01:15:00 · John Coogan, Thomas Wright
[01:15:00] S1: Oh yeah, that's a big one too. [01:15:02] S3: So yeah, I mean, I always tell clients in a general sense, the first showing is online. Whether that's us emailing photos to a high end client privately or them seeing it on the internet. The first showing is online. And you know what people do when they look at properties, they're not really looking for the perfect property. They're eliminating properties that don't work for them. So you've got to package and present every property to draw as many eyeballs in, but also to not be disqualified. And I think the industry in general, certainly not our organization, really struggles with the visual presentation of properties. I think if you go online and look at real estate, you'll see a difference between what we're doing and what a lot of our competitors do. Think they've lagged behind and it's disappointing. I'll look for clients at pictures and it's, oh man, like some listings you see like seven or eight exterior photos before you see anything on the interior, you know? And we know from studies that people look at five to six photos and that's it. That's as much attention span as people have online. So there... There's a there's a system, there's an art to this, there's a process, and there's a way to be effective in marketing properties online. [01:16:10] S1: But that's ultimately what's your brand. Yeah.
01:16:10 · John Coogan, Jordi Hays, Thomas Wright, Ben Lamm
[01:16:10] S1: But that's ultimately what's your brand. Yeah. [01:16:11] S0: How do you guys navigate working with, like, is Powder Haven allow for external, like, representation? Or do they own the full end to end buying experience? And how have you worked Yeah. That's Repastings from from Netflix. Yeah. And I'm sure you've had to interact in different ways with with other community, you know, like Discovery properties and things like that that that wanna own the experience entirely. Yeah. [01:16:36] S3: Good question. We were involved in selling Powder Mountain before Reed purchased it. [01:16:41] S1: Oh, interesting. [01:16:42] S8: And when
01:16:42 · Ben Lamm, Thomas Wright, Jordi Hays, John Coogan, Steven Schwartz
[01:16:42] S8: And when [01:16:42] S3: he purchased it, he he went private. There is some opportunities to buy and to sell in there, but he largely changed the master plan and the way that the project was being developed. So they've been cooperative with the brokerage community and we feel like we can take clients there and expose it to them, but it definitely changed it. There's another Yellowstone Club type property in Utah called Wasatch Peaks. And they've been great to have us on-site and to tour the brokers through, but that's a by invitation club only. And you have to be invited to join the club, go through their vetting process and be approved as a member before you can even be considered to buy real estate in the development. And I think that's a growing trend. You guys talked about the Beverly Hills project where, you know, they were selling the bonds and... Mean, you're... Founder bonds. Founder bonds. I watched your show. I... But there's a lot of... There's just a lot of different ways to approach it. And I have opinions on that, but we won't get into that. [01:17:36] S0: Yeah. No. I really wanna know your opinion on on how you would advise a client where the seller of the property wants you to loan them funds that are junior to billions of dollars. Let's [01:17:47] S1: discuss that [01:17:48] S0: on the lake. But, yeah, we'll discuss that on the lake. [01:17:50] S1: Okay. We'll discuss it [01:17:51] S9: on lake. [01:17:51] S3: I think you just said it all, though.
01:17:51 · Thomas Wright, Jordi Hays, John Coogan, Adam, Kyle Schiller
[01:17:51] S3: I think you just said it all, though. [01:17:53] S0: I think so. Anyways, Thomas, great to hang. Thanks for breaking down I'm much for business. [01:17:58] S3: And take me up on the Utah offer. I'm not kidding. [01:18:00] S1: Yeah. We'd love to. [01:18:01] S0: I wanna have you guys out. Make it [01:18:02] S1: easy soon. Have a good [01:18:04] S0: Can't wait. See you. [01:18:06] S1: Let me tell you about Shopify. Shopify is the commerce platform that grows with your business and lets you sell in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents. And next, we have Kyle Schiller from Marathon Fusion. Is it over for gold? Is gold back? [01:18:23] S0: There they are. [01:18:24] S1: At the bottom of it. Welcome to the show, guys. [01:18:26] S0: What's up, guys? [01:18:27] S7: Hey. What's going on? Great seeing you. [01:18:29] S1: Can you both introduce yourselves and then take us through the company a little bit? [01:18:33] S0: Yeah. Because you guys both look like you might be named Kyle Shiller. So you're gonna have to confirm who you do. One is Adam. Okay. [01:18:42] S5: Yeah. I'm I'm the CEO of the company. I'm Kyle. My cofounder Adam can join us today. Here's Jason, our chief science officer. Great. [01:18:48] S1: So take us through the pitch for the company. I saw the the the launch video went very viral. Lots of debate about it. But what's the core thesis here? What's the core technology?
01:18:48 · John Coogan, Kyle Schiller
[01:18:48] S1: So take us through the pitch for the company. I saw the the the launch video went very viral. Lots of debate about it. But what's the core thesis here? What's the core technology? [01:18:58] S5: The core thesis is that fusion is really bottlenecked on the foundational capabilities and technologies much more so than on the core plasma physics. [01:19:05] S1: Mhmm. [01:19:06] S5: And so we got founded to address a very specific set of problems around the tritium fuel cycle. We've since expanded. We've now gone full stack, built out the industrial base, and we're ready to deploy commercial fusion next year. [01:19:17] S1: And fusion in general has been one of those technologies that's been ten years away for the last Yeah. Fifty years, but it does feel like we've seen some solid progress. What technology milestones have actually been knocked down that gave you the confidence to go out and build this company, raise money for it, and and start, like, actually accelerating? [01:19:38] S5: You know, in in 2022, it was very much a story about tailwinds. And now four years later, we can confidently say it's a story about technology and those milestones. Sure. And, you know, this ten year thing bothers me so much that we have gone out and made this very public commitment [01:19:51] S1: Yeah. [01:19:51] S5: To double our power density every single month. [01:19:53] S1: Okay.
01:19:53 · John Coogan, Kyle Schiller, Adam
[01:19:53] S1: Okay. [01:19:53] S5: We're now talking about the execution window that is, like, news cycle relevant, that is Twitter relevant, and most importantly, where people can feel like they are a part of the story, that they are actually watching us progress. They don't just have to take our word for it and be like, another billion dollars, bro. This is actually going to happen. [01:20:07] S1: Yes. So doubling every month, incredibly powerful. We all know the power of exponential growth. But if you're 20 ooms away from where you need to be, this could still take a long time. How far away are you from actually reaching, what what do they call it, q greater than one? Isn't that the the phrase for these things? [01:20:28] S5: Yeah. Well, I I love that you have this perspective because nuclear physics is a matter of many, many ohms. [01:20:32] S1: It's way [01:20:33] S5: that's largely counterintuitive. [01:20:35] S1: Okay. [01:20:35] S5: So on power density, we are way, like, five five fooms maybe now from setting the record. And on gain, historical reactors have gotten to within a factor of two. Yeah. So that's why I say that is the area on which we are much closer to commercial performance. [01:20:49] S1: Yes. [01:20:49] S5: We're actually going [01:20:49] S7: to save that for last. Yeah. [01:20:51] S5: It's the most capital intensive thing. It's the most scientifically intensive thing. It's not the only important thing. So let's, like, catch up on the rest of the industrial base. Yeah. And then once we're there, we can do confinement.