#392: Dave Portnoy on Barstool, Betting, and Bitcoin

Dave Portnoy is the founder of Barstool Sports. In this conversation, we discuss the business behind Barstool, the new sportsbook they launched, why Dave started trading stocks, how he manages his money, and whether he is going to buy Bitcoin or not. ============================== Athletic Brewing is re-imagining beer for the modern adult. We love beer. But we also love being healthy, active and at our best. No matter your motivation, if you want to keep a clear head and drink healthier, we are here for you. Athletic makes non-alcoholic beer that you don't have to compromise to enjoy. The beers are fully flavored, clean ingredient, and a fraction of the calories of full strength beer - they fit in any occasion. Check out www.athleticbrewing.com for more details and free shipping nationwide. ============================== Choice is a new self-directed IRA product that I'm really excited about. If you are listening to this, you are likely part of the 7.1 million bitcoin owners who have retirement accounts with dollars in them, but not bitcoin. I was in that situation too. Now you can actually buy real Bitcoin in your retirement account. I'm talking about owning your private keys and using tax-advantaged dollars to do it too. Absolute game changer. https://www.retirewithchoice.com/pomp ============================== How do billionaire investors control their risk? They invest in blue-chip art. If that sounds unusual to you, you’re not alone. But the ultra-wealthy have been investing in art for centuries. And since 2000, art has outperformed the S&P by an incredible 180%. Just a few years ago, a single work sold for $450 million! Imagine... Being able to invest in the very same paintings as millionaires and billionaires, at a fraction of the cost. Now you can with http://www.masterworks.com/ and use code "POMP"

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

• 0:00Anthony Pompliano?

  What's up everyone, this is Anthony Pompliano. Most of you know me as Pomp. You're listening to the Pomp Podcast, simply the best podcast out there. Let's kick this thing off. Dave Portnoy is the founder of Barstool Sports. In this conversation, we discuss the business behind Barstool, the new sports book they launched, why Dave started trading stocks, how he manages his money, and whether he's going to buy Bitcoin or not. I really enjoyed this conversation with Dave, and I hope you do as well. Before we get into the episode, though, I want to quickly talk about our sponsors. First up is Athletic Brewing. They're reimagining beer for the modern adult. We love beer, and so do they. But they've also loved being healthy, active, and at their best. No matter your motivation,

• 0:45Anthony Pompliano?

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• 1:29Anthony Pompliano?

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• 2:10Anthony Pompliano?

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• 2:55Anthony Pompliano?

  Make sure you use the code POMP because they have an 80,000 person waitlist. And if you use code POMP, it'll let you skip the line. Go buy fractional shares of the most expensive art at masterworks.com. Use code POMP and get some art in your portfolio today. Lastly, don't forget that I write a daily letter to over 75,000 investors. Make sure you sign up at pompletter.com. Again, pompletter.com. All right, let's get in this episode with Dave. I hope you guys enjoy this one. Anthony Pompliano is a partner at Morgan Creek Digital. All opinions expressed by POMP or his guests on this podcast are solely their opinions and do not reflect the opinions of Morgan Creek Digital or Morgan Creek Capital Management. You should not treat any opinion

• 3:37Anthony Pompliano?

  expressed by POMP as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. This podcast is for informational purposes only.

• 3:49Anthony Pompliano?

  All right, guys. Bang, bang. I'm here.

• 3:51Speaker 02

  That's what you do?

• 3:52Anthony Pompliano?

  This guy. Just bang, bang. You want us to try it?

• 3:55Speaker 02

  That's what Eddie does.

• 3:56Anthony Pompliano?

  What? Who's Eddie?

• 3:57Speaker 02

  This guy here who does like, I'm starting a podcast after this, and that's what he does. Bang, bang.

• 4:02Anthony Pompliano?

  Well, he has to pay royalties on that.

• 4:04Speaker 02

  Who was doing it first?

• 4:05Anthony Pompliano?

  Me, obviously. You just hit us with bang, bang real quick.

• 4:09Speaker 02

  No, I won't do that. I'm not gonna do other people's shticks.

• 4:13Anthony Pompliano?

  All right, let's just start with, you have made this grand entrance into the finance world and absolutely lit it on fire. Basically just got on Twitter one day, started live streaming, and basically blew up all the scams, all the whatever. Why did you do it?

• 4:29Speaker 02

  Well, sports was discontinued and I was looking for and we're slowly getting ready to move out of the office. So I was looking for something past the time. I mean, it is gambling. I like gambling.

• 4:39Anthony Pompliano?

  It's definitely gambling.

• 4:40Speaker 02

  It's 100% gambling.

• 4:41Anthony Pompliano?

  Just a legal casino.

• 4:43Speaker 02

  Exactly. It's walking into a casino. Anybody who says otherwise is a liar and you shouldn't trust them. So I love gambling and I was looking for something to do. I mean, I had bought a couple of stocks way back when. So I had an E-Trade account, I think with Twitter in it and that's it. So I just started trading a couple of stocks, made a, I didn't start with the live stream. I put on a suit, pretended it was, you know, my own Wall Street. It's like, oh, this is interesting. And people gravitated towards it right away. And I'm in the content business first and foremost. So it's like, okay, if people are interested in doing this, I'll do it. I mean, we'd live streamed gambling before sports gambling and people are into that, watching you win, lose money, no different than the stock market.

• 5:24Anthony Pompliano?

  So I feel like you have this resurgence, like you did all the content for a really long time, then the Penn deal happened. You kind of were like doing business stuff, a little bit of content. And then when the pandemic hit, you just went hard at the content again. It kind of reminded everyone like this place is here because that's what you did for years and years and years.

• 5:39Speaker 02

  Right. Early days.

• 5:40Anthony Pompliano?

  Yeah. And so I think that people kind of had forgotten that you're just a degenerate gambler at heart and the stock market is no different if you treat it that way. Right?

• 5:49Speaker 02

  So, you know, Davey Page is like, that's the name from way back. Like I can get paid for anything. That's what I used to call myself. And it really was. I was all content. Like, that's all I did. Maybe like a little business, but once really with the churn and deal and moving forward, I do a lot more on the business side. I don't have nearly as much time for the content, which I miss to a degree, but quarantine and Corona, when you're isolated in your own office, there's not much business stuff or not nearly as much going on. Yeah, I got heavy into the content game.

• 6:23Anthony Pompliano?

  All right. So I want to talk about Penn first, then we'll go talk about Bitcoin stuff. In 2016, you do the churn and deal. Most people say horrible deal, where you sit now, hindsight, pretty good deal.

• 6:33Speaker 02

  You mean horrible deal in what sense?

• 6:35Anthony Pompliano?

  Like the whole tech world is like, oh my God, I can't believe he sold more than 50% of the business for like, whatever. But based on what I know, like you guys pretty much needed help to scale the business. And so would you do that deal again?

• 6:46Speaker 02

  Yeah, I mean, Churnin', it's such an interesting answer because, and it's no different than the Penn deal to a degree, there were no other offers, like, nobody, and anybody who was interested, the conversations were quickly shut down because I wasn't, I was making a lot of money, that maybe like-

• 7:06Anthony Pompliano?

  Personally.

• 7:06Speaker 02

  Correct. I was making seven figures and our company was doing well and I was making more than I ever thought. And so I had no aspirations necessarily to take investor or sell it. And the Churnin' guys, Kearns, Mike Kearns who reached out, he was a believer in the content. And it wasn't like, hey, we want to change it. Can you, it was like, you do you, let's add some fire, let's get a CEO, ramp up the business. But there was, I didn't have anything to evaluate it. It wasn't like a bidding war. There weren't people knocking down, if that deal didn't happen, nobody was buying it. You had to basically accept the risk and the negative perceptions, which I think are all false, of Barstool. But it is, you know, it wasn't a wedding registry that's safe. There was some element

• 7:48Speaker 02

  of risk there. So, was the valuation extremely low? Yes. Was the first offer Mike Kearns made to me insulting? Yes. Was, in hindsight, it not enough-

• 8:01Anthony Pompliano?

  What was the first one?

• 8:02Speaker 02

  I think seven million.

• 8:03Anthony Pompliano?

  Seven million valuation?

• 8:04Speaker 02

  Yeah.

• 8:04Anthony Pompliano?

  And you got them all the way up to 15?

• 8:06Speaker 02

  It was like 12 and a half.

• 8:07Anthony Pompliano?

  All right.

• 8:08Speaker 02

  But my-

• 8:08Anthony Pompliano?

  To be fair, like, that's pretty good negotiating on your part. Mike's not, Mike's no pushover when negotiating.

• 8:12Speaker 02

  Well, I think he went so low. My, I mean, Kearns, yeah, he's a professional, and the Churnin' guys are professional negotiators.

• 8:17Anthony Pompliano?

  They're, they're super legit. They know what they're doing. So, if you moved it from seven to 12, like, you did a pretty good job.

• 8:21Speaker 02

  Yeah, well, it was so fucking low. And, and by the way, it's like, I don't, I had a number in my head, I don't negotiate. So, seven's like, okay, I, I think I was just like, no, I'll see you later. And then it's like, well, it's gonna have to be 12 and a half. And then maybe it was back and forth, and that's what it is. And Kearns will probably say that. I am probably, and I'm, I wouldn't say I'm a good negotiator, but I say the price and that's it. And if you, like, either-

• 8:46Anthony Pompliano?

  I mean, we had two data points. You also did with Call Her Daddy, same thing.

• 8:49Speaker 02

  Correct.

• 8:50Anthony Pompliano?

  Here's the price, take it or leave it.

• 8:51Speaker 02

  And we had a little sticking point with, to be honest, the Penn deal. And it's like, there was, I needed Churnin' to ante something up and-

• 9:01Anthony Pompliano?

  What was it?

• 9:01Speaker 02

  I, I can't get into the details, but it, it got testy and- I, there was one call at one point where it's like, well, we split it. I want to do this. It's like, I don't think you're hearing me. It's like, I'll walk away from everything or it's this and, but I, I also am too low. Now, again, churn and brought credibility, like expertise.

• 9:22Anthony Pompliano?

  Erica.

• 9:23Speaker 02

  Well, no, I brought Erica.

• 9:24Anthony Pompliano?

  Oh, you brought Erica. Okay.

• 9:26Speaker 02

  So they brought all of that to the table. They were the only, so they get credit for and huge credit for seeing it, taking the risk, being the one who offered, no different than Penn. Like hindsight, Penn looks like they got an awesome deal. That's what, we met with everybody else, FanDuel, DraftKings. I mean, nobody made an offer. Like,

• 9:45Anthony Pompliano?

  Why? Are they scared of you? Are they scared of the content? Are they scared of just the perception and the controversy?

• 9:50Speaker 02

  I think there were two major factors. Scared of me, controversy, A. B, we had worked with them for a while. So I think they kind of thought, hey, we've gotten everything out of Barstool. We've gotten their audience.

• 10:04Anthony Pompliano?

  But you, you, you guys, I mean, in a way, built those companies.

• 10:08Speaker 02

  I would say absolutely.

• 10:08Anthony Pompliano?

  Okay. Explain, explain that a little bit.

• 10:10Speaker 02

  So we were working with the daily fantasy companies before DraftKings existed, I believe. FanDuel, DraftStreet, a lot of early ones. And when I say early, like nascent, like they were starting the, we had this big blackout tour. That was a concert tour we did and became wildly popular and huge. That was started because DraftStreet, which was later bought by DraftKings, asked us to do a promo to reach frat guys to get them to sign up, literally. And DraftKings, I sat with like Jason Robbins and all the owners, probably a decade ago in Nantucket or something like that. And they offered me equity in the company because we do these contracts in pit FanDuel, DraftKings versus each other and the highest bidder, and they go back. It was a war because we were so effective. Now,

• 10:53Anthony Pompliano?

  Did you take the equity?

• 10:54Speaker 02

  Did not take the equity.

• 10:55Anthony Pompliano?

  Why?

