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

did you think go viral the amazon dating thing yeah it's all relative but i am it the compared to what i'm used to i saw that same link in like five other groups i was in i don't know if it thought saw through you or not but that spreading yeah i don't i don't i have no idea if i was to catalyst but i'm just trying to play the this twitter game it's a game to me at this point and i'm trying to crack it crack the code nice we're gonna give this a go we're gonna try three times a week our goal sean and i's goal is to a hundred thousand listens per episode a hundred thousand babies two thousand we are per per episode per episode i don't wanna reveal where we are now okay that's fine but we're we i think we can hit yeah but we're gonna need help so please share and get people on this and then we're gonna have video clips coming soon which will hopefully help so let's kick this off by let's bring up some new stuff and then i have a whole bunch of opportunities i wanna go over and i think you do as well yeah i have first big news thing alright so harry's the razor company you see to get they got blocked yeah so what happened they tried to sell the company and you see stepped in into now you blocked it and i read the report basically what it said is edge is a edge well edge well and gl are the two biggest guys as well wants to buy it for over a billion dollars ftc blocked it they said it's gonna be a monopoly how could this be a monopoly right like because here's why i rather report they put buying razors online in one great and buying them in stores in another category and they only looked at stores so they didn't say amazon competition they said target they looked at they talking about target and things like that gotcha so they would normalize the in store component yeah i actually think it's bullshit that's a silly way of doing it it's it's bullshit but so what happened was this is what i'm getting at with this harry's got blocked and casper is going public at a half of the valuation in which they raise money at right not good for this whole d see my addiction is and i think many people have this prediction is that the d companies what they're gonna have to do is go the route of getting sold to pe companies right and which means it's gonna be ruthless prioritize of profits profits so like five ten times profit i think it's a good thing yeah i had the founder of life aid or it fit a they have a bunch of drinks it's basically a beverage company look on and he sold a pe and he sold i think when they were at like roughly thirty million in sales or something like that and now it's much bigger than that and so and he and you know his path was so it wasn't didn't take a miracle you know what i mean like he he made a good product distributed it through crossfit and others and then he had the he had the financials in place where they it wasn't like casper where it's like the marketing expenses are just so out of control that the business doesn't make any sense where was that company located here like santa of clara but like not that's a good idea to be located in a different place in san francisco or in new york right casper shouldn't be in manhattan you don't need customer service people in manhattan and that's so stupid right so this this this thing is gonna be a this is gonna be interesting we'll have to talk about this later how it's gonna impact these direct to consumer companies because for a long time they were being valued at of revenue multiple which is not right for most yeah the real question is what's what's happened since so for example you know dollar shave club sells i think unilever for a billion dollars that didn't get blocked they do all all mine and you know the question is does that is is unilever writing that off three years from now or is it now worth three billion or whatever and so if you're a d company today you're really hoping with fingers crossed that some of these other acquisitions like we talked about the native acquisition right gets bought by pro and gamble and revenue has soared since then because the pro and gamble machine was able to take native and like pump it into targets and do more things with it and so you know they were looking back at that and they're saying that was a goodbye and that's what needs to happen is some of these need to come out successful this what happens in tech right google buys youtube everyone thinks it's a horrible deal at the time billion dollars they just broke out their revenue fourteen billion yeah fourteen fifteen billion a year now in revenue and so you need a few of these instagram another one where it's like you need a few extreme winners and then big companies will continue to have the app with acquisitions my theory or i'm and i definitely stole from someone but with acquisitions most acquisitions are either gonna be ten x like they buy it for one number and it's in a few years it's worth ten times that or right yeah that's typically how they become rarely is it a okay right it's either amazing or horrible and i see one of the reasons now because now inside of a big company for a bit and i could see how the decisions get made and one thing is that when you acquire something and it's sort of small ish to medium relative to the big company it needs to either grow big or focus gets lost and they're like well these resources are not this is not worth it at this we don't wanna just run this standalone business that's small to medium we need this to move the needle for us the problem is the bigger you get the harder it is for