0:00
There are 99 days left in the year. 99 days.
There are 99 days left in the year. 99 days.
I almost feel like this 100 day left in the year is more important than the New Year's resolution.
I just encourage anyone, man, this it's the end of the year.
Use this last sprint and like treat it like an athlete does the fourth quarter of a game and really ask yourself like what do I want this year to be all about?
Have I have I kind of made my mark on the year?
And 99 days might sound like a short amount of time, but that's an eternity.
You can make so much happen in 99 days.
And I just encourage anyone to just hear that today and just ask yourself the question like, have I made my mark on this year yet?
And if not, let's you know, there's one sprint right here we can we can use.
>> I have two comments on that.
The first is I think the idea of quarters is so stupid.
Quarters should be months. Don't make it Q4.
Make it like M6 and then M7.
Like four weeks is a significantly better.
I've like the time that something takes is often dictated by like the increments that we measure them in. >> Yeah. >> Yeah. I can't stand that.
Like in Google calendars, it defaults to 30 minute increments.
I'm like, don't make it five minute increments.
>> Uh the second I I joke with a bunch of my Jewish friends, one of the reasons why they're so successful is the Jewish new year is in September.
So, Rash Rashahana, I can't even say it correctly.
Um, that was in September.
And so, I'm like, dude, you guys have like three months head start in terms of New Year's resolutions and like reflecting on your year.
And so, I was thinking about that where like I I've actually like that where you make New Year's resolutions like two months in advance.
And so, you got a two-month head start on everyone.
>> Well, there's a I think it's called Parkinson's law, which is like work expands to fill the time you give it.
It's like um it's like modeled after physics like a a gas will expand to fill whatever container it's in.
So if you shrink the container, the gas will be more compact.
If you have a bigger container, it'll spread out.
Your projects take the work the same way.
And so if you default to like you said Google calendar, if the default meeting is 30 minutes or an hour, guess what?
You'll find a way to talk for 30 minutes.
If you had moved that same meeting to 22 minutes, you would have got it all done in 22 minutes.
So yeah, I think take this 99 days and make it happen.
I I What where are you at with that?
Do you do you think this way?
Do you I know you're trying not to be the kind of ADD entrepreneur or the cortisol entrepreneur anymore that's like spiking in in stress.
>> Yeah, I'm trying to fight my natural instincts. >> Um how's that going? >> So it's it's good.
I think my theory is that you can't change your weaknesses or it's really hard to make your weaknesses a strength.
you can potentially neutralize it, but that's like the best case scenario.
And so instead, you do something where you just create a system where your weakness like can't really show itself.
So like, for example, if you don't work out, you're like, "Well, I'm never going to be selfotivated, but if I prepay for this trainer to show up at my home, like I'm still going to be lazy, but like they're going to I just have to do this. Like there's no choice."
So with me, I've got a CEO, my co-founder Joe, and so we have set it up to where we only talk mostly about personal stuff throughout the day, but there's only one day of the week where I can come and complain to him or suggest improvements for the business.
And that one day a week, it's only 45 minutes.
And I have to write it out in advance.
And so because of that, I'll like see something and get pissed off and I'll be like 6 days later when we talk about it, I'm like, I'm not actually that angry. Right?
And so like I'm a big fan of creating systems. So it's worked for me.
Uh do you have anything um major that you want to do over the next 90?
>> Um yeah, I want there's like one more event I want to create.
I've realized that as the world is so online, so digital, I think it's just put premiums on everything that's IRL.
So I want to create one more IRL event.
We have Hoop Group, which is our basketball event that we do once a year.
And I want to create a second.
And that thing's been like such a blessing, right?
It's like super fun, super fun to do.
Unbelievable crew of people that come to that thing and it's built this awesome network around something that I would just do for fun anyways.
And uh I want to do another one of those.
The problem with that one is it's so exclusive.
Like not only is everybody there like kind of like the top of the top like you know uh in terms of the their careers, but also you have to be like really into basketball which is fundamentally limiting for a lot of people.
They're just not that into basketball.
So I want to create another event that is not limited in that same way. >> Launch it or host it. >> Yeah.
It's going to happen before the end of the year. >> Okay.
>> And I don't even have the concept yet. So that's okay.
Um but you know how long does an idea take?
Like that's how long an idea takes, right?
How long does the decision take?
A decision takes that long too.
So you know I kind of people would would normally say oh that's not enough time.
If you ask any professional event planner they'd say that's not enough time.
Thankfully I'm not a professional event planner and I will make it happen in that amount of time.
>> I think the best way to become successful is to see how other people did it.
Whether you're going to copy them or just use it as inspiration because then now you know what's possible.
So starting at the age of 24, I did this relentlessly and I was very methodical about it and I created a spreadsheet where I tracked roughly 50 people who were uber successful and I looked at the year that they were born, the year that they started their apprenticeship and then the year that they started, the first thing that made them successful, finally the year that they broke through.
And I aggregated all this data along with the stories of what they did to be an apprentice and what they did to finally break through.
and I put it together in a database and HubSpot went and found this thing that I frankly even forgot about, but it did change my life and they resurfaced it.
They made it even better and they put it into a thing that you can download for free right now.
So, if you click the link in the description or click the QR code right here, you can see this database that I made when I was 24 and it changed my life.
And so, if you're looking to become successful or you're already successful and just want some more inspiration, check it out.
So, uh, for the listener, my last company was it was the hustle was a newsletter, but it started as an event.
And it was basically one event that I would host like basically when I needed money.
So, like every nine months like I would do it, use the money and go hang out for like two months and then like do it again.
I did that for like three events in a row and then it became a newsletter.
But the first event that I hosted, I'm going to try and get the dates correctly.
The event happened I think on July 1st.
I started working on it on May 15th, so it was roughly six weeks and so I sort of had first mover advantage and so I could kind of be crappy and it still be kind of interesting.
And uh I think I charged $300 and I think roughly 350 people came.
I I'll frame it differently.
I think what you did brilliantly was the name of it was HustleCon and the vibe of it was scrappy entrepreneurs, the real deal.
And the beauty of that was you didn't have to provide a polished luxurious thing because that was off-brand.
