#42 - Wall Street Bets & Tesla Shorts, Curating Job Boards & Executive Recruitment Firms

Sam and Shaan are back talking news, trends, interesting products and businesses. The way to make a million is by surrounding yourself around other people who want it. Join our Facebook group where we share ideas and help each other out: www.facebook.com/groups/ourfirstmillion. Harry's (D2C razor brand) sale blocked & D2C selling to PE strategy (0:55), /r/WallStreetBets & Tesla shorts (6:05), Drew Houston sitting on Facebook board & Professional board sitters (11:39), Labor law posters, MailChimp for governments & other weird compliance rules (14:48), Turnkey compliance, contracting remote workers & Letsdeel.com (18:11), Huge unsexy business: exec headhunting (21:23), Influential people curating job boards (27:52), Crowd-sources salary comparison sites like levels.fyi (33:08) & The Ringer selling to Spotify & why it makes podcast acquisitions make sense (35:41). See acast.com/privacy for privacy and opt-out information.

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

• 0:00Shaan Puri?

  Uh, did your thing go viral?

• 0:01Sam Parr?

  The Amazon dating thing?

• 0:02Shaan Puri?

  Yeah.

• 0:03Sam Parr?

  It's all relative, but I am, it, the, compared to what I'm used to.

• 0:07Shaan Puri?

  I saw that same link in like five other groups I was in. I don't know if they saw it through you or not, but um, that link is spreading.

• 0:14Sam Parr?

  Yeah, I don't, I don't, I have no idea if I was the catalyst, but I'm just trying to play the, this Twitter game. It's a game to me at this point and uh, I'm trying to crack it, crack the code.

• 0:23Shaan Puri?

  Nice.

• 0:23Sam Parr?

  We're gonna give this a go. We're gonna try three times a week. Um, our goal, Sean and I's goal is to hit a hundred thousand listens per episode.

• 0:31Shaan Puri?

  Hundred thousand, baby.

• 0:33Sam Parr?

  Hundred thousand. We are.

• 0:34Shaan Puri?

  Per, per episode?

• 0:35Sam Parr?

  Per episode. Um, I don't wanna reveal where we are now.

• 0:38Shaan Puri?

  Okay, that's fine.

• 0:39Sam Parr?

  But we're, we, I think we can hit it.

• 0:41Shaan Puri?

  Yeah.

• 0:41Sam Parr?

  But we're gonna need help, so please share and get people on this. And then we're gonna have video clips coming soon, which will uh, hopefully help. So let's kick this off by, let's bring up some new stuff and then I have a whole bunch of opportunities I wanna go over and I think you do as well, right?

• 0:55Shaan Puri?

  Yeah.

• 0:55Sam Parr?

  All right. First big news thing. All right. So Harry's, the razor company, um, you see they got blocked. Um.

• 1:01Shaan Puri?

  Yeah. So what happened? They tried to sell the company and FTC stepped in and said, no.

• 1:05Sam Parr?

  FTC blocked it and I read the report. Basically what it said is Edge, is it Edgewell? Edgewell and Glick are the two biggest guys. Edgewell wants to buy it for over a billion dollars. FTC blocked it. They said it's gonna be a monopoly. Um.

• 1:18Shaan Puri?

  How could this be a monopoly, right? Like?

• 1:20Sam Parr?

  Because here's why. I read the report. They put buying razors online in one category and buying them in stores in another category. And they only looked at stores. So they didn't say Amazon was competition. They said Target. They looked at, they talked about Target and things like that.

• 1:31Shaan Puri?

  Gotcha. So they monopolized the in-store component of something.

• 1:35Sam Parr?

  I actually think it's bullshit.

• 1:36Shaan Puri?

  That's a silly way of doing it.

• 1:37Sam Parr?

  It's, it's bullshit. But, so what happened was, this is what I'm getting at with this. Harry's got blocked and Casper is going public at a half of the valuation in which they raised money at.

• 1:48Shaan Puri?

  Right.

• 1:49Sam Parr?

  Not good for this whole D to C thing. My prediction is, and I think many people have this prediction, is that the DTC companies, what they're gonna have to do is go the route of getting sold to PE companies.

• 2:01Shaan Puri?

  Right.

• 2:01Sam Parr?

  And which means it's gonna be ruthlessly prioritized of

• 2:05Shaan Puri?

  Profits.

• 2:06Sam Parr?

  Profits. So like five, 10 times profit. I think it's a good thing.

• 2:10Shaan Puri?

  Yeah, I had the founder of LifeAid or FitAid, they have a bunch of drinks, it's basically a beverage company, on, and he sold to PE, and he sold, I think, when they were at like roughly 30 million in sales or something like that, and now it's much bigger than that. And so, and you know, his path was so, it wasn't, didn't take a miracle, you know what I mean? Like, he made a good product, he distributed it through CrossFit and others, and then he had the, he had the financials in place where they, it wasn't like Casper where it's like, the marketing expenses are just so out of control, that the business just doesn't make any sense.

• 2:47Sam Parr?

  Where was that company located?

• 2:48Shaan Puri?

  Here, like Santa Clara or whatever.

• 2:50Sam Parr?

  Okay, that's a good idea, to be located in a different place, in San Francisco or New York.

• 2:54Shaan Puri?

  Right.

• 2:55Sam Parr?

  Casper shouldn't be in Manhattan. You don't need customer service people in Manhattan, that's so stupid.

• 2:58Shaan Puri?

  Right.

• 2:58Sam Parr?

  So, this, this, this thing is gonna be a, this is gonna be interesting, we'll have to talk about this later, about how it's gonna impact these direct-to-consumer companies, because for a long time, they were being valued at a revenue multiple, which is not right for most.

• 3:10Shaan Puri?

  Yeah, the real question is, what's, what's happened since? So, for example, you know, Dollar Shave Club sells to, I think, Unilever for a billion dollars. That didn't get blocked, they do all online. And, you know, the question is, does that, is Unilever writing that off three years from now, or is it now worth three billion or whatever? And so, if you're a DTC company today, you're really hoping, with fingers crossed, that some of these other acquisitions, like we talked about, the Native acquisition, right, gets bought by Procter & Gamble, and revenue has soared since then, because the Procter & Gamble machine was able to take Native and like pump it into Targets and do more things with it. And so, you know, they're looking back at that and they're saying that was a good buy. And that's what needs to happen, is some of these need to come out successful. This is what happens in tech, right?

