https://www.youtube.com/watch?v=QQGHCG8d1So

1 00:00:00.000 --\> 00:01:00.000 for the past five years i've kept a
documented email chain that i've called lessons and failures and in that
chain whenever i have like a lesson that i feel like i've learned i
would email it to myself with kind of the circumstance and you know the
the lesson so i could document it and i've been doing that for five
years this may be the last year that i do that because i've kind of
transitioned to documenting my thoughts on twitter uh rather than an
email chain to myself and so that's actually grown a lot because they
were public rather than private and then consolidated but this video is
far overdue because it is from the lessons and failures of 2021 and um
you know perennially this lessons and failures videos tend to be like my
number one video for the year and so i hope you enjoy it i'm going to be
covering a vast you know big big swath of topics during during this
video and just to give you a little bit of context uh my name is alex
from woozy i own acquisition.com it's a portfolio of companies at this
point over 100 million a year and i have nothing to sell you i make
these videos because i'll be dead one day and there's

2 00:01:00.000 --\> 00:02:00.000 all be that's left and so just a couple
of major bullets from 2021 i sold the majority stake of allen which was
a software company that we owned 100 of it had done 12 million in
trailing 12 months revenue we sold it to strategic buyer the terms and
price of the deal i signed a non-disclosure for so i cannot share that
part but we did 12 million leading into the sale we sold two thirds of
uh of jim launcher prestige labs which was a company that we founded my
wife and i to american pacific group at a 46.2 million valuation it was
an all-cash deal for us there was no earn out there was no seller
financing there was no transition period um and those were the terms of
that deal so i was able to do that and i negotiated in so i could tell
you guys on this level youtube video in addition to that i wrote and
published 100 million offers uh which to date is still the number one
bestseller for advertising for now eight straight months or at least the
time of this video um it has nearly five thousand five stars on amazon
and a five star uh 4.9 ranking on there which i'm very grateful for so
thank you guys part of mosun nation for for sharing the word i hope to
continue to write more of these books i have a lot of outlines it's just
very hard to make them

3 00:02:00.000 --\> 00:03:00.000 exceptional and that's why they take so
long that being said in the same 2021 we grew tik-tok instagram youtube
all to over a hundred thousand in the uh subscribers followers et cetera
in a year and uh grew twitter uh to twenty thousand and ninety days all
of which without really any knowledge of these platforms so um i'll
share some of the things that that worked for us if that is of interest
to you guys despite the sale not including the sale money that we got
from uh all three of those exits that i discussed we still did seven to
eight million dollars of ebitda or like personal earnings um outside of
the sale from real estate things like that and just from dividends from
other companies we own i sold our bentley that was the only nice car
that we owned we had an i8 but it was a gift we still have that we'll
probably end up selling it because it's just not that practical and
beyond that i also sold my home and so at this point i own no personal
assets and i'm leasing my life and so that's kind of what happened last
year so let's get to the lessons because you're like alex i don't really
give a about your accomplishments and i tend to agree with you we'll
dive in together to some of the major topics i'm

4 00:03:00.000 --\> 00:04:00.000 going to start with some heavy hitters
and then we're going to get into the more tactical stuff one of the
heavy hitters here is if we think about you know betty white have you
heard of betty white she was one of the golden gals super successful
actress uh she just died right before 100th birthday very sad and what's
interesting is that she was kind of a meme all over the place about how
she just missed it by like 14 days but what's interesting is that you
probably haven't thought about betty white since then or you might not
even heard of her what's interesting to me about that is that betty
white achieved pretty much all levels of success she was a really nice
person she was a huge human rights advocate she donated tons of money
she was famous she had like she did everything right and yet you
probably haven't thought about her except for me making this video right
and i think in a lot of ways that's how our lives will be and it gives
me a lot of perspective in the things that we find important and how
much we value the opinions of others when most of them won't even
remember after we die like even a few weeks later they won't they'll
just continue to live their lives and so if people don't even care for
more than a few weeks that we died

5 00:04:00.000 --\> 00:05:00.000 why do we ascribe so much value to how
they want us to live and so that has been kind of one of the guiding
principles that i've tried to think through with you know how i live my
life and kind of this this next chapter and it's been it's been a great
lens for realizing that most things just don't matter um and that most
of the meaning at least for me comes from the things that i choose to do
meaningful rather than a capital m meaning that has been prescribed um
from everyone else and i'll share with you a quote that was very
meaningful to me because again this was just a long email chain that
i've sent to myself but albert camus was a french is a moroccan
philosopher and he said the meaning of life is why you don't kill
yourself and that will probably trigger a lot of people and that's not
my intention but when i heard it so succinctly stated i thought about it
i was like that might be one of the best messages i've heard the reason
you don't kill yourself like right now you have a reason like why don't
you do it like what is the deep core reason for why you don't kill
yourself that reason is is your actual meaning that is the thing that
prevents you from killing yourself and so that is the meaning for you
and i thought that was really

6 00:05:00.000 --\> 00:06:00.000 fascinating now obviously for people
who have you know who follow a certain or specific faith that is going
to be maybe the reason and if it's not the reason then that might not be
your deepest held belief kind of interesting thought but for me that was
uh very interesting and i'll share with you what the reason i don't
which is i i just love learning and i just there's so much more to learn
and that's really it i just love learning and i want to continue to
learn because i enjoy it so much and i would be really bummed if i died
because i wouldn't be able to learn all the stuff that i want to learn
and then uh dispelling the legacy myth kind of once and for all my great
great grandfather was a king or something in iran and maybe this is
folklore but doesn't really matter because the the point of the message
is the same i don't actually remember his name um i think it's hormoz
han but it doesn't matter the point is i don't remember his name and he
was like royalty and he had 400 kids and he was a ruler and so think
about that from like an achievement perspective he like ruled a country
so wealth kids fame all of those things right and here i am only like
five generations later and i can barely tell

7 00:06:00.000 --\> 00:07:00.000 you his name i don't even know what he
looked like right and so i mean he influenced my life in basically no
way besides the fact that he i was pro-generated from him right and so
we have these ideas of legacy and they are not real because if you just
take out the time horizon for any reasonable period of time a thousand
years ten thousand years we will be forgotten right but there is no
legacy and so the idea of like i want to build a legacy is silly unless
you want to say that it's just well i'm going to leave an impact on
people and those people leave an impact on people then cool then you
just want to help humans and that's fine but the whole concept of being
a legacy though is kind of superfluous it's kind of irrelevant it's just
living your life according to your values which is great but i wouldn't
necessarily call that a legacy i have taken the stance that it's very
much a myth and that us accumulating assets is very much like a casino
analogy that a lot of a lot of you guys have loved from mossy nation
which is if you imagine life as a casino where as we come in or come of
age we get a chip and we get seated at a poker table and we're dealt
cards right and based on our skill we're able to continually hopefully
amass chips over time and

