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Speaker 1: So the political you know, they're a right wing organization

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spreading the misinformation they reported. There's just, you know, some

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troubling security bugs found in some cybersecurity election software stuff.

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It's the elections and software. It's just a little hacking

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blind spot. Now, it's not a serious thing. And the

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coders are Ukrainian because that makes sense. Plus, the people

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at CNBC say the peak interest rate era is over.

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Here's what investors are watching. We'll talk with Zach Abraham

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about that. And also there's a diaper shortage and you

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won't believe why and the solution to this, maybe you will.

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We'll talk about this with the help of our YouTube

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channel YouTube dot com slash at Todd Herman and with

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the good graces of God Almighty.

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Speaker 2: The Todd Herman Show is one hundred and disapproved by

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big pharma technocrats and tyrants everywhere. No from the high

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mountains of Free America. Here's the Emerald City exile God

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her Man.

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Speaker 1: To day is a day the Lord has made in

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These are the time so which God has decided we

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shall live. It's wise council day. Even though I'm dressed

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in my beach clothes, It's wise council day. I got

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the note from your team, Zach. I'll tell them we'll

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edit this out now and we'll go through it. Only

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spend about sixteen hours to edit me into the wise

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council shirts, et cetera. We got the note from your team.

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How are you, brother.

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Speaker 3: Doing good man? No complaints, good, no complaints.

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Speaker 1: I don't know if you saw this, but you know

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there's this country, Brazil. You've been there.

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Speaker 3: I've never been there. I've always wanted to go. Yeah,

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I've sure been there.

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Speaker 1: So they have a judge there who's kind of seized

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control of the country and he's banned Twitter. Dash X

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has to shut it down. The so called Attorney General

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of Missouri, Keith Ellison. He's the guy who used to

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walk around with the ANTIFA handbook. Oh yeah, yeah, yeah,

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he's he's congratulating Brazil. He says, uh ubergodo, Brazil, Congratulations,

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well done. I mean he didn't come out and say

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for the censorship. But we obviously know what this means, right.

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Speaker 3: I nothing says democracy like a century free speech buddy, So.

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Speaker 1: Uh right, have you ever gotten that you can't say

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that from someone when you public speak or you do

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your podcast, your radio show. You've forgot that. You can't

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say that.

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Speaker 3: Oh yeah, well yeah, well there. For instance, I got

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a an email because when when COVID was coming out,

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I referred to it as the Kung Fu Flu, and

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I got a bunch of emails saying it was racist,

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and so I went on and issued a quote unquote

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apology that had me refer to it as the Kung

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Fu flu. About five more different lives. Just I'm just like,

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get out of here.

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Speaker 1: I had for a while when I was doing the

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what did I start with Afternoon Drive in Seattle, then

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did the morning show. I had a pre recorded apology

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and it came with some sappy music.

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Speaker 2: You know.

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Speaker 1: I just want to say I've learned a lot in

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this process, and to everyone I've may heard, I want

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to say, I'm just I'm just gonna, you know, attempt.

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Speaker 3: To do better.

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Speaker 1: We can only learn from this. So I'm reaching out

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to members of the harmed communities, and so we had

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this kind of generic thing and then i'd have my

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producer put in just this terrible, bad voice. So I've

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reached out to memories of the community, and it was

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just not my voice at all. And the whole point

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is you never say sorry. I've learned a lot, I've reflected.

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I've met with some members of the affected communities, you know,

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and you never have the words I'm sorry. Leave your mouth,

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you find heart I apologize.

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Speaker 3: Uh no, Well, I mean there's times, yeah, right, I yeah,

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I'm I'm just a huge fan of apologies. I feel

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like it's especially when they're you know, when they're genuine. Yeah,

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I feel like they can just there's there's a I

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was actually talking with somebody this the other night. I

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am such a sucker for apologies, you know, I meaning

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somebody comes up and says, hey, man, I did you dirty?

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And I'm sorry about it?

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Speaker 1: Yeah?

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Speaker 3: Done? Game over, good, We're good, you know what I mean. Like,

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it's just, uh, it's always been such a respector of it,

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and I think it. I think it's a I think

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it's an admirable quality. Yeah, necessary to maintain. Well, I mean,

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I've been married for twenty years, so I feel like

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that kind of creditates you guys could apologize.

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Speaker 1: I think both people do, right, I mean, yeah, right,

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I think both people have to really and and part

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of that's, you know, meaning it I've never asked you this.

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I'll ask you this later in the show, but think

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about the worst screwing you ever got in business. Sorry

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for the bad language, but yeah, because I had this

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something happened to me in my internet radio startup, and

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it was a phenomenal lesson. But I also got this

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moment where I got to be the guy this guy

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had to come to to get something done at Microsoft

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and the guy who screwed me. Oh, and I tried

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it not to make it adventuring, but let's talk about that.

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I wan actually think about this, Zach. There was a

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thing the political reported and it's I mean, I wouldn't

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worry too much about it. Number One, we've got Ukrainians

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coding software for US for elections cybersecurity, So there's that.

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I think that's a good idea. And they decided then

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to leave in some kind of easter eggs in the code,

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backdoors and such. And one of the funny one of

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the funny things they did is they put in the

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Ukrainian national anthem right into the election software, just just

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to let us know, Hey, by the way, Zladimir, it.

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Speaker 3: Is that's actually kind of funny.

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Speaker 1: Right, But of course what that means is, look, we

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hit this in here and you didn't know it. And

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even the political is calling it a hacking blind spot

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that if they can do this and leave these holes,

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well they'd leave other holes.

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Speaker 3: Right. I don't know how any rational human being draws

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any other conclusion, right, right?

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Speaker 1: I mean, come on, and in our election system, honestly,

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and this, okay, here's the part we can't put on YouTube.

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Heads up, hey, production team, we're doing that part we

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can't put on the tubes. Is there anything in our

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election system that's actually set up so that you could

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actually prove fraud that is there any bit of it

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that you don't even have the base data?

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Speaker 3: Yeah? You know, it's one of the things that I

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think that I haven't heard anybody really talk about this,

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but it's something that I've found kind of amazing and

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scary and mind blowing from the very beginning. Where any

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system that you don't have the ability to audit, right,

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like the ambiguity around it all where I'm sitting there going,

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wait a second, there isn't a master tape someone like,

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No one's like come on, like, and this isn't the

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way systems like this are designed, right, So like, why

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is it this is the one system now? I mean,

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I think there's some obvious answers, but why would where's

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the redundancy, where's the ability to look through? Where are

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the security? Like I you know, and and just to

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go to the people that here's what's wrong in this country.

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Speaker 1: Right, like we need to have some music when you

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start a sentence like that, hold on, right, here's what's

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wrong with this country Zach Abram.

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Speaker 3: Yeah, Well, like it's the angst back and forth, the

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two sides that you know, the two sides that really

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drives me nuts. Where if you take a step back

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and if you quote unquote believe in democracy, and if

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forty to fifty percent of the voting populace in this

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country think they got jobbed, why would you not be

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a proponent of a very easy way to go through

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and verify will because it was done correctly the first

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I'm like, that's not what you were saying. And George

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Bush was elected in two thousand and I'll sit back

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and say the exact same thing about then again, reasons

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that we should have it should be built in to

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every system we use, should be a really easy way

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to go back and check this stuff. And I mean,

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everybody knows that we have the technology and the capability

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to do it. There's a lack of a will, and

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the lack of a will sort of points to motivate, right,

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like meaning, right, why else would you?

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Speaker 2: Right?

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Speaker 1: I had to fly once and I had lost my

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ID and I had to make this flight. I'm like, well,

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this isn't gonna happens. There's no stinking way this is happening.

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But I go to the airport. It's a business trip.

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I have to make the trip. Here's what's happened. I've

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lost my ID. So I'm gonna aask airline and I

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was premiere of premiere. You know what's your number? Sis? Okay,

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home address and your credit cards and phone number. And

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it took about an hour, but they got me on

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the plane. Now, if I was Hispanic and had skipped

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over the line of the country and had a bunch

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of MS thirteen tattoos of that special line, have you

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seen that the MSON thirteen line at the airports?

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Speaker 3: Well, no, I'm assuming they give you not only to

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get you on the plane, they give you a free

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launch in fifteen hundred bucks on a debit card.

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Speaker 1: Yeah, then you get to keep the plane sweet, right,

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so pro you can do this, but here's I'm going

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to relate this financially. And they'll talk about some financial

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news and they get this like the biggest screw job

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you've rid in business. This would be like you, let's

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say that you are thinking of buying a company or

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no better way, Chief Investments or Bulwark. You're thinking of

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investing in a company, and you guys are sitting down,

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you get the spreadsheets, they've sent you, the p and L.