• 3:56Shaan Puri?

  Google buys YouTube, everyone thinks it's a horrible deal at the time, billion dollars, they just broke out their revenue. Revenue.

• 4:01Sam Parr?

  14 billion.

• 4:02Shaan Puri?

  Yeah, 14, 15 billion a year now in revenue. And so you need a few of these Instagram, another one where it's like you need a few extreme winners and then big companies will continue to have the appetite.

• 4:13Sam Parr?

  With acquisitions, my theory, and I definitely stole it from someone, but with acquisitions, most acquisitions are either going to be 10x like they buy it for one number and it's in a few years, it's worth 10 times that or.

• 4:27Shaan Puri?

  Right off. Yeah.

• 4:28Sam Parr?

  That's typically how they become. Rarely is it a okay.

• 4:31Shaan Puri?

  Right.

• 4:32Sam Parr?

  It's either amazing or horrible.

• 4:33Shaan Puri?

  And I see one of the reasons now because I'm now inside of a big company for a bit and I can see how the decisions get made. And one thing is that when you acquire something and it's sort of smallish to medium relative to the big company. It needs to either grow big or focus gets lost and they're like, well, these resources are not, this is not worth it at this. We don't want to just run this standalone business that's small to medium. We need this to move the needle for us. Problem is the bigger you get, the harder it is for the needle to move at all. Right? So, you know, like for example, I'm at Twitch right now. Twitch was bought by Amazon. AWS, they had some crazy numbers for their revenue and you know, it's a phenomenal business. It's very hard, I think, truthfully for Twitch to like meaningfully affect Amazon's like business. And so it's

• 5:18Shaan Puri?

  more strategic value than it is like the revenue from a small acquisition being a needle mover for such a huge company.

• 5:25Sam Parr?

  Has it been a needle mover?

• 5:27Shaan Puri?

  For a company of Amazon size? No. And so, but there's strategic value, right? Because it's like the biggest gaming platform out there for live video. So there's a live video angle, there's a gamers angle. And if you're Amazon and you're trying to sell to everybody in a household, it's like you need products for moms, you need products for dads, products for the sons and right? Like all of that ties into why I should be a Prime member. And so there's strategic value in owning the largest gaming, you know, live, live gaming community. But it's very hard to, to move the needle on an Amazon, Facebook, Google sized company or in the DDC world, Unilever, Procter and Gamble, whatever.

• 6:02Sam Parr?

  Let's do bring up two more things going on. Okay. Do you know what Wall Street Bets is?

• 6:07Shaan Puri?

  No.

• 6:08Sam Parr?

  Okay, um, it's a subreddit and it's

• 6:11Shaan Puri?

  Yeah, I have seen that. What is it?

• 6:12Sam Parr?

  They described it themselves as 4chan meets

• 6:16Shaan Puri?

  Wall Street.

• 6:17Sam Parr?

  No. Oh, I know how they say, they say if 4chan had a Bloomberg terminal.

• 6:21Shaan Puri?

  Okay.

• 6:22Sam Parr?

  So they call themselves retards and autistic. That's what like they, like all the headlines are like,

• 6:26Shaan Puri?

  Right.

• 6:27Sam Parr?

  We're a bunch of, like you autistics are buying too much of the Tesla stock. And so it's uh, kind of shitheads. Uh, hilarious.

• 6:35Shaan Puri?

  Right.

• 6:35Sam Parr?

  And they post their Robinhood account of like, they just like bought like $50,000 in options, even though they're in debt. And it just went up to $2 million. Or some people are like, well, I just lost a million dollars. And the joke that they do is, oh shoot, I'm in debt to Robinhood. Well, I'll just delete the app and create a new account. Like, it's crazy. These guys are like total shitheads, but it's so funny to laugh at.

• 6:57Shaan Puri?

  So you lurked there.

• 6:58Sam Parr?

  Yeah. And uh, so Tesla just went up three times, I think, right?

• 7:03Shaan Puri?

  Yeah, it's at like 900 bucks or something as of this morning.

• 7:05Sam Parr?

  This morning, I think it was 700.

• 7:07Shaan Puri?

  Oh, wow. 700, right?

• 7:08Sam Parr?

  It dropped again.

• 7:08Shaan Puri?

  Oh, it dropped?

• 7:09Sam Parr?

  I didn't, I didn't pay too much.

• 7:11Shaan Puri?

  Henry, can we get Tesla stock price? Uh, cause I think it, you know, it's, it's been, the, the line is a vertical line.

• 7:17Speaker 02

  730.

• 7:18Sam Parr?

  730.

• 7:19Shaan Puri?

  And, and it was, what was the high before this? It was at 730 now?

• 7:22Speaker 02

  Last night, uh, well, the high was 961.

• 7:25Shaan Puri?

  961, right.

• 7:26Sam Parr?

  Crazy, crazy volatile. Um, it 3Xed in the last 30 days, I believe. Uh, and some people think that it's because of this Wall Street Bets. These guys are crazy. Like, it's just normal people. There was a video on Wall Street Bets of this girl in college buying $30,000 in options in class. And she was like blogging about using it.

• 7:46Shaan Puri?

  Right.

• 7:46Sam Parr?

  It's wild.

• 7:47Shaan Puri?

  So, so, okay, so I was looking at this this morning because I was like, what the hell is going on with Tesla? Cause I sold my shares at like 285 or something like that. And um, which was good for me. I doubled, but, but the, I never thought this would happen. In fact, I thought more likely the company goes bankrupt than this. And so I was trying to figure out what's going on and nobody knows, but um, I had heard the term short squeeze a lot. And like you've heard, have you heard like of what a short squeeze is? So for those who don't know, so shorting a stock is basically betting that you think the value of the stock will go down. So the way the way it works is you you essentially borrow somebody's current shares and you sell them on the market. And and then if the if you know if the if the share price goes down, you're going to end up making money. And a lot of people borrow money to do shorts.

• 8:31Shaan Puri?

  So Tesla is the most shorted public stock, I believe, in the in the US stock stock market.

• 8:36Sam Parr?

  And the people who are shorting it, it's a lot of really smart people, I think.

• 8:38Shaan Puri?

  A lot of big institutional.

• 8:40Sam Parr?

  Griffin, like Griffith, I mean, like a lot of like huge billionaire hedge funds.

• 8:44Shaan Puri?

