#179 - How the UFC Became a Multi-Billion Dollar Brand, No-loss Lotteries Explained & How to Save on Your Taxes

With Endeavor's IPO, Shaan (@ShaanVP) and Sam (@TheSamParr) break down the UFC's numbers and how it got so profitable. Key to the whole thing: Dana White. He bought the UFC for $2m and turned it into a multi-billion empire. The guys also talk about the mental toughness of UFC fighters and how you can take some of these same principals and apply them to your life. They also talk about an interesting concept called no-loss lotteries and a company trying to save you taxes. --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. --------- Show notes: * (3:28) How to retain talent * (7:42) The mental toughness of UFC fighters * (15:30) The power of self-talk * (24:20) How the UFC got so profitable * (36:38) How this company will help you save taxes * (41:05) What are no-loss lotteries? --------- Show links: * https://studentloanhero.com/ * https://properlot.com/ * https://www.poconnor.com/ * https://www.fivestonetax.com/ * https://pooltogether.com/ * https://twitter.com/lay2000lbs * https://waitbutwhy.com/2021/04/lanby.html * https://www.thelanby.com/

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Shaan Puri?

  If you're already doubting, having doubts or imposter syndrome, that's you doing self-talk in your head that you're not the best, that you're not good enough, that you're not whatever. Well, then maybe you should replace that with something that says, "I am the best." Right? So that's where I got over the like, ah, this is kind of just like, you know, cheesy voodoo shit. And I was like, "Well, no, because there is self-talk happening no matter what. It's either gonna be negative or it's gonna be positive. I might as well actively make it positive."

• 0:28Speaker 01

  I feel like I could rule the world. I know I could be what I want to. I put my all in it like no days off. On the road, let's travel, never looking back.

• 0:38Sam Parr?

  Hey, what's going on, everyone? We've got a good episode, but before we get to it, we've been releasing these new episodes called Greatest Hits. They're actually not new to the world, but they might be new to you. But basically, before we started doing the podcast as it is now, it was just Sean interviewing a bunch of people. And we got like 20 or 30 in, or he did. And they were really good, but they were about two years ago when we launched them. And a lot of the people have done some really interesting things since, or in that last two years. And so we've actually been re-releasing them where I give an intro and there's also Sean's intro. We're all giving update on the folks. But anyway, give it a listen. And when you do, make sure you click Subscribe if you're on iTunes. So if you're listening to this on the podcast app, click Subscribe. And then if you're on Spotify,

• 1:21Sam Parr?

  click that Follow button. And the reason why is we're doing a bunch of these Greatest Hits episodes, but I'm actually the one going in the back and finding all these old episodes. And I'm trying to find all these interesting stuff. So in the next couple of weeks, we're gonna be releasing this series where we look at some of the greatest predictions that we've made, as well as some of the worst predictions that we've made. But we're not releasing them entirely on a regular cadence, because I gotta go and find all of them. So make sure you click Subscribe, because A, you can be notified when that new episode comes out, and B, it actually is gonna help us go in the rankings. And right now, we're ranked like number 20, I think 20 or 19 in Spotify in the business category. And the higher we go up in rankings, the more content we can do, because the more listeners we have. And well, you get the idea. So just please, please, please leave us a review. And Sean, what are we talking about in today's episode?

• 2:04Shaan Puri?

  Okay, we talk about, we're gonna talk about UFC, the business of it, as well as a pretty cool moment that happened in the recent UFC fight. And we talked a little bit about self-talk, which is us, it's something that we do, both of us do, that we don't usually talk to other, we don't, you don't usually admit to doing this. And it's something that a lot of UFC fighters do, self-talk before you have to go perform, before you go and do your thing. And so we talk about the UFC, the business of the UFC, we talk about self-talk, and then we jump into some ideas. Sam had a great idea, or met a guy who was doing a really cool idea around saving money on property taxes. And this is a general class of ideas called money savers. And then we have

• 2:46Shaan Puri?

  another, another idea called the no-loss lottery that we want to talk about. So that's what today's episode is. I think you guys will like it, especially the part about self-talk. I think that's gonna be the most popular part.

• 2:58Sam Parr?

  And we did have a few technical difficulties in this episode. Sean's internet is not working, so hopefully you won't notice too much. But if you do, sorry, it's not gonna happen again.

• 3:08Shaan Puri?

  To the editors, I'm sorry, you're gonna have to salvage like five restarts. To the listeners, hopefully it's not too bad.

• 3:15Sam Parr?

  We're finishing a conversation we were having about what we have to do. Yeah, we got to select a new, I've got 89 drawings or art clips that we've got to select. And then I'm having a Brayu interview. Did we announce on the podcast about a Brayu?

• 3:30Shaan Puri?

  No, we didn't.

• 3:32Sam Parr?

  Bray's leaving.

• 3:35Sam Parr?

  Unfortunately, this was kind of part of the plan, but it sucks. So anyway, we've got 50 people that we've got to.

• 3:41Shaan Puri?

  Sam, have you had this before at the hustle where people want to leave to go do their own startup specifically? Not like I got another job, but?

• 3:49Sam Parr?

  Yeah, yeah, yeah, most people, yes. Yeah, I have. I always tell them, I'm like, and I think a Bray is different because he wasn't a full-time employee. But I'm like, just so you know, like, this feels like a startup now, and it is a startup that, but just so you know, like, don't even, even the nice shit that we have at the moment, don't expect any of that for a little while.

• 4:11Sam Parr?

  And I'm like, I always try to get them used to it. I'm like, just so you know, it's gonna be really bad for a little while.

• 4:15Shaan Puri?

  This shithole is shitty. Wait till you start your own thing.

• 4:20Sam Parr?

  Yeah. So yeah, that's happened a lot. Although Abreu, I think actually understands that he's been saving money. He's been living at home and stashing money or living somewhere where he is cheap rent. So yeah, I think I think he'll do good.

• 4:31Shaan Puri?

  We, there's this thing called, that Reid Hoffman wrote this book called The Alliance. He talks about this, like back in the day, people used to expect an employee to like, kind of stay with you for 20 years. Like that was like, people used to do that. They used to be at a company from start to retirement. And then that became less and less common. And now I think in tech, the average tenure of an employee is like two years or something like even less, maybe?

• 4:55Sam Parr?

  Yeah, I think Facebook, it's even less.

• 4:57Shaan Puri?

  And so, so Reid Hoffman, who was the CEO of LinkedIn, the founder of LinkedIn, he wrote this book, which was like, look, you gotta, you can't just, you can't just close your eyes, pretend that's not happening. You can't get upset every time somebody leaves. That's actually the norm. So what's the right way to manage in this? In this type of scenario? And he calls it the alliance, which is a mutual understanding between the person working with you and you, and you as the manager.

• 5:23Sam Parr?

  I actually very curious. I want to know about this. The alliance, people leaving, whatever.

• 5:27Shaan Puri?

  Yeah. So I haven't read this book, but.

• 5:29Sam Parr?

  Oh, great. Great. Great way to start off.

• 5:33Shaan Puri?