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You guys pull it open. You're going, okay, wow, look

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at this growth. Wow, this is pressive, sensical, cost a good.

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And then you go, hold a second, what what currency

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is this in? Because there's no dollars signs And you

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call the company. Yeah, hey, listen, we've got the financials.

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What currency is this in? Well, that's the thing is

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we don't track it. Hold on, so some of this

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is rubles, some of this is dollars. We think there's dollars.

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Speaker 3: Yeah, we got some time taiwand bought in there or

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or tilt tybot you.

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Speaker 1: Know that's am I wrong? Or when you don't have

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the base of hey did you check their ID? They're

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sorry there what?

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Speaker 3: Well? Yeah, well, especially for a system like voting, right

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like meaning if if, if, like push all the politics aside, right,

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if we're sitting down to to devise and design of

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voting system. Right by definition, integrated into the system is

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going to be an ability to you know, there's gonna

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be any fraud capabilities. There's gonna be alarms built in

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there if somebody steps over something. But more importantly, there's

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gonna be very easy audits in there because you have

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to verify what's going. It's just it is the most

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purposeful lack of ingenuity I've ever seen, like meaning you know,

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and it's the same like you said with the IDs,

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right like, this is not a political issue. Guys, you

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don't have to be a conspiracy theory theorist to sit

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there and ask yourself, wait a second, why wouldn't you

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want photo IDs to vote?

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Speaker 1: Well, I took a phone call once from a very

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very irate guy on Russia's show God Rest of the

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Maha years ago, and this guy called me goes, you

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know what I hate about guys like you? Here's what

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I hate. You don't have any ideas and how to

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make this better? Oh, election fraud, election has stolen you.

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Like if I have some ideas, will you listen to them. Yeah,

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but you don't have any ideas. All right, here's my idea.

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Hold the election counting in casinos. Check the ID like

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you do when you go to casino, count the balance.

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With the eyes in the sky, you can spotlight every

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signature and compare it instantly to a database.

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Speaker 3: Yeah, do fingerprint facial recognition for ID.

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Speaker 1: All of it right there? Yep, there it is done.

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Speaker 3: And I'm sorry. But here's the other thing like this

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is this is such a straw man argument on so

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many levels because if you do not have the wherewithal,

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the determination, or the ability to get a photo ID,

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then you shouldn't be voting. There was and I don't

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care what anybody else says, You're not alienating anybody. It's

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the most ridiculous statement I know.

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Speaker 1: No way, So your wife has ID, Yeah she just.

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Speaker 3: Got it last week, or she could vote in the

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upcoming election.

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Speaker 1: But did you see there was Oh my gosh, I

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should have pulled this video, but it didn't know the

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discussion would go this way. There was a great video

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done in Harlem where a white guy went after Harlem

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and said, hey, how you doing. Hey, listen, do you

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know where the DMV's at Yeah. Yeah, yeah, it's right there.

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It's six blocks up that where I go get an ID. Yeah,

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you have ID, Yeah, I have idea. I live in

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New York City. I have to have idea to live here.

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What do you think about politicians saying black people don't

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know how to get ID what you have to have idea?

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You know, every single black person they knew where the

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DMV was. Yeah, and every black person said, it's insulting,

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And of course it is. I want to get to

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some financial stuff because it fits in to me. There

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are so many things that people believe in this country,

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like that our elections are safe and secure. That's one

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thing they believe. Those are other things they believe. We'll

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talk about this in relation to these interests, because you

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got to help me understand this real quick. When Zach

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came into the studio when he was here in the

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High Mountains of Free America, he walked in and said,

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and I quote, wow, it smells like a thunder storm

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in here. And I said, joking, do you ever watch

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the podcast or listen to this?

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Speaker 3: No.

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Speaker 1: I get his advice, but I'm just kind of surprised

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by it. If you have an Airbnb. If you have

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any business where the public enters, if you have public restrooms,

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don't tell the guy share the space with with the

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recording studio downstairs. It's a world class recording studios. Act

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seen it. It's beautiful guitars everywhere. His bathroom stunk to

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high stink in heaven, so gross. I just wanted to

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go around the neighbor and just apologize, because you could.

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I could go get you know what, I should have

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gone to get the eten pereoxy leaf two, slammed it

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in there and just let the just stinking bathroom just

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degrade into filth. But I didn't. I actually got out

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a liesole wrap or thing and cleaned and rubbed the floor.

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In any case, you don't have to do that. If

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you have an Airbnb or rental hotels, you run businesses

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that smell that, or you just want your house to

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smell absolutely fresh room people walk into it. Don't waste

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your money in an airfield because you're gonna have to

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replace the filters every single stink in year. For two

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to four undred bucks. Get the oxy Leaf to Thunderstorm

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device whole home coverage. I'll save you two hundred dollars

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plug it into the wall. In about three minutes, you

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will smell ozone because those three molecules go into the

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air and they eliminate the molecules that cause bad smells

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by bonding to them and changing their molecular structure. Go

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to edenperiodeals dot comment ry code Todd three and there

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it is a two hundred dollars savings And when people

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walk in your house, they'll probably say, wow, it smells

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like there was a thunderstorm in here, and then you

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can say, that's right. The Todd Herman shople We're working

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on one of these devices act that every hour when

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it produces enough ozone, it just goes with the Todd

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hermin shell because I think people want I think people

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want that in their houses, right, Sure, help me understand this.

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I got to get this is the FED sleepwalking into

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a policy mistake. Arbiton ARBDN analyst calls for faster easing

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of rates, and then I read in the same stinking

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research period, the peak interest rate is over. Here's what

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investors are watching. This comes from CNBC September. The US

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Federal Reserve is all but guaranteed to join the European

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Center Bank blah blah blah blah blah blah, and cutting

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key rates. Analysts are eyeing a broadly support of environment

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for equities to the rest of the year and beyond,

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but weren't of several key risks. Currency markets will continue

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to focus on short term rates expectations and the extent

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and pace of money monetary easing. I love that phrase,

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monetary easing. So help me break this down and understand it.

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Are they sleepwalking into a policy mistake? Or let me

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show you what I've learned at zach Abraham University. They

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only have two levers to pull and they've trapped themselves

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in this hell.

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Speaker 3: Yeah yeah, So first of all, are they sleepwalking into

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a policy error? Look? By definition, that's conjecture. So if

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this guy knows the future, then he can make that statement.

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I don't. I don't think that. And his argument is

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they're not cutting enough. Okay. What I would say to

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him is based on what data, there's this NOE So

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that might be his opinion. He may end up being correct,

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but there's no data that backs that up. Okay. So,

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and here's the problem for let's have a little bit

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of grace and understanding for the FED as much as

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I pat pound on them, which I think they fully

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deserve it. But to be fair, Okay, you have to

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make policy decisions somehow, Okay, So the FED would much

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rather respond a little too late to things than respond

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prematurely to something that doesn't occur. Right, So, when you

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look at what we're dealing with, when you look at

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the deficits, when you look at unemployment, stock markets at

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all time highs, housing prices at all time highs, et cetera,

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et cetera, et cetera, does it look like the economy

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is slowly and it clearly is. Okay, but you can't

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what is the risk here? The real risk is inflation

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ramping again and going out of control, like we've talked

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about on this show, and I was just talking to

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clients about it yesterday. Look, we all sit there and

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we fear because for our entire lives, bad negative economic

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outcomes meant falling prices. Okay, rising prices are a much

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bigger problem. Okay, there much much harder to deal with,

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And so we should always look at inflation should be

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and it's really not. And this is one of the

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biggest policy mistakes I think the FED does make, which

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is we should be more concerned about inflation than we

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are deflation, right, and deflation caused serious problems. But at

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the end of the day, deflation is your currency value

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going up against other assets. How many how many countries

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around the world have gone under because their currency was

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too valuable? Yeah, nobody right now? Now. It can create

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some really ugly economic outcomes, breadlines. We saw what happened

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in the Great Depression. I'm not saying it's nothing we

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need to be worried about, but inflation is the is

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the real threat. Okay, when you're sitting there saying that

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the Fed should cut harder right now, that's based on

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where you think things are going. There's just no bad

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data to back that up. So I completely disagree with them.

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I think it would be a policy mistake if they

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cut quickly, and I think there's a big thing to

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say that even if they only cut twenty five basis

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points right now where everything is at, that's sort of

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a preemptive move too, because you're getting you're not getting

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signs from the labor market that you need a rate cut.