• 10:57Speaker 02

  The main reason was I couldn't, I was so focused Barstool and there was, I thought there's gonna be too much going on where I sit in the room and I didn't totally understand it, but it's like, I didn't envision wanting to sit in a room every week and have these meetings. Like I was concentrating on Barstool and I didn't totally understand the equity portion of it. In hindsight, I don't know which way would have worked out better. Like I could have undone this deal, but I obviously would have had equity, a small percentage and I don't understand dilution and all that shit, what it would have ended up with. So we worked with them throughout, but as Barstool grew and that, as that space became more competitive, we started, and this is something I never did back in the day. One ad will be an MGM casino, the next is FanDuel, the next is DraftKings, the next is Point

• 11:41Speaker 02

  Bet. It just became whitewashed, just like how it is if you watch a football game now and there's 10 commercials. Do you pay attention to any of them? Probably not. So I don't think any of the companies we were meeting with realized, well, when we were bought or acquired or focus our energy just on one company, what will happen? It changes the game, the narrative, everything. So I think they underestimated that. I think they were a little bit scared, but they could have gotten us, FanDuel specifically, and could have gotten us for far cheaper, I think, than Penda, to be honest. And they missed the boat.

• 12:14Anthony Pompliano?

  So you do the Churnin deal. I remember talking to Erica in 2017. She laid out this vision. We were joking earlier, like to the point where it was almost, is that even possible? Right? Like, hey, we're going to the moon type thing. I wrote this piece and said, you guys were, I think it was a $15 million valuation or 12 and a half.

• 12:32Speaker 02

  I always said, because Churnin didn't want to say what it was, so I would always say 10 to 15s, but it was 12 and a half.

• 12:37Anthony Pompliano?

  Okay. All right. You probably shouldn't say the exact number now.

• 12:41Speaker 02

  Well, it doesn't matter now, except people be like, you idiot, I think I made Churnin like a quarter milli or something like that. No big deal.

• 12:47Anthony Pompliano?

  Did he buy you dinner?

• 12:48Speaker 02

  No, we haven't. We, he has offered. He has offered.

• 12:52Anthony Pompliano?

  Oh, you just didn't go.

• 12:54Speaker 02

  I don't know that Churnin's. Given me anything like not even like maybe a thank you card, a couple of nice emails, maybe. I like those guys, but they haven't. I don't think they like.

• 13:05Anthony Pompliano?

  They're waiting. They're waiting till you make them a billion and then.

• 13:07Speaker 02

  Hey, great job. You mean as a call, you returned a nine gazillion. That was a unicorn investment for them.

• 13:13Anthony Pompliano?

  Okay, so I wrote this piece and I said Barstool is going to be a billion dollar brand if basically you don't sell too early.

• 13:19Speaker 02

  Correct.

• 13:20Anthony Pompliano?

  And the whole idea was just you have the fan base and it was so obvious early on, like if you have the relationship with the fans, you win because you can create companies, sell it through products, sell it through whatever. At some point you decide one to sell, right? A piece, not the whole thing, but a piece. And then two, you do it where now you're focusing all your energy on somebody else's product. It's not something that you guys created. Talk through like, why do that versus just go start your own sports book, plus a bunch of other stuff and put it through the the distribution.

• 13:46Speaker 02

  You mean here with like Penn?

• 13:48Anthony Pompliano?

  With Penn, yeah.

• 13:48Speaker 02

  Well, we could never start our own sports book. We'd never get licensed. We'd never get access. We, all that shit would just never happen. So.

• 13:56Anthony Pompliano?

  You needed the partner to do it.

• 13:57Speaker 02

  Needed the partner and they were the perfect partner. And again, it is a question I get asked a lot. But when you're in our shoes, and I've been fucking grinding at this thing for 17 years. You know, I made money, but it's all relevant. Like I'm obviously have done well. But when you look at the Churnin deal, it's not like I was obscenely rich. Like I had money, but that wasn't like, oh my God. And even now.

• 14:20Anthony Pompliano?

  It's not like now where you can tweet at Celebrity Network, hey, updated the 200 million.

• 14:24Speaker 02

  Right. On paper, but so this was, and there aren't, it's not as if we have this waterfall of offers and meetings when you're going through and you're, nobody's making an offer. It's like, well, is anyone getting an offer? And as, do I want to do this for the next 20 years to build it up? I always thought sports gambling, it's how we started. The second the legislation in the United States changed to make it legal. I'm like, okay, this is our moment. And we spent close to a year trying to figure out the best fit. And Penn was by far and away the best partner that presented itself from Jay Snowden, who I love the CEO,

• 15:06Speaker 02

  to them understanding what we do and having faith and believing in it. There was, it, it was almost a no brainer. I mean, we named our price. There was no negotiation with Penn. And I thought it was crazy because based on.

• 15:19Anthony Pompliano?

  How'd you call it with the price?

• 15:20Speaker 02

  I didn't like the, you know, the. The Churnin' guys, as you said, are fierce negotiators. So if they're naming it, I'm like, okay. But they named it and Penn was like, yep, that's it. Done. They didn't negotiate. It was nothing. As long as they felt we were aligned and we are, because it's not like I got paid. It's like a lot of stock and all that shit.

• 15:42Anthony Pompliano?

  How much did you take in stock versus cash?

• 15:44Speaker 02

  It was like, it was 55, 45.

• 15:47Anthony Pompliano?

  55 cash or stock?

• 15:49Speaker 02

  55, stock 45. And that's like different for me. It's like the Barstool people are different than the Churnin' people.

• 15:54Anthony Pompliano?

  Yeah, yeah.

• 15:55Speaker 02

  So, I mean, it was a great deal. Now, when the stock goes up and bumps pre-corona, you know, it's like, oh, we should dump. We just made them a gazillion dollars in 10 seconds because Wall Street reacted obviously super favorably to the deal. And that's when the other companies we met with, who I like, like I obviously, it's like the Brady Six when he's crying. Like, I get a chip on my shoulder. Like, I'm meeting with these guys who know us. It's like, you're not even gonna make an offer. Are you fucking an idiot? And they probably had to spend on talent now more than they would have spent just to buy us. Because we put them in a box. It's like, oh, fuck.

• 16:30Anthony Pompliano?

  Well, what is it? FanDuel did the Pat McAfee deal, right?

• 16:33Speaker 02

  Yep. On top, they're doing.

• 16:35Anthony Pompliano?

  All of them?

• 16:36Speaker 02

  Yes. Because like, okay, and they could have, they missed. And I don't know if they'd say they missed, but they missed. Because I actually really liked the FanDuel guys and the ones running it. It's like if they made an offer that was competitive, it's like, okay, we can win with these guys.

• 16:51Anthony Pompliano?

  I feel like everyone in the gambling, sports fantasy world are people like Barstool, right? Like, the type of person is so similar. So the people who are running those companies, there's a very cultural fit with what you guys have done. Ooh, maybe not.

• 17:04Speaker 02

  Not at the top.

• 17:05Anthony Pompliano?

  Okay, that's different.

• 17:06Speaker 02

  Yeah, maybe down below. But that's why we're gonna be like, I've met with them all. They don't, they're not.

• 17:12Anthony Pompliano?

  Like, how bad does this get in the sense of, fast forward five years, the Barstool Sportsbook versus all these other guys? Like, how bad of a massacre is it?

• 17:22Speaker 02

  Oh, I don't know because they have such a gigantic lead. They have great tech. They have a huge lead. Um, and there's no industry that I'm aware of where there's like one guy. I mean, it doesn't matter what there is. There's multiple players and they're competitive and in a way it can help each other, but nobody outside of like, I guess the cable company and telephone. Well, even there's multiple, but you can only get one cable company in your house. Other than that, there'll be multiple players like FanDuel and DraftKings are not going anywhere.

• 17:50Anthony Pompliano?

  Yeah, I agree.

• 17:51Speaker 02

  We're, we're different. Like those two to me are. One of those. I don't know what will happen. They're, they're identical companies to me. They're both out of the daily fantasy, the big databases. They're going to try to win with offers and plays. No one cares. No one's going to wear a FanDuel hat or a draft as much as they try. That's never going to happen. But they're, they're going to be there. We, and I saw one interesting stat when I was looking at downloads and it's like, it didn't, our downloads and what we did in Pennsylvania. And handle all that didn't seem to take away from the others and I can believe that.

• 18:24Anthony Pompliano?

  Oh, interesting. So it was additive to the overall.

• 18:27Speaker 02

  Because we have our audience who may not have been. So, you know, it, it could help both markets. I could, and who knows? I'm, anybody who thinks I've inside, we talked insider knowledge, like you came in and I'm like, well, Penn was down 10%. They did this stock offering. I had no idea that was coming and I have so much Penn stock even beyond like the deal.

• 18:48Anthony Pompliano?

  You know why they don't tell you, right?

• 18:49Speaker 02

  Because it's our trading.

• 18:50Anthony Pompliano?

  No, no, because telling you wouldn't be bad because you're an employee, but then you'd go, then you would go sell it and you'd get yourself in trouble.

• 18:56Speaker 02

  Exactly. So.

• 18:58Anthony Pompliano?

  So they basically know you better than you know yourself.

• 19:00Speaker 02

  They protect me, but it's still, so they told me just late last night. So I wouldn't be like stunned by the news. Well, I'm so confident in myself and what we do here that I just keep buying it as it goes. Like I'll bet on myself a hundred. So when he told me that, I would never know this if I wasn't doing the day trader. I'm like, oh, stocks are going to get killed. Like not because Penn. Anytime a company does this, stock is killed. I've seen it. Like I've owned stocks. I'm like, what the fuck is it down? And then people are like, oh, they did an offering. It doesn't generally last. It comes back, but when he told me that, it's like, I'm sitting here with, I'm like. All right, you motherfucker like I didn't say it's like I'm gonna get murdered tomorrow and it's like I'm gonna have to wake up all these people and sure enough it did. They buried some good stats, but yeah, it's a.

• 19:46Anthony Pompliano?

  Hold on, before we talk about the stock stuff, you guys launched the sports book in Pennsylvania this past weekend. You outperformed downloads for all the other ones. Did you guys have to spend money to drive that or is that all organic, just putting it through the distribution?

• 19:59Speaker 02

  Organic, which to me.

• 20:00Anthony Pompliano?

  Which is the big advantage that you guys have, yeah.

• 20:02Speaker 02

  So that is the story and that's why. Even the way they did this release with they can't tell me like the press release and all that, I feel like they should talk to me because I'm. Understand marketing, I feel like better than they do, like it's stock offering and then at the bottom it like had the stats. And the stats and people will twist them, people don't like me, we'll say they're bad, they're good. It was like, I think I have it's like 30,000.

• 20:25Anthony Pompliano?

  Yeah, it was like 30,000 downloads.

• 20:27Speaker 02

  Downloads in Pennsylvania, 11 million handle, like 24,000 registrations.

• 20:33Anthony Pompliano?

  Is really, really impressive.

• 20:34Speaker 02

  There's 10 existing companies, sports books in Pennsylvania with a huge lead on us. We know where it's like a race that is a 10 mile race and the other companies are are five miles in and we're just starting. There's no other company in the world who could have that dent with $0 spent. We didn't spend a cent, so.

• 20:55Anthony Pompliano?

  How and when you guys go to market this, how much is this just? You send a message to everyone here and you're like, hey, we're launching this like, you know, go promote it versus it's. Specifically like, okay, we're gonna promote it on this show, we're gonna promote it on this show, like how should teaching?

• 21:08Speaker 02

  It's pretty just promote it however like you see fit.

• 21:11Anthony Pompliano?

  That's what it looks like, which makes it, which makes it so much more valuable.

• 21:14Speaker 02

  Yep, and that that is how it is and it's a natural because our history is gambling. And then I was saying like extrapolate it, you know, take a state like Michigan where it is not legal yet. And that's like I went to school there, we're huge in the Midwest. Penn has one of the nicest casinos there that the Greek, which is like, I think they're nicest Las Vegas style casino. And all of a sudden everyone's at the starting line at the same time. Well, we're gonna cause real damage there. So not everyone's totally understanding that. I guess some people do, some people don't, but. Pennsylvania was as encouraging, I think, as we could possibly expect it to be and like the stock offering thing. Again, it's like, we're not, unless I'm being strictly lied to, which I know I'm not,

• 21:59Speaker 02

  that's money is not going to people's hands. We're using it as it was, I said, to give me like guns ammunition. So we can start spending. So.

