#922 Codie Sanchez On Building Cashflow Through Boring Businesses

Codie Sanchez is an entrepreneur, investor and the founder of the "Contrarian Thinking" Newsletter. She focuses on acquiring small businesses with hopes of turning them into immediate cashflow. In this conversation, we talk about all the "boring" businesses that will give you cashflow and help build an incredible portfolio. We cover everything from ice machines, ATMS, and renting out your pool and car. Codie and I also talk about new sectors in tech that she's excited about and how you can make $1000 a week if you're just starting out. ======================= LMAX Digital - the market-leading solution for institutional crypto trading & custodial services - offers clients a regulated, transparent and secure trading environment, together with the deepest pool of crypto liquidity. LMAX Digital is also a primary price discovery venue, streaming real-time market data to the industry’s leading analytics platforms. LMAX Digital - secure, liquid, trusted. Learn more at LMAXdigital.com/pomp ======================= The Pod Pro Cover by Eight Sleep is the most advanced solution on the market for thermoregulation. It pairs dynamic cooling and heating with biometric tracking. Go to https://www.eightsleep.com/Pomp to check out the Pod Pro Cover and save $150 at checkout. Eight Sleep currently ships within the USA, Canada, and the UK. ======================= The world's 2nd largest crypto exchange, OKEx, has dropped the "E" to become OKX, reflecting its evolution from a traditional crypto exchange to a comprehensive, cross-platform crypto services provider. With OKX's decentralized platform and Web3 wallet, MetaX, you have full custody over your crypto. Explore DeFi, NFTs and play-to-earning gaming with the world's most powerful crypto exchange. Visit OKX.com to learn more. =======================

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

• 0:02Anthony 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. Now let's kick this thing off. Cody Sanchez is an entrepreneur and investor specifically focused on small businesses where she can acquire a minority stake and/or optimize for cash flow. I always enjoyed talking to Cody and in this conversation, we talked about ICE vending machines, optimizing and automating a number of different industries, what she would do to make a thousand dollars a week if she was just starting out, and also how people are renting out their pools and their homes or cars across a number of different platforms. These brainstorm sessions with Cody are so much fun and I hope that you're enjoying them. Before we get into this episode though, I first want to talk about our sponsors.

• 0:46Anthony Pompliano?

  First up is LMAX Digital, the number one institutional crypto exchange. They offer clients the deepest pool of crypto liquidity on the planet, underscored by 100% uptime track record through volatility spikes. They leverage LMAX Group's liquidity relationships and ultra-low latency technology. LMAX Digital is the market-leading solution for institutional crypto trading and custodial services. If you've never heard of LMAX Digital, it's probably because you're not an institution. They have no retail, only institutions. They feature a central limit order book, streaming spot Bitcoin, Ether, Litecoin, and Bitcoin Cash, all paired with US Dollars, Euro, and Yen. LMAX Digital, they're secure, they're liquid, and they're trusted. Learn more at LMAXdigital.com/pomp. Again, LMAXdigital.com/pomp.

• 1:32Anthony Pompliano?

  This episode is brought to you by Eight Sleep. Eight Sleep is the single best product that I have purchased over the last three years. It completely changed my life. I'm not joking, pay attention. The Pod Pro Cover, which goes over your mattress by Eight Sleep, is the most advanced solution on the market for thermal regulation. It pairs dynamic cooling and heating with biometric tracking. You can go to eightsleep.com/pomp to check out the Pod Pro Cover and you save $150 at checkout. They currently ship within the United States, Canada, and the UK. And I told you, it changed my life. It helps me sleep deeper, helps me sleep longer. I feel much more refreshed and I have better energy. You want to know how I have relentless... Energy every single day because I sleep on an eight sleep. Seriously, go check it out. Eight sleep.com slash pump today.

• 2:16Anthony Pompliano?

  This episode is brought to you by OKX. OKEX has dropped the E to become OKX. Founded in 2017 with a mission to deliver a cutting edge crypto trading experience. OKX, the world's second largest crypto exchange by trading volume, has since expanded its scope alongside the wider industry, adding features from all corners of crypto. If EX is about exchange, X is about intersections. Cross-chain, cross-functional, cross-platform, an interoperable future that's not siloed into isolated platforms and blockchains. The name change and the new look and feel represent OKX's ongoing move towards decentralized finance.

• 2:56Anthony Pompliano?

  With OKX's decentralized platform and Web3 wallet, MetaX, you have full custody over your crypto. Connect MetaX in your browser or within the OKX app to explore DeFi, NFTs, and play to earning gaming with the world's most powerful crypto exchange. Whether you're just learning about crypto, you're a seasoned DeFi DJ, an NFT enthusiast, or a pro trader, you're all invited to a better future. Go check it out today and let me know what you think. All right, let's get into this episode. I hope you guys enjoy this one.

• 3:26Speaker 01

  Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only.

• 3:49Anthony Pompliano?

  All right, we've got Cody joining us now. Cody, how are you?

• 3:53Speaker 02

  What's going on, guys?

• 3:54Anthony Pompliano?

  All right, so I want to talk to you about a whole bunch of different stuff. First, I've seen you posting all over Instagram ICE vending machines. And when I first saw this, I was like, man, I used to think that the two scams in the world were selling water and then selling air. And those two things would possibly not ever become a real business. And then the big brain somewhere came up with selling frozen water.

• 4:21Anthony Pompliano?

  In a bag is in these ice vending machines. So explain what's going on here and how these businesses work.

• 4:26Speaker 02

  Yeah, it's wild. Well, we're actually doing a deal right now with one of the companies. It's called Ice House of America. And of course, you could guess who owns them, which is private equity firms, because they always know where the zeros are. But essentially, what this is, is I was driving around Austin, Texas, and we have this one main street. And I'm sure you guys have seen it too, but like, gas station, convenience store, whatever. And right next to it was this little house. And in the house, there was a line this day of people waiting to get a bag of ice that slides out the chute. And they put it in their ice chest and off they go. And I was like, wait a second. No employees, nobody around, like, no, you know, hard assets besides this tiny little thing, what I imagine was a couple hundred dollar

• 5:08Speaker 02

  lease. What is this business? And is it profitable? And so I went down my little rabbit hole and realized there's this whole industry called ice vending. And there are thousands of these all over the country. And they're kind of these little passive-ish businesses, similar to a car wash or a laundromat, where essentially you set up the infrastructure, and then people pay you for common services. And what's wild is the margins on these things. I mean, a bag of, of ice in Austin, Texas, this is pre-inflation. So who knows now, Biden numbers are different. But let's call it, you know, 75 cents typically. Now, the price is closer to $1.50, $1.75. And, and you get, your bag costs you anywhere from 15 to 25 cents. And so you make the margin or the difference between the two. And I love these

• 5:52Speaker 02

  little boring business, nobody thinks about, super easy to run, high margin, low people businesses.

