ACQ Sessions: Jason Calacanis
02:30:03 Share

Magazine .

mag original .

platform. We yes, welcome to my section.

all that stuff that you said before your hand that that was really just I don't think we should put that.

No, definitely. We don't want to. The first married two boys. Here we go. Is this the first .

one or this is the first in, but I think this is our eighth tenths together.

something like that a lot between the ah for sure to know .

the first acquired sessions .

acquired section. I like actually get out guitar here and place .

this this is your baby. What is acquired sessions?

Acquired sessions is Normally on the show. We are like, so scripted yeah you and we have great time with four our episodes. But we ve for folks like you who we know really well, what happens if we throw out the script and just chopped .

and we just chopped up.

David, also plug literally empty .

v plug literally.

okay. Listeners, now is a great time to tell you about long time friend of the show service now.

Yes, as you know, service now is the A I platform for business transformation. And they have some new news to share. Service now is introducing A I agents. So only the service now platform puts A I agents to work across every corner .

of your business. yeah. And as you know from listening to us all year, service now is pretty remarkable about embracing the latest AI developments and building them into products for their customers. AI agents are the next phase of this.

So what are A I agents? A I agents can think, learn, solve problems and make decisions autonomously. They work on behalf of your teams, elevating their productivity. And and while you get incredible productivity enhancements, you also get to stay in full control. Yep.

with service now, A I agents proactively solve chAllenges from I T H R customer service software development. You name IT. These agents collaborate, they learn from each other, and they continuously improve handling the busy work across your business so that your teams can actually focus on .

what truly matters ultimately service. Now, an agenda I is the way to deploy AI across every corner of your enterprise. They boost productivity for employees and rich customer experiences and make work Better for everyone.

Yeah, so learn how you can put A I agents to work for your people by clicking the link in the shower notes or going to service. Now, doc m slash A I dash agents.

That's great. So what we we have no agenda. And but where do you want to start?

We're going to think vta, oh yes oh.

anta, i'm an investor where investor too well, great. There are some company big support of pocket. So yeah, go vena.

We are huge fans of venta and their approach to the whole compliance process, sock to hipper, gdpr and more. And we've got C E. O and cofounder Christina casio boat back with us today.

Then IT was already the best place to check the box and get security compliance certified. But now you've just launched vantage trust reports, which take things even further, tell us about that and how they can help companies deep in their relationships and trust with their customers and partners over time.

Really excited about the searching bit of uh, not yet told vana history but something like the antitrust report onest ly, a much worse, much more poorly designed version. But you're really so I can say that we're launched in the very early days of vantine when we wanted to help company get secure and prove that security, but weren't yet convinced we wanted to or had to go. All three, the nuances of what a sock too was.

So we figured, hey, let's just make this report of the best security practices. Let's check companies against those practices all the time and make this live and updating, visible and transparent. This should help these companies prove their security and grow their business.

And I should also help them be more secure because they've got this report, like this kind of security status page out in the wild. So seventeen venter tried this and found out that no one really knew what a vantine report was, and ever I wanted to sock to. So flash word to twenty, twenty two actually really exciting.

Turns out creating standards is a, you know, people have to know who you are before .

you can create your standard of the ones like literally, company strategy that day, okay? Use the existing standards to bores often build something Better here. And so this launch of trust report is really exciting.

These are campaigns that maybe it's before they've gotten to comply and certification me in the process of getting one for some. Actually, it's very have one. But then rather than keep going through their buyers process, they're like, look, this is just constantly up today and has all the information you need.

You know take a look at this instead rather than my you know compliance PDF from months ago. So relative to a soc two, which is done once a year and kept up to date annually of the antitrust reporters, kept up to date to the minute practically continuous ously, you always know what the company's practice you are. So it's really excited to to get this out into the world and into folk hands are thanks to fanta, the leader in automated security and compliance software. If you are looking to join advantage two thousand and three thousand custom to get comply and certified in weeks instead of months, you can click the link in the showers or go to vented docs flash required for a ten percent discount.

Thank you. Be at up. So in the juicy stuff earlier you meet in mahalo yeah .

and is is that what you started?

Yeah yeah yeah is .

but hello why you started you went from print to .

print to well when I in the nineties um group in roland, my dad had his bar seized by the fed because he didn't pays taxes during the nineteen and eighty seven crash he became like he got behind and the feed out of one day and this was maybe six weeks before I was set to go to college and he said, hey son, I can help you with college good luck and I might be gonna jail so take away your mom so he was like really behind on his taxim ah I state the authority that kind of take a serious so fts come shot guns, the holding.

They sees the place, they sees everything in IT. And I was like, wow, I get some a school at night and i'm going to work in the day. And I worked fixing laser printers. Ers, and that was like a really good rack. And the hp had just come out in.

Would you set to go to color somewhere else?

Wow, that's another story. But I was set to go to brooklin college. I ve got to that. I had also taken the police exam to be a police officer, and my brother went into the force.

And then I said, no, i'm going to see if I can go to college and make that work. So I got a broken college, so I decided to work during in the day. And then I went to school four nights a week.

Six, nine, P, M, Carried full credit. Sixteen created semester. And I would work fixing laser printers ers all day.

I was a bad student. I was always that student to underperformed. I didn't find great meaning and academics, but I had a computer when I was in high school. I was more interested in playing with my three hundred board modem that became a twelve hundred band modem on my PC junior.

So I can, you know, like many people of that era, we were sort of set on a path because we were the first generation have a computer at home. I actually had an a tory twenty six hundred, and he could play tank was the game that came with that in palm. And so my dad, boss, this for us when I was six or seven years ago, nineteen seventy six, twenty seven, and he had one of the first ponds of brooklin in his bar.

He must cleaned up on that.

oh my god, was crazy. And so just got exposure to video games and computers. And I was like, why this is incredible.

Like computers, you can change everything. And then I happened to hack some software. We are a lot of scams.

but you told us about the the V, H.

Seva faces hot tapes with technical first business. But there was a side job I had, which was cracking software. So we were, we would make copies like chess mater and stuff like that, then sell them for ten bugs. And then we started like hacking and doing what was called phone freezings.

When you were doing this stuff, like you to be reasonably technical to do IT not like them, you know, not like, was the act technical.

but like you, we saw our chip, sometimes we change, yeah, we put to put memory in. At that time, you had to like, take the memory chips and put them in and then bend them over and stick them in.

Did you ever think about like, did did you consciously ever make a fork where you were like, not tech, media, and of course, media about tech, but you were like, i'm not gonna be the guy doing the boards. I'm gonna be the guy writing .

about the people doing the boards is a very good question. I used to go to bleaker street to hang out. West village of the east village was like, cool places to hang out.

And like a thing to do would be to go to tower records and look at the scene section. So there's a concept of a zine which were short for magazine. But a zine was something you wrote with your friends.

You printed IT yourself at a photocopy store, like blogs before blogs, blogs before blogs. And I created, as in, I was like, i'm gona be a magazine publishers. So the first one idea was cyber surfer, which was about dialup magine dialup services and C.

D. roms. And I did IT with my friend brian alvi.

I have my career. We need to go go together. Weblogs work together. Yeah, so but in .

the early nineteen.

I did before that I did this, I did that magazine. And then I had met for a mid chery corona at internet world, the first one. And he there was a booth that's right.

When Jerry was A V. C, before he was like that.

before he was close, and I think seem geos. And so there was a like gospody th, and I had met this Young lady added, and we hit off, we're talking, and then interest me, Jerry.

And then I met the colonel in office, no bigger than this room and union square, and he said, listen, i'm leaving like us but i'm going to start this act me eventual with my friend friend, I want you to come um weed business plans for us and so I met red well son and I would go up to them. And they were doing J. P. Morgan was going to back them for their venture firms .

was one thousand .

nine and ninety four and ninety five.

which big car flat?

They were half of that. And muoi soft bank was other half.

No way.

So not. To read this and the deal was they would take .

me for sushi and pay me a thousand.

And actually I was and so I had the magazine started, so I reporter and they were pay me. So I read a about this um um beverly hills internet company, which got rebranded as geo cities. And I wrote a little coverage job and I said, you should invest all .

that's where flat. I made all their money best.

I became USB right?

yeah.

Slight iron went with Jerry ona. Then when Jerry decided he wanted to move to colorado, just chill. He had made enough money. I think in coach founders. Coach founders, I think yeah, maybe he had like I think he been pretty public about IT. Like I don't nervous, break down, but I kind of like maybe fork in the road like making a decision about what you want in .

your life kind of situation.

Yeah, yeah, yeah. And so Jerry was commented, but thread actually became ultimately my deep mentor at that time. And friends said to be, list you're doing silicon reporter, you're writing about us and the comes were investing in and you're doing so which do what you're rather do and I think I think .

I do the magazine ah this is before now it's .

like I and but just the .

back up to deo cities that's all the ahoo for like food and for that was the main investor yeah flat.

maybe five or ten person of huge for them. I mean, was on fire for a new york VC injury. They did pretty well.

They had had to happen, right? Like, I mean, silk valley was here, but there in new york.

like what was going on? We just there was a lot of good companies growing in new york. In my concept with reporter was, well, they have red hiring in the day outside in the bay. But I own new york and I had slogan report, and I started one called digital coast reporter in hello.

So I had two magazines, two conferences, two email newsletters that's kind of king in new york, right? I grew up business to ten million dollars in revenue of my credit cards um and had seventy five to one hundred people working for me when I was twenty seven years old and I didn't know anything about had to run a magazine and how to run ourselves. I taught myself everything .

you finally think of this like was .

pretty heady stuff because I wound up being on the cover the new york times on charly rose and they want to feature for me about me three thousand words in the new york. So anyway, it's a really cool time in new york, because at that time you were either in media or finance or art publishing. I was like a spine night set, and I was in publishing, but I was also in this newly technology.

And so everybody wanted in on that. IT would be like, the equivalent of cypher is today, like at its peak were like, and you were the equivalent of like cats. I, or something like, IT was crazy to be the new york internet guy, can I? Ah so we .

talked to a about a lot of this when we did are like big Jason c empire of Jason calico with you. So I wanna put this on pause. People can go listen to that. You sure that it's great. We get like the detailed story of like weblogs and like great stuff. And you mention I wanted like take us from your as good as you know, you're greatest, your newest thing, sure because the last time we talk to you, you we're just starting all in and like can we talk podcasting?

Of course I love IT pocatello, I think perhaps my greatest medium.

What happened with all in how did I mean, it's happened? Has IT surpassed your wild expectations?

Um I thought that would be something to mah and I would do ten times. Yeah so the origin story is precious. Um timah, uh, I knew because he was running .

I C Q mah, was running ICQ at L L.

And I had, so my company, l like the revolving door. And well, there was like ted, the answers had this march to a billion. My greek brother, a meter had this like march to A A billion outside.

And so I went to this and I just sold weblogs million uses shit that the that was the idea that with weblogs sink and with A L and other assets they wanted to buy, they were gona march to a billion users. Yeah, he was like, this crazy ring time and we had these t. Shirts march a million. So I go to that, I see your moth and I was like, hey and I say, hey, and we introduce each other and we had known of each other and so what are you doing here is like, i'm running. I see you into the ground and i'm writing IT down every month that loses a million members and it's like, but i'm anything i'm going to go going to go the west cos i'm going to go work at this VC whatever was .

um and so then when .

he was there.

I was in for a year and shown Parker introduce them to zc. And zc needed you like a chaff. You needed like somebody who was just I I built the growth. He built the growth team and he is like, I don't there is no equivalent of growth that was the the idea of growth having to exist as a term until too often what he did. He said, just finally, the smartest people i'm hiring based on I Q, and i'm hiring based on desire to make a lot of money and be a beast and he just went, he went into beast mode, because here he too was very hungry.

And you guys must have been like brothers from another. Yes.

sure are. We're definitely both outsiders in silicon valley. And, you know, I had cham come on the pod this way, start up .

that going to go to omit .

first you can see how he's not know polish. He's not chamar great area. So I was a little .

more no european.

He was great shape. Er no .

to take her. He was like a, he was like a dark no.

like he was I ever .

know he he always was a poker player. He was playing in next city. So he was, you know like myself, an outsider who wanted to take risk and wanted to win and um you know confident, you know even maybe more confident than both of us should be.

But and so I kind of introduce him off to the world by convincing him to come on the pod, which he was like reluctant to do when he was at facebook. But he did IT after facebook. I have asking him to come.

Me finally was in L A. He came on the pod and then people I was like, really good on stage. He's he's funny, whatever.

And so which at this went, you had an I for because you really like course.

I mean, one of the things when I was a pakistan in those early days, twelve years ago, you know, I introduced a lot, I think, to the world. I introduced people to the world, yeah, yeah. Was two thousand and eight, I guess, where? So I introduced a lot of people who were in tech to the IT was only a couple thousand.

And then as now too, like you could be a great founder, you could be a great you person in tech. But like that doesn't automatically .

make you a compelling first that no, I mean, there I have my old there is about what makes for a great guests will put that on the side for now. But anyway, we start a friendship, we start playing cars together. Um we start hanging out a trade notes kind of thing and start his venture firm, i'm a scout as a coil that stuff we start playing and trading notes.

