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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: never return. But if you register using our CBP home

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Speaker 2: Sponsored by the United States Department of Homeland Security.

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Speaker 3: The time is come, ladies and gentlemen.

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Speaker 5: I want you to do yourself a favor. Head over

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Speaker 5: to Investfest dot com right now.

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Speaker 4: We will have activations for on Friday, Saturday and Sunday,

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Speaker 4: three days, musical performances, billionaires. Everything is going to be

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Speaker 4: a completely life changing experience. Vendor, marketplace, food, truck village.

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Speaker 4: You know how we do.

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Speaker 3: Don't wait, don't hesitate that over now.

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Speaker 4: All right, guys, welcome back, Eyl. We are back in

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Speaker 4: Gotham City. Another one, Yes, another one. This is going

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Speaker 4: to be a fun episode. I met two of the gentlemen.

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Speaker 4: I haven't met the third gentleman, untwol today. So David, Yes,

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Speaker 4: pleasure to meet you.

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Speaker 6: Pleasure to me too.

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Speaker 4: I appreciate it. So Mike Novagratz, he's actually been on

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Speaker 4: market Mondays a market Moneys. You remember that.

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Speaker 3: I remember. I love it. Some publications loved it, Yeah

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Speaker 3: for sure.

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Speaker 4: Did you see what happened with that business inside and

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Speaker 4: all these things? Yeah, what happened he's talking about x

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Speaker 4: r P.

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Speaker 3: Yeah.

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Speaker 6: I seemed to put my foot in my mother.

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Speaker 5: Every time I opened it, I was like, wait, we

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Speaker 5: made it to business inside.

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Speaker 7: Yes, that was good, but it was good. Thanks, good content,

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Speaker 7: some death threats out of that. Things in Best Fast

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Speaker 7: He's the best fast stage. Yes, touch that.

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Speaker 4: And we got Mel Carter Mel and somebody that we

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Speaker 4: met in Abu Dhabi kicked it with good guy, very

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Speaker 4: good connector of energy.

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Speaker 3: Yes, that's some mutual acquaintances.

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Speaker 4: Quite a few boy Larry Larry, great guy, and David

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Speaker 4: Berry to round out the trio. Yes. So this is

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Speaker 4: a unique group of eclectic individuals that have come together

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Speaker 4: to create a powerhouse podcast that you are going to

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Speaker 4: display very soon.

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Speaker 3: Very very soon.

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Speaker 4: Business untitled, Business, Business untitled. So this is gonna be

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Speaker 4: a no conversation. I want to talk about each one

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Speaker 4: of you guys individually and show and your mindset on

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Speaker 4: business and investing in a variety of different things. But

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Speaker 4: first and foremost, thank you for joining us. Appreciate it,

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Speaker 4: thank you for having us. Sorry, sorry, sorry, sorry we

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Speaker 4: made you wait.

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Speaker 3: It's only forty five minutes. But it's fine. That was good.

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Speaker 4: Yeah, you're supposed to be on our shots.

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Speaker 3: You're supposed to come on. That's why they see you hours.

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Speaker 4: Fine, all right, So how did you guys come together?

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Speaker 4: First and foremost, how did how does this group actually happen?

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Speaker 4: Because you're all you're different ages.

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Speaker 3: Right, I think that's the first denominator, amongst other things.

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Speaker 4: So how do you guys come together and actually form

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Speaker 4: a friendship? And then a business high level? We met

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Speaker 4: at a party. Mike has to see my watch, which

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Speaker 4: was like, really is a Richard me? Lay took my watch,

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Speaker 4: left for like three days, took your watch off your wrists,

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Speaker 4: like yeah, let me see this, and that became it

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Speaker 4: was that watch right there.

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Speaker 3: It wasn't this watch. It was the one he forced

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Speaker 3: me to sell two years ago that I made a

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Speaker 3: ship ton of money on, but good trade. But took

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Speaker 3: my watch and I was like, the guy I just

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Speaker 3: met left with my watch and.

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Speaker 8: Everybody was like, Oh, don't worry, he's a billionaire, like

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Speaker 8: he'll find and I'm like, cook, here I have to

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Speaker 8: do with him to do it with my watch, and

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Speaker 8: I legit didn't hear from him for like three days,

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Speaker 8: and at the time it's like my most valuable possessions,

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Speaker 8: like one hundred and forty grand.

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Speaker 3: At the time, I'm like, what the the.

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Speaker 8: Fun and then one day I get a call from him,

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Speaker 8: like three days later, like hey, come pick up the watch.

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Speaker 3: Then he invited me to his house and uh.

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Speaker 8: I walked to the door and it was like, uh,

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Speaker 8: this old building bank downstairs, and I remember thinking, this

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Speaker 8: is where a billionaire lives.

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Speaker 3: This is so weird.

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Speaker 8: And I walked in the house and it was definitely

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Speaker 8: a billionaire's fucking house. He gave me back my watch,

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Speaker 8: showed me around his billionaire house, and I can't get

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Speaker 8: rid of him ever since.

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Speaker 3: That five years ago. That's so like, was that a

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Speaker 3: test or did you?

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Speaker 6: Just?

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Speaker 3: Like right now?

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Speaker 6: There was more involved, Like I was hanging out with him,

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Speaker 6: Meek was there, Uh, Meek's friends. The weed they smoke

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Speaker 6: is a lot stronger than the weed I was used

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Speaker 6: to smoking. And so I was at a bar. I

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Speaker 6: didn't know where I was.

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Speaker 3: I don't smoke.

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Speaker 6: I'm i resection, and so these guys had me smoking

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Speaker 6: the chronic. I went home. Jesus, I got a chain.

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Speaker 6: I gotta watch what the hell happened?

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Speaker 4: He just because man? Because party was it?

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Speaker 6: It was a I think it was a kickoff.

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Speaker 3: Ruben's house.

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Speaker 4: One yeah house party figure. So it's interesting because the

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Speaker 4: usual typical party. If somebody takes your watch, that's not

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Speaker 4: something that's welcomed. But I was running around looking for

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Speaker 4: him like that. Oh you so you felt the way

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Speaker 4: about it? I didn't you all to say away when

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Speaker 4: he did? Were you concerned?

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Speaker 3: Yes? And that's where everyone kept don't be concerned.

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Speaker 4: How did you get his number? How did you get

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Speaker 4: your number?

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Speaker 3: I don't even think I had his number.

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Speaker 6: And he called, he came by. It's very nice. And

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Speaker 6: then we met again at this Super Bowl.

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Speaker 4: Yeah, so you just got so high you didn't You

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Speaker 4: didn't know what she was doing. You didn't know, you

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Speaker 4: didn't know he was taking his watch. You didn't realize

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Speaker 4: it that moment.

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Speaker 6: I probably don't remember. I had the watch, I had

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Speaker 6: the chain. I was like, I guys, got to go home, guys,

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Speaker 6: and no one said anything, So I just went home. Man.

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Speaker 3: Yeah, I had a full on panics scrambling with this guy.

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Speaker 4: And then you guys been rocking ever since we met

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Speaker 4: in Super Bowl, like a few months later, and that's

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Speaker 4: when we really want of his brothers, you can tell

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Speaker 4: that story.

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Speaker 6: Yeah, when Dawn, they were supposed to be me and

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Speaker 6: my three brothers and one couldn't come, and so we

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Speaker 6: had an empty spot and mel was staying at the

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Speaker 6: same hotel, and so we were like, you want to

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Speaker 6: hang and he just kind of hung with us, and man,

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Speaker 6: the baby was everywhere at that day.

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Speaker 3: Who is the baby?

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Speaker 6: The guy is everywhere? And that became a joke and

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Speaker 6: he just started to having fun and I haven't been

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Speaker 6: able to shake him since.

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Speaker 5: All Right, So, now, Dave, how did you come into

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Speaker 5: this mix? Because you don't pay As a type that's

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Speaker 5: going to leave with a chain or watch.

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Speaker 9: More, I would say I'm more responsible than Mike. But

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Speaker 9: so I've known Mike for man thirty years or something

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Speaker 9: since we wrestled in college and happened to meet. We

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Speaker 9: wrestled for opposing teams, actually, but I had a friend

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Speaker 9: that went to Princeton. I went to Colombian, So we

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Speaker 9: met really early on. And uh about ten years after

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Speaker 9: college when we had started families and such, and we

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Speaker 9: had a lot of small world connections, and so we

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Speaker 9: just started hanging out and almost like co raised our

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Speaker 9: families together in a sense. So we've been on a

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Speaker 9: hundred trips together and have done a lot of different

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Speaker 9: business ventures and friendships and parties and things like that,

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Speaker 9: and so no, sooner than Mike meet mel Than mel

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Speaker 9: and I hit it off like a house on fire.

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Speaker 9: That was probably first that when we went to the

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Speaker 9: Jackson Hole, right, yea, So he showed up to Jackson Hole,

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Speaker 9: saw my eazys love at first sight.

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Speaker 6: And that was that, right, you got to ski. Yeah,

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Speaker 6: he had a great outfit. He was one of the

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Speaker 6: best guys on the mountain.

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Speaker 9: But well, oh it is very important and since then

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Speaker 9: we've really like we spent a lot of time together.

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Speaker 3: To invested a lot of stuff together. Yeah, that's kind

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Speaker 3: of been it.

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Speaker 4: So yeah, Mike, let's trilleders down a little bit. You

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Speaker 4: came on Market Mondays and we know that you're a billionaire.

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Speaker 4: You talked about cryptop We never really got your full story.

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Speaker 4: How does it When does it start? Like, how did

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Speaker 4: you get to what did you do to get to

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Speaker 4: where you are now?

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Speaker 6: I was a middle class kid. My dad was in

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Speaker 6: the Army. I went to Princeton. I was a wrestler.

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Speaker 6: When I got out of school, I was a helicopter

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Speaker 6: pot in the Army. And then I came to Wall

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Speaker 6: Street and kind of a traditional career. I started Golden Zachs.

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Speaker 6: I was lucky enough to become a partner there when

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Speaker 6: I was pretty young. Then I helped start a company

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Speaker 6: called Fortress, and Fortress was the first hedge fund private

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Speaker 6: equity company to go public, and I did that with

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Speaker 6: kind of Wes Eden. Soon I owned the Bucks and

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Speaker 6: Pete Brigger.

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Speaker 4: And so that was fun.

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Speaker 6: That's when I really made real money. Left that, you know,

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Speaker 6: had a family office where I started investing in lots

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Speaker 6: of different things, and crypto became kind of the thing.

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Speaker 6: Well yeah, well yeah, what was that twenty fifteen? And

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Speaker 6: so it was kind of a three chapter Wall Street

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Speaker 6: career because they're all variations of the same thing. It's

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Speaker 6: try to understand what's happening in the world and bet

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Speaker 6: on it and then talk about it. Like once you

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Speaker 6: bet on it, you talk about it, so people understand

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Speaker 6: what you're betting on and you can get more people

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Speaker 6: to invest in it, indeed, because they educated and more enthusiastic.

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Speaker 6: Why'd you switch from stocks to crypto? You know, I

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Speaker 6: was in macro, which is currencies and commodities and stocks,

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Speaker 6: and so it's really understanding the big cultural shifts, the

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Speaker 6: big economic shifts, the big political shifts, and that's what

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Speaker 6: bitcoin is. So bitcoin at its essence and cryptoi essence

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Speaker 6: is a macro movement, and so it was very natural

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Speaker 6: and I still trade macro. You know it's in five

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Speaker 6: to ten years, you'll see every trader on Wall Street

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Speaker 6: on their screen. They'll have stocks and currencies and the

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Speaker 6: long bond and gold and silver and bitcoin and ethereum,

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Speaker 6: just like it's all the same. And we already seen

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Speaker 6: that conversions.

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Speaker 5: So that your back. That's your background. Now you said

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Speaker 5: you invest in a lot of things, right with the guys,

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Speaker 5: So you're back.

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Speaker 8: I'll started in music. Yeah, my background started in music.

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Speaker 8: I started managing acts, trying to get into music. Big

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Speaker 8: fan of Damon ash jay Z, what they was able

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Speaker 8: to do with Rockefeller as a kid watching them, and

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Speaker 8: I was like, I know I can't rap, so I'll

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Speaker 8: find someone that could sing or rap and manage them.

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Speaker 8: Did know how to do that neither, but figured it out.

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Speaker 8: Started managing. Got my first deal with this kid, Jovanni

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Speaker 8: and Atlantic Records. That didn't work out the way I

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Speaker 8: hoped it would, but it got my foot in the door,

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Speaker 8: and then later on kept managing found this act City Morgue.

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Speaker 8: They ended up blowing up, was offered to be the

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Speaker 8: senior vice president of A and R at Republic Records.

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Speaker 8: I took that job, did that for like five years

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Speaker 8: while running my label, Kari Ultra had a ton of

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Speaker 8: success with the merch business and that I met Mike

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Speaker 8: shortly after that, and I never forget. We used to

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Speaker 8: kind of not kind We used to sit and go

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Speaker 8: over my finances and at the time I think I

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Speaker 8: had like I don't know, like one point something million

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Speaker 8: dollars in cash and he was like, you have more

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Speaker 8: cash than like a guy that's worth ten million dollars.

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Speaker 8: And I was like, what into bank account? Yeah, And

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Speaker 8: he was like, you need to invest some of this

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Speaker 8: money and just invested in things that like, don't even

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Speaker 8: think about it again, and it's just if it comes back,

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Speaker 8: it comes back, if it don't whatever. Who he make

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Speaker 8: some money, and you know, I just listened to him,

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Speaker 8: and that's how I kind of looked at investing ever since,

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Speaker 8: Like I'd just rather take whatever money I have when

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Speaker 8: I get large chunks of money and put it into something.