• 5:58Anthony Pompliano?

  So pretty much all you have to do is you have to hook up the water, and then it's freezing it inside of the machine and making the ice. And really, the only other material is electricity, and then the bags themselves? And like, if you have those three things, then you're in business with one of these machines?

• 6:15Speaker 02

  That's exactly right. You need the land, you need the machine, you need some bags that are inside of it, and you need a water hookup and electricity hookup. And then you want to be like on a street corner that has about 10,000 cars a day. That's pretty easy to check. Any realtor will be able to tell you what the car count is typically. So you need some foot traffic, or to be located by like a school, or lots of construction sites, or a lake, national parks. But that's kind of all you need for this sort of business. And then it's relatively cheap to start. Anywhere from what's called 25 to 150K for the machine. And then, like I said, you could lease the land. But the machines, you get equipment loans on. So those start at a couple hundred bucks a month for you to kind of get rolling. And the break even, looks like you start making money month one, if you do your due

• 7:00Speaker 02

  diligence right, obviously, and pick the right location. And then it looks like the break even on these things is anywhere from three to six years, which is really low for real estate.

• 7:09Anthony Pompliano?

  So when you think about this, ATMs, the business that we've spent a lot of time looking at, we actually have a Bitcoin ATM sitting in here right now. When we think about those, they're paying the gas station or location to put it in their store, and that's why the store allows them to put it there. And then they just start taking their fee. Are these ICE vending machines, are they paying to place their unit? Or are they just paying some sort of like lease? Or like, how does this work exactly to the way that they get it in the location?

• 7:41Speaker 02

  Usually a lease. So very cheap, because you only need one segment of the parking lot. Let's call it like a parking space and a half, so that people can kind of turn around. So they're leasing, and the leases are pretty cheap. Like I said, I mean, it depends on the city, so wide variability. But let's call it 200 bucks to 500 bucks a month. You could have a lease on something like that. I'd probably go on the lower end there. But you're exactly right. Now, the reason I like ICE vending, I've done a decent amount of looking at ATM machines. You guys are the crypto kings, so I'm not going to mess with you there. But the ATM machine model I don't love, because the margins are actually so tiny, and you know, cash is increasingly not as utilized. So Bitcoin, I think, is interesting. But any of the people that have reached out to us, we own some laundromats,

• 8:24Speaker 02

  they've reached out to put Bitcoin ATMs in the laundromats. And they pay us a flat fee, because my understanding is, you can't take a cut on Bitcoin transactions without some sort of licensing. So yeah, that's the difference between the two.

• 8:37Anthony Pompliano?

  Got it. That makes sense. There's other vending machines I know that you're very interested in. Ice is obviously probably the most basic, just freezing water. But Carvana is like on the other end of this spectrum where they're literally have a car vending machine. And I remember there was some pretty big profiles and articles written on the Carvana founders. It was this really hot company, kind of pre-tech route. But why is that business so interesting to you?

• 9:05Speaker 02

  Yeah. Have you ever seen one of their vending machines?

• 9:07Anthony Pompliano?

  They're pretty cool.

• 9:08Speaker 02

  They're wild. So for people who haven't seen it, you should Google it right now. But basically, like, let's say, like, five or six stories glass, kind of looks like an elevator, but for cars. And inside of it is, you know, you can select on a little app or on your phone or website, the car that you want, and literally click Purchase, and then the car rolls out of the vending machine. My brother actually bought and sold one through Carvana, because they do used and new. The wild part about this company is, I went to high school with the founder of it. His name's Ernie Garcia. And back in the day, what I like about this business, it's kind of techie today, but there's two reasons I like it. One is, it started from this other company called Ugly Duckling Cars, that got bought and turned into this

• 9:49Speaker 02

  company called Drive Time by his dad. But basically, he just bought up used car lots, made a ton of money, was one of the richest dudes in Arizona, where I'm from. Oh, there we go. That's a picture of it. And, and through this boring business, his son then did what I think is going to happen across the US, which is taking these old boring businesses and transitioning them into 21st century technologically forward businesses in ways that we can't imagine. And that, I think, is Carvana. So Carvana now is like 16 or 18 billion dollar market cap. You guys can check, they're publicly listed. You know, Ernie's a billionaire a few times over, so is his dad. And they all did it through taking these boring businesses, doing another boring business, which we know all about, which is vending

• 10:31Speaker 02

  machines, compiling the two with technology, and making it easier for the end user. And think about it, like, there is nothing more miserable than going and buying a car, and having to go to the salesperson, and there's all the tactics, and you sign the thing, and they give you a hot dog, and so you have reciprocity. Whole thing's a nightmare. And basically, Ernie just said- What if we put this thing like in a little tower and we just vend them out? And millennials don't like to talk to people ever if humanly possible. So we're going to cut out the middleman. And with that, we're going to actually be able to take a better margin and profit. So they've totally crushed it with the boring biz integration.

• 11:02Anthony Pompliano?

  Do you think that more and more vending machine type businesses will pop up? Where this is vending machine of cars, there's vending machine of ice. Like, will we see this over and over again? And what I immediately think of is there was a startup. I don't know if it ended up being successful or shut down or if they're still going. But they were basically creating the equivalent of a vending machine mixed with like a bodega. And they were putting it in apartment complex, you know, lobbies where they were saying, hey, rather than just come and get, you know, your pack of peanuts or a Gatorade. They had kind of a much larger variety. It was higher quality goods that were inside of this. But it basically was a vending machine that you paid. There was no employee, etc. It's like, is this going to happen across the entire economy?

• 11:43Speaker 02

  Yeah, I mean, I think you're already seeing it. Think about, have you, you know, in Miami, maybe not as much, but definitely in New York and even in Austin, you go to an apartment building, right? And you used to have like boxes piled behind the, the front reception desk, right? For Amazon and whatever. What do you have today? You have a literal box vending machine, right? And so you like input this code and in the code it pops open some door that's special sized for the type of box that you can have. So you don't have to talk to a human. And so I think this is going to happen all over the place. And vending won't be the only thing. I'm not like thinking there's going to be a vending revolution, but anywhere you can decrease the amounts human engaged, because what happened through COVID, we're going to remember that. That's our PTSD of our generation. So anything where you can decrease the interaction between humans, where you can automate processes.