  Well, I know of the book. I understood the premise. I didn't, don't need 90% of books that I'm a fan of, I haven't actually read. And this is one of them. So what he says is basically, you need to have like, understanding with your, the person who's working for you or working with you that they're going to be there as long as this is mutually beneficial. And the expectation is that after X number of years, two, three, four, whatever that number is, probably not much more than that, that they may, they may leave and they may go do their own thing. And that when that time comes, you're going to support them. And then it's, he's, the way he talks about is like, he's a big believer of networks and network effects. He's like, that person, when they leave your company, they're not just like sort of dead to your company. They are now, you know, they should be your champion and your advocate outside your company.

• 6:15Shaan Puri?

  And you'll cross paths again. You'll either invest in their company. You know, they may come back and work for you later. They may refer somebody in. So he describes how, how to like thrive, get, given the constraint that people are going to leave early on or in tech, this high, high turnover rate of one to two years of people hopping jobs, which is not what a Ray was doing, but it just reminded me of that.

• 6:37Sam Parr?

  Yeah, and I still like the problem that I'm gonna solve for whenever I start a company again, and even now, but at least when I started from scratch, I could hopefully do this early on, which is basically like, how do you build a company where someone wants to work there for 10 years? And I still, even even in this world where, you know, the average person only works somewhere two or four years, I think it's quite possible, though.

• 6:56Shaan Puri?

  See, my problem is that I like working with and try to recruit and get the best results from recruiting entrepreneurial type of people. That like, that's who I get along with, that's who thinks like me, that's who like, works really, really hard in these like bursts. But those are like the worst people for retention because they want to go start their own company. Like, that's, that's why they're entrepreneurial type of people. They're not going to be long-term employees, sort of by definition. And so I've always sucked at the retention side of things in that sense. But, you know, I'm cool with it. I think I can just continually recruit more people that want that experience.

• 7:31Sam Parr?

  So before we get into some ideas for this episode, can I tell you something that I saw recently? And we're gonna bring kind of this topic up when we talk about UFC. But did you watch the Rose Namajunas, is it Rose Namajunas?

• 7:44Shaan Puri?

  Yep.

• 7:45Sam Parr?

  So there's a UFC fighter named Thug Rose. She is like darling, not like, just like in terms of like physical, like what she looks like and her attitude, like darling is like the best word I could describe her, although she could like, kill you.

• 7:59Shaan Puri?

  Yeah. So the story of this is interesting, right? She's, she's really, I don't know, she's five foot three, she's very petite. She used, like, have you seen her with long hair?

• 8:08Sam Parr?

  Yeah, she was like beautiful.

• 8:09Shaan Puri?

  She beautiful looking girl. And at the, at the beginning, the UFC was marketing their female fighters, like with their kind of like sex appeal, basically, right?

• 8:17Sam Parr?

  And they made her wear like a, like a bikini at weigh-in, which is just so stupid.

• 8:22Shaan Puri?

  Right, and some, some girls leaned into it, like Paige Van Zandt, she got like a boob job, and she's like, she kind of sucks as a fighter, she's like very mediocre, but she's famous and gets paid well because she has good like sex appeal. People want to watch her, people are fans of her. There's a karate fighter called Karate Hottie, right? That's her nickname, the Karate Hottie, because again, she's like playing on that. Rose went the other way, she's a beautiful girl, and they were like, oh, do you want to go do Dancing With The Stars? You want to like, we can make you into a star. And she's like, fuck that, shaved her head and was like, I don't want, this whole beauty thing is a distraction. I'm actually trying to be a martial artist. And I thought that was badass.

• 8:57Sam Parr?

  And that makes her great. And I think that there's like only a few sports in the world where the women are equally or more popular than the men. I guess there's tennis, maybe a

• 9:08Shaan Puri?

  Maybe national soccer team. I think that's kind of the only other one that I can think of.

• 9:12Sam Parr?

  But in the UFC, if you look at the top 10 most popular pay-per-views of all time, it's like Conor McGregor and Ronda Rousey make up like collectively like eight of the top 10. And whenever we think of like an Amanda Nunes fight, I don't think like it's a great women's fight. I think this is just awesome. Like I'm gonna pay my, yeah, I'm gonna, I'm just gonna watch this. And anyway, so I think it's good that I hope, I think the whole bikini thing, I think that's fucking, that was offensive and bullshit.

• 9:37Shaan Puri?

  Dana White was kind of famously was one stopped by TMZ and they're like, Dana, when will we see women fighting in the UFC? And he was like, ha, never dude, we don't want to see, nobody wants to see girls fighting in a cage. And, um, and then he like, you know, did a complete 180, like to his credit, changed his mind when he, when Ronda Rousey came around and was like, okay, she's a star. I can build this whole side of the sport around this woman. And he totally did. And now it's like, like you and me both, you know, when there's a great women's fight, it's just as good, if not better than the Ben's fights.

• 10:10Sam Parr?

  Yes. And so there was a fight, we didn't actually talk about it, but it was two weekends ago. And this woman named Rose Nama-Yunis, she's awesome. And there's this clip that I'll, I'll share again, so people can just go to my thing or somewhere to find it. But basically, she's in like, first of all, going into a cage, like you're in your underwear, you're getting watched by potentially million plus people. And you're like, kind of fighting to the death, even if you do have someone's gonna like stop you, like the case, the likelihood that you can die, definitely, I mean, that exists. So like, you're going in like a life or death situation in your underwear in front of all your friends and family in the world.

• 10:45Shaan Puri?

  And, and if you fail, you sort of fall back to the bottom of the totem pole and you have to climb back up, which is fighting a bunch of monsters along the way. And it's like in a normal sport, you go in, I'm gonna play a basketball game, I'm gonna play a football game. It's like, I'm gonna play the game. I hope I don't get hurt. In a fight, it's like, first of all, it's not even called playing. There's no play fighting. It's just fighting. It's actually, it's not a sport you play. And the second thing is, you're definitely going to get hurt. Like, that's, it's not like an aberration. It's not like an unusual thing when you get damaged, uh, like you would in basketball. With fighting, you're for sure gonna take hits. You're gonna, you're gonna hurt yourself a little bit.

• 11:24Sam Parr?

  What the fighters say is, like, you know, I left a piece of me in that ring. And what they really, what they really mean is like, in a hard fight, it's like, I know that I just took six mo- like, that's six months off my life. I just, I left that in that ring. So it's, it's pretty amazing. And, I mean, it's weird, it's, it's odd, but I love it. And in this fight, the camera is, they're announcing, she's fighting, uh, Wei Li, was it Wei Li? I think her name is-

• 11:46Shaan Puri?

  Zhang Wei Li, yeah.

• 11:47Sam Parr?

  Yeah, this woman from China who's just like a beast and-

• 11:49Shaan Puri?

  She's like a Terminator, dude. She's like, so strong, just unbelievably physically strong. And again, Rose doesn't look like that. She doesn't have bulging muscles. She says her neck is not like popping with veins. She looks like, if you've ever watched Stranger Things, she looks like Eleven, the character, uh-

• 12:06Sam Parr?

