How to Make Billions with a DTC Niche Clothing Line | My First Million #219

Sam Parr

I never lie but I think a lot more people should lie you could look cool

Shaan Puri

Yeah, I don't think more people should lie. As somebody who used to lie, it's really exhausting.

Sam Parr

"What did you lie about?" Alright, I want to talk about this OpenSea thing. I'm laughing about it, but before we get into that... People like story stuff, let me quote... not a story, but do you know who Laird Hamilton is?

Shaan Puri

surfer

Sam Parr

Yeah, so he is like... when you think of the word "surfer hunk," he's like the guy you think of, right? Like, blind.

Shaan Puri

he's like kind of the most famous one I think and he's a little bit older now right

Sam Parr

Yeah, he's in his fifties; he could be as old as 60, but he's 57. There are two amazing things about him. The first is that he has this thing called **Layered Superfood**. Have you heard of that? No? Okay, it's interesting for a bunch of reasons. The first reason why it's interesting is Laird is interesting to me. He's basically... so Laird Hamilton was a surfer in Hawaii. He had a troubled childhood, but he dedicated his life to surfing. He says that he might be a little autistic and that he focuses on a goal incredibly. He'll achieve it no matter what; he obsesses. For a long time, he was obsessed with finding the biggest wave. He invented toe-in surfing, and then eventually, he got into health. He became obsessed with eliminating sugar, eliminating flour, and just being very, very healthy. So eventually, he launched a company called **Layered Superfood**. He's obsessed with coffee; he drinks tons of caffeine and loves coffee. He didn't want to use almond milk or Oatly or anything like that, so he invented this thing called **Layered Superfood**. It started with a creamer, and now they sell a bunch of different stuff—different creamers and various health foods. It seems legitimate. I'm going to buy some of it because I like him and I like the idea of what it promises, although I don't know the science behind it. The second reason why it's interesting is that it went public. It's publicly traded and went public with about $18 million in revenue. Currently, it has a market cap of $163 million, with revenue of around $50 million, I think. But kind of cool, right? Laird interests me because he's kind of like... there's no such thing as a perfect human, but he checks all the boxes in terms of doing pretty well at a bunch of stuff. Physically fit? Great. He seems emotionally incredibly healthy and very stable. When you talk to him, he seems very wise and understands how to treat people. He has a great family, it seems, and now he's financially very successful. Adventurous—this guy's my hero! But I didn't know if you had ever heard of him. I thought it was interesting that they took the company public.

Shaan Puri

yeah that sounds also just did they take it public in the us or somewhere else

Sam Parr

here it's where it's on it's on the new york stock stock exchange it's called laird superfood

Shaan Puri

It doesn't seem too small. It's like a penny stock. What is the market cap of it if it has $18,000,000 in revenue?

Sam Parr

It doesn't have $18,000,000 in revenue now. Maybe... what's it have now? You could look it up. Like 40 or 50? Its market cap right now is $163 [million]. Its highest ever was 2 times that.

Shaan Puri

Interesting. Okay, and yeah, I'm kind of like you where there's something... you know, if you're just a normal Instagram influencer and you're hawking some product, or whoever you are, you're just a normal person and you're hawking some product, it's like, okay, you probably tried to do a good job with this, but this is a business for you. You're doing this for the business. Then when you see someone like Laird Hamilton, who's walked the walk for, I don't know how many years—he's like 50-something years old—and you see he's just absolutely ripped at that age, you kind of know that he's lived a certain lifestyle. I have a higher level of trust when this guy's selling me a tea, or a breakfast waffle, keto breakfast waffles, or creamer, or whatever the stuff is that he has. I do feel like I trust him a lot more than, you know, whatever Ryan Gosling's gin is, or something, you know? Where it's like clearly just celebrity put face + generic product equals branded product.

Sam Parr

Now, the second thing I wanted to ask you. Okay, so when I look at this guy, I've been reading a lot about him. I've been obsessing a little bit about him, and I've been watching all this stuff. He is always working out. For the past maybe four months, I've been working out really hard. I'll do like maybe ten workouts a week, sometimes two a day. I'm always sweating... yeah, I'm moving a lot. I started thinking about this because there's this thing that Trump said, and it's always stuck with me. For some reason, the way that he said it just never went away. Someone was like, "This is right after his physical." They go, "Trump, why don't you exercise?" He's like, "It's a waste of time. I don't want to waste my energy." And they're like, "What?" He goes, "Yeah, look, I only have a limited amount of energy in my lifetime. My body is like a battery. I'm not going to use my battery on exercise when I could be using it building businesses or doing whatever." I have no idea what the truth is of this, but it got me thinking.

Shaan Puri

can you hear me say this did you hear me say this

Sam Parr

I paraphrased it, but yeah... So if you Google "Trump health battery," they call it, I recall it like, "Trump's battery theory" or something like that. I have no idea about the validity of this. This could be the stupidest thing ever, I don't know. I just thought it was hilarious when he said it, but it got me thinking. Like, I read David Goggins' biography, and the dude's sweating all the time, and I wonder... can... are...

Shaan Puri

You let me read this out. Let me read this out: Trump gave up athletics after college because he believed that the human body was like a battery with a finite amount of energy, which exercise only depleted. He said, "What did he say? He goes, I don't know. Here’s a scientist. A better analogy would be it's like a fire that you continue to fuel with more coal or wood. You need to continue to add fuel or your flame will die." This is true whether you exercise or not. Simply by existing, we're burning energy. Okay, I don't know what...

Sam Parr

this guy's talking about so well I I was thinking about it I'm like if our if our life only if our heart

Shaan Puri

Hold on, this Trump battery thing is too ridiculous. I can't get over it. And also, it's just... the "too positive" thing. It was like, you know... This is like, I walked in on my sister once. She was supposed to be studying, and I walked into her room and she was just laying down sleeping. I was like, "Oh, wake up! You're supposed to be..." My mom... like, I was a little kid, my mom had sent me in to be like, "Is she studying for the test?" I was like, "Mom said you're supposed to be studying for the test." She's like, "No, no, no. I'm reviewing in my head." And I was like, "Oh, sorry, sorry, sorry." And I went back to my mom and I was like, "She's reviewing. She just closed her eyes to review."

Sam Parr

oh my god

Shaan Puri

She was definitely just sleeping. That's what Trump's battery thing is to me. It's like some bullshit excuse for not wanting to exercise.