  Yeah, there's these guys who make them make their name, they just short a couple of stocks and they just hold it for two years and they just wait for it to go down. That's how they make all their money. So Tesla is that that stock and Elon has famously been like on a rampage against shorts. He thinks short selling is like immoral or whatever. So anyways.

• 9:00Sam Parr?

  Actually, he mailed a pair of shorts.

• 9:03Shaan Puri?

  To to one of the shorts.

• 9:04Sam Parr?

  Yeah, I saw that. I forget the guy's name.

• 9:05Shaan Puri?

  And so so it puts a lot of pressure on the stock to have all these shorts. But what ends up happening is that as the stock price goes up, what ends up happening is the shorts have to do, you know, cover their position, which means they need to like sort of get out of the short game. In order to do that, they need to buy shares at the current price because they borrowed earlier and they have to cover their position. So what ends up happening is that as a stock starts to go up, if short sellers en masse start to cover their position, it drives the price up even more. And so this is what what you know, what it looks like is happening, and I'm not a stock market guy, I'm a startup guy. So somebody out there who knows about stocks, like you got it all wrong. But I I'm pretty sure I understand which is that what's happening is it's a giant short squeeze. There was so much short action and as the price was going up, they all had to cover their position,

• 9:50Shaan Puri?

  which just drives the price even higher. And so it's not that people it's not that new people have this irrational confidence that Tesla is going to go up. It's that the shorts are getting burned so bad that they had to sell to to they had to cover their position. And that's driving the price up in this like unnatural kind of way. And that's why the stock the chart was like vertical.

• 10:09Sam Parr?

  That's mind boggling. Can you go to?

• 10:11Shaan Puri?

  Just go to YouTube and look up what is a short squeeze? And it's like a like I'm describing in words, but there's like a two minute video that's much better at explaining.

• 10:17Sam Parr?

  Can you go look up Reddit, Wall Street Bets? Tell me how many subscribers are in that subreddit?

• 10:22Shaan Puri?

  It's I'm going to guess like 40,000. That's my guess.

• 10:25Sam Parr?

  No, I'd do it more than 1,000. Can you tell me? You know how to see that? It's on the far right of when you Google Reddit, Wall Street.

• 10:32Shaan Puri?

  By the way, shout out to Henry. We now have Henry with us to help us with the pod and answer all of our questions. He's our Google.

• 10:39Sam Parr?

  Eight hundred twenty eight thousand. Eight hundred thousand. In this subreddit, you have to go and go deep on it. In the comment section, they're saying things like, I'm gonna, like, one guy got a tattoo of Elon Musk, and they like make him look like Jesus. Another guy was like, I'll eat a live chicken if it gets above 900, and it got above 900 yesterday. They're gonna do, they're like-

• 11:00Shaan Puri?

  They're gonna do it, yeah.

• 11:00Sam Parr?

  And they, and the subtitles, they'll be like, you autistics are driving Tesla up. Like, let's keep it going, like, it's, it's-

• 11:08Shaan Puri?

  It's like all the Bitcoiners moved to the Tesla subreddit, basically.

• 11:11Sam Parr?

  Yeah, it's just a bunch of shitheads, and it's so funny.

• 11:14Shaan Puri?

  Yeah, it's very entertaining.

• 11:15Sam Parr?

  Uh, let's do one more.

• 11:16Shaan Puri?

  By the way, if you're a Tesla skeptic, like me, who believes basically, great product, but there's some financial engineering going on, on the finance side, follow this guy Josh Wolfe on Twitter, and go down the rabbit hole of his tweets and the people he talks to. There is very compelling evidence that there's some shenanigans going on.

• 11:38Sam Parr?

  Yeah, it's incredibly interesting. And then you want to bring up Drew Houston?

• 11:41Shaan Puri?

  Yeah, this is like a quick one. Drew Houston, the founder of Dropbox, got, was appointed on the board of Facebook. And when I read this stuff, I'm like, okay, I don't care what happened, but I'm like, why do people do that? What is that? Like, how do they pick these guys? Why would I want to join the board? Do they make money? Like, whatever. And I just, so I went and just sort of found out. To join the board of Facebook, this is all public info.

• 12:02Sam Parr?

  Can I guess?

• 12:02Shaan Puri?

  Yeah, go for it. What do you think you make for just sitting on the board? Which means, you know, sort of a quarterly commitment.

• 12:07Sam Parr?

  Okay, so Facebook's the biggest company in the world, or one of.

• 12:12Sam Parr?

  Okay, so-

• 12:12Shaan Puri?

  Not the biggest, but one of, yeah.

• 12:14Sam Parr?

  Top 20, top 10, I don't know what it is. Um, I think you get $5 million a year, I think you get $5 million a year.

• 12:20Shaan Puri?

  Okay, fuck, that's high. It's much lower than that. So it's more like $350,000 to $700,000.

• 12:26Sam Parr?

  So $700,000, and you get, what, I mean, $700,000 in cash?

• 12:30Shaan Puri?

  Uh, I think it's like stock compensation in the company.

• 12:33Sam Parr?

  And you just have to show up once a quarter?

• 12:35Shaan Puri?

  It's my understanding that the obligation is essentially you attend the quarterly board meeting, and, you know, the board is responsible for firing and hiring the CEO.

• 12:42Sam Parr?

  But you can be on multiple boards.

• 12:44Shaan Puri?

  Yes.

• 12:44Sam Parr?

  And so-

• 12:45Shaan Puri?

  So there's professional board members.

• 12:46Sam Parr?

  Hillary Clinton was that, so she was on the board of Walmart-

• 12:49Shaan Puri?

  Yeah.

• 12:49Sam Parr?

  When she was, when Bill Clinton was just the governor of Arkansas. And I bet she could have made millions of dollars a year being on four, five, six boards.

• 12:57Shaan Puri?

  Right. I mean, you kind of already have to be somebody, but it's like, this is the side hustle of the rich and prestigious thing to do. It's like, oh yeah, my side gig, I make, you know, half a million bucks or a million dollars a year-

• 13:08Sam Parr?

  Repacing is on it as well, I think.

• 13:11Shaan Puri?

  Yeah, like, you know, a lot of people, what they do is they take, you know, successful people like Jack Dorsey was on the board of Disney or whatever. And the other thing they do is like retired army generals and stuff. Uh, I'm not sure exactly why, but like, that's also one of the categories of people who gets to sit on boards.

• 13:27Sam Parr?

  God, that's crazy. I bet. And there's definitely like you, he could probably, I mean, that's, that guy didn't need, already has that network. But just being on a board of a large company, think of like who you would get to hang out with.