  Exactly. And then they, and Wei Li, I, I love that woman as well. She's great too, but this, Doug Rose is her name. Uh, they zoom in on her face and she's saying, "I'm the best. I'm the best. I'm the best." And she's saying it over and over and over again. And in two minutes, she was the underdog. She was supposed to get her ass kicked. And I actually would have bet that she was gonna get her ass kicked. I thought, I would have bet she was gonna get knocked out. And then within two minutes, she did a, a front leg kick, which is already kind of weird, and knocked Wei Li out. And the crowd, it goes wild. I remember watching it live. I was like, I was in tears. I was so happy.

• 12:40Shaan Puri?

  I have chills right now, just remembering it.

• 12:42Sam Parr?

  Rose kicks this woman in the head, a minute and a half in, two minutes in, knocks her out. We all go crazy. And at the end, her husband is her trainer or part of the training team. And he gets down at her level, like, cause he's like 6'5" and she's probably 5'6", 5'4". And he looks at her face, he goes, "We've been saying it for years. You're the motherfucking best. No one can fuck with you. Who's the best?" And she goes, "I'm the best." And then, in the interview with Joe Rogan, he goes, "You kept saying, 'I'm the best.'" And he puts the mic to her and she goes, "'Cause I am the best." The best and I get I'm kind of getting emotional even remembering.

• 13:18Shaan Puri?

  Chills right now, just while you're talking, because I was watching it and it was a very. It's I don't think if you didn't watch it, if you don't pay, if you don't follow the UFC, you probably don't give a shit about this. If you didn't watch it, it's hard to relate.

• 13:30Sam Parr?

  Even if I just missed. If you don't watch it, I don't think, I think even if you don't watch the UFC, you should go and watch this clip. Because this woman, she's had emotional issues where she like has broken down from stress, which is understandable, given that like she's fighting to the death. So like fair, it's just, it was.

• 13:45Shaan Puri?

  So the, I think the key part of this, by the way, is that there's a lot of UFC fighters who are like all bravado. Like they always talk about how they're the best. I'm gonna win. I'm the best. Nobody can touch me. I'm on another level, blah, blah, blah. She's not one of those people. She's ultra quiet, humble. Like a lot of people perceive her to be like sort of mentally weak because she's A had some issues before and B like she doesn't come out with that bravado typically. So that's why it was very atypical to see this very sort of small, this gentle giant, basically like standing in the cage, facing her opponent and just muttering to herself, mouthing to herself. You could see she was telling herself before the fight, I'm the best, I'm the best. And it's from her, it's not trash talk. It's not bravado. It was self-talk, which is a very different thing.

• 14:29Shaan Puri?

  She was trying to reinforce it to herself so she would go perform and then she performed like kind of a stunning knockout.

• 14:35Sam Parr?

  And the way that she delivered the I'm the best line, you could tell that her coach or it must've been her coach who is her husband was like, Rose, you're the best. As a matter of fact, for the next year, when I ask you who's the best, you have to reply, I'm the best. Or I'm gonna go make you do pushups or run or whatever.

• 14:52Shaan Puri?

  Yeah.

• 14:52Sam Parr?

  Or something like that. And it, it, you could tell that that's how like she was like, you know, like when you're in high school and they make you carry a football all day or like a baseball or like in my case, the running baton, if you drop it like it's like a, it's like a discipline thing. That is what happened with her. You could tell that like if anyone said, who, you know, who's, they're pretty good. Who's the best? And if she goes, she would have to say, I'm the best.

• 15:13Shaan Puri?

  Right.

• 15:13Sam Parr?

  And it was interesting because as it brings back to business and launching stuff, you have that same doubt. Granted, you know, you might lose money and get embarrassed. Thankfully, you're not going to get your ass kicked or killed most likely. But you still need that self-talk and that example, that minute and a half clip is like the best example of self-talk for normal people.

• 15:33Shaan Puri?

  Do you do self-talk yourself?

• 15:36Sam Parr?

  Yeah, I, yeah, I definitely.

• 15:38Shaan Puri?

  It's a trick question in a way because everybody has an internal monologue. Everybody's doing self-talk in their head, but I'm asking more like, do you strategically? Cause a lot of people think this is like cheesy, lame, like affirmations. Oh, go stand in the mirror and say, you're beautiful, you're beautiful, you're beautiful, whatever.

• 15:54Sam Parr?

  No, dude, it's necessary because like, so whatever you're doing, anything. Yeah. So like, um, whenever I'm launching anything or whenever I have fear, like, for example, even when I bought my home, I, you know, I don't, I'm, I have a, I think I have a pretty unhealthy relationship with money. I don't like spending it because I was poor. I know what it's like to be broke and I was like, no, this is normal. This is normal to feel this emotion. This is incredibly normal, do it anyway. And then, uh, so yeah, I, I, I do that all the time, but I try to normalize it. I say, this is normal. This is what I, I'm supposed to feel this way and I'm supposed to do it anyway. So I tell myself that all the time. Is that what you do?

• 16:25Shaan Puri?

  Um, I don't do that, but I do, I have two kind of routines that are like this, that I've probably never told anybody about. All right. So, um, these are, I would say this one is fairly new. I told you kind of like, I had like this moment where I was like, all right, what do I care about? I'm always been a self-improvement guy, right? I talk about Tony Robbins has been a big kind of like influence on me. So I have this thing on my wall and it's basically what I wrote, like, like most people write goals, like what they want to achieve, what they want to have. I want to have a mansion or I want to hit this dollar amount or I want to get promoted. And for me, I have a, a thing that's called, I wrote on it, who am I becoming? And I, the way I do it is because I think about myself like a, every year is like a software update, right?

• 17:10Shaan Puri?

  What's version, I'm 30, I just turned 33, what's version 33 of Sean look like, right? And I, I literally write this out beforehand, I write out the, like the notes, like, oh, I used to have this bug where I got jealous about people. That's fixed, you know, like, um, hey, I added this new feature. Now I can play the guitar, whatever, right? Like I treat myself like a whole new version upgrade. Anyway, so the, all those little bug fixes and features, they all add up to something. What am I trying to become? And, um, is like, kind of like a root philosophy, which is life is not about what you achieve or what you have. It's about who you become. And so I said, all right, well, what do I want to become? And I sort of wrote these four things out, right? I said, I want to become a person who is, uh, who is fit through healthy habits. I want to become a teacher, um, you know, the favorite teacher of millions of people.

• 17:55Shaan Puri?

  I want to be, um, You know, a great family man who lives in a house full of love. And I have like a last one, right? One more after that. So anyways, I have these four things that are like the things I want to become. And I do this thing in the morning when I like do my kind of morning routine, which is like my reminder for the day before I go and start just doing a bunch of work and a bunch of tasks and dealing with all the emails and shit that comes my way. I just walk in a circle in my office, which is a tiny, tiny office. I have like a, I don't know, eight by eight foot office. And I just walk in a circle and every circle is I'm basically, I'm basically talking like I'm, you know, talking to myself or my own coach about those, about those four things. So I'll say like, you know, um, you know, I'm becoming a teacher.

• 18:40Shaan Puri?