Sam Parr

Yeah, well, I was thinking... I'm like, what again? I'm an idiot; I know nothing. But like, if your heart can only beat a certain number of times throughout your lifetime, am I wasting it by just being sweaty all the time and working out constantly? I was thinking about this Laird Hamilton guy, and I'm like, "Dude, maybe you should just go for walks instead." How much exercise do we actually need? You know, like when I say David Goggins is running 100 miles, and he's always working out on his Instagram... I just want to start reading about where the threshold is, where it actually doesn't matter because...

Shaan Puri

Yeah, well, okay. I think, you know, here's my very basic theory, which is it's not like a battery. Batteries can be recharged and whatnot. It's basically that your heart and other parts of your body are muscles. The muscles can grow stronger with exercise, and then they develop, or they can grow weaker without use. So, not using them doesn't just preserve your precious energy marbles and mean you're going to live till you're 200. It's that if you build your muscles up, including your heart and your brain, by studying and doing cardiovascular exercise, you're going to get more out of it. You're going to be able to do more, and it'll be able to last longer through atrophy in your life.

Sam Parr

I hear you, but when I see Laird Hamilton at 57, and I'm like working my butt off right now, I'm like, he... all of his stuff is about recovery. He talks about recovery and how this helps. I'm like, well, just do less. You don't need to recover; just do less stuff, you know? Like, just...

Shaan Puri

Like, look, I look at Laird Hamilton and then I look at Trump. I just look at their results and say, "Which body do you ultimately want? Do you want that guy's body and energy, or do you want this guy's body and energy?" I think it'll guide you down the right path.

Sam Parr

I'm just saying, I'm thinking out loud here. This is something that I'm questioning myself: how hard am I going to go, and why do I want to recover all the time? I just... there should be no need to recover all the time.

Shaan Puri

do

Sam Parr

you wanna do you wanna before we get to topics do you wanna do you wanna talk about this nft thing or no

Shaan Puri

So, I just finished up my crypto week, which I talked about in the last part. Basically, I took a week of time, canceled all my other meetings, and said, "I'm going to go neck deep in crypto." What does that mean? I had all these ideas I knew about, but I basically wanted to go play with them. If you think about how you can participate in things, you can sit on the sidelines and watch. You can kind of jump in and be a player, but not the driver. You could participate, or you can create. That's when you're really hands-on; you're actually making things happen. So, I wanted to create as much as possible this week. I had already been on the sidelines watching and had already been a participant. There are a whole bunch of protocols, tools, and ideas that I'd never done. Anyways, I had this idea, and tell me what you think. I think we should create an NFT. And, you know, side note, I created it; it's ready to go if I just push this button.

Sam Parr

push it

Shaan Puri

Okay, I'll push it. Great! So, I created this NFT called **"5 Minutes of Fame."** What it is, it's a one-of-a-kind token that anybody can own, which gives you the right to **5 minutes of airtime** on our show—now or anytime in the future. You can hold this token for 5 years if you think we're going to be much bigger in 5 years. Just hold it, and it'll appreciate. But once you use it, the way to use it is you **burn it**. So, you own this token, and it's the only one of its kind. When you want to use it, you send it to our wallet. When we receive it, that tells us this token has been burned, and now you can come on the show. You can hang with us, talk with us, and do whatever you want. If you want to just repeat the name of your company for 5 straight minutes—annoying but doable—you could do it to promote your business. If you want to come brainstorm with us or ask questions, you can do whatever you want, as long as it's obviously not vulgar, hateful, or any uncool stuff. You know, like you have to...

Sam Parr

do can they sell it

Shaan Puri

They can sell it, yeah. So, I've started the floor price at 0.5 ETH, right? So less than 1 ETH. I want to see how high this ends up going, so I'm gonna start the bidding there. It's gonna run for 1 week after this episode airs. And... it's gonna run for 1 week, and anybody can go on OpenSea right now. I gotta figure out how you find it. It's called "5 Minutes of Fame: My First Million" and you gotta put...

Sam Parr

it on this

Shaan Puri

I'll tweet it out to you

Sam Parr

you gotta spell my first million it's just mfm now

Shaan Puri

Yeah, yeah, yeah. I'm going to change the title of it. I'm also going to put it in the show notes of this description. So, you go to OpenSea. If you don't know how to do NFTs and OpenSea, this is a hard way to start. But if you kind of know what this stuff's all about, you know what we're doing here. What we're doing is we're basically saying, "Look, money has always been like a frozen block of time." Right? I go do a bunch of work, I put in time, I get money. I go give that money to a restaurant. I say, "Hey, thaw this frozen block of time out." Then you go work for a bit, you spend some time for me, make some food for me. And then, you know, that's how money trades hands. It's just frozen blocks of time. So, what I did was I just took 5 minutes of airtime and I froze it. I said, "Anybody can buy this. You can hold it, you can use it, or you can sell it. You can flip it." I want to see what happens with this thing over time. I want to see who buys it. I want to see what they do with it. I want to see if they use it or if they wait. Because our show's growing like 20% month over month, 25% month over month. So, you know, you wait a year and all of a sudden you're going to have a bigger show. It's more valuable airtime for you to go on. And by the way, we don't take sponsors anymore. Right? We sold the show to HubSpot. They're the only sponsors there. If you wanted to come sponsor a show and buy some airtime, you literally couldn't right now.

Sam Parr

you couldn't

Shaan Puri

This is the only way. So, this is an experiment. I don't know what's going to happen, but I'm excited about it. It was one of my goals: to make and mint an NFT of my own. That was part of my Crypto Week.

Sam Parr

Alright, great! I'll share it. Yeah, I'm going to wait for you to tweet it, and then I'll take the lead on how you write it. Then I'll...

Shaan Puri

I'll share it alright let's see what happens

Sam Parr

that's awesome

Shaan Puri

Yeah, okay. So, what do we want to do? Let's do this in order. So, let's first do another story. Let's talk about this guy who took our Stripe for Vice idea, which was a long time ago. So, he's...

Sam Parr

just a tough story I don't know if I buy it

Shaan Puri

Okay, we'll preface it with this: this might be total bullshit, right? It sounds a little made up, sounds a little bit like fan fiction. But I want to give him the benefit of the doubt. So, we said this idea—I don't even know how long ago, maybe a year ago—which was my friend, our mutual friend Sully, had this idea. I brought it to the podcast, which was "Stripe for Vice Ventures." So, what does that mean? Stripe is a payment processing platform. If you want to take payments on your website, you use Stripe. But the problem is, Stripe has many payment processors, like PayPal and others, with terms and conditions that basically say you can't use this if you're in cannabis, crypto, porn, or any of these different use cases. So, the idea was to build a product that clones the product quality and developer friendliness of Stripe but has open terms and conditions. This is kind of a strategic move because one of the best ways to compete against the big monopolies is not to do what they're not doing now. A lot of people pitch us an idea that says, "Oh, you know, Twitch isn't focused on this right now—music—so we're going to do Twitch for music." It's like, yeah, but they could if they wanted to.