• 22:07Anthony Pompliano?

  I, I feel like, and this is external looking in, if somebody just gives you a camera and says, go live stream, you'll win some portion of the market, right? You big cat, etc. Like whatever. Then when they put a company that's got real technology behind you, right? Okay. Now the product actually works. It's good. Great. And then if they put marketing dollars behind this as well, it's like, it's unbeatable.

• 22:28Speaker 02

  A hundred percent. And I think there'll be consolidation. Again, this is just a yes in the market. Like, if you took a FanDuel or DraftKings and combined them with us, that's the end of, that's the end of this game.

• 22:40Anthony Pompliano?

  Do you want that to happen?

• 22:42Speaker 02

  Depends how much money I'd get. Like, honestly, that's all.

• 22:45Anthony Pompliano?

  Yeah, that's a great answer though.

• 22:46Speaker 02

  Yeah, that's all a finance thing. Like who's in control? I know this. Like if those two combined, it doesn't matter. It's the same company. Who cares? They probably have a very similar.

• 22:55Anthony Pompliano?

  They tried already.

• 22:56Speaker 02

  Yeah. And they have a very similar database. It's like, I guarantee you, almost everybody who has FanDuel has DraftKings and vice versa. And their shopping lines and where, so we are a very different thing. We combine with one of those, the other one's dead. So I like that position and it could happen down the world. And then you look at things like MGM Grand, shout out. I mean, whatever. They had Jamie Foxx. They, I don't know if you saw.

• 23:17Anthony Pompliano?

  No.

• 23:18Speaker 02

  They, they signed him like a big Jamie Foxx. He's the face of MGM gambling with an app. It's like, are you kidding me?

• 23:24Anthony Pompliano?

  Jamie Foxx versus Dave Portnoy in the gambling space?

• 23:26Speaker 02

  That, that, that is a beat down. Like that isn't.

• 23:29Anthony Pompliano?

  By the way, by the way, they have real production studios, etc. And you're basically sitting on, uh, you know, in your backyard and the fucking Hamptons or whatever, streaming.

• 23:37Speaker 02

  Right. And the nutty thing is like, I know MGM and I know Caesars and we talked to them and they'd never do a deal with us because there's old stuffy suits and whatnot. I never heard of Penn ever until like a lot of their properties were different names. Like I heard Penn National, like Casino, I knew the Tropicana, which is a dump, which they had owned at the time, but like, I never knew what they are. Go ask people now who Penn is.

• 24:01Anthony Pompliano?

  It's like, everybody knows.

• 24:02Speaker 02

  Everybody knows. Suddenly it's like you look at the casino groups, that's all Barstool.

• 24:07Speaker 02

  It's funny because I know I'm underpaid again. Like I was underpaid with Churn and I realized I didn't.

• 24:12Anthony Pompliano?

  How did you structure the deal now that you did that deal? You obviously got cash and stock, right?

• 24:18Speaker 02

  Five year deal. I have a five year contract here.

• 24:20Anthony Pompliano?

  Okay. And you get stock and cash?

• 24:22Speaker 02

  Correct.

• 24:23Anthony Pompliano?

  Okay.

• 24:23Speaker 02

  And I can like, I'm basically, they tied me in long-term, like our.

• 24:27Anthony Pompliano?

  And if it goes better, you probably get more. If it doesn't go so well, then?

• 24:31Speaker 02

  Well, my stock is fluid. I can't sell it. So it's like.

• 24:34Anthony Pompliano?

  Do they treat you like an athlete where, you know, hey, if you hit 20 home runs, you get a bonus or anything like that?

• 24:39Speaker 02

  No, no. And this is where my lack of negotiating skills probably comes in. I generally don't like renegotiate. It's like, all right, I like the deal now.

• 24:52Anthony Pompliano?

  No, don't renegotiate.

• 24:53Speaker 02

  The Churn and guys were essentially at Kern's like, yeah, you were underpaid the whole time. It's like, no shit. I was like, they did give me raises, but you know, when you see.

• 25:03Anthony Pompliano?

  Did you ever, when you were handing out newspapers at the subway and train in Boston, did you think you were ever going to have a boss?

• 25:09Speaker 02

  No. And I still don't. I still don't. I do, but I don't because.

• 25:16Anthony Pompliano?

  All right, explain.

• 25:16Speaker 02

  Well, I have technically a boss, Jay Snowden, and I guess you, Churn and guys were as well. But.

• 25:25Anthony Pompliano?

  They let you do your thing.

• 25:27Speaker 02

  Well, when the ultimate trump card is, I'm just going to walk away. If you don't give me what you want and your business is going to fall apart, I don't have a boss.

• 25:34Anthony Pompliano?

  Are you negotiating with Jay and Churnin right now?

• 25:36Speaker 02

  No, no, I don't do it that way. I, I never, it's like, whether Erica, I'm pretty sane. Like our interests are aligned and I'm honest and I'm straightforward. And as long as you're back to me, we'll never have a problem. And I would never do a deal with Jay or Churnin if I thought that was going to be an issue. But our business, strangely enough.

• 25:57Speaker 02

  Is so dependent on the content, whatever it literally when the ultimate card and I'm, I am crazy enough to walk like I love money, but it's like on principle, if you're like, okay.

• 26:09Anthony Pompliano?

  You, to be honest, from afar, if there was ever a, okay, here's the moment and it was give back the $200 million or like concede to whatever bullshit, I literally think you'd give back the money.

• 26:21Speaker 02

  A hundred percent.

• 26:22Anthony Pompliano?

  Which, which is by the way is fucking insane.

• 26:24Speaker 02

  Yeah, that, that, that would be the easiest to, if it was something where I'm like, this is wrong. I can't do this or you're fucking me over. I would rather the entire ship burn with me than like, than, than concede. It's just in my nature.

• 26:41Anthony Pompliano?

  You know, that's why MGM and Caesars and all them couldn't do a deal with you.

• 26:44Speaker 02

  Probably, probably, but it, but it boils.

• 26:47Anthony Pompliano?

  But it's true.

• 26:47Speaker 02

  But it boils down to it. When I say it's like honesty and being straightforward and you may not like it, but I, I would never go into business with somebody who I didn't have the vibe like there. I don't care if I, it's not whether I like something or don't like something. It's whether I feel like you're being deceitful or misleading. That's where I'd be like, no, you, you said that. I remember the Churnin deal.

• 27:13Speaker 02

  There was like 50 grand in lawyer fees that I know at the beginning is like, they cover my lawyer fees. It was 50 grand. I was getting a lot of money for me at the time and we were like the last moment. Like, yeah, you pay for the lawyer fees. I mean, no, we agreed that you did and not like someone else called and they tried to negotiate it. And I literally at the end, I'm, I'm like, the deal's off. It's, it's like, I don't, they're like, we'll give you 40, not 50. I'm like, it's 50 or the deal is off because we agreed on it. That's it. If we agree on something with me, you better fucking honor it or else I will walk.

• 27:46Anthony Pompliano?

  And, and you do the same in return.

• 27:47Speaker 02

  Totally.

• 27:48Anthony Pompliano?

  Right. Okay. All right. So over the last couple of months, you've been yelling and screaming all kinds of crazy shit. Like stocks only go up.

• 27:55Speaker 02

  Right. Going down right now.

• 27:56Anthony Pompliano?

  Well, hold on, but most people think Dave Portnoy is an idiot. He doesn't know what he's talking about. He knows nothing about finance, blah, blah, whatever. You've actually been right. You don't know why you've been right, probably, but you're actually right. And the reason why it only goes up is because they're literally just creating fucking money. So I want to

• 28:10Speaker 02

  Shrew bucks.

• 28:11Anthony Pompliano?

  Exactly. So that's what I want to talk about.

• 28:13Speaker 02

  That was like kind of insulting that you said, I don't know why. I mean, I've done the Shrew bucks thing. I had

• 28:17Anthony Pompliano?

  So that video is probably one of the most real, honest evaluations of the stock market and the economy.

• 28:24Speaker 02

  Right.

• 28:24Anthony Pompliano?

  Than anything anyone will watch on television. Right? And the whole idea is basically this, everything was selling off, the Fed steps in, they pump a bunch of money into the economy and it just fucking shoots up, right? Like literally 50, 60% off the bottom, whatever. While that's going on, you start screaming, stocks only go up. And I think everyone's reaction in finance is so visceral to like, what does this guy know? He doesn't know about whatever. But you're right.

• 28:45Speaker 02

  Right.

• 28:45Anthony Pompliano?

  And so like, talk just about the experience of all these people in Susan Taj yelling and screaming, Dave Forney doesn't know what he's talking about. One, you've been right. Two, you're right structurally. And three, there's no end in sight for them to stop doing this shit.

• 28:57Speaker 02

  Right. And I mean, if you look long-term, the only one thing I have said was it's like, if you're an old person, whatever, and you need to get your money out, you gotta be a little more careful. But if you're, if you can wait.

• 29:07Anthony Pompliano?

  If you're 25.

• 29:08Speaker 02

  If you're gonna outweigh the stock market, you can always outweigh the stock market and it'll always go up. It doesn't matter how far down it goes. That's just a fact if you look at it. But yeah, the, you know, it's an industry that I had never been involved in. I don't think they had ever, and I've had this happen a lot during the course of Barstool. They just didn't know what to do with me. It's like, you know, the guy you said Ross Gerber is like, hey, come on my podcast. I don't like them. Like suck my dick. Like, you know, they don't know. It's like, okay. Like, how do I respond to that? Well, he deleted the tweet. That's how he'd respond to that. And they'll chirp me from the cheap seats when things are going on, but I don't care. That's like, I like that. That, that's my world.

• 29:44Anthony Pompliano?

  They're playing into the game of you want to talk shit. They, the way they talk shit is not actually talk shit. They basically like throw these little intellectual zingers and you're just like, look, let's just full on, let's just go at it.

• 29:55Speaker 02

  And for any time I'm on TV or mentioned, it's good. I mean, as crazy it is, it really, when it exploded was when I started making fun of Warren Buffett. But the financial community and there may be

• 30:09Anthony Pompliano?

  By the way, you're not wrong with his performance. He hasn't beat the S and P over the last decade.

• 30:13Speaker 02

  Well, he's 90 years old. People like If you're in your prime at 90, then you were never good before. No one gets sharper at 90. I can't even remember what I had for breakfast. So, you know, they took a quote because it all started with the airlines, basically, the cruising airlines. I was getting killed. I had shorted. I was getting murdered. And, and part of it's like, wait a minute, the stock market is not connected at all to what's going on in the world. We're in this pandemic, shit's going on, stocks go up, down, whatever. But I said, I'm going in on airlines. Spirit was at seven and literally I did this big rant and like five minutes later, Warren Buffett comes out with a press release. It's like, we're, we're getting out of the airlines.

• 30:52Anthony Pompliano?

  At the bottom of the market.

• 30:52Speaker 02

  Correct. And it was literally like, I said, go in on airlines. Two seconds later, he says, get out.

• 30:57Anthony Pompliano?

  Do you think he was watching the live stream?

• 30:58Speaker 02

  I, I, I wonder if he actually knows who I am. I doubt it. But so after that stock, the, the airlines went ballistic.

• 31:06Anthony Pompliano?

  Yep.

• 31:07Speaker 02

  Parabolic is the crypto people like to say.

• 31:09Anthony Pompliano?

  And you, you know that, uh, one of my business partners, he's got Jason Williams.

• 31:13Speaker 02

  Yeah, yeah, I know who he is.

• 31:14Anthony Pompliano?

  Yeah, he's got, he's got a YouTube channel called Going Parabolic.

• 31:17Speaker 02

  The merch and all that.

• 31:18Anthony Pompliano?

  When you started yelling parabolic, they all.