  I am, I am a teacher. I'm a teacher who millions of people love what I, love what I create. They learn from me. They're inspired by me. I'm a teacher. That means I gotta learn every day, so I have something to teach. I'm a great teacher. Right? So I just say in the present tense, I am this, not I'm trying to become this. And then I'll say this, the next one, you know, I'm a great dad, you know? Even when things are going off the rails, I'm patient. That's when I get even more patient. I'm poised. I'm a great dad. I'm always there for them. They know I got their back. I'm a great dad.

• 19:09Sam Parr?

  You sound like Muhammad Ali.

• 19:10Shaan Puri?

  Exactly. You know, I said I was the greatest before I am. And so, so I do that. So I've been doing that now for like, I don't know, probably like a year. And I love it. It's just kind of fun for me. So that's the first kind of self-talk I do. The second kind of self-talk I do is what I call revision, which is I fall off the horse a lot, like most people, right? Like, oh, I'm, I'm trying to get healthy and then like, fuck, in the middle of the day, there's a bag of chips was there and I ate the bag of chips. Or like, you know, I, I say I'm going to be a patient dad, but then like, oh, like I've just lost it when, you know, she wouldn't let me change her diaper and then blah, blah, and so obviously I'm not perfect. And so there, so the other self-talk I do is revision at the end of the night.

• 19:54Shaan Puri?

  I just imagine that same scenario that happened. It only takes me 30 seconds. I just think back to that moment that I'm not proud of. And I reimagine it in a way that I'm me acting in a way that I'm proud of. And that's it. I don't like, I don't like decide I'm going to do things differently. I don't like write it down. I don't like pledge to myself, I'll never do this again. I just imagine it going the right way. And then I just go to sleep. And that act of reimagining things the way you want to see it is a form of self-talk in my mind. It's just like Rose saying, I'm the best and imagining herself, you know, knocking out the other girl. That's kind of what I do for, you know, I'm not a fighter. I just do it in my day, my daily life.

• 20:31Sam Parr?

  And the takeaway I think should be if someone's crazy enough to look up to you, Sean, or look up to me, then at least now they know that someone they look up to has like doubts and has to do that self-talk. The good, the cool position that you and I are in is that we know people that are like, some of them, at least in terms of financial success, which is a limited version of success, are some of the most financially successful people in the world. We talk to them and we know firsthand that they're like, oh, I'm so depressed. I can't do X, Y, and Z. And then in our case, like we look up to, at least I do, a lot of these UFC fighters and seeing like this tough ass lady, like Doug Rose doing the same thing. So anyway, this isn't hokey pokey. This is actually, everyone has this and it's interesting. So look up that Doug Rose video. That's badass.

• 21:13Shaan Puri?

  There's one other thing I'll put there, which is my trainer was big on this sort of like, not to talk so much, but the visualization, the imagination. He's always like, oh, you're too analytical. You're just being like, you're trying to think your way through everything. Just imagine it, just don't worry about how it's going to happen. Think about what you want to have happen. And in my head, I was always like, yeah, yeah. Like at the end of the day, somebody's got to figure out how it's going to happen. That's going to have to be me. So like, just imagining it is not going to do it, right? So I was kind of resistant to it upfront, but I came around when I realized one thing, which is. Everybody in their head is already imagining some outcome. So like if you're ever stressed or worried or doubt, what is that? That's your head imagining the thing not going right,

• 21:56Shaan Puri?

  not going well, failure, whatever, right? So if we are willing, like it's, it sounds kind of hokey and cheesy to imagine things going well. It's like, sort of like this hippie dippy thing to do. But the other side, which is imagining things not going well, everybody's doing all day anyways. Anybody who's ever had stress or fear or doubts, that if you just break down what that is, that's imagining things not going well. It's imagining a future where this doesn't work. And so if you're willing to, if you're already doing and willing to imagine things not going well, you might as well start imagining things going well also. And if you're already doubting, have, having doubts or imposter syndrome, that's you doing self-talk in your head, that you're not the best, that you're not good enough, that you're not whatever. Well, then maybe you should replace that with something that

• 22:38Shaan Puri?

  says, I am the best. Right? So that's where I got over the like, ah, is this kind of just like, you know, cheesy voodoo shit? And I was like, well, no, because there is self-talk happening no matter what. It's either going to be negative or it's going to be positive. I might as well actively make it positive.

• 22:55Sam Parr?

  And if it is cheesy, who gives a shit? Like, if that gives me just a slight edge, then, then I'll take it. Cause I need everything I can get.

• 23:02Shaan Puri?

  All right, we should jump in.

• 23:03Sam Parr?

  Really quick before we get into ideas, Michael Harris, you know who that is?

• 23:06Shaan Puri?

  No, who is that?

• 23:07Sam Parr?

  Michael Harris, uh, his name is, nickname is Michael O. I don't know what the O's from, but he founded Death Row Records, which, uh, he was the, he was, uh, Google it. I, so I don't, I don't want to like get this totally wrong, but I believe he was a cocaine dealer and he went to prison, uh, particularly, uh, I think it was San Quentin for 25 years. But prior to prison, he, uh, made close to like a hundred million dollars from selling cocaine and he funded Death Row Records and he got it off the ground. He's a co-founder of Death Row Records, owned the, uh, all the originals or the masters of everything. Anyway, he's out of prison. My, he's a good friend of, uh, my good friend, Chris. It's, it's his good friend.

• 23:44Shaan Puri?

  Did you go pick him up when he got out?

• 23:46Sam Parr?

  Well, he, he got, he got, he got picked up in a Bentley, which is pretty funny. Uh, but anyway, he wants to come on the pod. You, you want him?

• 23:52Shaan Puri?

  Amazing. Yeah. And Death Row, who's Death Row? So Death Row was Tupac or Death Row? Who was?

• 23:57Sam Parr?

  Yeah. So it was Pac. It was, uh, Dre's early stuff. Um, so yeah, it was Snoop. So basically this whole, like the, a lot of modern rap originated because of, of Death Row Records. This whole like, you know, fuck the, fuck the police, gangster shit. They kind of like invented that.

• 24:17Shaan Puri?

  I love it. Okay, great. That's gonna be awesome.

• 24:19Sam Parr?

  All right. You want to talk about UFC again, or do you want to talk about something else?

• 24:22Shaan Puri?

  Let's talk about UFC, but this time we're gonna talk about the business of UFC real quick. So the parent company that owns UFC is called Endeavor, and Endeavor went public. And anytime something goes public, you know, you can go and you can sort of see the financials, and you can read the prospectus, because they have to do that in order to file for going public. So this is the first time that the UFC's financials kind of like saw the light of day, really. They'd been sort of shrouded by mystery. You know, fighters were always wanting to know the numbers because they want to get paid more. They feel like they're super underpaid. You know, Dana kind of talks about numbers, but like, nobody could ever verify, is that how many pay-per-view buys there were or whatnot? I thought it was kind of interesting, so I want to talk a little bit about Endeavor and see what you think about this.

• 25:03Sam Parr?

  So, yeah.

• 25:05Shaan Puri?

  Endeavor is-

• 25:06Sam Parr?

  Go ahead, go ahead.

• 25:07Shaan Puri?