Sam Parr

yeah

Shaan Puri

especially if you proved it out they could do that or oh facebook doesn't have you know it doesn't let you see this so I'm gonna add this feature okay but they could easily add that whereas the whereas these are they can't do it because it would go against it would threaten their core business so stripe can't stripe might even the the the ceo might say hey I think cannabis is great but he can't do it because it's gonna threaten his relationships with his banking partners and so it'll put the core big valuable business at risk which is why you're actually safe going and pursuing this because they're just not gonna do it in the same way that like onlyfans is safe because it's something instagram will never do instagram could have all those same models on there but they will never release this feature which lets you pay for kind of this locked locked not safe for content because it threatens their advertising business with their clean with coca cola and whoever else and so terms and conditions is actually an amazing way to compete against big successful incumbents go do what they explicitly say they won't do and they can't do so okay anyways there's this guy on twitter his name is skyler mister skyler is his his hand up and he says public service announcement for all the my first million pod fans from stealing ideas from the pod don't play short term games just take it from me I took their stripe for vice idea I grew it to a business doing over $400,000 a month in 60 day in less than 60 days and then I got pushed out by literal gangsters I wish I was joking here's the story anyway so he tells the story he basically says he looked at stripe's terms of service and it said you can't do get rich quick schemes you can't do cannabis you can't do a mugshot publication or pay to remove websites so he's like great that's my prospecting list I will just make a list of these companies that do exactly those things and I'll start cold emailing like crazy and he's like and then in parallel I went I went to galileo and synapse and I tried to find payment providers infrastructure companies that would let me do this they both said no so then I called some like new fintech companies they also said no he's like but then I went and I found this small like canadian bank that I had used in the past like a local bank and it turns out for a monthly fee they'll work with it will work with me great and so then he sets it up and he starts getting like online dispensaries cannabis companies start using them and this is where it gets a little bit weird like that business is working but one of the dispensary companies I guess like that he knew that was super profitable like they needed help and he's like oh they asked me to come on board and blah blah I didn't really understand this part did you get this he like basically joins their company he joins their company or something like that and anyways it starts making $400,000 a month and he's like you know I moved into a dope condo in vancouver down in vancouver I fly 1st class to turks and caicos I spent $13,000 a night at this hotel and you know he goes the girl I'm seeing is now running around with a fake set of a new set of fake ditties somewhere I wish I had saved this money but instead I was spending it right and then he's like so this is where this part of the story sounded a little unbelievable because I don't think you'd even be balling out that much on this small this this little amount of money but I guess some people just don't don't say it so maybe anyways he he says you know the company that they were buying product from which is like a publicly listed company is run by crooked gangsters they started harassing me and my family blah blah blah I ended up paying them I don't know bag I I met up with them with a bag of cash and I told them to leave my family alone and I I left the business forever and you know that's my story of you know I I I've traded peace of mind I traded my money for for peace of not peace of mind and here's what I

Sam Parr

love no

Shaan Puri

and there's like subscribe to my newsletter

Sam Parr

I, so I'm... I Googled this guy a bunch. I think he's full of it. This is just... maybe I think that maybe there's some truth here. Like, maybe he tried to start this. Maybe like someone sketchy emailed him, and that's about it.

Shaan Puri

Yeah, it definitely seems like the "bag of cash" [story]. I've met them in a park and they told me, "You're lying, bro. Are you lying? Is this you lying? I think you're lying." So I don't know if he's lying or not. He needs to show some receipts if he wants us to fully vouch for it. But I thought it's an entertaining story nonetheless.

Sam Parr

I think that actually, more people should lie. To be honest, I don't know why more people don't lie. Whenever I'm on the internet and I'm talking about stuff anonymously, I always tell the truth. Like...

Shaan Puri

what what a great zag everybody else is all about honesty you know what lying

Sam Parr

Underwriting... Never lie. I'll comment like in different posts and they'll say just ridiculous stuff, and I'm like, "No, no, no. I've done this before." Like, just on a random Fox News thread or on Reddit, I'm like, "No, that's not true for this reason and that reason," and I'll explain my personal experience. I never lie. But I think a lot more people *should* lie. You could look cool.

Shaan Puri

Yeah, I don't think more people should lie. As somebody who used to lie, it's really exhausting.

Sam Parr

what did you lie about

Shaan Puri

Dude, I used to exaggerate a lot. I wouldn't call it a lie, but if you look back, it was a lie. I would exaggerate, or if someone thought something, I would let it run. I'd be like, "Yeah, I'm not gonna correct that. I'm gonna let you run with this mistaken assumption." I didn't lie; you got it wrong, and I didn't correct you. That's not my fault. There were all these little things like that. I don't know, it was just insecurity. If I wanted to seem cooler, smarter, richer, or more successful than I was, I was willing to kind of embellish or lead somebody on in the wrong way. Maybe I still do it sometimes; I don't really know. I don't want to say I've completely gotten rid of it. I can't remember the last time I did that, but I definitely remember a time about five years ago when I decided, "I'm just not gonna lie anymore. I'm just gonna actually say what the situation is, and then I'm gonna let the chips fall where they may." It was so freeing and relieving. It was like a relief because someone once said this: in programming, there's this thing where anytime an application slows down, one of the reasons people will say, if you talk to programmers, is, "Oh, you know, it's like a threading problem." What it means is basically there are multiple processes running at once, and they start to use up all the memory of the computer. That's what happens in your head when you lie. Your brain has to keep two threads open: one for what you said and another for the truth. You constantly have to keep track of what you said versus the truth in order to maintain the lie. That becomes like having two processes running in your head, which just drains you of energy. That's what I found. So, I don't lie anymore. But I think you're right that in the short term, there's a big benefit to lying. Most people can't figure it out. Most people don't check you. Even the people who do check you, their voice is small compared to the majority who will just take it at face value. Fake news is popular for a reason.

