00:23:27 · John Coogan
[00:23:27] S0: The Durbin Amendment. I think Dick Durbin. And they want a way to turn debit back into a more valuable business. So Fiserv owns major debit networks, including Star and Excel, which I don't run into that often. I usually see Visa, Mastercard, AmEx. I mean, AmEx doesn't debit network. But Star and Excel already connect to millions of cardholders and thousands of financial institutions. So this is like a it's a real rail with an existing bank and merchant connectivity. And so this is like when Capital One bought Discover. They own the issuer, then they also own the network, and then they can move their own volume onto their own rails and capture more of the economics. So who loses if this goes through? Who should be upset about this? It's probably the merchants, Visa, and Mastercard. So merchants would probably see higher effective debit costs if banks find a way to route more volume through bank owned networks, while Visa and Mastercard would lose some leverage over US debit. But the bigger story is that payments are getting vertically rebundled. Banks want the account, the card, the network, the wallet, the fraud layer, and eventually the AI agent checkout surface. So, it's all very I don't even think there's a real bid for the for Fiserv's debit networks just yet, but it's it's, like, starting to Screw it. Out that they're doing it. And I was interested to know, like, is this is this bullish for a ramp because they sit on top of of networks? And I think it is generally positive and and because of the layer of abstraction they operate on. And I was wondering, is this an attack on Stripe? Is this a is this an attack on any particular West Coast tech startup that we know? And it seems like it's much more of an attack on Visa and Mastercard in particular, who have been driving up debit fees for them. Anyway, let me tell you about Console. Console builds AI agents that automate 70% of IT, HR, and finance support, giving employees instant resolution for access requests and password resets. While
00:25:32 · John McElhone, John Coogan, Jordi Hays
[00:25:32] S5: Canter in the chat said to warm up [00:25:34] S0: the Gong. He gotta warm up. [00:25:37] S1: So I to warm it [00:25:37] S5: up for him. [00:25:38] S0: Okay. Well, the gong is warmed up. Maybe we need a couple more huge huge hits to fully warm it up. Did you wanna talk more about Fiat's next US car? You mentioned it when we were talking to Baiji from Cowboy Space Company yesterday, the Topolino. It's coming to America, tiny two seat electric micro car, they're calling it. It starts at $14,000, almost half the price of the other electric golf cart that we talked about last what was that? Last Thursday we talked? [00:26:12] S1: Two Yeah. Two in. You can fit a lot more people in the Amble. [00:26:15] S0: The Amble. Yes. [00:26:17] S1: That's right. I like this move from I like this move from Fiat. [00:26:22] S0: You like it. [00:26:23] S1: I think that their cars are generally unserious. [00:26:27] S0: Yes. [00:26:27] S1: And so I think it's good to just lean into lean into that. And [00:26:31] S0: Okay. Okay. [00:26:32] S1: And I think they're trying to price this so that when people are thinking, hey, I need a new car. [00:26:38] S0: Yeah. [00:26:39] S1: Because should I go out and buy like a crossover SUV or [00:26:42] S0: There is no way anyone can consider this for their main car. [00:26:47] S1: It's impossible. No. But you can if you typically roll around with a handful of people and instead instead of buying one car [00:26:54] S0: Oh, you buy a [00:26:55] S1: bunch of them? For $60 You'll need a
00:26:55 · Jordi Hays, John Coogan, Tyler, Alex Hormozi
[00:26:55] S1: bunch of them? For $60 You'll need a [00:26:56] S0: train of them. Of these. You know how you know the range on this thing? 46 miles. 46 miles. I mean, I guess if you have a 10 mile commute, [00:27:05] S2: you can definitely commute here. [00:27:07] S1: They launch an EV with 46 miles of range. [00:27:10] S0: It's nothing. [00:27:11] S2: It And they [00:27:12] S3: should have called it they should have called it the [00:27:13] S2: Fiat it's less than 10 miles. [00:27:15] S0: Less than 10 miles. [00:27:15] S3: They should [00:27:16] S1: have called it the Fiat dice because every time you leave the house Yeah. You're rolling the dice. [00:27:20] S0: It's a thousand pounds. So you can deadlift it with another friend. It's [00:27:24] S1: there's are you serious? [00:27:25] S0: Thousand pounds. Yeah. This thing's tiny. It's it's really truly, like, so so small. [00:27:29] S1: They're saying it's the cutest car ever made? [00:27:32] S0: Look at the speed. The top [00:27:34] S1: speed 25 miles an hour. [00:27:36] S0: That's with a street legal low speed vehicle kit. By default, it only goes 19 miles an hour. So how long would it take you to get here? 19 miles an hour? Thirty minutes? [00:27:48] S2: Yeah. Thirty minutes. Wow. [00:27:50] S0: That's not too bad. That's not [00:27:51] S1: too bad. [00:27:52] S0: Maybe maybe you gotta do it. Okay. [00:27:54] S1: You guys are laughing, but you won't be laughing when when I pull up to the office with A fleet of these? With with five of these. [00:28:02] S0: And you need a support car, like a sideboard truck behind you.
