0:00
All right, can we talk about the stock market going down because I had to yell at a bunch of people.
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0:14
So basically the markets dropped what?
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5% this week and in our little circle jerk world it felt like the world was ending.
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So there I guess the Dow had its worst day in 2 years.
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S&P 500 is down about 5% so far this week as of time of recording and I think the tech stocks did a bit worse.
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So Nvidia's down 12%, Google, you know, whatever a couple of the tech stocks which is more maybe where our where we are we are at in a bubble did worse.
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They gave back a lot of the gains that they've been having so far this year.
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And so it it was a bad day for the markets and by the way, I wake up I wake up and I think some people on the East Coast, you're on the East Coast, a couple people in the group chat on the East Coast and they either says one of two things.
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It says the world is ending with four five likes on it in our group chat or it says we're going to Valhalla boys.
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And it has four five likes on it every morning.
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And I really I don't even check the market.
1:07
I just look at that text and I know directionally is the arrow up or down.
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But it kind of gets to you that that that way of thinking. me.
1:15
I had to yell at my partner Joe because he just calls me, "Are you freaking out about this?"
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I'm like, "Freaking out about what?"
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He's like, "The markets are just going down like crazy.
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Like should we sell everything? Like what do we do?"
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Like my reaction was just like, "This is expected.
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Like if you if you just buy index funds like I do, like there are ups and downs, but in general over 5, 10, 20 year periods, you're expected to to to go up and down."
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And he just like freaked and I it made me angry.
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Like it made me angry cuz I was like, "I wasn't stressing, but now I am and this is not healthy."
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And that's what happened.
1:49
Okay, so I had a similar experience. Ben calls me. I'm on vacation.
1:52
So Ben calls me and he's like "Dude, what do what are your thoughts on like, you know, the market?
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First First of all, are we only going to do calls when the market crashes about the market?
2:02
It's not a topic we normally discuss.
2:04
Okay, so first of all, I have no thoughts.
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It reminds me of that skit back in the the Dave Chappelle skit where he where he was like, What does Ja Rule think?
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What's Ja saying about this event?
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We got to get Ja on the line.
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What's Yeah, let's get Ja on the line.
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Let's talk about the market.
2:21
Second thing he was like He goes, "Yeah, I would wish we probably do the other thing, but you know, I did think like maybe we should do XYZ."
2:28
And he like laid out some like new plan.
2:32
And the funny thing is I have been in a mode where I've just been trying to I've I've understood that one of the most powerful things you can do is take a simple idea very seriously.
2:42
I'm actually going to do a whole episode on this taking a simple idea seriously, but in general, picking a few things that matter and then just simply doing them as well as possible and and reinforcing it.
2:52
So, I actually do a thing which is I wrote out for the year, I said, "Here's the three big things, big shifts, I always call it, like three shifts I'm making this year.
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I'm making this shift, this shift, and this shift."
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Those are the three things that need to change in my life.
3:09
The rest of things are going great.
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I don't need to talk about the things that are going great.
3:11
And every single week I write down that shift again in our Slack, I retype the exact sentence, and then I say what I'm doing today and how that ties to that shift.
3:21
And if I'm going to do something today that doesn't tie to that shift, I just simply don't do it.
3:23
Um or with very rare exceptions to it.
3:26
So, I've been doing this for a while now.
3:29
And I told Ben, I was like, "Ben, do So, remember there was that thing we've been saying over and over again about like what we're doing this year, why we're doing it, why it's the right plan?
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Do we need to add a disclaimer which was unless the stock market crashes and then we're just going to throw all the out the window and suddenly change our decision-making about all the things that we're doing?
3:47
And it sounds ludicrous to say it like that, but that's where his mind went in the moment, and I don't blame him because my mind used to go there too and I've I've developed a set of rules for myself through making horrible expensive mistakes which is fundamentally when markets crash just I've to assess like A is the wolf at the door like do I actually have an existential crisis?
4:09
If so okay I'll I'll I'll make a I'll shift my attention to this and and change but like if that's the case it's because I somehow over leveraged or like really stretched myself too thin or like I'd made a huge bet that I should have never made in the first place.
4:22
So is the wolf at the door? No.
4:23
Okay if the wolf is not at the door simply do not react.
4:27
Just do nothing for 30 to 90 days and then see where you land.
4:31
How would you have reacted 5 years ago?
4:33
I can tell you how I did react 5 years ago making mistakes.
4:35
So when COVID actually even before COVID I remember at the end of maybe 2019 2020 we had just sold our company and my cousin who's a hedge fund guy and really all I know is like this is my cousin he's a hedge fund guy and our whole family thinks he's the smart stock market guy.
4:53
You know people like in your family where you don't really understand what people do you just boil them down you just categorize them into he's the doctor so no matter what my issue is let's call the doctor even he's a heart doctor I got a foot issue it doesn't matter that's the doctor.
5:05
Yeah I'm the tech guy it's like whether your router doesn't work or you need a you're you're making a startup investment just call Sean.
5:10
Well this is the stock guy and he was like you know it's been a long bull market I'm moving this this and this and so I went to cash and you know I was like yeah yeah you know longest bull market in history I'm going to shift some of my allocation around cuz I got this one hot tip from my cousin the stock market.
5:25
Isn't that funny how when you phrase it as wonderfully as we're in the longest bull market ever you're like I don't know any of the evidence but that was a great line I'm in.
5:36
Exactly exactly he told me something about a dead cat bounce damn that sounds fancy what is that I'm googling it's like if and so I'm making decisions off a Wikipedia article I just read like bad things are happening in my life.
5:47
Um when COVID happened, I'm, you know, it's like, I don't know, it's global pandemic, the world is ending, and people are talking about L-shaped recoveries or uh W-shaped recoveries or whatever the hell, like, V-shaped recoveries.
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I don't know what what's going on.
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I'm drawing on my notepad trying to figure out Oh, that means stock market goes up or it stays down.
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And And by the way, you know what it ended up being? A K-shaped recovery.
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The letter they didn't even talk about at the time.
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I was listening to all all the smart money.
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And it turned out a K-shaped recovery where, you know, mainstream Main Street went down and just got bogged down by inflation and assets soared, and people were like, you have a K?
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Like, doesn't there There's multiple lines on that chart, I guess.
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A K is up and Or when they talk about um like flattening the curve, I'm like, I literally have to draw like an axis.
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I'm like, wait, so what is flatten?
6:34
Like, what does that mean? You know what I mean?