You may just become great friends. But then he was coming at A C M B C one day and he like, oh my god, you know just like we have such a good report when you interview me because he had done a much interviews with me on stage and stuff that on my event. So I want to do a pocket for the other again. Come on. This is three times, twice a week now.

and which is now five times. Six.

six. I going go. I may go back down to five next .

year too much right now. Come back but killing yourself right now and you're on at three. Yeah have .

more energy now then I may have I just this, like coming out of the pandemic, might have as much energy as I didn't when I was a much but for different reasons, different types of energy um anyway, trump calls me, you know, coming out of the studio unit was he was in new york ker. He was in the one market one and said, go here but someone just poof I said, okay and he said, I want to do a new pie with IT just mean you we I was like, sure like what should be call up with taxi back with all .

this is twenty twenty yeah like two years ago and I said.

yeah, we call IT all in like we come up the poker name is I get great like a race or something like all in because .

you've been referring to this poker game on there talking .

about a once in a while the poker game that doesn't exist. Ah sky dating and I had a poker game with brook camerlin, the famous pure person at the code conference, which was the old things d conference before after twenty years then chamar, I had a power game, sacks I had hosted at floating, putting all that together um yeah had to refer to IT many times in the pot but try to, you know keep .

IT from becoming .

public right but I just come to code. It's another funny story and a lot of funny stories in my life, but anyway, so then the pandemic happens .

and let you go and just drop in little and we up and .

sometimes I D biography. Anyway, nine years. Anyway, the. Then we we were the pandemic starts to happen like, well, sax has some ideas about mask and then freedoms. G sex freeburg .

warned there was no best evening was .

truth like freeburg I weren't best days before all in. I mean, we knew each other. We were friends, but not best I was best is with sax and now free berg is the best day and but we can have played in the game, obviously and we had just started to have a developed friendship but anyway that for some kind of click right pretty quickly um and I think you know I was a really good interviewer. I studied interviewer techniques and really, you know after doing whatever I had had done at least a thousand episodes twice at that point and I had had sacks on many times and timah so I very comfortable that and at the poker game we break chops and I make jokes and show is a great host and is very comfortable with each other. Uh, and and free berg kind of join that group and eclipse and I think during the pandered and I I I thought maybe this last ten, twenty episodes, but during the pandemic, I think people wanted information and I realized in .

perspective. And so I think that's a thing. I i'll tell you, I never expected to be listening to David sex talk coming from where he come from politically and where I come from politically and going yeah, that is a good point. And that perspective is like so helpful in our polarized world today. Yes.

IT is very unique and know around the poker table. We all listen to each other with friends, but the world does not want us to be different. In some ways, the world wants us to be enemies.

And I kind of think about IT, like, you know, best of our enemies is kind of situation, like we debate specific things like grave at all. And who is this arbitrary anyway? This is a great documentary about cover and who blame buckley.

They're just two public intellectuals. One was on the left, one was on the right. And there's a documentary, best of enemies. In the sixties, they started debating like different political conventions that was like the most compelling thing on TV.

But they were like friends.

Best of enemies as they were best is like sex and I are. But you know, graviton was just he was gay um kind of closeted or quietly gay. And on the left and buckley was like a serious conservative and they went to blow sometimes on the show, like at one point, luckily, I think he called him like a sissy or something, like, really like draw gators as a game man. And the world didn't understand he was exactly gay, was like sort of time period in the sixties where like, maybe some adults understood .

like a me but we do they we saw again. Like huge jack .

dude walking around .

and and super Sunny so is like just all like shoes on which .

thank the usual yeah and then they usually Carries around. There was a big debate when I first moved up here because there was a number of folks used to like to get a starbucks and they had to like negotiate and they were like, how about I surround in starbucks because you're going to set right bar for context for.

you know, i've explained this to bend. But like this is a thing in the castro and experiences that is a cut. It's like now it's like you see like ah this is like a relic of the sixty seven.

Awesome because David, we're like driving up and David goes a nick guy IT was the most like warm hardly .

I had to ah I just as well as in new yorker because as a new york ker, if someone's naked, that's a sign that if there's about to be some crazy persons in the fight and police and chaos and here IT means like high fives and right ons. But growing up in new york, like if somebody takes her close off on a public transportation or in a cafe, like people are getting a baseball and calling the police, and like, this is about to go down, oh, my god. And then here it's like, you know, and live your life. I just one of the things I love about something anyway.

the pots goten very big so you get the game together and like, yes, what do you think IT works like? It's like the number one is in our business .

is number one, of course, but IT was number twenty eight last week and you guys have .

in IT like .

this is more than just you has nothing to do. A finance IT were tipped over into colleges. I was at I was, you know, skin and taaoa and I you know, as with my kids and hard to get a table type situation, I said, hey, I hate to be a past but I see you're wrapping up or and no pressure but are you you .

going to be leaving soon?

Because i'd love to camp out .

here and yes and just like.

no, I listen to your pot twice a week and like, it's only on once, I listen to a twice and I was like, oh my god, that's so nice like, what are you in the industry? Like, i'm a dentist now and i'm like your dentist reno, can I ask you found .

out about just I deeply .

are about politics situation across the was there .

a moment for you you either you for or you where you were like, wo this is.

you know, i've been a microphone you know, microcephaly multiple times in microwave is different yeah, not for me, you know and I got a lot of famous friends know I used to getting recover. Ze, I used to people taking pictures. What i'll say is like where I used to be.

You know, if I go to Austin or new york, people would say I would have three people stop me on the street a day if I was walking around in new york. Now it's twenty you know or ten and they wanted take a cell phone and it's you know just you know, pocket as you guys get recognized. And IT creates a level of intimacy with people if they're in the habit, because you're hearing people every week and then people become characters. And I try to make everybody, I was, you know, in in which I did craft with all in. I was very premeditated, creating some character i've never really .

talked about. Yeah, yeah, yeah. I crafted .

some character kind of art, the fighter al real, trust me, there's not the trip ted about that. But I did say, like, I think I can, as the point card here can, a shape the conversation. And I literally created the character of the salt .

of science.

And you freeboard didn't have, have and have a twitter handle followers there.

even a character of j hell on all in like jack.

the world's greatest moderator. sure. yeah.

I think more like jake holl, the guy who lets himself be the punching bag. Because IT plays .

for the show a little bit, which rather not being on rather they're like you're the first .

to show. You need .

to out so often. good. So you don't have to point out that you all have more money than me and you two, if you have planes and I don't and it's okay with me, I could have a plane. I guess I get .

one of the well.

no, it's also like I don't want to waste a ton of money and you know whatever reason.

but you you do let yourself play that role of like like you have been enormously successful and you sort of let the role of J K on the show be like that guy who one day wants to be like us. Maybe maybe i'll make IT. I actually never .

wanted to play that. Actually no, that was that was just the boys breaking my chops. Maybe maybe it's a little bit of like them wanting to uh you know maybe take a peano Y A little bit, which because you I give IT as good as I can get IT, but I think that's probably for them.

You can ask them when they are on the body. I think for them that's kind of the dis that's the one they can easily go to on the poorest by the show. But like i've got.

okay, what maybe let's filter for them before all in, let me make to make that a little bit of public.

They no had all this .

is a new thing for each of them to hit this level of notorious. It's not for me. What do you think for?

I mean, we should ask them this. Like if you were to speculate, Carry out, that is speculation. What do you think for them all in has like done well.

I mean four freedoms. G nobody knew who he was except if you work at google or you N V C, like he is very car, he is very connected, those circles. But he was kind of under the radar guy um I think really by design, he didn't have any desire to.

So is probably the biggest adjustment for him that the increase in profile has certainly been the highest for him. And he's love there was a moment when I like jokingly said to people during the q and a session at all in summit, ah yeah just say who your favorite is in the direct question. And I was like, five and old salt of science and I was like, oh my god, what I done now I created this monster.

You know he at the time, like would barely show up for, like, you know, he would show up for two Anthony episodes to be busy IT wasn't a priority for him, right? So I like, got I put black persons and if you can make I try get big girl and to show up or whoever dream to fill in for him know I was always like, I wonder if freebase will show off but he's actually really committed to the show now um for sax, he was high profile but nobody really know him as a republican. So he kind of unclose as a republican show.

I think he was also like he was almost more so than any, know what, not you but he was high profile if you knew about the paypal mapi on and but he was like the least kind of public of .

the po mafia. You would say, elon read hoffman, Peter T. O M election journy stollen chat rule off yeah and I guess actually be somewhere in that show up like knowed but I feel like known wn being known but yeah, you know I think part of the reason this works to sex, I exactly probably taken the brunt of the head .

of the .

pod yeah because he is so passionate about you know a lot of topics that maybe are unpopular in the tech circles. So I do think like it's custom deal float on the margins, probably I think that's probably I don't really margin by somebody because he's .

done all in in a way .

that yeah sure. I'm trying to think if like would is there a founder? I wonder. I don't know this, but this is a founder, Young founder, hood say I would never take money from Peter chill venture firm because I am so liberal .

for sure there are. And look, those people feel that way about craft now. But for every one of those.

there's ten more. And I agree with you. I would agree with that. So anyway, I do think like he's joke that it's cost of you .

don't know. I think for for people in amErica and people in tech has moved. I think a lot of people towards the center.

I think a lot of people are moving towards the center. And we qualified IT for people. We maybe made IT OK to admit you a moderate. I've been telling folks from the beginning, I an independent and a moderate, I voted probably democratic three at a five times, four to five times. But mostly that's a function of the fact that I ve lived only in new york, in california in my life where you don't really get many republicans or moderates. But I voted for bloomberg Juliane when bray was crazy and potato, I who are all republicans and or no.

I wasn't, but I would have .

voted for him. Um I like competing people and I support a bloomberg for president which got me water for really, I don't understand. Very upset that I was for him instead of.

I think you guys talked about this on the pad, that lake, what was the two by two quartering of lake? Whatever IT was what we all think we are here in silicon valley, which is like social liberal, fiscal conservative, we like everybody should be that.

But with the small st of the group, small group, I think I believe in competence and staying out of people's lives. So I here, it's very hard to know, because then even David, I mean, this is, I think when David, I fight on the pod, which some people love, and I think some people probably turn the pot off when that happens and they don't like IT. Certainly the mega group was has no love loss for jack.

Tell you that like my replies, i've been really crazy and we get like brigade in the less like that nuts. It's funny. But it's also like on the margins, like they can get a little scary like their dogs and sometimes and you know that's not fun um four times that happened um but you know to tell David, like David, I not like I don't actually listen to M S B C and Rachel matter to get my information and by the way, your pro choice proxy marriage, anti war yeah he's the .

dove and .

I I was like, well, okay, if you really play this game i'm going w David, the dove and chase in the heck like were we talking about here like but anyway.

what just goes to show how sila the coalition building is like it's totally like the two party system requires that if you feel very strongly about something then you're not allowed to think in. About anything else.

It's so crazy, you know and I think what messes people up is the fact that I actually just think Donald trump is a horrible human who you should do no business with, has no business being in any political office and you know, is is just horrible on any number of levels. I believe that independent of his party, he's a democrat, obviously obviously yeah yeah and so like, I would hate him as a democrat or republican. So it's it's not personal and I I would .

or IT is personal with him.

but it's Better with the part I this is horrible human being, you know, in every way I understand for some people he represents change. For some people it's like the way the republicans security office, and that's all they care about, is winning.

I I get IT, whatever. And I think so much of the human condition is like being a part of a community. And he, for so many people, is a symbol that means, hey, all my friends and neighbors, where we get to agree on something so that we are confined together ness and something, and for some people, that the flat earth, and for other people, that startups, and for some people, it's to tribe yeah.

you know a lot of people don't practice religion anymore and so he's their religion. And Hillary, clint dinner, Elizabeth warn or berry Sanders might be other religions or the new iphone.

Like I found myself ordering this phone and I love IT and it's the fourteen pro and it's magic and whatever. But like, it's not that different than my old phone. But I got to participate in all the fun watching of the keynote and the tweet and the nursing out. And like, let me look at the image quality versus the old one.

Really pretty, pretty.

But like, I got to be part of a tribe. And like, that is a thing that, no matter what your tribe is, that is so fun to be there on tribe day. I .

prd, the show, I think, is that IT has, you know, through a lot of the trial's tribulation, showed that you can be friends, disagree, learn from each other and have a viBrant debate, which is how we all grew up. I think when I say we including you guys, but also this of the best is I want to be friends with people who I disagree with. I want to debate stuff, right? And then people are like this, guide the impression. And it's like one of the supervisor here is a superadd at like guy and seven this guy like you know like won't let them build housing stuff and he said, you are just a conservative I was like, you don't actually understand who I am just like you can over a billionaire .

on both the can no matter my best is remind me of the IT not trying .

to be a billionaire thank you um and on on that what .

another thing that's really fascinating to me about all in yeah and you guys is before all in and maybe is still to a large extent I feel like silicon valley has this weird relationship with money, like super weird relationship with money. Like no member. There's a whole thing about like actually like an accurate S. U.

V. And follow. And David follow and Jerry yang, we're driving their .

old cars like the cool. I like you could like make money in the company, but like, you never want IT you .

never be understand you.

I think of the first. Like, like, guess, like, like, we ve got a private jet. Like, that's fine. Like, you know.