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Speaker 8: And some of them came back really great. Some of

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Speaker 8: them I'm still waiting on to come back. Some may

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Speaker 8: never come back, and but I get a lot of

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Speaker 8: opportunities between Mike and Dave and you know, we'll touch

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Speaker 8: on some of the other things that did.

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Speaker 3: But that was my start. Music was my start.

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Speaker 5: So that the financial literacy piece, like you met them,

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Speaker 5: met him, Yeah, and you're starting to gauge it prior

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Speaker 5: to like did you google who.

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Speaker 8: He was and not just like maybe at night when

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Speaker 8: I was like fucking trying to find him, but I

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Speaker 8: had no idea.

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Speaker 4: So you you said something I was interesting. You said

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Speaker 4: that he told you you had more cash than somebody

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Speaker 4: that was worth ten million dollars. Yeah, I want to

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Speaker 4: talk about that, But first, what did you invest in?

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Speaker 4: Like the S and P five said to invest in

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Speaker 4: stay safety.

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Speaker 8: I invested in like a lot of things alongside him,

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Speaker 8: like I don't know who say yeah, like whoop phase clan.

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Speaker 4: So you just thought it did you just went straight

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Speaker 4: to yeah, to investing in company.

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Speaker 3: Like private bitcoin. I invested in bigcoin to get the

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Speaker 3: stock market.

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Speaker 4: You just went straight to the big.

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Speaker 8: Straight to invest in At the time, I think I

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Speaker 8: invested in bigcoin like six grand, like uh.

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Speaker 3: A bio company, like just a bunch of stuff spread

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Speaker 3: out like.

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Speaker 4: So this is like This is like one of these

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Speaker 4: weird movies. You meet a random white guy, Nick milk

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Speaker 4: Point that's high. He takes your watch. Three days later,

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Speaker 4: he invites you to his penthouse in Manhatan. You open

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Speaker 4: the door, it's like the Batman Chamber. And then he

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Speaker 4: looked at your portfolio and he's like, this isn't what

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Speaker 4: you should be doing. You should be investing. And then

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Speaker 4: he tells you to invest in Phase Clan. Bitcoin, all

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Speaker 4: just all kinds of just random things that just skyrot

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Speaker 4: out out to whoop.

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Speaker 3: You're like, this is like what Eddie Murphy could have

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Speaker 3: been in trading places the Blessing of Day.

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Speaker 8: Because Mike is like Mike is you know, you know,

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Speaker 8: but Dave kind of like they both keep me kind

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Speaker 8: of like Mike is like and David's like, no, come

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Speaker 8: back down here real quick. But Dave is also like

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Speaker 8: a super risk taker, so he I feel like Dave

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Speaker 8: balances out me and Mike, you know what I'm saying,

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Speaker 8: and like he's greater investing.

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Speaker 3: He'll tell his story. So like my mind set on

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Speaker 3: the investing just kept growing, growing and growing and growing.

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Speaker 8: But the one thing I learned from both of them

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Speaker 8: is just take a risk and don't be scared and

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Speaker 8: don't think about the risks after how much ward comes back?

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Speaker 4: How much of that money did you invest?

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Speaker 3: I think maybe one point too off the table.

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Speaker 4: Do you have one point to many dollars to your

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Speaker 4: name right now?

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Speaker 9: No?

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Speaker 4: At that moment, yeah, you had that to your name.

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Speaker 4: He comes and says and to watch and to watch,

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Speaker 4: and he says, invest you should, and you invest every

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Speaker 4: single thing you have everything.

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Speaker 6: That's how I always listen to some degree, because he

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Speaker 6: mel was lucky enough or smart enough to have a

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Speaker 6: good income. So he was making money for you.

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Speaker 3: I was making man, I knew If I knew he

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Speaker 3: was all that money, would you make it back in

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Speaker 3: a year?

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Speaker 6: He wasn't burden furniture, Yeah, like you were.

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Speaker 3: Gonna have to sell? Yeah.

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Speaker 4: Yeah, So Mike, you said, ten guys with ten million

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Speaker 4: don't have that much money in cash? How much money

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Speaker 4: should How much money should a person have in cash?

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Speaker 6: Again, so much depends on how old you are, what

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Speaker 6: your lifestyle is, and what your income is. Right, So

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Speaker 6: if you have no income, like you retire, you better

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Speaker 6: have a bunch of cash because you gotta pay your rent,

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Speaker 6: you gotta pay a car bill, you got to have

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Speaker 6: it incidental expenses. But if you know you're making one

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Speaker 6: hundred thousand a month, right, you pretty much can cover

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Speaker 6: anything you need to deal with. So you can you

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Speaker 6: can really run your investment portfolio with low cash and

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Speaker 6: high risk and so so much because your your personal

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Speaker 6: risk tolerance and your opportunity set. What I what I

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Speaker 6: realized and one of the things that I wanted to

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Speaker 6: kind of experiment with in some ways. I mean it

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Speaker 6: wasn't a mental experiment. But there's not a ton of

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Speaker 6: black wealth, period, right, thirteen percent of the population, one

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Speaker 6: and a half percent of the wealth in this country.

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Speaker 6: Until that changes, our country's kind of broken. And one

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Speaker 6: of the ways you create health. His network, right, Melissa,

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Speaker 6: stunningly good networker. You put him in any room and

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Speaker 6: everyone likes him. I know, it's his big smile or

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Speaker 6: dopey face, I don't know. And so you know, he

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Speaker 6: went to the Milking conference. Next thing you know, he's

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Speaker 6: going to Saudi r Abia. He's in the Mid East,

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Speaker 6: and you know he's friends with everybody he met, you guys, right,

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Speaker 6: So that ability network, Well, if you grow up in

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Speaker 6: a bad zip code, you're networking with you know, people

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Speaker 6: that are aren't creating a lot of wealth. You put

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Speaker 6: them in a room with wealth creators. He's going to

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Speaker 6: network and get opportunities. And so now he's bringing more

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Speaker 6: opportunities to Dave, and either we're bringing to him. And

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Speaker 6: so a little bit as guidance, a little bit is

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Speaker 6: just introducing people to the networks of money, Right, how

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Speaker 6: do you raise capital, how do you find ideas, how

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Speaker 6: do you use your political connections to get stuff done?

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Speaker 6: All of that process that lots of people that don't

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Speaker 6: grow up with that never have access to. And that's

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Speaker 6: a little bit the idea of the podcast.

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Speaker 5: So we got your story. Yeah, we got my story, Dave,

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Speaker 5: we got we got to get your story. So I

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Speaker 5: know you said Columbia. Yeah, but your background is in

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Speaker 5: developing real estate, right primarily. Yeah, So so explain to

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Speaker 5: the people how you've come to prowse at this level.

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Speaker 3: Yeah, you've done it.

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Speaker 6: So I was. I went to Columbia. I was a

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Speaker 6: wrestler there. That was a big part of my life.

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Speaker 9: I went to law school afterwards, to Georgetown and actually

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Speaker 9: passed the bar in New York and Jersey and practiced

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Speaker 9: law for about three years in New York and you know,

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Speaker 9: learned what I had too.

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Speaker 6: From that.

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Speaker 9: It was I think it was a really good base

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Speaker 9: for understanding contracts, how to communicate clearly, and things like that.

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Speaker 9: And from that went with my brother into real estate

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Speaker 9: in the let's say like early mid nineties. My father

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Speaker 9: had done development of affordable housing kind of real estate,

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Speaker 9: so I was I was schooled. I had a little

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Speaker 9: bit of background in it, and you know, understood some

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Speaker 9: things and and and that was a really good time

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Speaker 9: to start investing in real estate. Back that was one

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Speaker 9: of those times like we're almost in now. So we

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Speaker 9: started with apartments in North Jersey, moved from there to

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Speaker 9: the city. We got into hotels in say, early two thousands.

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Speaker 9: W Standard Chiltern Firehouse came after that. And really at

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Speaker 9: that point in time, as I started broadening my investments,

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Speaker 9: started looking into technology, other food and beverage and hospitality platforms,

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Speaker 9: biotech at this point in time, you know, mushrooms, crypto

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Speaker 9: and so like. In a sense, I've been entrepreneurial the

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Speaker 9: whole time. And if really, I know, you guys had

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Speaker 9: had Steve Harvey on once and I watched the thing

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Speaker 9: and he had like these five rules, and I thought

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Speaker 9: they were pretty interesting, right.

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Speaker 6: I think you had said something about it, and.

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Speaker 9: It was dream big, have imagination, and great gratitude, right,

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Speaker 9: don't fear, you know, control your fear, and then have

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Speaker 9: faith that's going to work out. And I think that's

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Speaker 9: really what like entrepreneurism is about. And that's really how

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Speaker 9: I've been living my life in a sense, in a

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Speaker 9: business sense of like pushing into things even when I

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Speaker 9: was uncomfortable using you know, I didn't use exactly those

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Speaker 9: five mantras, but but essentially effectively doing that. And so

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Speaker 9: that's what really allowed me to push in and just

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Speaker 9: bring so many opportunities. You know. So when I got

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Speaker 9: involved with for instance, catch with Mark and Eugene and

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Speaker 9: and you know, one of their kind of like founding

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Speaker 9: investors in that, it was really because I had put

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Speaker 9: them in an opportunity earlier in the w hotel before

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Speaker 9: they had started. And so it's that kind of thing

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Speaker 9: that's always served me well in life. You know, same

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Speaker 9: thing with Mel and you know many people Mike and

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Speaker 9: I and we just kind of create this network and

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Speaker 9: and so it's I guess it's it's real estate would

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Speaker 9: be a big portion of what for sure, what I

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Speaker 9: do and what I focus on, but I do have

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Speaker 9: a bunch of other venture investments.

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Speaker 6: That I also pursue.

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Speaker 5: Yeah, I want to personally thank you for Catch. It's

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Speaker 5: my it's my favorite restaurant. It's my kid's favorite.

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Speaker 3: I heard you say that, like when I left here today,

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Speaker 3: I said, what do you want to do today? She'said,

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Speaker 3: can we go to Catch? I was like, interesting enough,

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Speaker 3: I might know a guy.

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Speaker 6: Get your table. Well that's that's all.

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Speaker 9: That's all kudos and gratitude to Eugene Ram and Mark

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Speaker 9: Burnbaum because it was really their entire brainchild in execution,

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Speaker 9: but I was happy to be a part of it.

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Speaker 4: So this is how Larry gets hooked up with Catch?

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Speaker 6: Yeah, yeah, I hooked him up with Catch.

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Speaker 9: Okay, yeah, because when the first time I met Larry,

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Speaker 9: excuse me, we started talking, he started talking about restaurants

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Speaker 9: and I just happened to drop.

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Speaker 6: That name and he was like, that's my favorite restaurant,

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Speaker 6: you know. And then I was like, oh I could

441
00:21:48,359 --> 00:21:49,080
Speaker 6: dinner might happen.

442
00:21:49,440 --> 00:21:51,120
Speaker 9: And then about a month and a half, two months later,

443
00:21:51,160 --> 00:21:53,080
Speaker 9: we had dinner at Mike's house and that's where that started.

444
00:21:53,680 --> 00:21:56,320
Speaker 4: So, all right, what do you guys look for when

445
00:21:56,320 --> 00:22:00,080
Speaker 4: you are investing in these type of investments. Because we

446
00:22:00,080 --> 00:22:02,960
Speaker 4: took a while stocks, that's relatively kind of easy to

447
00:22:03,040 --> 00:22:06,000
Speaker 4: figure out. I don't want to say easy, but you know,

448
00:22:06,920 --> 00:22:10,480
Speaker 4: when you're doing private companies, it's a lot more variables

449
00:22:10,520 --> 00:22:12,600
Speaker 4: that go into play. You got to wait a lot longer.

450
00:22:13,400 --> 00:22:15,560
Speaker 4: It's a lot lower chance that it is even going

451
00:22:15,640 --> 00:22:18,080
Speaker 4: to work out. Yeah, So what's the thought process.

452
00:22:18,080 --> 00:22:19,400
Speaker 6: Well, there's a whole I would say there's a whole

453
00:22:19,440 --> 00:22:22,399
Speaker 6: spectrum there. Right, Like one of the big investments I

454
00:22:22,440 --> 00:22:25,080
Speaker 6: have was in Bojangles and that was less risky. Right.

455
00:22:25,119 --> 00:22:29,080
Speaker 6: Bojangles is an iconic brand in the South Fried chicken.

456
00:22:31,080 --> 00:22:34,439
Speaker 6: You know, the company needed a little bit of management shuffle,

457
00:22:34,520 --> 00:22:37,359
Speaker 6: needed to cut some expenses, and needed to expand, And

458
00:22:37,520 --> 00:22:39,760
Speaker 6: so you put money in that and you think over

459
00:22:39,880 --> 00:22:44,440
Speaker 6: the four or five year cycle, you're gonna get twenty

460
00:22:44,880 --> 00:22:47,560
Speaker 6: plus percent returns and then sell it out five to

461
00:22:47,640 --> 00:22:50,119
Speaker 6: ten years later, or maybe not if you can keep

462
00:22:50,160 --> 00:22:52,520
Speaker 6: building it. So that's kind of a I would say

463
00:22:52,520 --> 00:22:55,600
Speaker 6: a safer private investment. Something like the WOOP band, which

464
00:22:55,640 --> 00:22:58,719
Speaker 6: measures heart rate variability, which all the athletes wear right

465
00:22:58,760 --> 00:23:01,280
Speaker 6: and measures your sleep and to sleep, you get when

466
00:23:01,320 --> 00:23:03,200
Speaker 6: I invested in that. It was a kid across the

467
00:23:03,240 --> 00:23:05,720
Speaker 6: street came over and said, hey, you know, I played

468
00:23:05,720 --> 00:23:07,240
Speaker 6: squash at Harvard. I'm doing this thing.