8 00:07:00.000 --\> 00:08:00.000 continue to play and the difference
between a casino uh in the real world and the casino of life is in the
real world you can cash out your chips and walk away with more money but
in the casino of life when the green river taps you on the shoulder and
it says it's time to go you get up from the table your chip's still on
the table and everyone pushes it back to the middle and then everyone
redistributes those things the lanes you own the bassets you own etc
those just get redistributed new people own them right after you and i
remember thinking about this when i had bought a piece of land and i was
like this is cool i own this land and then i realized that that land had
been bought from another guy who'd been bought from another guy who'd
been bought from another guy every person before me had been like this
is mine but not really we just kind of lease it while we're alive and
then we die and then we give it back and then someone else takes it
right and so death taxes everyone 100 and so that thought process for me
has led to you know the decision that layla and i had which is to give
away our wealth when we die no matter what because we don't think it's
good for anybody to inherit tremendous wealth because we think it ruins
the person and if we're going to give it back to humanity anyways then
might as well just be more targeted in how we give it right and so that
has been a lot of the thought process around

9 00:08:00.000 --\> 00:09:00.000 like why do we choose to do what we do
because it's one of the questions i get on interviews a lot which is
like why are you still motivated to do it it's like well what else would
i do i can just sit and drink pina coladas all day that would be
terrible and the process of success for me is the process of becoming
the becoming is the is the success and so hard work is the goal that is
the goal hard work that we find meaningful and that is for me learning
is meaningful and i learn by doing so that being said 2021 was also
difficult for me because it was a year that i basically took off i did
not work much at all and that was mostly to kind of have the full
experience you know i don't want to say i don't want to poo poo not
working without having not worked and after not working for almost an
entire year i can tell you for me no bueno it was very sad for me it was
very depressing for me i did not enjoy it i did not get any meaningful
it just was it was not good very empty and so i'll give you a couple of
quick conclusions that i had uh from that whole year um the first thing
is that uh for me price of things no longer confers value which is
actually kind of interesting because when you think about it in the
beginning you can go out to a night restaurant and it's really fancy
because it's a nice restaurant and so the fact

10 00:09:00.000 --\> 00:10:00.000 that you're sacrificing so much to go
out makes you enjoy it more if you save up to buy a purse if you're a
girl then the purse is more meaningful to you but if you can buy a purse
off of you know one minute's worth of income then a really nice purse or
the most expensive purse off one minute's worth of income then the
person no longer has that conferred value from the price and so what's
interesting about that though is that it allows i feel like me now to
look at things without price altogether because if all things cost
essentially zero then you get to just purely look at things for what
they are which is you take out the marketing you take out the psychology
it's like do i like this thing does it serve me does it have function
and so that has been kind of my outcomes razor for how i deem things
more valuable to me so i realize that i prefer just simple cotton tanks
because they are just easier for me and i like them i don't need more
expensive tanks because i don't like them i like these ones right and if
there's something that happens to be more expensive and i like it the
best then i will get that right but price no longer confers value if you
don't feel like the price gives you status because you don't get your
status from the expensiveness of the thing or the cost of the things
that you wear kind of interesting next was um i had the

11 00:10:00.000 --\> 00:11:00.000 realization that i had no way to
actually spend the amount of money that we have accumulated over our
lives and that we continue to accumulate there's no real way to spend it
like as in consume it like you can spend it to buy assets for sure but
then those assets just make you more money and so buying things for the
sake of consuming them there is a very easy limit that you reach where
they're there you don't really get any more benefit and so realizing
that there's a diminishing marginal return with money was like an
interesting conclusion to like realize myself and i think what's
interesting is that having more allows you to realize that you were just
as happy when you had less and maybe you have to do that on your own and
get there to let me prove it to myself as les brown says but to me it
was it was just a very interesting you know kind of realization um the
next one was as a result of this you know dealing with tax shenanigans
as as i like to say um almost went down this behalf of building like
these cascading trusts to decrease tax drag uh on the exits that we had
and i think it probably would have saved me somewhere in the
neighborhood of about six million dollars was like i just don't care
enough i'll just pay my taxes and um i

12 00:11:00.000 --\> 00:12:00.000 already have more than i can i can
spend or eat and move on and at the end of the day like for me i realize
that the wealth is built through the owning and not the selling and so
the goal is to just transact as little as possible and just continue to
build value in the things that you do own because most things over a
very long period of time just go up a lot and so it's all about patience
and i like this is a quote that you can you can share but i like setting
up games where if i wait i win and so those tend to be the games that i
now am more drawn towards whereas i feel like when i was younger it was
more like if i can't win fast that i want to play but now it's like i
would love to have the games where you cannot win unless you wait
because i know so few people will play and typically the rewards are
outsized next one was just really thinking about ownership in general
for personal belongings uh i have still dedicated you know layla and i
know we own nothing we lease our lifestyle and i would say that it has
been very freeing we thought about buying a house again and we actually
ended up deciding not to do that and so we are just leasing our
lifestyle and it is very freeing i will say that one of the things that
i also have started

13 00:12:00.000 --\> 00:13:00.000 asking myself as a question for
framing what someone else who's ahead of me is doing and this might be
useful for you is a lot of times i originally would look at what is this
person doing that i'm not doing right and so it comes from the
assumption that i need to do more right whereas if we come from the
office perspective of what is this person lack that i have what is this
person not doing that i am doing i think a lot of times there's more
answers to that question that are more meaningful than trying to do more
because at a certain point you max out your ability to do and if you're
doing all day long right and you're not getting to where you want to go
then what you're doing is the wrong stuff to do and so it's not about
doing more because what you're doing is already maxed out it's about
doing less and about doing different and so in order to do different if
you're maxed out you must do fewer of the things you're currently doing
and so that is a really good limits task for me to think through what
are the character traits that someone might lack that i have what are
the activities that they are do that are they are not doing that i am
doing so that i can look through a different lens you know through which
to improve myself and then the final one on on

14 00:13:00.000 --\> 00:14:00.000 living stuff and this may have seemed
a little bit more heady than some of my past lessons and failures but i
think part of that was just because you know with the sale of all three
businesses and the dividends and everything like we crossed a
nine-figure net worth at you know layla's 29 i'm 32. and so we have a
lot of summers left hopefully and so it gives you a little bit of
perspective on like so what do i want to dedicate the rest of my life to
and so the the last framework that i'll leave you with in the kind of
the woo-woo uh-ness of this video is the 85-year-old decision framework
which is instead of talking to an 85 year old which is a great thing to
do by the way if i imagine myself as an 85 year old version of me and i
ask that man for advice on what i should do in situations a he's an uh
always making fun of me but beyond that i get really really clear
answers from someone who wants truly just my best and i found this to be
a repeated theme throughout my life is that a lot of times i know what i
need to do and i'm just not doing it that may be true for you too is
that a lot of times we don't have as much ignorance as we think we do we
just have a lot more fear to take that action and