• 13:39Shaan Puri?

  Right.

• 13:40Sam Parr?

  It'd be crazy. I mean, like, it's kind of funny that Drew, I don't know him. But he was just like a white commentator geek like a few years ago. Now he's probably on this board and a few other boards that has a publicly traded company. He's probably like, can connect with Obama. I mean, every, it's just crazy. I heard a story about him. I had a friend of a friend and he was like, yeah, we went to his house the other day. And it was because we went to a concert and we went to like a Pearl Jam concert. And then afterwards it was me and him and.

• 14:07Shaan Puri?

  He's a great singer.

• 14:08Sam Parr?

  Is he?

• 14:09Shaan Puri?

  Yeah, I thought that's where the story was going. He's a great singer.

• 14:12Sam Parr?

  He's like, we went to his house and we invited like the chains, what's it called?

• 14:16Shaan Puri?

  Chainsmokers.

• 14:16Sam Parr?

  Yeah. He's like, they came to our house and we were all just hanging out. These nerds are get access to all this thing. It's pretty cool.

• 14:23Shaan Puri?

  Yeah, I was at this party once and he was, uh, he had just been there and my friend was telling me, he's like, he just left, but he was on the piano. He's like, Drew House, amazing pianist and singer. Turns out.

• 14:33Sam Parr?

  The nerds are ruling the world. Um, okay. You want to go into some opportunities?

• 14:38Shaan Puri?

  Uh, yeah, really random one. So I haven't had time to really look into this, but I, it was so like, it just caught my eye. So it's the top of mind thing, right? Without looking at my phone. Um, so you know, in every business, you probably have one here. In the kitchen or wherever you have this poster that's like the labor laws. It's like California labor laws. Here's your rights as a, as an employee.

• 14:59Sam Parr?

  The minimum wage.

• 15:00Shaan Puri?

  It says the minimum wage. And so these posters you have to buy every year.

• 15:05Sam Parr?

  No, I think they give it to us, don't they?

• 15:07Shaan Puri?

  So most businesses buy them and so there's some and so you pay like 28 bucks for these. And so there's this, I ran into this guy, a friend of a friend who basically, he, this is his business. He makes these posters for companies. Every place of business needs one or multiple of these. And it's like 99% renewal rate of customers on subscription, basically every year to get the updated thing. And so I went down the rabbit hole of like trying to figure out what are all the, is it local players? Is there one big player? And I stumbled onto this company that thought it was kind of cool. It started off called Gov Docs or something like that.

• 15:44Sam Parr?

  Gov Docs?

• 15:45Shaan Puri?

  Gov Docs, G O V Docs. And, you know, based in Minnesota, started in 1999 doing this like posters. They print posters, they do it. And that did like a few million dollars a year. And that's just kind of an amazingly easy way to make a few million dollars a year. And then they sort of upgraded it and they were like, okay. First, like you don't need to just rebuy it every year. You only need to buy it when the rules change.

• 16:06Sam Parr?

  And it will tell you.

• 16:07Shaan Puri?

  So we'll just tell you when the rules change if you buy on subscription. So that was like a good thing. And then they actually had this other business they spun out called Gov Delivery, which I thought was kind of interesting. So it's government tech. So basically it's MailChimp for governments. So every state, city, county, whatever, has a bunch of constituents on an email list that they are, or SMS or physical mail that they need to contact to communicate basic rules, information, road closures, whatever it may be. And so these guys were like, oh yeah, we'll be the tech for you to power that system. And now they're just embedded in like all these cities. They'll never get swapped out. It's probably like super, super defensible. And they're doing like 20 million plus a year subscription business.

• 16:50Shaan Puri?

  And it's literally like a bunch of Joe Schmo's in Minnesota who started this. And we'll file this away under boring businesses that are kind of amazing.

• 17:00Sam Parr?

  I love that. That's great. And so here's something. First of all, there's all these rules that I had no idea existed. I've definitely have broken a lot of them. Because I literally didn't know. I didn't, wasn't trying to.

• 17:11Shaan Puri?

  Yeah.

• 17:11Sam Parr?

  But like, for example, if you interview someone who, even if you just interview them, not hire them, but if you interview someone who's international. I believe you've got to follow a whole different set of rules. For example, I think you need to even do something like you have to have the CEO's salary posted publicly.

• 17:29Shaan Puri?

  Right.

• 17:30Sam Parr?

  Have you heard of this?

• 17:31Shaan Puri?

  Yeah, there's all kinds of compliance. There's that. There's other ones I've encountered with a previous startup, which was, oh, before you sign this contract with a vendor, you must run a newspaper ad for 22 days with a request for proposal for other vendors, just to make sure this is on the up and up.

• 17:46Sam Parr?

  Yeah, there's so many of these rules.

• 17:48Shaan Puri?

  Crazy.

• 17:49Sam Parr?

  When I signed up, so we use Rippling now for payroll. I've used Gusto, which was good, too. There's so many rules, I don't even know which ones I'm breaking.

• 17:57Shaan Puri?

  Right.

• 17:57Sam Parr?

  Like, for example, if you have remote employees in Texas or Idaho, which we have, we have to file a whole bunch of paperwork there, and I didn't even know that.

• 18:07Shaan Puri?

  Right.

• 18:07Sam Parr?

  And I'm thankful that we've hired someone to help us figure all this out, but I had to hire...

• 18:11Shaan Puri?

  You should use this company. So there's a startup. I'm desperate to invest it because I love the founder, this guy Alex, he's amazing, and I started using the product to do this. So I hired up a contractor, Ishan, who's our, like, my right-hand man now. I call him chief of staff, but he's the only staff, so he's just like chief. And so he's like my right-hand man to do whatever. And, you know, he's in Australia. I gotta, I gotta set up a contract. I gotta set up payments with him. And then I gotta comply with whatever the taxation and sort of local laws are.

• 18:39Sam Parr?

  Oh, and that's international.

• 18:40Shaan Puri?

  I don't even know. So there's national and international. So this product is called Deal, D-E-E-L. And so the website, I think, is letsdeel.com. And literally, I went on there, this is gonna sound like an ad, but I'm like that much of a raving fan of this, that I'm like, yes, here's a free ad. I went on there and literally within five minutes, I had set up a contract, had emailed him for all his information, collected that, put it in the system of record. It knew, okay, he's in Australia, so here's all the things you need to comply with that we're gonna do for you automatically, link your bank account, and every month you'll be paying this guy properly. And like last week? Deal.