  I was just gonna say, the two guys who are like in charge of it, I believe, is Ari Emanuel, and I think this guy, Patrick Whitesell. And Ari is, if you ever watched Entourage, the character Ari Gold is based off of Ari Emanuel. And so he's kind of like a power player in Hollywood. He, you know, they had their own talent agency.

• 25:28Shaan Puri?

  Then that sort of took over WME, and then they took, so they have three parts of their business. One is agencies, like WME and others, so managing Hollywood talent, musical talent, whatever. Then they have sports businesses where they own sports assets. Notably, they bought the UFC, but they also own some other things. They own Euroleague basketball, they own PBR, like bull racing, they own a bunch of like-

• 25:53Sam Parr?

  Bull riding.

• 25:53Shaan Puri?

  Bull riding, sorry.

• 25:54Sam Parr?

  Yuppie.

• 25:58Shaan Puri?

  Bull sitting. Okay, so they own a couple of, you know, sports assets. And then they have like, kind of like a third, you know, arm to the business, which is their events business. So they have the Miss Universe pageant, they have New York Fashion Week, and they have, they basically bought the company that hosts the event of the Super Bowl on location. So they have all these events, and so they have these three arms of the business.

• 26:20Sam Parr?

  They also do publishing. They do all types of shit. Like frankly, how that company even operates, I don't understand because there is some cohesiveness, but there's also a lot of not cohesive. And it's incredibly confusing.

• 26:33Shaan Puri?

  Really, I think it's really like a roll up of one theme, which is sports and media entertainment. So, so they rolled in all these companies together and they have like, yeah, they have like a brand licensing thing where they have the brand for Harvard and the NFL and they'll go like license it out and give revenue back to Harvard and the NFL. So they went public. It's worth $18 billion now.

• 26:59Sam Parr?

  Yeah, as of, as of, as of right now, it's 21.3.

• 27:03Shaan Puri?

  Right. So it went up just in the time of my research here. I should have bought. They do about four to $5 billion a year. And specifically with the UFC, I thought this was kind of interesting. So I didn't know how much revenue the UFC does. And I was a little bit surprised to learn that.

• 27:17Sam Parr?

  Can I guess?

• 27:18Shaan Puri?

  Yeah. I don't know if you've seen it or not.

• 27:20Sam Parr?

  No, I haven't. I would say 800 in revenue, 200 in profit.

• 27:28Shaan Puri?

  All right. Very close. Very close on the revenue side. So here's their 2018, 2019, 2020. So 700 million, 875 million, and then 900 million last year.

• 27:38Sam Parr?

  Wow.

• 27:39Shaan Puri?

  So very close on revenue, but their margins are a lot better than you think. So you were saying 200 million.

• 27:44Sam Parr?

  Eight and two. Yeah.

• 27:45Shaan Puri?

  So, so their margins are about 36%. So they have 36% EBITDA on their product, which is very good. Fighters only get 20% of revenue. Every other major sport, NFL, NBA, it's a closer to 50 50. I think it is 50 50 split. And so, you know, the fighters are sort of right when they, when they say that they're underpaid. And, and so their business is interesting because they have meteor rights. So I guess how much the meteor rights sold for. So the, the, it used to be on Fox and now it moved to ESPN. Guess how much ESPN paid for it?

• 28:17Sam Parr?

  I think it was a billion over six years, right?

• 28:20Shaan Puri?

  I don't know how many years it is, but it's three, 300 million a year. So I think it's actually more than a billion. So they make, so the Fox deal.

• 28:27Sam Parr?

  I think it was 1.5, 1.5 over five years, I think.

• 28:30Shaan Puri?

  Wow. So yeah, so it's, the Fox deal was 168 million a year and then the ESPN deal was 300 million a year. And that actually paid off pretty big because of their 900 million in revenue, 300 comes from the media rights. The rest comes from merchandise, events, pay-per-view, sorry, ticket sales, all that good stuff. And so I thought that was pretty interesting, pretty good business overall, much more profitable than I would have expected, given, you know, all the different moving pieces that go into it. And overall, like kind of an incredible business because they bought the UFC for $2 million, like, I don't know, 20 something, 25 years ago or something. So they bought it, they bought it out of, it was going bankrupt. And Dana White, who's the president of the UFC, convinced his two kind of childhood friends who were, basically the, the Fertitta brothers are

• 29:15Shaan Puri?

  these like mafia family guys who own, they own a casino. So they own Red Rock Casino in Vegas.

• 29:21Sam Parr?

  I think Fertitta's son, he, they, or one of the Fertitta kids, or he's our age, listens to the podcast. I don't think he would like that if you said that they're mafia.

• 29:30Shaan Puri?

  It's public. It's like, it's like public, it's like well-known information. It's like been published everywhere. And I also think, by the way, when I say mafia, I'm not judging. I think that's pretty, pretty fucking cool. And I think my people in the mafia also think being in the mafia is pretty cool. So I hope they don't get offended by that. And if they do, you know, I live in Austin, you can go find me over there. So.

• 29:51Sam Parr?

  Yeah, right.

• 29:52Shaan Puri?

  So anyways, the Fertitta family is pretty interesting. They started casinos, they're, Frank and Lorenzo were the ones who Dana convinced, hey, let's go buy the UFC. So they bought it for 2 million. And now, and then they ended up selling it for four to five billion.

• 30:06Sam Parr?

  When they bought it, they pretty much just got the cage, which is probably a $20,000 piece of equipment.

• 30:12Shaan Puri?

  Right.

• 30:12Sam Parr?

  And they got the name.

• 30:14Shaan Puri?

  Yes.

• 30:14Sam Parr?

  The UFC, they were like, we just loved that name. It was such a great name. And they go, we paid 2 million, but we didn't really get anything.

• 30:20Shaan Puri?

  Right.

• 30:20Sam Parr?

  And. But for some reason, we did it.

• 30:22Shaan Puri?

  They had to pour in way more money after that. So it's kind of, the, the, the easy story is, bought it for 2 million, sold it for 5 billion, which is obviously amazing.

• 30:30Sam Parr?

  No.

• 30:30Shaan Puri?

  But there was like, multiple years of just pouring money in and losing money before this thing turned around because they couldn't get regulated in a bunch of places, like John McCain called it human cockfighting. And, you know, they couldn't, they couldn't get licensed, they couldn't, the business model wasn't there, they wouldn't get put on TV, that sort of thing. And so they pulled in, I think eighty something million.

• 30:50Sam Parr?

  Yeah, I was gonna say sixty five. They said in the documentary, he was like, we put a lot into it and it failed and failed and failed. And by like year six, they convinced Spike TV, which I don't even know if that's a thing anymore, to air the last fighter or the ultimate fighter.

• 31:03Shaan Puri?

  Yep.

• 31:04Sam Parr?

  And there was, it was Forrest Griffin and I forget the other guy's name. And they had this big fight and I remember as a kid watching that fight.

• 31:12Shaan Puri?

  Yeah.

• 31:13Sam Parr?

  I remember that fight as a kid. These guys were going at it. They looked like, it was the first time that like, we thought, wow, they're like athletes. They're not like, these guys are, they like, they, they are not necessarily like thugs or like meatheads. Like these guys are athletes who are fighting. And I remember watching it and right when that episode aired, their ratings went up and they go, boom, we just saved the whole company.