Sam Parr

I've done stuff like this: I bought my car. It was over six figures. I saw a picture of it online, and it was about three hours away. I called the guy and said, "Hey, what's up? You got this car?" I said, "Great, I'll send you the money right now. Will you drive it over in a few days?" It was all done on my cell phone in the car. I just wired him the money, and he brought it to me days later. I've done that so many times with motorcycles and vehicles. I buy things all the time and just say, "Yeah, I'll give you the money now. Don't sell it." So many people are honest. In my head, I'm thinking everything would be so much more profitable but way worse if you could get away with lying. You could totally get away with it, and most people would never do it. It does shock me.

Shaan Puri

alright and we'll end that segment there

Sam Parr

alright let's go let's do another one

Shaan Puri

You wanna do an idea? I got some ideas. Yeah, okay. So this idea comes from Ben. Ben gave me this idea today.

Sam Parr

and I like to talk about I'm gonna I'm gonna I'm gonna burn you hard on this one so keep going

Shaan Puri

Okay, good. Good figs for construction. For those who don't know, what *figs* is: Figs is a brand that came out making cooler-looking medical scrubs. You know, the stuff that doctors and nurses wear—those little blue outfits that were traditionally all the same color of blue. They were all kind of baggy and looked... well, not great. Here you have these people who are working really hard, wearing this stuff all day. It's kind of like their identity; it's their uniform. And they make good money—doctors make good money. So, why are they wearing this stuff? Figs started, I think, with nurses. They began making better-fitting scrubs, so they didn't look as baggy and loose. They were a little more flattering and offered different colors and patterns that you could choose for your scrubs.

Sam Parr

and we we we talked about them right I think right when they got going

Shaan Puri

Yeah, like pretty early on we talked about them. Fast forward now, a couple... we're 2 years into the pod. Figs is a public company now.

Sam Parr

wow they would have

Shaan Puri

A couple of dollars... What? $7,000,000,000 market cap? If you go read any of the articles, it's like, "Why Figs is the next Lululemon," "Why it's the next Nike," "Why Figs is the Starbucks for scrubs." It's like they just put this sexy brand out there. Figs is several years old; I think Figs is probably 8 years old or something. Figs was founded... let's see.

Sam Parr

And the woman who started it does not look like the woman who would start it. She looks, I mean, she looks like a fashion supermodel.

Shaan Puri

oh really okay

Sam Parr

That's cool. I thought, like, I guess a nurse in my head, like she's wearing fancy-ass clothes in her pictures.

Shaan Puri

So, figs is... yeah, I think I got it right. It's 8 years old. It went public at $4,000,000,000 and it's now $7,000,000,000. And I think, what is it? So, there's this guy, Thomas Tull, who I didn't know, but he's the founder of Legendary Pictures. He had sold that to a Chinese company for $3.5 billion, and he was the majority shareholder. I think he owned 58% of figs at the time of the IPO, which is kind of a ludicrous amount for a public company to own. And then, you know, is this the person you talk about, Heather Hassett?

Sam Parr

Yeah, you see it in a lot of her photos. She looks like she's... I was like, she just looks like a... she's in... what's the equivalent of GQ for women? I don't know, I'm an idiot, but you know what I mean.

Shaan Puri

vogue

Sam Parr

Like she's wearing Vogue. I don't know, she's wearing... I would just imagine someone wearing a nurse's outfit.

Shaan Puri

He put $50,000,000 in 2018 and became a majority owner. So, 2018 is when he put in $50,000,000 and bought 58%. Three years later, it went public at a $4,400,000,000 valuation. So, his $50,000,000 turned into $2,200,000,000 of equity value. So, good on him. Okay, so anyways, the idea here is that Figs has a $7,000,000,000 market cap. I think it does just over a quarter of a billion dollars, or over $250,000,000, in revenue a year. I couldn't find the exact number quickly during my last-minute research here. But here's the idea: Figs for construction. How many other industries have a large workforce that kind of needs specialty clothing for what they do? Today, they have a generic default. Maybe you can build a sexier direct-to-consumer brand like Figs for construction. So, this is the idea: Figs for construction. You know, construction workers have a lot of different things that they wear.

Sam Parr

Listen, I know that you don't know who Dolly Parton is, and you're just so disconnected from normal Americans. It's called **Carhartt**, you dummy! This is a thing I've been wearing for years, and it's awesome. Google **Carhartt**. You don't know what **Carhartt** is? You've never heard that word, **Carhartt**?

Shaan Puri

never even heard never heard anything that I'd call carhartt dude

Sam Parr

carhartt you don't know

Shaan Puri

Obviously, there are brands that do durable, rugged wear. I'm not saying it's...

Sam Parr

Not Carhartt. I remember as a kid, we used to go to the hardware store. This sounds like I'm really redneck, but I'm not that redneck. When you go to the hardware store and you get a coat, you get a Carhartt. Carhartt is like... it's the thing. It's so... and it's even like cute now. They've "cutified" it. So now, if you're in college and you're in a country area, the hot girls will wear like Carhartt overalls, and that's like... they're cute now. They have like Carhartt Louis Vuitton collaborations.

Shaan Puri

okay so when did carhartt start carhartt started in 18/89 is this the company you're talking about

Sam Parr

yes this company in the

Shaan Puri

1800 bro I'm talking about building a modern day thing you're talking about this 1800

Sam Parr

It is modern now. They've revolutionized it. Like, go to Carhartt's fall collection. They've got a whole cute kid line. It looks like the kids are wearing Carhartt, Vans, and doing like pink tuxedos.

Shaan Puri

good for them for modernizing

Sam Parr

They totally changed it. It's like, yeah, Carhartt is cool now. I mean, it was like the workers' man thing. So there's the mistake you're making.

Shaan Puri

Here's the mistake you're making: First of all, you're yelling in the mic. That's a mistake for the podcast. Secondly, the mistake you're making is thinking that because something exists, that's not how e-commerce works. Bro, e-commerce...

Sam Parr

is fucking I agree

Shaan Puri

"Clone-on-clone crime," it's just... Oh, this works great, I'll do it too! Thank you, take my piece of the pie. And so, this working tells me nothing more than that this is an even better idea for somebody to go start.

Sam Parr

because it's a

Shaan Puri

slight waste

Sam Parr

I agree. People often say, "Oh, does this exist?" It's a common question. We always get those DMs all the time, asking, "Why doesn't this exist?" I'm like, "I don't know," and honestly, it doesn't matter.

Shaan Puri

it just probably does

Sam Parr

Yeah, it probably does. It has "just do it" or "don't do it," but whether something does or doesn't, it doesn't matter. But I just gotta check you for a minute... acting like you're coming up with this "Oh, we should just do fig for construction wear." Like, dude...