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thing isn't throwing it out and trying to understand it.
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That actually is the smart thing to do.
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It's taking in you know, poorly informed action action was the mistake.
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And so, I ended up doing a bunch of things that I really never should have done.
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I sold a bunch of things thinking that that was being safe and conservative, but it was actually a poor decision.
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In general, the number of poor decisions I've made simply from reacting versus responding, and I define a reaction as making a decision in the moment based on an emotion that I'm feeling, usually fear or greed.
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Responding being I have let the emotion cool off.
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I have let that settle, and I am now choosing a decision uh that I'm going to make based off of some sort of logical rationale that I can write down, and I can write down the counter argument for it.
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And I when I look at my argument for and my argument against, one of them wins.
7:24
Um and so, anyways, now now that's the the short version of my the current my current process, which I do not um claim to be foolproof, but it's just a improvement over over dumb mistakes I made in the past.
7:38
I found this great chart.
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I think it was like starting in 1990 or 94.
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This chart breaks it down to if you missed the top gaining days of a market, what would your portfolio be like versus what would your portfolio be like if you just set it and forget it.
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And it was something like What was this I think the starting number was $10,000.
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And so it was like if you missed the 30 best days, you would have only $30,000.
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If you missed the which is roughly 83% less than if you just set it.
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So just set it and forget it, you would have 181.
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If you missed the 30 best days, you would have 30 grand.
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And then if you missed the 10 best days, you would have 83 grand. You know what I mean?
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Like you would like you see this chart of like if you missed it.
8:19
Now, I posted that chart and people are like, yeah, well, now do that chart with missing the worst days.
8:25
And I'm like, well, you'd have way more money.
8:27
But like if you have some magic balls that could tell me like you know, we'll get that pole vaulter guy with the huge balls.
8:34
Maybe he could tell me like where is the worst day that I could time it and we're good. You know what I mean? Yeah.
8:39
But like like how Tell me where I'm going to die and I'll know not to go there.
8:43
Yeah, like that's type of situation.
8:45
And so I'm team like set it and forget it.
8:47
I also think that you have to look at VTI the Vanguard Total Index Fund.
8:54
We're still up like eight or 10% year-to-date even with this little crash.
8:58
So like I still feel good. Okay, great. Good segment.
9:01
Any time I talk about the the stock market or um it reminds me of like any time a a you know, a tech VC see suddenly is like a foreign policy expert or is like a pandemic expert or whatever.
9:12
You know, I I'm a I'm a novice when it comes to investing outside of my my realm, which is basically what My realm is starting businesses or investing in private startups.
9:25
Um those are the two things I actually, you know, have spent enough time in to to feel like I I know what I'm talking about.
9:29
Anything beyond that, I'm better off sticking to a um you know, an 80/20 type of strategy where I just just do just huge mistakes and don't try to beat everybody.
9:39
Yeah, and if you look at how many hedge funds beat the market, it's something like 5% of them.
9:43
And so these are companies that have thousands of nerds just sitting around computer to try and like beat the index and they still like the vast majority of them struggle.
9:52
And so that like whenever I see that stat, I'm like, yeah, don't try that.
9:55
All right guys, really quick.
9:55
So back when I was running the Hustle, we had this premium newsletter called Trends.
10:00
The way it worked was we hired a ton of analysts and we created this sort of playbook for researching different companies and ideas and emerging trends to help you make money and build businesses.
10:09
Well, HubSpot did something kind of cool.
10:11
So they took this playbook that we developed and we gave to our analysts and they turned it into an actionable guide and a resource that anyone can download and it breaks down all the different methods that we use for spotting upcoming trends, for spotting different companies that are going to explode and grow really quickly.
10:27
It's pretty awesome that they took this internal document that we had for teaching our analysts how to do this into a tool and are giving it away for free that anyone can download.
10:34
So, if you want to stay ahead of the game and you want to find cool business ideas or different niches that most people have no idea they exist, this is the ultimate guide.
10:43
So, if you want to check it out, you can see the link down below in the description. Now, back to the show.
10:46
All right, dude, I got to ask you about the Olympics.
10:50
So, you're my Olympics guy and I am famously not an Olympics guy.
10:55
I I like watching them to be honest with you.
10:57
I just think the Olympics are an insane an insane sport, but I emailed you as part of my Friday newsletter thing and I was like, dude, what should I be watching for?
11:06
And you gave me a couple of tips, couple of storylines that made the Olympics, I don't know, 10 times more interesting for me and I want to talk to you about a couple of the things that you you brought up starting with this 1500 meter race. How good was that?
11:22
A race I did not even know I cared about.
11:24
I didn't even know honestly know this event existed.
11:25
But can you set this up because you gave me the storyline I needed to to really care about this and it was incredible.
11:36
All right, so going into the 1500 meters.
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So the 1500 meter is 109 meters short of a mile.
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So roughly 15 seconds of a mile.
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So a really fast mile let's say is 4 minutes a good 1500 is 3 minutes 44 seconds.
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Going into the race, there was two clear favorites.
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This guy named Jakob Ingebrigtsen.
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So basically this guy I call him the Justin Bieber of track and field.
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So he was raised by his father and like I think he has seven siblings of which two or three others are also elite runners.
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Not as good as him, but elite runners.
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And so he's raised in this family with his dad who's very disciplinarian and he's also his coach and he's like they're raised to be great runners.
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And in Norway where he's from, they have a TV show so they're almost like reality TV stars also in Norway because these three brothers are wonderful at running. So this guy is the best.
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He's been the best since he was like 18.
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He has I think the second fastest or third fastest mile time of all time.
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He has the world record in the two mile.
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The problem with them, he's kind of a pretty boy.
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He's got these like cute tattoos all over his body and all the runners are a little bit arrogant and cocky.
12:44
You have to be like that in order to be one of the best athletes in the world, but his cockiness comes off as more arrogance.
12:49
And it also kind of sucks because he's like this guy who's kind of been the best since he since he was young and so he's not easy to root for.
12:57
You know, he's like the guy who's had it all and he is the man, but he kind of acts like the man.
13:00
Now the other guy he was going to race against, this guy named Josh Kerr.
13:03
I've been lucky enough to meet Josh in Austin one time because I was friends with his manager.
13:08
Was this Was this the guy you asked to see his calves or to touch his calves or something? Yeah. Yes. Yes.
13:16
So Josh, I think he's from Wales I I forget or no Scotland. Sorry, is it Scotland?