• 19:17Sam Parr?

  How do you spell it?

• 19:17Shaan Puri?

  D-E-E-L. So the URL is letsdeel.com.

• 19:21Shaan Puri?

  New startup, they're signing up companies like crazy. And now I know why, because A, this is a real problem and B, the user experience is so fucking smooth, it was unbelievable.

• 19:32Sam Parr?

  If you know the guy who runs Deal, D E L, email me before you email Sean.

• 19:37Shaan Puri?

  I already know him, I text him, yeah.

• 19:39Sam Parr?

  Oh, that's a great idea, man, I like that.

• 19:41Shaan Puri?

  It's a fantastic idea, and so, I'm, in fact, I went in, because I was gonna give my guy a bonus, because he did some good things for me this month, and I went in, I was like, I don't know if this is gonna, it's a startup, it's not gonna be able to support this, like, am I gonna have to make a new contract, a second contract? And literally, I opened up the dashboard, and it's like, it's almost time to pay. By the way, if you want to add a bonus, here's a button. I went there, it's like, here's a bonus, how much, is it a one-time or recurring, and what for?

• 20:05Sam Parr?

  How many people work?

• 20:06Shaan Puri?

  Done, I don't know how many people they have.

• 20:07Sam Parr?

  Like, is it literally just like, a guy?

• 20:08Shaan Puri?

  No, no, no, it's a company, it's a startup, they're, they had seed funding.

• 20:12Sam Parr?

  God, that's great.

• 20:13Shaan Puri?

  It's not an easy thing to do.

• 20:14Sam Parr?

  No, so we have, uh, Steph for OnTrends works, um, in Bali.

• 20:20Shaan Puri?

  Right.

• 20:21Sam Parr?

  But she's Canadian, it's a whole mess, and she's a, technically, she's a contractor, they have to be contractors.

• 20:25Shaan Puri?

  Right.

• 20:26Sam Parr?

  But then there's all the rules, like, they can't, um, you can't direct them too much, I believe, or they can't have access to the company credit card.

• 20:32Shaan Puri?

  Right.

• 20:33Sam Parr?

  And I didn't know about any of these things, it's very complicated to figure that out, and with the rise of remote work, let's see what's gonna happen.

• 20:38Shaan Puri?

  Right. And in general, the theme here, the opportunity theme here, I would say, is compliance. Compliance is boring, it's unsexy, but everybody needs to do it, and it's the last thing a business owner wants to deal with, and so if you can offer turnkey compliance, I think that's a big deal.

• 20:52Sam Parr?

  And there's, and so, we're talking about turnkey compliance with, um, employees. There's all other types of compliance that's, works, um, that is interesting. So, for example, um, when I was in college, I was getting a, uh, alcohol, online liquor store set up, and I had to hire a company just to teach me how to do that.

• 21:10Shaan Puri?

  Right.

• 21:11Sam Parr?

  And so, compliance for all types of categories.

• 21:13Shaan Puri?

  Yeah.

• 21:14Sam Parr?

  Could be quite big. We should actually, we should cover that another time, go more in-depth about different compliance businesses.

• 21:19Shaan Puri?

  Yeah, there's, there's several.

• 21:21Sam Parr?

  I think that's interesting. Okay, did you read what I talked about, executive search?

• 21:26Shaan Puri?

  I, I, I read what you were talking about, but you should explain it, it's interesting.

• 21:29Sam Parr?

  Okay. I learned about this guy named ****. The reason why I was interested in this person is um he owns this company called ****, I believe it's called, and it's an executive search company. And so let me pull up my notes here, but here's what it does. It's quite simple. Um, so if I have a company that ranges, the range that they do is 10 million up to billions. Um, I think they do. If I have a company that's in that size, which I do, um, and I need to hire uh an executive that I'm gonna pay $500,000 to, I tell **** that I, what I need, and they go out and give me a bunch of candidates, and I'll eventually hire one. It takes them 90 days to do so. When uh, when they go out and find people, they get paid typically a percentage, sometimes a flat fee.

• 22:10Sam Parr?

  Their fee ranges from 100 grand to 200 grand, but they're maybe 15 in the space. The top 10, a lot of them are publicly traded, they'll do billions in revenue. This whole business is entirely run mostly by hand and relationships.

• 22:23Shaan Puri?

  Non-tech.

• 22:24Sam Parr?

  There's no tech behind it. And the way that **** appears to have run it is it just makes like, it potentially on 200 million dollars in sales could make uh, it could make, if you told me it made 70 to 80 million in profit a year, I would not be shocked.

• 22:37Shaan Puri?

  Right.

• 22:38Sam Parr?

  Very profitable, all this. Let me give you some stats. I talked to, I called a whole bunch of people who worked in the industry and I found out about it. Okay, so typical fees that they earn is 100 to 125,000 dollars per

• 22:51Shaan Puri?

  Placement.

• 22:52Sam Parr?

  Per placement. The average headhunter, they can do seven searches at a time. The ballers can do 20 searches at a time, and they could do about 10 to 20 a year. The average search takes around 90 days to fill. Um, I asked them, uh, why haven't they just hired 10,000 recruiters then? And the answer was, well, it's just like pretty profitable right now, and so they'd rather just use that cash to do other stuff. Um, and revenues each year tend to be really, really stable, sim- sim- like similar to the year before with slight growth. Um, and what else? Uh, I asked them what the downsides are. It's not recession-proof. The fastest growing or the hardest to, the fastest growing slash hardest to fill position at the moment right now is data scientist.

• 23:35Shaan Puri?

  Right. Um, and so this would be an executive level data scientist? It's like a chief, chief scientist basically at that case? Or is it just?

• 23:41Sam Parr?

  Executive or director, high.

• 23:43Shaan Puri?

  Director level, okay.

• 23:44Sam Parr?

  High. Enough that they're making Four hundred thousand dollars in salary.

• 23:47Shaan Puri?

  Right.

• 23:48Sam Parr?

  Otherwise, it's not worth a firm to fill it.

• 23:49Shaan Puri?

  So I've actually heard this in general.

• 23:51Sam Parr?

  Oh, and cannabis.

• 23:52Shaan Puri?

  Okay, those are the bigger client, new clients.

• 23:55Sam Parr?

  Yeah.

• 23:55Shaan Puri?