the needle to move at all right so you know like for example i'm at twitch right now twitch was bought by amazon aws they had some crazy numbers for their revenue and know a phenomenal business is very hard i think truthfully for twitch to like meaningfully affect amazon's like business and so it's more strategic value than it is like the revenue from a small acquisition being a needle mover for such a huge company hasn't it been a needle mover for a company of amazon size no and so but their strategic value right because it's like the biggest gaming platform out there for live video so there's a live video angle there's a gamers angle and if you're amazon and you're trying to sell to everybody in a household it's like you need products for moms you need products for the dads products for the suns and right like all of that ties into why i should be a prime member and so their strategic value in owning the largest gaming you know live live gaming community but it's very hard to to move the needle on an amazon facebook google size company or in the d world unilever pro and gamble whatever let's bring up two more things going on okay do you know what wall street bets no okay it's a subreddit and it's yeah i have seen that what has described it themselves as four chan meats wall street no oh i know how they say they say if four chan had a bloomberg terminal okay so they call themselves re recharged at autistic that's what like they like all the headlights are like right we're a bunch of like you autistic are buying too much of the tesla stock and so it's kinda shit heads hilarious right and they they post their robinhood hood account of like they just like bought like fifty thousand dollars and options even though they're in debt and it just went up to two million dollars or some people are like i lost a million dollars and the joke that they do is oh shoot i'm in debt to robinhood well just delete the app created to account like it's crazy these guys are like total shit heads but it's so funny to laugh so you you lurk there yeah and so tesla just went up three times i think right yeah it's a like nine hundred bucks or something as of this morning morning i think it was seven hundred oh wow seven hundred i dropped again oh it dropped i didn't i didn't pay two henry can we get tesla stock price because i think you know it's it's been the the line is a vertical line yes seven third seven third and and it was what was the high before this it a seven thirty now last night well the high was nine sixty one nine sixty one right crazy mh crazy volatile it three x in the last thirty days i believe and some people think that it's because of this wall street bets these guys are crazy like it's just normal people there was a video on wall street bets of this girl in college buying thirty thousand dollars in options in class and she was like blogging about using it right it's wild so so okay so i was at this morning because i was like what the hell is going on with tesla because i sold my shares at like two eighty five or something like that and which was good for me i doubled but but the i never thought this would happen in i thought more likely the company goes bankrupt than this and so i'm trying to figure out what's going on and nobody knows but i had heard the term short squeeze a lot and like you've heard have you heard like of what a short squeeze is so for those don't know so shorting a stock is basically betting that you think the the value of the stock will go down so the way the way it works is you you essentially borrow somebody's current shares and you sell them on the market and and then if the if you know if the if the share price goes down you're gonna end up making money and a lot of people borrow money to do shorts so tesla's the most shorted public stock i believe in the in the us stock stock market and the people are shorting it it's a lot of really smart people i think and a lot of big institutional short and larry griffith i mean like a lot of like huge billionaire funds yeah there's these guys who may make their name they just short a couple stocks and they just hold it for two years and they just wait for it to go down that's how they make all their money so there tesla that stock and elon has famously been like on a rampage against shorts he thinks short selling is like immoral or whatever so anyway actually he mailed a pair of shorts to to one of the shorts yeah i saw that i forget the guy's name and so so it puts a lot of pressure on the stock to have all shorts but what ends up happening is that as the stock price goes up what ends up happening is the shorts have to do you know cover their position which means they need to like sort of get out of the short game in order to do that they need to buy shares at the current price because they borrowed earlier and they have to cover their position so what ends up happening is that as a stock starts to go up if short sellers in mass start to cover their position it drives the price up even more and so this is what what you know what it looks like is happening and i'm not a stock market guy i'm a startup up guy so somebody out there who knows about stocks like you got it all wrong but i i'm pretty sure i understand which is that what's happening is it's a giant short squeeze there was so much short action and as the price was going up they all had to cover their position which just drives the price even higher and so it's not that people not that new people have this irrational confidence that tesla's is gonna go up it's that the shorts are getting burned so bad that they had to sell