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Whatever it is, it's part of the UK and so they they run under British flag.
13:24
And so he is more of a silly, quirky, like he's got like the British like kind of attitude that's very likable.
13:32
And interestingly, if you the reason I talked to you about his calves, unlike a lot of the runners, he's still a really skinny guy.
13:38
He's not as skinny as the other runners.
13:40
And so, he kind of sticks out. But he's like the man.
13:44
And leading up to this race, they'd been talking trash to each other constantly.
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And track and field is usually a gentleman sport.
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No one talks trash and that kind of one of the reasons why it's boring.
13:52
They talked trash going into this race.
13:53
And so, it was like framed as Josh and Jakob versus each other.
13:58
Josh is typically slower, but he all he usually wins races because when in championship racing, it's not always the fastest person who wins, it's the person who shows up that day and has the best tactics and comes through in the end.
14:09
Because oftentimes, they go sort of slow and then the second half of the race is really fast.
14:13
So, it's typically not who's fastest, it's just who performs that day.
14:15
So, we go into this race and it's just those two.
14:19
We think that's what's going to happen.
14:20
It comes down to the last 200 m, which is a half a lap.
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So, the last half a lap, it's setting up exactly like we thought where Jakob is in front winning the race because he's the faster runner and Josh Kerr behind him waiting to kick and beat him.
14:33
And Josh takes off and he's about to get Jakob.
14:37
And out of nowhere, this American, Cole Hocker, who's got the slowest time of most all of the other eight runners in the field, comes out of nowhere and he wins.
14:45
And not only does he win, with 100 m left, that's the last straightaway, he's boxed in between Josh and Jakob.
14:54
And you see him try to take off and Jacob or Jakob is kind of blocking him a little bit.
14:57
So, he kind of pushes him a little bit, but he loses his momentum.
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And that's really hard in running because accelerating is the hard part.
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So, when you lose the momentum, typically that's your one and only chance to do it.
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Somehow, Jakob goes just to the right a little bit so Cole Hocker can slip right through him on the inside rail and he beats him.
15:12
And not only does he beat him, Jakob fades to fourth, which is like insane.
15:17
Josh Kerr gets second and this guy Cole, he doesn't just win, he runs the world the Olympic record so the fastest time ever in the 1500 meter and he runs something like the seventh fastest time in the 1500 meter ever and he crushes his PR and it was one of the best races I've ever seen.
15:33
That was a great summary.
15:36
Uh a couple of the things that I thought were fascinating about this.
15:38
So when he was doing the trials and the like the semis, like basically leading in, that guy Jakob had the strategy where he was so cocky, he would basically just start at the very back.
15:48
So the race starts, he doesn't really care, he lets every single runner get ahead of him and he would just hang back at the back and then like kind of the second lap, third lap, he would pass everybody and he would win the qualifiers.
16:03
And it was just a cocky thing to do, but it was also effective because he like he knew he could push the pace and he just didn't want to burn too much energy right at the very start.
16:12
The goal of the semis and leading up, it's to win and qualify using the least amount of effort. Right, exactly.
16:19
And in the semis, him and Josh were going and it looked like at the end they both kind of were feeling each other out.
16:25
It looked it was the first time running felt like boxing where you could see oh, they're they're kind of measuring each other's distance, their power and they're getting a feel for each other.
16:33
You could tell even in the semis there was almost a moment where Jakob won but Josh kind of realized like if I had pushed this last 50 meters, I think I could have taken him but I don't want to show him the full bag right now.
16:44
They did something that was very controversial, not controversial but it's very it's part of the story in running which is when you are winning a race or you're at the end of the race, if you look around to see who's around you, that's like a cocky move.
16:57
And what you do is you see Jakob turn his head as if he's looking behind him, it's like I see you behind me and that's like that adds to the the story which is always fun.
17:08
Yeah, yeah, the runner's insult.
17:10
And so we and so but in the final, you what you were saying was amazing cuz he did the exact opposite.
17:15
He starts the race immediately in first place, this guy Yacob.
17:21
Goes faster than anybody has planned in the first two laps.
17:24
Faster than even after I was reading some interviews like, "Why did he fade so hard?"
17:27
He's like, "Dude, I I went way too hard at the start accidentally.
17:31
Like I didn't pace myself properly.
17:32
I I just got out, you know, kind of like it the lost myself in the moment, lost some composure."
17:37
He He just went too fast at the beginning, pushed a pace, and then it was it was amazing.
17:41
That that part you talked about where the American dude tried to pass him, got kind of pushed back.
17:46
It looked like it was a complete wrap for him at that point.
17:50
It looked like there was no way you can get bumped back and then pass him again, but it ended up working out, which I thought was amazing.
17:56
So, if you haven't seen that one, go to YouTube and just type men's 1500 meter.
18:02
Watch the uh 6-minute clip on the on the NBC Sports channel.
18:04
It is like straight out of a a sports movie type of thing.
18:09
You know, like if you're an American you watch that, it is uh super inspiring to see this guy who was a complete underdog.
18:15
Nobody was even talking about him.
18:16
It was just a question of which of these two other guys, and then this little the little engine that could basically passes them all at the very end, runs the race of his life.
18:23
I thought that was amazing.
18:24
And the best part, dude, Paris has killed it with this Olympics.
18:27
The best part is they have this bell right at the finish line of all the events.
18:31
And when you win an event, you walk over to the bell and you ring it.
18:35
And he goes over and he rings this bell, and it was just like a really cool moment.
18:39
So, like I was all about it.
18:41
I was I was screaming so loud I woke my kid up from a nap.
18:43
I was so pumped from this. So, yeah, I'm I'm happy.
18:46
I've been a distance running fan for years.
18:48
It's not the most popular sport because it's not that that exciting. I'm happy this existed. It's good for the sport.
18:55
Okay, so I have a couple other winners and losers I want to go through with you.
18:58
So, winner for sure, Cole Hocker in the 1500 meter race.
19:02
I'm going to do another winner here. Mixed relay.
19:06
Another race I didn't even know existed. Didn't pay attention.
19:08
Did you Did you watch this?
19:10
Um historically America's greatest event is the 4 by 4 relay, which is a quarter of a mile, one lap, four people each running one lap.
19:17
We've we've almost always been the best.
19:19
The mixed relay I think it's a weird event.
19:23
It's I think it's only lasted for two Olympics.
19:24
This might be the only second Olympics that we've done it.
19:28
And America, we got our ass kicked by was it Belgium? No, the Netherlands.