15 00:14:00.000 --\> 00:15:00.000 so when i talk to my 85 year old self
i get a lot of clarity in terms of what decisions i should make and more
realistically how few of them really matter because when i think about
my 85 year olds off all he ends up telling me to do is like enjoy the
enjoy it like you're going to die and definitely don't sacrifice
anything for me like i would give everything i have to be 32 again 85
year old self would give everything he has all the billions of dollars
just to be 32 again and i have that gift right now and it's kind of
interesting and so too many of you probably you know if you could if you
could give up everything you have to get 10-year to go back in time 10
years would you do it and it's not to relive life from a regret
standpoint but just to have 10 more years right of youth i think a lot
of people would do that which then gives you a really interesting
perspective on the value of money and how we trade it for time and
living that was one of the frameworks that i've been really thinking a
lot about when it comes to my life the next one is about solving
problems which is a lot a lot of you guys know that i'm a huge fan of
charlie mongers and one of the processes that he champions is inverted
thinking which is or inverted problem solving which is

16 00:15:00.000 --\> 00:16:00.000 rather than asking how do i want to
solve this problem i try and destroy the solution so for example if i
wanted to destroy my marriage what would i do right i would probably not
be loyal right i would probably never compliment my wife um and like you
know the list would go on right and what's interesting about the
inverted thinking process is that you think of far more ways that are
threats to a certain condition than you do solutions naturally and i
think it's because our brains are wired to think of threats right we're
trying to survive not thrive but you can use and trick your brain into
thinking of all of the threats that could possibly come up within a
given situation and then all you do is reverse them right and so if you
think how can i destroy my business you know as easily as quickly as
possible what i do then you tell yourself what those things would be
right and then all you have to do is reverse those and those become your
strategic anchors those become the biggest priorities in the business
that you need to do more of and so it's a really wonderful process that
has taken me time to just you know immediately go to that you know first
i had to think about it deliberately and then i saw the utility in using
that framework and now i use it quickly you know it's more top of mind
for me now that i solve more problems

17 00:16:00.000 --\> 00:17:00.000 through inverted thinking but it takes
time to get there and so that has been probably something that i've
worked a lot on in 2021 that i hope serves you but you can really solve
so many questions you know like if i wanted to make an offer or would i
if i wanted to get something that no one would say yes to what i do and
then you put all the things down and great do the opposite of that right
if i wanted to sell this person what would i do great what would i to
guarantee that they would never buy what would i do right and so you you
reverse it and then that gives you what you need to sell and so you can
solve so many problems that way but i think it just it triggers a
different part of your brain and you solve problems differently a few
major lessons one is uh financing so we're gonna we're gonna go from
clouds all the way to dirt okay so business business if you can find
people the money to pay they will find a way to make it work and so i
think that financing is something that is underrated i think the entire
education industry at large exists because government gives basically
free money to anyone who wants to get educated through student debt and
student loans and so that whole industry probably would not exist if you
know if that student loan thing didn't happen and so if you can find
yourself in

18 00:17:00.000 --\> 00:18:00.000 industries where there is easier
lending you will sell more people at higher prices just interesting
lesson that was a great reminder for me number two whenever possible
especially within services sell to gold rather than selling programs uh
and the reason for that is because people want to buy the outcome they
don't want to buy your program so if someone wants to buy you know uh
they don't want to buy your gym membership they want to buy a body they
want to buy what their body's going to look like and so sell that it's a
it's a very interesting nuance but it's really important when you're
trying to you know persuade someone to take action and it creates a
clear line between their purchase and their desired end state and so
rather than sell like i said you know a 12 week whatever sell the goal
and so i think if you can make that shift uh in your products and
services you ultimately sell more people and have happier customers
moving along i read 70 books uh last year i barely read most of them i
skimmed the majority and that was mostly because most of them were just
not that interesting or that good um the books that i read intentionally
last year so i would skim thought they had good stuff and then reread
ready fire aim which i've talked about which is uh masterson uh stephen
schwartzman's what it takes really good book uh conscious

19 00:18:00.000 --\> 00:19:00.000 capitalism i read the first half uh
but it was really good and it really shifted how i saw business and what
we want to do with acquisition.com in terms of giving back and helping
all stakeholders because i'll go on the tangent that this book led me to
which is the realization that charity as a whole is a very broken model
and so it's my belief and this is what my you know what what i hope to
accomplish with acquisition is that if we can create an entity that is
self-sustaining and self-growing and continually gives a percentage of
its earnings then we will have created a charity that grows and fuels
itself rather than creating a charity that solicits money because the
exchange just it's just not there it's always banking on goodwill rather
than a value exchange from selfish people and so i think it's much
easier to focus on people's as a large selfishness and then only have to
get one person to be more giving right which you could make the argument
that we're being selfish by giving but whatever if you only have to
convince yourself to be giving and then convince everyone else to be
selfish it's much easier to do that over a longer period of time than

20 00:19:00.000 --\> 00:20:00.000 convince everyone else to give right
that is kind of the perspective that has changed for me with regards to
charity and giving overall and so laila and i have given millions now to
charity and i feel like now that we've been involved there are things
that i would want to improve and the only solution that i could think of
was creating a true for-profit type business that would attract the best
talent who could grow the thing and then dedicate a specific percentage
of the profit every year no matter what that would go to the causes
right and then that way as the company grew so too with the giving right
rather than always soliciting all right so that's one of the things that
the conscious capitalism gave to me i read everything uh that warren
buffett and charlie munger have written i read that last year so there's
the the shareholder letters um that uh buffett has written there's
charlie munger's almanac and there's just basically anything that
they've written uh the transcriptions from all of monger's speeches uh
very very very very good very impactful for me and the almanac of naval
ravicon that was a good book uh very easy read like two hours

21 00:20:00.000 --\> 00:21:00.000 very very easy read i think i read it
again like literally right afterwards very good book very very good all
i have to say about that very very good book now let's get even more
tactical social media so um some of the things that worked for growing
these social medias for us number one is only talk about stuff that you
know or that you have experience or that real for you um i think one of
the things that i see that at least turns me off when i see other
people's stuff is i see people clearly regurgitating other people's
content and it's like this has already been said and you're not adding
to the body of knowledge you're just you know diluting down your version
of it and it's just not that useful right it's just it's not value
additive and so it either has to be true because you've done it or it is
true to you and i think that is a very good so like if you're starting
out what's true to you is that you're trying and so that would be true
and your experiences that you're going through are true and so that is
kind of in accordance with the whole document don't create concept from
garyvee which is very difficult to operationalize but at least just
capturing the things that you're going through no one can no one can no
one can claim that you are speaking false truths like no one can

