain industries that have always been

816
00:34:33,520 --> 00:34:34,320
Speaker 1: good investments.

817
00:34:34,760 --> 00:34:37,319
Speaker 2: If something's trendy, like I'm almost inherently not investing in it.

818
00:34:37,960 --> 00:34:41,320
Speaker 2: And the reason why is I get really really nervous,

819
00:34:41,360 --> 00:34:43,920
Speaker 2: Like I get like anxious, can't sleep at night, nervous

820
00:34:44,080 --> 00:34:47,640
Speaker 2: that someone knows something about that industry that I don't

821
00:34:48,080 --> 00:34:50,720
Speaker 2: or is just hyper fixated on it. So why would

822
00:34:50,719 --> 00:34:53,320
Speaker 2: my check get into that business earlier? Why would my

823
00:34:53,440 --> 00:34:55,520
Speaker 2: be Like it's almost like a self esteem problem, Like

824
00:34:55,520 --> 00:34:57,399
Speaker 2: it's almost like like I like, why would I get

825
00:34:57,400 --> 00:34:59,520
Speaker 2: to see this business? Like I've run a pretty good business,

826
00:34:59,560 --> 00:35:00,880
Speaker 2: Like I should get to see the business at the

827
00:35:00,920 --> 00:35:04,120
Speaker 2: right time. Whatever. So we didn't their exceptions to all

828
00:35:04,120 --> 00:35:07,200
Speaker 2: these rules. But we don't invest in web three, We

829
00:35:07,280 --> 00:35:11,680
Speaker 2: don't invest in the creator economy. We don't we do

830
00:35:12,320 --> 00:35:14,160
Speaker 2: a little bit of consumer products, and we talked about

831
00:35:14,200 --> 00:35:16,840
Speaker 2: it that we at this point we do one a

832
00:35:16,920 --> 00:35:19,440
Speaker 2: year and we have to be basically in charge of

833
00:35:19,480 --> 00:35:22,439
Speaker 2: starting that business. And so we did that with Noah Beck.

834
00:35:22,520 --> 00:35:25,239
Speaker 2: We started EV's. It's been sold. It's been a great

835
00:35:25,239 --> 00:35:29,839
Speaker 2: story for us, Trey Kennedy's Basic Seller's Wine, which has

836
00:35:29,840 --> 00:35:31,759
Speaker 2: been awesome and we've got to I don't know when

837
00:35:31,760 --> 00:35:32,920
Speaker 2: this is coming up, but we're about to be in

838
00:35:32,920 --> 00:35:35,359
Speaker 2: a really exciting retailer. As Trey goes on tour, we're

839
00:35:35,400 --> 00:35:38,959
Speaker 2: pretty pumped up. And then next year we've actually already

840
00:35:39,000 --> 00:35:41,120
Speaker 2: picked the item. So like we don't even do really

841
00:35:41,160 --> 00:35:44,720
Speaker 2: do consumer There are some exceptions, like working with Patrick

842
00:35:44,719 --> 00:35:46,960
Speaker 2: on Mosh Like that's a good point of like Patrick

843
00:35:47,200 --> 00:35:49,719
Speaker 2: and his mom are so obsessed with the product they

844
00:35:49,760 --> 00:35:54,279
Speaker 2: just make it work. So I would say find industries

845
00:35:54,480 --> 00:35:57,000
Speaker 2: that you believe that you know more about than the

846
00:35:57,040 --> 00:36:00,440
Speaker 2: common person. And so we've been pretty fortunate to be

847
00:36:00,719 --> 00:36:03,759
Speaker 2: involved in, for better or worse, in animal oriented businesses.

848
00:36:05,000 --> 00:36:07,400
Speaker 2: Our first animal into business was Colossal. We invested at

849
00:36:07,400 --> 00:36:09,680
Speaker 2: a twenty two million dollar valuation in the business is

850
00:36:09,719 --> 00:36:11,280
Speaker 2: now worth ten point four billion dollars.

851
00:36:11,480 --> 00:36:14,399
Speaker 1: That is so aligned for you guys, being that your

852
00:36:14,480 --> 00:36:15,560
Speaker 1: name is Animal Capital.