19:33
So The Netherlands, sorry.
19:35
This was a hilarious race because the the way that the mixed relay works is there's two guys, two girls, and they alternate.
19:39
So it's a baton, you know, you're handing off the baton.
19:45
The American guy gets off to a good start.
19:46
The woman for the for the American team is standing in the wrong spot. Did you see this?
19:51
She was standing 30 m forward, and at the last second the official was like, "Yo, what are you doing? Wait."
19:58
You see all the other people like in her leg of the relay, they're all standing literally like 20 m back.
20:05
And she just spaced she just spaced during the Olympics.
20:08
It didn't pay attention to where she was supposed to stand.
20:11
It's like if you lined up for a kickoff at an NFL game and one dude was just at the 30-yard line, and everyone else is standing somewhere else completely. It It made no sense.
20:20
The last second she gets into the to the zone where she's allowed to be, so she didn't get DQ'd, which would have been horrible.
20:25
But then the crazy part was this woman at the end.
20:30
The Femke Bol Femke Bol is awesome.
20:34
Femke Bol shoes I I am I am thrilled by this athlete that I didn't even know existed 24 hours ago. Femke Bol.
20:38
If you haven't watched her, you got to go watch this woman run.
20:43
She just dominated the US in the last leg.
20:46
She's this Dutch runner who looks like she's not even expending any effort whatsoever.
20:52
She's like She's like AI, dude.
20:55
She looked like Chat GPT grew legs and ran.
20:56
Effortlessly ran the the rest of this race when the rest of the humans were like sweating and trying.
21:04
Femke Bol, dude, I feel like in another life that would be your uh your your dream girl, Femke Bol. I love her. I love her. She is my my dream girl.
21:14
Uh she's going to be So, she's going to be This life.
21:18
Hey Fem, if you're listening.
21:18
Uh she uh she's she's a 400-m hurdle specialist, and she's going to race uh this woman named Sydney McLaughlin, and Sydney's going to kick her ass.
21:27
Uh but, Fem's going to get second, and it's going to still going to be a fun race. That's my prediction.
21:33
Wow, okay, fighting words.
21:33
I am uh officially I'm like a half citizen of the Netherlands after watching that race.
21:38
So, I'm I'm in on that one.
21:38
That's another big winner for me.
21:40
That race, and specifically Femke Bol, was a huge winner.
21:43
Can I do some losers losers of the Olympics?
21:46
Let me do one more winner.
21:46
So, this is a relatively new thing.
21:48
So, starting in 2016, I think in Rio, uh something like that, uh the Olympics did something cool.
21:55
They got all So, there's a bunch of refugee athletes.
21:56
So, uh like people who uh fled Iran, like there's a wrestler who fled Iran because he uh he was protesting, and and he fled.
22:03
And so, he's can't compete for Iran anymore.
22:07
There's a bunch of Syrian athletes, things like that.
22:08
Uh and so, what the Olympics do is they put these guys into this team.
22:12
I forget what they call it, but it's basically the refugee team.
22:13
And they come into the stadium with the Olympic flag, and I always cry.
22:17
I get really emotional when I see these guys come in, cuz this is like the definition of the Olympics for me.
22:23
Um and so, they like pick athletes who are refugees and who have a a shot at uh doing doing good and hitting the standards.
22:30
So, anyway, they have this one boxer who is from Cameroon, and she had to flee Cameroon, and it's the first time that one of these refugee folks has ever medaled.
22:40
And so, she's guaranteed to get third place at least, maybe second place, uh in boxing.
22:44
And so, her match, I think, is tomorrow. And so, that's amazing.
22:46
So, like a lot of these kids uh well, they're young men and women now, they but they like, for example, fled Cameroon or South Sudan because they were being recruited to be children soldiers, things like this.
22:58
So, they like walk across, you know, a country to flee, and now they're in the Olympics and I and that's my favorite part of the of the Olympics.
23:06
Do they have like a So, they they walk in with the Olympic flag.
23:09
What do they wear when they're at the Olympics? I haven't seen this.
23:10
What what's that uniform?
23:12
Historically, they wear like blue Olympic jerseys.
23:14
And so, they and when they come in to the stadium, they all look different, you know, cuz there's Syrians and then there's Africans and like they all look different and it's really cool to see this group of people who are all from all over the world, but have similar like troubled backgrounds and they all like come together wearing this jersey and it's really cool to see that jersey kind of unite them. Yeah, I love that.
23:36
There By the way, there's a surprising number or maybe they just stand out when you hear the story, but there's a there is a surprising number of Olympic athletes who were either like foster kids or, you know, adopt There's a basically the blind side story, right?
23:50
It's like, "Oh, there's their parents."
23:51
And you're like, "Oh, that doesn't look like their parents." So, interesting. What's the story here?
23:54
And it's like, "Well, they they had this like incredibly tough upbringing."
23:56
But then it makes sense at the same time.
23:58
It's like, if you're looking for the people who are like extremely gritty and the people who are going to, you know, overcome the incredible number of obstacles that it takes to become the best in the world at something, it kind of makes sense that maybe you were forged in the fire that way.
24:12
I remember like, you know, I was an track athlete and I remember being really nervous before races.
24:15
But you wouldn't you'd be a lot less nervous if you came from a really hard life cuz you'd be like, "This is easy, dude.
24:20
This is like you know, like this is nothing compared to what I experienced like to today's a day off of my normal life."
24:27
And so, for for a time, not not running away from dictators, right? Right. stakes.
24:33
Yeah, and so, that's why I love sports.
24:36
And so, what Who are the losers?
24:36
So, we got another So, the winner another winner we're marking here is the team refugee team and my honorable winners are the the parents who adopted several of these foster Olympians.
24:48
That may be my my future future career. All right.
24:49
So, some of my losers here.
24:51
And of course, I say this playfully cuz they're Olympiads.
24:55
They're not actually losers.
24:57
I'll give you the most controversial one first.
25:00
Simone Biles and in general gymnastics. Can I give you my case? Can I zag here?
25:06
Can I give you my case on why There's something about gymnastics that just creeps me out, dude.
25:10
There's something strange and joyless.
25:11
There there's not only the controversy that happened where a lot of like sexual assault stuff was going on with with gymnastics, but gymnastics seems so high stress, dude.
25:23
Like when she fell on the beam and like whoop, there goes, you know, 4 years.
25:28
There's something just they have to do this fake smile while they're doing their routine, but it's like the they look like the Joker, dude.