• 31:32Shaan Puri?

  Right.

• 31:32Sam Parr?

  From that one fight.

• 31:33Shaan Puri?

  The thing with that show is they show them in a house. It's like a reality show, right? They're showing them living in a house and then training and then competing. So it wasn't just a brutal fighting part. It was like, you got to know the guys. You see their backstory. You see them lying in their bed, looking at a picture of their family right before their training session, being like, all right, this is who I'm doing it for, blah, blah, blah. So people got emotionally invested. So it's similar, you know, like the Kardashians also, like they use reality TV to build the brand that ends up being a commercial brand, right? Cause you perform an emotional connection of, you know, them and their sort of reality, you know, although it's quite edited. And then, you know, then you're more likely to be a buyer in the future. So, so yeah, they ended up turning this thing around, kind of an amazing outcome for them.

• 32:16Shaan Puri?

  Just a super cool business. And I would say, if you don't follow the UFC, there is one kind of like cool business lesson to learn from it, which is Dana White. Dana White is the most unorthodox president of a company that I think I've ever seen. Like people think Elon is kind of like out there and he'll tweet random stuff. He's kind of unafraid, he's pretty bold. Dana makes Elon, you know, look like a, like a, you know, like a honor roll student.

• 32:41Shaan Puri?

  Dana will like, so he's been involved with the business from the, from the beginning, but he will go in the Instagram comments where somebody's, you know, hating on something and he'll just be like, go fuck yourself. You know, like, uh, in the press conferences, he is as much a character as any of the fighters. And the same way that Vince McMahon did that in WWE, but that's fake, that's scripted. Dana does it in the unscripted format. And I had an investor tell me once, uh, we were talking about esports and he's, and you know, a lot of people think. Esports is really interesting space because it's, you know, the viewership is really high, but the business is kind of nascent still. And people are wondering, is there a UFC like opportunity there? Cause you buy something today for $2 million, that's gonna end up being worth four or five billion. And what this investor told me, I think is so spot on,

• 33:25Shaan Puri?

  he goes, esports needs its Dana White. It needs its person who's gonna take this sport from like just the underground and brick by brick build it into a mainstream brand and like take no prisoners and like organize the whole fucking thing along the way.

• 33:40Sam Parr?

  Let me ask you this. Dana White, when the deal, when he sold the company, he made $400 million, I think. I think that was public. He owned 4% of the company. Or, I forget.

• 33:50Shaan Puri?

  10%.

• 33:51Sam Parr?

  10%, okay, it's 10%. Sold for 4, he made 400. Then he probably made like, probably, he was probably getting paid 10 million a year.

• 33:58Shaan Puri?

  He's like more than that. 50 million at least, is my guess.

• 34:00Sam Parr?

  Before the sale, before the sale.

• 34:01Shaan Puri?

  Oh, sorry. Before the sale, yeah, yeah.

• 34:03Sam Parr?

  So he was wealthy ahead of time and he made money in a thousand, who cares? So let's just be like conservative and say that he's worth 600 to 700 million dollars. That's conservative, I think. And like, all the celebrities are, like, they, like, like, the, the people who we think are cool, they're the ones who think Dana's cool. Like, everyone thinks Dana's cool. Do you know what I mean? Like, the famous people, Dana's famous to the famous people. So he's got power. He's got, people wanna, people think he's cool, yada, yada, yada, he's got money. Would you trade spots with him?

• 34:32Shaan Puri?

  No, his lifestyle is brutal.

• 34:35Sam Parr?

  It's brutal. I would never do that. Dude, it looks horrible. He looks like, he's still like, kind of looks fit, but he looks exhausted. His face is red and like.

• 34:43Shaan Puri?

  He's gained like 150 pounds since starting this thing. Now, it's kind of like muscle fat, but, cause he takes steroids and stuff, but, no, he's, dude, he's on, like, they do an event every weekend, basically. And he has to like do, he has to manage headquarters, plus, he goes to the event, he does the press conferences, he's watching ringside, then he goes and talks to the fighters afterwards, and he deals with the weigh-ins and the, oh, this guy can't make it, this guy got hurt, we gotta find a replacement. He does that 52 weeks out of the year. And like, there's a reason that Dana's not like, you know, happily married at home with kids and a great dad and, you know, unstressed. There's a reason that Dana's got bags under his eyes, cause he chose that life. And he nailed it. I would not choose that life. It's not for me.

• 35:26Sam Parr?

  Yeah, yeah, not a chance. I wouldn't either, but.

• 35:29Shaan Puri?

  But I respect the hell out of it.

• 35:31Sam Parr?

  I'm happy. What do I always say? Cornrows and neck tattoos. I'm happy they exist. I don't want them. All right. You want to do, you want to go, want to try another one? Oh, I didn't even see. I didn't scroll down. You had the revenue down here the whole time. I never saw it.

• 35:46Shaan Puri?

  Yeah.

• 35:47Sam Parr?

  Oh, sorry. Did you want to wrap up with this or no?

• 35:48Shaan Puri?

  No, that's it. I just think it was kind of interesting. I mean, I don't really have a major point on like, oh, good business, bad business. I think as somebody who's a fan of the sport, the business side of it is just as interesting as, as the actual sport itself.

• 36:03Sam Parr?

  Yeah, I think that like, I think that UFC is mainstream popular now. I can't exactly tell because the people who like, like it's my sport. Like that's like my, it's my Monday night football. So I follow it just as much as a hardcore football fan follows all that. And I make my wife watch it with me. Now she is actually finally into it because she understands the story behind it because it's basically just WWE wrestling, right? It's just like, it's like fake drama, which I love. So anyway, we watch it and I, but I, I think it's beyond just our crew now. I think it's like mainstream almost like everyone knows who Connor is. So a couple of episodes back, we talked about business models that save you money and they just take a percentage of savings and how that's like the biggest no brainer of all time. We said taxes was good, like income taxes. We said, um,

• 36:48Sam Parr?

  software savings, car savings. We said a bunch of stuff. That was kind of an interesting episode. I hung out with this guy who is, uh, he just lives a few doors down from me. He started this company called Student Loan Hero. You know Student Loan Hero?

• 37:00Shaan Puri?

  Never heard of it.

• 37:02Sam Parr?

  I, I don't even know what it does. It basically helps you consolidate debt, I think. So like, if you have student debt, you go to their website and you purchase some, I don't know. I haven't had a lot of debt.

• 37:14Shaan Puri?

  I think what it does is it, I've seen models like this. I haven't looked up their website, but I've common bond is another one of these. They basically just refinance your debt at a lower rate. So they save you money. And then they basically make money because the new lender will pay them a fee for the loan they originated for them.

• 37:30Sam Parr?