• 12:28Speaker 02

  And then, given the fact that, you know, people don't want to work as much anymore and we're having this great resignation and the great retirement, people can't get this level of labor. And so what's going to happen? Anywhere where something can be automated, it's going to be automated in the future, I think, except at the highest levels for service and luxury. And so, yeah, that's, that's my bet at least.

• 12:49Anthony Pompliano?

  Yeah, it does feel like this is just all a form of automation. It sounds kind of dumb and elementary when we call it a vending machine, right? But like, to some degree, that's what we're watching happen here. When you start to think about existing businesses, how much of this is going to be like the Carvana example where somebody understands enough of the industry, but they're younger and so they say, hey, let's go and kind of revolutionize this industry versus it's actually the people who own the business today who are constantly just trying to save costs and they're going to have the foresight to kind of do some of this?

• 13:20Speaker 02

  I think it'll be a mix. You know, I have a friend, Brendan Wallace, who started a fund called Fifth Wall, and it's all built on the built world. So his idea was, real estate is the most sort of backwards, old school industry out there. There's like paper ledgers, there's nothing online, you know, you blockchain guys hate that. And so, most, you know, real estate companies, like, a lot of them still have keys and actual lock boxes, right? It's really archaic. And so, he built this fund that's now multi-billion dollars, that all it does is look for where can we apply technology to the built world, AKA, real estate. And they actually have a storage company that two guys who were in storage, so they understood the industry, said, wait a second, why do we have these like, storage boxes? You know, like you go to a storage center and you have this whole huge box?

• 14:04Speaker 02

  And like, most of the time, those things aren't filled all the way, right? It's not like, capacity utilization in a smart way. So they were like, why can't we instead, take your stuff, catalog it, actually online, so we know everything that's in your storage, you know, you don't have to dig through all of it, and then when you want something, you actually ping us on demand for that item? It's almost like, you know, if you could imagine like, a dry cleaning thing, where you're like, you know, it's like spinning, and then like, you grab the shirt out of it or whatever? That's their idea for the storage company. So I think it'll be a mix. I think, my bet is, you know, we invest in all of these boring businesses, right? Like, mom and pop shops. And I'm seeing those companies be bought or taken over by the younger generation, who's saying like, why are we doing it this way? This is crazy.

• 14:48Speaker 02

  And so, applying something to their pain to create a solution, that becomes a new company, AKA, Carvana or the storage company. And then, of course, I think you're going to have people come in, like, I think we both know Harry Hurst from Pipe, who was like, why are we doing, you know, credit this way? Why can't boring businesses or normal businesses get better credit based on their future invoices and payments? And so, he created Pipe, fastest, I think, company to a billion dollars valuation. So, and he was an outsider, right?

• 15:18Anthony Pompliano?

  Yeah, it's fascinating to kind of think through. As we go through this market downturn, I know that you've always been very focused on cash flow, which tends to be a pretty effective way to weather these. How are you seeing people take liabilities and turn them into assets? And any examples there?

• 15:34Speaker 02

  Yeah, a couple. Well, one, I think this is huge. So a lot of people like to, you know, talk badly about this. They're like, these businesses are too simplistic. We could be much smarter than this. But in my mind, and you know, we've already seen it, what's happening with inflation? And then if you end up getting, you know, losing your job, or we have this recessionary pullback, or your assets aren't worth what they used to be worth, I think people have to start thinking a lot more intelligently about the things they already own. And you're starting to see it. So a couple of things that, you know, I'm pushing for even my family to do is things like renting out cars on Turo. You know, we have, you know, a couple of places, and in every place that we're not in, we rent them out on Turo, and we rent them out on Airbnb. And then we own part of the property management

• 16:16Speaker 02

  company, and we own part of the vehicle management company. So like owning the companies that can actually turn the things that cost you money every month into assets is something that people talk about, but very few people do. And now there are all of these companies that do this. I mean, there's a company here in Texas that does it for your pool. So you can actually just like rent out your pool to people if you want.

• 16:37Anthony Pompliano?

  How much does it cost for me to rent out a pool?

• 16:40Speaker 02

  I think it varies, but how nice of a pool you want, Pop.

• 16:45Anthony Pompliano?

  But if you're at home, somebody just like comes over and is like partying at your pool, and you're inside your house?

• 16:50Speaker 02

  Yeah, it's called Swimply. Swimply, like swim simply. Rent beautiful private pools by the hour. Now, I have no idea if this thing's a joke or not. I've never actually used this company. But, but they've been around, it looks like for three years. And so I think you're going to have this stuff pop up everywhere, because we've been seeing people buy things at record levels during COVID, and they're going to have to figure out how to deal with that. I mean, another great example is like in Miami.

• 17:15Anthony Pompliano?

  Get out of here with these pools.

• 17:17Speaker 02

  You see this? Forty-five bucks.

• 17:19Anthony Pompliano?

  You can get like a nice, nice pool in Miami, a hundred bucks an hour.

• 17:22Speaker 02

  A hundred percent.

• 17:23Anthony Pompliano?

  Yeah, but you gotta go to someone's house.

• 17:25Speaker 03

  Yeah, I mean, of course, yeah.

• 17:26Anthony Pompliano?

  Do you, I wonder.

• 17:27Speaker 04

  You say, can I use your bathroom real quick?

• 17:29Anthony Pompliano?

  But yeah, that's what I was gonna say is I wonder, do you get to actually go into the, like, what if you have to go to the bathroom? What, can you use the grill? Like, I wonder, it's probably all within the.

• 17:36Speaker 03

  There's actually like a lot of pools on here. I wouldn't have expected as much inventory, but there's like a ton of them.

• 17:40Anthony Pompliano?

  You know what else people are probably gonna start doing is, uh, I bet you you could rent out if you got a really dope basketball, uh, court. Either, uh, if you got like a big house that's on your property or it's in your driveway. And, uh, if the public parks are always, uh, backed up, then you could basically just rent out the, uh, basketball goal. And say, hey, you and like all your friends can come play basketball on my driveway.