I mean, listen, know, yeah, I believe in capitalism. I think it's great if people create jobs and if they get rewards for doing so. Like fine.

I literally the book i'm right. My second book right now i'm writing is about wealth and money and like but not like in my regard. But now sort of like big picture society gds, I am like literally been thinking about this topic a ton. And I think we worry a little bit too much about wealth creation um without a small like outlier wealth creation. And we don't think enough about inspiring people to create companies and learn.

And like the time I create the most controversies, when i'm like, I believe anybody can do IT and people like, you're so wrong and I like, am I because I go on youtube and you could type in any topic that you want to learn, and you can learn IT and all the stuff that was at M, I, T, where I never got to go canford and Brown is online for free. And I listen to macroeconomic classes and AI classes when i'm like, it's ten o clock at night. I'm doing my email. I'll just put one of those play this on from M, I, T open course, where and I like, I can't believe I can take a course at M, I, T for free anytime I want.

And then if you can build a business, they are like David center over the founders forecasts like mr. Beast and K H D, like body, gave these .

days permission, but people want to spread a narrative that the world is unfair. And like I watched, I think the world becomes so fair and so just and so much information opportunity become available that I like, wait a second. I could never figure out how a term sheet worked, and nobody would share the time sheet. And now there are thousand videos and blog posts on how to negotiate .

your term sheet. The world is still unfair. I think very I think the key inside is like recognize that the world is unfair and actually what that is is a game on the field and figure out how to play the game on the feel.

I it's never been more fair. So the world is unfair. True statement. And in america, it's never been more fair. You can learn google has like five courses online.

I think it's go grow with google or something where they are teaching how to be A U X designer or how to do this, how to do that, and it's free so that they can get more people to apply for jobs. And the average job entry salary for these things is like A D K. So I I find this very weird in the world. I think there's like a group of people who want the world to be more unfair than IT actually is because IT makes them feel more virtual signaling.

That's how they find that there are other people who love that. They tweet that the world is unfair.

So they and they have to unit typically like is a certain type of person. And i'll just believe that at that.

Okay, can I?

So I the question, I track university now. I have a course where I teach people for twelve weeks, or I have a team that teaches IT. And i'm going to actually teach IT myself this next coward where I just teach your house.

Start companies to plug IT.

How can they find a verity? Yeah I mean, it's basically it's free. You the way I did IT was you apply if you want to go the company, you pay seven hundred box.

If you go and you get to we twelve, we charge or straight back the card back to seven hundred box. If you don't come or if you aren't, have an excuse me, since that people miss something because of their kids are what I fine. But we just try to get people to complete IT.

Over nine percent people completed, that's cool. So and then we're investing twenty five k and some of those folks to help them start their companies of the work i'm doing like quietly, but like two hundred people go to this course. Now I maybe have four hundred and the next co of the fourth call, where you will say, but you know, like people can learn how to create companies.

I, I, I you have to have understand I no, I never three hundred fifty, maybe five percent of the founders much. Just answer d like no, that's just not spatting false. Like you you have some confirmation buyers, you're dealing with a data set from ten, twenty years ago.

I get IT, but i'm telling you like on the streets, ground level truth, we all meet with founder all day. It's never been more diverse. It's never been more open. Nobody cares where you went to school.

Nobody cares where you live anymore.

Nobody cares where you live. They care about what you've built in your traction like IT is post pandemic. All people care about is like show me your metrics, show me the product, show me your team.

What are your skills? great. Let's go. What's your growth rate is basically become like as beautiful of meritocrat as i've ever seen him. And you say the m word IT frees people to fuck out. I'm like, why is this so scaring for you that socon valley is a meritor graphs? And I like because it's not and i'm like cola is.

Can I can I answer your question earlier of what why I think all in works? Yes, great. Thank you.

That you've get the perfect storm of three things. The first thing is billions porn. Most people you count are positioned. Most people who attain that level of wealth crawl into a quiet hole and make sure no one knows you doing .

shows from boats and jets.

Yeah.

so there's like, I have downed from a jet, but yeah, there was definitely two boats in last two years. true.

Now in some peak moments of all in it's like watching billions in real life is like a you hear chah talk about this spread trade, and you're like this guy, a lot of money on that spread trade. And like, does he actually have a key insight here or as you and like there, there is interesting in try. There is a bucket.

One is like billion airport n bucket too is uh by the research you guys do and and the folks that you reach work with because there's definitely researchers that seem to be involved. You bring things to the table there like brand new insights that aren't widely available yet. So I feel like I was learning things about cover in nineteen on all in that I wasn't getting through any other source like somehow does not making IT to me. And this feels very like a lot of IT proved out to be like this was good information .

before I was mask information junkies with a lot .

of research and teams that many people all in how many people touch an episode of .

all in one no I mean that like the .

research like best the files open on these .

computers when .

they're talking ah we have a docket with the note.

but that's mainly for me to chew IT out like I just read the four five bullpen ts, so people know IT. So I I do that with my team, the docket, but the docket is built from you know the five or six stories that people limit to our group chance, say, hey, put this on the dock and right? And I I think sex has some research help, i'm sure.

Freedoms, g and chamar read. The stories are there. Well, red, and all of us read constantly.

And where. The information business of talking to people about the world. So you guys are investigation on how IT is.

Like you do twenty meeting a week with founders that gonna tell you if they are in the world. Yes, and you guys are Young still, but you imagine you that for twenty years. So you going smart are your journalists for twenty years so pretty. I wouldn't say say smart.

but you'll be informed. And if you're hearing the right pitches, you actually are getting like cutting edge .

information before it's widely available. We probably a side information age, certainly a huge, I will say, the information edge, compared to journalists having been in this, is not addict. To my journalist friends, I was a journalist.

I had seventy five people at the magazine. We were always trying to figure out from the principles what was going on and tell that story, but we were only as good as our access to information. And we probably I now looking back on, and I think we had between five and thirty five percent of a story. And I know that's like probably trigger ing to a lot of journalists that they have that little information.

They were on the inside.

but you inside so when you're the inside, you have a hundred percent or you even on the inside, you may only have .

fifty percent depending you get enough to run with and you feel like, okay, now there's enough story here. Let's do IT. And like, that's clearly not the whole story, but it's enough to put the piece together.

You're try and and over time, process journalism, as some people have dubbed IT. You know, maybe the six or seven stories will tell the full story. Yeah which a third component makes successful.

It's the thing that David and I took for ever to realized works about acquired, which is relationship in charisma. Ah like people like having fun by listening to stuff. And so like if we can make history fun then listen .

to four hours diving .

in the stuff you would never read in a book, and you guys do that in speed, I going to just so fun to, like, temporarily join your world.

And in the fact that U. S. A pod caster, who makes elite ite content, like top one percent content find IT combing is just yeah .

that's very listen every week I don't I literally walk in .

the baby up and down the hills. Listen that people tell me .

they listen to .

IT twice they take note i'm my role in IT to step back, uh and be like the point guard um but you know i'm shooting our two so sometimes I will want to shoot the ball and I can do both.

I'm a combo. Ger, how did the freeway coast episode come about? So one week, yeah, you swiss rules.

Well, he was like, I think this could be done Better, this could be Better and that go head and I just sure i'll just shoot like, and you pass iraq and OK .

you want good and .

did he did to sow a job? But let's be honest, like it's not a point guard. It's not show time, that's for sure. Yeah like I don't think people are going to go to watch in play point card. I mean, he did a service able job.

but that on the tubes no.

but he shines. When I created science quarter for him to shine, I say, bring me a side. He said, no, I don't know.

I want to about politics. Listen, sex. Want to talk about politics.

I'm giving him his red meat. Here is your kinda. Come to me with the science story now.

And we'll do this kincaid, nor of them. And I made the sult of science so good. IT was a distinct effort.

I really wanted to make him shine. You know, and IT worked. You know, IT worked because you see how engaged he is.

And what used to happen was in, fans know this and not picking at school. Here you see in a replica sex with distingue ge during science and kini digged during the. And what i've been trying to do is keep both of them involved when the other is doing stuff and cheap on.

I A hard job studied.

I studied the magin group. People don't know this, but I went back to look at my locally, and I watched him moderate. So people, there's a big debate.

Do I interrupt too much or not enough? Do my interruptions? I call them introduction.

Uh, do they help? And I actually looked at the introductions. And if you look at a blockin, you did.

you guys did not go up. I was the best .

sunday morning. And like, he was so good. Like S N L parity molokans IT probably had a million people watching IT.

But this time mock land was like, pretty can tanker's. And if he didn't like what people would say you like, wrong. This is the answer.

You know, like IT became so compared that you want to watch IT? yes. Now what I didn't realize by adopting that would be that saxes the ultimate debate and will fight like a so he wins any debate. And so I may have pushed, uh uh, sacks into more of a debate situation where i'm trying to not have a bit debate. I am trying to have to be a conversation. So what i've been working on is trying to keep to be a conversation and then the are some people the audience are like, you have to be the fact checker for sax and I like, no, that's not i'm not real time that chicken tax and um so that is a delicate baLance of like and then sometimes i'll ask questions specially because I know the audience doesn't know what fair market value when hearing action me so I like explain that right and i'll stop somebody now I mean.

you you're expanding the time to dentists.

Like that's correct. Thank you. So people are like, oh, J S an idiot. He doesn't know that turn. Or I say, if something, can you unpack that? Can you explain that?

Obviously you know that you with the third or fourth investor in uber.

exact I think .

he's been a Robin hood like to wow.

who knows? And i'm like, dude, like i'm asking that question on behalf of the audience. So when i'm moderating, yeah I supposed to be an interviewer or I supposed when i'm working with Molly and we're chopping up the news when I am the shooter there, right? And she's maybe playing guard a little bit and apple shooting and then sometimes up as sitter and issues like I can travel between those roles.

And you know in that role i'm acting on behalf the audience and I get the sense like he's going what's going too fast. They don't know what the spread trade is. Let me post can you explain one more time or let me reflect back you. Is this what a spread trade is and is like, almost like this? And that's what I think has brought in to your point and a lot of the .

dentist room and having an intimate sense of where your audiences edges are is is a really important role there. Like to have guests on. I'm always trying to catch.

yes.

where where did they just go slightly to d, but I need to pull them up. So and you know.

podcasting is about going deep. So IT is really an art like you want to stop somebody when they're going .

down this like crazy.

There are going out some rabid hole that has never existed in media before, right?

You want to let them go, but you need to make sure they're taking the stairs because like if they just jump in, you're like a god no one has any context. They can't learn anything new because you're like to something.

understand they just jumped to brain surgery. Yes, that's just explain to us what with how we're going to chop up this brain, right? Like yeah, yeah, it's a bit of an art. But I have to say like it's it's been a different muscle for me to flex and it's been great fun for me. The other thing .

like I don't know you think about IT on this x at all. Like I kind of think of this, I even think that is very binary. There's two categories of podcast.

There's Candy and their vegetables. Like I listen to the audio version of strategi and that's my vegetables. And it's not like deeply it's enjoyable electrical but it's not like fun.

And um I I can I certain ly can't be doing anything else with the language center in my brain while i'm listening to that. I have to be like on a run and like sometimes even at home so I can take some notes or look something up. I can be yeah sometimes .

you hadn't wine, let me I get or I can listen to the .

talk show with john gruber. And it's just like if I missed out on twenty minutes because I was like brushing my team and then I left and I came back and like, I don't actually miss anything because this is just been it's comforting. It's like I love all the stuff talking about but like it's not must listen every time, every minute, every second concept and are not using hard parts of my brain understand .

well then has become Candy vegetables.

It's both. It's the I yeah I think to try to do with this week startups and try to have IT be both a little bit personality, a little bit entertainment, some fun hard takes .

me related with separative. So looking valley, yeah I feel like IT, especially there's a lot of part of them, the origins of all and there's a lot of weak bashing on seo politics and and like there's a lot of crap here yeah but you guys are all still here. How you guys feeling about yeah how do how do you feel about that? What do you think of now?

I lived in new york, broke in the manhattan, and then I lived in a ee, and then I lived here. And so I think I am moving to places I enjoy less than less. Each time I enjoyed brooklin in manhadoes much more than L. A. I enjoy ed, L, A, much more than seven is A I don't know where to go next, but i'm going to go somewhere.

which is why you still hear that there's no reason .

for to be so had a lot of friends up here and I had done L, A. And I was like, I wonder how far, you know, had been a sickout. And then I was like, my friends are telling me, I like, I started a venture fund. You can't need to be up there. I wonder how I would do if I was up there in the industry.

And I was kind of this because if you wouldn't know.

always wonder you to come in the mouth from the south. Because they had, like two investments in L. A. All the mouth, the site. What have you have?

Michael ying, that.

But I moved up here and yes, I love IT up here. It's quite colleague. My kids are loving IT.

It's quite nice. Would love to live in another city in my life um or two. I could see myself in Austin or or miami.

I like both those cities. I think aston's kind of the future. I think californias gonna be uh damage for a decade or two. So I think for the rest .

of our adult lives.

this is I think the politics and not appreciating the politics regulation and not appreciating the tech industry is really a problem. Um and then you look at this guy idea.

all right, listeners. Our next sponsor is a new friend of the show, huntress. Unrests is one of the fastest growing and most loved cyber security companies today. Its purpose built for small amid size businesses and provides enterprise grade security with the technology, services and expertise needed to protect you.