to to they had to cover their position and that's driving the price up in this like a not patrol kinda way and that's why the stock the chart was like vertical that's mind boggling can you go just go to youtube and and look up what is a short squeeze and it's like a like i'm describing that words but there's like a two minute video that's much better to explaining you go look up reddit wall street bets me how many subscribers are in that subreddit it's i'm gonna guess like forty thousand that's my guess is it that'd be of it's more thousand you tell me you know how to see that it's on the far right of when you google reddit wall street by the way shout out to henry we now have henry with us to help us with the pod and answer all of our questions he's our google eight hundred twenty eight thousand eight hundred thousand in the subreddit you have to go in and go deep on it in the comment section they're saying things like i'm gonna like one guy got a tattoo of elon musk and they like make them look like jesus another guy was like i'll i'll eat a live chicken if it gets up nine hundred and it got about nine hundred yesterday today and they're gonna do they're like gonna do yeah and they and they and it's subtitles they'll be like you autistic are driving tesla up like let's keep it going like there it's it's it's like all the bitcoin moved to the tesla subreddit basically yeah it's just a bunch of shit heads and it's so funny yeah it's very entertaining let's do one more and by the way if you are a tesla skeptic like me who believes basically great product but the there's some financial engineering going on on the on the on the finance side follow this guy josh wolf on twitter and go down the rabbit hole of his tweets and the people he he talks to there is very compelling evidence that there's some shenanigans going on yeah it's incredibly interesting and then you wanna bring up drew houston yeah this is like a quick one drew house and the founder dropbox scott was appointed on the board of facebook and when i read this stuff i'm like okay adam care what happened but i'm like why do people do that what is that like how do they pick these guys why would i wanna join the board do they make money like whatever and i just so i i went and just sort of found out to to join the board facebook because all public yeah go for what do you think you make for just sitting on the board which means you know sort of a quarterly commitment okay so facebook's is the biggest company in the world or one of five yeah okay so not the biggest but one of yeah top twenty yeah ten i don't know what did this i think you get five million dollars a year if i think you get five million a year okay fun that's high it's much lower than that so it's more like three fifty to seven hundred thousand dollars so seven hundred thousand dollars and you get what i mean that's hundred thousand dollars cash i think it's like stock competition in in the company and you just have to show up once a quarter that's my understanding the obligation is essentially you attend the quarterly board meeting and you know the board is responsible for firing and hiring the scene but you can be on multiple boards yes and so so there's professional board member hillary clinton was at so she was on the board of walmart yeah when she was when bill clinton was just the governor of arkansas and i bet she could have made millions of dollars a year being on four or five six boards right i mean you kinda already have to be somebody but it's like this is the side hustle of the rich and prestigious thing to do it's like oh yeah my side gig i make you know half a million bucks or a million dollars a year sitting on boards on it as well i think yeah and like you know a lot of people what they do is they take you know successful people like jack do was on the board of disney or whatever and the other thing they do is like retired army generals and stuff i'm not sure exactly why but like that's also one of the categories of people who gets to sit on boards kinda that's crazy i've bet and there's definitely like you he could probably late i mean that's that i didn't need already has that network but just being on an on a board of a large company think of like who you would get to hang out with right it'd be crazy i mean like it's kinda of funny that drew i don't know him he was just like a white comb geek like a few years ago now he's probably on this board and feel out boards that it has a public traded companies he's probably like can because life is very different everything it's just crazy i heard story worry about him i had a friend of a friend and he was like yeah went to his house the other day and it was because we went to a concert and we went like a pearl jam concert and then afterwards it was me and him and he's a great singer is he yeah i thought that was what the story was going he's a great singer he's like we went to his house and we invited like the chains what's it called chain smokers yeah he's like they came to our house and we were all just hanging it out this is that these nerds or get access to all those thing it's pretty cool yeah i was at this party once and he was he had just been there and my friend was telling me he's like he just left but he was on the piano he's like drew has an amazing pianist and singer turns out or anything the nerds are in the world okay you wanna go into some opportunities yeah really random so i haven't had time to really look into this but i it was so like he just caught my eyes if it's the top of mind thing right without looking at my phone so you know on