• 18:01Speaker 03

  I assume they essentially, this gets built out for everything, right? Like, obviously, houses were first with Airbnb, Turo is cars, they have boat setter for, for boats here in Miami. Now you can do pools, like essentially anything that anyone else wants to use or rent that they don't have, you could build out a service.

• 18:15Anthony Pompliano?

  Yeah. Cody, talk to us about the Turo business. How, how, uh, how does that work?

• 18:20Speaker 02

  Well, that one's interesting. So, um, basically how it works is, uh, you have a car, whatever your, your normal vehicle is, and you list it just like you would on Airbnb on an app.

• 18:29Anthony Pompliano?

  Okay.

• 18:30Speaker 02

  And the app essentially allows somebody to rent your car without you have been the middleman. There, there's insurance through Turo, all the payments are done through Turo. Um, you have reviews just like you do on Airbnb and you can rent out a few of them. And so, um, we actually have, I don't wanna manage the individual cars, but what we've done is just reached out to other people when we've rented in locations and said, and if it was a good service, basically just said, hey, you wanna rent out a couple of our cars and just take care of it when we're not there? And then the cool part is when we come into town, we're like, drop the car off the airport. Like, we'll see you and meet you there and then we're gonna, you know, drop it off at the airport. When we get there, somebody like will pop in our car and take it away. And then, you know, the part that I think's interesting that people haven't thought about yet is just like the luxury level, level of these services.

• 19:13Speaker 02

  Like, I would pay an extra couple hundred bucks for somebody to do that drop off and pick up for me at the airport with my rental car, like, every single time, as opposed to having to go to Hertz or do the thing or get like a black car everywhere. So I think that lux level is gonna actually happen a lot more as well, and I haven't seen that happen yet.

• 19:30Anthony Pompliano?

  Do they have any services that will rent private drivers? Uh, so like, not Uber where I order a car and then they take me everywhere in their car? But I wonder if there's people who say, you know, I got a ballin' car. I'm keeping my car, but I just want somebody to come drive me around in it.

• 19:50Speaker 02

  Oh, yeah, there is a service that does that.

• 19:52Anthony Pompliano?

  I got to imagine somebody, somebody, yeah, of course, it's in Miami. Like, somebody somewhere definitely has got to have that one up and running, right? But like, to your point is, uh, there is this whole kind of, uh, technology slash like economic transition that's occurring where you can pay for things by the hour. You can use the vending machine type model. Like, you, you just see the economy slowly shifting, uh, to something that's more technology-enabled, more marketplace-enabled than, uh, than maybe we previously saw, you know, 20, 30 years ago.

• 20:22Speaker 02

  Yeah, I, I think you're exactly right. And then people always kind of talk about like, well, I don't have enough money to do that, but it must be nice, Cody, you got a few cars or whatever. And my response is like, there's always like three sides to the marketplace. You know, you can have, of course, you can have the people with all the assets who have the things that they can rent out. But you could also be the guy who does logistics for the people who have the stuff that they want to rent out. Or you could be the guy who says to the people with money, hey, uh, I want to, you know, buy a bunch of cars and rent them out on Turo. Why don't you back my venture and we'll be partners in them? So like, I don't think having money is, or not having money is an excuse. You could be into any side of the three-sided marketplace and do the same exact thing. And in fact, like, you guys know this, I'm sure. It's damn hard to find people who want to operate businesses right now.

• 21:07Speaker 02

  And so, you know, if, if a young gun came to me with a business plan flushed out, those are my favorite type of people to get into business with.

• 21:13Anthony Pompliano?

  Do you want to know the business that I absolutely would, uh, would get in with somebody if, if we found the right person to do it is Airbnb party houses. So the whole idea of Airbnb is people rent out their homes, but what does everybody want? They want the like, family coming on vacation, that's going to take good care of it, like, don't have any parties. It's usually written in the Airbnb, uh, you know, description. Like, everyone wants the, uh, really boring use of their property.

• 21:45Anthony Pompliano?

  But what is everyone who's renting trying to do, right? I know a ton of people who are like, damn, we're gonna throw a party. It doesn't necessarily have to be like, you know, kegs and, and kind of like a frat style party, but it could just be a wedding reception. It could be some sort of a baby shower or, you know, whatever. But they want to actually have the party at a nice house. And so if you could find a bunch of them who said, yeah, sure. Like, as long as you guys come here and clean up afterwards and there's insurance and, you know, kind of all the downside risks taken care of, like, actually, I want people to throw parties here. I've got a great backyard for barbecues or whatever. To me, that feels like a huge opportunity that, you know, goes directly against what

• 22:28Anthony Pompliano?

  most people on an Airbnb want to do with their home.

• 22:31Speaker 02

  Yeah, that's such a good point, actually. Um, I wonder if that exists. Yeah, we, one of our Airbnbs, we, um, it was in Austin, Texas. So this is like on brand, but basically, um, our Airbnb manager was telling us that, uh, that he saw like 20 people come into the Airbnb, but they were all bringing yoga mats, but it was like nine o'clock at night. So it was like, what are these people doing in the house? Cause we have an outdoor camera there. Um, and it's a, it's a nice house. And, uh, and basically, and then they moved all the furniture around and we have a sound audible, um, you know, measure in each of the Airbnbs. We have to make sure somebody doesn't throw a giant party. But essentially what I think they were doing is they were totally having like a psychedelic journey or whatever in our house. They like left us this ridiculous crystal at the end of it.

• 23:13Speaker 02

  It was like so Austin, but I'm sure there were a lot of flapping mats, you know, and whatever feathers. But, um, but the moral of the story, what we found out later from the guy is like, yeah, we charged like, you know, $5,000 a person to, to throw these. So if I was only charging 1,500 bucks a night, I, you know, had your model, I'd be saying, yeah, I want 5K, but have a, have a party, do whatever you want, set up the shaman crystal, don't care. Um, so I like that idea.

• 23:39Anthony Pompliano?