  Exactly. I just haven't had to do that. So I I'm not exactly sure how it works. Anyway, he sold that company, bootstrapped it, sold it for $60 million. His new company is called, uh, what's it called? Proper Lot, properlot.com. And his goal, I went, me and Sarah went to his house the other day for breakfast and the guy just, he like, I took a picture of like my, like just me in front of my house. I don't remember what I was doing. I posted it online. He's like, I don't want to be creepy or anything, but I think I live like five doors down from you. Do you want to hang out? Uh, and I went to his house and we hung out and he's got this new company called Proper Lot and they're doing this, but with property taxes. And what's, there's a few interesting things about this. The first thing is that he's trying to make this, he has this theory where he thinks he can make it, makes it, he thinks he can make

• 38:14Sam Parr?

  it relatively big, like millions of dollars in revenue with him being the only employee.

• 38:19Sam Parr?

  So that's what he's doing. That's interesting in itself.

• 38:21Shaan Puri?

  How do they save you money on property taxes? Is there a simple explanation or no?

• 38:25Sam Parr?

  Yeah. So second is the actual business. So in where I now live in Austin, your property value goes up every year or every two years, and then you're taxed 2% of your property value. Um, because there's no income tax, that's how they get their money. So I bought my house for about $1 million. It's currently, it went up crazy, very oddly, like it's odd, but it sucks for me that it went up like 20% in the first 60 days of owning it. And now I owe 2% of like $1.2 million a year in taxes. So let's just say that that's $20,000, $22,000 or something a year in taxes that I owe. And what Proper Lot does is you tell them your address. They look at the assessed value of your neighbors and they tell you to the government,

• 39:10Sam Parr?

  hey, this actually isn't fair that you charged us 1.2 million. Our value actually should be 1.1 million. And it, all in all, I, it saves me about a thousand dollars a year and they take $300 of that fee. And there's a few companies in the space, but a lot of them are older, uh, like old school. One's called, uh, I think it's called P O, the URL is P O Connor.com. Uh, they do about a hundred million dollars a year in revenue with 200 people. And then another one's called Five Stone, which is local to Austin. They, uh, they filed 24 pro, 24,000 protests last year and made like four million dollars. The way the company works is The numbers are the average revenue per customer is about fifty to three hundred dollars.

• 39:52Sam Parr?

  And it usually saves customers two to five percent of an appraised value. It lowers your appraised value by two to five percent. And they have a seventy percent success rate. So for seventy percent of the users who sign up, they reduce you by two to five percent. Kind of an interesting business model. And I had, I don't know if you had heard of it, but I think it's great.

• 40:13Shaan Puri?

  That's pretty cool. I like that a lot. I wonder, like, you know, do they need your permission to do it? So for example, do you have to sign up as a customer and request it? Or can they just be like proactively doing it and then leave a flyer at your door? Hey, we, you know, we did this for you. Would you like these this much savings? Well, you know, it's ready for you. Just claim your account. Like, that would be a crazy growth act if they could do it.

• 40:35Sam Parr?

  Yeah, no, you have to sign up. But that actually would be a great marketing scheme.

• 40:41Shaan Puri?

  Gotcha. Okay, cool. I like this idea a lot. Did you have anything you wanted? Is there a riff of it?

• 40:46Sam Parr?

  No, I just thought it was cool.

• 40:49Shaan Puri?

  No, I think that's cool.

• 40:50Sam Parr?

  The other day, one of our listeners, Jordan, told me that he goes, I listen to you guys just because you tell me cool shit I'd never heard of. So that was one of them.

• 40:58Shaan Puri?

  Okay, speaking of, I have a cool thing that I don't know if you've heard of. Have you heard the term no lost lotteries?

• 41:05Sam Parr?

  No.

• 41:06Shaan Puri?

  Okay, so this is pretty cool. So I met this guy, Leighton, who is behind this thing called Pool Together. So if you go to pooltogether.com, you can see what it is. What Pool Together is, is it's a savings account. And this is in the crypto world, so it's, but this exists everywhere. It's a savings account where instead of just getting like, you know, if you go to a bank today, you go get a savings account, you're going to get point oh oh, whatever, one percent interest. It's like nothing, right? So what they said instead was, well, what if we pooled together everybody's point oh one percent? And then we give all that money away to one person as a lottery winnings. So, so it's a lottery where you don't have to buy tickets and you put nothing up at risk, but you can win very, very large.

• 41:49Shaan Puri?

  And so this has existed, the same model, this prize based savings is what it's called, has existed, you know, for a while. It's in the US, it's very popular in the UK. So there, I think they call it premium bonds. So in the UK, there's something like twenty million people do this. They, they save in premium bonds. And there's like a total of a hundred billion dollars saved in these prize based saving accounts. And the way they work is exactly how I described. Put your money in. Every week, there's a drawing or every month, there's a drawing, something, you know, something like that. And you can win like 25 bucks, all ranging up to a million bucks. And, um, and they, they give it, they give that out every, every so often. And so, um, so it's a pretty cool model. It's a way to encourage people to save because right now the incentive

• 42:34Shaan Puri?

  to save is so small. So the more savings you do, the more like sort of tickets you have in the raffle. So it's a pretty cool model. Now these guys ported this concept to crypto and, uh, there's a thing in the, in the doc, check it out. It's called usage numbers. One great thing about crypto is that everything's on the blockchain. So every app, it's like you can see their Google analytics, um, you know, like it's all open. So I can go see that these guys have-

• 42:58Sam Parr?

  Holy shit.

• 42:59Shaan Puri?

  They have 200 million in assets under management. They have about 9,000, 10,000 users, uh, like active users who participate in the thing, which is a small number of users, but for, for crypto, 10,000 active users is like, you know, you're one of the top, uh, like, you know, decentralized applications, you know, if, if you're doing that much, like, if you have that many users. Most of these are very, very small. Uh, but it's amazing how much money they have down there. And it's, and so the way that the thing works is they actually, they give, so let's say they have 200 million in, uh, in assets under management. That means their Lotto is going to be of X size, you know? Um, I don't know exactly how much it is every week, but it's pretty big. And then what they do is they roll over some of those savings into the next week's jackpot. So they, they ensure

• 43:44Shaan Puri?

  that every week they always have, uh, you know, a bigger and bigger jackpot by rolling over a percent of this, of this week into the next.

• 43:51Sam Parr?

  So, um, you'll have to, what, what can someone Google to look at this? Because these stats, like the growth rate is just like crazy.

• 44:01Shaan Puri?

  Yeah. So, so they could just, so the, the website I use to see how these crypto apps usages is called Dune Analytics. So D U N E analytics.com. And then, um, and then you can basically, we can put the whole URL there, but it's-

• 44:16Sam Parr?

  Dude.

• 44:17Shaan Puri?

  Slash whatever, slash pull together.

• 44:19Sam Parr?

  Okay. So I, I, I, I'm trying to get out of this like, oh, this is stupid. When I hear, I hear Ethereum, like, I'm trying not to like, even though I'm only like 30, I'm trying not to act like a grumpy old man whenever I hear the shit. I'm trying, so I'm gonna try and work hard to default to optimism here. But my question to you is this, when you see this stuff- Like when you're explaining me to this, I'm like, is this a gimmick? Or is this real? And I'm not going to call it stupid.

• 44:48Sam Parr?

  But when you're explaining this, I think to myself, is this a gimmick? Or is this like something that has longevity and can work? I mean, that's like all the, all these crypto things, like many of them, there's no doubt they're cool. But are they cool like the app Yo is cool? Or are they cool like this is a thing that I could see lasting for 10 plus years?