every business you probably have one here in the kitchen or wherever you have this poster that's like the labor laws it's like california labor laws here's your rights as a as an employee the minimum wage it's says a minimum wage and so these posters you have to buy every year no i think they give it to us don't so most businesses buy them and so there's some and so you pay like twenty eight bucks for these and so there's this i i've ran into this guy a friend of a friend who basically he this is his business he he makes these posters four companies every place of business needs one or multiple of these and it's like ninety nine percent renewal rate of customers on subscription basically every year to get the updated thing and so i went down the rabbit a hole of like trying to figure out what are all the is it local players is there one big player and i stumbled out of this company that thought it was kinda cool a start off called gov docs or something like that go gov docs gov docs gov docs and you know based in minnesota started in nineteen ninety nine doing this like posters they posters they do and that did like a few million dollars a year and that's just kind of an amazingly easy way to make a few million dollars a year and then they sort of upgraded it and they were like okay first like you don't need to just buy it every year you you'll need to buy it when the rules change and will tell you so we'll just tell you when the rules change if you could buy on subscription so that was like a good thing and then they actually have this other business they spun out called gov delivery which thought that was kinda interesting it's government tech so basically it's mailchimp for governments so every state city county whatever has a bunch of constituents on an email list that they are or sms or physical mail that they need to contact to communicate basic rules information road closures whatever it may be and so these guys are like oh yeah we'll be the tech for you to power that system and now they're just embedded in like all these cities they'll never get swapped out it's probably like super super def defensive and they're doing like twenty million plus a year subscription business and it's literally like a bunch of yoshi sc in minnesota who started this and we'll file this away under boring businesses that are kind of amazing i love that that's great and so here's something first of all there's all these rules that i had no idea existed i've definitely have broken a lot of them but i literally didn't know i didn't wasn't than trying to yeah like for example if you interview someone who even if you just interview them not hire them but if you enter interview someone who's international you i believe you've got a a follow a a low a a a whole different set of rules more example i think you need to even do something like you have to have the ceo salary posted publicly right have you heard of this yeah there's all kinds of compliance there's that there's other ones i've encountered with a previous startup which was oh before you sign this contract with a vendor you must run a newspaper ad for twenty two days with a request for proposal for other vendors just to make sure this is on the up and up yeah there's so many of these rules crazy when i signed up so we use rip up for payroll i've used gust which was good too there's so many rules i don't even know which ones i'm breaking right like for example if you have remote employees in texas or idaho which we have we have to file the or bunch of bunch of paperwork there and i didn't even know that right and i'm thankful that we've hired someone to help us figure all this out but i had a hire you should use this company so there's a startup i'm desperate to invest in because i love the founder this guy alex is amazing and i started using the product to do this so i hired up a contractor ish sean who's our like my ryan hand man now i called him chief of staff but he's the only staff so he's just like chief so he's like my right hand man to do whatever and you know he's in australia i got i gotta set up a contract i gotta set up payments with him and then i gotta comply with whatever the taxation and sort of local laws that's international i don't even know so there's there's national and international so this product is called deal d l and so the what the website i think is let's deal dot com and literally i went on there this gonna sound like an ad but i'm like that much of a raving fan of this and i'm like yes here's a free ad i went on there and literally within five minutes i had set up a contract it had emailed him for all his information collected that put it in the system of record it knew okay he's in australia so here's all the things you need to comply with that we're gonna do for you automatically link your bank account every month you'll be paying this guy properly and and like last week deal how do you spell that d e e l so the url is let's deal dot com new startup they're signing up companies like crazy and now i know why because a this is a real problem and b the user experience just so if i can smooth it was unbelievable if you know the guy who runs deal d e l email me before you email sean i already know him he's i i text him yeah that's a great idea of that man and i like that it's a fantastic idea and so i'm and in fact i went in because i was gonna give my guy a bonus because he did some good things for me this month and i went in i like i don't know if this gonna this it's a startup up is not gonna be support this like am i gonna have to make a new con track a second contract