01:33:36 · John Coogan, Darren Rovell, Tyler, Jordi Hays, Will Manidis
[01:33:36] S1: You had a great time lapse. We did. We got [01:33:39] S4: we got [01:33:39] S1: tons of stuff. It's great. [01:33:42] S2: Hold on. I should have my phone on D and D. This is bad. Okay. Sorry for that. Oh. [01:33:48] S1: Yeah. You're [01:33:49] S0: good. You're good. Alright. It's Friday. [01:33:51] S1: Yeah. We're hanging out. [01:33:52] S3: Alright, guys. [01:33:55] S2: So what do you wanna... What was the question though? The original question before I started laughing about your... [01:34:00] S1: Favorite quote from the two goats. [01:34:02] S2: Well, no. Here's actually an [01:34:03] S0: interesting question to kind of, know, sort of ease into it. I'm curious like, you know, Buffett and Munger, like, their careers are... And their partnership is so like, it's like the most aspirational partnership and and careers that I think most of us can imagine. Right? Just like doing it together until the very end. Like Yeah. So... And I'm almost wondering like, what do you think the longevity of of... Like, do you imagine in the same, you know, recording podcasts in the same way that they do their annual meeting? Like, when you're in your nineties? Or do you think you're you're gonna get to the point where you'll just have those conversations offline with friends?
01:34:51 · Tyler
[01:34:51] S2: Well, okay. So there's a couple interesting things there. When I went to Munger's Health for dinner right before about six months before he died, I... We asked him like, hey, how often do you talk to to Buffett now? And he says, never. And his point was that they talked, they used to talk on the phone, you know, every day for hours. And they got to the point where they just understood how each other thought so deeply. He'd be like, Buffett could like simulate picking up the phone to Munger and ask him a question, he's already gonna know what Munger is gonna say. Crazy. I'm very interested in like building I'm very interested in like building friendships and partnerships. Hold on, I'm at a bar, and they're like, throwing crazy pipes right now. I'm drinking water though. I'm not drinking. But yeah, think, I mean, you guys are definitely in that camp. I think we have a handful of mutual friends that, know, we've been friends for a while, and I hope we have like a... We have deep friendships, we're doing life, we're doing business, you know, together till we die. That was his... I went there, it was me and two other founders that were in their 30s at the time. And Munger's main advice was that your job now is to build a seamless web of deserved trust, because that's one of the things he said. He goes, everybody knows that I was 28 when I met Buffett, and he was 35. He goes, but they don't... He doesn't know there's like a... There's a group of guys, and we did deals and worked together, you know, for the rest of our lives. And I think at that point that I was talking to Charlie, I think he was... Him and Buffett might have been the only one that were still alive, maybe one other guy. But most of it passed on. But he said, you know, that's what really made life valuable. But that was I think one of the main lessons I took from a personal lesson. Obviously, do business with these people, but I think that's the most important thing. We talk about all the time, like we're all going to make more money than we can spend in our lives. So like what really matters is like the relationships that we're building. One of our mutual friends has a great line that your life is your relationships, and I think Munger would would agree with that. And Buffett too.