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You're getting signs of things slowing down. But remember they

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needed to slow down. Were not an economy that's going

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to grow at eight to nine percent a year, right,

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that's ridiculous. And if you grow that hot, it means

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you have a bunch of inflation. So no, I you know,

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I'll throw this in the pile of people talking completely

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out of their backsides with absolutely nothing to back it

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up for because, like I said, I don't know outcomes.

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I can't tell the future. He may end up being

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proven correct, but there's just nothing in the data that

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would warrant the FED to cut. As a matter of fact,

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I think they're a little premature on the rate cut.

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I understand it, but I think the I think the

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debate at the FED, and to be fair to them,

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it's kind of sounded like what this is what the

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debate has been, which is should we cut or not?

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These people calling for emergency rate cuts, I just there

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it's ridiculous. I mean, you've got a stock market trading

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at third I mean, housing prices at all time highs,

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stock prices at all time highs, gold at all time highs,

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unemployment at four point one percent. There's absolutely nothing in

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the data that would warrant a more.

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Speaker 1: Aggressive cut except for one thing. November third, Well, now, Okay,

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that's right, because God willing, there will be a November third.

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We're gonna do you know, the ballots are going out

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next week in some states, next stinking week. The ballots

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are right right ear and right early, and often if

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they do the economy, they dropped the interest rates. This

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that's like snort and cocaine straight up your beak.

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Speaker 3: Yeah yeah, Well, and then, like I said, the other

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thing that you got to consider here, and this is

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why that guy you just read, I'm sitting there just

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shaking my head. Dude, you're insane. Like the last time

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the Fed did this, that's what created ninety nine two thousand,

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That's what created that was the that was really the

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seed corn for that whole You know, you're you're I mean,

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you're cut right now. Even if they just cut twenty

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five BIPs, they're cutting into an environment where you've got

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full employment, record price record highs in housing, record highs

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in the stock market. It could get it could get

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absolutely nuts. So yeah, it's I just could not disagree

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with that guy anymore.

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Speaker 1: So this is all folks can affect your retirement. To

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00:21:46,839 --> 00:21:50,920
understand that your retirement portfolio was not built in all

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00:21:51,000 --> 00:21:53,599
likelihood you're ten to fifteen years five ten fifteen years

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for retirement. It wasn't constructed for times such as these

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where there are no rules and the rules are there

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are no rules. So that account that you've been creating

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00:22:03,039 --> 00:22:05,279
and you've been living and you've been counting on could

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be set up to be really, really risky. And this guy,

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00:22:08,640 --> 00:22:11,480
Zach Abraham at Borer Capital Management, is obsessed with risk

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management by actively managing all portfolios which can reduce risk

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and volatility. That's where my money's at with Zach and

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all most of it. He won't let me put it

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all there because he says, what if I have a

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bad year. See, that's risk management. That's being consistent. Other

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00:22:22,640 --> 00:22:24,440
people would do that, they'd say give us all your

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money and your kids too, plus your house and all

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the other things. It just didn't do that at Bower.

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He's putting on a free live webinar. This is the

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00:22:31,319 --> 00:22:34,400
twenty sixth of September, and it's really going to be

424
00:22:34,640 --> 00:22:37,839
about these current events and about how it creates risk

425
00:22:37,880 --> 00:22:41,200
and how Bulwark navigates this. These are free, but you

426
00:22:41,359 --> 00:22:44,400
have to registered to attend. Go to Know Your Risk

427
00:22:44,519 --> 00:22:47,279
radio dot com. That's kanow Know your Risk Radio dot

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00:22:47,319 --> 00:22:50,160
com or call eight six six seven seventy nine risk.

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00:22:50,680 --> 00:22:53,480
He'll answer questions. Zach's a teacher at heart. And if

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you come away from this saying, hey, I can do

431
00:22:55,079 --> 00:22:57,480
this on my own, he'd leave you with his blessings.

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Got her go get it done. Maybe you can do

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this for me. I'm not into on the job training

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00:23:02,359 --> 00:23:05,279
when retirement is just from the corner. So it's no

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your Risk radio dot com. And now because the government

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00:23:08,160 --> 00:23:10,720
urges us to do this, A kind disclaimer from my

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00:23:10,759 --> 00:23:11,519
friend Russ Simpok.

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Speaker 4: Investment advisory services offered through Track Financial loc and SEC

439
00:23:14,519 --> 00:23:17,079
registered investment advisor. The opinions expressed in this programmer for

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00:23:17,119 --> 00:23:19,359
general informational purposes only and are not intended to provide

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00:23:19,359 --> 00:23:21,839
specific advice or recommendations for any individual or on any

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00:23:21,839 --> 00:23:24,400
specific security. Any references to performance of security so it

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00:23:24,400 --> 00:23:26,880
thought to be materially accurate and actual performance may different

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00:23:26,920 --> 00:23:29,359
investments involved risk and are not guaranteed. Past performance doesn't

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00:23:29,359 --> 00:23:31,519
guarantee future results. Track twenty four three zero eight.

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00:23:31,640 --> 00:23:34,559
Speaker 1: There it is, Thank you, Russ, Zach. Here's the headline

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for your fund finance and tell me if this indicates

448
00:23:38,359 --> 00:23:41,319
anything to you in the Way of Worldview. It's from

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00:23:41,440 --> 00:23:46,839
Yahoo Finance. America is facing a diaper crisis, and the

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anti abortion movement may not be helping. I I'm sorry.

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I imagine this sometimes and it makes me a bad person.

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And I'm just imagining judgment day and I'm next in line,

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and I know, you know, like the Lord Jesus, and

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there's probably not a line because he can do all

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things at once, but I'm imagining this line and I'm

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watching the Lord Jesus looks up and me like, hey,

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but you're next, You're next, And he's saying to someone, Okay,

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00:24:16,759 --> 00:24:21,200
but why all the abortions? Why did you kill all

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the babies? He goes, look, dude, diaper shortage. There was

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a stink in diaper shortage. I had to kill the babies.

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And the Lord's response to this won't be exactly what

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like that's why you're not coming in. It would have

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to be.

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Speaker 3: Yeah, I yes, hey there. I don't think that there's

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a I don't think that there's a problem we current

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currently face in this country that cannot be fixed by

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murdering more babies, right.

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Speaker 1: Like that's due me.

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Speaker 3: You listen these people talk about it, and you're just

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going right. The people pro creating so that our society

471
00:25:05,839 --> 00:25:10,799
lives on is the problem. And here's one thing I

472
00:25:10,799 --> 00:25:12,359
was going to say this, and this is a warning

473
00:25:12,480 --> 00:25:15,759
for everybody, because I've even seen it with some of

474
00:25:15,799 --> 00:25:19,160
our clients. There is a big disconnect right now in

475
00:25:19,200 --> 00:25:22,240
the way that people are viewing markets and financial matters

476
00:25:22,240 --> 00:25:23,960
and the way they're viewing the culture as a whole.

477
00:25:24,240 --> 00:25:27,480
I cannot tell you how many people I know, or

478
00:25:27,880 --> 00:25:31,039
like I said, even clients of ours who are sitting

479
00:25:31,039 --> 00:25:33,480
there going we came to you for risk management. Nothing

480
00:25:33,519 --> 00:25:35,640
makes sense, Everything's all up there. But why aren't we

481
00:25:35,720 --> 00:25:37,680
in this stock? Why aren't we in that stock? Why

482
00:25:37,680 --> 00:25:39,119
why aren't we chasing the market? And you sit there

483
00:25:39,160 --> 00:25:42,680
and go, who wha, whoa, whoa. Don't be of two minds? Okay,

484
00:25:42,880 --> 00:25:46,000
why are you here? Why are you talking to us? Okay?

485
00:25:46,119 --> 00:25:48,160
If you think it's all because we're going off the

486
00:25:48,240 --> 00:25:50,680
rails and we're not making any sense as a culture,

487
00:25:50,880 --> 00:25:53,799
and you see our government doing irresponsible things, what you're

488
00:25:53,799 --> 00:25:57,200
telling me is it shocks you that irresponsible things look

489
00:25:57,279 --> 00:26:02,119
better right now, right like you know, like perfect example

490
00:26:02,160 --> 00:26:05,039
of this last two days, over the last two trading days,

491
00:26:05,279 --> 00:26:08,960
gold is flat, maybe slightly up over the last two days.

492
00:26:09,200 --> 00:26:13,079
Market's been getting annihilated. Price of oil has been hit hard. Okay,

493
00:26:13,319 --> 00:26:17,200
So gold is slightly up, price of oil gets hit hard.