  Oh, I, I think people would pay bonkers numbers. In Miami, one of the big things that actually happened, uh, is I know a couple of folks who they would come for, you know, whether it's Miami Tech Week or, uh, the Bitcoin Conference or whatever, and they were like, man, it was really hard. To actually find an Airbnb because I'm bringing my whole team. And I was like, what do you mean? And what they were explaining to me was they were bringing, you know, seven, eight, 10 people from their company that lived all around kind of the country or the world. And so they wanted to rent a full house. Well, to see or, you know, to kind of have seven, eight, 10 people live in a house in Miami, you gotta get a pretty nice house. Well, it turns out that the people who have those really nice homes on Airbnb,

• 24:23Anthony Pompliano?

  they know that people are looking for these like corporate retreat style destinations. And so a house that is, you know, three, four, five million dollars, they were renting them out for anywhere between 50 to $75,000 a month. Because the corporates were paying, right? So if you're gonna, you know, how much would you pay if you're gonna bring 10 people to a city? And not only are they gonna live there, but that's where you're gonna do work or whatever for like a two week off site? Would you pay, I don't know, $35,000 as a company? Like, maybe that doesn't sound as crazy because if you start to do like 10 hotel rooms every night for two weeks, like it gets up there.

• 25:08Anthony Pompliano?

  And so I was fascinated with this idea of basically luxury homes, but they're not renting them to families or to individuals. They were renting them for this more like kind of corporate offsite for companies that are distributed in terms of their employee base.

• 25:24Speaker 02

  I love that. I gotta go fire my property manager because we're not getting $35,000 for a weekend. Everybody's fired. But I love that idea. I also think, you know, I'm really into, I think we're gonna talk about this too today, but this idea of how can we get people access to these sorts of investments? So like, you know, this Airbnb, for instance, we own a few. It's kind of a pain. Like, the reason I own the property management company too is because you pay the guy 20 to 25% for them to manage your, your properties. And that's a lot of the cut after the, you know, whatever, 10% Airbnb takes. And so I wanted to own both, but then it's, you know, it's also expensive. You gotta put the money down for the place. It probably costs you three to five K to get it set up. Right for Airbnb with cameras and everything you need.

• 26:07Speaker 02

  And um, and so I was, I've been sniffing, sniffing around a lot, and this is more your line these days too, about how can we get investment access to these types of deals at cheaper levels? And so I'm messing around, there's this one company called here.co. I'm early on in due diligence with them, but I like the model. And they basically let you fractionalize Airbnb investments. Um, so that, you know, somebody can get in with a hundred or a thousand bucks. And they've done it in a way where you don't have to be accredited. And so I like, I love the idea. I mean, when I see the returns, we have rental properties, right? Normal ones, somebody rents for a year, whatever versus Airbnb. I mean, the numbers are astronomically different. We keep both because I think it's important for our market, but Airbnb is so much more profitable if done right.

• 26:49Anthony Pompliano?

  What are some other ideas that you're like super interested in right now that are just weird? Like, I know that you guys are, are setting up a fund and you guys have, uh, maybe can't share all of the, the weird, weird ones. But like, what are the things that, uh, people wouldn't think are good investment opportunities? But you guys are like, man, we love this idea.

• 27:06Speaker 02

  Yeah, well, that's the fun part these days is I think there's a lot more. So the, the art, I have sort of a thesis. The thesis is this, that, um, we talked about it early on, but that boring businesses are going to transition to more technology and innovation within these businesses that nobody cares about, AKA landscaping, plumbing, uh, you know, air conditioning companies, et cetera. There's been this whole revolution where elderly, you know, more elderly citizens, baby boomers, whatever are retiring, and they're shutting down these businesses or transferring them to the next generation. So there's a wave, a bunch of people like me buying them. That's cool. But the problem with just buying boring businesses is you don't get nonlinear returns, right? Like my, my plumbing company is not going to be worth a hundred thousand dollars this year

• 27:51Speaker 02

  and then a hundred million in two years, unless we do some crazy things. But you can have those kind of jumps with technology. So the part that I think's interesting is Silicon Valley is right now a lot focused on the metaverse and a lot of things that I don't fully understand that are super sexy that I think are interesting. But they're not as much focused on these, you know, boring businesses that can have incremental return with technology. So that's the stuff I'm interested in. Like, for example, I don't like to own, uh, franchises typically outright because I don't like rules. That's why I'm an employee and probably, I mean, an entrepreneur and probably unemployable. But there's this company called FranShares and, um, This company actually fractionalizes franchise investments in a fund platform similar

• 28:33Speaker 02

  to like Fundrise or Wealthfront. And so that's, I think, super interesting. And then another one that I want to do more of, similar to Pipe, is factoring. So we're looking at a few companies. This couldn't be more boring. Like, people are probably falling asleep listening to me. But basically, it's, there's all this money trapped in small businesses, right? So like, if you talk to anybody that runs an e-commerce business, their life is pretty miserable. They could be doing $50 million, but they have like $0 in their bank account because they have to forward buy all the inventory. And now with supply chain issues, you know, they might not be getting the inventory to then sell it, to then get paid like net 30 or net 60 on some of that if they, if they sell to retail. And so there's all this trapped money. And I think there's going to be some really interesting companies that

• 29:17Speaker 02

  open up that trapped money that allow for these companies to be a lot more profitable because they don't have a, you know, 30 to 120 day window where they're floating the revenue of the company. And that's, that's called factoring. So those are a couple of ones that I think that are interesting today.

• 29:32Anthony Pompliano?

  Got it. And so when you start to think about this, would you rather own what I would consider like a traditional small business with cash flow, like, I don't know, a plumbing company or, you know, those types of businesses versus like an ICE vending machine? How do you balance, not just like the economic underwriting of like which one makes more money, but how do you think about the risks and upside of those two different types of businesses?

• 29:54Speaker 02

  I think buying small businesses is like buying real estate. You got to scale up. And so it's just like a stair step. So you, the reason I talk about things like laundromats or ICE vending companies is because they're much cheaper to start with less risk typically. So, you know, you can buy an ICE vending machine for $30,000 on, you know, a line of credit. You have an asset that you could actually sell to somebody else and you don't have that much in reoccurring costs. And so that's a pretty cheap way to get cash flow day one theoretically. And so I talk about those. But that's kind of like real estate. Like, you know, you could buy your little apartment, and then the next one you buy a townhouse. And then after the townhouse, you buy the multifamily. Then you buy, you know, the industrial land or whatever. And I think the same way with buying businesses. So for me today,

• 30:39Speaker 02

  I need to buy bigger businesses for them to be worthwhile. Um, because the bigger business you have, the more uh fat you have in it, that can absorb some of the pain of running a small business, like people quitting and having to deal with labor costs, etc. So when you're just starting out, you want a lean business probably that you can learn from that's not too much risk. Something like potentially a laundromat or a car wash or an ice vending machine business or a vending machine business. Because they start small and then you realize, oh my gosh, doing a small deal is almost as much work as doing a larger deal and it's probably more work following because you don't have the employees in the business, the fat in the business that allows you to step out as the person who is the owner of the operator.