22 00:21:00.000 --\> 00:22:00.000 negate your truth of what you just did
right if you did this thing or you helped this client that is true
there's no way that anyone can can say that you didn't do that right and
so you can give your unique perspective which is adding to the body of
knowledge rather than regurgitating stuff that you read in a book right
which goes down to if someone has already made it don't remake it next
one is um i realize for me i don't want to have a schedule so what i
mean by that is like i don't have a schedule for posting stuff uh i'm
not a social media creator i am a business guy you know i mean like we
take investments in e-learning and and really internet businesses uh is
is what we focus on so you know that's where i make my money the
schedule felt very constraining to me and when i didn't have the
schedule i ended up making more and so that was something that i figured
out for me was useful the next one was like why do you make stuff uh and
i think i alluded to the beginning of this video but like making stuff
there's obviously making stuff for you know the audience but i think for
me it's making it for me i'm making it to document so that when i look
back and i'm old and

23 00:22:00.000 --\> 00:23:00.000 gray and baggy and saggy i can be like
oh yeah that's what i used to think about when i was at that point and
it give it it'll help me document my what i'm thinking about at that
time and hopefully maybe for you if you can shift that frame i think
would be helpful and i heard this from grant that i really liked he said
assume no one will ever see it and make it anyways right and so when he
said that i thought that was like it corroborated the conclusion that i
had gone to or come to next one was uh you want to be platform specific
for formatting uh that's something that we you know we found out like
you just you got to be platform specific and so either learn the
platform by using it or find someone who does that was very helpful for
for us the next one is that people feel intention more than anything
else and i think that was a big lesson for me because like i don't sell
anything i have a book that's 99 cents that you can get on amazon
because the cheapest they'll let me list it for is 99 cents and audible
they don't even let you list your own prices they list the prices people
feel intention right and so i think that people are always waiting for
the other shooter job at least for me in my channel like when is he
gonna pitch you something like i have nothing to say right like unless
you're a company in which case i'm buying not selling right and so the
point here is if you're coming at it

24 00:23:00.000 --\> 00:24:00.000 from the right place like people are
exceptionally good at sniffing out why people want something right like
we're very good at not being deceived like it's very good from an
evolutionary standpoint to not get double crossed right and so we i
think we have very good intuition to who is lying right and so the
easiest way to get people to believe you is to tell the truth and if you
do want to sell people stuff just tell them you're trying to sell them
right like in the companies when i like when we were selling stuff i was
like i'm here to sell you i want to make money that's why i'm here and i
do long-term want to make money from all the investments that we make
which these videos do help with that to attract internet businesses but
a lot of my intention is the fact that i know that i'm going to die and
it's not going to matter anyways and like this is fun for me tone like
in selling matters more than words and that was something that i got to
see firsthand i saw someone deliver a pitch that was really bad someone
else basically go up and say the same thing with the right tone and that
was where the intention came in and it crushed and i think that seeing
that juxtaposition just showed me how much more the intention in the
heart behind the action like humans are so good at sniffing out
intention we can it's just

25 00:24:00.000 --\> 00:25:00.000 so you have to be so perfect at lying
it's impossible and so the easiest way to to to become to become trusted
is to be trustworthy right is to actually have people's best interest in
mind and if you can't get that then like figure out a way to do that and
then the selling will happen on its own the next belief that i had that
was broken was that organic traffic is very worthwhile if you are
patient you are good enough and i think that being good enough comes
back to the stuff i started earlier which is only talk about stuff you
know make sure it's true because you did it if someone else made it
don't remake it like make it for yourself assume no one else is going to
watch it and still make it anyways and at the end of the day i think
this stuff has to be art because you make art because you believe it
should exist not because the art's going to do something for you true
art is made to exist because you believe it should exist because you
believe the universe is better for it like you believe the body of
knowledge exists as a result of this thing if you're making something to
do something it's usually not as good and people can sense it and i
think that's where people fail with organic marketing uh which is just
like earned media and i'll share this with you my my youtube team bro

26 00:25:00.000 --\> 00:26:00.000 scott told me something uh that he
said was like his biggest learning that i'm sharing with you from what
he told me and he was like you have the you have the longest time
horizon of anyone i've ever worked with it's like you just you're
talking like you know five year and ten year time horizons for like
whether we're gonna deem something successful or not and i you know i
guess you sometimes you adopt these things and you get so used to it
that you forget that other people don't think that way and so i guess
i'm sharing it with you because he he seemed to think that it was
something that was worth sharing but like time is everything like how
you think through how long something is going to take because time is
really just a function of your expectations of an outcome and so if you
could extend the time horizon to infinite then you basically remove your
expectations and when you can create without expectations you usually
end up creating better stuff and so it's one of those things where like
you only gain your life when you choose to give it right you only
achieve happiness when you decide that it's no longer a priority right
and you just start to live and accept the moment for what it is and so i
think that it's in a lot of ways it's similar that time

27 00:26:00.000 --\> 00:27:00.000 horizons really feed into everything
and the most successful people that i know have the longest horizons and
in game theory the person with the longest horizon wins it's the
difference between finite and infinite players and so you can literally
give yourself an immediate competitive advantage simply by thinking i
will outlast i will endure and i will be here for a long time and you
build with that in mind right so what happens is you just you get rid of
all the short-term plays like i was asked the other day like why don't
you create a a no strip line and i'm like because it's just not what's
what's the point you know what i mean um maybe i'll change my mind later
but like i just it's it's like short-term cash grab right and so i think
it's all about being long-term selfish rather than short-term solvers
and long-term selfishness comes from just giving more than everyone else
which ends up benefiting humanity which is great that humanity serves or
rewards the people who give the most which i think is interesting moving
along so we had coveted in 2020 2021 was the recovery for all three of
our companies it taught me a very important lesson which is a buffett
quote but market over manager which is it is more important the boat
that you are in rather than how hard or how well you row and um you know

28 00:27:00.000 --\> 00:28:00.000 our company was able to have a very
strong recovery um as a result of that but it taught me that we were not
superman that we are fallible that we are that we can lose and despite
how hard we row it's you can still have harder like you can still not
achieve the outcomes that you want and so i decided you know when when
when the flu hit or whatever that i was not going to like we was like
we're not going to be affected by this like we've made i was like i've
made the decision that we're not going to be affected by this but you
know my decision did not really change reality and so it really was very
humbling for me to see that like yes indeed market is stronger than the
manager and so that is what you know spawned me to create the 55 minutes
of becoming a millionaire that that presentation because it's all about
opportunity vehicles and that was a great deal of my thinking last year
in putting together what we were doing with acquisition.com another
conversation that i had was with perry belcher um who told me a story
and i think he's he's in i think he's 60 hopefully perry don't get upset
with me maybe he's in his 50s i don't know and he said that when he
looks back in his life he said three or four huge like where he was
crushing it just home runs right where he was just