853
00:36:15,600 --> 00:36:17,680
Speaker 2: That's also why the William Mammouth was our second animal

854
00:36:17,680 --> 00:36:19,600
Speaker 2: for a fund. But we actually love to get you

855
00:36:19,680 --> 00:36:22,080
Speaker 2: a animal capital hot and like along the animal lines,

856
00:36:22,120 --> 00:36:24,000
Speaker 2: like I'm very fortunate. I have a cousin who is

857
00:36:24,239 --> 00:36:27,799
Speaker 2: a very successful pet supply retailer, and I've made him

858
00:36:27,800 --> 00:36:32,239
Speaker 2: talk to companies about Okay, we invested in a consumer brand.

859
00:36:32,280 --> 00:36:34,560
Speaker 2: This is me bucking my own trend that I just discussed.

860
00:36:34,600 --> 00:36:36,960
Speaker 2: It's called Sundays for Dogs. They were going to spend

861
00:36:37,000 --> 00:36:39,239
Speaker 2: five million dollars in a really early fundraise, and I

862
00:36:39,320 --> 00:36:42,400
Speaker 2: made them talk to my cousin and I called him

863
00:36:42,400 --> 00:36:44,279
Speaker 2: and I said, hey, his name is Britt. I love him.

864
00:36:44,320 --> 00:36:46,799
Speaker 2: He's the best. And Britt, they're going to spend all

865
00:36:46,840 --> 00:36:49,120
Speaker 2: this money on building their own factory. Why are they

866
00:36:49,120 --> 00:36:51,160
Speaker 2: doing this? And he said, there's a huge problem in

867
00:36:51,239 --> 00:36:52,799
Speaker 2: dog food today, and it's that they have the same

868
00:36:52,840 --> 00:36:56,160
Speaker 2: allergens as humans. But your dog food and my dog

869
00:36:56,200 --> 00:36:59,560
Speaker 2: food from two different brands, and this one says it's hypoallergenic.

870
00:36:59,680 --> 00:37:02,200
Speaker 2: Whatever the hell, it's gluten free. It's this bison meat,

871
00:37:02,280 --> 00:37:04,840
Speaker 2: chicken meat, whatever. It's actually being made right beside the

872
00:37:04,880 --> 00:37:08,120
Speaker 2: one that has chickpeas in it. And my dog's allergic

873
00:37:08,120 --> 00:37:10,040
Speaker 2: to chickpeas and my dog's gonna end up going to

874
00:37:10,040 --> 00:37:12,840
Speaker 2: antaflactic shock. So building their own factory really early is

875
00:37:12,840 --> 00:37:15,480
Speaker 2: a huge bet, but it's one that could really pay off.

876
00:37:15,760 --> 00:37:17,920
Speaker 2: Sunday's for Dogs when we invested, was doing about six

877
00:37:18,000 --> 00:37:20,480
Speaker 2: and a half million dollars of revenue. This year they'll

878
00:37:20,520 --> 00:37:23,600
Speaker 2: do more than ninety million bucks, which is great. We

879
00:37:23,640 --> 00:37:25,440
Speaker 2: invested in a pet pharmacy called Mixed.

880
00:37:25,239 --> 00:37:27,440
Speaker 1: Lab, So you guys do a lot of animals, so.

881
00:37:27,480 --> 00:37:30,600
Speaker 2: We've done a disproportion amount of animal and i'd an

882
00:37:30,640 --> 00:37:35,040
Speaker 2: animal towards life science. We were invested and like, great example,

883
00:37:35,080 --> 00:37:36,840
Speaker 2: this is a really sad story, but we invested in

884
00:37:36,880 --> 00:37:40,960
Speaker 2: a dog stem cell business called Gallant and the founder,

885
00:37:41,000 --> 00:37:44,040
Speaker 2: Aaron Hirschworn, passed away in a surfing accident, like a

886
00:37:44,080 --> 00:37:47,880
Speaker 2: really young guy, a dad in Florida. And the business

887
00:37:47,920 --> 00:37:51,080
Speaker 2: has pivoted sense to being a cat cancer research business

888
00:37:51,080 --> 00:37:53,239
Speaker 2: and they've actually been very successful. And when I say

889
00:37:53,280 --> 00:37:55,279
Speaker 2: I have nothing to do with that, that is luck

890
00:37:55,400 --> 00:37:58,200
Speaker 2: like thank fucking goodness, like part of my language, like

891
00:37:58,200 --> 00:37:59,920
Speaker 2: that's great that they found a great person to go

892
00:38:00,000 --> 00:38:02,840
Speaker 2: work on the business. It was a really sad moment.