and literally opened up the dashboard it's like it's almost time to pay by the way if you wanna add a bonus here's a button i went there is like here's a bonus how much is it a one time or recurring and what for how many people were done i don't know how many people have like is it literally just like a guy and no it's a it's a company a start up there they had seed funding that's great it's it's not an easy thing to do no i they have a chain have staff for on trends works in bali right but she's canadian it's a whole mess and she's a technically she's a contractor they have to be contractors right but then there's all the rules like they can't you can't direct them too much i believe or they can't have access to the company credit card right and i didn't know about letting these things it's very complicated to figure that out and with the rise of remote work let's see what's gonna happen right and in general the theme here the opportunity theme here would say is compliance compliance is boring it's un sexy but everybody needs to do it and it's the last thing a business owner wants to deal with so if you can offer turnkey compliance i think that's a big deal and there's and so we're talking about turnkey compliance with employees there's all other types of compliance that works that is interesting so for example when i was in college i was getting a a alcohol online liquor store set up and i had to hire our company just to teach me how to do that like and so compliance for all types of categories yep could be quite big we should actually we should cover that another time go more in depth about different compliance businesses yeah i think there's several i think that's interesting okay did you read what i talked about executive search i've i i read what you're talking about but you should explain it it's interesting okay i've learned about this guy named the reason why i was interested in this person is he owns his company called i believe it's called and it's an executive search company and so let me pull up my notes here but here's what it does it's quite simple so if i have a company that ranges the range that they do is ten million up to billions i think they do if i have a company if that's in that size which i do and i need to hire an executive that i'm gonna pay five hundred thousand dollars too i tell that i what i need and they go out and give me a bunch of candidates then i'll eventually hire one it takes some ninety days to do so when when they go out and find people they get paid typically a percentage sometimes a flat fee their fee ranges from a hundred grand or two hundred grand but they're maybe fifteen in the space the top ten a lot of them more publicly traded they'll do billings in revenue this whole business is entirely run mostly by hand in relationships non tech there's no tech behind it and the way that peers to have run it is it just makes like it potentially on two hundred million dollars in sales could make it could make if you told me it made seventy to eighty million in profit year i would not be shocked right very profitable let me give you some stats i talked to i called the whole bunch people who worked in the industry and i found out about it okay so typical fees that they earn is a hundred to a hundred twenty five thousand dollars per placement per plate placement the average head hunter they can do seven searches at a time the baller can do twenty searches at a time and they could do about ten to twenty a year the average search takes around ninety days to fill i asked them why haven't they just hired ten thousand recruiters then and the answer was well it's just like pretty profitable right now and so they would rather just use that cash to do other stuff and revenues each year tend to be really really stable sim sim like similar to the year before with slight growth and what else i asked them what the downsides are it's not recession proof the fastest growing or the hardest to the fastest growing slash hardest to fill position at the moment right now is data scientists right and so so this would be an executive level data scientist is like a chief chief scientist basically at that case or is it just executive or director high director level okay enough that they're making four hundred thousand dollars in salary right otherwise it's not worth affirmed felix so i've actually heard this in general oh and cannabis okay those are the bigger client new clients yeah so i've actually heard this about data scientist and applied scientist quite a bit now there's a seems to be a shortage and the the wages are like incredible for applied scientist or data scientists and so i think you know lambda school and some others are trying to add data science to their program or already have added this but i think that's one where there's a labor shortage and i think that's one where there's probably like you can sort of bootstrap off of new jobs and new new executive roles if you wanted to compete with the incumbent players right because incumbent players already have the relationships with existing companies so cannabis like a new industry that's popping up is where you would wanna start or they already have like the ro decks of all the cmos so you don't wanna be placing cmos you wanna be placing data science a role that didn't even exist ten years ago and so that's like how i would think about wed my way into the space if i wanted to yeah so i asked my guy i talked to a bunch of people and i asked my folks what's the barrier entry here relationships that's what it was it was relationships most people in these types of