So, thank God I don't have any of that because that would be off brand anyways.
It's like uh I have a friend who who created Summit series, the big like event they do on like the mountain.
They bought they ended up the the event that where they ended up buying the mountain where they >> they bought a Summit. Yeah. >> Yeah.
And he said the best thing Burning Man ever did was create the ethos of like, hey, like it's a piece of dirt.
You create the town, you clean up the town.
It's like where there's no there's no there's no sign.
If we didn't have the right sign where the bathroom was, people would get upset.
>> Burning Man, they just changed the expectation where it's like, "Of course, we're not going to baby you.
>> You You set up your own tent. You survive.
You bring your own supplies.
You clean up everything."
And they he's like, he's like, "From an event planning perspective." Brilliant. >> Yeah. Um it's great.
Um and so I'll be eager to see how you pull this off.
It's definitely pull off aable.
It's just like a lot of pressure.
It is a very stressful period and it's sort of like running a marathon where leading up to it you're like this is kind of cool.
It gets closer and you're like I'm scared. This sucks. Never doing this again. The day happens.
You don't really remember a lot of it. It was a lot of work.
A week later you're like >> I can do this again and I can make it better.
You know, it's like giving birth and hosting and hosting an event and running a marathon or all >> hosting an allmale tech conference.
>> Those are the two similar similar events. Yeah.
I also think you know constraints are very very important.
So time constraint is one constraint.
You said money you know we do the events out of pocket.
We don't make any money off of them intentionally.
So well that's a little bit silly. Why why do you do that?
Well, because the constraint is what is an event that is so good that is so so fun, so valuable, so meaningful to us that we'd be willing to spend, you know, 150 to 250 grand to make it happen.
And that literally just eliminates like 99 options of what you might do if the goal was to try to make 100 grand or try to make 200 grand, make 300 grand, make a million dollars.
300 grand, make a million dollars. Um, and so the conra so using the constraint of what's an event so good I would paid I would pay to host it is what's led us to creating you know some very unique events so far and that's that's kind of what I want to do again I want to give you a little anecdote that I thought was
pretty interesting so there's this guy Joel Greenblat do you know who that is um he writes books on stock picking right >> yeah he's like one of the one of the best uh investors uh you know of all time so like like Warren Buffett he outperformed the market for decades using a strategy, but but you know, nonetheless outperformed and did really well. So, he goes to give a talk and he
So, he goes to give a talk and he puts in the front in this like in the front of of the auditorium, he's got this jar of jelly beans inside.
And so, he says, "Hey, I'm going to Anybody can come on up.
Come on up to the front, take a look at the jar, and I want you to write down an estimate. Don't show your friend.
Don't don't show your neighbor.
Write down an estimate for how many jar how many beans are in this jar on this piece of paper."
And he's like, "You could, you know, you can't open it, but you can do whatever you want.
Come up here and take a look."
So, everyone goes, they take a look.
Some people are counting the the beans in the row and then the height and kind of try to estimate it.
And so, um, he tallies up.
He gets all the the results.
And, um, the guesses are 1,771 beans.
>> That's the average of the guesses.
>> That's the average of all the guesses. Now, guess what?
That's only five off from the actual.
There's 1,776 beans in there.
the average of this group of a 100 people was incredibly close.
Um, but he doesn't tell them how close they were.
Then he goes around the room and he says, "Actually, you know what?
Let's make this a little little faster.
Um, why don't you just tell me how many you think are in this thing? Say it out loud."
So the first person says, "Uh, 850."
And so the next person who might have been thinking 2,000 was like, "Oh [ __ ] 2,000 maybe that's way off. Um, 1300."
And then the person who was thinking 1,700 like 850 and 1300 and they so they they all say their guesses out loud.
When they all said their guesses out loud, they went from being off by five to being 50% off.
The guess the average I think came down to like 900 or something like that.
So they were off by a mile now. Same people, same jar.
The only thing that changed was hearing what other people thought.
And he gave this example.
He goes, "This is the stock market."
For most of you, if you if you were able to independently think and analyze a business and try to come up with what you think the true value of that business is, you're smart people, you do pretty well.
But the reason smart people don't do well in the stock market is cuz they're listening to the news and Jim Kramer and the analyst reports and then they look at the ticker and it's going down. I guess it's bad. And it's going up.
Ah, I got to get in and so it's got to go higher, right?
and and they let everybody else influence their thinking as to what the business is actually worth and goes if I to if you remember one thing about how to be a great investor, it would be to look at the jar and write down the piece the number on the piece of paper and know that on average you will be much closer to the true value than if you just listen to what everybody is saying.
And he goes, now this is so difficult.
There's a reason Warren Buffett says you should buy lowcost index funds even though he doesn't.
And I say you should buy lowcost index funds even though I don't because it is so hard to do what I just told you.
>> So we had Joe Hudson on the other day.
>> So I consider myself to be a fairly easily influenced person.
Like I'll hear about Sam New House and I'm like that's awesome. I love that.
I'm easily excitable maybe is is a good word.
excitable maybe is is a good word. And so he said something that was interesting um where he was like um I forget exactly how he's phrased it but whatever the way he phrased it I went and started reading this book called untethered soul which is kind of a fine book it's only fine but there was like
one concept that I found was interesting so have you heard of transcendental meditation you basically uh sit down and instead of being quiet with your thoughts you're chanting and you're chanting something it doesn't even matter what you're saying but it's the rhythmic auditory thing almost drowns out the the thoughts in your head. I've I've done this before.
There's a Buddhist practice that's like this that I was once taken to I thought it was really pretty awesome.
Uh but I don't do it regularly. >> Yeah.
And and I've done it as well and I don't do it regularly anymore.
Uh but like there was one line from unt untethered soul where he talks about the guy who created TM transcendental meditation.
His name was his last name was Yogi.
Uh uh but he like tells the story where he's like basically like the most important key to have like a happy life is when you have these thoughts in your brain, you you should treat that that thing in your brain as a roommate.
And so if you were to have a roommate that said, "You totally screwed that up. You suck.
Like that was not good what you did.