• 31:20Speaker 02

  It's a great word.

• 31:20Anthony Pompliano?

  Yeah. That's like a crypto. They should just trademark that word in crypto.

• 31:24Speaker 02

  It's a very good word. So it went nuts. And then I'm like, oh, Warren Buffett sucks. I'm the captain now. And, and like investing.com and business insider took that quote. And then from there it was kind of game over, ran. And I did notice like CNBC, they liked having me on a lot more when I was losing. And when I started winning, it's like they stopped having me on and they didn't want to talk about it.

• 31:45Anthony Pompliano?

  But it's also the type of content, like it's the memes, it's the live streams. It's like all this stuff that they don't really know how to deal with, right? And part of what's so funny, and when you started playing around with Bitcoin and crypto, like you realize immediately like, holy shit, these people just meme the hell out of anybody who comes in here.

• 32:00Speaker 02

  Great meme community, very, very impressive meme community.

• 32:03Anthony Pompliano?

  So that's why the mainstream media is like, what do we do with these people, right? Cause they're literally, it's a pseudonymous account that's just throwing out crazy memes. And they're just like, what the fuck is this?

• 32:12Speaker 02

  Yeah, that's my, that's, so I have nothing in crypto right now. That is probably the thing I miss the most is the memes. Although I like, link Marines, I think are dead.

• 32:22Anthony Pompliano?

  Did you kill them?

• 32:23Speaker 02

  Well, what, what is it at now? Eight? I mean.

• 32:27Anthony Pompliano?

  Oh, did you? All right. So hold on, let's back up for a second. Let's talk about Bitcoin first. I don't know why you bought anything else other than just Bitcoin.

• 32:33Speaker 02

  Because the link Marines were blowing on my thing about link, link, link Marines. It's like, I see other shit. It's no different than the stock market. Everyone's pumping their own shit.

• 32:41Anthony Pompliano?

  All right. What questions do you have about Bitcoin?

• 32:46Speaker 02

  Eight, look at that.

• 32:47Anthony Pompliano?

  Eight ninety, when did you buy it?

• 32:49Speaker 02

  So I bought it at, I think fourteen, it went to nineteen, I sold it at sixteen.

• 32:56Anthony Pompliano?

  Oh, so you made money then?

• 32:57Speaker 02

  About even, yeah. What, well Bitcoin, you want the crypto?

• 33:03Anthony Pompliano?

  The two thousand and seventeen.

• 33:04Speaker 02

  Bitcoin is a, in my mind, just one big Ponzi scheme.

• 33:07Anthony Pompliano?

  Okay, why? The two thousand seventeen video you have, by the way, Bitcoin Marty says hello. That fucking Bitcoin Marty, he's part of, first of all, all the people I know in Bitcoin, Bitcoin Marty, bubbly gang, our people. Caleb?

• 33:19Speaker 02

  That Caleb, yeah, he told me to stop BASH, he's like, you gotta stop BASHing Bitcoin.

• 33:22Anthony Pompliano?

  He came on the, he came on the podcast, he played it, he, he understands it now.

• 33:26Speaker 02

  I understand what I think you guys think it is, to me, it is a Ponzi scheme that you get in and, and you just gotta not be the one held, left holding the bag.

• 33:38Anthony Pompliano?

  I'm gonna give you ammo for the finance world, and then I'm gonna tell you why Bitcoin's the solution, ready?

• 33:42Speaker 02

  And I know what it is, it's gold and pumping money and they're set, I mean, I kinda get it.

• 33:46Anthony Pompliano?

  The stock market, you know how you say it always goes up, it's like that forty-five degree angle?

• 33:49Speaker 02

  Correct.

• 33:50Anthony Pompliano?

  Since nineteen seventy-one, direct forty-five degree angle, a couple of drops, whatever, but it's straight up. That's because it's denominated in dollars, they're just devaluing the dollar, right, and stocks go up. If you denominate that same stock market in gold, the stock market is down since nineteen seventy-one. It's all, the stock market is a complete scam in terms of accruing value, it's all the dollar being devalued. So it goes straight up forty-five degree angle, but if you denominate it in ounces of gold, it's down.

• 34:15Speaker 02

  Okay.

• 34:16Anthony Pompliano?

  So.

• 34:18Speaker 02

  Okay. We're talking a different language, but.

• 34:19Anthony Pompliano?

  No, here's why, here's why it's important.

• 34:21Speaker 02

  We're gonna go to mine gold?

• 34:23Anthony Pompliano?

  No, here's why it's important, uh, you bought a house, right? In, uh, where, uh?

• 34:28Speaker 02

  A lot of places.

• 34:29Anthony Pompliano?

  Nantucket?

• 34:30Speaker 02

  Yeah, I have one there, yes.

• 34:31Anthony Pompliano?

  Okay, why'd you buy that house in Nantucket?

• 34:34Speaker 02

  I love that place.

• 34:35Anthony Pompliano?

  Okay.

• 34:35Speaker 02

  I mean, I love it, that, that's not something I was trying to get, like, I thought I'd live there the rest of my life.

• 34:40Anthony Pompliano?

  Okay, and there wasn't that many to select from, right?

• 34:42Speaker 02

  Correct, yes.

• 34:43Anthony Pompliano?

  Okay, and because there's not that many, the prices are expensive, and you have a lot of money, so you could buy it?

• 34:46Speaker 02

  Right, yes.

• 34:47Anthony Pompliano?

  Okay, same thing in the digital world, is there some things that are just scarce? And if those things end up having a large community that wants them. What ends up happening? The price goes up.

• 34:56Speaker 02

  It'll go up, correct.

• 34:57Anthony Pompliano?

  Okay. So Bitcoin's only got 21 million, obviously. And the whole thing behind it is the strongest computing power in the world. So literally, the computer network that runs Bitcoin is stronger than anything in the world. No government, nobody can hack it because it is the strongest computing network in the world. It's got more computing power on it than anything else. The reason why that's so important is because the whole idea of like, why does Barstool work? It's because you guys are completely decentralized. Like, nobody, if they try to like, come at you, they get attacked by all these other people at Barstool. Right? And that decentralized type media model where you're not going and telling somebody, okay, send me your thing, I'm gonna be the editor, and then like, I'm gonna approve it. It's just like, here's a fucking camera, go post on your accounts and like, just blow it up, right? And do it. That's the same type of thing that's going on, but with money now.

• 35:40Anthony Pompliano?

  So rather than the government saying, uh, hey, today we're gonna print more money. Or, remember what happened today with Penn? Where they just, all of a sudden, all these new shares, right? You're like, fuck, what the hell? Like, I had no say in this.

• 35:50Speaker 02

  Right.

• 35:51Anthony Pompliano?

  That's basically what the Federal Reserve does. So earlier this year, they printed three-plus trillion dollars. You didn't get a vote, I didn't get a vote, it was, fuck, okay. Whatever cash you have, so let's say you're worth 200 mil. And let, I don't know, 30 million dollars in cash, right? That 30 million dollars of cash, if you leave it in cash, is gonna be worth less next year. Worth less next year, right? Because the purchasing power goes down. And so, what ends up happening is you're financially incentivized to get out of the dollar and buy stocks, buy gold, buy, you know, buy fucking property, whatever. But with Bitcoin, they can't do that. Because there's only 21 million and a computer runs it. So the only way to change the computers is if more than half of the people agree to change what the computer does. So there's no person, there's no like, old guy in a suit who basically is like, ah, I think that we should print more money.

• 36:34Anthony Pompliano?

  Or, ah, you know what, we should take some money out of circulation. No human is involved in making the decision, it's the consensus of everyone involved. So the reason why it becomes so valuable is because nobody can fuck with it. And that's why the Bitcoiners are so like, rabid about it, is they're just like, it doesn't matter what anybody says, what you think, I think, anybody. Nobody can fuck with it. And because it's like that on the internet, and globally everyone's subjected to the same rules, it continues to accrue value because people realize, wait a second, they're fucking with the dollar, they're fucking with the euro, they're fucking with the yen, the RMB, whatever, but the only thing you can't fuck with is Bitcoin. And so, as that keeps going, you should just take 1% to 5% of your net worth, put it in Bitcoin, don't look at it. Just leave it there. And that'll be the best performing thing in your entire portfolio.

• 37:21Anthony Pompliano?

  If you take 1% out of everything else in your portfolio, whether you own real estate, stocks, anything.

• 37:25Speaker 02

  What's 1% gonna give me?

• 37:27Anthony Pompliano?

  Well, let's say it goes up 20x.

• 37:31Speaker 02

  What's 1% of 200 million? I don't have a 200 million, but what's 1%? So a million dollars, I make 20 million in what? How long?

• 37:41Anthony Pompliano?

  So there's something called the halving. I'm sure that they've all told you about this, but basically the whole idea is every four years, the amount of Bitcoin that shows up every day gets cut in half. So it used to be 50 Bitcoin a day or 50 Bitcoin every 10 minutes. Then it was 25 Bitcoin every 10 minutes and 12 and a half. Now it's at 6.25. That just happened in May. It got cut in half again. Every time that that's happened, the next 18 months Bitcoin's gone up an incredible amount because it's a supply shock, right? It's like, think of it as if we all wanted something and then-

• 38:09Speaker 02

  What is even Bitcoin at right now?

• 38:11Anthony Pompliano?

  Like 10,500.

• 38:15Anthony Pompliano?

  Do you remember when you first started buying it?

• 38:17Speaker 02

  Well, I bought way back in the day.

• 38:19Anthony Pompliano?

  Yeah. What was the price?

• 38:20Speaker 02

  More than that.

• 38:22Anthony Pompliano?

  Was it over 10,000?

• 38:22Speaker 02

  Yeah, I think so. I bought it in that huge rush when everyone was-

• 38:26Anthony Pompliano?

  Yeah, but it was only, it was only above 10,000 for like 20 or 30 days. So you would have to really have bad timing.

• 38:31Speaker 02

  I thought it was close to like 20.

• 38:33Anthony Pompliano?

  It went to, it went from 10,000 to 20,000 in 18 days in 2017.

• 38:36Speaker 02

  Yeah, so I probably bought around 15 or 16.

• 38:39Anthony Pompliano?

  Okay. Do you still have it? Or you sold it?

• 38:41Speaker 02

  It's lost. It was in one of those keychains.

• 38:45Anthony Pompliano?

  You lost it?

• 38:46Speaker 02

  Yeah, that was another part. It's like, I don't, I don't like having to hold shit in like keychains and weird and like Marty was-

• 38:53Anthony Pompliano?

  How much, how much did you have?

• 38:54Speaker 02

  Probably like 50 grand.

• 38:57Speaker 02

  Marty like had to do it.

• 38:59Anthony Pompliano?

  Yeah, yeah, yeah, yeah.

• 39:00Speaker 02

  He-

• 39:00Anthony Pompliano?

  He helped you and then he gave it, he gave you the-

• 39:02Speaker 02

  He gave me something with the weirdest code.

• 39:04Anthony Pompliano?

  And you lost it?

• 39:05Speaker 02

  Like, yeah, it's gone.

• 39:06Anthony Pompliano?

  Okay.

• 39:07Speaker 02

  So I lost that, but I'd be down on that. And that was what? 2017?

• 39:12Anthony Pompliano?

  Yeah, yeah, but you gotta remember, but you gotta understand that the markets, the way that they work is so that halving happens. It goes up a bunch in price because of the supply shock. Usually it takes about 18 months for that to happen. Then it draws down 85%. It's happened three times already.

• 39:24Speaker 02

  Yeah.

• 39:24Anthony Pompliano?

  Right?

• 39:24Speaker 02

  Well, the thing why I say, but it's like, so I got out, I really, this latest- Round, I think I had 1.25 million in it at one point. Went up, went down, and then went back. And I was like, I absolutely don't know what the fuck this is. And it's too much money to not like, at least with stocks, even though I don't believe half the shit they say. Like, okay, our stock got tanked today. I can do a direct like line to we did the stock offering. I know why I got. Or earnings or in what I don't like. I think a lot of this bullshit. I think the day to day like, but I understand. It's like almost like watching a sports game. Like, all right, my team lost. I bet them minus two. They lost by three. I lose my money. Bitcoin, I have no fucking like, there's no rationale. Why is it going up? I have no idea why it's going up or down.