  So I've actually heard this about data scientists and applied scientists quite a bit now. There's a, seems to be a shortage and the, the wages are like incredible for applied scientists or data scientists. And so I think, you know, Lambda School and some others are trying to add data science to their program or already have added this. But I think that's one where there's a labor shortage and I think that's one where there's probably like, you can sort of bootstrap off of new jobs and new, new executive roles. If you wanted to compete with the incumbent players, right? Because the incumbent players already have the relationships with existing companies. So cannabis, like a new industry that's popping up is where you would want to start. Or they already have like the rolodex of all the CMOs.

• 24:39Shaan Puri?

  So you don't want to be placing CMOs, you want to be placing data science, a role that didn't even exist 10 years ago. And so that's like how I would think about wedging my way into the space if I wanted to.

• 24:47Sam Parr?

  Yeah, so I asked my guy, I talked to a bunch of people and I asked my folks, what's the barrier to entry here? Relationships, that's what it was. It was relationships. Most people in these types of industries who have been in there for a long time say, when I ask, well, why hasn't digital came in? And they say, well, it just doesn't work that way. Mostly, I think that's untrue. Not that digital will necessarily make things better, but I always believe there's a space to automate things.

• 25:13Shaan Puri?

  Right.

• 25:14Sam Parr?

  And I think they don't think that because they've just been it for so long and, but a, a fresh perspective totally can make things different. In many cases, not all, many. But it hasn't happened yet in legal.

• 25:24Shaan Puri?

  Right.

• 25:25Sam Parr?

  And people are trying. But anyway, I'm, yeah, I was thinking about this whole process. It was really interesting to me. And like, it could be as simple as you just have a massive email list of interesting people and you just email when there's a position. And you're just able to like, speed up the process of actually finding these people.

• 25:41Shaan Puri?

  Well, so yesterday or the day before, one of the founders of Stripe, I think Patrick Collison, maybe, tweeted out, hey, I'm restarting my job, my internal like job board, basically. Which is basically like, if you're super interesting. Like if I think you're interesting and you're thinking about moving on to another role, I'm gonna make a shortlist of people that are super interesting and a shortlist of roles are super interesting. And I think that people with a lot of clout, like the founder of Stripe, are very well positioned to do things like this in ways that other people could not. And so I just find that interesting where there's these like little manual, you know, sort of like mom and pop versions of these that are started by people with influence.

• 26:22Sam Parr?

  Yeah, so I actually launched one of those a while ago and I didn't pursue it because I didn't get traction right away. But there's this thing called the Ladders. Have you heard of the Ladders?

• 26:30Shaan Puri?

  The what? The job website?

• 26:31Sam Parr?

  Yeah, it was positioned as jobs that are

• 26:34Shaan Puri?

  100 K and up, right?

• 26:35Sam Parr?

  It was, uh, they got in trouble for some scams and I don't know if it, if they were good people, but that kind of clouded people's perception of it. But basically it was $100,000 jobs and I think the job seeker, the applicant would pay a monthly fee. So what I created, I just called it jobs. I could call it Sam jobs or something. And I actually think this would work now that I have a bigger following. But where I, or someone who I approve of, curates companies and roles and explains what the role and job is, is about. And the reason why I think that's interesting is right now you can find jobs at LinkedIn, on Glassdoor and things like that. But that's controlled typically by either disgruntled ex-employees or the company.

• 27:18Sam Parr?

  So your information is by definition, pretty biased.

• 27:21Shaan Puri?

  Right.

• 27:22Sam Parr?

  Um, and I kind of thought it was interesting is why don't you have an editorial group of people, give their opinions and what they can say is if you're young and hungry and want to work yourself to death but have huge opportunity, this place is interesting.

• 27:34Shaan Puri?

  Uh, okay, okay. I really like this. So, so what you're saying is, okay, normal job board or posting, companies just always gonna say everything is great. Here's all the great things.

• 27:42Sam Parr?

  Yeah, or like

• 27:43Shaan Puri?

  Glassdoor is gonna be the mostly disgruntled people who go and leave very vocal

• 27:47Sam Parr?

  It's the loudest people and typically angry people.

• 27:49Shaan Puri?

  It's the minority. That's maybe not gonna be your experience. So what you're saying is almost like a Consumer Reports

• 27:55Sam Parr?

  Exactly.

• 27:56Shaan Puri?

  For the workplace.

• 27:57Sam Parr?

  100%.

• 27:57Shaan Puri?

  And what you would do is you would say, I'm gonna go interview 25 people from this company. I'm gonna take them out to lunch. I'm gonna get their opinion on a battery of things. I'm gonna try to get a sample of people who are at the company and they're not the cheerleaders who are just gonna say positive things or the disgruntled Joes. And I'm gonna try to suss out the actual pros cons list of this company. I love this idea.

• 28:19Sam Parr?

  Yeah, and I launched this. I got a few people to pay $300 a year for it. This is what helped me lead me to the idea of trends.

• 28:25Shaan Puri?

  Right.

• 28:26Sam Parr?

  Because I was doing this for companies and people were saying, I would rather just invest or start these companies. I don't want to work there. But I still think this has legs and I just haven't gotten to it yet. And the reason why is some people are recently mom and dads and they just want to work a nine to five.

• 28:39Shaan Puri?

  Right.

• 28:39Sam Parr?

  And so there's loads of companies that are great for that.

• 28:41Shaan Puri?

  Exactly.

• 28:42Sam Parr?

  They'll pride themselves on that, but they're not gonna say that.

• 28:44Shaan Puri?

  Right. You want to see, Facebook has a policy that lets you take, you know, six months off if you're, you know, a dad and it's paternity leave. And you can freeze your eggs and they'll pay for that. And you don't want to go seek that.

• 28:55Sam Parr?

  People are family builders.

• 28:56Shaan Puri?

  Right.

• 28:57Sam Parr?

  And then there's other ones where it's like a young kid and he says to himself, I want to be around alpha males or alpha females.

• 29:05Shaan Puri?

  Right.

• 29:05Sam Parr?

  I want to take over the world. I don't like, I have my moral compass is a little bit developing still. You know what I mean? And then it's like, okay, well, here's like these aggressive companies, maybe a banking position.

• 29:17Shaan Puri?

  Right.

• 29:17Sam Parr?

  That kind of fit that because that's what was me.

• 29:20Shaan Puri?

  Dude, I would fund this company today. In fact, I have two people I'm gonna text after this and be like, hey, you've been asking me for something? Like, here's an idea that you should run with.