01:36:40 · John Coogan, Jordi Hays, Tyler
[01:36:40] S1: Yeah. No. I love it. [01:36:44] S0: It's... You think it's like, why do you think they never why do you think they never were like, let's live in the same place? [01:36:52] S2: I mean, you guys both live in Southern California. Would you pick that over? Would you rather live in Omaha, Nebraska? [01:36:58] S1: So Munger had [01:36:59] S2: Yeah. He grew up... They both grew up in Omaha. They both worked at Buffett's grandfather's grocery store. They both fucking hated working for Buffett's grandfather's grocery store. And then he comes out, I think... I forgot the exact biographical details, but he comes out, I think they studied meteorology in Southern California. And he's just like, you know, very similar, you guys had Jimmy Iovine on your show a few weeks ago. And Jimmy Iovine tells this great story too, where he had never been on a plane before, never never stayed at a hotel, never left Brooklyn. And he's like 19 or 20, I think he might be 20 years old at the so I worked for John John Lennon flies him out to the Beverly Hills Hotel. Immediately, you know, it's December, it's like 70 degrees, walks downstairs to the doorman, he goes, hey, you regular people live here? And the doorman's like, do mean? I'm a regular person, I live here. He goes, you got docks here? He's like, what do you mean docks? He goes, dad's a longshoreman, works for the docks, he unloads the boats. Does that happen? Goes, port at Los Angeles, one of the biggest ports in the world. Goes back upstairs, calls his mom. [01:37:52] S1: He's like, how did
01:37:52 · John Coogan, Tyler, Jordi Hays
[01:37:52] S1: He's like, how did [01:37:52] S2: we get this so wrong? Like, how did you guys pick the wrong place to live? So I mean, I think it's why all three of us spend a lot of time in Southern California. It's just like like, where else would you wanna live? [01:38:01] S1: Yeah. Pasadena, it's undefeated. That's why that's why he lived there. Clearly. You gotta move. You know? You're talking a big game living in the same place. Come over to Pasadena, the home of Charlie Munger. It's a great experience. [01:38:13] S2: There there is an interesting thing. I put this clip out from one of my latest episodes, it's guy named Ken Ricky who's the founder of Flux Ships. Love that. [01:38:21] S0: He's a [01:38:21] S2: very good... [01:38:22] S0: He's been on the show too. [01:38:23] S1: Yeah, he's so good.
01:38:23 · Tyler
[01:38:23] S2: He's awesome dude. After the recording he actually... I rode with him to the airport. But he had this very unusual decision to give his wealth away to the kids before, essentially before the value appreciated, very much like Sam Walton did. And one of the clips that is now like spreading around X that is about Charlie Munger's advice about this, where he would... One of the funniest things he said, he's just like, well you know, we both read a ton of the same biographies. You know, he read hundreds of biographies. I've done the same. And I was like, Charlie, you read all the same books as me. There's just always this big problem where it's like in these books these people have been struggling with two hundred years. It's like, I was the son of a poor man, now my kids are the son of a rich man. What do I do? Do I give them the money? Is that going to ruin them? And there's like, you know, this appears in a lot of biographies. And Munger had a very straight no bullshit answer. He was just like, you give them the money. And he was like, why? And he was like, because if you don't they're going to resent you. And he's like, what's point in building all those wealth and building relationships with your kids, and then for at the end of your life for them to resent you? And then the follow-up question was, yeah, but won't that make them less ambitious? And he's like, some of my kids have, you know, a couple $100,000,000. Yes. They're less ambitious. So what? That was like a funny way to... So he's like, yeah, of course. But like, what's the alternative?
01:39:37 · John Coogan, Tyler, Jordi Hays
[01:39:37] S1: Yeah. I love that matter of fact response from Munger so often. Like, he doesn't take the bait when somebody is like asking him to fall in line on anything he says. It's great. [01:39:47] S2: I mean, could you imagine if you could get... If Munger if Munger had Twitter in his day? [01:39:51] S1: Yeah. [01:39:51] S2: Like, he'd he'd be the best at it. Just like very... I mean, he's very Ben Franklin s. [01:39:55] S1: Yeah. Totally. Yeah. [01:39:56] S2: He's just a Ben Frank. He he naturally speaks to Maxims, very precise Yeah. You know, no bullshit. [01:40:02] S0: He would say take a simple idea and take it seriously, and it would do like 40,000 likes. [01:40:09] S2: Well, mean, I think you guys, Jordi Hays, I'm pretty sure you've treated that a bunch when people were asking like about this, you know, the This success of is one thing, I hate this because I go on here every time I'm on, and I talk about how talented I think you guys are. Yeah. And I just genuinely believe it. Look, I glanced at this, I told you as soon as I, within two seconds of looking at the stream, was like, this is why all these other fucking livestreamers, they're just hopeless. They're just never gonna catch these guys. It's like they're more talented. It's like...