You are never going to make up for like everyone has these like negative thinking.
You have to be like dude you are not me. You are my roommate."
And with this guy who created TM, he was like, you just have to ask yourself all the time.
For every thought, you have to ask, why am I thinking this?
And like I'll just I'll I'll hear it, but I'm not going to listen to it.
But I have to ask myself on a consistent basis, who am I?
And why am I thinking about this?
And what does this mean for me?
As opposed to just listening.
And just the act of asking yourself that is actually really important.
And that simple question oftentimes can have breakthroughs for self-enlightenment.
And so because I'm a very influenced person, I have to like read something and be like, why does this excite me?
Okay, but is this the is this actually who I am?
And like this constant like who am I? Is this who I am?
It's okay to like this person's story.
That doesn't mean I'm going to copy it.
Um like this this like constant inner dialogue because I've been asking myself, how do you become less influenced by people who aren't aligned with what you your life's calling or like your mission is?
And so when it comes to like this mimedic discussion of like how do you not let this person influence you, I'm just trying to look for exercises on how to actually combat that because it is incredibly hard. >> Yeah.
Although you're talking about the and you're saying you're taking it to the extreme.
You're like even the voice in my head.
Don't let that don't let that necessarily influence me cuz that thing is a you know monkey throwing feces all over the room.
You know, it's like it's not necessarily the most reliable aligned source for me. >> Like it is not you. It is just a roommate.
>> I love the roommate thing.
I love the roommate thing. That's great.
Have I told you about my five five voices in the head theory? >> No.
Is one of them telling you to kill cuz we should talk about that.
>> So, I I believe that people It's not one roommate.
I think there's this five voices in the head.
And once you know that that these uh these parts of you exist, you'll start to recognize them because they'll pop up.
It's kind of like the movie Inside Out. if you've ever seen it.
And inside the girl's head, there's like she they do it with emotions.
There's like the red angry guy, there's the blue sad girl, there's the fearful one, and then there's the grossed out one.
So the Inside Out showed this in a movie with emotions, but I think there's a similar thing going on with voices in your head. Who are the five?
The first one is the critic.
And the critic is like David Gogggins in your head.
You're never enough for him.
You did you did 100 push-ups.
You should have done 200.
You could have done more, you [ __ ] And he's there for a reason.
He serves you, keeps you honest, prevents you from getting high on your own supply.
There's a reason that he gets to have a room.
But god darn it, if you listen to that guy too often, you know, life life doesn't end up very well for you.
Then you have uh another voice, and I call this the voice of the mother.
And the voice of the mother is a more caring voice, but it's also the one that's protective.
It's trying to, you know, it's slicing your grapes for you even when you're 19 years old.
It doesn't want you to get hurt.
and wants you to live a nice safe life and be protected and wants everything to go well for you.
And that's great, too, because it's nice to be protected.
It's nice to to be to play it safe and you don't want to take too much risk, but at the same time, the dose makes the poison.
Too much of that can also ruin your life because you'll play it too safe.
And you go on and you go you go forth.
And so there's these different voices.
I could go through all of them, but like that that's the idea is that there's these five different voices.
And then at the end of it, if you're able to hush up all these voices and get them to go back to their room for a little bit, the thing that's left, that's you. The last voice is you. That's the self.
And the problem is we're so it's so noisy in there because these other voices are constantly chirping that it's hard to hear what you truly what you truly think, what you truly want because it sounds so easy.
Well, you should just do what you want.
Most people don't even know.
So, why do we do things like meditation? Why does sleep help? Why do we do therapy?
Because you're trying to get these other voices to just shut the up for a minute.
So, you can actually just figure out what you want and then go do that.
It's pretty easy once you get there.
>> Have you ever described anything to uh AI and you like describe this like really like interesting thought?
You're like, I think I just came up with this cool idea.
And they're like, yeah, dude, that's called the theory of relativity.
And you're like, so I'm as smart as Albert.
We both we invented this concurrently.
Um >> well, is it is this a thing?
Is this a thing that exists? >> Yeah.
Well, there's this great book called The Six Thinking Hats.
I found this to be a very productive book. >> Edward Deono.
>> Uh I believe is that I'm looking it up. Who?
I think that might be him. Uh yeah. Yeah, you're right.
>> The lateral thinking guy. Yeah.
>> The lateral thinking guy. Yeah. And it's like basically like often times at work or like um when you're working on a project like typically there's always the guy who like defaults to like that can't work because right and I remember reading that and I'm like how or thinking about that I'm like how do I change this guy or change myself and so there's the six hats of thinking and one of them's like the guy the white hat is
focus on facts the yellow hat is be optimistic the black hat be devil's advocate whatever and there's like six hats and like when you're having a discussion you're like okay I hear what you're saying can you go ahead and like tell me like if you were an optimist what would you say about this idea and like you it just it creates a significantly better conversation where you're like okay listen to this voice I
hear you are you you're being this person that might be who you are I need you to pretend that you're uh an optimist person and like tell me like >> uh or like okay you're this creative like we used to have creative people at
uh at the hustle and it's like okay you're saying this crazy idea I need you to be a manager right now think through a manager's perspective and tell me how this makes profit so I can continue paying everyone's salary and it's like okay
let's think through that lens and it starts like actually changing the conversation meaningfully so what you've described is a little bit similar to what one of my favorite business authors of all time has described so congratulations you are now >> my favorite business author yeah all right sweet that's a win for me by the way I like doing this the the physical version of this so I actually have like two two hats that I use. So
So when I was I told you I was studying the creative >> Did you literally put your hat on? >> Yeah.
So I I I was studying the creative process and and one of the biggest things in the creative process is that you need what Jerry Seinfeld calls two minds.
The two minds of a creator and the first mind is this uh childlike mind.
So you know when you want to sit down and create, you're sitting in front of a blank page.
The reason people have writer's block, the reason people struggle to to to create daily is because you're afraid.
You're afraid of failure.
You're afraid of looking bad. you're afraid of.
You want so badly to be great that you're not willing to do something bad, to not put something bad down on the page.
So, you put nothing down at all as a self-protective mechanism.