494
00:26:17,480 --> 00:26:20,920
That's nirvana for gold mining companies. Right, input costs are

495
00:26:20,960 --> 00:26:23,720
going down, thing they sell is going up in price. Right,

496
00:26:23,720 --> 00:26:27,039
it's nirvana. Okay. Price of the average gold company has

497
00:26:27,039 --> 00:26:28,839
been slammed by five to six percent over the last

498
00:26:28,880 --> 00:26:32,519
couple of days. Right, And people people are like, why

499
00:26:32,079 --> 00:26:34,119
why do we own that? And I go, they go,

500
00:26:34,160 --> 00:26:37,160
it's down and I go, yeah, I know, they're like,

501
00:26:37,160 --> 00:26:39,319
but why why why do we own it? Because they're

502
00:26:39,319 --> 00:26:41,240
making record amounts of profit and we're buying them for

503
00:26:41,680 --> 00:26:45,319
pennies on the dollar. And you say, They're like, but yeah, Zach,

504
00:26:45,400 --> 00:26:47,599
it's not going up. And I go, do you think

505
00:26:48,640 --> 00:26:51,279
that if this corporation continues to do things the way

506
00:26:51,279 --> 00:26:54,200
that they're doing them and continues to generate ever higher

507
00:26:54,240 --> 00:26:57,000
profits and margins and revenues, do you think that that

508
00:26:57,079 --> 00:26:59,720
stock price is going to keep going down? Okay? So

509
00:27:00,519 --> 00:27:04,880
are you looking at reality? Are you really surprised that

510
00:27:04,960 --> 00:27:08,720
we live in a culture that isn't looking at real value?

511
00:27:09,160 --> 00:27:13,240
Does that surprise you do you also think that to

512
00:27:13,440 --> 00:27:15,559
end up on the right side of things out of

513
00:27:15,599 --> 00:27:18,599
this period of insanity, however long it lasts. Do you

514
00:27:18,640 --> 00:27:21,079
think doing the things that everybody else is doing is

515
00:27:21,079 --> 00:27:23,160
going to get you there? Or do you think it's

516
00:27:23,160 --> 00:27:25,240
going to require some discipline? Do you think you're gonna

517
00:27:25,240 --> 00:27:27,599
have to hold on to things that maybe aren't being

518
00:27:27,640 --> 00:27:30,440
appreciated right now because society has lost its mind and

519
00:27:30,480 --> 00:27:31,519
it has no moral tether?

520
00:27:32,119 --> 00:27:32,240
Speaker 2: Right?

521
00:27:32,880 --> 00:27:35,200
Speaker 3: What do you think the other thing? Have you learned

522
00:27:35,240 --> 00:27:38,000
that concept in life that ending up in the best

523
00:27:38,039 --> 00:27:41,000
place is often made up of making the hardest choices,

524
00:27:41,400 --> 00:27:45,079
exercising the most discipline. Right? Does it always feel good?

525
00:27:45,119 --> 00:27:46,680
Does getting up in the morning and going to work

526
00:27:46,720 --> 00:27:48,839
out always feel good? Why do you do it because

527
00:27:48,839 --> 00:27:50,200
it puts you in a good place at the end

528
00:27:50,240 --> 00:27:53,440
of the deal? Right? Investings is the same way. If

529
00:27:53,480 --> 00:27:55,960
you're in the right things right now, you're probably pulling

530
00:27:56,000 --> 00:27:58,720
your hair out. I know we are too, okay, But

531
00:27:58,839 --> 00:28:02,599
at the same time, why would you expect the rules

532
00:28:02,599 --> 00:28:04,720
of that game to be any different than the rest

533
00:28:04,759 --> 00:28:06,960
of the culture. And if you want to raise the

534
00:28:06,960 --> 00:28:09,559
best kids, if you want to have a successful marriage,

535
00:28:09,640 --> 00:28:12,400
if you want to have a successful portfolio. Guys, I'll

536
00:28:12,400 --> 00:28:15,880
tell you this right now, a really easy proxy that

537
00:28:15,920 --> 00:28:19,640
you should tell whatever society and culture is telling you

538
00:28:19,680 --> 00:28:23,119
to do to get that done, do the opposite. Right,

539
00:28:23,319 --> 00:28:26,720
It's almost that simple. Right now now. Doesn't mean it's

540
00:28:26,720 --> 00:28:29,319
going to feel good right now, right, because we're in

541
00:28:29,359 --> 00:28:32,200
the doctor's strow, feel good type of deal. Right. The

542
00:28:32,200 --> 00:28:35,640
only thing you can't stand for is telling somebody that

543
00:28:35,799 --> 00:28:38,960
something they're doing is inappropriate. Right, It's an Alice in

544
00:28:39,000 --> 00:28:41,519
Wonderland deal. We can believe as many as six impossible

545
00:28:41,559 --> 00:28:45,599
things before breakfast, right, and yet we turn around and go, well,

546
00:28:45,599 --> 00:28:47,759
but why is it my portfolio performing up to the

547
00:28:47,799 --> 00:28:49,960
S and P five hundred and go well? Because it's

548
00:28:49,960 --> 00:28:54,079
on crack and we're looking for real value. Right. We

549
00:28:54,160 --> 00:28:56,799
remember years like nineteen ninety nine when the Nasdaq was

550
00:28:56,880 --> 00:28:59,079
up one hundred percent in Berkshire Hathway was down twenty

551
00:28:59,079 --> 00:29:01,880
five percent. Why because it was real, It had real

552
00:29:01,960 --> 00:29:04,960
things going on. It wasn't just conjecture and smoke. And

553
00:29:05,440 --> 00:29:07,799
I'll tell you right now, man, I just it's one

554
00:29:07,839 --> 00:29:11,000
of those things, you know, And is it? No? It stinks.

555
00:29:11,079 --> 00:29:13,279
I want to see stuff go up every single day, right,

556
00:29:13,720 --> 00:29:16,839
But what you know and we should all know this

557
00:29:16,920 --> 00:29:21,440
inherently is in periods of times of insanity, doing the

558
00:29:21,559 --> 00:29:25,119
right thing feels very painful. Why do we do it?

559
00:29:25,240 --> 00:29:26,920
Because it always ends up good?

560
00:29:27,319 --> 00:29:28,359
Speaker 1: Right, right right?

561
00:29:28,480 --> 00:29:30,799
Speaker 3: And same can be said a culture and that I mean,

562
00:29:30,839 --> 00:29:33,599
I just everybody's lost their minds, and including people that

563
00:29:33,640 --> 00:29:36,000
get it culturally, are buying into it over and you're

564
00:29:36,039 --> 00:29:40,119
sitting there going, guys, no, no, you know, if you're meeting.

565
00:29:40,559 --> 00:29:43,880
Speaker 1: You're getting it culturally. Men are not women. The elections

566
00:29:43,880 --> 00:29:47,640
are not secure. The FDA and the CDC are not

567
00:29:47,680 --> 00:29:51,440
our friends, nor is pharma. But dang it, that nvidiot man,

568
00:29:51,799 --> 00:29:56,079
there's no right right, that's that's so huge in that

569
00:29:56,119 --> 00:30:00,000
little gold company. Why would you write and for this example,

570
00:30:00,559 --> 00:30:03,000
I'm not buying an electric car. They can do all

571
00:30:03,039 --> 00:30:04,720
the mandates in the world. They're getting rid of the

572
00:30:04,759 --> 00:30:07,519
gas stoves. I'm not playing. But you want me to

573
00:30:07,519 --> 00:30:12,119
buy local utilities, regional utilities right right? Well yeah, because

574
00:30:12,160 --> 00:30:14,599
see the government's forcing people to do these things, and

575
00:30:14,640 --> 00:30:17,279
these local utilities are going to But but what did

576
00:30:17,359 --> 00:30:18,680
you see what Nvidio did?

577
00:30:19,480 --> 00:30:19,799
Speaker 3: Yeah?

578
00:30:19,920 --> 00:30:24,400
Speaker 1: Right, I'll give you this because there's a less complicated

579
00:30:24,440 --> 00:30:26,759
example of this in my life is. There are days

580
00:30:26,799 --> 00:30:29,880
where I go pretty nuts on caffeine and I don't

581
00:30:29,880 --> 00:30:32,000
do it as much as I used to. But no, honestly,

582
00:30:32,119 --> 00:30:34,680
like the other day, we did my birthday workouts, and

583
00:30:35,160 --> 00:30:38,720
my birthday workout is always a major, major workout, and

584
00:30:38,960 --> 00:30:41,079
this year it was a pleasant surprise of a one

585
00:30:41,480 --> 00:30:44,000
nine and sixty seven meter run in the air runner

586
00:30:44,720 --> 00:30:49,519
with my sealfit pack on. And then times, yeah, good times,

587
00:30:49,960 --> 00:30:54,319
eight rounds of twenty four overhead squats and presses and

588
00:30:54,440 --> 00:30:59,839
pull ups and see burpies, box jumps, something else and

589
00:31:00,079 --> 00:31:02,519
then to buy out was a row and good times.