469
00:23:07,800 --> 00:23:07,960
Speaker 3: You know.

470
00:23:08,040 --> 00:23:10,040
Speaker 6: So you put one hundred grand in the start, then

471
00:23:10,080 --> 00:23:12,119
Speaker 6: it starts doing well and you start putting more money in,

472
00:23:12,680 --> 00:23:16,680
Speaker 6: and so that venture stuff smaller bets, you know, a little.

473
00:23:16,480 --> 00:23:16,919
Speaker 4: Bit of a yo.

474
00:23:17,640 --> 00:23:20,480
Speaker 6: Like in Atlantic City, you're hoping for the eleven. You

475
00:23:20,600 --> 00:23:24,000
Speaker 6: better have trust the entrepreneur. He better be dynamic and

476
00:23:24,080 --> 00:23:26,359
Speaker 6: be able to pivot if shit goes wrong, and you

477
00:23:26,480 --> 00:23:28,520
Speaker 6: better have a pretty good idea that you're in the

478
00:23:28,600 --> 00:23:31,959
Speaker 6: right space. Yeah, and those things are you know, one

479
00:23:32,040 --> 00:23:34,320
Speaker 6: in three work, maybe one if you're great, one in

480
00:23:34,400 --> 00:23:36,320
Speaker 6: three work if your average one in ten work.

481
00:23:37,480 --> 00:23:39,440
Speaker 9: But it starts out with like to summer, Right, it's

482
00:23:39,480 --> 00:23:42,600
Speaker 9: like good people, right, somebody you trust that's going to

483
00:23:42,720 --> 00:23:45,200
Speaker 9: execute this. That's how I look at it is is

484
00:23:45,400 --> 00:23:47,359
Speaker 9: this person going to put their all into it? Are

485
00:23:47,359 --> 00:23:49,840
Speaker 9: they honestly they are working? Are they giving their everything

486
00:23:49,880 --> 00:23:52,840
Speaker 9: to it? And then second with the business model, is

487
00:23:52,920 --> 00:23:55,560
Speaker 9: it really something like in a space where if they

488
00:23:55,720 --> 00:23:58,840
Speaker 9: do what they say, it's actually like a business with

489
00:23:59,080 --> 00:24:01,920
Speaker 9: motes and fensible product right where it's not going to

490
00:24:02,000 --> 00:24:04,640
Speaker 9: just be something that ten other competitors can just shave

491
00:24:04,720 --> 00:24:05,119
Speaker 9: the margin.

492
00:24:05,200 --> 00:24:06,960
Speaker 6: So is there something a little bit unique enough that

493
00:24:07,040 --> 00:24:10,160
Speaker 6: this comes also back to network and just how privileged

494
00:24:10,240 --> 00:24:12,600
Speaker 6: yard to have a good network and how you I

495
00:24:12,720 --> 00:24:14,840
Speaker 6: was with my interns yesterday. I was like, dude, you

496
00:24:14,920 --> 00:24:17,439
Speaker 6: guys got to work and build your network. All these

497
00:24:17,480 --> 00:24:19,960
Speaker 6: people that you just finish this internship class with, stay

498
00:24:20,040 --> 00:24:22,000
Speaker 6: in touch with the people you worked with. Stay in

499
00:24:22,119 --> 00:24:24,520
Speaker 6: touch with because over time some are going to become

500
00:24:24,560 --> 00:24:26,960
Speaker 6: stars and successes, and those guys are going to give

501
00:24:26,960 --> 00:24:29,199
Speaker 6: you opportunities. We think of like Dave and I were

502
00:24:29,640 --> 00:24:34,520
Speaker 6: the first capital they want investors in Peloton, and you know,

503
00:24:34,600 --> 00:24:37,080
Speaker 6: we put a decent small, you know check a venture

504
00:24:37,160 --> 00:24:39,360
Speaker 6: check in. It was probably two three hundred thousand dollars each.

505
00:24:39,800 --> 00:24:41,760
Speaker 6: And at one point that three hundred thousand dollars was

506
00:24:41,800 --> 00:24:42,880
Speaker 6: worth over one hundred million.

507
00:24:43,720 --> 00:24:46,760
Speaker 4: Oh, the two hundred thousand dollars that you invested at

508
00:24:46,800 --> 00:24:48,200
Speaker 4: one point was worth one hundred million.

509
00:24:48,359 --> 00:24:56,000
Speaker 3: Yeah, two months before invested. I mean so after the

510
00:24:56,040 --> 00:24:58,320
Speaker 3: IBO it went up to one hundred and forty nine dollars. Yeah,

511
00:24:58,520 --> 00:25:00,360
Speaker 3: and so that made that Yeah.

512
00:25:00,600 --> 00:25:03,320
Speaker 6: So again Ty, so we went over.

513
00:25:03,359 --> 00:25:06,800
Speaker 3: My financials two months earlier out of got in right there.

514
00:25:06,800 --> 00:25:10,800
Speaker 6: And maybe the interesting thing that's something like Peloton is

515
00:25:11,320 --> 00:25:14,760
Speaker 6: you know, we met the guy through a school connection.

516
00:25:15,200 --> 00:25:16,879
Speaker 6: He came and sought us out because he knew we

517
00:25:16,920 --> 00:25:19,760
Speaker 6: had capital. Dave and another friend of ours, Dave Heller.

518
00:25:20,000 --> 00:25:21,800
Speaker 6: They actually did the work and joined the board and

519
00:25:21,880 --> 00:25:23,760
Speaker 6: helped him build the company. I was a free rider,

520
00:25:24,359 --> 00:25:27,840
Speaker 6: and you know, it was a small investment to start with.

521
00:25:28,080 --> 00:25:31,040
Speaker 6: Next thing, you know, it was significant capital for anybody.

522
00:25:31,640 --> 00:25:34,040
Speaker 6: And so again it's a little bit what I was

523
00:25:34,080 --> 00:25:37,600
Speaker 6: talking about with melgoing to the milking thing. Most people

524
00:25:37,640 --> 00:25:41,120
Speaker 6: don't have networks, and so working and developing your network,

525
00:25:41,240 --> 00:25:44,520
Speaker 6: getting into networks where you see opportunity is a good

526
00:25:44,640 --> 00:25:45,760
Speaker 6: chunk of how people succeed.

527
00:25:45,880 --> 00:25:45,960
Speaker 3: Ye.

528
00:25:46,280 --> 00:25:48,480
Speaker 5: So there's a part there when we talk about molts,

529
00:25:48,480 --> 00:25:50,000
Speaker 5: because you said that, and that's something we talk about

530
00:25:50,000 --> 00:25:52,399
Speaker 5: with our audience a lot is finding the competitive advantage

531
00:25:52,440 --> 00:25:55,080
Speaker 5: that separates you. So when you're looking at a company

532
00:25:55,200 --> 00:25:58,240
Speaker 5: like Peloton, I mean use that example, like what molts

533
00:25:58,280 --> 00:26:00,879
Speaker 5: are you looking for specifically inside of a company?

534
00:26:01,040 --> 00:26:05,040
Speaker 9: Yeah, at that time, what I was really looking at,

535
00:26:05,080 --> 00:26:07,120
Speaker 9: you know, I'd known John Foley and had a lot

536
00:26:07,160 --> 00:26:09,600
Speaker 9: of faith in him. He was a really great entrepreneur

537
00:26:09,760 --> 00:26:13,399
Speaker 9: and stationary. It was really like the stationary bike and

538
00:26:13,520 --> 00:26:17,119
Speaker 9: home fitness market at that time had nothing that was

539
00:26:17,240 --> 00:26:20,760
Speaker 9: blending it really into like the Internet and the digital

540
00:26:21,040 --> 00:26:24,280
Speaker 9: culture and technology that was coming. And so I think

541
00:26:24,400 --> 00:26:27,720
Speaker 9: what I saw there was was first mover advantage in

542
00:26:27,800 --> 00:26:29,520
Speaker 9: a sense, and if he could create a little bit

543
00:26:29,520 --> 00:26:32,719
Speaker 9: of a network effect with his bikes and with that programming,

544
00:26:33,160 --> 00:26:35,560
Speaker 9: that that would be its moat in a sense right,

545
00:26:35,640 --> 00:26:39,440
Speaker 9: because it was something that other people tried to compete with,

546
00:26:39,520 --> 00:26:42,960
Speaker 9: some successfully the Mirror for instance, or Tonal, and.

547
00:26:43,080 --> 00:26:44,639
Speaker 6: Others had tried and failed.

548
00:26:44,720 --> 00:26:47,480
Speaker 9: But I think by having first mover advantage, and what

549
00:26:47,960 --> 00:26:50,639
Speaker 9: happened there was interesting was we had to go on

550
00:26:50,960 --> 00:26:53,960
Speaker 9: hyper speed because we had this problem where the delivery

551
00:26:54,000 --> 00:26:57,399
Speaker 9: from China Taiwan actually was taking too long, and so

552
00:26:57,640 --> 00:27:00,639
Speaker 9: like three months after we had raised the round, it

553
00:27:00,760 --> 00:27:02,200
Speaker 9: was like, we need another round because we have to

554
00:27:02,240 --> 00:27:05,320
Speaker 9: be able to purchase these things in advance, because nobody's

555
00:27:05,320 --> 00:27:07,520
Speaker 9: going to wait one hundred and eighty days. So I

556
00:27:07,560 --> 00:27:10,080
Speaker 9: think the moat there really was getting ahead of that

557
00:27:10,160 --> 00:27:12,200
Speaker 9: market having first move advantage.

558
00:27:11,760 --> 00:27:15,640
Speaker 5: Essentially okay, and so it I wonder when you're looking

559
00:27:15,680 --> 00:27:17,720
Speaker 5: at the investment. Obviously had his peakings at one hundred

560
00:27:17,720 --> 00:27:20,480
Speaker 5: and forty nine dollars. It's come down to like nine

561
00:27:20,560 --> 00:27:23,880
Speaker 5: dollars now at a certain point that we have a discussion, like, guys,

562
00:27:24,480 --> 00:27:26,160
Speaker 5: we might want to pull out the investment.

563
00:27:26,520 --> 00:27:27,119
Speaker 3: How does that go?

564
00:27:27,560 --> 00:27:30,560
Speaker 9: This is really interesting actually, and this is Mike and

565
00:27:30,640 --> 00:27:32,800
Speaker 9: I had a lot of conversations about a lot of

566
00:27:34,280 --> 00:27:38,000
Speaker 9: So what happened with Pelton was he actually Mike's you know,

567
00:27:38,119 --> 00:27:41,320
Speaker 9: he's a macro trader, so when he is more I

568
00:27:41,320 --> 00:27:44,320
Speaker 9: would say, inclined to at certain points lock a profit,

569
00:27:44,480 --> 00:27:46,719
Speaker 9: take it off the table, you know. For me as

570
00:27:46,760 --> 00:27:50,560
Speaker 9: an entrepreneur, I wrote it more part of my position

571
00:27:50,720 --> 00:27:52,840
Speaker 9: longer than Mike. And it was really interesting because there

572
00:27:52,960 --> 00:27:55,760
Speaker 9: was times first Suore in the beginning when he was.

573
00:27:55,880 --> 00:27:58,000
Speaker 6: Like, God, damn it, why did I move so much

574
00:27:58,040 --> 00:28:00,480
Speaker 6: of that? Because you know, it moved it when.

575
00:28:00,480 --> 00:28:02,600
Speaker 4: It was like that seventy when it was still going on.

576
00:28:04,240 --> 00:28:05,879
Speaker 6: When people asked me what was the worst trade of

577
00:28:05,920 --> 00:28:10,120
Speaker 6: my career? I had hired a new CIO and I said,

578
00:28:10,119 --> 00:28:12,080
Speaker 6: what do you think about this? Pelicon and our three

579
00:28:12,119 --> 00:28:14,440
Speaker 6: hundred thousand words were seven million at the time, and

580
00:28:14,520 --> 00:28:16,200
Speaker 6: he was like, dude, it's a freaking bike. And he

581
00:28:16,280 --> 00:28:18,480
Speaker 6: did a twenty one page report that said I should

582
00:28:18,520 --> 00:28:20,120
Speaker 6: sell it, and I was like, and I was making

583
00:28:20,200 --> 00:28:21,680
Speaker 6: lots of money and other things, and I was like,

584
00:28:22,040 --> 00:28:23,879
Speaker 6: you know, I've never had a twenty to one venture.

585
00:28:23,920 --> 00:28:26,040
Speaker 6: Bet it was my first one. I was like, I'll

586
00:28:26,119 --> 00:28:28,520
Speaker 6: just sell it and Dave and Dave Heller said, dude,

587
00:28:28,520 --> 00:28:30,320
Speaker 6: don't sell it. Maybe take your basis off, but this

588
00:28:30,359 --> 00:28:33,080
Speaker 6: thing's going to take off. And I didn't want to

589
00:28:33,119 --> 00:28:35,879
Speaker 6: disappoint the new guy. I was busy with Ethereum, and

590
00:28:35,960 --> 00:28:36,880
Speaker 6: I sold the damn.

591
00:28:36,760 --> 00:28:38,840
Speaker 4: Thing, all of it, all of it, like an idiot.