They offer a revolutionary approach to manage cyber security that isn't only about tech, it's about real people providing real defense around the clock.

So how does IT work? Well, you probably already know this, but IT has become pretty trivial for an entry level hacker to buy access and data about compromised businesses. This means cybercriminal activity towards smaller medium businesses is at an all time high.

So hunches created a full managed security platform for their customers to guard from these threats. This includes end point detection and response identity threat detection, response security awareness training, and a revolutionary security information and event management product that actually just got launched. Essentially, IT is the full sweet of great software that you need to secure your business, plus twenty four, seven monitoring, buying a elite team of human threat hunters in a security Operation center to stop attacks that really software only solutions could sometimes miss hundreds, is democratizing security, particularly cyber security, by taking security techniques that were history ally only available to large enterprises and bringing them to businesses with as few as ten, a hundred or a thousand employees at Price points that makes sense for them.

In fact, it's pretty wild. There are over one hundred and twenty five thousand businesses now using, and they rave about IT from the hill tops. They were voted by customers in the g two rankings as the industry leader in end point detection and response for the eight consecutive season and the industry leader in manage detection and response again this summer.

Yeah, so if you want cutting edge cyber security solutions, backed by a twenty four, seven team of experts who monitor, investigate and respond to threats with precision, head on over to hunters dot com slash acquired or click the link in the show notes are huge things to .

huntress impressed them like he is dunking on um the founder of a way and steward butterfield from sack. There are a couple and he's like we got a million two of them when they sold their homes. And am I and you also lost two incredible founder of created billions of tens of billions of dollars of wealth for sanctions go, you idiot. And like at the same time, france is swears in miami is listing all of the venture capital and doing a tweet storm about all the companies that raise venture. So you have one guy I D impressed and junking of people saying, we have this one percent of when they sold their thirty million dollars, we were able to extract a million two, that why tech us and as I hate dumb.

I yeah now the all the future earnings are gone now I hopefully the marginal tax is thirteen point .

three percent and they have an exit tax now for homes and seven years go so of your home cost over ten .

million when you sell IT me one one point two million from them selling their home versus .

thirteen percent of their future earning stream of slack made a paid a bill two taxes from their R S use like I use such a where do you think that problem yeah the million two yeah but that probably paid in taxes on there R S use as lack yeah you absolute more on like you're literally so upset about their mansion and dunking and you're donkey on an individual name.

Um but anyway the fact that we hate entrepreneur s who create jobs and wealth or certain people do, it's just insane. It's distant, sane. Like what I mean, you could go change the tax code, it's fine.

Like you know raise the minimum wage like berny centers in lisbeth war and attacking bazoo and lesser and then amazon source pay twenty two an hour gives you benefits and pace your college and it's like OK hold on a second. I know what pace was. Just did he took the platform that you could never actually enact and he enacted in inside of amazon if it's not perfectly clear what just happened.

Literally he's dunk y on you. You wanted free college and couldn't get IT done. He gave IT to amazon polis. You wanted a fifteen dollar minium wage he made at twenty two. And you want to everybody have universe healthcare. And he gave universe healthcare like that is literally what basis did to them, how maybe you can not do that.

like them pushing and import IT. No.

definitely literally him showing like as the amazon crew showing, like let the free markets work, like the dorax, uber, amazon, starbucks absolute a race and and battle to just hire entry level employees and make IT delights for them is what has driven you and a lack of immigration is what has driven these salaries up, right, and the benefits up. It's extraordinary what's happened with the free market way, just still seven dollars. Federal, just seven and change. So then in fifteen here in the city in new york is fifteen like yeah it's weird our listener is IT is time .

to tell you about one of our favorite things now that Jason is out of the room temper uh for all of us who have been paying attention in this crazy space, there are now a ton of options for picking a corporate card and expense management software.

So how do you cut through the noise? What's the difference between all of these companies? Well, any founder or CFO who's expanding globally and is becoming really like an enterprise grade company, we will tell you most are really not up to the job. Reinforcements take forever issuing cards internally, huge, huge pain. And they basically never offer currently disability totally.

Well, this is why so great was one of first the cards, yes, yes.

The first, like new innovate .

first new innovative start proper card for startups that they started. Now they've added on a whole spend management platform on top of the corporate card. And IT makes so much sense for to all be together like the data .

being in agreed lets them do really great stuff to like you want your employees to be compliant. So IT ensures one hundred percent compliance. But also you need IT to be easy for them so you can do cool stuff like have managers set budgets. And then as long as people are spending within those budgets, then they're just in policy. Everything's always approved all the time, no receive chasing and chasing.

no approvals. No, it's all just done all. And they really .

are thinking about this the way enterprise companies who are expanding globally and deal with lots of contractors, lots of countries with lots of currencies and just need like a command center that they are now going to outgrow. That is really when you need break .

yeah like globally, like how many companies these days, even startups, employ people globally who not just need to be paid, but there are like spending, buying things going to dinner's that set around .

the word to sure the state with us. Uh, more than half of the startups in the last yc batch are from outside the U. S.

And then there was another one. Accentual said that workforce models with productivity anywhere are now used by sixty three percent of growth companies. So remote is not going away. So you really do need to figure this out for people who .

live everywhere. Despite you and I, Jason, being together here. We are remote. So many of you are. We know too obviously. Ah the last thing that we want to tell you about with brakes today is related to being remote and different time zones.

Bricks now has twenty four seven enterprise class, enterprise grade support, which is important because of if something goes really wrong with your spend in the time zone, half the world away. When everybody in H. Q is asleep, you really want somebody be on that. So breaks. Now, twenty four seven is able to take care of everything.

Yes, if you have global enterprise ambitions, bricks is the answer. And of course, they have a great mobile APP. They are like one of the first corporate card programs to have a delightful mobile APP. And now that they're serving large growing customers around the world, they can do everything from that mobile APP. Two.

indeed. Indeed, if you want to learn more about breaks, cards and spend management and why both of those together, and I loved by teams all over the world, uh, go visit bricks dot com slash quired or click the link in the shown nuts.

Thanks, bricks.

We reference this at the start of our conversation. You're working as harder, harder than you ever have. You've said you've got a smarter, a new well of energy.

Yes.

tells about IT.

Well, I find great purpose in what I do. And when my friend tony shade died, I really thought deeply about, like, what I wanted to get out of the rest of my life. And I realized, like, these are the things I really love doing, and these are things maybe not so much, and I just realize my life the last two years. So what .

are yeah exactly?

So I can tell you the things that just to me, I just not going to get any pleasure about life working like no fest, my incredible lawyers, but negotiating term sheet and legal and H R issues and accounting and Operations and tax and that tire stack of them, not fun to me, not fun at all. And i'm sure you will .

never view that is fun but at least before you were like, I am going to put up with that because maybe it's a thing that creates value enough for me to .

do IT um doing my podcast every day, absolute joy, entertaining an audience, thinking, thinking about the world and having these conversations. I had toby from shop of I on today like I leave the toby interview is like a thirty of the part and it's just instead of us having dinner or lunch, we just required part and and me just .

zoom .

now to started because he did that tweet about his compensation tool where here .

is your time I like that's .

brilliant on the on tiger, of course um and so like those conversations, I just looked at them and like my energy coming out of the show is on a weapon why am I doing this every day? And I watched Howard stem when I was a kid, or charlie rose, to a day and day out. And I was like, I could be like, those guys, they everyday get on there, and they seem to love IT, and I do. And so I just committed to doing that every day and I love .

IT isn't weird when there's something that takes a ton of work but somehow doesn't dream you .

not at it's to the gym. It's like working out or having dinner. Just something I do everyday that gives me gradually and then that I recruit moli said. I needs somebody to do this with me everyday ah who I respect, who's awesome and bring something .

the table that I don't have and have having to play off of like I feel like that's the thing kept quiet going here .

is that like you and I can like I don't for I don't .

know a decade well, you know I have guest on and was larger guest driven show and then I would do the news round table once a week because I was once a week than twice a week than three times week then I was like how many ages all out? I'll do IT five, six days a week whatever. Um and um I enjoy reading with founders um uh when they fit the profile. Uh but it's very hard to meet with a large number founders given how many are coming in and it's hard to work with them when they're just talkers. Yeah to me, that's a very hard part of the job because he becomes very repetitive.

So have you exercise that?

Well, I created a platform, found university, where if you want to build something, I will talk myself to two hundred people you can build. And then whatever rises as the performance and the product, you know, and they as people move from talkers to the Walkers to them, you know, if they actually started building stuff, that's when I get great joy. I like bring me the people who are proud of velocity.

So I told my team, listen, you're doing. My team has six people don't understand the scale of the business. I have nobody. Es, yeah, I don't really understand what i'm doing, and I kind like IT that way. But the Angel snicket is now the largest syndicate in the world.

I ve deployed like one hundred and eighty five million dollars in my career as an Angel investor, doing fifty million a year, now embracing the fourth, fifth in the public, like seven thousand Angels. S in the sync ate like this is going at a really significant velocity. If you were to look at the slope, it's not quite a hockey stick, but it's hockey stick.

Ask in terms of the total capital i've deployed and it's really high quality companies are getting Better at there's a eleven I have twenty two people and ten on the media, twelve the investment and and of the investment team. But people don't understand about your solo G P. And I give a twelve. Those people are doing sixty introductory meetings per week, six zero, and then we're doing maybe fifteen, twenty second meetings. So there's IT will be a hundred .

meetings a week shortly.

probably .

across ten people.

But you're not doing the not doing here. And what happens is that is the .

new philosophy is why my energy is really.

this is everybody comes .

to work for me. I work sixty, seventy eight week. Keep up if you can keep up. Don't be here. I'm looking for a know, a fixed fifty of solar, sixty hours a week if you want. You don't have to match me sixty seven, but sixty or seventy hours we to keep up.

And are you looking in that team? Or are you looking for like the next day in calico is to be a part of that team? Or is IT like someone who likes doing that part? Like well, only asking more directly, is that someone who's content with doing this or you looking for people that are like hunger enough to be the next station?

I'm open to all of that and i'm open to all of IT. I don't they don't need to want to have my no absurd, unhealthy desire in my youth to be successful. And if they did, they probably couldn't come work for me.

But maybe they would. I, I would. H, so, yeah, they probably .

would not come.

You learn years.

people come.

and they work for two, three, four years, and they go start their own venture fund or whatever. Mother, to have great. But what I told them most, you know, I just find the great companies.

And I looked at investment team tes, usually monday people do an hour. Che, and then they go to lunch. I said, I want to do with twice a week, tuesday and thurday.

Two to four P. M, A, hit me with companies. So that was another innovation I did.

And I also brought mixi va, who was my first boss when I was my twenty, is doing IT. And I brought him on his president. So this was like one of my life, elong, best friends.

And I said, run the company. Here's what I want to do, the podcast. Meet with founders. Do the L. P. fundraising. That's IT course.

Are you enjoying the L. P.

fundraising? I am now yeah i'm kind of like member and acts. I don't have you .

watch billions every episode.

great so you know like at some point, um ah he was like i'm going to go to raise money.

Yeah it's cap time.

It's cap raise time. And like wax is like so I got my wax, my Venus, my wax yeah and I got my wax just fixes everything like i'm going to go raise money and so I literally was like.

we in five or six and they're like, you ve talked, you know you were in kind of this one bucket with your capital and now you're going simulating in two directions of you want the public and you want .

the big institutions right we will see um i've had select institutions makes more about the first one was ten. The next one was eleven and then the last one was forty four million. The first one I deployed in five years.

Second one, two years, and there, fun two. And in five years I was just, that was my first fund, I believe. Golden peace tony show rest peace, David off.

Just a bunch of my friends put money in, and he was to see if I wanted to be a venture capitals and do this as a career. And I was like, yeah, I just did IT over five years. The second one I I raised the last then took me six months to a year to raise.

The first IT took me. The second one took three to six months. The took six months. The third one took me three months to six months. And in this one, I I think i'll wind up raising in the first ten days what I raised in the first yeah couple of funds. I literally two weapon hours, couple hundred people can teach so for people are listen, five o succeed is you can raise in public, which means you just can tell people are reading a fun and I like i'm doing all in IT doesn't make any money I have this week started ups and I watched a bunch of these Young um inspiring VC raise are publicly you didn't race publicly no not about IT but for .

a whole bunch reasons.

Well it's kind of scary because people don't do IT. But if you have no track record and you want to raise, so like this guy, mack of these c .

yeah and yeah was .

great to head him on. And like, you know, first time founders for a season of Angel, like a subsection of the this week service and I became an L P S. Found and he just saw me like, I just did like hundreds of meetings I did, like five meetings a day for a year and I raised my, whatever, ten million dollars and he's african american and he's like, it's just a matter of how hard do you want to work and i'm like here for saying that publicly because there a group people who do not want you saying, he say, no, it's what you have to do is what you go to Angeles and set IT up and then you just are talking to other V. C. You talk to you just have to be willing to take fifty meetings a week and like to do not say that it's easy to areas of venture fun as a black man in the compelling, but that this is not that is easy.