25:34
That's That's not a real smile. I've seen real smiles.
25:36
That is not a real smile.
25:38
It just seems incredibly stressed.
25:41
It seems like a joyless sport.
25:41
And she is so dominant, which is amazing, but there's something uncanny about it.
25:47
It's like watching an AI video where you're like, this looks beautiful, but there's something inhuman about what I'm watching here.
25:54
There's something joyless about gymnastics.
25:56
Dude, isn't it weird that you're you're judged in a sport on like your appearance and your smile?
26:01
Like I think that's weird. I think that's weird.
26:03
Like if one of these women didn't smile and just had like a plain face, I think she would get hurt.
26:08
Uh and you know what I'm Everybody's judged on appearance. Right now.
26:14
It's just weird that it's like sports.
26:15
I'm going to get ripped for everything I'm saying and mostly the way I look. I think it's weird.
26:21
I also dislike uh sports that are uh mostly judged.
26:23
You know what I'm saying?
26:26
I They they always makes me mad.
26:27
Yeah, it's just it's a gymnastics was a rough watch for me.
26:30
Also, can't tell the level of difficulty. It all seems hard.
26:34
They all look incredi- They all look absolutely incredible and it's like, well, no, this one was clearly 4/10 of a point worse than that one.
26:42
And so, it is kind of an unwatchable sport also because everything that all the athletes are doing looks superhuman to me.
26:47
Whereas as race, there's something just so pure and primal about a race.
26:52
It's like that person ran and won.
26:53
I could tell who won and lost.
26:56
In gymnastics, like I really can't tell who wins and loses um at all.
27:01
So, in skateboarding, that's now an Olympic sport and I like to skate and you get points if you do So, there's uh like your regular stance, the way you skate all the time, and then you get more points if you do switch, which is you put your not dominant foot in front, you know, you switch around. It's freaking weird.
27:16
Like, who cares which foot it footed you are?
27:17
Like, why do you get Well, it it like what if you're like You know what I mean?
27:20
I always thought that's weird and it's similar with gymnastics.
27:23
Like, if you use like like who's to determine what's more challenging if you use like your less dominant hand to lead? I think it's weird.
27:31
That's why I'm not a fan.
27:32
the SATs with my left hand, do I get an extra 100 points?
27:34
So, that doesn't even make any sense. Right.
27:36
Or like with an eye patch.
27:36
I So, I think that's strange. Okay.
27:39
Other losers uh that I have Did this pole vault guy go in viral?
27:45
Cuz he got a big schlong? Okay. the wrong contest. Yeah, exactly.
27:51
Dude, if I see another meme about this guy, everybody had the same joke.
27:54
It's actually not even him.
27:55
It's everybody who made the same exact joke of like he actually won. Dude, come on.
28:02
Basically a guy went up on a pole vault.
28:04
He cleared the bar, but on his way down, his dick hit the bar and it fell over. Uh it sucks. That sucks. No, he won, dude. All right.
28:15
Um Last one is a winner, Noah Lyles.
28:18
Uh what do you have to say about this?
28:21
The guy wins what seemed like the closest 100 meter race.
28:25
Then nobody even realized that he won until it was finally like the camera in like a 90 analysis realized that his chest hair crossed the line first.
28:36
Noah has a little bit of a problem. He's an amazing athlete.
28:38
I think he's a great guy. He's real cringe.
28:44
So, you'll have to if you pay attention, he's going to be running the 200 meter, which is his uh better event.
28:46
And he's probably going to win cuz he's great.
28:51
He's got a cringe problem, which is where he's the you know, what do we what do they call in UFC the triple C?
28:55
He's a three-time he's a he's a three-time champion.
29:00
The third medal is for cringe. Cringe. Yeah. Yeah.
29:02
So, he's the cringe champion.
29:04
Noah Lyles has a little bit of an issue with that.
29:06
Were you surprised, impressed by the the finish?
29:09
I thought that he was going to get second.
29:12
Yeah, I was surprised that he won.
29:13
Um I was surprised that he won.
29:16
And here's another thing.
29:17
I was surprised that the Jamaican guy who got second you should look look up how big that guy is.
29:20
People don't realize this.
29:22
These 100 meter runners and these 200 meter runners, they look jacked and ripped.
29:25
And they look jacked and ripped because they're like mostly naked and they're like flexing, right?
29:30
They just you always look better when you're like working out.
29:32
But if you look at their body weight and their height, they're pretty lean, small guys.
29:35
They're actually it's like Usain Bolt was 6'4" or 6'5", but he only weighed like 190 lb.
29:40
He is actually not that not that huge of a guy.
29:45
The guy who from Jamaica just beast just beast of a guy.
29:47
I was shocked that he did as good as he did.
29:51
He's like Usain Bolt's what protege, right?
29:53
He's like training with him or something?
29:55
Well, Jamaica's a small-ass country.
29:58
They all train with similar coaches.
29:58
So, no, he's not good enough to be called his protege, but he's good. Okay, fair enough. Fair enough.
30:05
Um okay, two questions for you.
30:07
Number one, do you believe that any of these guys are clean? Yes. I tend to be optimistic.
30:11
I also thought Lance Armstrong was clean though.
30:13
So, but I I I tend to be optimistic.
30:15
I think beating drug tests is is fairly challenging, but I I think they're clean. Yeah. Right.
30:25
Before you ask me for my investment advice, I advise you to look at my my portfolio. Yeah.
30:29
Like I was like I thought Lance was clean. So, you know. Right. Okay, second question.
30:33
What's left to look forward to rest of the Olympics for me cuz the Olympics are also a complete The other loser is the Olympics programming how impossible this is to follow and watch.
30:45
If you didn't tell me, "Hey, here's three four storylines that you should pay attention to that I could get emotionally invested in it and understand what I'm looking at when I look at it and which which event to pay attention to, this would have been impossible to even enjoy.
30:59
So, what's left to enjoy for me?"
31:02
So, the men's 200 will be fun.
31:02
So, here's a sleeper of a an event.
31:05
There's a kid named Quincy.
31:08
There's a a grown man named Quincy, Quincy Hall, who's in the 400-meter dash.
31:12
He potentially is going to win.
31:14
But then there's younger Quincy, who's a 16-year-old kid who looks like a 16-year-old kid.
31:18
You know, a lot of like 16-year-old prodigy athletes they don't look like children. He looks like a child.
31:23
He got fourth at the 400-meter trials in America.
31:26
You have to get top three in order to go to the Olympics, but he got fourth, which means he's put on a relay.