• 45:05Shaan Puri?

  So I think that this can last, this one can last.

• 45:08Sam Parr?

  Is that a fair assessment?

• 45:10Shaan Puri?

  I think it's totally the right question to ask when it comes to crypto stuff. First is like, is there any value to this beyond speculation? Right? That's always the first question with a crypto app. And then it's like, okay, if there is value, is this lasting value? Or is this a quick fad? People are going to get tired of the gimmick. And in this case, what I think is interesting is that there's this whole, like what's happening in crypto? There's a whole parallel financial system being built. So I have, I have my wallet, I have my, my real bank account. And then I have my Coinbase account, right? I have my, my wallet in my pocket with credit cards in it. And then I have my crypto wallet and I have my MetaMask and I have whatever, right? And so I now have like two, I now participate in two financial systems in the same way that like social networking split it up, right?

• 45:55Shaan Puri?

  I had my real life friends nearby in my neighborhood and whatever, a school. And then I had like my online friends and I had like my online way to go chat with people of which there's some overlap. So the same things happen now with finance. So what does that mean? That means that there's a whole bunch of people out there, millions of people who have, who are participating in crypto. And crypto keeps going up in price. And now they have like substantial holdings. And when you have substantial holdings, you have two choices. Are you just going to hold it and like earn nothing off of it? Are you going to sell it so that you can cash some of it out? Or are you going to put it to work for you or you're going to reinvest it? And what's happening is that all the people who, who, who have won in the first couple of waves of crypto now have those choices and they're all choosing to reinvest. Why would I sell?

• 46:39Shaan Puri?

  I'm, I'm even more bullish on crypto, right? Cause I kind of believe before, now I made a bunch of money. But now I think this is the greatest thing ever. You know, why would I sell? I want to take a big tax hit for selling and be out of the game. No, I think there's still room to go up. So they're not going to sell. They're not going to hold and just do nothing with it because that seems kind of irresponsible too, right? Let's say you have six figures, seven figures, eight figures worth of crypto. Why don't you earn 5% a year on that money? You can through crypto lending products and things like that. The point, the point I'm trying to get to is When you have all this money, people need something to do with it. Savings accounts is one, lending is another, reinvesting into other projects is another. And so that's what you're going to see.

• 47:17Shaan Puri?

  You're going to see all the, all the existing use, like financial infrastructure get rebuilt over here in crypto land. And then some new shit that didn't exist in the real world that you can do in crypto land will get, will get built. So I think, you know, for that reason, I think that if it works in the UK and 20 million people do it, then I think there's a good shot that this is going to exist in the crypto world.

• 47:39Sam Parr?

  It's just so hard for me to understand.

• 47:42Shaan Puri?

  Would you do it? Like, let's say you have, you have Ethereum or whatever, you have Bitcoin. Would you put it in a, in a savings account here and like potentially win the lottery? Play one of these no loss lotteries?

• 47:53Sam Parr?

  Yeah, yeah, yeah, yeah, yeah, yeah, yes.

• 47:57Shaan Puri?

  And it's just a set it and forget it thing. You don't have to like actively do anything once you decide that once.

• 48:01Sam Parr?

  Yes, I would do that. And like to all the stuff that like I would call silly, I would also do that stuff as well. Like when I buy an NFT that costs a grand. Yeah, but not more than a grand. Like, I would like, to me, it's like spending a grand on that is just, is the same fun as going to play blackjack for a grand. Like I can totally have a thousand dollars worth of fun over five hours. But yes, I would use this.

• 48:28Shaan Puri?

  Okay, I, one other idea I want to throw, throw at you. Did you see this thing that was posted on Wait But Why? The blog Wait But Why called, where he's talked about his wife's startup?

• 48:38Sam Parr?

  No.

• 48:39Shaan Puri?

  Okay, you should check this out. So the guy who, Tim Urban, who writes Wait But Why, posted this blog post and he says, introducing the land beef.

• 48:46Sam Parr?

  That's his wife?

• 48:48Shaan Puri?

  Yes, have you seen that?

• 48:50Sam Parr?

  I was looking at it after you put it on this doc. It looks awesome.

• 48:54Shaan Puri?

  So you should go to his blog post. I want you to go there for two reasons. One is I think the idea is kind of interesting. We could talk about that. But the second is the way he tells the story and lays out the, the case for this product, for the startup is so good. It's better than 99% of startup pitches you and I hear. Because this guy's like a master storyteller. And if you want to like, think about how I should explain my startup or explain, pitch my business, go read this blog post.

• 49:22Sam Parr?

  All right, I shout out everyone who subscribes to the podcast and sends me proof. And if you send me proof, you can send it to [email protected]. So that's like my first million, [email protected]. Send me proof. So, ready? Let's get to some shout outs. And by the way, everyone makes fun of me because I don't know how to pronounce, or I can't pronounce stuff that well, but I promise you, I'm trying really hard. So apologies. Also, I'm like, reading people's Twitter handles. And some of you guys have really silly handles. So, and I don't think many people could pronounce it. So, give a shout out to, oh my God, just this first one was challenging. Job Habraken.

• 50:01Sam Parr?

  Give a shout out to Johnny J Z V. Cunning underscore Druger. Claude Loudier. Hardley Box. Dave Falsky. Jack Washburn. Lunatech Fringe. Everest Brady.

• 50:19Sam Parr?

  Thad Warren. D Munga.

• 50:23Sam Parr?

  Roy Brits. Jordan Vanderhoof. Oh, Jordan Vanderhoof, I think I know that guy. Preston Holland. John Haggerty. Tex Eight Down. David Piazza. Wade for Wireless. And The Podcastitian. We'll do a couple more. General Calm.

• 50:43Sam Parr?

  Kyle Nidrick. Loft Marcus. Adele Mythah.

• 50:49Sam Parr?

  And I think that's all. Oh, my gosh. Am I just, am I the worst? These are really hard to pronounce, am I right? All right, someone asked me to give a shout out to Genuinely Interested Podcast. That's what it's called, Genuinely Interested Podcast. So shout out to them. Shout out to, this guy's awesome. Everest Brady has a power washing business called Everest Power Washing. Dude, if he's in Austin, I'm gonna use him, because I need that actually now. One Rail App, is a startup that we are changing logistics and supply chain and democratizing an Amazon-style logistics and delivery experience to retailers and distributors. Shout out to my YouTube channel called One Man Startup. That actually sounds pretty good. Check out One Man Startup. Shout out to Contemporary Idiot. It's a Substack called Contemporary Idiot. That's a pretty good name.

• 51:35Sam Parr?

  And then shout out to Broccoli. I think they say.

• 51:40Sam Parr?

  They're big fans of Broccoli, and they wanted me to shout out Broccoli. All right, if you want me to give you a shout out, can you please subscribe to the podcast? So go to Spotify or iTunes, whatever you use. Click that blue button that says follow, or that purple button on iTunes that says subscribe. Click that. Take a screenshot and email it to me. [email protected]. Send me that, please, and I will give you a shout out. Talk soon.