But the news to you find your people who believe that you, and then they believe in you, and then they back you. And what I .

noted when I was taking my notes watching him was so many times, people like, when you're next fun, I like three years. So like, let me know, and I might OK right.

I'll put that right there in the place I keep everyone .

who tells me three years and so you know um I mention and I tweed IT and and you know I had a thousand people said to .

the number of L P, S.

You going to two hundred fifty accredited up to ten million and then two thousand cups. And so .

it's .

a lot .

more work.

I know you know what .

you I think is .

five million acts and uh accredited now is two hundred if you're an individual for less two years each of last two years and three hundred and for a couple each last two years in income or a million dollars in that worth in networks on every primary residence. So there's a whole and these things are going to change over time. But I believe that we're gonna have a test for accrediting, and you'll be able to be sophisticated if you take a course.

So I think that's coming in the coming years. So just like I democratized Angel investing with the book, Angel was the first syndicated on Angel is the most successful syndicated on angle. Create in my own, got the domain nica created the largest one, have done two hundred sixty five cnc deals by far, like the largest amount of anybody.

I think I don't. I mean, now participant of a fun in this like this, like those big number is, did you consistently four S P P of the fun too?

But that's a ATS lot of people. But anyway, putting all that together, I think now is the time to democratize venture capital. So that's what i'm attempting to do.

Here is I want more people who are accredited and graphic purchases who have never been an eventful fund to look at the asset class and just consider IT. Um it's high risk is high reward. I'm in twenty venture funds myself, including yours. Thank you to .

pitch chase, i'm sure.

No, I mean, i'm just going to pick them based on people I know, where people I know online or be pod and group do one or two new one's a year. And well, this is kind to the conversation.

Million on the net. This is the democratizing thing. Nobody is gonna just give you if you you don't know know, is going to just invest in your fun but if you go to do stuff, yes and then people like, oh, Jason does stuff great on my back stuff be of action.

yes. IT doesn't mean you have to start a pocket so you can be a blog you can do with what you create funding versy. Whatever does. You can do any of those things. You could have a track where he would be an advisor to startup.

s. Whatever is. Do you like the idea? I'm curiously someone that's always raised from sort of individuals. Do do you like the idea of having some institution be like how can we invest fifteen million dollars of first?

I mean, i've had five million dollar checks, ten million dollars cks in the five from institutions, you know, fn of fans and institutions, you know. But I would very much, at some point, I don't need IT, but I would be meaningful for me, both my parents or cancer survivors, to have moral slow catering and or .

an ended somebody .

like that, if they wanted, I would work, you know, really hard to try to get them a great return. I would find more, I would find even more meaning in what I do. And I think I got that from square, like, you know, they would have this scope dinner every year for the founders.

And they would say, here are what the foundations where L. P. S.

Are doing with the money you made for them with your companies. Yeah clack click. Here's four foundations of this foundations.

Their conference rooms are named .

after their.

And and this is real. Like I find we have like state pension funds and stuff like that in psl ventures. Like you take IT much more seriously.

You're like why? Because it's not just about the rewards. And like I am so excited about what we're going to do for them.

It's like this .

is really able to preserve and not grow, but I preserve this capital, which the psychology of doing that while you're taking big swings with a symmetric upside that that I find to be a fascinating dance that was .

like one of the seasons of that of billions was he's like i'm going to be a family. No going to raise my own from right and so there's a natural tension for um acts like what should I be and he decided, yeah I like when I have other people's money because he seemed to perceive like I think .

he felt that he wasn't as somebody in his ecosystem in his community without managing.

I think it's like playing you know in the bubble with nobody in the stands versus right getting on the core at madison.

there's people stand, you return your numbers don't mean anything .

unless you're put them up for you doing this public and quality public people still have to sign up you know come to a web and r um but i'm sharing with them like here's my the totality of my investments and here's what i've done and here's what I plan on doing with my team. Um so you know i'm kind of enjoying IT um and if you'd i've met with all the top and diamond s in the world over the years and they're very kind to me but it's always been like solo GPS a .

block or no track.

We're fifty billion dollars .

down ah know .

at some point like one of the ones who is the most rigor and say exactly which one was like we have a lot of respect for you. We know who you are. People would like you to sign a book and take a healthy with you when you're here.

But I just want to be straight with you. We don't add many funds. And if you go through our process, it's going to take a lot of your time and it's going to result in you not getting our money this time.

I don't want to put you through that, but I respect you. And if you want to do IT, we'll do IT, but maybe just put one more fun on the board and let's talk in next one. And I was like, let's do that.

I don't need the money. Let's wait. And I think what .

about these funds .

are doing .

in the third? So I will .

contact what I decided to do. Let's see what mycal nica members in the public want to do. Let's see which q PS come out of the would work.

And literally, I did the second call this week, the first one last week, up to the third ground next week. And it's been so productive, I added two more than two, five weapon hours is fall. And then i'm going to go on the road .

and start reading with folks, are there any downsides to doing the the raising in public thing other than .

and not that I can see, I mean, I guess you could fail in public to fail to raise the fund.

That doesn't seem like something you're cared of.

No, I could also know the frame thing, you know, is I looked at the model and I said, you know what I could do. I could just invest my own money in each company and then indicate them and never have another L P right? But then you're raising .

capital every single time you're making investment yeah .

and i'm getting deal by deal Carry and I have one hundred percent of my investment, not twenty five percent Carry on IT. And I don't ever have to talk to anybody. I got to say i'm placing this bet.

Would anybody like to join me? Yeah and I don't have have a fun. I don't have to do audit. I don't have to do any work.

literally know so many hearing you say this myself, lots of other friends and ecosystem that are in similar positions, they're having the same questions. On the one hand, I could do what you just said and do very little work, but have IT all be here. On the other, yeah, I could go do what you are actually doing and like, raise, have L P, the account you, how did you weigh these two?

Am, I am going into my second error and my second decade of investing. And I again, last two years. A lot of like sort of post pandemic and tony y's death thinking, huh like what's possible here because I have won so much in my life is aiming to be a noches about this.

I know probably sounds that way, but for a kid hoo, you know gonna be a cup to be where I am. Um and this is why, like when the guys break my chops on guys, I don't aspire to be a billionaire. Not important to me. If I was, I would do a late stage fund.

I aspire to be happy and do what I love doing everyday, which is the podcast, maybe getting forty days of skin, hang out my kids, take them on the mountain and then meet with, like, you know, early founders, and be able to say, I helped that company at the early stages. That, to me, is the rush. I found them first. I backed him first. I and .

you out yes, and that's .

the secret .

before the yeah .

but that .

was like, you know, you know, there was such a baby company like .

and like this city I had an open Angel form where sian barish and Chris flic from first run, you know, invest in the company. I think they both met them there. Soca was there too, but he already had a relationship trade as, so I take any for that. And Kevin system was watching, and I was going to kick him out because he was at this working space .

called dog part there. Yeah.

yeah. So he was another, yeah. So he sit over their building.

Burbo sock is like, can burbling coming on my fuck? Now this is like private shit. He's like, and I just tell him to sit in his .

desk and I want this open ager form was at dog patch .

lab here on the peer they .

shut down .

because that was did a bunch of like .

events there for .

Angel night at the time novel. And I were very family, not not friendly now, but not we don't hang out or but we used to hang um kind of bummed about that from being honest. I really respect him. And he was doing something called venture hacks at the time. So he was just send an email with here are the five companies and I was doing in person and if I just think Angela st.

I'm like i'm the same person thing and he is like, great, let's just know trade note to whatever any and he said me the cynically thing is like, do you know about people like I don't explain IT to me and he taught me what pv s were. He introduced to a sure fund management, which I want to investing in. Um did you buy that? I didn't buy that.

I mean, about five percent of the company and listed in IT, but they back everybody and they've done more. S P. Like like I don't know of seriously great group over there um and so he taught me how to do sync ates. And the first one I did was calm .

at before I was looking literally .

like winning a championing ship.

The first time you step on the court, I looking at your track record ready and I was telling David, like I think the word that I used because like obviously ly who were some ridiculous multiple on a return. But then there's these other ones they're like promising but early. And then there's other ones where it's been a less than uber multiple, still good uber multiple. But you look at home, you just I outlook the day and I like he sharp shooter.

that one I could be even .

more proud of because I I was like ridiculously .

early and like a super low basis.

They had to was four million dollars for three hundred seventy on six percent, and they didn't raise any money until there was a two hundred fifty million. No emotion and no delusion and ARP ter sharp. And I could .

even cry .

like telling the story. But alex to and I became very good friends and Michael action afterwards um because he wasn't actively running calm while alex was alex at some conference was interviewing him doing little Victory lap for him um giving him his flowers and he said you really want to stop and tell you, uh you don't actually know the story but we were gonna ut the company down and we can I had a conversation, what do we take your money but we're not sure about this.

But you believed in us so much and you insisted on us taking the money. But we had just pitched forty investors and they all said no. And we were trying to debate if we could, in good conscience, burn your money to do this, and we probably come would not be here from.

And they found market well burning through your money.

I think, like take more of my money. No, think about that as like a that is not the case with were a Robin od. I was along for the ride, let's be honest. I did not change a tradition.

The four Jason colon is called.

He said they were gna shut, IT down. Possibly I don't believe that they were, but I do think IT was on the table.

That's like really intel investing. There's a lot of like individuals participating in venture rounds and like, yeah no fence.

okay. So I call that .

an investment. But like coming in when the company could die needs one hundred k two hundred k three hundred k get to the stage where they I .

think what I ever yeah because they were selling the offer for ten dollars because member, I think really say, is there .

no subscription .

model after ten dollars? So the business of apps was make A. Later for a dollar, then make lighter two yeah and charge three dollars and then lighter four. We come out and you will like, well, this doesn't make any sense, is like making microsoft word one point.

Now you buy IT thought away and but we can just update IT and so give, but we need to make more money to shot the old one down. So you'd buy angry birds. And you would be angry birds two, angry birds three.

You IT was a really wear time. And then they're like doing so. They told me, like, you know, because under india as well, you know, subscriptions are coming, that's onna change everything and they were going to do ten dollars year.

And I said the alex and my goal, how much is the cost to go to a meditation classes? Its donation based is only one ten places you can go and is suggested donations twenty hours? No, I said you can charge ten ology.

Here is twenty hours ago. How often you have to do this to visit? Yeah, twenty a visit.

I said, how often you have to do if get value pro, how often you have go and arn, I said if you go weekly, that's good to so so it's eighty dollars a month to go and we're charging ten dollars a year year. So that's like a thousand dollars year versus ten dollars. What if he was ten dollars among like we're been talking about that was okay.

okay. And I think we going to do that. They went to ten dollars a month that I six thousand years, whatever was. But we have money practicing machine pretty quickly.

So i've never made an investment at like pre product market fit that's like now worth over billion dollars like that. That's IT. It's very early to very successful. And i'm curious, like did you feel any different when you are making that investment or you like they're something at more special here because my Normal investment really and that's what .

i've basically turned into a playbook at launch and that i'm teaching these royal people how to do.

is how to do that. What do you think IT was like? What was when you look back in your life?

Acors nine, okay. I'm training .

my team when they're .

made those sixty companies and every time they pitch. And this is three of the nine, just four of the nine, and then i'm creating the entire st. These are the things that kill company.

So how many of the fifteen things we have a blong list of things that kill companies? How many of the red flags, as I have reasons to not invest, how many reasons to investors to have? And you know, like one of them for me and ever just got to give.

So I want to give them, them, them. One of them is world class design. And so i'm trying to teach people what world class design is.

The world class design to me, as if you were to look at all the companies in the space, this one would have the best design or this would be one of the top ten percent. So if you were to look at something like calm or Robin hood, okay, there are the best looking APP with the best U. X.

Of all of anybody in the category. So calm was Better than headspace, roman, who was Better than each trade, and you didn't take our rocky to look at them. But when I first explain this to my team, they would bring me companies and they say work less as I know like, like, like I really like the design.

I'm like pull IT up and they pull IT up and i'm like, that's a tempt from yeah you know like a website builder and it's a stock photo, but where is the actual design of the product? And like, oh, that's on this product page. My product page was like, okay yeah again, that's just like the I mean, if this was a bank's website, maybe, but that's not work class.

That's service able design. That's util italian design. That's OK design. That's good design, not work class.

So let's if we're going to say world class, like a world class performance is different than a service performance. World class cinema tower phy, world class script, world class dialer, that's different. And that and then product also is the the other one I like.

So okay, we met with this company in june. It's now july. What's change about the product? And then like we don't know. okay. Well, let's find out where's their change logue, where's their road map. So in the early st stages, you might have revenue traction or use your attraction, but you might be able to ask them for their product will happen somebody like that as we like yeah here, get on the phone with this guy and a walk you through IT here.

what we're debating .

about on sunday, we and you go like if or with role with superhuman. And I was investing in company before the report of role, like the change law at superhuman.

superhuman that people realized.

like bank, bank new feature, bank new feature. Oh, bomb, we fix ramey. Oh, bank.

We have calendar book. We got a new calender feature book. We got this feature in your leg.