29 00:28:00.000 --\> 00:29:00.000 hitting it out of the park
business-wise and he said every time he did it he thought it was because
he was doing so well he said but when he looked back on it it was
because he had hopped on a trend that was happening that he was unaware
of and um he's like he was selling gold by the inch at some point like
in his first big you know home run thing and it was because uh it was a
it was gold-plated metal but it was because the cost of gold was so
expensive and so he happened to hop onto a trend that he was unknowing
of and so people wanted alternatives to gold right and so he was selling
something that capitalized on a trend and it blew up and he's got a
company now that does uh you know bookkeepers and va's and it's because
cost of wages in the u.s has skyrocketed and there's a huge demand for
offshore services and so he's just riding that wave and he said so you
know as i've gone on he's like i've learned a market learn to sell i
have all these skills and expertises but a lot of times i was just
riding the market and so i think that i too have had a little bit you
know i think i've had a little bit i've been a little more humbled by
life that some of the biggest successes we had have just been luck you
know i mean we were at the right place the right time the thing is is
that when those occasions do happen uh swinging hard at that fat pitch
because you don't know when the next one's going to come and so

30 00:29:00.000 --\> 00:30:00.000 i think that that was something that
we did well but i would urge you that if you are in something and
something is gross is crushing it don't think it's because of you but do
go all in and i think that you will be very happy with the outcome the
market makes a lot of our success we feel smart or dumb and it has
nothing to do with us the entire time uh was the little little email
thread that i left to myself and so that was uh very interesting for me
now next lesson in failure talent so a lot of stuff on hiring and
building team because that was what was necessary for us to to sell and
obviously build the hold code for acquisition.com so for context uh you
know everybody in the whole call acquisition.com we've got harvard grads
we've got uh mckinsey which is the number one consultant management
consulting from the world recruits from there we have some of the best
strategists from vanguard which manages six trillion dollars that we
recruited in to really get the absolute best of the best people uh we
had you know our cfo has been cfo of a five billion one billion seven
750 million dollar company she's been sell side exit 16 times so very
very very very well versed experience team and so i've learned a lot
about talent um the

31 00:30:00.000 --\> 00:31:00.000 management the acquisition of talent
and my perspectives on business have fundamentally changed from what
they were five years ago i used to think it was all about strategy now i
think it's all about people and because if you find great people great
people build great strategy and execute great strategy to build great
companies you can't build a great company without great people and i
just i just i just really i just didn't think that when i was younger i
was like i can will power my way through it and it's just even if you
can you can't do it forever or maybe you can i don't know but uh for me
like at a certain point it wasn't worth it in order to scale like only
one man only has two hands and so you have to have more hands and you
have to more people aligned with your your mission and so here's some of
the conclusions that i've had around talent um over the last however
long better understanding of entrepreneurs versus entrepreneurs so i had
a big you know i used to say like you need to find entrepreneurs not
entrepreneurs silly it was a false binary entrepreneurs and
entrepreneurs exist on a continuum you have some people here either more
or less entrepreneurial and all of those things can change given a
dynamic plenty of people were employees got laid off and coveted then
and decided to start making money on their own and then found

32 00:31:00.000 --\> 00:32:00.000 out they did have an entrepreneurial
streak right and so i used to think that this was much more like born
and i think now that it's much more made and i never would have
considered myself a big risk taker i did everything by the book you know
for basically all my career and i was only very lucky that i hated my
life so much that i was willing to quit everything to start a business
but that is not common and it was still one of the hardest decisions of
my life and seeing how easily some people quit their jobs compared to
how long it took me to do it even when i had no stake i had no family
had no kids it was still the hardest decision my entire life i really do
think more and more that entrepreneurs are made rather than born and it
is again a continuum and that continuum can change uh where you sit on
that continuum can change based on your circumstances right and so i
think that there's this like he's a pure entrepreneur he's not a
pre-entrepreneur and to me i feel like it's like in this context for
right now and that can change so that was something that i thought was
interesting and in that way when we're recruiting talent i'm not really
looking necessarily for entrepreneur entrepreneur it's just like is this
person aligned with where we want to go and are they motivated
intrinsically by getting there right if so then they will be
entrepreneurial if

33 00:32:00.000 --\> 00:33:00.000 we can create the environment such
that those character traits come out and i'll tell you the one thing
that sealed the deal for this is that layla's father is the or was the
dean of mechanical engineering department so academic you know all the
way tenure the whole like literally the most secure security you know
driven career path of all time and i remember saying i was like if he
can start doing entrepreneurship i was like i will change all of my
views because i mean literally like an engineer in academia tenure like
it's just like all of the most security driven things and lo and behold
here he is now you know starting his entrepreneurial dream that now that
he retired and he's making money and i like i'm just filled with pride
uh seeing that but at the same time it just it gave it just it was such
a testament to the fact that we can change our stars we can be what we
want to be and that was just such a big profound proof point for me that
it really shifted the way i saw talent and entrepreneurship in general
next one was uh in terms of finding talent it has now been my it's now
my feeling that it's better to find a 400 batter than to teach someone
how to swing right i would rather find people

34 00:33:00.000 --\> 00:34:00.000 who are really really good already and
then orient them rather than try and teach someone how to do the thing
right now you might not be able to afford that at a certain point in
your business career but that is still the ideal that i would that would
go towards and if you look at what you know steve jobs you know was able
to do in his in his career he was really the assembler of great people
towards a common mission and goal and that is what creates big companies
is lots of people align in a specific direction to something that is
meaningful which again if the point of your company is to make you money
it's not that meaningful for a lot of people and so it has to be
something bigger than you and that again is something that i had to
learn once you do that you need to get out of their way really and so i
have a friend of mine who owns a company and he's uh ceo of that company
and the founder of the company you know made him ceo but he has become
he's not really a ceo by the true sense that he's not actually executing
and like leading uh the stuff because the founder is micromanaging which
either means one of two things you either don't trust the person to to
do their job or you're not good at