• 29:28Sam Parr?

  Mine might be up still. It's called Sam, it might be sam'sjobs.co.

• 29:33Shaan Puri?

  But were you doing this where you were profiling the companies either from afar or by talking to people who were there and then putting that information out there? Sam'sjobs.co. I love it.

• 29:43Sam Parr?

  Yeah, and I was tinkering with it and I just haven't gotten around, I, we launched it in the hustle, like in a beta.

• 29:49Shaan Puri?

  But you were trying to get who to pay for it.

• 29:51Sam Parr?

  I think that the seekers should pay for it because that's the only way to give them truth.

• 29:56Shaan Puri?

  So it's aligned because if companies pay.

• 29:58Sam Parr?

  I'm looking at my, my recommendations. It looks like I recommended Flexport. And I said, why Flexport? I think it's interesting. What I like about it, Ryan Peterson has been in the industry for years. So I researched the founder. He previously had a company in the industry. Paul Graham, who's a very respected investor, said he, he's betting big on this company. And they raised, at the time, they'd only raised $200 million in funding. So this was a few years ago that I wrote this. Um, and I thought it was interesting because they only had 100 employees. So it was kind of stable, but still had a little bit of room.

• 30:25Shaan Puri?

  Right.

• 30:25Sam Parr?

  Um, and so this would be perfect for someone who wasn't entirely risky, but a little bit risky. And I just wrote this profile on why I think it's interesting. And then I found a quote where Ryan said, this company is either going to be worth 10, 20 billion dollars, or we're going to go out of business in four years.

• 30:38Shaan Puri?

  Right.

• 30:39Sam Parr?

  So I was like, all right, if that fits your appetite, this is why it's interesting.

• 30:42Shaan Puri?

  Yeah, I love this idea. Okay, great. Let's, uh, let's move on. That's, that's a great idea. Um, what else you got?

• 30:47Sam Parr?

  That's all I got, brother. What do you got? Maybe, here's what I was thinking while we were doing this in the future. I think what we should do is stick to one category.

• 30:54Shaan Puri?

  Uh, one each time.

• 30:55Sam Parr?

  Yeah.

• 30:55Shaan Puri?

  Okay, I like that. Uh, there's some funny ones on here. Uh, all right. So you were just talking about the, um, you're talking about the sort of job, find, you know, the job seeker thing.

• 31:05Sam Parr?

  Yeah. So tell me about.

• 31:06Shaan Puri?

  Levels is this guy. I think he's LevelsIO on Twitter. This dude basically was like a big champion of remote work. I don't know where he lives. He lives somewhere international. And there's a lot of people who want this vagabond lifestyle where you like travel around the world, you work remotely, you're a freelancer. So he has a Slack community that he charges like, I don't know, 10 bucks a month to be in. He's making six figures, you know, easily just off his Slack. And, um, but he created this website called levels.fyi. And levels.fyi, what it does is it says, okay, I work at Google. I'm a engineer. I'm level six. Here's my, here's what I make. Um, here's my base. Here's my stock. And, oh, by the way, I'm in Austin. And then somebody else would be like, I'm a Google level six engineer in San Francisco.

• 31:48Shaan Puri?

  And then you see the difference there. So it's this data set of people anonymously putting in their compensation. And, um, the data set gets richer and richer. So it's actually a fairly reliable resource to say, oh, you know, should I go work at Facebook or Google? I think I'm this level. I can see the pay difference between the two. Uh, so I think that's just.

• 32:06Sam Parr?

  Just a guy.

• 32:07Shaan Puri?

  I think it's just a guy who created this, maybe with a friend. I don't know. Like, it's not a very like complicated website. It's very simple. But it's extremely useful. And it is, and I believe it is the best way to figure out how much could I make at this company? Or how much am I underpaid or overpaid for my role at this company right now? Because companies keep you in the dark on that stuff. So, so I think that's like an amazing little resource. And I think it should go further, more like with the idea you were talking about where.

• 32:33Sam Parr?

  You need editorial.

• 32:34Shaan Puri?

  Yeah, if you had somebody who's saying, I'm gonna, I'm gonna give people the truth about what it's like to work at this company, which is, what's the environment like? What's the work-life balance like? What, you know, how is it like to, what is the culture, engineering culture there, whatever? But you could also do things like, for example, when we joined Amazon, I learned, oh, Amazon has a stock vesting schedule that goes, 5% year one, 15% year two, 40%, 40% year three and four. It's like super backloaded. And like other companies are like, you know, whatever, 30, 33, 33, 33. So it kind of makes a difference. But you find out this info so late in the game, I would have loved to have just known some of this stuff upfront. And anybody who works there would tell you, look, this is how the compensation works at Amazon.

• 33:15Shaan Puri?

  I'm not telling you secret privileged information. I'm telling you like the base structure of things that you can either find out after you go through the whole process, or I could just tell you right now. So I think there's a lot of information that you could add to this site. That would make it like, just like an amazing resource that doesn't exist today.

• 33:30Sam Parr?

  Yeah, I'm very interested in this.

• 33:31Shaan Puri?

  Yeah. What'd you think of this, the Ringer selling to Spotify?

• 33:34Sam Parr?

  Yeah, so Ringer sold to Spotify. I don't know what the revenue numbers are. I heard 20 million in a year.

• 33:39Shaan Puri?

  Last, last reported around 15, 20 million.

• 33:42Sam Parr?

  Good deal. I don't know what the price. It depends. If they bought it for more than 100 million, I think it's a stupid deal.

• 33:48Shaan Puri?

  I think they bought it for much more than 100 million. The number that was previously leaked was 150. And the number rumored for this was closer to 300, which I don't know if it was real or not, but that's a rumor.

• 33:58Sam Parr?

  Mind, mind boggling. If that's the case, then, so right now Sean and I are building this studio here. I'm gonna go and find 30 podcasters to do it. Okay, so what do I think about it? First, let me tell you about what I know about Barstool, which is the most similar company. Kind of. Barstool claimed to have, God, I gotta remember these numbers off the top of my head. I didn't write it down. I think they have 25 podcasts. Across those 25 podcasts, I think they made 25 million in revenue. So something like, or no, sorry, 15 podcasts, I believe, 15 million in sales. Whatever it was, it came out to be something like a million dollars in revenue per podcast. So then you ask yourself, well, just have like 50 of them.

• 34:36Shaan Puri?