So here's an interesting quote. We should ask, rebel, this, we fatal on the show three times product. The the parallels between superhuman and fig ma are on Candy like design, LED founder like revolution ery design in the software, rewriting the entire browser stack and get a performance. And I remember that being breakthrough when I came out. And then the only thing that I can recall being different between then and now is adding a calendar thing that I don't use in a mobile APP and ipad support and and why I look support .

you just don't you know, when you hit command k, yeah, you probably know fifty percent of the features. Like, do you remind me of this? I do okay, great.

Do you use? Do you do? I do? I do okay. yeah.

Which I was all there when I start using IT three.

four years ago. I think a lot of those things .

have gotten Better and Better. yes.

So it's um I really like want them to make snippets multiplayer.

I want to share my snipers.

I know so I want to .

David's passing meals there are so nice.

I know.

I know I actually literally creating a collection of .

had a pass .

with my team and .

i'm analysing that i'm trying to I don't know .

that i'll be successful .

in this may be a mistake, but i'm trying to just not I don't having a conversation with the company if i'm not going to invest.

No, but you must say, hey, we are not going to invest. You ve .

took a pair. I I you basically .

don't take a place. It's the west.

That's very weird. Do you do all your work up front? You front loaded the day. Everything we're in this .

unique posit as you are too, but with required where like you know, we have every six months, we have six companies that we work with on the shadow as our sponsor, our partners, and we get to know them really well. treasure. And i'm now an investor just about all of those .

companies. So it's not like a they are not Priced as if they're the winner, most of exact. They're gonna just keep compounding. Yeah.

Price can .

be hard. Know what going .

to happen to this company is the flat is the new up? But I think, you know fifty percent haircut is the new flat.

Well, public comes got hit fifty plus percent week.

they got hit harder again.

Yeah, I mean, i'm buying equity right now. I been doing A J trading 点 com and I buy more .

sorry about all six couple weeks ago， which one whatever .

I actually love taiwan semiconductor olio.

Yeah.

I love that one two and like shop of as a pec, i'm actually really enjoying IT. It's really not producing out, not invest member, but it's balancing out my um understanding of what public success is. Come back to private. And so for me it's just the way like am I going to fight with the blast or no a ji use a light thing. But if you learn, if you use .

the .

blast, it's the over the past two decades, they already public that. And they do IT for the same reason they're going to fight .

with the saver. They want to know he does, but ji will do IT.

IT also keeps you really sensitive to the public cycles so that like yes, it's not that you have to think about the public comes when you're investing, but you have to be aware of how much those will change you.

An early stage investing is almost silly to compare that, like my opinion, that is very silly to compare a public company because the only thing you know for sure is were going to be a different place in the ycl all by the time company gets liquid. So it's ridiculous, but it's helpful to drive into you like how much variability there is. One was the last time I was this different. That's OK.

I'm really enjoying understanding what the founders of those companies go through versus the founders of the private companies that go through what the board decisions the board has to make up a public company versus the board of a private company. Yeah so I like to join a public board at some point and probably not a good idea for me. I ve said that because I might get an for one and that might be too much work. But um yeah but he especially given the market right now. But you .

could also to do .

the show now you .

have relationships with public company founders.

Of course, if I really wanted to lobby, oh, you .

have a .

great analysis and I .

was fig .

tanked.

okay. So here is my theory on this. They thought fig man tanked and I was like, why? Why do people hate this? They're like, oh no, adobie admitting defeat and that like the canada ate a house or and to me, I look at IT like a dobe has customer channel and IT was for told five plus years ago that they weren't going to build the next fima like that would be a full rewrite of the entire software.

Sc, yeah. So buying the thing even though they paid a tremendous premium because fifty x revenue multiple because of the network effects that F I gma has and obviously all the product stuff. But if they can get that through adobe channel, like I think that is an absolute win win acquisition.

And all these people that are like they're to do, they're going to kill F I G ma. No, they're not. That's why they pay twenty billion dollars for IT and have a gigantic bonus for Dylan to stay board.

Yes, they're taking a youtube approach. I think everybody and ema knows now yeah like or let WhatsApp WhatsApp just leave IT a wone don't screw up um and then so I like your analysis. I add you to that analysis is if you're not going to win the war and you can build an alliance and then fight another war like they've just removed the downside, a gma creating photo.

I'd be concerned for adobe if they didn't. I ma, correct.

So the fact that you're giving us a discount on the shares for them doing the right thing is like Christmas, like thank you. You just discounted the right move. fantastic. We'd like people like, oh, you know the worst sign.

Kevin dant .

and you know, what were .

the cost of the tickets? So okay, how buy court sides seats or they are lowering the odds in vegas. Why are you lowing od odds increased? I'll place that va and mellin these awesome, totally different thing.

But yeah, and they have a free canvas already. And you know what if there's always the internal people who are cancelling out that spread? Gy, yes, there's a group of N, B S who penciled out that spreading fig. Ma, no, a fence. MBA are listening.

And they said, hey, boss, if X, Y, if X, Y, Z and they said, you know, here's like five potential pets, if we make fig m afraid for ten users and whatever, or if we take whatever fig ma costs and then we blend with the adobe sweet, okay, we would get this many more figura users. But we know me, get figure a users, then we get non designers to pay for IT. So right now, adobe has a bunch of designers paying.

but they .

may not have all the non designers. D tally.

yeah, yes.

But when you look a fig ma like, I got a fig ma count like people who are doing giving feedback on designs, the business side, the outside can get into fig me.

So I the the the class exactly.

So I think you're opening up the approach of who design software for with figura. It's for B, D, is for the CEO. Sure, the C, F, O can come in and take a look. The product or legal should come in and take a look. The product, you buy them a seat. So it's like slacks is for the deaf team and it's like, yeah and the sales team and ops and anybody else might to be on I have a like everybody have a watch the product team build the product and put a comment in and who cares if it's one hundred boxed year?

It's cost to do in business. Any any company that has unlike that kind of strong network effects inside an organization deserves a meaningful revenue multiple because they just their differentiator is literally a the company's mote. So like I waited this, feel like if I have a castle and IT has a motto that that is much wider or deeper than your identical castle, shouldn't you pay more for my castle?

More hundred percent like the virtually everything S X this point on all in two weeks ago, which was like, if they're picking fifty x now, the company is growing the pay twenty eight next year, twenty five, who cares? Is such a higher company. And then I was just thinking, well, somebody, he's got a theory there.

And when I sold weblogs to A L L people like, oh my god, these people are idiots. They have thirty million dollars to, you know, for weblogs in in at two hundred revenue. What they didn't realize was A L autos, L L tech, L L lifestyle. Those were sold out at, like a ninety dollar R P M revenue per thousand pages. The ads different cpm.

So then they would put an engaged or an auto block story, or blogging baby, or whatever are the blog we had on the home page of available, and a half million people were flow through, and then they would put those ads on our sites, and then they would blow out fifty or one hundred thousand dollars in ads a day on a blog. And those people were like, great, because he was crossing a well to make content, like five hundred dollars piece of content, three thousand dollars per piece of content on L L 点 com， flash auto s whatever. And we were doing IT for at the time, five blocks box, five dollars a blog post because we said what people can write four an hour. So it's twenty box hand.

six medium, so much you do in two hundred annual .

revenue to date holy over the eighty months in today.

And they were like.

check out is robbed. And I like, okay.

thirty like was like five years old.

That's the best. The best ma yeah is when you look like you rob the bank and then five years later, look like you rob the founder. Youtube, instagram figura will be in this category. Like, yeah when they want something like thirty people work with this company, a billion dollars, you guys more on.

And now the exercise question obviously don't have. What do you think the enterprise value of all in is? Well.

I would do ten million dollars in when I was at the code conference. You know a lot of people have been trying to buy IT or putting as part of network, obviously.

which would kill IT. Ah my partners .

are right like this omy money from part of part of the delightful this survey is that we're not trying to monodist IT well.

but you do get huge economic .

value out of your mark. Pulling a simple was like, hey smoke like just we're friends like yes, your next one .

will be now.

as you know, when you have a friend who can be like a dm s yeah like that's a good friend so I appreciate you not saying that and he's right and it's playing out um and we had a rule no um no talking our books on the pod but we kind of talked about like the pot is great when we talk about our bets. So explaining our bets, not talking our book is the .

new philosophy.

So like about his you know um I he did he just a found a target for IT yeah talked .

about the health are the health care company.

which I mean we wanted to talk about that because and I both agree like maybe maybe like we're definitely overprescribing these drugs it's like for add and attention drugs and adults are taking too many. I I think that that's not dispute able I are showing that um so you know to make software that could help kids with idea is like noble but I think people want to hear us to explain our bets.

So you know explaining our bets, I think, is kind of a cool aspect of the show talking your book is land, but explaining your best to school. So anyway, in the event did a couple million dollars, had a small profit, but IT was the number one to event of the year by far， right? So you i'm kind of bummed that you free birds a little bit of a block er for IT, but I might turn them around .

and we will have a vote .

maybe what i'm going to do. Another one, the question is, am I doing IT under the all in brand or do I have to create a new brand for IT? And so I told the guys .

this i'm going to do IT again.

Cover system. A N yeah they need a new host. Ah that's good .

razed that can good like it's such a value. No, I talked to bank off about .

IT and he's been very public know Carry sure I think is going to do the pit stuff, wants to do other stuff. And you know shei really respect what career has done um in terms of like he does stuff and then he moves on to the next thing entries like you know it's kind of my approach as well which is like bob Dylan so I don't look back kind of thing and he always tried to make the next album and forget about the past one and much to the surrender.

People who loved him as a folk artist didn't like you know like a rolling stone in when he went electrics, they booed him like really you're boiling bob dEllen because he's using electric guitar. You guys dumpling you hear all on the watch tower like this is incredible um and so I think you know Carries wish her like moving on but jim said he is going to keep doing that. And you know it's probably a small list of people who could actually host that credibly you know which um and finally, I am you think how could you .

not be me I am not have been saying that the o OK you're joking about being if that kind of pressure just seems like freeburg .

want to do IT it's more like the thing he was averse to as the like yeah I mean whatever the .

issue is like we have out our issues we have issues um I think there's basic two possible is all in summit um I am going to present IT to the boys um and say like here's the plan yes or no and we agree will put IT to a vote so we put IT to a vote if three of us want to do IT we will do IT and if two of us want to do IT then we can uh and if I freeburg very said if you do IT on your own with a different name. I'll come and support you and i'll show up to do a talk or do an interview whatever and is great so i'll do IT with a different name if they don't want to do IT um and the fans can decide if they want to come or not and partially in exactly so you know it's up to the voice you but he was .

like a pretty great have well yeah I I .

started doing um I started doing a call and show called after all in the less two epson way to calls about the last episode is for David because I don't think people remember how great that apps you really make great progress. I want to be supportive of him and I have a small investment and and do you very meaningful but on the .

one and this is ridiculous, might be ridiculous.

Fifty nine, to your question, fifty two, one hundred nine. As a top forty podcast, it's worth at least fifty million .

on its own though. But I mean, like economic value that the four of you who knows chamar like .

if chamar or sacks or eye or freeburg where to get but one more deal out of IT. And it's an uber. The economic value is nine figures, possibly ten know like so .

like I think like men weblogs, like you were doing two hundred .

k of revenue.

you sold up for thirty million.

Pretty great. Now look at this check and we can keep IT on track. Doing on the swing started off as a jug. Not as well. No, yes, that was for ten years and all in what is like a corner.

million listeners or something yeah.

something that really yeah I mean, it's hundreds of thousands per episode and yeah it's it's very niche podcast. You know i'm not trying to make IT all in. I'm trying to make IT for founders. And so you know if in order to make IT bigger, you d have to be worse for founders .

I capital allocators, to listen to IT.

We want to think our long time friend of the show, venta, the leading trust management platform. Venta, of course, automates your security reviews and compliance efforts. So frameworks like soc two, I saw twenty seven o one gdpr and hip compliance and modeling ing. Vento takes care of these otherwise incredibly time and resource training efforts for your organization and makes them fast and simple.

Yeah, vana is the perfect example of the quote that we talk about all the time here and acquired jeff bases his idea that the company should only focus on what actually makes your beer taste Better. I E spend your time and resources only on what's actually gona move the needle figure product and your customers and outsource everything else that doesn't. Every company needs compliance and trust with their vendors and customers. IT plays a major role enabling revenue because customers and no demand IT but yet IT add zero flavor to your actual product that IT takes here.

evolved for you, no where spread sheet, no fragment to tools, no media reviews to cobble together your security and complaints requirements. IT is one single software pain of glass that connects to all of your services via s and eliminates countless hours of work for your organization. There are now A I capabilities to make this even more powerful. And they even integrate with over three hundred external al tools, plus they let customers build private integrations with their internal systems.

And perhaps most importantly, your security reviews are now real time instead of static, so you can monitor and share with your customers and partners to give them added confidence.

So whether you are start up or a large enterprise and your company is ready to automate complaints and streamline security use, like vantage seven thousand customers around the globe, i'd go back to making your beer tase Better head on over to vantage 到 comes required and just tell them that then。 And David sent you. And thanks to friend of the show, Christina anto CEO, all acquired listeners get a thousand dollars of free credit vet outcome slash acquired and i'm .

not trying to move up the rankings. I don't mind you know, hanging with you know all in being number one in tech and then hanging out with you guys that you know .

slumming IT at six fifteen with .

guys and ranking .

it's people with these things, right? It's like it's a niche podcast by definition, right? It's not supposed to appeal to everybody and you try if you want to appeal to everybody like read the bible like that this is the reads bible passengers and .

he huge it's like can literally .

crime and read the bible or bench paro dunking on lips the end that's like that's how do IT or do a daily but your world is out, right? He's on he's not in the other ranking. So I mean, do a daily new's process for twenty minutes like but that's not what I want to do. I want to talk for an hour or three about .

deep topics in founders and be a fun equity.