• 40:08Anthony Pompliano?

  Think of like a a technology company. When Barstool first started, actually, it's a great idea. You didn't have a stock price, right? So it was just every day, the only person who saw the P and L or whatever was you, if you guys even had one, right? And if there's a stock price in the early days of Barstool, it'd be like in the morning, it would be through the roof, right? By the afternoon to be down. And it was basically like what you emotionally felt. There's highs, there was lows. And it was like super volatile. You're like, are we going to fucking survive? Are we not? Whatever? Super, super volatile. But because you're a private company, there's no stock price. So if you think of Bitcoin, it's really a technology, right? And it has that same volatility that Barstool had or other tech companies have. It's just that there's a price associated with it. So what you're seeing is you're seeing all that incredible volatility. But like, imagine if Uber, the first couple of years.

• 40:51Speaker 02

  Yeah, but what is that? What is that based on emotion right now?

• 40:54Anthony Pompliano?

  No, well, it's price discovery, right? So think, if you think of Bitcoin.

• 40:58Speaker 02

  People are buying and selling Bitcoin. To me.

• 41:02Anthony Pompliano?

  Did you hear about this guy, Mike, MicroStrategy, what he did?

• 41:06Speaker 02

  Ah, I saw that in my travels, but I didn't like research it, but it was popping up like on my thing.

• 41:11Anthony Pompliano?

  His $500 million on his balance sheet, publicly traded company of a billion dollar valuation. He took 85%, $425 million of, out of dollars and put it in Bitcoin. And the reason he said is, if I leave this in cash, it's going to get devalued. So every year that I sit with this cash, it's going to be worth less and less and less. So he moved it to Bitcoin. Now that's a really, really aggressive move, right? Of course. But if you think about from a personal perspective, one, every investment you make, you want asymmetry, right? If you, if you think about. The best investors in the world, they're right like 55, 60% of the time. So all these guys who are like, oh, I'm right every time. They're all fucking foolish.

• 41:45Speaker 02

  Ross Skarber.

• 41:46Anthony Pompliano?

  Right. Well, whoever, right? They're all foolish. The absolute best investors in the world are right 55 to 60% of the time. But they only put trades on where it's like, I can lose 10% or I can make 20 times my money. Right? So asymmetric in their favor that they're willing to take kind of the losses 45% of the time. Because the 55% of the time they're right, it just pays for it in space, right? So what you want to do is create a portfolio of assets that have asymmetry, right? So Penn stock has asymmetry in a sense. It's not going to go to zero, right? And it can go up a lot. Bitcoin has asymmetry in that, yeah, maybe it drops down, but it drops 10, 20%. But it also can go to hundreds of thousands of dollars, right? And then what you want is you want a bunch of stuff that's non-correlated.

• 42:28Anthony Pompliano?

  So if you have Penn stock and then six other stocks and they're all moved together. So when Penn goes down, they go down. Well, then just put it all on fucking Penn stock. Why do you have all six of them, right? Because they all move together. But what you want is you want different types of assets. So you want Bitcoin, you want Penn stock, you want whatever. And then what ends up happening is if Penn stock's down, that doesn't necessarily mean that Bitcoin is up or down. There's just no correlation.

• 42:49Speaker 02

  Although Bitcoin lately seems to be tied to what's going on in the stock market.

• 42:55Anthony Pompliano?

  Good observation. So in liquidity crisis, right? And since March, basically, the reason why the Fed pumps so much money in is because everyone fucking panics and says,

• 43:03Speaker 02

  Like to me, what my original gut was, if you asked me before, like, this would be beneficial to Bitcoin, but it hasn't been.

• 43:12Anthony Pompliano?

  It's the best performing asset this year, like from an asset class. It's up like 60%.

• 43:16Speaker 02

  When you say asset?

• 43:18Anthony Pompliano?

  So think stocks, precious metals, crypto, like whatever, right? So yes, there are individual stocks that perform better than some, but as a whole, stocks are basically up single-digit percentage from year to date. Gold's up like 20, 25%. Bitcoin's up over 50%.

• 43:33Speaker 02

  Right.

• 43:33Anthony Pompliano?

  So it's outperformed all the other ones on like an asset class basis. And the whole thing is they're pumping all this money. People are scared of inflation. They run to inflation hedge assets, precious metals, real estate, whatever. But Bitcoin's the most volatile. And so it dropped 50% a single day earlier this year. Like scares the shit out of people, right? But then when everything goes up, it just goes up more than everything else.

• 43:53Speaker 02

  And it doubly scares the shit out of people, I think. And part of my, and I know what you're saying, like what Sakashi or whatever the fuck the guy's name is. It, there's nobody count, I'm an accountability guy. So like Nikla, you know, that guy was a fraud and he's like, I like knowing, even if you stole my money, I like knowing who stole it.

• 44:14Speaker 02

  I can be like, this fucking guy. So.

• 44:16Anthony Pompliano?

  You see, I think he deleted his Twitter account.

• 44:18Speaker 02

  He did.

• 44:19Anthony Pompliano?

  He did?

• 44:19Speaker 02

  Yeah, he got out. He got called out. And so to me.

• 44:22Anthony Pompliano?

  Is that what's worse, losing your job or having to delete your Twitter account? Like, would you rather get kicked out of Barstool or have to delete your Twitter account?

• 44:30Speaker 02

  I mean, I have no problem deleting. I'll just come outside Michael Paper, uh, Michael Scott Paper Company. I got like lots of names I can do, so I'm not worried about that. But, you know, that's part of the thing is Bitcoin and I get like, I understand what you're saying, but still, there's an unease and maybe it's, I also have a like, I don't put my toe in the water.

• 44:51Anthony Pompliano?

  Yeah.

• 44:51Speaker 02

  I generally like jump in, like, all right, I want to make like 10 grand. I don't want to fucking do that. I want to put millions into something like, if you looked at what I'm doing right now, like that's why I got caught with my hand in the cookie jar with my own fucking company. It's like, but that's how I operate. So not knowing, being like.

• 45:07Anthony Pompliano?

  Do you think Penn Stock or Bitcoin performs better through the end of next year?

• 45:15Speaker 02

  It's a tough one.

• 45:17Anthony Pompliano?

  But it makes you think.

• 45:18Speaker 02

  Well, no, it makes me think because I, if you told me a month ago that Penn was going to be like 75, I'd be like, that's crazy. Like we're not going like, I, I was happy when it hit like 40. I bought in at like 20. So I don't, it's an interesting one because not only just Penn, the, we, we've hit, and you could look back, we've hit a legalized vice. So I don't think people truly know the market of what we're in. And one of the things I keep hearing, whether it's Penn, whether it's DraftKings, anybody, which I have a bananas disagreement with, is, and I haven't really said it, it, people keep saying the sports book is a gateway drug. It goes to.

• 46:00Speaker 02

  I casino, all the money, all the money is in I casino. And I think, but that's what everyone says.

• 46:06Anthony Pompliano?

  Yeah, but, but that's stupid because it's literally a completely different experience. And if you're a degenerate sports gambler, you want to do that. You don't want to go play fucking roulette.

• 46:14Speaker 02

  But the, the margins are better on online.

• 46:16Anthony Pompliano?

  Yeah, of course.

• 46:17Speaker 02

  And like, picture down the road, if we have online blackjack and I'm talking, I'm dealing and like, that's something people can't.

• 46:22Anthony Pompliano?

  But are they there for you or are they there for the blackjack? Like, how many, how many of the stoolies want to go play what they, for most young kids are probably going to assume is a rigged online gambling?

• 46:32Speaker 02

  I see, I don't think, penny in major companies, I don't think that they're going to think they're rigged. I, I really like, if you're some.

• 46:37Anthony Pompliano?

  For the online gambling, like the actual like casino games?

• 46:40Speaker 02

  Correct. And, and if it's set up in the, in a world where at halftime, hey, go play blackjack for like, I think you can do it. My point is different. I look at, because a lot of the brick and mortars, Penn included, it's like our sports books don't make a ton of money. People want its value. Go look at casinos, how big are the sports books? Most of them, how much real estate do they take up? Not that much because they're like, it's not the money makers, the tables and things like that. But I equate it, and I think this will be something that people aren't factoring in to online poker and poker. If you go to a casino, poker rooms don't make money, they don't. Online poker made a shit ton because there's no walls. So the problem, it, I've always thought, and it's no different with sports books, you need physical space.

• 47:24Speaker 02

  How many people can you put in a sports book? Not that many. But if you run your sports book correctly and you have 50 50 and you're just getting juice and unlimited walls, that juice should be just like the poker that's taking the rake, should be wildly.

• 47:39Anthony Pompliano?

  Well, you guys are also promoting it in a way that the entire space has never seen before.

• 47:43Speaker 02

  Totally different. Everything we do will onset, even the prop I had yesterday, I don't, it's like.

• 47:48Anthony Pompliano?

  Like you can win a jacket if you do this, all, all this bullshit that you guys are doing. Like, by the way, it's genius marketing, but they are shook because they don't understand, like they don't have the personalities to go do this. Jamie Foxx is not going to be like, hey, if you do this bet, we're going to do some crazy shit.

• 48:02Speaker 02

  And not only that, Jamie Foxx, and I like Jamie Foxx, he doesn't give a fuck. Well, it's like Jamie Foxx has so much money and is doing so many things. You think he really cares about pushing MGM's sports book? And even if you look at the deals, which I never understood, um, if you go to Fox Bet or Terry Bradshaw, these guys. Work for the network. They don't like my life is in this and a lot of our guys here. This is it. Like if this fucking thing tanks, then I basically fuck myself on how I sold it. So I'm not guaranteeing that it works, but when you invest in Penn or do this or Penn invest in us, you're getting like my best shot and my only shot. Yeah. So it's a huge difference and, and I love Pat.

• 48:45Speaker 02

  Like I taught Pat how to fucking gamble. Guy never placed a bet literally till three years ago. And he's a jack of all trades, so talented, but he's doing a lot of fucking things. This is it. I have like laser focus and at the very least they got my action, which is a lot of action and I always lose.

• 49:00Anthony Pompliano?

  Are, are you moving to Philadelphia?

• 49:03Speaker 02

  So I am in Philadelphia now. I have to be here Wednesdays because we film all day. And then I head back. Well, we do the show with Deon. So generally on Thursdays. So Wednesdays I'm in the office filming Thursdays. Generally we can't be on schedule now because the job is all over the place. And by Friday I'm back in Philly till Tuesday. So it's like four, three.

• 49:24Anthony Pompliano?

  Okay. Tell me how the Deon Sanders deal happened.

• 49:28Speaker 02

  So

• 49:28Anthony Pompliano?

  By the way, epic, epic get.

• 49:30Speaker 02

  Deon is a thousand percent better than I ever thought he would be. He fits perfectly. Like you can literally say whatever the fuck you want to him. He gets it. He knows he's busting balls. He doesn't take offense. So

• 49:43Anthony Pompliano?

  Were you worried that he might?

• 49:45Speaker 02

  Yes. Yeah.

• 49:46Anthony Pompliano?

  A Hall of Famer, he may

• 49:47Speaker 02

  A lot of the athletes, famous athletes, or even personalities we've dealt with do not fit in. They come from, first of all, network people and people who have money don't have the work ethic we do. We're born from the internet. The only way people find out who you are is because you're better, funnier, worked harder than other people. That's it. That's the culture here. If you have a lot of money, you're an athlete, you've been told you're the best your whole life. You may have a very different like work ethic than we do. So we, we have a podcast out of Philly. Million dollars worth of game.

• 50:18Anthony Pompliano?

  Amazing.

• 50:19Speaker 02

  Most underrated podcasts there is, they're fucking hilarious.

• 50:22Anthony Pompliano?

  Hilarious.

• 50:23Speaker 02

  So they're friends with Deion.