31:30
He's probably not good enough to be in the final 4 by 4, but if you watch the prelims for when America is in the 4 by 4, watch this young kid Quincy. He's 16 years old. He's like darling.
31:40
Like he's got like the perfect type of charisma where he's like composed, but he still like talks like a child.
31:46
That's going to be really exciting.
31:48
I think he'll be the youngest American track and field athlete ever to go to the Olympics.
31:51
My mind only has room for Femke Bol.
31:53
So, I really look at my notes here.
31:56
I've just put boxes around the name Femke Bol like, you know, 16 times as you've been talking cuz I'm not really paying attention to anything except for her. I mean, she's good.
32:05
But she but she's going to get her her ass beat in the 400-meter hurdles.
32:08
But it she'll it she'll be she's a wonderful of a second place winner.
32:09
Uh so, watch Quincy in the 4 by 4 relay prelims.
32:14
He'll be he'll be a runner.
32:16
And that will be really exciting. Okay.
32:19
One last question for you. You're a runner.
32:20
These one of the things that they were talking about was like, "Yeah, I had to recover from that 100-meter thing to be ready for the 200 or whatever."
32:28
They're like Noah Lyles is talking about this.
32:30
I understand that in theory, but also this is a 10-second race.
32:33
They run it in it takes 9 seconds.
32:35
You really need two like you have two days.
32:37
Is that really hard to recover from? 9 second race?
32:40
No, so yeah, it is because You get sore from that?
32:43
They do the so to to run a race at a big championship, you have to run three races.
32:50
So one one sprint race is actually three.
32:52
So the quarter semi race.
32:54
The semi and the final are usually always on the same day.
32:57
So that final happened, I don't know how many hours, but the same day as the semi-final.
33:01
So he had ran that morning as well.
33:03
And when you run sprints, it taxes your central nervous system, which is different.
33:09
So you basically it's sort of like if I were to say like hey, you have to do this box jump squat 20 times in a row and you got to go for max height, you're going to be this type of sore where your insides like you feel like your nerves hurt, not necessarily like your aerobic system. Do you know what I mean?
33:26
This is like how when I done with this podcast and I go hang out with my wife and I'm just like I need to just not talk for a while and she doesn't understand.
33:34
She's like you talk for a minute. You tired talking? You tired from talking?
33:37
I need to tell I need to go with this sympathetic nervous system explanation just to confuse her to to make it acceptable.
33:44
So Yeah, and that's how it feels.
33:45
Like if you go and do like a explosive workout, it's like your it's like your insides just feel depleted.
33:51
It's a it's kind of a weird feeling.
33:51
I guess I'll take your word for it. Never going to do it. All right.
33:56
That's the Olympics segment.
33:56
Thank you Sam for making that interesting for me.
34:00
All right, so let me tell you about a story and I want to hear something.
34:02
I have a question for you on how the story ends.
34:05
So in 1929, there's this guy and he starts this company where it's very odd.
34:10
He basically is cleaning the rags and uniforms for circus performers.
34:18
Very strange start, but that's how this company starts.
34:22
And he turns that into a business and he calls it Acme Industrial Laundry.
34:27
And he kind of scales that up, but not a lot.
34:29
It's a very small business, but he scales it up to where he starts doing laundry for other uniform businesses.
34:35
Now, he started that in 1929.
34:35
By 1960, his son, who's in it like 21 years old, comes into the business and he's like, "Hey, Dad, I would love to work for you and maybe take this over one day."
34:43
And the dad's like, "Yeah, sure, let's do it."
34:47
And it does okay, but inevitably there's a little little argument between the father and the son.
34:55
And so the father calls the son into the office and he's like, "Hey, look, man, this isn't working."
34:57
And the son's totally expecting him to be like uh you know, "You're fired. You're out."
35:01
And the dad goes, "Look, this isn't working. Here's the keys, man. You run it.
35:05
Let's see what you can do. I'll step out your way.
35:08
Let's see if you could pull this off."
35:09
And so the son, he's at the time 21, 22, 23 years old. His name is Richard.
35:14
He takes control of this business and he's like, "Let's grow this sucker."
35:18
And so in 1960, when he takes it over, it's doing $180,000 in revenue, which is something like $2 million today. It has 12 employees.
35:24
And he's like, "Look, we're going to like focus on doing laundry for uh companies who need cleaning supplies, so like extra rags."
35:34
They're basically just washing rags and he grows it and it works out well.
35:37
And he grows it to the point where after, I think, 8 years, the business grows from $200,000 a year up to $1.
35:43
6 million a year, which is the equivalent of like 15 million bucks a year.
35:47
He's growing this business and it's a He's now expanded into laundering company uniforms.
35:55
Which is a very strange thing to get into.
35:56
I didn't even know that existed.
35:58
But he grows this sucker for the next 50 years.
36:01
And now they've renamed the company to Cintas.
36:04
Have you heard of Cintas? Yeah. See their trucks.
36:07
I see their trucks all the time, too, and I had no idea. Okay, so do me a favor. Go to Cintas market cap.
36:12
Just Google that and look at what it says. $75 billion.
36:20
It's a $75 billion company.
36:20
And their main business is still laun- uh now they they launder uniforms, but they also supply the uniforms.
36:29
So, they make uniforms for all types of businesses, so you know, like you'll see like if you see like a typical janitor outfit, that's a very easy one, but it could be restaurants, it could be anything.
36:37
And then they rent to you your uniform and they'll launder it for you, but then they've expanded.
36:43
So, like if there's a fire extinguisher in the bathroom of a restaurant, it probably has come from them.
36:47
If there's cleaning supplies, it probably comes from them because once they made inroads into a business, they're like, "Hey, along with your uniform, we're going to sell you all these other things."
36:55
And so, I think they do something like eight or nine billion dollars a year in revenue and it's subscription revenue.
37:01
So, it's like a huge company.
37:01
Why is it subscription revenue? It's uniform rental. Oh. Nice. Yeah, they got you. It's called RAS.
37:13
You know, you know, like rental as a service.
37:15
I don't know, it's just that's just what they do.
37:16
They they sell uniforms or they rent uniforms.
37:17
And so, they're able to get like these subscription businesses and then it's also like real recurring revenue because they'll sell you all this other stuff and they've got inroads, but as the business was taking off, Richard Farmer, his name, he starts getting old and he's like, "I need to figure out a way how to like keep this within my family."