So is a how is stern I feeling?

It's unappreciated how much.

how I little checks, notes for a king of all media. Do you know I .

have never met him.

I'd love to, at some point I have a lot of respect for him. I mean, obviously decrease his stuff and jam and that shock jock up. But he and his later years became a great interview, great interview, great interview.

He really refined his technique. I really appreciate that about him. And he created characters, some familiar. He branded them. He showcased them, the wack pack, you know, stuff.

Did he ever do an event?

He to do live events, he did the U. S. Open stores where and then he would do Howard turns like new year's eve celebration. So yes, he did the equivalent of those in new york. But IT was a very new york thing.

So here, like he played tennis against barba boi, and but I mean, got ten thousand people to show up and buy tickets to a tennis match. They pumped up, you know, like for whatever number of months I remembers from my childhood. And then he did his books, which were phenomenon A T V shows.

So he got a lot of stuff, and I just starting the process of doing a reality. sure. Right now they gonna really, yeah, I know the best.

best don't want .

to do they know time for IT. I mean, there there was talk of like maybe all in, you know, kind of going on to one of those services like people have reached ed out. Okay, with this work.

it's a lot more work though.

Well, we'd have to show up in a location. We'd have to do IT weekly, know there be some formats, some shiny floor, whatever. It's, it's, it's a different beast that I don't think they have the time for IT of.

I'm being honest but for me, I would like to do a reality show in the gordon ramsey kind of van. We know where i'm helping founders I think would be great for reach. Uh so um I had done a reality T V show with N B C A and the one c corporation. Um yeah and I didn't make IT on air but I have the you should .

be a shortage judge I had been .

had reached up before my going had reached out early on when I was dragoned, then when they were going to bring here. So when I was dragon, then they had reached out early. But I very successful back men, I wish.

But you know I think now I think I would have the credibility and and the advice to give that I could do a gorden ramsay style show that would be very entertaining and educational. Be completely different than you know the fund raising aspect and the pitch aspect of shark tank. So i'm not going to do that. But um you know i've got you know the I won't say which one but a very major the major a reality T V folks reached out. I think in part founders and companies .

feel control like I feel like that a really amazing window and inside would be the type of conversations that you have with a founder as their building. The company would, founders and company is.

be open to the c show. I had done the, which never made IT on air, but was really good, was really about, you don't be incubating companies, and they spent like four, five hundred thousand dollars during the pilot. IT was really good, and you would have been a big.

did IT get cancelled because of the hard ww. So they were just like anything that .

was in his company ad because he's a monster. And so anything associated with that? But you got to remember, he did project runway, so giant people don't know .

that about, and had the N.

B, C. boat. The show in the room loved IT and did the pilot came close and on that episode actually did the pilot.

oh my god.

like my c friend who came in was there to learn. But i'm excited to do IT if IT works out IT works out if IT doesn't know kind of my back uh, but I like the media space and you know I this is a thing I am choosing to do media because I get joy out of IT. I'm fifty one now. I'll began soon like I be gone.

Well.

you know, you never know. And friends, I have two .

friends who die Young.

And I, what if I make IT another year and make IT twenty five years, but I want to make account are not going for max dollars. Like, and they say, when the guys break my chops about that, I like, guys, it's not my priority. Like, literally maxi zing money is.

Like, what? What is more money going to do? Dict ous charmed. Like, I can do whatever I want enough money to him about my kids are fine. I can have whatever I want. I don't care about like a third home, like have a ski house. My real house is good.

I'm good. My kids there .

a hundred percent, I literally do not care about.

Do you feel like that's a demo that you fight? Is like and he alert, red, no, I had him always Younger.

I wanted to be powerful. I wanted to be important. I want to have money. I wanted to be seen.

I wanted people to recognize the greatness, like any person recognize me, what I do, I got all that. That literally does not even come up. My, rather to have more money, is the last thing i'm thinking about.

What I do want to have, I do want to know, be the greatest investor of all time. yeah. Like to me that's meaningful, or be one of I want to be like, I know I mount rushmore for Angels yeah I want to be a mount rushmore for oil investors.

So when you guys do your thing in ten, twenty years and it's like, okay, you know, here's doug leonie and morez and here's really john door. Here's girly like if we are making them about rushmore, you want to be on that? I would like to make IT there at least conversations.

our listeners. We kick this and out of the room again because we have our next sponsor of the episode, our very good longtime friends, over at tiny the picture.

half the way of the internet.

if recall, indeed, indeed there so much so the Better way of the internet that, as we told you about a few seasons ago, they literally built a business on the internet selling bus of warn and charlie, that you can order nerds that door. That's not what we here to talk you about today.

Theyve got something new to share with us this season, and they've been talking a little bit about kind of from the founder angle, but we want to share with you from the B. C. angle.

So the core business of tiny is acquiring wonderful internet businesses. These are businesses doing five million or more in revenue at thirty to forty percent Operating margins.

Well, in the DNA really comes from Andrew and his partners originally running metal lab. And of course, IT was a very successful and is a very successful design agency that started spitting off cash. What do you do with the extra cash? Well, they know how to run a great internet business with metal lab. And so they started buying more and more and more businesses. And so now, with this .

awesome on creative market, eighty, twenty, girl boss, these are all tiny parties aid.

So what are they doing differently now? It's funny. It's different in a sense. But IT really is the same tiny playbook that they've always been running to buy a wonderful internet businesses. But something changed in the last five years.

We were in this crazy google era where lots of businesses, even ones that really aren't the shape of what venture capital should be funding, well, most venture capitalists were funding those businesses too. And so you end up in this situation where you've got a lot of companies that raised a lot of money that probably aren't tripling, quadrupling. You are a year the way you would sort of expect a venture business to be doing to raise the next round of capital, especially in this environment. And so if the business is growing, you know twenty, thirty four, forty percent uh and I can get profitable or IT is profitable.

Well, that doesn't really make sense in the context of a venture portfolio. Oh, right. But the founders .

probably wants to keep running that business. They are ly want to keep serving those customers doing their .

life's work exactly. And you end up with a lot of these companies in a portfolio that are like capable of being tiny lake businesses but are not going to provide a big exit that's gonna ve the need for the venture portfolio. Well, tiny realized they can provide the perfect solution to this problem for the VC on the boards of these companies, for the founders running these companies, and most importantly, for tiny to then come in, partner with these founders and own these companies in perpetuity ity without looking for.

So really, what tiny can kind of do is come in by the company from the vcs or a lot of the company from the v .

back the time back off the board. So they're capacity to doing new deals.

So it's great for founders to keep doing their life's work. They can figure out a structure with .

tiny time is very good at figuring out structures that makes sense to a line in, yes, it's really super good. Like I honestly like i've talked with a bunch of folks are very different financial groups and institutions over the years who've had some version of this idea. It's never gotten off the ground, and i'm so glad that tiny is now doing and they're the perfect ones to do IT, and this is the perfect time to do IT. So very excited for this exist.

yes. Well, if you are running a business like that or you are invested in business like that or your friend is invested a business like that, you really should, uh, shoot a note too high at tiny out com and just tell him that ben and David and you don't .

tell Jason senior he's not .

here right now.

You can say Jason said.

all right, are thanks to tiny .

when you guys are having the conversation in twenty years and i'm gone or i'm retired and you're .

saying about .

retiring possible I met down when they were like, you know, he was not active investible, when I picked mahal, he was in the room, came up that he was still all time yeah, like you got to okay.

so who's what?

I mean, you got to have done, valentine. Yeah, right. That's not possible.

But how are you scoping exe plan program too?

Well, I mean, a program is in the running for sure, but that's a number of startups, but there's a lot of big ones in the area yet. Big impact of programmes definitely running. But okay. So do you go with john doors in there along with so if you're doing firms as a lot easier because you get closer door and. Perkins, tom perkins, you get the three of them at once.

which people forget, costlier.

spent a decade and with so you at that from the OK c with like James hard know whatever, but that you have dog leoni mike morrone.

Really, all them there are active thirty years .

and nothing more. So it's a matt rush, more mound rushmore. It's kind of how you might look at IT.

You you definitely .

have to have he kind .

of builds itself the mount rushmore right now, right? And it's going to be sqa COlina benchmark. And then we're like we're onna have a big debate on .

the fourth or yeah like is in what just depends how wide .

or will in scope. But is IT like traditional secrets? A type venture firms both have act you put um you.

Think the different .

things .

on the what Y C is like.

yeah sure.

I three orders of the ude.

They done the same number .

of companies just in terms of return. But textiles, I think, was a little before I commented. Anyway, you definitely White commenters, you know, when running for their four spot, I guess. And then who else would you put in their muscle?

Well, no. I mean.

that would be the running. And I think .

to do find that unfortunate .

and IT can be a long last time .

before your firm hit the mount rushmore is three successful generation transitions where each of the generations would have been .

on the rush. Do instead of mount run, because were talking in firms for firms rusha. right? So I think if you are just going to say the hall of fame, yeah, oh yeah, just the hall fame yeah and the hall of fame has let you say.

oh, dude, we should open the venture capital hall fame, that .

capital .

allocated top. I was .

trying to figure out when doing bend episode search by the time this comes out here, twenty four and hill road is a very special building. IT was the fourth thought, powerpoint quaters complex. yeah. Thus then IT was .

microsoft like this. There are some people, other people.

everybody else .

cares about. This is yeah .

like and like sebastian, who wrote the parallel, yes, yeah, yeah.

You guys are taking this way to series. It's not.

But T O T V I maril picker.

T V I 这个 ital .

bench marital shaster capital all in the same building。 And I think there's some space for rent in there. I don't want to go live down there, but like I think we ve got to take out at least .

just to put the museum to have a whole we do like, do you and do somebody get up? And this year were ducking .

into todo.

This is found. And there is a what I know that there is a story is not the.

P.

Like doing my this less style, ask people for .

the real hard truth.

No, no, it's about .

impacted .

the on .

about impact .

legacy, like the intent of the person, right? This is why I program would be like, you know, first ballot. This is why you .

OK who who the first .

ballot so obvious talk about, do we have .

anybody who talks about who is non obvious.

but would be a first if you're under twenty years. You not like the way to your twenty .

five years in all.

you are not playing in the league anymore. So programmes .

still playing in the league mean .

how many investments as he made that google investment is crazy.

So there's that. But there is also like I think amazon is the best venture firm of all time just in terms of like it's internal .

separate companies. But so yes, capital allow locating .

lower cases lower because .

they're been yeah you know when .

you .

looking at I think I will look at impact act on game lancy carmelo Anthony hall of fame of course he is, but he didn't win a ring. But you know just carmo Anthony, right? Or park, we didn't win a ring.

But okay, so then we're got like arthropods got to look at like the founding father type.

of course of course. Yeah, that's no doubt. I think that I going back to I or whatever they go back to like i'm really like, you know, people who built the league kind of sit, wait before I became the league, right, you leave and in league generation shit right here patrolling I think like you look at girl, like he's started that patrigno generation, right, that change barkly generator. You start talking about founders fun or Y C or Angel is like, okay, now you talk about more moderna yeah still going moderna after two thousand. But if you started two thousand as a different group.

do you know we haven't .

talked to .

entries and how it's in this conversation .

and impact .

on the game? I mean, I just feel like this is just like rising ten billion dollars, three funds a year. I want to see what happens with the crypto stuff.

I think they are just an index of venture. I find IT quite so less from being honest, like I feel like it's a giant index on venture. And I don't think that their hearts are .

super into. I do think they have .

interesting .

invisible. No, I think this like .

big should IT be for sure.

yeah. Why is why is golden tax manage the money of us?

It's too. Okay, fine, but I just feel like it's it's it's it's like to premeditated less soul full. I I feel like it's a soulful business where like your intentionality and your relationship with .

the fan is really nice craft. Mean, like the literally .

entire is of this.

it's the it's the industrial zone of it's the factorization IT sten, i'm sure to will be very successful at the end of the day. Of all the return to be great.

Several crypto will be new reversion. Like when you get the love large members.

you have mean reversion. Exactly IT will be mean reversion for sure. I mean that at some point they lead a lot of their returns.

And they were like, not fair.

that was the twenty fifteen, but they did actually was early. So yeah was stupid that the journal was seder ones. Yeah IT was like during that time. Like if you start comparing to sqa or benchmark, I guy don't think it's going to the arc. IT will not be comparable to benchmark.

We I mean made a lot of hey at the fact that they had a that they made eleven billion dollars in profit on going and I do not think they sold out of that. They did not make a million.

Well, I mean it's time means everything will see.

It's interesting to I mean I just on the bench k up. So like the benchmark fun seven, one of its not the best institutional size fun of all time, just like .

unreal fluctuation .

in the Marks on that fun probably end up between fifteen and twenty five x maybe, but like but if flex, it's up, up and down so much .

cause I mean we live in a very valid time. Yeah so I like the whole of fame idea.