893
00:38:03,320 --> 00:38:07,160
Speaker 2: And we've just had this disportion turned towards life science

894
00:38:07,160 --> 00:38:11,360
Speaker 2: as we're invested and over a dozen life science oriented

895
00:38:11,440 --> 00:38:15,319
Speaker 2: businesses over the last six years. And so it's for

896
00:38:15,480 --> 00:38:17,880
Speaker 2: us that's an industry that we know more about and

897
00:38:17,920 --> 00:38:20,160
Speaker 2: we know and we know how to make that business commercial.

898
00:38:20,280 --> 00:38:22,799
Speaker 2: We know how to get you from zero to your

899
00:38:22,800 --> 00:38:25,879
Speaker 2: first contract. And that's where most of these businesses die

900
00:38:25,920 --> 00:38:28,319
Speaker 2: in the vine. Is it's a great idea. We met

901
00:38:28,360 --> 00:38:30,000
Speaker 2: with a business last week that we're not investing in

902
00:38:31,160 --> 00:38:34,759
Speaker 2: called Kangaroo, and they're a artificial womb business. And when

903
00:38:34,800 --> 00:38:37,319
Speaker 2: I tell you, I know more about artificial wombs because

904
00:38:37,320 --> 00:38:39,480
Speaker 2: of Colossal than like then.

905
00:38:39,400 --> 00:38:41,680
Speaker 1: I had a dream about an artificial womb the other day.

906
00:38:42,440 --> 00:38:44,279
Speaker 2: We can talk about that with your fountains, see if

907
00:38:44,280 --> 00:38:46,480
Speaker 2: that's something that you guys will be interested in. But

908
00:38:46,800 --> 00:38:49,160
Speaker 2: I probably know more about artificial than ninety nine point

909
00:38:49,239 --> 00:38:51,080
Speaker 2: nine percent of the population because of our investments. And

910
00:38:51,120 --> 00:38:52,520
Speaker 2: I was able to ask questions on the call that

911
00:38:53,040 --> 00:38:56,240
Speaker 2: make me maybe this is too confident, make me believe

912
00:38:56,600 --> 00:38:58,480
Speaker 2: that I know more than somebody else about it. And

913
00:38:58,560 --> 00:39:00,160
Speaker 2: I have a lag up in choosing to invest for

914
00:39:00,200 --> 00:39:03,520
Speaker 2: not investing in And so I'd say get obsessed with something.

915
00:39:03,800 --> 00:39:06,120
Speaker 2: I think how you started the question, like, get obsessed

916
00:39:06,120 --> 00:39:08,000
Speaker 2: with something and you will find a way to invest

917
00:39:08,000 --> 00:39:11,359
Speaker 2: in that thing. These are all businesses, right, Like there's

918
00:39:11,400 --> 00:39:12,719
Speaker 2: people that have made a bunch of money in the

919
00:39:12,719 --> 00:39:16,000
Speaker 2: Great economy. Jelly smacksmen, This unbelievable successful. There's people that

920
00:39:16,040 --> 00:39:17,680
Speaker 2: make so much money and web three and crypto, and

921
00:39:17,680 --> 00:39:19,399
Speaker 2: there are people that make money on the stupid trump coin.

922
00:39:19,480 --> 00:39:21,480
Speaker 2: Like who knows what you can make money in, But

923
00:39:21,520 --> 00:39:22,960
Speaker 2: if you were obsessed with it and you're paying enough

924
00:39:22,960 --> 00:39:26,719
Speaker 2: attention to the industry, you'll find a way. And for us,

925
00:39:26,800 --> 00:39:29,600
Speaker 2: Dylan and I really have like the sectors that we've identified,

926
00:39:29,640 --> 00:39:32,000
Speaker 2: like she comes we work around together, and Goldman together,

927
00:39:32,160 --> 00:39:34,839
Speaker 2: and short of General ANAK and then a consumer fund

928
00:39:34,840 --> 00:39:37,040
Speaker 2: called af and I was obviously a Warner Media. I know,

929
00:39:37,080 --> 00:39:38,560
Speaker 2: I'm talking really fast. I'm trying to screw it.

930
00:39:38,760 --> 00:39:39,399
Speaker 1: You are so good.