592
00:28:39,120 --> 00:28:43,080
Speaker 6: And certainly then that's that's seven million that I would

593
00:28:43,080 --> 00:28:44,560
Speaker 6: have would have been like where one hundred and fifty

594
00:28:44,560 --> 00:28:46,240
Speaker 6: million at one point and I was just watched and

595
00:28:46,360 --> 00:28:48,920
Speaker 6: watched it, but it so when it started getting high,

596
00:28:48,960 --> 00:28:50,240
Speaker 6: I was yelling at him. I was like, dude, you

597
00:28:50,240 --> 00:28:51,920
Speaker 6: got to take some profit at one point, yeah, And

598
00:28:52,000 --> 00:28:53,680
Speaker 6: so I was when he was like yeah, yeah, mister,

599
00:28:53,760 --> 00:28:54,400
Speaker 6: seven dollars.

600
00:28:54,600 --> 00:28:56,960
Speaker 9: Yeah, no, but I was and Mike was just on me,

601
00:28:57,040 --> 00:28:58,719
Speaker 9: and this is the you know, the power of that friendship,

602
00:28:58,760 --> 00:29:01,160
Speaker 9: and he was like, look, trust me, I've seen this movie.

603
00:29:01,200 --> 00:29:04,600
Speaker 9: And so when it started getting into sixty seventy in

604
00:29:04,720 --> 00:29:06,440
Speaker 9: that range on the way up, not the way, you know,

605
00:29:06,880 --> 00:29:09,040
Speaker 9: I was like peeling or off peeling or off peeling

606
00:29:09,040 --> 00:29:11,040
Speaker 9: it off. I was doing some other strategies where I

607
00:29:11,200 --> 00:29:15,640
Speaker 9: was selling call options to like kind of lock in

608
00:29:15,800 --> 00:29:20,080
Speaker 9: and then depending on if it hit that, i'd you know,

609
00:29:20,360 --> 00:29:22,560
Speaker 9: release the stock or whatever. And so I sold a

610
00:29:22,600 --> 00:29:25,600
Speaker 9: lot of mine in that time, like between like sixty

611
00:29:25,640 --> 00:29:28,040
Speaker 9: and one hundred or something, and which even that was

612
00:29:28,080 --> 00:29:30,240
Speaker 9: funny because when that thing, as you correctly pointed out,

613
00:29:30,240 --> 00:29:31,960
Speaker 9: I think it had a high like one hundred and fifty,

614
00:29:32,000 --> 00:29:34,520
Speaker 9: and I was like, my yeah.

615
00:29:35,600 --> 00:29:38,280
Speaker 3: I didn't try our friendship, but there was the first

616
00:29:38,360 --> 00:29:38,880
Speaker 3: day's been.

617
00:29:38,800 --> 00:29:40,400
Speaker 6: Mad at me like twice in life once when I

618
00:29:40,520 --> 00:29:41,360
Speaker 6: lost that one of them.

619
00:29:41,440 --> 00:29:46,360
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Speaker 5: It's like banking with P and C Bank. It might

659
00:32:03,360 --> 00:32:06,240
Speaker 5: seem boring to safe plan and make calculated decisions with

660
00:32:06,320 --> 00:32:09,320
Speaker 5: your bank, but keeping your money boring is what helps

661
00:32:09,360 --> 00:32:12,440
Speaker 5: you live a more happily fulfilled life. P and C

662
00:32:12,600 --> 00:32:17,720
Speaker 5: Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since

663
00:32:17,760 --> 00:32:20,000
Speaker 5: eighteen sixty five is a service mark of the P

664
00:32:20,200 --> 00:32:23,840
Speaker 5: ANDC Financial Service Group, Inc. P and C Bank National

665
00:32:23,920 --> 00:32:25,680
Speaker 5: Association Member FDIC.

666
00:32:27,480 --> 00:32:31,080
Speaker 1: An illegal alien from Guatemala charged with raping a child

667
00:32:31,160 --> 00:32:34,960
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

668
00:32:35,200 --> 00:32:39,320
Speaker 1: accused of murdering a Texas man of Venezuelan charged with

669
00:32:39,400 --> 00:32:43,280
Speaker 1: filming and selling child pornography in Michigan. These are just

670
00:32:43,400 --> 00:32:47,120
Speaker 1: some of the heinous migrant criminals caught because of President

671
00:32:47,200 --> 00:32:50,720
Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

672
00:32:50,800 --> 00:32:55,560
Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

673
00:32:55,640 --> 00:32:59,120
Speaker 1: crossings are at the lowest levels ever recorded in over

674
00:32:59,240 --> 00:33:02,280
Speaker 1: one hundred thousand and illegal aliens have been arrested. If

675
00:33:02,360 --> 00:33:06,000
Speaker 1: you were here illegally, you're next. You will be fine

676
00:33:06,080 --> 00:33:10,120
Speaker 1: nearly one thousand dollars a day, imprisoned and deported. You

677
00:33:10,240 --> 00:33:13,760
Speaker 1: will never return. But if you register using our CBP

678
00:33:13,960 --> 00:33:16,640
Speaker 1: home app and leave now, you could be allowed to

679
00:33:16,720 --> 00:33:18,720
Speaker 1: return legally. Do what's right.

680
00:33:19,320 --> 00:33:20,000
Speaker 6: Leave now.

681
00:33:20,520 --> 00:33:24,800
Speaker 1: Under President Trump, America's laws, border and families will.

682
00:33:24,680 --> 00:33:27,480
Speaker 2: Be protected sponsored by the United States Department of Homeland Security.

683
00:33:27,680 --> 00:33:29,280
Speaker 6: So I lost our two ten year old kids in

684
00:33:29,280 --> 00:33:30,920
Speaker 6: the middle of Cape Town, South Africa.

685
00:33:32,320 --> 00:33:33,000
Speaker 3: For three hours.

686
00:33:33,520 --> 00:33:35,280
Speaker 6: I was like, oh my god, Dave's actually Matt. I

687
00:33:35,360 --> 00:33:36,560
Speaker 6: know the wives are going to be mad at me,

688
00:33:36,800 --> 00:33:38,080
Speaker 6: But when Dave got mad at me, I know I

689
00:33:38,120 --> 00:33:42,040
Speaker 6: was I'm screwed, and the other one was like a

690
00:33:42,120 --> 00:33:44,680
Speaker 6: passive aggressive when Peloton was at one fifty and I've

691
00:33:44,720 --> 00:33:47,240
Speaker 6: been telling him at sixty and seventy and eighty and ninety,

692
00:33:47,280 --> 00:33:49,200
Speaker 6: I just sell more, sell more, sell more.

693
00:33:49,640 --> 00:33:52,000
Speaker 9: And when it was at like one, was like, but

694
00:33:52,760 --> 00:33:56,600
Speaker 9: to be fair, it ended up really you know, really

695
00:33:56,720 --> 00:33:59,040
Speaker 9: that mentality and bleeding that out. I mean I was

696
00:33:59,200 --> 00:34:01,280
Speaker 9: done with eighty move eighty percent of my position in

697
00:34:01,360 --> 00:34:03,280
Speaker 9: that range, and so then I could just ride the

698
00:34:03,360 --> 00:34:06,640
Speaker 9: last twenty you know, really up and down to you know,

699
00:34:06,720 --> 00:34:09,120
Speaker 9: I think I sold my last bit at fifteen or

700
00:34:09,160 --> 00:34:09,879
Speaker 9: eighteen or something.

701
00:34:09,960 --> 00:34:13,759
Speaker 6: It's eight or nine now, but it probably when you

702
00:34:13,880 --> 00:34:15,839
Speaker 6: when he looks back on it with an average price

703
00:34:15,920 --> 00:34:18,399
Speaker 6: of seventy, having bought it at one, you know, it's

704
00:34:18,400 --> 00:34:20,719
Speaker 6: probably the best you know, one hundred dollars investment with

705
00:34:20,760 --> 00:34:24,120
Speaker 6: three hundred thousand dollars, Yeah, you still get you get

706
00:34:24,160 --> 00:34:25,239
Speaker 6: a couple of those in your life.

707
00:34:25,520 --> 00:34:28,719
Speaker 5: Yeah, yeah, I'm bigg It's when I'm like, wow, one

708
00:34:28,800 --> 00:34:31,680
Speaker 5: dollar investment, I mean two hundred thousand dollar investment, because

709
00:34:31,719 --> 00:34:33,440
Speaker 5: I watched that. We have friends who are invested in

710
00:34:33,520 --> 00:34:35,800
Speaker 5: and they bought coll options, and yeah, they believed in it.

711
00:34:36,080 --> 00:34:38,440
Speaker 5: I'm like, oh, I'm trying to figure out what the

712
00:34:38,480 --> 00:34:41,800
Speaker 5: mote is, right, because if somebody designs a bike that

713
00:34:42,080 --> 00:34:43,399
Speaker 5: you could be competitive, it's tough.

714
00:34:43,960 --> 00:34:45,680
Speaker 6: The thing you have to be careful with this. So

715
00:34:45,800 --> 00:34:47,399
Speaker 6: I was just just on a show and was asked,

716
00:34:48,040 --> 00:34:51,080
Speaker 6: what's the best investment advice you ever got? And it's

717
00:34:51,600 --> 00:34:54,200
Speaker 6: that great fortunes you're made in trend. So if you

718
00:34:54,280 --> 00:34:56,480
Speaker 6: bought Microsoft, you just stayed with it because they had

719
00:34:56,560 --> 00:34:58,480
Speaker 6: such a moat. They have a monopoly and it just

720
00:34:58,560 --> 00:35:02,719
Speaker 6: goes and goes and goes, and smart people. So on

721
00:35:02,840 --> 00:35:05,480
Speaker 6: the one hand, great fortunes are made in trend. On

722
00:35:05,560 --> 00:35:10,759
Speaker 6: the other hand, markets are fiery and full of anxiety

723
00:35:11,000 --> 00:35:14,640
Speaker 6: and excitement, and we have these bubbles from time to time. Right,

724
00:35:14,800 --> 00:35:17,279
Speaker 6: Crypto is a market that's prone to that. So in

725
00:35:17,320 --> 00:35:20,040
Speaker 6: twenty seventeen there was an amazing bubble, then it crashed

726
00:35:20,320 --> 00:35:23,400
Speaker 6: ninety five percent. There was another bubble in twenty twenty one.

727
00:35:25,000 --> 00:35:29,840
Speaker 6: Peloton had its explosion based on the COVID bubble. Everyone's

728
00:35:29,840 --> 00:35:31,520
Speaker 6: going to stay home and never leave again, and they're

729
00:35:31,520 --> 00:35:34,880
Speaker 6: all going to exercise in their bathrooms, right, and so

730
00:35:35,400 --> 00:35:38,440
Speaker 6: the insanity of price, So you've got to look at

731
00:35:39,200 --> 00:35:43,120
Speaker 6: both do these companies have a mobile? When prices get insane,

732
00:35:43,600 --> 00:35:45,000
Speaker 6: you just got to get you got to go to

733
00:35:45,040 --> 00:35:46,680
Speaker 6: the sideline and say, I'm not going to have the top.

734
00:35:47,360 --> 00:35:51,600
Speaker 6: I had an amazing run. I'm done. You know, beyond me,

735
00:35:51,920 --> 00:35:54,240
Speaker 6: you can you can have any of these fatty things

736
00:35:54,680 --> 00:35:57,239
Speaker 6: that happened. You've got to be able to sell.

737
00:35:57,760 --> 00:35:57,840
Speaker 9: Ye.

738
00:35:58,800 --> 00:36:00,000
Speaker 6: I was going to really quick saying.

739
00:36:00,239 --> 00:36:02,759
Speaker 9: I think the moat for Peloton, though, was it was

740
00:36:02,840 --> 00:36:06,239
Speaker 9: an opportunity where nobody was yet and if you could

741
00:36:06,320 --> 00:36:10,040
Speaker 9: successfully execute first mover advantage to a scale, you started

742
00:36:10,040 --> 00:36:12,400
Speaker 9: to get network effect, which they did with their trainers

743
00:36:12,440 --> 00:36:15,400
Speaker 9: because they could tippeel all the best trainers because they

744
00:36:15,440 --> 00:36:18,600
Speaker 9: had such a distribution platform, so Equinos for instance, couldn't

745
00:36:18,600 --> 00:36:22,239
Speaker 9: compete with them, and that business just like music, you know,

746
00:36:22,320 --> 00:36:24,880
Speaker 9: people follow trainers, right, a good trainer, So that I

747
00:36:24,920 --> 00:36:26,200
Speaker 9: think was what the moat was.

748
00:36:26,239 --> 00:36:26,719
Speaker 6: In a sense.

749
00:36:26,880 --> 00:36:30,759
Speaker 8: And I think what Mike said, I kind of bought

750
00:36:30,800 --> 00:36:32,960
Speaker 8: it over from the music industry. And then when I

751
00:36:33,040 --> 00:36:36,080
Speaker 8: heard Mike and Dave always tell me, like, don't get

752
00:36:36,160 --> 00:36:39,759
Speaker 8: too emotionally attached to investment, and I used to do

753
00:36:39,880 --> 00:36:42,600
Speaker 8: that with music all the time, Like you know, the

754
00:36:42,960 --> 00:36:46,200
Speaker 8: first artist I had, Like, no, one couldn't tell me

755
00:36:46,320 --> 00:36:48,120
Speaker 8: this kid was going to be wasn't going to be

756
00:36:48,320 --> 00:36:52,399
Speaker 8: justin Biava, right, And he's an amazingly talented kid still

757
00:36:52,480 --> 00:36:55,520
Speaker 8: doing this thing to this day. But in my mind

758
00:36:56,120 --> 00:36:58,680
Speaker 8: he was justin Biava and the rest of the world

759
00:36:58,800 --> 00:37:03,160
Speaker 8: just biber I would say that wrong and the rest

760
00:37:03,200 --> 00:37:04,759
Speaker 8: of the world just didn't get it yet.