Shaan Puri

Saying there is an opportunity for somebody to do this. By the way, I'm looking at their stuff, and they definitely have a lot of the pieces. There's this, I don't even know what you call it, but it's like a super yellow neon jacket. You know, you're not a fireman, but you wear this for some reason. So, they definitely have a lot of the pieces. When I was going down the rabbit hole of looking at what outdoor workers wear—whether you're in a shale fracking field or doing construction of homes—it doesn't really matter which version of these. There's a premium to be placed on super rugged, durable shoes, mud shoes, heavy jackets, and there's a towel that goes on your neck that's a cooling towel. There's like this whole line of stuff. The reason I think this might be bigger and better than Figs is if you look at Carhartt or Duluth, which are a couple of the companies that do this. I think they're both over $600 million in annual sales. Duluth, I looked up before this, has $638 million in annual sales, but only a $500 million market cap. So, they have double the revenue of Figs.

Sam Parr

so and you know what's duluth

Shaan Puri

One-tenth of the market cap of Duluth Trading Company is another example. It's like Carhartt. Their direct-to-consumer (DTC) business was growing 70% year over year. So, it's obviously where the action is, as opposed to all their retail shops. I think you could come in and build a new brand in this space and potentially get acquired by Duluth or Carhartt—these multibillion-dollar companies—as just another brand. There's an existing DTC playbook that's a combination of Facebook and Instagram ads, influencers, and so on. You know, cutesy colors, nice packaging, all that good stuff. However, I think you would want to avoid being too cutesy here for the rugged wear. I believe there's an opportunity to create a pretty iconic brand. I wouldn't be surprised if someone were to create a brand similar to Yeti Coolers for this Carhartt space. I think there's a Yeti Coolers-type brand to be built here.

Sam Parr

Do you remember Lands' End? Did you ever shop there as a kid? Like, your parents got you... you don't remember Lands' End?

Shaan Puri

monument in san francisco

Sam Parr

Well, yeah, but it is. It's also like, it's a store. Remember Eastbay as a kid? Like Eastbay, where you buy it and it lands in... it's.

Shaan Puri

a good first time

Sam Parr

So, it's American-made clothing, basically. You probably know what their boots are. If you Google "L.L.Bean" and then the word "duck," they'll probably... it's called the duck boot. You definitely know what that looks like. It's like the traditional snow boot you wear as a kid, and it's way popular now again. Land's End is another thing. It's just like Duluth, but yeah, these companies are trading for crazy low [valuations]. $1.5 billion in sales, $800 million market cap.

Shaan Puri

Yeah, I don't know why their multiples suck so bad. That just kind of shows me that Figs is Figs' story. The thing I talked about at the beginning is, we are, you know, "Starbucks for scrubs." What does that even mean? That means nothing. That's just words. You know, we're Nike, we're Lululemon, we're kids, we're the next one. You know, that's the story.

Sam Parr

yeah that's true it is just words

Shaan Puri

That's just words. That's a good dish to anybody at any time. By the way, those are just words. Immediate shutdown of anybody. Yeah, so I think they're... you know, I don't know if they're overvalued or what, but they're definitely trading outside of their categories.

Sam Parr

But you need to do this if you're going to pursue it. Construction is interesting. Lands' End is interesting because it was like Midwestern people. However, you have to create a brand and a niche where it feels like "us against the world." Nurses, for example, are predominantly women, so they already have that little segment of, you know, "we're the underdog." Nurses probably think that they're overworked and underpaid, so you've got that vibe going. It's like, "Look, we're overworked, we're underpaid, and this thing is going to make us look good and actually feel good. That's the least we deserve." So, it's been far better to go with this angle of a group that feels downtrodden.

Shaan Puri

The brand that we talked about, that's the like America... grunt, grunt style... grunt work. What is it called?

Sam Parr

I don't know what you're talking about what do you what do you mean grail

Shaan Puri

no it's called grunt style so go to grunt style.com I think we talked about them

Sam Parr

no what's that

Shaan Puri

It's a "us against the world" situation, you know? We are proud of the police. We are proud.

Sam Parr

of the military guys like kill it it's

Shaan Puri

Our country... we don't, you know, vaccine. You could stick your vaccine here. That's the vibe you get when you go to Grunt Style. It's very much a "us against them" mentality. Flags are flying everywhere, using American IP basically to build the brand. For example, here's a whiskey glass with two crossed rifles. Or here's a hat that looks like it's been used for, you know, 10 years. That's the type of stuff they sell. This company crushed it. I think they do over $100 million in sales, this company alone. So, I definitely think that "us versus them" is a turbocharge when it comes to marketing, especially for D2C (direct-to-consumer).

Sam Parr

Alright, can I tell you about an idea? This is a bit weird how I got to this, but basically, I am interested in my dream. There's this guy named George Barber. George Barber, in the early 1900s, his father started a dairy farm, and eventually, George Barber took it over. Now, George is either dead or in his nineties; I can't remember if he's dead or not. He sold his dairy farm, based out of Arkansas or Alabama—Barbarella, I forget—and he sold it for like $500 or $600 million. He crushed it! With a lot of that money, he opened this thing called the Barber Museum. He created an F1 racetrack in Alabama. If you are into motorsports, they did it for motorcycle races, F1 races, NASCAR, all types of stuff. People from all over the world go to watch races there. Now, he has the largest collection of motorcycles in the world. The way that he set it up is similar to how a lot of these places are set up. Have you ever been in a small town or somewhere outside of San Francisco and seen a car museum? It's usually just one person that owns it—just a rich guy who sets it up. But they...

Shaan Puri

they let's pretend I have

Sam Parr

Yeah, too American for you. But anyway, they set it up as nonprofits, so you can actually go and see their assets and stuff. That interested me. Anyway, I just got really interested because I want to own a **lot** of cars. I want to own historical memorabilia, and the way to do it in a tax-advantageous way is to create a museum. So, I went down this little rabbit hole. Have you heard of this company? Basically, I went down this rabbit hole of places that you can go to just to see interesting things. That's all you're doing—you're sightseeing, and you just leave.

Shaan Puri

and you

Sam Parr

pay a little money and that just got me interested have you heard of meow wolf

Shaan Puri

meow wolf sounds familiar let me let me look it up what is it

Sam Parr

Okay, I put their deck in here. I came across their deck; it's an old deck from 2017. So, what is Meow Wolf? It started in 2008 in Santa Fe as a place to explore immersive art. What the hell does that mean? That doesn't really clarify anything. Who the hell knows? That could be anything. Basically, what it is, is they would rent out these massive old warehouses in Santa Fe and, I believe, also in Las Vegas. They would hire artists who typically don't make any money and say, "Hey, come and make stuff here at our place." We're going to create something that's not quite a museum, but almost like a haunted house meets a museum meets Cirque du Soleil. You pay like $50, and you just walk through. It's like an immersive experience. It's very challenging to explain, but do you see the pictures?