• 31:23Speaker 02

  So when you say plumbing versus ice vending, I think more like size and scale. So if I have an ice vending business that's like a hundred and fifty locations and I have a bunch of guys that run it and they send me checks every month, great. But if I have a plumbing company that, you know, only does three hundred thousand dollars in revenue and fifty thousand dollars in profit. And so I'm, you know, having to fix toilets, like probably not so great. So I think it's really a size thing as opposed to industry sector.

• 31:50Anthony Pompliano?

  Yeah, it's fascinating to think about that. Uh, talk to us about this fund. I don't, I don't know what you're allowed to say, what you're not allowed to say. But uh, you're starting a fund, what, to help people invest in these opportunities, but you'll be the one selecting or how does it work?

• 32:03Speaker 02

  Yeah, exactly. Well, the cool part is, uh, so I haven't raised money for two years. Um, because I've just seen valuations look crazy. And so I didn't want to raise money and deploy capital in that type of environment. Now, what I'm starting to see is that on the early side from investments, you're starting to see valuations come down. I mean, everybody's been talking about this. Companies are starting to have down rounds. Right about now is when I think makes sense to raise a little capital. So what we're gonna do, typically I've only raised from institutions. Um, because, and you know this, you had a fund for a long time. It's, it's a pain to manage other people's money. If you don't have to, um, it's actually more fun and easier just to manage your own. But we have this ecosystem at Contrarian Thinking, which I think will be fun to have people have access to.

• 32:45Speaker 02

  You have to be accredited. We're gonna do it through Angel List. It's gonna be very small, like five, 10 million bucks max. And the idea is You know, invest on these four trends. One, great resignation. Two, great retirement. Three, the fact that increasingly these boring businesses are not selling at all. There's so much supply and not a lot of demand. And then four, ecosystem. So you have this too. I've never seen something more powerful than a media company paired with capital. The fact that we can de-risk investments like franchisees, for instance. You know, before we were looking at them, we sent them out to our email list and we're like, do people want to invest in this? And then like 20,000 people signed up for the email list.

• 33:28Speaker 02

  They got a couple million dollars in investors that wanted to come into their next fund. So I was able to actually de-risk our investment slightly through our audience. And so that's the idea is maybe there's this flywheel these days. Andreessen Horowitz saw it between not just having capital, but capital and audience, and then capital, and then audience, and then capital and audience. And I think that'll be one of our differentiators in the boring business space.

• 33:52Anthony Pompliano?

  Yeah, it's fascinating. My last question for you is as part of going bigger, getting bigger companies, valuations coming down, I know that you've been communicating with the companies you already do own a portion of about just like, hey, prepare, like tighten the belt, I think is the way that you describe it. What is your thought process in terms of why they should be prepared for a potential more pain in the future?

• 34:15Speaker 02

  Yeah. Did you, do you ever remember the Sequoia? Sequoia or Andreessen Horowitz set the tombstone PowerPoint out? Do you remember that?

• 34:22Anthony Pompliano?

  Yes.

• 34:22Speaker 02

  Yeah. So, um, so they sent that out in like 99, right before the tech bubble burst. And like, I'm not that smart, but I was in cannabis before this. That was one of our other funds. And I sent that email out to all of our cannabis companies. And let's see, right before the cannabis downturn, which would have been like 2017, 2018. And I was like, you guys are crazy. Your valuations are not right. You're doing market share land grabs. You aren't profitable. This is going to go sideways. Start socking away cash right now, raise capital right now and start tightening your belts because it's going to be painful. And again, it doesn't take a rocket scientist to see this. Lo and behold, I said this, it's public, you can see it. I said it at the biggest conference in cannabis. Lo and behold. The cannabis market tanks, it's never really recovered from that point, even though

• 35:07Speaker 02

  the companies that have stayed solid are now moving towards profitability. And I think the same thing is going to happen for us in the early stage market right now. And it's already happening. I mean, we've seen a ton of these companies. I mean, how many shows on Netflix are about these companies imploding lately? I think we're in that same segment. So I've basically said, hey, listen, you know, all time high inflation, you know, decreasing GDP. We've got the second largest port in China. Looks like it's going through shutdowns. I'm getting sent crazy videos from my friends in China. I gotta send you this one, Pom. It's like that she lowers her dog in a harness with a helmet on outside of her building in Shanghai.

• 35:48Speaker 02

  It's like she's three floors up on a rope so the dog can pee and then they rope the dog back up because they're not allowed out of their house. So like, we're going to have these ripples that are wild. And if companies aren't ready for it and you don't have at least 18 months of runway, I think you're going to think, I wish you had.

• 36:04Anthony Pompliano?

  Yeah, I tend to think you want to be prepared in case it goes really bad. And if it doesn't go really bad, then you can accelerate, deploy the money, grow, and everything's fine and you'll laugh about, oh, man, we were overprepared. But it's kind of like a natural disaster. Nobody, when the really bad natural disasters hit, is mad that they prepared. 100% of people that overprepare always are like, man, that was a waste of time, right? But then the question is not like, hey, should we have done it or not? It's like, what do you do the next time? And so that feels a little bit like businesses, right? Of like, look, who knows how bad it could get, but being prepared is going to end up

• 36:48Anthony Pompliano?

  being an incredibly important detail here. Joe, John, what questions you guys have?

• 36:52Speaker 03

  Hey, Cody. My question would just be around how people get started and your thoughts around kind of borrowing money or taking on debt to do this. I assume that is not the recommendation in most cases, but in a lot of cases also, people don't have the capital that maybe requires to start some of these businesses. Just talk me through your thoughts on how people can start with a little bit of cash if that's all they have.

• 37:13Speaker 02

  Yeah, well, a couple of things. One, you can do an SBA loan with a personal guarantee. I think that's really scary to do if you don't have any money and it's your first time doing a business. So my personal, like if I was in that case, I wouldn't want to do that. I wouldn't want to put everything I own on the line for a business that I've never bought before and run it. That's scary. Kudos to the people that do that. Now, if you've run a bunch of businesses, that's not so scary. You're like, oh, great. This is like basically free money. Here's how it works. No problem. So when you're first starting, what I like to think about is there's like three legs to the stool. You either have money, you have time, or you have expertise. Most people only think about one leg. I don't have money. I can't buy a business. They forget about the other two.