00:28:02 · John Coogan, Jordi Hays, Alex Hormozi, John McElhone
[00:28:02] S0: And you need a support car, like a sideboard truck behind you. [00:28:06] S1: Yeah. No. No. The the Topo the Topolino is the support. You just have you have a series of you just go train mode. [00:28:13] S0: Well, our next guest is the owner of a Hummer EV or at least was. We can talk to him about that. We can bring him on down whenever we want. You ready? Let me tell you about public first. Investing for those who take it seriously. They got stocks, options, bonds, crypto, treasuries, and more with great customer service. Alright. Here. Grab that seat. Sit down for us. Do you still own a Hummer EV? [00:28:39] S3: Yeah. We do, actually. [00:28:40] S0: You do? Yeah. Well, give us your review. We were just talking about the Fiat Topolino. I don't think you're gonna be in the market for that. Neck and neck. Neck neck. It's a thousand pounds. [00:28:50] S3: So I [00:28:50] S1: think what [00:28:50] S3: we could do is, like, if you just lined up, like, 10 of the Fiat, like, my chariot. [00:28:54] S1: Like Damn. That's what I'm saying. Yeah. That's what I'm saying. The Hummer. [00:28:57] S3: We could watch Yeah. Like, it'd be my chariot. [00:28:59] S0: I think the Hummer's [00:28:59] S1: Imagine imagine if the Hummer's Literally nine of of these. The Hummer's kind of the front of the the train and then you have, like, you see the Hummer coming at you and then and then a bunch of the Topolinos kind of [00:29:09] S3: pull out in like a v shape. That's infurious though. [00:29:11] S1: That would [00:29:12] S5: be that would [00:29:12] S1: be badass.
00:29:12 · Jordi Hays, Alex Hormozi, John Coogan
[00:29:12] S1: be badass. [00:29:13] S3: Yeah. Take over [00:29:13] S1: the whole hot smog. [00:29:15] S0: How is how is life these days? Good. Is there a new book coming? [00:29:19] S3: There is another book coming. Okay. [00:29:20] S0: Yeah. Do you have a strategy for book launch cadence? Is it an annual thing? [00:29:28] S3: It's more like every eighteen months Eighteen months. Two years. [00:29:30] S0: Okay. But do you imagine that continuing for your entire career? [00:29:36] S3: Every book I write, say is the last book I'm going to write. And then I have, like, a six month refractory period. Mhmm. And I'm like, yeah. You know, I could I could write a book about something, and then I [00:29:45] S0: just start writing again. What's the process like? [00:29:48] S3: I have a bunch of notes on my phone of a topic. Because right now I've have, like, probably, like, 10 books that are at different stages of so I just mind dump wherever. And then once there's enough stuff that I think this isn't like, this is interesting, I'll then start the book writing process. But I'm a big believer in surface area of thought. Okay. Like if you were to sit down and say like, I'm gonna write a book about this and then you have two weeks, it's like, don't have enough experiences that are diverse in a two week period while you're writing to, like, let the paint dry. [00:30:14] S0: Sure.
00:30:14 · John Coogan, Alex Hormozi
[00:30:14] S0: Sure. [00:30:14] S3: So I kinda wanna like have I wanna be in, you know, a totally different state, talk to somebody and be like, I didn't think about that. And then I add it to the book. So then all of sudden, it's like the the the density of of thought and ideas per word is much higher. But I think you just have to do it by, like, spreading out the time that so, like, the time I'm thinking about a book is much longer than the time I'm writing the [00:30:31] S0: book. Is it purely thinking and you want a lot of thought to go into the different sections of the book? Or over the course of eighteen months, is there actually a benefit to going out and having real world experiences? [00:30:42] S3: Oh, that's I mean, that's [00:30:42] S0: And anecdotes. Right? [00:30:43] S3: It's a 100% that. Because I'll have a working theory of, like, I think this is how I think people are missing this part of it. Yeah. And then I'll kind of start battle testing it functionally. And then when I realize that I'm using the same framework over and over again and successfully overcoming some issue Yeah. I'm like, this is it. Yeah. And then that's what the book becomes. [00:30:59] S0: How narrow do you want to stay? How narrow have you been in the surface area of thought around mainly the last three books?