industries who have been in there for a long time say i when i ask well why isn't digital came in and they say well it doesn't work that way mostly i think that's untrue not that digital will necessarily make things better i always believe there's a space to automate things right and i think they don't think that because they've just bid it for so long and but a fresh perspective totally can make things different mh in many cases not all many but yeah it hasn't happened yet legal right and people are trying anyway i'm yeah i was thinking about this whole process it was really interesting to me and like it could be as simple as you just have a massive email list of interesting people and you just email when there's a position and you're just able to like speed up the process of actually finding these people well so yesterday or or the day before one of the founders of stripe i think patrick carlson maybe tweeted out hey i'm restarting my job my internal like job board basically which is basically like if you're super interesting like if i think you're interesting you're thinking about moving on to another role i'm gonna make a shortlist list of people that are super interesting and a shortlist list of roles are super interesting and i think that people with a lot of clout like the founder of stripe are very well positioned to do things like this in ways that other people could not and so i i just find that interesting where there's these like little manual you know sort of like mom and pop versions of these that are started by people with influence yeah so i actually launched one of those a while ago and i didn't pursue it because i didn't get traction right away but there's a thing called the ladders have you heard at the ladders the what the job website yeah it was positioned as jobs that are a hundred k hours or more it was they got in trouble for some scams and i don't know if it if they were good people but that kinda cloud people's perception of it basically it was a hundred thousand dollar jobs and i think the job seeker the applicant would pay a monthly fee mh so what i created i just called it jobs i could call it sam's jobs or something an think this would work now that i have a bigger following but where i or someone who i approve of curate companies and roles and explains what the role and job is is about and the reason why i think that's interesting is right now you can find jobs at linkedin on glass things like that but that's controlled typically by either disgruntled x employees or the company so your information is by definition pretty biased right and and i kinda thought it was interesting is why don't you have an editorial group of people give their opinions and what they can say is if you're young and hungry and wanna work yourself to death but have huge opportunity this place is interesting okay okay i really like this so so what you're saying is okay normal job border posting companies just always gonna say everything is great here's all the great things yeah are like glass door it's gonna be the mostly disgruntled people who go and leave very vocal back people and typically angry so my that's maybe not gonna be your experience so what you're saying is almost like a consumer reports exactly for the workplace one hundred what you would do is you would say i'm gonna go interview twenty five people from this company i'm gonna take him out to lunch i'm gonna get their opinion on a battery i'm gonna try to get a sample of people who are at the company and they're not the they're not the cheerleader leaders we're just gonna say positive things or the disgruntled joe's and i'm gonna try to su out the actual like pros cons list of this company i love this idea yeah and i launched this i got a few people to pay three hundred dollars a year for it this is what helped me lead me to the idea of trends right because i was doing this for companies and people were saying i would rather just invest or start these companies i don't wanna work there but i still think this has legs and i just haven't gotten to it yet and the reason why is some people are recently mom and dads and they just wanna work at nine to five right and so there's loads of companies that are great for that exactly they'll pride themselves on that but they're not gonna say that right you wanna see facebook has a policy that lets you take you know six months off if you're you know a dad and maternity leave and you can freeze your eggs and they'll pay for that yep and you don't wanna family that yeah people are family builders right and then there's other ones where it's like a young kid and he says himself i want to be around alpha males or alpha females right i wanna take over the world i don't like i have my moral compass is a little bit developing so you know what i mean and then it's like okay well here's like these aggressive companies maybe a banking position right that kinda of fit that because that's what was me dude i would fund this company today in fact i'm i have two people in to text after this and be like hey you've been asking me for something like here's an idea that i should run with mine might be up still it's called sam i it might be sam's jobs dot c were you doing this where you were you were profiling the companies either from afar or by talking to people who are there and putting that information out there sam's jobs dot gov i love it yeah and i was tinkering with it and i just haven't gotten around i i we launched it in the hustle i can and you were trying to get who to pay for it i think that the speakers will be pay for it because that's the