761
00:37:04,840 --> 00:37:09,279
Speaker 3: So to be his kid for five six, seven years.

762
00:37:09,160 --> 00:37:10,920
Speaker 4: Just like you guys don't know.

763
00:37:11,000 --> 00:37:11,680
Speaker 3: You guys don't know.

764
00:37:11,880 --> 00:37:14,759
Speaker 8: And it turned out he wasn't right, but so, but

765
00:37:15,200 --> 00:37:19,440
Speaker 8: that was just more me being emotionally attached to it

766
00:37:19,600 --> 00:37:22,040
Speaker 8: and invest in so much already. It's kind of like

767
00:37:22,719 --> 00:37:25,840
Speaker 8: when you're in the casino chasing that loss, trying to

768
00:37:25,880 --> 00:37:29,320
Speaker 8: win it back, right, So I think with investing, I've.

769
00:37:29,200 --> 00:37:34,040
Speaker 3: Learned like to when it's time to one just not to.

770
00:37:34,120 --> 00:37:38,319
Speaker 8: Be emotionally attached to it and learn to cut your

771
00:37:38,400 --> 00:37:41,080
Speaker 8: ties with it whenever the time is right or you

772
00:37:41,120 --> 00:37:41,839
Speaker 8: feel this right.

773
00:37:41,800 --> 00:37:44,480
Speaker 3: And not like hold on and Peloton's going to go

774
00:37:44,480 --> 00:37:45,759
Speaker 3: to two hundred dollars.

775
00:37:46,000 --> 00:37:50,759
Speaker 4: Because try to rationalize things to make yourself not feel stupid. Yeah,

776
00:37:51,080 --> 00:37:53,839
Speaker 4: it's like, well I did the research, this has to work. Yeah,

777
00:37:53,920 --> 00:37:57,000
Speaker 4: it's just a slumpingy economy. I'm gonna buy the dip.

778
00:37:58,520 --> 00:38:00,880
Speaker 4: It didn't buy more dip, and didn't I buy more tips?

779
00:38:00,880 --> 00:38:02,560
Speaker 4: And then it's like, well, you know, I'm looking at

780
00:38:02,560 --> 00:38:05,319
Speaker 4: the charts. Then you start doing candlesticks. Then you start

781
00:38:05,480 --> 00:38:08,160
Speaker 4: making your own philosophy on why it's there.

782
00:38:08,239 --> 00:38:11,359
Speaker 3: Is another write a story that I just found out

783
00:38:11,400 --> 00:38:12,880
Speaker 3: about this recently.

784
00:38:13,520 --> 00:38:18,680
Speaker 8: So when I we started investing, Mike was like betting

785
00:38:18,920 --> 00:38:23,359
Speaker 8: against Tesla, right, and on the downside, yeah he was too.

786
00:38:23,480 --> 00:38:24,760
Speaker 3: They both win.

787
00:38:24,880 --> 00:38:28,560
Speaker 4: When shorten at what point when the pandemic it.

788
00:38:28,640 --> 00:38:30,840
Speaker 6: Was it was prett pandemic. Let me tell you it

789
00:38:30,920 --> 00:38:34,360
Speaker 6: was not a good time to be shortened. No, I

790
00:38:34,360 --> 00:38:35,960
Speaker 6: think it was during the pandemic. I think it was

791
00:38:36,000 --> 00:38:38,320
Speaker 6: the summer of twenty when it moved from like and

792
00:38:38,400 --> 00:38:40,120
Speaker 6: it was just going crazy. Yeah, it was moving and

793
00:38:40,200 --> 00:38:41,920
Speaker 6: moved at that time. I want to say, from like

794
00:38:42,000 --> 00:38:42,680
Speaker 6: four hundred to.

795
00:38:42,719 --> 00:38:46,520
Speaker 8: A thousand, Like in that case I met against it

796
00:38:46,600 --> 00:38:49,160
Speaker 8: with when our friends and lost like eighty thousand.

797
00:38:49,960 --> 00:38:52,440
Speaker 6: Can I tell the story? Yeah, this is really crazy.

798
00:38:52,480 --> 00:38:54,760
Speaker 9: So Mike and I have been shortening it and playing

799
00:38:54,760 --> 00:38:59,319
Speaker 9: it short and like himself, and one day we come

800
00:38:59,440 --> 00:39:01,680
Speaker 9: up to the Ampton's Mels in the car and we

801
00:39:01,760 --> 00:39:03,880
Speaker 9: pull up to Mike's house and he looks at the

802
00:39:03,960 --> 00:39:07,640
Speaker 9: driveway and he goes, damn for a couple of guys

803
00:39:07,680 --> 00:39:10,240
Speaker 9: short Tesla, There's sure are a lot of Tesla's.

804
00:39:09,800 --> 00:39:10,520
Speaker 6: In this driveway.

805
00:39:11,880 --> 00:39:15,840
Speaker 9: It was like, and I sold all my provered, all

806
00:39:15,880 --> 00:39:19,160
Speaker 9: my stuff the next day with it again because I'm like,

807
00:39:19,239 --> 00:39:21,360
Speaker 9: this guy's right, like we're all driving Tesla's, Like what

808
00:39:21,440 --> 00:39:24,760
Speaker 9: am I doing. I'm listening to some like investment advice

809
00:39:24,800 --> 00:39:27,600
Speaker 9: I saw, like you know, CNBC or whatever and mean

810
00:39:27,600 --> 00:39:29,319
Speaker 9: while you know, and it kept going up.

811
00:39:29,400 --> 00:39:30,640
Speaker 4: So yeah, it was.

812
00:39:30,760 --> 00:39:31,960
Speaker 6: It was a really interesting lesson.

813
00:39:32,480 --> 00:39:34,239
Speaker 5: I mean, it's dope even at the highest levels that

814
00:39:34,360 --> 00:39:36,319
Speaker 5: y'all some of the same things you're saying, like we're

815
00:39:36,360 --> 00:39:39,719
Speaker 5: experiencing so but but you didn't give up on music, right,

816
00:39:39,800 --> 00:39:42,800
Speaker 5: which is because we just had this conversation with Yogati

817
00:39:42,880 --> 00:39:46,360
Speaker 5: and Shotty was talking about like, Yo, investment is the

818
00:39:46,400 --> 00:39:48,279
Speaker 5: same thing as like getting a musical artist, Like you're

819
00:39:48,320 --> 00:39:50,680
Speaker 5: putting the money up front and looking at it as investment.

820
00:39:50,719 --> 00:39:52,720
Speaker 5: So it's interesting, Hey, you say you're not getting emotionally

821
00:39:52,760 --> 00:39:58,800
Speaker 5: tied to it so recently like uh again, great, advice

822
00:39:58,960 --> 00:40:06,600
Speaker 5: from Mike and Dave. Like recently I got into affordable

823
00:40:06,680 --> 00:40:10,560
Speaker 5: housing and Mike is a part of it. One of

824
00:40:10,600 --> 00:40:12,719
Speaker 5: my closest friends, Steven Manacherin and.

825
00:40:12,760 --> 00:40:16,920
Speaker 8: His brother, we have this company where we're doing affordable housing,

826
00:40:17,040 --> 00:40:20,680
Speaker 8: got some buildings in the Bronx. Dave was helping us

827
00:40:20,719 --> 00:40:23,440
Speaker 8: with a property in Staten Island, so on and so forth,

828
00:40:24,000 --> 00:40:26,759
Speaker 8: and I was just kind of like, like Mike said,

829
00:40:26,800 --> 00:40:28,200
Speaker 8: all these opportunities was coming.

830
00:40:28,280 --> 00:40:29,919
Speaker 3: My head was just spinning. I was like, I'm gonna

831
00:40:29,960 --> 00:40:31,120
Speaker 3: do this. I'm gonna do this, and.

832
00:40:31,239 --> 00:40:34,640
Speaker 8: Mike kind of was like listen and Dave actually both

833
00:40:34,800 --> 00:40:38,000
Speaker 8: was kind of like, figure out a couple things, focus

834
00:40:38,080 --> 00:40:42,839
Speaker 8: on those, and Mike specifically said, don't be like Mike,

835
00:40:43,080 --> 00:40:46,319
Speaker 8: who two years ago, I was just doing way too much.

836
00:40:47,040 --> 00:40:49,280
Speaker 3: And I was like, fuck, that's good advice.

837
00:40:49,400 --> 00:40:53,080
Speaker 8: So I kind of like trimmed down everything and focused

838
00:40:53,160 --> 00:40:59,080
Speaker 8: on three big things, which is my record label, second Estage,

839
00:40:59,080 --> 00:41:01,480
Speaker 8: shout out to two and anybody else I signed in

840
00:41:01,520 --> 00:41:04,520
Speaker 8: the records, so with a clean line of Bow Jangles,

841
00:41:04,560 --> 00:41:10,200
Speaker 8: which is my company, Meiling Bow, and real estate. And

842
00:41:10,320 --> 00:41:12,279
Speaker 8: I was like, those are the three things I'm going

843
00:41:12,360 --> 00:41:15,200
Speaker 8: to focus on on a high level and stop like

844
00:41:15,560 --> 00:41:19,000
Speaker 8: you know, selling wagou b can this, that, that and

845
00:41:19,080 --> 00:41:22,520
Speaker 8: whatever else it was. But I'm still like investing in

846
00:41:22,680 --> 00:41:27,240
Speaker 8: things that I just built the studio. My merch business

847
00:41:27,320 --> 00:41:30,560
Speaker 8: does really well, like so it's just like still have

848
00:41:30,760 --> 00:41:35,000
Speaker 8: things to bring me in cash. And but I'm focused

849
00:41:35,120 --> 00:41:36,960
Speaker 8: on those three buckets in life.

850
00:41:37,080 --> 00:41:39,799
Speaker 6: And like one of the things that's important, especially when

851
00:41:39,840 --> 00:41:43,040
Speaker 6: you're younger, is to develop domain expertise. Like we were

852
00:41:43,080 --> 00:41:46,440
Speaker 6: at the the phitys and concert last night and they

853
00:41:46,560 --> 00:41:48,239
Speaker 6: kept bringing people on and I was like, who is

854
00:41:48,320 --> 00:41:50,320
Speaker 6: that guy? And of course Mel knows every last person

855
00:41:50,560 --> 00:41:53,160
Speaker 6: showing up there and what their songs were, and you know,

856
00:41:53,760 --> 00:41:56,680
Speaker 6: are they in the upper landed down? And so you're

857
00:41:56,719 --> 00:41:59,760
Speaker 6: not going to really be great at a vertical unless

858
00:41:59,760 --> 00:42:03,040
Speaker 6: you got domain expertise. And so you'd be crazy to

859
00:42:03,080 --> 00:42:04,719
Speaker 6: spend your whole life in music and say I'm not

860
00:42:04,760 --> 00:42:07,400
Speaker 6: doing music anymore, right when you're starting to make the

861
00:42:07,480 --> 00:42:11,080
Speaker 6: progress in music, and so you know, knock on wood second,

862
00:42:11,120 --> 00:42:16,040
Speaker 6: the state becomes you know, the next quality control to

863
00:42:16,200 --> 00:42:16,880
Speaker 6: shadow Coach K.

864
00:42:17,200 --> 00:42:18,920
Speaker 5: I was gonna say that the relationship with Coach K

865
00:42:19,000 --> 00:42:21,759
Speaker 5: because he's involved in both jngles investment as well Yeah,

866
00:42:21,840 --> 00:42:24,120
Speaker 5: so you had the relationship with him and brought them off.

867
00:42:24,520 --> 00:42:29,040
Speaker 8: So yeah, after Mike, Mike, and Dave actually bought both

868
00:42:29,120 --> 00:42:33,719
Speaker 8: Jangles from like whatever standpoint the brand, the brand, the

869
00:42:33,880 --> 00:42:36,160
Speaker 8: actual corporate brand, I was like, you know what, I'm

870
00:42:36,160 --> 00:42:38,680
Speaker 8: gonna get into both Jangles, and I just kind of

871
00:42:38,760 --> 00:42:39,239
Speaker 8: wanted to.

872
00:42:40,840 --> 00:42:41,000
Speaker 3: One.

873
00:42:41,719 --> 00:42:44,719
Speaker 8: There's a group of people who have access to even

874
00:42:44,760 --> 00:42:47,200
Speaker 8: people like me now, right, because I'm like to have

875
00:42:47,360 --> 00:42:50,120
Speaker 8: access to me now it means a little something because

876
00:42:50,160 --> 00:42:53,000
Speaker 8: I could give you access like Larry. I bought Larry

877
00:42:53,080 --> 00:42:56,040
Speaker 8: and introduced them to Mike, Dave and whoever else I'm

878
00:42:57,160 --> 00:42:59,719
Speaker 8: I'm the type of person like I'm like excited to

879
00:43:00,200 --> 00:43:03,800
Speaker 8: share my network with people because I strongly believe whatever's.

880
00:43:03,440 --> 00:43:04,520
Speaker 3: For you is going to be for you.

881
00:43:04,719 --> 00:43:07,920
Speaker 8: So like if you guys left here tomorrow and started

882
00:43:07,960 --> 00:43:10,319
Speaker 8: a group chat, I'm okay with that because I want

883
00:43:10,440 --> 00:43:12,719
Speaker 8: you to have access to them, I want them to

884
00:43:12,800 --> 00:43:16,320
Speaker 8: have access to you, and we're still going to be friends.

885
00:43:16,400 --> 00:43:18,640
Speaker 3: Do I think a lot of people don't understand that

886
00:43:19,120 --> 00:43:20,040
Speaker 3: and it fucks with them.