931
00:39:39,680 --> 00:39:41,399
Speaker 2: Yeah, So we have our own industries that we cover

932
00:39:41,440 --> 00:39:43,400
Speaker 2: and then our principal stam like as a computer like

933
00:39:43,480 --> 00:39:46,319
Speaker 2: data engineer, it's like we just try to focus on

934
00:39:46,480 --> 00:39:49,319
Speaker 2: what we know best and then if we don't, we

935
00:39:49,640 --> 00:39:53,280
Speaker 2: just move on and that's okay, Like that's really fine.

936
00:39:54,440 --> 00:39:57,239
Speaker 2: We recently invested in a business called Array Labs and

937
00:39:57,280 --> 00:40:01,360
Speaker 2: they are a modular camera since they gets attached to satellites.

938
00:40:01,400 --> 00:40:03,600
Speaker 2: So the same way that SpaceX is big thing was

939
00:40:03,840 --> 00:40:06,640
Speaker 2: we're going to reuse the rocket. That's a business and

940
00:40:06,719 --> 00:40:08,560
Speaker 2: people for a long time are like, why do I

941
00:40:08,680 --> 00:40:13,200
Speaker 2: care if we reuse the rocket and it's honest right, like,

942
00:40:13,520 --> 00:40:15,640
Speaker 2: I don't know, but now we know why and we

943
00:40:15,680 --> 00:40:18,600
Speaker 2: know how important is that these satellites are equipped appropriately whatever.

944
00:40:18,800 --> 00:40:20,680
Speaker 2: This is allowing satellites to not have to come down

945
00:40:20,719 --> 00:40:25,280
Speaker 2: to get reequipped with new cameras. Wow, it took us years.

946
00:40:25,520 --> 00:40:27,439
Speaker 2: Probably took me three years of warning about this before

947
00:40:27,480 --> 00:40:29,439
Speaker 2: I found the right business and thought like I knew enough,

948
00:40:29,719 --> 00:40:32,200
Speaker 2: and so you just can't rush and you have to

949
00:40:32,200 --> 00:40:34,279
Speaker 2: be comfortable walking away when you don't think you know enough.

950
00:40:34,360 --> 00:40:36,600
Speaker 1: You know, what's so interesting about your business too, is

951
00:40:36,640 --> 00:40:38,960
Speaker 1: you guys work with so many companies and you're constantly

952
00:40:39,080 --> 00:40:41,319
Speaker 1: learning about so many different companies and what they do

953
00:40:41,360 --> 00:40:43,640
Speaker 1: in their business models and kind of the why behind

954
00:40:43,680 --> 00:40:47,560
Speaker 1: the business. You just like you have in your mind

955
00:40:47,640 --> 00:40:52,640
Speaker 1: such a robust like knowledge of all these different industries

956
00:40:52,680 --> 00:40:55,600
Speaker 1: and you know all these like random things, which is fascinating.

957
00:40:56,160 --> 00:40:59,959
Speaker 2: I am, I know, like two sentences worth about every

958
00:41:00,080 --> 00:41:03,439
Speaker 2: industry and five sentences worth about next to nothing, right, Okay,

959
00:41:03,800 --> 00:41:04,920
Speaker 2: other than the artificial womb.

960
00:41:04,800 --> 00:41:05,960
Speaker 1: Time check me so that I know how much time

961
00:41:05,960 --> 00:41:08,040
Speaker 1: you have loved, I definitely have to scooch. Okay, Okay,

962
00:41:08,040 --> 00:41:12,759
Speaker 1: you meet let's take one final question. Okay, what we'll

963
00:41:12,760 --> 00:41:16,160
Speaker 1: do two final questions. First one is what is the

964
00:41:16,160 --> 00:41:21,319
Speaker 1: biggest mistake that founders of startups make when they're just

965
00:41:21,320 --> 00:41:22,360
Speaker 1: starting their businesses.

966
00:41:22,560 --> 00:41:25,799
Speaker 2: I think hyperfixation is the biggest. I would it's almost

967
00:41:25,840 --> 00:41:28,040
Speaker 2: a personality trait. And by the way, that's something that

968
00:41:28,160 --> 00:41:29,920
Speaker 2: I would I am just getting to know you, but

969
00:41:29,960 --> 00:41:31,719
Speaker 2: I would say that we probably both suffer from that

970
00:41:31,800 --> 00:41:35,640
Speaker 2: a little bit. We will have founders who are unbelievable founders.