  Here's why you're wrong. If you buy The Ringer in your Spotify, you're not buying it so that you can make ad revenue off the sponsorships in the podcast, right? What Spotify is thinking is, oh my God, we, you know, we've done what we can in music. We're gonna keep growing that core business. Where does Spotify grow? Oh, we're not just music, we're audio. Well, what other big category of audio is there? One of them is podcasts. And so that's why they bought Anchor. That's why they bought Gimlet. They bought one more called Pod.

• 35:05Sam Parr?

  Podcast.

• 35:06Shaan Puri?

  Podcast.

• 35:06Sam Parr?

  I love it. I listen to podcasts all the time.

• 35:08Shaan Puri?

  And so they started buying this up. And what they're trying to do is they're saying, look, people by default are gonna go to the default podcast apps. But if we have the key.

• 35:16Sam Parr?

  Those aren't podcasts. What you've just described, Anchor is the only podcast app.

• 35:20Shaan Puri?

  Right, right. But Gimlet, for example.

• 35:21Sam Parr?

  Their others are just production companies.

• 35:23Shaan Puri?

  Right. So if your content, right, because podcast listeners want the content, they wanna listen to their favorite podcasts. If yours is exclusively on Spotify, you're gonna start listening on Spotify, right? Like, for example, Bill Simmons, now that he's there, and I've been listening to Bill Simmons for 10 years, I will, I will now listen on Spotify, because that's where his content is. As long as he was cross-platform, I'm just gonna use Apple or whatever other podcast app I like. So what Spotify wants is, how do we bring, we want new users. And we think having the number one sports podcast is like our way of eating into this whole podcasting market.

• 35:55Sam Parr?

  Can you get $300 million worth of new? I think that when a.

• 35:59Shaan Puri?

  So what, you have to ask them, what is a listener to Spotify worth? So, for example, if having podcasts on this, on Spotify reduces churn by 1% or 2% for Spotify, of people who cancel their membership because they're like, ah, you know what, like, I'm okay with the ads, or, you know, I don't use this that much. But now, if that reduces churn by X percent, that could pay itself off right away.

• 36:21Sam Parr?

  How much do I pay for Spotify? I don't even know.

• 36:23Shaan Puri?

  It's like 10, 10 something bucks a month. It's around 10, maybe it's 13 now, maybe it's nine.

• 36:26Sam Parr?

  Damn, so LTV of a customer could be fucking $1,000.

• 36:30Shaan Puri?

  Easily. Right? Because you're 120 bucks a year. And then same thing with like, you know, it's like the HBO model or whatever Netflix, they're all trying to do the same thing, which is how do we get the key content here so that our subscribers stay subscribers or new people become subscribers? And that's the math. And so it has nothing to do with what the Ringer can do in its own revenue. That's irrelevant to them. It's what they think they can do if they get the key content in the key podcast verticals. So they're doing it in sports. I bet you they're also going to do it in whatever podcast vertical number two is self-help or whatever else it is. And they're going to go cut deals with those personalities. Now, for most of those personalities, it's individual.

• 37:10Sam Parr?

  This wasn't valued at revenue at all?

• 37:12Shaan Puri?

  No.

• 37:12Sam Parr?

  Yeah, okay.

• 37:12Shaan Puri?

  It's the Howard Stern goes to Sirius XM type of thing.

• 37:16Sam Parr?

  So then my takeaway from that is, is don't, if you're looking to start a company like this, don't do it expecting to get bought.

• 37:22Shaan Puri?

  Yeah, right. You know, he, and he didn't, right? He's been doing this for years.

• 37:26Sam Parr?

  Yeah, so don't expect to get bought, for sure.

• 37:28Shaan Puri?

  And Gimlet, you know, for them too, I think this is kind of like came out of nowhere where, you know, when they started the company, it wasn't obvious that this would happen. But all the tech companies, it's become content wars. Whether it's video or audio, it's content wars. They all have a platform, they all have a subscription, and they all want to suck in all the exclusive content they can. And they have big budgets.

• 37:48Sam Parr?

  That said, I think that if you wanted to start this type of business, you could make a load, a load of revenue and profit on your own without selling.

• 37:54Shaan Puri?

  Sure.

• 37:56Sam Parr?

  I don't think that traditional media companies or people who come from that world like Simmons are creative enough to come up with ideas to knock it out the park.

• 38:03Shaan Puri?

  Yeah.

• 38:03Sam Parr?

  But I think they could.

• 38:05Shaan Puri?

  Right.

• 38:06Sam Parr?

  Like, if there was like a Bill Simmons like championship event or something like that, like for a sport.

• 38:11Shaan Puri?

  Yeah, people would pay for things.

• 38:12Sam Parr?

  Yeah, I think they would.

• 38:13Shaan Puri?

  Yeah, that's cool. All right, cool. Do we want to do anything else?

• 38:16Sam Parr?

  No, I think we should.

• 38:17Shaan Puri?

  We're good to go?

• 38:17Sam Parr?

  Wrap it up at 45 minutes. Okay, so we're gonna chop these up and put them out there. And we're gonna do this for tomorrow and the next day.

• 38:24Shaan Puri?

  Yeah, we're gonna do a bunch of these, and it's gonna be great. And we're gonna bring in guests from time to time as well to tell us about stuff that they're seeing in their space.

• 38:32Sam Parr?

  And we listen to feedback religiously. Sean texts me in DMs that he gets on a regular basis.

• 38:38Shaan Puri?

  I just send screenshots.

• 38:39Sam Parr?

  Yeah, and I, we both read all of them. So DM one of us.

• 38:45Shaan Puri?

  Twitter is the easiest way to DM us. Um, you can email me just puri.chan@gmail or the Facebook group is like an easy way because we'll, we'll, we'll just see it.

• 38:53Sam Parr?

  I think Twitter is the best because other people can see it and comment. That's right. I retweet a lot of them.

• 38:57Shaan Puri?

  Right.

• 38:57Sam Parr?

  And I'll, I'll see, but so let us know. So this time we did it over 40 minutes. I think next time tomorrow, let's go over maybe one or two things and, uh, we gotta get to a hundred thousand listens. I think if we get to a hundred thousand listens per episode, I have no idea if this is true. I think it's true that will be in the top 15.

• 39:13Shaan Puri?

  Yeah, top 15. I would, I would guess that's true.

• 39:16Sam Parr?

  Um, all right.

• 39:16Shaan Puri?

  Peace. We're done.