590
00:31:02,559 --> 00:31:05,000
Had to get that done in under fifty seven minutes

591
00:31:05,000 --> 00:31:08,519
and all that, so it's good times. And on that

592
00:31:08,640 --> 00:31:11,519
day I juiced a little bit on the caffeine, So

593
00:31:11,640 --> 00:31:14,799
get done with that. Tell coach what's next. I'm on

594
00:31:14,880 --> 00:31:16,799
for something else and I'm heading home, Zach. I'm thinking,

595
00:31:16,839 --> 00:31:18,440
you know what, I'm gonna go for a five mile run.

596
00:31:19,240 --> 00:31:21,400
I'm so ready. No, No, I'm gonna swim. No, I'm

597
00:31:21,400 --> 00:31:24,640
gonna swim and lift. And I'm I'm pulling in. I'm

598
00:31:24,640 --> 00:31:27,000
gonna swim and lift. I'm gonna get my kettlebells. I'm

599
00:31:27,000 --> 00:31:29,880
heading down to the beach. Swim lift, swim lift, swim lift.

600
00:31:30,119 --> 00:31:31,880
I go inside again. You know, I gotta eat first,

601
00:31:32,680 --> 00:31:34,119
so I sit down and eat, and you know what,

602
00:31:34,160 --> 00:31:36,200
I'm just gonna sit down for a second, and then

603
00:31:36,240 --> 00:31:36,799
I can feel it.

604
00:31:36,839 --> 00:31:43,640
Speaker 5: Oh, caffeine's leaving me. Oh yeah, I got a decision

605
00:31:43,640 --> 00:31:47,079
to make. Now I gotta chase the caffeine. I'm like

606
00:31:47,559 --> 00:31:50,480
going to the stove heating up some coffee and I'm drink.

607
00:31:50,519 --> 00:31:51,880
I can tell I'm late.

608
00:31:52,759 --> 00:31:54,559
Speaker 1: I missed the wave. And next thing you know, I'm

609
00:31:54,559 --> 00:31:58,440
sitting to my wife. I'm I'm take a nap. Then,

610
00:31:58,480 --> 00:32:04,400
I mean and it always fools me. I always think

611
00:32:04,440 --> 00:32:06,519
I'm at the crest, man, I'm going to ride this thing.

612
00:32:06,920 --> 00:32:09,480
And you can see the financial metaphor for this, right.

613
00:32:10,920 --> 00:32:11,480
Speaker 3: Yeah.

614
00:32:11,680 --> 00:32:14,000
Speaker 1: I think people can learn a lot from how people

615
00:32:14,039 --> 00:32:16,599
who are wise and smart and have been learned through

616
00:32:16,880 --> 00:32:18,880
you know, hard things that have happened to you. I

617
00:32:18,880 --> 00:32:20,960
wanted to ask you in a second to talk about

618
00:32:21,279 --> 00:32:23,880
to the degree that you can like the worst screwing

619
00:32:23,920 --> 00:32:26,319
you ever took in business and how that ended and

620
00:32:26,319 --> 00:32:28,839
what you learned from is. And then I'll relate this story.

621
00:32:28,839 --> 00:32:30,039
I think you get a kick out of this this

622
00:32:30,039 --> 00:32:32,400
thing that happened to me back in the internet radio days.

623
00:32:32,400 --> 00:32:35,400
It was probably not the worst screwing ever took. That

624
00:32:35,440 --> 00:32:37,000
was when I learned that there was a member of

625
00:32:37,000 --> 00:32:39,559
my board of directors who wasn't voting his own shares.

626
00:32:40,640 --> 00:32:43,799
He hadn't invested in his own money. He'd actually another

627
00:32:43,880 --> 00:32:47,039
venture capital firm had backed him, and that venture capital

628
00:32:47,079 --> 00:32:51,240
firm had a competing interest wow, and caused this guy

629
00:32:51,240 --> 00:32:54,039
to say no to a six no, like sixty to

630
00:32:54,039 --> 00:32:57,960
eighty million dollar acquisition from Microsoft. It only would have

631
00:32:57,960 --> 00:33:01,200
put like twelve million in my pocket. So right, it's no, biggie,

632
00:33:01,240 --> 00:33:02,960
it's not life changing money. It's not like I care.

633
00:33:03,480 --> 00:33:05,920
But we'll talk about this in a second. Zach and

634
00:33:05,960 --> 00:33:08,079
I have some friends in common. Some of them have

635
00:33:08,160 --> 00:33:09,880
passed on, some are still very much here. One of

636
00:33:09,920 --> 00:33:12,599
our friends in common is Tim Krukshank, the founder and

637
00:33:12,680 --> 00:33:15,119
CEO of Bone Frog Coffee. But at since we talked

638
00:33:15,119 --> 00:33:16,839
about Tim, I need to check in with him. You know,

639
00:33:16,839 --> 00:33:19,480
he lost his wife, Liz a few months ago. Coffee

640
00:33:19,480 --> 00:33:22,559
company lives on. His girls had stepped in and really

641
00:33:22,599 --> 00:33:25,519
stepped up writing notes to customers, et cetera. I do

642
00:33:25,599 --> 00:33:27,039
want to tell you something about bone fog as you

643
00:33:27,079 --> 00:33:30,079
head into the wintertime or the fall, is if you

644
00:33:30,279 --> 00:33:32,160
have trouble waking up in this period of time. I

645
00:33:32,200 --> 00:33:34,880
was just mentioning caffeine. I am a little bit juiced

646
00:33:34,880 --> 00:33:37,640
today because I've had two of the door Kicker roasts.

647
00:33:38,240 --> 00:33:40,400
Door Kicker is a light roast. And if you'd come

648
00:33:40,440 --> 00:33:43,319
to me before door Kicker was created and said try

649
00:33:43,400 --> 00:33:45,839
light rose coffee, I would laugh at you, point at you,

650
00:33:46,119 --> 00:33:49,400
call you names, belittle you, disrespect you, perhaps kick you

651
00:33:49,400 --> 00:33:52,559
in the ankle. But having had the door Kicker brand,

652
00:33:52,599 --> 00:33:54,920
I can tell you now I'm a convert. It's a

653
00:33:55,000 --> 00:33:57,920
light roast, but it's very tasty, non bitter, and it

654
00:33:57,960 --> 00:34:01,480
has the highest caffeine load of all the bone Frog coffees.

655
00:34:01,559 --> 00:34:03,960
It's one of my favorite roasts. And then again, if

656
00:34:04,000 --> 00:34:06,839
you're still in hot weather and it was like ninety

657
00:34:06,839 --> 00:34:09,440
two degrees earlier, maybe eighty nine when I was out

658
00:34:09,480 --> 00:34:13,559
taking some sun in North Idaho, there's still the ice coffee.

659
00:34:13,599 --> 00:34:16,599
You put some pouches in water in your fridge overnight

660
00:34:17,000 --> 00:34:19,920
and you get an incredibly rich ice coffee. Go to

661
00:34:19,960 --> 00:34:22,880
Bonefrog Coffee dot com. Slash Todd use promo Coot Todd

662
00:34:22,880 --> 00:34:25,159
to get ten percent off your first purchase fifteen percent

663
00:34:25,199 --> 00:34:28,599
off subscription coffee because of who Tim is, retired Navy

664
00:34:28,599 --> 00:34:33,000
Seal Buds instructor. Every single bag says God Country Team

665
00:34:33,039 --> 00:34:35,400
on it, and bone Frog itself is the insignia of

666
00:34:35,440 --> 00:34:38,960
fallen Navy Seals, Bonefrog, Coffee, dot Com sash dot. So Zach,

667
00:34:39,039 --> 00:34:41,039
I know we can't name them all, but I've I've

668
00:34:41,079 --> 00:34:44,159
actually had a very you know, in business, I've rarely

669
00:34:44,239 --> 00:34:49,039
taken really hard screwings. Really just got messed with or

670
00:34:49,119 --> 00:34:53,000
cheated that it wasn't cheating on my board of directors.