• 37:54Speaker 02

  If you have expertise, you can use your expertise to get equity in a business from telling other people how to run it. And you would just negotiate that in your package. AKA, if you're a plumber, get partnered with somebody who has money or who has time, and you're the expertise and they're the time and the money. And the same thing with time. If you don't have expertise or money, go to somebody like, you know, I don't know, let's say Joe is really into this idea on Turo. Go to Joe and say, Joe, I don't have any capital to buy a bunch of these cars, but here's my business plan. I put together this entire thing. Why don't you go in with me from an equity standpoint and we'll do this business together? Then there's also a couple of examples, and I think one's called, I was just looking it up over here.

• 38:35Speaker 02

  This one's called like this 23-year-old bought a 250K business for 1K. And basically, it's about a young guy who bought a cleaning business. He started a cleaning business while he was in college. It's at Contrarian Thinking, if you guys want to check it out. Started a cleaning business in college, then bought one of his competitor's business who was retiring through what's called the rep share. So he was like, I'll give you a thousand dollars down, and then I'll give you 25% of the profits for the next three to five years. I can't remember the deal terms. They're in the article. But that happens all the time. And so what I get upset about is people say, no way can you do this. You can't start a business with any money. You can't buy a business with just a thousand dollars. And that's just categorically not true.

• 39:17Speaker 02

  Is it easy? Do they just come across your desk? Do people just wave money in your face? No, no fucking way. But are they an option? Yes, they are. You just have to learn about deals and terms.

• 39:28Anthony Pompliano?

  John, what do you got?

• 39:29Speaker 04

  That's, that's great. I've looked at a bunch of them and a lot of seller financing is a big option that people try to do, but I'm curious, how do you advertise for all these businesses? I'm sure it's different from vending machines to laundromats, but like, how do you think about advertising?

• 39:42Speaker 02

  Yeah, it totally depends on the business. I mean, most of these businesses, if you have one thing that's crucial to small business, it's reviews. It's Yelp reviews online. And if you could optimize for reviews, then in service businesses, that's the holy grail. The cool part is there's a lot of technology now that lets you be a lot smarter about reviews. Most small businesses do not optimize for reviews. Think about it. How many times is your cleaning lady, your handyman, your roofer, sent you like a follow-up text message, like with a nice little note, or maybe a video explaining to you how much a review means to them? How many of them have an actual process for follow-up in case you don't do a review for them? That is the best form of advertising for small businesses like this is reviews. And there's, there's actually a cool software. I

• 40:25Speaker 02

  have to think about if I can grab it really quick, that allows you Nice Job. So it's called Nice Job, and you integrate it with your CRM, your customer relationship management system. And basically, it is a way for you to do a follow-up, to get reviews, that a lot of small businesses use. It's really good. You could also use Jobber, but Nice Job is more particular for this one.

• 40:44Anthony Pompliano?

  Gotcha. Cody, the last thing I want to ask you is if you, today, it's Monday, by Sunday night, I challenged you to come up with some sort of activity or business where you could make $1,000 per week, what would you do?

• 41:01Speaker 02

  Without any of our unfair advantages, I'm guessing.

• 41:04Anthony Pompliano?

  Correct. Just starting from scratch, you want to make $1,000 per week, what do you do?

• 41:08Speaker 02

  God, I think probably the easiest thing to do, because it's, it's not that hard, is like, go to anybody who's a media persona, I'm sure like, like you or me, and start creating content based on their content for them. I think you could not just make $1,000 a week, you could make thousands. Like, I have people who ping me sometimes sporadically, like memes, let's say, for Twitter, or they'll ping me like a little video of just my stuff chopped up. Like, even if I'm not a good talent, I would just go and watch a bunch of Your stuff and then I would get on Fiverr and get a designer or video editor based somewhere offshore. And I would send you like three to five videos like, hey, do you like these? If so, awesome, use them.

• 41:50Speaker 02

  You know, and if you think they're interesting enough, I'd love to to create more content for you. We, everyone I know is so hungry for content. And we all make a lot of money on the internet and otherwise. I think it's a no brainer to become an outsourced content creator. You could create an agency in like five minutes. I mean, it's wild.

• 42:08Anthony Pompliano?

  Yeah, that's a pretty good answer. I think one time before we thought of, what do we say? You could go, if you want to make a thousand dollars one time for the weekend. You probably, you'd have to hustle, but you could go make a couple hundred bucks as a golf caddy, etc. The problem is that a lot of those, they're not very scalable. And also they're very difficult because they require some sort of physical labor, etc. And then in some way, like the payment is kind of a tip, right? So like, you know, maybe you get a good tip or maybe you don't. With this, it's pretty clear you're running an actual business, you can scale. And also you can set price, which ends up being a much better business to be in than like, hey, I want to go make some extra cash as a, as a caddy.

• 42:51Speaker 02

  Yeah, I agree. Maybe the other thing, if you want to go more manual than tech would be like, like I might just like go buy a power sprayer or something from Home Depot. Actually, you could probably just rent one and run around like a nice neighborhood somewhere in your city. And ask if you can power wash people's driveways like, oh, this looks kind of dirty. Do you do need some power washing on this? You can't really screw up a driveway, so I don't think you could, you know, I wouldn't power wash a house to start with. But that would probably be a really quick way if I was a young kid to run around a neighborhood and do something like this. Services are really hard to get right now for almost everybody. I mean, we got a quote from a pool guy yesterday for $400 a month to clean our pool. So anything where you can make somebody's house nicer and easier and serve them like this.

• 43:35Speaker 02

  I think you could probably make some money really quick.

• 43:37Anthony Pompliano?

  How big is your pool? You got a pool the size of the ocean for a hundred dollars to just come and clean it?

• 43:42Speaker 02

  It's the littlest pool. This is like, this is not a mansion. It's just Austin has such an influx of people that we can't get somebody who can put us in the rotation. And they were like, well, maybe we could do it if we paid $400. I was like, I'm about to learn about pool cleaning. This is not happening.

• 43:59Anthony Pompliano?

  Cody, how do you think about like, if you went and got a power wash, for example, how do you think about pricing in that market? Because I'm sure there's other people that do power washing. So like, do you just undercut them on price and try to get as many customers as possible? Or?

• 44:11Speaker 02

  Let me ask you a question. What does it cost to power wash your driveway?

• 44:15Anthony Pompliano?

  Hundred bucks, $300, somewhere in that range.