37:34
And so, to this day, the family, the Farmer family, still owns something like 20%, I think, maybe 18% of the business.
37:40
And like he was like, "I made it my mission to create this like generational thing and I've trained my children to help take this over and to make decisions as as it comes to uh giving away our money, but also governing the the the company."
37:52
I don't a family member isn't the CEO, but they're still like involved.
37:56
And so, the reason why I looked this guy up is I'm very fascinated with how you could pull this off, where you could keep your family in the business.
38:06
I think that it's a very hard and it's high risk, high reward.
38:07
And so, I've been like studying all these families who have pulled it off and these guys have and from the outside there's a dozen other examples of people who have crashed and burned and this has not worked.
38:17
My question to you is this a thing that you aspire to have, you know, your one of your three kids kind of take things over or you pass the baton to them or do you not care about this?
38:31
Because I've talked to a lot of people and it seems 50/50 of people who are like adamantly in favor and other people who are just like, I don't give a My answer is really split.
38:43
I don't aspire to do this, meaning it's not something I'm planning to do or really want to push on anybody.
38:52
Um, do I think it would be awesome? Yeah, totally.
38:54
In the same way where like if my son plays basketball is his favorite sport, that's going to be awesome for me because I love basketball and I could coach him and I could help him in a way that I couldn't if it was tennis or not not sports at all.
39:03
So it's to me it's a bonus. It's not a plan.
39:08
I do think about this stuff because on two ends of the spectrum.
39:10
On one end, I've met way too many rich guys who talked themselves into working too long, working too much with this like, "I'm just doing it all for my kids."
39:22
It's like, dude, your kids just kind of want you at home actually.
39:26
They just want to spend some time with you right now.
39:27
They They don't really care, you know, whether you leave them, you know, $12 million or $22 million or $42 million.
39:36
It's not like your kid right now doesn't care and also doing that giving them more might actually be a disservice to them.
39:42
Back to the kind of, you know, uh, conversation earlier about about dealing with Big Tigger and how like, you know, what does uh, where does character come from?
39:50
Um, so I think that it's really dangerous to talk yourself into, "I'm doing this for my kids."
39:55
So I refuse to let myself do that.
39:57
I think anybody who says that honestly is lying.
40:02
I think you're doing it for yourself.
40:04
Um, and you use your kids as a justification to uh, why you're why you're doing that.
40:08
Is my my my general opinion.
40:10
And so I just to safeguard myself from ever lying to myself in that way cuz it's such a a sexy lie, right?
40:16
Who's going to say anything bad to you?
40:17
You can never get checked, right?
40:19
There's no checks and balances if you just say I'm just doing it for my family. Doing it for my kids.
40:22
And so So I think it's really important for myself to not not lie to myself that way.
40:26
If my kids happen to want to be happen to have an interest or appeal to it, awesome.
40:30
I will be super excited and can't wait to to do that.
40:34
I do hope that that happens, but hope is, you know, not a plan, not a strategy.
40:38
Um on the other hand I'm on vacation.
40:41
One of the best moments of my day yesterday was I went to a water park.
40:44
Have you ever been to a water park like in the last 20 years?
40:48
Dude, Nick Gray rented a water park for his 40th birthday.
40:50
But in order to save money, he rented it from 7:00 a. m. to 9:00 a. m.
40:56
And so me and a bunch of 40-year-olds went to his birthday party where we had a whole water park for ourselves starting at 7:00 a. m.
41:04
you been Have you been to a water park?
41:06
No, it's just too full of pee, man. It grosses me out. I know.
41:10
I was absolutely disgusted by being in that pool with so many people.
41:15
And dude, somebody like Tweety Bird shirts and no, not for me.
41:20
Yeah, they did this thing where they cuz I'm in the kids section and they take a break at the top of the hour for 5 minutes as a potty break.
41:27
Like, "Hey, this is the time to like take your kids to go and pee."
41:31
That just brings more attention to it. Nobody left the pool.
41:35
And I was like Nobody's leaving right now?
41:38
They're going to leave you one explanation for this. It's filthy.
41:43
that, there was one beautiful thing amongst the disgust.
41:46
Which was while we were walking in, there was this dad who's pulling like a wagon.
41:50
Like his when you have kids, you just bring so much everywhere.
41:51
And his kid was walking next to him.
41:54
Kid's probably like 7 years old.
41:58
And he's walking in front of us and he stops like 10 ft ahead and it's like a really narrow path.
42:03
And normally like my like flaw as a parent is I'm very impatient.
42:08
It's like you're like you're like really like fussy and like annoyed easily when I'm like beyond like a 4-hour stretch with my kids.
42:15
I just become like cranky.
42:15
And so this guy stops and I'm ready to be cranky.
42:19
He does something really really awesome.
42:21
I realized why he stopped and it's because his kid asked him something.
42:25
And the dad who was the kid was like kind of like looked kind of athletic.
42:28
The dad didn't really look super athletic.
42:29
Looked like, you know, typical water park American, let's say.
42:32
And he but he was showing him he goes, "Oh, when you're doing that in soccer, um he's like, "When they come at you this way, what you want to do" and he was showing him how to use his feet to like not have the ball get stolen and and the kid was not like making eye contact but he's processing it.
42:48
He was watching the the dad and he's processing.
42:50
He wasn't saying a whole lot back.
42:51
And the dad was trying to just show him something.
42:53
And in the moment it basically was just like a dad teaching his son something.
42:55
And I don't know, I'm gotten pretty soft but like that like kind of like touched me for a moment.
43:01
I was like, "This is so amazing.
43:02
Just this uh this dad just teaching his kid this little thing like just being able to pass down one little bit of information and the kid so earnestly processing it cuz there's so many things you tell your kids that they're not listening and they don't care.
43:15
They don't want to know and they don't want to listen.
43:17
They don't want to take their vegetables, basically.
43:18
Um but the kid genuinely cared and it meant something to him and you could tell the kid had had like a bad experience.
43:23
He was trying to figure out how to overcome the bad experience. And I loved it, dude.
43:26
And it just made me for the rest of the day I just found like all these little pockets little moments to like have a different conversation with my kid.
43:33
And so like, you know, later that day I we were like parking the car and I was like tell my son I was like, "Come come back to me." like 3 years old.
43:39
I did a thing like illegal thing I'm not supposed to do.
43:41
I like put him on my lap and like had him like drive in the parking lot to like park the car.
43:46
Uh but like he had to he had to sit in my lap while I was driving it.
43:47
Like this is like 50 ft but like whatever.