So, he talks about how you need the childlike mine at the beginning who's just going to grab a crayon and just scribble and and then you and you almost want to have this attitude towards that that version of you that's like, "Oh my god, sweetie, that's amazing.
Can I hang that up on the fridge?"
And like you need to nurture that like that energy because it's what's going to get you going, right?
It's going to get you to put things on the page and then you you'll eventually figure out how to make it good. Good comes later. Don't worry about that.
>> So, you need this childlike mine.
He's like, and then what happens is about 4 hours later when you come back and you you now have a bunch of scribble on the page, you have to completely change into a ruthless [ __ ] And you now this is the editor and the editor is basically saying, "No, no, no, less of this. Trim the fat. Too many words. Too many syllables. Cut down. Rearrange this."
And you you got to be able to do both.
you know, somebody who can only do the free play and never edits, never has any kind of like discernment or taste or judgment, um, doesn't work.
But if you bring the judgment into the room early on in the brainstorm, you're not going to have a very good brainstorm.
And so we created these two hats literally like Diego got them made for us, which was like, uh, it says Rick mode, which is like Rick Rubin.
So it's like Rick mode when it's like, dude, we're just messing around.
We're playing, we're just we trust ourselves. And you're Rick mode.
And then we have prick mode.
and you put on the prick mode hat, it goes the other way. It's a different color.
And if you were if we were in prick mode, then it's like, well, that's who I'm supposed to be right now, so let me go ahead and do that.
And I I at first I felt kind of silly and then I started noticing there's a lot of examples of great people who do this.
So Warren Buffett has a a actual thing on his desk called the two hard pile cuz his investing philosophy is that look, you can't have a great opinion on a hundred straight stocks or investment opportunities.
stocks or investment opportunities. is like you should be able to pretty quickly figure out the five that are very interesting probably like you know good good no-brainer things to do the five that are absolutely terrible duds stay away red red red flags everywhere but then 90% it's too hard to judge it's too close to call can't tell and so he literally creates the two hard pile on
his desk so that he can put things in there just mentally say look I I don't have to come to an answer it's just in the too hard pile I don't need to worry about it >> um there was a guy Zack Dell so the son of Michael Dell from Dell Computers and Zack Dell's got this really interesting company called Base Power now and he was on a podcast and he was saying he's like I have two notebooks. So he's like so I
So he's like so I got the I forgot what it was like the red notebook and the blue notebook and I think you will like this because this is every business like CEO business owner has this.
He goes the red notebook is working in the business.
So if I have an idea of what we should, you know, what we should do, what we should change this, you know, this customer thing, and then the blue is working on the business, which is, oh, you know, this person's not in the right role or we need to hire somebody for this or, you know, we need to we need to get an office.
We need to rearrange our office space so these two groups are sitting closer to each other so that they're going to have better chemistry.
And so in the business and on the business and he's like, I have two separate notebooks so I know which one I'm doing when and I know if I'm spending too much time in the business, it's like I'm all over the red notebook. Is that Is that it?
Do you have the same thing? >> Two notebooks, baby.
>> Can we just admire the showmanship?
Can I just do that again? Instant replay.
Sam picks up the notebook, shows it like that where it looks like one thick notebook, turns, fans it out. Two notebooks.
>> Yeah, I have got two notebooks.
Um, I actually have a third. Hang on.
>> But wait, there's more. The ultimate showman. Hey, Zach. Suck on this.
>> In the business, on the business, and out of business.
>> Well, one is like this is like um >> uh it's like the five day fiveear journal that I write where it's like here's how I feel today, like right now.
The next one is like content ideas, like just random ideas.
And then the next one is like here's what I actually have to do and like I need to like work through the actual problem.
>> What's your system for this?
Um, so this one I I do almost religiously every day.
So this is the five-year journal.
So every day I write like here's what I here's what I did today.
Here's something to be grateful for.
>> So this is like 5 10 minutes in the morning. What do you do? >> No, 3 minutes.
So it could be like uh >> uh today I I read about Aristotle and I loved it for these reasons and I need to be reminded to do X like Aristotle.
Or it could be like today I went to San Francisco. It was amazing.
um we brought um help with us and it made the trip so much easier.
So it could be like just like just it just like I'll look back at a year like ah that's a good reminder.
Uh the next one this one uh will be more like uh like you know like um let's say I'm reading a book and I'll like have like an interesting idea related to that book.
So I just need to get on paper.
And then the next one is like here's what I have to do today.
Uh, and like it's mostly checklists, but I'll like kind of brainstorm solutions to the problem.
>> So, your boys got books.
Um, and by the way, that's like a a consistent thing I've noticed amongst creators that I like is that they I think the easiest way to say it is they write drunk, edit sober. >> Yeah.
>> Um, so I've noticed that consistently, but then you have stories like Eminem, his the famous story where he walked in with Dr.
with Dr. Dre and like Dre plays the first beat and then within 5 seconds he goes hi my name is like you're like okay so like it definitely could just happen but typically the people who are systematically great including Eminem like people I've seen um I think Anderson Cooper did a thing a story on
Eminem where they're like dude he writes like crazy like I've never seen someone write down so much stuff and another thing that they would say about him and Eminem when he was younger came off as this like party guy maybe he was but they're like he's at the studio at 9:00 a.m. and he goes home at 4. Like it's m. and he goes home at 4.
Like it's it's a work day.
And like I notice that there's way more systematic ways to being creative than there is examples of epiphies, >> right?
Well, the the analogy I would use cuz I think it's yeah, both.
Like I think yeah, you have those moments where um the song comes on, the beat comes on and he starts doing Hi, My name is or that you hear this a lot where somebody it's like in 24 hours they wrote both of the hit songs that define their careers in one day.
in one day. all it took was one day and it's like no all it took was every day for their whole life and then they had that day and and the analogy I use is you know >> you have a 2% conversion rate and the conversions just came like in number 98 and >> 99 yeah well the the analogy I use is imagine your brain as this like old
mansion old mansion on a hill and you go to you inherited it you find out you inherited this gift from your you know your great-grandfather you didn't even know you had it but it was yours and so you go you walk in like wow this thing's amazing it's in terrible shape cobweb is everywhere, but this thing's going to be amazing. And you decide, you go to the
And you decide, you go to the restroom, you go to the bathroom, and you see this like wonderful this old tub, this amazing tub, and you're like, "Man, this is this is crazy.