971
00:41:35,680 --> 00:41:37,600
Speaker 2: And this is a real conversation that happened in the

972
00:41:37,600 --> 00:41:41,320
Speaker 2: middle of the night two nights ago. I did not respond.

973
00:41:41,320 --> 00:41:43,799
Speaker 2: I was dead asleep, but one of our founders sent

974
00:41:43,920 --> 00:41:46,160
Speaker 2: me like a screenshot of I don't know what you

975
00:41:46,200 --> 00:41:48,000
Speaker 2: call it, when they basically have like a wireframe of

976
00:41:48,000 --> 00:41:51,560
Speaker 2: their of their app, and they were freaking out about

977
00:41:51,560 --> 00:41:54,760
Speaker 2: the font and okay, I'm not joking, freaking out about

978
00:41:54,800 --> 00:41:57,959
Speaker 2: the font, and I was like, who cares? Your app

979
00:41:58,000 --> 00:42:00,600
Speaker 2: doesn't work? Like no one's using the app, We've made

980
00:42:00,680 --> 00:42:03,440
Speaker 2: no money, you're spending money, You're not sleeping, like you're

981
00:42:03,480 --> 00:42:06,439
Speaker 2: becoming inefficient in this moment, But that actually happens all

982
00:42:06,480 --> 00:42:09,600
Speaker 2: the time. We have a business that recently sold and

983
00:42:09,640 --> 00:42:12,319
Speaker 2: they actually it was successful issue. We didn't make any money.

984
00:42:12,360 --> 00:42:14,480
Speaker 2: We just about got our money back. But like we

985
00:42:14,520 --> 00:42:16,239
Speaker 2: invested five years ago, I wrote them a check, a

986
00:42:16,320 --> 00:42:18,160
Speaker 2: very high risk check. Getting my money back is not

987
00:42:18,200 --> 00:42:24,160
Speaker 2: good enough. That one of their founders was hyper fixated

988
00:42:24,200 --> 00:42:28,040
Speaker 2: on who their first advertising partner would be. Who cares.

989
00:42:28,880 --> 00:42:31,080
Speaker 2: I get it. It's a value signal. But you need

990
00:42:31,120 --> 00:42:32,759
Speaker 2: the money so that you can extend the runway of

991
00:42:32,760 --> 00:42:34,880
Speaker 2: your business, so that we can stay in business. So

992
00:42:34,920 --> 00:42:37,600
Speaker 2: I think hyperfixation is something that you almost need to

993
00:42:37,640 --> 00:42:41,480
Speaker 2: counterbalance yourself with with your business partner. And when you're

994
00:42:41,480 --> 00:42:43,840
Speaker 2: starting your business, it can be your parent, right, it

995
00:42:43,840 --> 00:42:44,960
Speaker 2: can be your mom, it can be your dad, it

996
00:42:44,960 --> 00:42:48,080
Speaker 2: can be your brother, your sister. Like making sure that

997
00:42:48,080 --> 00:42:49,759
Speaker 2: you've got a priority list and saying I'm going to

998
00:42:49,800 --> 00:42:51,319
Speaker 2: get through these things and if I don't get through

999
00:42:51,320 --> 00:42:53,480
Speaker 2: these tasks and this period of time, I'm going to

1000
00:42:53,480 --> 00:42:55,319
Speaker 2: move on. In the realities is you know this, you

1001
00:42:55,360 --> 00:42:57,000
Speaker 2: have to do a million jobs during the day. I

1002
00:42:57,040 --> 00:42:58,799
Speaker 2: have to do a millionaire jobs during the day. The

1003
00:42:58,840 --> 00:43:00,600
Speaker 2: thing that differentiated me at Want to Media. Part of

1004
00:43:00,600 --> 00:43:02,000
Speaker 2: the reason I got to keep my job is because

1005
00:43:02,120 --> 00:43:04,960
Speaker 2: I was still the person that knew the chief strategy

1006
00:43:04,960 --> 00:43:07,040
Speaker 2: officer or Warner Media. I knew what her coffee order was,

1007
00:43:07,200 --> 00:43:08,640
Speaker 2: and I had her calendar, so I knew when she'd

1008
00:43:08,680 --> 00:43:10,640
Speaker 2: be in the office and when she wouldn't her Like

1009
00:43:10,719 --> 00:43:13,360
Speaker 2: disgusting sugary Starbucks was on her desk. I was like,

1010
00:43:13,719 --> 00:43:15,759
Speaker 2: why fire that kid, Like, it's not my money and

1011
00:43:15,800 --> 00:43:20,600
Speaker 2: my disgusting sugary Starbucks is on my desk. Great hyperfixation

1012
00:43:20,680 --> 00:43:22,279
Speaker 2: is probably the thing that are founders because they are

1013
00:43:22,520 --> 00:43:25,600
Speaker 2: high functioning human beings that they get most lost in

1014
00:43:25,600 --> 00:43:27,080
Speaker 2: it too, finding a way to regulate yourself.