35 00:34:00.000 --\> 00:35:00.000 hiring people that's it it's like
either the person has the talent and you need to trust them or they
don't have the talent which means you suck at hiring but either way we
suck and so once you do have the right person we have to extend trust
even if that person hasn't quote earned it yet because it's the only way
that the machine runs and trust is typically reciprocal and sometimes
you have to give it first and you will make more by giving it than by
deciding to live a life without trust even if you get burned so that was
been a lesson for me um from the last year one of the next ones was uh a
players are the things that really grow business and like once you get
stuck at like 30ish million and i've said this said this and i will say
it again i was stuck there for for almost four years right and the thing
that that got me out of that was realizing that i it was kept being me i
kept trying to make me the center but it had to be everyone else it had
to be other leaders it had to be other people driving the growth and
setting up the incentive such that like they can win big time not just
little time big time and uh part of that i got from schwartzman's book
in order to attract

36 00:35:00.000 --\> 00:36:00.000 level 10 talent you have to have a
level 10 opportunity and most people are not actually pursuing level 10
opportunities they're just trying to make some money and so if you want
to attract the best people and work with the best people you have to be
going after the big stuff the big goals right and it is just as hard to
accomplish a big goal as it is a little goal and it takes just as long
so you might as well go big that leaves me the next one which is a
character and values must be present in order to attract caliber people
right high caliber people and so i think one of the hardest parts of
entrepreneurship is the leadership component because it's it's the most
raw it's who you are right people have to buy into you because like you
as you grow like get go up in the in the ranks like you're not going to
be smarter than the people you hire like a lot of people that work at
acquisition.com are smarter than i am like i mean that generally that's
not just like me paying lip service like they're very smart and they're
smarter especially in their domains than i am the only way to attract
those people is obviously to have a mission that that makes sense that
they want to be a part of like i had to change i have to be better right
this is adopted from mongers you know things of living an excellent life
but it's living a life without envy it's living a life without
resentment a

37 00:36:00.000 --\> 00:37:00.000 living a life of discipline of not
overspending means remaining charitable despite circumstance dealing
with reliable people and doing what you say you're going to do and what
you were supposed to do those are very easy to say very hard to do and i
think that if we hold those as ideals we can just keep walking towards
them without with knowing wholeheartedly that we will never achieve
perfection but the process itself can be a perfect process even if you
have an imperfect outcome and so in that way we can be joyful in our
imperfection because we are following a perfect process so to me that's
very cool but i think that if we view our leadership as a process of
becoming rather than getting there then we will attract people who also
want to walk in that path alongside us so that was from a talent
perspective major lessons time horizons if you can extend them you will
win sometimes we need to eat for an extended period of time and uh
entrepreneurship is a battle of will not intellect and that was
something that i learned especially in 2021 um and 2020. it is a battle
of will not intellect i'm just going to say it again i don't know what
you're doing right now it is a

38 00:37:00.000 --\> 00:38:00.000 battle of will not intellect because
since it is an infinite game which means that the point of the game is
to keep the game going the point of the game is to keep playing not to
win right because there is no winning you realize there is no winning so
if the point of the game is to keep playing then it's about will it's
about the will to endure it's about the will to continue and so if you
can frame it that way then the game gets much easier because you realize
there are no wins and losses as long as you're playing and if it is a
game then what better to do in life than play next one is the importance
of frame so this one is a really insane story and i'm gonna try and tell
it as short as i can dean graziosi who's now become a very close
personal friend uh he told me this story that just blew me away so if
you don't know who he is he uh dean has is one of if not the best
marketer out there he's unbelievable he's tony robbins right hand man
he's the main driver behind you know the business machine that works
there and he also has his own brand and they're all mass market and he
had multiple brands before that motor millions and real estate and he's
done a lot of stuff and he told me about this um ad that he ran and he
was his perfect dad that he ran with larry king and he did this book
interview and he was like it was the perfect interview i knew was

39 00:38:00.000 --\> 00:39:00.000 gonna crush as an infomercial and then
it bombed and he's like and he watched the whole thing and he knew it
was going to be awesome he didn't get it so he flew larry king live out
because he looked at all of his best winning infomercials and he looked
at his and he thought that the first two sentences of the one hour-long
segment needed to be changed and so he flew him back out he did he redid
the entire setup of larry king live covered all the expenses just so he
could re-record the first two sentences and he re-recorded the first two
sentences and then that infomercial did 100 million dollars plus in
sales and to me the biggest lesson there from a marketing perspective
but also from a psychology perspective was the frame is everything how
you frame a conversation how you frame a situation how you frame a
circumstance to yourself or others will massively change how they
perceive the remaining information that they that gets transmitted to
them and so when we're selling how we set the frame when we're trying to
persuade our team how we set the frame when we want to make an

40 00:39:00.000 --\> 00:40:00.000 offer how we set the frame when we
want to make an ad how we set the frame are so important and if we look
back on the best ads that you have those hooks you know uh ogilvy i
think said uh once you've ridden your headline you've spent 80 cents out
of your dollar in advertising and so realizing that that frame is so
important has really made me rethink a lot of the things that i think
about in our ads our copy headlines etc and how much more time needs to
be allocated to that if 80 percent of your dollar is spent on the
headline then you should spend 80 on that piece right on just perfecting
it i'll tell you in the split test that we run things like that it's
been bar none crazy to see how different just these tweaks are just on
the headlines themselves and so the next one i want to cover is people
are either helping you become the person you want to be or they are not
there is no in between and so we have these people that we have in our
lives and i think sometimes it was useful for me to kind of take
inventory of like who are the people that when i see their name on my
phone i get a pang of cortisol like i get a little bit of stress because
i think they're taking something from me

41 00:40:00.000 --\> 00:41:00.000 and when i actually looked through my
my text messages it was 41 of texts were something that caused me stress
and i was like well half i was like no wonder i hate my phone right and
so piece by piece trying to remove uh people or just slow down the the
communication cycles with people that i thought were draining me has
been a very good process for me overall for thinking clarity and for
accomplishing what i want to accomplish and so i don't know where you're
at and the people but i think if you can take inventory of like and i
just feel like the easiest litmus test is look at your phone look
through your last week of texts and then think about which of these
people are trying to take something from you and if you can slowly phase
those people out and only have more of the people who energize you i
think life is just better right because if you lose your phone and
you're happier as a result of it it makes you really wonder why you have
a phone success must be measured through multiple metrics so this was a
huge one for 2021 for me is that and this is a quote from charlie munger
is that someone is always doing better right someone's always doing
better than you and so in in one aspect and so i think it's useful to
have multiple metrics for measurements so you can have your body you can
have your marriage you can have