I've never had a bath like this.
I I'm going to turn it on."
You turn the water on, and of course, right when you turn the water on, it's creaky. Takes a second.
It sputters, and then out comes brown, muddy water, like the most disgust. And you're you flinch. You're like horrified.
You're like, "Oh, disgusting." You turn it off.
This is this is the you know the first thing you write when you sit down to write.
The first thing you you say if I said hey freestyle right now it's what would come out.
You'd be horrified at your own disgust.
It's your own like your own output is going to be it's going to disgust you.
But you you know what do you do?
So most people just turn the water off and say oo never again.
That bathtub has it's nasty. Don't go in there.
Um but a few people are like they leave the water running.
And sure enough it's brown. It's brown. It's brown. It's brown. It's brown.
And then eventually it starts little spurts of clear come out and eventually the water starts running clear.
And I think what happens in that example where Eminem goes in and freestyles is that he's had the water running and he's running clear.
>> And so you know when the when the moment comes, he's able to perform.
He's able to come up with an idea.
He's able to have a good idea because that it's warmed up.
The whole system is warmed up.
The muddy water is gone because he's got putting in the daily reps, you know, along the way.
And so I think that's a lot of how this works.
And uh you know I feel that way about this podcast.
Like let's say we didn't do this podcast for three months.
One might think that oh we're going to be we're going to have so much saved up material.
We're going to be awesome.
It's going to be so much better.
>> And then as you know >> it would be way worse. It would be terrible.
This podcast gets better the more often we do it.
Obviously there's some limits to that.
Like if I did it again in two hours, like maybe I'd be out of I need a little fresh feed stocks, a little inspiration, a little fresh air in between.
>> You got to get warmed up.
>> But by and large, the more you keep the water running, the better your the you know, the clearer it eventually starts to run.
And it's when you stop using it for a while that you know, it's like there's this flywheel where the more it generates, the better it generates.
And the less it generates, the worse it generates.
>> There's a story about Tupac Shakur who uh died when he was only 25.
And so he was very prolific for a very short amount of time.
And there's a story he goes to he went to prison for uh doing some bad stuff and he's there for like 9 months and someone was like well it must have been like you know let's find the icing of the cake like at least you had like a lot of solitude so you could like write he goes I can't write in here it's the worst like a there's like very little inspiration and b like I can't get it out.
He would write way better when he was like a machine gun in the studio like just go go go.
All right we did that one.
All right let's try another one.
Can I tell you an interesting story?
And this is sort of related to like someone who followed none of the rules that people default to.
And I think it's really interesting and I think it's going to interest you because A, it's an obscure billionaire who I'm sure you've never heard of, but you know their work and B, it's a family dynasty business which I think you're tiptoeing into like your interests. >> I'm tantalized. >> Okay.
Have you ever heard of Advanced Publishing? >> No.
But you said I know their product. What's the product?
Well, the most popular ones, but not necessarily the most profitable are Iron Man, GQ Magazine, Reddit, Charter Communications, Warner Bros. , Discovery.
Some smaller ones that you probably like is the or you've heard of American City Business Journals, Turnitin. com.
They just bought a mountain biking event, Vanity Fair, GQ, Vogue, >> Reddit.
Reddit's Reddit's a public stock.
What do you What do you mean they own Reddit?
>> They owned Reddit before it was public. So, I can I'll tell you.
and and they still own I think they own 30% of it still.
But I'll tell you the story.
So there's this guy named Sam New House.
Sam New House was born I think in like 1895.
He's born into this like Jewish family. He's like 5'2. He's like a little guy. He's tiny.
And he his father gets sick, gets really bad asthma.
And so his he can't work.
And so he's got like four other siblings.
And he's like at the age of 13 and 14, the mom is like, "Hey dude, you're the man of the house.
You got to you got to drop out of school and help me pay the bills."
And so he does like a mail-in order course, basically the equivalent of an online course in bookkeeping.
And he convinces this local uh business person to give him a job.
He's like, "I'll do your bookkeeping."
So he does his bookkeeping starting at the age of 15.
By 16, a year later, the business guy who owns a very small local newspaper, and he's like, "Hey, I have this newspaper that I own.
It doesn't really make a lot of money, and it made like the equivalent of like $800,000 a year in revenue today."
He's like, "Can you just like keep an eye on this?
you seem very trustworthy, you know numbers.
Figure out how to make this work.
Within six or seven months, he turns it around and start making money.
And he's at this point 17.
And the guy's like, "Dude, good job.
Here, I'll give you uh a percentage of the profits now and I'll also give you a little bit of ownership."
And Sam New House is like, "I like this.
I think I'm pretty good at it."
So, he does it for a couple more years and then after about 3 years, he convinces um a bunch of family members to all pitch in and loan him money and he buys his first newspaper.
It was called Satin Island Advance, which is why the company today is still called Advance Publishing.
And so his whole shtick is basically he bought this newspaper and he goes into it with a few things in mind.
The first thing he's like, "Look, we're just here to sell ads.
Let's let's keep it real.
The the the content that we create, we can make it as good as we possibly can within our constraints, but like we need to make a profit."
And so he's very very very good at selling ads and he's very good at keeping cost controls down.
And for the next I think 60 years he buys a new newspaper every three years and it slowly accumulates roughly 15 to 20% per year in revenue growth and he grows and he grows and he grows and he grows and by the time it's like 1980 he has one of the largest privatelyowned companies in America and he's doing like well today Advanced Publishing does like 8 billion a year in revenue.
Back then it was doing like a billion in revenue.
But what's interesting is this little guy named Sam New House, he never had an office.
He worked out of a briefcase.
All he had was a briefcase.
Most of the deals that he did was handshake agreements. He had zero partners.
He had zero executive management team.
And by the time the company was doing a billion in revenue, it was literally just him, like just him making these decisions.
And and he would in he would hire a publisher of which is basically a GM or like a CEO of a newspaper.