• 44:16Speaker 02

  Yeah, you have no idea, right? So I have no idea. So I would basically just go around the neighborhood and I'd start at one price. And then I'd keep going up to the number of people that said, yes. And then I'd stop once they start saying, that's ridiculous. I think like, you know, I would probably, yeah, it's, oh, I've got a great offer for you. Usually this costs $300. I do it today for $99 because I actually live in the neighborhood. This is my first business. Would you like, you know, do you think you would give me a chance at doing some power washing today? Looks like, you know, there's pollen, it's springtime. This is really good time. You don't want that stuff to set on your driveway because that could totally stain it. I mean, I would like come up with some spiel like that and sort of rock and roll. And then I'd probably be extra lazy and I'd post it somewhere like, what's that terrible site like next door or open door, next door? Right, everybody's complaining about their neighbors all the time.

• 45:02Speaker 02

  Yeah, I'd post it on there. And I'm sure you'd get people without even having to go outside your door.

• 45:07Anthony Pompliano?

  Gotcha. Where can we send people to, one, follow you on the internet, but also to subscribe to the newsletter and find out more about the fund?

• 45:15Speaker 02

  Awesome. Codie Sanchez on Twitter, C O D I E underscore Sanchez on Twitter. And then contrarian thinking.co is our newsletter. And that'll be where all the fund information is once that goes live. Look at that, that's us.

• 45:30Anthony Pompliano?

  I love the Twitter banner image with censored.

• 45:35Speaker 02

  Yeah, well, yeah. I thought that was sassy.

• 45:39Anthony Pompliano?

  Last thing, actually, I'm gonna, I lied, I have one more question. Yes or no, Elon ends up owning Twitter when it's all said and done?

• 45:49Speaker 02

  I'm with David Zacks. If he does not have the right to buy the company at the type of valuations he's putting out, there's something corrupt happening in the free markets. I think it is categorically wrong what the Twitter board is doing, although not surprising.

• 46:05Anthony Pompliano?

  Yeah, I, uh, I think that the, like, the variable that no one's accounting for is if all of a sudden Elon, Tomo, uh, Bravo, Peter Thiel, like, there's a whole bunch of different people who could come together here and be like, "Name the price."

• 46:25Speaker 02

  Oh, yeah. Give them a bear hug. That's what it's called. An offer too good that you can't refuse. Um, you know, and if, if, I think people, this is interesting because here's M and A happening live. Um, but I think people should, if you want to learn about this, I mean, you could read like Barbarians of the Gate was an old school one. You could read about Carl Icahn. I think it's called King Khan or something like that. Uh, has a good book about him, activist takeover. We were involved in one relatively big hostile takeover, and they're, they're gnarly. And I've been involved in a few tender offers. Um, but the problem is, you know, it's terrible for Twitter shareholders. It is an expensive proposal to go through a tender offer. Um, it's distracting for the company overall. These guys definitely don't need it. Um, so, yeah, I, I think you're right, though.

• 47:08Speaker 02

  Uh, Elon's a dog on a bone, unless there's like some other reason that he's doing this that I don't understand, which could be true, too.

• 47:15Anthony Pompliano?

  I, um, uh, last week put together my, uh, what I thought would be the prospective, uh, Twitter executive team. And I said Elon should be the chairman, Peter Thiel the CEO, Jordan Peterson could be president, we could have Keith Raboia COO, Donald Trump as CFO, Dana White as the chief marketing officer, Snowden in charge of security, Joe Rogan as the head of HR, and Tim Dillon would take over investor relations. And I think that the company would be worth 20 gazillion dollars.

• 47:48Speaker 02

  God, that's the best line. I'd invest in that company. I'm seeing Tim, uh, yeah, I'm seeing Dillon tonight. He's, uh, live in Austin. Uh, he's a national treasure. Yeah, I think you nailed it. Your takes on Twitter are second to none. I can't believe I giggle so much about Bitcoin. So silly.

• 48:04Anthony Pompliano?

  Yeah, it's a, I mean, look, anytime that you can put together a whole list of white men, and then you call it the anti-woke team, you can imagine the people who get very upset about the obvious joke.

• 48:15Speaker 02

  Yeah, I think next business needs to be ways we can make sure we scrub all of our addresses off of the internet. Everybody always yells at me for not telling who my businesses are online. They're like, you don't own any. I'm like, have you met you guys? You think I should tell you what businesses I own?

• 48:30Anthony Pompliano?

  The, what is it? The adversarial Yelp-like thing to small businesses? That still blows my mind. It's like now Yelp will actually lock reviews if there's an influx of a bunch of negative reviews in a short period of time, because they feel like the mob, yeah, the mob is trying to destroy like a small business, whether it's warranted, not, whatever. They've put things in place to try to prevent some of that, but still.

• 48:57Speaker 02

  I think it's smart. It happened to Nick Huber, a sweaty startup, a mutual friend of mine. He just got, like, his business online. The reviews were just crazy, some death threats and stuff. So, yeah, I'm not trying to put my small businesses through that, because, you know, it's one thing if it's my, fine, go online and yell about contrarian thinking, that one's public. But, you know, don't mess with, with my guy who's like a first-gen immigrant to the US that runs our landscaping business, because you don't like something I say and I happen to give him money. That's ridiculous.

• 49:24Anthony Pompliano?

  Yeah, I completely agree. All right. It's always a pleasure to have you on. We appreciate it very much. We, I'm waiting for somebody to pitch me like a really good one, and then I'll make you a promise. I'll call you and we'll, we'll do it together. But if anyone in Miami has a $45 million mansion that they want to rent out for parties, call us.

• 49:47Speaker 02

  Yeah, psychedelic or otherwise, we're mixed Miami and Austin. I'm into it. You guys, thank you so much. This is a blast. Love everything you guys do.

• 49:55Anthony Pompliano?

  All right.

• 49:56Speaker 02

  Bye, Cody. Bye, everybody.

• 49:58Anthony Pompliano?

  Thanks so much for listening to today's episode. I really hope you guys enjoyed this one. Make sure you subscribe on Apple, Spotify, or your favorite podcast player. And if you're looking to try to transition to get a new job in the Bitcoin or crypto industry, we've got you covered. Head over to pompscryptocourse.com. We've developed a curriculum with the top teams across the industry. It's a three-week intensive training program with over 50 events packed into that three-week time period. Go to pompscryptocourse.com to learn more, and I'll meet you guys for the next episode.