42 00:41:00.000 --\> 00:42:00.000 your finances you can have your
business you can have your team you can have your kids you can have
whatever like multiple metrics for success and in 2021 in my direct
income not including the the sale numbers it was a medium year for me
but for my marriage it was an amazing year and i'd say like we you know
we three axed our marriage uh last year but it was a great great year
for our marriage and so i think that and i think about 85 year old me
looking back it's like yes good like multiple metrics for success and so
i think measuring those things has been helpful for me when i think
about a year of lessons and failures that was a good that was a plus in
the plus column because i didn't used to do that the only goals i ever
said were financial and so i think now i think i think more a little bit
more holistically next one is uh simple attainable goals create crazy
growth one of the things is like now that we work with you know a lot of
portfolio companies that are in internet businesses that are doing you
know three million plus et cetera we set goals with them a lot right and
a lot of times i see the goals that they want to set them just these
massive goals and the thing is is that when we extend the time horizon

43 00:42:00.000 --\> 00:43:00.000 if you can get a 10 or 20 per quarter
growth that's unbelievable and that adds up very very very very fast but
everyone wants to double every 90 days and that's just not realistic and
so they always fall short and so i have been a big proponent of how can
we set a goal that's impossible for us to hit and then let's crush it
halfway through the quarter and then reset the goal because i feel like
it's better to just keep setting goals and keep crushing goals than to
set goals and then miss them everyone has different psychologies around
this but for me i like to make a commitment and stick with it and know
that i'm going to hit it that has been very helpful and i think as i've
gotten older in entrepreneurship i have set more and more reasonable
goals and i think that as a result of that we actually grow more
consistently and build a better company because we're not trying to do
something crazy to hit a goal for no reason because it's arbitrary we
set up the timeline so if we set the timeline way way way in the future
and we know that we can just hit these basic benchmarks over a longer
period of time we're going to build something huge and it's just
thinking like that is what unlocks the huge growth potential that time
provides next one um contrarian investing so you must be willing to do

44 00:43:00.000 --\> 00:44:00.000 the unpopular thing to be against the
cycle right when everyone's worried right like when everyone's buying
and buying inflated prices that's when you have to hold and just wait i
look at uncle warren and he's got 25 of his uh of his assets in cash
right now like that's a little interesting to me best investor of all
time he's seen every cycle imaginable he understands stuff better than
anyone he's probably also more connected and he's got 25 in cash
interesting right very very interesting the next one is from an
investing standpoint um laila and i have really committed just only
investing in things we know which is why we work with internet
businesses because it's the business as we know right and so sticking
with that as our primary thesis so like there's something that you do
know better than other people stick with that for us we limited real
estate we still have you know a portfolio in real estate but it's
limited due to the fact that like i don't have skill or experience in
that and i can get outsized returns doing the thing that i'm good at
right and an interesting thing is like if you get 10x on one tenth of
your money you still have 100 irr right and so if you're worried about

45 00:44:00.000 --\> 00:45:00.000 inflation for all of your money it's
like if you get crazy returns on 20 of your money it still covers your
your whole nut right and so i think that's always making sure that you
have the downside of mitigation you buy with a margin of safety right
which is again uncle warren a couple things on time so i've realized
that for me meetings on mondays work great so i just always just throw
mondays up as like this is the day that i do for meetings that's that
right i just accepted that as as a reality for me so people ask me about
how my life looks that's how it looks mornings are sacred for me and so
for me morning is until i lunch so basically 4 5 6 a.m until noon is my
time to do stuff and i think that that has probably been one of the most
integral habits that i have had in my life which is that i just get all
my done before lunch after lunch i do all my meetings and all my calls
and all those things because my creative juice if i if i take meetings
first thing my creative juice is spent and i can't work after but if i
do creative stuff in the morning i still feel like i'm very effective on
meetings after that first for whatever reason and that works for me some
people might be opposite but i think having that dedicated time is

46 00:45:00.000 --\> 00:46:00.000 really important some people work and
then they love working from like whatever you know eight o'clock at
night until two in the morning everyone's different but for me having
that dedicated time has been super important next one i want all of my i
like having space uh to do free things on my calendar and so when i have
everything every minute booked um and this has changed over time for me
and maybe it'll change again in the future but i get i stress out and i
feel like i'm less productive and so having free time to think and
create ultimately produces outsized returns it's just not as reliable or
at least rather as it is more volatile in nature so i might have a free
day and not get anything done and then i might have a free day and crush
it but i know that having free days makes me more than never having free
days hopefully that makes sense next one is that writing next books so i
think a lot of people underestimate how much time it takes to make
something that's excellent and the difference between good and great is
fast and so uh when we're making products i share this story because i
think it will resonate with someone like writing this book uh took me a
really long time right and that's

47 00:46:00.000 --\> 00:47:00.000 why i think it ended up being uh
pretty decent because we spent so many times rewriting it like i rewrote
this book four times end to end the leads book i've now i'm on my sixth
version and it's still not done yet because it's it's honestly a more
complicated topic and it just takes it just takes work sometimes the
work just needs doing for it to be excellent and so that is just a
reminder more than it is a lesson and it's for myself included because i
get impatient i want to send you guys the next book i want to publish it
but like it's just not there and i'm also doing all the other stuff and
so it will happen when it happens and i promise that if it you know has
my name on it and i'm saying it's great then it is my best effort to be
exceptional and worthy of your time next one is uh supply and demand i
have i feel like every few years i get like a new level of depth on my
on my understanding my perceived understanding of those two forces but
man supply and demand drive price just so much i just and what's crazy
is that you have you can influence demand by being persuasive right in
that you can channel more of it

48 00:47:00.000 --\> 00:48:00.000 towards you it's even easier to
influence supply uh and so it's it's so it's so interesting to put
limits on things and again it's very counter-human right we think if we
limit things we will make less money but a lot of times when we limit
things we make more money which is why a limited swag drop makes more
money than always have the t-shirt on your website and so creating and
imposing limits creates clarity of thinking it creates clear value and
you actually end up getting more people who want it because it is scarce
and so i'm continually re-re-taught i relearned this lesson in different
in different ways and it's been very valuable and so like for us you
know acquisition.com we're taking on internet businesses it's like we
have a lot of people who who reach out um and we just the reason that we
have such high returns with the companies and they grow so well is
because we have no need to take anyone i don't we don't need to do any
of it and so we just get to pick the ones that we want to do for a long
time because we want to do it and because we think we can absolutely
kill it and i think that having that i don't like there's no need

49 00:48:00.000 --\> 00:49:00.000 there's no scarce there's no there's
no vacuum that needs to get filled there's no short-term arbitrary goal
that we're trying to hit it's just for the love of the game and as a
result of the long-time horizon you can have more scarcity because there
is no arbitrary goal that we need to hit and in so doing you create
better outcomes which is again so counter-intuitive that it drives me
nuts but it's also like the one of the beautiful things with life that i
feel like i'm learning right now and so anyways i to me that's like a
very beautiful contrast um that i figured i'd share with you just the
idea that the perceived supply and demand are really the only factors
that influence price and we can control both of those things and
especially how few things we want to sell if it comes to our time our
attention etc and a lot of us we better serve just limiting the amount
of people and actively saying i'm only doing this once that cap is met
being done it's amazing how good it feels to say like i have hit like i
we are we are where we need to be that is all we don't there is no need
for more we have enough right and then when you so choose to you have
built up