671
00:34:53,079 --> 00:34:54,960
And that guy apologized to me later I should have

672
00:34:55,039 --> 00:34:57,119
told you, and probably he was breaking some sort of

673
00:34:57,159 --> 00:35:00,239
aiduciary thing and didn't tell me. But there was one

674
00:35:00,320 --> 00:35:02,719
guy who came in effectively tried to steal our company.

675
00:35:02,719 --> 00:35:04,840
I'll tell you about that. You tell me the worst

676
00:35:04,960 --> 00:35:08,480
kind of like screwjob you ever had in business.

677
00:35:09,360 --> 00:35:11,800
Speaker 3: You know, it's funny because it's really a double sided coin.

678
00:35:12,199 --> 00:35:16,320
So it was a total screw job, and yet it

679
00:35:16,400 --> 00:35:18,480
was the best thing that ever happened to me. So

680
00:35:20,199 --> 00:35:22,960
before we started Bulwark, I had a partner that I

681
00:35:23,000 --> 00:35:28,920
was working with and we had very complimentary skills, and

682
00:35:29,000 --> 00:35:31,360
so he was doing well on his own, but when

683
00:35:31,360 --> 00:35:36,920
we started working together, the results were really pretty amazing

684
00:35:38,119 --> 00:35:41,880
for both of us. And it was one of those

685
00:35:41,920 --> 00:35:48,119
deals where the excitement for on his side lasted as

686
00:35:48,159 --> 00:35:50,639
long as to where I think that he thought that

687
00:35:50,800 --> 00:35:53,519
he had learned from me kind of you know what

688
00:35:53,719 --> 00:35:56,719
value brought to the table, and I ended. Yeah. I

689
00:35:56,800 --> 00:35:59,000
ended up getting a call from him when I was

690
00:35:59,039 --> 00:36:04,480
in uh the hospital hospital with my youngest child about

691
00:36:04,480 --> 00:36:07,159
three three weeks after he was born, he developed pretty

692
00:36:07,159 --> 00:36:11,000
brutal case RSV and spent uh and spent seven days

693
00:36:11,039 --> 00:36:13,960
in the in the NICU and uh it was while

694
00:36:14,000 --> 00:36:17,599
I was in the hospital with my my son, No, Yeah,

695
00:36:17,639 --> 00:36:22,239
that he called me and said he wanted to part ways. Yeah,

696
00:36:22,280 --> 00:36:27,119
and uh.

697
00:36:25,039 --> 00:36:27,159
Speaker 1: Did you say, do you know I'm in the hospital

698
00:36:27,199 --> 00:36:27,679
with my son?

699
00:36:28,320 --> 00:36:32,199
Speaker 3: No? No. It caught me off guard, but it was

700
00:36:32,239 --> 00:36:35,920
also one of those moments where you went, Okay, I see,

701
00:36:36,039 --> 00:36:39,159
I see who you are and what you're about, and

702
00:36:40,519 --> 00:36:43,400
this really stinks for me, but yeah, I'm a big

703
00:36:43,400 --> 00:36:45,559
believer in that hole when somebody tells you who you are,

704
00:36:45,599 --> 00:36:50,320
believe him, you know. And so no, I I looking

705
00:36:50,360 --> 00:36:52,440
back on it. I'm actually proud of it. I didn't

706
00:36:52,440 --> 00:36:56,920
get bitter about it, didn't didn't didn't freak out at him,

707
00:36:57,360 --> 00:36:59,440
just went to go on my on my own way,

708
00:36:59,480 --> 00:37:02,480
and then eventually took my experience from that, from what

709
00:37:02,519 --> 00:37:04,480
I learned from that deal, and my wife and I

710
00:37:04,480 --> 00:37:09,119
started bullwork. So, like I said, it's it was not cool.

711
00:37:09,400 --> 00:37:14,719
Yeah it was. It was a pretty low blow, but

712
00:37:14,960 --> 00:37:16,400
you know, it ended up being It ended up being

713
00:37:16,440 --> 00:37:18,159
the best thing that ever happened to me. So it's

714
00:37:18,199 --> 00:37:21,360
one of those deals you can't really you know, yeah,

715
00:37:21,639 --> 00:37:24,920
I always feel like that's how things work, Like, I

716
00:37:24,920 --> 00:37:26,760
feel like that's how things work out a lot, you know,

717
00:37:26,880 --> 00:37:29,679
which is there's so many times where these unwelcome changes

718
00:37:29,719 --> 00:37:31,679
come into life and you look back on it a

719
00:37:31,719 --> 00:37:33,280
few years later and you're like, thank god.

720
00:37:33,599 --> 00:37:35,440
Speaker 1: Well it sounds like you were unequally yoked. I mean

721
00:37:35,480 --> 00:37:37,840
that's not a very Christian behavior, right, yeah.

722
00:37:38,000 --> 00:37:40,719
Speaker 3: Well, and that's not what that that's not what that

723
00:37:40,760 --> 00:37:46,000
person would have said. Oh yeah, but this is business.

724
00:37:45,679 --> 00:37:48,840
Speaker 1: Right, So but that's it. There is no this is

725
00:37:48,880 --> 00:37:52,599
business in church's church. No, I agree, And it can't

726
00:37:52,639 --> 00:37:54,519
work that way or you're not really walking into the

727
00:37:54,519 --> 00:37:57,280
Lord Jesus, because the Lord Jesus when he saw the

728
00:37:57,320 --> 00:38:00,000
temple and they were doing all the trading in the temple,

729
00:38:00,079 --> 00:38:03,320
he didn't go, well, yeah, that's but that's business, right,

730
00:38:03,519 --> 00:38:04,519
I mean you got to you gotta be able to

731
00:38:04,559 --> 00:38:06,599
raise money for the temple, So it's okay. He didn't

732
00:38:06,639 --> 00:38:07,239
say that at all.

733
00:38:07,880 --> 00:38:10,960
Speaker 3: Well, yeah, And I've always despised that when people say that,

734
00:38:11,000 --> 00:38:13,519
because you know, it's just business not personal. How I

735
00:38:13,559 --> 00:38:15,559
put bread on my table for my family is very

736
00:38:15,559 --> 00:38:18,679
personal to me. Yeah, and I think it's personal to everybody.

737
00:38:18,719 --> 00:38:22,760
And more importantly, I think it's like the ultimate morality,

738
00:38:23,679 --> 00:38:28,480
uh like unvailer, right, is don't tell me how you behave.

739
00:38:28,559 --> 00:38:30,320
Let me see you. Let me see how you behave

740
00:38:30,360 --> 00:38:31,239
when money's online.

741
00:38:32,400 --> 00:38:34,480
Speaker 1: Right, let me see your behavior when money's on the

742
00:38:34,480 --> 00:38:38,760
line or it's existential. You're under great periods of stress,

743
00:38:39,000 --> 00:38:40,480
then then I know you have morals.

744
00:38:41,039 --> 00:38:41,320
Speaker 3: Right.

745
00:38:41,400 --> 00:38:44,719
Speaker 1: If those morals go away during times of stress, then

746
00:38:44,880 --> 00:38:48,320
I know that you have stress, and I know that

747
00:38:48,400 --> 00:38:51,599
you have some things you like to do, you prefer

748
00:38:51,760 --> 00:38:54,559
to do, but you don't actually have morals.

749
00:38:55,480 --> 00:38:59,400
Speaker 3: Yeah right, yeah, because yeah, because pressure and heat unveils character.

750
00:38:59,159 --> 00:38:59,719
Speaker 1: Right, exactly.

751
00:39:00,199 --> 00:39:04,119
Speaker 3: It's who you really are exactly, and so you're not

752
00:39:04,440 --> 00:39:06,239
the decisions you make in the way you act when

753
00:39:06,239 --> 00:39:08,679
everything's rolling your way. It's like, let me see you

754
00:39:08,719 --> 00:39:10,760
under some pressure and under the gun, and then that's

755
00:39:10,920 --> 00:39:13,079
you know. And I teach that to my football kids

756
00:39:13,119 --> 00:39:15,360
all the time, which I'm like, Hey, the reason we

757
00:39:15,440 --> 00:39:17,280
drill this, the reason we work this in so much,

758
00:39:17,360 --> 00:39:19,599
is when you're tired, when we're down, when things are

759
00:39:19,679 --> 00:39:22,519
up against us, this is our real DNA and this

760
00:39:22,719 --> 00:39:26,800
will be what comes out yep. Right. Conversely, you know,

761
00:39:27,000 --> 00:39:30,320
if that's your real DNA, it's going to show up eventually.