887
00:43:20,160 --> 00:43:24,120
Speaker 8: So when I had the opportunity for bo Jangles, I

888
00:43:24,239 --> 00:43:26,719
Speaker 8: was kind of like, I want to bring some of

889
00:43:26,800 --> 00:43:30,040
Speaker 8: my friends on board. Who probably wouldn't have this opportunity,

890
00:43:30,880 --> 00:43:32,520
Speaker 8: just like I wouldn't have it if it wasn't for

891
00:43:32,600 --> 00:43:35,040
Speaker 8: these guys. So I, you know, caught up Coach k

892
00:43:35,160 --> 00:43:39,160
Speaker 8: I was like, hey, I'm doing this. I'm buying eighteen stares.

893
00:43:39,320 --> 00:43:43,120
Speaker 8: It's going to make us like the largest black franchise

894
00:43:43,280 --> 00:43:45,640
Speaker 8: or at Bojangles and just QSR.

895
00:43:45,719 --> 00:43:46,240
Speaker 3: In general.

896
00:43:46,719 --> 00:43:48,920
Speaker 8: I think we're like in the top twenty, right and

897
00:43:49,600 --> 00:43:53,120
Speaker 8: we're the fifth largest franchise or in bo Jangles.

898
00:43:53,680 --> 00:43:58,759
Speaker 3: And I called up him, Steve Carlis Saint LANDREI gabba.

899
00:44:00,880 --> 00:44:03,840
Speaker 8: If I'm forgetting anybody, sorry, but you know, just like

900
00:44:03,960 --> 00:44:08,200
Speaker 8: a cool little group, you know, along with Ben Black,

901
00:44:08,760 --> 00:44:11,640
Speaker 8: Mike bay Berry, and we bought this.

902
00:44:13,239 --> 00:44:13,759
Speaker 3: We bought this.

903
00:44:13,880 --> 00:44:17,600
Speaker 8: Company for twenty five million dollars and you know, just

904
00:44:18,280 --> 00:44:21,920
Speaker 8: it's my company along with Coach k. But I wanted

905
00:44:22,000 --> 00:44:26,719
Speaker 8: to extend that to everyone in Coach k Is. He's

906
00:44:26,800 --> 00:44:28,600
Speaker 8: one of us, now you know what I'm saying. Larry,

907
00:44:28,760 --> 00:44:32,279
Speaker 8: like Larry's gotten Larry and Dave is actually closer than

908
00:44:32,400 --> 00:44:34,560
Speaker 8: me and Larry, now you know what I'm saying. So

909
00:44:35,160 --> 00:44:39,160
Speaker 8: it's just like I love, like what my success I've

910
00:44:39,200 --> 00:44:42,600
Speaker 8: always said is people people believing in me and people

911
00:44:43,160 --> 00:44:44,359
Speaker 8: me understanding people.

912
00:44:44,880 --> 00:44:47,560
Speaker 3: So I'm always like, it's where we come from.

913
00:44:47,719 --> 00:44:49,520
Speaker 8: Like you know what I'm saying, it's really hard to

914
00:44:49,680 --> 00:44:53,040
Speaker 8: like meet guys like this or have certain opportunities. And

915
00:44:53,080 --> 00:44:56,080
Speaker 8: when some people get it, they're like, oh, this is

916
00:44:56,160 --> 00:44:57,759
Speaker 8: like I don't want to and I'm not, like, I'm

917
00:44:57,800 --> 00:44:58,800
Speaker 8: the complete opposite.

918
00:44:58,840 --> 00:45:01,160
Speaker 3: I want everyone one. Like you know what I'm saying,

919
00:45:01,280 --> 00:45:02,279
Speaker 3: Like what comes out?

920
00:45:02,280 --> 00:45:05,759
Speaker 6: Are you going to live life from a point of abundance? Yea,

921
00:45:05,960 --> 00:45:08,800
Speaker 6: from scarcity and you're just happier when you live from abundance.

922
00:45:08,880 --> 00:45:11,040
Speaker 9: Yeah, Mel Mel is one of the most generous person

923
00:45:11,520 --> 00:45:14,200
Speaker 9: people I've ever met in that in that capacity, He's

924
00:45:14,360 --> 00:45:17,800
Speaker 9: so generous with his time, with sharing his contact, with

925
00:45:17,920 --> 00:45:20,319
Speaker 9: helping in any way. And I think it's a really

926
00:45:20,440 --> 00:45:23,920
Speaker 9: I think it's unusually he's unusually generous, and it really works.

927
00:45:24,000 --> 00:45:26,200
Speaker 9: It really is, like you know, it kind of pays

928
00:45:26,239 --> 00:45:28,440
Speaker 9: it forward and he gets lots of opportunities. But I

929
00:45:28,480 --> 00:45:31,279
Speaker 9: think it's a big part of his success is really

930
00:45:31,360 --> 00:45:33,239
Speaker 9: that enthusiasm and generosity.

931
00:45:33,680 --> 00:45:36,120
Speaker 5: Yeah, So Mike, you said something interesting. You said, Mel

932
00:45:36,239 --> 00:45:38,120
Speaker 5: is now bringing more deals to us than we brought

933
00:45:38,120 --> 00:45:38,400
Speaker 5: to him.

934
00:45:38,800 --> 00:45:41,600
Speaker 3: So I'm like, Mel when you present, I'm sure people

935
00:45:41,600 --> 00:45:42,960
Speaker 3: are presenting opportunity to see you.

936
00:45:43,080 --> 00:45:45,960
Speaker 5: Now it's like, I know he's connected, So how do

937
00:45:46,040 --> 00:45:50,000
Speaker 5: you decipher what's worthy of even presenting to the group.

938
00:45:50,440 --> 00:45:51,160
Speaker 3: Believe it or not.

939
00:45:51,480 --> 00:45:55,800
Speaker 8: Like I've learned so much that I could understand, like

940
00:45:56,160 --> 00:45:58,440
Speaker 8: you know, like you said, who's the founder, you know

941
00:45:58,520 --> 00:46:01,360
Speaker 8: what he's done before, just how much I actually believe

942
00:46:01,400 --> 00:46:04,000
Speaker 8: in that person. And I like to think I just

943
00:46:04,239 --> 00:46:09,440
Speaker 8: have a good read on people and what they truly

944
00:46:09,600 --> 00:46:13,520
Speaker 8: stand for. And that's always took me places in my life,

945
00:46:13,600 --> 00:46:16,800
Speaker 8: right because just like these guys, they're good guys, and

946
00:46:17,080 --> 00:46:20,480
Speaker 8: Steven is a good guy. Ben Black, like I truly

947
00:46:20,560 --> 00:46:24,279
Speaker 8: believe my crew of friends David afa is really good

948
00:46:24,440 --> 00:46:29,200
Speaker 8: people who we have we're very much aligned in just life.

949
00:46:29,760 --> 00:46:33,239
Speaker 8: And then there's another group of people that I have

950
00:46:33,400 --> 00:46:36,040
Speaker 8: tons of access to that I just can't function with

951
00:46:36,200 --> 00:46:37,920
Speaker 8: on an everyday basis because.

952
00:46:39,360 --> 00:46:42,960
Speaker 3: Goals and hearts and minds and souls are just aren't aligned.

953
00:46:43,160 --> 00:46:46,440
Speaker 8: So I try to and I think that gets a

954
00:46:46,520 --> 00:46:49,320
Speaker 8: little bit emotional, but it's just like I try to

955
00:46:49,480 --> 00:46:52,399
Speaker 8: read people and understand people. I would like to say

956
00:46:52,400 --> 00:46:55,279
Speaker 8: I'm pretty decent at that, and that's the ones. I'm like,

957
00:46:56,040 --> 00:46:58,400
Speaker 8: you know, we should take a look at this one.

958
00:46:58,480 --> 00:47:02,040
Speaker 8: It sounds like a great eye idea too. I kind

959
00:47:02,080 --> 00:47:06,000
Speaker 8: of believe in this person. And then he would vet it,

960
00:47:06,280 --> 00:47:09,200
Speaker 8: and then Dave would vett it, and you know, they're

961
00:47:09,320 --> 00:47:13,120
Speaker 8: both so different at vetting things, but it ends up

962
00:47:13,400 --> 00:47:16,160
Speaker 8: the same all the time. So that's kind of like,

963
00:47:16,239 --> 00:47:18,200
Speaker 8: I don't know if I answered your question, but that's

964
00:47:18,400 --> 00:47:20,440
Speaker 8: that's that's how I kind of like gauge.

965
00:47:20,960 --> 00:47:22,920
Speaker 4: It's a lot of shit I just don't even bring up.

966
00:47:23,640 --> 00:47:27,440
Speaker 4: You know, let me ask you guys. Start with you, Mike,

967
00:47:28,360 --> 00:47:33,160
Speaker 4: artificial intelligence. When the age of artificial intelligence, we saw

968
00:47:33,280 --> 00:47:36,040
Speaker 4: all of the AI stocks and technology stocks just boom

969
00:47:36,160 --> 00:47:39,320
Speaker 4: because of chat, GBT, the buzz around and everything. A

970
00:47:39,360 --> 00:47:42,600
Speaker 4: lot of people are concerned, scared, you know, jobs are

971
00:47:42,640 --> 00:47:47,359
Speaker 4: being lost currently, so this this downside, but there's also

972
00:47:47,360 --> 00:47:49,520
Speaker 4: a lot of upside as well. What's your thoughts on

973
00:47:49,600 --> 00:47:51,719
Speaker 4: AI and how are you actually implementing how are you

974
00:47:51,920 --> 00:47:55,000
Speaker 4: personally using art? All you guys are playing So it's interesting.

975
00:47:55,080 --> 00:47:58,279
Speaker 6: My my brother in law runs the TED conference and

976
00:47:58,480 --> 00:48:01,160
Speaker 6: so the first day chat she came out. He was like, dude,

977
00:48:01,160 --> 00:48:02,960
Speaker 6: you got to see this, And so we start playing

978
00:48:03,040 --> 00:48:05,400
Speaker 6: with it and making, you know, do a Saturday Night

979
00:48:05,440 --> 00:48:09,239
Speaker 6: Live skeitch about Saturday Night Live sketch about somebody, and

980
00:48:09,640 --> 00:48:10,960
Speaker 6: you know, we're kind of running through that kind of

981
00:48:11,160 --> 00:48:14,240
Speaker 6: deal with it. And I started talking to my investing friends,

982
00:48:14,320 --> 00:48:18,960
Speaker 6: and in real quick it was Microsoft and and Nvidia

983
00:48:19,280 --> 00:48:20,640
Speaker 6: those were going to be the two, and so it

984
00:48:20,680 --> 00:48:22,920
Speaker 6: was almost consensus. It's one of those few things where

985
00:48:22,960 --> 00:48:24,880
Speaker 6: every smart guy I talked to gave you the same answer,

986
00:48:25,680 --> 00:48:28,520
Speaker 6: and they've worked. And so I would tell you that

987
00:48:29,880 --> 00:48:32,799
Speaker 6: AI is going to be a bubble. Bubbles happen around

988
00:48:32,920 --> 00:48:36,440
Speaker 6: things that will change the way the world operates. And

989
00:48:36,560 --> 00:48:40,000
Speaker 6: so the Internet bubble happened in nineteen ninety nine, ten

990
00:48:40,120 --> 00:48:42,719
Speaker 6: years before the Internet changed the world, because it was

991
00:48:42,880 --> 00:48:44,320
Speaker 6: clear that it was going to change the world, and

992
00:48:44,360 --> 00:48:46,759
Speaker 6: it was an easy story for people to understand. And

993
00:48:46,880 --> 00:48:50,319
Speaker 6: so we will have an AI bubble. Bubbles don't last

994
00:48:50,360 --> 00:48:53,480
Speaker 6: four months, they last eighteen months, twelve months, you know,

995
00:48:53,600 --> 00:48:56,360
Speaker 6: sixteen months, somewhere in that zone, twelve to eighteen months.

996
00:48:56,880 --> 00:48:59,160
Speaker 6: And so what's driving the stock market now is a

997
00:48:59,280 --> 00:49:03,600
Speaker 6: small group of stocks in the video Microsoft, Google that

998
00:49:03,800 --> 00:49:07,800
Speaker 6: are going to keep going higher because the story's too powerful.

999
00:49:08,520 --> 00:49:10,719
Speaker 6: So that's the markets are going to get way ahead

1000
00:49:10,719 --> 00:49:14,160
Speaker 6: of where AI gets. In reality, AI is going to

1001
00:49:14,280 --> 00:49:17,839
Speaker 6: change the world. It's going to change how almost every

1002
00:49:17,920 --> 00:49:20,560
Speaker 6: business operates, and it already has. And I talked to

1003
00:49:20,640 --> 00:49:23,760
Speaker 6: the biggest hedge fund, quantitative hedge fund in the world.

1004
00:49:23,640 --> 00:49:24,160
Speaker 4: The CTO.

1005
00:49:25,160 --> 00:49:26,440
Speaker 3: It was funny. Guys showed up at a.

1006
00:49:26,440 --> 00:49:27,799
Speaker 6: Party of mine and I was like, what are you doing.

1007
00:49:27,880 --> 00:49:31,319
Speaker 6: He's like, I'm a head of engineering at this hedge fund.

1008
00:49:31,360 --> 00:49:32,759
Speaker 6: And I was like, how many people you have worked

1009
00:49:32,800 --> 00:49:34,839
Speaker 6: for you? It's like a thousand. I was like, oh,

1010
00:49:34,960 --> 00:49:40,480
Speaker 6: that hedge fund, right, And I was asked him about AI.