only way to give them truth so there's aligned because if yeah companies paid like i'm looking at my my recommendations looks like i recommended flex port and i said why flex i think it's interesting what i what i like about it ryan peterson has been in the industry for a years so i researched the founder he previously had a company in in the industry paul graham who's a very respected investors that he he's betting bag on this company and they've raised that at the time they only raised two hundred million dollars of funding so this was a few years ago that i wrote this and i thought it was interesting because they only had a hundred employees so it was kinda stable i had a little bit of room right and so this would be perfect for someone who wasn't entirely risky but a little bit risky and i just wrote this profile i think it's interesting and then i found a quote where ryan said this company is either gonna be worth ten twenty billion dollars or we're gonna go out of business in four years right so i was like alright if that fits your appetite this is why it's interesting yeah i love this idea okay great let's let's move on that's a that's a great idea what i should got that's all i got brother what do you maybe let's look what i was thinking when we are doing this in the future i think what we should do is stick to one category one each time yeah okay i'll like that there's some funny ones on here alright so you were just talking about the you're talking about the sort of job find the you know the job seeker thing yeah so tell me about levels is this guy i think he's levels io on twitter this dude based was like a big champion of remote work i don't know where he lives he lives somewhere international and there's a lot of people who want this va on lifestyle or like travel around the world you work remotely you're a freelancer so he has a slack community that he charges like i don't know ten bucks a month to be in he's making six figures you know easily just off his slack and but he created his website called levels dot fyi and levels dot fyi what it does is it says okay i work at google i'm a engineer i'm level six here's my here's what i make here's my base here's my stock and oh by the way i'm in austin and then somebody else would be like i'm google level six engineer in san francisco and then you see the difference there so it's this dataset set of people anonymously putting in their compensation and it the dataset gets richer and richer so it's actually a fairly reliable resource to say oh you know should i go work at facebook or google i think i'm this level i can see the pay difference between the two so i think that's just just a quick eye i think it's just a guy who created this maybe with a a friend i don't know like it's not a very like complicated website it's very simple but it's extremely useful it's it is and i i i believe it is the best way to figure out how much could i make at this company or how much i underpaid or over underpaid for my role at this company right now because companies keep you in the dark as on that on that stuff so so i think that's like an amazing little resource and i think it should go further more like with the idea you were talking about where need editorial yeah you if you had somebody who's saying i'm gonna i'm gonna give people the truth about what it's like to work at this company which is what's the environment like what's the work life balance like what you know how is it like to what is the culture engineering culture there or whatever but you could also do things like for example when we joined amazon i learned oh amazon has a stock vest schedule that goes five percent year one fifteen percent year two forty percent forty percent year three and four it's like super back loaded and like other companies are like you know whatever thirty three thirty three thirty three thirty three so it kinda makes a difference but you find out this info so late in the game i would have loved to just known some of this stuff up upfront and anybody who works i would tell you look this how the compensation works at amazon i'm not telling you secret privileged information telling you like the base structure of things that you can either find out after you go through the whole process or i could just tell you right now so i think there's a lot of information that you could add to this site that would make it like just like an amazing resource that does doesn't exist today yeah i'm very interested in this yeah what you think of this the ringer selling to spotify yeah so the ringer sold the spotify i don't know what the revenue numbers are i heard twenty million a year last last reported around fifteen twenty million which the it depends if they bought it for more than a hundred million i think it's a stupid deal think they bought it for much more than a hundred million the number that was previously leaked was a hundred fifty and the number rumored for this was closer to three hundred which i don't know if it is real or not but that's a rumor mind mind boggling if that's the case then so right now sean there are building the suit here i'm gonna go and find thirty pack to do it okay so what do i think about it first let me tell you about what i have know about bar stool which is the most similar company bar stool claimed to have kinda gotta remember these numbers off the top of my head i and write it down i think they have twenty five podcasts across those twenty five podcasts i think k made twenty five million in revenue so something like or sorry fifteen podcast podcasts i believe fifteen million in