1015
00:43:27,239 --> 00:43:28,960
Speaker 1: Yeah, And I think also that comes down to like

1016
00:43:29,040 --> 00:43:31,440
Speaker 1: delegating tasks and hiring the right people.

1017
00:43:31,160 --> 00:43:32,759
Speaker 2: And impossible for founders so hard.

1018
00:43:32,840 --> 00:43:34,400
Speaker 1: I mean I do the same thing, Like there's definitely

1019
00:43:34,440 --> 00:43:36,400
Speaker 1: a time Mikey is like, kid's gone hyper fixated on

1020
00:43:36,440 --> 00:43:38,359
Speaker 1: fonts before you know, and then it's like you don't

1021
00:43:38,360 --> 00:43:40,640
Speaker 1: see the big picture, and it's like you have people

1022
00:43:40,640 --> 00:43:43,799
Speaker 1: in your corner that are like me not for no, seriously, though,

1023
00:43:44,880 --> 00:43:46,799
Speaker 1: I'm like hyperfixated on the books that I put up there.

1024
00:43:46,840 --> 00:43:49,320
Speaker 1: If you could leave our audience, whether they're creators, fans,

1025
00:43:49,320 --> 00:43:52,439
Speaker 1: are as hiring entrepreneurs with one key takeaway? What would

1026
00:43:52,480 --> 00:43:52,680
Speaker 1: it be?

1027
00:43:52,880 --> 00:43:54,400
Speaker 2: Don't be afraid to take whatever the risk is that

1028
00:43:54,400 --> 00:43:55,839
Speaker 2: you've been thinking about for a long time. Of course,

1029
00:43:55,840 --> 00:43:57,080
Speaker 2: you want to be measured, you want to think about

1030
00:43:57,080 --> 00:44:00,480
Speaker 2: your own personal financial and family situation, whatever. But I

1031
00:44:00,600 --> 00:44:04,279
Speaker 2: see so many times people with the idea and even

1032
00:44:04,320 --> 00:44:07,480
Speaker 2: with the drive, and it is that risk of losing

1033
00:44:07,520 --> 00:44:10,560
Speaker 2: something that keeps them that that holds them back. Maybe

1034
00:44:10,560 --> 00:44:12,840
Speaker 2: I'll inspire one person to make that big change. I

1035
00:44:12,840 --> 00:44:14,840
Speaker 2: don't know. I think the other big key takeaway, and

1036
00:44:14,840 --> 00:44:16,600
Speaker 2: I think this is your takeaway, and it's a really

1037
00:44:16,600 --> 00:44:20,480
Speaker 2: really special one is get hyper fixated on something.

1038
00:44:21,360 --> 00:44:22,080
Speaker 1: But not too much.

1039
00:44:23,080 --> 00:44:26,279
Speaker 2: Get excited. Get niche about an industry, get excited about

1040
00:44:26,280 --> 00:44:28,680
Speaker 2: a topic, Get excited about a type of business or,

1041
00:44:29,160 --> 00:44:31,680
Speaker 2: by the way, a type of person or a geography.

1042
00:44:31,880 --> 00:44:35,200
Speaker 2: That's the economy we're beginning to evolve into is and

1043
00:44:35,239 --> 00:44:38,120
Speaker 2: we've talked about this before in our lives, but it's

1044
00:44:38,120 --> 00:44:41,600
Speaker 2: the niche economy. And so getting excited about something, even

1045
00:44:41,640 --> 00:44:44,120
Speaker 2: if you're not becoming maybe you are becoming a content

1046
00:44:44,160 --> 00:44:45,920
Speaker 2: creator and you're listening to this, Maybe you want to

1047
00:44:45,920 --> 00:44:47,960
Speaker 2: start your own business. Maybe you just want to go

1048
00:44:48,040 --> 00:44:50,480
Speaker 2: to a startup that like, actually you still can take

1049
00:44:50,480 --> 00:44:53,319
Speaker 2: a salary and a little less risk, but like get

1050
00:44:53,360 --> 00:44:57,919
Speaker 2: excited about something and whatever that is, that genuineness will

1051
00:44:57,920 --> 00:44:58,520
Speaker 2: shine through.