1011
00:49:40,560 --> 00:49:42,560
Speaker 6: He said, dude, we've been using AI for fifteen for

1012
00:49:42,680 --> 00:49:47,200
Speaker 6: ten years. You know, this new generation, this new adaption

1013
00:49:47,400 --> 00:49:49,960
Speaker 6: is going to really accelerate them. And it was interesting.

1014
00:49:50,000 --> 00:49:52,080
Speaker 6: He said, well, it's going to accelerate that. When you

1015
00:49:52,239 --> 00:49:56,040
Speaker 6: have these code driven funds, right, these quantitative funds, the

1016
00:49:56,120 --> 00:49:58,279
Speaker 6: code kind of goes stale every three to four years

1017
00:49:58,360 --> 00:50:02,719
Speaker 6: because you're changing theguage. And he said, so they're now

1018
00:50:02,800 --> 00:50:06,080
Speaker 6: going to use AI to refresh the code. It'll do

1019
00:50:06,160 --> 00:50:08,920
Speaker 6: it literally at six times the speed that they used

1020
00:50:08,960 --> 00:50:11,520
Speaker 6: to do it at and so saves them money, keeps

1021
00:50:11,560 --> 00:50:14,359
Speaker 6: them ahead of the game. And so in finance you're

1022
00:50:14,360 --> 00:50:16,880
Speaker 6: going to see more AI, but in almost every business,

1023
00:50:17,600 --> 00:50:20,359
Speaker 6: and you know, it's a scary world because you can

1024
00:50:20,440 --> 00:50:24,160
Speaker 6: see ourselves going more haves and have nots. Right, it's

1025
00:50:24,840 --> 00:50:29,160
Speaker 6: I always worry that the world is hurtling towards blade Runner, right,

1026
00:50:29,280 --> 00:50:32,839
Speaker 6: Ken Shasha Zayer has fourteen million people that live without electricity,

1027
00:50:33,239 --> 00:50:36,640
Speaker 6: yet we're talking about, hey, can I get an iPhone

1028
00:50:36,680 --> 00:50:38,719
Speaker 6: that sounds like her, that can you know, keep me

1029
00:50:38,800 --> 00:50:43,680
Speaker 6: company at night? And so it's I think it's going

1030
00:50:43,760 --> 00:50:46,560
Speaker 6: to be really fascinating to watch. Uh, it's going to

1031
00:50:46,600 --> 00:50:50,839
Speaker 6: be challenging to invest because some companies you know, are

1032
00:50:51,000 --> 00:50:53,319
Speaker 6: going to not have a moat and AI is going

1033
00:50:53,360 --> 00:50:56,000
Speaker 6: to eat them alive, and other companies are going to have. Well,

1034
00:50:56,200 --> 00:50:58,759
Speaker 6: the one thing about AI which is hard is it

1035
00:50:58,840 --> 00:51:01,600
Speaker 6: takes a huge amount of money right to get these

1036
00:51:02,239 --> 00:51:06,439
Speaker 6: language large language learning processing, so it's data, it's huge

1037
00:51:06,520 --> 00:51:09,680
Speaker 6: compute power, and so it's hard to be a startup.

1038
00:51:10,840 --> 00:51:12,440
Speaker 6: Like the startups are raising billions.

1039
00:51:13,280 --> 00:51:16,320
Speaker 4: But one thing what you mentioned the stock market, the

1040
00:51:16,480 --> 00:51:19,880
Speaker 4: NaSTA was flat for ten years, dot Com bubble, the

1041
00:51:20,480 --> 00:51:23,520
Speaker 4: stock market crash, so you said that those stocks will

1042
00:51:23,520 --> 00:51:25,840
Speaker 4: continue to go up. You don't think that a bubble

1043
00:51:25,920 --> 00:51:28,160
Speaker 4: would cause the stock market to fall.

1044
00:51:29,600 --> 00:51:30,280
Speaker 3: It goes first.

1045
00:51:30,680 --> 00:51:33,400
Speaker 6: The bubble goes up first, and then grashes. And I

1046
00:51:33,440 --> 00:51:35,600
Speaker 6: don't think we've seen a high end, but.

1047
00:51:35,640 --> 00:51:38,239
Speaker 4: The stock market eventually will catch up to the crash.

1048
00:51:38,400 --> 00:51:42,320
Speaker 6: Yeah, you're gonna What happens in every bubble is you

1049
00:51:42,480 --> 00:51:44,799
Speaker 6: finally reached the point where there's no one left to buy.

1050
00:51:45,200 --> 00:51:48,200
Speaker 6: And it usually happens run something symbolic like the Great

1051
00:51:48,920 --> 00:51:52,759
Speaker 6: two thousand and you know crash happened around the y

1052
00:51:52,840 --> 00:51:55,920
Speaker 6: two k right the Millennium turn. There was champagne being

1053
00:51:56,000 --> 00:51:58,200
Speaker 6: popped around the world. There was fireworks that went off

1054
00:51:58,239 --> 00:52:01,000
Speaker 6: twenty four hours right from and you remember this great

1055
00:52:01,120 --> 00:52:04,080
Speaker 6: we went from nineteen ninety nine to two thousand. The

1056
00:52:04,239 --> 00:52:12,160
Speaker 6: Dow Jones peaked January one, and the Nasdaq had sixty

1057
00:52:12,200 --> 00:52:14,359
Speaker 6: two more days. It was like March twentieth or March

1058
00:52:14,520 --> 00:52:18,120
Speaker 6: nineteenth where the Dow was going down in the nags

1059
00:52:18,160 --> 00:52:20,160
Speaker 6: that kept going up, and then it crashed, and it

1060
00:52:20,239 --> 00:52:23,680
Speaker 6: crashed with aol Time Warner. This symbolic the big old

1061
00:52:24,560 --> 00:52:28,200
Speaker 6: old school company buying the Internet company at a stupid

1062
00:52:28,280 --> 00:52:31,960
Speaker 6: price that was the last money in and then we

1063
00:52:32,080 --> 00:52:35,480
Speaker 6: had an eighty two percent crash of the Nasdaq, not

1064
00:52:35,640 --> 00:52:38,759
Speaker 6: a eighteen percent crash, eighty two percent high to low.

1065
00:52:39,239 --> 00:52:42,719
Speaker 6: And so bubbles go so much further than you think

1066
00:52:42,719 --> 00:52:44,800
Speaker 6: they're going to go, and then they crash all the

1067
00:52:44,840 --> 00:52:48,600
Speaker 6: way back down. And so we're not there yet. We're

1068
00:52:48,640 --> 00:52:51,120
Speaker 6: going to go a lot higher. NA Video and then

1069
00:52:51,640 --> 00:52:55,200
Speaker 6: Microsoft and in this idea of the world's going to

1070
00:52:55,320 --> 00:52:57,920
Speaker 6: change because we just started it, right, we started talking

1071
00:52:57,920 --> 00:52:58,799
Speaker 6: about this four months ago.

1072
00:52:59,239 --> 00:53:02,040
Speaker 5: Yeah, out of the AI, that's interesting and they don't

1073
00:53:02,040 --> 00:53:04,360
Speaker 5: want to hear and I want it both of you

1074
00:53:04,400 --> 00:53:05,359
Speaker 5: guys opinion on an app.

1075
00:53:05,400 --> 00:53:10,359
Speaker 3: But inside of that, it's like there are companies out

1076
00:53:10,360 --> 00:53:13,200
Speaker 3: are here you talked about too in Video, Microsoft, But.

1077
00:53:13,280 --> 00:53:15,200
Speaker 5: Inside of a bubble, there are always some that are

1078
00:53:15,239 --> 00:53:17,120
Speaker 5: going to survive the bubble and they last longer, right,

1079
00:53:17,160 --> 00:53:19,759
Speaker 5: So like there's the Amazon's the Apple, there's Yahoo for

1080
00:53:20,280 --> 00:53:22,279
Speaker 5: but there's also the Excite dot com that doesn't make

1081
00:53:22,320 --> 00:53:25,600
Speaker 5: it right, And so I wonder if you if you

1082
00:53:25,960 --> 00:53:28,560
Speaker 5: think there are companies that are on the come up

1083
00:53:28,640 --> 00:53:31,200
Speaker 5: or their startups that will come out of this bubble.

1084
00:53:31,200 --> 00:53:33,560
Speaker 5: I'm sure that I'm sure you have some thoughts on that,

1085
00:53:33,880 --> 00:53:36,520
Speaker 5: or should we be looking at it from a different perspective.

1086
00:53:36,640 --> 00:53:39,760
Speaker 5: You said something very important. This takes a lot of energy,

1087
00:53:39,840 --> 00:53:41,600
Speaker 5: it takes a lot of capital, but it also takes

1088
00:53:41,600 --> 00:53:43,759
Speaker 5: a lot of storage. So should we be looking in

1089
00:53:43,840 --> 00:53:46,799
Speaker 5: that data center type of situation where like these are

1090
00:53:46,840 --> 00:53:48,200
Speaker 5: investments we should be looking at as well.

1091
00:53:49,320 --> 00:53:51,719
Speaker 6: Yeah, listen, so we have a data center business at

1092
00:53:51,719 --> 00:53:54,719
Speaker 6: Galaxy where and it's been mostly for bitcoin mining, where like, okay,

1093
00:53:54,800 --> 00:53:58,799
Speaker 6: can we repurpose the other six center? Mega lots of capacity?

1094
00:54:00,719 --> 00:54:02,600
Speaker 6: And who's going to use those data centers?

1095
00:54:02,719 --> 00:54:02,839
Speaker 3: Right?

1096
00:54:03,000 --> 00:54:06,640
Speaker 6: So, like you know, the the elite businesses are going

1097
00:54:06,719 --> 00:54:08,480
Speaker 6: to stay with the elite data centers because they're not

1098
00:54:08,520 --> 00:54:11,040
Speaker 6: going to take any risk. But there's a whole bunch

1099
00:54:11,080 --> 00:54:15,960
Speaker 6: of different users of AI of data and so the

1100
00:54:16,000 --> 00:54:20,160
Speaker 6: answer is yes, But it's really granular and you got

1101
00:54:20,280 --> 00:54:22,640
Speaker 6: to kind of do your homework and there's not a

1102
00:54:22,760 --> 00:54:24,960
Speaker 6: macro bet on it. I don't think to say by

1103
00:54:25,000 --> 00:54:26,360
Speaker 6: all the data centers. I think you've got to be

1104
00:54:26,520 --> 00:54:29,160
Speaker 6: very careful to understand which ones are going to win.

1105
00:54:30,120 --> 00:54:31,880
Speaker 6: So you're getting it with Amazon because you get you know,

1106
00:54:31,960 --> 00:54:35,640
Speaker 6: the big cloud providers already have it, So you're getting

1107
00:54:35,680 --> 00:54:38,680
Speaker 6: with Amazon. You're getting it with Google, getting it with Microsoft.

1108
00:54:39,560 --> 00:54:42,080
Speaker 6: It's why those damn stocks just keep going. So I

1109
00:54:42,160 --> 00:54:44,000
Speaker 6: wanted you to tell because you didn't. You look like

1110
00:54:44,040 --> 00:54:45,239
Speaker 6: you was about to say something, but you didn't have

1111
00:54:45,239 --> 00:54:46,120
Speaker 6: an opportunity to say something.

1112
00:54:46,120 --> 00:54:48,600
Speaker 9: Well, just in AI, I was going to just say that.

1113
00:54:49,000 --> 00:54:51,640
Speaker 9: I think it's also like a term that's batted around

1114
00:54:51,719 --> 00:54:54,080
Speaker 9: in this way that it's like what really is AI?

1115
00:54:54,280 --> 00:54:57,440
Speaker 9: Because AI, to me, really is like machine learning where

1116
00:54:57,520 --> 00:55:00,120
Speaker 9: machines are teaching it. You know, a lot of what

1117
00:55:00,600 --> 00:55:04,200
Speaker 9: masks as AI in some ways it's just like complex

1118
00:55:04,400 --> 00:55:07,279
Speaker 9: algorithms attached to the large language model, right, But it's

1119
00:55:07,600 --> 00:55:11,080
Speaker 9: I think we're still a ways away from like I

1120
00:55:11,560 --> 00:55:14,480
Speaker 9: don't know where the definition of AI or the singularity

1121
00:55:14,560 --> 00:55:18,400
Speaker 9: actually becomes right, where it's actually thinking, making decisions, teaching itself,

1122
00:55:18,480 --> 00:55:21,680
Speaker 9: and how far away we are I do think, just

1123
00:55:22,239 --> 00:55:25,360
Speaker 9: to you know, it's it's a pretty scary proposition because

1124
00:55:25,400 --> 00:55:30,080
Speaker 9: I think it needs more ethical thought and moral thought

1125
00:55:30,239 --> 00:55:32,399
Speaker 9: around where it's going. I think as a society, it's

1126
00:55:32,440 --> 00:55:34,880
Speaker 9: too easy for us to just build Adam bombs and

1127
00:55:34,960 --> 00:55:37,320
Speaker 9: then oh shit, one goes off, you know, And so

1128
00:55:37,400 --> 00:55:39,680
Speaker 9: I think there's a lot of danger around I, you know,

1129
00:55:39,920 --> 00:55:43,640
Speaker 9: Harreriri wrote Sapiens and also had something like twenty three

1130
00:55:43,719 --> 00:55:46,800
Speaker 9: Lessons for the twenty first Century and some books, and

1131
00:55:47,440 --> 00:55:53,600
Speaker 9: in that like his theory is the Industrial revolution replaced bodies,

1132
00:55:53,880 --> 00:55:58,000
Speaker 9: and now the intelligence or digital revolution culminating ultimately with

1133
00:55:58,160 --> 00:56:00,920
Speaker 9: AI is going to replace minds, right, and so in

1134
00:56:01,000 --> 00:56:05,720
Speaker 9: the Industrial Revolution those jobs got replaced by programming jobs

1135
00:56:05,800 --> 00:56:07,800
Speaker 9: or the people that make the machines and things like that,

1136
00:56:08,000 --> 00:56:10,319
Speaker 9: and then you know, kind of where's the next thing.