sales whatever it was it came out to be something like a million dollars ring revenue per podcast so then you ask yourself will just have like fifty of them here here's why you're wrong if you buy the ringer in your spotify you're not buying it so that you can make ad revenue off the sponsorships in the podcast right what spotify is thinking is oh my god we you know we've done what we can in music we're gonna keep growing that core business where does spotify grow oh we're not just music we're audio what other big category audio is there one of them is podcast podcasts and so that's why they bought anchor that's why they bought give gi they bought one more called pod i love it i was in podcast podcasts all the time and so they started buying this up and what they're trying to do is they're they're saying look people by default are gonna go to the default podcast apps but if we have the key those aren't pike what you just described anchors is the only podcast app right but yeah for example there's so there others are just production company right so if your content right because podcast listeners want the content they wanna listen to the favor favorite podcast if yours is exclusively on spotify you're gonna start listening on spotify right like for example bill simmons now that he's there and i've been listening bill simmons for ten years i will i will now listen on spotify because that's where his content is as long as he was cross platform i'm just gonna use apple or whatever other podcast app by light so what spotify wants is how do we bring how we want new users and we think having the number one sports podcast is like our way of eating into this whole podcast market you get three hundred million dollars worth of new i i think that went so what we you have to ask them what is a listener to spotify worth so for example if having podcasts on this on spotify reduces churn by one percent or two percent for spotify people who cancel their membership because they're like oh you know what like i'm okay with the ads or you know i don't use this that much but now if that reduces churn by x percent that could pay itself off right away how much much do i pay it for spotify i don't even know like ten ten something bucks a month this around ten maybe it's thirteen now maybe it's nine damn so lt tv of a customer could be fucking a thousand dollars easily right because you're a hundred twenty bucks a year and and then same thing with like you know it's like the hbo model or whatever netflix they're all trying to do the same thing which is how do we get the key content here so that our subscribers stay subscribers or new people become subscribers and that's the math and so it has nothing to do with what the ringer can do in its own revenue that's irrelevant to them it's what they think they can do if they get the key content in the key podcast verticals so they're doing it in sports i bet you they're also gonna do it in whatever podcast vertical number two is self help or whatever else it is they're gonna go cut deals with those personalities now for most of those personalities you're saying the just individual this wasn't valued at revenue at all no yeah okay it's the howard stern goes to sirius x m type of thing so then my thing away from that is is don't if you're looking to start a company like this don't do it expecting to get bought yeah right you know he and he didn't right he's been doing this for years yes don't expect to get bought and and sure gi lit you know for them too i think this kinda like came out of nowhere where you know when they the company wasn't obvious that this would happen but all the tech companies it's become content wars whether it's video or audio it's content wars they all have a platform they all have a subscription and they all want to suck in all the exclusive content they can and they have big budget that said i think that if you wanted to start this type of business you could make a load a load to revenue and profit on your own without selling sure i don't think that traditional media companies or people who from that world like simmons are creative enough to come up with the ideas to to knock it out the park yeah but i think they could right like and there was like a bill simmons like championship event or something like that like for people would pay for things yeah yeah i think they're would yeah that's cool alright do we wanna do anything else no i think we should we're good to go wrap it up at forty five minutes okay so we're gonna chop these up and put them out there and we're gonna do this for tomorrow on the next day yeah we're gonna do a bunch of these and it's gonna be great we're gonna bring in guests from time to time as well to tell us about stuff that they're seeing in their space and we listen to feedback religiously sean text me in but till think gets on a regular basis i just screw send screenshots yeah and i we we both read all of them so dm m one of us twitter is the easiest way to dm us you could email me just pre dot on at gmail or the facebook group is like an easy way because we'll we'll we'll just see it twitter's the best because other people can see it and comment that's why i retreat a lot of them right and i'll i'll see but so let us know so this time we did it over forty minutes i think next time tomorrow let's go over maybe one or two things and we gotta get to a hundred thousand listens i think we get to a hundred thousand listens per episode i have no idea if this is true i think it's true that will be in the top fifteen yeah top fifteen i i would guess that's true alright we're done