1052
00:44:58,719 --> 00:45:00,760
Speaker 1: I think the one thing that creators in general always

1053
00:45:00,760 --> 00:45:02,520
Speaker 1: think about is kind of the next chapter, right, like

1054
00:45:02,560 --> 00:45:04,600
Speaker 1: where do we go after the brand deals? Or like

1055
00:45:04,640 --> 00:45:06,960
Speaker 1: we're making a lot of money through brand deals, where

1056
00:45:07,000 --> 00:45:08,759
Speaker 1: are we investing that money? Right? I think this is

1057
00:45:08,800 --> 00:45:10,320
Speaker 1: something that a lot of creators think about.

1058
00:45:10,680 --> 00:45:13,840
Speaker 2: I is a phone call I get every single day.

1059
00:45:14,040 --> 00:45:18,760
Speaker 1: So what is your advice to creators or even people

1060
00:45:18,840 --> 00:45:20,839
Speaker 1: in a position of maybe they get a bonus at

1061
00:45:20,880 --> 00:45:24,000
Speaker 1: their banking job. Where should we be investing our money?

1062
00:45:24,080 --> 00:45:27,080
Speaker 1: And what do you think is the next chapter for creators?

1063
00:45:27,400 --> 00:45:31,759
Speaker 2: I think taking risk is super important. Stock market, bond market,

1064
00:45:31,840 --> 00:45:33,600
Speaker 2: all things that are nice. Those are things I'm not

1065
00:45:33,640 --> 00:45:36,279
Speaker 2: really here to like sit and talk about. You can

1066
00:45:36,360 --> 00:45:38,960
Speaker 2: go get a financial advisor with as little as five

1067
00:45:39,040 --> 00:45:41,480
Speaker 2: thousand dollars and you'll have someone help explain to you

1068
00:45:41,880 --> 00:45:43,480
Speaker 2: this is organ with your stocks, is we're going to

1069
00:45:43,480 --> 00:45:45,160
Speaker 2: do with your bonds? You're going to be super risk on.

1070
00:45:45,200 --> 00:45:47,080
Speaker 2: Maybe they'll help you make eleven twelve percent a year

1071
00:45:47,120 --> 00:45:49,279
Speaker 2: and you can start really small for me, Like my

1072
00:45:49,280 --> 00:45:51,239
Speaker 2: biggest thing in my first year Goldman, I ran up

1073
00:45:51,239 --> 00:45:54,440
Speaker 2: a gigantic credit card bill. Gigantic because I wanted to

1074
00:45:54,520 --> 00:45:56,279
Speaker 2: live this New York life, but I couldn't afford it.

1075
00:45:57,440 --> 00:45:59,600
Speaker 2: Beyond my first year, I started to save money, fortunately,

1076
00:45:59,840 --> 00:46:01,759
Speaker 2: and I forced myself to put I think it was

1077
00:46:01,920 --> 00:46:04,560
Speaker 2: like one thousand dollars a month away. It's not tremendous.

1078
00:46:05,400 --> 00:46:07,280
Speaker 2: I was really proud of myself, even like my parents

1079
00:46:07,280 --> 00:46:08,480
Speaker 2: were proud of me for putting a little bit of

1080
00:46:08,520 --> 00:46:13,040
Speaker 2: money away, and that started to become the thing for creators.

1081
00:46:13,040 --> 00:46:15,520
Speaker 2: I would say, you do need a financial advisor, you

1082
00:46:15,560 --> 00:46:18,600
Speaker 2: one hundred percent do, but you also need to go

1083
00:46:18,640 --> 00:46:21,759
Speaker 2: out and take some risks because your financial advisor is

1084
00:46:21,840 --> 00:46:24,399
Speaker 2: really incentivized for you to be de risk. There are

1085
00:46:24,400 --> 00:46:26,759
Speaker 2: incentivice you take as much of your cash and put

1086
00:46:26,760 --> 00:46:32,040
Speaker 2: it at no offense to any of these places ubs, JP, Morgan, Goldman, Sacks.

