01:01:08 · Eric Jorgenson
[01:01:08] S1: Yeah. Like, rat is on hats over and over again. This is, a little bit back to, like, the unreasonableness as part of the magic and, like, the childishness of, like, yeah. No. Let's do the crazy thing. Let's go for it. And, you know, being wrong about whether it comes in three years or five years is, like, less important than whether it comes at all. And, you know, the the sort of goal gradient hypothesis, right, of, like, we're sprinting to a finish line, and we sprint harder the closer it is. And I don't think it's intentional or manipulative, but I do think there's a real thing to, like, feeling like it's two years away. It's like, oh, we're on a sprint. We're on a sprint, and we and we sprint those two years, and we cover a lot of ground, and then we find out, oh, there's maybe there's eighteen more months of work, and maybe there's another year. But, like, that's how something like autonomy... You know, we've made so much progress in autonomy since then. But that was a big part of the vision even from the earliest days of Tesla, I think, or close to it. It was like, there's two big changes coming to automobiles in this era, which is electrification and autonomy, and doing both at a time when the industry itself was not working on it with particular diligence. You know, you set up these huge expectations for Tesla for sure.
01:02:21 · Ty Morse
[01:02:21] S0: I've noticed that with almost every great entrepreneur, they will become more ambitious over time as things start to work. And it's really... There's almost like an s curve. You can think of people's ambition as, like, they will rapidly run up the s curve of how ambitious they actually are. Yeah. And then the best entrepreneurs in the world, you'll just notice that, like, the new, the s curve is almost shrouded in fog. You don't actually know where the where the top out is. And then as you go up, you can see a little further and see a little further and they just become more and more ambitious. With Elon, it seems like there have been different levels of ambition over time. And if you really think about it, he's just basically the most ambitious person, probably, maybe ever. Starting new civilizations on other planets just keeps on getting bigger, keeps on resetting the bar. You know, he just announced the Terafab Mhmm. Or something, and he's like, now we're gonna basically use the entire moon just to launch AI satellites. Kinda nuts. Just using entire planets. The people just don't think this way. How do you think his brain is different?
01:03:25 · Eric Jorgenson
[01:03:25] S1: I don't know if it's different. Like, what does everybody want? Two to three times what they have now. Like, when you survey people, like, what's your net worth goals? Like, I don't know, three x whatever I have. You hear people go to, like, all these seminars. Like, I'm at I'm at $3,000,000 and I wanna be at 10. And Elon Elon says, like, I definitely emboldened over time, and, I think it's one of Senra's maxims, you know, appetite comes with eating. And, you know, I agree with the trend. Right? Like, entrepreneur who succeeds, like, we all strive for more. You wanna build... You know, reach the next triple, the next order of magnitude. Elon just covered more ground than anybody else, and he has... There's no limit to his imagination. And so, like, I think his imaginativeness, I think his unbelievable track record so far, like, he's he's keeps taking chances, and they keep working out. It's like, what are you gonna do but keep taking chances and keep doubling down? And he's able to tackle things. He... He's already said, I didn't ever think I would get a chance to work on the things I'm already working on, let alone what's coming next. But these do... The... I mean, the leverage sort of compounds on itself. And when you have, like, you know, these billions of dollars, these incredible engineers, and the momentum, like, not gonna let up. I'm just gonna... What's next? What's next? What's possible? How do we keep going? Like, I feel like we're so lucky to live in the era where we get to, like, be a part of this happening.
01:04:45 · Ty Morse
[01:04:45] S0: Most companies start out the gate with a huge amount of cash behind them, hundreds of millions or billions of dollars, almost universally don't end well. Yeah. They don't they don't seem to actually produce value and, like, create something useful. But Elon has enough of a track record of, I think, creating useful things that he's got, like, a unique position where he's able to throw just insane amounts of capital behind a new idea in a very short time frame with the right mental models and then actually have success.
01:05:13 · Eric Jorgenson
[01:05:13] S1: Yeah. One of the things that he's underrated about him is actually how frugal he is, how, like, the the the common thread of his companies is actually for as technological and and breakthrough and innovative as they are. They're not overcapitalized. You know, they they are capital efficient, and they are driving cost down all the time. You know, the north star of Tesla is as many Teslas on the road as you can and increasing safety through autonomous driving, and SpaceX's North Star is like minimize cost of mass to orbit. You have to run an entirely frugal organization in the same way that like Amazon does everything they can to to lower prices and Walmart does everything they can to lower prices. That's the culture of these organizations. So even though they did start with, you know, tens of millions of... It was also his money and he was paying close attention to where it went, and he was driving this, like, sort of frugal culture of innovation, in... Through the product itself. It's the goal of these organizations to be relatively cheap. Like, the equity value of them is so massive because of the growth rate that they're on and how singular the capabilities of the companies are, which comes from the engineering ability and vertical integration that they have, which I think is so interesting. You you reminded me earlier of the the vector sum model for building a team, which I think
01:06:28 · Ty Morse
[01:06:28] S0: is another, like, how does he outperform? What are his tools? What are his his mindset? I love the idea of there may be a whole bunch of really smart people, but if they're not... If someone is super smart but not aligned, then it can actually be a complete distraction and negative, like, negative impact on the overall organization.