762
00:39:31,199 --> 00:39:31,320
You know.

763
00:39:31,360 --> 00:39:34,639
Speaker 1: I'm getting ready for a seal fit, which is just

764
00:39:34,719 --> 00:39:38,599
over two weeks away, and I know, I know there's

765
00:39:38,599 --> 00:39:40,079
going to be a periods of time in there where

766
00:39:40,079 --> 00:39:41,599
I'm going to have to turn the my cohort of

767
00:39:41,639 --> 00:39:44,480
guys and go, guys, I feel like I'm going to quit. Yeah,

768
00:39:44,599 --> 00:39:47,199
And we've had this discussion up front. Our coach just said, hey,

769
00:39:47,239 --> 00:39:49,920
don't be the guy that hides that you hide, that

770
00:39:50,039 --> 00:39:51,840
you stew on it. It builds up in your mind.

771
00:39:52,400 --> 00:39:55,559
And I don't know that this is a Christian or not.

772
00:39:55,559 --> 00:39:57,679
I haven't asked the question, I guess I could they

773
00:39:57,719 --> 00:39:59,440
know I am. It's obviously in my bio and I

774
00:39:59,440 --> 00:40:02,480
talk about all time. I would have turned to the

775
00:40:02,480 --> 00:40:04,719
Lord the Holy Spirit, but I have these men around me.

776
00:40:05,360 --> 00:40:07,760
And he said, be the one to step up and say, hey, guys,

777
00:40:07,880 --> 00:40:10,039
I am feeling like I'm going to quit. Let your

778
00:40:10,039 --> 00:40:12,960
team talk, you know, no, let me take your ruck

779
00:40:13,000 --> 00:40:14,920
for a bit, like I'm good. It's a long ruck.

780
00:40:14,960 --> 00:40:17,559
I'll carry you know, you recover, maybe get me later.

781
00:40:18,400 --> 00:40:20,400
That's something that we need to be able to do

782
00:40:20,880 --> 00:40:25,119
as well as morals is confessing this weakness. Right, I'm

783
00:40:25,159 --> 00:40:27,519
at a period of weakness and I need your help.

784
00:40:27,559 --> 00:40:29,079
I need you to step in. I need to lean

785
00:40:29,119 --> 00:40:30,679
on you a little bit. That's part of what they're

786
00:40:30,719 --> 00:40:32,880
trying to get across in this experience. So let me

787
00:40:32,880 --> 00:40:36,440
tell you mine. When I had the Internet Radio Company

788
00:40:36,480 --> 00:40:40,480
and with CEO, we had great backers Draper Fisher, Jervinsen

789
00:40:40,519 --> 00:40:44,760
and Watsats Ventures and Utah Ventures and some other companies vcs,

790
00:40:45,360 --> 00:40:47,800
and we were at this period of time where the

791
00:40:47,840 --> 00:40:51,199
company done super well. We had revenues other people didn't have.

792
00:40:51,239 --> 00:40:53,760
We had ad insertion technology other people didn't have, and

793
00:40:53,840 --> 00:40:55,599
I got a call from one of the big, big

794
00:40:55,639 --> 00:40:59,400
funds in Silicon Valley. We're deeply interested. We'd like to

795
00:40:59,400 --> 00:41:03,039
see if we could lead your b round. Okay, So

796
00:41:03,079 --> 00:41:06,320
I fly down and of this meeting, and the guy

797
00:41:06,360 --> 00:41:08,159
takes me aside. His name is Peter, and he takes

798
00:41:08,199 --> 00:41:10,280
me aside and says, hey, I got a question for you.

799
00:41:10,320 --> 00:41:13,400
Are you set on being CEO for life? I go no.

800
00:41:13,480 --> 00:41:14,840
In fact, I don't think I'm the right guy to

801
00:41:14,840 --> 00:41:16,840
take the company to the next stage. I'm an inventor

802
00:41:16,920 --> 00:41:21,239
or product guy. I'm actually I'm thinking about bringing in

803
00:41:21,239 --> 00:41:23,800
a CEO who could actually grow the company. Right, it's

804
00:41:23,800 --> 00:41:26,320
a different stage of company. Okay, there's a guy here.

805
00:41:26,480 --> 00:41:28,800
He's going to join our fund and invest some money,

806
00:41:29,119 --> 00:41:32,719
but he's going to just be observing. Okay. So this

807
00:41:32,840 --> 00:41:34,760
guy was a big deal in the radio business, and

808
00:41:34,800 --> 00:41:37,559
I recognize his name right away. So he sits for

809
00:41:37,639 --> 00:41:42,400
all the meetings and very complimentary, et cetera. And so

810
00:41:42,440 --> 00:41:45,159
we get done. Peter says, you know what, we like it, man,

811
00:41:45,440 --> 00:41:47,320
We like it a lot. We'd like to fly up

812
00:41:47,360 --> 00:41:49,639
Monday and take a look at Hey, by the way,

813
00:41:49,639 --> 00:41:53,960
what do you think of Eric? It seems great what

814
00:41:54,000 --> 00:41:59,880
would you think of him as CEO? Look at that interesting,

815
00:42:00,559 --> 00:42:04,039
don't know. They come up Monday and he brings his

816
00:42:04,159 --> 00:42:09,440
chief technical guy and we sit the meetings. We have

817
00:42:09,480 --> 00:42:11,719
to set the schedule. Eric's gonna go have these meetings.

818
00:42:11,920 --> 00:42:14,920
The Peter and the tech guy, They're gonna go have meetings.

819
00:42:15,559 --> 00:42:20,199
I get a email from my CTO Todd. This guy

820
00:42:20,239 --> 00:42:27,320
wants a copy of our source code, an actual copy. Yes, no,

821
00:42:28,159 --> 00:42:32,199
absolutely not. Well he says he needs it to make

822
00:42:32,239 --> 00:42:37,960
an evaluation. No, absolutely not. Then I get a note

823
00:42:38,000 --> 00:42:42,960
from my longest term best friend in whose home I lived,

824
00:42:43,000 --> 00:42:45,760
whose dad taught me the radio business. You have to

825
00:42:45,760 --> 00:42:47,840
get in here. Eric is trying to take the company

826
00:42:47,880 --> 00:42:52,599
away from you. So he'd gone behind the scenes and

827
00:42:52,800 --> 00:42:56,199
had drawn my friends together, lifelong friends, and said, look,

828
00:42:56,280 --> 00:42:59,440
let's be honest. Todd doesn't do anything here. You guys

829
00:42:59,440 --> 00:43:01,960
are the one who built this, You run it. Why

830
00:43:02,079 --> 00:43:05,360
is he soaking up all the equity? And my friend said,

831
00:43:05,480 --> 00:43:09,000
you're an idiot, Like Todd designed this whole thing. Everything

832
00:43:09,039 --> 00:43:12,000
here came out of his mind. We built it for him,

833
00:43:12,639 --> 00:43:15,480
but he absolutely designed it. He is the mind behind this.

834
00:43:16,480 --> 00:43:18,519
And they said, you got to get in here. He's

835
00:43:18,599 --> 00:43:23,320
saying he wants you out. So I go knock on

836
00:43:23,360 --> 00:43:30,119
the door, open it, Eric, get out. I know what

837
00:43:30,159 --> 00:43:33,480
you're doing. Get out. I go and get the VC

838
00:43:33,599 --> 00:43:34,599
and the tech guy leave.

839
00:43:35,960 --> 00:43:36,039
Speaker 2: It.

840
00:43:36,079 --> 00:43:37,880
Speaker 1: Turns out On plays to me, you're making a big mistake.

841
00:43:37,920 --> 00:43:41,760
I'm like, we know what you're doing. They later went

842
00:43:42,039 --> 00:43:44,719
and launched a company and they took our name and

843
00:43:44,760 --> 00:43:48,480
put it all over their website in their code so

844
00:43:48,519 --> 00:43:50,679
you couldn't see it publicly, but in their source code,

845
00:43:50,840 --> 00:43:53,000
so anytime someone was searching for the dial, they were

846
00:43:53,000 --> 00:43:55,199
trying to make that in there. We saw that right away.

847
00:43:55,920 --> 00:43:58,920
Then I get a phone call from Earthlink. We had

848
00:43:58,960 --> 00:44:02,480
a huge deal with Earthlink. We provided them internet radio,

849
00:44:02,480 --> 00:44:06,960
they provided his distribution. The boss lady calls me from Earthlink.

850
00:44:07,000 --> 00:44:09,519
She goes Todd, I know we've got a five year contract.