And he would go to each one each week and be like, "Hey, what's going on, man? How's everything going?"
He was very polite though.
>> He was the headquarters just driving around.
>> He and he would drive from thing to thing to thing.
And he kept doing this and doing this and doing this.
And then after a while, when he's like close to 60 and 70 and 80 years old, he starts getting his sons involved.
And they've now created this like dynasty.
And it was his sons who was like, "Okay, our dad bought all these like kind of low prestige local newspapers where like they pretty much just exist to buy ads."
Basically, the way that he thought about it, he was like, his whole thing was like, "How much profit can I make in 10 years off of this particular newspaper?"
That's how he would value things.
So, he was like, "Okay, I can make $8 million in profit over the next 10 years off this newspaper.
I have no problem buying it for $4 million."
which is like I think at the time that like he would buy them for six to eight times uh annual earnings cuz he was like I'm looking for 10 years at a time. That's how I measure it.
And he kept going and then eventually his kids were like okay dad built like a cool company but like it's not like well regarded.
We want to do something great.
And so they buy the New Yorker which was at the time very prominent magazine.
They buy this little thing called Kai Nast.
And Kanye Nass was a series of uh magazines including Vanity Fair, Vogue, and all this other stuff uh like GQ.
And they were like, we're going to make this like we're going to make our family great.
And so they come up with this idea of Vanity Fair, which is hard to describe now because it's not as relevant, but they were like, we're going to hire these amazing uh editors.
And that's where they get this woman named Anna Winter, who if you've seen like The Devil Wears Prada, that's her.
And their whole shtick was we're going to give the hire these amazing editors and we're going to give them like do whatever you want as long as it like makes some profit. Do whatever you want. We don't care.
And that's what they were famous for.
And so they've had a bunch of editors of these really awesome magazines for like three or four decades.
I think she's been doing it for like 30 years.
And then come the dot era, they were like, "Okay, we've got to figure this out. What do we do?"
And so they buy Reddit for $10 million and they hold on to it and it grows and it grows and it grows and eventually they spit it out and do its own thing and so their $10 million investment into Reddit is worth I think now like between $2 and3 billion. >> Yeah, that's wild.
>> They've like done this over and over and over again.
They're still a privately held company.
I believe his name is Steven New House who must be the great the grandson of the founder.
He recently bought Iron Man, the triathlon series.
They've bought uh they just bought a mountain biking uh event. They um own Turnitin.
com, but I think they recently bought that for over a billion dollars.
Uh they own 4% of Warner Brothers, which owns HBO, CNN, Discovery Channel, all this other stuff.
Uh they own 14% of Charter Communications.
And so it's just this big like playground where they like buy these really cool things and they own them forever. >> This is fascinating.
what what's something you're going to, you know, you're like, I can steal from this playbook.
>> So, something that he did that I believe Warren Buffett did, um, when you're buying multiple businesses, something that you tell yourself that's cool is to consolidate the back end, the back office. It's counterintuitive.
That is not the way to do it.
Every entity should be its own thing that's uh can run itself and is completely independent.
that is the best way to make sure that they can move fast and act on what's good for their local business as opposed to having like some HR or sorry some HQ that's helping make decisions.
Another thing is I need to be reminded of this all the time.
I think everyone does is how if you know what business you're in, even if it's not sexy and you're able to stick with it for a long time and you are what you are and you know what you are, it can really work a lot better than pretending to be something else.
for example, he knew he was like, "Guys, ads are first." Okay?
So, if we hire journalists, that's fine.
Uh that are great journalists, but you have to like stick within this playbook.
We aren't going to like appeal to like be sexy.
It was his kids who got into that cuz they wanted to be that, but he was like, "No, this is what we're doing.
This is the mission, and we're going to do it over and over and over and over again."
Like you and I will like talk about this podcast often times, and we're like, this is a fake example, but we're like, "Should we talk about politics?"
And like one could say like yeah we should it'll get more popular.
We'll get it's like or we just stick to what we know and like enjoy our niche and just be kings of that small niche. Do you know what I mean? >> Yeah. So that's a big takeway.
>> Very tempting to um I wouldn't even say tempting.
I think it is interesting when people don't really understand the business that they're in.
business that they're in. And um that can be from a a customer point of view like why like you know for example why do people listen to this podcast just to just to use a personal example right it's like if you can't really understand why somebody's listening what are the odds you're going to be fulfilling that you know at the highest level that
you're going to be delivering to the person the reason they came the job to be done for why they're here right because on one level you could say for this podcast well they're listening for business ideas because you would say well often we talk about different business ideas or opportunities and certainly it's for somebody who's looking for their next business. So then
So then we should go market this as a great podcast for somebody who's looking for their next business.
And if you did that, it would be a shockingly small number of people and a small percentage of our actual audience because what our actual audience likes to do is be entertained by the talk of business, right?
Like I like to hear about business ideas that I have no plan on ever going and doing. It sounds irrational. Why would you do that?
Why waste the mind space there?
And it's like, well, because it tickles some part of my brain to hear people brainstorming about an idea or teaching me about an idea that I never am going to do.
And or I hear about a business that's completely different than mine, but I'm fascinated by it.
I take inspiration from it.
And I for some reason hearing about this dude's old newspaper business and how he was a traveling you know traveling in his car checking on each each HQ and how he took a simple idea seriously and he stuck with it for you know hundred years it made me reinforce what I'm doing over here in the restaurant business what I'm doing over here in the oil business or whatever other business you're in.
And so we have to understand that for us it's inspiring stories.
So stories of people doing badass things to make it so that you go do badass things in your business.
And secondly, people who are just business junkies, they just like to know. They like to hear.
They like to the fantasy football of the whole thing.
They don't have to go plan to actually go do that thing.
And once you understand that, you might like run your product or run your business a little bit differently. >> Yeah.
Like a good example of what not to do is do you remember Jaguar had like a rebrand like two years ago? >> Oh yeah.
Everyone hated it, right? What were they doing? >> Yeah.
So basically like Jaguar they're historically I think they were like it's a British company and it was like a cool guy car like uh James Bond would drive a jet. Yeah.