Kind of interesting. I think .

now I just we just do IT like a dinner. We just literally get we could just start in a restaurant, but you could get like a little hall yeah and say we're gonna duct into the venture capital hall of fame, the following people. And here they are.

And we just have three pictures, bone, bone, boom. And you drop IT. And so these are three people, and then people come up and says something about the person.

And I think, like you, we could do like the three who we would hope would be there. And then will .

we do IT like the parts where you have the person who, who's being inducted .

chooses who inducts them that?

G whoever does. Mike chooses who.

you know Jason .

can has come up and be like.

yes, total. Uh, john door with uh s killer, killer. D I mean, we just do baobab up. And mike and then one memorial .

actually .

know whatever about because I would be antigay .

m active, if the only, because we will induct on first. And if the only person that we conducted that year wasn't a living person .

who could attend and maybe it's four people a year know you have that they had you want to get to twenty five and maybe it's you want to get to twenty five to fifty over ten, twenty years. So yeah maybe it's three .

years in order for this to like feel good. I think you're right that IT has to be about impact.

not about returns. No returns is like so that would be like saying as like album sold .

for the rock and hall of there .

are people be a very interesting hora. It's way to do is ni back .

so the water yes, there a nick. Now I didn't .

mean .

that I wasn't talking about .

like there you know if you .

were to .

look at wrong time, there's wrong wrong who had a big impact, wrong home or in dress and I I think it's a conversation you know and if you because wrong coming when I came into the industry, like there was at one point, I was at um the crunches and wrong conway at one point like someone said, like, hey is can everybody stand up? We said, wrong conway, invest in our company and one hundred and my mind was like, oh wow, Angel vest in's cool. I mean, I wasn't an Angel invest at the time long before I became a scp. I always remember that moment .

when like a hundred .

inspired swarm that give .

you is that would like put you in business as what .

happened was I had with .

your uber investment you personally .

or was and we were like rule off and I were trying to figure out, like, do we let people know we're doing this or not as a bit controversy, the time we want to keep the stealthy. But I mean, travis new, but IT IT was a pretty great deal like the they dropped IT down. I and they have thirty .

percent and I you.

if I were you, i'd been like fifty percent Carried to them. I can't believe dog.

always, this is so classic. Dog always a, always make a drive.

为什么 we get .

there？

We get.

we are very lucky. I think if you look at what we do as capital allocators, I think it's a very special part of the it's a very special function in the world. I take IT very soon as you do for the retirer vesting might have a but also you just think about humanity.

And I want me to make IT heady. But these companies do move the human species forward as he exactly. So the human species getting moved forward by, as Steve jobs would say, in those commercials like this, is the crazy ones. They do need fuel, you know, maybe don't have an idea of, do you know they should even build this company and I think the capital allocators really come in and say, here's some fuel, you know, here, go fight that war you know.

it's feel and it's belief too. I mean, like your story about calm yeah is not uncommon I think.

oh my god I mean, the stories are about on valentine in a tari in other places where he was a good we get yeah you know, like there's a lot of existential moments where things go to zero. And like.

so can I ask you as we still like drift toward end of the opposite here?

Favorite gift.

good .

format .

to .

the Normal.

I think a casual glass of wine and just you know uh if you have friends of the pod and you want to go deep and talk about them and of a marcato, sure yeah. I mean, I think it's a great way to just have somebody on again you yeah so if you're profiles, something like I forgot that I had do had done like the first episode with me that was more about my career and more details and starting .

to tell .

stories over this for me about what like .

lex has done so great with this show yeah but but those type of conversion, but I feel like that's more what's the reward our shows are about the business of tech yeah know .

this is into I know about I don't know why he's in the tech.

But but I like the former and like Kevin rose used to do with foundation series and like, yeah.

i'm in long foregone interviews like how I mean, I think joe rogan stolen from Howard and I think it's now like solar from jail or I say stole I think you know inspired by yeah so lexis clearly inspired by joe and joe was joe was in the running to replace jackie Martin on the how stern ship people don't know this. So really he was very enamored with stern and um he wanted to be stern, I think and he eventually .

has good on him .

yeah right down to the a serious .

spotify like right down to the head platform, which is what turned IT .

and multiple platforms. He did diction first, then he did the serious exam one because he was a new he built the plant. He used his number one show to build their platform, right, which is, I think, which but actually .

bring IT all the way full circle back to charly rose. Like, yeah, he was like a business. We need more than business.

But like he would have culture business, anybody in new york because new york, everybody, york, was pretty fucked and interest. He could have somebody from wall street publisher or body who he would have like Sparkly on know. He would have woody Allen on.

He would have, you know, any actress on who doing something interesting. Any novel is marketed out with anybody which is coming from new york on a press tour. You know, you would do your press tour and then you would just go chill and you would get to do something wrong for, yeah, he was like, a little like, sort of more. Jessie know I like acoustics, so I like this. One of you guys .

actually listen to smart. Listen all.

Do you know about that show? I, I have listen .

to one of two .

episodes.

Body else guys.

I don't know who that person is, but they bring on a surprise guest each time. And the other people don't know, yes, so they're not prepared. yes. And it's like .

like kate Perry.

it's like Chris pat, yes, become a big deal. I can't .

want to do that of .

tech but like I don't know .

bring you know the person's background much Better, Better but maybe .

IT doesn't not be much surprise as much as like well, that the other thing is the even though they have, I guess the show is actually about them.

The guess is a prop in a way yeah I guess i've only listen to one or two you know I see in the rankings like IT doesn't incredibly well like it's a top ten and or top to twenty five. POS is IT part of a network, is a part of spotify, I think items .

so where that .

spotify doesn't allow joe rogan and call her daddy on itunes because the advertising would be huge. So why.

If it's driving new subscribe.

I, I, I I guess you know what they want to be able to have those new subscribe. So when they go negotiate with me.

I know they're .

in order of books. One smart I mean, audio is great. We're in like a sona.

I knew, yeah, that was new. David just moved. David got a new empty house. Info .

little.

This is, this is often great list of IT. Literally in the last the sml.

You listen, your rich mode be ji.

Oh my god.

I.

Borch.

thank you to .

vena.

Oh, vana doc com slash acquired vanoc slash acquired or thank you.

Also, you don't know who the other sponsors are because we have we do for them like with you because we like we felt very strongly .

that there was we want to make our use of your time.

You read our .

bread and there's .

a lot brox ah and I know .

people use bricks. I think we use bricks.

And and if you're enterprise, if you're global, by far the best corporate .

and management .

expenses and everything like that, right? You can give cars to each of your employees. And then if they screw up, you can turn them off for something. Yes.

they jump. Ve some budget.

Yeah, you don't want people job .

in the fans raising all listeners know.

because they heard IT like an hour.

So they're very familiar. The problem we share, we share this last sponsor.

These are .

arent like dear friends and and genius and rack on to us .

best works.

No, no, no.

think smaller, but bigger.

literally small. I got .

secretly tiny.

oh.

tiny of times. Yes, they're buying. Companies are in a good job. Yes, there are creating like the bird share of internet.

And can you imagine a Better time to get the monkey off back of venture capital and your company?

J lab?

Secure the bag. Let's go. Trust me if you haven't secure the bag yet. Some wonderful experience. I in home, get what .

you need to care .

the bag. What happened?

Got .

this a funny story. I'm in my office and I got bank of america, and I got, like, low thousands of dollars. My bank amErica got american express.

I would negative ten on, and I VISA negative five or ten on IT. And i'm sit there and I got, why is good? Know the bd people are, oh, well.

And so i'm like hitting refresh. Yeah, on the thing. Two thousand fresh. I'm hating refresh, hitting refresh. And then pink, pink, pink, pink, pink, all the numbers come in for the whole, you know, and you own most of web lives.

say.

bright and I were equal part of first than we had. Peter roh had some wners ship, and then mark cuban was our big investor. And by big investors for three hundred ten and for five percent.

So there was a great outcome for him. Ah we're more maybe one ten percent, and they think one ten percent. Anyway, long, very short.

My wife comes in, should you okay? And I said, what he said, are you crying? And I reached up.

I had to tear my like, I was a new experience and i've never had this before.

And he said, I said, he said, why are you crying? And I said, never. My family will never worry about money again. I my all worrying about money. Yeah, know my dad lost the business was a very crathur thing for me.

And I think people you who are already rich, uh you know or maybe who come for means just they don't understand the concept of living with the fear of being broke and in dead all the time. And then when you have the bag, you secure that tiny bag. It's a tiny bear, but it's still with diamonds. And if you just open IT up and say, thank you, tiny.

James, James, you convention.

Jason, yeah.

you one touch express mission. Ja, one touches express machine, which at the time was like two grand. And I like this, is unbelieved that I try to buy a ferri? They wouldn't sell IT to me. Remember.

no new money yeah basically .

I went in there and there like, oh yeah I like by for ori uh today in the four thirty and oh, we don't have any available and say, okay, can I put myself of the we're not taking nation the wait list so I satisfaction ask, what do you do here? It's like we sell for R I like to do part of the part. They don't sell .

the furies .

to give them like, well, how long is the wait list? Like.

I like I was like .

OK I was like i'm my cash fire is like, everybody is a cash fire. I like, okay, can I ask you a question then it's like, sure, coming to my office when I got .

press .

the and so and like, I have the same age and like the I like I was like I I don't mean to be rude, but what do you do here all day? He said, what? We deliver the cars and we service them and we sell used cars.

And I would take a pro d one. He said, oh, well, the one you're looking at his pro. Ond, no, say no, no, the one i'm looking at the for the the red one out there, that one I want.

Let's got a sticker in the window. He said, yeah, we are tired that we put the sticker on the window I said, oh, well, that goes for two hundred thirty thousand dollars or whatever. Oh yeah, what do you want for you?

Like, three hundred .

and I said, they use. I like that they use when I was looking at he like, you can't get these cars and I was like, so you pay over seventy thousand, only has two thousand miles on IT and I like two thousand miles, seven thousand more than new I, I, I went to buy a knew is so because you can't get them, I just have such a edited from brooklin who doesn't understand the concept that people would pay over car and i'm just for like I would bother I let me think about and I laugh and then I was with my friend and I was like, um and I had the robber report and said, like number one car was the vari a third that turn the page just call that c sex was the number two car and the starting line was make ferry by two for half the Price of a ferry and beat them off the line there. Something like that.

like is going to walk in.

There's core bets, he said. If you buy a core bet today, i'll give you five thousand dollars I was like, yeah so we go out on the four of five and were driving the corbet and he's like, is a corvet sound like you're going seventy miles an hour? I'm not I said i'm not selling this party unless you hit that guess is much harder and I said, okay and I punch IT to a hundred months before I said, yeah, how does that feel?

My guys going this I come .

over the yellow could be I like to the flory I this thing only cost sixty five grand. It's like seventy and I got five grand and it's american, baby and I is american. And that was the car that I famously um was according to gocco Robert scope myself in elon when elon got the first P E one of the road ter he was like, I got IT I was like, oh, let's meet in bradford and we were driving them and .

they were driving .

them along and set spirit .

drive along sunset .

bull of art and we did IT like five times and five about five times the tesla just destroyed no, and I was i'm doing something wrong. And then we switch cars. Me and I was like, no electrics is gone to be everything.

And this was the first one that you first yeah that in front of the process uh, is that aversive? But there's a famous photo, the two of us, uh, you know, in front of Michael with his p one. And I remember that night was yesterday before the iphone. You realize, like rubber global recording this on his note. This are the .

memories, right? This is the journey that you ve been on, and this is the stuff just cherish for my life.

unbelievable. I am so grateful for IT and thank me .

on the power guys. Thank you so much. Acquired out of m slash slack.

Come join us. We love your feedback. This is lustig quite.

Df, m lash store. You can buy cool shirts. Slash jobs. Vid, nor.

So far, thank you so much.

Alright listeners, we hope you enjoy that. Uh, very first acquired sessions with Jason calicoes, the new format we're playing with, we would love your thoughts. Acquire M A G mail dot com or tweet us.

Add, acquire FM. I am curious what you like, what you didn't like. And on that note of feedback, we have something that we really, really want you to participle in no pressure, anything.

But that would mean the world to us, if you did. We just launched the twenty twenty two acquired survey and we the wonderful problem of our audience growing a lot since the last time we did one of these. And uh, we no longer feel like we have a great handle on who all of you are.

And so we would be eternally grateful if you would spare the three minutes to participate. Tell us a little bit about yourself. One lucky winner will get second generation ipods pro, which I have been wearing all over over the place, and are indeed twice as noise cancelling, whatever that means. Apple, and has some, I think, Better battery life too. And David, for you, they have very tiny little, uh, your tips right?

Yes, for my tiny, tiny ears. I'm so excited about the extra small tips they finally fit in my years. awesome.

Ten other winners will get acquired t shirts from our fancy new merge store again, three minutes to participate at acquired dot F M slash survey. Or you click the link in the shower notes. And thank you so much for helping us IT really does us help us run the show here.

Acquired a world H. Q. All right. Well, with that are huge. Thank you to our sponsors for the episode. We've got vantine bricks and our friends over at tiny links for each of those are in the show notes and um without listeners, we will see next time .

will see next time.