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...
01:40:09 · Tyler, Jordi Hays
[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... [01:40:35] S0: Well, we also are willing to be completely insane, but also we realize like a core sort of tenant of everything that we do is just go a 100 times harder than you would assume somebody would do in our situation. So like we have a project in the works now that I don't even think that... I don't even think we've talked with you about, but like it's so... It's it's just like completely ridiculous. And I think people will be very entertained by it. But we're so obsessed with the details and that like, we could... It could release like, you know, next week or something like that. But we're gonna spend another like three or four months on it. One, because we don't feel like crazy urgency because no one else would be insane enough to like do something like this. Yep. But like we're taking that extra time because we're like, we just want to make it as great... Can you give [01:41:23] S2: me one second, man? [01:41:24] S0: Mhmm. So...
01:41:24 · Jordi Hays, Tyler, John Coogan
[01:41:24] S0: Mhmm. So... [01:41:25] S2: Sorry. I'm just on a call. My bad, though. [01:41:26] S0: So, yeah. Even like Halloween is like, are are we gonna dress up this year? Yeah. We're gonna dress up, but, you know... Fully. Fully. [01:41:34] S2: But that idea of like, when he did say this, like, you take a... You find a supplier and and take it very seriously. You know, you you guys obviously did that with There's the a second part of that that he says that's awesome, where he says that we oftentimes in business, we find the winning system goes ridiculously far maximizing and or minimizing one or a few variables. [01:41:52] S1: Yeah. [01:41:52] S2: And I think, you know, that's an example, obviously, like I took a very simple idea. We just had a... I just had a ten year anniversary of Founders Podcast. It's like, what's the idea? We'll read a biography Overnight success. There's somebody that had a forty year career, we spent forty hours reading, and I'll give you the best insights that you can listen to in forty five minutes. Like, this is a very, very simple idea. It's just you gotta do it 400 and I think 39 times. Now 440, it's actually working on the episode four forty. I should record it tomorrow. So yeah, it's just like, it's just... You see that happen over and over and over again. It's just... It actually like works very well. When are you guys... I wanna do an episode with you guys on my show. It'll be awesome. When can we record together? [01:42:31] S0: How about this afternoon? [01:42:32] S1: Yeah. Yeah. She... [01:42:33] S0: Call Ken Richie.