• 50:26Anthony Pompliano?

  Of course they are.

• 50:26Speaker 02

  And they're like, hey, he's looking and he, they did the introduction and we went down to Barstool. Yep. To Erica and I, we flew down, met with him. It's like, what do you want? It seemed like a good fit. There was a lot going on. It's one of those things combo. He's expensive. We're willing to pay. It was a good look for us. We had the pen deal going on. So it's like football show, but he's awesome. He's better than, and everything's like credibility as well. Like, okay, we can compete with these big guys, but he's been, I don't know how he's going to continue it with the job, but he is.

• 51:01Anthony Pompliano?

  For those that don't know, he just went Jackson State. Is he the head coach?

• 51:05Speaker 02

  Yeah, head coach. Did you see his press conference?

• 51:07Anthony Pompliano?

  I saw a clip of it. I didn't see the whole thing.

• 51:09Speaker 02

  It looked like someone said, it looked like coming to America. It did. He had like this caliphate of like cars coming into the gym, like people dropping, it was very prime time, but he's not super prime time off camera.

• 51:23Anthony Pompliano?

  Yeah.

• 51:24Speaker 02

  Like he is, but he isn't. Like he's a guy like that, obviously. You know, if I'm with someone younger and like Deion Sanders, they may be like, who's that? I'm like, really? It's like to me, he's

• 51:35Anthony Pompliano?

  Like he was it.

• 51:36Speaker 02

  Two, three most famous guys, like Bo Jackson, Deion Sanders, like they're it.

• 51:42Anthony Pompliano?

  You ever heard of anybody playing in a football game and a baseball game in the same day?

• 51:45Speaker 02

  But, but in the shit you can say, so I didn't know what to expect because the persona, but he's so down to earth and you'd be like, you, what did I say? Oh, a guy from Boston, Dan Shaughnessy called him a fraud the other day and I'm a Boston guy. I'm like, hey, Deion, he's like, and you can bust a ball, but like you should dump a, a thing of Gator out of his head like McCaffrey. He's like, I fucking hate that guy. Like he, he's, he's very real, very authentic. I didn't know what to expect, but he's a, he's as good an athlete to interact with. I probably have a handful where I'm

• 52:17Anthony Pompliano?

  Who else is up there?

• 52:18Speaker 02

  Greg Olson.

• 52:19Anthony Pompliano?

  Yeah.

• 52:20Speaker 02

  I couldn't be it. Like he's one of the early guys, but I'm as comfortable talking to you.

• 52:25Anthony Pompliano?

  Wasn't he doing the, uh, the van talk, right?

• 52:28Speaker 02

  Yeah. He left Super Bowl media day, media day, because they won't let us in to come talk to us in the van early. And by the way, there is nothing, like I'm a huge loyalty guy. Like I really. Really appreciate the guys who were with us before he blew up and in or before they blew up and stay with us. Goes a long way and I'm the same way, but it is crazy. Like I went to a party the other day in the Hamptons, no big deal, but it was like I walk in and Blake Griffin was there. He literally like grabs me and like just he's like, I love Barstool and just grabbed me. We went up and shot the shit in a room for like an hour. It's surreal shit like that that that is still stunning.

• 53:09Anthony Pompliano?

  The point when I realized like this is no longer Barstool of I think everyone grew up in college, whatever Ron was the Joe Burrow or Coach O, whatever interview. I was like, wait, what? That was the first interview that they gave? How the fuck did this?

• 53:23Speaker 02

  Yeah. It's great. You know, we've always been with the athletes. Very strange because athletes, unlike ESPN where they're out and asking athletes like asked to come, the ones that do well, like Kevin Hayes, who's had an unbelievable season for the Flyers. Like I'm legitimately very good friends with these through the system and it, we got to the point, kind of what you said, a lot of the guys who play sports now or in the pros, they grew up with us. Like they're reading it in like high school. So the, they're like fans and then they know we're not out to get them. Like we're never trying to get out of people like gotcha quotes. We're trying to be funny and interesting, give a different look and they appreciate it.

• 54:01Anthony Pompliano?

  But I think that's also why you guys are so successful, right? It's like media is shifting now to nobody cares about what does X, you know, network? How do they take what I said, manipulate it, take a quote and put their spin on it? Like I just want to hear what you say. I just want to hear what Greg Olson says, whatever. And you guys just created platforms where they can come do that.

• 54:19Speaker 02

  And we're protective. Like, I mean, Kevin Hayes, like for example, we got a video sent to us. He didn't do anything wrong. He was just making a ruckus in like a Chinese food restaurant. It was very funny. I was like, dude, like clean it up. Like we're not going to post it. Just heads up. So, you know, we're not, it, we're not out.

• 54:35Anthony Pompliano?

  Yeah, TMZ.

• 54:37Speaker 02

  Yeah, we're not out trying to make people look bad. And we're also one of the few places, especially nowadays, where like, we don't really apologize for, hey, you like to drink beer and like go fuck chicks. Like that's like frowned upon somehow now. Like we don't, it's like. All right, we're, we're guys. Like, we're not, we're not bad. We're not what everyone's saying.

• 54:56Anthony Pompliano?

  You're just authentic.

• 54:57Speaker 02

  Correct.

• 54:57Anthony Pompliano?

  It's just like, literally, this is what I would do if the camera wasn't here. So like, if you want to watch, watch. If not, then don't.

• 55:02Speaker 02

  That's always, always the shit that I've heard, the negative about me. They're always like, if he says this on camera, imagine what he says off camera. It's like, that, that's the fucking point. Like, you're getting as unfiltered.

• 55:14Anthony Pompliano?

  That's why you're mad to begin with is because I literally said the worst thing I was gonna say.

• 55:17Speaker 02

  Yeah, right, right. And, and that's it. Like, there's nothing else. I'm talking as if we're not on camera. That's how I am all the time. I've always said I, like, the people I don't want, there's people who've come through the walls and like, oh, I like this person. I don't like this person. This person's cool. Put a camera on me.

• 55:33Anthony Pompliano?

  Yeah.

• 55:33Speaker 02

  24/7, you're gonna get the same exact person 24/7. There's a lot of people probably not like that.

• 55:41Anthony Pompliano?

  All right. I got three questions to end it.

• 55:43Speaker 02

  Yep.

• 55:44Anthony Pompliano?

  Biggest regret you have over the last 17 years?

• 55:50Speaker 02

  I really don't have many. I've been asked this before and it's like, I started one company, it's this. I, did I have like irrational confidence because like maybe other people would quit or whatever, but everything I seem to do has seemed to work. It's been a dream. I mean, I, I started a company in my basement with no money, delivering newspapers and got here. I would have been happy making 60 grand a year. Honestly, it wasn't about money. So it's hard for, everything's worked. So I don't have business. I have, I have no regrets.

• 56:23Anthony Pompliano?

  All right. Side note, real quick. The ESPN Van Talk.

• 56:27Speaker 02

  Yeah.

• 56:27Anthony Pompliano?

  Controversy. What happened?

• 56:29Speaker 02

  So, th- that, that was an interesting point in Barstool because part of my take blew up and ESPN wanted them, basically. And we were at a point, probably Dan and I more so than PFT, where he's looking, his open market value was more than what he was making here. It's like, kind of like everybody's like, how am I gonna, you know, this is my moment too. So ESPN wanted them. I was never comfortable with the deal. But, uh, essentially what happened was.

• 57:02Speaker 02

  And we did that deal. Why we agreed to that deal was to like, basically, okay, we can't like,

• 57:07Anthony Pompliano?

  test it, see what happens.

• 57:08Speaker 02

  Not only test it, we gotta let them like, stretch their legs and grow. They wanted it. Dan and PFT really wanted this deal. Um, so it's like, okay, we'll, we'll try to make it work. And at first ESPN just like, wanted to call it like Van Talk, no Barstool in it. They essentially, what they wanted to do was test drive Dan PFT. The contracts would be up in a little bit. It's like, they knew they could probably pay them more. And it was very obvious to like, myself and Eric, like, we know what you're doing. So you, if you're gonna use our talent, you better fucking call it Barstool Van Talk. So we did, fine. This was like, a year in the works. Ne- I, I was never comfortable with it. Um, I always felt like they thought it was dirty, but we get there. And, I don't know, a day

• 57:53Speaker 02

  or two after it launches.

• 57:55Anthony Pompliano?

  The first episode goes.

• 57:56Speaker 02

  First episode goes.

• 57:57Anthony Pompliano?

  It was a hit?

• 57:58Speaker 02

  It did well.

• 57:59Anthony Pompliano?

  Okay.

• 57:59Speaker 02

  I mean, they put it on, I forget what it was on.

• 58:01Anthony Pompliano?

  Like midnight or something.

• 58:02Speaker 02

  One or two in the morning on ESPN2. Um, so they put it on.

• 58:05Anthony Pompliano?

  They didn't even give you ESPN, they gave you ESPN2 and one N.

• 58:08Speaker 02

  It was just smart, because you have our audience who's gonna watch it. And, and honestly, those two guys are as talented. Dan's like, the most talented, hardworking guy there is. So that, he's got, everything he does works. So it would have worked. Um, and then, they cancel it. They issue a press release, I believe, or no, we found out that they were canceling it. And it all stemmed from, I talked about Sam Ponder with Dan, years and years ago. And Barstool, it's locker room talk. And we had a podcast, Pick'em Podcast, which we still do, it's like, 10 years old. We'd call each other up, and we were talking just about the games, which we always did. And, and Sam Ponder

• 58:51Speaker 02

  just had the kid. And she was toting the kid, all over ESPN Game Day. And we were talking about a game, and, and I, and we were both going back and forth, but it was like, you know, I don't wanna see Sam Ponder's kid on Game Day. Nobody does. I'll die on that hill. It's like, young, who, Sam Ponder's super hot, but nobody wants to see, it's like an all guys show. Reason she was hired is she's very attractive, knows football. Another thing I sometimes get in trouble, it's not a coincidence, most sideline reporters are attractive. Doesn't mean that's the only requirement, you have to be talented, but you have to be pretty to look at. So it's like talking in her way, it's like, I, I, I don't want to see her and her kid on the sideline anymore. And I actually said, she has to stop being a prude and slut it up. That's what I said.

• 59:36Anthony Pompliano?

  I'm assuming she didn't like that.

• 59:38Speaker 02

  We didn't know she didn't like it. We didn't even know.

• 59:39Anthony Pompliano?

  So there were, so that's an important point. You guys never had a conversation.

• 59:43Speaker 02

  Interact. So.

• 59:44Anthony Pompliano?

  But, but obviously understandable why she didn't like that.

• 59:46Speaker 02

  Totally. And I've said this about her in a respect. First of all, it's not calling someone a slut. I said it's semantics. I went back and looked, I called my sales guys. I just used the word a lot. It was a different time. It was a free word you could use. But I was being like, we, you, you go stop, yeah, stop being, yeah, so whatever. I didn't call her. It's like you're being, I said the opposite. She's got her kid and like, but three years passed, four years passed. And the show gets launched and she starts, according to the press reports, the crusade against us being like, we're going into business with these guys who said this about me four years ago. I didn't even know what we said. We said a lot. So that, in that actual respect, I, I was like, I do respect Sam Parr. She held a grudge for four years.

• 1:00:31Anthony Pompliano?

  So I was gonna say, she's a Dave Portnoy.

• 1:00:34Speaker 02

  She waited for the moment and she came in guns ablazin' and sank it. And, and the quote that John Skipper had.

• 1:00:40Anthony Pompliano?

  Kill shot.

• 1:00:41Speaker 02

  Yeah. Yeah. And the quote John Skipper had was, I didn't know that people would associate the Barstool Sports, Barstool Van Talk with Barstool Sports. It's like, what are you talking about? He literally said that. By the way, like two weeks later, resigned, coke addiction, best thing ever, popping champagne bottles.

• 1:00:58Anthony Pompliano?

  I was gonna say, was that your, you had a bottle?