851
00:44:10,599 --> 00:44:14,039
I know it's exclusive, but I gotta tell you. Ericson

852
00:44:14,079 --> 00:44:16,960
here and he's offered me one million dollars to be

853
00:44:17,039 --> 00:44:21,079
my internet radio provider. I go, so, hold on a second.

854
00:44:21,599 --> 00:44:25,760
He's offering to pay you to provide a service. Yes,

855
00:44:26,559 --> 00:44:29,960
take the money upfront, all of it. Give him six

856
00:44:30,000 --> 00:44:33,079
months to launch. To your satisfaction, it has to have

857
00:44:33,119 --> 00:44:36,320
all the functionality of our company, all of it. You're

858
00:44:36,320 --> 00:44:38,559
gonna let me out of the contract. I'm gonna send

859
00:44:38,559 --> 00:44:41,239
you an email. Here's what I'm gonna let you do.

860
00:44:42,400 --> 00:44:45,760
She took the money. Six months later, he doesn't have

861
00:44:45,840 --> 00:44:48,719
anything near what we have. She comes back to me

862
00:44:49,480 --> 00:44:51,320
and I say, I'll take some of that Eric money

863
00:44:52,280 --> 00:44:55,039
and uh, we'll use that to do some promotions. She

864
00:44:55,119 --> 00:45:00,360
gave some of that to me. Long long story later,

865
00:45:00,599 --> 00:45:04,280
I'm at Microsoft and I was general manager of Media

866
00:45:04,280 --> 00:45:06,880
Strategy Monization. That was a field title. Is really just

867
00:45:06,920 --> 00:45:09,039
a kind of senior director guy, but a cool field title.

868
00:45:10,119 --> 00:45:13,159
And a guy was in there stelling some tech. It

869
00:45:13,239 --> 00:45:16,760
did some streaming. So guess whose desk it comes across?

870
00:45:18,000 --> 00:45:23,480
Little me. I look at the email chain and I

871
00:45:23,519 --> 00:45:29,920
see the name, and so I call him and introduce myself. Hey,

872
00:45:29,920 --> 00:45:37,159
it's Todd Herman. Follow the phone off speaking and this

873
00:45:37,199 --> 00:45:43,880
is exactly what I hear. Oh god, hey, how are you.

874
00:45:46,800 --> 00:45:47,039
Speaker 3: Wait?

875
00:45:47,119 --> 00:45:50,760
Speaker 1: Are you the decision maker on this? Probably? Yeah, So listen.

876
00:45:51,199 --> 00:45:52,639
Can I get you go ahead and fly out to

877
00:45:52,679 --> 00:45:56,280
Seattle like to have an in person discussion? Won would

878
00:45:56,280 --> 00:46:03,320
you like me there this afternoon? He said, you're kidding

879
00:46:03,320 --> 00:46:06,840
I said, yeah, I'm kidding. I am willing to look

880
00:46:06,880 --> 00:46:08,800
at the tech, but I'm also going to write a

881
00:46:08,800 --> 00:46:12,639
note back to the chain saying you're the most unethical

882
00:46:12,679 --> 00:46:16,360
person with whom I've ever dealt in my career in business.

883
00:46:18,519 --> 00:46:20,400
So I guess, he goes, well, I guess there's no point.

884
00:46:20,400 --> 00:46:23,079
I go, I don't know, are you lying about the tech?

885
00:46:23,639 --> 00:46:27,159
They might still buy the tech, but they're not gonna

886
00:46:27,199 --> 00:46:30,239
buy it from you, bro. And he said, this was

887
00:46:30,320 --> 00:46:33,039
during the King of the Universe time. I really apologize.

888
00:46:33,519 --> 00:46:37,119
I really apologize, I said, except your apology. Is he

889
00:46:37,199 --> 00:46:39,039
going to send that email? Yes, I have a fiduciary

890
00:46:39,119 --> 00:46:41,320
duty to the shareholders Microsoft to say you're a very

891
00:46:41,360 --> 00:46:44,880
unethical man. That was probably the worst attempt at a

892
00:46:44,920 --> 00:46:48,039
screw job that ever happened. But again, it came back

893
00:46:48,079 --> 00:46:50,800
solid because it proved what we had was not easy

894
00:46:50,840 --> 00:46:54,039
to build. We spent a lot of time designing the system.

895
00:46:54,199 --> 00:46:55,760
There's a reason that it was the best system at

896
00:46:55,760 --> 00:46:57,800
the time. It makes sense. Yeah, I mean.

897
00:46:58,000 --> 00:47:01,599
Speaker 3: The thing that cracks about those scenarios and it always

898
00:47:01,599 --> 00:47:03,239
seems to play out like this, as you sit there

899
00:47:03,280 --> 00:47:04,760
and you look at the guy and you go, have

900
00:47:04,840 --> 00:47:07,039
you ever sat back and gone back and taken an

901
00:47:07,079 --> 00:47:09,920
inventory on that whole deal, because had you played it

902
00:47:10,000 --> 00:47:12,480
straight and just partnered and not, we all would have

903
00:47:12,480 --> 00:47:15,159
made way more money, right, we all would have made

904
00:47:15,199 --> 00:47:19,159
more money. But just you were like my grandfather. You

905
00:47:19,280 --> 00:47:22,280
say you're too smart by half, right, right?

906
00:47:22,400 --> 00:47:25,639
Speaker 1: I love that saying, Yeah, look, why take twenty five

907
00:47:25,679 --> 00:47:27,719
percent of a company that could be worth one hundred million,

908
00:47:27,760 --> 00:47:30,320
one hundred and fifty million bucks when you can take

909
00:47:30,320 --> 00:47:32,639
one hundred percent of a company that's that's gone in

910
00:47:32,760 --> 00:47:33,719
eight months.

911
00:47:33,960 --> 00:47:36,800
Speaker 3: Because they're because they're they're and he's the same way

912
00:47:36,800 --> 00:47:41,840
that my partner was. Because they're those people that whatever

913
00:47:42,119 --> 00:47:45,239
when when you're doing a deal with them, whatever is

914
00:47:45,320 --> 00:47:47,280
left on the table is a net loss to them.

915
00:47:47,320 --> 00:47:50,239
That's the way that they see it. Right, So whatever

916
00:47:50,360 --> 00:47:53,840
they don't take of the entire pie, it's not it

917
00:47:54,519 --> 00:47:59,119
isn't fair, it isn't proper incentives, it's everything as binary.

918
00:47:59,239 --> 00:48:01,039
They either get it or they don't. And if they

919
00:48:01,079 --> 00:48:03,480
don't get it, all they see that as losing something

920
00:48:03,800 --> 00:48:04,920
and it's just the way they are.

921
00:48:05,159 --> 00:48:07,760
Speaker 1: That's an eloquent explanation of business narcissism.

922
00:48:08,360 --> 00:48:10,360
Speaker 3: Yeah right, yeah, yeah.

923
00:48:10,119 --> 00:48:12,519
Speaker 1: Right, it's Okay, to have a good deal for everybody.

924
00:48:12,559 --> 00:48:14,079
It doesn't have to be a killer deal for you.

925
00:48:14,639 --> 00:48:17,440
Speaker 3: Right, it's the best kind of business. I mean, Like

926
00:48:17,719 --> 00:48:19,199
I was telling a young guy this the other day.

927
00:48:19,239 --> 00:48:23,920
I go build a reputation for people doing well when

928
00:48:23,920 --> 00:48:26,480
they work with you. Like, if you want to have

929
00:48:26,519 --> 00:48:30,360
a successful career, be known as the guy that does

930
00:48:30,440 --> 00:48:33,440
good deals and people make money with him. Right, that's

931
00:48:33,480 --> 00:48:34,679
a wonderful reputation.

932
00:48:34,719 --> 00:48:36,000
Speaker 1: App It's one way of your life.

933
00:48:36,559 --> 00:48:36,800
Speaker 3: Yeah.

934
00:48:38,039 --> 00:48:40,079
Speaker 1: Always appreciate you coming on, my brother, Thank you for

935
00:48:40,119 --> 00:48:43,000
the wise counsel. Thank you for sharing that moment in

936
00:48:43,039 --> 00:48:44,960
your life. It was hard, but led the good things

937
00:48:45,280 --> 00:48:47,719
and remember this, God can make good out of anything.

938
00:48:47,719 --> 00:48:50,760
Appreciate you, my friend. This is the Todd Herman Shaw.

939
00:48:50,840 --> 00:48:51,559
Speaker 3: Please go be

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Speaker 1: Well, be strong, be kind, Please make every effort to

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walk in the light of Christ.