1087
00:46:32,120 --> 00:46:33,960
Speaker 2: They want to keep your money there, that's fine, that

1088
00:46:34,040 --> 00:46:35,319
Speaker 2: is their job to do that. They will help you

1089
00:46:35,320 --> 00:46:38,839
Speaker 2: grow your money a little. But I would say doing

1090
00:46:39,600 --> 00:46:41,040
Speaker 2: I don't know, five to ten percent of your money,

1091
00:46:41,040 --> 00:46:42,400
Speaker 2: depending on where you're on your life. In venture of

1092
00:46:42,400 --> 00:46:44,640
Speaker 2: five percent of your money in real estate, and then

1093
00:46:44,680 --> 00:46:46,200
Speaker 2: you can think about the rest being a little bit

1094
00:46:46,200 --> 00:46:48,920
Speaker 2: safer bets. And if you're a career out there and

1095
00:46:49,040 --> 00:46:51,000
Speaker 2: this is a conversation that you want to have, I

1096
00:46:51,040 --> 00:46:54,120
Speaker 2: am not giving traditional financial advice. I am just speaking

1097
00:46:54,120 --> 00:46:57,480
Speaker 2: for my own experience. I'm not a regishort investment advisor,

1098
00:46:58,080 --> 00:46:59,759
Speaker 2: but I am happy to talk about it with you

1099
00:46:59,800 --> 00:47:01,759
Speaker 2: and share stories about what I've done and how it

1100
00:47:01,840 --> 00:47:04,320
Speaker 2: might have worked. If you are everybody else on planet

1101
00:47:04,360 --> 00:47:06,480
Speaker 2: Earth and you don't have that same concern about like

1102
00:47:06,480 --> 00:47:08,319
Speaker 2: I have an eight year creator life and then the

1103
00:47:08,320 --> 00:47:11,560
Speaker 2: rest of my life, save money and make sure that

1104
00:47:11,560 --> 00:47:13,200
Speaker 2: you have like anest eag and whatever that means to you.

1105
00:47:13,280 --> 00:47:16,640
Speaker 2: That means something different everybody. And then beyond that, invest

1106
00:47:16,719 --> 00:47:19,040
Speaker 2: in what you're interested in. Get informed about something niche

1107
00:47:19,040 --> 00:47:21,160
Speaker 2: that you get excited about, and write a really small

1108
00:47:21,239 --> 00:47:23,359
Speaker 2: check and see how it feels. You'll start to get

1109
00:47:23,360 --> 00:47:24,120
Speaker 2: better at it quickly.

1110
00:47:24,200 --> 00:47:26,360
Speaker 1: Thank you so much for sitting down with me today, Marshall.

1111
00:47:26,360 --> 00:47:29,239
Speaker 1: This was incredible. You are the best. Everybody. Go check

1112
00:47:29,239 --> 00:47:30,080
Speaker 1: out Animal Capital.

1113
00:47:30,360 --> 00:47:32,160
Speaker 2: Thank you so much for having me. I have so

1114
00:47:32,320 --> 00:47:34,759
Speaker 2: beyond look forward to this, and it did not disappoint.

1115
00:47:34,480 --> 00:47:37,000
Speaker 1: Thank you so much for listening to today's conversation with

1116
00:47:37,080 --> 00:47:40,279
Speaker 1: Marshall Sandman. I hope you guys love this conversation as

1117
00:47:40,360 --> 00:47:43,240
Speaker 1: much as I did. I definitely left this chat feeling

1118
00:47:43,640 --> 00:47:46,600
Speaker 1: inspired and just ready to get after it with my

1119
00:47:46,640 --> 00:47:49,560
Speaker 1: own business. And if you guys are loving Post Run High,

1120
00:47:49,640 --> 00:47:52,200
Speaker 1: it would mean the world to me and my team

1121
00:47:52,360 --> 00:47:55,080
Speaker 1: if you could leave us a review, share this episode

1122
00:47:55,160 --> 00:47:58,000
Speaker 1: with a friend, and follow us on social at Post

1123
00:47:58,080 --> 00:48:01,040
Speaker 1: Run High and me at Kate mag I will see

1124
00:48:01,040 --> 00:48:06,480
Speaker 1: you guys next week. Let's go have a good day. Bye.