• 1:01:01Speaker 02

  So the Sam Ponder, where, where I differ from Sam Ponder, because that part, we said it, I have no problem with it. She then made up. Things that I didn't say and just blatant lies. So I can say I just said what I said and I wouldn't say it now. And she actually, the stoolies being who they are, went back and dug up like a thousand tweets of her calling people sluts and shit. Similar language. She apologized like, it's like I've changed as a person.

• 1:01:29Anthony Pompliano?

  It's definitely a different world today than it was even five years ago.

• 1:01:32Speaker 02

  And that's always like Deadspin who, who.

• 1:01:35Anthony Pompliano?

  You love.

• 1:01:36Speaker 02

  Despise and are the first ones to throw stones at me in the past. They deleted their entire Twitter history. All of it. And then they'd be like, we changed. I have always said, I won't delete any of my Twitter history. It's all there. It's an open book. I've said what I've said. Times are different. I wouldn't say it. Most of the shit that people dig up on me now is five to 10 years old. And they were meant to be jokes.

• 1:02:00Anthony Pompliano?

  And it wasn't bad at the time, mostly. There might be one or two that people get very upset about, right? And rightfully so, but for the most part, most of it.

• 1:02:08Speaker 02

  There's nothing I ever have said that was with the intent to make people truly feel that, unless I hate you. But then I don't want to use that. Like, the things I say that are trouble are people I don't know or like just in conversation, like in a locker room environment. If I despise you like Ross Gerber, I'm saying things to wound you on a professional level. But like the Sam Ponder thing came up so organically and we're like talking, I would have said it in a different way. But the point like, nobody wants to see your newborn every single week in all your segments on college game day. I would say it like that.

• 1:02:43Anthony Pompliano?

  Did, did that show getting canceled say, fuck it, we're not gonna play with the networks anymore?

• 1:02:48Speaker 02

  Pretty much.

• 1:02:49Anthony Pompliano?

  Okay. That's what it looks like.

• 1:02:50Speaker 02

  Yes.

• 1:02:51Anthony Pompliano?

  And you don't need them.

• 1:02:53Speaker 02

  I think TV still matters.

• 1:02:55Anthony Pompliano?

  Okay.

• 1:02:55Speaker 02

  And I would love a network, our own network, but like we do the Barstool Sports Advisors, which I think is pretty much the best football show on TV. We tried to buy.

• 1:03:03Anthony Pompliano?

  Built for the internet, like literally built for the.

• 1:03:05Speaker 02

  Yeah. They, they tried to say that we couldn't swear in it. Like we like to beep out the words. They're like, you can't swear. Like, all right, we're not running it. We're gonna keep it fresh.

• 1:03:15Speaker 02

  It'll come around. I think everything will come around. I mean, when I did the

• 1:03:19Anthony Pompliano?

  Is TV ready for like what I'll call the internet content? Like how you use the green screen, you have all the graphics, like TV is ready for that.

• 1:03:26Speaker 02

  Definitely. And it goes backwards. I mean, again, you look at everything and he did get in trouble with like, you know, people just picking shoes, the hypocrisy of everything, which drives me nuts, like Jimmy Kimmel man show and like that almost. If we did that, and he did get in some trouble for, I think, blackface, but if he, if I did the man show, I'd never stop hearing about it ever. I never get, I know people, what I say and do, even though we're very clear comedy, I've always said, what people say about us is you go into a comedy show, you don't have a ticket, you don't know who the comedian is. You hear a joke you don't like, you go into the street, you'll be like, you never believe what this guy says and you give no context of where you heard. That's what I feel like people do to us. I don't know how it started. I don't know what it is because I think a lot of people now do kind of similar stuff to us.

• 1:04:11Speaker 02

  But when we say it, it hits different and I have no idea why.

• 1:04:14Anthony Pompliano?

  You know, you just get almost labeled as people, people are waiting for you to say something.

• 1:04:18Speaker 02

  And then I double down, I get in fights, like I don't back down. I'm never like, oops, sorry, I shouldn't have said that. It's like, fuck you. It's like a joke. If you can't take it, get the fuck out of here.

• 1:04:25Anthony Pompliano?

  But is that not the right way to handle it? Like, like in terms of, there's some people who say something and they would immediately backtrack and almost like

• 1:04:31Speaker 02

  Fake apologies.

• 1:04:32Anthony Pompliano?

  Yeah. And then the crowd or the mob wins, right? Versus if you say something and you mean it and you just stand the line.

• 1:04:38Speaker 02

  Yeah, I get a lot on Twitter and anybody like, hey, when's he gonna learn? You idiot, when are you gonna do this? And I turn around, it's like, why would I change what I'm doing because it's what got us here, you know? It's like Barstool is as successful or more than I ever dreamed by being authentic and just being kind of myself. And by the way, my friends, I'm like just a combative person and even like Kevin, who's sitting over here is relatively new. Like, I'm pretty mean and straightforward and then I forget about it like five minutes later. Like, that's how I am. People can come in and like yell at me. I don't really care. That's just, that's my personality.

• 1:05:16Anthony Pompliano?

  That's fair.

• 1:05:17Speaker 02

  Yeah.

• 1:05:17Anthony Pompliano?

  Are you gonna buy 1% of net worth in Bitcoin?

• 1:05:20Speaker 02

  I'll get back. I've been saying I'll get back in Bitcoin.

• 1:05:23Anthony Pompliano?

  Alright.

• 1:05:23Speaker 02

  I don't know when, I mean, like, so

• 1:05:26Anthony Pompliano?

  You should, you should do it and then just wait till the end of next year.

• 1:05:30Speaker 02

  You know.

• 1:05:30Anthony Pompliano?

  You can't look at it because you got weak hands like you'll sell it.

• 1:05:33Speaker 02

  That somebody made me like a mini pair of mittens like I love the weak.

• 1:05:39Anthony Pompliano?

  Did they, did they?

• 1:05:39Speaker 02

  They sent me.

• 1:05:40Anthony Pompliano?

  Did you, did you see all the, uh, the replies to the question I asked yesterday? I said, what should I ask them?

• 1:05:45Speaker 02

  The week.

• 1:05:46Anthony Pompliano?

  50% of them or just ask them, how, how does he, how does he eat with such weak hands? How does he?

• 1:05:50Speaker 02

  Listen, everyone thinks I'm like some. The, the, I know, I knew I had to be involved in crypto. Within like 15 minutes of starting to see the response like, oh, these are kind of my people and I.

• 1:06:05Anthony Pompliano?

  The best memes like the Vin Dogg is good.

• 1:06:08Speaker 02

  Well, Vin Dogg's the best.

• 1:06:10Anthony Pompliano?

  I mean.

• 1:06:11Speaker 02

  If you, if you. You, you.

• 1:06:12Anthony Pompliano?

  If you go, if you go Vin Dogg versus Bitcoiners, who, who wins the meme?

• 1:06:15Speaker 02

  Vin Dogg.

• 1:06:17Anthony Pompliano?

  I don't know. They're, they're relentless.

• 1:06:19Speaker 02

  They're.

• 1:06:20Anthony Pompliano?

  It's one man versus an army.

• 1:06:22Speaker 02

  How many live action memes have you seen from the Bitcoiners? None.

• 1:06:26Anthony Pompliano?

  Listen, if you, if you put the challenge out.

• 1:06:28Speaker 02

  Categories, fine.

• 1:06:29Anthony Pompliano?

  If you put the challenge out, then the Bitcoiners are going to send you live action memes and they're, and you're going to literally run out of money hiring all of them for, for live action memes.

• 1:06:36Speaker 02

  Means are good. I listen, I.

• 1:06:38Anthony Pompliano?

  They are good. Vin Dogg is one of the best.

• 1:06:40Speaker 02

  Oh, Vin Dogg is right on the perfect line of you can't tell whether he's serious or what, because his, his actual memes are all like super PG. So it's like he, he puts your face on like a baseball and it's like a home run itself. Like there is no answer for that. There is no answer for the Vin Dogg.

• 1:06:57Anthony Pompliano?

  He's out in his yard like drop kicking his son.

• 1:07:00Speaker 02

  And that's probably why we in the crypto, like, I don't know how many of them have actually like know who Vin Dogg is or saw it. But there's very few people on our side of the world. Like when I saw Vin Dogg, like I knew it was higher. Like, oh my God, I have a nuclear meme weapon sitting here. It's like, well, I, I need this guy. Instantly hired, we, we literally, he was a shop teacher that we hired. Um, he's like, what about my social security? All that's like, dude, just, you're going to make memes for us and kill people. But no, the crypto, I, I love crypto.

• 1:07:28Anthony Pompliano?

  You talked a, uh, somebody who was about to get social security out of taking social security to come make memes for Barstool.

• 1:07:34Speaker 02

  Like a lot, he'd been the shop teacher for like 40 years. Um, the, yeah, I, I'll get back in my finances. So we're, it's like, I, I do like knowing what I have. I have so much in flux with Penn. In my own day trading account, like.

• 1:07:48Anthony Pompliano?

  You, you cannot answer this, but what do you, do you just keep a bunch of cash or is it all in Penn?

• 1:07:54Speaker 02

  No, I, I, I have so.

• 1:07:56Anthony Pompliano?

  You strike me as a guy who's like super risky with a majority.

• 1:08:01Speaker 02

  Correct.

• 1:08:01Anthony Pompliano?

  But then you're also like, I probably should keep more cash than most because I know I'm crazy and will do crazy dumb risky things.

• 1:08:07Speaker 02

  I'm pretty much pushing at all times. Like I, uh, so I have my own day trading account, which is now about even. So I was down three. I was up four and now I think right now I'm like dead even because the last two weeks I've gotten lost like four mil. And then I have a pro like, uh, investment that I'm not like day trading, but if you looked at what it is, it's still pretty risky and I just like buying Penn because it's like me.

• 1:08:32Anthony Pompliano?

  Is that what it is?

• 1:08:34Speaker 02

  All Penn?

• 1:08:34Anthony Pompliano?

  Yeah.

• 1:08:35Speaker 02

  No, I probably have like, I have like Penn, I have Amazon.

• 1:08:38Anthony Pompliano?

  Oh, so you have a stock portfolio?

• 1:08:40Speaker 02

  Correct. Yes. Um, but I don't have much like liquid really. It's all invested.

• 1:08:45Anthony Pompliano?

  Yeah. You're not sitting with like $10 million in a bank account.

• 1:08:48Speaker 02

  I'm sitting with like nothing in the bank. I was all invested. It's all invested.

• 1:08:52Anthony Pompliano?

  Which by the way, is a smart strategy right now, given the fact that they're going to devalue the dollar and.

• 1:08:56Speaker 02

  Well, I don't know. It's the, it depends who you talk to. Everyone says no, but I mean, again, I'm young enough. So it's like, I'm not.

• 1:09:02Anthony Pompliano?

  What are you, 42?

• 1:09:03Speaker 02

  43. So like Amazon, I don't care if Amazon goes down, it's coming back. Like the Amazon's fucking what's Bezos Shopify, like those.

• 1:09:09Anthony Pompliano?

  You had an Amazon warehouse in your apartment.

• 1:09:11Speaker 02

  Correct. Yeah. So those stocks, I have zero, zero fear or anything like that of, um, you know, the ones that I'm risking on like the, the energy cars and shit like that. Not the Teslas, but like the younger ones. And even like I said, I don't think anyone knows this space, the gambling. I, I will be safe, but I think the majority, it's a race to the bottom for a lot of the, I think there'll be a ton of consolidation in the online gambling space.

• 1:09:39Anthony Pompliano?

  That's fair. Uh, last question. Every Saturday, Domino's mainly because it's just super.

• 1:09:44Speaker 02

  You do?

• 1:09:45Anthony Pompliano?

  Every Saturday. Every Saturday.

• 1:09:47Speaker 02

  For real?

• 1:09:47Anthony Pompliano?

  For real.

• 1:09:48Speaker 02

  Where do you live?

• 1:09:50Anthony Pompliano?

  In New York, 44th and 3rd.

• 1:09:52Speaker 02

  What do you do?

• 1:09:54Anthony Pompliano?