Shaan Puri

Yeah, I'm looking at it. I think you described it pretty well. It's like the haunted house meets kind of like a rave, you know? Like some kind of rave meets a museum.

Sam Parr

And this thing got me interested because I was like, "I want to own a warehouse and finance it with this stuff and just collect cool shit." But guess how much revenue these guys... Well, guess how big this business is?

Shaan Puri

let's just say 50,000,000 a year

Sam Parr

So they've raised, I believe, $250 million, and they projected that just one of their locations will make close to $40 million a year in sales. They're having over a dozen locations throughout the country. Is that freaking nuts? Would you ever have thought that?

Shaan Puri

how how old is this is this like was this started like in like this year or

Sam Parr

is it a

Shaan Puri

10 years ago oh wait okay

Sam Parr

And so they opened one in Las Vegas in 2021, and they already sold 500,000 tickets for it. Then they're opening one in Denver, they're going to Austin, they're going to Los Angeles. It's crazy! This is just a crazy, crazy, crazy business. They said that, remarkably, their projections for their Austin location (sorry, not Santa Fe) were $60 million in revenue, $30 million in profit... from one location!

Shaan Puri

Right, what would you like... How do they get people to come to these? What is it like? What's the marketing to sell 500,000 of these tickets? Obviously, there's some word-of-mouth and stuff like that because it's a pretty remarkable-looking thing, but do these guys advertise it crazy? Do you have their deck? Do you see much about their growth like...?

Sam Parr

I think I put the grow... I put the deck in the Zencastr thing, by the way, so you have it. But, oh, it's locked.

Shaan Puri

I think I don't have access

Sam Parr

And so, yeah, sorry about that. What they do is they team up. They teamed up with Santa Fe; the government of Santa Fe was like funneling people to them. If you Google "Meow Wolf Santa Fe," they even put together an economic study that shows how much Meow Wolf is helping the local area. They team up with local governments, and that helps them funnel people in there. But I actually don't know; I don't think they do a significant amount of paid advertising. I'm not seeing it anywhere.

Shaan Puri

Right, yeah. I think that I'm really into this idea. By the way, I see they have a bunch of Facebook ads on, so I don't know how much they're spending, but they definitely are running a bunch of Facebook ads, and they look pretty cool because the exhibits are cool. So, I'm pretty into this idea, and I feel like there are a whole bunch of different niches you could go with this that have hyper engagement. I think if you just go city by city and say, "Alright, what could I do that's a pop-up here that would be able to consistently draw people?" I think I told you about this once, but there was this... what's it called? 2 Bit Circus. Are you familiar with 2 Bit Circus?

Sam Parr

no what's that

Shaan Puri

So, look it up. It's like the number 2, you know, like T-W-O, "2 Bit Circus." I think that's the name of it. So, there's a guy who... okay, the guy who invented Chuck E. Cheese, his name's Nolan... whatever his name is. His son or grandson, I don't know which one, is Bushnell or whatever their names are. His son or grandson created this thing called "2 Bit Circus." So, grandpa maybe, or dad, creates Chuck E. Cheese, and this person created "2 Bit Circus." What "2 Bit Circus" was, was basically like a traveling pop-up museum, but it was all for interactive technology. So, imagine if this is kind of like a haunted house vibe. This is like, you know, you're in the year 2050. Watch this... move your hand, this laser will move and follow you. Oh, okay, kids come into this room, look at this! With one small mirror, you can reflect light and create this crazy thing, or put on this VR thing and play Dance Dance Revolution. You'll feel like you're in space dancing or whatever, right? It's just a whole bunch of high-tech attractions that existed, and they would take this from city to city. The video made it look like, "Dude, I wanna take my kids here! This looks like so much fun!" Unlike those other ones that have a fixed location, this would pop up a tent, and they would run this thing. In one weekend, they would have like 60,000 people in the Bay Area come through, you know, like in four days?

Shaan Puri

Or whatever, and then they would pack up the tent and hit the road. I thought, "This is a genius idea." The guy I knew who was working with them, he was kind of like an exec there. He said, "Dude, this is an amazing product." He's like, "But you know, the founders have kind of like shiny object syndrome. They want to do this, and then like, you know, whoever, like, you know, Facebook will say, 'Oh, we want to do a private exhibit.' They'll be like, 'Cool, we're going to create the most epic thing ever.' Or Obama wants to have us for a party, so like, 'Hey everybody, forget the systematized process that we could just grow repeatedly. Let's blow everyone's mind with a thing at Burning Man and create something nobody's ever seen.' And they would go do that. He's like, "Dude, it's so annoying. We just can't stay focused." But ever since I saw this idea, I don't know when this was, 7 or 8 years ago, I first heard about this 2 Bit Circus thing. I just thought it was such a cool, smart idea. I was shocked I don't see more of this—a traveling circus with a pop-up tent that maybe leverages science or technology. I think parents care to take their kids there, and I think science and technology naturally make for great exhibits and demos. Learning combined with visual stimulation—if you just think back to a science fair or a science class with a volcano exploding or whatever—it's basically that on steroids. I feel like that's a pretty big thing. But yeah, these are hard businesses to do. I would never go try to do one of these because I...

Sam Parr

Yeah, they're hard, but they seem... I don't like events either, but this is a little bit different than an event. But it does seem cool. Speaking of events, let me tell you about something. I got dinner the other day with Jason, my friend who runs this thing called Blockworks. He had just hosted an event, and I asked him, "Can you tell me numbers?" So I...

Shaan Puri

could talk about it in

Sam Parr

The pod is interesting, so scroll down to the bottom. You'll see where it says "Digital Asset Summit." Do you see it?

Shaan Puri

yep I see it

Sam Parr

Okay, so this is Jason. He's got this company called **Blackworks** (blackworks.co). It's like **The Hustle** but for crypto. He recently hosted a two-day conference that generated **$2,000,000** in revenue. He mentioned that it had about **50%** profit. There were **800** attendees, and the ticket cost ranged from **$1,000 to $2,000**. They're planning another event in May, which is in about **six months**. Their goal for that event is **$8,000,000** in revenue with **5,000** attendees. Most recently, he held another event.