50 00:49:00.000 --\> 00:50:00.000 sufficient demand that when you open
up the door the slots fill back up and you can close it again right and
it's much better to always know where your next nail is coming from i
think emotionally than to never know and always feel like you are
wanting and craving more and so it's been an interesting process to kind
of like walk through that and i think a lot of service-based businesses
would be very well served properly utilizing scarcity to better serve
their customers to increase their margins and ultimately provide a
better experience overall because they're not doing it because they have
some arbitrary goal that they just like set and they're like i want to
hit a million a month for no reason right why why right if you can
answer that question i guarantee you'll hit it last one last last major
lesson topic for me was uh leverage the amount we make amount of money
we make is directly proportionately amount of leverage that we are able
to employ you know naval has his his his four that he talks about i
renamed them as c's so i could remember it but you've got collaboration
which is employing other people you've got capital which is using other
people's money you've got code which is using

51 00:50:00.000 --\> 00:51:00.000 software and you've got content or
media right which is all of these things especially the top two you can
replicate without cost right like if two people use a software 100
people use the software there's very little additional cost if one
person watches this video or a thousand people watch this video there's
no added cost to me for capital if i can use other people's money right
then i can grow something faster if i can use other people's time when
it comes to labor then i can do more right and so i think understanding
how to use all four of those things is one of the things that unlocks
true wealth and so i would encourage you and this has been a process
that i've taken i've really geeked out on but look at the wealthiest
people in the world and look at the people around you who are succeeding
who are growing quickly and look at which of those four c's if one two
three four or all of them they are using to grow their businesses and so
now when i look at opportunity it's how can i employ the most leverage
and the opportunity because then all leverage does is give you higher
output

52 00:51:00.000 --\> 00:52:00.000 per unit of effort or time that's all
it is if we only have limited time the extent to which we can multiply
that time is an extent to which we're employing leverage which is the
multiplier and so these are all multipliers in and of themselves if you
look at facebook they used they have labor there's lots of employees who
are working there there's capital they used other people's money to grow
the business there's code which is the software base that the whole
thing is built on and they sell media it's all four right all four
things are created and that's why the thing is the empire that it is you
can see how people are employing these things together you look at uh
grant and some of you guys for some reason like poo poo the fact that
like i've even talked to grant which is beyond silly to me whenever
someone's doing better than you at anything there's something we can
learn from them right and so like i'm okay i'm gonna i'm gonna talk to
your heart for a second it is your ego that is fragile that makes you
not want to learn from someone else who's doing better than you in some
way because you feel like it makes you suck

53 00:52:00.000 --\> 00:53:00.000 and you want to give an excuse for why
someone else has achieved more than you in that way well he doesn't have
the ethics that i have well he has better genetics well blah blah he was
born better looking whatever it is right for the wife right whatever it
is it doesn't serve you and i say this as somebody who used to do that a
lot and so i realized that i was not getting any better by giving up all
my excuses for why i wasn't achieving what someone else was achieving
and so the biggest goal was to reframe my envy into curiosity which is
how are they doing that and how am i not doing as well as them if i
claim to be all these things then the reality should match that and it's
not and so i will break down why i think um i think grant's gonna
multiply by a lot like a lot a lot i'll tell you why so one he knows how
to he knows how to galvanize people towards a cause so he knows how to
employ and and and have people aligned so that's he's got collaboration
the next level is he's got capital he's raising tons and tons and tons
of money to to buy stuff and he's got tons and tons of content and uh
the

54 00:53:00.000 --\> 00:54:00.000 next move that i think he's going to
make is um is around starting a bank and i think it'll be one of the
most brilliant moves that he makes because what's even easier than
getting someone to invest just get someone to save and what'll be cool
is that what is going to happen is he's going to have so many deposits
into cardone bank that he can then use that money to go to the fed and
he can lever bank rates of leverage um and then buy way more stuff to
get returns on that because people are still too chicken uh to make
investments for themselves so they're just gonna bank and he'll give
them a better return on their money than the banks are and he'll be able
to suck so much cash from the universe of his audience and that he will
get so much leverage on those things that he's gonna buy i think it's
gonna be a really really cool thing to say and so anyways i think
they're in that way we can learn of him now does he have any does he
have any code no he's got three other four maybe he'll be able to embed
that stuff in later maybe he won't i don't know and so the thing is is
like you don't need to have all of them but the more of them you have
the more multiplicative the effect is on the ultimate amount of money
that you make and when someone goes from you know zero to billionaire in
a decade i think we

55 00:54:00.000 --\> 00:55:00.000 can all learn something from it and i
certainly am trying to analyze everything that someone is doing much
better than i am um is doing right especially with the same period of
time like why i was alive 10 years ago and he was live 10 years ago and
he became a billionaire in that time and i did not become a billionaire
therefore he is better at this game than i am right now right and so um
i just think it's really valuable to look at that way the last piece is
uh seasons of waiting waiting and in action are active decisions charlie
marvel talks about this when it comes to investing he's like not selling
is an active decision all you have to do is look at the markets because
people cannot hold themselves back it's not that we are doing nothing we
are doing nothing get the difference we're not doing nothing we're doing
nothing and that was the active decision we chose to make and so
sometimes we just need to wait and that was something that i feel like i
learned last year as well was that you know you can't you can't uh you
can't have you can have you can't get nine women pregnant for a month to
have a baby right like some things take

56 00:55:00.000 --\> 00:56:00.000 time i think an acceptance of a
different view on time has been something that shaped my life for the
better and i can tell you the people unequivocally that make the most
money that i know all speak in the longest time horizons and the people
who make the least amount of money unequivocally talking the shortest
time horizons the people who talk about today tomorrow next week this
month make less money than the people we're talking about five years
from now without fail and so if that's all you can think about which is
what are we making this month what are making this week what are we
making today right you need to extend your time horizon because when you
do that you think smart because you think long and when you think long
you make games where if you wait you win and so mosey nation those are
the lessons and failures from 2021 those are things that i learned that
were very valuable to me i made another video about just lessons that i
learned from the sale which i think i might have made a little bit too
technical and i have another video that i made uh about how to sell a
business uh that was very in-depth as well in terms of the actual
process of selling so i get lots of questions around that and so um
check

57 00:56:00.000 --\> 00:57:00.000 out those videos if you did and as
always love you all and i'll see you guys next video keeping awesome bye