It was like a cool guy like a like a man's man kind of thing.
And I think they drifted a little bit away from that but that's like the heart of it.
And so they they they were trying to figure out they're like look we kind of been like this middleman car company for the last 15 20 years.
We got to get back to our roots.
And they go and do this rebrand.
And somehow when they did it, they had like their spokesperson was like an androgynous woman, which isn't exactly in line with a some a manly man who loves to smell gasoline.
It sort of seemed like like a little like it was like related to the LGBTQ thing, which is like fine, but that's not exactly the Jaguar customer or like the reason why people turn to Jaguar.
And when they did that, all the customers were like, "What is this?
This doesn't speak to us."
And so it was like the exact opposite of what you should do.
>> Well, right now Nike is in the news for the same thing.
Nike stock is down 90 what is it down 80% 90% something like that from its peak.
Um I don't know if you've been following this, but >> yeah.
What's the What's the gist of it? I know it's down.
>> Peak was 170 and it's currently at 36.
So Nike stock has fallen dramatically.
It's now a $53 billion market cap.
>> And just to put that in perspective, they do 46 billion in revenue.
So they're trading almost at one times their revenue >> like a shitty DDC brand, right? Yeah.
>> And there's lots of reasons people can attribute to this.
One of the popular reasons, I don't know if this is the full reason, right?
full reason, right? I think there was some business model things they did, but one of the popular kind of complaints or cons things that people say is like look Nike the brand the premium you were getting was because you had this incredible brand and it was worldwide recognized and respected brand and
athletes everywhere wanted to be a part of and it used to Nike used to celebrate greatness you know famously they would never show the shoe they would talk about the athlete and the athlete being great the athlete pushing through the athlete achieving what others said was impossible and they just so happened to be be wearing Nikes. And the implication
And the implication is if you want to be great, Nike stood for greatness, stood for for excellence.
And if you wanted to be great, if you wanted to be truly excellent, then you should wear Nike. And it drifted.
And so like they started having like all these like body positives.
So it's like, all right, there's a fat person wearing Nike. Great.
Like, you know, there's a you know, there's a this person who's not not great wearing wearing Nike, not great at their sport.
And it's like, well, nobody wants to bribe the brand of of non-exellent athletic performance for an athletic shoe.
And uh you could see how a large corporation could drift and could lose lose that.
Then they're going to have now they're going to have their back to their roots moment where they're going to trim the product lines and they're going to go back to their roots.
They're going to overpay some athlete to to go back and they're going to have this new campaign.
They're going to fire their ad agency and hire a new ad agency.
They're going to get back to their roots.
Think of all the athletes.
They're like, "I could be Nike's next mistake.
Let's like I have to get in.
I have to get in before they realize how dumb this is."
>> And so, yeah, like I shouldn't have a chance at being on the Nike billboard, right?
Like, that should be impossible.
>> Can I wrap up here with a um a segment that I want to call I created a monster slash how to turn [ __ ] into gold?
This is brought to you by Jiffy Lube.
>> Yeah, I feel like every segment needs a sponsor, even a fictitious one.
>> Yeah, this is this is called uh I created a monster/h how to turn [ __ ] into gold.
So u and it's we're this is like a positive episode, so this is perfect.
So a few months ago, I I kind of alluded to it, but I didn't want to like say it.
My sister-in-law got breast cancer recently, and which sucks because she's pregnant.
She's due uh in October and she got cancer like the same so the same day Ben called me, she called me uh she called uh my wife and she was like, "Okay, this is horrible.
I'm pregnant and I have cancer.
How could I make this awesome?"
And so she got inspired and I guess got inspired by me because everything that was taking way too much credit, but uh but it runs in the family.
pulled you over for a speeding violation there on that sentence. But go ahead.
You citation back on the road.
>> Yeah, I'm the pregnant one with cancer, but you are the hero, Sam.
Uh, but I guess what I'm saying like, you know, as you know, being a creator, you get a lot of free stuff and I think everyone's like, I want that.
I want I want a free mattress.
And so she started making Tik Toks about being pregnant and having cancer.
And she's like doing amazing where like the video I don't like watching is like when she finally shaves her head, it always makes me cry.
But then there's like her working out and doing stuff and like she's like basically starts off every video. I'm 30 years old.
I'm pregnant and I have cancer and like here's my workout today.
And she now is on TikTok.
She's getting like tens of thousands of views on a bunch of videos.
I think she's doing like a video a day.
But I just thought this was really awesome.
I thought this was really really really cool and admirable what she's doing because getting cancer and being pregnant that's literally like one of the worst lots that can be drawn ever.
Uh but she and and I like to tease her because I'm like the shitty thing about both of those things your shtick is that ideally they're going to end.
You're going to have a baby and the cancer is going to go away.
So you better get everything out of this you know while you can.
But I think it's pretty cool and I thought you'd get a kick out of this uh what she's doing.
>> I do I I am getting a kick out of I think this is awesome.
I'm going to watch some of these videos after this.
Um, I do have a suggestion now that she's taking suggestions. I do have a suggestion.
>> Well, she's in the arena now.
>> Well, kind of like you said, like, you know, the the uh that initial hook is like obviously like a p a shock, right?
Like I'm 30 years old, I'm pregnant, and I have cancer.
>> By the way, let me let me give her a shout out. It's uh Sid Glander.
Her first name is Sydney. >> Yeah.
Her first name is Sydney, last name Glander. G L A N D E R. Okay, go ahead.
>> Yeah, everyone, let's go follow her.
Um, I think she should tweak a little bit.
Maybe try >> I'm 30 years old.
I'm, you know, I'm a expecting mom and future cancer survivor.
Cuz I think the words >> matter, the label you put on yourself, the identity, especially as a content creator, you there's this weird thing where the more public you are about an identity, the harder it is to ever switch it.
And this is one she would want to switch.
not having it, but surviving it, you know, like conquering it, you beating it.
And so that's my that's my my only suggestion is uh is consider consider that.
>> Yeah, I actually think that's great advice. She's been texting me.
She's like, Kettle and Fire reached out to me.
They're offering to send me free bone broth.