Shaan Puri

digital or this is not even a physical conference right

Sam Parr

The $8,000,000 one is the digital asset one. Yeah, it's... it's... it's...

Shaan Puri

like you go there and you see people's faces

Sam Parr

yeah it's live

Shaan Puri

okay okay

Sam Parr

And then he most recently did one called, I think it's called "Bretton Woods." For that event, he basically had 200 people come—or maybe it was like 100 people—and they were large asset managers. All they did was talk about crypto. It did close to a million in revenue, and they only had four sponsors. It seemed like a pretty sick event. I was just talking to him at dinner, and I asked him, "Just tell me everything that everyone said. What are the takeaways?" I thought of a few things. First, I think Jason's only 26, so kudos to this guy for building this business. Second, what a great hack! I mean, just to get the intel from the best minds in the world. He's smart, but he's just not smart enough to be able to predict the future. You know, if you sit around with 200 people who are asset managers for, you know, the Oregon State Pension Fund and things like that...

Shaan Puri

right

Sam Parr

pretty amazing that he pulled this off

Shaan Puri

Yeah, this... yeah, shout out to him. This is like, well, this is what I would call **crushing it**. You have this new wave of technology and you say, "Alright, I'm gonna go be the hustle" or "be whoever." I'm gonna be the hustle for crypto. Then, on the event side, it's basically a win-win-win. You do one of these events, you make money, and you get to rub shoulders with all the most interesting people. That's gonna open up a whole bunch of other doors that you don't even need to think about ahead of time. Then, all of them are gonna think highly of Blockworks, subscribe to it, pay for your premium stuff, and tell their employees about it, that sort of thing. In doing so, you're promoting the... you're evangelizing crypto amongst these really wealthy people who will start betting on it. It'll grow crypto, which will just make your business more popular and your individual holdings more popular. So it's like win-win on top of win. For a 26-year-old, I think that's very, very impressive. By the way, this is a thing anybody can replicate, not just in crypto. Okay, let's say I'll call this a home run, and it's in crypto, but I think there are a lot of people listening to this that would be happy with, you know, half or a third or a fourth of the type of success of this. I think you can achieve that in any profession. So, take any niche, whether it's gaming or venture capital. Right? Like we have rolling funds. Why isn't somebody just doing this with all the VCs constantly? I know Chamath tweeted this out the other day. He goes, "Hey..."

Sam Parr

yeah I saw that

Shaan Puri

Solo, solo, GPS that are out there. If I organize an event or retreat for all of us to get to know each other, hey, we're all solo VCs, right? But if you just said "new VCs," you could be at the bottom. You could be some associate somewhere or not even have a job in venture capital. You could arrange the kind of next-gen, the next wave VC thing where you invite all the new people to VC to this badass retreat, you know, in wine country or wherever. It's like we're all off the grid. We're going to do some cool stuff. There are going to be some speakers, you're glamping, whatever it is. You would be able to make a couple of million dollars and network with every single person you want to. You'd kind of have that little mini industry in the palm of your hands. I've seen people do this with digital marketing and every niche.

Sam Parr

There's this guy, or our friend Nick, who went to this thing the other day. It's got a great name; it's called **Capital Camp**. I believe it's in Columbia, Missouri, where I'm from. I forget the guy's name... oh, **Brett**! Brett started it, I think.

Shaan Puri

brett beshore yeah

Sam Parr

yeah I don't know if he runs it or what's the deal is anymore I think they

Shaan Puri

started it yeah

Sam Parr

They started it, and it's hard to explain what the niche is, but I totally know what it is or who would go. It's basically this: we talked last week about the circle of people on Twitter who tweet about finance, tech, and real estate. It's kind of this group of people who talk about real estate and sweaty, blue-collar businesses on Twitter, and they all go to Capital Camp. It's like $10,000 a day.

Shaan Puri

Private equity is like the bucket, but then Mick's not really private equity. He's more into self-storage. But, you know, he'll go to Capital Camp. So you're right, it's basically that private equity is the big umbrella, and then under that, you have any kind of sweaty business or...

Sam Parr

like cash flowing things

Shaan Puri

Or, real estate business... kind of non-fancy. It's fancy-schmancy tech, basically.

Sam Parr

And it costs $10 to go, and Nick went and he said it was totally worth it. The people I know who went say it's totally worth it, and they're going to go back every year. It probably made a good... I bet it made a little bit of profit, but a fair amount of revenue.

Shaan Puri

Yeah, I'm going to spin up like a mini one of these. I have one that I'm going to do for Club LTV, which is my eCommerce group for store owners who do between $1 and $100 million in revenue. Basically, I'm going to do a retreat for them, which is just my own excuse to do something fun. I'm not really going to try to make a profit off of it, but as long as they cover all the costs of hosting, that'd be great. So, I'm going to do this in the eCommerce niche, but I just feel like you could do this across the 22 camps that we are in right now: startup investing and eCommerce. I think you could do this in either one of those and have fun, profits, build your network, all that stuff. It just takes hustle, which unfortunately, I don't have that much of anymore. All my hustle goes to my kids now. There's no hustle left.

Sam Parr

You will soon, I think. Let me tell you something really quick. So, you've been angel investing longer than I have. I would not claim that I'm nearly as good as you or some of our friends, but I did these two things in 2019: 1. One of them just **50x**'ed. Nice! 2. One of them just **12x**'ed.

Shaan Puri

amazing on paper or or or exited already

Sam Parr

on paper

Shaan Puri

I actually I know one of them the the the the 50 x I know it's on paper the the ones

Sam Parr

On paper, yeah, they're both on paper so they're not real. But I... I feel good because... because this whole angel investing thing, you just... you spend, you spend...

Shaan Puri

you spend

Sam Parr

You spend, and I'm like, "Is this ever going to work?" I'm just spending all of this money. It's just leaving my bank account. I don't even know if it's there. When you count it as part of your net worth, I pretty much don't. I'm like, "This sucks. What's going to happen?" We'll see if it starts actually hatching. Those eggs are hatching.

Shaan Puri

Okay, so let me tell you that I have something related to this. I texted a friend who I won't say their name, but they're an investor. They've been doing this much longer than me... angel investing, seed investing, that sort of thing. VC, personally - they've done it all.