43:51
And I told him I said, um my son does this really cute thing where he goes he'll do something and then like an hour later he'll say he'll go, "Dad, you know why I might do that?
43:59
Like you know why I might said I wasn't going to eat that?"
44:03
And he just gives all he does is was "You know why I might punched her?"
44:06
And it's like then he's got some explanation that never even makes sense, but it's so cute.
44:09
And so like, me and my wife, whenever we fight, we do that now.
44:11
It's like, "You know why my was an earlier?
44:12
It's because I know, whatever."
44:15
And so, I told him, I go, "You know why my let you drive just now?" And he goes, "Why?"
44:20
And I go, "Cuz I'm teaching you how to be a be a man."
44:24
And then he goes, and then he goes, "Okay."
44:27
And I'm like, "Go tell your sister when you go back.
44:29
Say, 'You know why I got to go do that?
44:30
Cuz dad is teaching me how to be a be a be a big man.'"
44:33
He goes in the room and he goes, "Hey Lush, you know why um why did I let you drive?
44:39
Cuz he's teaching me to be a big human."
44:44
And my wife is like, "What?" Dude, that's awesome.
44:46
I'm uh I'm excited for my when my kids are old enough that I could try to do that.
44:49
And I'm totally going to do a ton of them.
44:52
And yeah, I'm thinking about the same thing too about children and like what it means to like bring them in if if it's all at all possible.
44:58
But I do believe that what you said was true of it is mostly a lie that we tell ourselves of why we are grinding and it's for them.
45:04
It's so we can feel dope and powerful. Exactly.
45:09
By the way, I didn't answer your question fully, which is if they're interested.
45:13
Yeah, a lot of people don't want to do it cuz they're like, "Oh, working with family is messy.
45:15
Working with friends is messy."
45:18
Um I learned one thing on this podcast episode some I don't know, one of the first 20 episodes with Mike Brown.
45:22
He said uh I asked him about he brought his brothers into his business.
45:26
And I was like, "Was that a good idea bringing your brothers in?"
45:29
And he looked at me like I was it like I was asking him like, "Are are you sure you're trying to drink water?" It's pretty wet.
45:34
He goes, "My view of life is you find the people you love and you do life with them."
45:40
And then that became like central to my core.
45:41
Over like in that split second, I like changed as a human being. I was like, "Oh, okay."
45:49
That made total sense to me, and that's the answer, right?
45:51
Like, find the people you love and I do life with them.
45:53
And I will hit up people and I'll like try to find an excuse to just do a project with them or do a trip with them or do a something with them.
46:00
Like, that has been so fulfilling.
46:02
In one of my businesses, we brought in my You know, I do a business with my wife.
46:06
We brought in my sister into a business.
46:07
I've done so many different I've done a business with my two best friends.
46:10
Like, that has become just an operating philosophy that that has served me very well.
46:16
And like, yeah, there are times where it doesn't work out well. So what? That's like everything.
46:19
There's no foolproof strategy.
46:20
But the upside of finding people you love and doing life with them is so much higher than the downsides of when it doesn't work out, in my opinion. But um Right.
46:30
And that's how I feel about this podcast, by the way.
46:31
Like, you know, when we met, I always loved hanging out with you.
46:35
It's like, Sam's this crazy combination of really smart, but smart about things that nobody else I know is smart about those things.
46:45
Like, he knows about this family apron rental business.
46:48
You know, like, you just have a a trillion of these things.
46:52
And you're also really fun and funny, which is super like which I learned to appreciate was very rare in people.
46:59
Like, the more kind of successful you get, the more serious people get.
47:02
Whereas, you were one of these people where the more successful you got, the sillier you got.
47:04
And I was like, dude, I just want to have this guy in my life somehow, right?
47:07
Like, how I I don't know what the excuse is.
47:08
You moved away, but I'm glad this podcast became like an excuse to to to to do that. Well, I'm glad, too.
47:14
And by the way, to the people listening, that takes work.
47:18
Like, I particularly like like you and I like like we give and take to make each other happy.
47:23
But I would imagine it's the same thing with children and business where it's like I know this is the wrong thing that we should be doing, but I got to let the kid like up. You know what I mean?
47:34
And I think that's really hard to do.
47:36
Dude, there was a great quote.
47:36
I don't know if I'm allowed to quote this. I think I am.
47:40
Uh when I went to that event for the tiny event in Canada, Chris Andrew Wilkinson and his partner Chris, they they own Tiny.
47:47
The HoldCo The HoldCo has like 40 companies inside.
47:51
They're doing a session about HoldCos.
47:53
And somebody asked them, they were like, "Hey, I'm I'm setting up my HoldCo.
47:55
I'm in year one, and I just want to know like, how much support do you guys have from the back office?
48:01
Like, do you centralize finances?
48:02
Cuz I think that could be really good, like cost savings, plus easy way to have an oversight.
48:05
And do you centralize legal?
48:08
Like, what do you all What do you What do you guys centralize to to get the most energy?
48:12
And um their answer is Chris was like, basic up till now, we've done noth- we we centralize almost nothing.
48:18
And he goes, for two reasons.
48:20
Number one, So, he had a he had a a smart reason, and then he had a great quote.
48:24
His smart reason was he goes, whenever we owned the financials, it felt good cuz we felt in control.
48:32
Problem was, we were in control.
48:32
The CEO looked at the numbers and was like, those are your numbers. Those aren't my numbers. I don't know them.
48:36
I don't know I don't know what that target is.
48:37
I don't know what those numbers are.
48:39
I'm on the receiving end of these numbers.
48:42
And um Uh that That's a good point.
48:43
Um the second thing the quote he said, he goes, um we wanted all of our companies to be able to run without us.
48:51
And the only way to do that was to just completely You know, not like completely neglect, but like to to neglect them, to not offer support and services.
48:59
And he goes, the children of deadbeat dads grow up tough and independent.
49:07
There's like a groan in the audience, but I was like, I like that. I like that a lot.
49:11
He's like He's like, it's true.
49:11
Like, you know, like it's the the kids that grow up in a like a harder environment that are toughened and independent.
49:19
refugee The refugee team of the Olympics. Exactly.
49:21
And I thought that was such a good quote and a great answer.
49:26
He He said he goes, by the way, now that might not be the answer.
49:28
Now, we might end up centralizing more as we're now a public company and all this other stuff There's other reasons to do it now, but what got us here and what worked for us was that.
49:38
All right, that's the pod. Mhm.