1137
00:56:10,400 --> 00:56:12,160
Speaker 9: If so, I think it's I think there's a lot

1138
00:56:12,800 --> 00:56:14,480
Speaker 9: to think about it. I'm not answering from an investment

1139
00:56:14,520 --> 00:56:17,480
Speaker 9: standpoint as much as just and you know, for my

1140
00:56:17,680 --> 00:56:20,800
Speaker 9: personal company, I just look at like, is it in

1141
00:56:20,880 --> 00:56:24,080
Speaker 9: a spot right now where in the foreseeable future it's

1142
00:56:24,120 --> 00:56:26,799
Speaker 9: going to leverage a business return for me, it's going

1143
00:56:26,880 --> 00:56:30,400
Speaker 9: to either have less friction, more market or how am

1144
00:56:30,440 --> 00:56:32,719
Speaker 9: I applying it to the business in a way that's

1145
00:56:32,880 --> 00:56:35,640
Speaker 9: meaningful and not just like, oh, let's just you know,

1146
00:56:35,760 --> 00:56:37,480
Speaker 9: kind of put this new program in.

1147
00:56:37,600 --> 00:56:40,600
Speaker 6: And but it's hard not to think that in ten

1148
00:56:40,760 --> 00:56:44,600
Speaker 6: years every kid will have an AI tutor, right, Like,

1149
00:56:44,680 --> 00:56:47,360
Speaker 6: if you're rich, real rich, you hire a tutor for

1150
00:56:47,480 --> 00:56:48,920
Speaker 6: your kid and he comes over to your house for

1151
00:56:49,239 --> 00:56:51,480
Speaker 6: two hours a night or an hour two hours a week,

1152
00:56:51,520 --> 00:56:53,200
Speaker 6: and he sits with your kid, and he figured out

1153
00:56:53,200 --> 00:56:55,719
Speaker 6: where your kid is, what what what he needs, Like

1154
00:56:55,840 --> 00:56:58,600
Speaker 6: that's going to get replaced by and then the kids

1155
00:56:58,640 --> 00:57:00,840
Speaker 6: that grow up in flat Bush, maybe I'll have the

1156
00:57:00,920 --> 00:57:04,000
Speaker 6: same access to great education than the kids that grow

1157
00:57:04,040 --> 00:57:06,839
Speaker 6: up on the Upper east Side. It hasn't happened yet,

1158
00:57:06,920 --> 00:57:07,839
Speaker 6: Devil's Advocate though.

1159
00:57:07,880 --> 00:57:10,239
Speaker 9: When COVID came, I know it's not AI, but people

1160
00:57:10,239 --> 00:57:12,399
Speaker 9: started computer learning and scores went down.

1161
00:57:12,719 --> 00:57:13,200
Speaker 3: Could we have it?

1162
00:57:13,440 --> 00:57:17,680
Speaker 6: Could we haven't perfected or even kind of close to tutoring.

1163
00:57:18,280 --> 00:57:23,840
Speaker 8: So my experience for AI is funny because like I

1164
00:57:24,000 --> 00:57:28,720
Speaker 8: don't know very much about it, just like no one,

1165
00:57:28,800 --> 00:57:30,600
Speaker 8: no one really. I mean, it's probably a couple of

1166
00:57:30,600 --> 00:57:33,520
Speaker 8: guys that knows a lot about it. But I was

1167
00:57:34,200 --> 00:57:38,680
Speaker 8: in the process literally when I built that studio. A

1168
00:57:38,800 --> 00:57:41,439
Speaker 8: part of the reason for billing that studio was because

1169
00:57:41,480 --> 00:57:43,920
Speaker 8: I wanted to start a publishing company. I was in

1170
00:57:44,000 --> 00:57:46,360
Speaker 8: a raise like four or five million dollars to start

1171
00:57:46,400 --> 00:57:52,000
Speaker 8: this publishing company, and the AI talk started happening right

1172
00:57:52,120 --> 00:57:57,880
Speaker 8: around then. And a publishing company you primarily like sign

1173
00:57:58,720 --> 00:58:01,760
Speaker 8: produces song writer is you know, you may sign an

1174
00:58:01,840 --> 00:58:04,160
Speaker 8: artist and is publishing right, but you make your money

1175
00:58:04,240 --> 00:58:08,720
Speaker 8: from producers and songwriters. And I was like, you know what,

1176
00:58:08,800 --> 00:58:11,000
Speaker 8: I'm like connected in every label, I'll be able to

1177
00:58:11,040 --> 00:58:13,920
Speaker 8: play it. And I had this great blueprint. And then

1178
00:58:14,040 --> 00:58:17,320
Speaker 8: I heard songs that AI wrote right, like the Drake,

1179
00:58:17,400 --> 00:58:18,160
Speaker 8: the Weekend Song.

1180
00:58:18,200 --> 00:58:19,360
Speaker 3: I'm sure you guys heard that.

1181
00:58:19,560 --> 00:58:22,439
Speaker 8: I heard beats they produce, and I was like, Fuck,

1182
00:58:22,520 --> 00:58:25,000
Speaker 8: I don't know if I'm right about this, but I

1183
00:58:25,120 --> 00:58:28,280
Speaker 8: don't want to spend four or five million dollars building

1184
00:58:28,680 --> 00:58:32,480
Speaker 8: up a business for the next because publishing takes about

1185
00:58:32,520 --> 00:58:35,880
Speaker 8: three years before you hit that cycle if you do

1186
00:58:35,960 --> 00:58:38,360
Speaker 8: it completely right right where money's coming in.

1187
00:58:38,880 --> 00:58:42,800
Speaker 3: And I just didn't know where AI would be in

1188
00:58:42,920 --> 00:58:43,960
Speaker 3: the music industry.

1189
00:58:44,160 --> 00:58:49,440
Speaker 8: Three years from now, maybe AI's writing all songs and

1190
00:58:49,520 --> 00:58:52,960
Speaker 8: then there's no need for me to sign They buried

1191
00:58:53,040 --> 00:58:55,920
Speaker 8: to write songs anymore. Right, So I'm like, do I

1192
00:58:56,040 --> 00:59:00,640
Speaker 8: take a risk right now of developing and starting a

1193
00:59:00,760 --> 00:59:06,400
Speaker 8: new business based on like humans? Right that I'm realizing

1194
00:59:06,560 --> 00:59:10,960
Speaker 8: the very beginning stages of AI. They're doing it really

1195
00:59:11,080 --> 00:59:14,960
Speaker 8: really well. And maybe three years from now AI is

1196
00:59:15,000 --> 00:59:20,600
Speaker 8: writing songs for Beyonce or songs for you know whoever

1197
00:59:20,800 --> 00:59:24,960
Speaker 8: producing beats for Drake and I don't have the technology,

1198
00:59:25,040 --> 00:59:27,080
Speaker 8: and he said it's a lot of money to do that.

1199
00:59:27,320 --> 00:59:31,800
Speaker 3: So I literally completely stepped back from that business and.

1200
00:59:33,440 --> 00:59:40,280
Speaker 8: Decided to just focus on real estate, Bojangles and music

1201
00:59:40,600 --> 00:59:45,600
Speaker 8: and just traditionally, like from a label perspective, because not

1202
00:59:45,760 --> 00:59:46,400
Speaker 8: because I knew.

1203
00:59:46,440 --> 00:59:48,360
Speaker 3: It was just a gut feeling and I'm just like,

1204
00:59:48,520 --> 00:59:49,680
Speaker 3: you know what, instead of like.

1205
00:59:51,240 --> 00:59:54,440
Speaker 8: Using all this money to do something I'm already unsure

1206
00:59:54,520 --> 00:59:57,280
Speaker 8: about now, this AI thing put me in a position

1207
00:59:57,400 --> 00:59:59,800
Speaker 8: where I just want to kind of wait and see

1208
00:59:59,800 --> 01:00:02,640
Speaker 8: what happens, and I won't revisit that business. It's just

1209
01:00:02,720 --> 01:00:05,960
Speaker 8: kind of passed for me at this point. But that

1210
01:00:06,320 --> 01:00:09,720
Speaker 8: was my experience with AI recently, and again hopefully I'm wrong,

1211
01:00:09,800 --> 01:00:12,440
Speaker 8: because like you said, that had cost so many jobs,

1212
01:00:12,480 --> 01:00:15,400
Speaker 8: so many songwriters producers out of work, which is fifty

1213
01:00:15,480 --> 01:00:18,680
Speaker 8: percent of the music business. But from a label perspective,

1214
01:00:19,120 --> 01:00:22,320
Speaker 8: if I had to pay and I'm just making this up,

1215
01:00:22,360 --> 01:00:24,240
Speaker 8: if I had to pay Timbland.

1216
01:00:25,360 --> 01:00:26,960
Speaker 3: Two hundred thousand dollars.

1217
01:00:26,720 --> 01:00:28,680
Speaker 8: For a beat, and I could tell AI, hey, I

1218
01:00:28,800 --> 01:00:31,959
Speaker 8: need a beat that sounds like Timbland, and it cost

1219
01:00:32,080 --> 01:00:34,160
Speaker 8: me a fractic. Don't even cost me anything because I

1220
01:00:34,200 --> 01:00:37,920
Speaker 8: already paid for the program right effective as the label.

1221
01:00:38,320 --> 01:00:39,720
Speaker 3: I'm going to go with that. AI.

1222
01:00:40,080 --> 01:00:42,880
Speaker 8: So I'm I'm I looked at it from both perspectives

1223
01:00:43,600 --> 01:00:46,280
Speaker 8: and I just decided to completely backuate interests.

1224
01:00:46,680 --> 01:00:48,200
Speaker 3: Well, appreciate you guys.

1225
01:00:48,240 --> 01:00:50,160
Speaker 4: I know you got to run. How can they watch

1226
01:00:50,240 --> 01:00:53,440
Speaker 4: the podcast? When will the podcast be available?

1227
01:00:54,400 --> 01:00:58,680
Speaker 3: They better could answer that, that's it back to you. No,

1228
01:00:58,920 --> 01:01:02,840
Speaker 3: we uh, we're shooting. We have like four we're only

1229
01:01:02,920 --> 01:01:03,640
Speaker 3: doing seasons.

1230
01:01:04,200 --> 01:01:08,240
Speaker 8: No, we're doing twelve episodes each season and we have

1231
01:01:08,440 --> 01:01:12,200
Speaker 8: like maybe five done. We're going to finish up in September,

1232
01:01:12,800 --> 01:01:14,840
Speaker 8: and we'll be sure to let you guys know when,

1233
01:01:14,920 --> 01:01:15,680
Speaker 8: way or how, but it.

1234
01:01:15,680 --> 01:01:17,560
Speaker 6: Will becoming yell, yelling, scream.

1235
01:01:17,760 --> 01:01:22,080
Speaker 4: Okay, yeah, well guys, thanks to Ton the same and yeah,

1236
01:01:22,240 --> 01:01:25,000
Speaker 4: thank you guys. Appreciate this is a really insightful conversation.

1237
01:01:25,120 --> 01:01:28,840
Speaker 3: So a great one. Thank you, Thank you guys, and

1238
01:01:29,240 --> 01:01:31,800
Speaker 3: you guys will be on that ship sure, all right.

1239
01:01:31,880 --> 01:01:35,479
Speaker 1: An illegal alien from Guatemala charged with raping a child

1240
01:01:35,560 --> 01:01:39,320
Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador

1241
01:01:39,600 --> 01:01:43,720
Speaker 1: accused of murdering a Texas man of Venezuelan charged with

1242
01:01:43,800 --> 01:01:47,680
Speaker 1: filming and selling child pornography in Michigan. These are just

1243
01:01:47,800 --> 01:01:51,520
Speaker 1: some of the heinous migrant criminals caught because of President

1244
01:01:51,600 --> 01:01:55,720
Speaker 1: Donald J. Trump's leadership. I'm Christinom, the United States Secretary

1245
01:01:55,840 --> 01:02:00,560
Speaker 1: of Homeland Security. Under President Trump, attempted illegal border crossings

1246
01:02:00,600 --> 01:02:03,800
Speaker 1: are at the lowest levels ever recorded, and over one

1247
01:02:03,880 --> 01:02:07,040
Speaker 1: hundred thousand illegal aliens have been arrested. If you are

1248
01:02:07,160 --> 01:02:11,040
Speaker 1: here illegally, your next you will be fine nearly one

1249
01:02:11,120 --> 01:02:15,640
Speaker 1: thousand dollars a day, imprisoned and deported, you will never return.

1250
01:02:16,000 --> 01:02:18,960
Speaker 1: But if you register using our CBP home app and

1251
01:02:19,120 --> 01:02:22,400
Speaker 1: leave now, you could be allowed to return legally. Do

1252
01:02:22,560 --> 01:02:27,640
Speaker 1: what's right. Leave now. Under President Trump, America's laws, border

1253
01:02:27,880 --> 01:02:29,200
Speaker 1: and families.

1254
01:02:28,880 --> 01:02:29,680
Speaker 6: Will be protected.

1255
01:02:29,800 --> 01:02:31,920
Speaker 2: Sponsored by the United States Department of Homeland Security.