And it's like, I made it.
Like every influencer has this moment.
It's sort of like making your first dollar.
The first time a brand reaches out to you and offers like product, you're like, I did it.
And so I think it's really cool that she's she's done.
I got um I got a huge box of Chomps from Pete from Chomps at my door and like all the kids on my uh my son's soccer team just thought like they don't know what a podcast is.
They actively don't want to watch this.
But the fact that Chomps sends me free Chomps, they were like, "This is unbelievable."
Cuz I don't know if you know this, but kids kids freaking love Chomps. Chopsticks.
>> Dude, Pete from Chomps, DM me. I want some Chomps.
That's like one of the few things I would gladly accept.
It's like a lifetime supply of chomps that I have at the front door right now. >> Is it really?
>> Can I tell you a can I tell you a fun uh a funny uh just like this is the uh the tales from the house episode?
So, I don't I don't know about you.
>> Is this sponsored by >> this is No, I need like a like a like a insurance home insurance company maybe like >> Geico or something like that for this one.
So, it was unrelated to the to to business or anything like that, but I don't know if you if you're if you guys are like this, but does uh does Sarah like panic when guests are coming over?
>> She seems cool as a cucumber.
If anybody's ever cool as a cucumber, literally cool as a cucumber.
Maybe you're the one who would be who'd be panicking.
But my wife, >> she's pretty pretty stoic, but I do I do empathize with that.
Like when you clean before the cleaning lady comes. >> Yeah.
So, this is like the extreme version of that where my wife like we have the Tesla Model X, which is awesome, but the she hates the doors.
And I was like, "Oh, well, look, it's so convenient to get it out."
She's like, "No, everyone can see in our car at school drop off.
Like, I open up the kimono every time.
Everyone sees every goldfish that's on the ground."
I'm like, "They don't see your care."
She's like, "No, like park over there farther away so nobody will see when we open our trunk."
So, anyways, we're cleaning out the house.
We're getting rid of some toys.
And so, my she doesn't want to get she doesn't want to waste it.
So, she posts on her IG like, "Hey, does anyone want to take these toys?
Like, pick up these toys."
Um, and um her friend who's a kindergarten teacher is like, "Oh, perfect.
I'll take them for the classroom.
And she's like, "Oh, great. Okay, great.
I'm so glad these are going to a good place." Awesome.
She puts it like as like up front, like right by the door.
Just come grab them and go.
And so 5 minutes before she picked it up, she pick it up.
She's like, "Hey, we're on our way."
And then my wife's like, "Who's we? Oh no, who's coming?"
And she's like, "Yeah, it's me, husband, all the kids.
We're just going to come over for real quick.
We're just going to do this."
And so we're in emergency clean mode.
She's cleaning downstairs.
She starts going upstairs and I'm like like nobody's going to go upstairs. Like don't worry.
Like this is like comical.
Nobody's going to go nobody's going to see that room.
Don't even worry about it.
Yeah, if you want to pick up some stuff here that's fine, but like don't worry.
>> Have you ever seen those videos where like uh people get pulled over by the police and they want to prove a point and they barely roll their window down >> and they just like I don't answer questions.
That's like basically >> that's what she was trying to do.
Yeah, >> she wanted to like crack the thing open and like do like an exchange through the like slot like a prisoner in like a like solitary confinement.
>> Um anyways, they come over, kids are playing around the house.
It's time to go and um and they're like, "Oh."
And they're cuz they're like calling his name, the kid their kid's name, and they're like, "Ah, he's doing that thing again." And we're like, "What?"
And they they're like, "He always does this.
We go to someone's house and he just goes and finds a random room in their house that just hides there."
And we're like, "Oh, that's funny. He's so silly.
And they're like, "No, it's not funny cuz he won't come out.
Like he'll go an hour, two hours, like you you won't find him."
>> And then we're like, "Oh."
And then my wife starts to She's like, "Let me go upstairs and just see real quick."
And they're like, "No, no, no. You don't know this kid. I know how he thinks.
We will go send a search party up and find him." So they go upstairs.
Dude, your wife's like, "Belly."
And by the way, >> exactly.
By the way, the husband is a real estate agent, so he's like, you know, just finally attuned.
just paying attention to home. >> Scoping the sitch.
>> He scopes the joint out.
And so he he's going room to room.
>> And my wife's just following him, making excuses in each room like we we haven't had a chance yet to clean that up.
We're actually we're moving.
That's why this is like this.
And like I don't know who did that.
Somebody came here did that.
And so she's just making excuses while he's opening up every closet, every drawer, looking under the beds, like everywhere you would never think anyone would go. Linen closet. What's in there?
And so cuz he might be anywhere.
And finally in the last room finds him inside of a closet and um like they're coming down the stairs and like you know I feel like my wife just saw a dead body and like I think it might be hers that she saw on the way out and she we didn't talk for like 15 minutes after they left.
It was just like stylist and she just processed like her worst nightmare like playing out.
>> But you know like the med the the stoic thing where you like visualize your worst fear. >> Yeah.
She lived it and I feel like she came out a better person now that like she survived her her worst nightmare.
So, I thought I'd share that with you.
>> Does she know that you're going to talk about it? >> No, no, no.
So, she gets to relive it now.
Thankfully, she's never listened to an episode of the podcast. So, we're safe.
This is a safe space here.
>> We used to have this uh email that would get sent to on the hustle.
It was we called it the zombie email.
So, emails who have never opened the email ever before uh to like re-engage them.
And it was like, "Hey, I'm sending you this email because according to our records, you've never opened an email."
which gives me an opportunity right now to explain some of my deepest darkest secrets because no one's reading this.
So when I was 12, I open mouth kissed a cousin once.
Uh not only not only can I not see why George Clooney is attractive to women, I too think he's incredibly attractive and I would uh like we would like say all these like crazy stuff and it was like a huge hit.
Like the few people that would actually open it, we would totally get them back on the hook.
>> Just when they thought they were out, you want them back, dude.
That's your That's so funny.
>> This is your zombie newsletter.
>> This was a pod full of laughs, full of goodness. Congratulations. We did it. And that's it. That's the pod.