  What do you mean?

• 1:09:54Speaker 02

  What like, you're sitting here with me. Like, I saw your, like, what do you do?

• 1:10:00Anthony Pompliano?

  Domino's is the inflection point?

• 1:10:02Speaker 02

  Well, it raises credibility issues.

• 1:10:07Speaker 02

  It does. If that's like what you're eating.

• 1:10:09Anthony Pompliano?

  Well, I was, what I was gonna ask, it just, every Saturday, one meal. And I was gonna ask, where, I'm assuming that you've done a pizza review for it.

• 1:10:15Speaker 02

  Domino's?

• 1:10:16Anthony Pompliano?

  Domino's?

• 1:10:16Speaker 02

  Yeah, it's not good.

• 1:10:17Anthony Pompliano?

  No?

• 1:10:18Speaker 02

  No. That's why I raise credibility issues.

• 1:10:20Anthony Pompliano?

  What, where did you, do you remember what you ranked? How many times you think you've eaten Domino's in the last year? Over, under five times?

• 1:10:27Speaker 02

  Did I do Domino's? It's, it's, I can't remember.

• 1:10:31Anthony Pompliano?

  Domino's stock outperformed Amazon.

• 1:10:33Speaker 02

  The total would be half. Well, it was, the pandemic was very good.

• 1:10:37Anthony Pompliano?

  No, no, no, the last five years.

• 1:10:38Speaker 02

  Oh, five years. Really? Domino's outperformed Amazon?

• 1:10:42Anthony Pompliano?

  Crushed it.

• 1:10:44Speaker 02

  That's impossible.

• 1:10:45Speaker 03

  I'm gonna show you a.

• 1:10:46Speaker 02

  Domino's outperformed Amazon? I don't believe that.

• 1:10:49Anthony Pompliano?

  Here's why. Because the mobile ordering? They've absolutely crushed it.

• 1:10:53Speaker 02

  I don't believe that, though.

• 1:10:55Anthony Pompliano?

  Alright, well, when I show you, you're gonna go buy Domino's stock now.

• 1:11:00Anthony Pompliano?

  Here.

• 1:11:03Anthony Pompliano?

  Look at this fucking chart.

• 1:11:08Anthony Pompliano?

  Domino's.

• 1:11:08Speaker 02

  Well, you're showing me stuff, but that, alright, that's a good chart, but I still.

• 1:11:12Anthony Pompliano?

  That's from 2010 to 2018. So, eight years. Absolutely crushed Amazon, Apple, Facebook, and Google.

• 1:11:21Speaker 02

  So, you didn't answer, though. What do you do? What's your?

• 1:11:23Anthony Pompliano?

  I do a bunch of stuff.

• 1:11:24Speaker 02

  Alright, what?

• 1:11:25Anthony Pompliano?

  Invest. Build a company.

• 1:11:28Speaker 02

  What company?

• 1:11:29Anthony Pompliano?

  I've got a whole digital content thing.

• 1:11:31Speaker 02

  Okay. So, right now, these, these are vague answers. So, are you like a professional?

• 1:11:34Anthony Pompliano?

  Well, I'm here to ask you questions.

• 1:11:36Speaker 02

  Well, no, that's what I'm trying to figure out. Like, what, what is it?

• 1:11:40Anthony Pompliano?

  So, I've got a couple of funds, right, that I invest, all early-stage technologies, no public stocks.

• 1:11:46Speaker 02

  Is that what you say, professional investor?

• 1:11:48Anthony Pompliano?

  Yeah, so I invest.

• 1:11:48Speaker 02

  So, what's like your net worth? Are you rich?

• 1:11:50Anthony Pompliano?

  Huh? Rich enough.

• 1:11:52Speaker 02

  Are you richer than me?

• 1:11:53Anthony Pompliano?

  No.

• 1:11:54Speaker 02

  Okay.

• 1:11:55Anthony Pompliano?

  But.

• 1:11:55Speaker 02

  Where'd you make your money at?

• 1:11:56Anthony Pompliano?

  Where?

• 1:11:57Speaker 02

  How?

• 1:11:57Anthony Pompliano?

  Investing and then.

• 1:11:58Speaker 02

  Starting, like you just took your own money and started.

• 1:12:01Anthony Pompliano?

  Oh, no, no, I did other things. I worked at Facebook and other places, stuff like that, too. But, uh, and then I've got a, uh, podcast, got a email.

• 1:12:08Speaker 02

  Like I'm on it right now.

• 1:12:09Anthony Pompliano?

  You're on it right now.

• 1:12:09Speaker 02

  Correct.

• 1:12:10Anthony Pompliano?

  Top 10 tech podcasts in the US.

• 1:12:12Speaker 02

  Got it.

• 1:12:12Anthony Pompliano?

  And then, uh, those, obviously very good business to be in.

• 1:12:15Speaker 02

  That's what, by the way, I always liked the Ross Gerbers of the world. Do you like him?

• 1:12:19Anthony Pompliano?

  Huh? I, I, I'm cool with everybody.

• 1:12:21Speaker 02

  He's a cock, but, and a used car salesman, but I love guys like, what'd that guy do?

• 1:12:27Anthony Pompliano?

  What guy?

• 1:12:27Speaker 02

  Is he just, uh?

• 1:12:28Anthony Pompliano?

  But here, but here's the thing, right? So.

• 1:12:30Speaker 02

  But did he ever do, like, guys like that who chirp at me? It's like, dude, what are you talking, like, he, like, what?

• 1:12:35Anthony Pompliano?

  You have to remember, but so here's the thing, a lot of those guys, you gotta remember, they have built businesses. It's just not the type of business that like.

• 1:12:41Speaker 02

  Built.

• 1:12:42Anthony Pompliano?

  Well, that's what I'm saying. He, the, the place that he built, right, is an asset management firm. Now, it's a completely different business than actually selling products or doing anything like that, but it's always a weird thing.

• 1:12:50Speaker 02

  Those who can't do a teach.

• 1:12:54Speaker 02

  Like, what is this quote he said at me? Where, uh? Today.

• 1:12:59Anthony Pompliano?

  This guy, this guy really got underneath your skin.

• 1:13:01Speaker 02

  Well, someone, when you were coming in, I saw somebody tweet at me, be like, ask him about Gerber because he's on your show.

• 1:13:09Anthony Pompliano?

  Oh, yeah, he came on the podcast. A bunch of the finance guys have.

• 1:13:11Speaker 02

  Yeah, because, right. You know why? Those guys need fucking publicity. Cause they gotta fucking sell their junk bonds to the fucking unknowing old ladies and steal their pensions.

• 1:13:21Anthony Pompliano?

  You realize that their, uh, their argument back would be that you're trying to get people to gamble.

• 1:13:27Speaker 02

  Totally. But I'm honest about what I'm doing.

• 1:13:31Anthony Pompliano?

  Yeah, but like, that's, that's also why it works.

• 1:13:33Speaker 02

  This, this Ross Gerber, Penn Gaming issued a ton of stock, as we called that secondary from a mile away. Penn is out of money with 41 bleeding casinos. They used pump, Dave to pump the stock and now the dump. That's, that's just a blatant lie. That's an absolute lie.

• 1:13:48Anthony Pompliano?

  Did you respond?

• 1:13:49Speaker 02

  Uh, my response was, hey, Ross, remember when you begged me to come on your podcast and I stuffed you in a locker? All right, you deleted it. He did delete it, cause you're a used car salesman who lies and cheats and deletes whenever they're wrong. You should be in jail for stealing hard people's life savings with the screenshot. He did ask me to come on, he's like, come on my podcast. I was like, hey, I have, hey, I have an idea. Suck my dick.

• 1:14:14Anthony Pompliano?

  You realize that people in finance are not used to that type of reaction?

• 1:14:19Speaker 02

  Well, this guy, this guy thinks he like, I don't have a memory. Like, he called me an idiot for not, he literally, he's the, alright, so the only reason I know who he is, he reached out to me, he's like, basically, in so many words, said, "You're too dumb to invest your money. Give it to me and I'll invest it." I've seen plenty of people like you make money and blow it. It's like, who the fuck is this guy? So, I said, I like, talked about it, basically like, who the fuck is this guy? And by the way, if you're out on Twitter trolling for people to invest, that's not who I want to invest with. I want to invest with people who I have to wine and dine them. That's who I want to give my money to, it's like, no, we don't want your money. Your money's no good here.

• 1:15:03Speaker 02

  Like, that's who I want to give my money, not some fucking junk bond guy who's like, hey, give me your money on fucking Twitter to a rando. Who would ever give your money to that? That's not how it works. Like, you gotta find somebody who's so exclusive that they don't want more people, not fucking Ross Gerber.

• 1:15:20Anthony Pompliano?

  Do you, do you have anyone who manages any of your money?

• 1:15:22Speaker 02

  I have one guy, but it's like a collab issue, yeah.

• 1:15:25Anthony Pompliano?

  Alright, but, so you're not doing it all yourself?

• 1:15:28Speaker 02

  The, no, I have a guy like JP Moore.

• 1:15:30Anthony Pompliano?

  Yeah, who like helps, oh, you like, work with the suits at the bank?

• 1:15:34Speaker 02

  I call him a suit.

• 1:15:36Anthony Pompliano?

  He probably doesn't.

• 1:15:37Speaker 02

  But again, it's the same way, like, so.

• 1:15:39Anthony Pompliano?

  In an endearing way?

• 1:15:40Speaker 02

  Yeah, there, there's somebody who, like, I.

• 1:15:43Anthony Pompliano?

  Do you send him emails, "Hey, suit, will ya?"

• 1:15:45Speaker 02

  If his socks are down, like, the suits, you, you and your suits, you're fucking killing me. But he's actually been more conservative, like, you should sell, it's like, no, we're fucking pushing, push, push. But, uh, like, I, so there was a guy I know who started a hedge fund, like, through a friend of a friend, and it was the same words, like, "I'll try to introduce you." It was, it was hard to find somebody who's comfortable with, not fucking this guy who was wearing rent-a-tux on the fucking social media begging people.

• 1:16:09Anthony Pompliano?

  Go back to Domino's for a second, you don't remember if you did a review or not?

• 1:16:12Speaker 02

  I actually thought I did, but I think it's Pizza Hut, I don't think I've ever done it. Yeah, I don't never done Domino's.

• 1:16:18Anthony Pompliano?

  I'm telling you, you got, I'll order the pizza.

• 1:16:20Speaker 02

  I've had Domino's.

• 1:16:22Anthony Pompliano?

  No, no, no. Lately? Sober?

• 1:16:25Speaker 02

  No.

• 1:16:26Anthony Pompliano?

  Yeah, exactly. If you eat it sober, you're gonna be shocked.

• 1:16:32Anthony Pompliano?

  Stocks outperformed, uh?

• 1:16:33Speaker 02

  Do a review.

• 1:16:34Anthony Pompliano?

  Alright, you do a Domino's review.

• 1:16:35Speaker 02

  That doesn't mean it's good.

• 1:16:37Anthony Pompliano?

  Well, people keep buying it.

• 1:16:38Speaker 02

  Yeah, but that doesn't mean it's good.

• 1:16:40Anthony Pompliano?

  Do you keep buying shitty pizza?

• 1:16:43Speaker 02

  A lot of people would buy, like, there's plenty of shitty food. No, I don't.

• 1:16:46Anthony Pompliano?

  Alright.

• 1:16:46Speaker 02

  But, I mean, you could use, there's plenty of stocks of food stocks I probably don't like that, like Kentucky Fried Chicken, which I actually kind, but fast food, McDonald's, I don't like McDonald's.

• 1:16:56Anthony Pompliano?

  Oh, that's blasphemous.

• 1:16:57Speaker 02

  Makes me feel bad. I mean, I like the taste, I don't like the after effects.

• 1:17:01Anthony Pompliano?

  Well, that's fine. Yeah, but you enjoy it when you're eating it. Yeah, of course. That's what makes it great. Alright, that's it, guys. Appreciate it. Thanks.

• 1:17:09Speaker 02

  No problem.