Sam Parr

do I know them

Shaan Puri

I don't think so. They've done very, very well. A bunch of exits, a bunch of winners that are like public companies that we know about, which is like, you know, that's as high as it goes basically. So, multiple winners like that. I texted him and said, "Hey, I gotta ask you a question. Feel free to just brush this off if you don't want to tell me, but I'm not asking to be nosy. I'm asking because I'm trying to weigh out my options here." I said, "You know, in terms of investing, you've basically done as good as anyone, as good as I could hope to do, right? I would say you have done extremely well. It's kind of like the best-case scenario type of outcome." I asked, "What does that mean personally in terms of what you end up making?" I said, "Here's what my guess is. Tell me if I'm on or if I'm off." And I basically said I...

Sam Parr

think well can you can you can you give all the numbers because the person's anonymous

Shaan Puri

Yeah, I'm gonna say the numbers. So I said I think that you probably will make $15 to $30 million over... it's kind of a 10 to 15 year [period] of investing. So it takes probably... you don't see any of it till 10+ years, but between 10-20 years, you're gonna make, I don't know, $20 to $30 million. And that's a payday at the end of the day. I think along the way you're making half a million dollars, cushy, kind of like off the management fees or salary. I said, "Is that about right?"

Sam Parr

wait so this person has a fund

Shaan Puri

They have done many things. They've invested personally as an angel, and they've been a VC at a big fund. Now, I think they kind of like are a solo GP, maybe have their own fund, maybe it's personal. I can't really know all the details, but they've done both. I said, either way, along the way, they're not... I'm not saying from their personal money. They've had other people's money, right? OPM. They've always been using OPM, or they've definitely been using OPM for a lot of it. Maybe some of it was angel money, but now it's a lot of OPM. So I said, "Alright, am I right?" So first, let me ask you to guess. Do you think they said, "That's right," "that's low," or "that's high?"

Sam Parr

okay so 10 years they've been doing it

Shaan Puri

let's call it 15 years

Sam Parr

they've been doing it for 50 15 years and they've been using other people's money

Shaan Puri

for most of it yeah

Sam Parr

how much money did they invest

Shaan Puri

can't tell you

Sam Parr

over under a100

Shaan Puri

let's say they they're they're they're a seed investor they're early they're early stage investor

Sam Parr

I would guess they might

Shaan Puri

Check, that might be as low as $100,000 and maybe as high as $500,000.

Sam Parr

a 100 k full a full time job for 10 years

Shaan Puri

yeah this is what they do

Sam Parr

my guess is way above 15

Shaan Puri

that I'm low I I my guess was low

Sam Parr

I would guess like 40 or 50

Shaan Puri

Yeah, so you're right that my guess was low. What they said was, "Yeah, it should be much more than that," but it's hard to say because a lot of it's still a liquid. They go, "It should look more like 150 to 200, no way all said and done." This person is not a boaster, but they are one of the best of the best. Their portfolio could stack up against pretty much anybody. Obviously, if you hit one, like, "I was the lead investor in Google," okay, yeah, you're going to have like the outside. But I'm saying this person has multiple, like, you know, almost, I don't know, more than five, somewhere around ten known big winners. So I'm like, "Okay, cool," but you don't know what round or how much they invested in each of those, right? So, so, so look.

Sam Parr

at the message is that the person

Shaan Puri

No, that's not the person. So, basically, I was like, "Whoa, that’s a lot more."

Sam Parr

but and have they made money along the way other than their management fee or their salary

Shaan Puri

Well, just like, you know, the exits as they come through, as they do trickle in... Yeah, so like, you know: - First 5 years: not much - Next 5 years: some - Next 5 years: a whole bunch But you're recycling and you're reinvesting, so you always have kind of a new batch of companies that you're waiting on. You want these things to age 10 years for you to go get a big win out of them. You'd always have a new vintage, right? What I did in 2020, I want to go uncork that bottle in 2030 and see how it tastes.

Sam Parr

oh my god sorry is your

Shaan Puri

ring toad a is your ring toad a duck

Sam Parr

yeah it's fucked up

Shaan Puri

country shit dude that's what about like the hunting duck call he used to attract animals

Sam Parr

I don't know. I just liked it. I just wanted to be a duck. I just like that noise.

Shaan Puri

okay so the

Sam Parr

so wait so this person but are they investing their own money now

Shaan Puri

Stunned. So, when I told him, I said, "Wow, so that's basically like you started... you're like a founder of a $1,000,000,000 company. If you're going to net $100,000,000 to $200,000,000 at the end of this journey, this career, it sounds like it happened a little bit slower."

Sam Parr

but you made the slower

Shaan Puri

amount of money and way easier way less stress

Sam Parr

way easier it's way easier like way easier not even close

Shaan Puri

yeah exactly

Sam Parr

and what did they say

Shaan Puri

They were like... I mean, they were so humble that they were kind of trying to deflect. They were like, "You know, tell me how you're thinking about it so I could help you here," right? Because they're like, "What are you asking me all this for?" And like, "I don't know enough about me. I've done well, but let me help you if you're trying to get some help out of this." All I really wanted to know was, like, "What's the size of the prize if you knock this out of the park?" And like, "What's the real... what's the real nuts? Like, what really comes through at the end of the day?" Because, you know, anytime you go into something, there's like... you know, I can go read about real estate. I'm not a big real estate investor. I can go read about real estate, and I could talk, "Oh yeah, you're gonna make this much gross, this much net, you're gonna cap rate, blah blah blah." It's like, then you talk to somebody who's been doing it for 25 years, and they're like, "Yeah, but like, you're... you know, all these hidden costs you're not accounting for, all this extra heartache you're not accounting for, all this extra stress." And then, you know, one of the four buildings, you know, burns up in a fire, and you have to account for that loss. So, this was the reality versus the what.

Sam Parr

was your takeaway though like what did you what did he what did you what

Shaan Puri

I wasn't looking I I wasn't like trying to make a decision on anything I was just thinking

Sam Parr

where's your head at though

Shaan Puri

My head is basically like... surprised, frankly, that it can be that big. And again, this person's not a boaster. I'm pulling this information out; I think they were just doing me a favor by being honest about what they think this nets in the end. I was like, "Wow." The reality, though, is do I believe I can have the same hit rate as them? No. I think they have extreme skill and extreme luck. And so it's like, okay, they do this full time, right? I'm not planning for that, but I like knowing what winning looks like today or what the top range of winning looks like. I was pretty impressed by that. So that was kind of my takeaway, or you know, something I learned. I don't even know what you were talking about before this; you were talking about your multiples. So yeah, it's pretty impressive. But I would say, you know, that's on a large amount of invested capital. I should also say that it's much more capital than I'm investing because they've done it for longer and they write bigger checks.

Sam Parr

yeah it's way more boring but it's definitely way easier and that's the show right

Shaan Puri

yeah alright we're out of here